Charity registration number: 230948
THE SOCIETY OF ST PAUL THE APOSTLE
ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
THE SOCIETY OF ST PAUL THE APOSTLE
## CONTENTS
|Reference and Administrative Details|02|
|---|---|
|Trustees’ Report|03|
|Independent Auditors’ Report|09|
|Statement of Financial Activities|13|
|Balance Sheet|14|
|Cash Flow Statement|15|
|NotestotheFinancialStatements|16|
SS ee
THE SOCIETY OF ST PAUL THE APOSTLE
|REFERENCEAND ADMINISTRATIVE DETAILS|REFERENCEAND ADMINISTRATIVE DETAILS|
|---|---|
|Chairman|Rev Fr. Joshy Joseph Thumpakattu|
|Trustees|Rev Fr Joshy Joseph Thumpakattu|
||Rev Fr Jose Mathew|
||Rev Fr Celso Celeste Godilano|
||Rev Fr Jose Jereus Bangcaya|
|Principal Office|Morpeth Terrace
Victoria|
||London|
||SW1P 1EP|
|Charity Registration Number|230948|
|Solicitors|Martin Shepherd Solicitors LLP|
||753 High Road|
||North Finchley|
||London|
||N12 8LG|
|IndependentAuditor|Harmer Slater Limited
Salatin House|
||19 Cedar Road|
||Sutton|
||Surrey|
||SM25DA|
eee
THE SOCIETY OF ST PAUL THE APOSTLE
## TRUSTEES’ REPORT
The trustees present the annual report together with the financial statements and auditors' report of the charity for the year ended 31 December 2022. 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, Birmingham and Edinburgh, 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 Pau! publications within the UK and outside.
## 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
3
THE SOCIETY OF ST PAUL THE APOSTLE
## TRUSTEES’ REPORT
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 completed their research studies in Journalism and Media Management and are rendering their services accordingly. The Society, for next year is hoping to send another member for specialization in Publishing related programme.
## 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.
## 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, Leeds and Edinburgh. 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.
4
THE SOCIETY OF ST PAUL THE APOSTLE
## TRUSTEES’ REPORT
The Charity was hoping to expand to Scotland, with a view expanding its operations to Scotland through a multimedia centre in Edinburgh. However, the Trustees felt that for operational reasons, it is better to have a sperate trust formed in Scotland for the operations there. Accordingly, the Society helped to form a trust in Scotland and the multimedia centre in Edinburgh began its activities in November 2022. Moreover, the trust in England continues to support the well-being of its members who are residing in Scotland. The Society hopes that the operations and activities in Edinburgh become completely independent by the end of 2023.
## 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 revamped 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 £203,516 are sufficient to meet the medium term direct charitable expenditure.
## Going concern
In the years 2020 and 2021, most of Charity's activities had to be shut, the Charity took preventive measures to reduce the impact on the activities of the Charity. The Charity continued its activities as much as possible, respecting the laws and norms during these years. However, in 2022, the Charity bounced back to its full activities, but certain impacts of the lockdown and its after-effects still had a certain influence even in 2022. The additional regular funds from the investment property will also help the Charity to continue its activities. The legacy of prudent financial management over many years and Charity's strong place in its market will enable it to operate in this exceptionally difficult period.
## Future plan
In line with one of the key objectives of the Trust, the charity intends to strengthen its evangelisation through online platforms. To this end, the charity intends to revamp its existing website (stpauls.rog.uk) and make it more user-friendly. It is necessary as more and more people, both young and senior, are accessing online platforms to educate and update themselves on their Christian beliefs and spiritual upliftment. Hence, we as persons involved in the communication of the Word of God through media, make use of online possibilities to reach out o many. After assessing the possibilities, the charity would make a calculative investment in strengthening its online activities.
## 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 the supplemental trust deed dated 5th July 2021, registered with the Charity Commission as 'The Society of St Paul the Apostle’, charity registration number 230948.
5
THE SOCIETY OF ST PAUL THE APOSTLE
## TRUSTEES’ REPORT
## 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 Fr 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. Ail 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
Charity Registration Number 230948
Principal Office Morpeth Terrace Victoria London SW1P 1EP
6
THE SOCIETY OF ST PAUL THE APOSTLE
## TRUSTEES’ REPORT
## 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:
Senior Management Team 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
Independent Auditor Harmer Slater Limited 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.
## Reappointment of auditor
Aresolution for the re-appointment of Harmer Slater Limited as auditors will be proposed at the forthcoming annual general meeting.
## Statement of Trustees’ responsibilities
The trustees are responsible for preparing the trustees’ report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
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 of the charity for that period. In preparing these financial statements, the trustees are required to:
7
THE SOCIETY OF ST PAUL THE APOSTLE
## TRUSTEES’ REPORT
- select suitable accounting policies and then apply them consistently;
- * observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- 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 that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the constitution. The trustees 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.
The annual report was approved by the trustees of the charity on 26 July 2023 and signed on its behalf by:
**----- Start of picture text -----**
~) oD
**----- End of picture text -----**
Rev Fr Joshy Joseph Thumpakattu Chairman and Trustee
8
THE SOCIETY OF ST PAUL THE APOSTLE
## INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE SOCIETY OF ST PAUL THE APOSTLE
## Opinion
We have audited the financial statements of The Society of St Paul The Apostle (the ‘charity') for the year ended 31 December 2022, which comprise the Statement of Financial Activities, Balance Sheet, Cash Flow Statement, 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, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
- give a true and fair view of the state of the charity's affairs as at 31 December 2022 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## Conclusions relating to going concern
In auditing the financial statements, we have concluded that the 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 charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
## Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
9
THE SOCIETY OF ST PAUL THE APOSTLE
## INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE SOCIETY OF ST PAUL THE APOSTLE
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
* the information given in the Trustees’ Report is inconsistent in any material respect with the financial statements; or
* sufficient accounting records have not been kept; or
* the financial statements are not in agreement with the accounting records; or
* 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 (set out page 7), the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal contro! 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.
## Auditor’s responsibilities for the audit of the financial statements
We have been appointed as auditor 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 an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
10
THE SOCIETY OF ST PAUL THE APOSTLE
## INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE SOCIETY OF ST PAUL THE APOSTLE
## 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:
- 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;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- we 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 considered the nature of the charitable company's sector and its control environment, and reviewed the charitable company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also identified the laws and regulations applicable to the charitable company through discussions with the Trustees and other management, and from our cumulative audit, knowledge and experience of the charitable company.
We obtained an understanding of the legal and regulatory framework that the Charitable company operates in, and identified the key laws and regulations that:
- had a direct effect on the determination of material amounts and disclosures in the financial statements. These included the Companies Act 2006, the Charities Act 2011, the Charities SORP, and UK financial reporting standards as issued by the Financial Reporting Council; and
- do not have a direct effect on the financial statements but compliance with which may be fundamental to the Charitable company’s ability to operate or to avoid a material penalty. These included the Charitable company's regulatory requirements and employment legislations.
We assessed the susceptibility of the charitable company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls and policies in place to mitigate risks of fraud and non-compliance with laws and regulations.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
- enquiring of the Trustee concerning actual and potential litigation and claims, and instances of noncompliance with laws and regulations; and
11
## THE SOCIETY OF ST PAUL THE APOSTLE
## INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE SOCIETY OF ST PAUL THE APOSTLE
- reading minutes of Trustee meetings, reviewing internal audit reports and reviewing correspondence with the Charities Commission.
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 noncompliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the Trustees 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 is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
## Use of our report
This report is made solely to the charity trustees, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our work has been undertaken so that we might state to the trustees those matters we are required to state to trustees 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 its trustees as a body, for our audit work, for this report, or for the opinions we have formed.
**----- Start of picture text -----**
I
**----- End of picture text -----**
**----- Start of picture text -----**
waBi
**----- End of picture text -----**
Harmer Slater Limited, Statutory Auditor Salatin House 19 Cedar Road
Sutton
Surrey SM2 5DA 26 July 2023
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.
12
THE SOCIETY OF ST PAUL THE APOSTLE
## STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022
|||Unrestricted|Endowment|Total|Total|
|---|---|---|---|---|---|
||Note|funds|funds|2022|2021|
|||£|£|£|£|
|Income
and
Endowments||||||
|from:||||||
|Othertrading activities|2|1,345,740|-|1,345,740|1,193,929|
|Investment income|3|76,043|-|76,043|78,530|
|Total||1,421,783|-|1,421,783|1,272,459|
|Expenditure on:||||||
|Raising funds|4|1,031,289|-|1,031,289|837,668|
|Charitable activities:|5|||||
|Multimedia centres & Pub.||303,535|-|303,535|262,133|
|Community||134,349|-|134,349|196,443|
|Other||13,000|-|13,000|6,000|
|Total||1,482,173||1,482,173|1,302,244|
|Net lossand investments||(875,757)|-|(875,757)|.|
|Netexpenditure||(936,147)|-|(936,147)|(29,785)|
|Reconciliation of funds||||||
|Total funds broughtforward||3,137,371|974,518|4,111,889|4,141,674|
|Totalfundscarriedforward|17|2,201,224|974,518|3,175,742|4,111,889|
Income and expenditure relating to 2021 were all unrestricted
## Continuing operations
All income and expenditure have arisen from continuing activities.
13
THE SOCIETY OF ST PAUL THE APOSTLE
## (REGISTRATION NUMBER: 230948) BALANCE SHEET AS AT 31 DECEMBER 2022
||||Unrestricted|Endowment|Total|Total|
|---|---|---|---|---|---|---|
|||Note|funds|funds|2022|2021|
||||a|£|£|£|
|Fixed assets|||||||
|Tangible assets||9|951,004|430,551|1,381,555|1,433,753|
|Investment properties||10|856,033|543,967|1,400,000|2,238,500|
||||1,807,037|974,518|2,781,555|3,672,253|
|Current assets|||||||
|Stocks||11|769,858|-|769,858|715,238|
|Debtors||12|107,210|+|107,210|139,033|
|Cash at bank and in hand|||203,516|-|203,516|296,584|
||||1,080,584|-|1,080,584|1,150,855|
|Payables|||||||
|Amounts falling due|||||||
|within one year||13|(292,858)|-|(292,858)|(359,473)|
|Net current assets|||787,726|-|787,726|791,382|
|Total
assets
less|current||||||
|liabilities|||2,594,763|974,518|3,569,281|4,463,635|
|Payables|||||||
|Amounts falling due after more|||||||
|than one year||14|(393,539)|-|(393,539)|(351,746)|
|Net assets|||2,201,224|974,518|3,175,742|4,111,889|
|Funds|||||||
|Unrestricted funds|||||2,201,224|3,137,371|
|Endowment funds|||||974,518|974,518|
|Totalfunds|||||3,175,742|4,111,889|
## Total funds
The financial statements on pages 13 to 30 were approved by the trustees, and authorised for issue on 26 July 2023 and signed on their behalf by:
Rev Fr. Joshy Joseph Thumpakattu Chairman and Trustee
Rev Fr. Jose Jereus Bangcaya Trustee
14
THE SOCIETY OF ST PAUL THE APOSTLE
## CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2022
||2022|2021|
|---|---|---|
||£|£|
|Cash flows from operating activities|||
|Netcash expenditure|(936,147)|(29,785)|
|Adjustment to cash flows from non-cash items|||
|Depreciation|68,587|58,854|
|Exchange rate movement in loans|-|=|
|Unrealised loss on investment property|-|-|
||875,757|-|
||8,197|29,069|
|Working capital adjustments|||
|Increase in stocks|(54,620)|111,437|
|(Increase)/decrease in receivables|31,823|(40,109)|
|(Decrease)/increase in payables|(46,002)|(94,976)|
|Netcash flowfrom operating activities|(60,602)|5,421|
|Cash flowfrom investing activities|||
|Acquisition ofproperty, plant and equipment|(53,646)|-|
|Net cash flows from investing activities|(53,646)|-|
|Cash flowfrom financing activities|||
|Loan repayment to related parties|(21,766)|(17,252)|
|New loan from related parties|42,946|40,000|
|Net cash flows from financing activities|21,180|22,748|
|Net decrease in cash and cash equivalents|(93,068)|28,169|
|Cash and cash equivalents at
1 January|296,584|268,415|
|Cashandcashequivalentsat31December|203,516|296,584|
‘L5
## THE SOCIETY OF ST PAUL THE APOSTLE
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
## 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 treland’ 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
When 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 was considerably reduced during the lockdown period of 2020 and 2021, the prudent financial management over many years and Charity’s strong place in its market helped in 2022 to reach a more robust position in the pre-pandemic period. Also, the additional regular funds generated from the investment property help the Charity.
## 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 by Willmotts Chartered Surveyors. 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 £1,400,000 (2021: £2,238,500).
## 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.
16
THE SOCIETY OF ST PAUL THE APOSTLE
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
## 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.
## 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 Computer & equipment 25% on a reducing balance basis. 25% on a reducing balance basis.
17
## THE SOCIETY OF ST PAUL THE APOSTLE
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
## 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.
## Stock
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.
## 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.
18
THE SOCIETY OF ST PAUL THE APOSTLE
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
## 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 Other trading activities
||2022|2021|
|---|---|---|
||£|£|
|Sales - Multimedia centres|1,272,959|1,028,674|
|Sales - Publishing & distribution|68,168|67,561|
|Royalties received|613|1,041|
|Otherincome|-|64,854|
|Government grants|4,000|31,799|
||1,345,740|1,193,929|
|Income from other trading activities in the prioryearwas unrestricted.|||
|3 Investment income|||
||2022|2021|
||£|£|
|Rent receivable|76,043|78,530|
|Investment income in the prioryearwas unrestricted.|||
|4 Raisingfunds|||
||2022|2021|
||£|£|
|Othertrading activities|||
|Opening stock|715,238|826,675|
|Purchases|731,486|504,721|
|Closing stock|(769,858)|(715,238)|
|Post& Freight|46,917|24,670|
|Travel & subsistence|17,696|5,405|
|Advertisement& promotion|524|381|
|Support costs (see note 6)|275,231|178,649|
||1,017,234|825,263|
|Investment management costs|||
|Rent collection & management|14,055|12,405|
||1,031,289|837,668|
Expenditure on raising funds in the prior year was unrestricted
19
## THE SOCIETY OF ST PAUL THE APOSTLE
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
## 5 Charitable activities
|||||Direct Costs|Support|Total|Total|
|---|---|---|---|---|---|---|---|
||||||Costs|2022|2021|
||||||(see note 6)|£|£|
|||||£|£|||
|Multimedia|centres|&|publishing|234,727|68,808|303,535|262,133|
|Community||||133,873|476|134,349|196,443|
|||||368,600|69,284|437,884|458,576|
All expenditure on charitable activities in the prior year was unrestricted,
## 6 Support costs
||Finance|Information|Human|Government|Total|
|---|---|---|---|---|---|
|||technology|resource|cost||
||£|£|£|£|£|
|Othertrading activities|18,567|21,525|235,139|-|275,231|
|Otherresources expended|-|-|:|13,000|13,000|
|Multimedia centres & Pub.|4,642|5,381|58,785|=|68,808|
|Community|203|=|273|-|476|
||23,412|26,906|294,197|13,000|357,515|
Activity 2022 Basis of allocation Finance 80%:20%:0% Information technology 80%:20%:0% Human resources 80%:20%:0%
As part of a cost allocation restructuring in 2022, the Publishing division has moved to the Multimedia centres. The Community division costs will be separate from the centres and other trading activities.
20
## THE SOCIETY OF ST PAUL THE APOSTLE
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
Support costs, included in the above, are as follows:
||Othertrading|Multimedia|Multimedia|Community|Total|Total|
|---|---|---|---|---|---|---|
||activities|Centre|&Pub||2022|2021|
||£|£||£|£|£|
|Finance|||||||
|Bank& Credit card charges|18,567||4,642|203|23,412|18,358|
|Information technology|||||||
|Hire ofequipment|1,123||280|-|1,403|1,821|
|Repairs and renewals|234||59|-|293|(181)|
|IT support &web|20,168||5,042|-|25,210|24,245|
||21,525||5,381|-|26,906|25,885|
|Human resources|||||||
|Wages|214,578||53,645|273|268,496|272,480|
|Social security|13,602||3,400|-|17,002|15,754|
|Pensions|4,343||1,086|-|5,429|4,980|
|Other costs|2,616||654|-|3,270|2,144|
||235,139||58,785|273|294,197|295,358|
Governance costs
|||2022|2021|
|---|---|---|---|
|||Other|Other|
|||resources|resources|
|||expended|expended|
|||£|£|
|Auditor’s|remuneration|7,000|6,000|
## 7 Trustees’ remuneration and benefits
There were no trustees' remuneration or other benefits for the year ended 31 December 2022 nor for the year ended 31 December 2021.
## Trustees’ expenses
There were no trustees' expenses paid for the year ended 31 December 2022 nor for the year ended 31 December 2021.
21
THE SOCIETY OF ST PAUL THE APOSTLE
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
## 8 Staff costs
|8 Staff costs|||
|---|---|---|
||2022|2021|
||£|£|
|Wages|268,496|272,480|
|Social security costs|17,002|15,754|
|Pension costs|5,429|4,980|
|Other costs|3,270|2,144|
||294,197|295,358|
The average monthly of employees during the year was as follows:
||2022||2021||
|---|---|---|---|---|
||£||£||
|Multimedia centres||13||13|
|Mail Order||2||2|
|Publishing & distribution||1||1|
|Community||-||1|
|||16||17|
No employee received emoluments in excess of £60,000.
## 9 Tangible fixed assets
||||Fixtures|||
|---|---|---|---|---|---|
||Freehold
property
£|Short
leasehold
£|and
fittings
£|Computer
equipment
£|Total
£|
|2") dahieny2022|1,320,834|834,251|132,770|50,484|—-2,338,339|
|Additions|-|-|47,500|6,146|53,646|
|Revaluation|(37,257)|-|-|-|(37,257)|
|At 31 December2022|1,283,577|834,251|180,270|56,630|__2,354,728|
|Depreciation||||||
|At 1 January2022|96,264|634,243|126,556|47,523|904,586|
|Charge fortheyear|32,088|21,053|13,429|2,017|68,587|
|At 31 December2022|128,352|655,296|139,985|49,540|973,173|
|Net book value||||||
|nas Eiseembereiice|1,155,225|__178,955|40,285|7,090|__1,381,555|
|At 31December2021|1,224,570|200,008|6,277|2,898|1,433,753|
Included in the cost of freehold property is freehold land & building of £1,283,577 (2021: £1,320,834) of which £430,551 (2021- £430,551) is represented by a permanent endowment.
/
22
THE SOCIETY OF ST PAUL THE APOSTLE
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
The title to one of the two freehold properties 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 Doizani 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.
## 10 Investment property
£
**----- Start of picture text -----**
||||||
|---|---|---|---|---|
|Fair|value|
|At|1|January|2022|2,238,500|
|Revaluation|(838,500)|
|At|31|December|2022|1,400,000|
|Net|book|value|
|At 31|December 2022|—|[1,400,000]|
|At 31|December 2021|2.238.500|
**----- End of picture text -----**
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. The original cost together with any improvement cost of a freehold land and building is classified as investment property, of which £543,967 (2021 - £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 22 December 2022 by Willmotts Chartered Surveyors.
If the investment property were stated on a historical cost basis rather than a fair value basis, the amount would have been £972,767 (2021 - £972,767)
## 11 Stocks
Books and other artictes
**----- Start of picture text -----**
2022 2021
£ £
____ 769,858 _ [715,238]
**----- End of picture text -----**
23
## THE SOCIETY OF ST PAUL THE APOSTLE
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
## 12 Receivables
||2022|2021|
|---|---|---|
||£|£|
|Trade receivables|74,037|104,646|
|Other receivables|3,489|4,703|
|Prepayments|29,684|29,684|
||—107,210|_139.033|
## 13 Payables: amounts falling due within one year
||2022|2021|
|---|---|---|
||£|£|
|Trade payables|226,122|225,290|
|Taxation and social security|29,689|22,376|
|Otherpayables|37,047|111,807|
||292,858|359,473|
Other payables includes loans from the Society of St Paul, Maynooth, Ireland. (See below)
## 14 Payables: amounts falling due after more than one year
## Other payables
|2022|2021|
|---|---|
|£|£|
|393,539|351,746|
Other payables represents loan from the Society of St Paul, Maynooth, Ireland. The loan is a foreign currency loan, interest-free, unsecured and repayable in instalments.
## 15 Loans
## An analysis of the maturity of loans is given below:
Other Loans:
||2022|2021|
|---|---|---|
||£|£|
|within oneyear oron demand|22,600|21,012|
|between one and two years|22,600|21,012|
|between two and five years|94,400|103,036|
|repayable in instalments over 5years|231,800|227,698|
||371.400|372.758|
24
THE SOCIETY OF ST PAUL THE APOSTLE
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
## 16 Leasing agreements
Minimum lease payments under non-cancellable operating leases fall due as follows:
**----- Start of picture text -----**
||||||
|---|---|---|---|---|
|2021|2021|
|£|£|
|Within|one|year|98,165|92,030|
|In two to|five|years|396,660|368,119|
|in|over five|years|300,495|414,134|
|795,320|___874,283|
**----- End of picture text -----**
The amount of non-cancellable operating lease payments recognised as an expense during the year was £98,165 (2021: £89,486).
## 17 Movement in funds
**----- Start of picture text -----**
||||||||
|---|---|---|---|---|---|---|
|Net|
|Balance|at|movement|in|Balance|at|
|1|Jan|2022|funds|31|Dec|2022|
|£|£|£|
|Unrestricted|funds|
|General|fund|1,871,638|(60,390)|1,811,248|
|Revaluation|reserve|fund|1,265,733|(875,757)|389,976|
|3,137,371|(936,147)|2,201,224|
|Endowment funds|
|Regional|permanent endowment|974,518|-|974,518|
|Total funds|4.111,|__(131,927)|175,742|
**----- End of picture text -----**
Net movement in funds, included in the above are as follows:
**----- Start of picture text -----**
||||||
|---|---|---|---|---|
|Incoming|Resources|Movements|
|resources|expended|in|funds|
|£|£|£|
|Unrestricted|funds|
|General|funds|1,421,783|(1 482,173)|(60,390)|
**----- End of picture text -----**
25
## THE SOCIETY OF ST PAUL THE APOSTLE
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
## Comparatives for movement in funds
|Comparatives for movementmovement in|funds|||||
|---|---|---|---|---|---|
||||Net|||
|||Balance at|movement|in|Balance at|
|||1 Jan 2021|funds||31 Dec 2021|
|||£|£||£|
|Unrestricted funds||||||
|General fund||1,901,423|(29,785)||1,871,638|
|Revaluation reservefund||1,265,733||-|1,265,733|
|||3,167,156|(29,785)||3,137,371|
|Endowmentfunds||||||
|Regional permanentendowment||974,518||-|974,518|
|Totalfunds||__4.141,674|_(29,785)||__ 4,111,889|
|Comparative netmovement in funds,|included in the above are as follows:|||||
||Incoming|Resources|Gains and||Movement in|
||resources|expended|losses||funds|
||£|£|£||£|
|Unrestricted funds||||||
|General fund|1,272,459|(1,302,244)||-|(29,785)|
|Revaluation reservefund|-|.||-|.|
|Totalfunds|1.272.459|(1,302,244)|_=||30___(29,785)|
Comparative net movement in funds, included in the above are as follows:
## 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.
26
THE SOCIETY OF ST PAUL THE APOSTLE
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
## 18 Employee benefit obligations
The charity contributes to a defined contribution pension scheme for its employees. The pension cost charge for the year represents contributions payable by the charity to the respective scheme and amounted to £5,429 (2021: £4,980).
Contributions totalling £1,066 (2021: £1,041) were payable to the scheme at the end of the year and are included in payables.
## 19 Capital commitments
At 31 December 2022, the charity had no contractual capital commitment (2021 - £Nil).
## 20 Related party disclosures
The related party transactions with the Society of St Paul, Maynooth, Ireland are:
2022 2021 £ £ Loans due to Region 393,940 372,758
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.
## 21 Post balance sheet events
There have been no significant events between the year end and the date of approval of these accounts which would require a change to, or disclosure in, the financial statements.
27
THE SOCIETY OF ST PAUL THE APOSTLE
## DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022
**----- Start of picture text -----**
||||||
|---|---|---|---|---|
|Total|Total|
|2022|2021|
|£|£|
|Income|and|Endowments|
|Other trading|activities|(Analysed below)|1,345,740|1,193,929|
|Investment income|
|Rent|receivable|76,043|78,530|
|Total|incoming|resources|1,421,783|1,272,459|
|Expenditure|
|Other trading|activities|(Analysed below)|742,003|646,614|
|Investment management|costs|
|Rent collection|& management|14,055|12,405|
|Charitable|activities|(Analysed below)|368,600|297,624|
|Support costs|
|Finance|(analysed below)|23,412|18,358|
|Information|technology|(Analysed below)|26,906|25,885|
|Human|resources|(Analysed below)|294,197|295,358|
|Governance|costs|(Analysed below)|13,000|6,000|
|Total|resources|expended|1,482,173|1,302,244|
|Other recognised|gains|and|losses|
|Net gains|on|investment|
|Net expenditure|(60,390)|(29,785)|
**----- End of picture text -----**
28
THE SOCIETY OF ST PAUL THE APOSTLE
## DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022
||Total|Total|
|---|---|---|
||2022|2021|
||£|£|
|INCOMEAND ENDOWMENTS|||
|Othertrading activities|||
|Sales -Multimedia centres|1,272,959|1,028,674|
|Sales - Publishing & distribution|68,168|67,561|
|Royalties received|613|1,041|
|Otherincome|-|64,854|
|Government grants|__—-4,000|___—-31,799|
||1,345,740|1,193,929|
|EXPENDITURE|||
|Othertrading activities|||
|Opening stock|715,238|826,675|
|Purchases - Multimedia|660,152|419,538|
|Purchases - Publishing & distribution|71,334|85,183|
|Post& Freight|46,917|24,670|
|Travel & subsistence|17,696|5,405|
|Advertisement& promotion|524|381|
|Closingstock|__(769,858)|715,238|
||___742,003|___646.614|
29
THE SOCIETY OF ST PAUL THE APOSTLE
## DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022
||Total||Total|
|---|---|---|---|
||2022||2021|
||£||£|
|Charitable activities||||
|Rent|98,165||89,486|
|Rates andwater|8,590||8,780|
|Lightand heat|20,921||10,746|
|Insurance|9,452||4,526|
|Telephone|23,239||18,568|
|Postage and stationery|16,881||52,034|
|Donations|-||2,300|
|Sundries|3,087||(69,771)|
|Repairs - premises|42,632||43,816|
|Staffwelfare|1,708||311|
|Legal & professional|7,395||2,230|
|Royalties|834||11,597|
|Membership& subscriptions|1,213||1,992|
|Household & healthcare expenses|57,741||53,966|
|Exchange (gains)/losses|8,155||8,189|
|Depreciation offreehold property|32,088||32,088|
|Depreciation ofshortleasehold property|21,053||23,283|
|Depreciation offixturesand fittings|13,429||2,617|
|Depreciation ofoffice equipment|2.017||866|
||368.600|_|297.624|
30
THE SOCIETY OF ST PAUL THE APOSTLE
## DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022
||Total|Total|
|---|---|---|
||2022|2021|
||£|£|
|Support costs|||
|Finance|||
|Bank charges & credit card charges|23,412|18,358|
|Information technology|||
|Hire ofequipment|1,403|1,821|
|Repairs and renewals|293|(181)|
|ITsupport &web|25,210|24,245|
||26,906|25,885|
|Human resources|||
|Wages|268,496|272,480|
|Social security|17,002|15,754|
|Pensions|5,429|4,980|
|Other costs|3,270|2,144|
||294,197|295,358|
|Governance costs|||
|Auditor’s remuneration|13,0000|6,000|
||357,515|345,601|
31