2022-12-31-accounts - The Society Of St Pius X

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		Page
Trustees' annual report
Independent auditor"s report to the members
Statement offinancial activities		10
Statement offinancial position
Statement ofcash flows		12
Notes to the financial statements		13
The following pages do not form part ofthe financial statements
Detailed statement offinancial activities		26
Notes to the detailed statement offinancial	activities	28

Registered	name	The Society of	St	Pius	X
Charity registration	number	274695
Principal orBce		StGeorges House
		125Arthur Road
		London
		SW197DR
The trustees
		MrJCrosfield Vsmor-Miles
		The Reverend	Emertc		Baudot
		The Reverend	Davide		Pagliarani
		Ths Revenend	Foucauld Le Roux
		MrJRogerson
		The Reverend	Robert Brucciani
		Mr W EVemor-Miles
Auditor		Burgess Hodgson		LLP
		Chartered accountants			tk statutory	auditor
		Camburgh House
		27New Dover	Road
		Canterbury
		Kent
		CT1 3DN
Bankers		Lloyds Bank pic
		5 Bridge Street
		Newbury
		Berkshire
		RG145BQ
Solicitors		Hunters
		9New Square
		Lincoln's Inn
		London
		WC2A 3QN

	Y	e	ar ended	31 Decemb	er 2022
					2022		2021
				Unrestricted	Restricted
			Note	funds	funds f	Total funds 8	Total funds
Income and endowments
Donations and legacies			4	1,600,006	364,903	1,964,909	1,880,969
Charitable activities			5	29,471		29,4r1	19,949
Other trading activities			6	333,751		333,751	219,453
Investment income			7	124,035		124,035	80,588
Total income				2,087,263	364,903	2,452,166	2,200,959
Expenditure
Expenditure on chaditsble	activities		s,g	1,669,547	2,235	1,671,782	1,653,996
Other expenditure			11	65,617		65,617
Total expenditure				1,735,164	2,235	1,737,399	1,653,996
Net(losses)/gains on investments			12	239,990		239,990	(284,748)
Net income and net movement		in	funds	112,109	362,668	474,777	831,711
Reconciliation offunds
Total funds brought forward				15,841,725	1,688,146	17,529,871	16,698,160
Total funds carried forward				15,953,834	2,050,814	18,004,648	17,529,871

		2022	2021
			/re sar/err/
Cash flows from operating activities
Net income		474,777	831,711
Adfustments for:
Depreciation oftangible lixed assets		26,484	24,893
Government grant income			(3,879)
Net (losses)/gains on investments		239,990	(284,748)
Other interest receivable and similar income		(124,035)	(80,588)
Gains on disposal oftangible fixed assets		(1,883)
Accrued expenses/(income)		3,960	(2,838)
Changes /n:
Stocks		(150,000)	250,000
Trade and other debtors		105,665	154,548
Trade and other creditors		(86,121)	55,930
Cash generated from operations		488,837	945,029
Interest received		124,035	80,588
Net cash from operating activities		612,872	1,025,617
Cash flows from investing acflvities
Purchase oftangible assets		(1,290,581)	(141,533)
Proceeds from sale oftangible assets		154,478
Purchases ofother investments		(287,768)	(165,570)
Proceeds from sale ofother investments		55,073	1,974,922
Other investing cash flow adjustment		322,580	(182,315)
Net cash (used in)/from investing activities		(1,046,218)	1,485,504
Cash flows from financing activities
Government grant income			3,879
Net cash from financing activities			3,879
Net (decrease)/increase in cash and cash	equivalents	(433,346)	2,515,000
Cash and cash equivalents at beginning	ofyear	3,207,190	692,190
Cash and cash equivalents atend ofyear		2,773,844	3,207,190

Donations	and legacies (connnvar)
		Unrestricted	Restricted	Total Funds
		Funds	Funds	2022
			8	6
Legacies
Legacies		209,043		209,043
Grants
Government	grant income
		1,600,006	364,903	1,964,909
		Unrestricted	Restricted	Total Funds
		Funds	Funds	2021
				(rvvsr)err)
Donations
Donations -	UK	511,963	405,344	917,307
Donations -	Scandinavia	14,288		14,288
Legacies
Legacies		945,495		945,495
Grants
Government	grant income	3,879		3,879
		1,475,625	405,344	1,880,969

Charitable activities
	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2022	Funds	2021
				(rvvrv red)
	8	8	5	5
Fund raising activities	29,471	29,471	19,949	19,949
Other trading activities
	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2022	Funds	2021
		6	f	(neterwr)
Rent received	80,966	80,966	66,758	66,758
School fees	252,785	252,785	152,695	152,695
	333,751	333,751	219,453	219,453

Investment	income
		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds	2022	Funds	2021
					ireseredj
		2	8	2	8
Other interest receivable		4,108	4,108	158	158
Investment	income	119,927	119,927	80,430	80,430
		124,035	124,035	80,588	80,588

Expenditure	on charitable activities by fund ty	pe
		Unrestricted	Restricted	Total Funds
		Funds	Funds	2022
			5	8
The teachings ofthe Roman Catholic Faith		902,073	2435	904,308
Educationalservices		561,490		561,490
Support costs		205,984		205,984
		1,669,547	2335	1,671,782
		Unrestricted	Restricted	Total Funds
		Funds	Funds	2021
				fmsraterf
		2	6	2
The teachings ofthe Roman Catholic Faith		734,151	40,878	775,029
Educational	services	466,809		466,809
Supportcosts		412,158		412,158
		1,613,118	40,878	1,653,996

		Activities
		undertaken	Support	Total funds	Total fund
		direc8y	costs	2022	2021
		6		8	6
The teachings ofthe Roman Catholic
Faith		904,308	34,506	938,814	967,488
Educational	services	561,490	141,385	702,875	556,429
Governance	costs		30,093	30,093	130,079
		1,465,798	205,984	1,671,782	1,653,996

Analysis of	support co	sts
		The
		teachings of
		the Roman
		Catholic	Educational	Governance
		Faith	services	COStS	Total2022	Total 2021
		F		5	6	f
Premises			28,648		28,648	32,018
Governance	costs	34,506		30,093	64,599	136,337
Salaries and	wages					186,201
Bank charges			1,199		1,199	1,119
Legal and professional
fees			5,757		5,757	3,906
Repairs and
Maintenance			61,998		61,998	27,234
Printing, postage and
stationery			162		162	181
Light and heat			43,621		43,621	25,162
		34,506	141,385	30,093	205,984	412,158
Other expenditure
			Unrestricted	Total Funds	Unrestricted	Total Funds
			Funds	2022	Funds	2021
						/rrssrrri//
Gains/Losses	on disposal oftangible
fixed assets for charity's		own use	(1,883)	(1,883)
Provision for	bad debt -	school fees	67,500	67,500
			65,617	65,617

Net (losses)/g	ains	on	investments
					Unrestricted	Restricted	Total Funds
					Funds	Funds	2022
							6
Gains/(losses)	on	other	investment	assets	(239,990)		(239,990)
					Unrestricted	Restricted	Total Funds
					Funds	Funds	2021
					E	f	/res sriw// 6
Gains/(losses)	on	other	investment	assets	287,093	(2,345)	284,748

	Net income is stated aft	er ch	arging	/(cradlng):
					2022	2021
						frvseded)
					6
	Depreciation oftangible	fixed	assets		26,484	24,893
	Gains on disposal oftangible		fixed	assets	(1,883)
	Foreign exchange differences				1,742	94,324
14.	Auditors remuneration
					2022	2021
					f	(tsrsrted) 6
	Fees payable for the audit of		the financial statements		15,165	14,250
	Fees payable to the charity's		auditor and its associates for		other services:
	Other non-audit services				5,535	5,200
15.	Staffcosts
	The total staff costs and	employee		benefits forthe reporting	period are analysed as	follows:
					2022	2021
						(restated)
	Wages and salaries				622,336	617,188

Tangible fixed assets
	Freehold	Fixtures and	Motor
	property f	fittings	vehicles	Total 6
Cost
At 1 January 2022 (as restated)	10,267,601	480,337	188,628	10,936,566
Additions	1,261,561	7,426	21,594	1,290,581
Disposals	(150,000)		(10,937)	(160,937)
Revaluations	82,590			82,590
Transfers	123,998	(123,998)
At 31December 2022	11,585,750	363,765	199,285	12,148,800
Depreciation
At 1 January 2022		343,991	132,331	476,322
Charge forthe year		7,660	18,824	26,484
Disposals			(8,342)	(8„342)
At 31December 2022		351,651	142,813	494v464
Carrying amount
At 31December 2022	11,585,750	12,114	56,472	11,654,336
At 31 December 2021	10,267,601	136,346	56,297	10,460,244

The charity's freehold		properties	include	include	churches	and	substantial	school buildings.	school buildings.	It is the
Trustees' opinion that the market			values	would be in excess ofthe book value, although						the cost
involved to determine	the actual		market	values are not considered				effective use of	the	Charity's
resources. This posidon		will be reviewed		on a regular		basis.
Investments
				Cash or cash			Listed	Other
					equivalents f	investments 6		investments		Total 6
Cost or valuation
At 1 January 2022					37,860		3,340,266	260,760	3,638.886
Additions					240,610		47,158			287,768
Dieposals					(176,693)		(118,370)			(295,063)
Fair value movements							(352,615)	30,035		(322,580)
At 31December 2022					101,777		2,916,439	290,795	3,309,011
Impairment
At 1January 2022 and
31December 2022
Carrying amount
At 31December 2022					101,777		2,916,439	290,795	3,309,01'I
At 31 December 2021					37,860		3,340,266	260,760	3,638,886

19.	Stocks
							2022	2021
								(reeteted)
							E	E
	Books						15,000	15,000
	Finished goods and goods for resale						150,000
							165,000	15,000
20.	Debtors
							2022	2021
								(nnteted)
							E
	Prepayments	and accrued income					116,973	86,657
	Other debtors						147,029	283,010
							264,002	369,667
21.	Creditors: amounts		falling due within one year
							2022	2021
								(rveteted)
							E	E
	Trade creditors						103,880	32,745
	Accrusls and	deferred	income				27,300	23,340
	Other creditors						(52,225)	105,031
							?8,955	161,116
22.	Government	grants
	The amounts	recognised		in the financial statements		for government	grants are as follows:
							2022	2021
								(reetetedJ
							E	E
	Recognised	in income	from donations		and legacies:
	Government	grants income						3,879

Unrestricte	d funds
			At				At
		1 January	20			Gains snd	31 Decembe
			22	Income E	Expenditure f	losses E	r2022 8
General funds		15,841,725		2,087,263	(1,735,164)	(239,990)	15,953,834
			At				At
		1 January20				Gains and	31 December
			21	Income	Expenditure	losses	2021
		E		6	8
General funds		15,372,135		1,T95,615	(1,613,118)	28T,093	15,841,725
Restricted	funds
			At				At
		1 January	20			Gains and	31Dscembe
			22	Income	Expenditure	losses	r2022
		8			8		8
Wieselgren	Legacy	1,323,680					1,323,680
SMAC Project		345,886		322,818			668,704
Seminarian	Project	18,580		34,446	(1,695)		51,331
Woking Project				7,639	(540)		7,099
		1,688,146		364,903	(2,235)		2,050,814
			At				At
		1January	20			Gains and	31 December
			21	Income	Expenditure	losses	2021
				6		E	F
Wieselgren	Legacy	1,326,025				(2,345)	1,323,680
SMAC Project				376,886	(31,000)		345,886
Seminarian	Project			25,794	(7414)		18,580
Woking Project				2,664	(2,664)
		1,326,025		405,344	(40,878)	(2,345)	1,688,146

Analysis ofnet as	sets between funds
		Unrssbictsd	Resbicted	TotalFunds
		Funds	Funds	2022
			6	5
Tangible fixed assets		10,985,632	668,704	11,654,336
Investments		1,985,331	1,323,680	S,S09,011
Current assets		3,061,824	58,432	3,120,256
Creditors less than	1 year	(78,955)		(78,955)
Net assets		15,953,832	2,050,816	18,004,648
		Unrestricted	Restricted	Total Funds
		Funds	Funds	2021
			E'	8
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	1year	(161,116)		(161,116)
Net assets		15,810,725	1,688,146	17,498,871

Analysis	ofc	hanges in	net debt
					At				At
					1 Jan 2022		Cash	flows	31Dec2022
						5		5	6
Cash at bank and in hand					3,207,190		(515,936)		2,691,254
Operating	lease commitments
The total	future	minimum	lease payments	under	non-cancellable	operating		leases are as follows:
								2022	2021
									ireseied)
Not later than		1 year						29,673	31,512
Later than	1 year and not		later than 5years					5,474	5,474
								35,147	36,986

			2022	2021
			6
income and		endowments
Donations	and legacies
Donations - UK			1,725,666	917,307
Donations - Scandinavia			30,200	14,288
Legacies			209,043	9&,495
Government		grant income		3,879
			1,964,909	1,880,969
Charitable	activities
Fund raising		activities	29,471	19,949
Other trading		activities
Rent received			80,966	86.758
Schooifees			252,785	152,695
			333,751	219,453
Investment	income
Other interest		receivable	4,108	158
investment	income		119,927	80,430
			124,035	80,588
Total income			2,452,166	2,200,959

			Ye	ar	ended 31December	2022
							2022f	2021
Expenditure
Expenditure on charitable			activities
Opening stock							15,000	15,000
Purchases							(25,226)	93,818
Closing stock							(15,000)	(15,000)
Wages and salaries							622,336	617,188
Rent							115,746	110,721
Light and heat							123,261	115.369
Repairs and maintenance							333,548	159,183
Insurance							74,887	80,375
Motor vehicle expenses							67,687	55,773
Other motor/travel	costs						20,746	24,133
Legal and professional		fees					120,393	161,777
Telephone							6,025	6,975
Other office costs							52,062	29,351
Depreciation							26,484	24,893
Foreign exchange	gain/loss						1,742	94,324
Bank charges							1,199	1,119
Centre costs							113,424	62,387
Sundry							17.468	16,610
							1,671,782	1,653,996
Other expenditure
(Gains)/Losses on	disposal		oftangible		fixed assets for charity's	own use	(1,883)
Provision for bad debt - school fees							67,500
							65,617
Total expenditure							1,737,399	1,653,996
Net (losses)/gains	on	investments
Gains/(losses) on	other	investment		assets			239,990	(284,748)
Net income							474,777	831,711

Year ended 31Decembe	r 2022
	2022	2021
		6
Expenditure on charitable activities
The teachings ofthe Roman Catholic Faith
Acdvitfes undertaken dimctiy
Direct - Donation	(25,226)	93,818
Direct- Salaries snd wages	174,132	51,469
Direct - Rent, rates and room hire	87,098	78,703
Direct - Light and heat	7$,640	90,207
Direct - Repairs and maintenance	233,251	107,125
Direct - Insurance	50,949	57,318
Direct - Motor vehide expenses	55,639	46,131
Direct - Travel and subsistence	19,810	24,177
Direct - Legal and professional fees	86,285	122,116
Direct - Telephone	5,101	5,519
Direct - Printing, postage and stationery Direct - Depreciation	36,910 26,484	12,903 24,893
Direct - Centre costs	60,576	45,621
Direct - Sundry expenses	13,659	15,029
	$04,308	775,029
Supportcosts
Support - Salaries and wages		186,201
Support - Governance	34,506	6,258
	3M06	192,459
Educational services
Activities undertaken directly
School - Salaries and wages	448,204	379,518
School - Repairs and maintenance	38,299	24,824
School - Insurance	23,938	23,057
School - Motor vehicle expenses School - Travel and subsistence	12,048 '936	9,642 (44)
School - Telephone	924	1,456
School - Printing, postage and stationery	14,990	16,267
School - Centre costs	18,342	10,508
School - Sundry expenses	3,809	1,581
	561,490	466,809

		Year	ended 31Decembe	r 2022
				2022	2021
				6	6
Support costs
Support School- Rent,	rates and water			28,648	32,018
Support School- Light	and heat			43,621	25,162
Support School- Repairs and maintenance				61,998	27,234
Support School- Legal	and professional fees			5,?57	3,906
Support School- Support School- Printing, postage and Bank charges			stationery	162 1,199	181 1,119
				141,385	89,620
Catholic book sales
ActivNes undertaken	directly
Direct Books - Opening	stock			15,000	15,000
Direct Books - Closing	stock			(15,000)	(15,000)
Governance costs
Governance costs - audit fees				15,165	14,250
Governance costs - investment		manager fess		13,186	21,505
Governance costs - foreign exchange			(gain)/loss	1,742	94,324
				30,093	130,079
Expenditure on charitable activities				1,671,782	1,653,996