CHARITY REGISTRATION NUER. 27469S SC042974 The Society of St Plus X Financial Statements 31 December 2025
The Society of St Plus X Financlal Statements Year ended 31 December 2025 Page Trustees, annual report Independent auditoffs report to the members Statement of financial activities 13 statement of financial position 14 Statement of cash flows 15 Notes to the financial statements 16
Page 1 The Society of St Plus X Trustees, Annual Report Year ended 31 December 2025 The trustees present Iheir report and the financial statement5 Qf the charity for the year ended 31 December 2025. Reference and admlnlstrative deLii15 R¢gistered charlty name The Society of Sl Plus X Charity registratlon number 274695 Principal offlce Sl Georges House 125 Arthur Road London SW19 7DR The Irustees Mr J Crosfield Vernor-Mile5 The Reverend Davide Pagliarani The Reverend Foucauld Le Roux Mr J Rogerson The Reverend D Shery The Reverend Robert Bruc¢iani Mr J P Bland Mr W E Vemor-miles (Resigned 14 January 2Q26) (Appointed 22 April 20261 Auditor Burgess Hodgson ALsdit Limited Charted aceounlants & statutory auditor Camburgh House 27 New Dover Road Cantgrbury Kent CT13DN Bankers Lloyds Bank plc 5 Bridge Street Newbury Berkshire RG14 58Q Sollcilors Hunters Law LLP 9 New Square Lincoln's Inn London WC2A 3QN Investment managets Raymond James Investment Service5 Limrted Ropemaker Place 25 Ropemaker Street London EC2Y 9LY
Page 2 The Society of St Plus X Trustees. Annual Report (continue Year ended 31 December 2026 structure. governan¢8 and management The Society was founded by trust deed in 1977 and is governed by the Statutes of Ihe Society of St Piu5 X dated 1976. The charity Is conslitutÈd as an unincorpor*ed charitable association. The Trustees of the Charity were granted a r£rtificate of incorporation by the Charity Commissioners on the 315t October 1g97, under the name The Tfustees of the Society of St Plus X. The Charity was assigned all assets and income arising from the Sl. Plus the Fifth As50uation Icharity number 2668571 and the Friends of the Society of St. Plus X (charity nurnber 26685SI. The Trustees have an annual fae£ to face meeting each year and hold miscellaneous video conferences as required to consider the management and operabon of the chanty's objectives and funds. The Trustees monitor the Charty's internal controls and potential areas Df risk lo 115 assets and Teserves. Wnere potential risks ar8 identified appropriate Safeguards are introduced. Important de¢isions are made by the Trustees al meelings or in correspondence but many day to day deasions are delegated to the District Superior. Mèthods te use to recrult and appoint new Charity Trustees The Trustees are not appointed for a fixed term. Power of appointment ol new Trustees vests in the Superior General ol the Society ef Sl. Plus X who selects new Trustees as and when a v8Gancy or need arises. Policies and procedures for the induction and training of Trusttss The Trustees share responsibility for the induction and training of new Trustees. They would be provided with a copy of the charity's goveming documents. annual reports and financial slateTnenls for the previous 3 ye8r5, together with the minutes of the Trustees. meeting5 for the same period and the Charity Commission's documents relating to the responsibilities of charity trustees. They would be offered advi from the charity's solicitors on their responsibilities as trustees of the charity. Furtherrnore the District Superior will explain how the charity is run on a day lo day basis and how il is managed by its Trustees. Arrangement forsetting payment and romuneration of key management personnel No key management personnel are remunerated save for small stipends paid to the District Superior and school headmaster who dedicate their enliie lives lo the administration of the Gharity.
Page 3 The Society of St Plus X Trustees, Annual Report(CDnottuedJ Year ended 31 December 2025 Objectives ond activities The Charrty was formed by Archbishop Marcel Lefebvre in 1977 lo PTomote the traditional teachings of the Roman Catholic Church primarily in the United Kingdoffl. The Charity oper*es in 26 chapelg, a school, 5 Priories and 4 other residences in Great Britain and Northem Ireland. 15 priest5 and tsvo religiou5 brothers devote theii live5 lo the work of the Charity wiihout remuner8tion. The Charity supports souls training for the priestly and religious life. It also supports elderty religious with accommodabon and p35toral care. The Charity conduct5 religious cerernonies according to the tr8ditional rites ol the Catholic Church. It min151er5 to its regular faithful and to the general public by administering sacraments, visiting the house-bound and the sick, teaching catechisrn, running rètreats, organising pilgrimages. organi5ing youth group events, oryanising Summer camps for children and publishing educab.onal material. The Charlty operates a small school for the academtc years 1-10 and employ$ 20 fv11 time and part time staff of which 15 are teaching staff. From January 2025, all education, boarding. and vocational training provided for a charge by a private school in the UK became subject to VAT * the standard rate of 20%. The Charity took the deci51Dn to pass the VAT increase on lo parents over three years Ih a 5% charge passed on In 2025 and the charity financin9 the 15Vo difference. Due to the changes in VAT rules the Charity has been able to successfully claim back a percentage of the VAT costs incurred during the construction of Sl Mi¢hael the ATchangel church which replaced the old School Chapel. The Charity will receive 8 tol81 iebate of £110,277 over a period of nine years and the first annual payment of £12,253 wa5 received in May 2026. In August 2024, the Scandinavian apostolate was transfer from the UK District lo the Society of Sl Plus X Di51TlCt of Poland. The Charity's assets in Scandinavia continue lo remain the property of the UK Chanty while a legal entity is established that the assets can be transferred lo. The Char¢ty will subsequenlty be reimbursed for the original cost or value of the assets in Scandinavia by the acquiring entity. The growth of the Charity's Congregation in the Midlands jusb.fied the purchase of a tsvo-bedruom flat in Leicester to allow a Priest to stay in the area overnight to serve the Congregation and lo rnake more sick calls in the area. The pui¢hase was completed in March 2025 for £175,000. We refer lo the Charfty Commission's general guidance on public benefft when reviewing aur aims and objectives and in planning our future activities. The Charity measures success by the number of sou15 it supports in training for the priesthood and religious life, by the number of elderly priests or religiou5 It supports: by the nLrFnber of pupils in its school, by the availabilty of religious ceremonies. religious and SDcial events and Dasloral SUDPOrt and bv the readership of printed and online conlenl.
Pagè 4 The Society of St Plus X Tru5tees' Annual Report(rtin Year ended 31 Oecember 2025 Achievements and perforniance The Charity currently has three Seminarians and one Brother from the UK, receiwng trainin9 in the USA. One Selninarian was ordained a Priest in 2026 and will be assigned to the UK District. The Charity provides accommodation for iwo ielired religious sisters 81 its Priory in Bristol. The Charity Priests regularly visit and support a nurnber of retired Priests. The Charity conducts weekly or daisy religious cerernonies in its chopels. Attendance at its 26 Chapels has increased. Additional Masses have been added lo the schedule in some locab.ons due lo increased demand. The Charity provides regular pastoral care for approxmalely 100 hc¥Js&bound and hospital-bound souls12024'. 1001. In 2025 the Charty conducted 8 Relreals12024.' 91, 2 Surnmer C8mps12024'. 21. 7 Pilgrimages12024." 4), 3 Youth Group events 12024.. 21 and 4 weekty online courses 12024.. 41 all subsidised to encourage a wide participation_ All the Charity'5 Events, Pilgrimages and Retreats are very well attended In 2025 the Charity registered approximately 40 baptisms12024.- 601, 15 marriages12024. 301 and 30 funerals12024.' 21. In May 2025 Hi5 Lordship Bishop Bernard FÈll8y spent ten days trdvelling in the District administering the Sacrament of Confirmation. There weFe five ceremonies in London, BUrghcIe, Preston, Edinburgh and Dublin. Appr0matelY 140 adu51s and children received the Sacrament. 2025 was a Jubilee Year and almost 200 pilgrims from the UK and Ireland joined an International group of approxiTnate 8,000 pilgrims on a three day SSPX pilgrimage to Rome. Almost 1,000 of the pilgrirns were Prie515, Seminarians, Nuns or religious. This special event allowed the Society of Saint Plus X to publicty promote the Traditions of the Roman Catholic Church Ihrough the public Tridentine Mass. the long procession of pilgrims singing Iraditional hyrnns and prayers led into Sl Peter's Basilica by the Superior General and Bishops of the Society. The Wodd's press took note. st. Michael's School near Newbury. conb"nue5 to offer a subsidised Catholic education for children from 4-16 years who, in many cases, would not be able to afford the cost of a private education. The School has irnplemented a corrpliant Child Safeguarding system and R15k Management syslern. In 2025 the School had 73 pupils12024'. 601 of whom the majority were day pupi15. There were 18 boy boarders at the end 012025. Thi5 Was a slight increase frorn 2024. The academic achievements of the students al St Michael's School compares extremely well with National averages Nationwide, only 120A of students take 10 GCSES or more . 200 of Sl Michael's students took 10 GCSE5 this year ' In core subjects - English, Maths and Saence - St Michael's students achieved well above National averages al Grade 4, achieving an average of 95% compared to the Nètional average of 67%. The now churth of St Mithael the Change1 constructed adjacent lo the grDunds of Sl Michael'5 SchDoI continues to support an ever increasing community ol Traditional Catholics. The Charity Gontinues 19 invest in ils properties. In 2025 the Charity spent more than £800,000 on Phase 1 of 8 major roof replacement and structural repair project at Sl. Savigurfs House Bristol which is a Grade Il" listed building. The project wll be eompleled in July 2026 al an estim*ed final c051 of £900,QOO. The Ch8Tity continued to strengthen and develop its IT systems and competencies in 2025. Following successful trials in 2024 the UK Website now has the ability lo allow secure online booking5 and
Page S The Society of St Plus X Trustees, Annual Report (continued) Year ended 31 December 2025 payments for ils events. The data synchroni5es wrth our Xero Accounting sysleTn. The data collected also enhances oijr Contact Management System. All data is collected in compliance with the Data Protection Act. The Charity has also slrenglhened it8 Risk Managemenl System. The old bespoke Risk database ha5 been replaced by Microsoft Sharepoint. Risk Documents can easily be uploaded lo the new system which provides real time slalus reports. The Charity Conducts regular Property Rewews and has scheduled maintenance activ((ies monitored by the Risk Management system The Chanty typically supports three to four Preperty Surveys undertaken by our Property Insurers each year. In addition, the Charity corstinues to Ljb'lise 'RM Works, online staff training system a5 part of its Risk miligalion strategy. In 2025 there were ZERO Safeguarding Issues. Financial review The activities of the year generated an increase in fun¢Js of £145,352 12024. decrease in fvjnds £67.1961. The movement in fvnds is after income of £1,403.327 12024.. £1,264,040) from donats'ons and legacies, £102,357 12024.. £37,878) from charitable activities, £364,739 12024.. £429,514) fTom olher trading activities and £139.91512024.. £154,487) from inve51menl income. The core activitie5 of Ihe charity have remained largely unchanged lo that of the previous year. The gross reserves at the year end were £20,091,974 {2024.' £19,946,622). The majority of these comprised fijnctional properties held for the work of the Charty. The Trustee5 also held cash of £2,418,45612024' £2,349,015) and the following investments.. Listed Investments £2.099,861 12024". £2.847,148} Cash or cash equivalents £12,56012024". £218,301) Investment policy and objectives The Charity's governing document rjaces no reslricti(Ins on the discretion of the Trustees in investing the Charity'5 a5sels. The Charity has significant interests in real property all of which is functional for the Charty's purposes and is not held as an investment. It 15 the policy of the Iruslees to invest its non-funGtional assets in Inancial inslruments as follows.. To maintain sufficient cash lo meet the Charity's short and medium term requirements,. and Inve51 the remainder In a mixture of bonds Igovemment-155ued or corporalel and woddwde equities (including collective inveslmentsl lo achieve a balanced relum in the long term between income and capital appreciation. Aside from cash un deposit, the Charity's financial investments are held by the Charity's investment advisers. The Trtjslees lake advice from their investment advisers on their investment strategy and on all investment decisions. The Trustees musl exercise care and skill wtten making investment decisions and select investmen15 that are right for the Charity, including the need lo diversify the Charity, inveslmenls. The investments are reviewed by correspondence at leasl four lirnes a year and al each Trustees, meeting. Each ieview of the Charity'5 investmerrts includes a review of the investment adviser's advice, how the Charty's investments are Ferforming, and ol the service provided by the Charity's investment adviser. The Charity does not have a fixed ethical investment policy bul would avoid investing in enlits.es which they feel Tun contrary lo the charitable objeds of the Charrty.
Page 6 The Society of St Plus X Trustees. Annual Report fc(JtttinU8d) Year ended 31 December 2025 Financial rèserves policy The Trustee5 of the Charity are of the opinion that sufficient reserves should be maintained tu SUPPOrt all fun'On31 assets used by the Charity. lo support approximately years, expenditure required lo operate the school for the continuity of the pupils, educaliori and lo retain adequate funds to maintain the properties. At 31 December 2025 the Charity had free, readily available resee$ of approximalety £3.35m {after accounting for inveslmenls, deblor5, Cash held and restricted lundsl. The Trustees will seek lo continue lo build up their liquid reserves which have been depleted in 2025 because of some subslanlial capital projects. Risks The Trustees have examined the major strategic, business and Dperational risks involved in the Charity'K 3CtiVTti8s and aro that 2pprtspriate reports and inloimation have been produced to allow Ihern lo run the Charity's operallons satisfactorily. The Trustees consider it is appropriate lo make a written record of the fisks that they face and the action they take in response to these risks. They consider risks fall within categoTies", nonnal and exceptional. Normal risks considered are as follows'_ 1. LIQUID A55Efs - The Trustee5 own liquid assets and are responslble for their security. Apart from cash required lor the day-t&day managemenl of the Soclety cash is held by one or more major banks in accounts held in the names of the Trustees who have pul in place arrangèments for access to the accounts to be closely controlled. The Iruslee5 also review Ihe safety of their banks from time lo lime. 2. FINANCIAL ASSETS - The Trustees own Investments and 8ond5. These are in the custody of financial instituty'ons chosen by the trustees who review the stsbilrty and safety OY the lnslrtuts.ons concerned. The trustee5 receive advice from qualified financiai advisers on the quality of the investments they hold. 3. PROPERTY - The Trustees own 8 large number of properties for the work af the Charity including very large old buildings such a5 churches which are regularly visited by the General Public. The trustees recognise that there are risks involved in owning buildings open lo the public and have arranged insurance to cover the risks involved including liability to the public. 4. MOTOR VEHICLES - The Trustees own motor vehicles driven by persons carrying out the Work of the Society. They recognise that motor vehicles create risk and have in place insurance arrangements lo comply with the law and cover all foreseeable risks. Exceptional risks considered are a5 follows'.- 1. The Trustees own and operate a mixed-education sthool of 73 pupils of whom the majority are day pupils. There were 18 boy bDarder5 at the end of 2025. 2. The Trustees TeGognise that robust safeguardlng policies and pradice are of existential importance lo the Charity and have appointed a Safeguarding Trustee charged wth oversight supervision of a51 safeguardin9 policies and procedure5, and the Investigation of any safeguarding incidents that may arise. The Trustees lake a close Interest in all aspects of management of the school which is v1511ed regulaty by the new District Superior, Father David Shery who was appointed on 1 sl January 2024. The former District Superior Fr. Robert Brucciani Telnains as a trustee. 3. The School is subject to supervision by the Local ALrthoiity and to regular inspection visits by OFSTED.
Page 7 The Society of St Plus X Trustees. Annual Report (¢ontinu•dJ Year ended 31 December 2025 Plans for future periods 111 Phase 1 of a major roof replacement and structural repair proiecl at Sl. Saviourfs House Bristol began in 2025 and will be completed In July 2026 at an estimated cost of £900,000. The second phase, a150 critical to the structure is planned for Spring 2027. The signrficanl expenditure on the Bristol project has been fvnded from accumulated investment reserve5 which will conb.nue lo fund the project going fonKards. Two further phases of less critical repair wll be aulhorised by the trustees inéividually depending Dn financial circumstances. The project in 10181 is estimated at £2m. 121 The Charity plan5 to continue its development of the school lo ensure legal compliance, academic Success, fin8ncial viability and growih. {31 The Charity Continues to develop its online capability lo ¢Jeliver Catholic education and livestreaming of reliaious ceremonies. 141 The Scandinavian District has now been incorporated inlo the District of Poland. The transfer of assets. and any reimbursement of the Charity for those assets, w7 take place once a formal agreement has been reached. Trustees. responslblllti85 st•teme The trustees are responsible ft)r prepanng the tru5tees' feport and the financial statemènts in accordance wth applicable law and United Kingdorn AGcounting Standards (United Kingdom Generally Accepted Accounting PraGlicel. The law applicable to charities in England and Wale5 requlres the chartty trustees to prepare financial slalements for each year which give a true and fail view of the state of affalrs of the charity and trf the incomin9 resources and application af resources, of the chanty for that period. In preparing these financBI statements, the trustees are required to.. select suitsble accounting policies and then apply them consistently., observe the methods and principles in the applicable Charities SORP", make judgments and accounting estimate5 th8t are reasonable and PTudent,' slate whether applicable UK Accounting Standards have been followed. subj'ect to any material departures disclosed and explained In the financial slatemenls., prepare the financial statements an the going concern basis unless it is inappropriate to presume that the charity wll continue in business. The trustees are responsible for keeping adequate accounting records that are SLrffiaent to sh¢)w and explain the charity's tran5action5 and disc105e with reasonable accuracy al any time the financial position of the chanty and enable them to ensure that the financial statements comply with the Charities Act 2011. the applicable ChaTltie5 (Accounts and Reports) RegulatlDIIS, and the provisions of the Trust Deed. They are also responsible for safeguarding the asset5 of the charity and hence for takinq reasonable steps for the prevention and detection of fraud and other Irregularities.
Pag8 8 The Society of St Plus X Trustees, Annual Report {conthuedJ Year ended 31 December 2025 The trustees. annual report was approved on trustees by.. 21" and signed on behalf of the board of The R8verend D O Shery Trustee Mr W E Vefnor-miles Trustee
Page 9 The Society of St Plus X Independent Auditors Report to the Members of The Society of St Plus X Year ended 31 Oecember 2025 Opinlon We have audited the financial ststemenls of The Society of St Piu5 X (the 'charity'l for the year ended 31 December 2025 which comprise the statement of financlal activlties, stalement of financi81 position, statement of cash flows and the related notes, induding a summ8ry of significant accounting polieies. The financial reportlng framework that has been applied in their preparation is applicable law and Unlted Klngdom AGcounting Standards, induding FRS 102 The Finanual Reporting Standard appllcable in the UK and RepubliG of Ireland Iunlted Kngdam Gen¢r8lty Accepted Accounting Practice). In our oplnion the financial statements-. give a true and fair view of Ihe state of the charity's affairs as at 31 December 2025 and of its incoming resouTces and application of resources, including Its income and expendibjre, for the year then ended., have bEen prEJp¥dy prepared in accordETrnce with Unrtod ngdoM GRnerally Accepted Accounting Pr8Ctice', have been prepared in accordance with the requ1MentS of the Charities Act 2011. Bas1$ for opinion We conducted our audit In accordance with International StandaTds on Auditing IUIQ IISAS (UK)) and applicable law. Our responsibilitles under those 5tandwds are further described In the audito¢s responsibllrttes for the audit of the financial slalements 5ectton of our report. We are dependent of the charity in accordance wth the ethical requirements that 8re relevant to our audit of the finanoal stslements in the UK, including Ihe FRC'S Ethical Standard. and we have fvifilled our other ethical reSponsi"11ties in accordance witr these requirefflents. We believe thal the audit evldence we have obtalned is sufficient 8nd approwiate lo provide a basis for our opinion. Conclusions rèlatlng to going concem In auditing the financial statements, we have concluded that the truste¢s' use of the going concern basis of accounting in the preParaOn of the financial statements is appropriate. 88sed on the work w& have perf¢xmed. we have not identffjsed any material uncertainties lating to events or Conditions that. individually or collectlvely. may cast si9nifi¢ant doubt on the charity's ability to continue a$ a going concern for a perlod of at least tsvelve months from wknen the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going ccncem are described in the relevarbl sections of this report.
Page 10 The Society of St Plus X Independent Audltorfs Report to the Members of The Society of St Plus X (con¢inu¢dJ Year ended 31 December 2025 Other Informatlon The othèr InformatlDn camprises the inforrnation included in the annual report, other than the finxncial statements and our audrtor's report Ihereon. The trustees are responsible for the other information. Our opinion on the financial stslements daes not cover the other inform*ion and, except to the extent otheN4ise explicitly slated in our report. we do not express any f(xm of assurance candusion thereon. In connection with our audit of the financial stslemenls, our responsibility Is lo read the other information and, in doing so, consider whelhei the other informab'on is rnalerially inconsislenl with Ihe rinanual statements or our knowledge obtainesj in the audit or otherwse appears to be rnaterially misslated. If we identify such rnalerial inconsistencies or apparent rnaleTial misstatements, we are required to determine whether there is a material misslatement in the financial statements or a material rnisstslement of the other information. If, based on the work we have performed, we condude thal there is a material misstatement of this other information. we are required lo report that fact. We have nothing to report in this regard_ Matters on which we are required to report by exceptlon We have nothing to report in respect of Ihe following matters where the Charities Act 2011 and the Charity Accounts Iscouand) Regulations 2006 las amended) requires us to repc)rt to you if, in our oplnion.. the information given In the Trustees. Report 15 inconslstent in any rnaterial respect with the financial statements,. or SLrfficient accounting records have not been kepl,. or the financial slaiemenls are not in agreement wth the accounting records and returns. or we have not recelved all the informaliDn and explanation5 we require for OUT audit. Responsibilities of trusteès As exp5ained more fully in the trustees, re5ponsibilitie5 Staternent, the trustees are responsible lor the preparation of the financial ststemenls and for being satisfied that they give a tnje and fair vlew, and for such internal control a5 the trustees determine Is necessary to enable the preparalien of financial 51atemenls that are free from material mi55tatement, whether dve to fraud or error. In preparing the financial statements. the Iruslees are respDll51bie for a55essing the charity'5 ability to continue a5 a going concern. disrlosing, as applicable, matters related lo going eoncern and using the golng cgncern basis of accounting unless Ihe trustees either intend to liqutdale the charity OT to cease operations. or have no realistic alternative but to do so.
Page 11 The Society of St Plus X Independent Audltor's Report to the Members of The Society of St Plus X (continued) Year ended 31 Decem ber 2025 Auditorfs responsibilities for the audit of the flnancSal statements Our objectives are lo obtain fea50nable assurance about whether the financial statements as a whole are frae from material misstatement. whether dLJe to Iraud or error. and to issue an auditor's report that include5 our opinion. Reasonable assurance is a high level of assuraftce, but 15 riot a guarantee that an audit conducted in accordarKe with ISAS (UK) will WayS detect 8 material misstatement when it exists. Misstatements can arise from fraud or error and are considered materlal rf, Individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial slalements. Irregularities, induding fraud, are instances of norFcomplIan with saws and regLAalions. We design procedures in line with our respansibililie5, ouilined above, to delect material misslatemenls in respect of irregularities, including fraud. The extent lo which our procedures are capable of detecting irTegularilie5. including fraud 15 de18iled below.. W8 idgntify snd Assess the risks af material misstatement of the financial statements, whether due to fraud or error, and then design and perfomi audit procedures responsive lo those risks, including obtaining audit evidenGe that is sufficient and appropriate to provide a basi5 for our opinion. In idenb"fying and assessing risks of material misstatement in resped of irregularities. including fraud and non-compliance with laws and regulations. we have considered", the nature ol the industry, control environment and business performance. We also cons1def the results of our enquirie5 of management and the Trustees, relating to their own Id8nllficalion and assessment of the risks of irregularitie5 and possible related fraud. This indudes reviewng available documentstior) on their policies and procedures and considering the design and implementation of controls. Throughout the audit lesling we are considering the incentive5 that may exist within the ory8nisation for fraud. Key areas indude timing of rec¢)gnising income around the year end, posting of unusual journals and manipulating the Charty's perfomiance measures lo meet targets. In common with all audits under ISAS IUKI, we are also required to wfurm spècific procedures to respond lo the risk of management override. We ensure we have an understanding of the relevant laws and regatiOnS and remain alert to Possible non-compliance throughout the audit. Despite proper planning and audit work in accordance th auditing standards there ale Inherent limitatson5 and unavoidable risk that we may not detect some irregularities and material misslalements in the financial statements. We are not responsible for prevenb.ng non-compliance and cannot b8 expected to delect non-compliance with all laws and regulations. A5 part of an audit in accordance with ISAS IUIQ, we exercise Professional judgrnenl and maintain professional Step.¢1Srn throughout the audit. We also. Identity and assess the risks of material rn155talement of the financial statements, whether due to fraud or error, design and perform audil procedures responsive to those risk5, and obL2in audit evidence that is sufficient and appropiiale to provide a basis for OUT opinion. The risk of not detecting a material misstaternent resulting from fraud 15 higher than for on? results.ng frorn erTOT. as fraud may involve Gollusion, forgery, intentional omissions, rnisrepresentations, Dr the override of intemal contral. Obtain an under5tandinq of intemal cgntrol relevant to the audit in order to design audit
Page 12 The Society of St Plus X Independent Auditor's Report to the Members of The Society of St Plus X (conlinuedl Year ended 31 December 2025 Evaluate Ihe appropriateness ol accounting policies used and the reasonableness of accounling esliwales and related disclosures made by the trustees Conclude on the approprialen8ss of the trustees, use of the going concern basis ol accounting and, based On the audit evidence obtained, whether a matgri<il uncertaifjty exists related to events or conditions that may cast significant doubl on the charity's ability lo continue as a going concern. If we conclude that a malerial uncertainly exists, we are required to draw attenlion in our auditor's report to the related disclosures in the financial statements or, if such disclosures are incidEouale, lo modify our opinion. Our conclusions are bJsÉ:d on the 3udil evidence oblaincd up lo the dale of our auditor's report. However. future events or corTrditions may cause the charity lo cease to conlinue as a going eoncern. Evaluate the overall presentation, structure and conlenl of the financial slalemenls, including the disclosures, and whelher the financial slalemenls represent the undedying trJnsaGtions and events in a manner that achieves fair presentation. We communi¢ale with those chaT9ed with governance regarding, among other rnallers, the planned scope and liming ol the audit and signilicanl audit findings, including any significanl deficiencies in internal control thal we identify during our audit. Use of our report This report is made solely to the charity's members, as a body, in accordance with seclion 144 of the Charilies Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might slate to th& charity's tnembers those matters we are required to slate to them In an auditor's report and lor no olher purpose. To the fullest exlenl permitted by law, we do not accept or as5Utne responsibility lo anyone other than the charity ènd the charity's members as a body, for our audit work, for this report, or for the opinions we have formed. Daniel Proctor ACA (Senior Slalulory Auditor) For and on behalf of Burgess Hodgson Audit Limited Chartered accounlanls & slalulory auditor Camburgh House 27 N8w Dover Road Canterbury Kent CT1 3DN '1 *FbLnibgc to?6 Burgess Hodgson Audit Limited are eligible to act as auditors in terms ol section 1212 01 the ComDanies Act 2006.
Page 13 The Society of St Plus X ststement of Financial Activities Year ended 31 December 2025 202S Restricted funds Total funds Total funds 2024 Unrestricted fund5 Note Income and endovmients Donations and legacies Charitable activities Other trading aGtivilies Investment incorne 1,335.129 102,357 364,739 139,915 68,198 1,403.327 102,367 364.739 139.915 1,264,040 37,678 429.514 154,487 Total income 1,942,140 68,198 2.010.338 1,885,919 Exponditure Expenditure on charitable activities Oth8r expendilu Total expenditure B.9 11,161.6081 11 8.662 {1.172,946} (813,1691 11.986.11 $1 12,002,002) 1813,169) {1.994.777) {2,003,5771 8.662 1,575 Net gains on investments 121.129 121.129 58,887 Net incomol{expendrture} 890,323 1744.971) 146,352 157.1961 Transfers between funijs 1710.6371 710.637 Net movement rn funds 179,686 (34,3341 145,352 (57,1961 Reconclliation of funds Tot81 tunds brought foTwaid Total fund5 carried fovward 18.375.7 1,570,834 19,946,622 20,003,818 1.538,500 20,091.974 19,946,622 18,555.474 The statement of financial aclivitses includes all gains and losses recognised in the year. l income and expenditure deTive from continuing acb'wties.
Page 14 The Society of St Plus X Statement of Financial Position 31 December 2025 2025 2024 Fixed assets Tangible fixed assets Investments 17 18 15,200,766 14.148,665 2,112.421 3,065.449 17,313,187 17.214,114 Current assets Debtors Cash al bank and in h8nd 19 466.281 2,418.456 457,303 2,349.015 2.884.737 2.806,318 Creditors- amounts falling due within one year Net cuirent assets 20 105,950 73,810 2,778,787 20.091.974 19,946,622 2,732,508 Total assets 18$$ currgnt liabilities Net assets 20,091,974 19,946.622 Funds ofthe tharty Restricted funds Unrestricted funds 1,536,500 1.570,834 18,555,474 18,375.788 20,091,974 19,946,622 Total charity funds 21 The inancial stalernents wern approved by the board of tNslo0s and aLrthorised for issue on k.... and are signed on behalf of the board by: The Reverend D O Shery Trustee Mr W E Vemor-Mi18S Trustee
Page 15 The Society of St Plus X statement of Cash Flows Year ended 31 December 2025 2025 2024 Cash flows from operatlng activleS Nel incomel(expenditurel 145,362 157,196) Adjustments ft)r.' Depreciation of tangible fixed assets Net gains on investment5 Other interest receivable and similar income Gains on disposal Df tangible fixed assets Accrued expenses 3S,524 37,209 1121.1251 158,8871 (139,9151 1154,4871 18.662) 11,5751 40.885 2.500 Changes in.. Stocks TTade and other debtors Trade and other credrtors 15.000 332.539 {41.912) 73,191 18,9781 18,7451 165,6681 Cash generated from operations Interest received 139,916 154,487 227,678 Net cash from operating acb'vlties 74.247 Cash flov from investing aVItIeS Purchase of tangible asset5 Proceeds from sale of tanglbla assets Purchases of other investmen15 Proceeds from 581e of other Investments Other investing cash flow adjustment Nel cash used in investing activities {1,092.279) {104,5501 13.316 6,000 11.000,4461 1831.6911 2,195,721 625,037 {58.889) 1164,0931 14.8061 Net Increase in cash and cash equlvalants Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year 69.441 2.349.D15 2,418,456 63,585 2,285.430 2,349,015 The note$ on pages 16 to 28 fomi part of these finoncial Statements.
Page 16 The Society of St Plus X Notes to the Financial Statements Year ended 31 December 2025 General infomiation The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is Sl George's House, 125 Arthur Road, mbledon Park, London. Statement of compliance These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting StandaTd applicable in the UK and the Republic of Ireland., the Statement of Recommended Practice applicabSe to Charities wepafing their account5 in accordance the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (Chantie5 SORP IFRS 10211 and the Charities Act 2011. Accounting pollcies Bas of prBparation The financial Statements have been prepared on the historical cost basis, a5 modified by the revaluation of certain finanual assets and liabilities and investsTent properties measured at fair value through income or gxpenditure. The finanaal stslements are prepar9d in 51erliny, which is the functional currency of the entity. Glfts in kind Gifts in kind are valued at market value and induded in the accounts when received. Tax recoverable Tax recoverable is included in the accounts using Ihe accruals concept based Dn amounts calculated as due at the year end. Golng concern There are no material uncertainties about the chartLy'5 ability to continue. Legacles Legacie5 are included on a cash received basis, or when the charity is aware of the ents"Ilemenl and the value of the legacy is determined. Donatlong Donations are included on a cash received ba515. Deeds of covenants Deeds of covenants are inc5uded on a cash received basis except where deposited covenants have been received and these are carried forward tD the period lo which they relate.
Page 17 The Society of St Plus X Notes to the Financial Statements icontsnued) Year ended 31 December 2025 Liabilities Liabilities are included when incurred on an accrua15 basis. Resources expended and the basf5 of allocation of costs ExpendituTe is recognised on an aceruals basis as a liability is incurred. EMpenditUTe inrlude5 any VAT which cannot be fvlly recovered. Charitable expenditur8 comprises those cost5 inCued by the charbty in the delivery of the object5 of the charity. It includes both costs that C8n be allocated direcrfy to such acb¥its"es and those costs of an indireet nature necessary to support them. Governance c051s include those costs associated wth meeting the ¢SlUtIonal and slalutory requirements of the chaTity and inGlude the acT))uttsncy and audit fees, legal advice and costs nked to the strategic management of the chaw and compliance wth constitubond and stalulory Tequiremenl5. Judgements and key sources of estimation uncertalnty The prepardtlon of the financial ¥t*ements requires management to make ludgemenls. estimates and assumpb'ons that affect the amounts reported. Accounting estimates and as5umplions are made concerning the future and. by their nature, will rarety equal the related actual outcome. These estimates and judgement5 are continually reviewed and are based on experience and other f8Ctors, induding expectations of future event5 Ihat are believed to be reasonable under the circurn51ances. Fund accounting Unrestricted funds are available for use al the dIretIOn of the trustees to further any of the charity's purposes. Designated fund5 are unrestncted fijnds earmarked by the trustees for particular future wojecl or commitment. Re5tn"cted fund5 are subjected to restrith.ons on their expenditure declaied by the donor c Ihrough the terms of an appeal, and fall into one of sub-classes.. restricted income ftjnds or endowment funds.
Page 18 The Society of St Plus X Notes to the Financial Statements {¢ontinuedJ Year ended 31 December 2025 Accounting polScles fcDntiuu#dJ Incoming resour¢8s All incoming resources a included in the statement of financial actyvbti'es when entitlement ha5 passed to the charity.. il is probable that the economic benefits associated wrth the transaction will flow to the charity and the arnovnt can be reliably rneasured. The fallowing Specific policies are applied lo particular calegDries of incolne. income from donats'ons or grants is recognised when there is eviden of entitlement to the gift, reIpt 15 probable and ils amount Gan be measured reliably. legacy Income is recognised when receipt is probable and enliuement is established. income from dcnaled goods is measured at the fair value ol the goods unless this is impractical lo measure reliably, In which case the value is derived Irorn the cost to the donor OT the estimated resale value. Donated facilitie8 8nd sery1$ are iecognised in the aEcounts when received if the value can be reliably measwed. No amounts are induded for the contribution of general volunteers. income from contracts for the supply of services is recognised with the delivery of the contracted service. This is dassified as unrestricted fund5 unless there 15 a contractual requirement for il to be spent on a parts'cular purpose and rètumed rf unspent, in which case il rnay be regarded as restricted. Operatlng leases Lease payments are Tecognised as an expense oveT the lease term on a slraighl-line basis. The aggregate benefit of lease incents.ves is recognised as a reduction to expense ovef the lease term, on a slTaight-lire basis. Tanglble assets Tangible assets are initially recorded at cost, and subsequently stated at C051 less any accumulated depreciab.on and impairrnent losses. Any tangible assets carried al revalue amounts are recorded at the fair value at the date of revaluatien less any subsequent accumulated depreaalion an(J subsequent accumulated imp8irment losses. An increase in the carrying amount of an asset as a resuli of a revaluation, is recognised in other recognised gains and1055es, unless il reverses a charge for impairment that has previously been recognised as expenditure within the 51atemenl of financial activities. A decrease in the carrying amaunl af 3n asset as a re5uII of ievaluation. is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown wrthsn
Page 19 The Society of St Plus X Notes to the Financlal Statements (continued) Year ended 31 December 2025 Accountlng policies fconlinuedj Investments Unlisted equity investments are initially Corded at cost, and subsequently measured al fair value. If fair value cannot be reliably measured, assets are measured at cost less impaimient. Listed investments are measured al fair value with change5 in fair value being recognised in income or expendrture. Impairment of fixed assets A review for indicators of impairment is carried out at each reporting Oale, with the recoverable arysgunl being e5tirnaled wheTe such indicators exisL Where the carrying value eXedS the recoverable amount, the asset 15 impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting dale. Flnancial instrum8nts Finanaal liabilities and equity instruments are dassified accoriling to the substance of the contractual arrangements entered into. Debtors and creditors with no staled interest rate and ¢eNable or payable within one year are recordeé at transaction pri. Any losses arising frorn impaimient are Tecognised in the profit and loss account in other administrative expen5e5. Loan5 and borrowings are initially recogni5ed at the transaction price including transaction costs. Subsequently, they are measured al amortised cost using the effectbve interest rale rnelhod, less irnpairment If an arrangement constitutes a finance transaction it is measured at present value. Defined contribution plans Contributions to defined contribution plans are recognised as an expense in the period in which the related seNice Is provided. Prepaid contributions are recL)gnised as an asset lo the extent that the prepayment WIIS le8d to a raduction in futufe payments or a cash refund. The Charity contributes to the Teachers, Pension Defined Benefrts Scherne al rates set by the Scheme Actuary and advlsed to the Trustees by the Scheme Administrator. The scheme Is a mult4 employer pension scheffle and il is not possible to identfy assets and liabifilies of the scheme 1¢h are attributable to the school. In accordance with FRS102 therefore. the scheme is accounted for as a defined contribution scheme. Donatlons and legacles Unrestricted Funds RestTted Total Funds Funds 2025 Donations DonatiOn5- UK 944,891 68.198 1.013.089 Legacies Legacies 365.238 365,238
Pago 20 The Society of St Plus X Notes to the Flnancial Statements fcontinuE Year ended 31 December 2026 Donatlons and legacies (Mntsnyedj Unrestrided Funds Restricted Total Funds Funds 2025 Grants Grants receivable 25,000 2S.000 1.335,129 68.198 1.403,327 Unrestricted Fund5 Restricted Totsl Funds Fund5 2024 Donations Donations- UK 947,151 152,841 1,099,992 Legacies Legacies 164,048 164,048 Grants Grants receivable 1,111.199 152,841 1,264,040 During the year. the charity became entided to an eylate, the principal asset of whith is a property that ttas been s(d subject lo contract. As the sale ha5 not yet completed, the value of the legacy remains uncertain and h8s not been recognised in the financial statements. The trustees estimate the value receivable to be approximately £300,000. Charitable actlvities Unrestricted Total Funds Unrestricted Totsl Funds Funds 2025 Funds 2024 Fund raising activities 102,357 102,357 37,878 37,878 Other tradlng activltles Unrestricied Total Funds unresln.cted Total Funds Funds 2025 Fund5 2024 Rent received School fees 95,503 269,236 364.739 95,503 269,236 364,739 79,564 349,950 79,564 349,950 429,514 429,514
Page 21 The Society of St Plus X Notes to the Financial Statements {¢OntintsedJ Year ended 31 December 2025 Investment income Unrestricted Total Funds Unrestricted TDI81 Funds Funds 2026 Funds 2024 other interest receivable Inveslmenl income 62,863 77,052 139,915 62.883 77,052 139.91 S 59.575 94,912 59,575 94,912 154,487 154,487 Expénditurn on charitable aGtlvitles by fund type Unre8tricted Funds Restricted Totsl Fund5 Funds 2025 The teachings of the Roman Catholic Fallh Educational services Catholic book sale5 S4JPPOrt costs 271,238 742.233 813,169 1.084,407 742,233 168,137 168.137 1,181,608 813.169 1,994.777 Unrestricted Funds Restricted Total Funds Funds 2024 The teachings of the Roman Catholic Faith Eduealional seryices Catholic book sales Support costs 1,040,677 863,379 15,000 179,179 105.342 1,146,019 663,379 15,000 179,179 2,003.577 1,698,235 105,342 Expenditure on charilable activilie5 by activlty typ• ActiVe9 undertaken diredy Support Total funds costs 2025 Total fvnd 2024 The leacTrMngs of the Roman Catholic Faith Educational services Catholic bDok sales Govemance costs 1,084,407 742,233 4,440 109,399 1,088,847 851.632 1,156,225 790,563 15,000 41,789 1,826,640 168,137 1,994.777 2,003,577 thin donation expenditure, is an annual contribution that the Charity makes to the General House. The contribuLion each year is calculated at 5% of the éonation income excluding any funds raised foi designated purposes. 54.298 54,298
Page 22 The Society of St Plus X Notes to the Financial Statements {continu Year ended 31 December 2025 10. Analysls of support costs The teachings of the Roman Catholic Educational Govemance Faith services costs Totsl 2026 Total 2024 Premises Govemance cos15 Bank charges Legal and professional fees Repairs and Maintenance Printing. postage and stallonery Light and heal 17,399 17,399 58.738 1,306 27,585 51,995 1,258 4,440 54,298 1,306 9,539 9,539 10,912 47,526 47.S26 45,884 360 33,269 360 33,269 223 41,322 4,440 109,399 54,298 1S8,137 179,179 11. Other expendituwe Unrestricted Total Fund5 Unrestricted Total Funds Funds 2025 Funds 2024 GainslLosses on disposal of tsngible fixed assets for charity's own use 18,6621 {8,6621 11,5751 {1,5751 12. Net galns on Investments Unrestrioted Tolal Funds Unrestricted Totsl Funds Funds 2025 Funds 2024 Gainslllos5esl on other investment assets 121,129 121,129 58,887 58,887 13. Net incamel{expenditure) Net incomellexpenditurel is stated after chargingllueditingl.. 2025 2024 Depreciation of tangible fixed assets Gains on disposal of tangible fixed assets 35.624 18.6621 37,209 11,5751 14. Auditor5 remuneration 2025 2024 Fees payable for the audit of the financial 51atem9nts 18,150 20.625 Fees payable to the charity's auditor and ils associates for other servIs. other non-audit services 12,100 6.875
Page 23 The Society of St Plus X Notes to the Financial Statements fcontfnue&) Year ended 31 December 2025 14. Auditors remun8ration fconfinuedj During the year, the company's auditor changed from Burgess Hodgson LLP lo Burge5S HoLlgson Audit Limrted following a change in legal structure of the audit firm. 15. Staff ¢05ts The lolal staff costs and employee benefits for the reportj.ng period are analysed as follows." 2025 2024 Wages and 5alaTies Employer GontribLrtions lo pension plans 742.225 91.260 687.156 74.152 833,485 761,308 The average head count of employees during the year was 2712024.. 241_ No employee received employee benefits of more than £60,OOD during the ye8r12024.. Nill. Key Management Personnel The total amount of e7nployee benefits. includlng employers nalional insurance and pension onknbutions, received by Key Management Pewnnel is £1,800 12024= £4.0501. The charity consideT5 Ils Key Management Personnel to Comprise the Tfustees and the Headmaster. The HeadmBsler is not an employee but devotes their time Ip the School and is dependent on the Charity foi accommodation. food and rlothing. The Headmaster is remunerated via stspends and received £1.800 in the year. 16. Trustee remuneratlon and expenses No remuneration. benefits or expense5 were paid to the TTUStees of the Charity in the current or previous year, other than gtipends of £3,580 paid to Fr D Sherry for hi5 role as District Superior and Priest. All the Trustees wrth the exception of Mr J G Vernor-Mile5, Mr W E Vernor-miles and Mr J Rogerson devote their entire lives lo the work of the Society in the United Kingdom or elsewhere and are wholty dependent on the Sociely for accommodation, food and clothing. During the period the Charity Inade payments for service5 to Hunters Law LLP of £38.66012024'. £24,743). a firm in which Mr W E Vernor-miles is a partner. Dunng the period, two trustees were reimbursed for expense5 incurred in carrying out their duties on behalf of the charity. Reimbursed expenses totalled £437.6512024.' ENill. comprising £196.99 paid lo Fr D Shery and £240.66 paid lo Mr J RogerS0n.
Page 24 The Society of St Plus X Notes to the Financlal Stalements (conb"nu•dJ Year ended 31 December 2025 17. Tanglble fixed assets Long Freehold leasehold Fixtures and property property frtbngs Motor vehide5 Tolal Cost At 1 January 2025 Addth"ons Disposals At 31 December 2025 13.991,445 847,078 57,625 178.462 404,511 23.933 231,478 14,685.059 42.806 1.092.279 125,3281 125,3281 248,956 15.752.010 14,838.523 236,087 428,444 Deprecialion At 1 January 2025 Charge for the year Disposals At 31 December 2025 380,611 14,B91 155,783 20,633 (20,674) 155,742 536,394 35.524 120,6741 651,244 395,502 Carrying amount At 31 December 2025 14,838,523 236.087 32,942 93,214 15.200,766 At 31 December 2Q24 13,991.445 57,625 23,900 75,695 14,148,665 The charity's freehold and leasehold prope"e$ include churches and substanb.al 5th001 buildings. It is the Trustees, opinion that the market values would be in excess of the residual value. A5 a result, no depciall0n is provided for the properb'es. This position will be reviewed on a regular basls. 18. Investments Cash or cash Listed equivalents investments Total Cost or valuatlon Al 1 January 2025 Addth'ons Disposals Fair value movements 218,301 957,867 11,163.6081 2,847,148 3,065.449 42,579 1,000,446 (910.9841 {2,074,5921 121,118 121.118 At 31 December 2025 12,560 2,099,861 2,112.421 lrnpalrment At 1 January 2025 and 31 December2025 Carrying amount At 31 December 2025 12,560 2,099.861 2,847,148 2,112,421 3,065,449 Al 31 December 2024 218,301 l investments shown above 3re held at valuation.
Page 25 The Society of St Plus X Notes to the Flnancial Staternents (cononuedj Year ended 31 December 2025 18. Investments frontsnuedj Flnanclal assets held at fair value The fair value of the listed investrnents at 31 Oecember 2025 was £2,099,861 12024-. £2.847,1481. The investments held are all readity marketsble and have been valued by reference to the mi(kmarket value provided by the Investment Manager. Wthin listed investments, £300,574 12024.. £943.8451 reiales to the fixed interest inv85tments and £1,799,28712024'. £1,903,305) relates to equty investfnenls. 19. Dobtors 2025 2024 Prepayments and accrued income Other debtors 216,658 249.823 115,608 341,695 466,281 457,303 20. Croditors.. amounts falling due within one year 2026 2024 Trade creditors AccruJs and deferred income Social security and other tsxes Other creditors 18.530 68.385 14,365 4,670 106.950 45,619 27.500 491 73,810 21. Analysis of charitable funds Unrestrlcted funds At 1 Jan 2025 Gains and At 105ses 31 Dec 2025 Incorne Expenditure Transfers Gener funds 18,375,788 1,942,140 11,172,946) 1710,6371 121,129 18.555,474 At 1 Jan 2024 Gains and At losses 31 Dec 2024 Income Expenditure TransleTS General lunds 18,503,179 1,733,078 11,896,860) 122,6961 58,887 18.375,788
Page 26 The Society of St Plus X Notes to the Financial Statements Icontinuedj Year ended 31 December 2025 21. Analysis of charltsble funds (cvrtin# Restrlctgd funds Al 1 Jan 2025 Gains and At losses 31 Dec 202S Income Expenditure Transfers WieselgTen Legacy SMAC Prolect S?minarian Prgject Woking Project Bristol Project Belfast Building Fund School in Irdand 1,323.680 1,323.680 128.056 33,325 81.143 45.726 {1,1311 172,651 33.325 20,258 (812,038} 710,637 4.630 4.630 2.214 1.536.500 2,214 68,198 1,57D,834 1813,169) 710,637 At 1 Jan 2024 Gains and At 1055es 31 Dec 2024 InGurne Expenditure Tran51ers Wieselgren Legacy SMAC Project Seminarian Pioject Woking Project Bristol Project Belfast Building Fund School in Ireland 1,323,680 1,323,680 43.458 (68,1541 22,696 61,191 46,865 57,084 804 128,056 33,325 81,143 123,7591 115,4291 95.766 4.630 4.630 1.500.639 152.B41 1105,3421 22,696 1,570,834 eselgren legacy - this is a restricted fund hdd by the charity whith must be applied ether for the Scandinavian District or for the Headquarters of the Soaety of St. Plus X in Menzingen, Switzerland. Seminarian project- This fund is used to pay Seminarian Training Fees. Woking project - These are restricted fjJnds donated to the charrty specifically for capital renovation works al Woking. Bnstol project - These are restricted funds donated to the charity specificalty for ca11 renavalion works at Bristol. Belfast building fund - The5p are restricted funds donated lo the charity specifically for capital renovation works at Belfast.
Page 27 The Society of St Plus X Note5 to the Financial Ststements Iconlinue Year ended 31 December 2025 22. Analysis of nèt assets botyieen tunds Unrestricted Fund5 Restricted Total Funds Funds 2025 Tangible fixed assets Investments CLrrrent assets Creditors les5 than 1 year Net assets 15,200,766 2,112.421 1,34B,237 1105.9501 18,555,474 15.200,766 2.112,421 2,884.727 {106.9501 1,536,500 20.091.974 1,536,500 Unrestricted Funds Restricted Total Funds Funds 2024 Tanglble fixed assets Investrnents Current assets CreditoT5 less than 1 year Net assets 14,148.665 1,741,771 2,559,162 173,8101 18,375,788 14,148,665 3,065,449 2,806,318 173,8101 1,570,834 19.946,622 1.323.678 247,156 23. Analys18 of changes in net debt At 1 Jan 2025 Cash flows 31 Dec 2025 Cash at bank and in hand 2,349,015 69,441 2,418,456 24. Operating lease commitments The lolal fijlure minimum lease payrnents under noTrcancellable operating leases are a5 follLKvs.' 2025 2024 Not later than 1 year Later than f year and nL)t later than 5 years 987 987 5.474 1.974 5,474
Page 28 The Society of St Plus X Notes to the FinanGial Statements (tontffiued) Year ended 31 December 2025 26. Pension commltments The Charf(y operates a defined contribution pension scheme for non-teaching staff. The assets of the scheme are held sep8ratdy from Ih05e of the Chanty in an independently administered fund. The pension c05t charge represents cothbutions payable by the Charity to the fund and amounted to £4.826 12024.. £10,148). There were outstanding contrbbulions payable at 31 December 2025 of £nil12024'. £nill. The Charity a150 parti¢ipate5 in the Teachers. Pension Scheme England and Wales (TPS). The TPS is a multi-ernployer defined benefit scheme_ The pension chaigB for the year inclLbdes employers contributions payable to th8 TPS of £86.434 {2024." £84.1771. which exdudes payments and refunds in respect of prior periods. There were outstanding contributions payable at 31 December 2025 of £6.80612024'. £7,383). The latest actuarial valuation of the TPS related lo tho period ended 31 Marctt 2024. Teachers. Pension Scheme The Teachers, Pension Scheme ffPSI is a statutory, contribuiory, defined benefit scheme. govemed by the TeaGhers' Pension Scheme Regulations 2014. Membership is automatic for full-bme teacher5 in academies. All teachers have the option to opt-out of the TPS fo51owing enrolmenL The TPS 15 an unfunded scheme to which both the rnember and employer makes conlribulions, as a percentage of salary - these contributions are credited to the Excttequw. Retirement and other pension benefits are paid by public fund5 wovided by Parliament. Valuation of the Teacher5. Pension Scheme The Government Actuary, using noTmal aGtU8rial principle5, conducts a formal actuarial review of the TPS in accordance with Ihe Public Service Pensions (Valuations and Employer Cost Capl Directions 2014 published by HM Treasury every 4 years. The of the review is to specify the level of future contributions. ActU8rf815cheme valuations are dependent on assumpti¢)ns al>out the value of fvjture costs, design of benefits and rnany other factors. The latest actuarial valuation of the TPS was carried out al the 31 March 2024_ The ¥uation report was published by the Department for E¢Jucation on 1 July 2026. The key elements and 85sumptions of the valuation-. employer contribution rates sel at 28.630/0 of pensionable pay lo 31 March 2026. reducing to 17.68% from 1 April 2027 (including a O.08Oh a(Jministration levyl. financial assuwnptions include a discount rate of CPI + 1.7'h12024. 1.7°fil and rates of salary Increases in the near term peaking at 6.IOh in 2025126, before tapeiing to amund 2.1%.2.30 In the medium temi and then slatsilising at 3.8Vo in the long lemi12024'. 40AI. demographic assumptions include future rnortalty improvements whith are In line with 2022 ONS projections. pensionable payroll growih is in line with public service earnings growth. The next valuation sU11 is due lo be implemented from 1 April 2027. A copy of the valuation report and supporting documentation 18 Dn the TeacheTS' Pensions web51te_ Under the definitions set out in FRS 102, the TPS is an unfunded multi-employer penOn scherne. The Trust has accounted for ils contributions lo the scherne as if it were a defined conlnbutlon 5Gheme. The Trust has set out above the information available on the scheme.