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 st￿et 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 MeasU￿S 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', ObSe￿e 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 p￿vent￿￿ 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 g￿n9 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 un￿rtain￿e$ 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 truste￿S 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 the￿on. 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 reqUI￿d 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 CO￿l￿de 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 {S￿t18nd) 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 re￿ted 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