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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|
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|Registered|charity|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|||||
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||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|
##
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|||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|
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|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|
##
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|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|
##
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|||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|
##
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##
|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|
##
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||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|
##
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|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||
##
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|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|
##
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|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|
##
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|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|
##
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##
|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|
##
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##
||||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|
##
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##
||||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|
##
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##
|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|