CHARITY REGISTRATION NU￿ER. 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 Charte￿d 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. Appr0￿matelY 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 rese￿e$ 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, w￿7 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 requ1￿MentS 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 prePara￿On 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 reg￿atiOnS 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 matgriout 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 pen￿On 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.