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← Nottingham Roman Catholic Diocesan Trustees

2024-03-31-accounts

NOTTINGHAM ROMAN CATHOLIC DIOCESAN TRUSTEES

Company Limited by Guarantee Number 7151646 Registered Charity Number 1134449

ANNUAL REPORT AND ACCOUNTS

for the year ended

31ST MARCH 2024

St Hugh's House, 1 Castle Quay, Nottingham, NG7 1FW

Telephone: 0115 953 9800

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NOTTINGHAM ROMAN CATHOLIC DIOCESAN TRUSTEES

(A company limited by guarantee)

Directors' Report for the year ended 3 ~~1~~ [st] March 2024

The Directors present their report and the consolidated accounts for the year ended 31 March 2024 which were approved by them on 20[th] February 2025. These comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) with effect from 1'' January 2015. The report is both a trustees' annual report and a directors' report under company law. The Directors who served during the year and up to the date of this report are set out later in this report.

The charity is referred to as "the Diocese" in this Annual Report and Accounts.

OBJECTIVES AND ACTIVITIES

The objects of the Diocese are:

(2) The advancement of any charitable purpose supported by the Roman Catholic Church in any part of the world.

The Diocese of Nottingham comprises the major part of the East Midlands. It extends to the north from Marple Bridge on the outskirts of Manchester and south to Lutterworth, east to the Lincolnshire coast, and west to Burton-on-Trent. It includes the following civil administrative areas which reflect in some cases the county boundaries as they were in 1850 when the Diocese of Nottingham was erected by the Apostolic Letter "Universalis Ecclesiae" rather than as they are today:

Counties - Nottinghamshire (other than the district of Bassetlaw), Derbyshire (other than the areas of Bamford, Chesterfield, Clowne, Dronfield, Eckington, Hathersage and Staveley), Leicestershire (other than the area of Market Harborough which is south of the River Welland), Lincolnshire (including the City of Lincoln and excluding the area east of the River Nene and the area of Stamford which is south of the River Welland), Staffordshire (the area of Burton on Trent north of the River Trent)

Unitary Area Authorities - North Lincolnshire, Northeast Lincolnshire and Rutland Cities - Nottingham, Derby and Leicester

Metropolitan Boroughs - Part of Stockport (Marple Bridge, east of the Rivers Etherow and Goyt).

The main activities of the Diocese consist of worship, evangelisation and faith education in its parishes and chaplaincies, and charitable support and assistance to all who live within their boundaries and externally.

The second commandment of all is to love thy neighbour as thyself." (Mark XII: 31, referring to Leviticus XJX:18). "So, faith by itself, if it has no works, is dead." (James II: 17). The mere believing of the truths of faith without any effect on our lives is valueless for eternal salvation.

In relation to "Public Benefit" the Directors, who have had regard to the Charity Commission guidance on public benefit, report on some of the activities of the Diocese as follows:

Encounter with Jesus Christ: To facilitate individual and collective encounter with our Saviour.

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NOTTINGHAM ROMAN CATHOLIC DIOCESAN TRUSTEES

(A company limited by guarantee)

Directors' Report for the year ended 3 ~~1~~ [st] March 2024

Discipleship - Promoting and facilitating a person’s advancement as a disciple of Christ:

Missionary Discipleship: - sharing our encounter with Jesus Christ using the means available to us; evangelisation:

Social Investment Properties: The Diocese owns property at Mackworth in Derby and Crich in Derbyshire, in furtherance of its objectives, occupied by the Diocesan Education Service and the Diocesan Youth Service respectively. The land and buildings occupied by the Catholic schools of the Diocese that are state-funded Academies are generally owned by it.

Grants: Although the Diocese is not primarily a grant making charity, grants may be made by the Diocese to other charities in furtherance of its objectives. The chief of these are to the Nottingham Roman Catholic Diocesan Education Service, the Diocesan Sick and Retired Priests Fund, the Housekeepers Retirement Fund and the Diocesan Youth Service. other grants may be made on application to the Board of Directors or by parishes subject to a monetary limit above which approval by the Board of Directors is also required.

Other: Reference is made to the use of Parish Halls by the public, family retreats, support of multi faith centres, direct support of schools and hospitals in Africa and funding by the Mission Fund, e.g., of young people (not limited to Catholics) to go to Africa to work in schools and hospitals and to support CAFOD's activities in South America.

Volunteers: The Diocese makes considerable use of volunteers in its work, particularly in parishes. It is not practicable to place financial value on the time spent by volunteers.

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NOTTINGHAM ROMAN CATHOLIC DIOCESAN TRUSTEES

(A company limited by guarantee)

Directors' Report for the year ended 3 ~~1~~ [s][t] March 2024

ACHIEVEMENTS AND PERFORMANCE

The Diocese has continued to provide spiritual support through its clergy, services from its churches, education through its schools and contributes to the life of the parish by activities in its church halls. Additional information about the life of the Diocese is available in the Diocesan Yearbook. The following statistics illustrate the situation of the Diocese: -

Year to 31st December 2023 2022 2021 2020 2019 2018 2017
Baptisms 1,399 1,675 1,499 787 1852 2,112 2,014
Receptions 107 83 41 58 126 109 114
First Holy Communions 2,133 2,278 1,695 1062 2319 2,443 2,339
Confirmations 723 848 648 162 833 864 740
Marriages 193 200 168 88 189 266 298
Deaths 1,328 1,451 1,466 1,600 1,349 1.541 1,521
Mass Attendance 26,032 23,226 17,475 10,330 28,866 30,460 30,233
As at 31st December 2023 2022 2021 2020 2019 2018 2017
Diocesan Priests
On active work in the Diocese 49 55 65 71 68 70 77
On active work outside Diocese in UK 6 5 4 2 4 4 6
On active work abroad 2 2 2 3 3 3 2
Chaplains to the Forces 0 0 1 1 1 1
1
Temporarily on sick leave 3 2 1 1 1 5 1
Retired 47 43 37 38 41 39 35
Other Priests
other Dioceses/ Ordinariate 19 18 18 16 19 20 18
Foreign Chaplains 10 9 8 11 11 11 13
Regular Priests 29 31 37 30 35 34 32
Total Priests 165 165 173 173 183 187 185
Permanent Deacons
On active work in the Diocese 29 28 32 37 40 44 43
On active work outside the Diocese 4 4 4 5 6 5 6
Retired 14 16 13 9 5 8 5
Deacons of other dioceses 2 1 1 2 2 1 2
Total Deacons 49 49 50 53 53 58 56
Places of Worship
Parishes 93 102 105 107 107 107 107
other Public Churches and Chapels 27 27 27 32 38 34 13
Mass Centres other than Chapels 11 11 3 17 10 9 13
Religious Houses (not parishes) 37 37 43 25 42 25 27
Total Places of Worship 168 177 178 181 197 175 160
As at 31st December 2023 2022 2021 2020 2019 2018 2017
Catholic Academies
Primary 69 69 69 69 69 69 69
Secondary 15 15 15 15 15 15 15
Independent (all) 2 2 2 2 3 3
3
Total Catholic Schools 86 86 86 86 87 87 87

Since the ultimate objective of the charity is the salvation of souls, it is not possible to measure its eventual effectiveness.

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NOTTINGHAM ROMAN CATHOLIC DIOCESAN TRUSTEES

(A company limited by guarantee)

Directors' Report for the year ended 31[st] March 2024

FINANCIAL REVIEW

The accounts of the Diocese distinguish between the parishes of the Diocese, and the Curia, which performs its central administration. The income of the Diocese is mainly from Parish collections, donations, legacies, grants and specific fundraising activities. The Curia is funded chiefly from the Diocesan Quota, a levy on the income of Parishes authorised by canon law. Other income includes investment income, interest and rents both from its own assets and those shared with the parishes.

Reserves

The Directors are of the opinion that the assets of the Diocese are available and adequate to fulfil its obligations and to provide prudently for future expenditure. Given that there are requirements for capital, especially for example for the provision of accommodation for retired priests, it was the policy of the Directors that the unrestricted liquid reserves of the Diocese should amount to between one and three years of its normal expenditure. As a separate juridical person under canon law each parish is responsible for determining its own reserves policy under the general responsibility of the Board. The Diocese is regarded as being financially resilient and the accounts have been prepared accordingly.

At 31 March 2024 the reserves of the Diocese were £72.7m, an increase of £3.0m over 2023 (£69.8m). Of these, Parishes' Funds were up by £0.7m to £46.3m (2023: £45.6m).

The increase in the net assets of the Diocese is largely due to realised and unrealised investment gains of £2.7m (2023: Loss £2.3m).

Interest rates

During the financial year, in response to rising inflation, the Bank of England increased its official bank rate from 4.25% at the start of the year to 5.25% at the end. Interest rates have since fallen back to 4.75% and the Bank of England has raised expectations of further reductions. However, due to persistent structural inflation issues and other uncertainties, it is unlikely there will be any aggressive cuts during 2025.

Directors are monitoring the risks and returns available but continue to believe their policy of preferring to hold funds as listed investments remains the right one for the medium-to-long term.

Grants received.

In September 2022, the National Lottery Heritage Fund (NLHF) approved a grant of £277k for the Development Stage of a Nottingham Cathedral redecoration project, entitled ‘Restoring Pugin’. Permission to start was obtained from the NLHF in May 2023 and the project continued throughout the 2023/24 financial year, and into 2024/25.

Grateful thanks are made to the Trustees of the Sir Harold Hood Charitable Trust and the Johnson Fund for grants to individual clergy and to the Master of the Guild of Our Lady of Ransom for grants to needy parishes.

Many other individuals and organisations have made grants and donations to parishes which have not been specially brought to the attention of the Directors and are therefore not formally mentioned here. Both these and generous legacies have been very gratefully received, and the thanks of the Directors are recorded for them.

Listed Investments

The listed investments are managed by the Investment Managers, in accordance with an investment policy determined by the Directors. This policy is generally to maximise the total

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NOTTINGHAM ROMAN CATHOLIC DIOCESAN TRUSTEES

(A company limited by guarantee)

Directors' Report for the year ended 31[st] March 2024

return from the investments on a balanced-medium risk basis. These listed investments are held in the name of the Investment Manager's nominee company, on behalf of the Diocese. The investment policy adopted by the Diocese provides for divestment to be required if it considers that a particular investment is not an appropriate holding for a Catholic diocese. The Diocese is a member of the Churches Investors Group, which is a group of religious charities which encourages high ethical standards of public companies.

Total listed and unlisted investments showed an overall gain in value of £2.7m (10%) during the financial year, from £27.4m to £30.1m. Diocesan investments continue to experience some volatility, along with those of markets globally, as financial systems struggle with economic and political uncertainties.

Details of the movements in investments and their performance are included in Note 7 of these accounts.

PLANS FOR FUTURE PERIODS

Parish Accounting

Internal financial management and control systems continue to be developed in order to improve the financial information available to parishes and the Board. Implementation of the Online Parish Administration System (OPAS) used by over half of UK dioceses, continues, and is expected to be completed in all diocesan parishes by the end of 2025.

During 2024, the Bishop has mandated an additional diocesan priority: to align diocesan infrastructure and resources to support the evangelising mission of the Church in the Diocese. An important aspect of this is increasing support for our clergy, and relieving priests of administrative burdens. Continuing attention is therefore being given to how parishes can be better supported as they progressively become grouped under one or more priests and amalgamate to form larger parishes. Ways of sharing administration to increase the level, efficiency and professionalism of services provided to parishes, whilst also maintaining the authority and responsibility of parish priests, are being explored. This is the purpose of the Deanery Service Hub project, delayed through resource constraints, which will now commence in January 2025, with the creation of at least two Service Hubs during the year.

Quinquennial Property Inspections

The rolling 5-year programme of building inspections continues to ensure that building maintenance issues are addressed in a planned way. Where urgent work is identified, this is being carried out as a priority.

A property management system has now been rolled out across the diocese, maintaining a database of information about the Diocesan estate and its condition.

Health and Safety

The Health and Safety Committee of the Board is continually striving to improve its systems and practices in the Diocese in conjunction with the firm of Health and Safety advisers selected by the Diocese's insurers at a national level, and other external professional consultants and service providers as required.

A programme of fire safety assessments is being undertaken for all diocesan buildings. Plans are developed to address advisable improvements, where these are identified.

6

NOTTINGHAM ROMAN CATHOLIC DIOCESAN TRUSTEES

(A company limited by guarantee)

Directors' Report for the year ended 31[st] March 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Diocese as a charitable company, limited by guarantee, is governed under its Memorandum and Articles of Association. The Directors are the members of the company who also appoint new directors. The Chief Operating Officer has been appointed Charity Secretary. Major decisions are made by the Directors; other decisions may be delegated to committees or to individuals. Under the Articles, the Bishop is ex officio Chairman. He, or if there is no Bishop, the person on whom the governance of the Diocese falls, may require that decisions with which he disagrees be not put into effect.

The affairs of the Diocese are conducted in accordance both with the national law of the United Kingdom and with the canon law of the Catholic Church. The canon law of the Catholic Church provides the internal rules under which it operates and specifically requires that the civil law is generally observed.

The Directors are responsible for the management of the charity under the national law. They also act as the Finance Council of the Diocese under canon law. Under canon law the College of Consultors of the Diocese must be consulted before any major acts of administration and before any substantial alienation of property. The Chief Operating Officer has been appointed Oeconomus (finance officer) of the Diocese under canon law.

Senior Staff pay

The pay of senior staff is determined by the Directors, considering the work carried out for the previous year, proposed for future years, published remuneration surveys and the need to pay a sufficient amount to attract senior staff to replace those leaving the employment of the Diocese.

Training of New Directors

New Directors are provided with key documents for the Diocese, including the Memorandum and Articles of Association, the latest Annual Report and Accounts and other financial papers and the minutes of previous meetings. Unless already aware of their responsibilities as a charity trustee they are also provided with copies of relevant Charity Commission guidance. The Chief Operating Officer is responsible for this and will also meet new appointees to provide further training on an individual basis.

Cooperation with other Bodies

The Diocese co-operates with other dioceses. It also contributes, with other Catholic dioceses, to a number of national organisations set up by the Catholic Bishops' Conference of England and Wales, principally, the Catholic Trust of England and Wales and the Catholic Safeguarding Standards Agency.

Sick and Retired Priests Fund

The accounts of the NDSRPF (registered charity number 510119), of which the Diocese is Trustee, are consolidated with the accounts of the Diocese. Most of the assets of the NDSRPF were donated to the restricted SRPF fund of the Diocese during the 2021/22 financial year. The separate NDSRPF charity has been retained for the time being to accept donations and gift-aid receipts, all of which are then donated to the Diocesan SRPF.

Payments to or on behalf of the sick and retired priests of the Diocese are made on the basis of need by the Diocese from the SRPF, usually according to the recommendations of the Diocesan Clergy Health & Wellbeing and Finance Committees.

7

NOTTINGHAM ROMAN CATHOLIC DIOCESAN TRUSTEES

(A company limited by guarantee)

Directors' Report for the year ended 31[st] March 2024

Fundraising

Fundraising generally takes place in parishes by volunteers. The Diocese maintains its overall responsibility over fundraising activities. Generally, these are associated with social events.

Following much prayer, consideration and consultation with clergy and laity in 2023, it was decided to embark on a special fundraising initiative in early 2024. The Enabling Our Mission campaign provides us with a unique opportunity to help our parishes to be better supported in becoming more outward looking and missionary, while also striving to ensure that the fewer priests now available for active ministry across the diocese are best able to serve our communities.

This initiative underpins the four pastoral priorities of our diocese: to help children and young people to encounter God’s love and to become active disciples of Christ Jesus in the life and mission of the Church; to offer support and formation to parishioners to enable them to be co-responsible, confident agents of missionary discipleship, both within their parish and wider society; to provide increased ongoing support for our clergy to free them up to be leaders and enablers of mission; and fourthly to align our infrastructure and resources with the mission imperative.

The campaign will ensure we have the funds to finance these priorities, while also ensuring parishes receive a direct share of the funds raised, so they have the resources to grow in their relationship with Christ and in confidence and ability to be missionary. The 2-year campaign is seeking to raise £8 million over five years. We hope every parish will take part, allowing us to achieve our shared vision for the Diocese.

Due to the size and nature of this endeavour, we have retained the services of a professional firm who can provide the level of expertise and practical support needed to ensure success. CCS have many years’ experience in running similar campaigns in other Catholic dioceses and will be supported by the Nottingham curia.

No formal complaints have been received about fundraising activities. In undertaking such activities, attention is given to avoid unreasonable intrusion on a person's privacy, unreasonably persistent approaches and undue pressure on people to give money or other property.

The Diocese is not required to register with the Fundraising Regulator and has not done so but seeks, nonetheless, to maintain high standards.

PRINCIPAL RISKS AND UNCERTAINTIES

Major risks have been reviewed, and systems or procedures have been established to manage those risks. The main risks likely to affect the Diocese together with ways for ameliorating these are as follows:

Governance

The Chief Operating Officer was appointed in 2019. Since that time, five new trustee appointments have been made to the Board to strengthen the professional expertise available to the Diocese for monitoring its operations effectively.

The structure of the Diocese gives its parishes some independence from it notwithstanding that

their activities remain the responsibility of the Board of Directors. Information systems monitor these activities where necessary and internal support resources aim to assist parishes and improve internal control.

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NOTTINGHAM ROMAN CATHOLIC DIOCESAN TRUSTEES

(A company limited by guarantee)

Directors' Report for the year ended 31[st] March 2024

Financial

The income of the Diocese is mostly achieved by voluntary contributions supplemented by income from investments and cash balances held, with some additional miscellaneous income. Over the years this has not generally kept pace with inflation. During the pandemic the Church in the diocese experienced significant falls in both Mass attendance and parish income. Having recovered somewhat, attendance, at around 25,000 (4.6% down on 2023) remains 18.5% below pre-pandemic 2018, when a little over 30,000 attended Mass.

Total diocesan income increased by £1.27m (parishes £0.81m). Expenditure was up by £201k (2%), primarily due to costs associated with consultation, preparation and implementation of the Enabling Our Mission Campaign fundraising campaign. The net result was a net surplus of £3.0m. Overall, parishes across the diocese recorded a surplus in the financial year of £707k, still below the £1-1.5 million prepandemic surpluses, but a big improvement on the 2022/23 deficit of £565k.

Thankfully, due to the generosity of our lay faithful, the impact of lower Mass attendance on overall regular giving in 2024 appears to have been limited, as this increased by 3.9% in money terms compared to 2023 (+0.7% in real terms). However, looking at the longer term, before inflation, total regular giving remains £77k (2%) below that recorded in 2015. In real terms that equates to a very significant reduction of 35%. When total diocesan income is considered, at £11.2 million, it has fallen by £0.9 million (7%) over the last 10 years, about 40% after inflation.

Quinquennial inspections reveal any matters requiring urgent attention in the properties occupied by parishes. Where a parish is unable to afford these works, a diocesan loan may be sought, or the Poor and Needy Parishes Fund approached to assist through a loan or a grant.

The cost of the regulatory duties of the Diocese, to achieve compliance in Health & Safety, Data Protection, Employment and Safeguarding continues to increase.

Operational

Dealing with a large amount of cash requires the setting up of special control procedures so that, as far as possible, there is always more than one independent person present at any time when cash is being handled. A review of parish administrative procedures is continuing, with updates being applied progressively. Cash handling is being reduced through increased electronic payment.

By operating over a larger area, it can be difficult to communicate with the parishes of the Diocese. Greater use of electronic communications is alleviating this.

The Health & Safety Committee of the Board receives reports from parishes, makes recommendations and sets out requirements as appropriate to improve health and safety within the Diocese. External health & safety professionals are advising and assisting the Diocese in this work.

External

In common with other religious charities, reputational risk may arise, especially from historical abuse cases. The Diocesan Safeguarding and Communications teams assist with the coordination of responses to press interest in these or similar matters.

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NOTTINGHAM ROMAN CATHOLIC DIOCESAN TRUSTEES

(A company limited by guarantee)

Directors' Report for the year ended 31[st] March 2024

REFERENCE AND ADMINISTRATIVE DETAILS

Name: Nottingham Roman Catholic Diocesan Trustees (referred to as the Diocese)
Company number 7151646
Charity number 1134449
Registered Office St Hugh’s House
1 Castle Quay, Castle Boulevard
Nottingham NG7 1FW
Diocesan Office St Hugh’s House
& Postal address 1 Castle Quay, Castle Boulevard
Nottingham NG7 1FW
Directors Right Reverend P.J. McKinney STL (Chairman of the Board of Directors ex officio)
Reverend Canon E. Jarosz (Vicar General ex officio)
Reverend Canon P. Chipchase (Episcopal Vicar for Finance & Administration ex officio)
Reverend Canon J. Kyne (Vicar General ex officio)
Miss M. Casey KC (resigned 12 December 2024)
Miss K. Cohoon LlB
Reverend Deacon David Kerry (appointed 11 May 2023)
Mrs M. Middleton
Mrs A. Morton
Mr C. S. Sowman FCA
HH M. Stokes KC DL

Chief Operating Officer of the Diocese, Company/Charity Secretary and Oeconomus: Mr. David Lawes

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NOTTINGHAM ROMAN CATHOLIC DIOCESAN TRUSTEES

(A company limited by guarantee)

Directors' Report for the year ended 31[s][t] March 2024

PROFESSIONAL ADVISERS:

*Indicates organisations set up in co-operation with other Catholic Dioceses in England and Wales.

Main Bankers Lloyds Bank plc
125 Colmore Row
Birmingham B3 3SD
Solicitors Rothera Bray Solicitors
2 Kayes Walk, Stoney St
Nottingham NG1 1PZ
Solicitors (Employment) Knights
34 Pocklingtons Walk
Leicester LE1 6BU
Solicitors (Academies) Browne Jacobson
Mowbray House Castle Meadow Road
Nottingham NG2 1BJ
Auditors PKF Smith Cooper
2 Lace Market Square
Nottingham NG1 1PB
Investment Manager Quilter Cheviot
Senator House, 85 Queen Victoria Street
London, EC4V 4AB
Property Advisers Spencer Birch
8 Clarendon Street
Nottingham NG1 5HQ
Insurers *Catholic Insurance Service
Suite 5, Oxford House, Oxford Road
Thame OX9 2AH
*Catholic National Mutual Limited (incorporated in Guernsey)
Maison Trinity, Trinity Square
Guernsey GY1 4LP
Fuel Suppliers *Inter Diocesan Fuel Management Limited
2 Park Row
South Birkenhead Wirral CH43 4UX
Stationery Suppliers *Church Marketplace Limited
Vaughan House 46 Francis Street
London SW10 1QN
Employment Law, and HR Consultants Worknest
Woodhouse Church Lane
Aldford Chester CH3 6JD
Health & Safety Consultant *SafetyToolbox Ltd
12 Green Lane
Godalming Surrey GU7 3SN

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NOTTINGHAM ROMAN CATHOLIC DIOCESAN TRUSTEES

(A company limited by guarantee)

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

In so far as the Directors are aware:

there is no relevant audit information of which the Diocese's auditors are unaware; and

the Directors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

STATEMENT OF DIRECTORS’ RESPONSIBILITIES

The Directors are responsible for preparing the annual report, the strategic report and the financial statements in accordance with applicable law including the Companies Act 2006 and United Kingdom Generally Accepted Accounting Practice.

The law applicable to charities in England and Wales requires the Directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Diocese and of the surplus or deficit of the charity for that period. In preparing these financial statements, the Directors are

required to:

The Directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with the applicable Jaw and provisions of the trust deeds. The Directors are also responsible for safeguarding the assets of the charity and for taking reasonable steps for the prevention and detection of fraud and other irregularities.

AUDITORS

A resolution proposing the reappointment of PKF Smith Cooper will be put to the Members of the Diocese.

On behalf of the Board

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Right Reverend P.J. McKinney Bishop of Nottingham and Chairman of the Board of Directors

Dated 20" February2025

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NOTTINGHAM ROMAN CATHOLIC DIOCESAN TRUSTEES

(A company limited by guarantee)

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE NOTTINGHAM ROMAN CATHOLIC DIOCESAN TRUSTEES

Opinion

We have audited the financial statements of Nottingham Roman Catholic Diocesan Trustees (the ‘parent charitable company’) and its subsidiaries (the ‘group’) for the year ended 31[st] March 2024 which comprise the Group Statement of Financial Activities, the Consolidated and Diocese Balance Sheet, the Group Cash Flow Statement and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102. The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Directors' 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 or collectively, may cast significant doubt on the Group's or the parent charitable company'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 responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other 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 financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

13

NOTTINGHAM ROMAN CATHOLIC DIOCESAN TRUSTEES

(A company limited by guarantee)

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE NOTTINGHAM ROMAN CATHOLIC DIOCESAN TRUSTEES

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the group and parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report.

Responsibilities of trustees

As explained more fully in the Directors’ Responsibilities Statement set out on page 7, the trustees (who are also the directors of the charitable company for the purposes of company law) 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 groups and parent 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 group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

We have been appointed as auditor under the Companies Act 2006 and section 151 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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

Irregularities, including fraud, are instances of non‑compliance with laws and regulations. Based on our understanding of the Group and industry, we identify the key laws and regulations affecting the Group. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

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(A company limited by guarantee)

NOTTINGHAM ROMAN CATHOLIC DIOCESAN TRUSTEES

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE NOTTINGHAM ROMAN CATHOLIC DIOCESAN TRUSTEES

We have identified that the principal risk of fraud or non‑compliance with laws and regulations related to: - Management Bias in respect of accounting estimates and judgements made. - Management override of control

We focused on those areas that could give rise to a material misstatement in the Group's financial statements.

Our procedures included, but were not limited to:

It is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

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-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors' report.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and to the charitable company’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s trustees as a body, for our audit work for this report, or for the opinions we have formed.

Sarah Flear (Senior statutory auditor) For and on behalf of

PKF Smith Cooper Audit Limited

Chartered Accountants and Statutory Auditors 2 Lace Market Square Nottingham NG1 1PB Date: 27 February 2024

15

NOTTINGHAM ROMAN CATHOLIC DIOCESAN TRUSTEES Consolidated Statement of Financial Activities - year ended 31st March 2024

Income and Expenditure Account
Note
Income and endowments from:
2 & 3
Donations and legacies
Charitable activities
Other activities
Investments
Other
Total
Expenditure on:
2 & 3
Raising funds
Charitable activities
Other
Total
Net realised gains/ (losses) on investments
7
Net Income/ Expenditure
Transfers between funds
2 & 3
Unrealised gains/(losses) on investments
7
Revaluation of Fixed Assets
Net Movement of Funds
Accumulated funds
Funds brought forward
Prior year adjustment
Total recognised surplus/ (deficit) for the year
Total funds carried forward		 PARISHES
Restricted
£'000
7,054
219
424
895
545
9,136
89
7,586
7,675
14
1,475
(839)
61
10
707
45,550
-
707
46,257		 Unrestricted
including
Designated
Restricted
Endowment
Sep Charities
£'000
£'000
303
371
168
239
-
-
496
483
CURIA		 Unrestricted
including
Designated
Restricted
Endowment
Sep Charities
£'000
£'000
303
371
168
239
-
-
496
483
CURIA		 Unrestricted
including
Designated
Restricted
Endowment
Sep Charities
£'000
£'000
303
371
168
239
-
-
496
483
CURIA		 Total
£'000
674
408
-
978
2,060
353
2,802
3,155
446
(648)
839
2,055
-
2,246
24,207
-
2,246
26,453		 Total 2024
Total 2023
£'000
£'000
7,728
7,273
627
329
424
339
1,873
1,742
545
108
CONSOLIDATED		 Total 2024
Total 2023
£'000
£'000
7,728
7,273
627
329
424
339
1,873
1,742
545
108
CONSOLIDATED		 Total 2024
Total 2023
£'000
£'000
7,728
7,273
627
329
424
339
1,873
1,742
545
108
CONSOLIDATED		 Total 2024
Total 2023
£'000
£'000
7,728
7,273
627
329
424
339
1,873
1,742
545
108
CONSOLIDATED
967 1,093 11,196 9,790
272
1,836		 81
966		 442
10,387		 240
10,253
2,108 1,047 10,829 10,494
165 281 460 (316)
(976) 328 827 (1,019)
819
829
-		 20
1,226
-		 -
2,116
10		 -
(1,944)
13
672 1,574 2,953 (2,950)
6,948
-
672		 17,259
-
1,574		 69,757
-
2,953		 72,702
5
(2,950)
7,620 18,833 72,710 69,757

16

NOTTINGHAM ROMAN CATHOLIC DIOCESAN TRUSTEES Consolidated and the Diocese Balance Sheets as at 31st March 2024

PARISHES CURIA CONSOLIDATED CONSOLIDATED
~~Unrestricted~~ ~~Restricted,~~
~~including,~~ ~~Endowment,~~
Note ~~Restricted~~ Designated Sep Charities Total ~~Total 2024~~ ~~Total 2023~~
Fixed assets £000 £'000 £'000 £'000 £'000 £000
Tangible Assets 6 24,103 2,825 1,297 4,122 28,224 28,197
Investments 7 ~~5,409~~ ~~13,957~~ ~~16,099~~ ~~30,056~~ ~~35,465~~ ~~32,724~~
Total fixed assets 29,512 16,782 17,396 34,178 63,689 60,921
Long term assets 8 - 586 2 588 588 595
Current assets
Debtors and prepayments 9 455 188 99 287 742 614
Cash at bank and in hand 10 16,745 (9,788) 1,376 (8,412) 8,332 8,165
Total current assets 17,199 (9,601) 1,475 (8,125) 9,074 8,779
Liabilities
Creditors due within 1 year 11 ~~(454)~~ ~~(126)~~ ~~(40)~~ ~~(167)~~ ~~(620)~~ ~~(526)~~
Net current assets/ (liabilities) ~~16,746~~ ~~(9,727)~~ ~~1,435~~ ~~(8,292)~~ ~~8,454~~ ~~8,253~~
Total assets less current liabilities 46,257 7,641 18,833 26,473 72,730 69,769
Creditorsdue after oneyear 12 ~~-~~ ~~(20)~~ ~~-~~ ~~(20)~~ ~~(20)~~ ~~(12)~~
Intra diocesan balance - - - - - -
Net assets 46,257 7,620 18,833 26,453 72,710 69,757
The Funds ofthe Charity 13&14
Separate charity - - 4 4 4 1
Endowment Funds - - 125 125 125 127
Restricted Funds 46,257 - 18,704 18,704 64,961 62,680
: Designated Funds - 1,726 - 1,726 1,726 1,230
General Unrestricted Funds - 5,894 - 5,894 5,894 5,718
TotalCharityFunds 46,257 7,620 18,833 26,453 72,710 69,757

@ mh Cc LZ cessutnaceasarecanecesenennennse ett EAN a sacssessnenteaneateneese Company Registration umber - 7154646

Right Reverend P.J.McKinney, Bishop of Nottingham Chairman of the Board of Directors

The notes form part of these accounts

17

NOTTINGHAM ROMAN CATHOLIC DIOCESAN TRUSTEES Consolidated Statement of cash flows for the year ended 31st March 2024

Cash flows from operating activities:
Net cash provided by/ (used in) operating activities
Cash flows from investing activities:
Dividends, interest and rent from investments
Proceeds from the sale of property, plant and equipment
Purchase of property, plant and equipment
Proceeds from sale of investments
Purchase of investments
Net cash flow investing activities
Change in cash and cash equivalents
in the reporting period
Cash and cash equivalents at the beginning
of the reporting period
Cash and cash equivalents at the end of
the reporting period		 2024
£'000
(1,047)
1,873
627
(1,131)
4,221
(4,376)
1,214
167
8,165
8,332		 2023
£'000
(1,310)
1,742
86
(1,781)
4,922
(4,413)
556
(755)
8,920
8,165

18

NOTTINGHAM ROMAN CATHOLIC DIOCESAN TRUSTEES

Consolidated Statement of cash flows for the year ended 31st March 2024 (continued)

Reconciliation of net income/ (expenditure) to net cash flow from
operating activities
Net income / (expenditure) for the reporting period
(as per the statement of financial activities)
Adjustments for:
Depreciation charges
(Gains) / losses on investments
Dividends, interest and rent from investments
Revaluation of property, plant and equipment
Loss/ (profit) on sale of fixed assets
(Increase)/ decrease in debtors
Increase/ (decrease) in creditors
Net cash provided by/ (used in) operating activities
Analysis of cash and cash equivalents
Cash at bank and in hand
Total cash and cash equivalents		 2024
£'000
2,953
963
(2,576)
(1,873)
(10)
(486)
(120)
102
(1,047)
8,332
8,332		 2023
£'000
(2,950)
929
2,260
(1,742)
(13)
(82)
118
169
(1,310)
8,165
8,165

19

NOTTINGHAM ROMAN CATHOLIC DIOCESAN TRUSTEES Notes and Accounting Policies for the year ended 31st March 2024

1. Accounting Policies

The Nottingham Roman Catholic Diocesan Trustees is a private company limited by guarantee and a charity governed by its memorandum and articles of association and incorporated in England and Wales. The members are its Directors and their liability in usual circumstances is limited to an amount not exceeding £10. The principal activity is that of a religious charity responsible for the civil affairs of the Roman Catholic Diocese of Nottingham. The address of the registered office is St Hugh's House, 1 Castle Quay, Nottngham, NG7 1FW.

The preparation of the Diocese’s financial statements requires management to make judgments, estimates and assumptions that affect the reported amounts of income, expenses, assets and liabilities, and the disclosure of contingent liabilities, at the reporting date. However, uncertainty about these assumptions and estimates could result in material adjustments to the carrying amount of the asset or liability.

The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year and the preceding year, except where stated.

1.1 Basis of Accounting

The accounts have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) – (Charities SORP (FRS 102)), notwithstanding that the current Charities (Accounts and Reports) Regulations 2008 refer to the previous Charities SORP, and the Companies Act 2006.

As there are no material uncertainties about the Diocese’s ability to continue, the accounts have been prepared on a going concern basis. The reporting is in pounds sterling. Nottingham Roman Catholic Diocesan Trustees meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

1.2 Basis of Consolidation

The consolidated accounts include those of the Diocese and the Sick and Retired Priests Fund for which the Diocese acts as trustee. The separate Balance Sheet for the Diocese, excluding the balances attributable to the Sick and Retired Priests Fund, is shown on the Consolidated Balance Sheet.

As stated in note 19 the Diocese holds a number of assets as trustee. The values of and transactions associated with those assets have been reported as stated in that note.

1.3 Funds

The accounts distinguish between those funds which are unrestricted income funds, and those which are restricted funds and special trusts. The unrestricted income funds may be used for any charitable purpose permitted under the Trust Deed. The unrestricted income funds include designated funds which have been designated by the Directors to a particular purpose; the designation may be removed by them. The restricted funds and permanent endowment funds are required to be used for a specific purpose. There are restrictions on spending the capital of the permanent endowment funds.

The accounts further distinguish between the Parishes and the Curia. Under national law all of the affairs of the Diocese, including those of the Parishes, are those of the charity and are the responsibility of its Directors. Under canon law each Parish is a “Juridical Person” and its funds are required to be held separately for each Parish. Accordingly, apart from any property occupied by Parishes as permanent endowment property and held by the Diocese as trustee, the funds described as Parishes’ funds are restricted funds.

20

NOTTINGHAM ROMAN CATHOLIC DIOCESAN TRUSTEES Notes and Accounting Policies for the year ended 31st March 2024

1.4 Incoming resources

Incoming resources are included in the Statement of Financial Activities on the basis of the amount’s receivable for the year. For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is a treated as a contingent asset and disclosed if material

Investment income is included when it is received. Gift Aid refunds are included for the year to which they relate. It is not practicable to value the time spent by volunteers nor donated goods, facilities or services.

1.5 Resources expended

Resources expended are recognised in the Statement of Financial Activities when a legal or constructive obligation has arisen. Irrecoverable VAT is included in the related expenditure.

1.6 Pension Schemes

The Diocese has two defined contribution pension schemes, one for priests and one for employees, the latter being used for autoenrollment. The contributions are held in separately administered funds. The Pension Scheme contributions are charged to the Income and Expenditure account as they are incurred.

1.7 Grants received

Grants receivable are taken to income at the earliest of entitlement or receipt

1.8 Taxation

As a registered charity, the charity is generally exempt from taxation on its income and gains arising out of its charitable activities.

1.9 Tangible Fixed Assets (including leasehold property)

Functional land and buildings held by the Parishes at 31 March 1996 and those held by the Curia at 31 March 1999 were revalued, excluding land, using insurance values as the basis. Properties purchased since that date have been included at cost, including land. Functional tangible fixed assets otherwise acquired since those dates, including contents, have been included at valuation. The opportunity has been taken under Charities SORP FRS 102 to include the valuations at which the properties were held as deemed costs. Accordingly properties are stated in the accounts at cost or deemed cost as the case may be.

The contents of the buildings held by the parishes at 31st March 1996 were included from that date using insurance values as the basis. These have subsequently been written down to zero as at 31 March 2022.

Depreciation rates have been applied as follows in order to write off the assets concerned by equal annual instalments over their estimated useful lives:

Land No depreciation
Buildings 2%
Contents of parish buildings 10%
Other fixed assets 10%

Amortisation has been applied to long leasehold properties as follows again in order to write off the assets concerned by equal annual instalments over their estimated useful lives:

Buildings 2%

Where an addition refers to expenditure on an existing building the expenditure is written off over the remaining estimated life of that building.

All new functional buildings, improvements and major renovations are capitalised at the cost of construction.

School Property

Certain school properties are owned by the Diocese and are occupied and run by independent charities in the form of Multi-Academy Trusts. There are significant legal restrictions on the disposal of these properties under education legislation. The Trustees considers the ownership of these assets to be in the nature of custodianship and they are therefore not capitalised in the Financial Statements.

21

NOTTINGHAM ROMAN CATHOLIC DIOCESAN TRUSTEES Notes and Accounting Policies for the year ended 31st March 2024

1.10 Investments

Investments held as fixed assets, other than property investments, are revalued at mid-market value as at the balance sheet date. The unquoted investments, being companies set up in conjunction with other dioceses in the United Kingdom with their surplus income being refunded to the dioceses directly, are valued at cost.

Investment land and buildings have been revalued as at 31st March 2024 and are stated in the accounts in accordance with FRS 102.

Social investment land and buildings, held both to support the activities of the Diocese and to provide a return, are stated at cost .

Gains and losses on investments are reported in the Group Statement of Financial Affairs.

1.11 Debtors

Debtors represent amounts which the Diocese expects to receive at the balance sheet date less any reduction for amounts which are or may be unreceivable. These also include the unexpired amount of expenditure incurred before that date.

1.12 Creditors

Creditors represent amounts which the Diocese expects to pay at the balance sheet date. It includes any amount set aside to provide for expenditure where there is a reasonable expectation that it may become payable.

1.13 Activities

All the activities of the Diocese are directed toward the salvation of souls. Accordingly, further analysis of them or of supporting costs is not provided.

22

NOTTINGHAM ROMAN CATHOLIC DIOCESAN TRUSTEES Notes & Accounting Policies for the year ended 31st March 2024(continued)

2. Parishes
INCOME AND ENDOWMENTS FROM:
Donations and legacies
Regular collections
Special purpose collections
Donations
Grants received
Legacies
Gift aid refunds
Miscellaneous
Totals
Income from charitable activities
Repository Income
Chaplaincy
Totals
Income from other activities
Fundraising
Investments
Rents receivable
Other income
Insurance claims
Profit on disposal of property
Total income and endowments
EXPENDITURE ON:
Expenditure on raising funds
Fundraising costs
Expenditure on charitable activities
Special purpose collections payable
Church costs
Hall costs
Presbytery costs
Housekeeping
Major maintenance
Clergy payments
Staff costs
Office expenses
Pastoral expenses
Travel, conferences, retreats
Repository expenditure
Donations
Rental Property fees and Maintenance
Depreciation
Miscellaneous
Totals
Total expenditure
Realised surplus on investments
Net income/ (expenditure)		 Total
2024
£'000
4,164
453
1,127
56
253
763
238		 Total
2023
£'000
4,009
457
1,033
20
528
686
194
7,054 6,925
203
16
219
424
895
895
59
486
545
9,136
89		 182
18
200
339
759
759
26
82
108
8,331
77
89 77
485
1,475
438
790
337
123
802
932
412
221
144
110
244
131
858
82
7,586
7,675
14
1,475		 457
1,676
506
875
323
416
851
894
368
141
149
89
180
58
842
165
7,990
8,067
(6)
258

23

NOTTINGHAM ROMAN CATHOLIC DIOCESAN TRUSTEES

Notes & Accounting Policies for the year ended 31st March 2024(continued)

2. Parishes (continued)
Net income/ (expenditure)
Brought forward from previous page
TRANSFERS BETWEEN FUNDS
Interest received from Curia
Dividends received from Curia
Donations from Curia
Diocesan quota
Interest paid to Curia
Donations to Curia - Retired Priests Appeal
Donations to Curia - Other
Totals
Unrealised gains/ (losses) on investments
Revaluation of investment property
Net movement in funds		 Total
2024
£'000
1,475
146
11
20
(977)
(31)
(8)
(839)
61
10
707		 Total
2023
£'000
258
86
12
39
(868)
(17)
(8)
(757)
(48)
(18)
(565)

24

NOTTINGHAM ROMAN CATHOLIC DIOCESAN TRUSTEES Notes & Accounting Policies for the year ended 31st March 2024(continued) 3. Curia

INCOME AND ENDOWMENTS FROM:
Donations and legacies
Donations
Gift Aid
Collections
Legacies
Totals
Charitable activities
Miscellaneous income
Income from courses
Totals
Investments
Rents receivable
Dividends and interest
Money Market interest
Totals
Other income
Profit on sale of property
Totals
EXPENDITURE ON:
Raising funds
Investment property costs
Investment management costs
MEF Fundraising expenses
Totals
Charitable activities
Costs of courses
Office and travel costs
Grants made
Staff costs
Clergy costs
Professional fees
Clergy Training fees
Safeguarding
Catholic Trust of England and Wales
Property maintenance
Depreciation and amortisation
Miscellaneous
Totals
Totals
Realised gains/ (losses) on investments
Amounts carried forward		 U NRESTRICTED
General
Mission
Designated
£'000
£'000
£'000
5
-
147
-
-
-
-
-
-
-
-
150		 Total 2024
£'000
153
-
-
150		 Total 2023
£'000
9
-
-
187
196
69
34
103
83
365
-
449
-
748
9
56
-
66
74
258
204
800
56
98
-
-
95
10
72
28
1,694
1,760
(158)
(1,170)		 RESTRICTED, ENDOWMENT A
Restricted
Endowment
£'000
£'000
35
-
-
-
58
-
235
-		 ND SEPARAT
Separate
Charities
£'000
35
9
-
-		 E CHARITY
Total 2024
Total 2023
£'000
£'000
69
66
9
16
58
53
235
16
5
-
297		 303 328
-		 43 371
151
101
23
1
-
34
9		 125
43		 231
-
9
-		 -
-		 231
26
9
-
101
58
9		 168 239
-		 - 239
26
64
-
-
407
-
18
7
-
-		 64
425
7		 23
-
456
4
-
-		 -
-
-		 23
-
460
534
-
-
478
-
18		 496 479
4		 - 483
534
-
-
-		 - -
-		 - -
-
585
58
325		 967 1,046
4		 43 1,093
711
8
-
-
53
-
3
207
-
-		 8
56
207		 5
-
77
-
-
-		 -
-
-		 5
19
77
79
-
-
269
-
3		 272 81
-		 - 81
98
-
30
4
212
45
2
25
219
-
730
150
-
68
-
-
105
6
3
1
-
-
-
-
-
137
(31)
-
9
-
-
78
-
-
14
28
1		 34
259
244
880
68
114
1
-
106
9
78
43		 -
-
90
-
142
-
3
-
332
4
255
-
68
-
-
-
-
-
27
-
27
-
18
-		 -
-
-
-
-
-
-
-
-
-
-
-		 -
-
90
42
142
37
3
9
336
385
255
6
68
58
-
-
-
-
27
11
27
16
18
5
1,379
447
10		 1,836 961
4		 - 966
569
1,648
447
13		 2,108 1,042
4		 - 1,047
667
154
-
11		 165 281
-		 - 281
(151)
(910)
(389)
323		 (976) 285
(1)		 43 328
(106)

25

NOTTINGHAM ROMAN CATHOLIC DIOCESAN TRUSTEES Notes & Accounting Policies for the year ended 31st March 2024(continued)

3. Curia (continued)

Amounts brought forward
TRANSFERS BETWEEN FUNDS
Diocesan Quota
Interest received from parishes
Donations received from parishes
Interest paid to parishes
Dividends paid to parishes
Donations paid to parishes
Legacy Fund transfer
Sick and Retired Priests Fund
Totals
Net income/ (expenditure) for the year
Unrealised gains/ (losses) on investments.
Revaluations on Investment Properties
Net movement of funds		 UNRESTRICTED
General
£'000
(910)		 UNRESTRICTED
General
£'000
(910)		 Mission
Designated
£'000
£'000
(389)
323		 Mission
Designated
£'000
£'000
(389)
323		 Total 2024
£'000
(976)		 Total 2024
£'000
(976)		 Total 2023
£'000
(1,170)
868
18
-
(86)
(12)
(10)
(68)
72
782
(388)
(795)
30
(1,153)		 RESTRICTED, ENDOWMENT AND SEPARATE
Restricted
Endowment
Separate
Charities
£'000
£'000
£'000
285
(1)
43		 RESTRICTED, ENDOWMENT AND SEPARATE
Restricted
Endowment
Separate
Charities
£'000
£'000
£'000
285
(1)
43		 RESTRICTED, ENDOWMENT AND SEPARATE
Restricted
Endowment
Separate
Charities
£'000
£'000
£'000
285
(1)
43		 RESTRICTED, ENDOWMENT AND SEPARATE
Restricted
Endowment
Separate
Charities
£'000
£'000
£'000
285
(1)
43		 CHARITY
Total 2024
Total 2023
£'000
£'000
328
(106)		 CHARITY
Total 2024
Total 2023
£'000
£'000
328
(106)		 CHARITY
Total 2024
Total 2023
£'000
£'000
328
(106)
£'000
(106)
977
31
(146)
(11)
(10)
(143)		 -
-
-
-
-
(10)
6		 -
-
-
-
-
-
125		 977
31
-
(146)
(11)
(20)
(12)		 -
-
8
-
-
-
12
42		 -
-
-
-
-
-
-
-		 -
-
1
-
-
-
-
(42)		 -
-
8
-
-
12		 -
-
8
-
-
(29)
68
(72)
698 (4) 125 819 61 - (41) 20 (25)
(212) (393) 448 (157) 346 (1) 2 348 (131)
781 48 829 1,227 (1) - 1,226 (1,101)
- - - - - - - - -
569 (393) 496 672 1,573 (2) 2 1,574 (1,232)
Audit fees for the Diocese
The following grants, transfers and other payments have been made and are included above:
University chaplaincies (grants)
University chaplaincies (payments for non priest chaplains)
Nottingham Roman Catholic Diocesan Education Service
Diocesan Youth Service
Travelling People Mission
Catholic Trust of England and Wales
Training of priests and deacons (after parishes' contributions)
Sick and Retired Priests Fund (to individuals)
Sick and Retired Priests Fund (other costs)		 2024
£000s
31
6
47
76
119
9
98
61
265
79		 2023
£000s
31
11
47
76
95
10
91
95
321
69

11 For University chaplainces located within the Diocese.

26

NOTTINGHAM ROMAN CATHOLIC DIOCESAN TRUSTEES Notes & Accounting Policies for the year ended 31st March 2024 (continued)

4. Directors' Remuneration

No Director received remuneration as a director during the year. The Bishop and Priests of the Diocese, in their capacity as such, are entitled to payments and benefits such as accommodation and living expenses from the Diocese. The taxable value of these are included in the figures reported below. Loans are also made available for the purchase of cars, repayable over an agreed period. These are all authorised by the Articles of Association. A Director who is a priest may be eligible for a grant from the Nottingham Diocesan Sick and Retired Priests Fund; this is included in the figures below if applicable. The Diocese has purchased Directors' and Officers' Liability Insurance for its directors the cost of which is not separately identified in the insurance charge made to the Diocese. The Diocese reimburses directors for expenses incurred in that capacity and the amount is estimated as being under £2,500 altogether.

Right Rev P.J. McKinney
Reverend Canon E. Jarosz
Reverend P. Chipchase
Reverend J. Kyne		 Payments
2024
£'000
13
13
10
12		 Car Loan
2024
£'000
-
-
-
-

No other Director received payments or loans from the Diocese.

5. Staff and Clergy costs

The following amounts have been charged in the accounts:
Parishes
Staff costs:
Salaries
Employers' National Insurance contributions
Pension Contributions
Clergy payments
Curia
Staff costs:
Salaries
Employers' National Insurance contributions
Pension contributions and Pension payment
Staff Training
Clergy costs:
Payments to individual Priests not in parishes
Priests Pension Scheme		 2024
£'000
882
30
20
802		 2023
£'000
848
29
17
851
1,735 1,745
773
74
30
2		 707
60
31
2
880 800
59
10		 47
9
68 56

The average number of staff (excluding clergy) on a an average headcount in the year was as follows:

Parishes
Curia		 101
112
26
25
127
137

One employee received emoluments in excess of £60,000 per annum (2023: One). The key management personnel are considered to be the Bishop and the Episcopal Vicar for Finance and Administration who received £23 thousand (2023: £28 thousand) in total as priests of the Diocese rather than as key management personnel.

The pension contributions are paid during the year and so no amounts are outstanding as at the year end.

Priests are "Office holders" and are not employees of the Diocese and are therefore not included in the above analysis. The analysis of the numbers of Priests, excluding the Bishop, according to the work which they do is included in the Directors' Report.

27

NOTTINGHAM ROMAN CATHOLIC DIOCESAN TRUSTEES Notes & Accounting Policies for the year ended 31st March 2024(continued)

6. Tangible Fixed Assets Parishes

6. Tangible Fixed Assets
Parishes
Cost or deemed cost at 1st April 2023
Revaluations
Additions
Disposals
Transfers
Total as at 31st March 2024
Depreciation as at 1st April 2023
Disposals
Charge for the year
Transfers
Total as at 31st March 2024
Net Book Value at 31st March 2024
Net Book Value at 31st March 2023		 Freehold
Land &
Buildings at
Cost
£'000
39,153
563
(223)		 Contents
£'000
94
8
102
19
10
29
73
75		 Total 2024
£'000
39,247
571
(223)
39,493 39,595
14,697
(82)
848		 14,716
(82)
858
15,463 15,492
24,030 24,103
24,456 24,531

Curia

Curia
Cost or deemed cost at 1st April 2023
Additions
Disposals
Transfers
Total as at 31st March 2024
Depreciation or amortisation
at 1st April 2023
Disposals
Charge for the year
Transfers
Total as at 31st March 2024
Net Book Value at 31st March 2024
Net Book Value at 31st March 2023		 Freehold
Land &
Buildings at
Cost
£'000
3,630
282
-
-		 Long
Leasehold
£'000
713
270
-
-		 Other Fixed
Assets
£'000
37
8
-
-
45
27
-
15
-
41
4
10		 Total 2024
£'000
4,379
560
-
-
3,911 983 4,939
611
-
70
-		 76
-
20
-		 713
-
104
-
680 96 817
3,231 887 4,122
3,019 637 3,666

28

NOTTINGHAM ROMAN CATHOLIC DIOCESAN TRUSTEES Notes & Accounting Policies for the year ended 31st March 2024(continued)

7. Investments

Parishes Total Investments

Listed and Unlisted Investments

Listed and Unlisted Investments
Carrying value at 1st April 2023
Additions at cost
Net disposal proceeds
Transfers
Revaluation
Realised net gains/(losses)
Unrealised net gains/(losses)
Carrying value at 31st March 2024		 Investments
Investment
Properties
Total
871
4,453
5,323
113
-
113
(112)
-
(112)
-
-
-
-
10
10
14
-
14
61
-
61
946
4,463
5,409

Curia Total Investments

Listed and Unlisted Investments
Carrying value at 1st April 2023
Additions at cost
Net disposal proceeds
Transfers
Revaluation
Realised net gains/(losses)
Unrealised net gains/(losses)
Carrying value at 31st March 2024		 Investments
Unquoted
Social
Investment
Properties
Investment
Properties
Total
25,498
8
1,090
805
27,400
4,263
-
-
-
4,263
(4,109)
-
-
-
(4,109)
-
-
-
-
-
-
-
-
-
-
446
-
-
-
446
2,055
-
-
-
2,055
28,154
8
1,090
805
30,056
Curia Total Investments analysed by Fund:
General Unrestricted
Designated
Restricted
Endowment
Separate Charity		 2024
2023
£'000
£'000
13,318
11,732
639
579
13,957
12,312
16,008
15,002
91
87
-
-
16,099
15,089
30,056
27,400

29

NOTTINGHAM ROMAN CATHOLIC DIOCESAN TRUSTEES Notes & Accounting Policies for the year ended 31st March 2024(continued)

8. Long Term Assets
Curia
Inter-Diocesan Fuel Management Ltd (see note 15)
Loans
9. Debtors and prepayments due within 1 year
Parishes
Gift Aid
Prepayments
Curia
Loans
Sundry debtors and prepayments
10. Cash at bank and in hand
Analysed by fund:
Parishes
Restricted
Curia
Unrestricted (including Designated)
Restricted, Endowment, Separate Charity
Analysed by type:
Parishes
Funds in Investments or Money market deposits
Cash at bank and in hand
Curia
Funds in Investments or Money market deposits
Bank overdraft		 Total
2024
£'000
19
568		 Total
2023
£'000
17
578
588 595
338
117		 338
128
455 466
80
207		 96
52
287 148
16,745 15,635
16,745 15,635
(9,788)
1,376		 (8,857)
1,387
(8,412) (7,470)
14,005
2,740		 13,243
2,393
16,745 15,635
367
(8,779)		 658
(8,128)
(8,412) (7,470)

Please note as at the 31st March 2024 amounts of £1.1m within Parish restricted funds were held within accounts maturing between a period of 3 to 12 months post year end. We have not classified these as Current Asset Investments on the face of the balance sheet or within this note as we consider that it is most appropriate to continue to include these amounts within cash and cash equivalents as the constituent account makeup will change from year to year and it seems unnecessary to split between cash and current assets when both categories would show within current assets in any case and also due to fact that these amounts will not automatically be reinvested in the same manner. The current disclosure will avoid any confusion to the reader of the accounts because in substance there has been no change other than account profiling in order to maximise returns.

30

NOTTINGHAM ROMAN CATHOLIC DIOCESAN TRUSTEES Notes & Accounting Policies for the year ended 31st March 2024(continued)

11. Creditors due within 1 year
Parishes
Creditors and accruals
Curia
Creditors and accruals
12. Long Term Liabilities- Creditors due after		 1 year
Unrestricted
including
Designated
£'000
6,948
672		 1 year
Unrestricted
including
Designated
£'000
6,948
672		 1 year
Unrestricted
including
Designated
£'000
6,948
672		 Restricted
Endowment		 Restricted
Endowment		 Total
2024
£'000
454		 Total
2023
£'000
405
454 405
167 121
167 121
13
7		 8
4

Curia
Other long term liabilities
Amounts deposited with Curia
13. Movements in Opening Funds
Parishes
Balance at 1st April 2023
Surplus/ (Deficit) for the year
Balance at 31st March 2024
Curia
Balance at 1st April 2023
Surplus/ (Deficit) for the year
Balance at 31st March 2024
Analysis by Fund of Balance at 31st March 2024
Separate charities
Endowment Funds
Restricted Funds
Designated Funds
General Unrestricted Funds
20 12
45,550
707		 46,115
(565)
46,257 45,550
2024
£'000
24,207
2,246		 2023
£'000
26,592
(2,385)
7,620 18,833 26,453 24,207
-
-
-
1,726
5,894		 4
125
18,704
-
-		 4
125
18,704
1,726
5,894		 1
127
17,130
1,230
5,718
7,620 18,833 26,453 24,207

31

NOTTINGHAM ROMAN CATHOLIC DIOCESAN TRUSTEES

Notes & Accounting Policies for the year ended 31st March 2024(continued)

14. Summary of Designated, Restricted and Permanent Endowment Fund Movements.

Curia

Designated Funds
Enabling Mission
Legacy Fund
Pilgrimage Administration
Holy Ghost Housekeepers
Extraordinary Ministers
Ret'd Priests Appeal Admin
Justice & Peace
Derby Deanery
Quinquennial Inspections
Total
Restricted Funds
Housekeepers Retirement Fund
Schools Singing Program
Deceased Clergy Fund
Friends of the Cathedral
Clergy Formation Fund
Poor & Needy Parishes
Mission Fund
Lenten Station Masses
James Heneage
Overseas Development Fund
Cathedral Project
Lourdes Pilgrimage Fund
Sick & Retired Priests Fund
Total
Permanent Endowment
Foundation Masses
Separate Charities
Sick and Retired Priests Fund
Nottm. Cathedral Music Fund
Total
Total		 1st April
Income &
Transfers
Investment
31st March
2023
Endowments
Expended
Movements
2024
£'000
£'000
£'000
£'000
£'000
£'000
359
147
(1)
125
-
630
752
168
(3)
-
59
976
-
-
-
-
-
-
-
-
-
-
-
-
18
9
(7)
-
-
20
6
-
-
-
-
6
-
-
-
-
-
-
18
-
-
-
-
18
77
-
(2)
-
-
75
1,230
325
(13)
125
59
1,726
117
5
(27)
3
18
116
58
48
(15)
-
-
92
4
-
-
-
-
4
3
3
(3)
-
-
3
7,254
227
(111)
-
650
8,020
1,226
72
(47)
-
100
1,351
124
3
(101)
-
11
37
59
-
(6)
-
-
54
6
-
-
-
-
6
24
-
-
-
-
24
-
185
(250)
65
-
272
9
(29)
-
27
278
7,981
493
(510)
49
704
8,718
17,130
1,046
(1,098)
117
1,509
18,704
127
4
(5)
(1)
125
-
43
(42)
1
-
2
1
-
-
-
-
1
1
43
(42)
1
-
4
18,489
1,418
(1,158)
243
1,567
20,558

The funds listed above are for the following purposes.

Designated Funds:

Enabling Mission Fund To help Parishes to lead the Catholic Community into a deeper encounter with Christ Legacy Fund Legacies received for the Diocese to be used at the discretion of the Directors. Pilgrimage Administration Fund Administration of the Diocesan Pilgrimage to Lourdes. Holy Ghost Housekeeper Fund Support of housekeeper formerly employed by the Holy Ghost Fathers. Extraordinary Ministers Fund Commission for the Extraordinary Ministers for Holy Communion. Ret'd Priests Appeal Adm. Fund. Running costs of the Retired Priests Appeal. Justice & Peace Fund Activities of the Justice & Peace Commission (other than the field worker's salary). Derby Deanery Fund Projects supported by the Derby Deanery. Quinquennial Inspections Fund Funded by special Diocesan Quota in 2016/7 to spread the cost fairly over parishes.

Restricted Funds:

For the relief of poverty amongst retired resident Housekeepers of the Housekeepers Retirement Fund Nottingham Diocese Schools Singing Program Part of the National Schools Singing Program Deceased Clergy Fund To assist in dealing with Deceased Clergy's affairs Friends of the Cathedral To assist the Cathedral in particular areas Clergy Formation Fund Education of priests and deacons, their on-going formation and fostering vocations. Poor and Needy Parishes Fund Support of poor and needy parishes. Mission Fund Support and assistance of mission activities. Lenten Station Masses Fund Bishop's charitable purposes (within the Trust Deed). James Heneage Fund Maintenance of the Chapel at Hainton Hall. Overseas Development Fund Assist in Catholic projects overseas

32

NOTTINGHAM ROMAN CATHOLIC DIOCESAN TRUSTEES

Notes & Accounting Policies for the year ended 31st March 2024 (continued)

Lourdes Pilgrimage Fund Assistance to those wishing to make a pilgrimage to Lourdes. Sick & Retired Priests Fund Sick and retired priests of the Diocese. Permanent Endowment Funds: Foundation Masses Fund Payment of Mass offerings out of income for the intentions of donors. Separate Charities: Sick and Retired Priests Fund Sick and retired priests of the Diocese.

15. Unlisted Investments and membership of other companies

a) The Diocese owns 4,000 out of 125,200 shares in the Catholic National Mutual, a mutual insurance company incorporated in Guernsey. The net assets of the company at 28th September 2023, the date of the last available accounts, were £28.7m (2022: £30.2m) and the loss for the year ended on that date was £1.53m (2022 loss: £6.27m).

b) The Diocese owns 4,000 out of 45,000 issued and fully paid ordinary shares of Inter-Diocesan Fuel Management Ltd (IDFM). The net assets of the company at 31st March 2024, the date of the last available accounts, were £155 thousand (2023: £150 thousand). The result for the year ended on that date was £1 thousand profit (2023: £9 thousand profit). IDFM was set up in conjunction with other Catholic dioceses in order to purchase electricity and gas for Diocesan properties more favourably.

c) The Diocese is the sole member of Nottingham Roman Catholic Diocesan Education Service (NRCDES) a charitable company limited by guarantee, set up to take over its Diocesan Education Service. Its directors are partly appointed by the Bishop and partly by the schools of the Diocese. As stated in note 3, a number of Directors of the Diocese are also directors of NRCDES.

The Diocesan schools have been reorganised into 3 Multi Academy Trusts which are companies limited by guarantee. The Diocese is a member of these companies but does not appoint its directors. The members also include the Bishop and the Episcopal Vicar for Education, who are directors of the Diocese and the Financial Secretary who is its Company Secretary.

Since the Diocese does not control any of these companies nor participate in any share of their profits or losses, they are not consolidated with those of the Diocese.

16. Capital Commitments

Capital commitments at 31st March 2024 amounted to £310 thousand (2023: £218 thousand) arising out of building and major maintenance work in parishes and otherwise

17. Contingent Liabilities

a) The Diocese has provided indemnities to Lloyds Bank plc in order for it to accept cheques made out to a payee with a different name from that of the account in question and in relation to T PCO through which payments are made to members of staff.

33

NOTTINGHAM ROMAN CATHOLIC DIOCESAN TRUSTEES Notes & Accounting Policies for the year ended 31st March 2024 (continued)

18. Assets held as trustee

The Diocese holds the Poor Clares Convent at Bulwell, Nottingham as trustee although its beneficial ownership is uncertain between the religious order and the estate of the 8th Duke of Newcastle. The value of this property is not included in these accounts.

The Diocese is the trustee of Nottingham Roman Catholic Diocesan Trustees, the former unincorporated trust, which remains in being to receive legacies which are passed on to the Diocese. This trust owns no assets beneficially.

The Diocese owns land at Crich with the Youth Service Trustees, occupied by them, costing £437 thousand in December 2011, in the proportion 75%, the Diocese, and 25%, Youth Service Trustees, for which no rent is charged. charged. The cost of this land is included in Curia Social Investment Properties in note 7.

The Diocese is the trustee of the Sick and Retired Priests Fund, a separately registered charity number 510119. Its results have been consolidated with those of the Diocese.

The Diocese owns the following properties, occupied by parishes, as trustee. The values of these properties are included with other parish owned property in note 6.

Permanent Endowment: Date of governing document Alvaston Parish Hall 10th August 1906 Earl Shilton Presbytery 7th April 1920 Ilkeston Presbytery 25th June 1906 St Philip Neri Parish Hall, Mansfield 12th March 1937 Holy Souls Presbytery and Parish Hall, Scunthorpe 7th January 1920 St Hugh's Presbytery, Broadgate Lincoln Not Known Eastwood Presbytery 6th August 1907 Eastwood Parish Hall 6th August 1907 Good Shepherd Presbytery, Arnold 9th July 1923 Good Shepherd Parish Hall 9th July 1923 St Philip Neri Presbytery, Mansfield 28th April 1908 Hadfield Presbytery 23rd December 1925 Marple Bridge Presbytery 23rd December 1925 Marple Bridge Parish Hall 15th September 1921 Market Harborough Presbytery 4th March 1876 Market Harborough Parish Hall 4th March 1876 Ashby de la Zouch Presbytery 19th May 1917 Whitwick Presbytery 22nd September 1902 Osgodby Mass House 3rd September 1985 Spalding Church 20th July 1876 & 24th April 2002 St Mary's Presbytery, Loughborough 3rd November 1840

19. Pension schemes

The Diocese has two defined contribution pension schemes held in separately administered funds. One is for the priests of the Diocese and one is an autoenrolment scheme for the staff of the Diocese.

34

NOTTINGHAM ROMAN CATHOLIC DIOCESAN TRUSTEES

Notes & Accounting Policies for the year ended 31st March 2024 (continued)

20. Related Party Transactions

Insofar as the Directors are aware, there are no other matters required to be reported other than as already shown in these accounts or below.

A Loan of £650k was made to the Nottingham Diocesan Catholic Youth Service who have related Trustees of the Nottingham Roman Catholic Diocesan Trustees and joint ownership of property (Notes 8 & 9 Curia) the balance at 31.03.2024 was £557,758 (31.03.2023 was £582,338) and they received a loan holiday to assist with cashflow.

IDFM accrual for the provision of gas & electricity (Note 11 Parishes) for 31.03.2024 was £220,000 provision (31.03.2023 £207,732)

Catholic Insurance Services provide the insurance provision for the NRCDT and this amounted to £244 thousand (31.03.2022 £255 thousand).

21. Events after the Period

Various measures are being implemented to increase administrative efficiencies across the parishes and curia (central services) of the Diocese. Parish amalgamations, new administration systems, lean management principles and shared parish services are progressively being explored, developed and applied across the diocese in collaboration with parishes.

The Enabling Our Mission fundraising campaign, piloted successfully at the end of the 2024 financial year is now being rolled out across the diocese to further our mission objectives and address recent significant declines in parish income. The campaign will continue to be implemented with groups of parishes until around the end of the 2025/26 financial year. However, as pledges are being requested for up to 5 years, resulting donations are expected to continue beyond 2030.

The Development Stage of the Nottingham Cathedral ‘Restoring Pugin’ redecoration project, part funded by a National Lottery Heritage Fund grant, was completed in the autumn of 2024. Subsequently, an application to the Heritage Fund to progress to the Delivery Stage of the project was submitted. Should we be successful, this will then take place through 2025 and 2026. The total cost of the Delivery Phase will be around £2.5 million, with a Heritage Fund Grant of £1.5 million. The project aims to recreate, so far as this is possible, the original decorative scheme of the cathedral architect, A.W. Pugin, in the chapels and ambulatory at the east-end of the cathedral. This work will raise awareness and engagement of heritage in Nottingham Cathedral in the Nottingham community and beyond and develop valuable conservation skills.

35