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##
||||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||||||
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|||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|
##
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||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|
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|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|
##
##
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##
##
|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|