Charity registration numbers: 296042 (England and Wales) SC037889 (Scotland) 

**THE PIOUS SOCIETY OF THE DAUGHTERS OF ST PAUL TRUSTEES’ REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025** 




## **The Pious Society of the Daughters of St Paul Contents** 

||**Page**|
|---|---|
|Reference and Administrative Details|1|
|Trustees' Report|2-20|
|Independent Auditor's Report|21—25|
|Statement of Financial Activities|26|
|Statement of Financial Position|27|
|Statement of Cash Flows|28|
|Notes to the Statement of Cash Flows|29|
|Notes to the Financial Statements|30—44|
|The following pages do not form part of the statutory accounts:||
|Detailed Statement of Financial Activities|45—46|





## **The Pious Society of the Daughters of St Paul Reference and Administrative Details For The Year Ended 31 December 2025** 

**Trustees** Sister Elaine Penrice FSP - Chair Sister Josette Spitteri Cremona FSP (appointed 17/05/2025) Sister Florence Wahome FSP Sister Angela Grant FSP **Charity Number** 296042 (England and Wales) SC037889 (Scotland) **Principal Address** 84 Church Street Liverpool L1 3AY **Accountants** JDT Accountants Ltd 45 South Mossley Hill Road Liverpool L19 3PY **Auditors** Buzzacott Audit LLP 130 Wood Street London EC2V 6DL **Bankers** Barclays Bank plc Leicester LE87 2BB 

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## **The Pious Society of the Daughters of St Paul Trustees' Report For The Year Ended 31 December 2025** 

The Trustees present their statutory report together with the accounts of the Pious Society of the Daughters of St Paul (“the charity”) for the year ended 31 December 2025. The charity trades under the name Pauline Book Centre. 

The accounts have been prepared in accordance with the accounting policies set out on pages 30 to 34 of this document and comply with the charity’s trust deed, applicable laws and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102). 

## **Introduction** 

The Daughters of St Paul (“the Congregation”) is an international Roman Catholic religious Congregation founded by Blessed James Alberione in Alba, Italy, in 1915. Mother Thecla Merlo was the co-foundress and first Superior General of the Daughters of St Paul. Mother Thecla died on 5 February 1964 and was proclaimed “Venerable” on 22 January 1991. 

In terms of Canon Law the Congregation of the Daughters of St Paul is an Institute of Pontifical status. 

On 1 December 2025 the Daughters of St Paul numbered 1,758 sisters throughout 51 countries composed of 192 communities. The Congregation forms part of a worldwide group of congregations known as the Pauline Family. The Daughters of St Paul follow the Congregation’s Constitutions and Directory, approved by the Holy See on 26 January 1984. 

## **Mission** 

As stated in the Constitutions of the Congregation, the name ‘Daughters of St Paul’ expresses a fundamental relationship with St Paul the Apostle. The main objective of the Congregation is the perfection of charity to be attained through the spirit and practice of the evangelical counsels of poverty, chastity and obedience in common life and to communicate the Good News of Jesus Christ in the world with the most modern means of social communication. 

Pauline Book Centre ensures that, at all times, it is acting in the public benefit, and the Trustees confirm that they have paid due regard to the Charity Commission’s public benefit guidance. 

Chapels in Pauline Book Centres are open to the public for prayer and masses. In view of public benefit and a culture of education, Pauline Book Centre seeks to provide resources and occasions of encounter to help all people grow in faith and peace. 

As Pauline Book Centre continues to reach out to new people, the sisters explore the most modern ways of proclaiming Jesus Christ to the world. Aware of the potential of the internet, social media and developments in technology, they avail of these new means and appreciate the interest and feedback they receive from the public. 

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## **The Pious Society of the Daughters of St Paul Trustees' Report For The Year Ended 31 December 2025 (continued)** 

## **Objectives, activities, and relevant policies** 

## **Activities:** _**Pauline Book Centre**_ 

Throughout 2025, the Charity operated across four locations in the UK: London, Liverpool, Newcastle and Glasgow. Its primary means of serving people has been through the Pauline Book Centre websites, complimented by the physical book centres on the high street. 

Pauline Book Centre productions include resources that are either sourced or commissioned and distributed by the Charity to support local communities in their faith journey and educational programmes. Products developed by the sisters remain a key way of fulfilling the Charity’s mission and objectives. These resources also represent one of the Charity’s principal sources of income, which is used entirely to advance its charitable objectives. 

## **New products of 2026** 

We have for many years, produced our Icon & Word Calendar, featuring beautiful icons created by artists from diverse parts of the world. In addition, we collaborated with our sisters in the Philippines to introduce Gospel Power to UK audiences – a publication offering daily spiritual reflections on Sacred Scripture. This much-anticipated resource has become one of our most sought-after publications. 



This year we also were happy to work with Archbishop John Wilson of Southwark diocese to produce a beautiful new book on the Rosary, augmented with information about St Oscar Romero and additional prayers and reflections inspired by the spirit of this holy man. We had book launches in London, Liverpool and Glasgow to welcome customers. 

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**The Pious Society of the Daughters of St Paul Trustees' Report For The Year Ended 31 December 2025 (continued)** 


## **Pauline Book & Media Centres...** 

## **London** 

Our Pauline Book Centre outlet in Kensington remains a small but vital presence, serving our London patrons in collaboration with the parish of Our Lady of Victories Catholic Church. The space, located at the church entrance, was formerly the parish repository. Thanks to the generous support of the parish priest and parishioners, we continue to provide opportunities for ongoing formation and evangelisation in London. We are grateful to have two dedicated volunteers who help keep this outlet open to the public. 

## **Liverpool** 

Our Pauline Book Centre at 84 Church street, located near the heart of the city’s commercial district and within easy walking distance of both Central and Lime Street Stations, continues to welcome visitors from across the world. The community of Sisters works diligently to serve patrons through the physical store, as well as via the distribution warehouse and the central office that supports the Pauline Book Centre website. 

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## **The Pious Society of the Daughters of St Paul Trustees' Report For The Year Ended 31 December 2025 (continued)** 



## **Outreaching** 

Pauline Book & Media are not limited to its traditional outreach locations; we regularly visit local churches and conference centres to ensure our services reach as many people as possible. 



Besides this, we attend various encounters organised by other organisations, such as Headteachers conferences and the Safeguarding AGM, where we are invited to provide pertinent resources from our wide-ranging catalogue on the topics under discussion. 

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**The Pious Society of the Daughters of St Paul Trustees' Report For The Year Ended 31 December 2025 (continued)** 

## **Newcastle** 

The staff working at the Book Centre by Newcastle Cathedral remain dedicated to welcoming visitors as always. All our Pauline Book Centres are fully wheelchair accessible, ensuring that our services are available to the entire community. 



Pauline Book Centre in Newcastle serves as an important resource hub for the local Catholic diocese and is a valued contributor to their education conferences. 

## **Glasgow** 

Pauline Book Centre in Glasgow has worked tirelessly throughout the year to welcome friends, both young and old – not only through our everyday services but also by hosting numerous special events. These initiatives have helped build community and extend our outreach to customers across Scotland. 



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**The Pious Society of the Daughters of St Paul Trustees' Report For The Year Ended 31 December 2025 (continued)** 

## **Pauline Book and Media centres: Collaborating with other Charities.** 

Of particular note this year are our efforts to work alongside other charitable organisations. We were pleased to support Mary’s Meals, contributing to their mission of feeding children in need. In addition, we are proud that the Religious Life Safeguarding Service has continued to rent one of the floors of our Liverpool property, providing central and accessible office space for religious congregations as they work to protect the most vulnerable in our society. 

Pauline Books supplied free holding crosses, rosaries, and books for prisons in Glasgow, Stirling and Newcastle. We also supported Children’s charities with our Christmas book appeal, where we collected book donations from our visitors to give meaningful Christmas gifts to children. 



## **Warehouse** & **Web ordering** 

Mission activities within the Pauline Book Centre’s warehouse and web-ordering department remain in high demand. With reduced footfall on the high street and ongoing financial challenges in our communities, online and telephone sales have continued to attract customers. The warehouse team works diligently to distribute our products efficiently, offering special discounts to trade customers and bulk purchases. 

## **Websites:** 

## **www.pauline-uk.org www.paulinemission.org** 

The Pauline Book Centre website is a vital part of the Daughters of St Paul’s mission, and we strive to keep it continually updated. It provides an opportunity for the sisters to reach those who cannot visit our high street book and pastoral centres. In addition to offering products for purchase, the website accepts prayer requests and shares information about the Daughters of St Paul with the wider public. 

We continue to invest resources into enhancing our online presence, ensuring greater engagement and outreach to our clients and patrons. 

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## **The Pious Society of the Daughters of St Paul Trustees' Report For The Year Ended 31 December 2025 (continued)** 


Running alongside our commercial site, the Pauline Mission website continues to address timely and relevant topics, offering free content and information to our patrons. This platform serves as an important space for evangelisation and formation, extending our outreach beyond traditional channels. 



## **Social Media** 

Our Social Media channels remain an important part of our mission to build community. They are dedicated to the same apostolic objectives as our other activities, promoting values such as diversity and inclusion through our distinctive approach to evangelisation. This is an area we are particularly keen to develop and invest in through 2026 and beyond. 

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## **The Pious Society of the Daughters of St Paul Trustees' Report For The Year Ended 31 December 2025 (continued)** 




## **Vocations Ministry** 

Discovering one’s path in life is one of the many challenges young adults face today. The pressures of modern life can make some of the most fulfilling decisions seem daunting. The Daughters of St Paul work closely with the local Church to support young people during this important stage of their lives, offering guidance and encouragement. 

In 2025, we partnered with the Archdiocese of Liverpool to provide a space for their young adult group to meet every second week for evenings of prayer and community – free of charge. Additionally, one sister participated in the Youth Jubilee in Rome, supporting English-speaking youth, while two sisters attended the Youth 2000 Summer Festival in Yorkshire. 


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## **The Pious Society of the Daughters of St Paul Trustees' Report For The Year Ended 31 December 2025 (continued)** 

## **Celebrating our 60[th] Anniversary – 110 years of Congregation** 

In 2025, we celebrated with our staff members, to mark our sixtieth anniversary in the UK and 110th anniversary of the congregation. We had a mass with Bishop Tomas Neylon, and provided a safeguarding update, and a training opportunity to exchange ideas and explore the way forward for our mission. These days were enjoyed by all sisters and staff involved. 



## **General Government and British Delegation** 

During their meetings the Trustees reflect on governance issues including the “Relationship with our Generalate in Rome”. In view of the expenses incurred by the General Government which is at the service of the Congregation worldwide, each circumscription (Province or Delegation) is asked to contribute a percentage (2%) of turnover to cover part of such costs. 

## _**The British Delegation (Daughters of St Paul)**_ 

The British Delegation of the Daughters of St Paul is made up of 14 sisters from 7 different countries: Ireland, Italy, Kenya, Malta, Philippines, Scotland, and the USA. The Trustees are Sister Elaine Penrice fsp, (Chair), Sister Angela Grant fsp, Sister Florence Wahome fsp, and Sr Josette Spitteri fsp. They are aware of their specific roles and ensure that all resources are used efficiently and effectively to further the charitable objects (evangelisation through the media of social communication). The Chair, Sister Elaine Penrice, keeps up to date with the Charity Commission in England and Wales and the Office of the Scottish Regulator (announcements and publications) to ensure that the Trustees comply with all legal and regulatory requirements. 

## _**Looking to the future**_ 

## _Mapping a way forward_ 

The Trustees of the charity have worked to plan ways forward, which will sustain the charity’s work in the near future: 

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**The Pious Society of the Daughters of St Paul Trustees' Report For The Year Ended 31 December 2025 (continued)** 

With the current financial climate in the UK, and the responsibility to care and provide for the members of the religious community who have been entrusted with the mission and activities of the institute, there is a recognisable financial challenge that is only being sustained by the good stewardship of preceding decades. This, however, has become increasingly difficult, compounded by the reality that the median age of the sisters is 78 years. Of 14 members, only 6 of these are below the age of 70. This personnel situation has little prospect of amelioration in the short or medium term. 

In 2025 we have one sister in a residential care home. We take care that this sister has her spiritual needs supported and is visited by Daughters of St Paul. Provision for eventual funerals is being allocated for all sisters. 



Presently there are 4 sisters who are responsible for leadership and management of the charity, all of whom carry out other responsibilities in the mission. The community leader is overseeing the direction and management of all locations, the board of advisers, and supports mission activities throughout the UK. 

All sisters in community make some practical contribution to the life and mission of the institute, including the ministry of prayer, welcoming and hospitality. Besides this, all the sisters who can work in the diffusion mission do so according to their abilities. Because of diminishing numbers and increasing average age, the younger sisters have multiple responsibilities. 

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**The Pious Society of the Daughters of St Paul Trustees' Report For The Year Ended 31 December 2025 (continued)** 

## _**Reorganising Delegation of Great Britain**_ 

Considerable investment of time and financial resources has been used to secure the charity for the medium and long-term. The next stage of the redesigning process is evaluating the new rhythm of the apostolic centres to ascertain the personnel needs of that centre. 2025 has proved that there is considerable challenge in finding the right persons to work in the roles that we have advertised, in some cases multiple times or over a longer period. Some progress has been made but it is likely that some further investment in finding new staff will be needed. 

## _**Staff**_ 

Pauline Books have staff members to support the mission in all of our 4 locations, these dedicated lay members are a valued part of our work of evangelisation throughout the UK. We have part-time and full-time employees up and down the country. 4 employees in Newcastle, 7 in Glasgow, 3 in Liverpool, 1 on the website, 1 employed as a writer, and 2 volunteers. We are currently looking for another 2 employees in Liverpool to cover the book centre and website activities. 

## _**Advisors**_ 

In consideration of the challenges of present times, the Trustees have a panel of four external advisers who represent a breadth of experience from financial, business, and religious backgrounds. Besides these, the Trustees have also consulted Newmark real estate advisors, and with Buzzacott Audit LLP. 

The aforementioned advisors have been consulted regarding their expertise in investment, sustainability and property management, with a view as to how to better prepare the charity to move securely into the future. 

## _**Safeguarding**_ 

The Trustees are committed to Safeguarding as an integral part of the life and ministry of the Daughters of St Paul in Great Britain. They are fully aware of the Safeguarding policies, procedures and recommendations of the Catholic Church of England, Wales and Scotland. The Trustees are updated on Safeguarding matters by the Catholic Safeguarding Standards Agency (CSSA) and the Religious Life Safeguarding Service (RLSS). The sisters are offered periodic updating on safeguarding training and the Trustees ensure that both sisters and employees are reminded of their rights and responsibilities in this regard. All active sisters and staff have a DBS check and are signed up to the update service. 

Trustee meetings are careful to address safeguarding matters when they gather, and trustees are informed about any matters of concern that may arise. In 2025 there have been no reports of concerns about the safeguarding of children or vulnerable adults in our locations. 

The charity in 2025 was audited by the CSSA and was given an _Exemplary_ rating. 

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**The Pious Society of the Daughters of St Paul Trustees' Report For The Year Ended 31 December 2025 (continued)** 

## _**General Data Protection Regulation (GDPR)**_ 

The Trustees take care to follow the requirements of the Data Protection Act 2018. 

## _**Reserves Policy**_ 

Our Reserves Policy is aimed at helping the Daughters of St Paul to maintain the charity as a going concern and ensure the sisters are sufficiently able to support themselves in their retirement. The general fund should comprise between 25% and 50% of forecast annual operating expenditure. The retirement fund is reviewed annually with the Trustees taking advice on the minimum amount required per person, in accordance with changes to the average retirement period, the cost of living and changes to the demographic of the Congregation. 

## _**Year-end accounts**_ 

The Trustees reviewed the 2025 year-end accounts. They noted that, while income has generally declined in recent years, total turnover for 2025 shows an increase. This rise is largely attributable to one-off book sales due to the release of the New Missal and new Bible translation, which are not expected to recur in 2026. Underlying income trends therefore remain broadly consistent, although the Trustees are encouraged that the rate of decline in sales appears to be slowing. 

The Trustees recognise that the planned recruitment of new personnel will have financial implications. However, they consider that supporting the wellbeing of the sisters and ensuring appropriate risk management within the charity necessitate proceeding with these appointments. 

## _**Investment policy and performance**_ 

- The Charity’s investments must align with Catholic Social Teaching, including: - Mensuram Bonam (Pontifical Academy of Social Sciences) 

- Laudato Si’ and Fratelli Tutti (Pope Francis) 

The Charity supports investment in companies that: 

- Promote human dignity, social justice, and environmental stewardship 

- Demonstrate best practices in human rights, diversity, and sustainability 

The Charity prohibits direct investment in companies that are not aligned with the Catholic Social Teaching requirements. 

## Investment objectives 

The Charity’s investment objectives are to: 

- Preserve and grow the real value of its assets 

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## **The Pious Society of the Daughters of St Paul Trustees' Report For The Year Ended 31 December 2025 (continued)** 

- Generate a reasonable income to support its mission 

Risk is managed through diversification across: 

- UK and international equities 

- Fixed income 

- Alternatives (e.g., infrastructure, leasing, private equity) 

- Real assets (e.g., gold, real estate) 

Review of investment performance against investment objectives set 

The Trustees delegate day-to-day oversight of investments to an Investment Committee, comprising: 

- A minimum of four Trustees 

- The Head of Finance 

The Committee meets at least annually with each investment manager. Quarterly performance reports are reviewed, and this policy is subject to annual review. 

During 2025, interest was generated from investments amounting to £233,537 which equates to a return of 4.32%. Given that the Bank of England base rate changed four times in 2025, starting the year at 4.75% and ending it at 3.75%, this return is considered satisfactory in that it met the Charity’s objectives of preserving and growing the real value of its assets and generated a reasonable income to support its mission. 

## _**Fundraising**_ 

The charity aims to achieve best practice in the way in which it communicates with supporters.  It takes care with both the tone of its communications and the accuracy of its data to minimise the pressures on supporters. It applies best practice to protect supporters’ data and never sells data, it never swaps data with other organisations, and ensures that its communication preferences can be changed at any time.  The charity manages its own fundraising activities and does not employ the services of Professional Fundraisers.  The charity undertakes to react to and investigate any complaints regarding its fundraising activities and to learn from them and improve its service. During 2025, the charity received no complaints about its fundraising activities. 

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**The Pious Society of the Daughters of St Paul Trustees' Report For The Year Ended 31 December 2025 (continued)** 

## **Financial review** 

## _**Results for the year**_ 

Total income for the year amounted to £1,182,528 (2024 – £1,091,933). Of the total – income, £906,213 (2024 £797,453) was derived from the charity’s primary purpose trading activities. 

Total expenditure for the year amounted to £1,236,764 (2024 – £1,158,054). Of this total, £1,233,831 (2024 – £1,155,667) was directly related to the costs of the charity’s primary purpose trading activities. Net expenditure for the year was £54,236 (2024 – £66,121). 

## _**Financial position**_ 

The balance sheet shows total funds of £9,393,477 (2024 – £9,447,713). Of this, £3,335,570 (2024 – £3,425,793) represents the net book value of the charity’s tangible fixed assets used to support the work of the sisters. The disposal proceeds from the sales of the charity’s properties in Kensington and Slough during 2022 have allowed the trustees to set aside £5,416,651 (2024 – £5,191,873) as a designated fund, in view of the future needs of the charity and to provide a retirement fund for the care and support for the sisters in the long term. Free reserves, therefore, are those shown in note 18 of the accounts as general unrestricted funds and amounted to £641,256 at 31 December 2025 (2024 – £830,047). Whilst the level of free reserves is currently slightly in excess of the reserves policy, the trustees are aware that the charity is likely to incur deficits in the coming years, particularly in the light of rising costs, and the excess in the fund will therefore be required to cover these shortfalls. 

## **Principal risks and uncertainties** 

The Trustees have developed plans to guard the sustainability of the charity’s work in the near future and the sisters continue to work on new products for sale through Pauline Book Centre. Pauline Book Centre is currently developing best practice in regard to the future mission of the charity. 

The Trustees have identified and considered major risks that the charity may be exposed to. Having assessed the major risks to which the charity is exposed, the Trustees believe that by monitoring progress, and by being informed also through reading relevant documentation from the Charity Commission, they have established effective systems to mitigate these risks. 

The key risks for the charity, as identified by the Trustees, are described below together with the principal ways in which they are mitigated. 

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**The Pious Society of the Daughters of St Paul Trustees' Report For The Year Ended 31 December 2025 (continued)** 

## _**Competition from large scale retailers**_ 

In common with many other businesses, competition from larger retailers, particularly those with an online presence such as Amazon, contributes to a decline in revenues for Pauline Book Centre. The charity also bears the additional overheads associated with maintaining its presence on the high street in different locations across the UK. 

## _**Planning for the care of elderly sisters**_ 

An analysis of the age profile of the members of the Delegation shows that the median age of members on 31 December 2025 was 78 years. The Trustees are aware that there is both a moral and legal obligation to care for the older members. None of the sisters have resources of their own as all earnings, pensions and other income have been donated to the charity under a Gift Aid compliant Deed of Covenant. As the age profile increases, so too does the need to provide care for the sisters. Key elements of the management of this risk are: (a) ensuring that the charity has the available financial resources to finance this care both now and in the years ahead by setting aside assets in a designated fund, the value of which has been  based  on actuarial principles, but constrained by the availability of unrestricted reserves; and (b) ensuring that processes are in place to review regularly the ministries and needs of individual sisters encouraging those who need it to take on less demanding ministries and for identifying those who need extra care and help. 

## _**Availability of financial resources**_ 

As noted in the financial review above, the charity has invested £5m in view of the future needs of the charity and for the longer-term care of the sisters of the Congregation. The Trustees continue to consider options to manage this investment for short-, medium- and longer-term needs. In view of this the trustees are considering investment in UK Government bonds to provide a safe and accessible method of investment. 

## **Governance, structure, and management** 

In terms of Canon law, the Congregation of the Daughters of St Paul is an Institute of Pontifical status. It is governed at an international level by the Superior General and her Council in Rome, who, as the governing body of the worldwide Congregation, are treated as a related party of the charity for financial reporting purposes. The members of the General Government are elected every six years at a General Chapter, by representatives of all the Provinces and Delegations of the Congregation. 

The British Delegation of the Daughters of St Paul is governed by the Delegate Superior and her Council. The Delegate and Councillors are appointed by the Superior General following a consultation of the members of the British Delegation. 

In terms of Civil law, the Charity is governed by a Trust Deed dated 16 January 1987, a scheme of the Charity Commission dated 14 January 1997 and the Deed of Variation dated 12 July 2013. The Charity is registered with the Charity Commission for England and Wales with registration number 296042. The Charity is registered with the Office of the Scottish Charity Regulator in Scotland with number SC037889. 

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**The Pious Society of the Daughters of St Paul Trustees' Report For The Year Ended 31 December 2025 (continued)** 

## _**Trustees**_ 

The following Trustees were in office at the date on which this report was approved and served throughout the year to 31 December 2025. 

## **Trustee** 

## **Appointed/ resigned** 

**Sister Angela Grant fsp Sister Elaine Penrice fsp (Delegate Superior) Sister Mary Ann Salvilla fsp Sister Florence Wahome fsp Sister Josette Spitteri Cremona** 

Trustee since 2013 Trustee since 2019 Resigned in 2025 Trustee since 2022 Trustee since 2025 

The Trustees are all members of the Congregation in Great Britain. They are well versed in the charism of the Congregation and are selected for their personal qualities and their understanding and experience of the works and ministries of the Daughters of St Paul. Together they form a good skills mix and act as a board. They are ultimately responsible for the policies, activities and assets of the charity. When necessary, the Trustees seek advice and support from the charity’s professional advisers. They attend the meetings of the Conference of Religious in England & Wales, Conference of Religious in Scotland, the Catholic Charity Conference and meetings of the Association of Provincial Bursars. In planning activities, the Trustees keep in mind at all times the Charity Commission’s guidance on Public Benefit. 

Legal title to some properties is held in the names of former trustees. The properties are held on trust for the charity, with the current trustees exercising control in accordance with the governing document. 

New Trustees receive an induction appropriate to their role and responsibilities, including familiarisation with the charity’s governing documents, policies and current activities and financial position. 

## _**Statement of Trustees' responsibilities**_ 

The Trustees are responsible for preparing the Trustees’ report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 

The law applicable to charities in England and Wales and in Scotland requires the Trustees to prepare accounts for each financial year which give a true and fair view of the state of the affairs of the charity and of the income and expenditure of the charity for that period. 

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## **The Pious Society of the Daughters of St Paul Trustees' Report For The Year Ended 31 December 2025 (continued)** 

In preparing these accounts, the Trustees are required to: 

- ♦ select suitable accounting policies and then apply them consistently; 

- ♦ observe the methods and principles in Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102); 

- ♦ make judgements and estimates that are reasonable and prudent; 

- ♦ state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departure disclosed and explained in the accounts; and 

- ♦ prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. 

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Charities Act 2011, applicable Charities (Accounts and Reports) Regulations, the Charities and Trustees Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006, and the provisions of the charity’s trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

The Trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of accounts may differ from legislation in other jurisdictions. 

## _**Structure and management reporting**_ 

The Government of Delegation controls the activities of the charity within the following departments: 

- ♦ Editorial/production: researching new products and arranging for their production and launch; 

- ♦ Wholesale sales at Liverpool: a warehouse operation, serving wholesale and retail outlets, Church, and educational establishments. 

- ♦ Retail sales: the retail operation of the Pauline Book Centre Centres in London, Liverpool, Newcastle upon Tyne and Glasgow; 

- ♦ Marketing and publicity: market research, product publicity and trade exhibitions; 

- ♦ Central administration: secretarial, accounting, finance and computer services; 

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## **The Pious Society of the Daughters of St Paul Trustees' Report For The Year Ended 31 December 2025 (continued)** 

- ♦ Website www.pauline-uk.org; and www.paulinemission.org 

- ♦ Communities’ administration of the religious and private lives of the sisters. 

The Trustees hold regular meetings throughout the year and examine the Trustees’ report and accounts. Special meetings are called to approve capital expenditure, policies regarding employment of lay staff, risk management, health and safety matters, updating reserves policy, and so on. All Trustee meetings are held at the Pauline Book Centre, 84 Church Street, Liverpool L1 3AY. The Trustees regularly report to, and are accountable to, the General Government of the Congregation in Rome and require that Government's agreement for property transactions and the spending of large sums of money. 

## _**Key management personnel**_ 

The Trustees (including the Delegate Superior and Bursar) consider that they alone comprise the key management of the charity in charge of directing and controlling, running and operating the charity on a day to day basis. 

The Trustees are all members of the Delegation and whilst their living and personal expenses are borne by the charity, they receive no remuneration or reimbursement of expenses in connection with their duties to the charity. 

## _**Members of the Delegation**_ 

At the end of 2025 there were 14 sisters in the British Delegation who live as part of 2 communities in Liverpool, and one in a residential care home. 

The median age of the sisters in 2025 was 78 years. The sisters do not receive a wage for their services. They continue to serve the Lord joyfully and in a spirit of prayer and in view of the common good. They use the wisdom and experience of the years as they hold administrative and responsible posts within the central administration, production and retail departments. Care for the elderly sisters and sick members of the Delegation is a priority for the Trustees. 

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## **The Pious Society of the Daughters of St Paul Trustees' Report For The Year Ended 31 December 2025 (continued)** 

## _**Employees**_ 

The Charity employs 16 people: 

- ♦ 1 person in accounts / distribution 

- ♦ 2 persons in our Liverpool centre 

- ♦ 4 persons in our Newcastle centre 

- ♦ 7 persons in our Glasgow centre 

- ♦ 1 person assisting with our website 

- ♦ 1 person as a writer 

The charity is an equal opportunities employer and will apply objective criteria to assess merit. It aims to ensure that no job applicant or employee receives less favourable treatment on the grounds of age, race, colour, nationality, religion, ethnic or national origin, gender, marital status, sexual orientation or disability. Selection criteria and procedures are reviewed to ensure that individuals are selected, promoted and treated on the basis of their relevant merits and abilities. 

The Trustees recognise that the laity are an integral part of building up the Kingdom of God and that they have their vocation and their rights to be involved in mission. 

Pauline Book Centre is required to provide a workplace pension for all employees who meet the criteria governing automatic enrolment. The scheme, for which Aviva is the provider, has become a qualifying scheme for automatic enrolment purposes. Pauline Book Centre remains committed to adhering to the ongoing requirements governing automatic enrolment. 

The trustees' report was approved by the board of trustees and signed on its behalf by: 


Sister Elaine Penrice FSP Trustee 

Date…29/07/2026……………………………. 

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## **Independent Auditor's Report to the Members of The Pious Society of the Daughters of St Paul** 

## **Opinion** 

We have audited the accounts of The Pious Society of the Daughters of St Paul (the ‘charity’) for the year ended 31 December 2025 which comprise the statement of financial activities, the balance sheet, the statement of cash flows, the principal accounting policies and the notes to the accounts. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice). 

In our opinion, the accounts: 

- ♦ give a true and fair view of the state of the charity’s affairs as at 31 December 2025 and of its incoming resources and application of resources for the year then ended; 

- ♦ have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- ♦ have been prepared in accordance with the requirements of the Charities Act 2011, the Charities and Trustee Investment (Scotland) Act 2005, and regulation 8 of the Charities Accounts (Scotland) Regulations 2006. 

## **Basis for opinion** 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the accounts section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the accounts in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 

## **Conclusions relating to going concern** 

In auditing the accounts, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the accounts is appropriate. 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the accounts are authorised for issue. 

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. 

## **Other information** 

The other information comprises the information included in the annual report, including the trustees’ report, other than the accounts and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the accounts does not cover the other information and we do not express any form of assurance conclusion thereon. 

...CONTINUED 

Page 21 



**Independent Auditor's Report (continued) to the Members of The Pious Society of the Daughters of St Paul** 

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the accounts or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the accounts themselves. If, based on the work we have performed, we conclude that there is a material misstatement 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** 

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report. 

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 and the Charities Accounts (Scotland) Regulations 2006 requires us to report to you if, in our opinion: 

- ♦ the information given in the trustees’ report is inconsistent in any material respect with the accounts; or 

- ♦ sufficient and proper accounting records have not been kept; or 

- ♦ the accounts are not in agreement with the accounting records; or 

- ♦ we have not received all the information and explanations we require for our audit. 

## **Responsibilities of trustees** 

As explained more fully in the trustees’ responsibilities statement set out on page 17 and 18, the trustees are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of accounts that are free from material misstatement, whether due to fraud or error. 

In preparing the accounts, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. 

## **Auditor’s responsibilities for the audit of the accounts** 

We have been appointed as auditor under section 144 of the Charities Act 2011 and section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with those Acts and relevant regulations made or having effect thereunder. 

...CONTINUED 

Page 22 



**Independent Auditor's Report (continued) to the Members of The Pious Society of the Daughters of St Paul** 

Our objectives are to obtain reasonable assurance about whether the accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these accounts. 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: 

- The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise noncompliance with applicable laws and regulations; 

- We identified the laws and regulations applicable to the charity through discussions with management and representatives from the trustees and from our knowledge and experience of the charity sector; 

- We focused on specific laws and regulations which we considered may have a direct material effect on the accounts or the activities of the charity. These included but were not limited to the Charities Act 2011 and Regulations made under that Act; the Charities and Trustee Investment (Scotland) Act 2005; the Charities Accounts (Scotland) Regulations 2006; Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable to the United Kingdom and Republic of Ireland (FRS 102); and 

- We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and those charged with governance and review of minutes of trustees’ meetings. 

- We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: 

...CONTINUED 

Page 23 



## **Independent Auditor's Report (continued) to the Members of The Pious Society of the Daughters of St Paul** 

- Making enquiries of management and representatives from the trustees as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and 

- Considering the internal controls in place to mitigate risks of fraud and noncompliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: 

- Performed analytical procedures to identify any unusual or unexpected relationships; 

- Tested and reviewed journal entries to identify unusual transactions; 

- Carried out substantive testing of expenditure including the authorisation thereof; 

- Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and 

- Investigated the rationale behind significant or unusual transactions. 

- In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: 

- Agreeing financial statement disclosures to underlying supporting documentation; 

- Reading the minutes of meetings of trustees; and 

- Enquiring of as to actual and potential litigation and claims. 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any. 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. 

A further description of our responsibilities for the audit of the accounts is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. 

...CONTINUED 

Page 24 



## **Independent Auditor's Report (continued) to the Members of The Pious Society of the Daughters of St Paul** 

## **Use of our report** 

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008 and Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state 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 responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed. 


Buzzacott Audit LLP Statutory Auditor 

130 Wood Street London EC2V 6DL 

Date: 30 July 2026 

Buzzacott Audit LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006 

Page 25 



## **The Pious Society of the Daughters of St Paul Statement of Financial Activities For The Year Ended 31 December 2025** 

|**Notes**<br>**INCOME AND ENDOWMENTS FROM:**<br>Donations and legacies<br>**3**<br>Charitable activities:<br>Communications media income<br>Investments<br>**4**<br>Other<br>**5**<br>**EXPENDITURE ON:**<br>Charitable activities:<br>Spreading the Gospel through communications<br>media<br>**7**<br>Exchange losses<br>NET EXPENDITURE<br>NET MOVEMENT IN FUNDS<br>**RECONCILIATION OF FUNDS:**<br>Total funds brought forward<br>TOTAL FUNDS CARRIED FORWARD<br>**18**|**2025**<br>**Unrestricted**<br>**funds**<br>**£**<br>31,161<br>906,213<br>233,537<br>11,617|**2024**<br> <br>**Unrestricted**<br>**funds**<br>**£**<br> <br>33,979<br> <br>797,453<br> <br>247,922<br> <br>12,579<br> <br>1,091,933<br>(1,155,667)<br>(2,387)<br>(1,158,054)<br>(66,121)<br>(66,121)<br> <br>9,513,834<br>9,447,713|
|---|---|---|
||1,182,528||
||(1,233,831)<br>(2,933)||
||(1,236,764)||
||(54,236)||
||(54,236)<br>9,447,713||
||9,393,477||



All of the charity’s activities derived from continuing operations during the above two financial periods. 

The notes on pages 30 to 44 form part of these financial statements. 

Page 26 



## **The Pious Society of the Daughters of St Paul Statement of Financial Position As At 31 December 2025** 

|**Notes**<br>**FIXED ASSETS**<br>Tangible Assets<br>**12**<br>Investments<br>**13**<br>**CURRENT ASSETS**<br>Stocks<br>**14**<br>Debtors<br>**15**<br>Cash at bank and in hand<br>**Creditors: Amounts Falling Due Within One**<br>**Year**<br>**16**<br>**NET CURRENT ASSETS (LIABILITIES)**<br>**TOTAL ASSETS LESS CURRENT LIABILITIES**<br>**NET ASSETS**<br>**FUNDS OF THE CHARITY**<br>Unrestricted Funds<br>TOTAL FUNDS<br>**18**|**2025**<br>**Unrestricted**<br>**funds**<br>**£**<br>3,335,570<br>5,416,651|**2024**<br> <br>**Total**<br>**funds**<br>**£**<br>3,425,793<br>5,191,873|
|---|---|---|
||8,752,221<br>202,923<br>120,984<br>485,062|8,617,666<br>182,152<br> <br>105,018<br> <br>734,525|
||808,969<br>**(167,713) **|1,021,695<br> **(191,648)**|
||**641,256**|**830,047**|
||**9,393,477 **|**9,447,713**|
||**9,393,477 **|**9,447,713**|
||9,393,477|9,447,713|
||9,393,477|9,447,713|



On behalf of the board 


Sister Elaine Penrice FSP Trustee Date 

…29/07/2026……………………………………. 

The notes on pages 30 to 44 form part of these financial statements. 

Page 27 



## **The Pious Society of the Daughters of St Paul Statement of Cash Flows For The Year Ended 31 December 2025** 

|**Notes**<br>**Cash flows from operating activities**<br>Net cash used in operations<br>**1**<br>Net cash used in operating activities<br>**Cash flows from investing activities**<br>Purchase of tangible assets<br>Purchase of other fixed asset investments<br>Interest received<br>Net cash used in investing activities<br>Decrease in cash and cash equivalents<br>Cash and cash equivalents at beginning of year<br>**2**<br>Cash and cash equivalents at end of year<br>**2**|**2025**<br>**£**<br>(239,557)<br>(239,557)<br>(21,243)<br>(224,778)<br>236,115<br>(9,906)<br>(249,463)<br>734,525<br>485,062|**2024**<br>**£**<br>(185,250)|
|---|---|---|
|||(185,250)|
|||(26,520)<br>(1,191,952)<br>226,259|
|||(992,213)|
||||
|||(1,177,463)<br>1,911,988|
|||734,525|



Page 28 



## **The Pious Society of the Daughters of St Paul Notes to the Statement of Cash Flows For The Year Ended 31 December 2025** 

## **1. Reconciliation of expenditure to cash used in operations** 

|Net expenditure<br>Adjustments for:<br>Interest income<br>Depreciation of tangible assets<br>Loss on disposal of tangible assets<br>Movements in working capital:<br>Increase in stocks<br>(Increase)/decrease in trade and other debtors<br>(Decrease)/increase in trade and other creditors<br>Net cash used in operations|**2025**<br>**£**<br>(54,236)<br>(233,537)<br>110,660<br>806<br>(20,771)<br>(18,544)<br>(23,935)<br>(239,557)|**2024**<br>**£**<br>(66,121)<br>(247,922)<br>106,951<br>-<br>(19,187)<br>8,875<br>32,154|
|---|---|---|
|||(185,250)|



## **2. Cash and cash equivalents** 

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet: 

|**2025**<br>**£**<br>Cash at bank and in hand<br>485,062<br>**3. Analysis of changes in net funds**<br>**As at 1**<br>**January**<br>**2025**<br>**Cash**<br>**flows**<br>**£**<br>**£**<br>Cash at bank and in hand<br>734,525 (249,463)|**2024**<br>**£**<br>734,525|
|---|---|
||**As at 31**<br>**December**<br>**2025**<br>**£**<br>485,062|



Page 29 



## **The Pious Society of the Daughters of St Paul Notes to the Financial Statements For The Year Ended 31 December 2025** 

## **1. General Information** 

The Pious Society of the Daughters of St Paul is a charity registered with the Charity Commission, the registered charity number is 296042 (England and Wales) and SC037889 (Scotland) . The principal address is 84 Church Street, Liverpool, L1 3AY. 

## **2. Accounting Policies** 

## **2.1. Basis of Preparation of Financial Statements** 

These accounts have been prepared for the year to 31 December 2025 with comparative information provided in respect to the year to 31 December 2024. 

The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these accounts. 

The accounts have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) the Charities Act 2011, the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. 

The charity constitutes a public benefit entity as defined by FRS 102. 

The accounts are presented in sterling and are rounded to the nearest pound. 

## **2.2. Critical accounting estimates and areas of judgement** 

Preparation of the accounts requires the Trustees to make significant judgements and estimates. 

The items in the accounts where these judgements and estimates have been made include: 

- the useful economic lives attributed to tangible fixed assets used to determine the annual depreciation charge; 

- the provision made in respect to slow moving or obsolete stock which has been determined through a review of sales patterns for all stock lines; 

- the provision required for any bad or doubtful debts which has been determined following an assessment of the likelihood of recovery of longstanding debts; and 

- the assumptions adopted in estimating the ideal level of the sisters’ retirement reserve; and 

- The estimation of future income and expenditure flows for the purpose of assessing going concern (see below). 

Page 30 



**The Pious Society of the Daughters of St Paul Notes to the Financial Statements (continued) For The Year Ended 31 December 2025** 

## **2.3. Going Concern Disclosure** 

The Trustees have assessed whether the use of the going concern assumption is appropriate in preparing these financial statements. The Trustees have made this assessment in respect to at least a period of at least one year from the date of approval of these financial statements. 

The Trustees are of the opinion that the charity has planned carefully in order to meet its liabilities as they fall due and, whilst they acknowledge that there will be challenges ahead in respect of current macroeconomic challenges exacerbated by the ongoing fragile geopolitical climate, they are of the opinion that, following the property disposals in 2022 and subsequent investment of the majority of the proceeds, the use of the going concern assumption in the preparation of these financial statements is appropriate. 

## **2.4. Fund Accounting** 

The tangible fixed assets fund comprises the net book value of charity’s tangible fixed assets, the existence of which is fundamental to the charity being able to perform its charitable work and thereby achieve its charitable objectives. The value represented by such assets should not be regarded, therefore, as realisable. 

Designated funds comprise monies set aside out of unrestricted general funds for 

specific future purposes or projects. 

General funds represent those monies which are freely available for application towards achieving any charitable purpose that falls within the charity’s charitable objects. 

## **2.5. Incoming Resources** 

Income is recognised in the period in which the charity is entitled to receipt and the amount can be measured with reasonable certainty. Income is deferred only when the charity has to fulfil conditions before becoming entitled to it or where the donor or funder has specified that the income is to be expended in a future accounting period. 

Income includes income from donations, bank interest, charitable activities and other income being any gains on the disposal of tangible fixed assets, rental income and foreign exchange gains. 

Donations, including salaries and pensions of individual religious received under Gift Aid or deed of covenant, are recognised when the charity has confirmation of both the amount and settlement date. In the event of donations pledged but not received, the amount is accrued for where the receipt is considered probable. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period. 

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank. 

Page 31 



**The Pious Society of the Daughters of St Paul Notes to the Financial Statements (continued) For The Year Ended 31 December 2025** 

## **2.5. Incoming Resources (continued)** 

Income from charitable activities relates to the turnover derived from the charity’s primary purpose trading activity, principally the sale of religious book, media and artefacts. The income is recognised when the significant risks and rewards of ownership have transferred to the buyer. This is usually when the stock has been dispatched to the customer. 

A gain (or loss) on the disposal of tangible fixed assets is defined as the difference between the sale proceeds and the net book value of the asset at the time of disposal and after deducting any costs associated with the disposal. The gain (or loss) is recognised at the time when legal completion of the sale takes place. 

## **2.6. Donated Goods and Services** 

## **Services provided by members of the Congregation** 

For the purposes of these accounts, no value has been placed on the administrative and other services provided by the members of the Congregation. 

## **2.7. Resources Expended** 

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to make a payment to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. 

All expenditure is accounted for on an accruals basis. The majority of expenditure is directly attributable and any apportionment between headings is negligible. The classification between activities is as follows: 

- Expenditure on charitable activities comprises the direct cost of goods sold in relation to the charity’s primary purpose trading activity as well as the cost of the living and personal expenses of the sisters. 

- Indirect support costs are wholly allocated to the cost of charitable activities and include staff costs, depreciation, governance costs and other overheads including those in relation to the running and upkeep of the book centres and the central office. Governance costs relate to the costs of public accountability of the charity (including audit costs) and costs in respect to its compliance with regulation and good practice. 

- Other expenditure includes any losses made on the disposal of tangible fixed assets and foreign exchange losses. 

Page 32 



**The Pious Society of the Daughters of St Paul Notes to the Financial Statements (continued) For The Year Ended 31 December 2025** 

## **2.8. Tangible Fixed Assets and Depreciation** 

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases: 

- Freehold 2% per annum straight line basis 

- • Motor Vehicles 20% per annum straight line basis • Fixtures & Fittings 10% per annum straight line basis • Computer Equipment 20% per annum straight line basis 

All assets costing more than £500 and with an expected useful life exceeding one year are capitalised. 

No depreciation has been charged on refurbishment works until these are complete. 

Freehold land and buildings purchased on or prior to 17 June 1997 are included in the accounts at a valuation carried out by Gerald Eve LLP, Chartered Surveyors and property consultants, at that date. In accordance with the transitional provisions of FRS 102, the 1997 valuation is now deemed to be cost. Land and buildings purchased on or after 18 June 1997 and all other tangible fixed assets are included on the balance sheet at cost. 

## **2.9. Investments** 

Listed investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. 

The charity does not acquire put options, derivatives or other complex financial instruments. 

Realised gains (or losses) on investment assets are calculated as the difference between disposal proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value at that date. Realised and unrealised investment gains (or losses) are combined in the statement of financial activities and are credited (or debited) in the year in which they arise. 

The charity’s investments are currently held as cash instruments within liquidity funds. 

## **2.10. Stocks and Work in Progress** 

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. 

Page 33 



**The Pious Society of the Daughters of St Paul Notes to the Financial Statements (continued) For The Year Ended 31 December 2025** 

## **2.11. Debtors** 

Debtors are recognised at their settlement amount, less any provision for nonrecoverability. Prepayments are valued at the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting is material. 

## **2.12. Cash and Cash Equivalents** 

Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition. Deposits for more than three months but less than one year have been disclosed as short term deposits. Cash placed on deposit for more than one year is disclosed as fixed asset investment. 

## **2.13. Creditors and provisions** 

Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payment where such discounting is material. 

## **2.14. Foreign Currencies** 

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the net movement in funds. 

## **2.15. Taxation** 

The Pious Society of the Daughters of St Paul is a registered charity and, therefore, is not liable to income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities. 

## **2.16. Pensions** 

Contributions to employees’ group personal pension plans and the charity’s workplace pension scheme are debited to the statement of financial activities in the year in which they are payable. 

## **3. Income from Donations and Legacies** 

|Donations and gift<br>Salaries and pensions of individual religious received<br>under Gift Aid or Deed of Covenant|**2025**<br>**Unrestricted **<br>**funds**<br>**£**<br>3,571<br>27,590|**2024**<br> **Unrestricted**<br>**funds**<br>**£**<br> <br>3,428<br> <br>30,551|
|---|---|---|
||31,161|<br>33,979|



Page 34 



## **The Pious Society of the Daughters of St Paul Notes to the Financial Statements (continued) For The Year Ended 31 December 2025** 

## **4. Investment Income** 

|Bank interest receivable<br>**5. Other Income**<br>Rental and other income from property<br>Foreign exchange gains<br>**6. Net Expenditure**<br>The net expenditure is stated after charging:<br>Staff costs (see note 10)<br>Auditor’s remuneration – statutory audit services<br>Depreciation of tangible fixed assets - owned<br>Rentals under operating leases<br>Loss on disposal of tangible fixed assets|**2025**<br>**Unrestricted**<br>**funds**<br>**£**<br>233,537<br>**2025**<br>**Unrestricted**<br>**funds**<br>**£**<br>10,800<br>817|**2024**<br> **Unrestricted**<br>**funds**<br>**£**<br> <br>247,922<br>**2024**<br> <br>**Unrestricted**<br>**funds**<br>**£**<br> <br>10,800<br> <br>1,779|
|---|---|---|
||11,617|<br>12,579|
||**2025**<br>**£**<br>169,230<br>20,015<br>110,660<br>-<br>806|**2024**<br>**£**<br>145,698<br>19,520<br> <br>106,951<br>4,500<br> <br>-|



## **5. Other Income** 

## **6. Net Expenditure** 

The net expenditure is stated after charging: 

Page 35 



## **The Pious Society of the Daughters of St Paul Notes to the Financial Statements (continued) For The Year Ended 31 December 2025** 

## **7. Analysis of Expenditure** 

## **2025** 

|**2025**||||
|---|---|---|---|
||**Activities**|**Support**||
||**undertaken**|<br>**costs**||
||**directly**|(see note8 )|**Total**|
||**£**|**£**|**£**|
|Spreading the Gospel through communications<br>media|687,794|546,037|1,233,831|



## **2024** 

|**2024**||||
|---|---|---|---|
||**Activities**|**Support**||
||**undertaken**|<br>**costs**||
||**directly**|(see note8 )|**Total**|
||**£**|**£**|**£**|
|Spreading the Gospel through communications<br>media|670,218|485,449|1,155,667|



The costs of activities undertaken directly is split between costs of goods sold £533,586 (2024 - £479,106) and community living and personal expenses £154,208 (2024 - £191,112). 

Page 36 



## **The Pious Society of the Daughters of St Paul Notes to the Financial Statements (continued) For The Year Ended 31 December 2025** 

## **8. Support Costs** 

|Employee costs (note 10)<br>Book Centre and Office costs<br>Depreciation<br>Loss on disposal of tangible fixed assets<br>Governance costs (note 9)<br>Employee costs (note 10)<br>Book Centre and Office costs<br>Depreciation<br>Governance costs (note 9)|**2025**<br>**Spreading the**<br>**Gospel through**<br>**communications**<br>**media**<br>**£**<br>169,230<br>245,326<br>110,660<br>806<br>20,015<br>546,037<br>**2024**<br>**Spreading the**<br>**Gospel through**<br>**communications**<br>**media**<br>**£**<br>145,698<br>213,280<br>106,951<br>19,520<br>485,449|
|---|---|



## **9. Auditor's Remuneration** 

Remuneration received by the charity's auditors and their associates during the year was as follows: 

|<br>s follows:|||
|---|---|---|
||**2025**|**2024**|
||**£**|**£**|
|**Audit Services**|||
|Audit of the charity financial statements|20,015|19,520|



## **The Pious Society of the Daughters of St Paul** 

Page 37 



## **Notes to the Financial Statements (continued) For The Year Ended 31 December 2025** 

## **10. Staff Costs** 

Staff costs were as follows: 

|Staff costs were as follows:|||
|---|---|---|
|Wages and salaries<br>Social security costs<br>Other pension costs|**2025**<br>**£**<br>163,594<br>1,963<br>3,673<br>169,230|**2024**<br>**£**<br>140,577<br>1,481<br>3,640|
|||145,698|



For this and the prior year, no employees received employee benefits (excluding employer pension costs) for the reporting period of more than £60,000. 

The Trustees consider that they alone comprise the key management of the charity in charge of directing and controlling, running and operating the charity on a day to day basis. 

The Trustees are all members of the Delegation and whilst their living and personal expenses are borne by the charity they receive no remuneration or reimbursement of expenses in connection with their duties to the charity (2024 – £nil). 

## **11. Average Number of Employees** 

Average number of employees during the year was: 16 (2024: 14) 

## **The Pious Society of the Daughters of St Paul** 

Page 38 



## **Notes to the Financial Statements (continued) For The Year Ended 31 December 2025** 

## **12. Tangible Assets** 

|**Cost**<br>As at 1 January 2025<br>Additions<br>Disposals<br>As at 31 December<br>2025<br>**Depreciation**<br>As at 1 January 2025<br>Provided during the<br>period<br>Disposals<br>As at 31 December<br>2025<br>**Net Book Value**<br>As at 31 December<br>2025<br>As at 1 January 2025|**Land &**<br>**Property**<br>**Freehold**<br>**£**<br>3,727,892<br>-<br>-|**Motor**<br>**Vehicles**<br>**£**<br> <br>53,575<br>-<br>-|**Fixtures &**<br>**Fittings**<br>**£**<br> <br>440,065<br>7,672<br>(93,690)|<br>**Computer**<br>**Equipment**<br>**£**<br> <br>54,555<br> <br>13,571<br>(9,933)|**Total**<br>**£**<br>4,276,087<br> <br>21,243<br>(103,623)|
|---|---|---|---|---|---|
||3,727,892|<br>53,575|<br>354,047|<br>58,193|4,193,707|
||489,473<br>74,570<br>-|<br>28,634<br> <br>6,221<br>-|<br>281,728<br> <br>26,278<br>(92,884)|<br>50,459<br> <br>3,591<br>(9,933)|<br>850,294<br> <br>110,660<br>(102,817)|
||564,043|<br>34,855|<br>215,122|<br>44,117|<br>858,137|
||3,163,849|<br>18,720|<br>138,925|<br>14,076|3,335,570|
||3,238,419|<br>24,941|<br>158,337|<br>4,096|3,425,793|



The charity’s freehold land and buildings were revalued to open market value on 17 June 1997. The valuation was carried out by Gerald Eve LLP, chartered surveyors and property consultants. As permitted under the transitional arrangements of Financial Reporting Standard 102, the charity has continued to adopt a policy of not updating this valuation which is now deemed to be cost. With the exception of freehold land and buildings, all other assets are included above at historic cost. 

It is likely that there are material differences between the open market values of the charity’s land and buildings and their book values. These arise from the specialised nature of the properties and the effects of inflation. The amount of such differences cannot be ascertained without incurring significant costs which, in the opinion of the Trustees, is not justified in terms of the benefit to users of the accounts. 

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## **The Pious Society of the Daughters of St Paul Notes to the Financial Statements (continued) For The Year Ended 31 December 2025** 

|**13. Investments**<br>**Cost or Valuation**<br>As at 1 January 2025<br>Additions<br>As at 31 December 2025<br>**Provision**<br>As at 1 January 2025<br>As at 31 December 2025<br>**Net Book Value**<br>As at 31 December 2025<br>As at 1 January 2025<br>**14. Stocks**<br>Finished goods<br>**15. Debtors**<br>**Due within one year**<br>Trade debtors<br>Prepayments and accrued income<br>Other debtors|**Cash**<br>**Investments**<br>**£**<br>5,191,873<br>224,778<br>5,416,651<br>-<br>-<br>5,416,651<br>5,191,873<br>**2025**<br>**2024**<br>**£**<br>**£**<br>202,923<br>182,152<br>**2025**<br>**2024**<br>**£**<br>**£**<br>51,883<br>32,333<br>63,749<br>66,655<br>5,352<br>6,030<br>120,984<br>105,018|**Cash**<br>**Investments**<br>**£**<br>5,191,873<br>224,778|**Cash**<br>**Investments**<br>**£**<br>5,191,873<br>224,778|
|---|---|---|---|
||||5,416,651|
||||-|
||||-|
||||5,416,651|
||||5,191,873|
||||**2024**<br>**£**<br>182,152|
||||**2024**<br>**£**<br>32,333<br>66,655<br>6,030|
||||105,018|



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## **The Pious Society of the Daughters of St Paul Notes to the Financial Statements (continued) For The Year Ended 31 December 2025** 

## **16. Creditors: Amounts Falling Due Within One Year** 

|Trade creditors<br>Other creditors<br>Accruals<br>Deferred Income|**2025**<br>**£**<br>48,279<br>33,136<br>66,023<br>20,275<br>167,713|**2024**<br>**£**<br>79,834<br>47,028<br>45,586<br>19,200|
|---|---|---|
|||191,648|



## **17. Pension Commitments** 

The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. 

During the year the charge to the statement of financial activities in respect of defined contribution schemes was £3,673 (2024: £3,640). 

At the statement of financial position date contributions of £nil (2024: £nil) were due to the fund and are included in creditors. 

## **18. Movement in Funds** 

|**Unrestricted funds**<br>General:<br>General unrestricted<br>fund<br>Tangible fixed asset<br>fund<br>Designated:<br>Retirement fund<br>**Total unrestricted**<br>**funds**<br>**Total funds**|**As at 1**<br>**January**<br>**2025**<br>**£**<br>830,047<br>3,425,793|**Income**<br>**£**<br>1,182,528<br> <br>-|**Expenditure **<br>**£**<br>(1,236,764)<br>-|**Transfers**<br>**£**<br>(134,555)<br>(90,223)|**As at 31**<br>**December**<br>**2025**<br>**£**<br>641,256<br>3,335,570|
|---|---|---|---|---|---|
||4,255,840<br>5,191,873|1,182,528<br> <br>-|(1,236,764)<br>-|(224,778)<br>224,778|3,976,826<br>5,416,651|
||9,447,713|1,182,528|(1,236,764)|-|9,393,477|
|||||||
||9,447,713|1,182,528|(1,236,764)|-|9,393,477|



The retirement fund comprises monies to apply towards the needs of caring for members of the community in the longer term **.** 

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## **The Pious Society of the Daughters of St Paul Notes to the Financial Statements (continued) For The Year Ended 31 December 2025** 

|**Unrestricted funds**<br>General:<br>General unrestricted<br>fund<br>Tangible fixed asset<br>fund<br>Designated:<br>Retirement fund<br>**Total unrestricted**<br>**funds**<br>**Total funds**|**As at 1**<br>**January**<br>**2024**<br>**£**<br>2,007,610<br>3,506,224|**Income**<br>**£**<br>1,091,933<br> <br>-|**Expenditure**<br>**£**<br>(1,158,054) <br>-|**Transfers**<br>**£**<br> (1,111,442)<br>(80,431)|**As at 31**<br>**December**<br>**2024**<br>**£**<br>830,047<br>3,425,793<br>4,255,840<br>5,191,873<br>9,447,713<br>9,447,713|
|---|---|---|---|---|---|
||5,513,834<br>4,000,000|1,091,933<br> <br>-|(1,158,054) <br>-|(1,191,873)<br>1,191,873||
||9,513,834|1,091,933|(1,158,054)|-||
|||||||
||9,513,834|1,091,933|(1,158,054)|-||



## **19. Transactions with Trustees** 

None of the trustees received any remuneration or any other benefits from an employment with the charity or a related entity during the current or previous year. 

No trustee expenses have been incurred. 

Page 42 



## **The Pious Society of the Daughters of St Paul Notes to the Financial Statements (continued) For The Year Ended 31 December 2025** 

## **20. Related Party Disclosures** 

## **Transactions with the Congregation’s Generalate** 

La Casa Generalizia del Istituto Pia Societa Figlie di San Paolo, (The Generalate of the Institute of the Pious Society of the Daughters of Saint Paul), based in Rome, is the legal entity representing the canonical governing body of the worldwide Congregation of the Daughters of Saint Paul, the ultimate controlling entity described in note 21. As such, the Congregation’s Generalate is considered to be a related party of the charity. 

During the year, the charity undertook the following transactions with the Generalate: 

- incurred costs of £nil (2024 – £796) in relation to stock purchases 

- paid accommodation costs of £2,600 (2024 - £nil) for Sr Elaine Penrice (Trustee) for the General Chapter 

- paid registration fees of £281 for Sr Elaine Penrice (Trustee) attendance at the Jubilee for Youth 

- incurred £1,457 (2024 - £nil) of costs for the Sisters' retreat 

- paid £260 (2024 - £nil) for the right to use a photo of Pope Leo 

- made contributions to the Generalate of £18,486 (2024 – £29,567), the prior year includes an adjustment for the estimated contribution accrued in the previous year to that. 

- contributed £14,780 (2024 – £16,665) to the Generalate in respect of UK pension receipts for sisters who are now resident in Italy. 

At the year end, an amount of £726 (2024 – £47,028) was owed to the Generalate. With an additional amount accrued of £34,427 (2024 - £15,941) 

## **Transactions with the charity’s trustees and connected persons** 

Income from donations and legacies includes the salaries and pensions of certain Trustees of the charity received under Gift Aid or Deed of Covenant. For the year ended 31 December 2025, the total value of these receipts amounted to £nil (2024 – £9,091). 

Other donations made by the trustees to the charity during the year amounted to £nil (2024 – £466). 

Other transactions with Trustees are disclosed in note 10. 

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## **The Pious Society of the Daughters of St Paul Notes to the Financial Statements (continued) For The Year Ended 31 December 2025** 

## **21. Controlling Parties** 

The charity, which is constituted as a trust, was controlled throughout the period by the Daughters of St Paul by virtue of the fact that the Superior General of the Congregation and her Council appoint the Trustees. The Daughters of St Paul in Great Britain do not hold any assets, incur liabilities or enter into any transactions in its own right. Assets and liabilities of the Congregation in Great Britain are vested in the Trustees of the charity, who undertake all transactions entered into in the course of the charitable activities of the Congregation in Great Britain. 

Page 44 



## **The Pious Society of the Daughters of St Paul Detailed Statement of Financial Activities For The Year Ended 31 December 2025** 

|**INCOME AND ENDOWMENTS FROM:**<br>**Donations and legacies**<br>Donations and gifts<br>Salaries and pensions of individual religious received under<br>Gift aid or Deed of Covenant<br>**Charitable Activities:**<br>**Communications media income**<br>Sale of goods or services<br>Royalties and copyright income<br>**Investments**<br>Bank interest receivable<br>**Other**<br>Rental and other income from property<br>Foreign exchange gains<br>**EXPENDITURE ON:**<br>**Charitable Activities:**<br>**Spreading the Gospel through communications media**<br>Cost of goods sold<br>Community living and personal expenses<br>Wages and salaries<br>Employers NI<br>Employers pensions - defined contributions scheme<br>Book centre and office expenses<br>Depreciation<br>Loss on disposal of tangible fixed assets<br>Audit fees|**2025**<br>**Total funds **<br>**£**<br>3,571<br>27,590|**2024**<br> **Total funds**<br>**£**<br> <br>3,428<br> <br>30,551|
|---|---|---|
||31,161<br>906,213<br>-|<br>33,979<br> <br>797,028<br>425|
||906,213<br>233,537|<br>797,453<br> <br>247,922|
||233,537<br>10,800<br>817|<br>247,922<br> <br>10,800<br> <br>1,779|
||11,617|<br>12,579|
||1,182,528<br>(533,586)<br>(154,208)<br>(163,594)<br>(1,963)<br>(3,673)<br>(245,326)<br>(110,660)<br>(806)<br>(20,015)|<br>1,091,933<br>(479,106)<br>(191,112)<br>(140,577)<br>(1,481)<br>(3,640)<br>(213,280)<br>(106,951)<br>-<br>(19,520)|
||(1,233,831)|(1,155,667)|



Page 45 



## **The Pious Society of the Daughters of St Paul Detailed Statement of Financial Activities (continued) For The Year Ended 31 December 2025** 

|**Other**<br>Foreign exchange losses<br>**NET EXPENDITURE**|(2,933)|(2,387)|
|---|---|---|
||(2,933)|(2,387)|
||(1,236,764)|(1,158,054)|
||**(54,236)**|**(66,121)**|



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