2021-12-31-accounts

			Page
Trustees' annual report
Independent auditor's report to	the Trustees
Statement offinancial activities
Statement offinancial position			12
Statement ofcash flows			13
Notes to the financial statements			14
The following pages do not form part ofthe financial statements
Detailed statement offinancial	activities		27
Notes to the detailed statement	offinancial	activities	29

Reference and administrative	Reference and administrative	Reference and administrative	details
Registered	charity	name	The Society of	St	Pius	X
Charity registration		number	274695
Principal office			St Georges House
			125Arthur Road
			London
			SW197DR
The trustees
			Mr J Crosfield Vernor-Miles
			The Reverend	Emeric		Baudot
			The Reverend	Davide		Pagliarani
			The Revenend	Foucauld			Le
			Roux
			Mr J Rogerson
			The Reverend	Robert		Brucciani
			Mr W EVernor-Miles
Auditor			Burgess Hodgson		LLP
			Chartered accountants			&	statutory	auditor
			Camburgh House
			27 New Dover	Road
			Canterbury
			Kent
			CT1 3DN
Bankers			Lloyds Bank pic
			5 Bridge Street
			Newbury
			Berkshire
			RG14 5BQ
Solicitors			Hunters
			9 New Square
			Lincoln's Inn
			London
			WC2A 3QN

		Ye	ar ended	31 Decemb	er 2021
					2021		2020
				Unrestricted	Restricted
				funds	funds	Total funds	Total funds
			Note	8	6	6	F
Income and endowments
Donations and legacies			4	1,475,625	405,344	1,880,969	1,678,418
Charitable activities			5	19,949		19,949	18,914
Other trading activities			6	219,453		219,453	296,264
Investment income			7	80,588		80,588	52,477
Total income				1,795,615	405,344	2,200,959	2,046,073
Expenditure
Expenditure on charitable	activities		8,9	1,644,118	40,878	1,684,996	1,342,314
Other expenditure			11				(781,310)
Total expenditure				1,644,118	40,878	1,684,996	561,004
Net (gains) on investments			12	(287,093)	2,345	(284,748)	(245,930)
Net income and net movement		in	funds	438,590	362,121	800,711	1,730,999
Reconciliation offunds
Total funds brought forward				15,372,135	1,326,025	16,698,160	14,967,161
Total funds carried forward				15,810,725	1,688,146	17,498,871	16,696,160

	Year ende	d 31 December	2021
			2021	2020
			E	E
Cash flows from operating activities
Net income			800,711	1,730,999
Adjustments for:
Depreciation oftangible fixed assets			55,893	34,496
Government grant income			(3,879)	(12,766)
Net gains on investments			(284,748)	(245,930)
Other interest receivable and similar income			(80,588)	(52,477)
Accrued (income)/expenses			(2,838)	10,196
Changes in:
Stocks			250,000
Trade and other debtors			154,548	(162,758)
Trade and other creditors			55,930	(172,605)
Cash generated from operations			945,029	1,129,155
Interest received			80,588	52,477
Net cash from operating activities			1,025,617	1,161,632
Cash flows from investing activities
Purchase oftangible assets			(141,533)	(63,651)
Proceeds from sale oftangible assets				1,112,300
Purchases of other investments			(165,570)	(1,954,486)
Proceeds from sale ofother investments			1,974,922
Other investing cash flow adjustment			(182,315)	180,112
Net cash from/(used in) investing	activities		1,485,504	(725,725)
Cash flows from financing activities
Government grant income			3,879	12,766
Net cash from financing activities			3,879	12,766
Net increase in cash and cash	equivalents		2,515,000	468,673
Cash and cash equivalents at beginning		ofyear	692,190	223,517
Cash and cash equivalents at end ofyear			3,207,190	692,190

Donations a	nd legacies (uontinuedf
		Unrestricted	Restricted	Total Funds
		Funds	Funds	2021
		F	F	E
Grants
Government	grant income	3,879		3,879
		1,475,625	405,344	1,880,969
		Unrestricted	Restricted	Total Funds
		Funds E	Funds E	2020 f
Donations
Donations -	UK	900,848	103,087	1,003,935
Donations -	Scandinavia	8,299		8,299
Legacies
Legacies		568,320	85,098	653,418
Grants
Government	grant income	12,766		12,766
		1,490,233	188,185	1,678,418

			Unrestricted	Total	Funds	Unrestricted	Total	Funds
			Funds		2021	Funds		2020
			F		E
Fund	raising	activities	19,949		19,949	18,914		18,914

Other trading activities
	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2021	Funds	2020
	F	E	F	E
Rent received	66,758	66,758	51,718	51,718
Schoolfees	152,695	152,695	244,546	244,546
	219,453	219,453	296,264	296,264

nvestment	i	ncome
				Unrestricted		Total Funds	Unrestricted	Total Funds
					Funds	2021	Funds	2020
					8	6	6
Other interest		receivable			158	158	196	196
Investment	income				80,430	80,430	52,281	52,281
					80,588	80,588	52,477	52,477
Expenditure		on charitable	activities	by fund	type
						Unrestricted	Restricted	Total Funds
						Funds	Funds	2021
						F	6
The teachings ofthe Roman Educational services			Catholic	Faith		765,151 466,809	40,878	806,029 466,809
Support costs						412,158		412,158
						1,644,118	40,878	1,684,996
						Unrestricted	Restricted	Total Funds
						Funds	Funds	2020
						F	8
The teachings ofthe Roman Educational services			Catholic	Faith		658,712 454,632		658,712 454,632
Support costs						125,883	103,087	228,970
						1,239,227	103,087	1,342,314

			Activities
			undertaken	Support	Total funds	Total fund
			directly	costs	2021	2020
			F	6		6
The teachings Faith		ofthe Roman Catholic	806,029	192,459	998,488	892,492
Educational	services		466,809	89,620	556,429	562,703
Governance		costs		130,079	130,079	(112,881)
			1,272,838	412,158	1,684,996	1,342,314

10.	Analysis of	support co	sts
				The
			teachings		of
			the Roman
				Catholic		Educational	Governance
				Faith		services	costs	Total 2021	Total 2020
				5			6	6
	Premises					32,018		32,018	27,402
	Governance	costs		6,258			130,079	136,337	41,514
	Salaries and	wages		186,201				186,201	193,361
	Bank charges					1,119		1,119
	Legal and professional
	fees					3,906		3,906	3,051
	Repairs and
	Maintenance					27,234		27,234	52,945
	Printing, postage and
	stationery					181		181	93
	I ight and heat					25,162		25,162	23,485
				192,459		89,620	130,079	412,158	341,851
11.	Other expenditure
						Unrestricted	Total Funds	Unrestricted	Total Funds
						Funds	2021	Funds	2020
						F	F	F	f
	(Gains)/Losses on disposal oftangible
	fixed assets for charity's		own use					(781,310)	(781,310)
12.	Net gains on	investments
							Unrestricted	Restricted	Total Funds
							Funds	Funds	2021
							6	F.	6
	Gains/(losses)	on other investment			assets		287,093	(2,345)	284,748
							Unrestricted	Restricted	Total Funds
							Funds	Funds f	2020 F
	Gains/(losses)	on other investment			assets		225,738	20,192	245,930
13.	Net income
	Net income is	stated after	charging/(crediting):
								2021	2020
								6	5
	Depreciation	oftangible fixed assets						55,893	34,496
	(Gains) on disposal oftangible			fixed	assets				(781,310)
	Foreign exchange differences							94,324	(133,808)

						2021	2020
						E
Fees	payable	for the audit of		the financial	statements	14,250	17,400
Fees	payable	to	the charity's	auditor and	its associates for other services:
Other	non-audit		services			5,200	9,593

Staff costs
The total staff costs and employee	benefits for the reporting	period are analysed as	follows:
		2021	2020
		E	E
Wages and salaries		617,188	586,683

E76,614),a firm in which Mr W E Tangible fixed assets	Vernor-Miles is a part	ner.
	Freehold	Fixtures and	Motor
	property	fittings	vehicles	Total
			F	E
Cost
At 1 January 2021	10,267,601	353,383	174,049	10,795,033
Additions		126,954	14,579	141,533
At 31 December 2021	10,267,601	480,337	188,628	10,936,566
Depreciation
At 1 January 2021		337,863	113,566	451,429
Charge for the year		37,128	18,765	55,893
At 31 December 2021		374,991	132,331	507,322
Carrying amount
At 31 December 2021	10,267,601	105,346	56,297	10,429,244
At 31 December 2020	10,267,601	15,520	60,483	10,343,604

Investments
	Cash or cash	Listed	Other
	equivalents	investments	investments	Total
	E	E	E	E
Cost or valuation
At 1 January 2021	1,631,377	3,082,524	267,274	4,981,175
Additions	164,260	1,310		165,570
Disposals	(1,655,344)	(34,830)		(1,690,174)
Fair value movements		291,262	(6,514)	284,748
Other movements	(102,433)			(102,433)
At 31 December 2021	37,860	3,340,266	260,760	3,638,886
Impairment
At 1 January 2021 and
31 December 2021
Carrying amount
At 31 December 2021	37,860	3,340,266	260,760	3,638,886
At 31 December 2020	1,631,377	3,082,524	267,274	4,981,175

				2021	2020
				E	E
Books				15,000	15,000
Stock	held	for	sale		250,000
				15,000	265,000

20.	Debtors
				2021	2020
				E	F.
	Prepayments	and accrued income		86,657	297,971
	Other debtors			283,010	226,244
				369,667	524,215
21.	Creditors: amounts		falling due within one year
				2021	2020
				F	F
	Trade creditors			32,745	2,696
	Accruals and deferred		income	23,340	26,178
	Other creditors			105,031	79,150
				161,116	108,024

Government	grants	grants
The amounts	recognised in the financial statements		for government	grants are as follows:
				2021	2020
					F.
Recognised	in income from donations	and legacies:
Government	grants income			3,879	12,766

							At
			At			Gains and	31 December
		1	January 2021	Income f	Expenditure	losses	2021 f
General	funds		15,372,135	1,795,615	(1,644,118)	287,093	15,810,725
							At
			At			Gains and	31 December
		1	January 2020	Income F	Expenditure	losses f	2020
General	funds		13,746,426	1,857,888	(457,917)	225,738	15,372,135

Restricted	funds
							At
		At			Gains and	31	December
		1 January 2021 6	Income 6	Expenditure 6	losses f		2021 f
Wieselgren	Legacy	1,326,025			(2,345)		1,323,680
SMAC Project			376,886	(31,000)			345,886
Seminarian	Project		25,794	(7,214)			18,580
Woking Project			2,664	(2,664)
St Michael's	School
Fund
		1,326,025	405,344	(40,878)	(2,345)		1,688,146
							At
		At			Gains and	31	December
		1 January 2020	Income	Expenditure	losses		2020
			F	6			5
Wieselgren	Legacy	1,220,735	85,098		20,192		1,326,025
SMAC Project
Seminarian	Project
Woking Project
St Michael's	School
Fund			103,087	(103,087)
		1,220,735	188,185	(103,087)	20,192		1,326,025
Analysis of	net assets between funds
				Unrestricted	Restricted	Total Funds
				Funds	Funds		2021
				6	F
Tangible fixed assets				10,336,245	92,999	10,429,244
Investments				2,315,206	1,323,680		3,638,886
Current assets				3,320,390	271,467		3,591,857
Creditors less than		1 year		(161,116)			(161,116)
Net assets				15,810,725	1,688,146	17,498,871
				Unrestricted	Restricted	Total Funds
				Funds	Funds		2020
				F	F		6
Tangible fixed assets				10,343,604		10,343,604
Investments				3,655,150	1,326,025		4,981,175
Current assets				1,481,405			1,481,405
Creditors less than		1 year		(108,024)			(108,024)
Net assets				15,372,135	1,326,025	16,698,160

25.	Analysis	ofc	han	ges in	net debt
							At					At
							1 Jan 2021		Cash'flows		31 Dec		2021
								F		6			6
	Cash at bank		and	in hand			692,190		2,515,000			3,207,190
26.	Operating	lease		commitments
	The total future		minimum		lease payments	under	non-cancellable	operating		leases	are	as follows:
										2021 6		2020 f
	Not later than		1 year							31,512
	I ater than	1 year		and not	later than 5years					5,474
										36,986

		Year ended 31	December 2021
			2021	2020
				5
Income and		endowments
Donations	and legacies
Donations - UK			917,307	1,003,935
Donations - Scandinavia			14,288	8,299
Legacies			945,495	653,418
Government		grant income	3,879	12,766
			1,880,969	1,676,418
Charitable	activities
Fund raising		activities	19,949	18,914
Other trading		activities
Rent received			66,758	51,718
School fees			152,695	244,546
			219,453	296,264
Investment	income
Other interest		receivable	158	196
Investment	income		80,430	52,281
			80,588	52,477
Total income			2,200,959	2,046,073

				Y	ear ended 31 December	2021
							2021	2020
							8
Expenditure
Expenditure	on charitable			activities
Opening stock							15,000	15,000
Purchases							93,818	60,072
Closing stock							(15,000)	(15,000)
Wages and salaries							617,188	586,683
Rent							110,721	84,403
Light and heat							115,369	91,995
Repairs and maintenance							159,183	184,670
Insurance							80,375	64,495
Motor vehicle	expenses						55,773	47,243
Other motor/travel		costs					24,133	17,296
Legal and professional			fees				161,777	141,279
Telephone							6,975	7,825
Other office costs							29,351	46,169
Depreciation							55,893	34,496
Foreign exchange		gain/loss					94,324	(133,808)
Bank charges							1,119	1,095
Centre costs							62,387	101,098
Sundry							16,610	7,303
							1,684,996	1,342,314
Other expenditure
(Gains)/Losses	on	disposal		oftangible fixed assets for charity's		own use		(781,310)
Total expenditure							1,684,996	561,004
Net gains on	investments
(Gains)/losses	on	other	investment		assets		(284,748)	(245,930)
Net income							800,711	1,730,999

	Year ended 31 Decembe	r 2021
		2021	2020f
Expenditure on charitable activities
The teachings ofthe Roman Catholic Faith
Activities undertaken directly
Direct - Donation		93,818	60,072
Direct - Salaries and wages		51,469	22,981
Direct - Rent, rates and room hire		78,703	57,001
Direct - Light and heat		90,207	68,510
Direct - Repairs and maintenance		107,'I 25	107,037
Direct - Insurance		57,318	41,606
Direct - Motor vehicle expenses		46,131	37,049
Direct - Travel and subsistence		24,177	16,656
Direct - Legal and professional	fees	122,116	117,301
Direct - Telephone		5,519	6,080
Direct - Printing, postage and stationery		12,903	33,499
Direct - Depreciation		55,893	34,496
Direct - Centre costs		45,621	50,440
Direct - Sundry expenses		15,029	5,984
		806,029	658,712
Support costs
Support -Salaries and wages		186,201	193,361
Support- Governance		6,258	40,419
		192,459	233,780
Educational services
Activities undertaken directly
School - Salaries and wages		379,518	370,341
School - Repairs and maintenance		24,824	24,688
School - Insurance		23,057	22,889
School - Motor vehicle expenses		9,642	10,194
School - Travel and subsistence		(44)	640
School - Telephone		1,456	1,745
School - Printing, postage and stationery		16,267	12,577
School - Centre costs		10,508	10,239
School- Sundry expenses		1,581	1,319
		466,809	454,632

		Year e	nded 31 December	2021
				2021	2020
				6
Support School - Rent,	rates and water			32,018	27,402
Support School - Light	and heat			25,162	23,485
Support School - Repairs and maintenance				27,234	52,945
Support School - Legal	and professional		fees	3,906	3,051
Support School - Printing, postage and			stationery	181	93
Support School - Bank	charges			1,119	1,095
				89,620	108,071
Catholic book sales
Activities undertaken	directly
Direct Books - Opening	stock			15,000	15,000
Direct Books - Closing	stock			(15,000)	(15,000)
Governance costs
Governance costs - audit fees				14,250
Governance costs - investment		manager	fees	21,505	20,927
Governance costs - foreign exchange gain/loss				94,324	(133,808)
				130,079	(112,881)
Expenditure on charitable activities				1,684,996	1,342,314