Eng8lnd and Wales Charty registration number.. 230948 Scotland Charity registration number.. SC052048 THE SOCIETY OF ST PAUL THE APOSTLE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Shaw Gibbs (Audit) Limit8d Salatin House 19 Cedar Road Sutton Surrey SM2 5DA
THE SOCIETY OF ST PAUL THE APOSTLE CONTENTS Reference and Admlnistrallve Detslls TnIst$, Report 2to8 IndeFendent Auditors, R8POrt 9t012 Ststgment of Finanfial Activ8S 13 Balance Sheet 14 Cash Fknw Statèment 15 NotOS to the Financial Statements 16to29
THE SOCIETY OF ST PAUL THE APOSTLE REFERENCE AND ADMINISTRATIVE DETAILS Chalrnian Rev Fr (Dr) Joshy Joseph Thumpakattu Trustges Rev Fr (Drl Joshy Joseph Thumpakattu R8v Fr Jose Jereus Bangcaya Rev Fr Joby Varghese Madan Rev Fr Shinto Josèph Karlmattathll Prlnclpal Offlco Morpelh Terrace Vl¢toria London SWIP 1EP Charlty Roglstratlon Numb•rs England and Wales.. 230948 Scolland.. SC0052048 Soliciiors Martin Shepherd Sdiulors LLP 753 High Road North Finchley London N12 8LG Audltor Shaw Gibbs (Audit) Limited Salafjn House 19 C8dar Road Sutton Surrey ShA2 5DA Page 1
THE SOCIETY OF ST PAUL THE APOSTLE TRUSTEES. REPORT The Trustees present the annual report together with the financial ststements and 8uditors' report of the charity for the year ended 31 December 2024. The trustees h8vè adopted the provisions of Accounting and Reporting by Charities.. Statement of Recornmended Practice apr4i¢abl8 to charities preparing their accounts in accordance with the Finan81 R8POrting Standard applble in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191. Objectivos and actlvltles obi0ctiS and aims Thg Society. through the activities of its priests and brothers. aims to spread the Gospel through the media of social communication as expressed in the conslilutK)n and other Offla1 documents of the Society of Sl Paul the Apostle. The original trust deed dated 10th November 1955 and the supplemental trust dead dated 5th July 2021 requires the Iruslees to hold kne trust fund and the income thereof upon trust ID apply the same ethgr as Capttal or as incoffle for the advanment of the Roman Catholic religion in England and Wales by suth lewful charitable moans in keeping wlth the aims of the So¢iety as the trustees think frt. Thg Societls main objects 8re:_ 181 th8 perfèetion of charity (to be attained through the sptrrt and practice of the evangelical cL)unsels of pov8rty, chastity and obedience in common lifel and the evangelisation of humankind through its apostolic activity in and Ihrough the m8dia of social communication. Ibl to 88SlSt all StionS of the society and especially Ihe simple, the pwr and the masses far away from truth and ieligion to a better knowledge of the ITUth about Jesus Christ and the Christian religion. and wth that object. and g8n8rally, to promot8 th8 arculalion of and to disseminate books, other publications and audio visual PrluCtS inculcating and advancing the truth about Jèsus Christ, his sacrifice mission and the Good News of God's love for humankind. SIgnIflnt a¢tlvttloS The Charity consists of th8 St Paul multim8dia c8ntres in London and BiTmingham, and the Community and Publishing DivisKJns. Surplus sloG*s of books are stored in the Sl P8uI distribution centre in Manch8sI8r. The Sl Paul distribution centr8 in Manthester becam8 a wholesale division of St Payl, engaged in the distribution and promotion of books and products from the UK and ovarseas, ¢ov8ring a wde range of subjects. It stocks and distributes St Paul publi¢ations, books and prJUCts from other publlsh8rs and distn'butors for which St Paul has distribution rights. The Sl Paul centre in Manchest8r has 8nabled improv8d logistics and distribution of Sl Paul publications within the UK and outside. Publi¢ benefit The Irusloes have had regard lo the Charty Commission's guidance on public benefft. One of th8 principal commitments of the SocAety in term5 of its mission is integTrting wilh the organic pastor81 actions of the Church, both on a general and a IcKal level. The Charity, through its religious order of priests and brothers does this by cooperating wlh local churches In areas of social communication end dovetsiling its own Programmes with those of the Church. Paga 2
THE SOCIETY OF ST PAUL THE APOSTLE TRUSTEES. REPORT Beside5 employing the media of social communication wth the objective of evangelisation. tha Society also trains people to use these media for thèir own well-being and development. for healthy relaxation and spirrtual uplrft. The Society contributes to the educatSon of readers, v¢ew8rs and listeners throwJh appropriat• publications and aids. Furtherniore, by focusing on the ¢onl&nt of publications, the Society carries out various undertakings of a fomialive-leaching nature in aKI of schools. institutes and assoaatlons. The Society seeks lo ev8ng81ise the more edu(at8d class8s. those r8presenling the fields of lette¥s, science, aTyJ the arts, who often Influence public opinion. With this in mind, the Society encourages its members to cultwale specialised research sludi8s. After completing their studigs, the trained personnel continue to (tsntn"bule to the Éditorial section of the Publishing dtspartment. Besides. the Society has sent another member for specialisalion in a Publishing-related progr8mme, which he is currently dorng, b8sides helping th th8 Societys activitigs. Achl8vament and porfornianco Charl¢able actlvltles It is the poIY of the Charity to further the athancement of the Roman Catholic religion by undertaking a Tange of charitable activities. The Principal tharitable activities of the Sl Paul multim8dia cenlres are the dlssemin8tion of books. ric>dieAI publicatic>ns, CDS, DVDS. mini media, etc that contribute to p-eVangellSatIon and fvrtherance of the Roman Catholic farth so that all human thought and knowledge will be permeated by thg Gospel. The principal ¢h8ritable 8¢tlvib"es of tho Community and Publishing Divisions are that of looking after the communlty of priests and brothers of the srriety and publishing books and multimedia products. Fundraising activities The princApal fundraislng advlues of the Charity are the trading activities to athieve thg charilable objectives, carTied out through the Sl Paul mullim8dia cenlres. publishing and distribution activities. The Charity dogs not Carry out significant fundraising from the public,. it does not engage in any fundraising actbvities directly or indirectly. The Chartty ha5 converted a building into residential flats lo generate a conslstent SOU of athlilional (unds to achl8ve Its obleclives. Page 3
THE SOCIETY OF ST PAUL THE APOSTLE TRUSTEES, REPORT Financial r•vl•w Flnandal positlon Th8 London multimedi8 centre is the central point of all operations of the Society of St Paul the aposue, indLKling publishing, distribution and muttimedia. and it provides 5UPPOrt lo the other multimedla centres in Birmingharn and Leeds. The Socigty believes that these centres s8tve and contribute to the objectN8s of the Charity. The operations in these centres are regularly revigwgd lo 8nsuro that they achieve their staled goals. The Charity helped lo fortn a trust in Swlland, 8nd the ffluhimedia centre in Edinburgh b8gan Its activities in Novèmber 2022. Moreover. the trust in England conb.nues to support the well-being of its membèrs r&siding in Scoland. This is because the Societys new initiative is still working lo attain full financial independence. Henc6, thè Ch8rity continues to hèlp its members in Edinburgh. as its mission and objectives remain the same. The Soo'ety hopes that the operations and activities in Edinburgh will b8come completely independent by March 2026. The Charity has ceased ts multimedia centre operations in Leeds. as th8 Landownèr (Dioceso of Legdsl has r•quest8d that the Charity vacate the premises. In line wlh their request. we have ceased operations in Leeds from 1 June 2025. The net income for the yeèr was £68,47212023: £59,808). Total income was £1,736,949 an incr8as& of £89,761 on 2023. The increase in income refiects bvJger foot fall in the centres along the investment in the website for online sales. Total exp8nditu was £1,668,477 an increase of £81,097 on 2023. This was largely down to th8 increase stock purchases resale. At 31 D8cernber 2024, total funds were £3,304,022 12023: £3.235.5501 with unrestricted funds of £2,329,504 and restricted funds of £974,518. Restricted funds represent a pemianent endowment being a contribub.on made by the Society of Sl Paul, Mayr4)oth. Ireland. for the acquisllon of the freehdd PrOty of the the charity. Further information regarding the endowm8nt can b8 found on r10 17 to thg finanoal statsments. Investmentpollcy and objectives The soety has decided to continue investing more in updating its website and online markating to reach a IBrger numbèr of poople_ Therefore, il revamped the axisting bSIt6 for greater functionality and mor8 products displayed. The websit& online activities need to b8 furth8r strengthened. and its adivlties need lo b8 further corfobor8ted for full growth and goal achthement. Reserves pollcy The Reserves Fund rgpresgnls Ihg unrostricled funds arising from past Operating results. It also represents the free reserves of the Society. which inclLwJes its fixed assets. The trustees are salisfie(I that the cash reserves of £278.951 are sufficient to meet the medium lem direct charttable expenditure. Going concern The charity and Ils activities ar8 back to pfvCOVID times. There are no signfficanl ¢on¢ems 18garding its operations. However. the rising cost of operational activtbes is a concem. The legacy of prudent financial manag8menl over many years and the Charitys strong KM)sition in its m8rket have enabled it to continue puisulrrfJ Its 00Ctives. Page 4
THE SOCIETY OF ST PAUL THE APOSTLE TRUSTEES. REPORT Futuré plans Since the Charty has ceased operations in Leeds. It is se8king for 8 suits8 locatlon to open a new fflultimedia cenlre. However. this depends on the Trust'5 financial situation lo venlurg into a new opening, as il would require financial backn'ng for its operations. Aligned with one of the Trust's main goals, the charity 8eeks lo boost its evangelisation efft)rts through digital platforms. Accordingly. the Trust will continue lo invest more in Its dlgital platform. As messengers of God's Word. we use online too15 to reach a broader audience. Structure. g¢)veman¢e and management Governlng document The Charity is controlled by its goveming document, a doed of trust, and constitutes an unincorporated charity. The accoun15 accompanying this port are the a¢¢ounts of th& charktable trust of the Province of England and Wales. The trusl is govome(I by a trust deed dated 10th November 1955 and thè supplemental trust deed dated 5th July 2021, regist8r8d with the Chadty Cornmission as Tho Society of Sl Paul Ihe Aposue,. charity registration numbgr 230948 and also the charitsble trust registered in Scotland as 'Society of St Paul, charity registration number SC052048. Recrultm¢nt and appolntment of new trustees The trustees are appointed by a deed of appointment been the new trustees and the o)ntinuing trustees. The trustees aro from the Religious Community of the SOcty of St Paul. Organlsatlonal strueture The Iruslees in office durtng the year and up lo the dale of Signing this report were a5 ftAIows= Trustees.. Rev Fr (Dr) Joshy Joseph Thumpakattu Rev Fr Jose Mathew {resigned 10 April 20251 Rev Fr Celso Celegte Godllano {r8sign8d 10 April 20251 Rev Fr Jose Jereus Bangcaya Rev Fr Jcl)y Varghese Madan (appointed 10 April 20251 Rov Fr Shinto Joseph Karimattathil lappointed 10 April 2025) Declsion making The Soaetls mission involves the use of substantial assets and this brings wrfh it, as a consequence. complex and WIdeanging administlive tasks. The board of trustees, who are members of the Society. are responsiblè for the acquisition and management of all material goods needed for furthering th8 Socielrfs charitable objectives. A wlder consultation and deliberation is undertaken when a wnajor decision or investment 15 required which invofves the Directors of Publication. Media Management and Multimedia Centres. Wlder no£work Thè Society of St Paul the Aposve is an intèmation81 Roman Catholic religious congregation founde in Ajba, ltsly in 1914. The general govern1r brAty is I(ated in Rome. The Society is divitjed into a number of separate provinces in various parts of the worfd. Page 5
THE SOCIETY OF ST PAUL THE APOSTLE TRUSTEES. REPORT Relat8dpartios The Society of St Paul thè Apostle, London is the head ofFice of the mission for the U.K. It is dosely associat8d with the mission and activities in M8ynooth, Ireland, as both same societies Sha the same goal and mission. For the Society of St Paul, UK and Ireland are considered as one region and any trading transactions beeen these two slet1&s is treated as in the normal course ol business. All other socieiies in the various countries are independent and only related as being under the same religious congregation. However. any trading transactnS with societies in the various countries are treated as in the normal courge of busines5. Risk management The trustees have conducted a review and assessed the major risks to which the charity is exw)sed, in particular those in relation to the operations and financ8s of lh8 Charity. They are satisfied that a risk mitigation procedure appropriata for thgir expansion has b¢gn implgmgntod. Reference and adminlstratlve detalls Charlty Reglstratlon Numbers EThJl8nd and Wales.. 230948 Scotland.. SC052048 Prlnclpal Offl¢• Morpeth Terrac8 Victoria London SWIP 1EP Trustees The trustees in office during the year were as staled in the organisational structure. The tillgs lo the rtain properties have been held in the name of founder tDJstees and other trustee5 who are no longer on th& board. They are Ihe18te Rev Fr Seba5ti8n K8ramv&lil SSP, Rev Fr Ad8riCO Dolzani SSP and Rev Fr Joseph Nechikattil SSP. Al of them were or are members of the religious Congregation. Tha Scciety is in the proc8ss of transf8rring the titl8S to th8 current truste8s. Rev Fr Joby Madan SSP is th8 Chièf ExocLrtive of th& Socièty and is in charg8 of the thiBI Media Management. He together with the other trustees is actively involved in the day-ttrday affairs of the Society. The senior management lo whom the trustees delegat¢ the day-to-day management responsibilibes are.. Pago 6
THE SOCIETY OF ST PAUL THE APOSTLE TRUSTEES. REPORT Senior Management Team Dr Christopher Shell, Lon(kJn Mumimedia Centre Mr Lorenzo Torrl, Birmingham Inullimedia Centre Mr Valerio CdomtK>, Mahastr Sl Pauls Distribution Mr Jose Lopes, FinancelAc¢ounts Fr. Shinto Jos8ph. FinancelAccounts Auditor Shaw Gibbs {Auditl Limiled Salatin HDuse 19 Cedar Road Sutton SeY SM2 SDA Solicltors Martin Shepherd Soliators LLP 753 High Road North Finchley London N128LG Events slnce the end ofthe year Information relating to events since th8 8nd of tha y8ar is given in the notes lo the finan¢kg1 ststements. St•tement of disclosure lo auditor Each member has tak8n steps th8t th8y ought to have taken as a member in ordeT lo mak themselv8s aware of any relevant audit information {as defined by the Charities Act 20111 and to estsblish that the charity's auditors are aware of that information. The Trustees confimi that there is no relevant infomation that they know of and of which thèy know the auditor is unaware. R•appolntsn¢nt of audit¢r Shaw Gibbs (Audit) Limited were appointed to act as the companls auditor5. A resoluuon for th -apw)intmenl of Shaw Gibbs (Audill Limf(ed as auditors will be proposed at the fotthwming Annual General Meeting IAGMI. Statement of the Trustees. r¢$pon$lbllltlo$ The Trustees are responsible for preparing the TrL151ees' report and the financial statsmonts in accordance wlh the United Kingdom Accrsunting Standards {Uniled Kingthm Gèn8rBIty Accepted Accounting Pra¢ti¢el and applicable law and regulations. The law appliCae lo charities in England and Wales. the Charitie5 Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requi$ the TnASte8S to prepare financial statements for each financkil year which give a true and fair view of the stste of affairs of the charity and of the incoming resources and application of resources of th8 charity for that per. In pteparing these financial slalements. the Trustees are required to.. select suilable accounting polirAes and then apply them consistently.. obs8rve th8 m8thods and prinupl8s in the Charities SORP., make judgements and estimates that are reasonable and prud8nt- st8t8 whether aptdicable accounting standards hav8 beèn followed. subject to any material departures dilOSed and explained in the financkql stslements.. and Page 7
THE SOCIETY OF ST PAUL THE APOSTLE TRUSTEES. REPORT prepa the financial slatemonls on the going concern basis unless rt is inappropriatè to presume that the chacity will continue in business. The Trustees are spOnSible for keeping proper accounting r8cnrds that disclose wth reasonable accuracy al any time the flnandal position of the chartty and enable them to ensure that the financial ststements wmply with the Charities Ad 2011, the appli¢ab18 Charities {Accounts and Reports) Regulations, and the provisions of the conslilulion. Thg Trustees are also r8sponsible for safeguarding the assets of the charity and hence for taking reasonable staps for the prevention and detection of fraud and other Irrègularitbes. The annual report was approved by the Trustees of the charity on 31 DecEmber 2025 and signed on its behalf by.. Rev Fr jDrj Joshy Joseph Thumpakattu Chaimian and Trustee P8ge 8
THE SOCIETY OF ST PAUL THE APOSTLE INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE SOCIETY OF ST PAUL THE APOSTLE Oplnlon We have aLKJited the financial st8tements of The Soaety of St Paul The AposNe {the 'charity'l for the year ended 31 December 2024. which comprise the Ststemenl of Financial Artivities. Balance Sheet. Cash Flow Statement, and Not8S to the Finanryal Statements. induding a summary of signfficant accounting polici8s. Th8 finanual rgporling framawork that has begn appli8d in their preparation is applicable law and United Kingdom Accounts'ng Standards. including Financial Reporting Standard 102 The Financial Repo.n9 Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinKJn the finanoal statements- g8 a true and fair wew of the state of the charity's affairs as at 31 December 2024 and of its inming resources and application of resources. induding its income and expenditure, for the year then ended", hav8 been properfy prepared in aCrdan wth unit Kingdom Generalty Accepted Accounting Prad¢e". and have been prepared in accordance with th8 rèquir8ments of lh8 Charities Act 2011 a1 the Charities and Trustee Investmgnt IS¢otJandl Act 2005. Basis for oplnlon Wa conducted our audit in accordan with International Standards on Auditing IUKI IISAS (UK)) and applK8ble Lgw. Our responsibilities under those standards are further described in the Auditor'5 responsibiliti8s for the audit of the financial statements section of our report. We are indèpendènt of th8 charity in accordance wlh th8 ethical requirements that are relevant lo our audtt of the financS81 slalements in the UK. induding the FRC'S Ethi1 Standard. and we have fulfilled our other ethical responsibilities in accordanc8 wilh thèse r8quiremonls. W8 b81i8va Ihat Ihe audit evidence we have obtained is suFfi¢ient and appropriate to provide a basis for our opinion. Conclusions r91atlng lo going concern In auditing the financial statements. we have conduded that the trustees. use of the g)ing o)ncern basis of acwunling in thè preparation of the financial statements IS 8ppfopTiate. Basad on the work we have performed, we have not identified any malgrial un¢ertaintles relating to events or conditions that, indlvidually or collecJvety, may cast signfficanl doubt on th8 charitable coThpanls ability to ntinue as 8 gtsing concem for 8 wriod of at le8St Iwefve months from when the financial statem8nts are 8uth0ri88d for issue. Our re5ponsibililies and Ihe responsibiliti8s of th8 directors with respect to going concern are described in the relevant sections of this report. Other Infomiation The other information (x)mrMises the information included in the annual report, other than the financial Ststements and our 81Jdttor's reKM)rt thereon. The trustees are 5nsible for the oth8r information. Our opinion on the financi81 statements doe5 not Ver the other information and, except to Ihe extent oth¢ise expliutly ststed In our report, wè do not express any form of assurance C(clUsion thereon. Page 9
THE SOCIETY OF ST PAUL THE APOSTLE INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE SOCIETY OF ST PAUL THE APOSTLE In conngdon wh our audit of the financial ststements, our SponsIbl1[ty is to read the other infomialion and, in doing so. consider whether the other information is materially inconsistent wbth the financial st8tem8nts or our knowledge obtained in the audit or otherwise appears to be m8t8ri81ty misstated. If we entrfY such matsrial Inconsistencies or apparent material misstatements. we ar8 required to detamiine whether there is a material misstatemènt in the financial ststements or a mat8rial misstatement of the other inforrllation. If, based on the work we have perfotmed, we condude th8t th8re is a material misslatemenl of this other information, we are required to report that fart. We have nolhSng lo [m)rt in this regard. Matters on whlch we are required to report by exception W8 have nothing to rep(¥t respect of the following matters in relation lo which the Charities (Accounts and Reports) R8gulations 2008 and the Charities Accounts IS¢odandl Regulations 20( require us lo report to you if. in our oynion.. the information givén in the Trustees, Report is inwnsistenl in any matsrial resp8ct with Ihè financkil stalements,. or sufficient accounting r8cord$ have not been kepl: or the financAal stat8m8nts ar8 not in agreement with the 8ccounling records. or we have not received all the information and 8xplanations w8 require for our audit. Responsibilities of TrustO08 As explained more fully in the Isel out on page 71, the Trustees (who are also the directors of lh8 charitable company for the purposes of company 18wI are responsi0 for the preparats'on of the financial statements and for bein9 satisfied that they give a true and fair wew, and for such internal nlrol as the Trustees deterniine is necessary to enable the preparation of financial statements that are fr88 from material misstatement, whether due to fraud or error. In prèparing the finanual slalements, the Trustees are responsible for assessing the charity's ability to cK>ntinue as a going concem. disclosing, as applicable, matters related to going wncern and using the going Concarn basis of accounting unl&ss Ihe Trusl&8s either Intend to14]uidate the charity OT to ceasg operations, or have no realistic altèmatiV9 but to do $0. Auditor'y r?sponslbllltles for tha audit of th9 financial statemants We have been appoint 8s auditor untler section 144 of the Chartues Act 2011 and sèction 4411 Ilc) of the Charities and Trustee Investrnenl (Scollandl Act 2005 and report in accordance with thè Acts and rglgvanl regulations mad8 Dr having eff8cI Ihereunder. Our object*v$s are lo obtsin reasonable assurance about whether the financi81 statements 88 8 whole are free from material misstatement, whether due lo fraud or error, and lo issue an 8udilor's r8POrt that indudes our opinion. Reasonable assurance is a high level of assurance, bul Is not a guarantee that an audit conducted in accordance with ISAS IUKI will aayS ¢Jetect a material misslatement when il exists. Misstalemenls can arise from fraud or error and are considered material if, individually or in thg aggregate, they could reasonably expected to illfluence the economic decisions of users takon on the basss of these fin8nci81 ststemenls. Irregulariues, including fraud, arè instsnces of n¢Jn-compliance with 18WS and regulations. We design procedures in line with our SponSibl11t1es, ouuined above, lo detect matsrial mi5slatements in respecl of irrggularilies, including fraud. The extent lo which our procedures are ¢2p8ble of detecting irregul8riti8s, including fraud is detsiled below- Page 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 whlch the audit was ¢onsldèred capabl• of d•tectlng Irregularltlos Includlng fraud Our approach to K1ènttyng and asse8sing the risks of material misstatement in respect of irregularities, including fraud and non-compliance laws and regulations. was as follows-. the engagement partner ensured that the engagement team collectively had the appropriate competen, capabilities and skills to idenlfy or recognise non-wmpliance Mth applicable laws and regulations- we assessed the extent of compliance the laws and regulations Identffied above through making enquiries of management and inspecting legal corr8spondence-, and we identified laws and regulations were communicated within the audit team regulady and the team remained alert to instances of non-compliance throughout thè audit. We considered the nature of the charitable Company's s8Ctor and its control environment, and reviewed the charitable CoMpanS documentstion of their Policies and procedurès relating to fraud and compliance wtth laws and regulations. We also identified the laws and iegulations apICable to the charitable company through discussions with the Trustees and other management. and from our cumulative audit, knoedge and experience of the charitable company. We obtained an Lsnderstanding of the legal and regulatory frawn8WOrt that the Charitsble rnpanY operates in, and identified tho key18ws and regulations that- had a dlrecl affect on thè detem)inalion of materlal amounts and disclosures in Ihe financ4al sta18m8nls. These induded the Charlti8s Act 2011. The Chari119s and Trustee Investment IScodand} Act 2005. the Charities SORP, aThJ UK financial reporting standards a5 issued by tho Financial Reports'ng Council., and do not have a direct effect on the ffinancial ststemen15 but Ix)mpliance wilh whi(* may b8 fundamentsl lo the Charitae companls ability to operate or to avoi¢J a material penalty. These in¢luded the Charftable companys regulatory requir8m8nts and employment legislations. We assessed the susceptibility of the charitable companls financial statements lo material misststem8nt, includlng obtsining an understsnding of how fraud might occur. by.. making enquiries of management as lo whgre they Considgred ther9 was susceptibilty to fraud theif knowledge of actual, suspected and allggé(l fraud,. and considering the int8mal controls and in plac8 to millgale risks of fraud and nondcompliance wilh18ws and Tegulalion5. In response to the risk of irr8gularities and non-complian¢% with laws and r8gU1atic. wg designed procedures which included. but wer8 not limited to.. reviewing financAal statement disclosures by te8tlng to supporting documentation lo assess compliance wth provisions of relevant laws and regulations described 8s having a dired effect on the financial statements- performing analytical procedures to idenlrty any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud., 8nquiring of the Trustoe conc8ming adual and potential litigation and daims. and Instanc8s of non-compliance laws and regulaUons,' and reading minutes of Twstee meetir@s, revi8wing int8mal audit reports ar¥J revwing corr8spond8nce with the Ch8rib8s Commission. Page 11
THE SOCIETY OF ST PAUL THE APOSTLE INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE SOCIETY OF ST PAUL THE APOSTLE There are inherent Ilmltalkjns In our audit procedures described above. The more removed that lawas and regulations are from financial Iransaclions, th8 less likely ti is that we would become aware of non-compliane8. Auditing standards also limit the audit proCedUS qui to identify non-compliance with laws and regulations to enquiry of the Trustees and other management and the inspodion of regul81ory and18g81 correspondence, rf any. Material misstat8mènts thal arise due lo fraud can be harder to detect tt)an those that arise from eror as they may involve deliberate concealment or collusion A further description of our responsibililes is available on th8 Financi81 Reportlng Council's webgte al wwM.frc.org.ukJauditorsr8sponsibilities. This dgSCriPtion fomis part of our auditDrfs r8port U80 of our report This rèKX)rt is m8de solely to the charty Trustees. as a body, in accordance with section 144 of the Charities Act 2011 and regulations mad8 under sedon 154 of that Act. Part 4 of the ChariUes IAccounts and Reports) Regulations 2008 and Regu18tion 10 of Ihe Charities Accounts (Scotlandl Regulations 2006. Our work has been undertaken so that we might state to the Trustees thosg matters we are required to state to Trustees in an auditors, r8POrt and for no other purpose. To the lullest extent pèrmtttèd by law, we do not accept or assume responsbility lo anyone other than the charity and Its Trustees 88 a body, for our audit work, for Ihis reporL or for the Opinior we have fomied. Shaw Gibbs IAuditj Limited. Ststulory Audf(or Salatin House 19 Cedar Road Sutton Surr8y SM2 5DA 0ate....4.1] iiJ.10 2F Shaw Gibbs (Audill miled is g11giblg for apwinlmenl as auditor of the charity by virtug of its gl*Jibility for appjinlmenl as auditor of a cornpany under Section 1212 of th8 Companies Act 2006. Page 12
THE SOCIETY OF ST PAUL THE APOSTLE STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestrictsd Endowment funds funds Total 2024 Total 2023 Note Income and Endowmonts from: Other trading activities Investment income 1,665.638 71,311 1,665.638 71.311 1,563,042 84,146 Totsl In¢ 1,736.949 1.736,949 1,647,188 Expendlture on: Raising funds Charitsble activities.. Multimedia centres & publishing Community Other 1.206.471 1,206,471 1,158,333 384.247 46,541 384.247 46.541 325,878 90,669 31,218 31,218 12,500 Totsl Expenditure Net in¢ome 1.668,477 1,668,477 1.587.380 68,472 68,472 59,808 Ro¢on¢illatlon of funds Total fijnds brought fOard Total funds carried forward 2,261,032 974,518 3.235,550 3,175,742 17 2.329,504 974,518 3,304,022 3.235,550 Income and expenditur& relating to 2023 were all unrestricted Contlnulng opèrations l income and exponditure have arisgn from continuing activities. Page 13
THE SOCIETY OF ST PAUL THE APOSTLE {REGISTRATION NUMBER: 2309481 BALANCE SHEET AS AT 31 DECEMBER 2024 Unrestrlct8d Endowmgnt funds funds Total funds 2024 Total funds 2023 Fixgd ass•ts Tangible assets Investment properti8S 827.662 856,033 1,683.695 430,551 543,967 1,258,213 1,400,QKiO 2,658.213 1.319,981 1,400,000 2,719,981 10 974,518 Current assets Stocks Debtors Cash al bank and In hand 11 12 939.685 123.606 277,658 939.685 123.606 277,658 809,550 99,039 275,593 1,184,182 1,340,949 1.340,949 Payables Amounts falling due wthin one year 13 (359,0231 1359,0231 1305,0691 Nat current assgts 981,926 981.926 879,113 Total assots loss curr1 Ilabllbtle$ 2,665,621 974,518 3,640,139 3,599,094 Payables Amounts falling due after mor8 than one year Net asBgts 14 336.117 1336.1171 3,304,022 1363,5441 3,235,550 2,329,504 974.518 Funds Unreslrlcled lund$ Endowment funds 2,329,504 974,518 2,261,032 974.518 Total fund$ 3,304.022 3.235,550 The financial statements on pages 13 10 29 were 8pproved by the Twstees, and aulhorised for issue on 31 December 2025 and signed on their behalf by.. Rev Fr IDTI Joshy Joseph Thumpakatlu Chairman and Trusl89 Rev Fr Joby Varghese Madan Trustee Page 14
THE SOCIETY OF ST PAUL THE APOSTLE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Note Cash flows from 0ratIng activities Nel cash income 68.472 59.808 Adjustments to cash flows from non<ash Items Depreciatio 62,766 63,789 123,597 131,238 Wofking capltal adJu8trnents Incr88sè in stocks Ilncreaseydecrease in debtors Incr8ase in creditor5 11 12 13 1130,1351 124,567) 55.560 (39.6921 8.171 3,743 Net cash flows from operating actiVitS Cash flows from investing activities Purchase of tangible fixèd assets Cash flows from financing actlvltles Loan repayment to rè18t8d pae9 Repayment of loans and borrowings Net $h flows from flnanang aCttieS Net Increase in ca8h and cash equivalents Cash and cash equivalents at 1 January Cash and cash equivalents at 31 December 32,096 95.819 19981 {2.2151 (22.0331 506 13 29,033 129,033 (21.5271 2,065 72.077 275.593 203.516 277,658 275,593 Page 15
THE SOCIETY OF ST PAUL THE APOSTLE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 1 Accountlng policies Basis of preparing tho financial ststem•nts Thè fin8nci81 statements of the charity. which is a public benefit enttty under FRS 102. have been ppared in aC[danCe with the Charities SORP IFRS 102) 'A¢counting and Reporting by Charities.. Stat8ment of Recommended Practice applicable to charities prgparing their accounts in accordan th the Financial Reporting Standard applicAblè in the UK and Republic of Ireland {FRS 1021 {eff8ctive 1 January 2019),, Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charities Ad 2011. The financial slalemenls have been prepared under th8 historical cost convenb'on, as modified by the revaluation of eèrtain assets. The financial ststefflents are prepared in 5terfing, which 18 the funcuonal currency of thg Charity. Monetary amounts in these financial slalements ar8 rounded to the nearest £. Golng concgrn The tnjstees have considered the charitys financi81 position, Ilquidity and futurè performance together with financial projections for the charity and over the foreseeable future and have also reviewed the availability of banking fauliti88. Aft8r making ènquiries, the trustees are satisfied that the charity has sufficient resources to continua in operation for lh8 foreseeable future. being at least 12 months Irom the date of signing the financial statements. Accordingly, thèy conts.nuè to adopt the going concern basis in pr8P8ring the charws flnanaal statements. Judg•m•nts and kay soure•s of èstlmatlon uncortalnty The preparation of financial statements in conformity with chare$ SORP (FRS 102) requirgs the tNslees lo make judgements, esliwnates and assumptions that affect the application of tx)liaes and reported amounts of assets 8nd li8biliti8s. income and expenses. The eslimales and assouated assurnplions 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 bout carrwng values of assets and liabilities that are not readily apparent from other sources. Actual sults may differ from these eslimales. The judgements, estimates and assumptions which have a significant risk of causlng a malerlal adjustm8nt lo the carrylng amount of assets and 11a.11tieS are discussed b810w'. VgluAtion Df freehold property held as investllnt The freehold property was revalued al the year end to Its fair value on the basis of market value. Market value represents the figure that wwk1 appear in a hypothetical contract of sale a willing buyer and a wlling seller. Market value is eslimaled without regard to costs of sale. Properly valuation is inh8renUy subjoctive and Contains a number of 8ssumpts.ons upon which the trustees have based their valuatron of the charills properties. The assumptions on which the valuation have been based indud8, but are not limrted lo, matters such as recent comparable market transactions on arm's length tomis. the tenure and tenancy details for the properbes. ground ditionS at the properties and the slruclural coThlition of th8 prop8rt18s. Th8 carryng amount at the year end is £1,400,000 12023.. £1,400,000). Page 16
THE SOCIETY OF ST PAUL THE APOSTLE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Inmmo l income is recognised in the Statement of Finand81 Activitiès. Once the Charity has 8ntid8ment to the fvnds. il is probable that the income wll be re¢eiv8d and the amount can be rneasured reliably. Expendlture Liabilities are recognised as exp8ndltur8 as swn as there is a legal or constructive oblallOn committing the charity lo that exp8ndlture, it Is probable that a transfer of economlc benefits will bg r8quir8d in settlement and the amount of the obligation can be measured rpliably. Expenditure is accounted for on an accruals basis and ha5 been ¢lassifi8d under headings that aggregate all costs laled to the category. Where ¢osts rAnnot be diredy attributèd to particular headings. they have been allocated lo atIes on a basls consistent wrfh the use of resourcès. Raising funds Raising funds for its charitable purposgs includes all expen(Jilurg towards costs of sales and other osts of generating funds from the mL¢llimedH cenlres an(J publishing actiV5ty. The Investmènt management cos15 represent the estate 8g8nVs costs for letting and man8glng of ihe investment propèrty. Charitabl¢ a¢tivitlO$ Charitable activities include providing facilitses and seNices to the public through the multimedia centres as well as publishing books and multimedia products. The charitable activibes also indude supporting and looking aftsr th8 community of prtests and brothers of tho ro1igiou$ order. Support costs Cost allocation involves judoement lo some 8Xtenl. and the Swety had to consider the cost-benefit ol detailed calculations and record keepin9. The support costs indLyJe an element attributable to the trading activity for the multimgdio centrgs and publishing activities. Hen¢0 th8se are allocated towards the 8xp8nditure on raising funds as cost of other trading a¢liviti8s. A portion of the running costs of the mulb'media centres, the publishing ath'vities and support of the wmmunity is attributable to charitable activities. The trustees arg of the opinion that the basis of allocation is fair and reasonable. Page 17
THE SOCIETY OF ST PAUL THE APOSTLE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Tanglblg fixed assets Freehold properties The freehold land and buildings are shown on the balan sheet at cost, including any irnprovement cost. The buildings are in constant use in furtherance of the Societys charitable objectives and are propedy maintained to Standards that ensure that their residual value is not less than their book value. The trustees Consider the expected lrfe of the property to be belween 25 and 50 years. Accordingly, d8pr8ciatlon is prowded as follows.. Office & re5identi81- 2% on a slraighl line basis. Warehouse - 4% on a straight line basis. Short leasehold propety is shown on the balance sheet al cost 1&8s depreciation. Depreuatson is provided so as to write off the cost of the leasehold property over the remaining peri¢A of the lease. Short leasehold propety Fixtures & fittings Computer & equipment 25% on a reducing balance basis. 25% on a re(tucing balance basis. In¥•stmont property Investment property is shown al most rgtxnl valuation. Any aggregate surplus or dèficit arising from ¢h8nges in fair value is recognis8d in thè Ststemgnt of Financial A¢Iiwt$. Invastm8nt propety, whh propgty held to eam rentals andlor for capital appreciation, is initial recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequenuy it is measured at fair value al the reporting end dale. The surplus or defiot ( revaluation is recognised as unrealised gainsllosses In the funds. stock Stocks are valued at thè k)wer of cost and t r8alisable value. after making due allowance for obsolete and slow mowng it8ms. Taxatlon The charity is èx8mpl from lax on its charitabb aclivitses. Fund accountlng Unrèstricted funds comprise accumulated surpluses and defiuts on 98neral fvnds that are available for use 8t th8 discretion of the trustees in furtheran of the general objeclives of the Society and that have not been designated for other purposes. Endowment funds are monies which must be held iThlefinit8ly as capital depeNl8nt on the type of gndowm8nt. A permanent endowTnent Is an asset or cash given lo the charity to be held in perpetuity as capital. An expendable endowment is an asset or cash giv8n to Ihe charity to be held as capital with Iruslee5 having the power to use tho ¢apital for income. Vvhen such power is exer¢ised the 8xpendable endowment is transferred to unrestrict8d funds. The income g8n8rat8d from 8ndowm8nt funds can be used for general purposes and is credited directly to unrestricied fvnds. Revaluation reserve funds are unrestrictod funds. Thgy constitute the surplus or d¢ficit on r9valuatn of inv8Stment that is recogni5ed in the financial statements. P8ge 18
THE SOCIETY OF ST PAUL THE APOSTLE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Foralgn curren¢l•$ Assats and liabiliti8s in foreign CUrrenCS are translated into st8rling at the rates of exch8rge ruling at the rerting date. Transactions in foreign currencies are translated into sterling al the rate of 8xthange ruling at th8 det8 of transaction. Exchange differen¢%s are taken into aUnt in arriving at thg operating $It. a$lng ¢ommltmgnt$ Wher8 assets are financed by leasing agreements that givè rights approximating to ownership {finance leases), the assets are treated as if they had been purchased outright. The amount Capitslised is the present value of th8 minimum lease payments payabl8 during the 1è8se temi. The corresponding leasing wmrllilmènts ar8 shown as obligations to the lessor. Lease payments are treated as consisting of caprtal and intorest elements. and the interest Is charged lo the profit and loss account in proportion to the balance outstanding. Rentals paid under operatsng leases are charged to the staternenl of financial aclfvf(ies on a straight line basis over the period of the lease. Pension costs and other POSttireMent bèneflts The Charty operates a defined contribution pension scheme. Contributions payable lo the Charfvs pension scheme are charged lo the Stsl8ment of FSnanoal Activities in the FEriod to which th&y relate. 2 (Xher tradlng a¢llvltie$ 2024 2023 Sal&s - Multimedia centres Sales- Publishing & distribution ROYaeS receved Other income 1.599.509 65.849 280 1,497,759 63.121 1,336 826 1.665.638 1,563,042 Income from other trading aclivf(ies in the prior year was unrestrictgd. 3 Investment income 2024 2023 Rent recelv8tle 71,311 84,146 Investment income in the prlor year was unrgstricted. Pag8 19
THE SOCIETY OF ST PAUL THE APOSTLE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 4 Raising funds 2024 2023 Other tradlng actlvltl•s Opening stock Purchases Closing stock Post & Freight Travel & subsistenc8 Advertisement & promotion Support costs (see note 61 809.550 979.208 1939,6851 32,720 24,630 1,843 298.205 769,858 802.425 1809,550 51.732 15,277 406 317,031 1,206,471 1.147.179 Investment management costs R8nl collaction & management 11,154 1,206,471 1,158.333 Exponditsjre on raising funds in the prfor year was unreslrfcted. 5 Charitable activities Support Costs (see note 61 Direct Costs Total 2024 Totsl 2023 Multimedia centres & publishing Community 309,695 46,541 74.552 384.247 46,541 430,788 325.878 90,669 416.547 356,236 74,552 All expenditure on charilablg activities in the prior year was unrestrTCted. 6 Support costs Infomiation technology Human resource Governanco Finance Total Other trading activities Other resources expended Multimedia centres & wblishing 24.853 16,111 257,241 298,205 31,218 31.218 6,213 4.028 64.311 74.552 31,1%86 20.139 321,552 31,218 403,975 Page 20
THE SOCIETY OF ST PAUL THE APOSTLE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Basis of allocation Acovlty Finance (other. Medla, Community) 80%.'20%:0% Infomiation te¢hndogy Human re80urces 80%.'20%:0% 80%..20%:OYo Support costs. induded in the Btrx)ve. are as follows.. Flnance Other trading actlvltlès Multlmedla ¢entre$ & Pub. 31 Dec 2024 31 Dec 2023 Total Total activities actlviti•s Community Bank & credit card charges 24,853 6.213 31,(h86 29.813 Infomiation technology Other trading actlvllios Multimedia centre$ & Pub. 31 Dec 2024 31 Oec 2023 Total Total actlvltleB a¢tlvltl&$ Community Hire of equipment IT support & web 18671 16,978 12171 4,245 11.0841 21.223 20,139 9,530 28,239 16,111 4,028 37,769 Human rosour¢è$ Othèr tr8dlng artiviti•$ Multlmedlo centres & Pub. 31 Dec 2024 31 Doc 2023 Total Total activities a¢tlvStlÈs Communlty Salary & wag8s Social seGurity Pensions 0th8r costs 227.908 13.603 6.130 9,600 257,241 56,977 3.401 1.533 2,400 64,311 284,885 17,004 7,663 12,000 296.303 18,280 5.890 8,799 321.552 329,272 Page 21
THE SOCIETY OF ST PAUL THE APOSTLE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Govornanc• $t$ 31 Dec 2024 31 Dec 2023 Other Other resources resources expended expanded Auditorfs r8muneration 31,218 12,5C 7 Trustees. remuneration and benefits There We no trustees, remuneration or other benefits for the year ended 31 Decernber 2024 nor for the year ended 31 December 2023. Trustèè$' 8Xn$6$ There were no trustees. expenses paid for th8 year 8nd8d 31 Decemb8r 2024 nor for the year ended 31 December 2023. 8 Staff costs 2024 2023 Wago$ Soclal securfty o)sts Pension costs other costs 284.885 17,004 7.663 12,000 321,552 296,303 18,280 5.890 8,799 329,272 The average monthly number of amployees durlng the year was as follows.. 2024 No 2023 No Multimedia ntreS Mail order Publishing & distribution 14 14 No employee ceIVed emoluments in exc8ss of £60,(M)O. P8ge 22
THE SOCIETY OF ST PAUL THE APOSTLE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 9 Tanglble fixed assets Flxturns and fittings Froehold Short prop&rtles Igasehold Computgr gqulpmgnt Total At 1 January 2024 Additions 1,283.577 834,251 181,624 57,491 998 2,356.943 31 December 2024 1,283,577 834,251 181,624 58.489 2.357,941 D•preclatlon At 1 January 2024 Charge for the year 159,695 31,343 676,349 21,053 150,395 7,017 50.523 3,353 1,036,962 62,766 At 31 December 2024 191.038 697.402 157,412 53.876 1,099,728 Net book valu• At 31 Deomber 2024 1.092.539 136.849 24,212 4,613 1.258,213 At 31 December 2023 1.123,882 157.902 31.229 1,319,981 Induded in th8 Wst of froghold propertios Ys fraghold land & building of £1,283.577 12023.. £1,283,577) of vthith £430.551 12023.. £430,551) is represented by a permanent 8ndowm&nt Th8 tiU8 to one of the two freehold properties has been held sn th& name of founder trustees and oth8r Iruslegs who are Th) longer on the board. Thay are the lale Rev Fr Sebastian Karamvelil SSP. Rev Fr Aderico Dolzani SSP and Rev Fr Jos8ph N8chikattil SSP. All of them were or are members of the rèligious congregation. The Society is in the prsS of transferring the tiue to th8 current truste88. Pag& 23
THE SOCIETY OF ST PAUL THE APOSTLE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 10 Investment property Falr value Al 1 January 2024 and 31 December 2023 1.400,000 Ngt book value At 31 December 2023 and 31 Dècember 2023 1,400.000 The tfflle to the propthty has en held in the nam8 of founder trustees and other trustees who are no long8r on the board. They are the late Rev Fr Sebastian Karamvelil SSP and R8v Fr Joseph Nechikattil SSP. Both of thèm ware or 1$ a member of the religious CnggallOn. Thè Stxi&ty is in th8 process of transferring the lille to the current trustees. The original cost together wlh any improvement wst of a freehold land and building is cl8ssifi8d as investment propety. of whth £543,967 12023 £543.96TI is represented by a permanent endowment. The fair value of the investment property has been arrwed al on the basis of a valuation carried out as at 22 December 2022 by Willmotts Chartered surVers If investment propety w8re stated on an historical ¢osl basis rather than a fair value basis, th8 amount would have been £972,76712023- £972,767). 11 Stocks 2024 2023 Books and other 8rtldes 939,685 809,550 12 Re¢elvables 2024 2023 Trade recelvables Other receivabl8S PrepayThents 70,339 2,349 26,351 2,349 26,351 123,606 99,039 Pag8 24
THE SOCIETY OF ST PAUL THE APOSTLE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 13 Payables: amounts falllng due wllhln one year 2024 2023 Trade payab16S Other loans Taxation and soual securlty Other payables 284,758 28.945 27.315 18.005 226,846 30.551 28.551 19.121 305,069 359,023 Other loans indudes loans from the Soryety of St Paul. Maynooth. Ireland. {See lOw} 14 Payables: amounts falling due after more than one year 2024 2023 Other t08ns Other payables 313,928 22,189 336,117 341,355 22,189 363,544 Other loans Includes 108ns from the Sooety of St Paul, Maynoolh, Ireland. The loan Is a forelgn rrerw loan. interesl-free. unsecured and ropayablo in instalrnents. 15 Loans An analyEis of the maturity of loans is given below.. Other Loans.. 2024 2023 within one year or on demand betwe8n on8 and Nvo years b8bNeèn fv40 and five yoars repayable in Instslments over S yBars 28,945 28,945 115,780 169,203 30,551 30.551 122,203 188.601 371,906 342.873 Page 25
THE SOCIETY OF ST PAUL THE APOSTLE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 16 Leasing agreements Minimum lease paym8nts undor non-canc£llabJe operatiThJ leases fall due as folbws.. 2024 2023 Within one year In hvo to five years In ov8r fiv8 years 98,165 398,660 100,165 98,165 398.660 200,330 596,990 697,155 The amount of rnncelIable operating leas9 P?nents rgcognised as an expense during the year was £98.16512023.' £98.1e51. 17 Movement In funds Not movgmanl In funds 8alanco at 1 Jan 2024 Balance at 31 Dec 2024 Unrestrlcted fvnds General fund 1.871,056 68,472 1.939,528 Revaluation reserve fund 389,976 389,976 2.261.032 68.472 2,329,504 Endowment funds Regional permanent endowment 974.518 974,518 Total funds 3.235,550 68,472 3.304,022 Net movement in funds. included in the above are as follows.. Incoming r8sources Resour¢e$ expended Movement In fund$ Unrestrlctsd funds General fund 1,736,949 1.668.47T 68,472 Page 26
THE SOCIETY OF ST PAUL THE APOSTLE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Comparatives for movemenl in funds Balance at 1 Jan 2023 movement In funds Balance at 31 Dec 2023 Unrestrlctsd funds General fund 1,811,248 389,976 59,808 1,871.056 Rovaluation reserve fund 389,976 2,201,224 59.808 2.261,032 Endowmontfunds Regional permanent endowment 974.518 974,518 Total funds 3,175.742 59,808 3,235.550 Comparative net movement in funds, in(Juded in the abovo ar8 as follows.. Incomlng resourres Rosour¢es exponded Movement In funds Unrnstrl¢tsd funds General fvnd 1,647.188 11,587.3801 59,808 General fund Unreslricled funds comprise accufflulaled surpluses 8nd defidts on gen8ral funds that a availabl8 for use al the discretion of the Iruslees in furtherance of the 98n8ral objeth'ves of the Society and that hav8 not btsèn designated for other purposes. R•valuation r•s•rY•s fund Revaluation reserve ftjnds are unrestricted funds. They constitute the surplus or deficit on rovalualion of inveslmenl that is r8cognis6d in the financial statements. R•gional p•m)anont •ndowmont The fund is the contribution made by the Society of St Paul, Maynooth, Iroland. the region81 office of the Society, for the acquisition of the freehold property of the Charity- Th8 amount was originally given as a ban and subsequently converted into an endowmenl. Income arisng from the fur L8 unrestricted and can be used for the charitable activities of the Society. Page 27
THE SOCIETY OF ST PAUL THE APOSTLE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 18 Analysis of net assets between funds Unrestrl¢ted funds Endowm•nt funds Roglonal permanent •ndowm•nt General fund Total funds Tangible fix8d ass8ts Fixed asset investments Current assets Current liab'lities Credltors over 1 year Tol81 net assets 827,662 856.033 1,340,949 {359,0231 1336.1171 430,551 543,967 1,258.213 1,400.000 1,340.949 1359.0231 336,117 2,329.504 974,518 3,304,022 Unrestrlctod funds Endowment funds Reglonal pamianent endowment Ggngral fund Total fvnds Tangible fixed assets Flxed asset investments Current a5se15 Current 1labilth.es Credltors over 1 y88r 889,430 856,033 1.184.182 1305,0691 363.544 430.551 543,967 1,319,981 1,400,000 1,184,182 1305.0691 1363,544 3.235.550 Totsl net assets 2.261.032 9f4,518 19 Employee benefit obligations The charity contributes to a defined contribution pension Scheme for its employees. The pension cost charge for the year represents conlribulion5 payable by the th8rNy lo the Spe1Ve s¢heme and amountsd to £7.66312023.. £5,890) . Contribuiions tolalling £11212023.. £1,172> were payable to the scheme at Ihe end of the year and are includ8d in pay8bles. 20 Capltsl commltments At 31 Dem)er 2024, the chaTty had no conlracty81 pital commitment {2023 - £Nill. Page 28
THE SOCIETY OF ST PAUL THE APOSTLE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 21 Related party dlsclosures The related party transactions with the Society of St Paul, Mayntr)th. Ireland 8re.' 2024 2023 Loans due to Region 342.873 371,906 The SletY of Sl Paul. UK and the SOcty of St Paul. Ireland are both relaled In so far as the trustees of both charities belong to the same religious order. The loan Is Interest-free. unsecured and repayabf8 In instalments. 22 Post balance sheet events There have been no significant events befven the year end and the date of approval of these accDunts which would require a change to, or disclosurè in, th8 financ#al statements. Page 29