2022-12-31-accounts

CATHOLIC TRUST FOR ENGLAND AND WALES IRe8islered Charlty No: 10974821 (Company Reglstratlon No: 047345921 TRUSTEES. REPORT AND CONSOLIDATED FINANCIALSTATEMENTS ai Dectmb*r 2022

CONTENTS Reports Trustees, annual report 1-12 Reference and admlnlstrative Detsi15 13-14 Statement of trustees, re5ponsibilitie5 15 Indepèndènt auditorfs report 16-18 Flnandal statemènts Consolidated statement of Financial Artivities 19 Balan￿ Sheets 20 Consolldated cash flow statement 21 ststement of accountlng policles 22-24 Notes to the accounts 25-52

CATHOLIC TRUST FOR ENGLAND AND WALES TRiISTEES' ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 The Trustees, who are directors for the purpose Df company law. present their report tO8ether with the ctsnsolidated financial statements of thè Catholic Trust for EnEland and Wales ICaTEWI hereafter Yhe Trust", for the year ended 31 December 2022. The report also incorporates a Strategic Report as required under the Cornpanie5 Act 2006. This report an(1 accounts have been prepared in accoidante with the Charities Act 2011, the Cornpanies Act 2006, the Memorandum and Articles of Association and Accounting and Reporting by Charities.. Statement of Recommended Practlce appll¢able to charities preparing their accounts in accordance with the Financial reporting Standard applicable in the UK and Republic of Ireland IFRS 102112. edition, effective l January 20191. oBJE￿IVEs AND ACTIVITIES HISTORY AND ORGANISATION The Trust promotès the Catholic religlon principally, but not èxclusively. in England and Walès. The Trust has brought together predecessor charities that existed to support the work of the Catholic Church in these countries. The Trust is the charitable and legal entity which holds in trust, the assets and property of the Catholic Bishops, Conference of England and Wales IC8CEWI and raises fund5 for the CBCEW. These resource5 are held by the Trust to enable the C8CEW Secretariat land those agencies and offices managed by the Secretariat which operate under the legal governance of the Trust) to procure those artivitie5 and programrne5 of work which the Bishop5 W15h to commission or support tollègiallv. The Trustees have had regard to the Charity Commission's guidance on public benefit. Through the work of the dèpartments, agentiÈs and projetts set out below, the Trugt, in linè with the Churth's tÈachinBS, looks to ensure the moral and spiritual well being of the individual. and to help dIS￿rn the common good. being what Is best for all in society- As well as the promotion of Catholicism and the application of the G05pels teachin85 to the modern day world, the Trust supports people to live out their faith through 8uidance at a local level as well as advan￿ment and direction of national policy. The details of Indlvldual projects which are of publlc benefit can be found below in this report. As well as working on behalf of existing Catholics. the Church is open to and welcomes non-catholics. The work of the Trust £ontribute5 to the sum of public knowledge and 8ood by publishing items which encourage Catholic life and detailin8 the work of the Trust on its website and via its media service and resources, all of which are freely available. OBJEcfivES AND ACTIVITIES In order to fulfil its charitable aims and objectives, the activities of the Trust are determined by the requirements of the Bishops, Conference of England and Wale5. The Catholic Bishops, Conference gf England and Wales 15 a perEnanent body within the organisation of the Catholi¢ Church that brings together the Bishops of England and Wales. As a Conference the Bishops "jointly exercise certain pastoral function5 for the Christian faithful.. in order to promote the greater good which the Church offers to humanitv, especially through forrn5 and programs of the apostolate fittingly adapted to the circumstances of time and place. Id. Code of Conon Low can 4471. The departments of CBCEW implement the present broad area5 of activity for the Bishop5 in 5UPPOrting the diocese5 of England and Wales and witnessing to the Gospel in the ¢ontemporary world.- Catholi¢ Education and Formatlon, Christian Life and Worship. Social Justice, Dialogue and Unity, Evangelisation and Catechesis and International Affairs. In addition to these discrete work stieams, there are also two pan-departmental offices.. The Catholic Safeguarding Advisory Service ICSASI and the Catholic Communications Network ICCNI. The Trust employs staff to carry out the work of the Departmènts, which also rely heavily on the participation of volunteers who Serve a5 committee members and advisers.

CATHOLIC TRiIST FOR ENGLAND AfiD WALES TRiISTEES' ANNUAL REPORT FOR THE YEAR ENOED ai DECEMBER 2022 GRANT MAKING POUCY The Trust is not a grant making body but does disburse money to entitles via national Inltiatwes. This forms part of its mission through positive engagement with public bodies and other charitable trusts. STRATEGIC REPORT INTRODUCTION Following the re5tructurin8 of the Bishops, Conference Secretariat rn 2020. it now comprises four Directorate5, a Comrnission for Clergy and the Department for Caiholic Education and Formation which focuses on the pastoral aspects of school and university life, recoÈnlsing that the main work of education at a national level Tests within the Catholic Education Servlce, an agency of the Bishops, Conference. The four Directorates deliverSng the bishop5' core purpose, led by a dirertor, and motivated by ihe prtsclarnation of the Gospel are.. Mlssion I￿Orpor0t1ng the Departments of Christian Llfe ènd Worship, Dialogue and Unity. National Office for Vocation. Evangelisation and Discipleship PoliLy and Research In(orporuting the Departments of social Justice. Intemational Affairs Partnerships and Public Affalrs Communications These help to articulate CaTEW's purpose.. The Secretariat of the Bishops, Confe￿AtE provide5 u centre of knowledge and capobility for 05515ting the bishops and dioceses in procltsiming the Gospel of Jesus Christ, and supporting the communities of foith in England and Woles. Proclamation of the love of Jesus Christ motivote5 oll of the work of the 5ecretoriat and pemjeqtes every 05pect of thot work in supporting the mi55ion of the bi5hop5.' ACHIEVEMENTS AND PERFORMANCE Cathollc Educatlon and Formatlon Iln¢orporatln8 the work of the Catholic Education SeNicel The CES continues to promotethèvalues of Catholic education to influence national debates. Regular meetings take place with Government Ministers. Shadow Ministers, the Welsh Assembly, political advisers and party-political think-tanks to inform party political policie5 On education. The CES continues to promote Catholic education through its proactive and reactive medla sirategy. The CES works with many Catholic international organisations to monitor developments likely to affect Catholic education acr955 Europe and more widely and takes an active part in the Cathedrals Group of Church universities and universlty colleges Wlthin the UK. The CES work cltssely with Formotio which lèads the national strategy for Governance and Leadership in Education. Formutio wa5 established by the CES as a separate charity in 2018 to carry out the Bishops, Conference mandate to develop a national strategy for the forrnation of leaders, teachers and governors in Catholic schools and is a collaboration between the dioceses, Catholic universities, and the larger Catholic Multi-Academy Trusts ICMATsl land certain larger schools in Wales where there 15 no current policy for academisationl. The CES has continued with a broader communications strategy on behalf of Formatio under three main areas.. communicating the message, 5UStainability

CATHOLICTRUST FOR ENGLAND AND WALES TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 (including funding), and 5ubsidiarity. Initiative5 are sharedwith the four Formutio Regional Hubs for wider dissemination. CES also works with the newly established Catholic Academy Trust Training Collaboration ICATtColll. a tross-diotesan training consortium to facilitate the efficient and effective dèlivery of major project5, e.8. NPQ sutte. the p055ibility of Catholic Initial Teachin8 Training piovision and the developrllent of a CEO be51 practice network. In February 2022, the CES launched the book, Ctstholic Schools.. Portners in Formotion, as part of its 175th Anniversary celebrations. The publication was welcomed by the Secretary of State for Education. Many dioceses. national organisations and parliamentarians were represented at the launch which took place within the Palace of Westminster. The CES continues to provide trainlng to diocesan offlcers, governors, dlrectors and members of Catholic academy companies and HR provlders. The demand foi this tralning atross the country is growing and is both needed and appreciated. DIRECTORATE FOR MISSION Christian Life and Worsh•p Work continues on the review of liturgical translations prepared for the Bishops. Conference by the International Commission for English in the Liturgy IICELI. including a new Lectionary for Mass in England and Wales based on the English Standard Version- Cathollc Edltion Bible. which is due for publieation in 2024. The Spirituality Committee held 3 day of reflection In May 2022, led by Professor JIM Mcmanus. the Presldent of the UK Association of Directors of Public Health. who spoke to his report on resilience, trauma and pastoral recovery especiallv in the wake of the covid-19 pandemic The Patrimony Committee submitted a detailed response to the public consultation exercise launched by the National Lottery Heritage fund as the NLHF looks forward to it5 next five-year strategy. The Catholic Church in England and Wales has benefitted from over £6M fundlng for Specific Grade Il. and above Church renovation projects, through a clear programme of conseThation architecture proposals to enhance original features. Mrs Sophie Andreae, the Vice-Ch3ir of the Patrimony Committee, also spoke at a seminar held at the British Museurn on Catholic material culture, drawing attention to the rich collections around the country. many of which are little known. The Patrimony Committee will contlnue to keep in touch with the team at the British Museum to support theTr efforts to promote interest in this area and in the bicentenary of Catholic Emancipation in 2029. Dialogue and Unity This Department continues to support thè work belng done by diocesan and county ecumenScal and Inter-reli8lOUS C¢- ordinators by offering advice and resources. It aS51Sted and resourced the existing five ecumenical bilateral dialogues (with thè Anglicans, Methodi5t5, United Reformed Church, the Byzantine Orthodox and the Oriental Orthodox Church) and the Working Group for the Courtyafd of the Gentiles Inltiative Ito promote dialogue with culture and especially with non-believersl. The department also over5e8s the important area of Catholic-jewish relations through the Office of the Chief Rabbl. the Councll of Deputles for Jews in the UK and the Council for Christians and jews.

CATHOLIC TRUST FOR ENGiAND AND WALES TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 The Department collaborated with the national ecumenical instruments (Churches Together in England, CYtUN- Wales, and Churche5 Together in Britain and Ireland) by assisting with the annual training of new diocesan and county ecumenical officers, workin8 Wlth the denominational National Ecumenical Officers, and being actively involved with meetings of the CTE Enabling Group and Forum and Churches Together in Britain and Ireland ICTBII. The Department Secretary. Fr Jan Nowotnik. also represented the Bishops. Conference at ecumenical meetings and events held during the year. The main impacl of the Department's work continues to be the buildlng and development of relatlonships and trust through ecumenical and inter-reliBiOUS dialogue. This nètworkinB promotes greater knowledge, understandin8 and respect for people of other traditlons and of other faiths lor no-faithl. The Department coordlnates a network of those engaged in inter-religious dialogue in the dI0￿SeS of England and Wales to provide support. guidance, and expertise on this developing area of work across the country, engaging With the major world faiths. This departmènt has good Ilnks and collaboration with both the Dicastery for the Promotlon of Christian Unlty and the Dic3stery for the Promotion of Interreli8lOU5 Dialogue of the Holy See. Much L)f the work listed is coordinated with these offices to give an international scope to this work of dialogue. EvanBelisation and Dixiple5hip The Department of Evangelisation and Discipleship exist5 to support the work done by diocesan COOTdinator5 of youth ministry, catechesis and adult formation. The main priorities of the department are catechesi5, the promotion of Scripture and youth ministry. In collaboration wlth Bible Soclety. the"God who Speaks" Project, part of the Department's biblical apostolate, continues its important work in promotin8 the use and study of 5¢ripture in the Church. The "God who Speaks" website carries ex￿lIent resources for strlpture and bible study and has been particularly well used by schools. Following the publication of the Papal instruction Antiquum Ministerium -on Instituting the Ministry of the Catechist.~ the Department has established a workin@ party to continue to explore how best to respond to the need to identify the parameter5 for this lay Ministry, including the selection and formation of candidates. This new initiative by the Pope dovetai15 Wlth the recent publication of the"Directory for Catethesis" whith has become foundational to the wtsrk of this area of mission. The Department continues its close collaboration with the Catholic Youth Ministry Fe(leration ICYMFedl on both World Youth Day (which in 2023 will take pla￿ in Fatima. Portugall and Nation31 Youth Sunday (annually on the Feast of Christ thè Kingl. The department now oversees the pastoral and sacramental aspects of Marciage and Famlly Llfe. The Mlsslon Team has undertaken a survey of cateche5is for bapt15m and marriage preparation. The results offer an overview of the work in this area that is being carried out by dioceses in England and Wales and charts a way in which the Department can best accompany the Marriage and Family Life coordinators in their local work.

CATHOLIC TRUST FOR ENGLAND AMD WALE5 TRusfEES' ANNUAL REPORT FOR THEYEAR ENDED31 DECEM8ER2022 Natlonal Offi￿ for Vocatlon {NOVI An important part of the Department for Evangellsatlon and Disclpleshlp, NOV works In collaboratlon wlth local and rbational 3gencie5 to support the promotion of 'vocation' wthin the Catholic community. This includes the callin8 to married life, to sin8le life, to the diaconate as well as priesthood and consecrated life. NOV continues to 5upportvocations directors and seminary rectors in their work. NOV had a presence at both the European Youth Symposlum In Krakow. Poland. and the Ampleforth Summer Festival with Youth 2000. At the Festival, they hosted 3"Vocations Café" and ran a workshop on Mission. Several events and re5tsUTces were provided for Vocations Sunday and the days around it (this is annually the Fourth Sunday of Easterl. These included an online discussion which brought together those discerning a vocation. as well as people interested in the witness and testimony of those livin8 out their vocation. It was a very successful event and will become a regular element for future Vocation sunday plans. DIRE￿ORATE FOR POUCY AND RESEARCH Social Justi The Department foi Social justi￿ covers areas of social and p35toral policy in England and Wale5. It operates using an outcom&foeused vision. with the prlority areas of work beinB.'111 life issue5,121 healthcare and rnentsl health,131 criminal justice.141 the Faith in Politics intÈrnship,1S1 Watchin8 brief5 (domestic abuse, gender identity, disabilityl,161 The World of Work,171 Caritas Social Action Network ICSANI which remains the core agency of the Department,181 marriage and family lifè policy work, and191 the environment. Doyfor Life ond Carefor the elderly The Annual Day for Life in 2022 took as its theme Core for the elderly. This is a lolnt initiative between the Bishops, Conferences of En8land and Wales, Scotland, and Ireland. Pope Francis sent a message of support and a blessing ftsr the initiative. Articles were also placed in the Catholic media to raise awareness of the theme. A significant number of resouices for people to engaBe with on this issue were available from the Bishop5' Conference website. Policy work Work continued on the full range of life issues and several statements were released on end-of-life cases. the withdrawal of treatment and on abortion issues. A briefin8 for the Bishops, Conference website was also provided on the cost of Ilving crlsls In addltion to regular briefings for Parliamentarians on i55ues arising as part of the Government legislative plan. Environment The 2002 Bishops, Conferente doeument, The Coll of CreÈ7tion, was fully revised to reflect the'signs of the tlmes" as well as the teaching of Pope Francis in his two key encyclical letters Loudoto Si and Frotelli Tutti. A full pro8ramme of activity was arranged around its publication. Internatlonal Affair5 The Department for International Affalis is engaged in working on a wiije range of issues in sUPPOrt of the 8i5hops' Conference work. The particular focus of the International Affairs Department is to art in solidarity and support of worldwide Local Churches and to give expression to this Bishop5' Conference's witness on the dignily of the person, especially in relation to human rights. The Department continues to coordinate the annual international mèeting if the Holy Land Coordination Group. This year its wneeting focused on thesppcial Status of Jerusalem within Israel/pale5tine relations and the importance of the Christina presence in the city.

CATHOLIC TRUST FOR ENGLAND AND WALES TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 Other areas that the Department has engaged with include its continulng adv¢Kacy on promoting fundamental human rights and especially freedom of religion and belief, as well as a focus on those seeking asylum in the UK, particularly in supporting those in Indeflnite detention. The therne of Racial justice Sunday in 2022 was In the Image ond Likeness of God and celebrated presentations of icons of Our Lady and the Child Jesus from a range of countries and cultures, higttlighting the rich diversity of the Catholic community, and encouraging reflertion on how we are all made in the image of God. These were very well received and have been adapted for use beyond their original purpose and are now permanently available for use by parishes. schools and groups. The national non-christian press also rèported on this initiative in 8 positive way. The war in Ukraine formed a backdrop to the work of solidarity with the Church aboard. The bishops 5UPPOrted the Ukrainian people and the local Church, the Holy See, and all those working for a peaceful resolution. Department Bishops joined with the Ukrainian Eparch to Great Britain in writing to the Foreign Secretary welcoming the UK'S resolute defence of Ukrainian sovereignty and opposition to Russia's invasion, as well as calling for the provision of aid and sanctuary foi refugees fleeing the country. The Department also continued its fraternal support for and solidarity with many Bishops, Conferences and Local Churches in Asia. Africa. and Latin Amerlca. PARTNERSHIPS AND PUBLIC AFFAIRS DIRE￿ORATE This team en5ure5 that the voice of the Church influence5 governrnent policy effertively by drawing upgn the collective knowledge, practice and grassroots experien¢e of the Church's agencles. charltles. and diocesan and parish activities. It develop5 close relalionships Wlth the UK Parliament. the We15h Senedd. other 8i5hop5' Conferences and the Holy See. This enables the Church to translate policy developed by the Policy and Research Team into practical action. It also Ilaises wlth the a8encles of the Bishops. Conference in thelr work and provides briefin85 for them on the po51tion of the Bishops regarding their specialist fields. The team also draws on the expertlse In Catholic tharitiè5 and dioceses. which assists the Bishops, Conference in addressing specific issues when they arise. Foith in Politics InterrJ5hip Since 2021, the coordination of this scheme sits within the Partnerships and Public Affairs Directofate. After a pause due lo the pandemic, the programme began again in September 2021. In the academic year 2022-2023 4 interns took part, workin8 4 days a week in their placement and Frldays partlc1pating in visits, seminars and other actlvltles organlsed bv the Bishop5' Conference. COMMUNICATIONS Dl¢e¢torate for Communications The Communications Office of the Catholic Bishops, Conference plays a key role in promoting Catholicism and the proclamation of Gospel teaching to the modern world. The role of the team is to help the Church cornmunicate in good lime5 and in bad. In addition to supporting the Bishops and the Bishops, Conference Secretsriat by helping to formulate ways to communicate this witnes5, there are a number of areas of ongoing work. This work is both internal and outwards facing through daily media contads, briefin8s and relationship building. Social Media continues to play a major part in the bishops, communications, strategy. Through Twitter. Facebook, Instagram and other appropriate social media platforms. the Oirectorate for Communicatlons alm5

CATHOLIC TRUST FOR ENGLAND AND WALES TRusfEES' ANNUAL REPORT FOR THE YEAR ENDED 310ECEMBER 2022 to engage Catholics and all those interested in the work and witness of the Church in this country. In addition. thev provides a free photo sharing site which highlights the Church's work and witness in England and Wales. Europe and auoss the world. These photos are downloaded. shared and published by over 41 million people worldwide. COMMISSION FOR CIERGY The Commission for Clergy brings togeiher work relating to the natlonal semlnarles. the overseas semlnarles and lialson with seminary rectors, the Conference of Diocesan Dirèctors of Vocations. and the Conference of Directors of Ongoing Formation. 2022 saw the publication of a revised Vocation Directors, Handbook. and guidance for those involved in the process of selection and admission of candidates to seminary. The main focus of the Commission is the production of a new Charter for Priestly Formation for England and Wales in the light of the Holy See's new Rotto Fundcrmerttolis for the formation gf priests. SAFEGUARDING A new safeguarding structure for the Catholic Church in En8land and Wales, based on national standards, was e5tabli5hed In Apill 2021 and the remit for this work passed to the Catholic Safeguarding Standards Agency ICSSAI. The new structure is 3n independent agency from the Bishops, Conference and CaTEW and has its own Board of Directors. however CaTEW remains the eorporate trust of this bodv. FINANCSAL REVIEW Income and Expenditure In 2022 the income of the Trust from all sources was £9.178.31912021.. £10.752.542I- The main sources of Income are assessments on the Dioceses of England and Wales mandated by the Bishops, and parish collections agreed by the Bishops for the puiposes of the Bishops. Conference and associated agencies and offices. Authorised parlsh collectSons received by C3TEW are taken on Home Mission Sunday (to SUPPOrt Evangelisation workl, World Cornmunication5 Day (to support CCNI, the Day for Life (to support the Anscombe Bioethics Centre and the pro-life activities of the Conference), and Racial justice Sunday (to SUPPOrt the Church's work with migrant5 and refugees, and to provide funding to the Catholic Agencv for Racial Justice). Other income is derived from investments, grants and property. Total expenditure for the year was £9,745,76112021'. EII,290,8511. The expenditure of the Trust Is analysed in detall In the account5 attached to this report. The results for the year are shown on page 19. A detailed analysi5 of the ie5uIt5 is provided in the notes to the accounts. The net movement in fund5 for the year was a deficit of £5,900,45512021." surplus of £3,361.0561. Costs were reduced in line with the falling revenues,. The loss for the year is mainly attributable to 105se5 on the investment portfolios of £5,203.399 due to conditions prevailing at the balance Sheet date.

CAThOLIC TRusf FOR ENGL4ND AND WALES TRusfEES' ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 The balance sheet shows total re5erve5 of £48,453.342. Restricted funds of £4.950.062 represent unexpended balance5 held on trust to be applied for specific purpose5. A further £36,999,554 has been set aside as designated funds as It Is eiiher represented by fixed assets or designated for a specific future use and so not available for the gener31 purposes. Designated funds within CaTEW include £8.141.058 which represents the net book valuè of the charitys tangible fixed assèt5, £1,0￿,014 which represents the value of the programme related investments. The remaining fund5 arnounting to £6.503.72612021.. £6,904,4151 are the general fund5 or'free, reserves as defined by the Charity Commission. Investment pollcv The trustees have adopted a general statement of an ethical investment policy: The Catholic Church's understanding of Ethical Investment takes account of a series of -social encyclicals" whlch followed from Pope Leo Xlll's encyclical letter Rerum Novorum of 1891. That document set out to maintain in eontemporary industrial Society the priority of the human over the economic, and the spiritual and moral over the material. In the rnanagernent of investments both Charity Law and Church teaching apply. Under Charity Law. the trustees must seek to obtain the best financial return possible con51Stent with commercial prudence. Following the Church's teaching, the tTU5tees 3150 seek to maintain an ethical investment policy through a process of making value judgements about the products. services and corporate practices as well as their financial efficacy. Their judgements and decisions to invest or disinvest, and of seeking to change through shareholder actlon. reflect particularly that teaching which promotes the dignity and santtity of human life and the importance of society in general. This has been communicated to the investment manager5 of the Trusl and, through regular meetin8S With them and periodic assessment by the Investment Sub-committee. Its irnplementation is kept under revlew. The trustees appreciate the importance of choosin8 a 5Ultable long-term investment Strate8y and benchmark. The tru5tee5' current investment strategy emphasises income generation In conjunction with capital growth, with the aim being to produce an income yield of 3% after fÈÈs and expenses. Accordingly, the investment mana8ers are Instructed to report against approprlate benchmarks. The Trusys investment asséts are spread between four portfolios held with Charles Stanley, Ruffer LLP, Killik & Co. and Evelyn & Partners. In aggregate. the portfolios achieved an average incomèyield of 2.7% in 2022 (excluding gains/losses on foreign currency forward contract51.

CATHOLIC TRUST FOR ENGLIND AND WALES TRUSTEES. ANMUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 Reserves Policy The Trust's operational policy is to try to ensure that it has adequate free reserves to meet Its contlnulng charltable obligations and day-to-day workin8 Capital requirements. The Trust is reliant upon Diocesan assessments for a significant proportion of its incoffle, which are agreed annually bv the Bishops. Conferen￿. The Trust airns to have the equivalènt of up to six months, charitable expenditure (approximately £3,500,000 excluding exceptional expenditure) in free reserves as defined by the Charity Cornmi55ion. This level 15 kept under review to ensure that there are Sufficient reserves to meet new initiatives from the BSshops. The value of The TrusV5 free reserve5 at 31 December 2022, following principles established by the Charity Commission, was £6,503,727 or 11 months of budgeted expenditure. The pandernbc has had a lar8e impact on income generation. but the trustÈÈs are confidènt that efficiencies resulting from thè restructurè will incrèase thè level of free reserves availablè over tSme. Future Plan5 Covid-19 and the associated 2020 and 2021 lockdowns continue to have a significant financial impact on the Trust. A dècline in Mass attendancè duiing this period has sevèrèly affettèd Diocesan finances, as well as adversely impacting the Trust'5 own national collections. The Bishop5 of England and Wa1e5 have called for a return of people to the Sunday practice of the faith which may assist in improving the income in dioce5e5,' thi5 is yet to be fully determined. The focus within CaTEW remains providing a high quality of work in accord with the strategic direction of the Bishops, whilst concentrating on driving expenditure down, and strearnlining operations. It is hoped that the comrnitment made two year5 ago, at the outset of the pandemic, to cut the Diocesan levy and restructure the internal organisation of the Secretariat, can be maintained. The Trustees will have to be vigilant on our income financial position in the light of the external fiscal pressures of inflation and rising costs which may require them to reassess this Commitment. Followlng the restructure of the organisation in 2021. staff are now more outcome focused and working flexibly across various work stieams. As well as improvin8 work priorltlsatlon and effectiveness the new structure, alon8 wSth the introduction of new financial protocols, has ènablèd a reduction in central costs. Furthermore, as people begin to return to mèss following the pandemlc, the Trust seeks to maximlse the effectlveness of its national collectlons.. World Communicatlons Day* Day for Life, Evan8elii Gaudiurn Sunday (previously HDme Mission Sunday) and Racial Justice Sunday, in order to generate funding for priority work area5 and initiatives.

CATHOUC TRUST FOR ENGLAND AND WALES TRiISTEES' ANNUAL REPORT FOR THE YEAR ENDED 310ECEMBER 2022 STRucfuRE, GOVERNANCE AND MANAGEMENT Gotyerning document The Catholic Trust for England and Wales ICaTEwI was incorporated as a compèny limitèd by guarantee on 15 April 2003 and is registered as a charity. The Trust'$ 8overnin8 document is the Memorandum and Articles of Association. Appointment of Trustees The ietirement by rotation. and re*lection procedures for the irustees are set out In the Memorandum and Artlcles of Association. There must be a minimum of eight trustees, but there is no maximum. The irustee selection process airns to ensure that the trustee bLTrard collectively has the skills and experience to properly fulfil its functions. Trustees are sought through an extensive process of nominailon in whlch candidates are evaluated against clear specifications. In keeping with the Trust's objectives, it is a requirement that candidates are committed Catholics. Trustee induction and training In order to discharge their duties, tvustees ère provided with an induction. Background information on the charl￿$ constitution, objects and finances, tO8ether with an introduction to the structure and workings of the Trust and materials explaining trustees, legal responsibilities, are provided. Where Irustees identify a need for training to effectively carry out their dutie5, appropriate resources are identified and training provided. Orgonisotion The governance of the charity is accomplished through the Annual General Meeting with the members. and meetings of the Board of Trustees and it5 constituent sub committees. The day to day management of the charity 15 delegated to the Operational Management Group. detailed on page 14 of this report, and Is supervised through the constituent Board meetings. Risk 055essment The trustees a55ess the major risk5 to which the charity is exposed, in particular those relating to specific operation31 area5 of the charity. its invE5tment5 and its finances by identifying and ranking risks in terms of their potential impact and likelihood. The risk register was last reviewed and approved by the Board of Trustees in October 2022 and the key risk5 identified include.. Recruitment of staff due to market driven salary eKpectations MitiBation5-. Interesting, challenglng and rewardlng work Flexible working such as working from home policy Vocational nature of ioles Opèrational budget challen8es due to static income Contributions from dioceses Mitigations.. Robust f1nancial controls Policy restrictions on specific expenditure Operational continuity and change management Mitigations.. Strong senior leadership team in place Succession plans to be developed for key roles 10

CATHOLIC TRUST FOR ENGLAND AND WALES TRUSTEES, ANNUAL REPORT FOR THEYEAR ENDED 31 DECEMBER 2022 Cyber security Mitigations.. Implernentation of Microsoft 365 and cloud based systems DUO Security system and Authenticator utilised for remote access Training provided to support the identification of common cyber threats Subsidiary companies The charity has four wholly owned subsidiary companies during the year.. Colloquium ICaTEWI Limitèd, CBCEW Event5 Limited. Catholic SafeguardinÉ Agency Limited ICSSAI, and Walsingham Trust which is also a registered charity. Colloquium ICaTEWI Limited wa5 incorporated on IS April 2003. Colloquium collects royalties from the sale of publi¢ations under the auspi￿5 of the Bishops. Conferen￿. C8CEW Event5 Limited was incorporated on 23 June 2017. Thi5 company has been establlshed to facilltate large scale events on behalf of the Bishops, Conference. Walsingham Trust was incorporated on l November 2018. The assets and operations of the charity were transferred from an unincorporated Trust with the same name Ichaiity number 2657551 on l January 2019 at which point CaTEW assumed sole membership of the newly formed charitable company. which received a reserve transfer totalling £1,933,950. The primary areas of activity in 2020 were the Shrine. a h05tel, a retreat centre, a tearoom, a shop selling religious artefatts. a museum, and the Walsingham Association which supports the work of the Trust. CIS Limited. a company incorporated on 24 July 2002. is a Company limlted by share in which the trust has an 80% holdin8. This company, which is re8lStered with the FCA. acts as a broker for a suite of Insuran￿ policies tailored to the needs of the Catholic Church. The subsidiary companies, results are included in the consolidated financial statements presented with thi5 report. The CSSA was incorporated on 5th February 2021 a5 a new company which took responsibility for the work of the trust in respect of safeguarding. Remuneration policy The pay of the senior staff is revlewed annual￿ and normally increased with consider3tion to both the cost of living and average pay reviews within other not for profit or6ani5ation5. Senior staff salaries are ben£hTnarked with refeTence to the external market through regular participation in relevant pay survey5. The remuneration bench-mark is 90% of the mid-point of the range paid for simllar roles.

CATHOUC TRUST FOR ENGLAND AND WALES TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 Relationshlps with other Charitable Organi5ations At the request of the Bishops, Conference of England and Wales and wSth the a8reement of the Irlsh Episcopal Conference and the Bishops. Conference of Scotland, CaTEW assumed the corporate trusteeship of the An5combe Bioethics Centre Ipreviously the Linacre Centre for Healthcarè Ethics) IRegistered Charity Number 2743271 on 27 February 2006. On behalf of the three Bishop5' Conferences mentioned above, the Trust acquired premises for the St Luke's Centre (Registered Charlty Number 11110581, a wellne55 centre for priests and religiou5, ancl act5 as the landlord for the centre. As the administrative arrn Df the Bishops, Conference of England and Wales, the Trust has close links with the Diocesan charities, on which the annual assessments are made. The Trust related to the charities of religious Congregations withln the conferen￿ of Religlous. particularly through its provision of the administrative. legal. human resources and financial management forthe Catholic Safeguarding Advisory Service ICSASI before safeguarding attivities were transferred to the CSSA in April 2021. The Trust also relates closely to those agencies of the Bishops, conferen￿ that exlst as independent charities, the main ones being.. the Catholic Agency for Overseas Development ICAFODI. Carita5-Social Artion Network, the Pontifical Mi5510 Societies IMi55ioI and Stella Maris. TheTrust provides office accommodation for the Natlonal justice and Peace Network, Stella Maris, and the Catholic Medical A550ciation. 12

CATHOLICTRUST FOR ENGLAND AND WALES TRUSTEES, ANNUAL REPORT FOR ThE YEAR ENDED 31 DECEMBER 2022 REFERENCE AND ADMINISTRATIVE D￿Alls 80ARD OF TRUSTEES Rt Rev Peter Brignall (Chairl Mr John Glbbs M5 Sarah Kilmartin Most Rev Malcolm Mcmahon OP Ms Cathy Corcoran Rev David Roberts Istepped down 4 Juty 20231 Most Rev Bernard LonBley Mr Kees Kempenaar Istepped down 4 July 20231 Mrs Lyn Murray Rt Rev Mark O'Toole Ms Tamsin Eastwood Drjames Whiston OBE Mr5 Carol Lawrence lappointed 15 March 20221 Rt Rev Tom Williams (appointed 15 March 20221 COMPANY SECRETARY Rev Canon Christopher Thomas CHAR￿ NUMBER 1097482 BANKERS HSBC plc 69 Pall Mall London SWIY SEY SOUCITORS PlpeT LLP 3 Noble Street London EC2V 7EE lose Perez Rue Marques da Fronteira 1071>295 Lisboa PortUBal AUDITOR Haysmaclntyre LLP 10 Queen Street Place London EC4R IA6 CATHOUCTRUST FOR ENGLAND AND WALES 13

TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 REFERENCE AND ADMINISTRATIVE D￿AlLs (contlnued) INVESTMENT ADVISORS Ruffer LLP 80 Victgria Street London SWIE 5JL Charles Stanlev 25 Luke Street London EC2A 4AR Killik & Co 281 Kensington High Street London W8 6NA Evelyn & Partner5 25 Mooragte London EC2R 6AY OPERATIONAL MANAGEMENT Rev Canon ChristopherThomas Mr Greg Popè Mr5 Sarah Pearson Ms Lorraine Welch General Spcretary Executive Director Director of Finan¢e Director of Administrativè Support and PA to the General Secrètary Human Resources support is outsourced to an external HR consultant. 114VESTMENT cOMMI￿EE Trustee membet5.' Mr John Gibbs M5 Tam5in Eastwood Ms Sarah Kilmartin Advisors.. Mr Laurence Brennan Mi Dominic Tayler In uttendonce.. Rev Canon John Weatherill. CATHOUCIRusf FOR ENGL4ND AND WALES 14

TrUStEES' ANNUAL REPORT A)R THE YEAR ENDED 31 DECEMBER 2022 STATEMENT OFTRUSTEES, RESPONSIBILITIES The trustees Iwho are also dirertors of CaTEW for the purposes of company lawl are responsible for preparing the Trustees. Report and the financial statements in accordance with applicable law and United Kin8dom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practicel. Company law requires trustees to prepare financial statements for each financial year which give a true and fair view of the state of the affalrs of the charltable company and the group and of the Incoming resource5 and application of resources, includin8 the income and expenditure, of the charitable group for that period. In preparing these financial statements, the trustees are required to: Select suitable accounting policies and apply them consistently,. Observe the methods and principles in the Charities SORP.. Make judgements and estimates that are reasonable and prudent; State whether applicablè accounting standards have been followed. subjectto any material departures disclosed and explained in the financial statements- and Prepare the financial statements on the going concern basis unless it 15 inappropriate to presume that this basis applies. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the flnancial position of the charitable company and enable them to ensure that the Ilnancial statements cornply with the Companies Act 2006. They are also responsible for safeguardinB the assets of the charitable company and the group nd hence for taking reasonable steps for the Pfeventlon and detectlon of fraud and other irregularities. In so far as the trustees are aw3re'. there is no relevant audit information of which the charitable company'5 auditOT is unaware- and the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. This report, which incorporates the Strate8ic Report, was Approved by the Board of Trustees on 27 September 2023 and signed on Its behalf bv.. Mr John Gibbs Trustee 15

INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS & TRUSTEES OF CATHOLIC TRUST FOR ENGLAND AND WALES FOR THEYEAR ENDED31 DECEMBER 2022 Oplnlon We have audited the financial statements of the Cathollc Trust for England and Wales for the year ended 31 December 2022 whith ¢omprise the Consolldated Statement of Financial Actlvities, The Group and Charlty Balance Sheets, the Consolidated Cash Flow Statement. and notes to the fInanc￿al statements, including a 5urnm3ry of significant accounting policie5. The financial reporting fiarnewDrk that has been applied in their preparation 15 applicable law and United Kingdom Ac¢ountln8 Standards, including Financial Reportin8 Standard 102 The Financial Reportin8 Standard applicable in the UK and Republic of Ireland (united Kingdom Generally Accepted Accounting Practice). In our opinion. the financial statements.. glve a true and fair view of the state of the group and parent charitable Company's affairs as at 31 December 2022 and of the group's net movèment in funds, including the income expenditure, for the yearthen ended; have been properly prepared in a¢¢ordan¢e with United Kingdom GeneTally Accepted Accounting Practice., anil have been prepared in accordance with the requirements of the Companies Act 2006. Bas15 for oplnlon We conducted our audit in accordance with Intemational Standards on Auditin8 IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditorf5 responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRCS Ethlcal Standard, nd we have ftjlfllled our other ethical responsibllities 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. Conrlu5ions relating to Boing con¢em In auditin8 the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating to events or conditions that, individually o)r collectively, rnay cast significant doubt on Ihe charitable cornpany's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilitie5 of the trustees with respect to Boing concern are described in the relevant 5ettiun5 of thi5 report. other Informatlon The trustees are responsible for the other information. The other information comprises the information included in the Tru5tees' Report. Our opinion on the financial statements doe5 not cover the othef information and, except to the extent otherwise explicitly stated in our report. we do not express any form of assurance conclusion thereon. In connection with our audit of the financia1 statements, our responsibility is to Tead the other informatiun and, in doing $0, considef whether the other information is materially inconsistent with the financial statements or our knowledge obtained In the audit or otherwlse appears io be materially misstated. If we identify such material inconsistencies or apparent material misstatements. we are required to determine whether there is a material misstatement in the financial statements or a material mi55tatement of the other information. If, based on the work we have performed, we conclude that there is a malerial misstatement of this other information, we are required to report that facl. We have nothing to repori in this regard. Opinions on other matters prescrlbed by the Companles Act 2006 In our opinion. based on the work undertaken in the course of the audit- the Information glven In the Trustees, Report (which include5 the strategic report and the directors, report prepared for the purposes of company lawl forthe financial year forwhich the financial statements are prepared Is corisistent with the f1nancial statements., and the strategic report and the director5, report included within the Trustees. Report have been prepared In accordance with applicable legal requirements. 16

INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS & TRUSTEES OF CATHOLIC TRUST FOR ENGLAND AND WALES FOR THE YEAR ENDED 31 DECEMBER 2022 Matters on wh5ch we are required to report by eX￿PtkJn In the light of the knowledge and understanding of the charitable company and its environmeni obtained in the course f&f the audit. we have not identified material misstatements in the Trusieès. Report (which Sneorporates the strategic report and the directors, report). We have nothing to report in respect of the following matters in ielation to which the Companies Act 2(N)6 requires us io report to you if. in our oplnion.. adequate accounting records have not been kept by the parent charitable company. or returns adequate for our audit have not been received from branches not vlsited by usl- or the charitablÈ company financial statèrnènt5 are not in agreèmènt with the accounting records and returns. or certain disc105ures of trustees, remuneration 5pe£ified by law are not made,. or we have not received all the information and explanations we require for our audit Responslbllltles of trustees for the financlal statèments As explained more fully in the trustees, responsibilities statement set out on page IS, the trustees (who are also the director5 of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements 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 financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial Statements, the trustees are responsible for assessing the charitable company'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 charitable company or to cease operations. or have no realistic alternative but to do so. Audrtor's responsibilities for the audit of the finart¢ial statements Our objectives are to obtain reasonable assuran￿ about whether the financial statements as 3 whole are free from maierlal misstatement. whether due to fraud or error. and to issue an audiior's report that Includes our opinion. Reasonable assurance is a high level of assuran￿, but Is not a guarantee that an audit conducted in accordancewith ISAS IUKI will always detect 3 material misstatement when it exists. Misstatements can arise from fraud or error and are considered material If. IndSvidually or In the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, intluding 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 irregularitie5. including fraud. The extent to which oui proce(Jures are capable of detecting irregularities, including fraud is detailed below.. Based on our understanding of the charitable company and the environment in which it operate5, we identified that the principal risks of non-compliancewith laws and regulations related to the Companles Act 2fx16 and the Charities Act 2011 and we considered the extent to which non-compliance might have a material effect on the financial siatements. We also considered other factors such as income tax, payroll tax and sales tax. We evaluated manaBement's incentives and opportunities for fraudulènt manipulation of the financial statement5 lincluding the risk of override of contiolsl, and concluded that the risk was low. Audit procedures performed by the engagement team included.. Discussions with managernent including consideration of knowt) or suspected instances of non-compliance with law5 and regulation and fraud,. Evaluatin8 management's controls designed to prevent and detect irregularities,. Identifying and testingjournals, in particularjournal entries posted with unusual account combinations, postings by unusu31 users or with unusual descriptions.. and Challenging assumptions and judgement5 made by management in their critical accounting estimates 17

INDEPENDE14T AUOITOR'S REPORT TO THE MEMBERS & TRUSTEES OF CATHOUC TRUST FOR ENGLAND AND WALES FOR THE YEAR ENDED 31 DECEMBER 2022 Because of the inherent limitations of an audit. there is a risk that we will not detect all irregularities. including those leading to a material misstatement in the financial statements or non-CDmpliance with regulation, This risk increases the more that Complian￿ with a law or regulation is removed fiom the events and transadions reflected in the financial statèments, a5 we will be le55 likely to become aware of instances of non-compliance. The risk is also greater regarding irreBularitie5 occurring due to fraud rather than error, a5 fraud involve5 intentional concealment, forgery. collusion, ornission or mi5representstion. A further descrlption of our responsibillties for the audit of the financial staiements is located on the Financial Reporting Councifs website at: www.frc.or audltorsres on5ibilitie5. This description form5 part of our auditorf5 report. Use of our report This report is made solely to the charitable company's members, as a body, In accordance wlth Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might State to the charitable company's members those matters we are required to state to them in an Auditorfs rèport and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work. for this report. or for the opinions we have formed. Ad3m Halsey Isenior Statutory Auditor) For and on behalf of Haysmaontyre LLP, Statutory Auditors 10 Queen Street Place London EC4R IAG Date= 29kptÈmbÈ 2023

CATHOLICTRUST FOR ENGLAND AND WALES CONSOLIDATED STATEMENT OF FINANCIAL ACTivinES FOR THE YEAR ENDED 31 DECEMBER 2022 Unrestricted Funds Restrirted Funds Total 2022 Total 2021 Notes Income and endowments from: Donations and legaaes Diocesan 355es%ments Charitable activities Other trading activitie5 Investment income Other income la Ib Ic 931.941 1.338,387 1,433,427 2,043,782 888.699 58,278 1,255.396 957,266 66,782 2.187.337 2,295.653 1,500.209 2,043,782 968,482 182,856 4.821.912 2,415,333 1.120.887 1,394,729 794,651 205,030 Id le 79,783 124,578 Total 6,694,514 2,483.805 9.178,319 10.752,542 Expendlture on: Rai5in8 fund5 Other trading activities Charitsble activities 180.486 2,119.692 4.736.866 41,950 222,436 2,119,692 7,403,633 257,198 1,236,376 9,797,277 2.666.767 Total 2a 7.037,044 2,708,717 9,745,761 11,290,851 Net gainslllossesl investments on 636b 14,774.2811 1558.7321 15.333.013) 3.899,365 Net Incomellexpendlturel before transfers 15,116,811) 1783.6441 15.900.455) 3,361.056 Transfers between fund5 12 1382.0881 382,IY88 Net in¢omelleMpendlturel for the year before minority Interest 15,498,899) 1401.5561 15.900.4551 3.361.056 Minority interest Fund balances brought forward 1644,0351 1644,0351 1710.8541 49,646.214 5.351.618 54.997,832 51,636,776 Fund balantes fon¥ard carrled 43,503,280 4,950,062 48,453.342 54,286.978 The notes form part of these accounts. Details of comparative figure5 by fund can be found in note 16. 19

CATHOIICTRUST FOR ENGLAND AND WALES BALANCE SHEErs AS AT 31 DECEMBER 2022 Group 2022 Group 2021 Charlty 2022 Charlty 2021 FIXED ASSETS Tangible assets Inve5trnentS Listed investments and Investments In subsidiary company Programme related investment5 Notes 11,716,494 33.982.899 11,637,326 39,133.178 8,141.058 31,867,558 8.112,038 37.438.737 115,001 1,000,014 I.OCQ.014 1.110,416 1,110,416 46,699,407 51,880,920 41,123,631 46,661,191 CURRENT ASSETS Stock Debtors Cash at bank and in hand 69,049 4,156,102 7,379,573 58,214 6,377,613 6,737.635 826,740 1,998.180 1,812,530 3.187.249 11.604.724 13,173,462 2,824,920 4,999,779 CURRENT LIABILITIE5 Creditors.. Amounts falllng due wlthln one Year io 19,206,754) 110,056,550) 1680,9751 3,597,041) N￿cURRENT ASSErs 2,397,970 3,116,912 2,143,945 1.402.738 TOTAL ASSETS LESS CURRE14T LIABILITIES 49,097,377 54.997,832 43.267,576 48,063.929 NET ASSETS 49.097,377 54.997.832 43.267.576 48.063,929 ftEsTRI￿ED FUNDS Restricted income funds 12 4,950,062 5,351,618 4,986,074 5,301,614 UNREsfRicfED FUNDS General funds Designated funds 6,503.726 36,999.554 6,904.415 42.030.945 4,516.688 33,764.813 4.182,404 38,579.911 13 TOTAI UNREStRICTED FUNDS 43.503.280 48.935.360 38.281.501 42,762,315 TOTAL CHARITABLE FUNDS 48,453,342 54,286,978 43,267,575 48,063,929 Trading funds attributable to minority interest 644,035 710,854 TOTAL 49.097,377 54,997,832 43,267.575 48.063.929 Approved by the Trustees on 27 September 2023 and signed on theii behalf by: Mr John Gibbs T¥ustee The notes form part of these accounts. Company reglstration number.. 0473450 20

CATHOLICTRUW FQR ENGLAND AND WALES COMSOLIDATED CASH FLOW STATEMENT FOR THEYEAR ENDED 31 DECEMBER 2022 2022 2021 CASH FLOW STATEMENT Cash flows from operatlng actl¥ltles: Net cash provided by operating actlvStles:1see below) 239,813 1658,2431 Cash flows from Investing attivitles: Dividends. interest and rents from investments Purchase of property. plant and equipment Pro￿e(l$ from the sale of properry, plant and equlpment Purchase of inve5trnents Proceeds from sale of investments 968,482 1494,0241 794,651 11.360.589) 18,685.8301 8,613.498 19,123.0401 8,323.351 Net cash provlded by Investlng attivities 402,125 11,365,627) Cash flows from flnandng actlvlties: Repayments of borrowing so,000 Met cash provided by financing artlvltles so,c()o Chan8e In cash & cash equivalent5 in the reportin8 period Cash & cash equivalents at the beginning of the reporting period 641.938 6.737.63S 11.973.8701 8,711.505 Cash & cash equfvalents at the end of the reportlng period 7.379.573 6,737,635 Reconclllatlon of net Income to ¢ash inflowl{ouffiowl from operatlng artlvltles Net income for the reporting period las per SOFA) 15,900,455) 3,361.056 Adjustment5 for: Depreciation charges Deficit on disposal of property, plant and equipment Lossesllgainsl on investments Dividend5, interest & rents from investments Ilncreasel/decrea5e in stock Decrease/linereasel in debtors (Decreasèllincrease in creditors 394,391 20.466 5,333,013 1968,4821 110.8351 2,221,511 1849,7961 382,670 13,917,509) 1806,6511 2.774 1632,1091 939.535 Net cash provlded by operating actlvltles 239.813 1670,2341 ANALYSIS OF CHANGES IN CASH IN HAND AND AT BANK l January 202Z 31 De￿mber 2022 Cash Flows Cash In hand and at bank 6,737,635 641.938 7,379,573

CATHOUCTRusf FOR ENGLAND AND WALES STATEMENT OF ACCOLINTING POUCIES FOR THE YEAR ENDED 31 DECEMBER 2022 The financial statements have been prepared in accordance wlth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021, the Statement of Recommended Practice-Accounting by Charities" SORP 2015 and the Companies Act 2(M)6. The particular accounting policies adopted are described below. The financial statements are prepared under the historical cost convention, as modified to include certain tangible fixed a$5ets at a valuation and fixed a55et investments at fair value. Basis of preparatlon The financi315tatemènts represent the Catholic Trust for England and Wales togethèr with its three trading 5ub5idiary companies l¢onsolldated on a line by line basi51 listed in note 14. In accordance with the Companies Att 2006, no separate siatement of financial activities ha5 been prepared for the Charlty alone. The Charity meet5 the definition of a publi¢ benefit entity under FRS 102. Assets and liabilities are initially recognlsed at historical cost or transaction value unlESS Otherwise stated in the relevant accounting policy notes. b} Preparation of accounts th a golng concern basls The trustees consider there are no rnaterial uncertainties about the Charivs ability to continue a5 a going concern. The review of our financial position, reserves levels and future plans gives Trustees confidence that the Charity remains a going concern for the foreseeable future. l LeBacies, Donations and Grants Legacies and donations are recognised when recelpt is probable," when the Trust becornes le8ally entitled to them; and they tan reasonably be measured in financial term5. Receipts of prDperty. investments or other gifts in kind arè intluded at fair value. Grants are recogni5ed when receivable. dl Investments and Investment Income Fixed asset Investments, excluding the investment in a trading subsidiary, are included at their fair value. The investment in a subsidiary Company is included in the financial Statements at COSt. Investment income is accounted for as it accrues. el Taxation As a registered charity. the Trust is exempt from incorne tax. coiporation tax and capital gains tèx derived from its charitable activities. Recovery of tax deducted at source 15 credited to the cate80ry of income to which it relates. 11 Income and Expertditurè Income is included in the Statement of Financial Actlvities on the basis of the amounts receivable for the year and expenditure Is Included on the basis of the amounts payable for work done and services provided in the year. Charitable expenditure consists of all expenditure directly relating to thè objects of the Charity. Certain central 05ts. which cannot be directly allocated, arè apportloned on the basis of the Trustee5' estimate of the time spent on the relevant functions. 22

CATHOLICTRUST FOR ENGLAND AND WALES STATEMENT OF ACCOUNTING POLICIES (Continued) FOR THEYEAR ENDED 31 DECEMBER 2022 Income and Expendlture Icontlnuedl Raising funds consists of all expenditure incurred by the Trust to raise funds for it5 charitable purposes. Certain central costs, which cannot be directly allocated, are apportloned between direct ¢haritable expenditure and governance cost5 on the basis of the Trustees, estlmate of the time Spent on the relevant functions. Supports costs comprise the costs of runnin8 the Charity. including Strategic plannin8 for its future development, also external audit, any leg31 advice, and all the costs of complyingwith constitutional and statutory requirements, such as the costs of Trustees. meetlngs and of preparinB statutory accounts and satlsfyinB public accountability. Tangible fixed assets Individual fixed as5et5 CQ5ting rnore than £5,IXJO are capitali5ed at cost. Depreciation on freehold property is calculated on a straight line basis at a rate of 1% per annum. Depreciation on furniture and equipment Is calculated by the straight line method to wrlte off the costlvalue less anliclpated residual value, over an experted Useful life of four years. A full years, depreciation is charged in the year of acquisition and none in the year of disposal. hl Galns and Losses Gainsllosse5 on investments are calculated as the difference between opening rnarket value and closing market value after adjusting for additlons and disposals during the period. No distinction Is made between realised and unrealised Bains in the financial statement5. Pro8ramme related Investments Programme related investments are induded in the balance sheet at cost. Any 8ain or loss arising from disposal or Impalrment is credited or charged to the statement of financial activitles. Sto¢k Stocks are stated at the lower of cost or net realisable value. C05t represents purchase pr1￿, calculated on a flrst in first out basis. kl Debtors Trade and other debtors are recogni5ed at the settlement amount due aftei any discounts offered. Prepayments are valued at the amount prepaid net of any discounts due. Accrued income and tax recoverable is ineluded at the best estimate of the amounts receivable at the balance sheet date. Creditors Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in a tr3n5fer of funds to a thiid party and the amount due for settlement can be measured or estimated reliably. Creditors are normally recogni5ed at their settlement amount after allowing for any trade discount. Fund Accountlng Unrestricted funds comprise accurnulated surpluses and defiots on gener31 fvnds. They are available for use at the Iscretion of the Trustees in furtherance of the general charitable objectives. Designated fund5 are fund5 set aside by the Trustees for speclfic purposes Isee note 131. Re5trirted funds are used for specific purposes as stated by the grantor. Expenditure which meets these criteria is charged to the fund (see note 121- 23

CATHOLIC TRUST FOR ENGLAND AND WALES STATEMENT OF ACCOUNTING POLICIES Icontlnuedl FOR THE YEAR ENDED 310ECEM8ER 2022 Employee beneflts Short tem? benefits Short term benefits including holiday pay are recognised as an expense in the period in which the service 15 received. Employee terminotion benefits Termination benefits are attounted for on an accrual basis and in line with FRS 102. PenS￿n scheme The charity operate5 a defined contribution pen5i0n scheme for the benefit of its employee5. The assets of the scheme are held independently from those of the charity in an independently administered fund. The pensions costs charged in the financial statements represent the contributions payable during the year. Leasing Rent payable under operating leases is charged to the Statement of Financial Activities over the lease tèrm. pl Foreign currenrytranslatlon Monetary assets and Ilabilities denominated In foreign currencies are translated into Sterling at the rates of exchange ruling at the balance sheet dale. Transartions in foreign currencies are recorded at the rate ruling at the datè of the transaction. All difference5 are taken to the statement of financial activities. ql Crftlcal accountlng judgements and key Sources of estlmatSon uncertalnty In the application of the accounting policies, Trustees are required to makejudgements. estlmates. and assumptlon% abovt the carrying value of assets and liabilities that are not readily apparent from other sources. The estirnates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual re5yIt5 rnay differ from these estimates. The estimates and underlying assumptions are revlewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affected current and future periods. Judgements made by the Trustee5, in the application of these accounting polities that have significant effect on the financial statements and estimates wlth a signifitant risk of rnaterial adjustment in the next year are deemed to be in relation to the depreciation rates of tangible fixed asset5 and are discussed above. In the view of the Trustees. no assumptions concerning the fLrturÈ or estimation uncertainty affecting assets or liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the neKt financial year. 24

CATHOUCTRUST FOR ENGLAND ANO WALES NOTESTO THE ACCOUNTS FOR THE YEAR ENDEO 31 DECEMBER 2022 DONATIONS AND LEGACIES Unrestrlcted Funds 2022 Restrl¢ted Funds 2022 Total 2022 Total 2021 Donations LeBacies Grants ieceivable 896,698 35,243 1,255,396 2,152,094 35,243 1,262,548 17.346 3,542,018 931.941 1.255.396 2.187.337 4,821,912 Ib. OIOCESAN ASSESSMEfiTS Unrestrlcted Funds 2022 Restrlrted Funds 2022 Total 2022 Total 2021 Arundpl and Brighton Birmingham Brentwood Cardiff Clrfton East Anglia Hallam Hexham and New(a5tle Lancaster Leed5 Llverpool Menevia Middlesbrough Northampton Nottingham Plymouth Portstnouth Salford Shrewsbury Southwark 73,182 90,757 73,380 25,540 50,181 33,300 22,898 72,077 31,831 54,014 73,631 264 25,956 45,778 52,692 36.097 76,851 73,862 57,911 126,194 221,350 2,641 5,000 5,000 3,000 5,000 43.323 96.692 46.697 22,161 26.862 13,665 19.399 60,283 28.980 37,796 92,173 5,231 20.826 24,569 35,602 13,003 37.607 86,149 47.521 81,624 112,403 4,700 116,505 187.449 120,077 47,701 77,043 46,965 42,297 132,360 60.811 91,810 165.804 5,495 46.782 70,347 88,294 49,100 114,458 160.011 105,432 207.818 333,753 7.341 5,000 5.000 3.000 5.000 111,313 224,246 105,149 44,254 71.161 43,479 41.536 132.869 75.639 88,170 258.680 7,255 51.081 62.860 93,645 73.839 102,003 165.140 98.760 198.677 351.392 9,185 5,0 Westmlnster Wrexham Contribution from Bishopric of the FoTce5 Ordinate Syro Malabar Polish fflission 1,338,387 957,266 2.295.653 2.415.333 25

CATHOLIC TRUST FOR ENGLAfiD AND WALES NOTES TO THE ACCOUt4TS FOR TrIE YEAR ENDED 31 DECEMBER 2022 IL CHARITABLE ACTIVITIES Unre5trlrted Fund5 2022 Re5trirted Funds 2022 Total 2022 Total 2021 Conferencing Income Subsidlary charitable activities 227,129 1,206,298 66.776 293.905 1,206.304 48.628 1.072.259 1.433,427 66,782 1.500,209 1,120,887 Id. INVESTMETr￿ INCOME Unrestricted Funds 2022 Restricted Funds 2022 Total 2022 Total 2021 Arising on quoted investments: Dividends Flxed Inleresl 710,219 105,932 73,364 6.419 783,583 112,351 419.864 319,760 816.151 55,000 17,548 79,783 895.934 55.000 17.548 739.624 55,000 27 Rental income 8ank Interest 888.699 79,783 968,482 794,651 le. OTHER INCOME Unrestricted Funds 2022 Restrlcted Funds 2022 Total 2022 Total 2021 Other income 58,278 124.578 182.856 205,030 58,278 124,578 182.856 205,030 26

¢> y 11 J 4% E Il Ill I I

CATHOLICTRUST FOR ENGLAND AND WALE5 NOTESTOTHE ACCOUNTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2022 2b. ALLOCATED SUPPORTCOSTS Charitsble Artivities Raisin8 F￿ndS Totsl 2022 Total Z021 Slaff cost5 Premises costs Other costs 716,498 302.556 305,479 7,267 9.062 3,253 723,765 311.618 308,732 606,918 387,656 270,827 Pro rata basls Head count Pro rata basis 1,324.533 19.582 1,344.115 1,265.401 Support cost5 have been direttly charged to the relevant activity on the basis of use. 2022 2021 Support costs include-. Auditor's remuneration- Audit- parent Audit- subsldiaries Other services 16.950 42.000 21,775 14.750 35.500 8,205 28

CATHOLIC TRU￿ FOR ENGLAND AND WALE5 NOTES TO THE ACCOUNTS Icontlnuedl FOR TME YEAR ENOED 31 DECEMBER 2022 ANALYSIS OF GRANT MAKING ACnv￿1ES Unrestricted Funds 2022 Re5tricied Funds 2022 Total 2022 Total 2021 Nètional Board of Catholic Women National Council Lay Association Caritas Social Actlon Network Li5bonian Soclety CARJ Walsingham Trust Parliamentary Interns 5,LK)O 5,lJOO go,￿0 3.100 S,CM)O 5.L)00 120,000 4,100 20,000 5,0 90,0(XI 3,lTrJ 7.350 Dtsyfor Lift Anstombe 8ioethics Centre Other grants awarded 20,000 103.500 Priests, Tmining ond Formation gronts Oidinariate of Our Lady of Walsingham Diocese of Menevia Diocese of Easl Anglia Di0￿Se of Cardlff Diocese of BirminBham Historic England Grants 10,ODO 21,000 64,000 41.000 64,(XJO iO.(M)O 21,OJO 64,￿0 41.000 64,000 7,500 3,470,883 Churches Legislation Advisory Service CCEE COMECE 20,700 11,662 14,500 20,700 11,662 14,500 20,7 11,262 I4,5(￿7 149.962 2W,000 349.962 3.809.795 29

CATHOUCTRUST FOR ENGLAND AND WALES NOTES TO THE ACCOUNTS Icontlnuedl FOR THEYEAR ENDED31 DECEMBER 2022 STAFF (GROUP) 2022 2021 Staff Cost5: Wages and salaries Social securlty Pension costs 4.071.711 407,080 301,943 3.181,327 289,305 274,655 4,780,734 3.745,287 Number of Employees: Number Number Average 93 96 93 96 Full fime Equivalent 85 93 85 93 No terrnination payment5 12021.. £NILI were paid to employees 12021-. none) representing payment5 made under compromise agreements. The number of employees with emoluments greater than £60,orKI during the year were as follow5.. Number Number £60.(XIO- £70.WO £70.IX)0- £80,ODO £80.(￿- £90.QK>O £90,000- £ICKI,000 Employer contrlbutions totalllng £38,69812021.' £32.C9151 were made to defined contributlon schemes In respect of all those employees who earned £60,000 or more during the year la5 defined abovel- The charity trustees were not paid or received any other benefits from employment with the Trust or its subsidiaries in the year12021.' nill. Travel expenses of £19212021.. £961 were reimbursed tothree12021'.onel trustee durlngthe year. No trustee received payment for piofessional or other seryices supplied to the charily12021= Enlll. In aggregate. key management personnel (deemed a5 being the Operational Management Group consisting of the Exetutive Director. Director of Finance and Director of Admini5tr3tive Support) received remuneration totalling durin8 the year £261,76812021.' £244,286). 30

CAThOUC TrUST FOR ENGLAND AND WALES NOTES TO THE ACCOUNTS {Contlnuedl FOR THE YEAR ENDED 31 DECEMBER 2022 TANG18LE FIXED ASSErs Group Freehold Bu51dln8S Furnlture & EquSpment Total COST OR VALUATION At beglnning of the year Additions Disposals 11,470,057 460,703 120,4661 3,011,329 33.322 14.481.386 494.025 120.4661 At end of the year 11.910.294 3,044,6SI 14,954,945 DEPREaATION At beginning of the year Depreciation Disposals 996.451 149.691 1,847.609 244,700 2,844,060 394.391 At end of thè year 1,146,142 2,092,309 3,238,451 NET BOOK VALUE Net book value at beginning of the year 10.473,606 1,163,720 11,637,326 Net book value at end of the year 10,764,152 952,342 11,716,494 All fixed assets are used in direct furtherance of the ChariVs objects. Included in the above table are assets held by subsidiaries with a nel book value of £3,575.436. The charlty has contlnued to adopt a policy of not revaluing its tangible fixed assets. The book value of freehold properties is based upon book value al the time of transfer from predeeessor charities in 2003. It is likely that there are materlal differences between the open market values of the charity'5 freehold properties and their book values. The amount of such differences cannot be ascertained without incurring 5ignific3nt costs, which, In the opiftlon of the trustees, is notjustified it) terms of the benefits to the users of the accounts. INVESTMENTS Group Charlty 2022 2021 2022 2021 Listed InvE5trnent5 (note 631 Investment in subsidlary companies (note 141 33,982,899 39,133,178 31,867,558 115,001 37,323,737 115,001 33,982.899 39.133,178 31,982,559 37,438,738

CATHOUC TRUST FOR ENGLANO AND WALES NOTES TO THE ACCOUNTS Icontlnuedl FOR THE YEAR ENOED 31 DECEMBER 2022 6a. LISTED INVESTMENTS 2022 2021 Market value at l January 2022 Additions Disposals Revaluation Ilossesllgalns 38,605,827 33,734,680 7,811,611 9.276,989 18,416,775) 18,323,351) 15,203,399) 3,917,509 Market value at 31 December 2022 Cash held for reinvestment by investment managers 32,797,264 1,185,635 38,605,827 527,351 33,982,899 39.133,178 Cost of listed investments at 31 December 2022 30.340,843 32.131.918 Investments at fair value comprised- Equitie5 Fixed interest Other instruments Cash 22.848.266 5.699,425 4,249,573 1,185,635 30,148,932 4.720.981 3,689,079 574.186 Total 33,982,899 39,133,178 All investments are Carried at thelr fair value. Investment in equities and fryed interest securities are all traded in quoted public markets. primarily the London Stock Exchange. Holdin85 in common investment funds, unit trusts and open-ended investment companies are at the bid price. The basis of fair value for quoted investments is equlvalent to the market value, using the bid price. Asset sales and purchase5 are recognised at the date of tiade at Cost (that 15 their transaction value). Included in the above table are assets held by subsidlaries wlth a fair value of £1.809.442. Gb. RECONCILIATK>N OF GAINSIILOSSESI ON INVESTMENTS GTOUP &Charlty 2022 2021 RevaSuation11055es118ains IL0s5esllgain5 on forward contracts 15,203.3991 1129.6141 3,917.509 118,1441 ILossesl/gain5 on investments per SOFA 15,333,013) 3,899,365 The above relates togains and losses made on forward contracts in the yearutilised to combat exchange rate fluctuations. PROGRAMME RELATED INVESTMENTS Group & Charity 2022 2021 St Luke's Centre Venerable English College, Rome 1,000,000 14 I,000,o 110.416 I.CM)0,014 1,110.416 32

CATrIOUC TRUST FOR ENGLAND AND WALES NOTES TO THE ACCOUNTS (Continuèd) FOR THE YEAR ENDED 310ECEMBER 2022 PROGRAMME RELATED INVESTMENT5 Icontinuedl St Lukés Centre The St Luke's Centre was purchased in 2(K)6 to provide a Wellness Centre for Priests operated by the St Luke's Institute of Maryland, USA. It is a project lo ministerto priests and religious wornen and men who so 8enerously give of them5elve5 to serve others. A full repairing lease for five years ai a peppercorn ￿nt has been signed on 27 Aprll 2018. Venerable En8lish College IVECI Rome This investment relates to funds advanced from a constituent charity, The Lisbon Trust Fund, in 1987 and 1993 totalling £428,70D. to give financial support to the college. The college is a semlnary for the training of priests for the Diocese5 of England and Wales. The VEC agreed to begin repayment of these monies at the rate of £10,000 per annum, commencing l January 2006. A lump sum repayment of E50.000 was made in 2014. Further lump sum repayrnents were made as follow5.. £57,000 in 2015, £10,[￿ in 2018, £12,000 in 2019, £12,000 in 2020 and £50.000 in 2021. The rate of repayrnent will be reviewed after 10 years and the loan is interest free. srocK Group Charlty 2022 2021 2022 2021 Shop stock, for resale Other stock 55.899 13,150 47.314 10,900 69,049 58.214 DEBTORS Group Charity 2022 2021 2022 2021 Prepayments and accrued income Other debtors Amounts due from subsidiary undertaklngs 618.739 3,537,363 1.847.382 4.530,231 411.810 116,183 298,747 1.197.875 76.482 538.173 4,156,102 6,377.613 826.740 1.812.530 10. CREDITORS: amounts falling due within one year Group Chartty 2022 2021 2022 2021 Expense creditors Social Security and other taxes Deferred income INote Ill Other creditors Accruals 205,794 158.964 557,365 7,969,817 314.814 132.842 92.143 79,419 6,087,282 3.664,864 12.852 92,815 11.024 437.635 126,649 45,594 50.519 4,259 366,130 3.130.539 9,206.754 10,056,550 680,975 3.597,041 33

CATHOUC TRusf FOR ENGLIND AND WALES NOTESTO THE ACCOUNTS Icontlnuedl FOR TrIE YEAR ENDED YI DECEMBER 2022 11. DEFERRED INCOME Group Charlty 2021 2022 2021 2022 Balance a5 at l January 2022 Amount released to income Amount deferred in year 79,419 466.442 179,4191 1466,4421 557,365 79,419 4.269 14,2691 11,024 24,269 124,2691 4,269 Balance at 31 December 2022 557,365 79,419 11,024 4,269 34

CATHOLIC TRUST FOR ENGLAND AND WALES NOTES TO THE ACCOUNTS (Continuedl FOR THE YEAR ENDED 31 DECEMBER 2022 12. RESTRICTED FUNDS Balance at 01-Jan 2022 Movement On Investments Balance at 31-Dec 2022 Group & Charltv In¢ome Expendlture Transfers Catholic Youth ReseNe Diocesan Reserve Day for Life Priests Training fund Prisr)n Chaplaincv World Communications Day Safeguarding Reserve National Catholic Safeguardln8 Commission Catholic Education Service Lisbon fvnd Faith in the Future Evangelisation (Home Mission) National Office for Vocation Internships General Se¢retarVs Risk management fund Ecumenical Instruments Santa Marta Group Protecting Catholic Heritage Safe Space5 Catholic Students Trust Catholic Enquiry Office Racial Justice 5undav Celebrating Family Fund Catholic Fund for Chaplains in Higher Education Historic England grants 6,784 100,173 131,927 928 61,800 5,143 6.784 100.173 221,384 928 72,904 157.659 200,000 38.240 143.361 68.202 200,0 27,136 314.545 166.041 iii 61,976 2,969,545 308,591 91,153 119,5611 42.415 2,436,472 297,732 48.791 1,061,344 1,035,685 10,859 41,950 IS58,7321 11,620 112,0321 444.209 162.959 13,942 593,226 9.474 24,930 71,073 84,327 61.599 44,273 49,913 34.790 9,104 9,104 51.0( 100,5 49,5(K) 12,291 60,424 37,329 44,273 194,016 239,170 46.365 12.291 39,004 30,000 51,420 101,078 63.749 144,2731 60,OCKI 52,672 1,380 134.016 235,387 44,985 48,889 350,211 350,211 47,918 233,613 171.041 23,568 110,490 23.568 National Inspection framework Other restricted funds Subsidiary restricted funds 2,195 50,000 74,235 22,040 26.175 50,(X14 216.604 44,112 74.976 130,128 27,184 194,987 136,0121 5.351.618 2.483,805 2.708,717 382.088 1558.7321 4,950,062 35

CATHOLIC TRUST FOR ENGLAND Af4D WALES t40TES TO THE ACCOLINTS (Continued} FOR THEYEAR ENDED31 DECEM8ER 2022 Iz. RESTRI￿ED FUNDS (continued} The transfers from general funds to the restricted fund5 durin8 the year represent additional funds required to asslst in the support of various projects. Fund transfers within Faith in the Future represent the allocation of funds to other project work. Fund transfers Wlthin Day for Life, World Communications Oay and Home Mission are in support of prolect work in line with the objective5 of these funds, and to fund an intern within the CCN. Ctitholic Youth ReseNe A re5erye held previously by the National Catholic Fund for expenditure associated with young people. Diocest7ft Reserve A fund to assist dio¢e5es which are in financial need. Small grants have previous￿ been made from this fund to subsidise home to school transport in remote areas of England and Wales. Doyfor Life An annual Day for Life is celebrated in England and Wales to promote the sanctity of human life. The parish collection taken on the day fvnds the Bishops, Conference contribution to the Anscornbe Bioethics Centre, the production of pro- life rnateria15 and other de518nated charitie5 as determined annuallv. Priests, troinin9 Fund This fund represents the balan¢e of grant monies received to be used expllcitly for the education of seminarians in England and Wales and at the discretion of the Bishops. Conference to support those dioceses most in need of funds for the training of future priests. Prison Choploincy project This fund represents monies collected to support the post of the Catholic Bishops. Prison Adviser within the conference secretariat. This role 5UPPOrt5 the diocese5 in ènsuring the pastoral needs of Catholics in piison are properly met and that the Church is en8a8ed with the Prison Service at national level. World Communicotions Day This office of the 8ishops' Conference is funded almost entirely by Proceeds from the World Communications Oay collection in England and Wales specifically fgr Catholic communications. Safrguurding Resen This was transferred to subsiding company, CSSA. NotionGI Crjtholic Safvguording Commission This fund represents monies set aside to fund the cost of the Safeguarding Implementation Group, who were appointed by the Bishops to review the recommendations of the Cumberlege Commission report. Safeguarding with Confidence. Catholi¢ Education Servi￿. This fund repre5ent5 the assets and liabilities transferred to CaTEW on the windlng up of the Catholic Education Service in civil law. The Resolution of Transfer stated that the assets and liabilities transferred were to be Re5tficted Fund5, and used for educational purposes. Lisbon Fund This fund was inherited from the Lisbon Trust Fund for the purp05es of maintaining a property owned by the English College Lisbon to fulfil the requirements of the Holy See on the closure of the Seminary. The sale of the property completed during 2008 and the proceeds are to be administered 8c¢ordinB to the requirements of a 1973 decree of the Holy See. 36

CATHOUCTRUST FOR ENGLAND AND WALES NOTES TO THE ACCOUNTS (Continuedl FOR THEYEAR ENDE031 DECEMBER 2022 Iz. RESTRicfED FUNDS Icontinuedl Foith in the Future This represents monies raised under the Foith in the Future fundrai5inB initiative a5 yet unallocated, or to fund the costs of the fundraising function. and funds raised In pursult of the alms of the Faith In the Future initiative znd distributed t other parts of the Church or partners in the ffli5sion of the Catholic Church. Evtsngelisotion (Home Mission) To colleci and distribute funds for the Catholic Agency to Support Evangelisation. This is largely funded from the Home Mission Sunday Colle￿I￿n and other donatlons. The trustees allo￿te resources from general funds to meet the requlrements of this prlority area for the Bishops, Conference. Notionol Officefor Vocotion The National Office for Vo¢ation was established in 2002 with a two-fold remit- to develop the Vatican11 understanding of vocation in the Church and to promote particularvocations especially priesthood. TheTru5tees allocate resour￿5 from general funds to meet the budget requirements of this priority area for the Bishops, ConferencÈ. Internships In 2002. the Catholic Parliamentary Internship Programme was created to enable graduates to be placed, each year, with Christlan MPS at Westminster. The programme include5 Part time study at st Ma￿& University, exposure to the work of the Catholic Church at national and international level and regular splrltual guidance. Funding for this PfO8rarnme is one of the element5 of the Trusvs fundraising policy. The programme has been expanded to graduates being placed both with MPS in Bru55e15, and executive staff withln other a8encies of the 8i5hops' ConferencÈ. Generalsecretorfs risk mantsgementfund This fund represents a Erant given to establish a fund to SUPPOrt all aspects of risk management, as judged by the Presidènt of the Bishops, conferen￿ and the General Secretarv. Ecumenicol Instruments To receive Diocesan contributions to the subscrlptions made. on behalf of the Catholic Church in England and Wales. to the Ecumenical Instruments in Britain and Ireland. S¢7nta Morttt Group Following initiatives by the Catholic Bishops, Conferente for England and Wales ICBCEWI, the Santa Marta Group was developed by the CBCEW and first met in Rome durin8April 2014 when police chiefs and Catholic bishc*PS came together, in the presence of Pope Francis, to SlBn an historic declaration committinB themselves to a partnership to eliminate human traff5cking. Narned after the home of Pope Franci5, in which the members stayed, the Group now has rnembers in over 30 countries. Through a series of conferentes the Bishops. Conference has brought together the heèds of national and internation31 police and law enforcemènt agencies along with international organisations to look at how they can work wilh the Church to help victims. 37

CATHOLICTRUST FOR ENGL4ND AND WAiES NOTES TO TtrIE ACCOUNTS (Continued) FOR THE YEAR ENDED31 DECEMBER 2022 12. RESTRicfED FUNDS Icontlnuedl Protecting Catholic Heritoge This fund represents income received and expenditure incurred to support the work of the Proteding Catholic Heritage Supportofficer role. This rolewas established to help church bodies develop their capa¢ityand to assist them in obtaining grant funding available for historic churches. Sofe Spoces Safe Spaces 15 a joint project of The Church Of England and Catholic Church in Engiand and Wale5, to provide critical support service for survivors of church related abuse. Cotholicstudents frust This fund represents monies transferred on the wlnding up of the Catholic Students Trust of England and Wales Ire8lStered charity number 3287051. It had been agreed that these funds would be held 'to advance religion among and the educatlon of Christian students in e5tabli5hrnents of higher education in En8land and Wales and in particular such of them as are Roman Catholic,. Cotholic Eft)quiry Office This fund has been established for those donations and legacle5 gifted to what was the Catholic Enquiry Office. Such donations will be used to support and resource Catholic communities & individua15 in England & Wales to proclaim the Gospel, in line with objectives of the Catholic Enqulry Office. RtsciolJustice Sunday Each year, the Cathollc Church in England and Wales Celebrates R3¢ial Justice Sunday and a national collection is taken. the proceeds of which will be used to raise awareness of the responsibility of the church to eradicate racial discrimination in all its forms within the church and wider 50ciety- Celebroting Fomily Fund This fund represents donations rnade to support both Dioresan projects and to develop internal capacity to support the pastoral care of Marriage and Family Life. Cotholic Fundfor Chaploin5 in Higher Educotion This fund represent5 the a$5ets and liabilities transferred from the Catholic Fund for Chaplains in Higher Education, on wind-up of the charity. The funds are to be used fo¥ the purposes of supporting Higher Educatbon Chaplaincy in England and Wales. HAStoric Englond Grant5 The Patrimony Committeesecured a £3m allocation from Hlstoric England's £34m Grantsfor Programmes of Majoi Works for Grade l or Grade Il. listed buildings. This grant scheme was spe¢lfi¢ally for nat5onal bodies and $0 an applitation wa5 made through CaTEW lor distribution to individual diocesan projects under a rigorous application process. Catholic Councilfor tlje Independent Inquiry into Child SexuolAbuse ICCIICSAJ This fvnd represents support to the Church's response to the Independent Inquiry on Chlld Sexual Abuse. being chaired by Prof Alex Jay. At the balance sheet date the fund was in deficlt. however. contributions were received from the Diocese5 of England and Wale5 after the year end which offset this deficit. Nationol inspection Fromework In March 2017 the Bishops of England and Wale5 commissioned the CES to formulate a National Inspection Framework to cover all phases and governance of Cètholit schoo15. A new national framework including 4 handbooks covering Recruitment, Inspection, Quality Assurance and Administration have been written and are currently under consultation across all 22 dioceses with a project launch set for September 2022. As part of this project there ha5 been a requiTement to recruit, train and accredit approx. 700 new school inspectors. A programme of Pilot in5pertions has been carried out durlng the summer term 2022. Match funding for the recrultment and trainin8 of the new in5pector5 h35 been provided by the Assumption Le8aLry Fund. 38

CATHOUC TRUST FOR ENGLAND AND WALES MOTES TO THE ACCOUNTS (Continued) FOR THEYEAR ENDED31 DECEMBER 2022 12. RESTRICTED FUNDS Icontlnuedl Other Restricted Funds other restricted funds consisi of donations and other contributions for specific purposes other than those listed above. 5ubsidiury Restricted Funds Subsidiary restricted funds represents funds restricted speciflcally to the Walslngham Trust. DESIGNATED FUNDS Balance at ljanuary 2022 Balance at 31 December 2022 Incomel Gains Transfersl EMpend5ture Group & Charltv Tangible fixed assets fund 8,112.()42 1,110,416 42,802 113,7901 1110,4021 8.141,054 1,000,014 Programme related investment fund Education fund strategic Investment fund General Secretary's fund 383.674 28,813,908 159,875 3,451,030 383,674 24.080.200 159,875 3,234,737 14.733.708) Subsidiary designated funds 43,973 1260,2661 42.030.945 86.775 15.118.166) 36.999.S54 The tangible fixed assets furtd repre5enls the net book value of the chariws tangible fixed assets held as part of the unrestrirted funds. Thls fund Is separated from the general fund of the charity in recognition of the fact that the tangible fixed a55ets are essential to the day-to-day work of the charity and as they are not regarded as realisable with ease in order to meet contingencies. The programme related investments fund represents the value of prograrnrne related investments. This fund isseparated from the general funds of the charity in recognition that they are not realisable with ease at their carryin8 value. The Education Fund represents fvnds Set aside for new initiatives and project work as required by the Catholic Educatlon Service, following the transfer of assets and liabilities of this organisation into CaTEW. The Strategic Investment Fund represents money invested to generate an ongolng income stream to in order to sustain the core work and activities of the Charity. The Bishops have decreed that the capital amount should be preserved and not expended. Movements on the fund during the year represent unrestricted gain5 and losses on the various inve5lment portfolios held by the Chaiity. The General secretary's fund represents the gift aid surpluses from subsidiaries in 2022. It is intended that these funds will be used to cover the costs of the national and regional phases in preparation for the Synod ol Bishops rnandated by the Holy Father in 2023 as well as fundlng the final tranche of work to Complete the support the Church has given to the Independent Inquiry into Child Sexual Abuse. Subsidiary desiÉnated funds represents funds specifically designated by the Trustees of the Walsingham Trust. 39

CATHOLIC TRUST FOR ENGL4ND AND WALES MOTESTO THE ACCOUNTS {Continued} FOR THE YEAR ENDED 31 DECEMBER 2022 14. ALLOCATION OF NET ASSETS Total Net Current 31 December Assets 2022 Group Flxed Asset5 Investments Restrlcteil Funds 2,443.070 2.X$6,992 4,950,062 Designated Funds 11,698,588 25.080,214 220,752 36,999,S54 General Funds 17,906 7,459,629 1329.7741 7,147,761 Total Net Asset5 11,716,494 34.982.913 2,397.970 49.097,377 40

CATHOUCTRU5T FOR ENGLAND AND WALES NOTES TO THE ACCOUTrllS Icontlnuedl FOR THEYEAR ENDED31 DECEMBER 2022 Is. TRADING SUBSIDIARIES During the period the Trust had four artlve subsldiary companies incorporated in England and Wales. Colloquium ICaTEWI Limited (company no: 047350811. CBCEW Events Limited Icompèny no= 108350061, Catholic Insurance Service Limited lcornpany no.. 044934031,. and Wa15in8ham Trust Icornpany no.. 11655451, registered charity number.. 11806901. The result5 and asset% and liabilities of the above companies are reported within the financial statements. A summary of the companies, trading results and balance sheet 15 set out below.. Colloqulum CaTEW Llmlted Consolldated Proftt and LO￿ k¢ount 2022 2021 TURNOVER Cost of sales 9,717 11,267 GROSS PROFIT Administrative expenses 9,717 15101 11,267 1801 9.207 11.267 Amount gifted to the Charity PROF￿ AFTER TAXATION 9,207 11,267 Reserves broughi forward 1.113 112.9241 RESERVES CARRIED FORWARD 10,320 1,113 2022 2021 Balance Sheet CURRENT ASSETS Debtor5 Cash at bank and in hand 14,809 30.424 14.443 21,171 45.233 19.9131 35,613 19,5011 CREDITORS: Amounts fallln8 due within one year NET CURRENT ASSETS 35.320 26,113 A55ETS 35.320 26,113 Share capital Reserves 25.000 10,320 25,￿0 1,113 SHAREHOLDERS, FUNDS 35,320 26,113 41

CAThOUC TRUST FOR ENGL4ND AND WALES NOTES TO THE ACCOUNTS Icontlnuedl FOR THE YEAR ENDED 31 DECEMBER 2022 15. TRADING SUBSIDIARIES Icontlnuedl CBCEW Events knmited Consolldated Profft and Loss Account 2022 2021 TURNOVER Cost of sales GROSS PROFIT Administrative expenses 11,7931 12.7361 11,7931 12,7361 Amount Bifted to the Charity LOSS AFTER TAXATION Reserves brought forward 11,7931 18,8511 12,7361 16,1151 RESERVES CARRIED FORWARD 110.6441 18.8511 2022 2021 Balance Sheet CURRENT ASSETS Debtors Cash at bank and in hand 43,462 43,620 43,462 54,1041 45,246 152,471 CREDITORS.. Amounts falllng due wlthln one year JET CURRENT ASSETSIILIABILITIESI 110,6431 18,8511 NET ASSETSII UABIUTIESI 110.6431 18,8511 Share capital Reserve5 110.4641 18,8521 SHAREHOLDERS. FUNDS 110,4631 18.8511 42

CATHOUC TRUST FOR ENfjLAND AND WALES NOTES TO THE ACCOUNTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2022 15. TRADING SUBSIDIARIES Icontlnuedl Cathollc Insurano Serv1￿ Llmlted Profit and Loss Account 2022 2021 TURNOVER EXPENDITURE 1.144.797 11,278,900) 988,920 1895.7571 ILOSSI/PROFtT AFTER TAXATION 1134,1031 93.163 RESERVES BROUGHT FORWARD 3,354,268 3,261,105 RESERVES CARRIED FORWARD 3,220,165 3,354,268 Z022 2021 Balance Sheet TANGIBLE FIXED A55ETS 17,906 2.115.340 28,575 1.809,442 Investments 2.133.246 1,838,017 CURRENT ASSETS Debtors Cash at bank and in hand 3,290,164 5,076,054 4,722,634 2,670,481 8.366,218 17,279,299> 7,393,115 15.876.864) CREDITORS: Amounts falling due wilhin oné ￿ar NET CURRENT ASSETS 1,086,919 1,516,251 NET ASSETS 3,220.165 3.354.268 Share capital Reserves io 3,220,155 io 3.354.258 SHAREHOLDERS. FUNDS 3,220.165 3,354,268 43

CATHOiIC TRUST FOR ENGLAND AND WALES NOTESTO THE ACCOUNTS (Continuedl FOR THE YEAR ENDED 31 DECEMBER 2022 15. TRADING SU8SIDIARIES Icontlnuedl Walsingham Trust Summary Income and ExpendSture Account 2022 2021 INCOME EXPENDITURE 2,125,478 12,746,038] 1.912.864 12,088.5001 SURPLUSIIDEFIC 1620.5601 1175,6361 RESERVES BROUGktr FORWAROMANSFERRED IMTO THE TRusr 3,432,174 3,607.810 RESERVES CARRIED FORWARD 2,811,614 3,432.174 2022 2021 Balan￿ Sheet TANGIBLE FIXED ASSETS CURRENT AS5Ers Stock Debtors Cash at bank and in hand 3,557,530 3.496.713 69.048 76.483 196,162 58.214 173,362 356.326 341.693 11.087.609) 587,902 1652,4411 CREDITORS: Amounts falllng due wlthln one year NET CURRENT UABILrriES 1745,9161 164,5391 NET ASSETS 2,811,614 3,432.174 Re5tricied fund5 General funds Designated funds 136,0131 1387,1111 3.234.738 5D.004 168,8641 3,451,034 RESERVES 2,811.614 3,432.174

CATHOLICTRUST FOR ENGLAND AND WALES NOTESTO THE ACCOUNTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2022 15. TRADING SUBSIDIARIES lcontlnuedl Cathollc Sale8uarding A8ency Limited Profit and Loss Account Year ended 31 Dec 2022 Year ended 31 Dec 2021 TURNOVER EXPENDITURE 1,049,268 11,204,510) 448,572 1494,9901 PROFITI{L055} ￿ER TAXATION 1155.2421 146.4181 RESERVES BROUGHT FORWARDITrANSFERRED INTO THE TRUST 146.4181 RESERVES CARRIED FORWARD 1201,6601 146,4181 31 Dec 2022 31 Dec 2021 Balance Sheet TANGIBLE FIXED ASSETS CURRENT A55Ef5 Debtors Cash at bank and in hand 257,646 35.290 190,421 458.996 292,936 1404,5961 649.417 1605,8351 CREDITORS: Amounts fallin8 due within one year NET CURREKf ASSETS 1111,6601 43,582 NET ASSETS 1111,6601 43,582 Share capital Other reserNes Reserves 89.999 1201,6601 89,999 146,4181 SHAREHOLDERS, FUNDS 1111,6601 43,582 45

CATHOLIcTRu￿ FOA ENGLAND AND WALES NOTES TO THE ACCOUNTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2022 16. o￿AlLED ANALYSIS OF COMPARATIVE FIGURES DONATIONS ANO LEGACIES Unrestrfrted Funds 2021 Restrlcted Funds 2021 Total 2021 Donations Legacies Grants re￿ivable 808,089 13,371 454,459 3,975 3.542.018 1,262,548 17,346 3.542,018 821,460 4,1￿),452 4,821,912 DIOCESAN ASSESSMENTS UnTestricted Funds 2021 Restricted Fund5 2021 Total 2021 Arundel and Brlghton irwingham Brentwood Cardiff Clifton East Anglia Hallarn 68,276 123,772 59,621 22.408 43,680 29,981 22,090 72,640 45,769 50.505 158,202 1,847 29,950 38,707 57,159 58.671 64,808 78,126 51,624 116,651 236,584 4.316 43,037 IOC).474 45,528 21.849 27,481 13.498 19,446 60,229 29.870 37.665 100,478 5.408 21.131 24.153 36.486 15.168 37,195 87,014 47,136 82.026 114,808 4869 111,313 224,246 105,149 44,254 71,161 43,479 41,536 132.869 75,639 88.170 258,680 7,255 51,081 62,860 93,645 73,839 102.003 165,140 98.760 198.677 351.392 9,185 Hexham and Newcastle Lancaster Leeds Liverpool Menevla Middlesbrough Northampton Nottingham Plyrnouth Port5tnouth Salford Shrewsbury 5ouihwark Westminster Wrexham Contrlbutlon from Bishopric of the Forres Contrib￿lon from Syro Malabar 1.440,387 974,946 2,415,333 46

CATHOLIC TRUST FOR ENGLAND AND WALES NOTES TO THE ACCOUNTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2022 16. DETAILED ANALYSIS OF COMPARATIVE FIGURE5 CHARITABLE AcfiviTIES Unrestrltted Funds 2021 Restrlcted Funds 2021 Totsl 2021 Conferencing income 22.700 1,018,299 25,928 53.960 48,628 1,072,259 Subsidiary charitable activities 1,040,999 79,888 1.120,887 INVESTMENT INCOME Unrestrlcted Funds 2021 Restrlcted Funds 2021 Total 2021 Arlslng on quoted Investments.. Dividends Fixed Intere51 385,279 302,958 34.585 16,802 419.864 319,760 688,237 55,000 51.387 739,624 55,000 27 Rental income Rental income from investment propertles Bank interest 27 OTHER INCOME Unre5trlcted Funds 2021 Restrirted Funds 2021 Total 2021 Other income 41,338 163,692 205,030 41,338 163,692 205,030 47

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CATHOLICTRUST FOR ENGLAND AND WALES NOTES TO THE ACCOUNTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2022 16. DETAILED ANALYSIS OF COMPARATIVE FIGURES ICONTINUEDI ALLOCATED SUPPORT COSTS Charltsble Attriitiès Ralslr Funds Total 2021 Staff costs Premises costs Other costs 601,449 375,988 268,087 5,469 11,668 2,740 606,918 387.656 270,827 1,245,524 19,877 1,265,401 Support costs have been directly charged to the relevant octivity on the basis of use. 2021 Support costs Include.. Auditorfs remuneration - Audit other servlces 23,000 6,000 49

CATHOUCTRUST FOR ENGLAND AND WALES NOTES TO THE ACCOUNTS (Continued) FOR THE YEAR ENDED31 DECEMBER 2022 16. DETAILED ANALYSIS OF COMPARATIVE FIGURES ICONTINUEDI ANALYSIS OF GRA•JT MAKING AcfiviTIES Unrestrlcted Funds 2021 Restrl£ted Funds 2021 Total 2021 National Board of Catholic Women National Council Lay Association Caritas Social Action Network Llsbonian Society CARJ Walsingham Trust ParliarnÈntary Intèrns 5,000 5,000 90,000 4,100 5,000 5,000 120,000 4,100 20,000 30,000 20,000 7,350 7,350 Doyfor Life Anscombe Bioethics Centre Other grants awarded 20.COJ 103.5(K) 20,000 103.500 Celebroting Fomily Fund gronts Diocese of Northampton Prtests. Training ond Formation grants Ordinariate of Our Lady of Walsingham Syro Malabar Dlocese of Northampton Diocese of East Anglia Dioresè of Cardiff Diocese of Hexham and Newcastle Dlocese of Lancaster Diocese of Leed5 Diocese of Menevia Diocese of Plymouth Diocèse of Portsmouth Dlocese of Wrexham 7500 7500 Historic England Grants 3,470,883 3,470,883 Churches Legislation Advlsory Servl CCEE COMECE 20,700 11,262 14,500 20.700 11.262 14,5Th) ISD.562 3,659,233 3,089.795 50

CATHOLIC TRUST FOR ENGLAND AND WALES NOTESTO ThE ACCOUNTS Icontlnuedl FOR THE YEAR ENDED 31 DECEMBER 2021 16. D￿AlLED ANALYSIS OF COMPARATIVE FIGURES ICONTINUEDI RESTRICTED FUNDS Balance at l January 2021 Movement Balance at 31 December 2021 Group & Charlty Income Expenditure Transfers Investment5 Catholic Ytruth Reserve Diocesan Reserve Day for Life Prlests Trainlng fund Prison Chaplaincy 6.784 100.173 154,430 8.428 48,491 6.784 100,173 131.927 928 61.800 100,997 1123.51X)I 17,5(X)I 143.0411 56.350 World Communications Day Safeguarding Reserve National Catholic Safeguardin8 Commission Catholi¢ Education Service Lisbon fund Faith in the Future Home Mission 102,908 18,570 1242,5451 1140,3941 144,780 121.825 5,143 24.S45 64,050 2,521.807 1,026.275 319,621 308,307 452,447 17,0581 1916,2041 111.0301 138.4341 1108,4411 119.5611 61.976 2,969,547 308,591 91.153 444.209 337,669 33,050 ILKI.203 1211,7701 National Office for Vocation 22.050 157,4901 134,0421 35,440 75,824 Internships Safe8uardln8 as Ministry General Secreta￿$ Risk rnan3gement fund E¢urnenical Instruments St Faustina Fund Holy Land Coordlnation Santa Marta Group Protecting Catholic Heritage 8,131- 2,205 49,913 2,205 14,158 15,0541 188,0(X)I 9,104 88,OC 13,518 108,953 73,413 13,518 12.291 60,424 2,(XJO 30.LXNJ 198,6621 142,9891 Catholic Council for the Independent Inquiry into Child Sexual Abuse ICCIICSAI Safè Spaces Catholic Students Trust Caiholl¢ Enquiry Offi Racial Justice Sunday Celebrating Family Fund Environment Advisory Group Legal Adviser The God who Speak5 Catholic Fund for Chaplains in Higher Education Historic England grants Mater Ecclesiae Other restricted fund5 Subsidiary restricted funds 141,5121 137,3rx) 88,547 282.563 253,151 32.193 110,2421 199,9711 19,561 37.329 44,273 194,015 239,170 144,2741 3,975 36,019 192.5231 150.0001 47,054 16891 46,365 350,211 26,783 3.492.018 50,000 350.211 47,918 2.195 10,451 50.004 13.470,8831 147,8051 10,451 14,0221 99,734 137,4131 182951 5,315,937 5,270,392 15,773,910) 201,530 337,669 5.315,618 51

CATHOUC TrUST FOR ENGLAND AND WALES NOTES TO THE ACCOUNTS Icontlnuedl FOR THE YEAR ENDED 310ECEMBER 2021 16. DETAILED ANALYSIS OF COMPARATNE FIGURES ICONTrNUEDI DE51GNATEO FUNDS Balance at l January 2021 Balance at 31 De￿mber 2021 Income/ Galns Transfersl Expendlture Group & Charity Tanglble fixed assets fund Programme related investment fund Education fund Strategic Investment fvnd General Secretarvs fund Subsidiary designated funds 6,862,293 1,349,347 199.6021 8.112.038 1,160,416 383.674 28,813,908 150,orx)I 1,110.416 383,674 28,813.908 159.875 3,451,034 159,875 26.495 3.700.203 1275,6641 40,920,494 1,535,717 1425.2661 42,030.945 52