2022-03-31-accounts

PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Trustees’ Report and Financial Statements for the year ended 31 March 2022

The Roman Catholic Diocese of Plymouth

Plymouth Diocesan Trust

Trustees’ Report and Financial Statements for the year ended 31 March 2022

PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Trustees’ Report and Financial Statements for the year ended 31 March 2022

Index
Page	Contents
3	Introduction-Diocesan Administrator
4–20	Annual Report
21–23	Independent Auditors’ Report
24–25	Group Statement of Financial Activities 2022
26–27	Charity and Group Balance Sheet
28	Group Statement of Cash Flows
29–56	Notes to the Accounts

PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Trustees’ Report and Financial Statements for the year ended 31 March 2022

Introduction

Rev. Canon Paul Cummins – Chair of Trustees

On the 21[st ] day of June 2022, the Chapter of Canons, who in Church law, is the college of consultors for our diocese, met and elected me to serve as the Diocesan Administrator whilst the ‘see’ of our diocese (i.e. the seat of the Bishop) remains vacant.

My role as Diocesan Administrator comes with most of the obligations and authority of a diocesan bishop, particularly to ensure the continuity of the day-to-day affairs and operations of the diocese, and to provide leadership so that the mission of the Gospel may be taken forward effectively at all levels of the diocese until a new Bishop is appointed. Given the temporary nature of the role, this authority comes with some restraints and limitations: namely that ‘nothing is to be altered and there is to be no innovation such as a new programme or major initiatives during the vacancy’. The intention is to prevent decisions or actions that might harm or prejudice the rights of the incoming bishop. Nonetheless, I am assisted by the Trustees, the parish priests, our volunteers, our staff and the personnel in our schools, who together continue to be part of that leadership that ensures the continuity of our diocese.

Our focus, both as a church body and as an incorporated charity in civil law, remains to spread the good news of the Kingdom of God. This will always be our mission as a community and as individuals i.e. to propagate the Catholic faith. In essence, our aim must be to continue to cooperate with God's grace and help establish the Kingdom of God on earth, using all the gifts and resources that have been bestowed upon us. It means building a society in which all persons know God, feel his presence in their own lives, and recognise in each other the inherent dignity and infinite value God has given to every human person. St Paul writes in his letter to Titus that good works ‘are excellent and profitable for everyone’ (Titus 3:8) . I would add that the mission of a Christian extends beyond good works: rather it is to do them ‘joyfully’ and ‘lovingly’ for God.

This report demonstrates some of the many ways in which the activities of our diocese build the Kingdom of God: children receive a good education in our schools, the homeless are housed, the hungry fed and the lonely consoled. Our parishes and school communities have continued in their efforts to worship, minister, educate, serve those in need, and strive to make the Kingdom of God present on earth. Christ promised in the Gospels that these are actions that yield profit in the Kingdom of Heaven: Truly I tell you, just as you did it to one of the least of these who are members of my family, you did it to me . Matthew 25:40-45 . Equally as

profitable as these good works is the ceaseless proclamation of the Gospel at the liturgies and celebrations of the churches in our diocese, the ministry of the sacraments to the faithful, and the beauty of the art and the music that elevate the hearts of Christians in the worship of God, for that which unites heaven and earth builds up the Kingdom of God. This is the task all Christians are given by Our Lord, and that which lies at the heart of the mission of Plymouth Diocesan Trust, that is, to share the life and light of Christ with the world, to use the gifts God has given to return a profit on this treasure, and to do so with joy and gratitude. In the words of Christ himself: ‘Freely you have received; freely give’

As at the time of writing this report, we do not know the duration of the se de vacante status of our diocese, and I’m hopeful that it will not be for long. I am grateful and humbled by the trust that the people of the diocese and the Chapter has placed in me to serve as the Diocesan Administrator, particularly as this is a new experience for all of us in the diocese. Please pray for me, and for our diocese as we go through this period of transition. May each of us continue to take every opportunity to, as St Paul says, ‘serve one another … in works of love’ and to love our neighbours as ourselves.

May God bless you.

Canon Paul Cummins

Diocesan Administrator

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PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Trustees’ Report and Financial Statements for the year ended 31 March 2022

INTRODUCTION

The Trustees present their annual report and financial statements of Plymouth Diocesan Trust (the Charity) for the year ended 31 March 2022. 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

The provision of religious services of the Roman Catholic Church in such Churches and public Chapels in the Diocese.

Public Benefit provided

Religion is advanced through providing places of worship and facilitating religious practice, particularly through the Mass in our 61 parishes. There is a public celebration of mass on virtually every day in every parish and at weekends the main Sunday celebration of mass will take place generally more than once in every parish. The activities include conducting religious ceremonies (such as baptisms, weddings and funerals), maintaining religious burial grounds, celebrating public 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 7,292 (5,427 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 2022

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, 105 marriages (38 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. 338 baptisms took place in the parishes during the year (203 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. 393 First Communions were held during the year (279 in the previous year).
Provision, maintenance and upkeep of Churches, Public Chapels and Presbyteries……	At 31 March 2022 there were approximately 100 churches or public chapels and over 70 presbyteries provided under this aim. The diocese has expended £4.203m (£3.182m in the previous year) on refurbishments, maintenance and repairs to church buildings, presbyteries and halls. This level of expenditure 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. The Historic Churches Committee’s 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 2022

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 the Trust’s 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 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…... t t	No such colleges are located within the Diocese of Plymouth, but support is given to such colleges located elsewhere in he United Kingdom and abroad through payment of fees for the training of candidates for the priesthood. The Church’s eaching 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: 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. Support payments to priests in active ministry 2022 2021 £’000 £’000 Allowances and stipend 248 278 Housekeeping 125 114 Travel 109 65 Miscellaneous 40 22 Total 522 479 Number of priests in active ministry 2022 2021 Diocesan priests On active work in the Diocese 43 45 Other priests From other dioceses 14 10 From the Ordinariate 3 3 From Religious Orders 19 22 Total 79 80

PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Trustees’ Report and Financial Statements for the year ended 31 March 2022

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 of- fice. During the year, the Diocesan Trust incurred £130k (2021: £117k) 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 2022 show the following: 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. 2022 2021 Allowances paid to priests £311,648 £318,081 Number of priests that received allowances 32 31
The provision, maintenance and upkeep of schools and colleges for the gen- eral 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 2022, the following Catholic schools were in the Diocese: In Plymouth CAST, 32 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 32 RC primary schools, the 2 RC secondary 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 gov- erning 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 Catho- lic: approximately two-third of pupils are non-Catholic. 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 2022

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, the 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.

· 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 £71k.

• The Implementation of Catholic Social Teaching through Caritas Plymouth

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.

• Caritas Plymouth provides a network to support parishes, schools and community groups to implement social action responding to needs in their own local area. We proactively support parishes to develop new forms of outreach and we share good practice. During 2021 we started a new project funded by the All Churches Trust to increase outreach by parishes situated in deprived areas in Plymouth.

• We actively welcome refugee families and have successfully resettled one family and hope to welcome another at the end of 2022.

• In 2021/22 we distributed £3,045 in crisis grants to nine families/individuals in need. We held 15 events on the key themes in our strategy reaching 388 people, including nine events with an environmental focus.

• The Caritas Plymouth intergenerational project successfully linked 11 schools with local care homes across the diocese and over 700 children have taken part in intergenerational activity. Caritas Plymouth plans to continue this project as part of its core activity.

• We offered a paid internship in 2021/22 to give work experience opportunities to people struggling to access the jobs market.

· Commitment to the Environment

The diocese has committed to do its utmost to become carbon neutral in its parishes and curial buildings by 2030, and has expressed a commitment to work with the parishes and our schools to help them achieve the same goal. The journey is considerable and complicated, and requires active collaboration with a number of internal and external stakeholders. It is anticipated that the initial years will not show a substantial reduction in carbon usage, with most of the reduction expected after 2025/26. Caritas Plymouth is playing a lead role in implementing the diocesan policy on the environment. An audit of our carbon footprint will be completed by the end of 2022 and this will enable creation of a strategy to reduce our impact on the environment. Over 220 people attended environmental events. We ran a sample survey of parishes environmental actions to provide a baseline for our work going forward.

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 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. Each parish is strongly encouraged 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 61 parishes in the diocese benefit from up to 120 hours of volunteering a month, which at the national living wage of £8.91 / hour equate to £808,312 per annum.

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PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Trustees’ Report and Financial Statements for the year ended 31 March 2022

ACHIEVEMENTS AND PERFORMANCE continued

Financial summary

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

	Curia	Curia	Curia		Parochial	Parochial	Parochial		Total	Total	Total
	2022	2021	Change		2022	2021	Change		2022	2021	Change
	£'000	£'000	£'000		£'000	£'000	£'000		£'000	£'000	£'000
Income
Donations and legacies (Note 2)
Donations	794	193	601		3,144	3,017	127		3,938	3,210	728
Legacies	82	4	78		716	575	141		798	579	219
Grants	126	148	(22)		853	792	61		979	940	39
	1,002	345	657		4,713	4,384	329		5,715	4,729	986
Charitable activities (Note 3)
Fundraising	5	2	3		77	41	36		82	43	39
Rental income	4	-	4		562	387	175		566	387	179
Other charitable activities	21	57	(36)		115	94	21		136	151	(15)
	30	59	(29)		754	522	232		784	581	203
Turnover of trading subsidiary	99	113	(14)		-	-	-		99	113	(14)
Investment income	529	405	124		325	217	108		854	622	232
Other	36	-	36		260	(201)	461		296	(201)	497
	664	518	146		585	16	569		1,249	534	715
Total income	1,696	922	774		6,052	4,922	1,131		7,748	5,844	1,904
	2022	2021	Change		2022	2021	Change		2022	2021	Change
Expenditure
Fundraising costs	148	134	14		186	156	30		334	290	44
Cost of sales of trading subsidiary	139	89	50		-	-	-		139	89	50
Provision for worship & Liturgy	386	211	175		4,532	4,057	475		4,918	4,268	650
Ministry support	469	485	(16)		908	850	58		1,377	1,335	42
Pastoral & community	719	454	264		91	76	15		810	530	280
Evangelisation and Youth	163	127	36		-	-	-		163	127	36
Caritas	209	153	56		-	-	-		209	153	56
Faith & vocational discernment	72	125	(53)		-	-	-		72	125	(53)
Diocesan Education	341	220	121		7	7	-		348	227	121
Total expenditure	2,646	1,998	648		5,724	5,146	578		8,370	7,144	1,226
Net income/(expenditure) before gains / trfs.	(950)	(1,076)	126		328	(224)	552		(622)	(1,300)	678
Gains and transfers	3,564	6,849	(3,285)		1,350	4,333	(2,983)		4,914	11,182	(6,268)
Net income	2,614	5,773	(3,159)		1,678	4,109	(2,431)		4,292	9,882	(5,590)

In the year ended 31 March 2022, the Diocese operated at a deficit of £622k (before investment gains), compared to a deficit of £1.3 million in the previous year. A major factor is the resumption of church activities following the pandemic, which is evident by the increase in donations and legacies (by £947k). Grant income has increased by £39k to £979k, which reflects the support that received particularly for the maintenance of our church buildings.

Expenditure has increased by £1.226 million, most of which was in the Provision of Worship & Liturgy, Pastoral & community and in Diocesan Education. After considering the increase in expenditure, the Trust ended with a deficit of £622k, with £4.914 million gains on investments, resulting in net income of £4.292million, compared to £9.882 million in the previous year.

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PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Trustees’ Report and Financial Statements for the year ended 31 March 2022

ACHIEVEMENTS AND PERFORMANCE continued

	Curia	Curia	Curia		Parochial	Parochial	Parochial		Total	Total	Total
	2022	2021	Change		2022	2021	Change		2022	2021	Change
	£'000	£'000	£'000		£'000	£'000	£'000		£'000	£'000	£'000
Tangiblefixed assets	4,887	4,745	142		29,348	28,045	1,303		34,235	32,790	1,445
Joint Venture Investment	5,206	4,206	1,000		-	-	-		5,206	4,206	1,000
Properties awaiting sale	2,678	1,435	1,243		-	849	(849)		2,678	2,284	394
Investments	27,450	30,953	(3,503)		21,733	19,437	2,296		49,183	50,390	(1,207)
Total fixed assets	40,221	41,339	(1,118)		51,081	48,331	2,750		91,302	89,670	1,632
Debtors	1,074	(39)	1,113		927	1,462	(535)		2,001	1,423	578
Cashat bank	10,971	6,727	4,244		6,653	7,374	(721)		17,624	14,101	3,523
	12,045	6,688	5,357		7,580	8,836	(1,256)		19,625	15,524	4,101
Creditors (inc. long term)	(536)	(661)	125		(1,192)	(1,376)	184		(1,728)	(2,037)	309
Bank overdrafts	(6,500)	(4,750)	(1,750)		-	-	-		(6,500)	(4,750)	(1,750)
	(7,036)	(5,411)	(1,626)		(1,192)	(1,376)	184		(8,228)	(6,787)	(1,441)
Total Funds	45,230	42,616	2,614		57,469	55,791	1,678		102,699	98,407	4,292

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.

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:

• To provide a real absolute return equivalent to inflation over a five-year rolling period, (calculated in accordance with RPI), plus 4.0% per annum, by reference to the average unit price over the previous five years and thereby:

• If considered prudent in the context of the overall investment performance or is considered to be in the best interests of the unit holders, to fund a distribution, (which may be met from income or capital), that rises annually, to allow the diocese to carry out its charitable purposes consistently, year on year, with due and proper consideration for future needs.

• If practical, to maintain and, if possible, enhance the real value of the underlying investments after such distributions.

• To do all the above within the confines of the fiduciary responsibilities of the Trust, its ethical guidelines and the need to reduce volatility so far as reasonably possible.

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PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Trustees’ Report and Financial Statements for the year ended 31 March 2022

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:

• Main Fund: After allowing for withdrawals , the Fund generated a return of 6.87% (2021: gain of 16.3%). The value of the Fund decreased by £1.54 million from £45.122 million to £43.582 million.

• Permanent Endowment Fund - The Fund generated a return of 7.7% (2021: gain of 32%). The value of the Fund increased by £117k from

• £2.254 million to £2.371 million.

• Total Return - The Trustees have set a target performance rate of RPI+4% on total investments, measured on a 5-year rolling average basis. -

• Global economic cycles and geo political events impact on investment returns and increase their volatility, as was the case in 2008 and the Covid - 19 pandemic in 2020/21. Data in the graph below show, (for the Main Fund only), the target performance rate and the actual total return, -

• together with the 5 year rolling average Total Return. (Note that this particular target did not apply in the earliest years, but they have been included purely for comparison purposes). The red line in the graph demonstrates the volatility of the investment returns. The green line - -

• represents the 5 year average rolling Total Returns, compared with the blue rolling 5 year Target of RPI+4%. A simple average of the 12 years since 2009 shows that the Main Fund has performed above the rolling target performance of RPI+4% with the substantially better performance of the earlier years enhancing the overall result.

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PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Trustees’ Report and Financial Statements for the year ended 31 March 2022

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 2022 of £102.70 million (£98.407 million in 2021) this definition of reserves, therefore, normally will exclude £50.74 million (£47.783 million in 2021), as demonstrated below:

74 million (£47.783 million in 2021), as demonstrated below:
	Curial and subsidiaries	Parochial	Group Total	Note to the Accounts
	£’000	£’000	£’000
· Permanent endowment funds	£1,647	£725	£2,372	19
· Restricted funds	£7,310	£8,019	£15,329	19
· Unrestricted funds not readily available for spending, specifically income funds which could only be realised by disposing of:				19
· Fixed assets held for charity use	£3,693	£29,348	£33,041	19
	£12,650	£38,092	£50,742

On this basis, the level of free reserves is £51.96 million (£50.624 million in 2021), calculated as being total reserves of £102.70 million (£98.407 million in 2021) minus the excluded elements of £50.74 million detailed above. 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, 61 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:

• its assets are safeguarded against unauthorised use or disposition;

• proper records are maintained and financial information used within the Charity or for publication is reliable;

• the Charity complies with relevant laws and regulations.

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 Chair of the FSC is the Chief Risk Officer.

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 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.

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PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Trustees’ Report and Financial Statements for the year ended 31 March 2022

ACHIEVEMENTS AND PERFORMANCE continued

• 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.

• Mitigation : The Trustees of the Diocese adopt and draw up policies, based on National Safeguarding Standards, which are proposed by the Catholic Safeguarding Standards Agency (CSSA).

• 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 2027, more than half of the clergy in the diocese will be aged 75+

• Mitigation: 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.

• Mitigation: The steps taken by the Trustees include (a) periodical review of the balances held in the parishes accounts and an review of their income and their expenditure plans as led by the designated parish priest and the parish finance committee; (b) ensuring that an annual budget is -

• prepared covering the Diocesan Curial Offices’ activities, and approved by the Finance Sub Committee; (c) 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; (d) strategic planning to include the resources that will be needed to cater for the ageing clergy in the future; and (e) 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 7,292 (5,427 in 2021). But this decline has not impacted on the voluntary income received in the parishes. Furthermore, there is a risk of significant drain on financial resources of maintaining functional properties many of which are listed to some degree. During the year, the diocese received external grants of £979k (£242k in 2021), most of which were attributed to the maintenance of our church buildings.

• 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.

• Mitigation: Limits of authority are in place that govern the approval of expenditure at local parish level, and above which the approval of a sub committee or commission would be required. The Diocesan Property Commission meet periodically to approve all property related expenditure that are above the delegated limits. In addition, the Parish Finance Mentors (and Bookkeepers) act as the ‘eyes and ears’ and work with the parishes in monitoring financial controls. Over the last five years, the Trustee have invested in appropriate information systems and controls, particularly those relating to statutory and regulatory compliance including Employment, Safeguarding, Health & Safety and Property Maintenance.

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PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Trustees’ Report and Financial Statements for the year ended 31 March 2022

ACHIEVEMENTS AND PERFORMANCE continued

Outlook for the future

Notwithstanding the sede vacante status of the diocese (i.e. the seat of the bishop being vacant), the following strategic priorities, which have been approved by the Trustees remain valid and continue to underpin the direction of the diocese:

• the fostering of the new evangelisation at all levels of the diocese

• the development of youth ministry

• the promotion of faith formation and vocational discernment

• the promotion of the well-being of the clergy

• the improvement of our church buildings and the securing of parish life

• the support of the liturgy and liturgical formation, with particular emphasis on the central role of the Cathedral in the life of the diocese

• the development and on-going support of the mission of Caritas Plymouth

• the support of education and places of education, especially the Catholic schools of the diocese

• the sustaining of the work of the Diocesan Chancery and Diocesan Tribunal

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 2022

REFERENCE AND ADMINISTRATIVE INFORMATION

TRUSTEES

Plymouth Roman Catholic Diocesan Trustees Registered, comprising:

• Very Reverend Canon P Cummins (Diocesan Administrator and Chair)

• Right Reverend M O’Toole, Bishop of Plymouth (Resigned 19 June 2022)

SECRETARY TO THE TRUSTEES

• Mr A Akinpelu BSc, FCCA

CHIEF OPERATING OFFICER

• Mr A Akinpelu BSc, FCCA

• Very Reverend Canon J Deeny

AUDITORS

• Very Reverend Canon K Paver

• PKF Francis Clark, Torquay

• Very Reverend Canon M O’Keeffe

SOLICITORS

• Reverend J Bielawski

• Reverend K Kirby

• Mr D M Butler BSc FRICS

• Sir N Butterfield QC BA

• Mr J Acton

• Mrs C Theyer

• Mr D Keogh

• Mr B Bargent (Resigned 15 August 2022)

• Michelmores LLP

• Trowers & Hamlins LLP

INVESTMENT MANAGERS

• Newton Investment Management Limited, London (Authorised and regulated by the Financial Conduct Authority)

• Ruffer LLP, London

(Authorised and regulated by the Financial Conduct Authority)

PRINCIPAL BANKERS

• National Westminster Bank plc, Plymouth

INSURERS

FINANCE SUB-COMMITTEE

• The Catholic National Mutual Limited

• Very Reverend Canon J Deeny (Chair)

• Reverend K Kirby

• Mr D M Butler BSc, FRICS

• Brian Bargent (Resigned 15 August 2022)

Westbourne The Grange St. Peter Port Guernsey GY1 4LP

• Peter McGauley (Consultant)

PRINCIPAL ECCLESIASTICAL ADDRESS

• Mr A Akinpelu BSc, FCCA (Chief Operating Officer)

• Kelly Parker-Trout (Finance Manager)

Bishop’s House

45 Cecil Street

Plymouth PL1 5HW

INVESTMENT COMMITTEE

• Mr D M Butler BSc, FRICS (Chairman)

• Mr A Akinpelu BSc, FCCA (Chief Operating Officer and Secretary)

• JT Financial Management Ltd (Consultants)

• Mr B Bargent (Resigned 15 August 2022)

PRINCIPAL ADDRESS OF THE CHARITY

St Boniface House

Ashburton Newton Abbot

TQ13 7JL

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PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Trustees’ Report and Financial Statements for the year ended 31 March 2022

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 7,292 spread through 61 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	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 Bishop together with the 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. St Dominics House Development LLP (Incorporated on 26 August 2022) St Dominics House Development LLP is also a limited liability partnership registered in England and Wales (Regd. OC443655, 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 votingrights.
16 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)

PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Trustees’ Report and Financial Statements for the year ended 31 March 2022

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 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 sub- committees: 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 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 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 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 and other representative Trustees, together with the Human Resources Officer of the diocese.

The Diocesan Education Commission 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 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 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 2022

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 the Bishop 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:

• before erecting, suppressing or notably altering parishes (canon 515§2)

• before establishing regulations concerning the allocation of offerings received on the occasion of the performance of certain parochial functions and the remuneration of clerics who fulfil these functions

• before consenting to the construction of a new church (canon 1215§2)

• before relegating a church to profane use (canon 1222§2)

• before imposing a moderate tax for the needs of the diocese upon public juridical persons subject to his governance (canon 1263).

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.

Analysis of clergy in active ministry, including priests and permanent deacons from other dioceses who are also serving in our diocese:

	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022
Diocesan priests
On active work in the Diocese	55	48	51	48	49	47	44	46	45	41
On active work outside Diocese	1	1	1	1	0	0	0	0	2	2
Other priests
From other dioceses	4	4	4	8	8	14	10	10	12	14
From the Ordinariate	4	4	4	3	3	3	5	3	3	3
From Religious Orders	23	22	20	18	18	20	22	22	19	18
Permanent deacons
Diocesan	23	24	23	28	30	31	31	28	28	27
From other dioceses	3	2	3	3	3	3	3	3	4	3
**Religious houses **
Houses of male Religious	2	2	2	2	2	2	2	2	2	2
Houses of Religious sisters	23	21	22	20	19	19	19	19	19	18

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 2022

GOVERNANCE AND MANAGEMENT continued

Roman Catholic Schools in the Diocese

34 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, Vicar General, Episcopal Vicar for Schools and the Judicial Vicar 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 Plymouth Caritas Administration. 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 Sub-Committee 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:

select suitable accounting policies and then apply them consistently;

observe the methods and principles 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 (FRS 102);

make judgements and estimates that are reasonable and prudent;

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

prepare the accounts on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation

The Trustees are responsible for keeping proper accounting records 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 2022

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 non Catholic 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.

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 8th December 2022

Right Reverend Canon Paul Cummins, Diocesan Administrator 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 2022

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF PLYMOUTH DIOCESAN TRUST

Opinion

We have audited the financial statements of Plymouth Diocesan Trust (the 'charity') for the year ended 31 March 2022, which comprise the Statement of Financial Activities, the Balance Sheet, the 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:

• give a true and fair view of the state of the charity's affairs as at 31 March 2022 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

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

• have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the 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 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 financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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.

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:

• adequate accounting records have not been kept, or

• the financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of trustees remuneration specified by law are not made; or

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

21

PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Trustees’ Report and Financial Statements for the year ended 31 March 2022

Responsibilities of trustees

As explained more fully in the trustee’ responsibilities statement (set out on page 19), the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the 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, 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:

• Enquiries of management and those charged with governance regarding their knowledge of any non-compliance with laws and regulations by the charity that could affect the financial statements. As part of these enquiries we also discussed with management whether there have been any known instances, allegations or suspicions of fraud, of which there were none.

• Reviewed filings with the Charity Commission and enquired with management whether there were any Serious Incident Reports made during the year.

• Reviewed legal and professional costs to identify any possible non compliance or legal costs in respect of non compliance;

• Reviewed Board minutes;

• Audited the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business;

• Reviewed estimates and judgements made in the accounts for any indication of bias and challenged assumptions used by management in making the estimates.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements. This risk increases the further removed non -compliance with laws and regulations is from the events and - transactions reflected in the financial statements as we are less likely to become aware of instances of non compliance. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment, collusion, omission or misrepresentation.

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

22

PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Trustees’ Report and Financial Statements for the year ended 31 March 2022

Use of our report

This report is made solely to the charity trustees, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our work has been undertaken so that we might state to the trustees those matters we are required to state to trustees in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees as a body, for our audit work, for this report, or for the opinions we have formed.

PKF Francis Clark

......................................

(Senior Statutory Auditor)

Francis Clark LLP, Statutory Auditor

Sigma House Oak View Close Edginswell Park Torquay Devon TQ2 7FF

Date: 31st January 2023

Francis Clark LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

23

PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Trustees’ Report and Financial Statements for the year ended 31 March 2022

G���� S�������� �� F�������� A��������� 2022

		Curial and Subsidiaries	Curial and Subsidiaries	Curial and Subsidiaries	Curial and Subsidiaries
	Notes	Unrestricted £’000	Restricted £’000	Endowment £’000	Sub- Total £’000
INCOME AND ENDOWMENTS FROM:
Donations and legacies	2	157	713	6	876
Grants receivable	2	-	126	-	126
Charitable activities	3	9	21	-	30
Gross tradingincome of tradingsubsidiary		99	-	-	99
Investments	4	436	60	33	529
Other	5	36	-	-	36
Total Income		737	920	39	1,696
EXPENDITURE ON:
Raising funds		118	30	-	148
Cost of sales of tradingsubsidiary		139	-	-	139
		257	30	-	287
Charitable activities
Provision for worship & Liturgy		386	-	-	386
Ministry support		437	32	-	469
Pastoral and community		603	116	-	719
New evangelisation, Catecheses & youth		163	-	-	163
Caritas		209	-	-	209
Faith & vocational discernment		72	-	-	72
Diocesan Education & schools		224	117	-	341
Total expenditure	5,6	2,351	295	-	2,646
Net income / (expenditure) before other recognised gains and (losses)		(1,614)	625	39	(950)
Other recognised gains and (losses)
Gains, losses and revaluations on properties	13,15	2,357	-	-	2,357
Gains, losses and revaluations on other investments	15	1,285	176	84	1,545
Total		3,642	176	84	3,902
Net income / (expenditure) after gains and losses		2,028	801	123	2,952
Transfers between Curial Office and Parishes		193	(521)	(10)	(338)
Permanent Endowment Fund Transfers		-	38	(38)	-
Other transfers between funds		-	-	-	-
Net income / (expenditure) and net movement in funds		2,221	318	75	2,614
Reconciliation of funds
Total funds brought forward		34,052	6,992	1,572	42,616
Total funds carried forward		36,273	7,310	1,647	45,230

The results derive from continuing activities.

The notes on pages 29 to 56 form part of these accounts.

The Comparative SOFA for the year ended 31 March 2021 is included at Note 23.

24

PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Trustees’ Report and Financial Statements for the year ended 31 March 2022

G���� S�������� �� F�������� A��������� 2022

		Parochial	Parochial
Notes	Unrestricted £’000	Restricted £’000	Endowment £’000	Sub- Total £’000		2022 Total £’000		2021 Total £’000
2	2,855	1,005	-	3,860		4,736		3,789
2	853	-	-	853		979		940
3	741	13	-	754		784		581
	-	-	-	-		99		113
4	233	77	15	325		854		622
5	260	-	-	260		296		(201)
	4,942	1,095	15	6,052		7,748		5,844
	146	40	-	186		334		290
	-	-	-	-		139		89
	146	40	-	186		473		379
	4,361	171	-	4,532		4,918		4,268
	870	38	-	908		1,377		1,335
	78	13	-	91		810		530
	-	-	-	-		163		127
	-	-	-	-		209		153
	-	-	-	-		72		125
	7	-	-	7		348		227
5,6	5,462	262	-	5,724		8,370		7,144
	(520)	833	15	328		**(622) **		(1,300)
13	89	-	-	89		2,446		621
15	663	223	37	923		2,468		10,561
	752	223	37	1,012		4,914		11,182
	232	1.056	52	1,340		4,292		9,882
	328	-	10	338		-		-
	-	19	(19)	-		-		-
	-	-	-	-		-		-
	560	1,075	43	1,678		4,292		9,882
	48,165	6,944	682	55,791		98,407		88,525
	48,725	8,019	725	57,469		102,699		98,407

25

PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Trustees’ Report and Financial Statements for the year ended 31 March 2022

BALANCE SHEET

					2022
		Notes	Curial	Parochial	Charity	Charitable & trading subsidiaries	Group
			£’000	£’000	£’000	£’000	£’000
FIXED ASSETS
Tangible fixed assets		12a & b	4,348	29,348	33,696	539	34,235
Properties awaiting sale		13	2,678	-	2,678	-	2,678
Investments		15	26,932	21,733	48,665	518	49,183
Investment in Joint Venture-Share of net assets		15	-	-	-	-	5,206
			33,958	51,081	85,039	1,057	91,302
CURRENT ASSETS
Properties awaiting sale		13	-	-	-	-	-
Debtors		16	6,819	927	7,746	68	2,001
Cash at bank and in hand			10,796	6,653	17,449	175	17,624
			17,615	7,580	25,195	243	19,625
CREDITORS: amounts falling due within one year
Short term loans		17	664	(664)	-	-	-
Other creditors		18a	(908)	(528)	(1,436)	(42)	(1,478)
Bank overdrafts			(6,500)	-	(6,500)	-	(6,500)
			(6,744)	(1,192)	(7,936)	(42)	(7,978)
Net current assets			10,871	6,388	17,259	201	11,647
CREDITORS: amounts falling due over one year18b			(250)	-	(250)	-	(250)
Total net assets			44,579	57,469	102,048	1,258	102,699
FUNDS		19
Endowment			1,356	725	2,081	291	2,372
Restricted			6,434	8,019	14,453	876	15,329
Unrestricted	Designated and General		36,789	48,725	85,514	91	84,998
Total funds			44,579	57,469	102,048	1,258	102,699

26

PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Trustees’ Report and Financial Statements for the year ended 31 March 2022

BALANCE SHEET

	2021
Charity	Charitable & trading subsidiaries	Group
£’000	£’000	£’000
32,241	549	32,790
784	-	784
49,866	524	50,390
-	-	4,206
82,891	1,073	88,170
1,500	-	1,500
5,573	56	1,423
13,897	204	14,101
20,970	260	17,024
-	-	-
(1,255)	(282)	(1,537)
(4,750)	-	(4,750)
(6,005)	(282)	(6,287)
14,965	(22)	10,737
(500)	-	(500)
97,356	1,051	98,407
2,011	243	2,254
13,242	694	13,936
82,103	114	82,217
97,356	1,051	98,407

The notes on pages 29 to 56 form part of these Accounts.

Very Reverend Canon Paul Cummins, Diocesan Administrator Trustee

Very Reverend Canon J Deeny Trustee

Date : 8th December 2022

27

PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Trustees’ Report and Financial Statements for the year ended 31 March 2022

GROUP STATEMENT OF CASH FLOWS

GROUP STATEMENT OF CASH FLOWS
	2022		2021
	£’000	£’000	£’000	£’000
Cash flows from operating activities
Net cash provided by/(used in) operating activities (note 1 below)		(1,100)		(623)
Cash flows from Investing activities
Investment income	854		622
Purchase of tangible fixed assets	(2,804)		(2,260)
Proceeds from disposal of tangible fixed assets	-		-
Purchase of units in Common Investment Fund	(174)		(9,776)
Proceeds from disposal of units in Common Investment Fund	4,121		13,291
Purchase of former functional properties	-		(54)
Proceeds from disposal of properties awaiting sale	1,849		-
Proceeds from disposal of investment properties	-		656
Purchase of joint venture	(1,000)		(400)
Proceeds from disposal of other investments	107		63
Purchase of other investments	(86)		(27)
Net cash provided by/(used in) investing activities	2,867		2,115
Cash flows from financing activities
Receipt of endowments	6		5
Change in cash equivalents in theyear(note 2 below)	1,773		1,497
Cash and cash equivalents at 1 April 2021	9,351		7,854
Cash and cash equivalents at 31 March 2022	11,124		9,351

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	4,292	9,882
Depreciation	1,145	1,062
(Gains)/losses on investments	(2,468)	(10,561)
Investment income	(854)	(622)
Donations to endowment funds	(6)	(5)
(Gain) on sale of investment property	(2,446)	(621)
(Profit)/loss on sale of fixed assets	124	201
Increase in debtors	(578)	(112)
Decrease in creditors	(309)	153
Net cash provided by/(used in) operating activities	(1,100)	(623)
2 Analysis of cash and cash equivalents	At 1 April	**Cash Flows **	At 31 March
	2021		2022
	£’000	£’000	£’000
Cash at bank and in hand	14,101	3,523	17,624
Bank overdrafts	(4,750)	(1,750)	(6,500)
	9,351	1,773	11,124

The notes on pages 29 to 56 form part of these Accounts.

28

PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Trustees’ Report and Financial Statements for the year ended 31 March 2022

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 2022.

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 (FRS102) (effective 1 January 2015) (Charities SORP (FRS102) ), 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:

• assessing the probability of the receipt of legacy income;

• estimating the useful economic life of tangible fixed assets to determine a depreciation rate;

• assessing the appropriateness of the assumptions and methodology used in determining the fair value of investment properties;

• determining the value of designated funds needed at the year end to meet specific future expenditure.

• estimating the cost of the parish functional fixed assets, including property, that were held at 31 March 1996.

(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 2023, 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 2022

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 Curia and subsidiary charities subject to a uniting direction for the purposes of registration and accounting; the Parishes;

• The Plymouth Diocesan Common Investment Fund

• subsidiary charities of the main charity that are not subject to a uniting direction for the purposes of registration and accounting;

• the individual trusts that are under the control of the Trustees of Plymouth Diocesan Trust;

• a small number of other trusts, which historically have invested in the Common Investment Fund operated by the Trustees;

• the trading subsidiary, Diocesan Trading Limited; and

• The joint Venture, Ansteys Cove Developments LLP, of which a 50% share is owned by the trading subsidiary, Diocesan Trading Limited, that is consolidated using the Equity method

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 2022

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:

I. amounts set aside for contingencies; and II. expenditure that the charity is not obliged to incur, either legally or constructively but which is, nevertheless, planned.

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.

(i) Donations and legacies

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 2022

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.

(iii) Investment Income

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.

(iv) Other Income

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.

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PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Trustees’ Report and Financial Statements for the year ended 31 March 2022

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 Furniture Church plate and vestments Presbytery Contents Office equipment Hymn books and missals Sound systems and special lighting Kitchen equipment Hall equipment	20 to 50 years 20 to 50 years 5 to 10 years 3 to 10 years 10 to 20 years 10 years 10 years 5years

During the year ended 31 March 2021 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 that year. In addition, this had the effect of increasing the depreciation charge by £99k in the year ended 31 March 2021.

• The estimates of the historic cost of fixtures, fittings and equipment and of freehold land and buildings (see below) were arrived at by establishing the average costs relating to a sample of parishes in detail and applying these values to the remaining parishes not sampled. For the purpose of these accounts, and consistent with the transitional rules set out in FRS 102, the 1996 valuations are defined as deemed cost.

(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.

Included within functional buildings are three properties occupied by religious communities. During the year an exercise has been undertaken to identify the project lifespan for the restoration of these buildings in order to write off the useful life of those costs over the market value at an accelerated rate of depreciation. The accelerated rates of depreciation used are 17% and 11%.

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 Roof Windows Electrical systems Boiler Heating System Internal decoration Kitchen and Bathroom	100 to 150 years 60 years 35 years 25 years 15 years 25 years 10 to 15 years 10 to 25 years

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PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Trustees’ Report and Financial Statements for the year ended 31 March 2022

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 34 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 34 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.

School land and buildings are valued and recognised in the accounts when a school ceases its occupation of the premises. The basis of the valuation

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.

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PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Trustees’ Report and Financial Statements for the year ended 31 March 2022

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 TREASURE

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.

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PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Trustees’ Report and Financial Statements for the year ended 31 March 2022

2 DONATIONS AND LEGACIES

	Donations (including in kind)	Grants (in the nature of donations)	Legacies	2022 Total		2021 Total
	**£’000 **	**£’000 **	**£’000 **	**£’000 **		**£’000 **
Curial	794	126	82	1,002		345
Parochial	3,144	853	716	4,713		4,384
	3,938	979	798	**5,715 **		4,729

Included in parochial grants is £292,647 (2021:£165,781) from the Listed Places of Worship Grant Scheme and £511,195 (2021:£430,565) received from the Catholic Trust for England and Wales Historic England grant scheme. In addition, included in total grants is £17,297 (2021:£111,697) from the UK Government’s Coronavirus Job Retention Scheme.

3 CHARITABLE ACTIVITIES

Curial Parochial	Fundraising	Rental income from functional properties	Other Charitable activities	2022 Total		2021 Total
	**£’000 **	**£’000 **	**£’000 **	**£’000 **		£’000
	5	4	21	30		59
	77	562	115	754		522
	82	566	136	**784 **		581

4 INVESTMENTS

	Common Investment Fund	Other	2022 Total		2021 Total
	£’000	£’000	£’000		£’000
Income received from:
Listed investments and cash held as part of investment portfolio	851	-	851		602
UK cash held at bank	-	3	3		20
	851	3	854		622

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 2022, this conduit funding amounted to £610,000; (2021: £314,000).

Details of amounts collected but not remitted to Third Parties at 31 March 2022 are shown in note 18.

36

PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Trustees’ Report and Financial Statements for the year ended 31 March 2022

6 RESOURCES EXPENDED Year ended 31 March 2022

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 Catecheses 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 Plymouth

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	Activities undertaken directly	Grant funding of activities	Support **Costs **	2022 Total	2021 **Total **
	£’000	£’000	£’000	£’000	£’000
Curia and Subsidiaries
Provision for worship & Liturgy	229	34	123	386	211
Ministry support	218	68	183	469	485
Pastoral and Community	478	85	156	719	454
New Evangelisation, Catechesis & Youth	105	2	56	163	127
Caritas	120	25	64	209	153
Faith & vocational discernment	39	12	21	72	125
Diocesan Education & schools	169	7	165	341	220
Raising funds	-	-	287	287	223
	1,358	233	1,055	2,646	1,998

Parish
Provision for worship & Liturgy	2,162	-	2,370	4,532	4,057
Ministry support	727	-	181	908	850
Pastoral and Community	-	91	-	91	76
Education	-	7	-	7	7
Raising funds	186	-	-	186	156
	3,075	98	2,551	5,724	5,146

37

PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Trustees’ Report and Financial Statements for the year ended 31 March 2022

6 RESOURCES EXPENDED Year ended 31 March 2022

a) Analysis by Activity in 2021 (Previous Year) Curia and Subsidiaries Provision for worship Ministry support Pastoral and Community New Evangelisation, Catecheses & Youth Caritas Faith & vocational discernment Education Raisingfunds Parishes Provision for worship Ministry support Pastoral and Community Education Raising funds	a) Analysis by Activity in 2021 (Previous Year) Curia and Subsidiaries Provision for worship Ministry support Pastoral and Community New Evangelisation, Catecheses & Youth Caritas Faith & vocational discernment Education Raisingfunds Parishes Provision for worship Ministry support Pastoral and Community Education Raising funds	a) Analysis by Activity in 2021 (Previous Year) Curia and Subsidiaries Provision for worship Ministry support Pastoral and Community New Evangelisation, Catecheses & Youth Caritas Faith & vocational discernment Education Raisingfunds Parishes Provision for worship Ministry support Pastoral and Community Education Raising funds	a) Analysis by Activity in 2021 (Previous Year) Curia and Subsidiaries Provision for worship Ministry support Pastoral and Community New Evangelisation, Catecheses & Youth Caritas Faith & vocational discernment Education Raisingfunds Parishes Provision for worship Ministry support Pastoral and Community Education Raising funds	a) Analysis by Activity in 2021 (Previous Year) Curia and Subsidiaries Provision for worship Ministry support Pastoral and Community New Evangelisation, Catecheses & Youth Caritas Faith & vocational discernment Education Raisingfunds Parishes Provision for worship Ministry support Pastoral and Community Education Raising funds	a) Analysis by Activity in 2021 (Previous Year) Curia and Subsidiaries Provision for worship Ministry support Pastoral and Community New Evangelisation, Catecheses & Youth Caritas Faith & vocational discernment Education Raisingfunds Parishes Provision for worship Ministry support Pastoral and Community Education Raising funds	a) Analysis by Activity in 2021 (Previous Year) Curia and Subsidiaries Provision for worship Ministry support Pastoral and Community New Evangelisation, Catecheses & Youth Caritas Faith & vocational discernment Education Raisingfunds Parishes Provision for worship Ministry support Pastoral and Community Education Raising funds	a) Analysis by Activity in 2021 (Previous Year) Curia and Subsidiaries Provision for worship Ministry support Pastoral and Community New Evangelisation, Catecheses & Youth Caritas Faith & vocational discernment Education Raisingfunds Parishes Provision for worship Ministry support Pastoral and Community Education Raising funds	Activities undertaken directly	Activities undertaken directly	Grant funding of activities	Grant funding of activities	Support Costs	Support Costs	2021 Total
								£’000		£’000		£’000		£’000
								137		17		57		211
								274		95		116		485
								243		104		107		454
								87		-		40		127
								66		56		31		153
								77		16		32		125
								149		9		62		220
								-		-		223		223
								1,033		297		668		1,998
								2,501		-		1,556		4,057
								552		-		298		850
								-		76		-		76
								-		7		-		7
								114		-		42		156
								3,167		83		1,896		5,146
														2021 Total £’000 223 227 14 204 668 42 298 772 710 74 1,896
b) Analysis of Support Costs	(Memo) (Parish levy)	Raising Funds	Provision for Worship & Liturgy	Community & Pastoral	Diocesan Education & schools	New Evangelisation, Catechesis & Youth		Caritas	Faith & vocational discernment		Ministry Support		2022 Total	2021 Total
	£’000	£’000	£’000	£’000	£’000	£’000		£’000	£’000		£’000		£’000	£’000
Curia
Raising funds	-	287	-	-	-	-		-	-		-		287	223
St Boniface House	441	-	105	140	148	50		58	19		164		684	227
Bishops Council	18	-	10	6	6	2		2	1		7		34	14
Other	33	-	8	10	11	4		4	1		12		50	204
	492	287	123	156	165	56		64	21		183		1,055	668
Parish
		-	-	-	-	-		-	-		-		-	42
		-	-	-	-	-		-	-		181		181	298
		-	1,800	-	-	-		-	-		-		1,800	772
		-	492	-	-	-		-	-		-		492	710
		-	78	-	-	-		-	-		-		78	74
		-	2,370	-	-	-		-	-		181		2,551	1,896

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.

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PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Trustees’ Report and Financial Statements for the year ended 31 March 2022

c) The following payments have been made to the external auditors: Audit fees Financial advice / other	Common Investment Fund	Subsidiaries	Main Charity	2022 Total	2021 Total
	**£’000 **	£’000	£’000	£’000	£’000
	12 -	6 -	60 2	78 2	64 1
	12	6	62	80	65

d) Analysis of Grant Payments

	Curia	Parishes	2022 Total	2021 Total
	£’000	£’000	£’000	£’000
Ministry Support:
Grants to Religious Orders that provide religious or ministry activities	15	-	15	21
Grants to provide support for priests when they cease active ministry (mainly to the Plymouth Secular Clergy Fund)	30	-	30	23
Grants to support priests in ill-health, those in active ministry who do not have a parish, the Bishop, the Bishop Emeritus and Seminarians	84	-	84	97
Pastoral and Community:
Grants to improve living conditions of children, young people and families (includingnon-Catholics)	55	-	55	41
Grants to support pupils travelling to attend Catholic schools in the Diocese	4	-	4	14
Grants to Religious Orders that provide pastoral support for disadvantaged individuals andgroups	38	-	38	87
Grants to non-religious organisations that provide pastoral support for disadvantaged individuals and groups (e.g. refugees, marriage and family care)	6	91	97	82
Education:
Grants to the Roman Catholic schools in the Diocese	1	7	8	15
	233	98	331	380

39

PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Trustees’ Report and Financial Statements for the year ended 31 March 2022

7 GOVERNANCE COSTS

	2022 £’000	2021 £’000
Governance costs (included within support costs) comprise the following:
Main charity audit fees (see note 6c)-current year	60	62
-(over) / under-provision previous years	12	(2)
Subsidiary charities’ independent examination fees and accounts preparation	6	4
General advice, including legal and financial	2	1
Trustees’ meeting expenses of the main and subsidiary charities, insofar as they relate to the general manage- ment of the charities, including the costs of travel	3	2
	83	67

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 central administration offers general advice and help to all parishes and central agencies. The central administration 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.

Two Trustees (2021: one Trustee) received travel expenses totalling £146 (2021: £19) in their capacity as trustees during the year. In addition, costs of Trustee meetings of £2,514 (2021 £1,697) 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.

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PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Trustees’ Report and Financial Statements for the year ended 31 March 2022

10 STAFF COSTS AND REMUNERATION OF KEY MANAGEMENT PERSONNEL

STAFF COSTS AND REMUNERATION OF KEY MANAGEMENT PERSONNEL
		2022 £’000		2021 £’000
Gross wages and salaries		1,491		1,373
Employer’s National Insurance Contributions		91		75
Pension Contributions (money purchase schemes– see note 11)		120		113
Termination Payments (4 employees)		3		-
The average number of employees, (both full-time and part-time), employed by the charity and its subsidiaries during theyear was:		Number		Number
Parishes (mainly part-time employees)		88		88
Pastoral (full-time equivalent: 11)		29		25
Central management (full-time equivalent: 16)		29		25
		146		138
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:		Number		Number
£60,001 to £70,000		-		-
£70,001 to £80,000		-		1
£80,001 to £90,000		-		1
£90,000 to £100,000		1		-
		£’000		£’000
The amount of pension contributions, (money purchase scheme), paid in the year for the above employees amounted to:		11		18
The number of staff to whom retirement benefits are accruing is:
Money Purchase Schemes		56		48

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 43 priests and 30 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 Chief Operating Officer 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 £406,836 (2021 £324,343).

11 PENSIONS

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 nil outstanding at the balance sheet date:

	2022 £’000		2021 £’000
Money purchase schemes	120		113
	120		113

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PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Trustees’ Report and Financial Statements for the year ended 31 March 2022

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

	Functional land	Functional buildings	Motor vehicles	Fixtures, fittings and equipment	Total
	£’000	£’000	£’000	£’000	£’000
Historical cost/fair value at acquisition (if donated)
At 1 April 2021	319	39,078	75	2,359	41,831
Additions	-	2,536	-	267	2,803
Disposals	-	(352)	-	(455)	(807)
At 31 March 2022	319	41,262	75	2,171	43,827
Accumulated Depreciation
At 1 April 2021	-	7,874	75	1,641	9,590
Charged this year	-	946	-	188	1,134
Disposals	-	(140)	-	(453)	(593)
At 31 March 2022	-	8,680	75	1,376	10,131
Net Book Value
At 31 March 2022	319	32,582	-	795	33,696
At 31 March 2021	319	31,204	-	718	32,241

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 £414,945 (2021:£423,703) 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).

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PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Trustees’ Report and Financial Statements for the year ended 31 March 2022

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

	Functional land	Functional buildings	Motor vehicles	Fixtures, fittings and equipment	Total
	£’000	£’000	£’000	£’000	£’000
Historical cost/fair value at acquisition (if donated)
At 1 April 2021	319	39,711	75	2,378	42,483
Additions	-	2,535	-	269	2,804
Disposals	-	(352)	-	(455)	(807)
At 31 March 2022	319	41,894	75	2,192	44,480
Accumulated Depreciation
At 1 April 2021	-	7,965	75	1,653	9,693
Charged this year	-	955	-	190	1,145
Disposals	-	(140)	-	(453)	(593)
At 31 March 2022	-	8,780	75	1,390	10,245
Net Book Value
At 31 March 2022	319	33,114	-	802	34,235
At 31 March 2021	319	31,746	-	725	32,790

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 £625,725 (2021:£643,483) 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 2022

13 PROPERTIES AWAITING SALE - CHARITY

Former Current ** Former functional properties Donated properties £’000 £’000**	Current	Non Current	Non Current	Non Current
	Former functional properties	Former functional properties	Donated properties	Total
	£’000	£’000	£’000	£’000
At 1 April 202120 323	1,500	349	435	2,284
Transfers	-	-	-
Disposals	(1,500)	(349)	-	(1,849)
Net gain on revaluation	-	2,200	43	2,243
Other	-	-	-	-
At 31 March 2022	-	2,200	478	2,678
Historical cost / fair value at acquisition (if donated)
At 31 March 2022	-	1	59	60
At 31 March 2021	232	120	69	421

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

Independent professional valuations were carried out as at 31 March 2021 for all properties, with the exception of the above gain on former functional properties, which was valued as at 31 March 2022 following the closure of a catholic primary school and the reversion of the land back to the Diocese.

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 2022, (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.

	2022	2021
	£’000	£’000
Diocesan and parish property, churches, presbyteries and halls	312,009	298,345
	312,009	298,345

44

PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Trustees’ Report and Financial Statements for the year ended 31 March 2022

15A FIXED ASSET INVESTMENTS

	Charity	Charitable & trading subsidiaries	Group	Investment properties	Other investments	Common Investment Fund
	£’000	£’000	£’000	£’000	£’000	£’000
At 1 April 2021	49,866	524	50,390	2,590	246	47,554
Additions	174	86	260	-	86	174
Disposal at openingbook value	(4,082)	(104)	(4,186)	-	(125)	(4,061)
Netgain/(loss)on revaluation	2,707	12	2,719	252	18	2,449
At 31 March 2022	48,665	518	49,183	2,842	225	46,116
Represented by:
UK investment properties	2,842	-	2,842	2,842	-	-
Direct investment in listed UK securities	6,283	166	6,449	-	166	6,283
Direct investment in listed international securities	3,500	54	3,554	-	54	3,500
Multi-asset funds–non region specific	26,971	298	27,269	-	-	27,269
Credit and illiquid strategies	1,771	-	1,771	-	-	1,771
Global funds	2,793	-	2,793	-	-	2,793
Gold andprecious metals	2,076	-	2,076	-	-	2,076
Forward foreign exchange	8	-	8	-	-	8
Options	1,059	-	1,059	-	-	1,059
UK cash funds and cash held as part of investment portfolio	1,275	1	1,276	-	1	1,275
Investments in UK subsidiary and associated company	1	(1)	-	-	-	-
Other investments	86	-	86	-	4	82
At 31 March 2022	48,665	518	49,183	2,842	225	46,116
Analysed between:
Endowment funds	2,078	298	2,376	-	-	2,376
Restricted funds	8,251	221	8,472	-	221	8,251
Unrestricted and Designated funds	38,336	(1)	38,335	2,842	4	35,489
	48,665	518	49,183	2,842	225	46,116
Historical cost at 31 March 2022	35,124	366	35,508	1,025	201	34,282

During the year the Common Investment Fund generated investment income of £851,000 (2021: £602,000), net investment gains of £2,450,197 (2021: gains of £10,562,853) and incurred administration costs, including investment managers’ fees, of £334,005 (2021: £290,000).

At 31 March 2022 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 £27,269,169

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 2022 include £79,250 cash awaiting conversion into units.

– Ansteys Cove Development LLP Joint Venture £5,205,680

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 2022 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 2022

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 £57,459 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		Unapplied Total Return	Income Fund	Total Endowment
	**£’000 **	£’000	**£’000 **	**£’000 **
At 1 April 2021
Gift component of permanent endowment	690	-	-	690
Unapplied total return	-	1,564	-	1,564
Total	690	1,564	-	2,254
Movement in unapplied total return and endowment in the year:
Gift of endowment funds	6	-	-	6
Investment return: dividends and interest	-	48	-	48
Investment return: recognised and unrecognised gains/(losses)	-	121	-	121
Management costs	-	-	-	-
Total	696	1,733	-	2,429
Unapplied total return allocated to income	-	(57)	57	-
Income fund transferred to restricted funds	-	-	(57)	(57)
Net movement in the year	696	1,676	-	2,372
Closing value ofpermanent endowment
Gift component of permanent endowment	696	-	-	696
Unapplied total return	-	1,676	-	1,676
Total at 31 March 2022	696	1,676	-	2,372

46

PL YMOUTH DIOCESAN TRUST Charity Number.. 213227 Trustecs, Report ancl Financial statements for ihe year ended 31 March 2022 ISB FIXLD A88E I. INVLSI'MLN I'S OVEMENTSIN YEAR Tded In￿tTh￿t Turn fO￿ard FUND kn115edl UnwpliEdtotJl retwn Intefj 31 MaTth drthMt Fund& Dl4dendi andintL¥E5t to 10sse5 In{¢￿￿e InC￿￿E Purlsfres VincentHupkin5 Ho88d￿.dTr￿5t separ3tetyrelste￿-NO. 117259 TnJnlorinvestment Incomefurtd Mis5T4VfvleesO￿D5WesTTU5¢ Re". ChulwIel￿ IE0791 TnJlllori￿trnent 15 176 167 io Incompfund End0￿e￿I ltyan4erred Irorn tharrty nuM￿rI678%. Mr5BJ R05killyl Tru511orlwutyDent IB 125 18 ia2 IncOm￿￿n￿ H V LeonTru51lE0751 Tru511orlwutment 121 Mlss E M Fieaffe Tru5tlE0661 Irusllorin￿&trneTht Inromefvnd Marnhull No.4Fund (Grovecotta IruSilorl￿tmeThf In(omefurtd Pott￿h3¢tO 8•qu•StIE049) Trvsl lorinve%tmnt Vnappllediolal reiurn In¢omefund 42 45 Holden- Priests hollda¥home fvnd TrUStIori￿tMeTht 91 91 165 14 177 Inmmefvnd 515ctrola#ica'5Trtsst-Sep¥olely re¥lster2d. No. 1050950 Iru511orlnve51rnent 228 336 228 364 30 In(omefund oos#nMa55Fund Unii>lE0381 Trullforlnvestment Unappliediulal retum Ino)mefvn IL 263 20 19 282 io arold LIster￿n￿lIand Trust Trvsi for1￿tment io io Inwmefvnd lohnWoolcotlTruStfOrYoungpeo￿e IwlltbÈtten ExetÈrparlshÈsl TWMf0rir￿tMent Unapplledtotal retum Intomelund 22 24 CA &WHalseFundSeparately reg15tered-No. 1074291 Tru5tlorlnv￿trnent 167 167 VnJpplledlotJl return InLDmplund iio 14 124 TOTALPERSTATEMENTOF MOVEMENT INFUNOS Trumforirwknent Unappliedtotal retum IntOmÈfund 69) 1.564 121 Is 57 1,676 47

PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Trustees’ Report and Financial Statements for the year ended 31 March 2022

16 DEBTORS

EBTORS
	2022 Curial Parochial Charity Charitable & trading sub- sidiaries Group £’000 £’000 £’000 £’000 £’000 80 587 667 - 667 525 (525) - - - - 509 509 - 509 5,813 - 5,813 - - 2 - 2 - 2 399 356 755 68 823						2021
	Curial	Parochial	**Charity **	Charitable & trading sub- sidiaries	Group		Charity	Group
	£’000	£’000	£’000	£’000	£’000		£’000	£’000
Legacy debtors	80	587	667	-	667		319	319
Owed between Curia and Parishes	525	(525)	-	-	-		-	-
Taxation recoverable	-	509	509	-	509		448	448
Net amount due (to)/from subsidiary	5,813	-	5,813	-	-		4,206	-
Net amount due (to)/from associated company (note 22)	2	-	2	-	2		17	17
Other debtors/ prepayments	399	356	755	68	823		583	639
	6,819	927	7,746	68	2,001		5,573	1,423
Due within one year	6,819	927	7,746	68	2,001		5,573	1,423
Due after more than oneyear	-	-	-	-	-		-	-
	6,819	927	7,746	68	2,001		5,573	1,423

The Charity is also entitled to two 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

	2022 Curial Parochial Charity Charitable & trading subsid- iaries Group £’000 £’000 £’000 £’000 £’000 79 - 79 - **79 **	2022 Curial Parochial Charity Charitable & trading subsid- iaries Group £’000 £’000 £’000 £’000 £’000 79 - 79 - **79 **	2022 Curial Parochial Charity Charitable & trading subsid- iaries Group £’000 £’000 £’000 £’000 £’000 79 - 79 - **79 **	2022 Curial Parochial Charity Charitable & trading subsid- iaries Group £’000 £’000 £’000 £’000 £’000 79 - 79 - **79 **	2022 Curial Parochial Charity Charitable & trading subsid- iaries Group £’000 £’000 £’000 £’000 £’000 79 - 79 - **79 **	2021 Charity Group £’000 £’000 105 105	2021 Charity Group £’000 £’000 105 105
	Curial	Parochial	Charity	Charitable & trading subsid- iaries			Group
	£’000	**£’000 **	**£’000 **	£’000			£’000
Due to Common Investment Fund	79	-	79	-			105
Purchase ledger balances	97	-	97	-	**97 **	137	134
Other loans	-	94	94	-	**94 **	88	88
Owed to third parties (note 5)	-	62	62	-	**62 **	41	41
Accruals	187	210	397	-	**397 **	520	683
Sundry creditors	545	162	707	42	**749 **	364	486
	908	528	1,436	42	**1,478 **	1,255	1,537

18B CREDITORS OVER ONE YEAR

	2022	2022	2022	2022	2022		2021	2021
	Curial	Parochial	Charity	Charitable & trading subsidiaries	Group		Charity	Group
	£’000	£’000	£’000	£’000	£’000		£’000	£’000
Accruals	250	-	250	-	**250 **		500	500
	250	-	250	-	250		500	500

48

PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Trustees’ Report and Financial Statements for the year ended 31 March 2022

19 FUNDS - CURRENT YEAR

19 FUNDS- CURRENT YEAR
			**Statement of Financial Activities **
Analysis of charitable funds	Balance 1 April 2021	Incoming resources		Resources expended	Investment gains and (losses)	Transfers and other Movements	Balance 31 March 2022
	£’000	£’000		£’000	£’000	£’000	£’000
Permanent Endowments
St Scholastica’s Trust (a)	578	14		-	28	(27)	593
Other	994	25		-	56	(21)	1,054
Curia and subsidiaries	1,572	39		-	84	(48)	1,647
Parishes	682	15		-	37	(9)	725
Total	2,254	54		-	121	(57)	2,372
Restricted Reserves
Lanherne (j)	1	610		(22)	4	(1)	592
Catholic Children’s Society Plymouth (c)	272	94		(117)	18	(2)	265
Clergy Abroad (e)	381	10		(46)	5	(71)	279
Elderly support (g)	553	-		-	-	(20)	533
Formation (h)	589	-		-	10	(75)	524
Kathleen Maude Clark Trust (i)	372 3,432 480 912	- 172 8 26		(10) (100) - -	- 125 8 6	177 180 (65) (606)	539 3,809 431 338
Active Religious (b)
Children’s Welfare (d)
Other
Curia and subsidiaries	6,992	920		(295)	176	(483)	7,310
Parishes	6,944	1,095		(262)	223	19	8,019
Total	13,936	2,015		(557)	399	(464)	15,329
Designated and Unrestricted Reserves
Lanherne (j)	1,719	-		-	-	182	1,901
Ecclesiastical Education (f)	1,464	-		-	19	(435)	1,048
Youth (k)	1,209	-		(5)	23	-	1,227
Caritas (l)	2,000	-		-	38	-	2,038
Schools Commission (m)	2,509	-		(4)	46	(77)	2,474
Other Central Funds	25,127	640		(2,227)	3,516	523	27,579
Trading subsidiary	24	97		(115)	-	-	6
Curia and subsidiaries	34,052	737		(2,351)	3,642	193	36,273
Parishes	48,165	4,942		(5,462)	752	328	48,725
Total	82,217	5,679		(7,813)	4,394	521	84,998
Total Charitable Group funds	98,407	7,748		(8,370)	4,914	-	102,699

During the year an exercise has been undertaken to reconcile all of the opening fund balances as at 1st April 2021 to the specific assets relating to those funds. This has resulted in a few large transfers between funds as shown in the table above.

Descriptions of the different types of funds, (a, b, c etc.) are shown on page 52.

49

PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Trustees’ Report and Financial Statements for the year ended 31 March 2022

19 FUNDS - PRIOR YEAR

19 FUNDS- PRIOR YEAR
			**Statement of Financial Activities **
Analysis of charitable funds	Balance 1 April 2020	Incoming resources		Resources expended	Investment gains and (losses)	Transfers and other Movements	Balance1 March 2021
Permanent Endowments
St Scholastica’s Trust (a)	429	13		-	136	-	578
Other	764	18		-	249	(37)	994
Curia and subsidiaries	1193	31			385	(37)	1,572
Parishes	515	30			154	(17)	682
Total	1,708	61			539	(54)	2,254
Restricted Reserves
Active Religious (b)	843	12		-	57	-	912
Catholic Children’s Society Plymouth (c)	306	70		(102)	(2)	-	272
Children’s Welfare (d)	388	16		-	76	-	480
Clergy Abroad (e)	324	10		-	47	-	381
Ecclesiastical Education (f)	715	23		-	113	-	851
Elderly support (g)	445	20		-	97	(9)	553
Formation (h)	474	20		-	95	-	589
Kathleen Maude Clark Trust (i)	382	-		(10)	-	-	372
Other	2,413	153		(242)	219	39	2,582
Curia and subsidiaries	6,290	324		(354)	702	30	6,992
Parishes	5,479	812		(362)	1,008	7	6,944
Total	11,769	1,136		(716)	1,710	37	13,396
Designated and Unrestricted Reserves
Active Religious (b)	5,523	160		(24)	777	(3,135)	3,301
Ecclesiastical Education (f)	1,737	64		(6)	308	(639)	1,464
Safeguarding (o)	36	30		(147)	114	7	40
Church Building Fund (p)	2,568	75		(10)	365	54	3,052
Poor Missions (q)	1,435	86		-	260	-	1,781
Schools Commission(m)	914	432		(60)	185	1,427	2,509
Tribunal (n)	1,011	40		(20)	176	363	1,570
Formation (h)	6,178	236		(47)	1,131	(4,918)	2,580
Other	9,958	(280)		(1,241)	2,273	7,021	17,731
Trading subsidiary	-	113		(89)	-	-	24
Curia and subsidiaries	29,306	567		(1,644)	5,589	180	34,052
Parishes	45,688	4,080		(4,784)	3,344	(163)	48,165
Total	75,048	4,647		(6,428)	8,933	17	82,217
Total Charitable Group funds	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 52.

50

PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Trustees’ Report and Financial Statements for the year ended 31 March 2022

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 2022 were represented by:

	------------Curial-------------	------------Curial-------------	**------------Parochial----------- **	**------------Parochial----------- **	Charity Total	Charitable and Trading ------------Subsidiaries-------	Charitable and Trading ------------Subsidiaries-------	Group Total
	Restricted funds	Unrestricted funds	Restricted Funds	Unrestricted funds		Restricted Funds	Unrestricted funds
	£’000	£’000	£’000	£’000	£’000	£’000	£’000	£’000
**Fixed Assets **
Tangible fixed assets	655	3,693	-	29,348	33,696	539	-	34,235
Properties awaiting sale	-	2,678	-	-	2,678	-	-	2,678
Investment in joint venture	-	-	-	-	-	-	-	5,206
Investments (note a)	3,831	23,101	4,425	17,308	48,665	519	(1)	49,183
Creditors over one year	-	(250)	-	-	(250)	-	-	(250)
Net current assets	3,304	7,567	4,319	2,069	17,259	109	92	11,647
	7,790	36,789	8,744	48,725	102,048	1,167	91	102,699
Endowment	1,356 6,434	-	725	-	2,081	291	-	2,372
Restricted		-	8,019	-	14,453	876	-	15,329
Unrestricted– Designated and General	-	36,789	-	48,725	85,514	-	91	84,998
	7,790	36,789	8,744	48,725	102,048	1,167	91	102,699
Note a:
Investments comprise:
Investment properties	-	1,282	-	1,560	2,842	-	-	2,842
Funds awaiting introduction to Common Investment Fund	4	-	-	75	79	-	-	79
Investments in Common Investment Fund	3,827	21,814	4,425	15,673	45,739	298	-	46,037
Other investments	-	4	-	-	4	221	-	225
Investment in UK subsidiary	-	1	-	-	1	-	(1)	-
	3,831	23,101	4,425	17,308	48,665	519	(1)	49,183

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 2022

19 FUNDS continued

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

The funds carried forward at 31 March 2022 represent:

• (a) St Scholastica’s Trust is a subsidiary charity of the main charity (and united for registration and accounting purposes). It provides moneys for the support of contemplative religious orders within the Diocese.

• (b) The Active Religious Fund provides moneys for the support of active religious orders within the Diocese.

• (c) Catholic Children’s Society (Plymouth): a subsidiary charity of the main charity, whose principal activity is the relief of children in need of care and protection and in particular Roman Catholic children. The Society promotes good parenting, provides general support in the parishes and schools of the diocese and makes grants to individuals in need.

• (d) Children’s Welfare: the income from Bishop Restieaux’s Jubilee Fund is used to promote children’s welfare in the parishes. In recent years, the income from the Plymouth Diocesan Children’s Welfare Trust has been used to fund children’s safeguarding work in the Diocese: see (j) below.

• (e) Clergy Abroad: moneys to support clergy performing their ministry overseas.

• (f) The Ecclesiastical Education Fund caters for the education and training of students wishing to enter the Roman Catholic -

• priesthood within the diocese and on going training of ordained clergy.

• (g) The Elderly Support Fund is for the benefit of the elderly in the Diocese. In recent years the income has been used to assist in funding clergy pension contributions.

• (h) The Vicariate for Formation provides resources, courses and education material for religious education of adults and children - -

• throughout the Diocese. After the year end, this Vicariate has been re organised to become the Vicariate for Evangelisation.

• (i) The Kathleen Maude Clark Trust was established to provide a rest home for Priests of the Roman Catholic Church or Nuns or Nursing Sisters.

• (j) Lanherne Fund provides money for the support of a closed order of Carmelite sisters within a Convent, which is part of the Diocese. It also provides the resources for the maintenance and upkeep of the convent.

• (k) Youth provides money for the enhancement and development of youth ministry within the Diocese.

• (l) Caritas help provide the resources to provide a network to support parishes, schools and community groups to implement social action across the Diocese. We proactively support parishes to develop new forms of outreach.

• (m) The Schools’ Commission deals with the costs of providing clerical, professional and financial assistance to assist schools in the diocese to undertake building contracts.

• (n) The Tribunal’s funds have been set aside for the judicial processing of petitions for declarations of nullity of marriage and other Canon Law matters.

• (o) Safeguarding deals with the expenses involved in setting up procedures to handle children’s safeguarding and vulnerable adults’ issues sympathetically and positively.

• (p) The Church Building Fund deals with the grants and loans made to parishes in order to assist them in the building of their churches and presbyteries.

• (q) The Poor Missions Fund provides assistance to those parishes which, because of the low level of their income, are unable to support either the parish priest or the necessary repair work to the parish church or presbytery.

52

PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Trustees’ Report and Financial Statements for the year ended 31 March 2022

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 2022 £707,092 (2021:£772,868).

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:

Parish commitments were as follows:
**Reconciliation of movement in the year **	£’000
Commitment at 31 March 2021	399
Less: falling due within the year ended 31 March 2022	(399)
Add: estimated commitments falling due in the year ended 31 March 2022	987
Commitments at 31 March 2022 (falling due within one year)	987

At 31 March 2022 there were three (2021: three) forward foreign exchange contracts within the Common Investment Fund, with a value of £8,495 (2021: £10,469). The post year end settlement was a receipt of £5,861 (2021: £15,872).

Contingent Liabilities

Included within tangible fixed assets is a property with a carrying value of £1,506,985 (2021:£1,632,382) 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 (2021:£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 term of the covenant.

Diocesan Trading Limited, a wholly owned subsidiary of the Trust, had entered into a joint venture agreement, Ansteys Cove Development LLP. Pursuant to the agreement, Diocesan Trading Limited entered into a cost overrun guarantee with the other member of the LLP, which is joint & several, up to a maximum of £1.2 million.

21 PLYMOUTH CAST

Plymouth CAST is a Multi Academy Trust operating 32 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 2022, the Trust had 3 members, including the bishop. 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.

In the year to 31 August 2021 The Plymouth Diocese supplied Plymouth CAST with resources, services and fixed assets at a cost of £70,780 (2021: £76,215). 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 £1,834,678 (2021:£1,956,450). 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.

During the year one of the Catholic Schools that was operating on land owned by the Diocese, was closed under an agreement in place with the Secretary of State. As such, the land reverted back to the Diocese with a valuation of £2.2mil as at 31 March 2022. See note 13.

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.

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PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Trustees’ Report and Financial Statements for the year ended 31 March 2022

23 G���� S�������� �� F�������� A��������� 2021

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

The results derive from continuing activities

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PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Trustees’ Report and Financial Statements for the year ended 31 March 2022

G���� S�������� �� F�������� A��������� 2021

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

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PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Trustees’ Report and Financial Statements for the year ended 31 March 2022

24 FINANCIAL ACTIVITIES OF SUBSIDIARIES

The group accounts include the following results of its subsidiaries:	2022	2021
	£’000	**£’000 **
Total income	300	189
Total expenditure	(155)	(201)
Net Gains	62	65
Net income/deficit	207	53
Net assets by subsidiary:
Kathleen Maude Clark Trust	500	392
Clarence Ada & Winnifred Halse Trust	502	358
Catholic Children’s Society	265	270
Diocesan Trading Limited	(9)	31
	1,258	1,051

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