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 Activ￿8S 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 Finan￿81 R8POrting Standard appl￿ble in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191. Objectivos and actlvltles obi0cti￿S 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 Off￿la1 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 advan￿ment 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 S￿tionS 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 Pr￿luCtS inculcating and advancing the truth about Jèsus Christ, his sacrifice mission and the Good News of God's love for humankind. SIgnIfl￿nt 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 pr￿JUCts 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 poI￿Y 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 PrO￿ty of the the charity. Further information regarding the endowm8nt can b8 found on r￿10 17 to thg finanoal statsments. Investmentpollcy and objectives The so￿ety 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 0￿0Ctives. 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 suits￿8 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 be￿en the new trustees and the o)ntinuing trustees. The trustees aro from the Religious Community of the SOc￿ty 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 WIde￿anging administ￿live 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 be￿een these two s￿let1&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 transact￿nS 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>, Ma￿hast￿r Sl Pauls Distribution Mr Jose Lopes, FinancelAc¢ounts Fr. Shinto Jos8ph. FinancelAccounts Auditor Shaw Gibbs {Auditl Limiled Salatin HDuse 19 Cedar Road Sutton S￿￿eY 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 appliCa￿e 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 di￿lOSed 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- g￿8 a true and fair wew of the state of the charity's affairs as at 31 December 2024 and of its in￿ming resources and application of resources. induding its income and expenditure, for the year then ended", hav8 been properfy prepared in aC￿rdan￿ wth unit￿ Kingdom Generalty Accepted Accounting Prad¢e". and have been prepared in accordance with th8 rèquir8ments of lh8 Charities Act 2011 a￿1 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 Ethi￿1 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 ￿5￿nsible 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 w￿h 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 responsi￿0 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 a￿ayS ¢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 CoMpan￿S documentstion of their Policies and procedurès relating to fraud and compliance wtth laws and regulations. We also identified the laws and iegulations ap￿ICable to the charitable company through discussions with the Trustees and other management. and from our cumulative audit, kno￿edge 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 Charita￿e 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 proCedU￿S ￿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 fO￿ard 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 curr￿1 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 0￿ratIng activities Nel cash income 68.472 59.808 Adjustments to cash flows from non were payable to the scheme at Ihe end of the year and are includ8d in pay8bles. 20 Capltsl commltments At 31 De￿m)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 S￿letY of Sl Paul. UK and the SOc￿ty 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 befv￿en 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