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2024-03-31-accounts

PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Report of the Directors of the Corporate Trustee and Financial Statements for the year ended 31 March 2024

The Roman Catholic Diocese of Plymouth

Plymouth Diocesan Trust

Report of the Directors of the Corporate Trustee and Financial Statements

for the year ended 31 March 2024

PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Report of the Directors of the Corporate Trustee and Financial Statements for the year ended 31 March 2024

Index

Page Contents

3		 Introduction-Diocesan Administrator
4–23 Annual Report
24–26 Independent Auditor’s Report
27–28 Group Statement of Financial Activities 2024
29–30 Charity and Group Balance Sheet
31 Group Statement of Cash Flows
32–59 Notes to the Accounts

We have appointed a sole corporate Trustee. Any reference within this document to Trustee or Trustees are to the Directors of that sole corporate Trustee.

PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Report of the Directors of the Corporate Trustee and Financial Statements for the year ended 31 March 2024

Introduction

– Rev. Canon Paul Cummins Chair

The Office of the Bishop for our diocese has remained vacant and I have continued my role as Diocesan Administrator ensuring the momentum of the mission of our Lord pending the appointment of a new bishop.

There have been positive developments during the year, including the momentous gathering in Rome of the Synod of Bishops, reflecting on the fruits of conversations and discussions held in the local Churches around the world as part of the ongoing synodal process. The second gathering took place in the autumn of 2024. One of the great things to bear fruit from the start of the process, back in 2021, has been the opportunity for communities across the Diocese to gather and to journey together. This is something that has continued long after the initial Synod conversations and I hope it will continue.

We depend on the generosity and the fidelity of our lay faithful in our parishes and in our schools, and also the commitment of our employees. Together they genuinely contribute to the good of the Church, and in turn they receive the fulfilment and inspiration that we so often need. Only together can we build our journey through life.

This Annual Report gives many examples of how, in the life of our Diocese, there is a constant exchange of gifts. The Diocese of Plymouth is not an organisation which simply looks after its own. Rather, the calling to which we are responding, the call of Jesus, is that all people are daughters and sons of God, and therefore have a common bond of being sisters and brothers of the one family of God.

I hope you enjoy reading these accounts of journeys in our Diocese, in our parishes, schools, chaplaincies, outreach work and on pilgrimage, of people sustaining each other on the way.

I thank all who have composed the Report and its financial component. I thank especially parish clergy and their helpers for their commitment and oversight. There is a large group of people working for our Charity who often remain unsung and unacknowledged for their contribution to the mission of the Diocese of Plymouth, the people who work centrally in administration: departments like Safeguarding, Property, Finance, Evangelisation, Schools and Education, Caritas, Tribunal, Clergy Care, Data Protection, Technology and Communication. Together they enable the mission of the Church and they also have the difficult task of ensuring our compliance with regulatory requirements. This is a necessary and sound basis on which our ability to serve the public good, to fulfil our mission, depends. I thank them for their tireless work.

May God Bless you.

Canon Paul Cummins

Diocesan Administrator and Chair

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PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Report of the Directors of the Corporate Trustee and Financial Statements for the year ended 31 March 2024

INTRODUCTION

The directors of the Corporate Trustee (ie the Trustees) present this annual report and financial statements of Plymouth Diocesan Trust (the Charity) for the year ended 31 March 2024. The financial statements have been prepared in accordance with the accounting policies on pages 32 to 38 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 the worship of God and participation in the sacraments, all of which Catholics believe to be efficacious acts 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 to 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 each objective meets the public benefit requirement.

Charitable Objective

Public Benefit provided

The provision of Religion is advanced through providing places of worship and facilitating religious practice, particularly religious services of the through the Mass in our 61 parishes. There is a public celebration of Mass on virtually every day in every Roman Catholic parish and at weekends the main Sunday celebration of Mass will take place generally more than once in Church in such every parish. The activities include conducting religious ceremonies (such as baptisms, weddings and Churches and public Chapels in the Diocese. funerals), maintaining religious burial grounds, celebrating public Masses and other Sacraments, 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 the churches and services are open to people of all faiths and none, as well as 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 10,833 (9,600 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 Report of the Directors of the Corporate Trustee and Financial Statements for the year ended 31 March 2024

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, although donations are
accepted, 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 (105 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. 333 baptisms took place in the parishes during the year (455
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. 384 First Communions were held during the year (530 in
the previous year).
Provision, maintenance and
upkeep of Churches, Public
Chapels and
Presbyteries……		 At 31 March 2024 there were approximately 100 churches or public chapels and over 70 presbyteries provided
under this aim. The diocese has expended £1.859 million (£2.158 million 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 Report of the Directors of the Corporate Trustee and Financial Statements for the year ended 31 March 2024

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 Trust to its moral and legal obligations to ensure the
safety of all who have access to the buildings. As a result, systems have been put in place to make sure that regular
building condition surveys are carried out and that the implementation of recommended work is being monitored. The
Trust effects insurance cover in respect of it’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.



t




t		 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 it’s parishes to the people they serve. The Church must be prepared to change to do
his, 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 is also given 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
o 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 and those who fulfil lay ministries 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 self-funding ordained
clerics. The public benefit provided by such support is achieved through the services provided by the deacons so
supported. Such support is necessary and incidental, and meets reasonable and modest personal needs. The Trust cannot
fulfil its main aims without properly trained and supported clergy, together with others who are essential for the worthy
celebration of religious services and the provision of pastoral care.
Support payments to priests in active ministry
2024
2023

£’000
£’000
Allowances
210
239
Housekeeping
128
127
Travel
116
118
Miscellaneous
65
47
Total
519
531
Number of priests in active ministry
2024
2023
Diocesan priests
On active work in the Diocese
38
40
Other priests
From other dioceses
15
12
From the Ordinariate
3
3
From Religious Orders
27
28
Total
83
83

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PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Report of the Directors of the Corporate Trustee and Financial Statements for the year ended 31 March 2024

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 grants to those who have resigned from active ministry is generally through the Plymouth Secular
Clergy Fund (registered charity number: 213232). Each year collections are made, generally following church services,
throughout the Diocese. Provision is also made to cover similar payments to the Bishop when he steps down from
ecclesiastical office.
During the year, the Diocesan Trust incurred £78k (2023: £80k) of costs 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 2024 show
the following:
Employment
Employment practice is supported and monitored for all employees, both curial and parochial, through the services of
the Human Resources Office (and the strategic 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 Delegates 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 the proper stewardship of the Trust’s resources.

2024
2023
Allowances paid to priests
£317,766
£309,886
Number of priests that received allowances
29
28
The provision,
maintenance and
upkeep of schools and
colleges for the gen-
eral education both
religious and secular,
or religious or secu-
lar, of children or
young persons mem-
bers of the Roman
Catholic Church ei-
ther 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, such as the academic disciplines, sports, music, and practical subjects. In line with the national
Catholic agenda, the Trust is committed towards ensuring that Catholic schools should offer the opportunity for students
to collaborate with others for the common good of all, and ultimately to become confident and responsible citizens
striving for the good of society.
As at 31 March 2024, the following Catholic schools in the Diocese are:
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 Catholic primary schools, the 2 Catholic secondary schools and the pre-school are contained in a single
multi-academy trust, Plymouth CAST, which is a separate legal entity limited by guarantee and is also an exempt
Charity under the Charities Act 2011.
The Diocese provides support through the work of the Diocesan Schools Commission, which seeks to support the local
governing bodies, head teachers and staff in maintaining and developing the Catholic ethos of the schools and in
managing and developing their sites and buildings. Also, the parishes support these schools through substantial
involvement in the local governing bodies and occasionally with finance. The public benefit is provided through the
Church being a partner of the State in the provision of education within the state-maintained sector, and through the
direct and indirect teaching of Catholic values to all who are involved with the school communities, including pupils,
staff, parents and families. This work contributes directly to the spiritual and moral education of children. Not all pupils
or staff at the schools are Catholic; approximately two-thirds 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 Report of the Directors of the Corporate Trustee and Financial Statements for the year ended 31 March 2024

ACHIEVEMENTS AND PERFORMANCE

Pastoral and general charitable objectives

The Catholic Church has a large body of doctrine which is referred to as Catholic Social Teaching and which presents a rounded understanding of the human person and of the importance of solidarity and subsidiarity. A principal focus of this social teaching is the Common Good, which refers to what belongs to everyone by virtue of their common humanity. A 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:

The Diocese’s New Evangelisation programme has continued to focus on God’s call to “Go make Disciples”, which is the 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. In providing these opportunities, we include all aspects of Catholic spiritual life i.e. our liturgy, our sacred music, the ambience of our churches, our Eucharistic Adoration, the sacraments. All these are vital in discovering this way of beauty.

There were 5 students preparing for priestly ordination and 5 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 for each student), the Diocese launched an appeal in 2011 in commemoration of the Jubilee of the late Bishop Emeritus Christopher Budd. This appeal is ongoing and, during the year, it raised £64,268 (2023: £42,425).

“The only thing that counts is faith expressing itself through love’ Galatians 5:6

Taking the lead from Pope Francis, the work of Caritas Diocese of Plymouth is to facilitate a ‘Ministry of Charity’ that works in partnership with - existing social action organisations to implement initiatives that correspond to the ever changing needs of local communities, particularly in the areas of poverty relief, services for children, young people, people who are elderly, homeless, sick, migrants and refugees. The Church’s charitable assistance must be ever accessible and ever available for this ministry. In November 2023, the Diocese created a subsidiary charity, Caritas Diocese of Plymouth, to further grow and develop this Ministry.

The Mission of Charity is delivered in partnership with is a network of stakeholders inter alia parishes, the clergy, the schools, and other Charities, all engaging and working collaboratively in various initiatives in the name of the Church. By so doing, they strive to live out the Gospel by supporting the people in need in our local communities.

Caritas Diocese of Plymouth provides support to parishes to develop new forms of outreach, share good practice and create and promote new - volunteering opportunities. During 2023 24 it expanded its work through the appointment of three new part time roles to grow outreach in Dorset, Torbay and Cornwall and appointed a refugee and migrant project lead to proactively look for opportunities to welcome the stranger.

In 2023/24 it distributed £2,976 in crisis grants to over 12 families and individuals in need, £7,721 in school transport grants and £3,000 worth of food vouchers directly to 6 schools to give to families in need and £2,500 donated to CCSP.

Caritas welcomes refugee families through the UK Resettlement Scheme and has successfully resettled one family, welcomed another at the end of 2022 and is planning to welcome a third in April 2024. It offers a range of events to raise awareness of issues such as the destitution of those seeking asylum, modern slavery and labour abuse of migrant workers and other related issues.

It provided extensive formation on Catholic Social Teaching and supported 25 events on the key themes in its strategy, reaching over 730 people. It proactively encouraged outreach to those who are elderly and vulnerable e.g. through development of new social spaces, offering training on issues such as homelessness, dementia and poverty and working through its intergenerational project to connect schools with care homes and other groups across the Diocese.

It provides information, signposting and aims to inspire faith in action through events. Feedback suggests that over 95% of people attending our events plan to take action as a result.

The Coming 12 months

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PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Report of the Directors of the Corporate Trustee and Financial Statements for the year ended 31 March 2024

ACHIEVEMENTS AND PERFORMANCE

We expect to see a much greater impact in terms of understanding of issues relating to refugees and migration and how we can look out for and report signs of modern slavery or labour abuse as well as offering practical support to refugees and those seeking asylum.

We will be focusing on the 2025 Year of Jubilee and developing prayer and reflection resources on the social action themes for schools and parishes.

We continue to contribution to regional and national networks promoting social action and outreach.

Youth Events continues to support parishes with building their youth communities and reaching out to the youth both living in their parish and actively participating in parish life. It aims to accompany young people through the transition of their child faith to ownership of their own spiritual journey, along with building a sense of fraternity amongst our young people. Through the events, we plan to offer opportunities for young people to explore their relationship with God and recognise Him within their lives, along with developing an understanding of the Catholic Church and its teaching.

Pope Frances in ‘a gift of Joy and Hope’ talks about how the disciples on the road to Emmaus ‘first open their hearts to Jesus, next listen to Him explain the scriptures and then they invite Him into their own home.’ This underpins the Youth Events 4 tier strategy: come and see; explore, commit and become a disciple. The strategy is not meant to be a linear process but circular and is not exclusive to young people. It is recognised that we all go through this process constantly. All events are underpinned with scripture, they aim to animate scripture in a way that young people can connect with and develop their understanding of the scripture. An example of this is the canoe trip where a group of young people explored the moment that Jesus asked Peter to walk on water. Climbing in and out of canoes is a tough enough task and illustrates the level of trust you need to simply walk, set aside from the message that one is asked to trust in Jesus. Bringing young people across the Diocese together is the start to create a sense of fraternity.

Youth Communities in the parishes across the Diocese of Plymouth vary in size and are often small. Some parishes will have a handful whilst others will have a thriving group. It is easy to measure the youth community by the number of young people that attend parish celebrations and activities, many forget about the young people who live in a parish but do not access the church community. We feel it is more important than ever in our society to illustrate the church family, a place where you are accepted and loved for who you are. Within today’s society we see so many families fragmented or striving to survive so it is important that all feel welcome, and God’s love is offered in all we do.

Youth Events is supported by around 40 volunteers. Many volunteers are proactive in their parish communities, some support one event though many are keen to help at multiple events. We feel it is important to support our volunteers. Annually there is a training session where volunteers are able to develop their knowledge in an area that supports their ministry to youth. The training also gives a chance for volunteers to share their experience and frustrations with others from different parishes. We feel volunteers come from 3 categories; those that understand and embrace the strategy; those who have a need such as desire to work with youth or want to develop their social skills and are willing to support the mission and lastly those that need a little nurture to take the next step in life.

World Youth Day was the key focus of the 2023 Youth Events Programme. There were a series of formation days prior to the pilgrimage in July. In addition to the WYD pilgrimage, Youth Events ran a Heatree Residential for the 2[nd] year running, a media training day, the Diocesan Youth Rally in September, a Social Justice weekend in October and a local version of Flame called Inspire. Most events focused on the explore element of the strategy, with some events moving into commit and touching on becoming a disciple. The Youth Rally was aimed at the younger members of our diocesan family welcoming those as young as 7. This event focuses on the come and see strategy and creating a sense of fraternity. This event has been running for over 60 years. Inspire was piloted this financial year. It was a great success seeing around 125 teenagers gather from across the diocese, listening to a range of regional bands and speakers.

There are other events run within the diocese for young people. Many parishes are proactive in their youth ministry through youth clubs, retreats, - sacramental preparation and music groups. Youth Events offer these groups support, but many are self sufficient, run by volunteers with many years’ experience. In addition, a group of volunteers run the diocesan Summer Camps and a pilgrimage to Lourdes.

In 2024 the decision was made to bring the Youth Lourdes Pilgrimage and Summer camps under the Youth Events umbrella. Youth Events is looking forward to working with the respective volunteer teams. In the next financial year, it is hoped to continue to build on the current mission and strategy, developing many of the events which are currently in the annual programme; events like the Heatree residential and Youth Rally. There will be a residential for teenagers, developing the concept of the social justice residential. It is hoped to continue to work with Caritas on increasing awareness of catholic social teaching.

Feedback and observations have shown it is important to have a combination of day events, where young people can ‘come and see’, and residentials. Residentials offer the opportunity to deepen their faith and develop friendships to a more secure level. As the programme develops, we see more young people asking if their friends from other parishes are attending events. We are also aware there are some WhatsApp groups of young people of similar ages. These demonstrate not only the need for the Youth Events mission but show how it is growing. Our young people are hungry for a chance to explore and understand their faith.

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PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Report of the Directors of the Corporate Trustee and Financial Statements for the year ended 31 March 2024

ACHIEVEMENTS AND PERFORMANCE

This is an overview of the work of the Diocesan Education Service across all Plymouth diocesan schools during the 2023/24 academic year. As well as our diocesan work we engage on a national level to ensure we are compliant with the expectations of the Bishops Conference of England and Wales and work on the directives, advice and support offered through the Catholic Education Service, who exist to support the Bishops Conference department for Education and Formation. We also work collaboratively with Plymouth CAST and other diocesan schools to ensure the bishops vision and mission is active and transparent across all schools.

Inspections

Ten Plymouth CAST primary schools were inspected across the academic year. This was our first year of implementing the CSI inspection framework and extensive prior training was provided to schools. Schools are inspected across the three key areas of Catholic Life and Mission, Religious Education (as the subject) and Collective Worship (prayer and liturgy). Each section is then inspected across the three sub-sections of pupil outcomes, provision, and leadership. We have been present at all feedback, as have increasingly, members of the Plymouth CAST Senior Executive Leadership Team and/or School Support Officers. From the feedback and reports we have been able to tailor some of our CPDF to support areas where there is challenge, and this is explained in greater detail in the sections below. Schools who have been inspected should be proud of their outcomes especially as the framework has greater rigour and expectation. CSI inspection fees currently average £2,000+ per school which is covered by the diocesan levy, which was increased last year and a small refund from the DfE. The current strength of the partnership between Plymouth CAST and the diocese has been central to all decision making and provision.

The Implementation of the Religious Education Directory (RED) in schools within the Diocese

The Religious Education Directory articulates the nature and purpose of RE in the Catholic schools of England and Wales. It provides a Programme of Study for EYFS, KS1, KS2 and KS3, defining the knowledge, skills and expected outcomes for RE, along with a model curriculum. Following its publication last year, we committed to an ambitious implementation plan for schools in Plymouth Diocese. This implementation plan details the steps we are taking to ensure that all diocesan schools meet the statutory implementation dates for the RED: September 2025 for secondary schools; September 2026 for primary schools. A key part of this plan is our collaboration with Clifton Diocese.

Overview to date 2024/25

This is an overview of the work of the Diocesan Education Service across all diocesan schools since September 1st, 2024.

On September 10th we were invited to join with all school leaders and the central team to share a Mass of thanksgiving, celebrated by Canon Mark O’Keeffe, to mark 10 years of Plymouth CAST. It was a special service and Canon Mark shared with us the importance of the work of the Trust and the impact on those children and families within our schools. He reminded us that Plymouth CAST existed as a Catholic Multi-Academy Trust to ensure that all schools remained a place for the vulnerable and disadvantaged to give all the best opportunities available and all in the name of Christ Jesus. The prayer books were blessed and distributed to all schools. At St. Boniface House we proudly display one. Prayers written by children are often the sincerest prayers. We then gathered on 4th October for a celebration liturgy that was shared with all schools in the Trust.

During the first two weeks of the new term Helen attended a blessing service to celebrate the start of the new school year at St. Edward’s Poole, St. Boniface College and Notre Dame. She has also attended the autumn Diocesan Schools Commissioners Conference and visited the Dorset Deanery to speak about the work of the Diocesan Education Service. She is also a member of the joint partnership support arrangement for St. Cuthbert Mayne. It is one of our objectives this year to support schools and parishes to develop closer relationships where there is a need. We are pleased that many of our parishes and schools have an active relationship but there is work to be done.

CSI inspections

We also have oversight of schools where they are not currently in the inspection window but cause concern either through previous CSI or Ofsted outcomes.

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PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Report of the Directors of the Corporate Trustee and Financial Statements for the year ended 31 March 2024

ACHIEVEMENTS AND PERFORMANCE

Continuous Professional Development and Formation

During our summer conferences we shared our CPDF calendar for the 2024/25 academic year.

The theology course, ‘Seek and ye shall find’ that was outlined in the last report has commenced delivery and has been extremely well attended and well received by schools. We must all take heart from the fact that many schools have recognised that one way of improving the RE provision and outcomes is by improving teacher knowledge of the subject matter, thereby enabling more analytical questioning. This will be particularly useful in helping push on the most able students, an area that is frequently highlighted in inspection reports as needing development.

A full programme of CPDF opportunities has been started and attendance is positive but as always could be better. Through regular newsletters and emails all are encouraged to participate. It is also published through the Plymouth CAST website.

Adult Formation

The uptake on adult formation this year has been disappointing, although we must counterbalance this by considering the excellent engagement with our diocesan theology course. We have four delegates on the Adult Formation course this year, all of which are Headteachers, new to the role.

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 the 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. Accordingly, parish priests are assisted in their pastoral duties by volunteers in activities such as visiting the sick, the elderly and others in need. Each parish is strongly encouraged to maintain a Parish Pastoral Council, which consists of the parish priest and a number of active members of the parish and which assists the priest in making provision for the appropriate pastoral care of the parish community and its mission. 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 £10.42 per hour, equates to £915,293 per annum.

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PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Report of the Directors of the Corporate Trustee and Financial Statements for the year ended 31 March 2024

ACHIEVEMENTS AND PERFORMANCE continued

Financial summary

The Statement of Financial Activities is detailed on pages 27 to 28. The following is a summary:

Curia Curia Curia Parochial Parochial Parochial Total Total Total
2024 2023 Change 2024 2023 Change
2024		 2023 Change
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Income
Donations and legacies (Note 2)
Donations 74 136 (62) 3,452 3,191 261 3,526 3,327 199
Legacies 40 620 (580) 201 522 (321) 241 1,142 (901)
Grants 8 5 3 149 501 (352) 157 506 (349)
122 761 (639) 3,802 4,214 (412) 3,924 4,975 (1,051)
Charitable activities (Note 3)
Fundraising - - - 181 0 181 181 0 181
Rental income 66 6 60 698 682 16 764 688 76
Other charitable activities 59 22 37 114 253 (139) 173 275 (102)
125 28 97 993 935 58 1,118 963 155
Turnover of trading subsidiary 210 165 45 - - - 210 165 45
Investment income 521 554 (33) 475 363 112 996 917 79
Other 16 0 16 32 30 2 48 30 18
747 719 28 507 393 114 1,254 1,112 142
Total income 994 1,508 (514) 5,302 5,542 (240) 6,296 7,050 (754)
Expenditure
Fundraising costs 228 212 16 143 205 (62) 371 417 (46)
Cost of sales of trading subsidiary 212 156 56 - - - 212 156 56
Share of net loss in Joint Venture - 7,456 (7,456) - - - - 7,456 (7,456)
Provision for worship & Liturgy 641 449 192 5,664 4,990 674 6,305 5,439 866
Ministrysupport 412 493 (81) 1,058 976 82 1,470 1,469 1
Pastoral & community 782 950 (168) 130 121 9 912 1,071 (159)
Evangelisation and Youth 181 189 (8) - - - 181 189 (8)
Caritas 227 214 13 - - - 227 214 13
Faith & vocational discernment 216 127 89 - - - 216 127 89
Diocesan Education 230 314 (84) 1 9 (8) 231 323 (92)
Total expenditure 3,129 10,560 (7,431) 6,996 6,301 695 10,125 16,861 (6,736)
Net income/(expenditure) before
gains / trfs.		 (2,135) (9,052) 6,917 (1,694) (759) (935) (3,829) (9,811) 5,982
(Losses) / Gains and transfers 411 (1,877) 2,288 667 (452) 1,119 1,078 (2,329) 3,407
Net (expenditure)/income (1,724) (10,929) 9,205 (1,027) (1,211) 184 (2,751) (12,140) 9,389

In the year ended 31 March 2024, the Diocese operated at a deficit of £3,829k (before investment gains), compared to a deficit of £9,811k in the previous year.

Income decreased by £754k, largely due to the fall in grants and legacies received of £1,250k, compensated by the increase in other income of £496k. Expenditure has decreased by £6,736k, the majority of which relates to the group share of the loss in the joint venture in 2023 of £7,456k, along with the increase in Provision of worship. After considering the fluctuations in income and expenditure, the Trust ended with a deficit of £3,829k, with £1,078k gains on investments, resulting in net deficit of £2,751k, compared to a deficit of £12,140 in the previous year.

Gains and transfers consist mainly of investment valuations, along with the gains on the valuation of various properties.

12

PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Report of the Directors of the Corporate Trustee and Financial Statements for the year ended 31 March 2024

ACHIEVEMENTS AND PERFORMANCE continued

Curia Curia Curia Parochial Parochial Parochial Total Total Total
2024 2023 Change 2024 2023 Change 2024 2023 Change
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Tangible fixed assets 4,771 4,908 (137) 30,036 29,518 518 34,807 34,426 381
Joint Venture investment - (2,000) 2,000 - - - - (2,000) 2,000
Properties awaiting sale 1,206 1,200 6 - - - 1,206 1,200 6
Investments 25,259 28,525 (3,266) 21,009 20,298 711 46,268 48,823 (2,555)
Total fixed assets 31,236 32,633 (1,397) 51,045 49,816 1,229 82,281 82,449 (168)
Debtors 1,952 1,564 388 (419) 704 (1,123) 1,533 2,268 (735)
Cash at bank 5,413 7,104 (1,691) 6,522 6,510 12 11,935 13,614 (1,679)
7,365 8,668 (1,302) 6,103 7,214 (1,111) 13,468 15,882 (2,414)
Creditors (inc. long term) 476 16 460 (1,917) (1,288) (629) (1,441) (1,272) (169)
Bankoverdrafts (6,500) (6,500) - - - - (6,500) (6,500) -
(6,024) (6,484) 460 (1,917) (1,288) (629) (7,941) (7,772) (169)
Total Funds 32,577 34,301 (1,724) 55,231 56,258 (1,027) 87,808 90,559 (2,751)

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

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

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PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Report of the Directors of the Corporate Trustee and Financial Statements for the year ended 31 March 2024

ACHIEVEMENTS AND PERFORMANCE continued

The Trust has 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 Trust is bound by the restrictions placed on it 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.

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PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Report of the Directors of the Corporate Trustee and Financial Statements for the year ended 31 March 2024

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 2024 of £87.81 million (£90.56 million in 2023) this definition of reserves, therefore, normally will exclude £51.92 million (£51.04 million in 2023), as demonstrated below:


million (£51.04 million in 2023), as demonstrated below:
Curial and
subsidiaries		 Parochial Group
Total		 Total Last
Year		 Note to
the
Accounts
£’000 £’000 £’000 £’000
·
Permanent endowment funds		 1,795 791 2,586 2,350 19
·
Restricted funds		 8,165 7,557 15,722 15,451 19
·
Unrestricted funds not readily available for spending, specifically		 19
-Fixed assets held for charity use 3,574 30,036 33,610 33,242 19
13,534 38,384 51,918 51,043

On this basis, the level of free reserves is £35.89 million (£39.52 million in 2023), calculated as being total reserves of £87.81 million (£90.56 million in 2023) minus the excluded elements of £51.92 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 Trust’s policy on reserves remains unchanged.

The Trust’s 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

Risk Management

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

The Trust has 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, and (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 the relative importance/urgency to each one.

15

PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Report of the Directors of the Corporate Trustee and Financial Statements for the year ended 31 March 2024

ACHIEVEMENTS AND PERFORMANCE continued

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 10,833 (9,600 in 2023). However, this decline has not impacted on the voluntary income received in the parishes. That said, there is a risk of significant drain on financial resources through maintaining functional properties, many of which are listed to some degree. During the year, the Diocese received external grants of £157k (£506k in 2023), most of which were attributed to the maintenance of our church buildings. A Planned Giving Scheme is being introduced to boost financial offerings in local parishes.

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 is required. The Diocesan Property Commission meet periodically to approve all property-related expenditures that are above the delegated limits. In addition, the Parish Bookkeepers act as the ‘eyes and ears’ of the Trustees and work with the parishes in monitoring financial controls. Over the last five years, the Trustees 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 Report of the Directors of the Corporate Trustee and Financial Statements for the year ended 31 March 2024

ACHIEVEMENTS AND PERFORMANCE continued

Outlook for the future

Whilst the Diocese remains in Sede Vacante (i.e. the seat of the Bishop being vacant), our focus is to continue to maintain the mission of the Lord by focusing on the underlying themese of our vision, mainly:

These themes will continue to determine our structure and our engagement activities with the aim that our parishes and schools will continue to reflect our mission and our core value.

In addition, these are ongoing objectives and initiatives, which have been identified to secure the future of our organisation. These included:

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PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Report of the Directors of the Corporate Trustee and Financial Statements for the year ended 31 March 2024

REFERENCE AND ADMINISTRATIVE INFORMATION

The trustees are incorporated as ‘Plymouth Diocesan Trustee Company Limited’ (PDTC), a company limited by guarantee, incorporated 1 February 2023. This company does not conduct any trade or business on its own account and has no assets or liabilities. Its sole purpose is to act as trustee of a number of trusts and funds of which the Plymouth Roman Catholic Diocese Trustees is the principle one.

The directors of the new Plymouth Diocesan Trustee Company Limited

(herein referred to as trustees) are:-

TRUSTEES

SECRETARY TO THE TRUSTEES

CHIEF OPERATING OFFICER

AUDITORS

SOLICITORS

INVESTMENT MANAGERS

PRINCIPAL BANKERS

INSURERS

FINANCE SUB-COMMITTEE

Westbourne The Grange St. Peter Port Guernsey GY1 4LP

INVESTMENT GROUP

PRINCIPAL ECCLESIASTICAL ADDRESS

Bishop’s House

45 Cecil Street

Plymouth PL1 5HW

PRINCIPAL ADDRESS OF THE CHARITY

St Boniface House

Ashburton

Newton Abbot

TQ13 7JL

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PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Report of the Directors of the Corporate Trustee and Financial Statements for the year ended 31 March 2024

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 10,833 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 (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 is
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 and
none, 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 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 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 voting rights.
Cecil
Street
Properties
Limited
(Incorporated 25 April 2023)
Cecil Street Properties Limited, a company
registered in England and Wales (Regd.
(14827367) and it is used as a property rental
company.
19
Subsidiary Charities and Other Charities with common trustees–
Other connected Charities under the control of the Diocesan Bishop or Corporate Trustee:
Separately registered Charities
·
Clarence, Ada and Winnifred Halse Trust
Charities united with Plymouth Diocesan Trust for registration and accounting purposes
·
Cornish Missions Trust and Plymouth Diocesan Children’s Welfare Trust
·
St. Scholastica’s Abbey (Trust Deed Dated 9.3.1923) and St. Scholastica’s Trust
Charities excepted from registration
·Kathleen Maude Clark Trust Fund and endowed legacies and gifts (see note 1 (e) to the Accounts for more details)

– Subsidiary Charities and Other Charities with common trustees

Other connected Charities under the control of the Diocesan Bishop or Corporate Trustee:

Separately registered Charities

Charities united with Plymouth Diocesan Trust for registration and accounting purposes

Charities excepted from registration

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PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Report of the Directors of the Corporate Trustee and Financial Statements for the year ended 31 March 2024

GOVERNANCE AND MANAGEMENT

Trustees

The Trustees who served during the year are listed on page 18. As explained on page 19, a new trustee body was established during the year.

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 (or his equivalent’s) prior approval is required for the appointment of new Trustees, who are introduced to their role and responsibilities by 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 Corporate Trustee are assisted in their work by the following sub- committees: the Finance Sub-committee, the Safeguarding Sub-committee, the Human Resources Sub-committee, the Diocesan Property Commission, 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 Subcommittee 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 Safeguarding Sub-committee assists the Corporate Trustee in the fulfilment of its responsibility to ensure that our churches and parish communities - are safe places for all, especially children and adults at risk. The membership of the Sub committee consists of a number of Trustees, the Diocesan Clergy Lead for Safeguarding and a representative number of professionals for the legal, social, victim/survivor advocacy and criminal justice areas of - speciality. The Sub committee provides strategic oversight of the work undertaken by the Diocesan Safeguarding Office.

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 Clergy Delegate and other representative Trustees, together with the Human Resources Officer of the diocese.

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 Diocesan Education Commission has the oversight for monitoring the Catholic ethos of the diocesan schools and ensuring that the rights and responsibilities of the Bishop in the area of Catholic Education are respected and fulfilled, 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 Diocese of Plymouth, ensuring that its programs 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 (or Delegate) who oversee specific areas of the diocesan mission including Evangelisation, Youth Ministry, Clergy Care, Vocations, Education and Caritas. Other paid staff, whose roles are mainly operational or in support of 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. The Diocesan Tribunal, under the direction of the Judicial Vicar who exercises the Bishop’s judicial authority, deals with judicial canonical matters, including marriage annulment petitions. The Diocesan Chancery, under the direction of the Diocesan Chancellor oversees administrative canonical procedures on behalf of the Bishop as well as the production of decrees, such as Letters of Appointment.

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 curial 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 ( a role fulfilled by 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 Report of the Directors of the Corporate Trustee and Financial Statements for the year ended 31 March 2024

GOVERNANCE AND MANAGEMENT continued

Pastoral oversight

In Church terms, a Diocese is portion of the People of God in a certain geographical area under the pastoral care and authority of a bishop. The Diocese of Plymouth is under the pastoral care of the Bishop and his Vicars/Delegates. Pastoral services are delivered in each and every parish under a parish priest, and there is chaplaincy provision for hospitals, universities and prisons.

The Bishop exercises his pastoral oversight in regular consultations with the Bishop’s Council and the following:

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

Chapter of Canons: At the re-establishment of historic forms of church government in 1850, each Diocesan Bishop was empowered to appoint a Chapter of Canons to take responsibility for the organisation and maintenance of his Cathedral. Within the Diocese of Plymouth, 11 senior priests constitute the Chapter of Canons and, acting as the College of Consultors, are consulted by the Bishop on important diocesan matters (canons 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 2023 2024
Diocesan Priests
On active work in the Diocese 55 48 51 48 49 47 44 46 45 41 37 36
On active work outside Diocese 1 1 1 1 0 0 0 0 2 2 3 2
Other Priests
From other Dioceses 4 4 4 8 8 14 10 10 12 14 12 15
From the Ordinariate 4 4 4 3 3 3 5 3 3 3 3 3
From Religious Orders 23 22 20 18 18 20 22 22 19 18 28 27
Permanent Deacons
Diocesan 23 24 23 28 30 31 31 28 28 27 21 23
From other Dioceses 3 2 3 3 3 3 3 3 4 3 2 3
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
**Religious houses **
Houses of Religious Men 2 2 2 2 2 2 2 2 2 2 3 3
Houses of Religious Women 23 21 22 20 19 19 19 19 19 18 15 15

The Religious Institutes are separate Charities, and their results are not included in these Accounts.

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PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Report of the Directors of the Corporate Trustee and Financial Statements for the year ended 31 March 2024

GOVERNANCE AND MANAGEMENT continued

Roman Catholic Schools in the Diocese

35 out of the 38 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 (excepting that of the 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 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 the 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, Property Maintenance, Human Resources and Caritas Diocese of Plymouth. 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 to enable them to carry out 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 group and of the incoming resources and application of resources of the group for that period. In preparing these accounts the Trustees are required to:

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the accounts comply with the Charities Act 2011, the applicable Charity (Accounts and Reports) Regulations 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.

The Trustees are responsible for the maintenance and integrity of financial information included on the Charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of accounts may differ from legislation in other jurisdictions.

22

PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Report of the Directors of the Corporate Trustee and Financial Statements for the year ended 31 March 2024

GOVERNANCE AND MANAGEMENT continued

Public Benefit

This Report is written in accordance with the requirements of the Charities Act, 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 acknowledges 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 Report of the Directors of the Corporate Trustee 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 27 to 31. 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 encouraging electronic giving in the parishes, and also resourcing a dedicated function at the centre, which will support the churches in applying for external grants.

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 Corporate Trustee on January 2025

23

PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Report of the Directors of the Corporate Trustee and Financial Statements for the year ended 31 March 2024

INDEPENDENT AUDITOR’S REPORT TO THE DIRECTORS OF THE PLYMOUTH DIOCESAN TRUSTEE COMPANY LIMITED (TRUSTEES)

Opinion

We have audited the financial statements of Plymouth Diocesan Trust (the 'Charity') and of Plymouth Diocesan Trust and its subsidiaries (the ‘Group’) for the year ended 31 March 2024, which comprise the group statement of financial activities, the group and Charity balance sheets, the group statement of cash flows, the notes to the accounts including a summary of significant accounting policies and comparative group statement of financial activities. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Group 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 ability of the Group or Charity to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the 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 we do not express any form of assurance conclusion thereon.

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. 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 Group and Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors of the Corporate Trustee.

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

24

PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Report of the Directors of the Corporate Trustee and Financial Statements for the year ended 31 March 2024

Responsibilities of Trustees

As explained more fully in the Statement of Trustees’ responsibilities (set out on page 22), 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 ability of the Group and the Charity to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the group or the Charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

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

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), Safeguarding Regulations 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.

We also evaluated the risk of fraud through management override, including that arising from management’s incentives. The key risks we identified were manipulation of financial performance and we determined that the principal risks were related to management bias in accounting estimates.

In response to the identified risk, as part of our audit work we:

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. 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 omissions, collusion, forgery, misrepresentations, or the override of internal controls. We are - also less likely to become aware of instances of non compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements.

25

PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Report of the Directors of the Corporate Trustee and Financial Statements for the year ended 31 March 2024

Use of our report

This report is made solely to the Directors of the Plymouth Diocesan Trustee Company Limited (the Trustees) as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the 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 the 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: 30 January 2025

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.

26

PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Report of the Directors of the Corporate Trustee and Financial Statements for the year ended 31 March 2024

G���� S�������� �� F�������� A��������� 2024

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 68 46 - 114
Grants receivable 2 - 8 - 8
Charitable activities 3 (32) 157 - 125
Gross tradingincome of tradingsubsidiary - 210 - 210
Investments 4 414 70 37 521
Other 11 5 - 16
Total Income 5 461 496 37 994
EXPENDITUREON:
Raising funds 209 19 - 228
Cost of sales of trading subsidiary - 212 - 212
Joint venture-share of net loss 15a - - - -
209 231 - 440
Charitable activities
Provision for worship & Liturgy 535 106 - 641
Ministry support 381 31 - 412
Pastoral and community 706 76 - 782
New evangelisation, Catecheses & youth 181 - - 181
Caritas 226 1 - 227
Faith & vocational discernment 134 82 - 216
Diocesan Education & schools 197 33 - 230
Total expenditure 5,6 2,569 560 - 3,129
Net (expenditure) / income before other recognised gains and
(losses)		 (2,108) (64) 37 (2,135)
Other recognised gains and (losses)
Gains, losses and revaluations on properties 13,15 10 - - 10
Gains, losses and revaluations on other investments 15 118 399 157 674
Total 128 399 157 684
Net (expenditure) / income after gains and losses (1,980) 335 194 (1,451)
Transfers between Curial Office and Parishes (276) 3 - (273)
Permanent Endowment Fund Transfers - 30 (30) -
Other transfers between funds 10 (10) - -
Net (expenditure) / income and net movement in funds (2,246) 358 164 (1,724)

Reconciliation of funds
Total funds brought forward 24,863 7,807 1,631 34,301
Total funds carried forward 22,617 8,165 1,795 32,577

The results derive from continuing activities.

The notes on pages 32 to 59 form part of these accounts.

The Comparative SOFA for the year ended 31 March 2023 is included at Note 23.

27

PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Report of the Directors of the Corporate Trustee and Financial Statements for the year ended 31 March 2024

G���� S�������� �� F�������� A��������� 2024

Parochial Parochial

Notes
Unrestricted
£’000
Restricted
£’000
Endowment
£’000		 Sub-
Total
£’000		 2024
Total
£’000		 2023
Total
£’000
2 3,511 142 - 3,653 3,767 4,469
2 - 149 - 149 157 506
3 926 67 - 993 1,118 963
- - - - 210 165
4 238 219 18 475 996 917
31 1 - 32 48 30
5 4,706 578 18 5,302 6,296 7,050
127 16 - 143 371 417
- - - - 212 156
15a - - - - - 7,456
127 16 - 143 583 8,029
5,019 645 - 5,664 6,305 5,439
1,022 36 - 1,058 1,470 1,469
77 53 - 130 912 1,071
- - - - 181 189
- - - - 227 214
- - - - 216 127
1 - - 1 231 323
5,6 6,246 750 - 6,996 10,125 16,861
(1,540) (172) 18 (1,694) **(3,829) ** (9,811)
13,15 7 - - 7 17 (1,554)
15 248 64 75 387 1,061 (775)
255 64 75 394 1,078 (2,329)
(1,285) (108) 93 (1,300) (2,751) (12,140)
(37) (1) - (38) (311) (78)
- 21 (21) - - -
310 1 - 311 311 78
(1,012) (87) 72 (1,027) (2,751) (12,140)
47,895 7,644 719 56,258 90,559 102,699
46,883 7,557 791 55,231 87,808 90,559

28

PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Report of the Directors of the Corporate Trustee and Financial Statements for the year ended 31 March 2024

BALANCE SHEET

2024
Notes Curial Parochial Charity Charitable
& trading
subsidiaries		 Group
£’000 £’000 £’000 £’000 £’000
FIXED ASSETS
Tangible fixed assets 12a & b 4,249 30,036 34,285 522 34,807
Properties awaiting sale 13 1,206 - 1,206 - 1,206
Investments 15 24,943 21,009 45,952 316 46,268
Investment in Joint Venture-Share of net
(liabilities)/ assets		 15 - - - - -
30,398 51,045 81,443 838 82,281
CURRENT ASSETS
Properties awaiting sale 13 - - - - -
Debtors 16 1,900 (419) 1,481 52 1,533
Cash at bank and in hand 5,291 6,522 11,813 122 11,935
7,191 6,103 13,294 174 13,468
CREDITORS: amounts falling due within one year
Short term loans 17 668 (668) - - -
Other creditors 18a (102) (1,249) (1,351) (90) (1,441)
Bank overdrafts (6,500) - (6,500) - (6,500)
(5,934) (1,917) (7,851) (90) (7,941)
Net current assets 1,257 4,186 5,443 84 5,527
CREDITORS: amounts falling due over one year18b - - - - -
Total net assets 31,655 55,231 86,886 922 87,808
FUNDS 19
Endowment 1,477 791 2,268 318 2,586
Restricted 7,614 7,557 15,171 551 15,722
Unrestricted Designated and General 22,564 46,883 69,447 53 69,500
Total funds 31,655 55,231 86,886 922 87,808

29

PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Report of the Directors of the Corporate Trustee and Financial Statements for the year ended 31 March 2024

BALANCE SHEET

2023
Charity
 Charitable &
trading
subsidiaries		 Group
£’000 £’000 £’000
33,893 533 34,426
1,200 - 1,200
48,536 287 48,823
- - (2,000)
83,629 820 82,449
- - -
2,214 54 2,268
13,495 119 13,614
15,709 173 15,882
- - -
(1,190) (82) (1,272)
(6,500) - (6,500)
(7,690) (82) (7,772)
8,019 91 8,110
- - -
91,648 911 90,559
2,062 288 2,350
14,900 551 15,451
74,686 72 72,758
91,648 911 90,559

The notes on pages 32 to 59 form part of these Accounts.

Signed on behalf of the Corporate Trustee: Very Reverend Canon Paul Cummins, Diocesan Administrator

----- Start of picture text -----
Very Reverend Canon J Deeny
----- End of picture text -----

Date : January 2025

30

PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Report of the Directors of the Corporate Trustee and Financial Statements for the year ended 31 March 2024

GROUP STATEMENT OF CASH FLOWS

GROUP STATEMENT OF CASH FLOWS


2024 2023
£’000 £’000 £’000 £’000
Cash flows from operating activities
Net cash provided by/(used in) operating activities (note 1 below) (2,670) (10,237)
Cash flows from Investing activities
Investment income 996 917
Purchase of tangible fixed assets (1,631) (1,405)
Joint venture—share of loss - 7,456
Purchase of units in Common Investment Fund - (1,005)
Proceeds from disposal of units in Common Investment Fund 3,626 271
Proceeds from disposal of properties awaiting sale - -
Proceeds from disposal of investment properties - 22
Additional investment in joint venture (2,000) (250)
Proceeds from disposal of other investments - 221
Purchase of other investments - -
Net cash provided by/(used in) investing activities 991 6,227
Cash flows from financing activities
Receipt of endowments - -
Change in cash equivalents in the year (note 2 below) (1,679) (4,010)
Cash and cash equivalents at 1 April 2023 7,114 11,124
Cash and cash equivalents at 31 March 2024 5,435 7,114
NOTES TO THE CASHFLOW STATEMENT
1
Reconciliation of net (expenditure) / income to net cash flow from
operating activities
Net (Expenditure) / Income for the reporting period (2,751) (12,140)
Depreciation 1,151 1,176
(Gains)/losses on investments (1,061) 775
Investment income (996) (917)
Donations to endowment funds - -
Loss / (Gain) on investment property (17) 1,554
(Profit)/loss on sale of fixed assets 100 38
Decrease / (Increase) in debtors 735 (267)
Increase / (Decrease) in creditors 169 (456)
Net cash (used in) / provided by operating activities (2,670) (10,237)
2 Analysis of cash and cash equivalents At 1 April **Cash Flows ** At 31 March
2023 2024
£’000 £’000 £’000
Cash at bank and in hand 13,614 (1,679) 11,935
Bank overdrafts (6,500) - (6,500)
7,114 (1,679) 5,435

The notes on pages 32 to 59 form part of these Accounts.

31

PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Report of the Directors of the Corporate Trustee and Financial Statements for the year ended 31 March 2024

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 2024.

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

The accounts have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (Charities SORP (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.

The accounts are presented in sterling and are rounded to the nearest thousand pounds.

(B) CRITICAL ACCOUNTING ESTIMATES & AREAS OF JUDGEMENT

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

(C) ASSESSMENT OF GOING CONCERN

The Trustees have assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The Trustees have made this assessment in respect to a period of one year from the date of approval of these accounts, as per page 23 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 2025, 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).

32

PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Report of the Directors of the Corporate Trustee and Financial Statements for the year ended 31 March 2024

1 PRINCIPAL ACCOUNTING POLICIES continued

(D) BASIS OF CONSOLIDATION AND SCOPE OF THE ACCOUNTS

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

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

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

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

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

The consolidated Statement of Financial Activities for the charitable group is shown on pages 27 to 28 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

(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.

33

PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Report of the Directors of the Corporate Trustee and Financial Statements for the year ended 31 March 2024

1 PRINCIPAL ACCOUNTING POLICIES continued

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

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

Other restricted funds

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

Unrestricted funds (designated and general)

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

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

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

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

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

(F) INCOME RECOGNITION

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

(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.

34

PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Report of the Directors of the Corporate Trustee and Financial Statements for the year ended 31 March 2024

1 PRINCIPAL ACCOUNTING POLICIES continued

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

(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

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.

35

PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Report of the Directors of the Corporate Trustee and Financial Statements for the year ended 31 March 2024

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

(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

36

PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Report of the Directors of the Corporate Trustee and Financial Statements for the year ended 31 March 2024

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 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 Secretary of State. For the 34 Roman Catholic schools, each an acade- my 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. 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 depends upon the intended future use of the school land and buildings.

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 Trustees do not have control over the buildings until the school ceases its occupation, which in turn would require the approval of - 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 Multi-Academy Trust accounts 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.

37

PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Report of the Directors of the Corporate Trustee and Financial Statements for the year ended 31 March 2024

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 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.

38

PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Report of the Directors of the Corporate Trustee and Financial Statements for the year ended 31 March 2024

2 DONATIONS AND LEGACIES

Donations
(including in kind)		 Grants
(in the nature of
donations)

Legacies
 2024
Total		 2023
Total
**£’000 ** **£’000 ** **£’000 ** **£’000 ** **£’000 **
Curial 74 8 40 122 761
Parochial 3,452 149 201 3,802 4,214
3,526 157 241 3,924 4,975

Included in parochial grants is £96,700 (2023:£93,343) from the Listed Places of Worship Grant Scheme and £nil (2023:£276,958) received from the Catholic Trust for England and Wales Historic England grant scheme.

3 CHARITABLE ACTIVITIES



Curial
Parochial
 Fundraising

 Rental income
from functional
properties		 Other
Charitable
activities		 2024
Total		 2023
Total
**£’000 ** **£’000 ** **£’000 ** **£’000 ** £’000
- 66 59 125 28
181 698 114 993 935
181 764 173 1,118 963

4 INVESTMENTS

Common
Investment
Fund
 Other 2024
Total		 2023
Total
£’000 £’000 £’000 £’000
Income received from:
Listed investments and cash held as part of investment portfolio 763 -
763		 790
UK cash held at bank -
233		 233 127
763 233 996 917

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 2024, this conduit funding amounted to £1,436,609; (2023: £714,871).

Details of amounts collected but not remitted to Third Parties at 31 March 2024 are shown in note 18.

39

PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Report of the Directors of the Corporate Trustee and Financial Statements for the year ended 31 March 2024

6 RESOURCES EXPENDED Year ended 31 March 2024

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

Caritas

The Church supports the network of social action Charities and parishes within the Diocese of Plymouth, 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 single life, the consecrated life 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 **		 2024 Total 2023
**Total **
£’000 £’000 £’000 £’000 £’000
Curia and Subsidiaries
Provision for Worship and Liturgy 329 91 221 641 449
Ministry Support 279 57 76 412 493
Pastoral and Community 544 21 217 782 950
New Evangelisation, Catechesis & Youth 143 - 38 181 189
Caritas 176 3 48 227 214
Faith & Vocational Discernment 164 8 44 216 127
Diocesan Education and Schools 182 - 48 230 314
Raising Funds - - 440 440 368
1,817 180 1,132 3,129 3,104
Parish
Provision for Worship and Liturgy 2,922 - 2,742 5,664 4,990
Ministry Support 824 - 234 1,058 976
Pastoral and Community -
130		 -
130		 121
Education -
1		 -
1		 9
Raising Funds 143 - -
143		 205
3,889 131 2,976 6,996 6,301

40

PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Report of the Directors of the Corporate Trustee and Financial Statements for the year ended 31 March 2024

6 RESOURCES EXPENDED Year ended 31 March 2024

a) Analysis by Activity in 2023 (Previous Year)

Curia and Subsidiaries
Provision for Worship
Ministry Support
Pastoral and Community
New Evangelisation, Catechesis & Youth
Caritas
Faith and Vocational Discernment
Education
RaisingFunds


Parishes
Provision for Worship
Ministry Support
Pastoral and Community
Education
Raising Funds
a) Analysis by Activity in 2023 (Previous Year)

Curia and Subsidiaries
Provision for Worship
Ministry Support
Pastoral and Community
New Evangelisation, Catechesis & Youth
Caritas
Faith and Vocational Discernment
Education
RaisingFunds


Parishes
Provision for Worship
Ministry Support
Pastoral and Community
Education
Raising Funds
a) Analysis by Activity in 2023 (Previous Year)

Curia and Subsidiaries
Provision for Worship
Ministry Support
Pastoral and Community
New Evangelisation, Catechesis & Youth
Caritas
Faith and Vocational Discernment
Education
RaisingFunds


Parishes
Provision for Worship
Ministry Support
Pastoral and Community
Education
Raising Funds
a) Analysis by Activity in 2023 (Previous Year)

Curia and Subsidiaries
Provision for Worship
Ministry Support
Pastoral and Community
New Evangelisation, Catechesis & Youth
Caritas
Faith and Vocational Discernment
Education
RaisingFunds


Parishes
Provision for Worship
Ministry Support
Pastoral and Community
Education
Raising Funds
a) Analysis by Activity in 2023 (Previous Year)

Curia and Subsidiaries
Provision for Worship
Ministry Support
Pastoral and Community
New Evangelisation, Catechesis & Youth
Caritas
Faith and Vocational Discernment
Education
RaisingFunds


Parishes
Provision for Worship
Ministry Support
Pastoral and Community
Education
Raising Funds
a) Analysis by Activity in 2023 (Previous Year)

Curia and Subsidiaries
Provision for Worship
Ministry Support
Pastoral and Community
New Evangelisation, Catechesis & Youth
Caritas
Faith and Vocational Discernment
Education
RaisingFunds


Parishes
Provision for Worship
Ministry Support
Pastoral and Community
Education
Raising Funds
a) Analysis by Activity in 2023 (Previous Year)

Curia and Subsidiaries
Provision for Worship
Ministry Support
Pastoral and Community
New Evangelisation, Catechesis & Youth
Caritas
Faith and Vocational Discernment
Education
RaisingFunds


Parishes
Provision for Worship
Ministry Support
Pastoral and Community
Education
Raising Funds
a) Analysis by Activity in 2023 (Previous Year)

Curia and Subsidiaries
Provision for Worship
Ministry Support
Pastoral and Community
New Evangelisation, Catechesis & Youth
Caritas
Faith and 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		 2023
Total
£’000 £’000 £’000 £’000
294 33 122 449
274 94 125 493
565 20 365 950
133 - 56 189
147 6 61 214
85 6 36 127
246 7 61 314
- - 368 368
1,744 166 1,194 3,104
2,855 - 2,135 4,990
774 - 202 976
- 121 - 121
- 9 - 9
205 - - 205
3,834 130 2,337 6,301
2023
Total
£’000
368
457
299
70
1,194


202
1,431
628
76
2,337
b) Analysis of Support
Costs
(Memo)
(Parish
levy)		 Raising Funds Provision for Worship
and Liturgy		 Pastoral and Community Diocesan Education and
Schools		 New Evangelisation,
Catechesis and Youth		 Caritas Faith and Vocational
Discernment		 Ministry
Support		 2024
Total		 2023
Total
£’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000
Curia
Raising Funds - 440 - - - - - - - 440 368
St Boniface House 262 - 69 67 15 12 15 14 23 215 457
Bishops Council 241 - 63 62 14 11 14 13 21 198 299
Other 338 - 89 88 19 15 20 17 31 279 70
841 440 221 217 48 38 49 44 75 1,132 1,194
Parish
- - - - - - - 234 234 202
- 1,822 - - - - - - 1,822 1,431
- 838 - - - - - - 838 628
- 82 - - - - - - 82 76
- 2,742 - - - - - 234 2,976 2,337

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.

41

PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Report of the Directors of the Corporate Trustee and Financial Statements for the year ended 31 March 2024



c) The following payments have been made to the external auditors:
Audit fees
Financial advice /other
Common
Investment
Fund		 Subsidiaries Main
Charity		 2024
Total
2023 Total
**£’000 ** £’000 £’000 £’000 £’000
10
-		 8
-		 76
10		 94
10		 70
2
10 8 86 104 72

d) Analysis of Grant Payments

Curia Parishes 2024
Total		 2023
Total
£’000 £’000 £’000 £’000
Ministry Support:
Grants to Religious Orders that provide religious or ministry activities 9 - 9 7
Grants to provide support for priests when they cease active ministry (mainly to the
Plymouth Secular Clergy Fund)		 9 - 9 30
Grants to support priests in ill-health, those in active ministry who do not have a
parish, the Bishop, Overseas Clergy and Seminarians		 128 - 128 86
Pastoral and Community:
Grants to improve living conditions of children, young people and families - - - -
Grants to support pupils travelling to attend Catholic schools in the Diocese 7 - 7 9
Grants to Religious Orders that provide pastoral support for disadvantaged
individuals andgroups		 24 - 24 23
Grants to non-religious organisations that provide pastoral support for
disadvantaged individuals and groups (e.g. refugees, marriage and family care)		 2 130 132 125
Education:
Grants to the Roman Catholic schools in the Diocese 1 1 2 16
180 131 311 296

42

PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Report of the Directors of the Corporate Trustee and Financial Statements for the year ended 31 March 2024

7 GOVERNANCE COSTS

2024
£’000		 2023
£’000
Governance costs (included within support costs) comprise the following:
Main Charity audit fees (see note 6c)-current year 78 65
-(over) / under-provision previous years 8 0
Subsidiary Charities’ independent examination fees and accounts preparation 8 5
General advice, including legal and financial 10 2
Trustees’ meeting expenses of the main and subsidiary Charities, insofar as they relate to the general man-
agement of the Charities, including the costs of travel		 2 2
106 74

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 (or his equivalent) is provided with a flat and his expenses in carrying out his office as Bishop are borne out of curial funds.

Seven Trustees (2023: five Trustee) received travel expenses totalling £10,475 (2023: £604) in their capacity as Trustees during the year. In addition, costs of Trustee meetings of £2,331 (2023: £1,369) 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.

During the year residential care home fees totalling £nil (2023: £33,224) were paid on behalf of a Trustee who was a member of the clergy.

During the year ended 31 March 2023 a Trustee received travel expenses totalling £1,368 in relation to his ongoing diaconate training and The Diocese of Plymouth paid his training fees directly to the provider.

During the year services totalling £nil (2023: £28,020) were purchased from a joinery business that is owned by the spouse of the Diocesan property manager.

43

PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Report of the Directors of the Corporate Trustee and Financial Statements for the year ended 31 March 2024

10 STAFF COSTS AND REMUNERATION OF KEY MANAGEMENT PERSONNEL

2024
£’000		 2023
£’000
Gross Wages and Salaries 1,925 1,621
Employer’s National Insurance Contributions 139 117
Pension Contributions (money purchase schemes– see note 11) 190 143
Termination Payments (1 employee) 5 1
2,259 1,882



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) 76 71
Pastoral (full-time equivalent: 14) 23 22
Central Management (full-time equivalent: 22) 29 27
**128 ** 120



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 - 1
£70,001 to £80,000 - -
£80,001 to £90,000 - -
£90,000 to £100,000 - 1
£100,000 to £110,000 1 -
£’000 £’000
The amount of pension contributions (money purchase scheme) paid in the year for the above employees
amounted to:		 27 17
The number of staff to whom retirement benefits are accruing is:
Money Purchase Schemes 73 62

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 38 priests and 23 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 Cffices 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 £454,107 (2023 £418,016).

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 t ~~here was nil outstanding at the balance sheet date:~~

~~il di h bl h d~~
~~ere was n outstanng at te aance seet ate:~~ 2024
£’000		 2023
£’000
Money purchase schemes 190 143
190 143

44

PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Report of the Directors of the Corporate Trustee and Financial Statements for the year ended 31 March 2024

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 2023 319 42,424 75 2,356 45,174
Additions - 1,447 - 184 1,631
Disposals - (148) - (49) (197)
At 31 March 2024 319 43,723 75 2,491 46,608
Accumulated Depreciation
At 1 April 2023 - 9,671 75 1,535 11,281
Charged this year - 970 - 170 1,140
Disposals - (49) - (49) (98)
At 31 March 2024 - 10,592 75 1,656 12,323
Net Book Value
At 31 March 2024 319 33,131 - 835 34,285
At 31 March 2023 319 32,753 - 821 33,893

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 inclu des £582,832 (2023:£593,434) 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).

45

PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Report of the Directors of the Corporate Trustee and Financial Statements for the year ended 31 March 2024

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 2023 319 43,055 75 2,367 45,816
Additions - 1,447 - 184 1,631
Disposals - (148) - (49) (197)
At 31 March 2024 319 44,354 75 2,502 47,250
Accumulated Depreciation
At 1 April 2023 - 9,771 75 1,544 11,390
Charged this year - 980 - 171 1,151
Disposals - (49) - (49) (98)
At 31 March 2024 - 10,702 75 1,666 12,443
Net Book Value
At 31 March 2024 319 33,652 - 836 34,807
At 31 March 2023 319 33,284 - 823 34,426

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 £787,915 (2023:£800,416) 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).

46

PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Report of the Directors of the Corporate Trustee and Financial Statements for the year ended 31 March 2024

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 202320 323 - 800 400 1,200
Transfers - - - -
Disposals - - - -
Net gain / (loss) on revaluation - 4 2 6
Other - - - -
At 31 March 2024 - 804 402 1,206
Historical cost / fair value at acquisition (if donated)
At 31 March 2024 - 1 59 60
At 31 March 2023 - 1 59 60

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

Independent professional valuations were carried out as at 31 March 2023 for all properties, and subsequently indexed using the UK House price index as at March 2024.

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 2024, (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.


ecessary.
2024 2023
£’000 £’000
Diocesan and parish property, churches, presbyteries and halls 449,239 393,555
449,239 393,555

15A JOINT VENTURE LOSSES

Group

A joint venture incurred a loss during the year ended 31 March 2023, with the group’s share, excluding group interest, being £7,456k.

Charity

Loans made in connection with the joint venture of £2,250k; (2023: £6,428k), including interest, have been provided for in these accounts.

47

PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Report of the Directors of the Corporate Trustee and Financial Statements for the year ended 31 March 2024

15B FIXED ASSET INVESTMENTS

Charity Charitable
& trading
subsidiaries		 Group Investment
properties		 Other
investments		 Common
Investment
Fund
£’000 £’000 £’000 £’000 £’000 £’000
At 1 April 2023 48,536 287 48,823 2,744 4 46,075
Additions 12,023 - 12,023 - - 12,023
Disposal at opening book value (15,650) - (15,650) - (15,650)
Net gain / (loss) on revaluation 1,043 29 1,072 11 - 1,061
At 31 March 2024 45,952 316 46,268 2,755 4 43,509
Represented by:
UK investment properties 2,755 2,755 2,755 - -
Direct investment in listed UK securities 3,441 3,441 - - 3,441
Direct investment in listed international
securities		 2,342 2,342 - - 2,342
Multi-asset funds–non region specific 27,333 317 27,650 - - 27,650
Credit and illiquid strategies 1,011 1,011 - - 1,011
Global funds 6,068 6,068 - - 6,068
Gold andprecious metals 1,317 1,317 - - 1,317
Forward foreign exchange (6) (6) - - (6)
Options 1,004 1,004 - - 1,004
UK cash funds and cash held as part of
investment portfolio		 611 611 - - 611
Investments in UK subsidiary and associated 1 (1) - - - -
Other investments 75 - 75 4 71
At 31 March 2024 45,952 316 46,268 2,755 4 43,509
Analysed between:
Endowment funds 2,269 317 2,586 - - 2,586
Restricted funds 6,162 - 6,162 - - 6,162
Unrestricted and Designated funds 37,521 (1) 37,520 2,755 4 34,761
45,952 316 46,268 2,755 4 43,509
Historical cost at 31 March 2024 36,891 366 37,257 1,025 4 36,228

During the year the Common Investment Fund generated investment income of £763,015 (2023: £789,942), net investment gains of £1,061,029 (2023: losses of £775,273) and incurred administration costs, including investment managers’ fees, of £331,652 (2023: £375,902).

At 31 March 2024 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 £27,650,463

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 the South West house price index as at 31 March 2024. Details of insurance values of buildings are given in note 14. Common Investment Fund investments at 31 March 2024 include £144,472 cash awaiting conversion into units.

48

PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Report of the Directors of the Corporate Trustee and Financial Statements for the year ended 31 March 2024

15C 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 £50,334 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 Trust for
Investment
Unapplied
Total Return		 Income
Fund		 Total
Endowment
**£’000 ** £’000 **£’000 ** **£’000 **
At 1 April 2023
Gift component of permanent endowment 696 - - 696
Unapplied total return - 1,654 - 1,654
Total 696 1,654 - 2,350
Movement in unapplied total return and
endowment in the year:
Gift of endowment funds - - - -
Investment return: dividends and interest - 55 - 55
Investment return: recognised and unrecognised
gains/(losses)		 - 232 - 232
Management costs - - - -
Total 696 1,941 - 2,637
Unapplied total return allocated to income - (51) 51 -
Income fund transferred to restricted funds - - (51) (51)
Net movement in the year 696 1,890 - 2,586
Closing value ofpermanent endowment
Gift component of permanent endowment 696 - - 696
Unapplied total return - 1,890 - 1,890
Total at 31 March 2024 696 1,890 - 2,586

49

PLYMOUTH DIOCESAN TRUST Charity Number.. 213227 Report of tlie Directors of tlie Corporate Trustee and Financial Statements for the year ended 31 March 2024 ISC TrJXLD A8SLI' INVESI'MLNI'S MOVEMENTSINYEAR forwaid Inislmèitret for￿ FUND RÈalls￿l allséd UhappllÈdttst )1 Grfiol Dlvldènd nd irtere5tr lfitom• Ipwdl Fur from IDrome Porishs Vincent HopkinsHoBgdec'dTNst SepaTrle1yie8i5te￿d-No. 117259 T￿stfor1D￿51rnent 78 87 In(ome lund MlsiT AVMee50n-Davle5Tiust Re-. Chulmlelgh IE0791 TTU51 forinwsiment 15 194 174 19 19 Income fund Endowrnent ItTrnslerredfiDmcharlty nurnber267898. Mrs 81 ROS￿￿11vI Tru51 lorlnwd51ment 18 ix) 18 145 15 Income lund H VLe4n TnJ5tlE0751 Trust loriDwstrnent 12U 14 14 142 Intome lund 155 E M Fr•arntTwstlE(&61 Trust lorlThstment 49 Income lund Mgmhull No.4 Fund IGroveC¢ttase Tru51 loriDve51ment 51 56 Income lund Pottslhatto Bequest IE0491 TN5t fOrIn￿stMent 4S 49 Holden. Prie5tsholldayhornelund Tru51 for1D￿stment 92 175 92 202 27 17 Income lund 5tScholAstlca'5Trust-5eparate ie8151ered-No. 105CVJ50 TFu5t forlnwstment 228 359 228 418 59 59 Intome lund Dl¢san MassFund Unit5lE038 Twst f¢rin#ment 275 13 34 39 312 Income fund io Harold Ustersundedand Trust TN5tforln%*stment io io 56 Income fund JohDWoolcottTNstforYounapeople Tru51 loriD￿siment 15 28 24 Inwtne fund CA& WHa15p Fundseparately TTU5rforinwd51ment 167 121 167 150 29 29 Income lund TOTAiPER sfATEMENr MOVEMEMf IN FUNDS T￿StIorI￿ve5trnent 696 1,651 696 1,890 55 235 n(ome lund 52 50

PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Report of the Directors of the Corporate Trustee and Financial Statements for the year ended 31 March 2024

16 DEBTORS

EBTORS
2024

Curial Parochial
Charity
Charitable &
trading sub-
sidiaries
Group
£’000
£’000
£’000
£’000
£’000
-
75
75
-
75
987
(987)
-
-
-
-
486
486
-
486
508
-
508
-
508
17
-
17
-
17
388
7
395
52
**447 **		 2023
Curial Parochial **Charity ** Charitable &
trading sub-
sidiaries		 Group Charity Group
£’000 £’000 £’000 £’000 £’000 £’000 £’000
Legacy debtors - 75 75 - **75 ** 1,327 1,327
Owed between Curia and Parishes 987 (987) - - - - -
Taxation recoverable - 486 486 - **486 ** 489 489
Net amount due (to)/from joint venture 508 -
508		 - **508 ** - -
Net amount due (to)/from associated
company (note 22)		 17 -
17		 - **17 ** 17 17
Other debtors/ prepayments 388 7 395 52 **447 ** 381 435
1,900 (419) 1,481 52 **1,533 ** 2,214 2,268
Due within one year 1,900 (419) 1,481 52 **1,533 ** 2,214 2,268
Due after more than oneyear - -
-		 - - - -
1,900 (419) 1,481 52 1,533 2,214 2,268

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

2024

Curial Parochial
Charity
Charitable &
trading subsid-
iaries
Group
£’000
£’000
£’000
£’000
£’000
(363)
472
109
-
**109 **		 2024

Curial Parochial
Charity
Charitable &
trading subsid-
iaries
Group
£’000
£’000
£’000
£’000
£’000
(363)
472
109
-
**109 **		 2024

Curial Parochial
Charity
Charitable &
trading subsid-
iaries
Group
£’000
£’000
£’000
£’000
£’000
(363)
472
109
-
**109 **		 2024

Curial Parochial
Charity
Charitable &
trading subsid-
iaries
Group
£’000
£’000
£’000
£’000
£’000
(363)
472
109
-
**109 **		 2024

Curial Parochial
Charity
Charitable &
trading subsid-
iaries
Group
£’000
£’000
£’000
£’000
£’000
(363)
472
109
-
**109 **
2023

Charity
Group

£’000
£’000
268
268
2023

Charity
Group

£’000
£’000
268
268
Curial Parochial Charity Charitable &
trading subsid-
iaries		 Group
£’000 **£’000 ** **£’000 ** £’000 £’000
Due to Common Investment Fund (363) 472 109 - 268
Purchase ledger balances 40 - 40 - **40 ** 106 106
Other loans 9 18 27 - **27 ** 18 18
Owed to third parties (note 5) 157 121 278 - **278 ** 95 95
Accruals 172 219 391 - **391 ** 377 377
Sundry creditors 87 419 506 90 **596 ** 326 408
102 1,249 1,351 90 **1,441 ** 1,190 1,272

18B CREDITORS OVER ONE YEAR

2024 2024 2024 2024 2024 2023 2023
Curial Parochial Charity Charitable &
trading
subsidiaries		 Group Charity Group
£’000 £’000 £’000 £’000 £’000 £’000 £’000
Accruals - - - - - - -
- - - - - - -

51

PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Report of the Directors of the Corporate Trustee and Financial Statements for the year ended 31 March 2024

19 FUNDS - CURRENT YEAR

**Statement of Financial Activities ** **Statement of Financial Activities ** **Statement of Financial Activities ** **Statement of Financial Activities ** **Statement of Financial Activities **
Analysis of charitable funds Balance 1
April 2023		 Incoming
resources		 Resources
expended		 Investment
gains and
(losses)		 Transfers
and other
Movements		 Balance
31 March
2024
£’000 £’000 £’000 £’000 £’000 £’000
Permanent Endowments
St Scholastica’s Trust (a) 587 13 - 59 - 659
Other 1,044 24 - 98 (30) 1,136
Curia and subsidiaries 1,631 37 - 157 (30) 1,795
Parishes 719 18 - 75 (21) 791
Total 2,350 55 - 232 (51) 2,586

Restricted Reserves
Lanherne (j) 529 22 (53) (8) - 490
Clergy Abroad (e) 236 68 (106) (6) (5) 187
Elderly support (g) 527 24 - (9) - 542
Formation (h) 509 20 - (10) - 519
Kathleen Maude Clark Trust (i) 529
378
424
482
3,527
666		 -
60
19
89
138
56		 (10)
-
-
(82)
(280)
(29)		 -
(5)
(7)
(1)
446
(1)		 -
-
-
-
32
(4)		 519
433
436
488
3,863
688
Active Religious (b)
Children’s Welfare (d)
Bishop of Plymouth (n)
Seminarians (o)
Other
Curia and subsidiaries 7,807 496 (560) 399 23 8,165
Parishes 7,644 578 (750) 64 21 7,557
Total 15,451 1,074 (1,310) 463 44 15,722
Designated and Unrestricted Reserves
Caritas (l) 1,918 43 (171) (36) - 1,754
Lanherne (j) 1,704 - (125) - 7 1,586
Ecclesiastical Education (f) 1,007 46 (12) (17) - 1,024
Youth (k) 1,206 42 (63) (21) - 1,164
Evangelisation (p) 1,685 - (65) (27) - 1,593
Schools Commission (m) 2,429 48 (148) (42) - 2,287
Other Central Funds 14,914 282 (1,985) 271 (273) 13,209
Curia and subsidiaries 24,863 461 (2,569) 128 (266) 22,617
Parishes 47,895 4,706 (6,246) 255 273 46,883
Total 72,758 5,167 (8,815) 383 7 69,500
Total Charitable Group funds 90,559 6,296 (10,125) 1,078 - 87,808

Descriptions of the different types of funds, (a, b, c etc.) are shown on page 55.

52

PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Report of the Directors of the Corporate Trustee and Financial Statements for the year ended 31 March 2024

19 FUNDS - PRIOR YEAR

19 FUNDS- PRIOR YEAR
**Statement of Financial Activities **
Analysis of charitable funds Balance 1
April 2022		 Incoming
resources		 Resources
expended		 Investment
gains and
(losses)		 Transfers
and other
Movements		 Balance
31 March
2023
Permanent Endowments
St Scholastica’s Trust (a) 593 13 - (5) (14) 587
Other 1,054 25 - (10) (25) 1,044
Curia and subsidiaries 1,647 38 - (15) (39) 1,631
Parishes 725 16 - (5) (17) 719
Total 2,372 54 - (20) (56) 2,350

Restricted Reserves
Lanherne (j) 592 22 (111) (25) 51 529
Clergy Abroad (e) 279 11 (38) (14) (2) 236
Elderly support (g) 533 23 - (29) - 527
Formation (h) 524 20 - (35) - 509
Kathleen Maude Clark Trust (i) 539 - (10) - - 529
Active Religious (b) 338 57 - (17) - 378
Children’s Welfare (d) 431 17 - (24) - 424
Bishop of Plymouth (n) 67 653 (52) (2) - 666
Seminarians (o) 468 60 (36) (10) - 482
Other 3,539 (69) (141) 151 47 3,527
Curia and subsidiaries 7,310 794 (388) (5) 96 7,807
Parishes 8,019 754 (995) (185) 51 7,644
Total 15,329 1,548 (1,383) (190) 147 15,451
Designated and Unrestricted Reserves
Caritas (l) 2,038 90 (133) (116) 39 1,918
Lanherne (j) 1,901 - (220) - 23 1,704
Ecclesiastical Education (f) 1,048 35 (12) (64) - 1,007
Youth (k) 1,246 81 (62) (69) 10 1,206
Evangelisation (c) 1,765 76 (57) (99) - 1,685
Schools Commission (m) 2,474 195 (130) (140) 30 2,429
Other Central Funds 25,801 199 (9,558) (1,428) (100) 14,914
Curia and subsidiaries 36,273 676 (10,172) (1,916) 2 24,863
Parishes 48,725 4,772 (5,306) (203) (93) 47,895
Total 84,998 5,448 (15,478) (2,119) (91) 72,758
Total Charitable Group funds 102,699 7,050 (16,861) (2,329) - 90,559

Descriptions of the different types of funds, (a, b, c etc.) are shown on page 55.

53

PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Report of the Directors of the Corporate Trustee and Financial Statements for the year ended 31 March 2024

19 FUNDS continued

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.

Total funds at 31 March 2024 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 675 3,574 - 30,036 34,285 522 - 34,807
Properties awaiting sale - 1,206 - - 1,206 - - 1,206
Investment in joint venture - - - - - - - -
Investments (note a) 5,176 19,767 3,420 17,589 45,952 317 (1) 46,268
Creditors over one year - - - - - - - -
Net current assets 3,240 (1,983) 4,928 (742) 5,443 30 54 5,527
9,091 22,564 8,348 46,883 86,886 869 53 87,808
Endowment 1,477
7,614		 - 791 - 2,268 318 - 2,586
Restricted - 7,557 - 15,171 551 - 15,722
Unrestricted–
Designated and General		 - 22,564 - 46,883 69,447 - 53 69,500
9,091 22,564 8,348 46,883 86,886 869 53 87,808
Note a:
Investments comprise:
Investment properties - 1,249 - 1,506 2,755 - - 2,755
Funds awaiting
introduction to Common
Investment Fund		 - - - 144 144 - - 144
Investments in Common
Investment Fund		 5,176 18,513 3,420 15,939 43,048 317 - 43,365
Other investments - 4 - - 4 - - 4
Investment in UK
subsidiary		 - 1 - - 1 - (1) -
5,176 19,767 3,420 17,589 45,952 317 (1) 46,268

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

54

PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Report of the Directors of the Corporate Trustee and Financial Statements for the year ended 31 March 2024

19 FUNDS continued

The movement of funds shown on page 52 is classified in accordance with note 1 (e) to the Accounts.

The funds carried forward at 31 March 2024 represent:

55

PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Report of the Directors of the Corporate Trustee and Financial Statements for the year ended 31 March 2024

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 2024 £575,540 (2023:£641,316).

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 £7.5m.

Parish commitments were as follows:

Parish commitments were as follows:
**Reconciliation of movement in the year ** £’000
Commitment at 31 March 2023 362
Less: falling due within the year ended 31 March 2024 (362)
Add: estimated commitments falling due in the year ended 31 March 2024 184
Commitments at 31 March 2024 (falling due within one year) 184

Contingent Liabilities

Included within tangible fixed assets is a property with a carrying value of £1,366,937 (2023:£1,411,467) 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 Corporate Trustee has 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 (2023:£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 Corporate Trustee has no plans to dispose of the property in the foreseeable future and intend to adhere to the term of the covenant.

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 2024, the Trust had 4 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 Annual 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(l) these land and buildings are, and have historically been, included at £nil value in the accounts of Plymouth Diocese. The Diocesan Corporate Trustee considers 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 2024 The Plymouth Diocese supplied Plymouth CAST with resources, services and fixed assets at a cost of £66,860 (2023: £67,510). The Plymouth Diocese provided Plymouth CAST with the use of school land and buildings during the year to 31 August 2024 that are deemed to have a notional rent value of £2,125,480 (2023: £1,772,456). 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 2022 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, and is included in the accounts with a valuation of £804k as at 31 March 2024. See note 13.

22 INTER-DIOCESAN FUEL MANAGEMENT LIMITED

56

PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Report of the Directors of the Corporate Trustee and Financial Statements for the year ended 31 March 2024

23 G���� S�������� �� F�������� A��������� 2023

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 85 671 - 756
Grants receivable 2 - 5 - 5
Charitable activities 3 20 8 - 28
Gross trading income of trading subsidiary 165 - - 165
Investments 4 406 110 38 554
Other - - - -
Total Income 5 676 794 38 1,508
EXPENDITURE ON:
Raising funds 167 45 - 212
Cost of sales of trading subsidiary 156 - - 156
7,456 - - 7,456
7,779 45 - 7,824
Charitable activities 7
Provision for Worship and Liturgy 382 67 - 449
Ministry Support 419 74 - 493
Pastoral and Community 820 130 - 950
New Evangelisation, Catechesis and Youth 189 - - 189
Caritas 207 7 - 214
Faith and Vocational Discernment 85 42 - 127
Diocesan Education and Schools 291 23 - 314
Total expenditure 5, 6 10,172 388 - 10,560
Net income / (expenditure) before other recognised gains and
(losses)		 (9,496) 406 38 (9,052)
Other recognised gains and (losses)
Gains, losses and revaluations on properties 13, 15 (1,514) - - (1,514)
Gains, losses and revaluations on other investments (402) (5) (15) (422)
Total (1,916) (5) (15) (1,936)
Net income / (expenditure) after gains and losses (11,412) 401 23 (10,988)
Transfers between Curial Office and Parishes 46 13 - 59
Permanent Endowment Fund Transfers - 39 (39) -
Other Transfers between Funds (44) 44 - -
Net income / (expenditure) and net movement in funds (11,410) 497 (16) (10,929)
Reconciliation of funds
Total funds brought forward 36,273 7,310 1,647 45,230
Total funds carried forward 24,863 7,807 1,631 34,301

The results derive from continuing activities

57

PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Report of the Directors of the Corporate Trustee and Financial Statements for the year ended 31 March 2024

G���� S�������� �� F�������� A��������� 2023

Parochial Parochial Parochial Parochial

Notes
Unrestricted

£’000
Restricted

£’000
Endowment

£’000		 Sub-
Total

£’000		 2023
Total

£’000

2022
Total

£’000
2 3,544 169 - 3,713 4,469 4,736
2 - 501 - 501 506 979
3 904 31 - 935 963 784
- - - - 165 99
4 294 53 16 363 917 854
30 - - 30 30 296
5 4,772 754 16 5,542 7,050 7,748
173 32 - 205 417 334
- - - - 156 139
7,456
173 32 - 205 8,029 473
4,102 888 - 4,990 5,439 4,918
940 36 - 976 1,469 1,377
82 39 - 121 1,071 810
- - - - 189 163
- - - - 214 209
- - - - 127 72
9 - - 9 323 348
5, 6 5,306 995 - 6,301 16,861 8,370
(534) (241) 16 (759) **(9,811) ** (622)
(40) - - (40) (1,554) 2,446
(163) (185) (5) (353) (775) 2,468
(203) (185) (5) (393) (2,329) 4,914
(737) (426) 11 (1,152) (12,140) 4,292
(135) (2) - (137) (78) -
- 17 (17) - - -
42 36 - 78 78 -
(830) (375) (6) (1,211) (12,140) 4,292
48,725 8,019 725 57,469 102,699 98,407
47,895 7,644 719 56,258 90,559 102,699

58

PLYMOUTH DIOCESAN TRUST Charity Number: 213227 Report of the Directors of the Corporate Trustee and Financial Statements for the year ended 31 March 2024

24 FINANCIAL ACTIVITIES OF SUBSIDIARIES


The group accounts include the following results of its subsidiaries:
2024
2023
£’000 **£’000 **
Total income 217 169
Total expenditure (216) (89)
Net Gains 28 2
Net income/deficit 29 82

Net assets by subsidiary:
Kathleen Maude Clark Trust 529 529
Clarence Ada & Winnifred Halse Trust 404 373
Diocesan Trading Limited (11) 9
922 911

59