| Page | Contents |
|---|---|
| 2 - 10 | Annual Report |
| 11-13 | IndependentAuditors' Report |
| 14 | StatementofFinancial Activities |
| 15 | BalanceSheet |
| 16 | Cash Flow Statement |
| • | |
| 17 — 26 | Notes to the Financial Statements |
| 27 —30 | Notes to the Financial Statements(not forming partof the Statutory Financial Statements) |
| Thecharity | The charity's | Next year, thecharity | ||
|---|---|---|---|---|
| planned to: | achievements: | plans to: | ||
| • | ||||
| _ | - . |
|||
| ....give | financial support to | As at 31 March 2025, 24 priests aged 75 or over, | ....continue to give | |
| those priests who have | (2024: 29 priests), were in receipt of allowances | i | financial support to those | |
| resigned from ecclesiastical | from the charity. From 6 April 2024, the gross | priestswho have resigned | ||
| officedue to age. | allowance per priest, based on 30 years' service, is | from ecclesiastical office | ||
| £16,149 per annum. Certain members of the |
due to age. | |||
| charity, who have 30 years of service, are aged | ||||
| over 75 but are still in active ministry can still | ||||
| chooseto takeanallowance from the parishaswell | ||||
| as theallowance from the Plymouth SecularClergy | ||||
| Fund. They can also choose to not receive the |
||||
| allowance from the Plymouth Secular Clergy |
||||
| Fund. Note 17 to the financial statementsdiscloses | ||||
| the maximum commitment of the charity in |
||||
| providingappropriate support during the next ten | ||||
| years. | ||||
| - - - — |
- — — |
|||
| ....give | assistance to | In all, the charity gave financial assistance to or for | ....continue to consider | |
| priests who aresick,infirm | 7 priests, (2024: 10 priests).. Some financial |
requests forfinancial and | ||
| or elderly, (including those | assistance was given through grantsto third parties. | otherassistance topriests | ||
| who have resigned from | Oneofthe priestshas ceased active ministry due to | who aresick, infirmor | ||
| ecclesiastical office due to | ill-health but is aged below 75 and so is |
elderly and give financial | ||
| illness). | ineligible to receive financial support of the type | support to those priests | ||
| mentioned in the section above. He receivedgrants | J | who have resigned from | ||
| to helpwith his daily living costs. | office due to illness. | |||
| 4 | ||||
| - • . • . |
t | |||
| ....pay healthcare insurance for priests who |
- The charity paid healthcare insurance for 17 priests, including beneficiaries of the charity over |
....pay healthcare insurance for priests who |
||
| are sick, infirmorelderly. | 75 and priests who are aged below 75 but who | are sick, infirmorelderly. | ||
| neverthelesshave had to cease active ministry due | ||||
| to ill-health. |
| Notes | Notes | Unrestricted | Restricted | Endowment | 2025 | 2024 | |
|---|---|---|---|---|---|---|---|
| Income Funds |
Income Funds |
Fund | Total | Total | |||
| General | |||||||
| £ | £ | £ | £ | £ | |||
| INCOME ANDENDOWMENTS | FROM: | ||||||
| Donations and legacies | 1.4(i)(ii), | 2 | 83,426 | - | - | 83,426 | 53,967 |
| Investment income | 1.4(iii), | 4 | 238,238 | - | 106,944 | 345,182 | 269,035 |
| Transfer to income | 3 | - | 106,944 | (106,944) | - | - | |
| TotalIncome | 321,664 | 106,944 | - | 428,608 | 323,002 | ||
| EXPENDITUREON: | |||||||
| Investment Managersfees | .58,020 | - | 25,570 | 83,590 | 117,069 | ||
| Charitable activities | 446,871 | 106,944 | - | 553,815 | 394,931 | ||
| Total Expenditure | 1.5, 5,6 | 504,891 | 106,944 | 25,570 _637,405 |
512,000 | ||
| Net (losses)/gains on | |||||||
| investments | (139,171) | - | (8,148) | (147,319) | 586,526 | ||
| (139,171) | - | (8,148) | (147,319) | 586,526 | |||
| Net (expenditure)Iincome | |||||||
| and net movement in | |||||||
| funds | (322,398) | - | (33,718) | (356,116) | 397,529 | ||
| Reconciliation offunds | |||||||
| Total funds brought forward | 11,992,677 | - | 4,572,077 | 16,564,754 | 16,167,225 | ||
| Total fUnds carried forward | 11,670,279 | - | 4,538,359 | 16,208,638 | 16,564,754 |
| Notes | 2025 | 2024 | ||
|---|---|---|---|---|
| £ | £ | |||
| FIXED ASSETS | ||||
| Investments | 1.7, 9 | 16,113,943 | 16,397,595 | |
| CURRENTASSETS | ||||
| Debtors | 10 | 84,494 | 123,813 | |
| Cash at bank | 58,466 | 107,440 | ||
| 142,960 | 231,253 | |||
| CREprioRs | ||||
| Amounts falling due withinone year | 11 | (48,265) | (64,094) | |
| Net current assets | ||||
| 94,695 | 167,159 | |||
| Totalnet assets | 16,208,638 | 16,564,754 | ||
| FUNDS | ||||
| Endowment | 12 | 4,538,359 | 4,572,077 | |
| Restricted | 14 | |||
| Unrestricted- | General | 11,670,279 | 11,992,677 | |
| Totalfunds Aiii:iavqagarawacgfaataam'tAN | 16,208,638 | 16,564,754 |
| Note | 2025 | 2024 | |
|---|---|---|---|
| f | |||
| Cashflows from operatingactivities: | |||
| Net cash (usedin) provided by operatingactivities | 18 | (530,489) | (466,584) |
| Cash flows from investingactivities: | |||
| Dividends and interest from investments | 345,182 | 269,035 | |
| Net Disposal/(Purchase)ofinvestments | 136,333 | 241,363 | |
| Net cashprovided by investingactivities | 481,515 | 510,398 | |
| Change n cash and cash equivalents in the year | (48,974) | 43,814 | |
| Cash and cash equivalents at the beginning ofthe year | 107,440 | 63,626 | |
| Cash and cash equivalents at the endofthe | |||
| reporting period | 19 | 58,466 | 107,440 |
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Legacies | 69,917 | 35,000 |
| Donations | 1,261 | 2,729 |
| Church Collections | 12,248 | 16,238 |
| 83,426 | 53,967 |
| Trust for | Unapplied | Total | |
|---|---|---|---|
| Investment | Total Return | Endo ent |
|
| £ | £ | £ | |
| At 1 April 2024 |
|||
| Gift componentofpermanentendowment | 2,056,435 | 2,056,435 | |
| Unapplied total return | 2,515,642 | 2,515,642 | |
| Total | 2,056,435 | 2,515,642 | 4,572,077 |
| Movementin unapplied total return and endowment in the year: | |||
| Giftofendowment funds | |||
| Investment return: dividends and interest | 106,944 | 106,944 | |
| Investment managerfees | (25,570) | (25,570) | |
| Investment return: recognised and unrecognised | |||
| gains/(losses) | (8,148) | (8,148) | |
| Total | 73,226 | 73,226 | |
| Unapplied total return allocated to income | (106,944) | (106,944) | |
| Netmovement in the year | (33,718) | (33,718) | |
| Closing value ofpermanentendowment | |||
| Gift componentofpermanentendowment | 2,056,435 | 2,056,435 | |
| Unapplied total return | 2,481,924 | 2,481,924 | |
| Total at 31 March 2025 | 2,056,435 | 2,481,924 | 4,538,359 |
| vestment income (including bank interestreceivable) | ||
|---|---|---|
| 2025 | 2024 | |
| £ | £ | |
| Income, received from: | ||
| UK quoted investments | 345,177 | 227,143 |
| Overseas quotedinvestments | 5 | 39,557 |
| UK cash held as part of the investment porttblio | 2,335 | |
| 345,182 | 269,035 | |
| 345,182 | 269,035 |
| Expenditure | |||||
|---|---|---|---|---|---|
| Activities | Grant | Support | 2025 | 2024 | |
| undertaken | fundingof | and | |||
| directly | activities | governance | |||
| (see note) | costs | ||||
| Cost of raisingfunds | |||||
| Investment managementcosts | 82,412 | 82,412 | 117,069 | ||
| Professionalfees | 1,300 | 1,300 | 6,206 | ||
| Charitableactivities | |||||
| Grantsto priests who aresick, elderly, | |||||
| infirm or in need | 91,416 | 8 | 91,424 | 51,916 | |
| Support to 24 priests,aged 75 | |||||
| and over, who have resigned from | |||||
| ecclesiastical office; (2024: 29priests) | 291,682 | 120,000 | 25,184 | 436,866 | 317,969 |
| Provision ofhealthcareinsurance | 9,180 | 9,180 | 7,820 | ||
| Governance | 16,223 | 16,223 | 11,020 | ||
| 300,862 | 211,416 | 125,127 | 637 405 | 512,000 |
| 6 | Supportcosts allocation | Supportcosts allocation | |||||
|---|---|---|---|---|---|---|---|
| Committee | Finance | Direct | 2025 | 2024 | |||
| and | support | ||||||
| legal | costs | ||||||
| £ | £ | £ | C | ||||
| Cost of generatingfunds | |||||||
| Investment managementcosts | 82,412 | 82,412 | 117,069 | ||||
| Professionalfees | 1,300 | 1,300 | 6,206 | ||||
| Charitable activities | |||||||
| Assisting priests who aresick, | |||||||
| elderly, infirmor in need | 8 | 8 | 19 | ||||
| Support foreligiblepriests who | |||||||
| have resignedfromecclesiastical | |||||||
| office | 40 | 110 | 25,034 | 25,184 | 203 | ||
| Governance | 49 | 15,866 | 308 | 16,223 | 11,020 | ||
| 97 | 99,688 | 25,342 | 125,127 | 134,517 | |||
| Basis for Support Costs Allocation | |||||||
| Central support costsare allocated as follows: | |||||||
| i. Committee: allocated according to the estimated Trustees' time spent on operational activities. |
|||||||
| ii. Finance and Legal: costs allocated toactivitiesare either directly |
attributable orifnot, allocated in | ||||||
| proportion to the estimated amountofadministration time spent on each activity. | |||||||
| iii. Direct supportcosts are other costs that |
can be directly attributed | to each activity. | |||||
| GOVERNANCECOSTS ARE MADE UP OF THE FOLLOWING: | |||||||
| 2025 | 2024 | ||||||
| £ | £ | ||||||
| Paymentsto external auditor | 15,756 | 10,698 | |||||
| Committee meeting expenses insofarasthey relate to the general managementof | |||||||
| the charity, includingthe costs oftravel | 48 | 135 | |||||
| Bank charges | 110 | 74 | |||||
| Grounds& Security | 179 | ||||||
| Printing, stationery, postage and sundries | 129 | 113 | |||||
| 16,223 | 11,020 | ||||||
| 7 | Netmovement in funds | ||||||
| 2025 | 2024 | ||||||
| £ | £ | ||||||
| Net movement in funds is arrived at after charging/ (crediting): | |||||||
| Paymentsto external auditor | |||||||
| Audit fees - current year | 15,756 | 10,698 |
| The Committee Members are also the Trusteesof the cha charity but are entitled to reimbursementof the expenses year, nil reimbursements were made to Trustees (2024: incurred on Committee meetingexpenses. |
rity. They do not receive anyremuneration incurred during their dutiesas trustees. Du £269 to four Trustees) and £97 (2024: £1 |
from the ring the 10) was |
||
|---|---|---|---|---|
| 9 | Investments | 2025 | 2024 | |
| £ | £ | |||
| MARKET VALUE | ||||
| At 1 April 2024 |
16,397,595 | 16,052,432 | ||
| Acquisitions | 7,757,995 | 3,598,176 | ||
| Disposals | (7,757,995) | (3,598,176) | ||
| Net withdrawals | (136,333) | (241,363) | ||
| Net investment (loss)/gain | (147,319) | 586,526 | ||
| At 31 March 2025 | 16,113;943 | 16,397,595 | - |
| Net cashtransferred from/(to) investmentsin the yearwas £136,333(2024: £241,36 | 3). | |
|---|---|---|
| Analysedbetween: | ||
| UK investments listedon a recognised stock exchangeor valued by referenceto such investments |
16,113,690 | 13,844,277 |
| Overseas investments listed on arecognised stock exchange | 253 | 2,411,002 |
| UK cash held as partof investment portfolio | 142,316 | |
| 16,113,943 | 16,397,595 | |
| And between: | ||
| PermanentEndowments | 4,571,964 | 4,580,112 |
| Other Restrictedand Unrestricted Funds | 11,541,979 | 11,817,483 |
| 16,113,943 | 16,397,595 | |
| Historiccost at 31 March 2025 | 11,708,814 | 12,185,095 |
| investments listed below, all investment assets are direct investmentsin listed secu apply which might affect the realisationofthese investment assets. |
rities. No material restrictions |
|---|---|
| 2025 | |
| Unitised/Structured Multi Asset Funds: | |
| Newton Ethically Screened Fund for Charities (X Accumulation) | 7,116,361 |
| Newton Ethically Screened Fund for Charities (X Income) | 4,571,964 |
| CCLA Catholic Investment Fund Acc — Class 2 | 4,425,365 |
| Overseasdirect investments | 253 |
| 10 | Debtors:amounts falling duewithin one year | ||
|---|---|---|---|
| 2025 | 2024 | ||
| £ | £ | ||
| Investment income | 60,898 | 61,470 | |
| Legacies | 20,000 | 55,000 | |
| Other debtorsand prepayments | 3,596 | 3,951 | |
| Accrued income | 3,392 | ||
| 84,494 | 123,813 | ||
| 11 | Creditors: amounts falling due within one year | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Other creditors | (14) | ||
| Accruals | 48,265 | 64,105 | |
| 48,265 | 64,094 | ||
| 12 | Permanent Endowment fund | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Balance at 31 March 2024 | 4,572,077 | 4,278,834 | |
| Movement in Funds | |||
| Incoming resources | |||
| Gain/(loss) on investmentassets | (8,148) | 317,373 | |
| Investment managers fees | (25,570) | (24,130) | |
| Balance at 31 March2025 | 4,538,359 | 4,572,077 |
| estricted Funds | ||
|---|---|---|
| 2025 | 2024 | |
| Balanceat 31 March 2024 | ||
| Movement in Funds | ||
| Incoming resources | 106,944 | 102,309 |
| Resources expended | (106,944) | (102,309) |
| Balance at 31 March 2025 |
| Anal | ysis ofnet assets between fun | ds | |||
|---|---|---|---|---|---|
| a) | Currentyear | Permanent | Restricted | Unrestricted | Total |
| Endowment | Funds | Funds | |||
| Fund | |||||
| £ | £ | £ | £ | ||
| Fixed | asset investments | 4,571,964 | 11,541,979 | 16,113,943 | |
| Net current assets | (33,605) | 128,300 | 94,695 | ||
| 4,538,359 | 11,670,279 | 16,208,638, |
| b) | Previousyear | Permanent | Restricted | Unrestricted | Total |
|---|---|---|---|---|---|
| Endowment | Funds | Funds | |||
| Fund | |||||
| £ | £ | £ | £ | ||
| Fixed | asset investments | 4,580,112 | 11,817,483 | 16,397,595 | |
| Net current assets | (8,045) | 175,204 | 167,159 | ||
| 4,572,077 | = | 11,992,677 | 16,564,754 |
| Trustees Report. There isno legal obligation to pay specific amountsto priests who have office.The next review is due to be completed for the year ending 31 March 2026. |
resigned from | ecclesiastical | |
|---|---|---|---|
| 2025 | 2024 | ||
| £ | £ | ||
| Falling due withinone year | 380,154 | 311,848 | |
| Falling due between two and five years | 1,996,621 | 1,766,022 | |
| Falling due after more than five years | 3,666,067 | 3,364,000 | |
| 6,042,842 | 5,441,870 | ||
| RECONCILIATION OFMOVEMENT INTHE YEAR | |||
| Commitment at 31 March 2024 | 5,441,870 | ||
| Less:fallingduewithin the yearended 31 March 2025 | (311,848) | ||
| 5,130,022 | |||
| Adjustment for inflationaryincreases in support levels and revised numbersof | |||
| priests potentially resigning from ecclesiasticaloffice in the nine years | |||
| ending 31 March 2034 | 47,295 | ||
| Add: fallingdue in the year ending 31 March 2035 | 865,526 | ||
| Commitment at 31 March 2025 | fi,042,843 | ||
| 18 | Reconciliationofnet movement in funds to net cash flow from operating activities | ||
| 2025 | 2024 | ||
| Netmovement in funds (perthe statement of financial activities) | (356,116) | 397,529 | |
| Losses/(gains) on investments | 147,319 | (586,526) | |
| Dividends, interestand rents from investments | (345,182) | (269,035) | |
| Decrease/(Increase) in debtors | 39,319 | (13,388) | |
| (Decrease)/Increase in creditors | (15,829) | 4,83E | |
| Net cash used in operatingactivities | (530,489) | (466,584) | |
| 19 | Analysis ofcash and cash equivalent | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Cash in hand | 58,466 | 107,440 | |
| Total cash and cash equivalents | 58,466 | 107,440 |
| Charita | ble grants | |||
|---|---|---|---|---|
| Number of | ||||
| priests | ||||
| assisted | ||||
| in 2025 | 2025 | 2024 | ||
| £ | £ | |||
| Financial | support | 7 | 91,416 | 51,897 |
| 91,416 | 51,897 |
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Reverend D Annear | 11,403 | 10,503 |
| Monsignor JBranson (RIP) | ||
| ReverendM Budge | 16,351 | 15,005 |
| Reverend D Burrows (RIP) | 308 | |
| Canon G Carrick | 16,149 | 15,005 |
| ReverendPO Chrystal | 16,149 | 15,005 |
| ReverendA J Cockram | 2,305 | 1,835 |
| ReverendM Cole (RIP) | 1,252 | 15,005 |
| Reverend D Collin | 16,149 | 15,005 |
| ReverendP Conlon | 16,690 | 15,396 |
| ReverendP Costello | 16,149 | 15,005 |
| Reverend SH Delsink | 7,225 | 6,392 |
| Monsignor H Doyle (RIP) | 7,116 | |
| ReverendC Geddes | 12,995 | 12,004, |
| Monsignor G Hay (RIP) | 15,005 | |
| Reverend P Kelly | 16,149 | 15,005 |
| ReverendW Kiely (RIP) | 1,147 | |
| ReverendM Kirkpatrick | 8,788 | 8,002 |
| Reverend P Kilgarriff(RIP) | 3,572 | |
| Reverend D Longland | 16,351 | 15,005 |
| Monsignor KMitchell | 8,584 | |
| Monsignor B Nannery | 16,149 | 15,005 |
| CanonK Noakes | 11,943 | 11,004 |
| ReverendTA O'Donovan | 16,690 | 15,396 |
| ReverendR Schofield | 2,478 | 2,000 |
| Revered J Smethurst (RIP) | 10,234 | |
| Reverend B Stevens | 10,365 | 9,502 |
| Monsignor AToffolo | 16,689 | 15,396 |
| ReverendJS Watkins (RIP) | 8,262 | 7,508 |
| Canon P Webb | 16,690 | 15,396 |
| Reverend WG Wilberforce | 16,149 | 15,005 |
| 298,107 | 317,766 | |
| Paid to 24 priests (2024: 29 priests) |
| stments - Oth | erRestricted and Unrestricted Trusts continued | ||
|---|---|---|---|
| Number | Shareholding | Iarket | Percentage |
| of Shares | Value | of total net | |
| at 31.3.25 | assets | ||
| Multi-Asset Funds | |||
| 3,285,789 | The Newton Ethically Screened FundforCharities (GBP | 7,116,361 | 44.16% |
| Accumulation) | |||
| 2,552,555 | CCLA Catholic Investment Fund Acc — Class 2 | 4,425,365 | 27.46% |
| 11,541,726 | 71.62% | ||
| Other | |||
| Europe | |||
| 9,393 | WS Ruffer European I Ace | 253 | 0.01% |
| - | Groupe Bruxelles Lambert SA | 0.00% | |
| 253 | 0.01% | ||
| 11,541,979 | 71.63% | ||
| - | GBP Capital account | 0.00% | |
| 5,847,737 | 11,541,979 | 71.63% |
| Number | Shareholding | Nlarket | Percentage |
|---|---|---|---|
| of Shares | Value | oftotal net | |
| at 31.3.25 | assets | ||
| NIulti-Asset Funds | |||
| 4,074,108 | The Newton Ethically Screened Fund for Charities | 4,571,964 | 28.37% |
| (GBP Income) |