HARITY REGISTRATION NUMBER: 274695 SC042974 The Society of St Plus X Financial Statements 31 December 2023 BUR ESS HODGSON LLP Chartered accountants & statutory auditor Camburgh House 27 New Dover Road Canterbury Kent CT1 3DN
The Society of St Plus X Financial Statements Year ended 31 December 2023 Page Trustees. annual report Independent auditorfs report to the members statement of financial activities 10 Statement of financial position 11 Statement of cash flows 12 Notes to the financial statements 13 The following pages do not forni part of the financial statements Detailed statement of financial activities 26 Notes to the detailed statement of financial activities 28
Pag¢ I The Society of St Plus X Trusteès, Annual Report Year ended 31 December 2023 The trustee5 pr8sèni their report and the financial statements of the Gharity for the year ended 31 December 2023. Reference and admlnistratfve de¢ai55 RegisterEd ch•rity nome The Society of St Plus X Charity regi5tratlon number 274695 Princlpal offlcè St George5 House 125 Arthur Road Londo SW19 7DR The trustees Mr J Cr05field Vemor-miles The Reverend Erneric Baudot The Reverend Davide Pagliarani The Revenend FDucauld Le Roux hAr J Roger50 The Reverend Francois Lai5ney (Apwinled 23 May 20231 The Reverènd Robert Bru¢¢lan Mr W E Vernor.Mile5 Auditor Bur9ess Hodgson LLP Chartered accountants & statutory auditor C8rnburgh House 27 New Dover Road Canlerbury Kent CTI 3DN Bankers Lloyds Bank plc 5 Bridge stet Newbury Èrkshire RG14 5BQ Sollcltor5 Hunter5 9 New Square Lincoln's Inn LondoN WC2A 3QN
Page 2 The Society of St Plus X Tru5tees' Annual Report (continued) Year ended 31 December 2023 Structure, governance and management The Society was fouTided by trust deed in 1977 and is ooverned by the Statute5 of the Society of St. Plus X dated 1976. The Trustees ol the Charity were granted a certificate Of Incorporation by the Charity Cofflrnissioners on the 21 st October 1997, under the narne The Trustees of the Society of St. Piu5 X. Tlip. Charity was assigned all 355els and In¢ome arising froEll the St. Piu% the Fifth As50ciatio (charity number 2668571 and the Friends of the Society of Sl. Plus X Ichanty number 2668561. New trustees are appointed by the Board of Trustees throLJgh selection a5 vacancies anse The trustees normal face to face meeting have been prevent8d by Covid bul wll now resume. SubgrDups of the trustees meet by video conference to ¢onsider the rnanagement and operation of the charity's objectives and funds The irustees monitor the Charity's internal contro15 and potential areas of risk lo its assets and reserves. Where potenli&il risks are identified appropriate safegu3rds are introduced. Obje¢tive5 and activilies The Charity was fomed by Afchbishop Mar¢el Lefebvre in 1977 lo promote the traditlLinal teachings of the Roman Catholic Church pnmarily in the United Kingdom. The Charity operales in ?2 chapels, a school, and 10 residences In Grea". Britain, Northern Ireland, 3nd Scandin8via. 19 priests and 3 religious brothers devote their lives to Ihe work for the Charity without refflunerèlion. The ChaThty supports souls training for the priestly and religious life. 11 also 5UPPOrts elderly religious with accoTnTnodation and pastoral care. The Chanty conducts religious cerefflonies according to the tradition31 rites of the Catholic Church It min15ters to Its regular faithful and io the general public by administering sacramenls, visiting the house-bound and the sick, te3chin9 atechism. running relrEats and camps, and publishing educational Tn21erial. The Charity oper8les a small school for the academic years 1-10 and employs 24 full time and part time slaff Df which 13 are teachers. We refer lo the Charity CoEnmi5sion'5 gener31 guidance on public bellefit when reviewing Dur aims and objeclives and planriing our future aGlivities. The Charity MeasUS success by the number of sou15 It supports In training lor the priesthood and religitsus lifo, by the number of elderly priests or religious It supports, by the number of pupils in ils School. by the availab11ity ol religious ceremonie5 and pastoral support, and by the readership of printed ard online content. Achlevernents and perfonnance The Cht]rity supported the training of one 5emin8ridns In Dillwyn, Virginia, U.S A. and sccommodated one retired pnest and twrj retired religious sisters at Its house In Bristol. The Charity conducted weekly religious ceremonies In 22 chapels and monthly religious ceremonies in 9 other chapels. It provided regular pastoral care for approximately 50 house-bound and hospilal-baund souls, conducted 6 retr831s, 2 summer camps, 4 pilgrima9e5. 2 youth groups and 4 weekly online Gouf5es- 311 subsidised lo encourage a wide p3rt1¢ipation. The Charity's school, St. Michael'5 SchDoI near Newbury, continues to offer a 5ubsidised Catholic educalion IOT the Lhildren from 4-16 years who, in rnany ca5e5, wuuld not be ablp lo afford the cost of private education The School has Implernented a cotnpliant Child Safeguarding systern and Risk ManageFnent system. The Schtsol had 78 pupils at thc cnd of 2023. During the year, the con51ruLlion of a 240 SEat chapel 8t Sl. Mictrael's School wa5 compleleo which has contributed lo a grovrth ID attendance and local ¢ommunily aclivilies. The Charity sold ullu5ed cttapel In Portsmouth in January 2023 and has another small unused chapel for sale in Middlemarsh, Somerset
Page 3 The Society of St Plus X Trustees. Annual Report l¢ontinuodl Year ended 31 December 2023 Financlal review The activities of the year generated an increase in funds of £1,999,170 12022.. £474,777). The movemeni In funds Is after income of £3.729,247 12022. £1.964.9091 frorn donalior15 and lègacies, £30.100 12022.. £29,471) from charitable attivilies, £428,128 12022". £333, 1511 Irom other trading activities and £148,70012022.. £124.0351 from investment Incotne The Gore aGtivities vf the charity have remainelt laryely unchaIi9ed lo Ihal uf th prewou5 year. The gr055 reserve5 at the year end were L20,003.818 12022.. £18,004,648). The majority ol these cowpr15ed functional properties held for the work of the Charity. The Truslees also held cash Df £2.285,43D12022. £2,691.2541 and the followng Investments. Lis12d Investments ,666. 16712022.. £2,916,439) Cash or cash equivalents £274,25412022" £101,777) Other Investments (Gold) £012022.. £290.7951 Financial reserve5 poIiGy The trustees of the charity are ol the opinion that sufficient rpseNes should be maintained to support 811 funclional asseis used by the charity, to 5VPPOrt approxifflately two year's expenditure required to operate the school for the c(>ntinuity ol the pupi15' education and to relain adequatg funds to maintain the propertie5. In the curreni year, the chanty operated at a surplus 3fter tre legacies received These funds will be applied towards the Cmarity's goals In the future. The trustees regularly review the level of re5erve5 and are of the opinion that ttte curTent levels are satislactory to meet its needs effectively. Risks The TrLJStees have examined the rnajor Strategic, tyusinÈss and operational risk5 involved in the Charity's activities and are satisfied that appropriate reports and Information have been produced lo allow them to rtsn the Charity's operations satisfactorily. The trustees consider It Is appropriate to make a written recDrd of the risks that they face and the action ihey tske in response 10 these risks. They consider risks fall within two categori8s,' norrnal and exceptional. Norfflal risk5 conbidered are as follow5'_ 1. LIQUID ASSETS- The Trustees own liquid assets and are respon51ble lor their security. Apart froni cash required for the day-to-day management of the Society cash is hel(J by one or mrjre major banks In accounts held in the names Df the frLJStees who have put in place arrangements for access to the accounts to be closely controlled. The trustees also review the safety ol their bank5 from time lo tirne. 2. FINANCIAL ASSETS - The Tru5tee5 own Investrnent5 and Bortd$. These are in the custody of financial Institutions chosen by the trustèes who review the $18bility and safety ol the Institutions concerned. The trustees receive advice from qualified f1nancial advisers on the quality ol the Investmen15 they hold 3. PROPERTY - Thp TrustÈes own a lèrge nLJmber of properties for the work of the Charity Including very large old buildings such as churches which are regularfy visited by the General Public. The Iru51ees recognise Ihat there are risk5 involved in owning bui5ding5 open to the public and have arranged insurance lo Cover the risks involvÈd including liability lo ltte public. 4. MOTOR VEHICLES The Trustees own motor vehicles driven by per50n5 carrying out the work of the Society. They recognise ihat motor vehicle5 create risk and have in p13ce insurance arrangements to cotnpl¥ wlh the law and cover all foreseeable nsks. Exeeptional risk5 CDnsideiEd are as follow5.
Page 4 The Society of St Plus X Trustees. Annual Report Icontinuedl Year ended 31 December 2023 1. The Trustees own and operate a Tnixed-Èducation school of 78 pupils of whom the majority are day pupils. There were 26 boy borders al the end of 2023. 2. The Trustees recognise that robust safeguarding policies and practice are of existential importance to Ihe Charity and have appointed a Safeguarding Trustee ¢harged with oversight and superyision of all safc9LJarding policies and procedures, and Ihe investigation of any Safeguarding incidents that rnay aris8. The Tru5teÈs take a cl&%è int8resf in all aspects ol management of the schod which was v1511ed regularly by the District Superior, Father Robert Brucciani and will be visited In the future by the new District Superior, Rev. Fr. D8vid Shery. 3. The School Is subject to supervision by the Local Aulhtsrity and tn regular In5PPCtion vi.*118 by OFSTED. Plan5 for future periodg 111 On 23rd May 2023, Rev. Fr_ FranFois Laisney was 3ppDinted 35 a Trustee. 121 A new District Superior. Rev. Fr. David Sherry, replaced, Rev. Fr. Robert Brucciani on 1st January 2024 and was appointeA a5 a Trustee of the Charitri. Rev. Fr. Robert Brucciani rèmains as a TrLJStee. 131 Phase 1 of a rnalor roof replacement proiect at Sl. Savioufs House Brlstol will be completed in 2024 at an expected ttost of £400,000. Phase 2, 2nd 3 are scheduled for 2025 and 2028 respecdvely. {41 The Charity plans to continue Its development ol the school lo ensure legal compliance. aG3demic success. financial viability 8nd qrovrth. IS) The Charity continues to develop its online capabi11ty to deliver Catholic education and livestreatning of religiDUS ¢eremonies. Truslees. re5ponsibilitios statemant The trustees are fo$pon51ble for prepÈrin9 the twstegs, report and the financial ststements in accordance with apF4icable law and United Kingdom Accounting Standards (Unitèd Kirtgdom Generally Accepled Accountlng Practice). The law applicable to charities in England 8nd Wales require5 the charity trust to prepa financial statcments for each year which qive 8 true and fair VI of the slate of affai of the charfty and of the Incvming resour¢es and application of resources, of the charity for that penocs. In preparing these financial stalernents. the trustees are required to.. select suitable accounting policies and then apply them con51Stent5y', ObSee the methods alld principles the opplicable Charitie5 SORP.. make judgrnpnis and accounting estimates that are reasonable and prudeni". slate whether applicable UK AccDunting Standards h8ve been followed, 5ubje¢t lo any tll31erial departures disclosed and explained in the finanGial statemcnts., prepare the financial statern8nts the going concern basis unless it is inappropriate to prpskjme that the charity will continue in busine55.
Page 5 The Society of St Plus X Tru5tees' Annual Report (continued) Year ended 31 December 2023 Th8 trustee5 are responsible lor keeping adequate accounting ordS that 3re sufficienl to show snrl $xpkin the charity's tr8nsactiryis and dlsdose reasonable accuracy al any time the financial posllion ol the charily and enable them to ensLtre that the financial 5tatement5 comply with the nariues Act 2011, Ine appllGobl¥ Clioiibvs IAGGount> and r4eportsl Rcgulat*on8. the provisions of the Trust Deed. They 3rc also responsible for safeguarding the assets of the charity 8nd hence for taking reasonable steps for the pvent and detection of fraud and other irregulJitie5. The trustee5' annual report was approved on trustees by.. X&p3 4 and signed on behalf of the board ol The Reverend Robert Brucciani Trustee Mrw E Vernor-miles Trustee
Page 6 The Society of St Plus X Independent Auditorfs Report to the Members of The Society of St Plus X Year ended 31 December 2023 Opinion We have audited the financial statements of The Saciely of St Piu5 X Ithe 'charityl for the year ended 31 Dtsc8mb•r 2023 which tomprise the Statement ol finanetal activitie5, Statement of financial position. slatement of cash flows and the related notes, inrjudlng a summary 015ignlftcant aecounting policies. The financial pOrting fram8work thai has been applied in their preparation is applicable law and United lfjngoom Accounting Standards, including FRS 102 The Financi81 Reportin9 Stan(tard applicable in Iho UK and Republic of Ireland (United Klrodom Gener811y Ac¢epted Ac¢ountlng PraLticel. In our opinion the financial statements". give a tnje and fair vi8w of the slate ot the charity's affairs as at 31 December 2023 and of I Incoming resourees and appliestion of sOUrceS, includino its incorne and expenditure, for the year then ended. have been properly prepared in arr.ord8nce with Uniled Kingdorn Gcnera11y Accepted Accounting Practice., have been prepared in accordance with the requiretnents of the Chanties Act 2011. Basis for oplnion We conducted Dur audit In accordance with International Standard5 on Auditing IUKI IISAS IUKII and applicable law. Our responstbillties under those standaTds are further described in ine audrtofs responsibilt1ies for the audll of the flnanGial statsm¢nts section of our pOrt. We are inijependent ol the ch?rity In accordance wrth the ethieal requirements that are tslevant to our audit of the financial staternents in the UK, induding the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities In accordance with these iequirements. We believ? thal the audit ewdence we have obtained Is sufficient and appropriate io provide 3 basis for our opinion. Conclusion5 relating tts going concern In auditing the financial statements. we have conrJude6 Ihat the trustees. use of the gn9 r.on¢ern basis of accounting in the preparation of th8 financial stslements Is appropnate. 8ased on the work we have perfomed, we have not identified any Fnaterial unrtaine$ relating to events or conditlons that. individually or collectively, may cast signtficant doutst on the tharity'$ ability lo continue as a goin9 concern for a p8riod of al least e1ve months from when the finanaal ststements are 3Uthorised for issue. Our responsibilities and the responsibilities of the trustees with re5pecl to goirig concem are described In the relevani sections of tr.is report.
Page 7 The Society of St Plus X Independent Auditor's Report to the Members of The Society of St Plus X [contrnueLII Year ended 31 December 2023 other infomiatlon The other Information comprises the inforynation included in the annual pOrt, other than the financial 5tateFnents and our auditor's report thereon. Th8 trusteS are responsible foi the other inlDrmation. Our opinion on the financial staiements does not cover tne other inforTnalion and, except to the exlenl otherwise explicitly stated in our report, we do not express any form of assvranee Conclusion theon. In conneclion with our audit of the financial 5tatement5, our respor7sibility is to read Ihe other Information and, In doing so, con5idÈr whether the other Inforrrialion is materially Inconsistent wth the rinan¢i81 statements or our knowle(Jge nblained in Ihe audit or otherwise appears to be rnateThally rnisstated. 11 we identify such malerial incon515t2nEies or apparent rnaterial misstatements, we are reqUId to detemiine whether there i* 3 material missiatement in the finonclal stat¢mentS OT a materi¥l rnisslaiemenl nf the olher information. If, based on the work we hav¢ performed. we COlde that there Is a material misstatement of this other information. we are qUired to report Ihat fa¢t. We have nothing to report in this regard. Mjtttrs on which we are requlred to report by exception We hève nottting to report in respeet of the following rnallers ¥there Ihe Charities Act 2011 and the Charity Accounts {St18nd) RegulatSons 2006 las 3menoeOI requires us io rEport tu you if, In our opinion. the Infurmalion given in the Tru5tees' Report is Inconsi51enl in any tnaleiial respect with th2 financial st3teTnents'. or sufficient accounting records have not been kept.. or the financial statements are not In agreerrent with the accounting records and return5", or we have not received all the information and explanations we reouire for our aLJdit. Responsibilities of trustees As explained mor8 fully in th8 trvstees. r¢$ponsibililies staternenl, the Irustees are Te5pon5ible for the preparation of the finanaal Statements and tor being $8tisfi¢d that they give a true and lair v¢ew. and for such intemal control a5 tne trustees determine is necessary to enable the preparation of financial 51aternEnt5 that are free from material misstatement, whether due to fraud or error. In preparing thè financial staternents. the trustees are responsible for assessing the charity's abilty to continue as 3 going Concern disclosing, as appltrAbie, mattets related lo going ronceffj and tssing tre going concErn basis awjunting unless the trustees either intend to liquidate the cliarily or to cease operations. or have no Tea115tic altematwe bul to do so.
Page 3 The Society of St Plus X Independent Auditor's Report to the Member5 of The Society of St Pius X Year ended 31 December 2023 Auditorfs re5pon5ibilities for the audit of the financlal statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are flee from rnaterial rnisstatement. whether duè to fraud or error. and lo issue an auditor's report that indudes our opinion. Reason#e assurance is a high I&1 of assurance. bui Is not a guamtee Ih8t an audit conducle(J in accordance with ISAS IUKI will always dele¢t a matedal mSsstalernent when it exI5t5. Misslatements ran arise frorn frdud or error and are con51dered material rf, indwidually or Fn the aggregate, thEy ¢OUid resson3bly be expected to influence the economic dBcisions of users 18ken on Ihe ba515 of these financial stalefflenls. Irregularities. induding fraud, are instances of non-compliance wth laws and regula)$. We design procedures in line with our SpOnsibl1111¢s, outlined 3bDve, to detect material misstateffents in respect irregu13riti&s. including fraud. The extent lo which our procedure$ are capab18 Qf detecting rregularities, incluijing fraud is detailed below. W? idenlify Anij assess the ri.sks of mateTial misstalernent of the financial statement, whether due to fraud or error. and then design and perform audit procedures respon51ve to those risks. includin9 obtsining audit evidencethat is sufficEnt and approwate io provicte a basis for our opinion In IderTrtifying and assessing risks ol material tllisstatemeni In respeLt of irwiarities, inclJdlffj fraud and non-compliarice with law5 aTh¢ regulations. we have con5idered- the natutE of the indvsty. control environment and business perforTn3nce with partiGular reference to the Charitys 5 / donation based on perforfflanee levels. We also consid¢r the Tesults of our enquifjes of rnanagement and the Trustees, relating lo their own Identification and assessment of the risks of irregulariDes and possible reted fraud. Thi$ includ#s reviewing available doeumentstian on their policies and procedures snd performing tests of controls to evidence their eff¢ctivene5S. Throughout lh8 audit te3ting we 3re Eonsidering the incentives tral rnay exisl wkhin the ryganisafion for fraud. Key are35 include timing of recognising incomt around the year end, posting of unusual joumals and manipulaung the Cttarity's pefvmani=e ffleasufes to meet targets. In common all audits under ISAS IUKI. we aTO aLso requlred to perform specrfic procedures to respond to the n5k ol management override. We ensure we have an understanding of Ibe relevant laws and regulations and remain alert to possible non-cornpliance throughout the audit. Oespite proper planning and audf( work In aceordance Wilh auditing standards there are Inherent limitations and unavoid8bie risk that we May not dtstect some irregvlwities and materia misstaterrEnts In the findllcldl s131eryieiits. We ale not responsible foi preventing non<Dmplianc8 and be expected to detect Don-compliance with 311 laws and regulations. As part of an audlt in accordance with ISAS IUKI, we exercise professional judgrnent and maintain prnf2ssional scepiicism thf¢wghoul Ihe audit. W8 also. Ideniify and assess the risks of material rnisstatement of the financial Statements, whelher due to fraud Of error, design and perform audit pmceduTes ponS1Ve lo those risks, and obtsin audil evidence that is sufficient and appropriate lo provide a basi5 for our opinion. The risk of not detecting a material misstaterneni resulting from fr8ud is higher than for one resuming from error, as fraud may involve collusion, lor9ery. intentional omissions. misrepresentations, or the override of internal control Obtain an Ljnderstanding of Iniernal conlrol relevant to the 3udil In order 10 design 3uéit procedures that are appropriate in the cir¢urnstances. but not for the purpose of expres51D.g an opinion on Ihe Èffectsveness of the internal eontrrl
Page 9 The Society of St Plus X Independent Audltor's Report to the Members of The Soclety of St Plus X Year ended 31 December 2023 Evaluate the appropriateDess of accounting policie5 used and the reasorablene55 of accounting estitnalps 2nd related disclosure5 madp by the trustees ConclLJde on the appropriateness of the trustees, use of the going concern basig of accounting and, based on te audit evidence obtained, whether a material uncertainty exist5 relatcd lo events or conditions that may cast signrficant doubl on the cherity's ability io continue as 8 going concern. If we Conclude that a materTral uncertainty exists. we are required to draw attention our auditor's port to the related d15closures in the finanoal statements or. if such disc105ures are inadequate, to modity our opsnion. Our conclusions are basea on thè 8udit evidence obtained up to the date ol our iiuditor's report However, future events Dr condibons may cause the charity to cease to continu2 as a going concern. Evaluate the overall presentation, structurè and content ol the financial statements, including the disclosure5. and whether the financial 518lements represent the underlying transactions and events in a manner that achieve5 fair presentatiun. We communicate wth tliose thaed v*th govemance regarding, among other matters. th¢ planned scope and timing of the audit and significant audit findings, including any sigryificant defir9cleS in intemal control that we Identlfy during our audit. Use of our report This rep Is made solely to the charity's members, as a body. in a¢cordance with sedon 144 of the Charibes Act 2011 and regulations made under section 154 of that Act. Our aLJdit work has been undertaken so that wg might stste to the charity's rnèmbers those matters we are Equired to slate to them in an auditor's report and for no other purpose. To the fullest exlenl pemiitted by law. we do not 8¢eept or assume responsibility lo anyone other than the charily and the charity's members 35 a body. for our 6udit work. for this report, or for the opiiiStsns we tiave formed. Burqess Hodgson LLP Chartered accountants & statutory auditor Camburgh House 27 New Dover Road Canterbury Kent CT1 3DN
Pa9e 10 The Soclety of St Plus X ststement of Financial Actlvities Year ended 31 December 2023 2023 Restricted fijnds Total funds 2022 Unrestricted fvnds Total funds Note Income and endowmEnts Donations and l¢g3¢1es Charitsble 8Ctiifjties Other trading activities Investment Income 3,311.677 30.100 428,128 148.700 417,570 3,729.247 30,100 428,128 148,700 1,964,909 29,471 333.751 124.035 Total inGome 3,918,605 417,570 4,336,175 2,452.166 ExpenditurÈ Expenditure on charitable activities Other expenditure Total expendbture 2,361,917 112,5391 21,593 2,383,510 112,5391 2,370,971 1.671,782 65,617 1,737,399 2,349,378 21.593 Net gain51lbssesl on invtrstments 12 133.9661 133,9661 239.990 Not IncDmÈ and net movement SD fund5 1,603,193 395,977 1,999,170 474.777 Reconciliation of fvnd$ Total funds brought forwar Tolal funds Garried forward 15,953,834 2,050,814 18,004,648 17,529,871 2,446,791 20,003,818 18.004,648 17,557,027 The statement of financial actNities Includes all gains and losses recognised in the y83r. All income and expenditure derive from Continuing activities. The notes on pages 13 to 24 forffl part of these TinJncial statement¥.
Page 11 The Society of St Plus X statement of Financial Position 31 December 2023 2023 2022 Note Fixed assets Tangible fixed assets Investments 17 18 14,085,747 11,654.336 2.941,021 3,309.011 17,026,768 14,963,347 Current a55ets Stocks Dpbtors Cash at bank and in hand 19 20 15,000 789,842 2,285.430 3,090,272 165,000 264,Q02 2.691.254 3,120,256 Creditors= amounts falling due within one ypar 21 113,222 78.955 Net current assets 2,977,050 3,041.301 Total assets less CUent liabilities 20.003.818 18.004,648 20,003,81 B 18.004,648 Net assets Funds of the charity Restricted funds Unrestricted funds 1,500,639 2,050,814 18,503,179 1 S,953,834 20,003,818 18,004.648 Total charity funds 22 Th financial slaternents were approved by the board of trustees and authorised for issue on and are signed on b8hall ol the board by.. he Reverend Robert Bruccwni Truslee r W E Vernor-miles Twstee The notes on pagos 13 to 24 forrn part of these finan¢ial statements.
Page 12 The Society of St Plus X Statement of Cash Flows Year ended 31 DeGember 2023 2023 2022 Cash flows from operating activlties Net incorne 1,999,170 474,777 ALljustm8nts for.. Depreciaiion of tangible fixed assets Net g8inslllosse51 on investments other interest receivable and similar income Gains on disposal of tangible fixed assets Accruèd lincomellexpenses 36,024 133,966} 1148,7001 112,53YI 12,300} 26,484 239,99Q 1124,0351 11.8831 3.960 Changes in." stocks Trade and otler debtors Trade and other crtOrS 150,000 1525,8401 36,567 1150,0001 105,665 186,1211 488,837 Cash generated from operations 1,498.416 Interest received N9t Cash Irom operating adiwties 148,700 124,035 1,647,116 612,872 Cash flows trorn in¥estlng activltles PvrGhase ol tangiblE assets Proceeds from Sale Df tangible assets Purchase5 01 other investments Proceeds from sale of other investments Other investing cash flow adju5trnent Net cash used in investing activiti&s 12,469.70n 11.290,5811 14,811 154.478 11,536,9351 1287,7681 1,972,857 55.073 133,9661 239,990 12,052,940) 11,128,808) Net decrease in cash and cash equivalents Cash and cash equivalents at bo9inning of year Cash and cash equivalents at End of year 1405.8241 2,691,254 1515,9361 3.207,190 2,285,430 2.691,254 The notes on pages 13 to 2410rn1 part of theSE financial statements.
Page 13 The Society of St Plus X Notes to the Financial Statements Year ended 31 Decernber 2023 General infomiation The charity 15 a public benefit entity and a registwed ch*ity in England and Wales and is unincorporated. The 8ddress of th8 principal nffic8 is St GeorG&S House, 125 Arthur Road. Wimbledon Park, London ststernent of compliance These financial 5t8ternen15 have been PTepared in compliance with FRS 102, 'The Financial Reporting Standard applicable In the UK the Republic of Ireland,, the Statetnenl of Recommended Practice applicable to charities preparing their account5 In acc(Kdance with the FinancHI Reporting Standard appIlble in the UK and RepU1C of Ireland IFRS 1021 (Charities SORP IFRS 10211 and the Cttaritie5 Act 2011. Accounting policies Basi5 of preparatiort The finanGial statements have bpen prepared on the historical cost basis, as fflodified by the revaluation of certain financial assets and liabilities and inveslment properbes measured at fair value through income or expenditUTe. Th8 financial statement5 are prepared in slerting. which is the fundional currency of the entity. Gifts in kind Gifts In killd are valued at market value and included in the account5 when rece1ved. Tax recoverable Tax recoveFable is included in the accounts using the accruals concept based on alnounts calculated a5 due at the year end. Going Concern There are no material uncertainties about the chanty's ability to continue. Legacies Leg8cie5 are included on a cash received basis. or when the charity is aware of the entitlement and Ihe value of the legacy is deterrllined. Donations Donations are Included on a cash reIved basis. Deeds of covenants Deeds of covenants are included on 8 cash received basis except where deposited covenants have been received and these ale carried lopNard to the period to which they relate.
Page 14 The Society of St Plus X Notes to the Financial Statements leontinvqd) Year ended 31 December 2023 Liabilities Liabilitie5 are Included when Incufred on an accru<Jls b851S. Resources Èxpended and the basis of allocalion of costs Expenditure is reco9nised on an accruals basis a5 a liability Is incurred. Expenditure Includes any VAT which cannol be fully recovered. Charitable expendilure comprises those eosis incurred by the Charity in the d81ivery of the objects of the charity. It Includes both costs ihat can be allocated directly lo such activities and those costs of an IndirÈct nature necessary lo support them Govefflance Costs include those costs associated with meeting the constitutional and siatutory requirement5 Df the charity and include the accwntancy and audit fèes. legal advice and costs linked lo the strotegic rnanagement of the charity and compliance with con5titutlonai and sl3lulory requirÉm2nts Judgements and key sources of èstlmation unGErtainty The preparation of the financial 5tstsments requires mana9ernent to make jud9em¢nis, estimates and assumptions that affect Ihe arnounts reported. Accounting estirnates and assumptions are made conceming the future and. by their nature. will rdrely equal the related actual outcome. These estimates and judgements are conb"nually reviewed and are based on expgrience and other factors, Including expectations of futUTe evcnts thai are believed tts be reasonable under the circumstance5. Foreign currencies Foreign currency transacbons are initially recorded in the funrti¢nal curren¢y, by applying the spot exchange rate as at the dale of Ihe tra1CtiOn. Monetary asset5 and IHbilitie5 d8nominated in foreign currendes are translate¢J at th¢ exchangè rate ruling at the reporting date. with any gain5 or bsses being taken to the statement of financial activitrs. Fund zccounting Unreslrieled funds are available for use at the discretion of the Irustees lo further any of the chanty's purposes. Oesignaled funds are unrestricted funds earnarked by the trustees for particular lulure projetl or COrnTllitment Restricted funds a subjecied 10 r8slrictions on their expenditure declared by the donor or through the terns of an app8al, and fall into one of two $utrclasses'. restricteo income funds or endowment fund5.
Page 15 The Society of St Plus X Notes to the Financial Statements rconltn(xcd} Year ended 31 December 2023 Accounting policies (ConfiVe) Incoming resource5 All incoming resources are IrTrcluded in the slaternent of financial 3ctivilies when entitlement h3S pa55ed to the charity., rt is probable that the economic benefits associated with the transaction wi11 flow to the charity and the amoiint can be reli8bly measur8d. The follDwing specific policies are applied to partJCLJlar categories of Incornp". incoiTie from donation5 or grari'.s Is iecDgnised when IherÈ Is evidence of entitlernent to the gift, receipt Is probable and 115 amount can be rnea5ured reliably. legacy Income Is recognlsed when receipt is probable and eniitlemevt is Èstablished. Income from donated goods is measured at the fair value of the goods unless this Is imprartical to me35ure reliabty, in which case Ihe value is derived from Ihe cost to the donor or the estimated resdle value. Donated facilities dnd services are recognisèd In Ihe accounts when received If the value can be reliably me35ured. No afflounls are included for the contribution of general volnteerS. incDm2 frorn contracts for the Supply of seTvices is recognised with the delivery ol the contracled sprvice. This IE rla.4sified as unresiricted fund5 unless there 15 a contractual requ1Ment for It to be spent on a particular purpose and reiurned It unspent. in which case il may be regarded as restrirted. Operaling leases Lease payments arg recognisEd as an expense over the lease term on a slraight.line basis. The aggregate benefit of lease Incentives is recognised as a reduction to expense over the lease terFM, on a 51raight-line ba515. Tangible assets Tangible assets are Initially rEcorded at cost. and subsequently stated at cost less any accumulated depreciation and impairment losse5. Any 18ngible assets carried at revalued amounts are recorded al thc fair value at the datE of rev31uation less any 5ubspqucnt accurnulated depreciation and subsequent aGcumulated Irnpairment losses. An increase in the carying amoLint of asset as a result Df 8 revaluation, Is recognised in other recnIsed gain5 and losses. unles5 il ieverses 3 tharye for irnpairment that has previously been recognised a5 expenditure within the slatefflent of financial aciiMties A decrease In Ine carrying arnourn of an asset as 3 result of revalua0, Is recognised in orher recognised gain5 and losses, except lo which it offsets any previous revaluation gain. in which case the 105s Is shown within other recognised gains and losses on thè statement of Iinancial activities. Depreciation Depreciation Is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as folluws Fixtures & fittings Motor vehicles 25.10 straight line 250/0 reducing balance The freehold property and long-term leasehold property is not depreciated and are held al c05t. only revalued when it is likely Ihat the prijperties will be sold.
Page 16 The Society of St Plus X Notes to the Financial Statements Year ended 31 December 2023 Accounting policies l¢ontirJuedJ Investments Unlisted equity inveslments are Initially recordeLI at cost, and subsequently measured at fair value sf fair value cannot be reliably measured, assets are me85ured at ¢05t le55 Impairlnent. Listed investrvents are measured at fair value with changes in fair value being recognised in incorne or expenditure. Impairment of rtxed assets A review for 1nditat0 of impairrnent 15 carried out at each reporting date, vjith the recoverable amount being estimated where such Indicators exist. Where the carrying value exceeds Ihe recoverable arnount, the asset Is impaired accordingly. P.ior irnpairm2nt5 are also reviewed for possiblÈ reversal at each repDrting dale. Stock5 stocks are rneasured at the Sower of cost and e5tirnaled selling price Cost include5 all costs of purchase in bringing the stock to its present location and conditlDn. Financial instruments Financial liabilitlcs and equlty instruments are cla5sifisd accor¢ing to the substance ol the contractual arrangements entered into. Debtors and credrtors with no stsied interest raIe and receivable or payable within one year are rerded at transaction prir.e. Any losses arising frorn impairment are recognised in the profit and loss account In other administrative expenses. Loan5 and borrowing5 are ini11311y recognised at the transaction price including transaction cost5. Subsequently. they are measured at amortised c05t using the effective Interest re method, less impairment.11 an arrangernent Constitutes a finance transaction it is fflea5ured at present Value Donations and legacips Unrestricted Funds Restricted Tknl Funds Funds 2023 Donations Donations - UK Donations- Scbndinavia 1.038,292 33.863 417.570 1,455,862 33,663 Legacies Legacies 2,239.722 2,239,722 3,729,247 3,311.677 417,570 Unre51ricied Funds Restricted Total Funds Funds 2022 Donations Donations - UK Donations- S¢andinavia 1,360,763 30.200 364,903 1.725,666 30,200
Page 17 The Soclety of St Plus X Notes to the Financial Statements Icon*nutyd) Year ended 31 December 2023 Donations and legacle5 (conlinu Unrestricted Funds Restricted Total Funds Fund5 2022 Legacies Legacies 209.043 209,043 1,600.006 364,903 1.964.909 OU9 the year, the charity continued to receive large legacy donations. Th8 charity received 8 materia1 legacies from a number of estate5, which was ol laige size to the charity totallin9 £2,220,888. The charity has had o good year in regards lo legacies and expect5 this to continuo into 2D24. The charity largely relles on the generosity of the don0 through their estate Charitabl¢ activltles Unrestricted Total Funds Unrestrict8d Total Funds Funds 2023 Funds 2022 Fund raising acliviti8s 30,100 30,10 29,471 29.471 Other trndin9 activities Unre5triGled Total Funds Unrestricted Tolal Funds Funds 2Q23 Funds 2022 Rent receive School fees 92.724 335,404 92,724 335.404 80.966 252,785 80,966 252,785 333.751 428.128 428,128 333,751 Investment incom• Unrestricted Tolal Funds Unrestrieted Total Funds Funds 2023 Funds 2022 Other inleresi receivable Inveslment income 44.834 103.866 44.834 103,866 4,108 119,927 4,108 119,927 148.7DO 148,700 124.03S 124,035
Page 18 The Society of St Plus X Notes to the Financial Statements (cuntinuod) Year ended 31 December 2023 Expenditure on ¢harilable artivities by fund type Unrestricted Funds Restricted Total Fund Fund5 2023 The teachings of the Roman Catholic Faith Educatiorial services Support C0515 1.513.000 630.846 218,071 21,593 1,534.593 630,846 218,071 2,361,917 21.593 2,383,510 Unrestrict811 Funds Restricted Total Funds FunLIs 2022 The teachings of the Rornan Catholic Faith Educational SeiceS Support costs 902.073 581,490 205.984 2,235 904,308 561.490 2D5,984 1,669.547 2.235 1,671,782 Expenditure on charltablg actlvltles by activrty type Activities undertaken directly Support Total fund5 costs 2023 Tolal fund 2022 The teachings of the Roman Cathol Faith Educational services Govemance costs 1.534,593 630.846 9.274 171,249 37,548 1,543,867 802,095 37,548 2.165,439 218,071 2.383,510 Within donation expenditurÈ, is 8n annual conlribulion that the Charity makes to the General House. The contribution each year 15 calculated at 5.10 of the donation income excluding any runds raisBd for designated purpose5. 938,814 702,875 30,093 1.671.782 10. Analysis of support Costs The leashinss of the RoThan Catholic EducatK)nal Goveinance Faith serviLes costs Total 2023 Totdl 2022 Premises Governance costs Bank ch8rges Legal and professional lees Repairs and Maintenance Printing. postage and stalionery Light and heat 25,586 25.586 46,522 1,262 28,648 64,599 1,199 9,274 37,548 1,262 6.856 6,856 5.757 98,810 98,BlO 61.998 241 28,494 241 38,494 162 43.621 9,274 171,249 37,548 218,071 205,984
Pag• 19 The Society of St Plus X Notes to the Financial Statements l¢gntlnu¢d) Year ended 31 December 2023 11. Other expenditure Unrestricl8d Total Fund5 Unrestricted TDtal Funds Funds 2023 Funds 2022 GainslLosses tsn disposal of tangible fixed assets for charity's own use Provi510n for bad debt- 5chvul fees 112,5391 {12,5391 11,8831 67,500 11,8831 67,500 112,5391 112,5391 65.617 65,617 12. Ntrt gainslllossesl on investments Unre5tnct?(l Total Funds Unre$tncled Total Funds Funds 2023 Funds 2022 Gain51llossesl on otrer Investrnent assets 33,966 33,966 1239,9901 1239,9901 13. Net inEoTne Net income is stated after chargingllcreditingl.. 2023 2022 Depreciation of tangible fixed a59ets Gains on di5P05al of tangible fixed assets Foreign exchange differences 36,024 112,5391 26,484 11,8831 1.742 14. Auditors reTnuneratlon 2023 2022 Fees payabl¢ for the audit of the finanGial statÈments 18,750 15,165 Fees payable to the charity's audltor an¢J its associates for other services.. other non-audit services 6,250 5,535 15. Staff costs The lotal staff costs and employee benefils for the reporting period are anaiysed * fDIIows'. 2023 2022 Wages and salaries 702,007 622,336 The average head count of employees during the year was 2412022.. 251. No ernployee reG¢ived employee benefit5 of more Ihan £60,000 during the y8ar12022.. Nill.
Page 20 The Society of St Plus X Notes to the Financial Statements (continued) Year ended 31 December 2023 16. Trustee remuneration and ¢xpense5 No remuneration. benefits or expenses were p3id lo the Trustees of the Charity in the current or previous year. All the Trustees with the exception of Mr J C Vernor-miles, Mr W E Vernor-miles and Mr J Rogerson devote their entire lives to the work of the SnciÈty in the United KingdoTll ar els2where and are wholly dependent on the Society for accotnFllDdation, food and clothing. They tjo not receive any financial remunera',ion. During the period the charity made payrvents for seNces to Hunter5 501iators of £47,811 12022.. £29.9951. 8 firrn In which Mr W E Vernor-miles is a partner. 17_ Tangible fixed os5ets Freehold Fixtures and Property rittinys Moior vehicles Total Cost Al 1 January 2023 Additions Disposals At 31 Dec*rnbcr 2023 11,585,750 2,410.460 363,765 37,292 199,285 12,148.800 21,955 2.469.707 127.0571 127.0571 194.183 14.591.450 13.996,210 401,OS7 Depreciation At 1 January 2023 Charge for the year Disposals At 31 December 2023 351.651 16,983 142,813 19,041 124,7851 137069 494.464 36,024 124,7851 S05,703 368.634 Carrying amount At 31 December 2023 13,996,210 11,585,750 32,423 57,114 14,085.747 56.472 11.654,336 Al 31 December 2022 12.114 The charity's freehold properties Include churches and subst3nb.al school buildings. It Is the Trustees, opiniDn that the market values would he in exce55 of the book valup. although the cost involved to deterrnine the aclual market values are not considered 8ttective use ol the Charity's resourTrs. This position will be reviewed on a regular basis.
Page 21 The Society of St Plus X Notes to the Financial Statements (conuhuedj Year ended 31 December 2023 18. In¥Èstments Cash or cash Listed Other equivalents investrnents investments Total Cost orv•luation At 1 January 2023 Addthons Disposals Fair value movements 101.777 1,239,479 11,067,002) 2,916,439 3,309,011 297,456 1,536,935 1581,0941 1290.7951 11,938,891) 33,966 33.966 2,666,767 2,941.021 290,795 At 31 December 2023 274,254 Impairrn•nt At 1 January 2023 and 31 December 2023 carrn9 amount At 31 Dècember 2023 274,254 2.666,767 2,941,021 3,309.011 At 31 Decernber 2022 101,777 2.916.439 290,795 All investments shown above are held 8t valuation. Flnanclal a5set5 held at falr value The fair value ol the listed inv8$trn8nis at 31 D$¢embBr 2023 was £2.686.767 12022.. £2,916,439). The investments held are all readily markelable and have been valued by reference to the mid-m8rket value provided by the Investsrent Manager. Within listed investrn8nls, £963.118 12022". £974.7371 relates to the fixed interest investments and £1,701.35012022". £1,941.7021 relates to equity investments. 19. Stocks 2023 2022 Books Finish8d goods and goods for resale 15,000 15.000 150,000 15,000 165,000 20. Debtors 2023 2022 Prepayments and accrued incorne Other (JeblOTS 607.833 182,D09 116.973 147,029 789,842 264,002
Pag¢ 22 The Society of St Plus X Notes to the Financlal Statements IcDntrn¢j Year ended 31 December 2023 21. Creditors.. amount5 falling due within on¢ year 2023 2022 Trade creditors Accruals and deferred incorne other creditor5 108.343 25.QOO 120.1211 113.222 103,880 27,300 152.2251 78,955 22. Analysis of charitable funds UnrÈstrScted funds At Gains and 31 Dec 20Z losses At 1 Jan 2023 Income Expenditure Transfers General funds 15,953,834 3.918,605 12.349.378) 946,152 33,966 18.503,179 At Gain5 and 31 Dec 202 1055es At 1 Jan 2022 IneoTne Expenditure Transf•rs General fund 15,841,725 2,087,263 11.735,1641 1239,9901 15,953,834
Page 23 The Society of St Plus X Notes to the Financial Statements Iconlinu•&ll Year ended 31 Decernber 2023 22. Analysis of charitable funds Iconlrnueolj Restrided funds At Gain5 and 31 Dec 202 losses At 1 Jan 2023 Income Expenditure Transfers Wieselgren L8gacy SMAC Project Seminanan Project Woking Project Bristol Proj8ct 1,323,680 668.704 1,323,680 277.448 1946,1521 51,331 7,099 29.860 10.201 100.061 81.191 117.3001 14,2931 121.5931 1946,1521 95.768 2,050,814 417,570 1.500,639 Al Gains and 31 Dec 202 losses At 1 Jan 2022 Income Expenditure Transfers Wie5elgren Legacy SMAC Project Serninari3n PrDiect Woking Project Bristol Project 1,323,680 345.886 1,323,680 668,704 322.818 18.580 34,446 7,639 11,6951 15401 51,331 7,099 1,688,146 364,903 12.2351 2,050.814 23. Analysis of net assets between funds Uriresirictpd Funds Restricted Total Funds Funds 2023 Tangible fixed B55ets Investments Current assets Creditors less than 1 year 14,085.747 1,617.341 2.913,313 1113,2221 18,503,179 14,085,747 2,941.021 3,090.272 1113,2221 1.500,639 20,003,818 1,323,680 176,559 Net assets Unrestricted Funds Reslricted Total Funds Funds 2022 Tangible fixed Èssets Investments Current assets Cretjitors less than 1 year 10,985,632 1,985,331 3,061.824 178,9551 15,953,832 668.704 11,654,336 1,323,680 3.309,011 58.432 3.120,256 178.9551 2,050.816 18,004.648 Net assets
Page 24 The Society of St Plus X Notes to the Financial Statements Ic&inunu*d) Year ended 31 December 2023 24. Analysis of ¢hange5 in net debt At At 1 Jan 2023 Cash flows 31 Do¢ 2023 Cash at bank and in hand 2.691.254 1405.8241 2,285,430 25. Operating IE¥SÈ commitments The totsl ftItu minimum lea¥e payrnents under non-cancellable operating leases are as foll¢)ws.' 2023 2022 Not later than 1 yaar Later than 1 year and not later than 5 year5 31,113 5,474 29,673 5,474 36,587 35,147
Page 25 The Society of St Plus X Managoment Informatlon Year ended 31 December 2023 The follovring pages do not fom part of the financial statements.
PJge 26 The Society of St Plus X Detailed Ststement of Financial Activities Year ended 31 December 2023 2023 2022 Income and endowments Donations and legacies Donation5- UK Donations- Scandinavi8 Legacies 1,455,862 33,663 2.239,722 1,725,666 30,200 209,043 3,729.247 1,964.909 Charitable activStle$ Fund raising aclivitie5 30,100 29,471 Other trading activities Rent receive¢J School fees 92,724 335,404 428,128 80.966 252.785 333.751 Investmerrt Incom¢ Other int8re5t receivable Investrnent in¢ome 44,834 103,866 4,108 119.927 148.700 124.035 Total income 4,336.17S 2.452.166
Pag¢ 27 The Society of St Plus X Oetalled Statement of Flnancial Activities (continuqdj Year ended 31 December 2023 2023 2022 Expenditure Expenditur¢ on Gharitable activitles Opening slock Purthases Closing stock Wages and salaries Renl Light and heat Repairs and maintenance Insurance MotDr vehicle expenses Other motorltravel costs Legal and professional f8e5 Telephone other Dffice costs Depreciation Foreign exchange galnlloss Bank charges Centr8 Costs Sundry 15,000 121,304 115,0001 702,007 103,521 152,176 752,670 87,146 67,401 26,771 136,063 6,684 59.569 36.024 15.000 125,2261 115,0001 622,336 115,746 123,261 333,548 74,887 67.687 20,746 120,393 8,025 52,062 26,484 1.742 1,199 113.424 17.468 1.262 121,510 9.402 2,383,510 1.671,782 Other expendlture GainslL05ses on disposal of tangible fixed asseis for ¢harity'5 own use Provision for bad debt- school fees 112,5391 11.6831 67.500 112,5391 65.617 Total expenditure 2,370,971 1,737,399 Net gain51llossesl on Investmonts Ga1nsll1055e51 on other investrnent assets 133,9661 239,990 Net Inrne 1,999,170 474,777
Page 28 The Society of St Plus X Notes to the Detailed Statement of Financial Activities Year ended 31 December 2023 2023 2022 Expenditure Dn charitable activities The tearhings of the Roman Catholic Faith Activilies undertaken directly Dircct- Donation Direct- Salaries and wages Direct- Rent, rates and room hire Direct- Light and heat D1Ct- Repairs and maintenance Dit- Insurance D1Ct- Motor vehicla expenses Direct- Travel and subsistence DI- Legal and professional fees Direct- Telephone Direct- Printing, postage and ststionery Direcl- Depreciation Direct- Centre costs Direct- Sundry expense5 121,304 208,331 77,935 113,682 587,774 62,943 59,345 23,984 91,659 5,371 41,129 36,024 97.820 7.292 1.534,593 125,2261 174.132 87.098 79.640 233,251 50,949 55.639 19,810 86,285 5,101 36,910 26,484 60,576 13,659 904,308 Srjpport costs Support- GovernanGe Educational services Actsvities undertaken dlreGtIy School Salane5 and wages school - Repairs and maintenance Schoul - Insurance School Motor vehicle expenses School Travel and subsiEten¢e School Telephone School- Printing, postage and stationery School- Centre ccjsts School- Sundry expen5e5 9,274 34.506 493.676 66,086 24,203 8.056 2.787 1.313 18,199 14,4t6 2,110 448,204 38,299 23,938 12,048 936 924 14,990 18,342 3.8Dg 630,846 561,490 Support costs Support School- Rent. rates arid water Support School- Light and heat Support School- Repair5 and maintenance Support School- Legal and professional fees 25,586 38,494 98.810 6,856 28,648 43,621 61,998 5,757 Carried forNard 169,746 140,024
Page 29 The Soclety of St Plus X Notes to the Detalled Statement of Flnancial Actlvities feonLTnve(lJ Year ended 31 December 2023 2023 2022 Brought forward 169,746 140.024 Support School- Printing, postsge and stationery Support School- Bank charges 241 1.262 182 1,199 171,249 141,385 Cathollc book salés Activitigs undertaken dlrectly Direct 8ooks- Qpening stock Direct Books- Closing stock 1 5.0110 115.0001 15,000 115.0001 Governance costs Govemance costs- audit fees Govèrnance costs - investfflent manager fees Governance costs- foreign exchange gainlltss 25,000 12,$48 15,165 13,166 1,742 37,548 30,093 Exp¢nditure on Charitable activltl•s 2,383,510 1.671,782