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|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)|





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||Thecharity|The charity's||Next year, thecharity|
|---|---|---|---|---|
||planned to:|achievements:||plans to:|
|•|||||
|||_||-<br>.|
|....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<br>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.<br>They can also choose to not receive the|||
|||allowance<br>from<br>the<br>Plymouth<br>Secular Clergy|||
|||Fund. Note 17 to the financial statementsdiscloses|||
|||the<br>maximum<br>commitment<br>of<br>the<br>charity<br>in|||
|||providingappropriate support during the next ten|||
|||years.|||
|||-<br>- -<br>—||- —<br>—|
|....give|assistance to|In all, the charity gave financial assistance to or for||....continue to consider|
|priests who aresick,infirm||7<br>priests, (2024:<br>10<br>priests)..<br>Some<br>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<br>but<br>is<br>aged<br>below<br>75<br>and<br>so<br>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||
|||-<br>•<br>.<br>•<br>.|t||
|....pay healthcare<br>insurance for priests who||-<br>The<br>charity<br>paid<br>healthcare insurance for<br>17<br>priests, including beneficiaries of the charity over||....pay healthcare<br>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.|||





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||Notes|Notes|Unrestricted|Restricted|Endowment|2025|2024|
|---|---|---|---|---|---|---|---|
||||Income<br>Funds|Income<br>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<br>_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|





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|||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|





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||2025|2024|
|---|---|---|
||£|£|
|Legacies|69,917|35,000|
|Donations|1,261|2,729|
|Church Collections|12,248|16,238|
||83,426|53,967|





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||Trust for|Unapplied|Total|
|---|---|---|---|
||Investment|Total Return|Endo<br>ent|
||£|£|£|
|At<br>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.<br>Committee: allocated according to the estimated Trustees' time spent on operational activities.|||||||
||ii.<br>Finance and Legal: costs allocated toactivitiesare either directly||||attributable orifnot, allocated in|||
||proportion to the estimated amountofadministration time spent on each activity.|||||||
||iii.<br>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|





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||The Committee Members are also the Trusteesof the cha<br>charity but are entitled to reimbursementof the expenses <br>year, nil reimbursements were made to Trustees (2024: <br>incurred on Committee meetingexpenses.|rity. They do not receive anyremuneration<br> incurred during their dutiesas trustees. Du<br> £269 to four Trustees) and £97 (2024: £1|from the<br>ring the<br>10) was||
|---|---|---|---|---|
|9|Investments|2025|2024||
|||£|£||
||MARKET VALUE||||
||At<br>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<br>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|





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|investments listed below, all investment assets are direct investmentsin listed secu<br>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|



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|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|





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|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|





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||Trustees Report. There isno legal obligation to pay specific amountsto priests who have <br>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|





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|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)|||





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|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%|



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|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)|||