Charty No 1143450 Diocese of Hexham and Newcastle Diocese of Hexham and Newcastle A Company Limited by Guarantee: Registered No. 7732977 Group Report and Flnancial Statements 31 March 2025 Diocese of Hexham and Newcastle Trustees, Report Diocese of Hexham and Newcastle Trustees, Report for the year ended 31 March 2025 Trustees Bishop Stephen Wright Reverend Peter Leighton {resi8ned January 2025) Catherine Patricia Dyer Si5t¢r HeleTh Bernadette Costi8an¢ lappoinied November 2022. Resigned October 20251 Lyn Murra Reverend Mark Millward Reverend Martin Stempczyk Reverend James O'Keefe Eamonn Michael Donnelly Kathleen Mccourt (appointed Sepiember 20241 Michael Shorten (appointed O¢tober 20241 Reverend Jeffrey John Dodds Ire5igned May 2023. Re-appoint¢d January 20251 Chief Operating Officer Fiona Standfield Reglstered Office Sl Cuihbert-s House West Road Newcastle utknn Tyne NE15 7PY Sollcftors C.ollingwood Legal Muckle LLP Winkworth Sherwo Womble Bond Dickinson Bankers HSBC pl New￿l]e uw)n Tyne Investment Managers CCLA Investment Managem¢ni Land Agents Avison Young Savills UK Ltd BNP Paribas GF White Auditors Haysmac LLP 10 Queen S¢reei Pla¢e London EC4R IAG DI0￿Se of Hexham and Newcastle Trustees, Report l. Trustees, Report. 1.1 Introductlon. This report provides an update on areas of responsibility of the Trustees, together with brief comments on some of the main activities and achievements across the Diocese in the year from l April 2024 until 31 March 2025. Where relevant for a fuller view, some information from the Financial Year 2025126 is referred to. The Trustees, who are also Directors for the purposes of Company Law, present their report and the financial statements of the Group for the year ended 31 March 2025 which comprises the Consolidated Statement of Financial Activities, the Group and Charity Balance Sheets, the Consolidated Cash Flow Statement and the related notes. The con501idated financial statement5 of the Diocese of Hexham and Newcastle include the results of the Diocese of Hexham and Newcastle (charity re8lStration number 1143450 and company registration number 077329771 and the Youth Ministry Trust (charity registration number 1146158 and company reEiStration number 079377041. The registered and principal office of the Youth Ministry Trust is Emmaus Village, Pemberton Road, Allensford, Consett, County Durham, England. DH8 9BA. 1.2 Governance, Strurture and Declslon Making The Diocese of Hexham and Newcastle is both a canonical and civil entity. As a canonical entity, it is a Roman Catholic Diocese, governed by Canon Law and accountable to the Holy See. As a civil entity, it is a registered charity and company limited by guarantee. accountable to both the Charity Commission and Companies House and subject to the Acts of Parliament and case law that apply in England and Wales. On l April 2012 the assets and operation5 of the Diocese transferred to this Charitable Company Limited by Guarantee, called Diocese of Hexham and Newcastle. The Company number is 7732977 and the Charity Number is 1143450. The Director5 of the Charitable Company are the Trustees. This Charitable Company delivers the activities of the Diocese. In collaboration with the Diocesan Bishop who, as Chair. exercises the leadership function within the Diocese as a canonical entity, the Board agrees the strategic direction for the Diocese. including how to deliver the Diocesan Vision while ensuring the most efficient and effective stewardship of the organi5ation's financial and Human Resources,. to provide the continuing care. oversight and development of its clergy, laity and staff. The Board is responsible for ensuring that the Diocese fulfils its Charitable Objects as stated in the Article5 of Association.. Diocese of Hexham and Newcastle Trustees, Report The Advancement of the Roman Catholic Religion in the Dlocese or elsewhere bv such means as the Blshop and the Directors think fit, and the provision of charitable support or services Iwhether in the Diocese or elsewhere) in furtherance of that object. The Advancement of the education of the public irs accordance with the prlnciples and doctrines of the Roman Catholic Religion particularly by the provision and support of schools and other educational establishments {whether in the Diocese or e15ewherel and the provision of facilities for the education of the public as the Bishop and the Directors shall from time to time think fit. Such other incidental. ancillary or associated charitable purpose5 for the benefit of the public as the Bishop and the Directors from time to time declde. The Diocese of Hexham and Newcastle is the sixth largest Diocese in England and Wales and is situated in the North-East of England. With an area of 3,19S square miles, the boundaries are the border with Scotland in the north and the River Tees in the south. The total population of the area 15 2,368,000, with an estimated Cathollc population of 214,257. The Diocese is under the leadership of Bishop Stephen who was installed as the fifteenth Bishop of Hexham and Newcastle on 19 July 2023. The Diocese con5i5t5 of 135 Parlshes, grouped into 18 Partnerships. withln five geographical Deanery areas. 62 Diocesan Priests are in actlve ministry throughout the 135 Parishes of the Diocese. They are supported by a number of Priests who have retired from office as well a5 35 visiting Priests. 8 of whom are f rom an overseas Diocese and 27 of whom are from a Religious Order, some of whom are from overseas. There are fou r Diocesan Priests in ministry outside of the Diocese. There were three Semlnarians in formation in the year ended 31 March 2025 with one at St Mary's College, Oscott. and one at the Allen Hall. London. There was one Priest ordained in the Diocese in July 2024 and one Oeacon ordained In July 2025. All matters concerning the care and development of the clergy and the pastoral care of the people of the Diocese are led by the Bishop in consultation with his Bishop's Council. The Bishop's Council consists of the two Vlcars General, one for the north and one for the south of the Diocese, and the Bishop. They meet very frequently through the year and also meet regularly with the five Deans. The Vicars General are: Reverend Jeff Dodds, Vicar General North Reverend Mark Millward, Vicar General South The Deans are: Reverend Shaun O'Neill, Northumberland Reverend Christopher Hughes, Newcastle and North Tyneside Reverend Canon Martin Stempczyk, South Tyneside and Gateshead Reverend Andrew Downie, Sunderland and Durham Reverend Anthony Currer, Cleveland Diocese of Hexham and Newcastle Trustees, Report The Episcopal Vicars are.. Reverend Adrian Tuckwell, Episcopal Vicar for Caritas Reverend Canon Simon Lerche, Episcopal Vicar for Education Father lan Jack50n, Episcopal Vicar for Religious Each Parish provides for the religious needs of its people through Church services and education in the Roman Catholic faith, and is responsible for the spiritual growth of people of all ages, with particular emphasis on meeting the needs of the sick and the poor and encoura8ing charitable work. Active participation with the Catholic faith helps to engender understanding of the need to care for others in our parish communities. with local development projects existing throughout the Diocese. The Oiocese works in ham)ony with other Christian denomination5, people of other faiths and none, with myriad charities and support organisations across all of our local communities. The most $18nificant outreach work is undertaken by the many thousands of volunteers based in our Parishes. Our volunteers and Parish Priests run a variety of successful local activitie5 including those for children and young people, mothers and toddlers, and dementia friendly groups, as well a5 delivering Services such as homelessness support, assistance for those who are victims of domestic abuse, bereavement care and support for refugees. Priests and volunteers visit people who are housebound or isolated. including those in Care Homes, a nd those in Prison. There are further specific examples of some of our outreach work set out in the paragraph on Carltas at 1.7 below. Extraordinary Ministers of the Eucharist assist Priests in taking Holy Communion to those members of a Parish who are too infirm to attend Mass. Parish volunteers are often also involved with other local charitie5. The ethos engendered in our Parishes encourages people to give so much of themselves freely to other5 in their cornmunitie5. Parishes are not only aware of the needs of others in their local communities but are also very conscious of the needs of those who are suffering elsewhere around the world as a result of poverty, poor health care, discrimination, persecution and violence,. and many have particular projects that they support. Parishes also continue to directly support Mission work worldwide, including contributing to CAFOO'S development work and disaster relief. Governance.. The Board of Trustees governs the Charitable Company, and in carrying out thi5 responsibility supports and ￿vIewS the clergy and pastoral initiatives of the Bishop which affect the operational wellbeing and sustainability of the Charitable Company. The Articles of Association were amended bv written resolution in July 2024 and further amended by written resolution in May 2025. A5 at October 2025, the Board comprlses the Bishop as Chair, with four Priests and five Lay Fa ithful, who give of their time on a voluntary basis. All are selected by the Bishop for their relevant skills and expertise. The Board Committee and sub-committee structure was reviewed in spring 2025 and is in the process of being updated whilst various tlme limited working parties, established to look at speclfic matters, are In place. Each of the Board Committees has a Directornrustee as Chair and members appointed by the Bishop. They may be assisted by professional experts who are co-opted if particular additional specialist skills are needed. Diocese of Hexham and Newcastle Trustees, Report While the Board is responslble for all of the assets of the Charitable Company, in practice the Parish Priest acts as the local representatlve of the Diocese in many Parish matters. Parish Priests are obliged by Canon law to be assisted in their duties by a Parish Finance Committee and many also have Pastoral Councils. Given the Impact on Diocesan assets and resources, and the need to ensure that all current employment and health and safetv leglslation, as well as safeguarding requirements, are complied with, the permission of the Board is requI￿d for all significant Parish projects. The Parishes pay an annual levy towards the runnlng of the Diocese, including for service5 such as Safeguarding, Health & Safety, Property, HR and Finance. The calculation of the leby is based equitably on income earned In the year. The levy was dlscounted for the years 2021- 2023 reflecting the impact of the pandemic on attendance and income leve15 within Parlshes. The year to 31st March 2024 saw the levy revert back to the level pre- pandemic. To assist the Board in providing what is requlred for the Diocese to continue to flourlsh and for delivery of the Diocesan Vlsion, the operations of the Diocesan Curia are organised into formal Departments and Vicariates that report through the Chief Operatlng Officer and Episcopal Vicars to the Board. The Chief Operating Officer and senior managers form a Senior Leadership Team that supeNises execution of the central operational functions for the Charitable Company, providing professional expertise, administrative support, dissemination of information, leadership and guidance on everything that is required to contribute to the safety and success of the mission throughout the entire Charitable Company. Diocesan employees carry out the Board's directions and refer matters arising for the 8oard's attention. The titles of the Departments reflect the work carried out.. Care for Clergy,. Communications,. Data Protection,. Education,. Finance,. Formation & Mission- Fundraising- Health & Safety: Human Resources,. Property,. Safeguarding,. Technology Services. 1.3 Trustees, Re¢rultment and Appolntment Under the Articles of A550ciation, the power of appointing new or additional Trustees rests solely with the Bishop. Tru5tee5 are recruited based upon the ski115 mix identified by the Bishop and existing Trustees as being required for Diocesan Governance. The recruitment process for Lay Trustees includes the completion of application paperwork, the submisslon of three references and the completion of declaration of interests and non-disqualification forms. The recruitment process for Prlest Trustees Is based both upon role (the Vicars General are the Vice Chairs of the Board) and skills and includes the completion of declaratlon of interests and non-disqualification forms. Trustees complete DBS check through the Diocesan Safeguardlng Department. The induction proce55 for any newly appointed Trustee involves an initial meeting wlth the Bishop, access to relevant paperwork such as a copy of the Charitable Company's Memorandum and Articles, a copy of the most recent statutory accounts and Board papers as well as meetings with key members of the Curia, all to better understond the work, roles and responsibilities involved. All Trustees are provided with opportunities to altend relevant tralning and receive regular circulars from the Charity Commission, as well as receiving updates at Board meetings and Committees from the Catholic Safeguarding Standards Agency ICSSAI- Diocese of Hexham and Newcastle Trustees, Report 1.4 Going concern The Charitable Companws activities, together with the factors likely to affect its future development, performance and assessment of current strength of position and its exposures to credit risk are set out below. For the year to 31st March 2025 Group and Company accounts have been prepared. Although a separate legal entity, the Youth Ministry Trust has been included in the consolidated Group Accounts because of the relationship between the Youth Ministry Trust and the Diocese in that the Diocesan Bishop appoints its Trustees, and the Diocese 15 Its sole Member. The Group meets its day to day working financial commitments from both cash and investment reserves. At 31 March 2025 the Group held total reserves of £105.4 million, consisting of Restricted Funds of £17.1 million and Unrestricted Fund5 of £88.3 million. The Group, as at 31 March 2025, had cash at bank and in hand of £13.9m and has maintained similar cash levels up to the date of authorisation of the financial statement. The going concern assessment period that needs to be addressed by Trustees is the period to 31 December 2026. In performing this assessment, the Charitable Company's income and expenditure has been forecasted and projections show that it will be able to operate within the level of its current arrangements. Using the Diocesan Risk Register, Trustees have reviewed significant risks, including the potential for any strategic changes forthcoming from Rome, failure to comply with safeguarding arrangements. employment and health & safety legislation. meeting continually rising costs such as the increase in employer national insurance contributions, insurance of buildings and support for sick and retired Priests. Trustees have considered the possible mitigating actions and consequent Costs, and are of the view that even in the unlikely circumstances of being unable to operate at all for a full year the Charitable Company could still meet its liabilities over the coming year as they fall due. On the basis of their assessment of the Charitable Companws financial position and resources the Trustees have a reasonable expectation that it will be able to continue in operational existence throughout the going concern assessment period. They therefore continue to adopt the going concern basis of accounting in preparing the annual financial Statements. 1.5 Tru5tees' Insurance The Charitable Company maintains insurance for Trustees in respect of their duties as Trustees of the Charitable Company and to meet any claim against the Oiocese including at Parish level. The Insurance Broker for l April 2024 to 31 March 2025 has been the Catholic Insurance Service ICISI. 1.6 Trustees, responsibilities for audlt Informatlon Insofar as the Trustees are aware.. There is no relevant audit information of which the Charitable CoMpan￿S auditors are 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 audltors are aware of that information Diocese of Hexham and Newcastle Trustees, Report Strategic Report Chief Operating Officerfs Report on behalf of Trustees During the period under review, the Charitable Company has experienced a period of stability and continued positive change. Following Bishop Stephen's installation as the Bishop of Hexham and Newcastle in July 2023, his leadership continues to enable the Diocese to develop both pastorally and operationally. The CSSA undertook an Audit of the Diocese in November 2024, with the report being published in early 2025 on both the CSSA and Diocesan websites. The overall outcome of this Audit was a grading, against the eight CSSA Standards, of "Results Being Achieved", with "Comprehensive Assurance" in Standards One IEffective safeguarding is embedded in the Church bodws leadership, governance, ministry, and culture) and Three (Engage with and care for those who report having been harmed). Achievement of these gradings demonstrates the on-going Diocesan commitment to safeguarding and the associated work undertaken in response to the Safe8uarding Action Plan, prepared during the summer of 2023, reviewed quarterly by the Safeguarding Committee and the Diocesan Board, and published on the Diocesan website. The Safeguarding Action Plan is now being developed into a Safeguardin8 Improvement Plan. The Listening Exercises for Clergy, Staff and Laity commissioned by Archbishop Mcmahon have continued under the leadership of Bishop Stephen. The response to the Lay Listening Exercises continues at Parish level. The response to the Clergy Listening Exercises has been supported by Prlests, Deacons and the Department for Formation and Mission, whilst the response to the Staff feedback has now become important work on continued culture development supported by the Senior Leadership Team. The Diocese continues to work in partnership with the Centre for Catholic Studies at Durham University. The Bede Chair of Catholic Theology has provided ongoing active support to parishes and the wider Diocese. Work to identify the optimum governance approach was chaired by the Bishop and has identified the appropriate structure and resource to dellver the Bishop's Diocesan Vision. This structure is in the process of being implemented. The Board continues with its focus on developing an Equity, Diversity and Inclusion Strategy with involvement from Clergy, the Lay Faithful and employees. With delegated authority from the Board, Trustee members of the Diocesan HR Committee work with the Chief Operating Officer, Head of Finance and Head of HR to prepare a paper for the March meeting of the Bishop and Trustee5 which sets out a proposal for the pay and remuneration of all employees. This proposal takes into account local and national benchmarks and ensures that the Living Wage is paid. If approved, the recommendations take effect on l April and are also applied to the remuneration of Priests. The Care for Clergy Team continues to support Deacons and Priests in various aspect5 of Diocesan life, from vocation enquiries to caring for sick and retired Priests. The Team focuses on encouraging Deacons and Priests to reflect on how they can better support one another and collaborate more closely. as well as on strengthening relationships with Curia Staff. An example of this is the development of a Care for Priests Policy to enhance 5UPPOrt for retired Diocesan Priests and which is funded by the Diocese. Additlonally, equipping clergy, through an ongoing formation programme to help them Diocese of Hexham and Newcastle Trustees, Report maintain good mental health and well-being, along with creating a support team accessible to clergy, remain priorities. Currently, a full-time Social Worker is dedicated to clergy support. The Vlcariate for Carltas encompasses a wide range of outreach, inclusion and developmental projects and continues to ensure they all provide the desired positive impact on the wider community within the Diocesan area. Key amongst the work of the Vicariate are the.. Justice and Peace Co-ordinating Council, including the Diocesan Refugee Project- the latter continues to support 500 individuals each month providing essentials such as food. toiletries and clothing for those whose claims for asylum are not yet decided and who are not therefore entitled to work or claim benefits Anti-Racism Working Group - championing Equity, Diversity and Inclusion and helping to Challenge and prevent discrimination on grounds of race Proud Catholics championing Equity, Diversity and Inclusion and helping to challenge and prevent discrimination experienced by members of the LGBT+ community Mary's Place which continues to grow in the number of people attendin8 St Mary's Cathedral for support and continues to provide food to those on the streets Joe's Place which is a drop-in centre for those seeking food and homelessness support Tyne and Wear Citizens - the Diocese of Hexham and Newcastle is a Founding Member of Tyne and Wear Citizens ITWCI. TWC is a local alliance of civic organisations in the fields of education. faith and community. and part of the national charity Citizens UK which trains and develops leaders for public life to work together for the common good. Community organising at its heart, TWC seeks to transform unjust structures of society, rooted in the participation of communities and civlc institutions, atting in solidarity for the dignity of all and the common good. Green Pastures and Outreach Housing - residents are provided with access to initial accommodation leased by the Diocese and supported by a Diocesan team of volunteers with the aim of moving them into more permanent accommodation Co-ordination with national agencies such as the Catholic Agency for Overseas Development ICAFODI, the St Vincent de Paul society ISVPI and the Caritas Social Action Network ICSANI. The Caritas Fund, launched in 2022, continues to award grants to projects delivering charitable support to those in need in communities across the Diocese. The Education Department oversees provlsion for our children and young people through 156 schools of which there are 130 primary, 2 infant, 2 junior, I first, I middle and 20 secondary Schools. 151 of these schools are academies within four large Catholic Education Trusts ICETS) and five are voluntary aided primary schools. Diocese of Hexham and Newcastle Trustees, Report Work is ongoing to develop strong working relationships with the Directors from the Boards of the four CETS. A yearly meeting has been established to enable Director5 of each Trust to inform the Bishop and other Members Ithe Vicars General, Episcopal Vicar for Education, the Chief Operating Officer, Lay Trustee Chair of the Diocesan Education Committee and the Diocesan Director of Education) how they hold their CET Executive Teams to account. Half termly meetings and I:Is held by the Diocesan Director of Education with the Chief Executive Officers of the CETS, as well as half termly meetings with member5 of the CET Executive Teams, have facilitated good working relationships. Key documentation, policie5 and procedures are known and understood by all. Thi5 shared expertise ensures the very best education is provided for all children attending Catholic schools within our Diocese. The Diocesan Department for Education also facilitates life-long learning throughout the Diocese by running CCRS (Catholic Certificate in Religious Studies) and the National Catholic Leadership Programmes. There are currently 89 members of school staff undertaking the CCRS. Last year 13 completed the programme and were presented with their certificates at a Mass celebrated by the Priest lead on Liturgy. The certificate provides the opportunity for school staff to increase their svbject knowledge in relation to the Catholic faith and therefore enhance teaching and learning opportunities for our pupils. In addition, there are 24 delegates on the National Catholic Leadership Programme and 25 delegates on the Aspiring Deputy Headteacher programme which will help with the future succession planning of school leadership. At the time of writing there are 52,071 pupils in our Diocesan schools. Census data 2024 shows there are51.60%of pupils that are Catholic. Within the schoo15 there are 3,234 teachers of whom 49.2% are Catholic {the national average is 55.2%). It is clear that academisation is having an overall positive impact on our schools with 96.15% of schools achieving good or better Ofsted grades (the most recent national outcomes are 84%ofsecondaryand 92%ofprimary achievinggood or betterl. 98.72% of all Schools achieve good or better in Catholic Schools Inspections. The Department for Formation & Mission continues to provide formation and ministry development opportunities for parishioners across the Diocese. Over the past year, its work has focused on shaping the emerging Diocesan Vision and supporting the journev towards becoming a more synodal Church, rooted in listening, participation, and mission. Colla boration across diocesan teams and with the Department for Caritas has 5tren8thened parish outreach. with new initiative5 such as foodbanks, warm hubs, and support for asylum seekers complementing traditional ecumenical partnerships. The Department is a Iso leading the development of a new Diocesan Pastoral Strategy and Plan, ensuring that all have access to high-quality formation and that volunteers receive appropriate training and support. These efforts continue to nurture leadership, deepen faith, and build confident communities committed to living the Gospel through Service and growth. The Flnance Department: Includlng Financial Review, Reserves Policy and Expendlture during the year. The Charitable Company's accounting policies delivering Financial Review are described in Note I to the Financial Statements. 10 Diocese of Hexham and Newcastle Trustees, Report Income and Expenditure during the year The principal funding sources are as described in the Statement of Financial Activities ISOFA, seen on page 181. Charitable activities are funded primarily through donations such as collections at Mass in Parishes and including unrestricted donations and those given for a specific purpose. In 2025 total donations stand at £6,628k12024.' £6,511kl. Donation Income represents 51% of total income12024= 52%>. Investment income generated in the year formed a significant part of the Diocese's incoming resources, at £2,357k in the year12024'. E2,197kl. Any annual deficits of income and expendit¥Jre incurred reduce cash and investments, which impalrs the Diocese's ability to earn income. Income is earned from funds invested through CCLA, the Diocese's investment managers, of £978k12024.' £1,040kl, investment property of £903k12024= £860kl and cash in high interest earning deposit account5 of £476k12024.' £297kl. Other income is earned from, for example, contributions from voluntary aided schools and the Catholic Education Service's ICETI as a contribution towards the work of the Department for Education. Fundraising, includin8 Legacy Income, continues as a key focus, given the increasing cost challenges. A detailed analysis of expendlture Is given in note 3. Outlined below is how the expenditure of £16,OOOk in the year needed to deliver the key activities has been sourced. Cbsritgble Activity Funded by general intome Funded fro Specific intome Total Expenditure 2025 otal Expenditure 024 £000 £000 £000 c.lergy Support 2,292 91 2,383 ,382 Pastoral Work 5,909 843 6,752 ,266 Education 1,665 439 2,104 1,055 Youth Ministry Tru$l 1,093 1,093 1.077 Property 3,147 82 3,229 .818 C.05t of Generating Funds 389 50 439 C05t of charitgble aeiiviti 13.402 2,598 16,1)00 14,004 Net Assets for the Group stand at £105.4m at 31st March 202512024.. £103.3ml. The Diocese incurred unrealised1055e5 returns on investment in the year of £72k12024'. unrealised gains of £4,579kl. Net assets comprise property, buildings and other fixed assets of £32,914k12024.' £32.948kl and investments of £51,744k12024.' £50,551kl. Fixed assets, such as churches and presbyteries, are not easily realised into cash, and are excluded from any calculation5 on funds available to deliver day-to-day charitable expenditure. Cash held by the Diocese, including all Parish current accounts, stood at £14,102k in the year12024'. £17.482kl. Simply, the amount of cash held would support 11 months of expenditure as incurred in the year12024'. 1.3 years). 11 Diocese of Hexham and Newcastle Trustees, Report Reserves Poli¢v At 31 March 2025 the Group held total reserves of £105.4m12024.. £103.3ml, consistlng of Restricted Funds of £17.Im12024= £15.Oml and U nrestricted Funds of £88.3m {2024: 88.4ml. Trustees decide the level of free reserves to be held by the Charitable Company. Free reserves are those available to spend on any or all of the Charitable Compan￿5 purposes, being unrestricted reserves excluding those invested in fixed assets such as our church buildings, Investment properties, or through our Investment managers, those otherwise committed such as funds for the use of specific prolect5 and reserves related to the Youth Ministry Trust whlch are restricted by way of their charitable objects. Fixed assets are excluded because these a55ets cannot be realised without undermining the fundamental work of the Charitable Company. In calculating the level of reserves to be retained by the Charitable Company, the Trustees give due regard to the need for the charitable Company to f ulfil all of its obligations and commltments and to finance the activitles that it currently undertakes, a5 well as the rising costs of future requirements including clergy retlrement, and maintenance of Parish properties including special projects such as the Lourdes Pilgrimage and development of the Emmaus Youth Vlllage at Consett. At 31st March 2025 free reserves stood at £14.4m12024: £16.2ml. The aim is to have retained free reserves sufficient to cover twelve months of unrestricted charitable expenditure: at 31 March 2025 thirty months, cover was held. The Diocese considers the reserves posltion on a regular basi5. The thirty months, cover Includes reserves held in cash and Investments on which an income is earned. The additional reserves and income are deemed necessary to fund operational decisions in the next few year5, including the Care for Priests Policy, implemented on 1st January 2025, which fulfils the Diocesan obligatlon to meet the financial needs of Priests. Further to this, the Diocese considers the reserves necessary to meet the current deficlt position of the Central Budget, and to guard against the large fluctuations In investment gains and losses ut)on which the reserves are predominantly built. Investment Policy and perfomiance The Articles of Association authorise the Trustees to make and hold investment5 uslng the fund5 of the Charitable Company without any restrictions. The Trustees recognise that the investment portfolio is held to provide for the future needs of the Charitable Company whilst supportlng the ongoing costs. Therefore, the investment objective for the Diocese is to produce the optlmum total return using income or capital, whichever is the most effective in the prevailing conditions. In setting an optimal total returns pollcy we identify, through a budgeting procedure, a level of cash return requlred from the main investment portfolio, whilst paying due regard to the need to protect the real value of the capital to ensure sustainability of Diocesan and Parish work over future generations. In the current conditions the aim is to withdraw not more than 3.5% of portfolio valuatlon per annu m.. the amount actually withdrawn during the year equated to 2.5% of the portfolio valuatlon. The investment strategy is set on an annual basis with performance monitored by the Diocesan Investment Committee and reviewed quarterly wlth both the Fund Managers CCLA lappointed following a tender proce55 in 20211 and a charity investment specialist 12 Diocese of Hexham and Newcastle Trustees, Report advisor, Stanhope Consulting. Members of the Diocesan Investment Committee, chaired by a Trustee and comprising Clergy, Staff and Lay Experts, provide advice and support to the full Board on investment matters. The Fund Managers are required to adhere to a strict ethical policy which is published on the Diocesan website. During the year the market value of the portfolios moved in line with the general market condition5. At 31 March 2025 the valuation of the main portfolio was 92% of the March 2024 valuation, reflecting instability in world markets as a result of economic and social challenges. As at 31 March 2025 the accumulated unrealised losses, incurred from the decrease in value of our investments in the combined portfo5io amounted to £1.4m12024'. gains of £3.7ml. The Trustees recognise the challenging economic markets and believe the investment performance, including the losses incurred, to be reasonable. Risk Management. including financial rlsk management and grants pollcy The Charitable Company has a formal risk review process in place under which a Risk Register is ma intained. The Risk Register is supported by Objectives and Kev Performance Indicators, and all are reviewed by the relevant Board Committees and at every quarterly meeting of the Board. Changes to the scores of identified risks are monitored by the Chief Operating Off icer with the relevant members of the Senior Leadership Team, and they implement f urther processes to mitigate risk whenever possible. The top risks identified where: l. Declinin8 numbers of active Clergy leading to increased Parish responsibilities impacting on Carbon, Criminal and Civil Law requirements and impacting on sacramental life and mission 2. Inability to care for Sick and Retired Priests because of insufficlent funds Flnancial rlsk management objectlves As described above, the Charitable Company has established a risk and financial management framework, the primary objectives of which are to protect the Charitable Company from events that hinder the achievement of the Charitable Companls objectives. The Charitable Company has no operations outside the UK and is not exposed to movements in exchange rates, and therefore does not enter into transactions with derivative instruments. Cash flow and liquidity risk is covered by forecasting and management of cash. The Charitable Company has no significant individual debtors and therefore limited credit risk. Investments are diversified between those with guaranteed income but no capital growth. and those with potential capital growth but also the risk of capital losses. All investments are under the care of an external professional Fund Manager and with additional oversight provided to the Diocese by Stanhope Consulting which is a separate organisation. Fundrasising The Diocese of Hexham and Newcastle follows the Institute of Fundraisinls Code of Fundraising Practice and is registered with the Fundraising Regulator. 13 Diocese of Hexham and Newcastle Trustees, Report No complaints about fundraising activities were received by the Diocese over the reporting period and therefore there was no requirement for escalation to the Regulator. The Diocese has its own procedures in place for dealing with complaints and concerning vulnerable persons. Grants Pollcy Each year the Bishop, assisted by guidance from the Catholic Bishops, Conference of England and Wales, decides which organisations will benefit from special collections to be taken in the Parishes. At a local level, Parish Priests and their Finance Committees decide which additional causes they will support to further the work of the Church, by means of special appeals. The amounts raised from such appeals and paid over to charities a re sometimes supplemented from general offertory income, where this IS approved by the Parish Priest and the Parish Finance Committee. Property An on80ing focus of the Property Department is bringing up to date the Parish Quinquennial Inspections which also incorporates investigations to determine the presence of any Reinforced Autoclaved Aerated Concrete IRAACI. The Department supported the retendering of the various Diocesan insurance policies and the su bsequent tran51tion to the CIS. The Department has managed several property disposals and the relocation of the Bishop's Office and residence. In addition, the Department has sUPPOrted the Education Department in property related matter5 involvin8 Diocesan property and land including the statutory transfer of Local Authority land, where necessary, as a result of the move to Academisation. During the year the majority of building work has been of essential works of maintenance. A total of £1.6million12023124 £1.7ml was spent in Parishes on building work ranging f rom repairs and minor projects totalling £666k12023124 £1. Im), to major works £936k 12023124 £572kl. The ￿mainIng Voluntary Aided School projects continue to be handled by Curia colleagues, including approval, negotiation with the Education and Skills Funding Agency, administration of the grant, payments to contractors, and collection of the Governors, contributions. School building5 expenditure amounted to £363k12023124 £149kl, with the Government contributing 90% funding towards Voluntary Aided School work. The Diocese acts as an agent for School Governors in these matters, so the building expenditure is not recorded in Diocesan fixed a55ets. Safeguarding In the year under review safeguarding across the Diocese, which operates a policy of zero tolerance to abuse, has benefited from the proactive leadership of Bishop Stephen. The Safeguarding Committee welcomed a new Chair, Professor Kath Mccourt CBE, who is the Diocesan Safeguarding lead Trustee. Committee membership is constituted by senior members of the Clergy, individuals with professional expertise in safeguarding work, as well as an experienced Parish Safeguarding Representative IPSRI. 14 Oiocese of Hexham and NewGastle Trustees, Report An annual report, offering an overview ofwork undertaken by the Safeguarding Department over the previous and upcoming twelve months, is prepared by the Chair of the Safeguarding Committee and presented to the June meeting of the Diocesan Board. The Bishop regularly attends the quarterly meetings of the Safeguarding Committee to observe the work it undertakes. A meeting is held between the Bishop and the Diocesan Head of Safeguarding after each Safeguarding Committee meeting so that the Bishop is updated on matter5 discussed and receive5 any recommendations from the Committee. Departmental activity is independently inspected by the CSSA. The CSSA ha5 created eight Standards against which Dioceses are measured. The Safeguarding Committee oversees the work of the Safeguarding Department with the aim of achieving continuous improved performance against the eight Standards. At Parish level, the PSRS support the work of the Safeguarding Department. The Safeguarding Department continues to embed safeguardin8 in churches and parishes throughout the Diocese and 15 SUPPOrted in this work through the use of Parish Safe8uarding Dashboards which continue to be rolled out. With the full support of the Bishop, use of the Parish Safeguarding Dashboards will be mandatory from 2026. Safeguarding training continues to be delivered to all Clergy, Curia employees and Trustees. For those who require a Disclosure and Barring Service IDBSI check, a wider rollout of national safeguarding training will commence in early 2026. The Safeguarding Department responds to support victims and survivors of abuse who approach the Diocese, a5 well as appropriately supporting those who are subject to allegations and complaints. Where necessary, signposting is undertaken to ensure appropriate professional support is provided. The Safeguarding Department continues to be involved in the planning of and preparation for Diocesan Pilgrimage5 as well as for other Diocese-wide group activities and projects. Challenges and how they are being addressed Although vocations to religious life are reducing. the Diocese continues to have some vocations for the Priesthood and Diaconate and to be a55i5ted by Priests joining from overseas and Reli8ious Orders. The Care fof Priests Policy, which has been developed to support Diocesan Priests in retirement and ill health, is in its first year of implementation. Trustees continue to develop a n associated fundraising strategy. Church attendance remains reduced, and this is impacting upon the number of voILtnteers assisting in Parishes. The rollout of DioceSaD-wide technical solutions, coupled with ongoing support from Diocesan Departments such as Property, Safeguardin& Health & Safety, HR and Finance, these are assisting Parishes with many functions. As in many areas of daily life, there are increasing demands upon a reducing income, with the impact of inflation affectin8 all essential goods and services purchased. These financial pressures are being addressed by a focus on income generation, including through fund raising, as well as a continued focus on making sure expenditure Is designed to be as impactful as possible with the funds available. 15 Diocese of Hexham and Newcastle Trustees, Report In approving this Trustees Annual Report, the Trustees are also approving the Strategic Report included here in their capacity as Company Directors. Approved by the Board of Tru5tee5 and signed on its behalf by.. Bishop Stephen Wright Bishop of H¢xham aDd New¢astle Trustee Date.. Is) ￿} Ls 16 Diocese of Hexham and Newcastle Trustees, Report Statement of Trustee5' Responsibilities The Trustees (who are also the directors of Diocese of Hexham and Newcastle for the purpose of company lawl are responsible for preparing the Trustees, Report, the Strategic Report and the financial statement5 in accordance with applicable law and regulations. Company Law requires the Trustees to prepare financial statements for each financial year. Under that Law the Trustees have elected to prepare the f inancial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland" and applicable lawl. Under Company Law the Trustees must not approve the financial statements unless they are 5at15fied that they give a true and fair view of the state of affairs of the Charitable Company, the Group and of the income and expenditure of the Group for that period. In preparing these financial statements. the Trustees are required to.. select suitable accounting policies and then apply them consistently- observe the methods and principles in the Charities SORP make judgments and estimates that are reasonable and prudent. prepare the financial statements on the 80ing concern basis unless it is inappropriate to presume that the Charitable Company will continue in business. The Trustees are responsible for keeping proper accounting records that are sufficient to show and explain the Charitable Company's transactions and disdose with reasonable accuracy at any time the financial position of the Charitable Company and enable them to ensure that the financial statements comply with the Companies Act 2CQ6. They are also responsible for safeguarding the assets of the Charitable Company and hence for taking reasonable steps forthe prevention and detection of fraud and other irregularities. The Trustees are respon%ble for the maintenance and integrity of the corporate and financial information included on the Charitable Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Bishop Stephen Wright Bishop of Hexham alld Newcastl¢ Tnjstee Date.. 17 Diocese of Hexharn and Newcastle Consolidated Statement of Financial Activities at 31 March 2025 Unre5TridYdfund Par& C'eptirol £OLYJ ReJM¢E¢d Fu*d5 20?5 J'DÉal 20) Tfjol i(h)o A'oies In¢¢m• Income from dD￿tI￿3 LEgacics Income fromcharitablt actiTriknc5 CJr8nt Incom 5.656 828 44 95 6,628 269 423 468 2,358 1.730 I,(M9 43 328 23 1225 242 8( 973 327 (hher Income Youth Mirtigty Ttust tradin8 incorne 1.579 823 1.049 Tolallnc¢N 8.073 1.6T7 ).175 12.925 12.636 Exp•ndftur• Eypendiiure oncharirable vKtiWit]r5' Clew. 5Utvnrt Pas￿ra1 F.duc3110n Pro￿rtI. Youth Milli￿ry TtU51 ex￿[￿li1ur£ 2.383 6,752 2.104 3.229 1.093 2.382 6.266 1.055 4.584 1.325 1,665 820 84) 439 82 1.093 2,327 Toi* 4¥p¢nthtur¥ on charftable 8ctlvlUés 2.548 15.561 ÈxNdittwe on Twin8 fi]fHts 2￿ 50 439 4(k8 Total •xpendlture 2,598 16.il 14. Netlncome/(•xpendlturn? 13.624} 577 (3.0751 11.3681 G4in51f1tr5ses} olr r11v￿b1￿I*È￿Sas.' Realised Unre4115¢d Gain5 on revaluAtJonof IATrtStsnent pmpcrt1¢5 kell￿4t10rn of fixed &￿￿tshe￿I fordisp05al 15661 (603) 4.579 76 732 3.542 4.440 199 14e¢ movtm•fttin lunds 3.702 13.7241 Fund balaniesal l ApTiI 64.760 23,594 14,959 99.647 Fundbal8nc8s 8131 Marelj 68.462 19.870 14,933 103265 'rhe nDt£s on pag¢5 211Tr 48 form part of these financial 4alemenls. All of the tharity's aclii ities derii'ed from ￿n1￿u￿ng OP¢Atitsns during th¢ above tm'o financial ￿riOdS. 'The cnlity taken the £xcmpiion avallable under s408 vfth¢ Companic$ Act 2006 and no separate sLiterne￿t of FinanciBI Aciiviii¢s is prepared for Ihe DivLese of Hexhatn and Newcasiie. The charity ]nade a surplus for the y¢arof 13.7 million12024'. a sulp1￿ of £4 tTrillionl. These finan¢i31 statcments were approved and authorised for issue by the Board of Trustees, and $tgned on its behalf by.. Bishop Stephen WTighi Bishop of Hexham and Newcastle Trnstee Date: 18 Diocese of Hexham and Newca511e Charity No 1143450 Group and Charity Balance Sheet at 31 March 202S 2025 Group £000 2025 Charity £000 20?4 Group £000 2024 harilv loies £000 Flx•dassets Tangibl¢ assets Investmenls Investment properties 32,914 43.950 7.794 32,948 46.983 3,568 32,881 46.983 3,568 43,950 7.794 10 84.658 84,615 83,499 83,432 Currentassets Debtor5 Debtors- Schools proje¢ Short temi deposits Short term dtPOsits- Schools proje¢is Lnsecured short tenn loarts Cash •¢ bank and in hand Cash ai bank- Schools proje¢ts 16 16 17 4.854 220 2.385 3.412 220 2,385 4,216 154 1,262 2.793 154 1.262 74 13.940 744 74 13.710 744 121 17,215 1.493 17,482 1.493 22,2l7 20.545 24.728 23,038 Credltgrs: amounts falling due within one year 19 3.610 3,329 4,914 4,614 18.607 17.216 19,814 18.424 Totaiass•ts ¢urTertllabllftles 103.265 101.831 103.313 101,856 N•t ass•ts 103.265 101.831 103.313 101,856 R•pr•$•nt•d bv." R¢51ricted fund Restricted fund- Youth Ministy Trust UDresiricied parish funds Unrestricted central fLhnds 13.499 1.434 68,462 19.870 13.499 13,481 1,478 64,760 23.594 13,481 68,462 19.870 64,760 23,615 Total funds 21 103.265 101.831 103,313 101,856 Th¢ not¢5 pagcs 21 to 48 fom pan of th¢se financial statements. The entity has taken ihe exemption available under s408 of the Comparties Act 2006 and no separate Statement of FinaD¢ial A¢tivities is prepa￿d for the Diocese of Hexham and Newc&stle. The charity made a surplus for ihe year of £2.2 million12024'. a surpllls of £4 million) Th¢5e financial sratem¢nts w¢r¢ approved avd authori5ed for issue by the Board of Trustees. and signed On its behalf by: Bishop Stephen Wright Bishop of Hexhatn and Newc&stle Trustee Date: If) IEI I 19 Diocese of Hexham and Newcastle Consolidated Statement of Cash Flows forthe y&ar ended 31 March 2025 2025 2024 £000 ,Votes Net Cash {outftowJ from 4)pernting Ktfvltl•$ 20 14,645} {2,7471 Investlng artlYlli•s In¢om¢ from investments Payments to acquire tangible fixed assets Receipts from the sales of tangible fixed assets Payments to acquiTe investments Receipts from sales of invesimenis Receipts from direct lending investments Paym¢nrs io acquiTe investment properties Unsecured short terni loans repaid 1.454 11,598} 1.337 7211 19,6631 11,160 78 19.019} 8,280 202 46 30 1,477 109 (D•em$èyln¢reJse in cash and eash èquivalents 20 13.1681 12.638) Cash •nd cash •quival•nts at l Aprll 20 20,237 22,875 Cash and ¢•sh •quival•nts at 31 Mar 20 17,069 20,237 The t)otes on pages 21 to 48 form part of these fthancial statements. 20 Diocese of Hexham and Newcastle Notes to the financial statements at 31 March 2025 Accounting pollcSes Genèral Inforniation The Diocese of H¢xham and Newcasil¢ is a company lirTJited by guaTaTrtee (registration number 07732977 and a registered charity (registration nuJnb¢r 11434501 incorporated in England and Wales. The regist¢r¢d office 15 St Cuthben's House, West Road. Newcastle Upon Tyn¢, NEI 5 7PY. Basls of prnp•r•tion of finan¢ialst•tements The flnancial sia¢ements have been prepared in accordanee with the Companies Act 2006 and the Statement of Recommended Pra¢rice for Charities ISORP) {Second Edition. effective l January 20191. The accounts have b¢en prepated in GBP on the grounds that this is th¢ functional curyen¢y of ihe Group. The accounts are rounded to the nearest thousand. The Dio¢ese of Hexham aThd N¢w¢astle meets the definition of a publi¢ benefit entity under FRS 102. A55et5 and liabilities are initially Tecognised ai hiS￿rical c05t or trans￿tiOn value unless otherwise stated in the relevant accountirtg PDlicy notes. The financial staternents incorporate the following funds.. Dioce5aTh Central Fund Parishes. Fund Clergy Training Fund Managed Fund Con501idation The firtan¢i*l statements consolidaie the Tesulis. assets and liabilities of The Diocese of Hexham and N¢wca5tle and ils subsidiary, Youih Mirtistry Trust (charity registration number.. 1146158 and company registration number 07937704) on a liaie-by-line basi5. Intergroup transactions and balanees are elimirtaied on consolidation. Th¢ fin8n¢ial stsiements do not consolidate the results of Sursum c.orda Limiied (company registration number 03986521} as not materi41 to group. Golng COn￿M The Charitable Company's activities, together with the factors likely to aff¢ct its future developmenL perfornian¢e and kx)siiion and its exposures to credit risk are set out below. The Charitable Company mttts its day to day working ¢apital requirement5 through cash r¢5erv¢s. At 31 March 2025 the Charitable Company held total T¢5erYe5 of £105.4 million, consistin8 of Restricted Funds of £17.1 million and UnTestTi¢ted Funds of £88.3 million. The Charitable Company, as at 31 Mar¢h 2025. had cash ai bank and in handof£14.Im and has mainrain¢d similar ¢ash levels up to the dateof authorisation of the finanrial 5tat¢metLt5. The going concern a5sessm¢nt period considered by the Trustees is the period to 31 December 2026. In perforniin8 this ass¢ssm¢ni the Charitsble Company s income and expenditure has been fOreC￿ed and projections show that 1¢ should b¢ able to operate within the l¢v¢l of its ¢uryeni arrangements. On the basis of their assessm¢nt of the Charithble Company's financial position and resources the T￿￿tte5 have a reasonable expectslion that it will be able to continue ITh operational existence throughout th¢ going concern assessm¢ni period. They therefore ¢ontinu¢ to adopt the goiDg wncern b&sis of ac¢ounting i preparing the annual fitlancial statements. 21 Diocese of Hexham and Newcastle Notes to the financial statements at 31 March 2025 Accountlng pollcles {continuedl Judgém•nts and keysources of esumatlon unc•rtalrtty The preparaiion of the flnancial statements requires th¢ determination of judgement¥ eStIm￿t$ and assumptions that affect the amounts reported for assets and liabilities as ai the balance 5he¢t datc and the amount5 reported for income attd expenditure. Sprcific wnsideration is given to matters including the recoverability of debtors, the ¢arrying value of fixed as5et5 and the carrying value of investments, including investment P￿Perties. However, the rta￿re of esiimition means that actual outcomes could differ from Ihose estimates. Incomg and expendlture Offort0rtg¥, donatlons and l•gach8 Offertorie5 are accounted for on a cash Te¢¢ived basis. Dooaiions and legacies art recognised whe the Diocese becomes legally ¢nticled io ihem artd they can reasonably be ]neasured in financial terms. Tax credits relating to Gift Aid ar¢ accounted for on an accruY41s basis linked to the income received. Inv•stmènt income This is recognised on an aGcruals basis when dividends and interest from stocks aThd shares have been declared. Ancillary income earned from Brariting short term use of functional &%sets to other parties is r¢¢ognised on an accruals basi5 and presented within invcstment income. Grnnt Incom• loth•rthan for #¢hool¥' building workl Grant income is Included in ￿11, in the Statement of Financial Activitie5 when receivable. GranLS, wh¢r¢ ¢ntiil¢ment is not conditional on the delivery of a specific perfomance by the charity, are recognised when the charity becomes unconditionally entitl¢d ￿ th¢ grani. Income resources from grants, where related lo perforrnanee and specific deliverables, are accounted for as the charity eams the Tight to Consideration by its performance. Grants for gchool$' buildlng work The Charitable Company acts as an agent for the School Governors in the recovery of grants and the payment of Contractors for voluntary aided Sch￿Is. Those grants and payments are not includ¢d in the financial statements, other than the amounts h¢ld by the Diocese on behalf of schools as graTbts received but not yel ¢xpend¢d ar¢ in¢luded it) the balance the¢is as wh at bank atjd as creditors. During the y¢ar the cost of schoo15' building works undertaken w&s £363k, being fjnanced primarily by Govemment grants of 90Vo and by School Governors, contributions. Intomè from ¢hariiable actfjvbtles This is accounted for on a cash receivable b&sis. Exp&ndllur• Expenditure is charged to the incorne and expenditure account on an accrua15 basis. Irr￿0Verable VAT is charged tts the category of expenditure for which it was incurred. Charitable Activities exp¢nditur¢ includes rhe ¢osts id¢ntifi¢d as wholly or mainly anributhble to acltieving the charitable obj¢¢iives of the Charitable Company. includin8 direct stsff ¢ost$, other direct costs. and apportioned support C05tS. Governance Costs T¢late to the general tunning of the Charitable Company. and include sueh items as external audit, legal advice for Trusiees, and the costs of m¢eiing ¢onstiiuiional and siaiutory requirements. Costs of Generating Funds in¢lud¢ the costs incurred in generating voluntary it)come, fundraisin8 trading costs. and invesiment management costs. Grants pal￿paY*bIe Grants payable are recogni5ed when payment is authorised. 22 Diocese of Hexham and Newcastle Notes to the financial statements at 31 March 2025 1. A¢countlng pollcles Icontirbuedl Fixed as$etlnvestments Quoted investments a￿ shown in the fittancial statements at their markct value at the balance sheet dale. The resuliing unrealised surplus or deficit 15 credit¢d (Trr debit¢d to th¢ fund account through ¢h¢ movement of fvnd5 151 th¢ Staletnent of Financial Activiltes. Direct lending investm¢nts are initially recognised at cost. They are reviewed with the &s515tance of exl¢rnal inv¢s¢ment managers. and provision is made against the value if recoverability of the full loan is in doubi. The movement in such provision is ¢redit¢d or debiied to th¢ fund a¢¢ouni through the rnovtm¢n¢ of fund5 in the Statemenl of Financial A¢tivities. Currtyntassets Cash ai bank in hand in the balaD¢e sheet wnsis¢s of cash balances and short teml de￿)$]1$ with an original maturity date of ¢hree months or les5. Short lertn deposits with a maturity ofover three months are separately disclosed within fixed asset inves(menls. All current &ssets ar¢ stsied ar ihe lower of Cost and net realisable va]ue. Llabllities Liabilities are re£ognised ai the point where a le8al or constructive obligation exists &s a rcsult of a past eveDI. Provisions are liabilities where the litning and quantum of the economic outtlows are significantly un¢ertain. The Charithble Cotnpany recognises provisions on an undis¢ount¢d basis. Int•rnst fr¢* lo•ns Occasionally the Charithble Company makes small interest free loan5 to prie5t5. These are repayable ovcr th￿¢ to five years. Deposlts and loans The Chariiabl¢ Company operates a mutuaj 5y5tern. Where parishe5 have Money surplus to iheir immediate needs il is dew)sited centrally with the Diocese and interest may be paid. Where parishes are in need, inierest free loans may be made at th¢ dis¢r¢tion of the Trustees. 23 Diocese of Hexham and Newcastle Notes to the financial statements at 31 March 2025 1. Accountlng policies (continued) Fund8c¢ountlng Unr•stnctedlun¢ts These are expendable at the dis¢r¢tion of the Trusiees irt furtherance of the objectives of th¢ Charitable Company. For matjagement purposes these funds have be¢n a¢¢¢)unt¢d foT as.. Diocesan Ceniral Fund Parish Fund Ide5ignated for use as such by the Tru5teesl. R•stricted lunds Included under this heading are funds which have been fornied as a result of donor impli¢d intention5 for the money. These include.. Pari$h¢s Special Collectiotl Fund to gather and distTibu¢e special donatLOn5 collerted for specific ¢haTities. Cltrgy Training Fund to support training of priests, deacons, and seminarians. Diocesan Special Reserve Fund to benefit a sick and retired clergy projeci. The Managed Fund- this comprtses a large serie$ of mass funds and special dep051ts, subject lo spe¢ifi¢ trusts under Canon Law that have been donated in the p&st with the intention of sllpwnin8 a specific purpose within th¢ Charitable Company. These are not con5ideTcd permanent endowmenls. Adminisrratively thi5 15 managed and accounted for a5 one fund but it comprises several separate funds that can be further classified as.. HtSloTical Masses Fund- Legaci¢s and donations given 10 the Charitable Company, where the incorne must be used io m¢¢t Ma55 obligatsons. Diocesan D¢signated- Income 15 to b¢ used for Diocesan purpose. 14rishcs Designated- Ino)me is to be used for a Parish purw>5e. Other Restrict¢d- lrtcome to be applied for a named purpose. Clrrgy Training Fu[￿- Income is to be applied for the purpose of training clergy and related c05t5. 50 that the underlying rapital of the fvnd remains intact. Monies colle¢red and a¢¢umulated in the parishes are shown as d¢signated as a whole but they are Specific lo each individual parish. Parishes ar¢ en¢ouroged ￿ parti¢ipaie fully in the lo¢al and universal church and contribute to the running of the Diocesan wide activities thitsugh the annual l¢vy. 24 Diocese of Hexham and Newcastle Notes to the financial statements at 31 March 2025 1. Accounting pollcles {¢ontlnuedl Pen510ns The Charitabl¢ Company contributes to three defined contrsbulion pension schcme5. Contribuiions are charged in the SOFA a5 they becvme payable in accordance with the rules of the s¢h¢m¢s. Accounlingpolley for tangible fixedass•ts and depreeiatio Land and buildings Functlonal landandbuildlngs J. Chjtrches, presbyleri85, hallw andoiher buildlNgs Freehold land Functional land li.e. latld used for the prime purtK)se of the Charithble Company) which 5$ Still in use by the Charitable Company is includtd in the fjnancial siatements at original cost or where this is not available at an e5timat¢ of its historic Cost (OT in the c&se of donated land, at its fair value at the date of Teceiptl. Frtthold land is not depreciated because il h&4 an inder￿lte[Y lot)g use￿1 life. Freehold Builditlgs Function21 buildings (i.c. buildings used for the prime purpose of the ChaTitsbl¢ Company) which are still in use by the Charitable Company are included in the finan¢ial stht¢merkts at original cost or where this is noi available at an estimate of th¢ir hisiori¢ Cost (or in the c&5e of donat¢d buildings, ot an estimate of their fair walue ai the date of receipt). All new fun¢iional buildings improvemcnts and major renovations are capitalised at the tost of coll5truction. Buildings are d¢preciated at rates calcula(ed to wriie off their esiimated historic cost (less th¢ estimated residual value) evenly over ihe whole of th¢ir useful life. The estimate of the us¢ful life of a building varits depending on the condition and future use of rh¢ building, however. in general it 15 expected that a building in a reasonable stat¢ of repair will continue in use without major Tenovations or improvements foT the following period.. a) Unlisted churches 100 years b} Cathedral and list¢d chwches 200 years c) Presbyieries 50 years dl (hher buildings includin8 care homes 50 years Depreciation rates ar¢ ¢al¢ula*d using the age of the building and its expected useful iii. Leasehold land #nd buildings Leasehold land and buildings lif heldl are depreciated over the life of the l&is¢ on a 5trai8ht-line basis. Fixed Lssets are reviewed for impairment if events of changes in circumsthnces indicate that the Carrying amount of such &ssets may not be recoverable. If there is an indication of possible impaim¢nt, lh¢ recoverable amount of any affected asset is estimated and compared againsi its carrying atnounl. Where the estimated recoverable amount is lower, an impairmertt loss is recognised ittllnediately in the Statement of Financial Activities. 25 Diocese of Hexham and Newcastle Notes to the financial statements at 31 March 2025 1. Accounting policles Icontinvedl Accountingpolicy for tanglble 17xed assets (conlinued) Freehold and lease land and bulldlng$ {¢ontinuedl Functlonallandandbulldlngs Icontitlued) Details and addresses of the Diocesan churches and other l)uildings l&)ih freehold and l¢as¢hold) can be found in the Northern Catholi¢ Calendar and on the Diocesan website. 2. Volunrary rtideds¢hools Land The Charitable Compan). tswns the land on which its voluntary schools are built. The nature of the occupation of the land by these exempt tharilies mearts that the Diocesan Tntstees do not have the power to dispose of ih¢ lanl uniil the school ceases its o¢cupatiotL. which turn would require the approval of the Secretary of Slate. Con5tquently. for the purposes of these financial staiemEnts the land is Tiot capit&lised. The cost of any land OGqUiTed for th¢ purposes of a voluntary aided school is charged to the statement of flnancial activities in the year of acquisition. Land agreed as surplus to a 5chool'5 requirements by the iA>cal Edu¢arion AuihoTIty may be disposed of by the Trustees who owi th¢ land. Buildings The s¢hty)I building5 are occupied. improved. exiended and repaired by the Khool governors. The nature of the occupation of these buildings by these exempl chaiitL¢S means that the Diocesan Trustets do not have cothttol over the buildings, until the school rease5 its occupation, which in iurn would rtquire the approval of the Secrelary of State. Conseq￿ently, for the PUTposes of these financial statements any cost of new building is WTiiien off to the statement of flnancial activitie5 jn the year it is incurred. The Diocese. as agent for School Governors. pays school improvement and Tepair costs and TeclaiTn5 the related grants. Parish¢s andlor Governors are billed for their ontributions. Dethils of the Dioce5atk Voluntary Aided Schools {both freehold and leasehold} are given in the Northern Catholic Calendar. Inv•strn•ntprop•rtl•s l. Inve51menlproperty Inv¢stSllCnt properties are shown at the Trustees. best and pnjdeni estim￿¢ of market value. Any materkal chan8es in value during ihe year are r¢wrted in the 'gains and los￿5 on revaluation and investment &sset disposals, seciion of rhe siaiemeni of financial activitie5. Details of ihe dat¢ and basis of ihe valuations and of the valuer are givert En note l i to these financial siatements. The hL5torical cost of these assets 15 disc105¢d in note 10. As these assets ale recorded at current market value no charge for depreciation is made irt the financial 5tattmenl5. 26 Diocese of Hexham and Newcastle Notes to the financial statements at 31 March 2025 1. Accounting policles (continued) Accounting policy for tsngSble fixed *Jsets (continued) Inv•stnwntproperty and lomi•rlun¢tional landandbulldlngs Icontinuedl Formerfun¢tlUft4114#d4Md bullding5 PToperties which were PTeviou51y occupied for Chariiable Company use but are now longer in use fall into two categories.. Those which ¢an now be 501d or are awaiting Sale. Pr(Iperties awaiting sale are shown at the Trustees, best estimate of their ultimate net sale pro¢eeds. If it is exp¢¢ied io rea]ise the asset within 12 months then it is shown under current &ssels. All ¢hanges in value during the year are reported in the 'gains and losse5 on revaluaiLon and inve5trnent asset disposals, section of ihe statement of financial activities. Details of the date and basis of Ihe valttations and of the wolucT are given in note I I to these fittancial siatements. The estimated historical cost of th¢se assets is disclosed in note 10. As th¢se assets are no lortger used by the Charitablt Company. no ¢harge for d¢pre¢iAtion is tnade in the flThaThc￿l statement& Those which hav¢ restriciions on them which make sale diffLcuIt or delrimental to the Charitable Company. iAnd Former fun¢tional land is included in the financial statements at an ¢stimate ol its historic cosi lor in the case of donated land. at its fair value ai the date of re¢eiptl. Freehold l￿d i5 not depreciated because it has an indefinitely long useful life. Leasehold land and buildings are d¢pre¢iated over the life of the lease ort a 5traight- linc basis. Buildings Former functional buildings ar¢ included in the finan¢ia] statements at original cost or where this 15 nol available ai an esiimate of their historic cost lor in the case of donated buildings, aL att estitrjate of their fair value at the date of receipt}. However as the buildings no longer have any use they are fully depie¢ioted aod hove no net bwk value. Flxtures. fittings and oqulpment Fixwres, fittings and equipment which have a ¢urrent replacement cost exceedin8 £5.000 are capitalised and included in lh¢ finan¢5al s¢atements at an estimate of their historical cost lor in the case of donated assets. at an estimaie of value at the date of acqui51tionl. They are depreciated at rates calculated to writ¢ off the cost of va]uation. le5S the eMimat¢d residual value, of each asset evenly over its ¢xpecied useful life &$ follows.. Church fumiture Presbytery and hall contents, and equipment Sound systems ond special lighting Other fixtures and equipment 50 years 5 to Ioyears 5 to Ioyears 5 to 10 years 27 Diocese of Hexham and Newcastle Notes to the financial statements at 31 March 2025 1. Accounllng policies (continued} Accounllftgpollty for tangible fixedassets {con¢int*d) Motor vèhi¢l*s Motor vehicles have be¢Th ¢apitalised and includ¢d in the financia] statement5 at th¢ir historical ¢ost lor in the case of donaied assets, at an estim*e of value at the dale of acquisition) and 8r¢ depreciated ai rates calculated lo wrile off the cost or Valuatio￿ less the ¢s¢imaied residual value. of each assei evenly over expected useful life &s follows.. ￿0￿r cars 5 years Mini bu%s 5 years Accountlngpoll¢y lor tangible fixedassets- h•rftag• assèt$ Work# of*rt and historic tr•asur•8 The Charitable Compony owns several work5 of art and historic tr¢2sures. The i*ms hav¢ extraordinary lortg IIve5 and are worth preserving perpeiually. The coll¢¢tion is no¢ re¢ognised in th¢ Balance Sheet because details of the costs of these Items are no¢ available and the c05t lo the Charitable Company of obtaining valuations would exceed the benefit arisin8 from doing 50. The vast majority of the collection was acquired over 100 years ago. Sloeks Stocks are stated ai the lowei of c051 arhd estimated selling price less Costs lo complete and sell. Cost compris¢$ direci materials and. where applicable. direct labour costs and those overheads that hove been in¢urr¢d in bTLnging the stock5 to their Present location and eondition. liems held for distribuiiot) at no or rtominal consideration are measured the lower of repla¢¢ment costs ond cost. Net realisable value is the estim*ed selling price 5c5s all estimated costs of completion and costs to be incurred in marketing, selling and distributing. Taxallon As a charity. the company is ¢xemp¢ frotn tax on income and gains to the extent that these are applied to its charitsble objecis. No tax Charges have arisen in the charity. Debtors and Creditors Trad¢ debtor5 ase recognised at the settlement amount du¢ after any trade discount is offered. Prepayments are values ai Ihe amount pre￿id after iaking a¢¢ount of any trade discounts due. Creditors and provisions are r¢¢ognised where the Charity has a present obligation resultitlg from o p&st event thai will probably result Lll the transfer of funds to a third party and the amount due io settle the obligation Can be measured or estimaitd reliably. Creditor5 and provisions are nomially re¢o8nis¢d at their settlement amount after allowing for any trade discounts du¢. Basis of allocation and apportlonment of Central Support Costs As shown In Note 4(al to the financial statements, the eo$l$ of the Episcopal office and of ihe central Dio¢esan departments have, as far as possible, be¢n ollo¢ated dirertly to the relevant charitable activity. The remaining unallocated ¢osis have beett apportioned equally to charitable actLVlties, as the Tru51tts are of the opinion that no single activity is of more importance than any other. and the interdction and close links between diffeTent activitie5 make5 this th¢ most r¢asonabl¢ basis of apkK)rtionmeni. 28 Diocese of Hexham and Newcastie Notes to the financial statements at 31 March 2025 2. Investment income L'nresfrlcfedfiithts ResirTCled Parish Cenlrul Funds £000 £000 £000 2Q25 Tolul £o(k) 2025 Ineom• •rlslng from.. Inv¢5ttnent propenies Listed investmettts Cash deposits held as investments 809 13} 95 654 476 904 978 476 327 806 1.225 327 2,358 Umesiri¢tedfu*ds Resiricled Parlsh Ceniral Fup £000 £o(xp £000 2024 Toial £000 21124 Incom• arlslng from.. Investment properties Listed invesiments Cash dep)siiS held as invtstrnents 796 63 695 297 860 1.040 297 344 797 1,055 345 2.197 29 Diocese of Hexham and Newcastle Notes to the financial statements at 31 March 2025 3. Expenditure on charitable actlvltles Resth¢sed Fwld £oéJo 7025 Tolal Par￿￿ £0( C¢fvFral ,Voiei £0 Cleigvcosts Supwnofretired cler8V Cle1￿ I'rwning Fund Grants donw10ns Share ol¢¢ntral C0515 784 88 2,383 ChU￿h Junnins co515 txherparish cosis Granis and don*ions VI¢Ariatt foi Faithalld MIS5￿Tr Youth Service Vocations comrnissN) SA(e8uarding comTnission LlniVerxitvCh¥ai￿> Vi¢Rria* for C2filaS Diucr5anTribunal 4,4n 85 27 4.575 848 33 189 177 627 323 323 DI0¢¢￿ e%ents Northern latholir Cal¢ndar Newtastl¢ City Cen1￿ Minisiry Lourdes Pil8nm4e Family Lift Othcr ShaTC ofcentsal SUp￿rt C¢JSts 71 414 414 4.584 843 6.752 Edua•tlon Educ*1￿ service Sehcdgchapl￿ncY 340 422 762 S¢lMxl Fund CES 8rant Sh￿¢ ol¢eniral support CL 783 783 414 1,665 439 2.104 Propwty Repair ofpatith pro￿rtY DiOte&xes in paTishioners' homes. These funds are usually counted and recorded by the receivin8 Charitable Company and do not Pass ihrough parish funds. ¢> Diocese of Hexham and Newcastle Notes to the financial statements at 31 March 202S 7. Wages and Staff costs Included in ¢xp¢nditure are the following Staff c05ts'. 2025 £(100 2024 £noo W¥cs and salaries Social security ¢osts Other pen510n COSt5 2.823 217 185 2,521 184 172 Total remuneratlon 3,225 2,877 All pension costs are paid out of unrestri¢ied funds. 2025 2024 -tyNmber of employee 7upJber of employees 000 Central Ditscesan services Parishes Youth Ministry Trust 54 2,125 751 349 52 1,861 743 273 16 16 183 3,225 184 2.877 No tru$te¢ received any remuneration during the yeaT or previous year. Certain trustees recetved allowances a5 serving Cl¢r8y but nol in their ¢apa¢ity as trustee. Pension coThtribution5 paid for Trustees as members of thc Clergy scheme amounted ¢0 £7k {2024.. £5.7kl. Seven trusi¢es r¢¢¢iv¢d expenses to the value of £4.412024.. £3.6kl in respect of travel and Subsistence costs. Higher waid employees rec¢ived remuneration of.. beiween £80k and £g>k 2 employee5 beiween £70k and £80k l ¢mployee between £60k and £70k l employee No oiher employee received mor¢ than £60k. Total r¢munerdtion of key managemetlt personnel (Chief Op¢raiing Officer athd 6 Heads of Departtnentsl was £568k12024.. £576kl. Clergy are not included in th¢ above staff detsils as they are Office Holders and not employtts of the Charitable Company. Paymenis to clergy during the year amounted to £766k12024.. £862kl. The Charitable Company is very gratefjjl for the help of the amy of volunteers who support the work of every member of the group. It is estimaied ihat some 8,000 ￿0P1¢ supw)rt the parishes, and witholli their help the parishes could not ￿nctIon. It is however not POS5ible to value the s¢rvi¢e provided by volurtteeTS. (2024.. 1) (2024.. 0) 12024.. 3) 37 Diocese of Hexham and Newcastle Notes to the financial statements at 31 March 2025 81a).Tangible flxed assets Fulures. Alolor fiiiings vehicles equipme￿1 oon n(y Group Freehold property £000 TOILI £oo(I Cos¢_' At l April 2024 Additions Disposals Transfer lo Investment Propcrty 47,981 1,562 27 3,966 36 51.974 1,598 17891 1789} At 31 Mar¢h 2025 48,754 27 4.002 52,783 Accumulated depr￿latIon.. Al l April 2024 Charge for the year Disp05als I'ransfer lo Investh)eni Property 15,544 8?1 11001 151 24 3.458 126 19,026 948 (100} Ai 31 March 2025 16,260 25 3,584 19,869 N¢t b(x)k value.. Ai 31 March 2025 32.494 418 32,914 At 31 March 2024 32.437 508 32,948 38 Diocese of Hexham and Newcastle Notes to the financial statements at 31 March 2025 Ilure.¥, oior fi¢lin8s and vehicles equipppknl £000 Company Freehold property £iioo Toidl 000 £noo Cost.. At l April 2024 Additions Disposals Transfer to Investmcnt Property 47.981 1,561 27 3,812 29 51,820 1,590 17891 17891 At 31 March 2025 48,753 27 3.841 52.621 Accumulated depre¢iation'. Ai l April 2024 Charge for the year Disposals Transfer to Investment Property 15,544 820 (1001 151 24 3.371 95 18.939 916 11001 Ai 31 March 2025 16.259 25 3,466 19,750 Net book value.. At 31 March 2025 32,494 375 32,871 At 31 March 2024 32,437 441 32,881 8(b).Tangible fixed assets - Herltage assets There have been no transactions irt works of art and hkstoric treasures during the p&st five years. Where acquisitions w¢r¢ mad¢, these were by donation. In the Trustees. view the value of these donations is not malerial and obtaining a current valuation would involv¢ disproportionate wst. Managèmènt policy The works of art and histortc treasures owned by the Charitable Company comprise several hundred items, acquirtd throughout many years. The items were acquired mostly through direct donation and occasionally by purchase. 39 Diocese of Hexham and Newcastle Notes to the financial statements at 31 March 2025 Flxed asset Investments The Diocese is the sole member of the Youth Ministry Trust, a company registered in ETh8land and Wales {079377041, and as such have been consolidated into the group financial statements for the year ending 31" March 2024. For the y¢ar ended 31" MaTch 2025. the Youth Ministry. Trust had income of £1,049k12024.. £823k). ¢xp¢ndirure of £1.073k {2024.. £1.077kl and made a defLClt of £44k (?024.. deficit of £254kl. At ihe Balan¢¢ Shee¢ date the Youth Ministry TTusr had net assets of £1.440k12024.. £1,478k) 'o¢es £(￿0 2025 £ofjo 20?4 Quoted irtve5tments'. Investment fund Manag¢d fut)d 12 29.340 10.677 3 1.825 Total quoted investhients 40.017 43,106 Investment in Sursum Corda LÉmited Fixed investment deposits Direct lending investments 14 250 3.675 250 3.619 43.950 46,983 21325 £000 2024 £000 Investment categories (quoied investmenis}.' Jklain Fund. Conventionai gills UK fixed interest UK cquities Overse&s equiti¢s Property 264 3.082 4.870 23,148 462 3,164 5,466 2Q.388 322 Catholic Investment Fund 10.677 11.280 40.017 43.106 40 Di0￿Se of Hexham and Newcastle Notes to the financial statements at 31 March 2025 10. Investment propertles Diocesa Parishes l.enÉral unre.ffrt¢ied fvnd £000 Gr0￿P C•mp•ny 2025 Toial £000 21)24 To¢al £000 £000 Market value-. At l April 2024 Assets Transferred from Ftxed Ass¢ts Assets Transferred to Assets Held for Sale Unrealised gains ott revaluation 499 3,069 {214) 3,568 12141 3,316 24 898 3,542 4.440 228 At 3 1 Mar¢h 2025 1,397 6,397 7.794 3,568 Book cosi of investment property.. At 31 March 2025 243 1.910 2,153 2,117 11. Valuation of investment propertles Prop¢rties hove b¢en included at Trustees, valuation. Investmeni properties have been valued ai fair value in accordance with the Charities SORP IFRS 1021, paTagraph 10.47-10.48. Valuations were derived from publicly available market data and verified using local knowledge. Oc¢asiollally a peppercorn rent a8reemeni has been arraDgcd if the church will benefit from the occupatio of ihe property. For exampl¢'. safeguarding a ntarby church where th¢r¢ is no resident PTI¢SI tenant has agreed to substantially Tenovate the premises used by similar charities such as convents or religious orders and seen as fvrtheTing the outreach work of the church. 41 Diocese of Hexham and Newcastle Notes to the financial statements at 31 March 2025 12. Investment fund ?025 2024 £noo At l April 2024 Additions Disposals Nei unrealised investment11055csll8ains 31.825 9,663 (11.337) 27,308 9,019 17.906} 3,404 Market value of 4UOted investments ai 3 1 March 2025 29,340 31,825 Book cost of quoied investments as at 31 Imarch 2024 26.464 27.364 Comprising ai 31 March.. 2Q25 Tolal £000 C05t bnrealised £uoo £000 Jolal £000 CCLA 26,464 2,876 29.340 31.825 13. Managed fund 2025 £000 2024 £noo At l April 2024 Additioths Disposa15 Net unrealised iDvestm¢Tht Igains 11.281 (604} 1.021 Market value of quoied investsnettts as at 31 March 2025 10.677 11.281 Book cost of quoted investtnents as at 3 1 Mar¢h 2025 11.178 10251 Comprisithg at 31 MaTCh- 2025 roial £000 2024 Toial £00 COJÉ Unrealtsed £000 £000 CCLA 10.251 15011 10,677 See note 15 for further details of the Managed Fund. 42 Diocese of Hexham and Newcastle Notes to the financial statements at 31 March 2025 14. Other investments The Dio¢e% holds IOiP/ts of the ordinary shaTe ¢api¢a] o(Sursum Corda Limited. Financial information relating to these companies is a5 follows.. Net movement in funds Reser¥¢5 £000 £000 Sursum Corda Limited 31 March 2025 (2491 12491 31 March 2024 15. The Managed Fund The Managed Inve5trnent Fur￿ was deriv¢d initially from legacies and b¢que5ts and money held on trust under the protection of Charitablc Company TTUSte¢s. Each donation is red¢fin¢d as a number of units, detemiined by a rate based on the market value of the fuThd at the date of subscription. The Capital 15 then invested in the Managed Fund. Its many individual subscriptions can be broadly atsgorised into.. ehurch funds dewsited for investmenl sperial th>nations deposited for ithvestm¢nt The Managed Fund comprises quoted investhjents and cash awaitxng investment held by CCLA Investment Management ai HSBC. At 31 Mar¢h 2025 the fund comprised.. cosl plus rel￿¥sIed ,Varkei valtse ,Vole £000 £vuo Quoted inve5tm¢nts 13 10,677 Valts• ollnvèstment•tJf M4rch Z025 10,677 43 Diocese of Hexham and Newcastle Notes to the financial statements at 31 March 2025 15. The Managed Fund {¢ontlnued} Thi$ fund is apportioned as follows.. ,Ilarket litsmber of ljnils 31/3125 3113,25 £000 3Ji3/25 £(￿fj Special donation b￿an¢e$.. Historical Mass Fund Diocesan Designated Fund Parishes Designated Fund Restricted Fund Clergy Training Fund Lay Training Fund 208 103 572 120 1.810 138 890 415 4,022 756 4,197 240 91,074 42,476 411,601 77,340 429,486 24,595 2.951 10.520 .076.572 Church funds balan¢e5'. Historical Mass Fur)d Dio¢esan Designated Fund Parishes Designated Fund Restricted Fund 61 35 26 130 140 14,346 10,639 4,539 37,842 370 252 658 67.366 rotalAl•nty•d Fund J.203 11,178 ,143,938 16. Debtors 2025 Group £000 2025 Cumpanj, £000 2024 2024 Lompany £000 (rroup £000 Trad¢ debtors GitTr Aid Debtor Accrued investment inwme Accrued in¢om¢ Acciu¢d grant from Significance Other deb￿r5 Prepayments As$¢t$ held for disposal Assets held for construction Schools Devolved Formula Capital 226 862 24 79 1.164 321 616 1.458 104 220 154 862 24 345 1.052 139 280 ,052 139 1.164 216 709 495 96 154 321 593 1,458 135 692 495 220 154 Tgt•l debtQTS at31 Mar¢h 5,074 3,632 4.370 2.947 Amounts falling duc after more than one year tn¢luded in the above are £250k12024.. £225kl. 44 DI0￿Se of Hexham and Newcastle Notes to the financial statements at 31 Mareh 2025 17. Short temi deposlts Thi5 includes cash held awaiting invesiment. Group and Cornpfiny ?(J?4 £000 £nao Dio¢esan Centrn] Fund.. HSBC. tnana8ed by CCLA 2,385 1.262 Totaishort terni deposlts at 31 Mareh 2,385 1,262 18. Short term loans Grollp and Compxny 2024 2024 ooo ans to Priests Other loans 14 60 17 104 Totsl ¥hort torm loans a¢ JI Mareh 74 121 Amounts fallin8 due after more than one year includ¢d in th¢ abov¢ ar¢ £40k {2024.. £71kl. 19. Credltors: amounts falling due withln one year 21J25 Group £000 2025 Company £000 2024 Group £000 2n24 Compamy £000 Trade Creditors Sttndry CTediiors Accruals Schools Devolved Formula Capital Sehoo15 Capital Allowance Deposits repayable on demand 534 109 760 1.676 488 43 316 I04 702 1,676 488 43 104 106 922 2,358 1.325 99 89 80 663 2.358 1,325 99 3.610 3,329 4,914 4,614 45 Diocese of Hexham and Newcaslle Notes to the financial statements at 31 March 2025 20. Note to statement of cash flows a) Reconclliatlon of n¢t lexpendlturel to net cash louffiowl from operallng 4¢tivities 2025 £000 2024 £000 Net {expenditur¢) Depretiatiott and as5¢ts written off (Decrease) infixed asset impairmeni Decreaselllncreasel in debtors (Decrease) in cieditors Invest]nent income (3.078} 947 {1.368} 712 250 {473) 15311 11.3371 258 (1,4541 Net cash loufflowl from operating a¢tiviiies 14.6451 {2.747} bl Movement in net debt l April 20Y4 Cijshfloiv £000 £000 31 Alarch 20j5 £oDo Cosh at bank and itt hand Short term deposits 18,975 1,262 {4.291} 1,123 14,684 2.385 Cash attd cash equivalents (3,168) 17.069 U (L 151 *x c-i li144 8 oa F5 7) J o