CHARITY REGISTRATION NUMBER: 274695 SC042974 The Soclety of St Plus X Financlal Statements 31 December 2024 BURGESS HODGSON LLP Chartered accountsnts & statutory auditor Camburgh House 27 New Dover Road Canterbury Kent CT13DN
The Society of St Plus X Financial Ststements Year ended 31 December 2024 Page Trusteès, annual report Independent auditor's report to the member5 Statement of financial activities statement of financial position 12 Statement of cash flows 13 Notes ta the financial statements 14 The following pages do not form part of the financial statements Detailed statement of financial activities 26 Notes to the detailed stslement of financial activities 28
Page 1 The Society of St Plus X Trustees. Annual Report Year ended 31 December 2024 The trustees present thair report and the finanual statements of the charity f the year onded 31 December 2024. Reference and adminlstrative details Rggistered charfty name The Society of Sl Plus X Charlty registratlon numbèr 274695 Princlpal offlca St Georges HoLsse 125 Arthur Road London SW19 7DR The trustees Ir J Crosfield V8mor-Miles The Revergnd Emeri¢ saudot Thè Reverend Davide Pagliarani Thg RevenEnd FDuGauld Le RDUX rvlr J Rogers¢n The Reverend Fran¢ois Laisney (Resigned 27 December 20241 The Reverend D O Sherry (Appointed 1 January 20241 The Reverend Robèrt 8rucciani Mr W E Vemor-miies IRe$ign$d 27 December 20241 Audltor Burgess Hodgson LLP Chartered aceouniants & statutory aurlilor Camburgh House 27 New Dover Road Canterbury Kant CT1 30N Bankers Lloyds Bank plc 5 Bridge Street Newbury Berkshire RG14 58a Stslleltors Hunters g New Squar8 Lincoln's Inn London WC2A 3QN
Page 2 The Society of St Plus X Trustees. Annual Report Icontinved} Year ended 31 December 2024 Structuie* governance and management The Society was founded by trust deed in 1977 and is governed by the Statutes of the Society ol St. Plus X dated 1976. The Trustees of the Charity were granted a certificate of incorporgtion by the Charity Commissioners on the 31st October 1997, under the name Thp Trustèes of the Society ol St. Plus X. The Charity was assigned all assets and income arising from the St. Plus the Fifth A550ciation Icharity number 2668571 and the Friends of the Society of St. Plus X lcharty nurnber 2668561. New trustees are appointed by the BoarrI ol Trustees through selects'on as vacancies arise. The trLJslees normal face to face meebng have been prevented by Covid but will now resume. Subgroups of the trustees meet by video conference to con8ider the management and operation ol the Charity's objectives and funds. The trustees monitor thè Charity's internal controls and potentizl areas ol risk to its assets and res8rves. Where potentl81 nsks are identified appropriate safeguard5 are introdud. Objectives and activities The Charity was formed by Archbishop Nlarcel Lelebvre In 1977 to promote the traditional teachings of the Roman Catholic Church primarily in the United Kingdom. The f.hzrity opèrstes in 26 chapels. a school. 5 Priories and 4 other residences in Great Britain and Northern Ireland. 15 priests znd 3 religious brothers devote their lives to the work foi the Charity without rernuneration. The Chaiity supports suuls training for the priestly and relig10us lrfe. It also supports elderly feligious with accommodation and pastoral care. The Charity conducts religious ceremonies according to the tradition31 rites of the Catholic Church. 11 ministers to its regular faithful and to the general public by administering sacraments, visittng the hoLJse-bound and the sick, teaching catechism, running retreats and camps. and publishing educational material. The ChaTrty operates a small school for the acadetnic years 1-10 and employs 27 full time and part time staff of which 10 are teachers. From January 2025, 311 education. boarding, and vocational training provided for a charge by a pnvate school In the UK becatne subject to VAT at the standard Fatg of 20¥,. In 2024. It was decided to phase in the incrèase lo par£nts over three years with a 5,10 charge passed on in 2025 and the charity financing the 15°/. difference. The school will henceforth be able to claim bsck VAT paid by it. I August 2024. the Scandinaviar) apostolate. for which responsibility used to fall on the UK charity, was transferred to the Society of St Plus X District ol Poland. The Charity'5 assets in sca(11ndvia will remain the property ol the UK charity either until a legal entity has been established in Sweden or they can be transferred to a legal entrty of the District ol PDland. It 15 planned that the charity will b reimbursed for the original Lost or value ol the assets in Scandinavi2 by the acquiring entity. The growrth ol our congregation in the Midlands justified Ihe purchase of a two bedroom f at In Leicester to allow a Priest to stay in Ihe area overnight to serve the Congre9alion and to make more sick calls in the area. The purchase conipleted in M£rch 2025 for £175,000. We refer to the Charity Cofflmission's general guidallce on public benefit when reviewing ciur aims and objective5 3nd in planning our future aclivrtie5. The Charity rneasures succe55 by the number of souls it supports in training for the priesthood and religious life. by the number of eldèrly priests or ieligious it supports, by the number ol pupi15 in its schoal. by the availability of religious ceremonies and pastoral support, ancj by the readership of printed and onlinE content.
Page 3 The Society of St Plus X Trustees. AT]nual Report lÈontin¥edl Yoar ended 31 December 2024 Achievements and performance The charity supported the training of seminarians In Virginia, USA and in Flavigny, France. It also provides accommodation for one retired priest and two retired religious sisters at its house in 8ristol. The charity conducts weekly or daily religious ceremonies in its chapels. It provides regular p3Storal care for approximately 100 house-bound and hospital-bound souls. In 2024 it conducted 9 retreat5, 2 summer carnps. 4 pil9rimages. 2 youth group5 and 4 weekly online courses all subsidi5eLI to encourage a participation. The charity's school. St. Michael's School near Newbury, continues to offer a subsidised Catholic education for the children from 4-16 year5 who, in many case5, would not be able to afford the cost of a private èducation. The School has Implemented a cornpliant Child Safegu8rding system and Risk Management system. In 2024 the School had 60 pupils of whom the majoDty were day pupils. There were 18 boy borders at the end of 2024. This was a slight decrease from 2023. The construction of a 240 seat church at St. Michael's School was completed in 2023. Mass IS said each day in this church attended by the school children 2nd as many as 30 local peDple. On Sundays and Holy Days typically 20Q people will attend Mass. A Inendly. local comtnunity hab flourlshed around the school. Since 2020. the schoDI chapel and the new church h8s registered 60 baptisms, 13 fflarriages and 2 funerals. The charty has strengthened and developed its IT Strategy to make ils operations more efficient, transparent and secure. This has included develDpment and simplification of the accounting system Ixerol particularly with the regard to the new VAT requirement. Trials are underway tts replace the current bespoke database wilh a robust alternative designed specifically for charit".es. UpJate to tsur UK websites were conducted securely and smoothly and have improved the ¢h3rrty's visibility and communication.
Page 4 The Society of St Plus X Trustees. Annual Report (cyntinued} Year ended 31 December 2024 Financial review The activlties ol the year generated a decrease in fund5 01 £57.196 12023 an increase in funds of £1,999.1701. The movetnent In funds is after incorne of £1,264,04012023. £3.729,2471 from donations and legacies. £37,8T8 12023.. £30,100) from charitable activities. £429,514 12023-. £428,128) from other Irading activities and £154,48712023.' £148,700) from inv&strnent income The core èctivities Df the charity have remained largely unchaThJed to trat of the previous year. The gross reseroes at the year end were £19.946,622 12023.. £20.003,8181. The majority of these CompSed functional properties held for the work of the Charity. The Trustees also held cash ol £2.349,01512023.. £2.285,4301 and the following InvestentS.. Listed Investments £2,847,14812023." £2,666,767) Cash or cash equivalents £218.301 12023." £274.2541 Financlal reserves policy The trustees of the cPtanty are of the opinion that sufficient reserves should be maintained to support all functional assets used by th8 charity, to support appioKimalely two year5, expenditure required to operate the school lor the continuity of the pupils, education and to retain adeqLJate funds to mainlain the properties. In the current year, the charity operated al a deficit but that was more than covered by the surplus In the previous year. The trustees regularly review the level of reseNes and are ol the opinion that the current levels are satisfactory to meet Its needs effectively although are mindful of upcoming expenditure and the need to m31ntain sufficient to meet the re52rves policy. Risks The Trustees have examined tme major strategic, business 8nd operational risks Involved in the Charity'5 activitie5 and are satisfied that appropriate rertS and infomab.on have been produced to allow them to run the Charity's operations satisfactorily. The trustees consider it Is appropriate to make written record ol the risks that the lace and the aotion they take in response to these risks. They consider risks fall within tsvo categories., normal and exceptional. Norrnal nsks considered are as follows:_ 1. LIQUID ASSETS- The Trustees own liquid assets and are responsible lor their security. Apart from cash required lor the day-to-tjay management of the Society cash Is held by one or fnore major banks in accounts held In the names of the Trustees who have put In place arrangements for acces5 to the accounts to bp closely controlled. The trustees also review the safety of their banks from time lo time. 2. FINANCIAL ASSETS - The Trustees own Inveslmenls and Bond5. These are in the custody of financial Inst1tulions Ghosen by Ihe trustee5 who review the stability and safety of the Institutions concerned The trustees receive advice trom qualified financial advisers on the quality ol th& inve5trnents they hold. 3. PROPERTY - The Trustees own a large number ol properties for the work of the Charity including very large old buildings such a5 churches whi-h are gulaY visited by the General Public. The trustees recognise that there are risks Involved in owning building5 open to the publiG and have arranged insurance to cover the nsks involved including liability to the public. 4. MOTOR VEHICLES - The Trustees own motor vehicles driven by persons c2rrying out the work of the Society- They recognise that motor vehicles create risk and have ln place insurance arrangements to comply with Ihe law and cover all foiESeeable risks. Exceptional risks consiolered are as lollows'.-
Page 5 The Society of St Plus X Truslees. Annual Report l¢onrirtue Year ended 31 December 2Q24 1. The Trustees own and operate a mixed-education school 0160 pupils of whom the majority are day pupi15. There were 18 boy borders at the end 012024. 2. The Trustees recognise th31 robust safeguarding policie5 and practice are of existential importance to the Charity znd have appointed a Safeguarding Trustee charged with oversight and supervision of all safeguarding policies and procedures, and thp. .nvestigation of any safeguarding incidents th3t m3y arise. The Trustee5 take a close interest in all aspects of management of the school which is visited rogularly by the new District Superior. Father David Shery who was appointed on 1 st January 2024. The former Districi Superior Fr. Robert Brucciani rernains as a Trustee 3. The School is subject to supervision by the Local Authority and to regular inspection visits by OFSTED. Plans for future periods 111 Phase 1 of a major roof replacement and structur31 repair project at St Savioui'5 House Bristol began in early 2025 and will be completed in 202i at an estimated cost Df £753,000. The second phase, also critical to the structure Is planned for 2026. Two further phases of less Gritical repair will be authorised by the trLJStees individually depending on financial circumstances. The project In total Is estimated at £2m. 121 The Charity plan5 to continue its development of the school to ensure 18gal compliance. academic success, financial vi3bility and grobvth. 131 The Charity continues to develop its online capability to deliver Catholic £ducatioTr and livestreaming of religious ceremonies. Trustees, responsibilities staternent The trubtees are spOnsible lor prep8ring the trustee5' report and the financial statemènts in accordance with applicabl& laiv and United Kingdom Accounbng Stsndards (United Kingdotn Generally Accepted Accounting Practice). The law applicable lo charities in England and Wales requires the charity trustees to prepa finanGial staterrients lor each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application ol resources. of the charity for that period. In prepanng these financial statements, the trusiees are required to". select suitable accounting policies and then apply them consistently., obseNe the rnethods and principles in the applicable Charikn'es SORP,. ake judgments and accounting estimates that are reasonable and pnjdent., stste whether applicable UK Accounting Standards have been followed, subject tD any matenal departure5 di5Elosed and explained in the financial statements., prepare the financial statements on the going GOnCEFn basis unless it is inappropriate to presume that the charity will continue in business.
Page 6 The Society of St Plus X Trustees. Annual Report Itanttnued) Year ended 31 December 2024 The trustees are responsible for keeping adèqLJate accounting records that are sufficient to show and explain the charty's transactions and disclose with rgasonable accuraoy al any time the financial position of the charity and ènable them to ensurè that the financial statements comply wrth the Charitiés Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provi51Dns of the Trust Deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for thè prevention and detection of fraud and other irr*gulanties. The trustèès. annual report was approved on 30 trustees by.. and signed on behalf of the boarrj of The Reverend Trustee herry e Reverend Robert Bruccianl Trustee Mrw EV¢mor-Miles Trustee
Page 7 The Society of St Plus X Independent Auditor's Report to the Members of The Society of St Plus X Year ended 31 December 2024 Opinion Wle have aLJdiled the financial 8tatements of The Society ol St Plus X (the 'charity'l for the year ended 31 December 2024 which comprise the statement ol financi31 activities, statement of financial p051b"on, statement of cash flows and the related notes. Including 8 summary of Significant accounting policies. The financial reporting frameivork that has been zpplied in IheiT preparation is applicable law and United Kingdom Accounting Standards, Including FRS 102 The Financial Reporting Standard applicable In the UK and Republic ol Ireland IUnit&d King(Joni Geneially Accepted Accounting Praclicvl. In our opinion the financial statements.. give a true and lair view of the state of the charity's affairs as at 31 December 2024 and ol its incoming resources and application of resources. including its inrne and expenditure, for the year then ended, have been properly prepared in accordance with United Kingdom Gener211y Accepted Accounting Practice., hgVa bggn pr9parèd In accord¥nco Wlth tho roquiretnertl2 of th@ eh3riip.s Act 2011. Basis for opiniorb We conducted our audit in accordance with Intemational Standards on Auditing IUKI IISAS IUKII and applicable law. Our rgspon5ibilits.es undor those standards are further described in thè 3uditorfs responsibilities for the audit of the financi31 st3tements section of our report. We are independent ol the charity in accordance with the ethic31 requirements that are relevant to our audit of the financial statements in the UK, Including Ihe FRC'S Ethical Standard. and we have fulfilled our other ethiral responsibilitie5 accoidance with these requirements. INe believe that the audit evidence we have ODtained Is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements. we have concluded that the trustees. use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 8ased on the work we have performed, we have not Identsfied any matenal uncertainties re5ating to events or conditions th81 indfvldually or ¢olle¢tp¥ely. may st significant doubt on the charitys ability to CDntinue as a going ¢onc¢m lor a period of at least twelve months from when the financial 5taternenls are authorised lor issue. Our responsibilities and the responsibilities ol the trustees with resFecl to going Conrn are described in the relevant sections of thi5 report.
Page 8 The Society of St Plus X Independent Auditor's Report to the Members of The Society of St Piu5 X fcorttintsed) Year ended 31 December 2024 Other information The other illlormation comprises the information included in the annual reporl, other than the financial statements and our audilorfs report Ihereon. The trustees are responsible br the other InformatlDn. Our opinion on the financial statements does nDt covvr the other Inforrnalion and, expl to the extent otherwise explicitly stated in our report. we do not exprESS any form of as5ur3nce conclusion theon. In connection with our audit of the financial statenents, our responsibility is to read the other infomztion and, In doing sa. concider whether the other information is materially inconsistent with the financial statements or our knowledge obt3ined In the audit or otherwise appears to be materially m15s1aled. If we Identify such material inconsistencies or apparent material misstatements. we are required to determine whether there 15 a mateiial mi5Statement in the financial statemenis or a material misstatem8Nt ol the other information. If, based on the work re have performed. we conclude that there is a mater131 misslalement of this other information. we are required to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Chanties Act 2011 and the Charity Accounts (Scotlandl Regulations 2D06 las amended j requires us lo report to you it. in our opinlon.. the Information given In the Trustees, Report is Inconsistent In any material resped ivith the financial ststemenls.. or sufficient accounbng records have not been kept., or the financial statéments are not in agreement with the 8ccounts.ng records and retums." or we have not received all the information snd 8xplanations we require for our audit. Respgn5ib51ities of trustees As explained more lu51y in the trustees, responsibilities statement, the trustees are responsible for the prBparation of the financial statements and lor being satisfied that they give a true and fair view. and foi such internal control a5 the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial stat&rnents, the trustees are responsible for a5se851ng the charity's abilty to continue as a going concerrTr, disclosing, as applicable, matter5 related to going concem and using the going conEem basis of acGounbng unless the trustees either intend to liquidate the charity or to ase operations, 01 have no realistic altemalive bLJt to do so.
Page 9 The Society of St Plus X Independent Auditor's Report to the Members of The Society of St Plus X (rontinuedj Year ended 31 December 2024 Auditor's responsibilities for the audit of thè financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole a free from material misstatemer,t. whether due to fraud or error. and to issue an auditor's raport that includes our opinioll. Reasonable assurance is a high 1p.vel of assurance, but is not a guarantee that an audit conrJucted In accordance with ISAS IUKI will always delect a material misstatement when it exisis. Misslalements can arise from fraud or error and are Considered material If, individually or in the aggregate, they could reasonably be expected lo influence IhE economic decisions of users taken o the tTrasis of these financial staternents. Irregularities. including fraud, are Ins18nces of non-compliance with laws and regulatsons. Wa desig procedures In line with Dur responsibilities, outlined above. to delect material misstatements in respect of irregu13Qties. including fiaud. Th8 extent to which our procedures are capable of detecting irregulanlies, including iraud 15 detailed below.. We idontify and 2ssess the risk5 of rThaterial misstatement of the financial statements, whether ta fraud or error, and then design and perform audif procedures responsive to those risk5, including obtaining audit evidence that Is sufticient and appropriate to provide a ba515 lor our opinion. In identifying and assessing risks of material misstatetnent in respect of irregularities, Including fraud and non-cornpliance with lawb and regulations, we have considered.. the nature of the industsy, control environment and business pÉrforrnance bvith particular reference to the Charity's 5Q/. donation based Dn performance levels. We also consider the results of our enquiries ol managément and the Tr(Jstees, relating to their olvn identification and assessment of the risks of irregularities and possiblo related fraud. This include5 revievving available documentation on their policies and procedL5res performing tests of controls to evidence their effectiveness. ThroughoLJt the audit testing we are ¢Dnsidering the incentives that may exist within the organis31ion lor fraud. Key areas include liming of recognising income around the yezr end. posting of unusual journals and manipulating the Charity's performance measures to meet targets. In cofftmon v¢ith all audits under ISAS IUKI. we are also required (o perform specific procedure5 to respond to the nsk of management override We ensure we have an understsnding of the relevant laws and regulations and remain alert to possible non-complianLe thrDughout the audit. Despite proper planning 2nd audit work In accordance ivrth auditing standard5 there are inherent 5imitations and unavDidable risk that we may not detect some irregularit.es and material misstatements in the financial Statements. We are not responsible for preventing non-c0tnp1ian and cannot be expected to detect non-compliance with all laws and regu121ions. As part of an 3udit in accDrdance with ISAS IUKI, we exEfci5e professional judgment and mainlain profession315cepticism Ihroughout thp audit. Vve also-. Identify and assess the risks of materi31 rftisstatement of the financial statement5, whether due to frèud or £rtor: design 2nd pertorm audit procedures responsive to those risks, and obtain audll evidence that Is sufficient and appropriate to provide 8 basis lor our opinion. The r15k of not detecting a material misstatement resulting frDm fraud is higher than for one resulting from error, as fraud may involve collusion. forgery, intentional omissions, misreprebentations, or the overnde of internal control. Obtain an und8rstanding of internal control relevani to the aLJdit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiv&ness of the Internal control
Pagè 10 The Society of St Plus X Independent Auditor's Report to the Members of The Society of St Plus X Icontinued) Year ended 31 December 2024 Evaluate the approprialenesg of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the approprialenes5 of the trustees, use of the going conr basis of accounting and, based on the audit evidence obtained. whether a material uncertainty exists related lo events or Conditions that may cast significant doubl on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required lo draw attèntion In our auditor5 report lo the related disclosures In the financial statements or, if such disclosure5 are Inad&quate, to modify our Dpinion. Our conclusion5 arè based on the audit evidence obtained up lo the date ot our auditor's ieport. However, future events or conditions may cause the charity to cease lo continue as a going concern. Evaluatè the overall presentation, structure and Gontent of the financial slatemenls, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that aGhieves lair presentation We communicate with those charged with governance regarding, arnong other matter5, the planned scope and timing of the audit and significant audit findings, Including any significant deficiencies in internal control that we Identify during our audit. Use ofour report This repDrt is made solely to the charity'5 membèrs, as a bDdy, in a¢cordan¢e with section 144 of the Charities Act 2011 and regulations made Ljnder section 154 of that Act. Our audit work has been undèrtaken so that we rnight state to the chaiity's members those matters we are required to 5ts1e to them In an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume iesponsibility to anyone other than the charity and tne charity's members as a body, for our audit work, for this report, or for the opinions we have formed. Colin Reid Iseknr Statutory Aud-, For and on behalf of Burgess Hodgson LLP Chartered accountants & statutory auditor CatnbLJrgh House 27 New Dover Road Canterbury Kent CT1 3DN
Page 11 The Society of St Plus X Statement of Financlal Activities Year ended 31 December 2024 2024 Restr+cted fund5 Totsl furtds Total funds 2023 Unrestricted fvnds Note Income and ¢ndowmBnts Donations and legacies Charit8ble activities Other trading a¢tivities Investrnent income 1,111,199 37,878 429,514 154,487 152,841 1,264.040 37.878 429.514 154,487 3,729,247 30,100 428,128 148,700 Total income 1.733,078 152,841 1,885,919 4,336.175 Expenditure Expenditure on charitsble a¢tivities other •xpenditure Total expenditure 1,898,235 11.5751 1,896,66Q 105,342 2,003.577 11.5751 2.002,002 2,383.510 112.5391 2,370,971 11 105,342 Net gains on Investments 158,8871 158,887) 133,966) Net lexpenditurelllncome and net movement In funds 1104.6951 47,499 157,1961 1,999,170 Recon¢iliatlon of funds Total funds brought IoTward Total funds carried foNard 18,503,179 1,500,639 20,003,818 18.004,648 1,548,138 19,946,622 20.003,818 18,398,484 The statement of financial activities includes all gains and 5osses recognised in the year. l income and expenditUTe derive from continuing activities. rhe notes on pay¢$ 14 to 24 form part of the5t financial ststefflÈnts.
Page 12 The Society of St Plus X statement of Financial Position 31 December 2024 2024 2023 Note Fixed assets Tangible fixèd assets Investrnen15 17 18 14,148,665 14,085.747 3,065.449 2,941,021 17,214,114 17,026.7e8 Current assets Stocks Debtors Cash at bank and In hand 19 20 15,000 789,842 2,285,430 3,090,272 457,303 2,349,015 2,806,318 Greditor5= amounts falllng due within one year 21 73,810 113,222 Net current assets 2,732,508 19,946,622 20,003,818 19,946,622 20,003.618 2,977,050 Total assets less Cuent Ilabilities Net assets Funds of the charity Restricted lund5 Unrestricted funds 1,S70,834 1,500,639 18,375.788 18,503,179 19,946,622 20,003,818 Total charity funds Thèse financial staternents were approved by the board Of trustees and authorised for issue on Apra202S , and are signed on behalf of the board by.. The Revergnd D Trustee Reverend Robert Brucciani Tmstee Mr Vl E Vemor-miles Trustee ThÈ notes on pages 14 to 24 form part of these financial statements.
Pagè 13 The Society of St Plus X Statement of Cash Flows Year ended 31 December 2024 2024 2023 Cash flows from operating activities Net lexpenditurellincome 157,1961 1,999,170 Adjustments for." Depreciation of taTrgble fixed assets Net gains on investments other interest receivable and similar incomè Gains on disposal of tangible fixed assets Accrued expensesllincomel 37.209 36.024 158,8871 133,9661 1154,48n 1148,7001 11,5751 112,5391 2,500 12.3001 Changes in. Stocks Trade and other debtors Trade and other creditors 15,000 332,539 141.9121 73,191 150,000 1525,8401 36,567 Cash generated from operations 1,498,416 Interest received 154,487 148,700 Net cash from operating activiknes 227,678 1,647,116 Cash flow5 from invesling activities Purchase DI tangible assets Proceeds from sale ol tangible 8s5et5 Purchases of other Investments Proceeds from sale ol other investments Other invosting cash flow adju5tmÈnt Net cash used In investing activities 11045501 12,469,707) 6,000 14,811 1831,6911 11.536,9351 B25.037 1.972,857 158,8891 133,9661 1164,0931 12.052.9401 Net increase]Ideereasel cash and cash equivalents Cash and cash equivalents at begSnning of ygar Cash and Ga5h equivalents at end of year 63,585 2,285.430 1405.8241 2,691,254 2,349,015 2,285.430 The notes on pages 14 to 24 form part of these financial statements.
Page 14 The Society of St Plus X Notes to the Financial Statements Year ended 31 December 2024 General Information The eharity Is a public benefit entty and a registered charity in England and Wales and is uninoorpDrated. The address of the principzl office is Sl George's House. 125 Arthur Road. Witnblerjon Park, London. Statèment of compliance These financ131 statements have been prepared in compliance w1th FRS 102, The Financial Reporting Standard applicable in th8 UK and the Republic of Ireland,, Ihe Statement of Recommend8d Practice applicable lo charities preparing their accounts in accordance with th Financial Reporting Standard applicable in the UK 3nd Republic of Ireland IFRS 1021 Icharities SORP IFRS 10211 and the Charities Act 2011. Accounting policles Basis of preparation The financial statements have been prepared on Ihe historical cost basis, as tnodified by the revaluation of certain financi81 assets and liabilities and investment properties me35urpd al fair value through income or expenditure. Th8 financial statements are prepared in sterling, which is the function31 currency of the entity. Gifts in kind Gifts in kin(8 are valued at market value ancl included iri the accounts when re¢eived. Tax recoverable Tax recoverable Is included in the accounts using the 8ccrua15 concept based on amoLJnts Calculated as due at the year end Going concern There ar8 no material uncertainties about the charity's ability to continue. Legacies Legacies are includ8d on a cash received basis. or when the charity Is awaie of the entitlement and the valup of the legacy is determined. Donations Donations are included ori a cash received bas15. Deeds of covenants Deeds of covenants are Included on a cssh reTrived basis except ivhere deposited covenants have been received and these are carried forw8rd to the period to which they relate.
Page 15 The Society of St Plus X Notes to the Financial Statements Irontinuedl Year ended 31 December 2024 Liabilitie5 Liabilities are incSuded when Incurred on an accruals basis. Resources expended and the basis of allocation of costs Expenditure Is recognised on an 8ccrua15 bas15 as a liability is incurred. Expenditure inGlude5 any VAT which cannot be fully recovered. Charitable expenditure conprises those costs incurred by the charity in the delivery ol the bjects ol the charity. It includes both costs that csn be 311orated directly to such activities and those costs ol an indirect nature necessary to support them. Governance costs Include Ihose costs associated with meeting the constitutional and statutory requirements of the chèrity and include the accoufttancy and audit fees, legal advice and costs Iinketj to the strategic Management of the charity and compliance with conslitulional and Statutory requirements. Judgement5 and key sources of estimation uncertainty The preparation of the financial statements qUireS managetnent to make judgetnents, BStim3tes and 3ssumptions th2t affoct the amounts reported. AGcountina estimates and 8ssumptions are made concerning the future and, by their nature, will rarely equal the related actu81 outcome. These estirnates and judgements are continually revieived and are based on expenence and other factQT5. including expect8lions of future events that èle believed to be reasonable under the crCL1m5taneeS. Fund accounting Unrestricted funds are availab18 for use at the discretion ol the trustees io further any of the charity's PLJrposes. Designated funds are unrestncted funds &arrttarked by the trustee5 for particular future project or cornmitmenl. Restricted funds are subjected to restrictions on their 8xpenditu declared by the donor or through the terms of an appeal. and fall into one of two sub-classes.. restricted Income funds or endowment funds.
Page 16 The Society of St Pius X Notes to the Financial Statements (COnnUed1 Year ended 31 December 2024 Accounting policies (continuedj Incoming rÈsources All incoming resources are included in the statement of financial activities when entitlement has passed lo the charity., il is probable that the economic benefits associated with Ihe transzction will flow to the charity and Ihe amount can be reliably measured The following specific policies are applied tD Particular categories of incomÈ'. income from donations or giants 15 recognised when there is evidence of enbtlement to the gift, receipt is probable and its amount can be measured reliably. legacy income Is recognised when receipt Is probable and entitlement ib established Income from donated goods is me2sured at the fair value ol the good5 unless this is ifnpractical lo measure reliably. IN which case the value 15 derived from the cost to the donor or the estimated resale value. Donated facilities and seNices are recognised In the accounts when received if the value can be reliably measur&d. Nci 8mtsun15 are induded for the contribution ol general volunteers. income from contracts for the supply of seNices Is recognised with the delivery of the contracted service. This Is classilied as mstriCted funds unless there Is a contractual requirefftent for it to be spent on a particular purpose and relurned il unspent, ir) which case It may be regarded a5 restricted. Operating leases Lease payments are rpcognised as an expense over the lease tem on a slraight-line ba515. The aggregate benefit ol lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis. Tangible a55ets Tangible assets are initially recorded at cost, and subseqLJently staled at Gost less any accumulated deprecièlion and impairment losses. Any tangible assets Carried at revalued amounts are recorded at the fair value at the date Df revaluation less any subsequent accumulated depreciation and sub5eouent accumulated impairment Ios5eb. An Increase In thè carrying amount of an asset as a result ol a revaluation. Is recognised in other reEognised gains and losses. unless It reverses a charge for IrHpairment that fvas previously been recognised as expenditure wrthin the statement of financial activities. A decrease in the carrying amount of an asset a5 a result of revaluation, is recognised In other cognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses the Statement of financial 2Ctiwlies. DepreciatSon Depreciation is calculated so as to write off the cost or valuation of an asset. les5 Its residual value, ovÈr the useful economic life of that asset as follows.- Fixtures & fittings Mutor vehicles 25,10 Straight line 25 /0 reducing balan The freehold propety and long-term leasehold property is not depreciated and are held at cost, only revalued when it is likely that the propertie5 will be 501d.
Page 17 The Society of St Plus X Notes to the Financial Statements (continuedl Year ended 31 December 2024 Accounting policies {C4JJ)ElnueLII Investments Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably me35ured. assets are measured at cost less impairment. Li5tpd investments are measured at lair value wilh changes in fair value being recognised in income or expenditure. Impalrnient of fixed assèts A revieiv for indicators of Imp3irrnent is carried out at each reporting date, with the recoverable amount being estimated where such indicalors 8XlSt. Where the carying value exceeds the recoverable amount. the asset is Imp8ired accordingly. Prior impairments are also reviewed lor possible reversal at each reporting date. Stocks Stocks are measured at the lower ol cost and estimated selling price Cost includes all costs of purchase in bringlng the slDck to its present localion and condition. Firbancial instruments Financial liabilities and equity In5trurnents are classified accordir)g to the substance of the contractual arrangements enl8r8d Into. Debtors and creditors with no stated interest rato and receivable or payable within one year arg recorded at transèctson price. Any losses arising from itnpairmsnt are recognised in the profil and 1055 accoLJnt in other adminislralive expenses. Loans and borrowings are initially recounised al the Iransaction price including transaction costs. Subsequently, they are measured at amortised cost Using the effective interest rate method. less impairment. If an arrangement COnStitutes a finance transaction It is measured at present value. Donations and legacies Unre5tncted Funds Restricted Total Funds Fundb 2024 Donations Donations- UK Donations- Scandinavia 947,151 152,841 1,099,992 Legacies Legacies 164.048 164,048 1,264,040 1,111.199 152,841 Unrestricted Funds Restricted Tot81 Funds Funds 2023 Donations DDnations - UK Donations- Scandinavia 1,038.292 33,663 417,570 1,4S5,862 33,663
Page 18 The Society of St Plus X Notes to the Financial Statements (Gvrttsnu•dl Year ended 31 December 2024 Donations and legacies (conllnueul Unrestrict8d Funds Restricted Total Funds Funds 2023 Lègacies Legacies 2,239,722 3.311,677 2,239,722 3,729,247 417,570 During the year. the charity sa¥v a decline In legacy income. Alhough still material, the chanty had previously received very large legacies from a number of estates. The charity largely relies on the generosity of the donors through their estate. Charltable activities Unrestricted Tolal Funds Unrestricted Tot31 Funds Funds 2024 Funds 2023 Fund raising activitiès 37,878 37,878 30,100 30.100 Other trading aCtivstTres Unrestricted Total Funds Unrèstricted Tota5 Funds Funds 2024 Funds 2023 Rent received Schaol fees 79.564 349.950 79,564 349,950 92,724 335.404 92.724 335,4( 429,514 429,514 428,128 428.128 Investment income Unrestricted Totsl Fund5 Unrestricted Total Funds Funds 2024 Funds 2023 Other interest receivable Investrnent income 59,575 94.912 59,575 94,912 44,834 103.866 44,834 103.866 154,487 1S4,487 148,700 148,700
Page 19 The Society of St Plus X Notes to the Financial Statements [conTinuedl Year ended 31 December 2024 Experbditure on charitable actlvities by fund type Unrestricted Funds Restricted Totsl Funds Funds 2024 The leaGhings of the Roman Catholic Faith Educalional seNiees Catholic book sale5 Support costs 1,040.677 663,379 15,000 179,179 105,342 1,146,019 663,379 15,000 179,179 1,8g8,235 105,342 2,003,577 Unrestricted Funds Restricted Total Funds Funds 2023 The teachings of th8 Roman Catholic Faith Educational services Catholic book sales Support costs 1.513.000 630,846 21,593 1,534,593 630,846 218,071 2,361,917 218,071 2,383,510 21.593 EXpendItu on charitable actlvllies by activity type Activities undertaken directly Support Totsl funds Costs 2024 TDtal fund 2023 Th8 teachings Df the Roman Catholic Faith Educational services Catttolic book sales Governance costs 1,146,019 663,379 15,000 10,206 127,184 1,156,225 790.563 15,000 41.789 1,543.867 802.095 41,789 37.548 1,824,398 179,179 2,003.577 Within donation expenditure, 15 an annual contribution that thè Charity makes to the General House. The contribution each year is calculatad at 5°/D of the donation incorne excluding any funds raised for designated purposes. 2,383,51 Cl
Page 20 The Society of St Plus X Notes to the Financial Statements (¢OFJtinuedJ Year ended 31 December 2024 10. Analysis of support costs The teachings ol the Roman C8tholic Educational Govemance Farth services costs Total 2024 Tota5 2023 Premises GDvernance costs Bank charges Legal and professional lees Repairs and M8inten3nce Printing, postage and stationéry Light 8nd heat 27,585 27,585 51,995 1.258 25,586 46,822 1,262 10,206 41.789 1,258 10,912 10,912 6.856 45,884 45,884 98,810 223 41.322 223 41,322 241 38,494 10,2Ub 127.184 41,789 179.179 218,071 11. Other expenditure Unrestricted Total Funds UnrE5tricted Total FuThJs FLJnds 2024 Funds 2023 GainslLosses on disposal of tan9ible fixed assets for charity s own use 11,57>) 11,5751 112,5391 112,5391 12. Net gains on investments Unrestricted Total Funds Unie5tiicted Total Funds Funds 2024 Fund5 2023 Gainslllossesl on other investment assets 58,887 58,887 33.966 33.966 13. Net lexpendilurellincome Net lexpenditurellincotne is btated aNer chargingll¢red¢tsngl-. 2024 2023 Depreciats"on of tangible fixed assets Gains on disposal of tangible fixed assets 37.209 11,5751 36,024 112,5391 14. Auditors remuneration 2024 2023 Fees payable for the audit ol the fir)sncial statements 20,625 18,750 Fees payable ID the charity's auditor and its associates for other services". Other non-audit services 6.87S 6,250
Page 21 The Society of St Plus X Notes to the Financial Statements icaniinved) Year ended 31 December 2024 15. Staff cost5 rhe total staff costs and employee benefiis for the rèporting period are analysed as follows". 2024 2023 Wages and s8lari8s 761,308 702.007 The average head count ol employees during the year was 2412023.. 241. No employee received employee benefit5 of more than £60.000 during the year12023'. Nill. 16. Trustee retnuneration and expenses No remun8r8tion. benefits or expenses were paid to 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 Vemor-miles and Mr J Rogerson devote their entire lives to the work DI the Society In the United lQngdom or elsewhere and are wholly dependent on the Society for accommodation. food and clDthing. They do not receive 8ny firiancial remuneration. Dumng rhe period tne ¢hariry made payment5 fDF service5 to Hunters solicitors of £24,74312023.. £47.8111, a firm in which Mr W E Vernor-miles is a partner. 17. Tangible fixed a55etS Freehold Fixture5 and property fittings Motor vehicles Total Cost Al 1 January 2024 Additions Disposals At 31 December 2024 13.996.210 52,860 401,057 3,454 194,183 14,591,45Q 48,236 104,550 110,9111 110,9411 231,478 14,685,059 14.049,070 404,511 Depreciation At 1 January 2024 Charge for the year Disposals At 31 December 2024 368,634 11,977 137.069 25,232 16,5181 155,783 505,703 37.209 16,518} 536,394 380,611 Carrying amount At 31 December 2024 14,.J49.070 23,900 75,695 14.148,665 57,114 14,085.F47 At 31 Decetnber 2023 13,996,210 32,423 The charity's freehold properties include churches and substantial school buildings. St IS the Trustees, Dpinion that the market values would be in excess of the book value, although ttte cost Involved to determine the actual market valiJes are not considered effective use ol the Charity's resources. This position will be reviewed on a regular basis.
Page 22 The Society of St Plus X Notes to the Financial Statements {rGrJfin¥edl Year ended 31 December 2024 18. Investments Cash or cash Listed equivalents investments Total Cost or valuation At 1 January 2024 Additions Disposals Fair value movements 274,254 679.443 1735.3961 2.666,767 152,248 130,7541 58,887 2,941,021 831,691 1766,1501 58,887 At 31 December 2024 218,301 2,847.148 3,065,449 Impairment Al 1 January 2024 and 31 December 2024 Carying arnounl At 31 December 2024 218,301 2,847,148 2,666.767 3,065,449 At 31 December 2023 274,254 2,941.021 All investments shown above are held at valuation. Financial assets held at fair value The fair value of the listed investrnents at 31 December 2024 w3$ £2,847,148 12023". £2,666.7671 The inve5ttnents Meld are all readily marketable and have been valued by reference to the mid-market vaSue provided by the Investrnent Man8g8r_ Within listed Investments. £943,845 12023. £963,118) rel3tes to th8 fixed interest investments and £1,903,30512022. £1,701,350) relate5 to equity investments. 19. Stock5 2024 2023 Books 15,000 20. Debtors 2024 2023 Prepayments 8nd 8ccnJe¢ in¢om8 Olhei debtors 115,608 341,695 607,833 182,009 789.842 457,303 21. Creditors.. amounts falling due within one year 2024 2023 Trade creditors Accru815 and deferred income Other creditor¢ 45,819 27,500 491 108,343 25.000 120,1211 113,222 73,810
Page 23 The Society of St Plus X Notes to the Financial Statements (¢cntinuedJ Year ended 31 December 2024 22. Analysis of ¢h¥rilablè funds Unrestrlcted funds At Gains and 31 Dec 202 losses At l Jan 2024 Income ExpÈnditure Transfers General fvnds 18,503,179 1,733,078 11,896,660) 122,6961 58,887 18,375.78B At Gains and 31 Dec 202 10s5es At 1 Jan 2023 Income Expenditure Translè General funds 15.953,8SI 3,918,605 12,349,378) 946,152 33.966 18,503,179 Rèstricte(S funds At Gains and 31 Dec 202 losses At 1 Jan 2024 Income Exp8nditure Transfers Wie5elgren Legacy SMAC Project Seminarian ProjeLt Woking Project Bristol Proj8rt 8ellast Building Fund 1,323.680 1,323,680 43.458 166,1541 22.696 81,191 46.865 57,084 04 128,056 33,325 81,143 123,7591 115.4291 95.768 4.630 4,630 1,570,834 1,500.639 152.841 1105,3421 22,696 At Gains and 31 Dec 202 losses At 1 Jan 2023 Income Expenditure Transfer5 Wieselgren Legacy SMAC Project Seminarian Project Woking Project Bristol Project Belfast Building Fund 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 95,768 2,050,814 417,570 123,5931 1946,1521 1,500,639
Page 24 The Society of St Plus X Notes to the Financial Statements {¢ontinuod) Year ended 31 December 2024 23. AnalysKs of net assets between funds Unrestricted Funds Restricted Totsl Funds Funds 2024 Tangible fixed assèts Inve5trnents CLJrrent assets Creditors less than 1 year 14,148,665 1.741,769 2,559,162 173.8101 18.375,786 14,148,665 3,06S,449 2.806,318 173,810) 1.570,836 19,946,622 1,323.680 247,156 Net a55ets Unrestricted Fund5 Restricted Total Funds Funds 2023 Tangible fixed ass8ts Investments Current assets Creditors lass than 1 year Net assets 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 1,323,680 176,959 24. Analysi5 of changes in net debt At At 1 Jan 2024 Cash flows 31 De¢ 2024 Cash at bank and in hand 2,285,430 63,585 2,349.015 25. Operating lease commltments The total future minimum lease payments under non-cartcellable operating leases are as foll¢)ws'. 2024 2023 Not later than 1 yeer Later than 1 year and not later tran 5 years 5,474 31,113 5,474 5,474 36,587
Page 25 The Society of St Plus X Management Information YeaT ended 31 December 2024 The followlng pages do not form part of the financlal statement5.
Page 26 The Society of St Plus X Detailed Statement of Financial Activities Year ended 31 December 2024 2024 2023 Income and èndowments Donation5 and legacies Donations- UK Donations . Scandinavia Legacies 1,099,992 1.455,862 33,663 2,239,722 164,048 1,264,040 3,729,247 Charitable activitres Fund raising activities 37,878 30,100 Other trading activitiès Rent received School fees 79,564 349,950 92,724 335,404 429,514 428,128 Investment income Other interest receivablè Inveslrnent incoTne 59,575 94.912 44,834 103,866 154,487 148.700 Total income 1,885,919 4.336,175
Pa9e 27 The Society of St Plus X Detailed Statement of Financial Activities (continv•dJ Year ended 31 December 2024 2024 2023 Expenditure Expenditure on charltable activities Opening stock Purchases Closing stock Wages and s81aries Rènt Light and heat Repairs and maintenance Insurance 15,000 13,177 15,000 121.304 15.000 702.007 103.521 152,176 752,670 87,146 761,308 102,847 196,163 384,745 85,407 F il Motor vehicle expensès Other motorltravel costs Legal and profe55i0nal fees T8laphone Other office costs Depreciation Bank charges Centr& Gosts Sundry 7S.480 25,991 136,280 8,286 48,534 37,209 1.258 98,891 13,021 2,003,577 67.401 96,771 136,063 6,684 59,569 36,024 1.262 121.510 9,402 2.383,510 other expenditure Gain51Losses on disposal of tangible fix8d assets for charity's own use 11.575 112.5391 Total expenditure 2,002,002 2,370,971 Net galns on investments Gainslllossesl on other Investment a55ets {58,8871 133,9661 Net lexpenditureyincomts 157,1961 1,999,170
Page 28 The Society of St Plus X Notes to the Detailed Statement of Financial Activities Year ended 31 December 2024 2024 2023 Expenditure on charitable activities The teachings of the Roman Catholic Faith Activities undertaken directly Direct- Donation Direct- Salaries and wages Diiecl- Rent, rates and room hire Direct- Light and heat Direct- Repairs and maintenance Direct- Insurance Direct- Motor vehicle expenses Direct- Travel and subsistence Direct- Legal and piolessional fees Direct- Telephone Direct- Printing, postage and stationery Direct- Depreciation Direct- Gentre costs Direct- Sundry expenses 13,177 230,502 75,262 154,841 262,425 65,OS7 67,026 24,2S0 83.559 6,317 43,730 37,209 72,079 10.575 121,304 208.331 77,935 113,682 587,774 62,943 59.345 23.984 91,659 5,371 41,129 36.024 97.820 7.292 1,146,015 1,534,593 Support costs Support- Governance Educational services AGtivities undertaken directly School- Sa13rieb and wages School- Repairs and maintenance School - Insurance Schoo1- Motor vehicle expenses School - Travel and Subsistence School Telephone School- Printing, postage and st8tionery School - Centre CDSIS School - Sundry expenses 10,206 9,274 530,806 76,426 20,350 8,454 1,741 1,969 4.581 16,606 2.446 493,676 66,086 24,203 8.056 2.78F 1.313 18,199 14,416 2,110 663,379 630,846 Support costs Support School - Rent. rates and water Support School - Light and heat Support gGhool - Repairs and maintenance Support School- Legal and professional lees 27,585 41,322 45,884 10,912 25,586 38,494 98,810 6,856 Carried fonNard 125,703 169.746
Page 29 The Society of St Plus X Notes to the Detailed Statement of Financial Activities (¢QmIntd) Year ended 31 December 2024 2024 2023 Brought forward 125,703 169,746 Support School - Printing, postage and 5tsI'onery Support School- Bank charges 223 1,2S8 241 1.262 127,184 171,249 Cathollc book sales Activltlès undertaken directly Direct Books- Opening 5toGk Direct Books- Closing stock 1 S,000 15.000 115.0001 Is,000 Govornanee costs Govemance costs- audit tees Governance costs- inve5tm¢nt manager fe8S 28,750 13,039 25,000 12,548 41,789 37,548 Expeftdltur8 on charitable activities 2,003,577 2,383.510