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2021-03-31-accounts

Charity number: 213227

The Roman Catholic Diocese of Plymouth

Plymouth Diocesan Trust

Trustees Report and Financial Statements

for the year ended 31 March 2021

PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Trustees Report and Financial Statements for the year ended 31 March 2021

INDEX

Page Contents
1 Introduction – Bishop Mark O’Toole
2 Chief Operating Officer Overview
3 – 20 Annual Report
21 - 23 Independent Auditors’ Report
24 – 25 Group Statement of Financial Activities 2021
26 – 27 Charity and Group Balance Sheet
28 Group Statement of Cash Flows
29 – 58 Notes to the Accounts

PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Trustees Report and Financial Statements for the year ended 31 March 2021

INTRODUCTION FROM BISHOP MARK O’TOOLE

Covid 19 marked a shift in our world as we know it. It has shaped our perspectives, our priorities and our expectations. Sadly, there have been losses: lives and livelihood, on a scale that was unimaginable before March 2020. Our churches were closed during the lockdowns.

Yet, even in that period of darkness and uncertainty there were signs of hope and encouragement, particularly as humanity adapted and reached out to each other with love and courage. Before the pandemic, the Church had always grasped with the challenge of reaching out to take the Gospel of our Lord to not only those who were baptised and regularly attended our services i.e. ‘baptised and churched’, but also to those who were baptised and lapsed, or neither. Whilst this distinction remains valid, the Covid pandemic has highlighted the universality of the message of our Lord Jesus Christ, which is rooted firmly in love and service to others.

Our spirit and our act of generosity and kindness stem from Jesus, who is our beacon of hope and the light that shines. John 1 verse 5 ‘The light shines in darkness, and the darkness has not overcome it’. That light shines in each of us, as evident by the various wonderful stories that emerged from across our churches and communities working together to help the most vulnerable. At the height of the lockdown, our Cathedral of St Mary and St Boniface in Plymouth broadcasted daily Mass, which brought real time church experiences to our local communities and also nationally. There are now 3,250 regular subscribers to our diocesan YouTube channel, from a base that was less than 500 pre-pandemic. Many of our churches also introduced this digital openness and were able to engage with their parishioners. Similarly, our schools were able to continue to provide lessons for pupils. The parish secretaries in our churches regularly kept in touch with the elderly and those isolated. Online rosary prayer groups and other prayer sessions were held regularly using collaborative technology. These simple but effective steps, among many others, kept us together and demonstrated a sense of belonging to a faith that not only inhabits our individual and family experiences, but also one that offered hope in the period of a global darkness.

As we move towards some sense of normality, it is important that we challenge ourselves to question how we can apply what we have learnt about our faith and about ourselves during the last 18 months of the pandemic. This reflection is timely in that it coincides with the Synodal Journey of consultation and discernment, which the Holy Father Pope Francis has asked us to carry out in order that the Church can engage everyone in being more missionary, more outgoing towards our brothers and sisters. This will culminate in a gathering in Rome in October 2023.

Synod literarily means ‘walking together’ and we need to reflect on:

A listening phase of this journey will take place during Advent 2021, which will give everyone an opportunity to be heard. The aim is to foster a broad consultation reaching to the poor and the excluded as well as engaging those who have any role and responsibility in the life of our parishes. The process will continue into 2022, and it offers an opportunity to listen to each other in an ongoing process of consultation and discernment about our future, which will include the ongoing reality of living with Covid.

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PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Trustees Report and Financial Statements for the year ended 31 March 2021

CHIEF OPERATING OFFICER OVERVIEW

The principal activities of our diocese rest primarily on the clergy and liturgy, but also on the generosity and the kindheartedness of the layfaithfuls, who are the volunteers and benefactors in our local parishes. The impact of Covid-19 on all of us has been far reaching, encompassing medical i.e. mental and physical but also liturgical, pastoral and socio economic.

On behalf of the Trustees of the Diocese, I would like to thank the clergy, our staff and the volunteers in our churches and schools for their response and their dedication particularly in the last year.

The pandemic has necessitated a review of the support for our parishes, so that we can continue to ensure the safety of everyone. During the lockdowns, our offices were closed and we had to furlough some staff in the curia and in the parishes. Nonetheless, sufficient arrangements were put in place that enabled the continuity of the Mission in terms of liturgy and compliance. A specialist Health & Safety consultancy firm was commissioned to derive a diocesan risk assessment checklist for our churches, so that only the churches that carried out the checks were issued with a Decree of Reopening by the Bishop. Regular guidelines were issued on the safety and wellbeing of the clergy and parishioners. A new Homeworking Policy was introduced for our staff, which has enabled them to work remotely.

Thus, our responsibility remains to ensure the safety and wellbeing of our clergy, our parishioners and our staff, and also to assure ourselves of the hope in the Lord as we resume the journey towards normality, even if that normality is going to be new or redefined. Part of the reality of this newness and redefinition is the requirement to focus on the initiatives that will shape the future of our diocese. I am pleased that some of these initiatives started before the pandemic, for instance Caritas Plymouth , developing the youth ministry and improving the fabric of our churches, albeit some we’ve had to adapt based on our experience of operating during the restrictions, and some will evolve as we learn more in the future. The emerging themes about the care of the environment will also warrant due consideration.

Overall, the pandemic has intensified the need for the Curia to continue to assist and respond to the parishes not just in the areas of safeguarding, health and safety, HR and payroll, property repairs and maintenance and finance administration, but also in their expanded role to actively and visibly interface and respond more to the environmental issues and the needs of those that are vulnerable in their respective communities, leveraging the work of Plymouth Caritas . Financing this expanded support will entail shifting resources from one aspect of the Mission to the other, and inevitably would also require additional funding. The Trustees envisage that the extra funding will come from a combination of external sources for instance by way of grants and fundraising, and internal funding through efficiencies, sale of non-functional assets and sale of investments as may be necessary.

It is reassuring that, in spite of the uncertainty and disruption that the pandemic has brought, the support and the commitment of our parishioners and volunteers has not diminished as we initially feared. Total donations received by the parishes were down by 6% of the pre-Covid level. The introduction of Contactless Giving and the campaign to encourage more giving by standing orders helped to mitigate the initial decline in Mass attendance. Since the Government lifted the restrictions and with the positive impact of vaccinations, Mass attendance has increased to more than 75% of their pre-Covid level.

Therefore, our objective over the next year will remain to focus on the core mission by supporting the parishes as they respond to the challenges of the new post pandemic world. We are fortunate to have a committed team of staff and volunteers in our parishes and schools to enable that focus.

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PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Trustees Report and Financial Statements for the year ended 31 March 2021

INTRODUCTION

The Trustees present their annual report and financial statements of Plymouth Diocesan Trust (the Charity) for the year ended 31 March 2021. The financial statements have been prepared in accordance with the accounting policies on pages 29 to 35 of the attached accounts and comply with the Charity’s Trust Deed, applicable laws, applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and the requirements of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (Charities SORP (FRS 102)).

OBJECTS AND ACTIVITIES OF THE CHARITY FOR PUBLIC BENEFIT

Plymouth Diocesan Trust is the charity of the Roman Catholic Diocese of Plymouth, and it has been established for religious and educational purposes. The Catholic Church was founded by Jesus Christ to bring his light into the world. Everyone who follows the Catholic faith is called to become more like Christ, shining as he did with loving obedience to God the Father and loving care for all persons. It is the teachings and actions of Jesus that shape Catholic practice, and therefore the activities of the Charity. These include worship of God and participation in the sacraments, all of which Catholics believe to be effective signs instituted by Christ himself; the education of children and all the faithful; and also the work of the Church to build, support, and sustain the wider community and care for all those in need.

The Charity therefore fulfils its purpose by offering religious and pastoral services, educational programmes, and charitable support and assistance to all who live within its borders. The main vehicles for these ministries are parishes, chaplaincies, schools, and outreach agencies.

This report seeks to demonstrate that the aims of the Trust as set out in the Trust Deed dated 15 April 1931, as amended, fall within such descriptions of charitable purposes. It also seeks to demonstrate that in its work by advancing religion and education, it is providing public benefits that are clear and relate to the aims of the Trust. The aims of the Trust are set out in clause 2 of the Trust Deed. Each of such aims is considered below in the context of its connection with the religious and educational charitable purposes; it is clearly indicated in each case, how that objective meets the public benefit requirement.

Charitable Objective Public Benefit provided

The provision of Religion is advanced through providing places of worship and facilitating religious practice, religious services of particularly through the Mass in our 63 parishes. There is a public celebration of ma ss on virtually the Roman Catholic every day in every parish and at weekends the main Sunday celebration of mass will take place Church in such generally more than once in every parish. The activities include conducting religious ceremonies Churches and public Chapels in the (such as baptisms, weddings and funerals), maintaining religious burial grounds, celebrating public Diocese. Masses, and providing and maintaining devotional artefacts and other religious works of art in places of worship. There is also a benefit to the general public as these churches are open to people of all faiths and none, for personal spiritual contemplation. Parishes themselves are communities which contribute to the moral and spiritual wellbeing of those who attend, and from these centres educational, social and pastoral work is carried out as a practical expression of faith. Average weekly Mass attendance in the Diocese was 5,427 (12,367 in the previous year). The trend of other activities over the last 10 years is as follows:

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PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Trustees Report and Financial Statements for the year ended 31 March 2021

OBJECTIVES AND ACTIVITIES OF THE CHARITY FOR PUBLIC BENEFIT continued

Charitable Objective Public Benefit provided
No fees are payable in respect of any of the religious services provided in the Diocese and so access
to the services is never restricted on the grounds of ability to pay. In addition, members of the
Catholic community are encouraged, through their faith, to contribute towards a better society by
becoming active volunteers for the Common Good through membership of numerous non-Church
charities, societies and groups and through participation in the wider civil society, through voluntary
work, membership of governing bodies, magistrates, membership of Independent Monitoring
Boards of prisons and in politics and in other ways.
Besides the work that is being accomplished in parishes, the central services of the Diocese also
offers various support and at the same time started key programmes to help encourage and nurture
parishioners’ faith so that they can better serve the Common Good, including the support for
Marriage and Family Life.
Marriage and Family Life -Families figure prominently in the life of the Catholic Church, so that
the Church can be a place where family life is nurtured and supported. During the year, 38 marriages
(151 in the previous year) were celebrated in the parishes. A variety of assistance and support is
offered, starting with marriage preparation for engaged couples, which can be provided by the
Parish Priest, and / or by teams of lay volunteers. Post wedding, the Church continues to offer
support programmes such as_Retrouvaille_and_Encounter_.
When children enlarge a family, the Church continues to walk with families in its catechetical
programmes. Parents who wish to have their children baptised in the Church are offered baptismal
preparation sessions that aim to prepare them for the responsibility of raising Catholic children, and
also to show them the ways in which the practice of the Catholic faith strengthens the family. 203
baptisms took place in the parishes during the year (436 in the previous year). The Catechism of the
Catholic Church states that parents are the first educators of their children in the faith, and baptismal
preparation is one of the ways the Church supports them in this role. There is also a growing trend
towards family catechesis in the broader Church, and within the Diocese. Family catechesis is faith
education given to different generations of the family together. Most commonly this is undertaken
in connection with the sacramental preparation of a child. When a child begins preparation for his
or her First Holy Communion, for example, the parents (or sometimes grandparents) are invited to
shared or parallel sessions. This is in part in response to the lack of confidence expressed by many
parents concerning their ability to transmit the substance of the Catholic faith to their children, but
the enthusiasm with which families approach these courses speaks of the value they place on
Catholic family life. 279 First Communions were held during the year (598 in the previous year).
Provision,
maintenance and
upkeep of Churches,
Public Chapels and
Presbyteries……		 At 31 March 2021 there were approximately 100 churches or public chapels and over 70
presbyteries provided under this aim. The Diocese continue to invest £3.182m (£4.017m in the
previous year) on refurbishments, maintenance and repairs to church buildings, presbyteries and
halls, notably Lanherne Convent. This level of investment reflects the importance that the Diocese
attaches to maintaining its sacred places of celebrations.
The public benefit provided is through the provision of safe and worthy places of assembly for the
Catholic community and through upkeep and public access to such buildings, many of which are
listed as being of special or historical architectural interest. The provision of places of worship
encourages and facilitates the practice of the religion by existing followers and adherents as well as
allowing all people to enter and benefit from personal, spiritual contemplation. The proper care of
such buildings for current and future generations is safeguarded through the Diocese’s formal
approval procedures with the direction of the Diocesan Property Commission. The responsible care
of the Diocesan Trust for its 23 listed buildings is also exercised through the Historic Churches
Committee of the five dioceses in southern England, including Plymouth. Its specific approval must
be obtained in the place of listed building consent under the ecclesiastical exemption. The Trust is
represented on that Committee.

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PLYMOUTH DIOCESAN TRUST

Charity Number: 213227 Trustees Report and Financial Statements for the year ended 31 March 2021

OBJECTIVES AND ACTIVITIES OF THE CHARITY FOR PUBLIC BENEFIT continued

Charitable Objective Public Benefit provided
The public benefit is also served through the emphasis given by the Trustees to their moral and legal
obligations for the safety of all who have access to the buildings. As a result, systems have been put
in place to ensure that regular building condition surveys are carried out, and the implementation of
recommended work is now being monitored. The Trustees effect insurance cover in respect of its
buildings so that public access should not be unduly restricted by lack of funds to repair or restore
buildings harmed, as a result of, accidental or other damage.
The acquisition of
sites…….and the
erection, restoring,
altering, enlarging,
maintaining and
repairing of any
buildings for any of
such [Roman
Catholic] purposes.		 This is a very major area of work funded through the Trust. The maintenance and development of
churches so that they can be worthy places in which to worship according to changing needs, is seen
as being fundamental to relate what is being offered by the Diocese and its parishes to the people
they serve. The Church must be prepared to change to do this and be in places where people can be
accompanied through their lives as they are actually lived. A considerable proportion of parish
expenditure is on building enlargement, alteration or repair and renewal. Curial support is
sometimes financial but also through the support and advice of the Liturgy Commission and the
Diocesan Property Commission.
The public benefits not only result from an inclusive and diverse community having appropriate
places in which to worship, but also more generally because the buildings are signs of continuity;
from times past through to the present and looking forward to the future, they are conspicuous
symbols of the structure in our lives that helps bind our society together.
The provision of
colleges for the
training of priests…...		 No such colleges are located within the Diocese of Plymouth, but support is given to such colleges
located elsewhere in the United Kingdom and abroad through payment of fees for the training of
candidates for the priesthood. The Church’s teaching is that only males can be considered for such
training but fees for training are paid by the Charity so that no candidate is prevented from pursuing
his calling through lack of funds.
The provision of, or
contribution towards
the stipends and
payments in the
nature of a pension
of priests’ teachers,
organists, choristers
and other officers
and assistants of the
Roman Catholic
Church in the
Diocese.		 Priests in active ministry
The main support of priests, organists, choristers and others is provided by the Trust through the
parishes. During the year, the Diocese incurred the following expenditure in support of priests in
active ministry:
Support payments to priests in active ministry
2021
2020
£’000
£’000
Allowances and stipend
£278
£221
Housekeeping
£114
£85
Travel
£65
£129
Miscellaneous
£22
£65
Total
£479
£500
Number of priests in active ministry
2021
2020
Diocesan priests
On active work in the Diocese
45
46
Other priests
From other dioceses
10
10
From the Ordinariate
3
3
From Religious Orders
22
22
Total
80
81
Included within such support is the appropriate support of permanent deacons who are normally
non-stipendiary ordained clerics. The public benefit provided by such support is achieved through
the services provided by the people so supported. Such benefits are necessary and incidental and
meet reasonable and modest personal needs. The Trust cannot fulfil its main aims without properly
trained and supported clergy and others who are essential for the worthy celebration of religious
services and the provision of pastoral care.

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PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Trustees Report and Financial Statements for the year ended 31 March 2021

OBJECTIVES AND ACTIVITIES OF THE CHARITY FOR PUBLIC BENEFIT continued

Charitable Objective Public Benefit provided
Priests who have resigned from active ministry
The provision of stipends or payment in the nature of a pension is generally through the support of
the Plymouth Secular Clergy Fund (registered charity number: 213232). Each year collections are
made, generally following church services throughout the Diocese. Provision is also being made to
cover similar payments to the Bishop when he retires from office.
During the year, the Diocesan Trust contributed £117k (2020:£123k) of costs in its books in relation
to priests who have resigned from ministry but who were not eligible to receive the benefits offered
by the Plymouth Secular Clergy Fund. The published accounts of Plymouth Secular Clergy Fund
(registered charity number: 213232) for the year ended 31 March 2021 shows the following:
2021
2020
Allowances paid to priests
£318,081
£319,829
Number of priests that received allowances
31
31
Employment
Employment practice is supported and monitored for all employees, both curial and parochial,
through the services of the Human Resources section (and the direction of the HR Sub-Committee),
who together with the curia administrative staff ensure that contributions and pensions are paid
when appropriate and that correct statutory returns and payments are made. The Episcopal Vicars
and the Chief Operating Officer work together so that the duties of the curial administrative staff
employed in secretarial, finance, property and human resources are aligned to ensure public benefit
is provided through proper governance, and proper stewardship of the Trust’s resources.
The provision,
maintenance and
upkeep of schools
and colleges for the
general education
both religious and
secular or religious
or secular of children
or young persons
members of the
Roman Catholic
Church either with or
without other
children or young
persons.		 The Roman Catholic schools in the Diocese provide the environment where children learn and
develop across a wide spectrum of disciplines, some more obvious, such as the academic
disciplines, sports, music, and practical subjects. In line with the national Catholic agenda, the
Trustees are committed towards ensuring that Catholic schools should offer opportunity for students
to collaborate with others for the common good of all, ultimately in life becoming confident,
responsible citizens striving for the good of the society.
As at 31 March 2021, the following Catholic schools were in the Diocese:
• In Plymouth CAST, 33 Catholic primary schools, 2 Catholic secondary schools and 1 pre-school
• Joint schools - 2 Joint Catholic and Church of England maintained secondary schools
• Independent schools - 2 Independent Catholic Schools
* The 33 RC primary schools, the 2 RC primary schools and the pre-school are contained in a single
multi-academy trust, Plymouth CAST which was set up in August 2013, with the schools finally
converted on 1 April 2014. Plymouth CAST is a separate legal entity, limited by guarantee and also
an exempt charity under the Charities Act 2011.
The Diocese provides its support through the work of the Diocesan Schools Commission, which
seek to support the governing bodies, head teachers and staff in maintaining and developing the
Catholic ethos of the schools, and in managing and developing their sites and buildings. Also, the
parishes support these schools through substantial involvement in the governing bodies and
occasionally with finance. The public benefit is provided through the Church being a partner of the
State in the provision of education within the state-maintained sector, and through the direct and
indirect teaching of Catholic values to all who are involved with the school communities, including
pupils, staff, parents and families. This work contributes directly to the spiritual and moral education
of children. Not all pupils or staff at the schools are Catholic: approximately two-third of pupils are
non-Catholic, for example. The schools are socially diverse and inclusive and often are placed in
areas of social deprivation.

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PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Trustees Report and Financial Statements for the year ended 31 March 2021

ACHIEVEMENTS AND PERFORMANCE

Pastoral and general charitable objectives

The Catholic Church has a large body of doctrine, its social teaching, which presents a rounded understanding of the human person and of the importance of solidarity. One focus of the doctrine is the Common Good, which refers to what belongs to everyone by virtue of their common humanity. The simple definition of the Common Good is ‘the sum total of social conditions which allows people, either as groups or individuals, to reach their fulfilment more fully and more easily’.

Some of the key activities and achievements in the areas of religious and pastoral services through parishes and the provision of education through the Catholic schools in the Diocese are as follows:

Evangelisation

The Diocese’s New Evangelisation programme has continued to focus on God’s call to “Go make Disciples”, which is call for each Christian to be missionary in outreach. It is also an invitation to share in the goodness, the truthfulness, th e joy and the beauty that comes with an encounter with Jesus Christ. Our aim remains to provide opportunities for others to see or experience the beauty of this encounter. And in providing the opportunities, we will continue to take everything along i.e. our liturgy, our sacred music, the ambience of our church, our Eucharistic adoration, the sacraments – all these are vital in discovering this way of beauty, and we must never underestimate their importance.

Phase 2 of the New Evangelisation programme is ongoing, and it has entailed engagement and interface with mission practitioners and building new relationships in the process.

Ecclesiastical Education

There were 2 students preparing for priestly ordination and 3 preparing for the Permanent Diaconate. Training for priestly ordination at seminary lasts for between four and seven years, and to raise money to help fund the cost of the increased number of students in recent years, (around £30k per annum, each), the Diocese launched an appeal in 2011 in commemoration of the jubilee of Bishop Emeritus Christopher Budd. The appeal is ongoing, and during the year it raised £51k.

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PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Trustees Report and Financial Statements for the year ended 31 March 2021

ACHIEVEMENTS AND PERFORMANCE continued

The Implementation of Catholic Social Teaching through Plymouth Caritas

Taking the lead from Pope Francis, the Bishop’s aim is to facilitate a ‘Ministry of Charity’ that will entail working in partnership with existing social action organisations to implement initiatives that correspond to the ever changing needs of his flock, particularly in the areas of services for children, young people, the elderly, the homeless, the sick, immigrants and refugees- for whom the Church’s charitable assistance must be ever accessible and ever available. At the heart of the Ministry is a network of stakeholders that consists of our parishes, the clergy, the schools, and charities, all engaging and working collaboratively in various initiatives in the name of the Church, and by so doing they strive to live out the Gospel by supporting the disadvantaged and vulnerable people in local communities.

Already, Caritas Plymouth has been visible, particularly during the Covid pandemic, in encouraging the parishes to implement social action projects that respond to needs in their own local area, notably through the following:

Facilitating a ‘Ministry of Charity’ - The pandemic has taken a heavy toll on the economy, which means more people than before have found themselves struggling to afford to feed themselves and their families. According to the govern ment statistics, the number of families relying on foodbanks rose sharply during the pandemic. In response to this, Caritas Plymouth provided £45,000 in emergency food parcels and vouchers to the families affected. Over 2,500 people were supported through this scheme. The Albert Gubay Foundation provided £80,000 emergency funding to Caritas Plymouth, of which £45,000 was spent directly through our parishes and schools, and £35,000 through the Catholic Children Society (Plymouth).

Intergenerational Project – Caritas Plymouth has initiated a new intergenerational project linking 10 of our schools with 10 care homes across the diocese. the project will be operational during 2021/22.

Commitment to the environment - Caritas Plymouth is playing a lead role in implementing the diocesan policy on the environment, with the objective that we will be carbon neutral by 2030. An audit is being carried out, which will highlight our current state in the parishes and the schools. The outcome of the audit in 2022 will inf orm our next steps. Our existing ongoing initiatives include the following:

Volunteers

Volunteering is at the very heart of Catholic social teaching: it is a form of the universal Christian vocation, or calling, to use our gifts for the benefit of others, be they in our local community or in the wider world. The Diocesan Trust is dependent on volunteers who serve mainly in the parishes, in various committees and positions, including parish finance committees, parish building committees, treasurers and flower arrangers. In Church law, each parish is required to maintain a Pastoral Council, which consists of the parish priests and willing members of the parish. Accordingly, parish priests are assisted in their pastoral duties by volunteers in activities such as visiting the sick, the elderly and others in need. It is estimated that each of the 63 parishes in the Diocese benefit from up to 120 hours of volunteering a month, which at the national living wage of £8.72 / hour equate to £791,078 per annum.

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PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Trustees Report and Financial Statements for the year ended 31 March 2021

ACHIEVEMENTS AND PERFORMANCE continued

Financial summary

The Statement of Financial Activities is detailed on pages 24 to 25. The following is a summary:

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PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Trustees Report and Financial Statements for the year ended 31 March 2021

ACHIEVEMENTS AND PERFORMANCE continued

There are ongoing capital projects both in the Curia, mainly the Stoodley Knowle joint venture scheme, and in the parishes, which have been largely financed by both withdrawals from investments in conjunction with Historic England grants.

Investments policy and performance

Investment Powers - Under the trust deed of the Charity, the Trustees may invest any money in any manner in which trust money may be invested, according to the law for the time being in force and also in the purchase of real property of any nature or tenure. In the case of property held as permanent endowments, no investment may be made in any manner not authorised by or without such consent required by the instrument creating the permanent endowment and no sale or exchange of real property shall be made without the consent of the Charity Commissioners.

Investment Objectives and Policy - The Plymouth Roman Catholic Diocesan Common Investment Fund was established with the objective of pooling long-term investments of the Diocese and its parishes into a collective investment scheme. The general aims of the investments are:

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PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Trustees Report and Financial Statements for the year ended 31 March 2021

ACHIEVEMENTS AND PERFORMANCE continued

The Trustees adopted a formal Investment Policy, that sets out, in detail, the responsibilities and roles of the Trustees and others involved in the management of the Fund, its aims, attitude to risk, ethical investment policy, asset allocation strategy, performance benchmarks and investment restrictions. The Trustees are bound by the restrictions placed on them by the Charities Acts, the Trustee Act 2000, the Trust Deed and Orders of the Charity Commission. The Investment Managers must comply with these restrictions and limitations.

Investment Performance - The investment managers that manage the Diocese’s investments have reported the following:

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PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Trustees Report and Financial Statements for the year ended 31 March 2021

ACHIEVEMENTS AND PERFORMANCE continued

Reserves

Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), defines “reserves” as that part of a Charity’s income funds that is freely available. Of the total funds of the Charity as at 31 March 2021 of £98.407million this definition of reserves, therefore, normally will exclude £47.783million, as demonstrated below:

Curial and
subsidiaries		 Parochial Group Total Note to the
Accounts
£’000 £’000 £’000
• Permanent endowment funds 1,572 682 2,254 19
• Restricted funds 6,992 6,944 13,936 19
• Unrestricted funds not readily available for spending,
specifically income funds which could only be realised
bydisposingof:		 19
Fixed assets held for charity use 3,548 28,045 31,593 19
12,112 35,671 47,783

This implies that the level of free reserves is £50.624million. The Statement of Recommended Practice acknowledges that this is a simplified calculation and that individual charities may have more or fewer reserves available to them where funds are earmarked or designated for essential future spending and therefore reduce the amount of income that is freely available. Such cases occur in the Diocese, where for example, parishes commonly hold funds as cash, pending the money being spent on major capital or repair building projects. Even disregarding the cash that might be held pending expenditure on building projects, 63 parishes currently exist in the Diocese, some with two or more churches located within them and therefore, in aggregate, a substantial amount has to be held as cash, spread over individual parish and curial bank accounts, in order to facilitate the day-to-day running of the Curia and parishes. The Trustees’ policy on reserves remains unchanged.

The Trustees aim is that this level should be sufficient to cover at least 12 months total expenditure, although they also acknowledge the flexibility in order to accommodate changes in future investment values and exceptional expenditure.

Grant making

Plymouth Diocesan Trust is not primarily a grant-making charity. A small number of discretionary grants were made to contribute towards the costs of particular initiatives run by other charities where their objects correlated with those of the Diocesan Trust. Further information is detailed in Note 6(d).

Risk Management

The Trustees have overall responsibility for ensuring that the Charity has an appropriate system of controls, financial and otherwise. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities and to provide reassurance that:

The Trustees have delegated oversight responsibility for risk management to the Finance Sub-Committee (FSC), and the duties of the Sub-committee in this regard are to assess the scope and effectiveness of the systems in place to identify, assess, manage, and monitor significant risks. The Moderator of the Curia (a Trustee) is the Chief Risk Officer who chairs risk meetings in the FSC and works with the FSC to carry out its duties.

A Risk Register is maintained, which identifies strengths and weaknesses of controls, in particular with regard to the operations and finances of the Charity, together with actions required and taken to rectify weaknesses. Procedures are in place to continually monitor those risks and any new ones identified. Risks have been categorised into broad headings including, (1) Safeguarding; (2) Ageing

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PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Trustees Report and Financial Statements for the year ended 31 March 2021

ACHIEVEMENTS AND PERFORMANCE continued

Clergy; (3) Education; (4) Financial; (5) Governance. These were then assessed as to the likelihood of their occurring and the severity of the effects of the risk leading to a potential overall impact calculation in order to give a scale of relative importance/urgency to each one.

Safeguarding: The Bishop and the Trustees are mindful of their responsibilities in maintaining a safe environment for children and adults in the Diocese when they come into contact with any member of the Church. Being loved and being kept safe is at the heart of the Church’s ministry, and hence failing to prevent abuse of the vulnerable has repercussions of the individual, the Church and the society. To mitigate this risk, the Diocese follows the policies and procedures put in place by the Catholic Safeguarding Standards Agency CSSA.

In spite of the closure of our offices, the Diocesan Safeguarding Team has continued to provide services to our churches, focusing on the following:

Transitioning into online activities, providing virtual training workshops and keeping close contact with the Parish Safeguarding Representatives. Over the last six years, the Diocese has invested in electronic CRB procedures, which proved vital during pandemic. Recognising and responding to concerns of allegations, both current and historic. This work is complex, and it entails listening to victims / survivors and ensuring that they are responded to and that the appropriate level of support is provided.

Providing training to the clergy and the Parish Safeguarding Representatives – Due to the Covid restrictions, our normal face to face training programme was suspended, and emphasis was on smaller group sessions.

Clergy: The number of clergy in the Diocese has been static, and entry into vocation is very low. At the same time the age profile of those in active service is rising – in 5 years i.e. by 2026, half of the clergy in the Diocese will be aged 75+ The Trustees have taken practical steps, including (a) planning for fewer priests as part of pastoral reorganisation; (b) active encouragement of new vocations through appeals, and the implementation of new initiatives to strengthen ongoing formation of the clergy; (c) greater involvement of the laity in the liturgy and other Church activities; and (d) policy and funding strategy to provide support for the ageing clergy.

Financial: Although the financial position of the Diocese is stable (as shown in the financial summary section of this report), the overall financial health is susceptible to variables outside its control, notably the level of investment income received in the parishes and the value of investment funds, which is linked to global economic conditions. The steps taken by the Trustees include (a) ensuring that an annual budget is prepared covering the Diocesan Curial Offices’ activities, and approved by the Finance SubCommittee; (b) regular consideration by the Finance Sub-Committee (together with the Investment Group as appropriate) of the financial results, variances from budgets, investment performance, non-financial performance indicators and benchmarking reviews; (c) strategic planning to include the resources that will be needed to cater for the ageing clergy in the future; and (d) delegation of authority, segregation of duties and formal supervision structures.

In common with most Roman Catholic dioceses in the country, Mass attendance in the Diocese is on a declining trend. Since 2008, average weekly Mass attendance has fallen from 12,001 to 5,427 in 2021 (54%). But this decline has not impacted on the voluntary income received in parishes.

Furthermore, there is a risk of significant drain on financial resources of maintaining functional properties many of which are listed to some degree.

Governance risks: The structure of the Diocese is such that its parishes have a significant degree of independence notwithstanding that their activities remain the responsibility of the Bishop and the Trustees. Measures including information systems and controls are established to monitor these activities, particularly those relating to statutory and regulatory compliance including Employment, Safeguarding, Health & Safety and Property Maintenance. Also, Parish Finance Mentors support the parishes and improve controls.

Impact of COVID-19 : Since the year end, the UK Government has lifted the Covid restrictions that were previously in place, which signalled a degree of resumption to normality. The diocesan churches have returned to their normal operations, albeit with attendance reduced to average of between 40-70%. At the year end, total donations and legacies received by the churches was £3,017m, which represents 6% reduction from £3,223m in 2020. At the same time, the Charity benefited from an uplift in the diocesan investments by £10,563m i.e. 26.07% when expressed on the opening position. This has more than covered the diminution in the value of the diocesan investment portfolio of £1.268 million, which was accounted for in the financial statements in 2020.

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PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Trustees Report and Financial Statements for the year ended 31 March 2021

ACHIEVEMENTS AND PERFORMANCE continued

Outlook for the future

The Trustees of the Diocese have established the following list of priorities which will inform their governance strategy:

Having an agreed set of principles and priorities is important for when it comes to making decisions at the level of governance, particularly with regards to the investment and allocation of resources. These same principles and priorities will also determine the response to issues which are due to causes outside of the Diocese’s control, for example, new compliance issues which arise from civil or canonical legislation, the sudden death of a key individual, or the occurrence of an unforeseen matter requiring major financial expenditure.

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PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Trustees Report and Financial Statements for the year ended 31 March 2021

REFERENCE AND ADMINISTRATIVE INFORMATION

TRUSTEES

Plymouth Roman Catholic Diocesan Trustees Registered,

comprising:

SECRETARY TO THE TRUSTEES

Mr A Akinpelu BSc, FCCA

CHIEF OPERATING OFFICER

Mr A Akinpelu BSc, FCCA

AUDITORS

PKF Francis Clark, Torquay

SOLICITORS

Tozers LLP, Exeter

INVESTMENT MANAGERS

PRINCIPAL BANKERS

National Westminster Bank plc, Plymouth

FINANCE SUB-COMMITTEE

INSURERS

The Catholic National Mutual Limited Westbourne The Grange St. Peter Port Guernsey GY1 4LP

PRINCIPAL ECCLESIASTICAL ADDRESS

Bishop’s House 45 Cecil Street Plymouth PL1 5HW

PRINCIPAL ADDRESS OF THE CHARITY

St Boniface House Ashburton Newton Abbot TQ13 7JL

INVESTMENT COMMITTEE

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PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Trustees Report and Financial Statements for the year ended 31 March 2021

LEGAL STRUCTURE AND CONSTITUTION

Plymouth Diocesan Trust is the charity of the Roman Catholic Diocese of Plymouth, established by a Trust Deed dated 15 April 1931, as amended on 29 November 1971 and 27 September 2001. The assets of the Diocese are held subject to that deed. The Charity is registered with the Charity Commission (Registration number 213227). By a certificate dated 12 June 1931, the Trustees of Plymouth Diocesan Trust are registered as a body corporate known as Plymouth Roman Catholic Diocesan Trustees Registered.

The diocesan boundaries include the counties of Cornwall, Devon and Dorset and recent statistics showed the number of mass attenders was 5,427 spread through 63 parishes, stretching from the Holy Family parish, Penwith, (that includes Penzance, St Ives, Hayle and the Isles of Scilly), in the west, to parts of Bournemouth in the east. The Diocese is divided into 5 deaneries: Dorset, Exeter and North and East Devon, Torbay, Plymouth and Cornwall.

The affairs of the Trust are managed in several areas as illustrated below, and the accounts of all the areas as they affect the Diocese are brought together in the Group Accounts:

PLYMOUTH DIOCESAN TRUST CHARITABLE GROUP PLYMOUTH DIOCESAN TRUST CHARITABLE GROUP PLYMOUTH DIOCESAN TRUST CHARITABLE GROUP
Charity Plymouth R C Diocesan
Common Investment Fund (CIF)		 Non-charitable subsidiary
undertakings
Curia
Parishes
The Curia is the central
administrative hub of the
Diocese and exists to
support the mission of the
Church which is carried
out in the parishes and
schools of the Diocese,
and to promote
good
practice and offer training
and resources to enhance
Catholic
life.
The
Moderator of the Curia
together with Episcopal
Vicars and the Chief
Operating
Officer
exercise oversight over
Curia activities, keeping
in view the good of the
Diocese
as
a
whole.
Curial funds are used in
providing
diocese-wide
services and pastoral care.
Parishes are the focal point of
each community. Each parish
signifies where Catholics come
together
each
Sunday
to
worship, and where children are
educated in the faith. It is also
the
base
from
which
the
community reaches out to others
of all faiths, caring for those in
need,
working towards the
common good and celebrating
with neighbours. Parish funds
are used to carry out the work of
the Diocese at a local level and
to help fund the curia. Each
parish is required to have a
Finance
Committee
which
meets at least twice per annum
to support and advise the parish
priest particularly in the areas of
finance and property.		 The Common Investment Fund was
established by Charity Commissioners'
Order dated 7 February 1977. This
order established a scheme whereby
Plymouth
Diocesan
Trust
may
consolidate investments and moneys
belonging
to
charities
into
one
combined pool. The scheme is a
Common Investment Fund within the
meaning of the Charities Act 2011, and
it is registered with the Charity
Commission
under
the
same
registration 213227 as the Diocesan
Trust.
The
Fund
is
designed
specifically for the needs of the
Diocese of Plymouth and its parishes.
The Trustees have divided the Fund
into a "Main Fund" (comprising
unrestricted funds and restricted funds,
other than permanent
endowment
funds) and a "Permanent Endowment
Fund"; the purpose of this is to allow
the two funds to follow different
investment objectives, although both
have now adopted a Total Return
policy.		 Diocesan Trading Limited
Diocesan Trading Limited, a
company registered in
England and Wales (Regd.
02564900) is a wholly owned
subsidiary company of
Plymouth Diocesan Trust, and
it is used for trading and
income generating activities so
that the risks of those activities
do not directly impact upon
the Diocese.
Ansteys Cove Development
LLP
Ansteys Cove Development
LLP is a limited liability
partnership registered in
England and Wales (Regd.
OC420048), set up to
undertake property
development as a joint venture
between Diocesan Trading
Limited and Dart Abbey
Enterprises Limited, who are
equal members with equal
voting rights.
Subsidiary Charities and Other Charities with common trustees –
Other connected charities under the control of the Diocesan Bishop or Trustees:
Separately registered charities
• Catholic Children’s Society (Plymouth)
• Clarence, Ada and Winnifred Halse Trust
Charities united with Plymouth Diocesan Trust for registration and accounting purposes
• Cornish Missions Trust
• Plymouth Diocesan Children’s Welfare Trust
• St. Scholastica’s Abbey – Trust Deed Dated 9.3.1923
• St. Scholastica’s Trust
Charities excepted from registration
• Kathleen Maude Clark Trust Fund
Endowed legacies and gifts (see note 1 (e) to the Accounts for more details)

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PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Trustees Report and Financial Statements for the year ended 31 March 2021

GOVERNANCE AND MANAGEMENT

Trustees

The Trustees who served during the year are listed on page 15.

The affairs of the charity are governed by the Trustees, who are recruited from the senior clergy (Episcopal Vicars) and suitably qualified and experienced lay faithful of the Diocese. The Bishop’s prior approval is required for the appointment of new Trustees, who are introduced to their role and responsibilities by the Vicar General and the Chief Operating Officer at which time relevant Charity Commission literature is issued together with the trust deed and latest financial information available. As and when required trustees attend informal training sessions ensuring that they have an appreciation of the balance of their canonical and civil responsibilities.

The Trustees meet at least 6 times a year to conduct the operations of the charity and implement its investment and other policies of the Diocese, In the fulfilment of their responsibilities, the Bishop and Trustees are assisted in their work by the following subcommittees: the Finance Sub-committee, the Diocesan Property Commission, the Human Resources Sub-committee, the Caritas Committee and the Diocesan Education Commission

The Finance Sub-committee, chaired by the Moderator of the Curia, provides advice and assistance in matters relating to budget, finance and investment. As the need arises, professionals with particular expertise in financial and investment matters, may be asked to assist the work of the sub-committee as advisers. The Finance Sub-committee also fulfils the responsibility for Audit and Risk. The Investment Group, and the Capital Development Group (CDG), which has a strategic planning role with regards to the future development of the land and buildings belonging to the Trust also reports to this sub-committee.

The Diocesan Property Commission, chaired by the Moderator of the Curia, has the responsibility of overseeing and preparing for approval all projects relating to the property owned by the Diocese, fulfilling where necessary the obligations of the Diocese with reference to the Historic Churches Commission.

The Human Resources Sub-committee, chaired by a lay trustee, assists the Trustees in the fulfilment of their responsibilities particularly with regards to employment and related issues. The membership of the Sub-committee consists of the Vicar General, Moderator of the Curia and other representative Trustees, together with the Human Resources Officer of the Diocese.

The Diocesan Education Commission, chaired by the Episcopal Vicar for Schools, has the oversight for monitoring the Catholic ethos of the diocesan schools, working principally with the Diocesan Schools Commissioner, an officer of the Diocese.

The Caritas Committee, chaired by the Vicar General, is responsible for the strategic direction and policy framework on social action in the diocese, advising and reviewing the activity of Caritas Plymouth, ensuring that its programmes accord with stated objectives and achieve desired impacts.

The Curial Office

The day to day administration of the charity is operated from the registered office (known as the “Curia”). The Curia consists of a small number of paid officers and staff, some of whom are assigned and report to an Episcopal Vicar in for the direct Mission activities including Evangelisation, Youth Ministry, Clergy, Vocations, Tribunal and Chancery, Education and Caritas. Other paid staff whose roles are mainly operational or support, including Finance, Property, Human Resources, Safeguarding, Communications, Grants & Fundraising and IT – all report to the Chief Operating Officer.

Within the Curial complex are the Diocesan Chancery and Tribunal office which is the office of the Chancellor and also deals with marriage annulment petitions. The Judicial Vicar exercises the bishop’s judicial authority.

The Episcopal Vicars, together with the Bishop’s Private Secretary, form the Bishop’s Council. The Council is assisted by the Chief Operating Officer, who is also the secretary to the trustees.

The Chief Operating Officer

The Bishop and the Trustees are ultimately responsible for the financial management of the Diocese as a charity. The Chief Operating Officer is the Diocese’s principal officer, and accountable in canon law for the stewardship of fiscal resources of the Diocese in order to support its mission and goals. Under Canon 494 of the Code of Canon Law, the Chief Operating Officer role is to "administer the goods of the Diocese under the authority of the Bishop in accord with the budget determined by the Finance Council (the body of Trustees) and, from the income of the Diocese, to meet expenses which the Bishop or others designated by him have legitimately authorised" (Canon 494, §3). He is also the Trust Secretary, and the nominated contact at the Charity Commission.

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PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Trustees Report and Financial Statements for the year ended 31 March 2021

GOVERNANCE AND MANAGEMENT continued

Pastoral oversight

In Church terms, a diocese is a district or an area under the pastoral care of a bishop. The Diocese of Plymouth is under the pastoral care of Bishop Mark O’Toole and his vicars. Pastoral services are delivered in each and every parish under a parish priest, and there is a Vicariate for Pastoral Services (in conjunction with Safeguarding) that ensures chaplaincy provision for hospitals, universities, and prisons is in place.

The Bishop exercises his pastoral oversight in regular consultations with the Bishop’s Council and the following: Council of Priests which meets twice per year with the Bishop to discuss and give advice on a wide range of issues. The Council is composed of nominated priests of the Diocese, including the Deans who represent their respective deaneries together with ex officio priests with diocesan responsibilities and the members of the Bishop's Council. The Bishop must consult the Council of Priests:

Chapter of Canons: At the re-establishment of historic forms of church government in 1850, each Diocesan Bishop was empowered to appoint a Chapter of Canons to take responsibility for the organisation and maintenance of his Cathedral. Within the Diocese of Plymouth, 16 senior priests constitute the Chapter of Canons and are consulted by the Bishop on important diocesan matters (Code of Canon Law 503ff).

The Clergy

At parish level, the parish priest is responsible for all aspects of running his parish. Parish priests are not employees; in HM Revenue and Customs terms they are Holders of Religious Office and effectively act as agents for the Trustees in all but the purchase and disposal of property and investment assets. Each parish is required to have a finance committee which meets at least twice per annum to support and advise the priest particularly in the areas of finance and property. A comprehensive “Parish Financial and Administration Guidelines” manual is issued by the Curia to the parishes. The manual is updated regularly and is the basis for internal audit. Also, an “ad clerum” is issued by the Bishop regularly through which policies are communicated to priests covering both liturgical/pastoral and, when required, financial and administrative matters. Further support is also available from Deans and Curia.

In active ministry as at the date of the last survey, there were 45 Diocesan priests and 28 permanent deacons of the Diocese. In addition, some of the work of the Church in the Diocese is carried out by priests and permanent deacons from other dioceses, by priests of the Ordinariate and by priests and religious brothers and sisters, members of religious orders. Surveys carried out in the last few years show the following numbers:

2013 2014 2015 2016 2017 2018 2019 2020 2021
Diocesan priests
On active work in the Diocese 55 48 51 48 49 47 44 46 45
On active work outside Diocese 1 1 1 1 0 0 0 0 2
Other priests
From other dioceses 4 4 4 8 8 14 10 10 12
From the Ordinariate 4 4 4 3 3 3 5 3 3
From Religious Orders 23 22 20 18 18 20 22 22 19
Permanent deacons
Diocesan 23 24 23 28 30 31 31 28 28
From other dioceses 3 2 3 3 3 3 3 3 4
Religious houses
Houses of male Religious 2 2 2 2 2 2 2 2 2
Houses of Religious sisters 23 21 22 20 19 19 19 19 19

The Religious Orders and Religious Houses are separate charities, and their results are not included in these Accounts.

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PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Trustees Report and Financial Statements for the year ended 31 March 2021

GOVERNANCE AND MANAGEMENT continued

Roman Catholic Schools in the Diocese

36 out of the 40 RC schools in the Diocese are contained in a single multi academy trust, Plymouth CAST, which was set up in August 2013. Plymouth CAST is a separate legal entity, limited by guarantee and also an exempt charity under the Charities Act 2011. Plymouth Diocesan Trust is the legal owner of the land and buildings that are occupied by the Catholic schools in the Diocese (other than that of independent schools). These assets are occupied by the schools for educational purposes under a supplemental agreement between the Diocese, the Secretary of State and each school. The nature of such occupation means that the Trustees do not have the power to dispose of the land and buildings until a school ceases occupation, which in turn requires the approval of the school local governing body and the Secretary of State. Consequently, the land and buildings are deemed to have nil value and are therefore not included in these accounts. The non-property assets, liabilities and transactions of the schools are not included in the accounts as they are neither owned nor controlled by the Trustees.

The Bishop and the Vicar General are members of the Multi Academy Trust, but they do not partake in its day to day running nor do they control how resources are expended or allocated. Nonetheless, the Bishop appoints a majority of the directors and by so doing can exercise significant influence on strategic direction of the Multi Academy Trust. Legal advice obtained by the Trustees of Plymouth Diocesan Trust during 2015 confirmed that there was no requirement to treat Plymouth CAST as a subsidiary for the purposes of consolidation in the Charity’s Accounts. The Trustees are of the view that this position remains valid.

Key management personnel

The key management personnel of the Diocese comprise of the Chief Operating Officer and the senior management team of the curial offices. The officers of the following vicariates and departments are part of the senior management team: Safeguarding and Pastoral Services, Property Maintenance, Human Resources and Communications. Key management remuneration is set by the Human Resources Sub-Committee, taking into consideration the market rates for similar roles. It is also the role of the Human Resources SubCommittee to review the remuneration of the key management periodically in order to recognise and reward outstanding performance.

Trustees’ expenses

A number of the Trustees are clergy of the Diocese. They are housed and remunerated in the parishes for their priestly duties and are reimbursed expenses for carrying out their ministry in the same way as other priests of the Diocese. No Trustee received any remuneration or expenses from the Charity in connection with their duties as Trustees during the year. No Trustee had any special interest in any contract with the Charity.

Statement of Trustees’ Responsibilities for the preparation of Accounts

The Trustees are responsible for preparing the annual report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the Trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources of the Charity for that period. In preparing these accounts the Trustees are required to:

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the accounts comply with the Charities Act 2011, the applicable Charity (Accounts and Reports) and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Trustees Report and Financial Statements for the year ended 31 March 2021

GOVERNANCE AND MANAGEMENT continued

Public Benefit

This report is written in accordance with the requirements of the Charities Act and having had regard to the advice and guidance given by the Charity Commission. The Trustees understand their statutory requirement to report on their charity’s public benefit and have sought to prepare their annual report with due regard to the general and statutory public benefit guidance.

Consultation has been had between the Charity Commission and religious charities in relation to the question of public benefit. The Trustees are encouraged that the Commission acknowledge the intangible spiritual benefits that the charity provides. Jesus said “you shall love your neighbour as yourself’. Our parishes reach out beyond their own congregations locally, nationally and indeed internationally, via all sorts of initiatives from simple collections at the end of Mass, to more practical assistance such as assisting the disabled, bereavement counselling and visiting the sick at home and in hospital. Catholic schools are increasingly populated with nonCatholic children whose parents’ value not just their proven educational excellence, but also the moral codes and practices which support it. The young adults leaving our schools will go on to become valued members of society. Our churches and the services of our clergy are open to all who wish to explore whether the Catholic Church can help them to enrich their spiritual lives. The trustees believe that they have complied with the duty in Section 17 of the 2011 Charities Act to give due regard to the various guidance notes published by the Commission.

Going Concern

The activities of the Diocesan Trust, together with the factors likely to affect future development, principal risks and uncertainties facing the Trust and its availability of unencumbered cash reserves are set out within the Trustees Report, on the previous pages. Its financial position in terms of the year’s results, its assets and liabilities and movement in cash is set out in the principal financial statements on pages 24 to 28. The Trust has considerable financial resources, mainly in the form of investments and property, and whilst the Trustees recognise that attendance in the parishes is following a downward trend, they have taken steps to mitigate this by diversifying the investment portfolio, and investigating additional income streams, including external grant funding.

Since the year end, the UK Government has lifted the Covid restrictions that were previously in place, which signalled a degree of resumption to normality. Nonetheless, the Trustees acknowledge and recognise that there are ongoing risks connected to the pandemic, which may impact on the operations of the Charity, its beneficiaries, partners, stakeholders and on the wider society, and have ensured that both resources and processes are in place to mitigate any disruption to the operations. Overall, the Trustees believe that there are no material uncertainties about the Diocesan Trust’s ability to continue as a going concern and that it is well placed to manage the risks that are associated with the pandemic.

The Trustees therefore have a reasonable expectation that the Charity has adequate resources to continue its operations for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.

Signed on behalf of the Trustees on 9[th] December 2021

Right Reverend M O’Toole, Bishop of Plymouth

Trustee

Mr Anthony Akinpelu BSc, FCCA Chief Operating Officer

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PLYMOUTH DIOCESAN TRUST

Charity Number: 213227 Trustees Report and Financial Statements for the year ended 31 March 2021

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF PLYMOUTH DIOCESAN TRUST

Opinion

We have audited the financial statements of Plymouth Diocesan Trust (the 'Group') for the year ended 31 March 2021, which comprise the group Statement of Financial Activities, the Group and Charity Balance Sheet, the group Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and applicable law (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 group financial statements section of our report. We are independent of both the group and the charity 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 trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

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

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the group 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 group financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the group 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 group 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.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report.

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PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Trustees Report and Financial Statements for the year ended 31 March 2021

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF PLYMOUTH DIOCESAN TRUST

We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement (set out on page 19), the trustees are responsible for the preparation of the group 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 group 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 charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

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

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

As part of our audit planning we obtained an understanding of the legal and regulatory framework that is applicable to the Charity and the sector in which it operates to identify the key laws and regulations affecting the Charity. The key regulations we identified were Charity legislation, Safeguarding legislation and standards set by the National Catholic Safeguarding Commission, Health & Safety regulations, The General Data Protection Regulation (GDPR) and Charity Commission requirements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements, primarily the Charities Act and the Charities SORP.

We discussed with management how the compliance with these laws and regulations is monitored and discussed policies and procedures in place. We also identified the individuals who have responsibility for ensuring that the Charity complies with laws and regulations and deals with reporting any issues if they arise. As part of our planning procedures, we assessed the risk of any non-compliance with laws and regulations on the Charity’s ability to continue its activities and the risk of material misstatement to the accounts.

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved the following:

22

PLYfvIOUTH DIOCESANTRUST Charity Number 213227 Trustees Report and Financial Statements for the year ended 31 March 2021 tNDEPENDEr+tr A(fDITOIL8' REPORT TO THE TRUSTEES OF PLYMoirrH DIOCESAN TRUST Audited the risk of management override of controLs, including throuth testing journal entries and other adjusttnents forappropriateness. and evaluatingthe business ralionak of significant transactions outside the normalcou]5e of business of which there were nODe. Rev&ewed estitnates and judgements tnade in the aceounts for any indication of bias and challenged assurnption5 usedby management ni makingthe estirnales. Becauseof the ￿her¢Trt bmitations of an audit, there is a risk thatwe not detect au irregularitie& including those lead￿tr to a tnaterialini&statem¢nt the f￿anCialStateM¢nts. This risk ￿CreaseS the further removednon-compban th law5 and regulations is from the evcnts and transactionsrefletled ￿ the financialstatemenlsaswe are less lllcely to become aware of instances of non-COtnpJiance. The tisk of not detecting a material misstatement due to fraud is higher than the Ei5k of not detect￿g one resulting from e￿>r, asfrdud may involve deliberate conceabnent, collusion. 0]ni￿l0Th ormisrepresentation. A fllrther de$¢riptiott of our Tesponsibiliti¢s is avallabie on the F￿anCIal Reporting CouTLcd'5 website at vw.fr¢.owuklaudIlOTsre5pon￿bllltICs. Thi5 description fomjspart of our auditor'51EPOrt. Use of our report This report is madeso]ely to the charity tNstees, as a body) llj accordanc¢with section 144 of the Charities Act 2011 and regulations m2devttderseclion L54 of that A¢t.Our work ha5been undertaken so that we tnight stateto thetrustees those matters we are required to stale to tMstee$ in an audilor5' report and for no other puryose. To the fulle# extfflt permitted by law, we do not accept or a￿uMereSponsibllty to anyon¢ otherthan ihe¢harity and its bustees as a body, for our auditWOTk. fc)rthi5 report. or forthe opniions haveforrned. PKF Francis Clark Chartered Accountants alld StA￿l0ry Auditors sI￿a House Oak Close Edg￿$Well Park Torquay Devon TQ2 7FF Dat¢= 28 January 2022 PKF Francis Clark is e]igble for appointment as auditorof the ¢harity by vlltue of its eiigbdity for appOintm￿ta8 auditorof a company undersection 1212 of the Comp8niesAct 2006. 23

PLYMOUTH DIOCESAN TRUST

Charity Number: 213227 Trustees Report and Financial Statements for the year ended 31 March 2021

GROUP STATEMENT OF FINANCIAL ACTIVITIES 2021

Notes
INCOME AND ENDOWMENTS FROM:
Donations and legacies
2
Grants receivable
2
Charitable activities
3
Gross trading income of trading subsidiary
Investments
4
Other – gains/(losses) on fixed asset disposals
Total Income
5
EXPENDITURE ON:
Raising funds
Cost of sales of trading subsidiary
Charitable activities
Provision for worship & Liturgy
Ministry support
Pastoral and community
New evangelisation, Catechesis & youth
Caritas
Faith & vocational discernment
Diocesan Education & schools
Total expenditure
5, 6
Net income / (expenditure) before other recognised gains
and (losses)
Other recognised gains and (losses)
Gains, losses and revaluations on properties
13, 15
Gains, losses and revaluations on other investments
Total
Net income / (expenditure) after gains and losses
Transfers between Curial Office and Parishes
Permanent Endowment Fund Transfers
Other transfers between funds
Net income / (expenditure) and net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Curial and Subsidiaries
Unrestricted
£’000
Restricted
£’000
Endowment
£’000
76
116
5
-
148
-
39
20
-
113
-
-
339
40
26
-
-
-		 Sub-
Total
£’000
197
148
59
113
405
-
567
324
31		 922
109
25
-
89
-
-		 134
89
198
25
-
210
1
-
401
84
-
296
158
-
127
-
-
153
-
-
125
-
-
134
86
-		 223
211
485
454
127
153
125
220
1,644
354
-		 1,998
(1,077)
(30)
31
35
-
-
5,554
702
385		 (1,076)
35
6,641
5,589
702
385		 6,676
4,512
672
416
176
(3)
-
-
37
(37)
4
(4)
-		 5,600
173
-
-
4,692
702
379		 5,773
29,360
6,290
1,193		 36,843
34,052
6,992
1,572		 42,616

The results derive from continuing activities.

The notes on pages 29 to 58 form part of these accounts.

The Comparative SOFA for the year ended 31 March 2020 is included at Note 23.

24

PLYMOUTH DIOCESAN TRUST

Charity Number: 213227 Trustees Report and Financial Statements for the year ended 31 March 2021

GROUP STATEMENT OF FINANCIAL ACTIVITIES 2021

Notes
2
2
3
4
5
5, 6		 Parochial
Unrestricted
£’000
Restricted
£’000
Endowment
£’000
3,151
441
-
479
313
-
518
4
-
-
-
-
133
54
30
(201)
-
-		 Sub-
Total
£’000
3,592
792
522
-
217
(201)
4,922
156
-
156
4,057
850
76
-
-
-
7
5,146
(224)
586
3,920
4,506
4,282
(173)
-
-		 2021
Total
£’000
3,789
940
581
113
622
(201)
5,844
290
89
379
4,268
1,335
530
127
153
125
227
7,144
(1,300)
621
10,561
11,182
9,882
-
-
-		 2021
Total
£’000
3,789
940
581
113
622
(201)
5,844
290
89
379
4,268
1,335
530
127
153
125
227
7,144
(1,300)
621
10,561
11,182
9,882
-
-
-		 2020
Total
£’000
5,507
284
1,158
6
1,000
2
4,080
812
30		 7,957
122
34
-
-
-
-		 395
119
122
34
-
3,781
276
-
815
35
-
59
-
-
-
17
-
-
-
-
-
-
-
7
-
-		 514
3,683
1,634
509
119
50
131
256
4,784
362
-		 6,896
(704)
450
30
586
-
-
2,758
1,008
154		 1,061
5
41
3,344
1,008
154		 46
2,640
1,458
184
(173)
-
-
-
17
(17)
10
(10)
-		 1,107
-
-
-
2,477
1,465
167		 4,109 9,882 1,107
45,688
5,479
515		 51,682
55,791		 88,525
98,407		 87,418
48,165
6,944
682		 88,525

25

PLYMOUTH DIOCESAN TRUST

Charity Number: 213227 Trustees Report and Financial Statements for the year ended 31 March 2021

BALANCE SHEET

Notes
FIXED ASSETS
Tangible fixed assets
12a & b
Properties awaiting sale
13
Investments
15
Investment in Joint Venture
- Share of net assets
15
CURRENT ASSETS
Properties awaiting sale
13
Debtors
16
Cash at bank and in hand
CREDITORS: amounts falling due within one year
Short term loans
17
Other creditors
18a
Bank overdrafts
Net current assets
CREDITORS: amounts falling due over one year18b
Total net assets
FUNDS
19
Endowment
Restricted
Unrestricted- Designated and General
Total funds		 2021 2021
Curial
Parochial
Charity
Charitable
& trading
subsidiaries
£’000
£’000
£’000
£’000
4,196
28,045
32,241
549
435
349
784
-
30,429
19,437
49,866
524
-
-
-
-		 Group

£’000

32,790

784

50,390

4,206
35,060
47,831
82,891
1,073
88,170
1,000
500
1,500
-
4,111
1,462
5,573
56
6,523
7,374
13,897
204
1,500

1,423

14,101
11,634
9,336
20,970
260
17,024
827
(827)
-
-
(706)
(549)
(1,255)
(282)
(4,750)
-
(4,750)
-
-

(1,537)

(4,750)
(4,629)
(1,376)
(6,005)
(282)		 (6,287)
7,005
7,960
14,965
(22)
(500)
-
(500)
-
10,737

(500)
41,565
55,791
97,356
1,051		 98,407
1,329
682
2,011
243
6,298
6,944
13,242
694
33,938
48,165
82,103
114
2,254

13,936

82,217
41,565
55,791
97,356
1,051		 98,407

26

PLYMOUTH DIOCESAN TRUST

Charity Number: 213227 Trustees Report and Financial Statements for the year ended 31 March 2021

BALANCE SHEET

2020
Charity
Charitable &
trading
subsidiaries
Group
£’000
£’000
£’000

31,236
558
31,794
510
-
510
43,147
487
43,634
-
-
3,806
74,893
1,045
79,744
1,500
-
1,500
5,316
62
1,311
12,465
139
12,604
19,281
201
15,415





-
-
-
(869)
(265)
(1,134)
(4,750)
-
(4,750)
(5,619)
(265)
(5,884)


13,662
(64)
9,531
(750)
-
(750)
87,805
981
88,525


1,498
210
1,708
11,153
616
11,769
75,154
115
75,309
87,805
981
88,525

The notes on pages 29 to 58 form part of these Accounts.

Right Reverend M O’Toole, Bishop of Plymouth Trustee

Very Reverend Canon J Deeny Trustee

Date : 9[th] December 2021

27

PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Trustees Report and Financial Statements for the year ended 31 March 2021

GROUP STATEMENT OF CASH FLOWS


£’000
Cash flows from operating activities
Net cash provided by/(used in) operating activities (note 1 below)
Cash flows from Investing activities
Investment income
622
Purchase of tangible fixed assets
(2,260)
Proceeds from disposal of tangible fixed assets
-
Purchase of units in Common Investment Fund
(9,776)
Proceeds from disposal of units in Common Investment Fund
13,291
Purchase of former functional properties
(54)
Purchase of investment properties
Proceeds from disposal of investment properties
-
656
Purchase of other investments
Proceeds from disposal of other investments
(400)
63
Purchase of other investments
(27)
Net cash provided by/(used in) investing activities
Cash flows from financing activities
Receipt of endowments
Change in cash equivalents in the year (note 2 below)
Cash and cash equivalents at 1 April 2020
Cash and cash equivalents at 31 March 2021

NOTES TO THE CASHFLOW STATEMENT

1 Reconciliation of net income/(expenditure) to
net cash flow from operating activities
Net Income/(Expenditure) for the reporting period
Depreciation
(Gains)/losses on investments
Investment income
Donations to endowment funds
(Gain) on sale of investment property
Loss/(Profit) on sale of fixed assets
(Increase)/Decrease in debtors
Increase/(Decrease) in creditors
Net cash provided by/(used in) operating activities

2 Analysis of cash and cash equivalents




Cash at bank and in hand

Bank overdrafts
 2021
£’000
(623)

















2,115

5
1,497

7,854
9,351
9,882
1,062
(10,561)
(622)
(5)
(621)
201
(112)
153
(623)

At 1 April
2020
£’000
12,604
(4,750)

£’000


1,000
(3,328)
-
(8,455)
12,538
-
(17)
82
(309)
64
-






Cash flows

£’000


1,497
-		 2020

£’000
473



1,575
1
2,049
5,805
7,854
1,107
662
(46)
(1,000)
(1)
-
(9)
160
(416)
473
At 31 March
2021
£’000

14,101

(4,750)
7,854
1,497
9,351

The notes on pages 29 to 58 form part of these Accounts.

28

PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Trustees Report and Financial Statements for the year ended 31 March 2021

1 PRINCIPAL ACCOUNTING POLICIES

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the accounts are set out below.

(A) BASIS OF PREPARATION

These accounts have been prepared for the year to 31 March 2021.

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

The accounts have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (Charities SORP FRS 102) effective 1 January 2019, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

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

(B) CRITICAL ACCOUNTING ESTIMATES & AREAS OF JUDGEMENT

Preparation of the accounts requires the Trustees and management to make significant judgements and estimates. The items in the accounts where these judgements and estimates have been made include:

(C) ASSESSMENT OF GOING CONCERN

The Trustees have assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The Trustees have made this assessment in respect to a period of one year from the date of approval of these accounts, as per page 20 of the Trustees Report.

The Trustees of the charity have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the Charity to continue as a going concern. The Trustees are of the opinion that the Charity will have sufficient resources to meet its liabilities as they fall due. The most significant areas of judgement that affect items in the accounts are detailed above. With regard to the next accounting period, the year ended 31 March 2022, the most significant areas that affect the carrying value of the assets held by the Charity are the level of investment return, the performance of the investment markets and property values (see the investment policy and the risk management sections of the Trustees’ report for more information).

29

PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Trustees Report and Financial Statements for the year ended 31 March 2021

1 PRINCIPAL ACCOUNTING POLICIES continued

(D) BASIS OF CONSOLIDATION AND SCOPE OF THE ACCOUNTS

The Accounts comprise the consolidation of the Accounts of the following:

the main charity, Plymouth Diocesan Trust, (Charity Number 213227), consisting of:

The Common Investment Fund was established by Charity Commissioners' Order dated 7 February 1977. This order established a scheme whereby Plymouth Diocesan Trust may consolidate investments and moneys belonging to charities into one combined pool. The scheme is a Common Investment Fund within the meaning of the Charities Act 2011. The Common Investment Fund is registered under the Charity registration number 213227. The Common Investment Fund is designed specifically for the needs of the Diocese of Plymouth and its parishes. The Trustees have divided the Common Investment Fund into a "Main Fund" (comprising unrestricted funds and restricted funds, other than permanent endowment funds) and a "Permanent Endowment Fund"; the purpose of this is to allow the two funds to follow different investment objectives, although both have now adopted a Total Return policy.

The Common Investment Fund was fully consolidated in the accounts of Plymouth Diocesan Trust for the first time in the year ended 31 March 2017. For earlier years, separate audited statutory accounts were prepared and published, and consequently the accounts were not consolidated. Following legal advice, separate statutory accounts are now no longer required, and therefore the accounts of the Common Investment Fund are now consolidated.

Further details of the Common Investment Fund may be found in note 15 to these Accounts.

The consolidated Statement of Financial Activities for the charitable group is shown on pages 24 to 25 of these Accounts. No separate statement of financial activities has been prepared for the Charity as the results of the charitable and trading subsidiaries are clearly shown in the consolidated statement of financial activities and supporting notes.

(E) FUND ACCOUNTING

The Charity’s funds are broken into three distinct areas: Curial funds

Amounts received for use across the whole of the Diocese.

Parish funds

Amounts paid by Parishes for investment in the Common Investment Fund and other legacies or donations that specify that the parish is the beneficiary.

Other funds

Amounts invested in the Common Investment Fund by other complementary charities that do not have common trustees.

Under each of these headings, the funds are further subdivided:

Permanent endowment funds

After extensive research and in the absence of evidence to the contrary, the Trustees believe the endowments to be of a permanent rather than an expendable nature and, taking a prudent approach, have treated them as such in the Accounts. The funds are invested in the Common Investment Fund unless they represent tangible fixed assets.

30

PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Trustees Report and Financial Statements for the year ended 31 March 2021

1 PRINCIPAL ACCOUNTING POLICIES continued

In April 2014, the Trustees passed a number of resolutions under the powers granted by s281 of The Charities Act 2011 in relation to certain permanent endowment funds of less than £10,000. This enabled the capital of these funds to be spent as income and, as a result, these funds were transferred to restricted funds in the year ended 31 March 2015.

Where the remaining permanent endowment funds are invested in the Common Investment Fund, a total return approach to investment has been adopted. Where the remaining permanent endowment funds are represented by tangible fixed assets, the capital must remain intact and only the income may be distributed for the purposes of the fund.

Other restricted funds

Both the income and capital may be used for the purpose of the fund. Until they are spent, most funds are invested in the Common Investment Fund or put on deposit.

Unrestricted funds (designated and general)

Both the income and the capital may be used for the general purposes of the charity, with particular reference to the parish, (if appropriate). Funds contained within Designated Funds and General Funds are classified, which includes transfers of the net amount of unrestricted funds invested in tangible fixed assets to a Tangible Fixed Asset Fund.

Designated funds are amounts of unrestricted funds that have been put aside at the discretion of the Trustees for particular purposes or projects. They can include:

Further details of designated funds may be found in note 19 to the Accounts.

General funds comprise accumulated surpluses and deficits after transfers to designated funds.

These funds provide for the maintenance and improvement of all properties. They also pay for the administration of the affairs of the charity and for the various pastoral activities with which the charity is involved.

(F) INCOME RECOGNITION

Income is recognised in the period in which the charity and/or group has entitlement to the income, the amount of income can be measured reliably, and it is probable that the income will be received. Income comprises donations and legacies, income from the commercial trading activities of trading subsidiaries, investment income and interest receivable, income from charitable activities comprising rental income from functional properties and income from parish and similar activities, and other income comprising income or gains linked to tangible fixed assets.

Donations (including income from offertory and similar collections) are recognised when the Group and/or Charity has confirmation of both the amount and settlement date. They include associated tax claims on a receivable basis. In the event of donations pledged but not received, the amount is accrued for when the receipt is considered probable. In the event that a donation or grant is subject to conditions that require a level of performance before the Group and/or Charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the Group and/or Charity and it is probable that those conditions will be fulfilled in the reporting period.

In accordance with the Charities SORP FRS 102 volunteer time is not recognised.

Legacies are included in the statement of financial activities when the Group and/or Charity is entitled to the legacy, the executors have established that there are sufficient surplus assets in the estate to pay the legacy, and any conditions attached to the legacy are within the control of the Group and/or Charity. Entitlement is taken as the earlier of the date on which either: the Group and/or Charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor to the Group and/or Charity 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 Group and/or Charity has been notified of the executor’s intention to make a distribution. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measurable with a degree of reasonable accuracy and the title of the asset having being transferred to the Group and/or Charity. Legacies subject to a life interest held by another party are not accounted for until their death.

31

PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Trustees Report and Financial Statements for the year ended 31 March 2021

1 PRINCIPAL ACCOUNTING POLICIES continued

(ii) Income from charitable activities

Income from the rental of functional properties is recognised when the income is receivable under the contract for hire or lease document, when the amount can be measured reliably, and it is probable such income will be received. Income from parish and similar activities is recognised when the relevant parish has entitlement to the income, the amount can be measured reliably, and it is probable that the income will be received.

Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the bank.

Other income is measured at fair value and accounted for on an accruals basis.

(G) EXPENDITURE RECOGNITION

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the group and/or charity to make a payment to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis, inclusive of irrecoverable Value Added Tax. Expenditure comprises direct costs and support costs. All expenses, including support costs, are allocated or apportioned to the applicable expenditure headings.

Expenditure on charitable activities includes all costs associated with furthering the charitable purposes of the charity and its subsidiary charities through the provision of charitable activities. Such costs include staff costs and other direct overheads attributable to those purposes. A detailed analysis of the expenditure is provided in note 6.

Charitable donations and grants are included in the statement of financial activities in the year when approved and when the intended recipient has either received the funds or been informed of the decision to make the grant and has satisfied all performance conditions. Grants approved but not paid at the end of the financial year are accrued.

(H) SUPPORT AND GOVERNANCE COSTS

Support costs represent indirect charitable expenditure. In order to carry out the primary purposes of the Charity and its subsidiary charities, it is necessary to provide support in the form of personnel development, financial procedures, provision of office services and equipment and a suitable working environment. Governance costs comprise the costs involving the public accountability of the Charity (including audit costs) and costs in respect to its compliance with regulation and good practice. All support costs and governance costs are allocated across the activities of the charity, based on the Trustees’ estimate of usage of resources. Further details may be found in notes 6, 7 and 8 to the Accounts.

(I) CREDITORS AND PROVISIONS

Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt.

(J) INVESTMENTS

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

As noted above one of the financial risks the Charity is exposed to is that of volatility in equity markets and investment markets due to wider economic conditions.

Properties held for investment purposes are included in these accounts at open market value. The valuation has been determined by the Trustees, with professional assistance. Details of the dates and basis of the valuations are given in note 15 to the accounts. Disposals of investment properties are accounted for on completion.

Realised and unrealised investment gains (or losses) are combined in the statement of financial activities and are credited (or debited) in the year in which they arise.

Investments in subsidiary companies are included on the balance sheet at cost.

32

PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Trustees Report and Financial Statements for the year ended 31 March 2021

1 PRINCIPAL ACCOUNTING POLICIES continued

(K) FIXTURES, FITTINGS AND EQUIPMENT

Fixtures, Fittings and Equipment that were in use at 31 March 1996 and that had a current replacement cost exceeding £1,000 , have been capitalised and included in the Accounts at an estimate of their historical cost *, (or in the case of donated assets, at an estimate of value at the date of acquisition). Subsequent acquisitions with a cost, (or in the case of donated assets, estimated value), of over £1,000, are capitalised on the same basis. They are depreciated at rates calculated to write off the cost or valuation, less the estimated residual value, of each asset evenly over its expected useful life as follows:

Church contents 10 to 100 years
Presbytery contents 10 years
Office furniture and equipment 10 years
Mechanical and electrical equipment 5 years
Hall contents 10 years

During the year the charity reclassified the parish assets held within Fixtures and Fittings, into the categories listed above. This has resulted in assets with an original cost of £2,223k and net book value of £nil being written off in the year. In addition, this has had the effect of increasing the depreciation charge by £99k in the year.

(L) FREEHOLD AND LEASEHOLD LAND AND BUILDINGS

Functional Land and Buildings

Churches, Presbyteries, Halls and Offices etc.

Freehold Land: functional land, (i.e. land used for the prime purpose of the charity), is included in the Accounts at original cost or where this is not available, at an estimate of its historical cost *, (or in the case of donated land, at its fair value at the date of receipt). Freehold land is not depreciated because it has an indefinitely long useful life.

Freehold Buildings: functional buildings, (i.e. buildings used for the prime purpose of the charity), that are still in use by the charity, are included in the Accounts at original cost or where this is not available at an estimate of their historical cost *, (or in the case of donated buildings, at an estimate of their fair value at the date of receipt). All new functional buildings, improvements and major renovations are capitalised at the cost of construction.

Buildings that were in use at 31 March 1996 are depreciated at rates calculated to write off their estimated historical cost, (less the estimated residual value), evenly over the whole of their useful life. Subsequent additions are depreciated on the same basis.

The estimate of the useful life of a building varies, depending on the condition and future use of the building. However, in general it is expected that a building in a reasonable state of repair will continue in use without major renovations or improvements for the following period:

Structure 100 to 150 years
Roof 60 years
Windows 35 years
Electrical system 25 years
Boiler 15 years
Heating system 25 years
Internal decoration 10 to 15 years
Kitchen and bathroom 10 to 25 years

During the year the charity reclassified the parish assets held within Functional Land and Buildings, into the categories listed above. This has resulted in assets with an original cost of £109k and net book value of £82k being written off in the year. In addition, this has had the effect of increasing the depreciation charge by £273k in the year.

33

PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Trustees Report and Financial Statements for the year ended 31 March 2021

1 PRINCIPAL ACCOUNTING POLICIES continued

The condition and net book values of all properties are regularly reviewed to ensure that the depreciation policies adopted are and remain appropriate. Disposals of freehold property are accounted for on completion.

Leasehold Land and Buildings: leasehold land and buildings, are depreciated over the life of the lease on a straight-line basis.

Details and addresses of the Diocesan churches and other buildings, (freehold and leasehold), can be found in the Diocesan Year Book. Note 14 to the Accounts gives the total insured value of these buildings.

Schools

Land: the charity owns the land on which the 35 Roman Catholic schools and 2 joint Roman Catholic and Church of England maintained schools are built. The nature of the occupation of the land by these schools means that the Diocesan Trustees do not have the power to dispose of the land until a school ceases its occupation, which in turn would require the approval of the school and the Secretary of State. For the 35 Roman Catholic schools, each an academy under Plymouth CAST multi-academy trust (itself an exempt charity and publicly funded), a Supplemental Agreement exists documenting the Trustees’ commitment to the Secretary of State to continue to make the land available to each academy in the same way as when the schools were maintained schools. The cost of any land held for the purposes of a school is not capitalised. The Diocesan Trustees consider that no meaningful value can be attributed to these assets since they are not used directly by the Charity, do not generate income, and cannot be disposed of in the open market or put to alternative use while such occupation, which may be indefinite, continues.

Buildings : the school buildings are occupied, improved, extended and repaired by each school. The nature of the occupation of these buildings by each school means that the Diocesan Trustees do not have control over the buildings until the school ceases its occupation, which in turn would require the approval of the school and the Secretary of State. For the schools that are academies in the multi-academy trust, the approval of Plymouth CAST would also be required. As with land and for the same reason, buildings are not capitalised.

The school governors account for the building, improvement and repair costs of the schools and account for any grants received in respect of these costs.

Details of the Diocesan Schools, (freehold and leasehold), are given in the Diocesan Year Book. The insured value of these school buildings is given in note 14 to these Accounts.

Donated Property awaiting sale

Donated properties awaiting sale are shown in the Balance Sheet at the Trustees’ best estimate of their ultimate net sale proceeds. If the asset is expected to be realised within 12 months then it is analysed in note 13 as “current”. If the asset is expected to be realised after more than 12 months, then it is analysed in note 13 as “non current”.

At the time the assets are received, the Trustees place a fair value upon the property and this value is disclosed in the Incoming Resources section of the Statement of Financial Activities under legacies and donations. All changes in value during the year are reported in the “gains on investment assets” section of the Statement of Financial Activities. Details of the date and basis of the valuations and valuer are given in note 13 to these Accounts. The fair value at the date of receipt of these assets is separately disclosed in note 13. As these assets are not used by the charity, no charge for depreciation is made in the Accounts.

34

PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Trustees Report and Financial Statements for the year ended 31 March 2021

1 PRINCIPAL ACCOUNTING POLICIES continued

Former Functional Land and Buildings

Properties that were previously occupied for charity use but are now no longer in use, fall into two categories.

Those that can now be sold or are awaiting sale

Properties awaiting sale are shown at the Trustees’ best estimate of their ultimate net sale proceeds. If it is expected to realise the asset within 12 months, then it is analysed in note 13 as “current”. If it is expected to realise the asset after more than 12 months, then it is analysed in note 13 as “non current”. All changes in value during the year are reported in the “gains on investment assets” section of the Statement of Financial Activities. Details of the date and basis of the valuations and valuer are given in note 13 to these Accounts. The estimated historical cost of these assets is separately disclosed in note 13. As these assets are no longer used by the charity, no charge for depreciation is made in the Accounts.

(M) WORKS OF ART AND HISTORIC TREASURES

Works of art, treasures and plate are not capitalised in these accounts. They are considered to be heritage assets for the purposes of the Statement of Recommended Practice Accounting and Reporting by Charities. The assets are integral to the Charity’s overall objective of advancing the Catholic religion. They all have very long lives and are worth preserving indefinitely. The Trustees consider that it would be prejudicial to the safe custody of these assets to disclose details of their value and usage in these accounts.

(N) MOTOR VEHICLES

Motor vehicles are capitalised and depreciated so as to write off the cost of each vehicle over their estimated lives as follows:

Motor cars 4 years Mini buses 7 years

(O) PENSIONS POLICY

The charity participates in the Teachers’ Pension Scheme, (a defined benefit scheme), (which is now closed to new entrants of the charity), and a money purchase scheme, which are funded by contributions from the charity and by the employees. Contributions are charged to the Statement of Financial Activities in the year in which they are paid. Further details may be found in notes 10 and 11 to the Accounts.

35

PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Trustees Report and Financial Statements for the year ended 31 March 2021

2 DONATIONS AND LEGACIES

Curial
Parochial		 Donations
(including in
kind)
£’000
Grants (in
the nature of
donations)
£’000
Legacies
£’000
193
148
4
3,017
792
575		 2021
Total
£’000
345
4,384
4,729		 2020
Total
£’000

1,288
4,503
3,210
940
579
5,791

Included in parochial grants is £165,781 (2020:£114,182) from the Listed Places of Worship Grant Scheme and £430,565 (2020:£nil) received from the Catholic Trust for England and Wales Historic England grant scheme. In addition, included in total grants is £111,697 (2020:£nil) from the UK Government’s Coronavirus Job Retention Scheme.

3 CHARITABLE ACTIVITIES

Curial
Parochial		 Fundraising
£’000
Rental
income from
functional
properties
£’000
Other
charitable
activities
£’000
2
-
57
41
387
94		 2021
Total
£’000
59
522
581		 2020
Total
£’000

207
951
43
387
151
1,158

4 INVESTMENTS

Income received from:
Listed investments and cash held as part of investment
portfolio
UK cash held at bank		 Common
Investment
Fund
Other
£’000
£’000


602
-
-
20		 Common
Investment
Fund
Other
£’000
£’000


602
-
-
20
2021
Total
£’000


602
20
622		 2020
Total
£’000
980
20
602 20 622 1,000

5 THIRD PARTY INCOME AND EXPENDITURE

Where the Charity does not have any discretion in collection and distribution of donations and has no entitlement to the donations, then these amounts are treated as conduit funding. Amounts relating to conduit funding are not included in the Statement of Financial Activities of the Charity.

In the year ended 31 March 2021, this conduit funding amounted to £314,000; (2020: £737,000).

Details of amounts collected but not remitted to Third Parties at 31 March 2021 are shown in note 18.

36

PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Trustees Report and Financial Statements for the year ended 31 March 2021

6 RESOURCES EXPENDED Year ended 31 March 2021

Provision for worship and Liturgy

Our churches and chaplaincies provide places for prayer, worship and the celebration of Mass.

Ministry support

Our clergy are trained and supported both during and after their active ministry by the Diocese and are housed and remunerated for their dedicated life to the Church and the local community.

Pastoral and community

The Church provides a wide range of pastoral care and support in the community, including providing aid to those in need.

New Evangelisation, Catechesis and Youth

Aims to introduce the person and the love of Jesus Christ through simple and non-intrusive outreach initiatives. The New Evangelisation and Catechesis initiative were introduced to assist the parishes in forming Evangelisation teams and also promoting discipleships that will be equipped to ‘reach out’ and gently engage the community on the person and the love of Jesus.

Caritas

The church supports the network of social action charities and parishes within the Plymouth Diocese, working in partnership with them to help poor, vulnerable, and marginalised people.

Faith and Vocational discernment

The church supports people on their vocational path to Priesthood. This is a vital call in our Church because a priest is ordained to be a sign and instrument of Jesus, the Good Shepherd. For others, their vocational call may be to marriage, the consecrated single life, to a life in community or the permanent diaconate.

Diocesan Education and Schools

Schools are essential to the mission of the Church in nurturing the faith of our young people. Opportunities are provided for continuing education into adulthood.

a) Analysis by Activity
Curia and Subsidiaries
Provision for worship & Liturgy
Ministry support
Pastoral and Community
New Evangelisation, Catechesis & Youth
Caritas
Faith & vocational discernment
Diocesan Education & schools
Raising funds		 Grant
funding of
activities
Support
Costs
Activities
undertaken
directly
£’000
£’000
£’000

137
17
57
274
95
116
243
104
107
87
-
40
66
56
31
77
16
32
149
9
62
-
-
223

2021
Total
£’000
211
485
454
127
153
125
220
223
1,998		 2020
Total
£’000

37
722
418
119
50
131
248
343
1,033
297
668		 2,068
Parish
Provision for worship & Liturgy
Ministry support
Pastoral and Community
Education
Raising funds		 2,501
-
1,556
4,057
552
298
850
-
76
-
76
-
7
-
7
114
-
42
156
3,167
83
1,896
5,146		 3,646

912

91

8

171
4,828

37

PLYMOUTH DIOCESAN TRUST

Charity Number: 213227 Trustees Report and Financial Statements for the year ended 31 March 2021

6 RESOURCES EXPENDED Year ended 31 March 2021

a) 2020 Analysis by Activity
Curia and Subsidiaries
Provision for worship
Ministry support
Pastoral and Community
New Evangelisation, Catechesis & Youth
Caritas
Faith & vocational discernment
Education
Raising funds
Parishes
Provision for worship
Ministry support
Pastoral and Community
Education
Raising funds
b) Analysis of
Support Costs
(Memo)
(Parish levy)
£’000
Curia
Raising funds
-
St Boniface House
363
Bishops Council
23
Other
324
710
Parish
Raising funds
Administration wages
Office and
administration
Parish levy (see above)
Other		 a) 2020 Analysis by Activity
Curia and Subsidiaries
Provision for worship
Ministry support
Pastoral and Community
New Evangelisation, Catechesis & Youth
Caritas
Faith & vocational discernment
Education
Raising funds
Parishes
Provision for worship
Ministry support
Pastoral and Community
Education
Raising funds
b) Analysis of
Support Costs
(Memo)
(Parish levy)
£’000
Curia
Raising funds
-
St Boniface House
363
Bishops Council
23
Other
324
710
Parish
Raising funds
Administration wages
Office and
administration
Parish levy (see above)
Other		 Activities
undertaken
directly
Grant
funding of
activities
Support
Costs
2020
Total
£’000
£’000
£’000
£’000

19
12
6
37
404
154
164
722
283
48
87
418
91
-
28
119
37
1
12
50
94
9
28
131
158
5
85
248
-
-
343
343
1,086
229
753
2,068


2,673
-
973
3,646
589
-
323
912
-
91
-
91
-
8
-
8
125
-
46
171
3,387
99
1,342
4,828
New
Evangelisation,
Catechesis &
Youth
Caritas
Faith &
vocational
discernment
Ministry
Support
2021
Total
£’000
£’000
£’000£’000
£’000

-
-
-
-
223
20
16
16
59
227
2
1
1
4
14
18
14
15
53
204
40
31
32
116
668


-
-
-
-
-
-
-
-
-
298
42
298
-
-
-
-
-
772
-
-
-
-
-
710
-
-
-
-
-
74
-
-
-
-
298
1,896		 Activities
undertaken
directly
Grant
funding of
activities
Support
Costs
2020
Total
£’000
£’000
£’000
£’000

19
12
6
37
404
154
164
722
283
48
87
418
91
-
28
119
37
1
12
50
94
9
28
131
158
5
85
248
-
-
343
343
1,086
229
753
2,068


2,673
-
973
3,646
589
-
323
912
-
91
-
91
-
8
-
8
125
-
46
171
3,387
99
1,342
4,828
New
Evangelisation,
Catechesis &
Youth
Caritas
Faith &
vocational
discernment
Ministry
Support
2021
Total
£’000
£’000
£’000£’000
£’000

-
-
-
-
223
20
16
16
59
227
2
1
1
4
14
18
14
15
53
204
40
31
32
116
668


-
-
-
-
-
-
-
-
-
298
42
298
-
-
-
-
-
772
-
-
-
-
-
710
-
-
-
-
-
74
-
-
-
-
298
1,896		 Activities
undertaken
directly
Grant
funding of
activities
Support
Costs
2020
Total
£’000
£’000
£’000
£’000

19
12
6
37
404
154
164
722
283
48
87
418
91
-
28
119
37
1
12
50
94
9
28
131
158
5
85
248
-
-
343
343
1,086
229
753
2,068


2,673
-
973
3,646
589
-
323
912
-
91
-
91
-
8
-
8
125
-
46
171
3,387
99
1,342
4,828
New
Evangelisation,
Catechesis &
Youth
Caritas
Faith &
vocational
discernment
Ministry
Support
2021
Total
£’000
£’000
£’000£’000
£’000

-
-
-
-
223
20
16
16
59
227
2
1
1
4
14
18
14
15
53
204
40
31
32
116
668


-
-
-
-
-
-
-
-
-
298
42
298
-
-
-
-
-
772
-
-
-
-
-
710
-
-
-
-
-
74
-
-
-
-
298
1,896		 2020
Total
£’000
343
265
65
80
(Memo)
(Parish levy)
£’000
-
363
23
324		 Raising Funds
Provision for
Worship &
Liturgy
Community
&
Pastoral
Diocesan
Education &
schools
£’000
£’000
£’000
£’000
223
-
-
-
-
29
55
32
-
2
3
1
-
26
49
29		 New
Evangelisation,
Catechesis &
Youth
Caritas
Faith &
vocational
discernment
Ministry
Support
£’000
£’000
£’000£’000
-
-
-
-
20
16
16
59
2
1
1
4
18
14
15
53		 2021
Total
£’000

223
227
14
204
710 223
57
107
62		 40
31
32
116		 668 753
42
-
-
-
-
-
-
-
-
772
-
-
-
710
-
-
-
74
-
-		 -
-
-
-
-		 -
-
-
-
-
-
-
298
-
-
-
-
-
-
-
-
-
-
-
-		 46
323
196
714
63
42
1,556
-
-		 - -
-
-
298		 1,342

A parish levy is raised by the Curia to the parishes in respect of central costs. This has the effect of reducing curia and increasing parish costs.

38

PLYMOUTH DIOCESAN TRUST

Charity Number: 213227 Trustees Report and Financial Statements for the year ended 31 March 2021

c) The following payments have been made to the external auditors:
Audit fees
Financial advice / other
d) Analysis of Grant Payments
Ministry Support:
•
Grants to Religious Orders and Former Religious Orders
that provide religious or ministry activities
•
Grants to provide support for priests when they cease
active ministry (mainly to the Plymouth Secular Clergy
Fund)
•
Grants to support priests in ill-health, those in active
ministry who do not have a parish, the Bishop, the Bishop
Emeritus and Seminarians
Pastoral and Community:
•
Grants to improve living conditions of children, young
people and families (including non-Catholics)
•
Grants to support pupils travelling to attend Catholic
schools in the Diocese
•
Grants to Religious Orders that provide pastoral support
for disadvantaged individuals and groups
•
Grants to non-religious organisations that provide
pastoral support for disadvantaged individuals and groups
(e.g. refugees, marriage and family care)
Education:
•
Grants to the Roman Catholic schools in the Diocese		 c) The following payments have been made to the external auditors:
Audit fees
Financial advice / other
d) Analysis of Grant Payments
Ministry Support:
•
Grants to Religious Orders and Former Religious Orders
that provide religious or ministry activities
•
Grants to provide support for priests when they cease
active ministry (mainly to the Plymouth Secular Clergy
Fund)
•
Grants to support priests in ill-health, those in active
ministry who do not have a parish, the Bishop, the Bishop
Emeritus and Seminarians
Pastoral and Community:
•
Grants to improve living conditions of children, young
people and families (including non-Catholics)
•
Grants to support pupils travelling to attend Catholic
schools in the Diocese
•
Grants to Religious Orders that provide pastoral support
for disadvantaged individuals and groups
•
Grants to non-religious organisations that provide
pastoral support for disadvantaged individuals and groups
(e.g. refugees, marriage and family care)
Education:
•
Grants to the Roman Catholic schools in the Diocese		 Common
Investment
Fund
Subsidiaries
Main
Charity
2021
Total
2020
Total
£’000
£’000
£’000
£’000£’000

12
4
48
64
74
-
-
1
1
3
12
4
49
65
77

Curia
Parishes
2021
Total
2020
Total
£’000
£’000
£’000
£’000
21
-
21
21
23
-
23
7
97
-
97
121
41
-
41
33
14
-
14
9
87
-
87
15
6
76
82
106
8
7
15
16
297
83
380
328		 2020
Total
£’000
74
3
77

39

PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Trustees Report and Financial Statements for the year ended 31 March 2021

7 GOVERNANCE COSTS

Governance costs (included within support costs) comprise the following:
Main charity audit fees (see note 6c) - current year
- (over) / under-provision previous years
Trading subsidiary’s audit fees and taxation work
Subsidiary charities’ independent examination fees and accounts preparation
General advice, including legal and financial
Trustees’ meeting expenses of the main and subsidiary charities, insofar as they relate to the general
management of the charities, including the costs of travel		 2021
£’000
62
(2)
4

1
2
67		 2020
£’000

60

9

5
3
7

84

8 DIRECT AND INDIRECT SUPPORT COSTS

Costs that are directly attributable to activities of the Charity are allocated to the respective cost headings during the year. This allocation includes support costs where they are directly attributable. For example, in the case of the costs of a parish, both directly attributable costs and the direct support costs of running that parish have been allocated to that parish during the year.

The Vicariate for Administration offers general advice and help to all parishes and central agencies. The Vicariate for Administration, together with the Office of the Moderator, administers accounts, trusts, investments, banking, payroll and human resources matters, insurances, some parish projects, property management and transactions, legal matters, tax reclaims, parish assessments, the parish administration manual and health and safety. Where these support costs are directly attributable to activities of the Charity, they are allocated to the respective cost headings during the year. Those costs not directly attributable have been allocated across the activities of the Charity, based on the Trustees’ estimate of usage of resources.

9 TRUSTEE EMOLUMENTS AND RELATED PARTY TRANSACTIONS

Trustees do not receive any remuneration by virtue of their positions as trustees. Trustees who are Roman Catholic priests of the Diocese of Plymouth are housed and remunerated in their parishes and are reimbursed expenses for carrying out their priestly duties in the same way as priests who are not trustees. To assist him in the performance of his duties, the Bishop is provided with a flat and his expenses in carrying out his office as Bishop are borne out of curial funds.

One Trustee (2020: four Trustees) received travel expenses totalling £19 (2020: £943) in their capacity as trustees during the year. In addition, costs of Trustee meetings of £1,697 (2020 £1,198) were paid directly by the charity.

Throughout the year, Trustees who are not members of the clergy attend Mass and other services and events within the Diocese of Plymouth in their capacity as parishioners. In the course of doing so, they will contribute to the offertory and make other financial contributions. The nature of such giving means that it is not possible to quantify the amount donated to the Charity by its Trustees during any financial year.

40

PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Trustees Report and Financial Statements for the year ended 31 March 2021

10 STAFF COSTS AND REMUNERATION OF KEY MANAGEMENT PERSONNEL


Gross wages and salaries
Employer’s National Insurance Contributions
Pension Contributions (money purchase schemes – see note 11)
Termination Payments (2020:4 employees)
The average number of employees, (both full-time and part-time), by the charity and its
subsidiaries during the year was:
Parishes (mainly part-time employees)
Pastoral (full-time equivalent: 11)
Central management (full-time equivalent: 16)
The following table shows the number of employees whose emoluments, excluding pension
contributions, but including benefits in kind, were at a rate equal to or greater than £60,000 per
annum:
£60,001 to £70,000
£70,001 to £80,000
£80,001 to £90,000+
The amount of pension contributions, (money purchase scheme), paid in the year for the above
employees amounted to:
The number of staff to whom retirement benefits are accruing is:
Money purchase schemes
Final salary schemes		 2021
£’000
1,373
75
113
0
Number
88
25
25
138
Number
-
1
1
£’000
18
48
-		 2020
£’000

1,289
72
107
11
Number
103
21

24

148
Number
-
-
1
£’000
10
51
-

Voluntary workers

In addition to employees, the Charity has a number of unpaid volunteers who help in the parishes.

Priests and Deacons

In addition to employees, there were 45 priests and 33 permanent deacons in active ministry in the year.

Key management personnel

The key management personnel of the Charity in charge of directing and controlling, running and operating the charity on a day to day basis comprise the Trustees, the Oeconomus and the senior management team of the curial offices of the Plymouth Roman Catholic Diocesan Trust. The total remuneration (including taxable benefits, employer’s national insurance and employer’s pension contributions) of the key management personnel for the year was £324,343 (2020 - £336,776).

11 PENSIONS

The Charity participates in a money purchase scheme. The scheme is funded by contributions from the Charity and by the The Charity participates in a money purchase scheme. The scheme is funded by contributions from the Charity and by the
employees. Contributions are charged to the Statement of Financial Activities in the year in which they are paid. The total
employer’s costs charged for the year were as follows and there was £10,826 outstanding at the balance sheet date:
2021 2020
£’000 £’000
Money purchase schemes
113		 107
113 107

41

PLYMOUTH DIOCESAN TRUST

Charity Number: 213227 Trustees Report and Financial Statements for the year ended 31 March 2021

12A TANGIBLE FIXED ASSETS - CHARITY (excluding schools, works of art and historic treasures)




Historical cost/fair value at acquisition
(if donated)

At 1 April 2020
Additions
Disposals
At 31 March 2021

Accumulated Depreciation


At 1 April 2020
Charged this year
Disposals
At 31 March 2021


Net Book Value

At 31 March 2021
At 31 March 2020
Functional
land
Functional
buildings
£’000
£’000
319
37,394
-
1,948
-
(264)
Functional
land
Functional
buildings
£’000
£’000
319
37,394
-
1,948
-
(264)
Motor
vehicles
Fixtures,
fittings
and
equipment
Total

£’000
£’000
£’000



75
4,271
42,059

-
311
2,259
-
(2,223)
(2,487)
Motor
vehicles
Fixtures,
fittings
and
equipment
Total

£’000
£’000
£’000



75
4,271
42,059

-
311
2,259
-
(2,223)
(2,487)
319
39,078
75
2,359
41,831
-
7,182
-
758
-
(66)



75
3,566
10,823

-
294
1,052
-
(2,219)
(2,285)
-
7,874
75
1,641
9,590


319 31,204 - 718
32,241
319
30,212		 -
705
31,236

Functional Land and Functional Buildings include former functional properties with sale restrictions.

Details of insurance values of buildings are given in note 14.

The net book value of functional buildings includes £423,703 (2020:£430,561) in respect of buildings built on leasehold land.

Works of art, treasures and plate are not capitalised in these accounts. They are considered to be heritage assets for the purposes of the Statement of Recommended Practice Accounting and Reporting by Charities. The assets are integral to the Charity’s overall objective of advancing the Catholic religion. They all have very long lives and are worth preserving indefinitely. The Trustees consider that it would be prejudicial to the safe custody of these assets to disclose details of their value and usage in these accounts.

Schools’ land and buildings are not capitalised in these Accounts (see accounting policy note 1(l) for further details).

42

PLYMOUTH DIOCESAN TRUST

Charity Number: 213227 Trustees Report and Financial Statements for the year ended 31 March 2021

12B TANGIBLE FIXED ASSETS - GROUP (excluding schools, works of art and historic treasures)





Historical cost/ fair value at
acquisition (if donated)

At 1 April 2020
Additions
Disposals
At 31 March 2021

Accumulated Depreciation


At 1 April 2020
Charged this year
Disposals
At 31 March 2021


Net Book Value

At 31 March 2021
At 31 March 2020		 Functional
land
Functional
Buildings
Motor
vehicles
£’000
£’000
£’000


319
38,027
75
-
1,948
-
-
(264)
-		 Functional
land
Functional
Buildings
Motor
vehicles
£’000
£’000
£’000


319
38,027
75
-
1,948
-
-
(264)
-		 Functional
land
Functional
Buildings
Motor
vehicles
£’000
£’000
£’000


319
38,027
75
-
1,948
-
-
(264)
-		 Fixtures,
fittings and
equipment
Total

£’000
£’000

4,289
42,710
312
2,260
(2,223)
(2,487)
319
39,711
75
2,378
42,483



-
7,264
75
-
767
-
-
(66)
-
3,577
10,916
295
1,062
(2,219)
(2,285)
-
7,965
75
1,653
9,693


319 31,746 - 725
32,790
319
30,763
-		 712
31,794

Functional Land and Functional Buildings include former functional properties with sale restrictions.

Details of insurance values of buildings are given in note 14.

The net book value of functional buildings includes £634,483 (2020:£643,240) in respect of buildings built on leasehold land.

Works of art, treasures and plate are not capitalised in these accounts. They are considered to be heritage assets for the purposes of the Statement of Recommended Practice Accounting and Reporting by Charities. The assets are integral to the Charity’s overall objective of advancing the Catholic religion. They all have very long lives and are worth preserving indefinitely. The Trustees consider that it would be prejudicial to the safe custody of these assets to disclose details of their value and usage in these accounts.

Schools’ land and buildings are not capitalised in these Accounts; (see accounting policy note 1(l) for further details).

43

PLYMOUTH DIOCESAN TRUST

Charity Number: 213227 Trustees Report and Financial Statements for the year ended 31 March 2021

13 PROPERTIES AWAITING SALE - CHARITY

Former Current
Current


Former
functional
properties
Donate
d
proper
ties
Former
functional
properties
£’000
£’000
£’0000


At 1 April 2020
20
323
1,500
Transfers
-
Additions
-
Net gain on revaluation
-
50
-
Other
-
At 31 March 2021
20
383
1,500
Historical cost / fair value at acquisition (if donated)
At 31 March 2021
232
At 31 March 2020
232
Details of insurance values of buildings are given in note 14.
Independent professional valuations were carried out as at 31 March 2021.		 Non Current
Former
functional
properties
Donated
properties
Total
£’000
£’000
£’000


75
435
2,010
-
-
-
54
-
54
220
-
220
-
-
-		 Non Current
Former
functional
properties
Donated
properties
Total
£’000
£’000
£’000


75
435
2,010
-
-
-
54
-
54
220
-
220
-
-
-		 Non Current
Former
functional
properties
Donated
properties
Total
£’000
£’000
£’000


75
435
2,010
-
-
-
54
-
54
220
-
220
-
-
-
Former
functional
properties
£’000
75
-
54
220
-
349 435 2,284
120


69
421
66 69
367

14 INSURANCE VALUE OF BUILDINGS

As detailed in accounting policy note 1(l), schools are not capitalised in these Accounts, unless it is planned to close a school and realise its assets in the foreseeable future. The insurance (rebuilding/ reinstatement) value of buildings on 31 March 2021, (including those properties that are capitalised in notes 12, 13 and 15 of these Accounts), was as set out below. These values do not represent the market value and exclude the value of the land. The reinstatement values are set by insurers, not the Trustees and as such it is the responsibility of the insurers to cover any shortfall should this be necessary.

Diocesan and parish property, churches, presbyteries and halls 2021
£’000
298,345
298,345
2020
£’000

298,839

298,839

44

PLYMOUTH DIOCESAN TRUST

Charity Number: 213227 Trustees Report and Financial Statements for the year ended 31 March 2021

15A FIXED ASSET INVESTMENTS

At 1 April 2020
Additions
Disposal at opening book value
Netgain/(loss)on revaluation		 Charity
Charitable
& trading
subsidiaries
Group
Investment
properties
Other
investments
Common
Investment
Fund
£’000
£’000
£’000
£’000
£’000
£’000
43,147
487
43,634
2,845
283
40,506
9,796
7
9,803
-
27
9,776
(13,974)
(35)
(14,009)
(656)
(62)
(13,291)
10,897
65
10,962
401
(2)
10,563		 Charity
Charitable
& trading
subsidiaries
Group
Investment
properties
Other
investments
Common
Investment
Fund
£’000
£’000
£’000
£’000
£’000
£’000
43,147
487
43,634
2,845
283
40,506
9,796
7
9,803
-
27
9,776
(13,974)
(35)
(14,009)
(656)
(62)
(13,291)
10,897
65
10,962
401
(2)
10,563		 Charity
Charitable
& trading
subsidiaries
Group
Investment
properties
Other
investments
Common
Investment
Fund
£’000
£’000
£’000
£’000
£’000
£’000
43,147
487
43,634
2,845
283
40,506
9,796
7
9,803
-
27
9,776
(13,974)
(35)
(14,009)
(656)
(62)
(13,291)
10,897
65
10,962
401
(2)
10,563		 Charity
Charitable
& trading
subsidiaries
Group
Investment
properties
Other
investments
Common
Investment
Fund
£’000
£’000
£’000
£’000
£’000
£’000
43,147
487
43,634
2,845
283
40,506
9,796
7
9,803
-
27
9,776
(13,974)
(35)
(14,009)
(656)
(62)
(13,291)
10,897
65
10,962
401
(2)
10,563
At 31 March 2021 49,866
524		 50,390 2,590
246		 47,554
Represented by:
UK investment properties
Direct investment in listed UK securities
Direct investment in listed international
securities
Multi-asset funds – non region specific
Credit and illiquid strategies
Global funds
Gold and precious metals
Forward foreign exchange
Options
UK cash funds and cash held as part of
investment portfolio
Investments in UK subsidiary and
associated company
Other investments
At 31 March 2021
Analysed between:
Endowment funds
Restricted funds
Unrestricted and Designated funds
Historical cost at 31 March 2021		 2,590
-
2,590
2,590
-
-
4,171
166
4,337
-
166
4,171

6,530
73
6,603
-
73
6,530
27,188
283
27,471
-
-
27,471
2,413
-
2,413
-
-
2,413
3,980
-
3,980
-
-
3,980
1,209
-
1,209
-
-
1,209
10
-
10
-
-
10
963
-
963
-
-
963
732
3
735
-
3
732
1
79
(1)
-
-
79
-
-
-
4
-
75
49,866
524		 50,390 2,590
246		 47,554
1,969
285
2,254
-
-
2,254
7,554
240
7,794
-
240
7,554
40,343
(1)
40,342
2,590
6
37,746
49,866
524		 50,390 2,590
246		 47,554
37,122
366
37,488
1,589
201
35,698

During the year the Common Investment Fund generated investment income of £602,000 (2020: £980,000), net investment gains of £10,562,853 (2020 : losses of £1,268,000) and incurred administration costs, including investment managers’ fees, of £290,000 (2020: £395,000).

At 31 March 2021 multi asset funds held as part of the Common Investment Fund included the following holdings deemed material when compared with the overall value of the fund at that date:

Newton SRI Fund for Charities £27,470,691

The Common Investment Fund relates to the investment portfolio of Plymouth Roman Catholic Diocesan Common Investment Fund. No material restrictions affect the realisation of the investments. The Trustees have estimated property values for the above properties using independent professional valuations carried out by WG Lean (RICS registered valuer) as at 31 March 2021. Details of insurance values of buildings are given in note 14. Common Investment Fund investments at 31 March 2021 include £103,250 cash awaiting conversion into units.

Ansteys Cove Development LLP – Joint Venture £4,205,680

The charity’s wholly owned subsidiary, DTL, is a member of Ansteys Cove Development LLP, and is entitled to 50% of any profit share arising. The joint venture’s principal activity is property development. In the period to 31 March 2021 there was no material profit or loss in the joint venture, and the balance due to the charitable group represents its share of the underlying net assets at cost.

45

PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Trustees Report and Financial Statements for the year ended 31 March 2021

15B FIXED ASSET INVESTMENTS

Total return investment of Permanent Endowments

A resolution to adopt the total return approach to investments of permanent endowment funds was made by the Trustees in April 2014. Detailed records had been maintained that identified the original gifts and the subsequent separate unapplied total returns.

The power of total return permits the trustees to invest permanently endowed funds to maximise total return and to apply an appropriate portion of the unapplied total return to income each year. Until the power is exercised to transfer a portion of unapplied total return to income, the unapplied total return remains invested as part of the permanent endowment.

The power allows the trustees to decide in each year how much of the unapplied total return is transferred to income funds and so available for expenditure. Having considered their obligations under the duty of even-handedness, the trustees made a transfer of £53,747 unapplied total return to restricted income funds. In making this decision the trustees have taken account of the investment climate, the return on investment for the year and the income needs of the charity.

A summary of the movements on the permanent endowment funds as well as the movements on the individual permanent endowment funds that are invested on a total return basis are as follows:

Summary of Movements
At 1 April 2020
Gift component of permanent endowment
Unapplied total return
Income fund
Total
Movement in unapplied total return and
endowment in the year:
Gift of endowment funds
Investment return: dividends and interest
Investment return: recognised and unrecognised
gains/(losses)
Management costs
Total
Unapplied total return allocated to income
Income fund transferred to restricted funds
Net movement in the year
Closing value of permanent endowment
Gift component of permanent endowment
Unapplied total return
Total at 31 March 2021		 Trust for
Investment
£’000
685
-
-		 Unapplied
Total Return
£’000
-
1,023
-		 Income
Fund
£’000
-
-
-		 Total
Endowment
£’000
685
1,023
-
685
5
-
-
-		 1,023
-
56
539
-		 -
-
-
-
-		 1,708
5
56
539
-
690
-
-		 1,618
(54)
-		 -
54
(54)		 2,308
-
(54)
690
690
-		 1,564
-
1,564		 -
-
-		 2,254
690
1,564
690 1,564 - 2,254

46

PLYNIOUTHDIOCESANTRUST Charity Number.. 213227 Triistees Report and Financial .Ststements for the year ended 31 March 2021 15B FIXED ASSET INVE.8TMENT OVEMfNT51F4YE IrnY4 2Q Purlyhes Vlncènl ￿￿￿kInSM0ggd￿t.dTFu sep01)te￿Ie￿$t¢t¢d. NO. 117159 Tru5tfDrlnvE5tmefit 75 Iniofflelund 115sT AVMee50Th.OIWesTrustRt.' Trustf0rln¥estm￿t 44 1mome1￿ftd endow¢mentltiansfeiredlrtmch•hty I￿¢mel￿n0 mVL￿nTrUtt[E075I lThccffl•lund 415seM TN511EC61 Irh¢omÈluné fvlimhullNo.4 Fufid IGiDVi Cotti84 Incomelund IrKomlund H￿d￿-PrIeStshOl￿I￿ho￿1Ufi4 un4pplkidtotil retuffl I￿o￿tru￿d 16> 164 StScholastltayfmst-kparatlY re8lstered-No 10509 TrU5tlDrlnv45t￿lfflt unlpplkdtotil retu Intofflelund 128 136 13 TrU￿lDr1￿v￿5tm1fflt 109 175 IntO￿elu￿d Harol4 ￿$ter&Inder1aftdTFVlt io lThcomelufid jOhnW￿0￿0tttw￿lDryOVM1PeQ￿le TrU￿for1￿v0stffiefftt 15 IntO￿elU￿d CAI WHal*FundSeoo@te Bl￿ere￿-N0. 1074291 Trurtlorinve5tmofit 167 16> 67 iio Intometund TOTaLPERsfATEMENTOF MOVEMENTINFVND5 Trustforinvestmefit 1,023 519 541 47

PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Trustees Report and Financial Statements for the year ended 31 March 2021

16 DEBTORS

2021
Curial
£’000
Parochial
£’000
Charity
£’000
Charitable
& trading
subsidiaries
£’000
Group
£’000


Legacy debtors
-
319
319
-
319
Owed between Curia and
Parishes
(403)
403
-
-
-
Taxation recoverable
-
448
448
-
448
Net amount due (to)/from
subsidiary
4,206
-
4,206
-
-
Net amount due (to)/from
associated company (note 22)
17
-
17
-
17
Other debtors/ prepayments
291
292
583
56
639
4,111
1,462
5,573
56
1,423



Due within one year
4,111
1,462
5,573
56
1,423
Due after more than one year
-
-

-
-
4,111
1,462
5,573
56
1,423		 2020
Charity
£’000
Group
£’000
483
483
-
-
492
492
4,067
-
13
13
261
323		 2020
Charity
£’000
Group
£’000
483
483
-
-
492
492
4,067
-
13
13
261
323
5,316 1,311
5,316
1,311
-
-
5,316
1,311

The Charity is also entitled to three legacies subject to a life interest held by another party, which have not been accrued in these accounts, in accordance with Accounting Policy note 1(f).

17 SHORT AND LONG TERM LOANS

These relate to loans between the Curial Office and the Parishes and are interest free and unsecured.

18A CREDITORS

2021
Curial
£’000
Parochial
£’000
Charity
£’000





Due to Common Investment Fund 105
-
105
Purchase ledger balances
137
-
137
Other loans
-
88
88
Owed to third parties (note 5)
-
41
41
Accruals
208
312
520
Sundry creditors
256
108
364
706
549
1,255		 2021
Curial
£’000
Parochial
£’000
Charity
£’000





Due to Common Investment Fund 105
-
105
Purchase ledger balances
137
-
137
Other loans
-
88
88
Owed to third parties (note 5)
-
41
41
Accruals
208
312
520
Sundry creditors
256
108
364
706
549
1,255		 2021
Curial
£’000
Parochial
£’000
Charity
£’000





Due to Common Investment Fund 105
-
105
Purchase ledger balances
137
-
137
Other loans
-
88
88
Owed to third parties (note 5)
-
41
41
Accruals
208
312
520
Sundry creditors
256
108
364
706
549
1,255		 2021
Curial
£’000
Parochial
£’000
Charity
£’000





Due to Common Investment Fund 105
-
105
Purchase ledger balances
137
-
137
Other loans
-
88
88
Owed to third parties (note 5)
-
41
41
Accruals
208
312
520
Sundry creditors
256
108
364
706
549
1,255		 Charitable
& trading
subsidiaries
£’000
Group
£’000

-
105
(3)
134
-
88
-
41
163
683
122
486
282
1,537		 2020
Charity
£’000
Group
£’000

11
11

168
165

88
88

40
40

319
501

243
329

869
1,134		 2020
Charity
£’000
Group
£’000

11
11

168
165

88
88

40
40

319
501

243
329

869
1,134
706 549 1,255 282 1,134

18B CREDITORS OVER ONE YEAR


Accruals		 500
-
500
-
500
500
-
500
-
500
2021
Curial
£’000
Parochial
£’000
Charity
£’000
Charitable
& trading
subsidiaries
£’000
Group
£’000		 500
-
500
-
500
500
-
500
-
500
2021
Curial
£’000
Parochial
£’000
Charity
£’000
Charitable
& trading
subsidiaries
£’000
Group
£’000		 500
-
500
-
500
500
-
500
-
500
2021
Curial
£’000
Parochial
£’000
Charity
£’000
Charitable
& trading
subsidiaries
£’000
Group
£’000		 500
-
500
-
500
500
-
500
-
500
2021
Curial
£’000
Parochial
£’000
Charity
£’000
Charitable
& trading
subsidiaries
£’000
Group
£’000		 2020 2020
750
750
Charity
£’000
Group
£’000
500 - 500 - 750 750

48

PLYMOUTH DIOCESAN TRUST

Charity Number: 213227 Trustees Report and Financial Statements for the year ended 31 March 2021

19 FUNDS – CURRENT YEAR

Analysis of charitable funds
Permanent Endowments
St Scholastica’s Trust (a)
Other
Curia and subsidiaries
Parishes
Total
Restricted Reserves
Active Religious (b)
Catholic Children’s Society Plymouth (c)
Children’s Welfare (d)
Clergy Abroad (e)
Ecclesiastical Education (f)
Elderly support (g)
Formation (h)
Kathleen Maude Clark Trust (i)
Other
Curia and subsidiaries
Parishes
Total
Designated and Unrestricted Reserves
Active Religious (b)
Ecclesiastical Education (f)
Safeguarding (j)
Church Building Fund (k)
Poor Missions (l)
Schools Commission (m)
Tribunal (n)
Formation (h)
Other
Trading subsidiary
Curia and subsidiaries
Parishes
Total
Total Charitable Group funds		 Balance at
Statement of Financial Activities
1 April
2020
Incoming
resources
Resources
expended
Investment
gains and
(losses)
£’000
£’000
£’000
£’000

429
13
-
136
764
18
-
249		 Balance at
Statement of Financial Activities
1 April
2020
Incoming
resources
Resources
expended
Investment
gains and
(losses)
£’000
£’000
£’000
£’000

429
13
-
136
764
18
-
249		 Balance at
Statement of Financial Activities
1 April
2020
Incoming
resources
Resources
expended
Investment
gains and
(losses)
£’000
£’000
£’000
£’000

429
13
-
136
764
18
-
249		 Balance at
Statement of Financial Activities
1 April
2020
Incoming
resources
Resources
expended
Investment
gains and
(losses)
£’000
£’000
£’000
£’000

429
13
-
136
764
18
-
249		 Transfers
Balance at
and other
movements
31 March
2021
£’000
£’000
-
578
(37)
994		 Transfers
Balance at
and other
movements
31 March
2021
£’000
£’000
-
578
(37)
994
1,193
31
515
30
-
385

-
154		 (37)
1,572
(17)
682

1,708
61
-
539		 (54)
2,254

843
12
306
70
388
16
324
10
715
23
445
20
474
20
382
-
2,413
153
-
57

(102)
(2)

-
76

-
47

-
113

-
97

-
95

(10)
-

(242)
219		 -
912
-
272
-
480
-
381
-
851
(9)
553
-
589
-
372
39
2,582
6,290
324
5,479
812
(354)
702

(362)
1,008		 30
6,992
7
6,944

11,769
1,136
(716)
1,710		 37
13,936
5,523
160
1,737
64
36
30
2,568
75
1,435
86
914
43
1,011
40
6,178
236
9,958
(280)
(24)
777

(6)
308

(147)
114

(10)
365

-
260

(60)
185

(20)
176

(47)
1,131

(1,241)
2,273		 (3,135)
3,301
(639)
1,464
7
40
54
3,052
-
1,781
1,427
2,509
363
1,570
(4,918)
2,580
7,021
17,731
- 113 (89) - - 24
29,360
567
45,688
4,080
(1,644)
5,589

(4,784)
3,344		 180
34,052
(163)
48,165

75,048
4,647
(6,428)
8,933		 17
82,217
88,525 5,844 (7,144) 11,182 - 98,407

Descriptions of the different types of funds, (a, b, c etc.) are shown on page 53.

49

PLYMOUTH DIOCESAN TRUST

Charity Number: 213227 Trustees Report and Financial Statements for the year ended 31 March 2021

19 FUNDS – PRIOR YEAR

**19 FUNDS – PRIOR YEAR **
Analysis of charitable funds
Permanent Endowments
St Scholastica’s Trust (a)
Other
Curia and subsidiaries
Parishes
Total
Restricted Reserves
Active Religious (b)
Catholic Children’s Society Plymouth (c)
Children’s Welfare (d)
Clergy Abroad (e)
Ecclesiastical Education (f)
Elderly support (g)
Formation (h)
Kathleen Maude Clark Trust (i)
Other
Curia and subsidiaries
Parishes
Total
Designated and Unrestricted Reserves
Active Religious (b)
Ecclesiastical Education (f)
Safeguarding (j)
Church Building Fund (k)
Poor Missions (l)
Schools Commission (m)
Tribunal (n)
Formation (h)
Other
Trading subsidiary
Curia and subsidiaries
Parishes
Total
Total Charitable Group funds		 Balance at
Statement of Financial Activities
Transfers
Balance at
1 April
2019
Incoming
resources
Resources
expended
Investment
gains and
(losses)
and other
movements
31 March
2020
£’000
£’000
£’000
£’000
£’000
£’000

465
13
-
(36)
(13)
429
810
24
-
(46)
(24)
764
1,275
37
-
(82)
(37)
1,193
576
15
-
(60)
(16)
515

1,851
52
-
(142)
(53)
1,708


847
10
-
(14)
-
843
272
88
(95)
41
-
306
394
14
-
(20)
-
388
336
-
-
(12)
-
324
723
17
-
(25)
-
715
470
17
-
(25)
(17)
445
482
21
-
(29)
-
474
392
-
(10)
-
-
382
1,396
1,122
(175)
33
37
2,413


-
(14)
-
843

(95)
41
-
306

-
(20)
-
388

-
(12)
-
324

-
(25)
-
715

-
(25)
(17)
445

-
(29)
-
474

(10)
-
-
382

(175)
33
37
2,413
5,312
1,289
5,380
490
(280)
(51)
20
6,290

(270)
(74)
(47)
5,479

10,692
1,779
(550)
(125)
(27)
11,769
5,362
137
1,669
54
138
21
2,490
64
1,398
46
908
33
991
35
5,954
199
11,364
95
(14)
61
(23)
5,523

(10)
24
-
1,737

(139)
9
7
36

(7)
29
(8)
2,568

-
21
(30)
1,435

(42)
15
-
914

(40)
14
11
1,011

(47)
73
(1)
6,178

(1,370)
3
(134)
9,958
(19) 138 (119) -
-		 -
30,255
822
44,620
5,304
(1,788)
249
(178)
29,360

(4,558)
64
258
45,688

74,875
6,126
(6,346)
313
80
75,048
87,418 7,957 (6,896) 46
-		 88,525

50

PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Trustees Report and Financial Statements for the year ended 31 March 2021

19 FUNDS continued

The Trustees consider that the long-term nature of the aims of the Charity require that they exercise their power to accumulate surplus income and hold such funds as designated funds. These funds are necessary in order to secure the Charity’s ability to support the fundamental objectives of the Plymouth Roman Catholic Diocese now and in future years.

The large geographical area covered by the Plymouth Diocese and the relatively small mass attendance, means that the Charity has to maintain a large number of buildings and provide services over a wide area, with limited annual voluntary income.

It is, therefore, the Trustees’ policy to accumulate surpluses and one-off income such as legacies and invest these funds for the long term. This action will in turn provide a growing income stream for future years to cover the costs mentioned above.

Total funds at 31 March 2021 were represented by:

Fixed Assets
Tangible fixed assets
Properties awaiting sale
Investment in joint venture
Investments (note a)
Creditors over one year
Net current assets
Endowment
Restricted
Unrestricted – Designated and General
Note a:
Investments comprise:
Investment properties
Funds awaiting introduction to Common Investment Fund
Investments in Common Investment Fund
Other investments
Investment in UK subsidiary		 -------------Curial-------------- ------------Parochial-----------
Restricted
funds
Unrestricted
funds
Restricted
Funds
Unrestricted
funds
£’000
£’000
£’000
£’000



648
3,548
-
28,045
-
1,435
-
849
-
-
-
-
4,488
25,915
5,036
14,427
-
(500)
-
-
2,491
3,540
2,590
4,844
7,627
33,938
7,626
48,165



1,329
-
682
-
6,298
-
6,944
-
-
33,938
-
48,165
7,627
33,938
7,626
48,165









-
1,168
-
1,422
1
-
-
102
4,487
-
24,740
6
5,036
-
12,903
-
-
1
-
-
4,488
25,915
5,036
14,427		 -------------Curial-------------- ------------Parochial-----------
Restricted
funds
Unrestricted
funds
Restricted
Funds
Unrestricted
funds
£’000
£’000
£’000
£’000



648
3,548
-
28,045
-
1,435
-
849
-
-
-
-
4,488
25,915
5,036
14,427
-
(500)
-
-
2,491
3,540
2,590
4,844
7,627
33,938
7,626
48,165



1,329
-
682
-
6,298
-
6,944
-
-
33,938
-
48,165
7,627
33,938
7,626
48,165









-
1,168
-
1,422
1
-
-
102
4,487
-
24,740
6
5,036
-
12,903
-
-
1
-
-
4,488
25,915
5,036
14,427		 -------------Curial-------------- ------------Parochial-----------
Restricted
funds
Unrestricted
funds
Restricted
Funds
Unrestricted
funds
£’000
£’000
£’000
£’000



648
3,548
-
28,045
-
1,435
-
849
-
-
-
-
4,488
25,915
5,036
14,427
-
(500)
-
-
2,491
3,540
2,590
4,844
7,627
33,938
7,626
48,165



1,329
-
682
-
6,298
-
6,944
-
-
33,938
-
48,165
7,627
33,938
7,626
48,165









-
1,168
-
1,422
1
-
-
102
4,487
-
24,740
6
5,036
-
12,903
-
-
1
-
-
4,488
25,915
5,036
14,427		 -------------Curial-------------- ------------Parochial-----------
Restricted
funds
Unrestricted
funds
Restricted
Funds
Unrestricted
funds
£’000
£’000
£’000
£’000



648
3,548
-
28,045
-
1,435
-
849
-
-
-
-
4,488
25,915
5,036
14,427
-
(500)
-
-
2,491
3,540
2,590
4,844
7,627
33,938
7,626
48,165



1,329
-
682
-
6,298
-
6,944
-
-
33,938
-
48,165
7,627
33,938
7,626
48,165









-
1,168
-
1,422
1
-
-
102
4,487
-
24,740
6
5,036
-
12,903
-
-
1
-
-
4,488
25,915
5,036
14,427
7,627 33,938 7,626 48,165


1,329
-
682
6,298
-
6,944
-
33,938
-
7,627 33,938 7,626 48,165






-
1,168
-
1
-
-
4,487
-
24,740
6
5,036
-
-
1
-
4,488
25,915
5,036

Sufficient funds are held in an appropriate form to enable each fund to be applied in accordance with any restriction imposed.

51

PLYMOUTH DIOCESAN TRUST

Charity Number: 213227 Trustees Report and Financial Statements for the year ended 31 March 2021

19 FUNDS continued

Monies collected and accumulated in parishes are, according to Canon Law, under the control and direction of the Parish Priest. Parishes are encouraged to participate fully in the local and universal church and, indeed, contribute to the diocese- wide activities via the parish levy. Although the Trustees of the Charity have ultimate responsibility for all charitable funds, the juridical person who holds parish funds is the Parish Priest and, therefore, in the Accounts of the Plymouth Diocese, although there are parish funds that are shown as unrestricted, they are unrestricted only insofar as their usage within the relevant parishes.

The Trustees can foresee substantial increases in expenditure in the future, which are unlikely to be met from future increases in voluntary or fund-raising income. The Trustees have, therefore, formulated the reserves policy, which enables the Charity to fulfil its objectives and allow for expansion in the future. Many of the designated funds that follow are formed as a result of donor-implied intentions for the moneys rather than binding legal obligations placed on the Trustees.

Fixed Assets
Tangible fixed assets
Properties awaiting sale
Investment in joint venture
Investments (note a)
Creditors over one year
Net current assets
Endowment
Restricted

Unrestricted – Designated and General
Note a:
Investments comprise:
Investment properties
Funds awaiting introduction to Common Investment Fund
Investments in Common Investment Fund
Other investments
Investment in UK subsidiary		 Charity
Total

£’000



32,241
2,284
-
49,866
(500)
13,465		 Charitable and Trading
-------------Subsidiaries---------
----
Restricted
Funds
Unrestricted
Funds
£’000
£’000
549
-
-
-
-
-
525
(1)
-
-
(137)
115		 Charitable and Trading
-------------Subsidiaries---------
----
Restricted
Funds
Unrestricted
Funds
£’000
£’000
549
-
-
-
-
-
525
(1)
-
-
(137)
115		 Group
Total
£’000

32,790

2,284

4,206

50,390

(500)

9,237		 Group
Total
£’000

32,790

2,284

4,206

50,390

(500)

9,237
97,356 937 114 98,407

2,011
13,242
82,103		 243
-
694
-
-
114
2,254

13,936

82,217
97,356 937 114 98,407



2,590
103
47,166
6
1		 -
-
-
-
285
-
240
-
-
(1)
2,590

103

47,451

246
-
50,390
49,866 525
(1)

Further analysis of investments may be found in note 15.

52

PLYMOUTH DIOCESAN TRUST

Charity Number: 213227 Trustees Report and Financial Statements for the year ended 31 March 2021

19 FUNDS continued

The movement of funds shown on page 49 is classified in accordance with note 1 I to the Accounts.

The funds carried forward at 31 March 2021 represent:

53

PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Trustees Report and Financial Statements for the year ended 31 March 2021

20 COMMITMENTS AND CONTINGENT LIABILITIES

Commitments

The Charity has leased St Boniface House, Ashburton from Buckfast Abbey. The lease is for 20 years from January 2013 and the annual rental payments are £65,776, making the total capital commitment at 31 March 2021 £772,868 (2020:£838,644).

In addition, the Charity’s wholly owned subsidiary, Diocesan Trading Limited, has entered into a loan agreement with its joint venture, Ansteys Cove Development LLP, to provide a facility of up to £4m.

Parish commitments were as follows:

Reconciliation of movement in the year
Commitment at 31 March 2020
Less: falling due within the year ended 31 March 2021
Add: estimated commitments falling due in the year ended 31 March 2021
Commitments at 31 March 2020 (falling due within one year)		 £’000

91
(91)
-
399
399

At 31 March 2021 there were three (2020: one) forward foreign exchange contracts within the Common Investment Fund, with a value of £10,469 (2020 : (£46,729)). The post year end settlement was a payment of £15,872 (2020: receipt £47,914).

Contingent Liabilities

Included within tangible fixed assets is a property with a carrying value of £1,632,382 (2020:£1,519,374) that was gifted to the charity in 2015. The terms of the gift include a covenant that requires for a period of twenty five years the charity uses the property for the advancement of the Roman Catholic Religion or that they preserve and protect the property and its Roman Catholic heritage as a place of religious, historical and architectural interest. If the property is not used for either of these purposes during this time the property must be transferred back to the donor. Alternatively, if the property is sold within twenty five years of the transfer there is a clawback clause that requires a proportion of the proceeds to be repaid to the donor. The Trustees have no plans to dispose of the property in the foreseeable future and intend to adhere to the terms of the covenant.

In addition to the above, there is another property included within tangible fixed assets with a carrying value of £425,000 (2020:£425,000) that was gifted to the charity in 2018. The terms of the gift include a clause that if the property is sold within twenty one years of the transfer there is a clawback clause that requires a proportion of the proceeds to be repaid to the donor. The Trustees have no plans to dispose of the property in the foreseeable future and intend to adhere to the terms of the covenant.

21 PLYMOUTH CAST

Plymouth CAST is a Multi Academy Trust operating 33 primary and 2 secondary academies across Cornwall, Devon and Dorset. The schools are predominantly Catholic schools and there are some joint schools. The Trust is a company limited by guarantee and an exempt charity. As at 31 March 2021, the Trust had 3 members, including The Plymouth Diocese and Right Reverend M O’Toole, Bishop of Plymouth.

The Bishop of Plymouth controls Plymouth CAST by virtue of his ability to appoint the majority of the Board of Trustees. Plymouth Diocese does not consider that it controls Plymouth CAST and therefore it is not a subsidiary company as defined within SORP (FRS102). Plymouth Diocese does not have significant influence over Plymouth CAST by virtue of its membership in the company. Through the direction of The Bishop of Plymouth the Diocese offers support and guidance where appropriate in order to deliver the educational objectives of that charity. Further details are contained within the Trustees’ Report.

The Plymouth Diocese has granted Plymouth CAST use of its school freehold land and buildings as specified in the Church Supplemental Agreements, which require not less than 2 years written notice to Plymouth CAST to terminate the agreement. The Academies Financial Handbook makes clear that in the opinion of the Education Funding Agency the risks and rewards of ownership of the land and buildings lie with Plymouth Diocese.

As explained in accounting policy 1(m) these land and buildings are, and have historically been, included at £nil value in the accounts of Plymouth Diocese. The Diocesan Trustees consider that no meaningful value can be attributed to these assets since they are not used directly by the Charity, do not generate income, and cannot be disposed of in the open market or put to alternative use while such occupation by the schools, which may be indefinite, continues. As a consequence, no value is attributed to the investment in Plymouth CAST in the entity or consolidated balance sheet.

54

PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Trustees Report and Financial Statements for the year ended 31 March 2021

In the year to 31 August 2020 The Plymouth Diocese supplied Plymouth CAST with resources, services and fixed assets at a cost of £76,215 (2019: £62,815). The Plymouth Diocese provided Plymouth CAST with the use of school land and buildings during the year to 31 August 2020 that are deemed to have a notional rent value of £1,956,450 (2019:£1,948,335). This is not included in income of - The Plymouth Diocesan Trust. A full copy of the accounts of Plymouth CAST may be obtained from http://castportal.plymouth diocese.org.uk or the Companies House website.

22 INTER-DIOCESAN FUEL MANAGEMENT LIMITED

The Diocese holds one of the nine £1 ordinary shares issued by Inter-Diocesan Fuel Management Limited, a company set up in conjunction with eight other Dioceses in order to obtain competitively priced energy for Diocesan properties. The profits of the company are gift-aided to the participating Dioceses.

55

PLYMOUTH DIOCESAN TRUST

Charity Number: 213227 Trustees Report and Financial Statements for the year ended 31 March 2021

23 GROUP STATEMENT OF FINANCIAL ACTIVITIES 2020

Notes
INCOME AND ENDOWMENTS FROM:
Donations and legacies
2
Charitable activities
3
Gross trading income of trading subsidiary
Investments
4
Other
Total Income
5
EXPENDITURE ON:
Raising funds
Cost of sales of trading subsidiary
Charitable activities
Provision for worship & Liturgy
Ministry support
Pastoral and community
New evangelisation, Catechesis & youth
Caritas
Faith & vocational discernment
Diocesan Education & schools
Total expenditure
5, 6
Net income / (expenditure) before other recognised gains
and (losses)
Other recognised gains and (losses)
Gains, losses and revaluations on properties
13, 15
Gains, losses and revaluations on other investments
Total
Net income / (expenditure) after gains and losses
Transfers between Curial Office and Parishes
Permanent Endowment fund transfers
Other transfers between funds
Net income / (expenditure) and net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Curial and Subsidiaries
Unrestricted
£’000
Restricted
£’000
Endowment
£’000
92
1,194
2
171
36
-
6
-
-
553
59
35
-
-
-		 Sub-
Total
£’000
1,288
207
6
647
-
822
1,289
37		 2,148
202
22
-
119
-
-		 224
119
321
22
-
36
1
-
639
83
-
334
84
-
119
-
-
50
-
-
131
-
-
158
90
-		 343
37
722
418
119
50
131
248
1,788
280
-		 2,068
(966)
1,009
37
-
-
-
249
(51)
(82)		 80
-
116
249
(51)
(82)		 116
(717)
958
(45)
(195)
-
-
-
37
(37)
17
(17)
-		 196
(195)
-
-
(895)
978
(82)		 1
30,255
5,312
1,275		 36,842
29,360
6,290
1,193		 36,843

The results derive from continuing activities.

56

PLYMOUTH DIOCESAN TRUST

Charity Number: 213227 Trustees Report and Financial Statements for the year ended 31 March 2021

GROUP STATEMENT OF FINANCIAL ACTIVITIES 2020

Notes
2
3
4
5
5, 6		 Parochial
Unrestricted
£’000
Restricted
£’000
Endowment
£’000
4,306
197
-
732
219
-
-
-
-
264
74
15
2
-
-		 Sub-
Total
£’000
4,503
951
-
353
2
5,809
171
-
171
3,646
912
91
-
-
-
8
4,828
981
5
(75)
(70)
911
195
-
-
1,106
50,576
51,682		 2020
Total
£’000
5,791
1,158
6
1,000
2
7,957
395
119
514
3,683
1,634
509
119
50
131
256
6,896
1,061
5
41
46
1,107
-
-
-
1,107
87,418
88,525		 2019
Total
£’000
4,859
1,274
124
942
32
5,304
490
15		 7,231
142
29
-
-
-
-		 445
149
142
29
-
3,452
194
-
884
28
-
75
-
-
-
16
-
-
-
-
-
-
-
5
3
-		 594
3,710
1,663
466
120
36
72
93
4,558
270
-		 6,754
746
220
15
5
-
-
59
(74)
(60)		 477
767
798
64
(74)
(60)		 1,565
810
146
(45)
254
(59)
-
16
(16)
4
(4)
-		 2,042
-
-
-
1,068
99
(61)		 2,042
44,620
5,380
576		 85,376
45,688
5,479
515		 87,418

57

PLYMOUTH DIOCESAN TRUST

Charity Number: 213227 Trustees Report and Financial Statements for the year ended 31 March 2021

24 FINANCIAL ACTIVITIES OF SUBSIDIARIES

The group accounts include the following results of its subsidiaries:
Total income
Total expenditure
Net Gains
Net income/deficit
Net assets by subsidiary:
Kathleen Maude Clark Trust
Clarence Ada & Winnifred Halse Trust
Catholic Children’s Society
Diocesan Trading Limited		 2021
2020
£’000
£’000
189
232
(201)
(224)
65
23
53
31
392
402
358
284
270
305
31
7
1,051
998

58