2025-12-31-accounts

th 175 Anniversary of the Diocese of Westminster

ANNUAL REPORT & ACCOUNTS 2025

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ABOUT the Diocese of Westminster

The Diocese of Westminster serves the London boroughs north of the River Thames, stretching from Tthe River Lea in the east to Hillingdon in the west, and including Hertfordshire to the north and the Borough of Spelthorne to the south.

AUDITOR

Buzzacott Audit LLP 130 Wood Street London EC2V 6DL

Established by Blessed Pope Pius IX on 29 September 1850, the diocese celebrated its 175th anniversary in 2025. Today, the diocese’s parishes and schools reflect a rich diversity of cultures and traditions. A key part of its mission is expressed through agencies such as Caritas Westminster which supports those most at risk of exclusion due to poverty, disability, isolation, and exploitation.

PRINCIPAL INVESTMENT MANAGERS

Sarasin & Partners LLP

50 George Street London W1U 7DY

TRUSTEES

The trustees are incorporated as ‘Westminster Roman Catholic Diocese Trustee’, a company limited by guarantee. 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 Westminster Roman Catholic Diocesan Trust is the principal one.

CCLA Investment Management Limited One Angel Lane London EC4R 3AB

Joh. Berenberg, Gossler & Co. KG London Branch 60 Threadneedle Street London EC2R 8HP

The Directors of the Westminster Roman Catholic Diocese Trustee (herein referred to as Trustees) are:

The Most Rev R Moth The Right Rev P McAleenan The Right Rev J Curry Rev Mgr M Hayes Baroness N O’Loan Dame C Bowe Mr S Bunce Mr E Craston Ms V Dias Mr K Ingram Mr A Ndoca

PRINCIPAL BANKER

HSBC Bank plc 69 Pall Mall London SW1Y 5EY

PRINCIPAL SOLICITORS

Winckworth Sherwood LLP Arbor 255 Blackfriars Road London SE1 9AX

The Chief Operating Officer of the Charity is Mr P Camoletto C.P.A.

Farrer & Co. 66 Lincoln's Inn Fields London WC28 3LH

Archbishop’s House Ambrosden Avenue London SW1P 1Q J Tel: [phone] Email: [e-mail] Registered Charity Number: 233699 Produced by the Communications Office of the Diocese of Westminster Printed by Newman Thomson Ltd. Designed by Mary Mannering Photography credit: Mazur/cbcew.org.uk © Diocese of Westminster 2026

PRINCIPAL INSURERS

The Catholic National Mutual Limited Level 5 Mill Court

La Charroterie St Peter Port Guernsey GY1 1EJ

Contents

ARCHBISHOP'S MESSAGE INTRODUCTION VITALITY IN THE LIFE OF THE CHURCH DRAWING PEOPLE TOGETHER IN THE WORSHIP OF GOD IN SERVICE OF EACH OTHER & WIDER SOCIETY 10 YEARS OF BAKHITA HOUSE CARING FOR THE ENVIRONMENT FINANCIALS REPORTS & ACCOUNTS REPORT OF THE DIRECTORS OF THE CORPORATE TRUSTEE INDEPENDENT AUDITOR'S REPORT CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES CONSOLIDATED BALANCE SHEET CHARITY BALANCE SHEET CONSOLIDATED STATEMENT OF CASH FLOWS PRINCIPAL ACCOUNTING POLICIES NOTES TO THE ACCOUNTS COMPARATIVE CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES DIOCESAN COMMITTEES

6 8 14 20 28 34 42 44 48 49 61 64 65 65 66 67 72 97 98

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ppointed as Archbishop of this diocese in 2026, I am deeply aware of its rich history. However, these 175 years of ministry and service must be seen through the lens of A two thousand years of ministry by the Church carrying out the mission given by Jesus Christ.

In all times and all places, our mission is to share the good news that faith in Christ renews the world and makes it whole. Everything we are called to must grow from that relationship with the person of Christ.

The responsibility of the Church in society is unique when compared to many other charities or non-governmental organisations. Our agents of change are not international or even corporate, but local and often unseen, and all these activities, as outlined here, derive from the call to bring to society the light of the Gospel. This light is at once piercing and gentle, principally illuminating our purpose as persons made for love.

I would never have thought of this appointment. It is the Lord who has chosen me. My first task is to get to know the priests and people of Westminster. With them and building on the firm foundations that have been laid by so many down the years, I look forward to continuing the great adventure that is the life of the Church and witness to the Gospel.

With every blessing,

Richard Moth Archbishop of Westminster

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DIOCESE OF WESTMINSTER ANNUAL ACCOUNTS 2025

Introduction

n 2025, the Diocese of Westminster celebrated 175 years since it was officially established by Blessed Pope Pius IX on 29 ISeptember 1850.

At the time, amidst revolutions in Europe, Catholicism was experiencing an international revival and English Catholics, no longer encumbered by the legal restrictions of former times, were newly confident in taking their place within society. The erection of dioceses with ordinary bishops in England and Wales had long been discussed and the new Archbishop of Westminster, and the first, Nicholas Wiseman, was to be the only Archbishop in England and Wales until 1911.

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INTRODUCTION

Cardinal Wiseman had gained much experience in Rome and was a recognised scholar and writer; Pope Pius IX once joked that his best-selling novel Fabiola , or The Church of the Catacombs , had done greater good than any papal encyclical.

His successor, Cardinal Henry Edward Manning, a convert and widower, was an important figure at the First Vatican Council and, back home in London, he closely identified with the working classes, mediating decisively in the 1889 London Dock Strike. They were remarkable figures.

Of course, the diocese was not created out of nothing. A missionary bishop, or ‘Vicar Apostolic’, had served Catholics in the London District since 1688. There were already a number of churches, some of which dated back to the days when the chapels of foreign embassies were the only places in London where Mass could be celebrated. They were ‘missions’ rather than ‘parishes’ serving a growing and largely Irish Catholic population. By 1850 the Jesuits were already working from Farm Street and the Oratorians were present in the metropolis, although their church was not the magnificent neo-baroque church on Brompton Road but a former gin and whisky store. There were schools, charities and lay organisations, and a seminary at St Edmund’s, Old Hall Green, Hertfordshire.

Pictured from left to right: Punch magazine, November 1850, Portrait of Cardinal Henry Edward Manning, Portrait of Cardinal Nicholas Wiseman, London Dock Strikes 1889, Facsimile of the Notes of a Sermon by Cardinal Manning, July 9th 1890, chapel of the Sisters of Charity, Carlisle

Place, Westminster.

They were remarkable figures.[“]

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DIOCESE OF WESTMINSTER ANNUAL ACCOUNTS 2025

Education and youth were always a priority[“]

The creation of the new diocese led to a rapid increase of Catholic churches, schools, and institutions; between 1850 and 1865, the year of Wiseman’s death, 45 churches had been opened. Over subsequent decades the growth of suburbia and London’s satellite towns, served by expanding railway lines, necessitated new churches and schools.

Typically, a temporary church would be erected – perhaps in an existing property or a speciallyconstructed iron hut – as energy was placed first in the opening of schools with permanent churches often being built many years later. Education and youth were always a priority, and Catholics of every social class made great sacrifices to raise funds for this end. Indeed, the priority of education meant that Westminster Cathedral was not opened until 1903, the great achievement of Cardinal Herbert Vaughan, our third Archbishop; in the meantime, St Mary Moorfields and then Our Lady of Victories, Kensington served as the Pro-Cathedral.

Pictured from left to right: Procession into Westminster Cathedral on the day of the Cathedral’s Consecration, June 28th 1910, Cardinal Vaughan, Stonemasons & Bricklayers who built Westminster Cathedral.

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INTRODUCTION

Nelson, founded churches at Harrow, Rickmansworth, Boxmoor, Berkhamsted and Tring, often travelling on horseback and single-handedly doing so much to build up the Church in these areas. Uniquely, the diocese lost priests both in the sinking of the Titanic (1912) and the Lusitania (1915): Father Thomas Byles, Rector of Ongar (which was then situated in the diocese) and Father Basil Maturin, then working as chaplain to the University of Oxford. A cause for beatification has been opened for the former.

The priests who have served the diocese come in all shapes and sizes. Some were authors whose books are still enjoyed: Monsignor Robert Hugh Benson, the son of an Archbishop of Canterbury, whose novels were several times referred to by Pope Francis; Father Adrian Fortescue, a noted liturgical scholar and founder of the parish at Letchworth (he deemed his church the most magnificent one west of Constantinople), and Monsignor Ronald Knox, an eloquent preacher and pioneer of detective fiction. Father Henry Hardy, whose ancestor was famously an associate of Admiral

Fr. Thomas Byles

Mgr. Robert Hugh Benson Fr. Adrian Fortescue

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DIOCESE OF WESTMINSTER ANNUAL ACCOUNTS 2025

Cardinals Bourne, Hinsley and Griffin led the diocese through both world wars, Hinsley in particular winning fame as a popular broadcaster. Many churches were damaged or destroyed by enemy bombs; when Holy Redeemer, Chelsea was hit in September 1940, 19 people who were sheltering in the heating chamber were killed. The diocese continued to grow and develop in the post-war years, led by Cardinals Griffin, Godfrey, and Heenan. There were many changes and challenges to face both within and without the Church, yet 36 parishes were established between 1945 and 1970.

In recent years, Westminster Cathedral has been a place of increasingly significant impact in the mission of the Church in London, having witnessed an International Eucharistic Congress, two papal visits and a royal funeral. Leaders such as Cardinal Basil Hume were nationally respected as spiritual leaders. Two infants baptised within the diocese have gone on to become saints: John Henry Newman, Doctor of the Church, and Carlo Acutis, the first millennial saint.

“ Westminster Cathedral has been a place of increasingly significant impact in the mission of the Church in London

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INTRODUCTION

Saint John Henry Newman, born in the Diocese of Westminster

The twenty-first century diocese has adapted to the demands of modern society and the commitment to build up a culture of safeguarding. Its 206 parishes enjoy a rich diversity of membership, coming from every corner of the globe, addressing the many needs in society, including human trafficking.

While much has changed in the 175 years since it was established, the Diocese of Westminster endeavours to remain rooted in the same Lord and Saviour, walking with hope into the future.

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Vitality Vitality in in the life the Life of of the Church the Church

he life of the Church is not measured only by statistics or reports. It is T seen in the simple witnesses of 5 677 those changed by faith in Jesus Christ. , This can be the constancy of a vibrant YOUNG PEOPLE ATTENDED parish at the heart of a community, or the DIOCESAN RETREATS joy found on pilgrimage. Faith, received as a gift of our loving God, has the capacity to regenerate our hearts and sets us on a new course.

500+

Throughout 2025, the community that is the Diocese of Westminster walked together as pilgrims into a hopeful future.

ADULTS ENTERED THE CHURCH AT EASTER

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VITALITY IN THE LIFE OF THE CHURCH

50 YEARS of OUR LADY OF FATIMA , WHITE CITY

t the heart of White City since 1955, the parish of Our Lady of Fatima offers a compelling example of a Church deeply A embedded in the life of its neighbourhood. Founded as a spiritual home for the area’s Irish Catholic community, the parish today serves a richly diverse population drawn from across the world. While the skyline and demographics of White City have changed dramatically, the parish’s commitment to loving God and neighbour has remained constant.

Alongside its sacramental life, Our Lady of Fatima has developed a wide-ranging programme of social action responding directly to local needs. The parish centre operates as a vibrant community hub, hosting shared meals, social and seniors’ groups, skills workshops, environmental initiatives and a weekly foodbank supporting hundreds of local residents. These activities foster connection, combat isolation and build relationships across cultures and faiths.

A recent volunteer-led photography course, culminating in an Advent exhibition entitled White City: Then, Now, Always, captured this spirit of encounter. Participants, long-standing residents and newcomers alike, shared personal stories of belonging, resilience and hope, reflecting a parish that journeys with its community through change.

During the pandemic, support from Caritas Westminster enabled the parish to appoint a part-time Community Support Worker, strengthening and coordinating its outreach. This work is sustained by a dedicated team of volunteers, many inspired through participation in Caritas Westminster’s Love in Action programme.

As the parish centre temporarily closes for redevelopment, it does so with confidence and hope. When it reopens in 2026 as a renewed community hub, Our Lady of Fatima will continue to embody a living Gospel presence at the heart, and as the heart, of White City.

We are at the heart of the community physically, but we are also the living heart of this community, trying in ways that are right for today to be that Gospel presence.

PARISH PRIEST, FR. RICHARD NESBITT

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DIOCESE OF WESTMINSTER ANNUAL ACCOUNTS 2025

STEVENAGE GOES TO WALSINGHAM

Parishioners Fiona, Caroline, Marietta, & Jackie

So, who had the earliest start?

Caroline: ‘I got up at 6, very early for me!’

Fiona: ‘I got up at 6 too, but as a teacher that’s not unusual for me! But people started arriving at the church from 7 and we left at around 8 o’clock. We arrived here at half 10.’

You both came here last year, why did you both decide to come back?

Fiona: ‘It was such a beautiful day last year I thought, I just have to come back, particularly as it is a jubilee year. When I decided I was going to come, I didn’t know if I would get to go on another this year. It’s always so special, particularly walking down the Holy Mile.’

Caroline: ‘I feel as Catholics we should go on these pilgrimages, if anything to strengthen our own faith. And it’s a day off, I don’t have to cook!’

Why did you decide to come on the Diocesan Pilgrimage for the first time in 2025?

Jackie: ‘Walsingham has just a very special feel about it, it’s a wonderful place to come.’

Marietta: “My mum has always come but I have never been able to make it. It’s our first year in Stevenage, it’s a very busy parish and I saw they had a coach coming, so I decided this was the year, because it might not happen if I don’t make it this time. But now, I will absolutely come back. It’s been amazing.’

Assistant Priest, Robert Smialek

How is it you got so many to come this year?

‘What we have done this year is a lot of processions: we’ve had processions for St Joseph, the end of the month of Mary, Corpus Christi, the Assumption. So they are very into this sort of thing now. And we have around 800 parishioners, so when you announce it, really advertise, and get them excited about it, they come along.’

Do you feel these events help build a parish community?

‘Well, going back to processions in the parish, they bring everyone together, and events like this are where we get to meet the broader community. One of the selling points was “come see the wider diocese.” Obviously it helps us form our parish together, but it helps us connect with other parishes, see other people. So yes, this is vitally important. It stops us looking in on ourselves, and opens us up to the wider Church.’

What would you say to someone who is thinking about coming on the Walsingham Pilgrimage next year?

‘Just do it! That’s what I say to everyone. Life is too short to be boring! It is exciting. It connects us with our faith. Our faith explodes into moments of joy, that’s part of being Catholic. These wild moments, expressive moments of joy. And we need to come to experience this. We come here as a family, we offer our prayers and intentions to our Blessed Mother to intercede for us. It is also a powerful place of prayer. So, people with many needs and concerns should come to this pilgrimage, because it’s a place of blessings and graces.’

“ Walsingham has just a very special feel about it, it’s a wonderful place to come.

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DIOCESE OF WESTMINSTER ANNUAL ACCOUNTS 2025

“ Hope is not abstract, but active: rooted in faith & expressed in love.

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VITALITY IN THE LIFE OF THE CHURCH

PILGRIMS of HOPE

n 2025, the Church marked a Year of Jubilee under the theme Pilgrims of Hope. Christian hope, described by IPope Benedict XVI in Spe Salvi as a “distinguishing mark of Christians”, was celebrated across the Diocese in prayer, pilgrimage and practical action, especially among our young people.

On 24 June, Westminster Cathedral hosted a Festival of Hope, welcoming pupils from 130 schools. Students encountered diocesan charities and initiatives, exploring how faith is lived out through service and social mission. The day connected worship with action, inviting young people to see themselves as active participants in the Church’s work.

That same spirit was evident at the Caritas Ambassadors Festival, which brought together 360 pupils leading social action projects in their schools. Across the Diocese, more than 800 Ambassadors have organised initiatives including supporting foodbanks and homeless projects, campaigning for Fairtrade, caring for the local environment, running activities for elderly parishioners and care home residents, and providing practical support for families in need.

For many schools, these projects are becoming embedded in school life, shaping a culture of service that will endure beyond a single year group. In this Jubilee year, our young people have shown that hope is not abstract, but active: rooted in faith and expressed in love.

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115 000 , MASS ATTENDEES ACROSS 203 PARISHES IN THE DIOCESE OF WESTMINSTER EVERY SUNDAY

1000+ ESTIMATED PARTICIPANTS IN THE LONDON CORPUS CHRISTI PROCESSION

DRAWING PEOPLE TOGETHER IN THE WORSHIP OF GOD

SOURCE & SUMMIT

Through him the host of Angels adores your majesty and rejoices in your presence for ever. May our voices, we pray, join with theirs in one chorus of exultant praise, as we acclaim: Holy, Holy, Holy Lord God of hosts . . .

hese few short lines from the liturgy express the fundamental aspiration of every Christian: Tto dwell in God’s presence and praise him in eternity. For this reason, the Eucharist — where Christ becomes physically present to us — is described as ‘the source and summit of Christian life’ ( Lumen Gentium, §11).

Saints like Carlo Acutis knew instinctively that our mission in this life is above all to adore God, and it was in his spirit that we celebrated this year’s Westminster Eucharistic Festival; a day of prayer and thanksgiving for the gift of the Blessed Sacrament.

The occasion drew thousands of worshippers to Westminster Cathedral, where an opening Mass was followed by a time of Adoration, the recitation of the Rosary, spiritual reflections, and a procession with the Blessed Sacrament.

Part of a series of events celebrating the canonisation of St. Carlo Acutis, the young saint was a particular source of inspiration for this year’s worshippers. Shortly before the festival, the Cathedral’s newlyacquired relic of St Carlo was used to bless the console used for livestreaming Masses, while Cardinal Vincent Nichols and others preached movingly about the saint’s example of simple, sincere faith.

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THE POWER of PLACE

he setting for our encounters with the Eucharist, our churches, are places of immense significance. ‘[M]y Thouse shall be called a house of prayer,’ says Jesus during the cleansing of the temple (Matthew 21:13); today, our own “houses of prayer” remain central to our faith and communities — just ask Fr Stephen Beale, parish priest of Sacred Heart Church in Teddington.

In 2022, the gale-force winds of Storm Eunice struck the church’s fragile roof, putting the building at serious risk of collapse and forcing immediate evacuation. For three years, the congregation worshipped undeterred in the cramped church hall, while the parish embarked on a fundraising campaign and many months of planning, logistics, and liaising with local authorities.

Thanks to the generosity of parishioners, successful grant applications and a diocesan loan, repair works finally began in November 2024. Parishioners were even invited to sponsor slates for the new roof — imported from Spain and guaranteed to last at least 100 years.

The grand reopening weekend was filled with joy and thanksgiving, the highlight being a Mass celebrated by Cardinal Vincent Nichols on the solemnity of Saints Peter and Paul. Welcoming attendees to the church, Fr Stephen reflected:

'I hope everyone can experience the presence of holiness within this church. It’s a place of prayer, of welcome and of spiritual refuge.'

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DRAiY'IXC, PF.OPI.F.TOf.F.THF.R IN, THF. W'()Rfllll) 23

Holiness is our wholeness, for we have been created to find fulfilment in the joy of being with the Lord. And that fulfilment begins here before the Blessed Sacrament, and it ends in the fullness of heaven.

The parish is a testament to the saint’s powerful belief that prayer and mission are inextricably linked.

While Teddington parishioners looked forward to the next 100 years, St Teresa’s Church in Borehamwood marked the centenary of its foundation in 1925. One of the first parishes to be dedicated to St Thérèse of Lisieux just weeks after her canonisation, the parish is a testament to the saint’s powerful belief that prayer and mission are inextricably linked.

Featuring music and prayers from Filipino, Igbo, Polish, Portuguese and other traditions, the Centenary Mass highlighted the diversity of Catholics who have found a spiritual home at St Teresa’s, while Borehamwood Foodbank — started by the late parish priest Fr Dominic McKenna and sustained by the community’s generosity — is now an independent charity supporting over 7,000 people, and a living sign of Christ’s love in action. Speaking at the Mass, Cardinal Nichols encouraged the congregation to continue following the example of the church’s patron: ‘to do the small things well, to be missionaries here.’

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DRAWING PEOPLE TOGETHER IN THE WORSHIP OF GOD
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‘ Lord , Teach Us ’ to Pray

s in Borehamwood, where the sacraments inspire and sustain A the work of the foodbank, so too do they move catechists across the diocese to share our faith with those within and outside the Church. During the Jubilee Year, our Agency for Evangelisation hosted a series of Jubilee Days for Catechists, focusing precisely on how God nourishes us and we in turn nourish others.

Running between July and November, the Jubilee Days brought together catechists from our four pastoral areas — Hertfordshire, Central and East London, North London, and West London and Spelthorne — to reflect on the theme of ‘Reawakening Blessed Hope.’ Sessions were led by Cardinal Vincent Nichols, Canon Shaun Lennard, Bishop Nicholas Hudson and Bishop Paul McAleenan.

Attendees were encouraged to deepen their understanding of their vocation and ministry as catechists, with session leaders drawing on St John's account of the feeding of the five thousand, their own experiences as priests, the evolution of catechesis and the example of Our Lady.

Co-hosted with Westminster Youth Ministry and Caritas Westminster, the Jubilee Catechist Days served as an important reminder of the many forms of outreach that flow from our liturgical and spiritual life: whether it’s through youth engagement, social action or instructing others in the faith, we are always responding to the invitation we are given at the end of every Mass: ‘Go and announce the Gospel of the Lord.’

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DIOCESE OF WESTMINSTER ANNUAL ACCOUNTS 2025

‘He Who Sings ’ Prays Twice

everyone to share in the riches of his Father. Those who were poor on earth will no longer be poor in heaven. And that motet really spoke to us in our situation and to the poor of Grenfell Tower. As a school we can’t get that politically involved but what we can do is come together and pray.'

s Catholics, we are blessed with an incredibly rich, millennia-old patrimony of prayer, A which springs from the liturgy and extends to everything from art and architecture to poetry and music. This heritage is alive and available to us today. In our diocese, faith continues to inspire creative responses to the events of our time. The Schola Cantorum of All Saints Catholic College knows this very well. Located just steps from Grenfell Tower, the school continues to feel the effect of the devastating fire that claimed the lives of 72 people in June 2017.

Founded in 2021, the All Saints Schola rehearses every weekday morning, and offers individually funded vocal scholarships by audition. For the young singers, the experience is as much spiritual as musical, drawing them into closer relationship with God. One student reflected that it had changed their faith in Jesus as well as helping to form lasting friendships.

Reflecting on the experience of singing the new motet at the Mass, one student said: ‘I did enjoy it; but more than enjoy, it was an honour to sing and remember the people who died in the accident and the ones who are suffering.’

Since then, the community has taken care to honour the memory of the victims, and in 2025 the school commissioned Sir James MacMillan to compose a new communion motet, which was premiered at the anniversary Mass held at Westminster Cathedral and sung by the All Saints Schola.

By encouraging the students at All Saints to sing, Stephen hopes that the students will be strengthened to face challenges in their lives and reminded that ‘Jesus suffers alongside them and will one day, please God, welcome them into heaven.’

MacMillan’s striking composition is a setting of In Paradisum ; an ancient chant used in funeral liturgies and adapted over the centuries by many a worldfamous composer: from Tomás Luis de Victoria in the Renaissance to nineteenth and twentieth century icons Gabriel Fauré and Maurice Duruflé.

The young singers are a tribute to their school’s namesake: each time they sing, they join the choirs of countless worshippers who have lifted their voices to God and who believed in the promise that beauty and hope can rise, even from the ashes of tragedy.

Today, the piece continues to speak powerfully to our belief that death does not have the last word. Stephen Bick, director of the All Saints Schola, explains:

'We know that, as Catholics, when we go to heaven, Jesus will heal all the wounds of suffering that we experienced in this life, but also that he will bring

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DRAW'INI". PEOPI.F.TI

In Service of Wider Society & Each Other

n his first Apostolic Exhortation, Dilexi te , Pope Leo XIV powerfully reinforced the role of Icharity at ‘the burning heart of the Church’s mission’ (§ 15). In a time when social action has been burdened by political and ideological associations, consigned to the government, or simply dismissed, our new Holy Father reminds us that service is a defining aspect of our faith — in our time as in every other.

Our diocese spans London’s wealthiest and most deprived areas and we see first-hand the ‘many forms of poverty’ of which Pope Leo speaks ( Dilexi te , § 9). We also see the many faces of charity present all around us: long-serving parishioners, eager young volunteers and local Catholic initiatives bringing Christ’s love to people of all faiths and none.

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IN SERVICE OF WIDER SOCIETY & EACH OTHER

500+

SOCIAL ACTION PROJECTS RUNNING ACROSS PARISHES & SCHOOLS IN OUR DIOCESE

28,934 PEOPLE ESTIMATED TO HAVE BEEN SUPPORTED BY THESE PROJECTS

261

FOOD INITIATIVES OPERATING IN OUR DIOCESE

35%

OF ALL PARISH PROJECTS ARE WEEKLY SOCIAL ACTION PROGRAMMES, DEMONSTRATING SUSTAINED YEAR-ROUND COMMITMENT

32,894 VOLUNTEER-ROLE ASSIGNMENTS RECORDED ACROSS 203 PARISHES

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DIOCESE OF WESTMINSTER ANNUAL ACCOUNTS 2025

‘It is who I am’

ne of these faces is Jacqueline Ugoala, first prize winner in the prestigious Lifetime Achievement category at Caritas Westminster’s Oannual Volunteering Awards. For over 40 years, Jacqueline has been involved in every aspect of parish life at Sacred Heart of Jesus in Holloway; from leading youth groups and confirmation classes to fundraising events, the parish finance committee, and helping to establish the Sacred Heart Foodbank; now an independent charity supporting more than 65 households each week.

For Jacqueline, faith and service are inextricably linked. From a young age, she tells us, the Church meant ‘connection... it felt like a “doing” thing rather than just come, pray and go.’

Jacqueline has devoted decades to Jesus’ invitation to ‘go, and do likewise’ (Luke 10:37). As a foster parent for 20 years, she welcomed more than 200 children into her home; living out in present-day Camden the same call to welcome the stranger that Christ preached on the Mount of Olives (Matthew 25:35).

When asked how her faith motivated a lifetime of self-gift, Jacqueline’s response was surprisingly matter-of-fact: ‘It's who I am — I can't not. My faith is me, and I'm my faith; I can't really separate them.’

Jacqueline’s answer is telling: like the many unsung heroes in our communities, she reminds us that extraordinary acts of charity stem from one simple yet life-changing commitment; believing that ‘nothing is impossible with God’ (Luke 1:37).

My faith is me, and I’m my faith; I can’t really separate them.[“]

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IN SERVICE OF WIDER SOCIETY & EACH OTHER

CALLED to SERVE

n July, Paul Christian gave his commitment concrete expression, when he was among four men ordained to Ithe Permanent Diaconate at Westminster Cathedral.

Raised in the Church of England, Deacon Paul attributes his conversion to seeing the faith in action in the Catholic schools in which he taught, including Cardinal Pole School in Hackney, where he met his future wife.

After some years in Sussex, Deacon Paul moved back to London with his young family, where he began working with people with intellectual disabilities. In fact, it was witnessing the strong faith of the people he supported that spurred him to finally explore the Permanent Diaconate.

Once accepted for formation to the Diaconate, Deacon Paul joined the Outreach team at Caritas St Joseph’s, a service of Caritas Westminster offering lifelong learning, spiritual and pastoral support to people with disabilities. Now the service’s Head of Outreach, Deacon Paul continues to support with inclusive Sacramental Preparation and provide tailored assistance to families of people with learning needs. Deacon Paul reflected on the profound impact of service on his faith:

'This work is truly diaconal [‘Diaconate’ stems from the Greek diakonia , meaning ‘to serve’]... My work also has a missionary aspect, taking me to people and parishes all across the diocese. Working with those with disabilities, being with their families and striving to advocate for them is immensely rewarding. They teach me so much about being human; they embody the mystery of the Incarnation in their very lives.'

I am blessed to support people who, though very vulnerable, have an understanding and openness to the Gospel that is both inspiring and resounding with life lived filled with the Holy Spirit.

DEACON PAUL CHRISTIAN

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DIOCESE OF WESTMINSTER ANNUAL ACCOUNTS 2025

THE VOICE of CHARITY

he phrase ‘love thy neighbour’ has long been used in common parlance, but we know that genuine TChristian charity is nothing short of radical. That’s why Caritas Westminster — the diocese’s charitable arm — works to foster a culture of social action, where Catholics are known for the depth and extent of their work in the community.

One way Caritas does this is by supporting charitable initiatives in diocesan parishes and schools; harnessing the power of communities to discern and address local needs. In September, Caritas coordinated a community health check day at the Shrine of Our Lady of Willesden, where members of the community who face difficulties accessing local health services could receive free NHS check-ups.

Organised in partnership with Brent Council, the Shrine's dean and the parish St Vincent de Paul group, the event saw over 50 people access the various medical services, youth and housing-related support available in the parish hall.

A community health check attendee said: 'The range of free health checks and advice was impressive… [and] having a “Children and Young People” Team onsite was a thoughtful touch that showed a commitment to serving the whole family. It’s a wonderful example of community engagement and support.'

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Alongside empowering charity at the local level, Caritas Westminster also seeks to set the example for how the Church does charity, and to model authentic expressions of Catholic Social Teaching in our diocese today. Its direct services are a testament to this mission, offering person-centred, faith-informed support to some of the most vulnerable in our society: people with intellectual disabilities, the Deaf community, those facing socioeconomic inequality, and survivors of human trafficking and domestic abuse.

We don’t stop there: in July, Caritas Westminster hosted a landmark national conference, aiming to bring the Church’s ethos of relationship and communion to the property sector. Inspired by the themes of Isaiah 61, it brought together experts and senior leaders from across the faith, charity, academic, civil and property sectors, to discuss how unused church property can be given new life for community benefit. Among the successful projects presented was Caritas Westminster’s own Seeds Hub; an unused parish social club turned into a start-up incubator for entrepreneurs experiencing economic barriers.

In his opening speech, Lord Khan of Burnley, former Minister for Faith, Communities and Resettlement, noted: ‘Places of worship are not relics of the past, but living, breathing assets in the present. They remain places of warmth, welcome and belonging, just as they always have. But today, they also deliver essential services; meeting daily needs, reducing isolation and strengthening local life.’

As the mystical Body of Christ, the Church instinctively knows this to be true: meeting daily needs, reducing isolation and serving the marginalised are, as Pope Leo affirms, ‘not optional but a requirement of true worship’ ( Dilexi te , § 42). This is why charity is at the heart of the diocese’s mission: like Jacqueline, Deacon Paul, and thousands of others who make up the Church in Westminster, caritas isn’t something we do; it’s who we are.

Caritas isn’t something we it’s who we are.[“] do;

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IN SERVICE OF WIDER SOCIETY & EACH OTHER
33
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DIOCESE OF WESTMINSTER ANNUAL ACCOUNTS 2025

10 YEARS of BAKHITA HOUSE

34

10 YEARS OF BAKHITA HOUSE

223 YEARS

OF PRISON SENTENCES SECURED FOR TRAFFICKERS WITH THE HELP OF GUESTS AT CARITAS BAKHITA HOUSE

onday 30th June 2025 marked the 10th anniversary of Caritas Bakhita House, the Diocese of Westminster’s safe Mhouse for survivors of trafficking and exploitation.

Started as a partnership between the Church and the local authorities, Caritas Bakhita House offers round-the-clock support to women escaping Human Trafficking and Modern Slavery, through personalised support programmes, trauma-informed care and inhouse therapeutic activities. Since opening in 2015, the centre has been home to 214 women and 18 babies from 50 different countries.

The safe house also assists with accessing medical and psychological support, seeking legal advice and asylum, as well as supporting guests to bring perpetrators to justice. To date, guests of Caritas Bakhita House have contributed to securing over 223 years of prison sentences for traffickers.

To mark the anniversary, Cardinal Vincent Nichols celebrated a Mass of Thanksgiving in Westminster Cathedral, attended by the centre’s staff, volunteers, supporters and well-wishers. In his homily, Cardinal Nichols noted:

If we look at the record, the achievements of [Caritas] Bakhita House; it’s a big family. It sustains people after they no longer stay; it’s helped, protected and nurtured their children. It’s built women with confidence to testify and therefore to have the traders in human flesh behind bars. That’s growth, that’s fruitfulness, that’s healing.

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DIOCESE OF WESTMINSTER ANNUAL ACCOUNTS 2025

A ROOM of ONE’S OWN

CARITAS BAKHITA HOUSE IN PICTURES

At Caritas Bakhita House, a woman welcomes her child into a safe, happy home, surrounded by a family of ‘sisters’ who will journey with her at every step. When she returns from the hospital, the living room will be filled with the ‘ooohs’ and ‘aaahs’ of adoptive aunts bending over the cradle. As they share the little one’s delight at every new sight and sound, our guests will know that new life, and a brighter future, are within their reach.

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Many of our guests were never given
a choice; let alone a voice. Our music
therapy sessions are one of the ways we
help them to process trauma that cannot
yet be spoken. Over time, we listen in
awe as painful silence gives way to the
song hidden inside: a song of strength
and freedom. Our music room contains
more than just instruments: it witnesses
that ‘those who went sowing in tears
now sing as they reap’ (Ps. 126:5).
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36

10 YEARS OF BAKHITA HOUSE

----- Start of picture text -----
Life here is a journey of discovery:
of the world, ourselves, and each
other. Our garden, a small slice
of green in the bustling city, is
one place where our guests can
begin to explore. Women who
are not ready to leave the house
can enjoy the sun and fresh air
here in safety, while those who
wish can learn to grow fruit and
plants in our allotment. It is
always rewarding to harvest our
produce or watch new flowers
spring up — but the greatest joy
is seeing our guests blossom.
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DIOCESE OF WESTMINSTER ANNUAL ACCOUNTS 2025

IMPACT in STORIES

38

10 YEARS OF BAKHITA HOUSE

“ 2017 “I am now a qualified nurse.” Caritas Bakhita House played a significant role servitude. in helping me to . rebuild my life

When Folake was 14, her father brought her to the UK from Nigeria. Her step-mum was verbally abusive towards her and made her get up at 5:30am to clean the house and look after her stepsiblings. After school, she would attend homework club then return home to continue her chores until midnight. Weekends were more cleaning and caring for her younger siblings. She was not allowed to go out unaccompanied. A family friend then sexually assaulted her. When Folake confided in a teacher, the police intervened and recognised her to be a victim of trafficking for domestic servitude.

“Caritas Bakhita House played a significant role in helping me to rebuild my life. Through their various services, such as accommodation, counselling, charity volunteering and physical therapy, I gradually regained stability and direction. I am now a qualified nurse and my life has greatly improved. I am grateful to Caritas Bakhita House for creating a safe space for me to grow and achieve my goals.”

2015

Folake is working as a nurse and living independently.

“I had no idea if anyone would help me.”

Rohina was our first ever guest at Bakhita House. She travelled from India to Qatar to become a domestic worker and support her three children. On arrival, her employer sexually assaulted her. She had no money—no way to escape. The family eventually brought her to the UK. When she tried to escape, another man sexually assaulted her. She eventually got away after asking for help in a local supermarket.

“I had no idea who could help me, or if anyone would help me. Then I went to Bakhita House. You assisted me to learn English, to find housing and reconnect to my family. For this, and the life I have now, I am grateful.”

Rohina now has a part-time job and reunited with her children four years after leaving Caritas Bakhita House.

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DIOCESE OF WESTMINSTER ANNUAL ACCOUNTS 2025

2019

“I will forever carry with me the care, love and support we received.”

Sinag had to leave her home in the Philippines when a family member sexually abused her. She applied for a job as a domestic worker in Kuwait, where she worked long hours for no pay and little food. She ran away and was promised a job in Dubai, where again she was exploited. The family brought her to the UK. A woman helped her escape and found her housing with friends. She then became pregnant. When the father of her child left her, she was referred to Caritas Bakhita House.

“My son and I stayed at Caritas Bakhita House for two years. During our stay, we received not only shelter, but also support, understanding and encouragement. The staff were always ready to listen and help in any way they could. This environment allowed both me and my son to feel secure, heal and rebuild our lives stepby-step. I will forever carry with me the care, love and support we received.”

Sinag is in a stable relationship. She is pregnant for a second time and working part-time.

“ During our stay, we received not only shelter, but also support, understanding & encouragement.

2021

“Thank You”

Priya left India believing her husband would care for her and their children. However, she was kept in an ‘honour’based abuse situation from 2006. She was kept in domestic servitude and sexually assaulted. She eventually escaped with one of her three children and went to the police.

“Bakhita House taught me a lot of things that helped me in my life. I learned English, how to use public transport and attend appointments on my own which helped with my confidence. Staff supported me to find a job and I have been working there since. Thank you, I am very happy!”

Priya now has a home, a job and a grandchild.

40

10 YEARS OF BAKHITA HOUSE

2023

“Staying strong empowers you.”

Hanh met a man through her local Vietnamese community at a vulnerable time. She had recently left her husband and children. At first, their relationship was normal. Then he began trying to sexually exploit her. He made threats to kill her and her children if she left him. He burnt her passport and took control of her children’s passports. He changed the PIN on her phone so she could not contact anyone. To escape him, she jumped from a first-floor window. She was found to have two fractures to her spine, two burn marks, a bruised neck, severe bruising around the eyes, multiple ‘historical’ stab wounds and bruising to the body.

“My first day I knew I could rest as I had found freedom. Through my stay, I became creative— to enjoy art, music and drama. I choose to cook for me and others, and found happiness and freedom for myself. I learnt it was important to be strong as a woman, not only to recover, but also selfdevelop and learn about life, so not to make mistakes in the future. They showed me staying strong empowers you.”

Hanh now has a job. She sees her family on a regular basis and often visits us.

In the worst moment of my life, when I didn’t have any way out, I found help at Caritas Bakhita House[“] .

2025

“Here, I found a family!”

Marcela met a man in her home country, Brazil. He told her that he loved her and would care for her if she came to the UK. But the promises of marriage and a happy family life never materialised. Marcela was forced to be a domestic slave—cleaning, cooking and providing sexual gratification. He controlled every aspect of her life. He abused her physically, sexually and mentally. He did not allow her to leave the house.

“In the worst moment of my life, when I didn’t have any way out, I found help at Caritas Bakhita House. I feel loved and protected, ready and strong to overcome my trauma. I don’t have words to describe how great is the help that I receive. Here, I found a family!”

Marcela is learning English and taking part in therapy to overcome her recent trauma.

41

DIOCESE OF WESTMINSTER ANNUAL ACCOUNTS 2025

CARING for the ENVIRONMENT

Of the 192 Parishes in the diocese that are consolidated in the Annual Accounts, 97% of parishes are purchasing green energy.

In comparison to the baseline year of 2019, carbon produced from the Location base usage has declined by 16% and from Market Base by 38%.

THE LOCATION BASE

CARBON PRODUCED FROM DIOCESAN CONSUMPTION OF ENERGY SOURCED FROM THE GRID (in tonnes)

GAS	ELECTRIC	TOTAL
2025 4,654	1,313	5,967
2019 5,234	1,857	7,091

The Location Base measures energy consumption from the Grid, which comes from a variety of sources, and therefore has the carbon intensity of the Grid as a whole, regardless of what is purchased by the diocese.

THE MARKET BASE

CARBON PRODUCED FROM ENERGY PURCHASED (in tonnes)

GAS	ELECTRIC	TOTAL
2025 441	488	929
2019 727	760	1,487

The Market Base has a lower carbon intensity. Energy from renewable sources is rated as zero, whilst the carbon produced from other sources is not. These figures are based on assumptions about the properties which the Diocese of Westminster owns but are commercially let, since the diocese has no control over purchase and usage of energy.

42

CARINC. FnR THE ENVIR()NMENT 43

DIOCESE OF WESTMINSTER ANNUAL ACCOUNTS 2025

Reserves

RESTRICTED FUNDS

PARISH NET PARISH CURRENT FIXED ASSETS ASSETS

£283.2m

Parish funds are used to carry out the work of the Church in local areas. These funds are administered, with guidance from the curial offices, by the parish priests. The majority (77%) of the funds represent fixed assets, comprising tangible assets and investments, and the remainder (23%) of the funds represent net current assets, comprising cash at bank and in hand, stocks, debtors and creditors.

SICK & RETIRED PRIESTS FUND

OTHER RESTRICTED FUNDS

£17.5m £30.5m

The other restricted

The Sick & Retired

funds represent monies received for, and whose use is restricted to, specific purposes, or donations subject to donor-imposed conditions. The largest other restricted funds are the Westminster Ecclesiastical Education Fund, the Clergy Accommodation Fund, the Caritas Fund, the Postordination Studies Fund, and the Archbishop's Fund, which together represent 82% of the total.

Priests Fund is used to provide assistance to sick, elderly and retired clergy. The fund is intended to act as a safety-net for priests who need support to supplement what they have already made provision for, or which they are statutorily entitled to.

FINANCIALS

UNRESTRICTED FUNDS

DESIGNATED FUNDS

£0.4m

Designated funds represent monies set aside out of general funds and designated by the Directors of the Corporate Trustee to be used for specific purposes.

TANGIBLE FIXED ASSETS FUND

£25.2m

The Tangible Fixed Assets Fund represents the net book value of the tangible fixed assets held by the curia for unrestricted purposes, comprising land and buildings owned by the Charity.

PROGRAMME RELATED INVESTMENTS FUND

£10.5m

The Programme Related Investments Fund represents the value of the Charity’s programme related investments, comprising land and buildings owned by the Charity but used by other charitable and notfor-profit organisations whose objectives are consistent with those of the Charity.

GENERAL FUNDS

£28.8m

General funds represent monies which may be used by the Charity, at the discretion of the Directors of the Corporate Trustee, to support its ongoing activities and to mitigate the risks it faces, ensuring the continued delivery of its charitable objectives across the whole of the diocese.

DIOCESE OF WESTMINSTER ANNUAL ACCOUNTS 2025

CURIA INCOME & EXPENDITURE

INCOME

INCOME
INCOME BY TYPE (£’000)	2025	2024	2025 % of Total
Grants receivable	10,113	9,648	31.2
Diocesan assessment	7,350	6,948	22.6
Donations and legacies	6,009	5,025	18.5
Investment income	4,200	4,255	12.9
Income from charitable activities	3,621	3,325	11.1
Rents from functionalproperty	848	839	2.6
Assessment for non-consolidatedparishes	154	144	0.5
Transfers fromparishes	133	95	0.4
Tradingactivities	50	121	0.2
TOTAL	32,478	30,400	100.0

EXPENDITURE

EXPENDITURE BY TYPE (£’000)	2025	2024	2025 % of Total
VASCA*	11,736	10,598	35.0
Pastoral and related work	8,055	7,717	24.2
Administration	7,166	6,226	21.5
Education and formation	1,889	1,802	5.7
Clergyand consecrated life	1,541	1,457	4.6
Communication and safeguarding	721	667	2.2
Auxiliaries and Vicar General	552	506	1.7
National Bodies	534	517	1.6
Archbishop's Offce and House	513	448	1.5
Bank loan interest	488	583	1.5
Governance, fundraisingand other	156	126	0.5
Growingin Faithprojects	-	74	-
TOTAL	33,351	30,721	100.0

*Voluntary-Aided Schools Condition Allocation

46

FINANCIALS

PARISH INCOME & EXPENDITURE

INCOME

INCOME BY TYPE (£’000)	2025	2024	2025 % of Total
Donations and legacies	34,551	31,828	68.9
Parish activities	7,727	6,443	15.4
Investment income	5,725	5,980	11.4
Rents from functionalproperty	1,458	1,439	2.9
Tradingactivities	677	583	1.4
TOTAL	50,138	46,273	100.0

EXPENDITURE

----- Start of picture text -----
EXPENDITURE BY TYPE (£’000) 2025 2024 2025
% of Total
Non-clergy salaries and housekeeping 9,696 8,647 23.2
Diocesan assessment 7,350 6,948 17.5
Council tax and utilities 5,431 5,138 12.9
Property repairs and renewals 4,422 4,594 10.5
Other 3,318 3,301 7.9
Liturgical, candles and repository 3,078 3,036 7.3
Depreciation 2,928 2,552 7.0
Clergy stipends 2,664 2,559 6.4
Parish activities 1,385 1,272 3.3
Donations and grants 1,113 1,124 2.7
Costs of generating trading activity 434 331 1.0
Transfers to curia 133 95 0.3
TOTAL 41,952 39,597 100.0
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47

REPORTS & ACCOUNTS

REPORT OF THE DIRECTORS OF THE CORPORATE TRUSTEE

Year to 31 December 2025

FINANCIAL REVIEW

Scope of the Consolidated Accounts

The consolidated accounts include the assets, liabilities and transactions of the following:

The Curia: responsible for the central organisation necessary for the Charity to achieve its stated purpose. Curial funds therefore help the curia provide support to over 200 schools and more than 200 parishes that are part of the diocese as well as support the Archbishop and Bishops in providing diocesan-wide programmes and pastoral care and in meeting the cost of central administration and stewardship. These funds are administered by staff in the curial offices in the Westminster Cathedral Complex and in other diocesan centres.

The Parishes: responsible for the local organisation necessary for the Charity to achieve its stated purpose. Parochial funds are therefore used to carry out the work of the Church in local areas and to help fund the curia. These funds are administered, with guidance from the curial offices, by the parish priests.

Aedificabo Limited: a wholly-owned subsidiary trading company carrying out project management to assist the building programme of the diocese in its schools, academies and parishes.

Westminster Cathedral Limited: a wholly-owned subsidiary trading company carrying out general activities relating to Westminster Cathedral, whose object is to generate profit for the benefit of the Cathedral.

Westminster Cathedral Trust: a charity with the principal objectives of supporting Westminster Cathedral and preserving its fabric, pastoral mission and music.

The Moorfields Charity: a charity providing assistance to the parishes of St Mary Moorfields, St Joseph’s Bunhill Row and Westminster Cathedral.

Hare Street House: a charity providing a residence for the Roman Catholic Archbishop of the Diocese of Westminster.

Diocese of Westminster Sick and Retired Priests Fund: a charity that provides assistance to sick, elderly and retired clergy.

Westminster Ecclesiastical Education Fund (otherwise known as the Priests Training Fund): a charity that provides funding for the promotion of vocations to the priesthood in the Catholic Diocese of Westminster, as well as for the training of candidates through to ordination.

Although the Charity is the legal owner of over 200 school properties in the diocese comprising voluntary aided schools and academies, many of which are separate exempt or excepted charities funded through combinations of government grants and voluntary contributions, the nature of the occupation of these properties means that the Trustees do not have the power to dispose of the land and buildings until a school ceases occupation, which in turn requires the approval of the school governors and the Secretary of State.

In accordance with the principal accounting policies which form part of the accounts attached to this report, voluntary aided schools and academies which are publicly funded are valued at £nil in the Charity’s accounts.

As of 31 December 2025, the total amount invested in the Friary (£10.5 million) has been recognised in the accounts as a programme related investment.

Financial Results

The table set out below summarises the financial activities of the diocese.

----- Start of picture text -----
2025 2024
£m £m
Parishes
Income 50.1 46.3
Expenditure (34.4) (32.6)
Surplus before assessment and transfers 15.7 13.7
Diocesan assessment (7.4) (6.9)
Transfers to Curia (0.1) (0.1)
Surplus after assessment and transfers 8.2 6.7
Investment gains 7.1 0.8
Added to reserves 15.3 7.5
Curia
Diocesan assessment 7.4 6.9
Other income 25.0 23.3
Total income after assessment 32.4 30.2
Expenditure (33.3) (30.8)
Transfers from Parishes 0.1 0.1
Deficit (0.8) (0.5)
Investment and actuarial gains 11.8 7.0
Added to reserves 11.0 6.5
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49

DIOCESE OF WESTMINSTER ANNUAL ACCOUNTS 2025

REPORT OF THE DIRECTORS OF THE CORPORATE TRUSTEE

Year to 31 December 2025

Parishes

Parishes are central to fulfilling the Charity’s mission. They are communities whose daily activities contribute, both directly and indirectly, to the moral and spiritual wellbeing of everyone living and working within them. They are the places where local communities come together for daily worship, where sacraments are administered, where children are educated in the faith and where social outreach programmes are developed, allowing communities to support individuals of all faiths and none in their local area, caring for those in need, and working together for the common good of society.

Parish income (excluding net transfers from curia) was £50.1 million for the year (£46.3 million in 2024), an increase of £3.8 million that was driven primarily by general increase in offertories and donations received during the year.

The largest components of parish income were donations and legacies totalling £34.5 million (£31.8 million in 2024), income from parish and similar activities of £7.7 million (£6.4million in 2024), and investment income and interest receivable of £5.7 million (£6.0 million in 2024).

Parish expenditure increased by £1.8 million in 2025 to £34.4 million (£32.6 million in 2024), resulting in a surplus before assessment and transfers of £15.7 million (£13.7 million in 2024). Expenditure increased in all areas, but the main components of the increase were non-clergy salaries (up £1.0 million) and utilities cost (up £0.3 million).

The diocesan assessment, being monies transferred from parishes to the curia in order to fund diocesanwide programmes, was £7.4 million (£6.9 million in 2024). Transfers from the curia to parishes relate to transactions between the curia and the parishes which are eliminated upon consolidation. In 2025 they were £0.4 million for the year (£0.5 million in 2024), and relate mainly to Trinity Fund and Cardinal’s Appeal grants.

Parish investment gains amounted to £7.1 million for the year (£0.8 million in 2024), resulting in an increase in the value

of listed diocesan investments held by the parishes by £2.2 million (£0.8 million in 2024).

Total parish reserves increased by £15.3 million in the year (£7.5 million in 2024). All parish activities and funds are restricted and can only be used for the benefit of parishes.

Curia

The curia is responsible for the central organisation necessary for the Charity to achieve its stated purpose and assists the Archbishop and Bishops in supporting the more than 400 schools and parishes across the diocese as well as in providing diocesan-wide programmes that enhance the Charity’s mission.

Total curial income after assessment in 2025 stood at £32.4 million (£30.2 million in 2024). As mentioned previously, the diocesan assessment amounted to £7.4 million (£6.9 million in 2024) and other curial income in the year was £25.0 million (£23.3 million in 2024), an increase of £1.7 million versus the prior year.

The main components of curial income are VASCA funding for school and academy building projects totalling £10.1 million for the year (£9.6 million in 2024), donations and legacies of £6.0 million (£5.0 million in 2024) and income from investments and interest receivable of £4.2 million (£4.2 million in 2024).

Curial expenditure for the year increased by £2.5 million to £33.3 million (£30.8 million in 2024), driven mainly by increased VASCA expenditure on school and academy building projects (up £1.1 million), administration (up £0.9 million) and pastoral and related work (up £0.4 million).

Curial net investment and actuarial gains for the year amounted to £11.7 million (compared to £7.0 million in 2024).

Curial income relates to both restricted and unrestricted activities, and, in order to better understand curial income during the year, a split between unrestricted and restricted funds is provided in the table below.

----- Start of picture text -----
Unrestricted funds Restricted funds Total funds
2025 2024 2025 2024 2025 2024
£m £m £m £m £m £m
Curia
Diocesan assessment 7.4 6.9 - - 7.4 6.9
Other income 6.8 8.1 18.2 15.2 25.0 23.3
Total income after assessment 14.2 15.0 18.2 15.2 32.4 30.2
Expenditure (14.7) (14.6) (18.6) (16.2) (33.3) (30.8)
Transfers from (to) Parishes 0.6 1.9 (0.5) (1.8) 0.1 0.1
Surplus (deficit) 0.1 2.3 (0.9) (2.8) (0.8) (0.5)
Investment and actuarial gains 11.3 4.4 0.4 2.6 11.7 7.0
Added to (utilised from) reserves 11.4 6.7 (0.5) (0.2) 10.9 6.5
----- End of picture text -----

50

REPORTS & ACCOUNTS

REPORT OF THE DIRECTORS OF THE CORPORATE TRUSTEE

Year to 31 December 2025

Total curial unrestricted income after diocesan assessment stood at £14.2 million (£15.0 million in 2024), and total curial unrestricted expenditure amounted to £14.7 million (£14.6 million in 2024).

Transfers to curial unrestricted funds were £0.6 million for the year (£1.9 million in 2024), relating primarily to parish and similar activities as well as internal grants made to fund specific projects and costs which have been recognised within curial unrestricted fund expenditure.

Unrestricted investment gains and actuarial losses amounted to £11.3 million (£4.4 million in 2024), leading to an increase in the curial unrestricted reserves in the period of £11.4 million (£6.7 million in 2024).

Total curial restricted income was £18.2 million (£15.2 million in 2024). Curial restricted income largely results from income received from VASCA funding of £10.1 million (£9.6 million in 2024) and from income received from the restricted activities developed centrally, in particular Caritas, the Diocese of Westminster Sick and Retired Priests Fund, and the Westminster Ecclesiastical Education Fund.

Restricted expenditure was £18.6 million for the year (£16.2 million in 2024) comprising VASCA-funded expenditure for the year of £11.7 million (£10.6 million in 2024) and expenditure on restricted activities developed centrally, in particular Caritas, the Diocese of Westminster Sick and Retired Priests Fund, and the Westminster Ecclesiastical Education Fund.

Net gains from restricted listed investments and investment properties amounted to £0.4 million (£2.6 million in 2024), whilst transfers from curial restricted funds were £0.5 million (£1.8 million in 2024) leading to a decrease in curial restricted reserves of £0.5 million (a decrease of £0.2 million in 2024).

Full details of the income and expenditure are shown in the consolidated statement of financial activities and in the notes to the accounts.

Funds of the Group

General Funds and Free Reserves

to furthering the Charity’s mission. By definition, they do not represent assets immediately available for expenditure. Designated funds represent monies set aside for specific purposes, totalling £0.4 million (£0.3 million in 2024).

Total curial unrestricted funds amounted to £64.9 million at 31 December 2025 (£53.6 million at 31 December 2024).

Restricted Funds

Curial restricted funds of the Charity total £48.0 million (£48.5 million in 2024) and are not available to the Charity to use for its general purposes.

Parochial reserves at 31 December 2025 amounted to £283.2 million (£267.9 million at 31 December 2024) and relate solely to the assets and activities of individual parishes. These reserves are not available to the Charity to use for its general purposes, nor are individual parishes able to transfer their funds to other parishes within the diocese.

The Charity’s Assets

During 2025, capital expenditure for the Charity was £11.2 million. The majority of this expenditure relates to ongoing capital projects carried out in parishes, ranging from major projects, such as replacing church roofs or renovating parish halls, to smaller projects, such as refurbishing meeting rooms. The total book value of the assets disposed of during the year was £2.7 million, of which £2.6 million relates to plant, equipment, fixtures and fittings at parishes.

Further details of acquisitions and disposals of fixed assets during the year are recorded in the notes to the accounts.

Grant-making Policy

The principal grant-making activity of the Charity is the application to specific schools of the Voluntary-Aided Schools Condition Allocation (VASCA) grant funding received by the Charity. VASCA grant funding assists schools with their building and repair and refurbishment projects, and is applied to specific schools based on the condition of their facilities and their assessed, prioritised needs, so that schools are able to offer high-quality, safe learning environments for all students.

The Charity’s general funds, which represent monies available to the Charity for its general purposes, increased by £9.6 million over the year to reach £28.8 million (£19.2 million in 2024).

Other Unrestricted Funds

Also included in the balance of the unrestricted funds are tangible fixed assets funds totalling £25.1 million (£23.6 million in 2024) and programme related investments funds amounting to £10.5 million (£10.5 million in 2024), both of which represent property and other fixed assets essential

51

DIOCESE OF WESTMINSTER ANNUAL ACCOUNTS 2025

REPORT OF THE DIRECTORS OF THE CORPORATE TRUSTEE

Year to 31 December 2025

Reserves Policy

A healthy level of free reserves is essential to ensure that the Charity can continue to develop its mission sustainably and demonstrate resilience.

The Trustees are continuing with the reserve calculation methodology in which they are specific about the particular level of reserves required. This approach not only aligns the reserves to the risk assessment process, but also links them to the specific risks faced by the Charity. The methodology allows the Trustees to ensure that the Charity does not accumulate funds unnecessarily, using them instead to enable the mission.

The desired level of free reserves is reviewed annually. There are currently a number of specific risks with the potential to severely affect the Charity and its financial resilience which might not be fully tackled by restricted funds. These are set out below.

Decrease in Catholic population: The number of people attending our parishes and contributing financially to the mission of the Charity has a direct impact on the funds available for unrestricted expenditure. A shortfall in income that results in a deficit would lead to the curia bridging the gap using its free reserves.

The Trustees have seen major population shifts in the diocese, particularly in Central London, alongside some major changes in Mass count. The pandemic negatively affected the number attending Mass, and although the Mass count is recovering it has yet to reach pre-pandemic levels. The income in our parishes has grown in recent years to exceed its pre-pandemic level. This is primarily due to an increase in per-household donations. The risk is whether this level of donation will continue.

In order to remain resilient, the Charity would need to manage a 20% reduction in Catholic population. This reduction would translate into an income reduction for the curia of £1.7 million per year, and it could take as long as three years for the curia to fully implement expenditure reduction plans to adapt to this reduced income level. Assuming that expenditure cuts can be phased in over three years, the funds to be set aside to manage this risk are estimated at £5.0 million.

Regulatory and legal externalities: The ever-changing regulatory environment has an impact on the mission of the Church. When changes occur, there is typically an impact on the Charity’s resources. The Charity has explained previously how the government’s academy policy affected the cost structure of the Charity. Another example is the increasing regulation of Health and Safety. In previous years the Charity contracted the risk assessment process to an external company, with risk mitigation actions left to each parish or area of the diocese to implement. However, in order to improve risk monitoring and to facilitate immediate

risk mitigation, the Trustees approved the centralisation of the Health and Safety function.

As with the academisation project, the improvements to the diocesan Health and Safety structure required a substantial amount of investment. One way to fund the transition to the in-house provision was by utilising free reserves. This is just one example of many. Unforeseen externalities, along with necessary projects to enhance the mission of the Church, present themselves continually, and the funds needed to support such provision are estimated at £11.0 million.

Curia capital investment and building maintenance: The activities of the curia occur across multiple sites owned by the Charity. The major sites are: Archbishop’s House, Vaughan House, St Joseph’s Centre Hendon, Allen Hall Seminary, Waxwell Youth Retreat Centre, Newman House, Seeds Hub Wembley and the Archives. These sites vary in size and age, but all require repair and maintenance. For example, the Trustees have approved and have begun repairs to Allen Hall Seminary’s roof. This is a multi-phase project that is being completed over a four year period at a total projected cost of £2.8 million.

The changing climate has increased the risk of subsidence. It is becoming increasingly evident that this risk cannot be solely mitigated by insurance coverage. Therefore, despite ongoing preventative maintenance, a significant unplanned expenditure may be required at a number of locations at any time. Additionally, the crystallisation of risk posed by Reinforced Autoclaved Aerated Concrete (RAAC) has highlighted the need for additional funding to mitigate this risk. Throughout 2025 the diocese continued to examine its properties to identify exposure to RAAC. While remedial work to the schools will be fully funded by the government, our parishes and our curial properties will not. We have identified four such sites which contain RAAC, however, more sites are being investigated so this number might rise. This will require additional funding. As an example, at the end of 2025 the Trustees completed the replacement of the roof of Seeds Hub Wembley after RAAC was confirmed to be present.

There are many capital projects that must be completed in order to enhance or protect the mission of the Charity, such as consolidating a school onto one site or on some occasions providing housing for the marginalised. Due to high prices within the construction industry, which have increased by over 160% since the pandemic, the costs of such projects have risen significantly. These types of projects also incur substantial risk in order to safeguard the financial sustainability of the Charity.

Although funding for capital outlay could be raised, the enormity and complexity of these future projects, and the possibility of incurring unplanned expenditure as a result, means that there is a risk that the Charity would incur costs before fundraising could be completed. It is difficult to

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quantify the level of funds that should be set aside to cover these future projects, however, £14.0 million has been deemed a reasonable estimate.

since last year, from £19.2 million to £28.8 million, they are below the target level. The Trustees’ refreshed strategy continues to be implemented to achieve the target.

Increasing number of priests retiring from active service:

In the next ten years more than 80 priests will be retiring from active service. This leads to two financial risks. The first is that the Archbishop is responsible for their care, which includes healthcare, accommodation and a stipend. Through the generosity of parishioners and donors, the main funding for this activity is sourced from the Diocese of Westminster Sick and Retired Priests Fund, and from the specific allocated share from Growing in Faith. The second financial risk is the decrease in the number of priests. This could lead to some parishes sharing priests, which could in turn lead to an increase in lay staffing. The hire of lay staff would be funded by the parishes, whose funds are restricted. Therefore, no specific reserve needs to be set aside to mitigate this financial risk.

Economic turmoil, shock to asset values and other externalities: It is critical that the Charity can address the issues noted above independently of whether there is economic turmoil or a shock to the value of its assets. The global economy, and the UK in particular, are undergoing a series of economic and structural adjustments due primarily to above-target inflation and a slow-down in growth. This is having an impact on parishioners, parishes, schools and the curia. There is also increased volatility in the financial markets.

Last year the Trustees reviewed and refreshed their multi-year strategy to ensure that the financial impact during this period does not affect the financial resilience of the Charity. They determined that besides requiring working capital in order to function properly irrespective of the economic situation, the Charity needed to be able to call on its free reserves to fund restricted activities if any of its major restricted funds became depleted. While these restricted funds are currently sufficient and producing enough resources for the activities, certain shocks and externalities could lead to them being temporarily unable to fund these critical components of the mission. The Charity should therefore be able to disburse its free reserves, if needed, even in the middle of a significant market or systemic correction.

For sufficient free reserves to be available for the above purposes assuming a 20% market correction in assets, the funds that must be set aside are estimated at £13.0 million. The Trustees will take care to ensure appropriate prioritisation of need when allocating funds to these activities.

If all the risks listed above were to manifest at the same time the Charity would require free reserves of £43.0 million. Since this is unlikely, the Trustees consider it prudent for the Charity to set a target of £32.0 million for its free reserves. Although the Charity’s free reserves have grown substantially

Fundraising Policy

This is in line with the January 2020 guidance from the Fundraising Regulator: 'The Charities (Protection and Social Investment) Act 2016: Good practice guidance on reporting your fundraising.'

Introduction Giving has been central to the Church for two thousand years. Jesus’ teaching and the words of Scripture repeatedly affirm the importance of this aspect of Christian life. It is part of the Church’s identity and, as early as the first century, ‘all who believed were together and had all things in common. And they were selling their possessions and belongings and distributing them to all, as any had need’ (Acts 2:44-45).

Whereas ‘giving’ is a heart-felt gesture of sharing our Godgiven blessings with others, ‘fundraising’ can seem like something that donors have done ‘to’ them. This perception informs the Charity’s approach to all the fundraising it does, where it strives simply to nurture each individual’s natural inclination towards giving.

Fundraising as Ministry Catholic priest, theologian and writer Henri Nouwen once spoke of fundraising like this: ‘Fundraising is, first and foremost, a form of ministry; it is a way of announcing our vision and inviting other people into our mission’. He went on to say: ‘When those with money and those who need money share a mission, we see a central sign of new life in the Spirit of Christ. We belong together in our work because Jesus has brought us together, and our fruitfulness depends on staying connected with him.’

The Trustees recognise the responsibility to carry out fundraising in ways that are consistent with this spirit of generosity, and rooted in the idea of ministering to supporters. They invite all supporters to share the resources that God has given them: prayer, time and money.

Best Practice The Charity is registered with the Fundraising Regulator, whose Code of Fundraising Practice provides the framework within which all charities need to operate. The Trustees see this as the minimum standard that should be upheld. For instance, the Charity takes great care when processing donations and when speaking to donors on the telephone to ensure that vulnerable adults are not exploited. For example, this includes training to look for signs that an older donor might be confused about their giving, in line with the Chartered Institute of Fundraising’s guidance Treating Donors Fairly. Responding to the needs of people in vulnerable circumstances. Parishes are communities in which people build friendships over many years and in which

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parish priests come to know almost everyone. They foster an environment in which any concerns about an individual’s vulnerability can be discussed in strict confidence. This allows the Charity to tailor its approach and interaction with individuals whenever necessary.

The Charity is also signed up to the Fundraising Preference Service to enable individuals to opt out from receiving fundraising communications from it. No such requests were received in 2025 (one in 2024).

Serving Our Parishioners About two-thirds of the Charity’s income is generated in the parishes, for the parishes. Most of this income is collected and administered by thousands of volunteers, and consists of small donations made by parishioners week after week, often for many decades. However, supporters are never treated as just ‘numbers in a database’. The Trustees place emphasis on a flexible approach to communication preferences, making it as easy as possible for individuals to control how often and in what way they are contacted.

Many other charities are talking increasingly about the ‘supporter journey’. Throughout its history, however, the Church has been blessed with countless supporter journeys that last a lifetime, starting in childhood and often continuing all the way to a gift in someone’s will. In this context, the ministry offered to supporters is both service and care. One of the most important ways this is visible is in the approach to protecting supporters’ privacy.

In this regard, supporter care extends to the relationships the Charity has with the small number of third parties working on its behalf, whose policies are carefully checked, and with whom strict contracts are in place. The charity does not involve professional fundraisers or commercial participators in its fundraising.

Complaints The Trustees ensure that information is easily available on the Charity’s website about how to make a complaint about fundraising activity. They also ensure there are systems and processes in place to monitor and respond to any complaints received: thankfully these are extremely rare, with none in 2025 (none in 2024). During the year, no complaints were received by the Fundraising Regulator about the Charity.

Raising money in different ways In most cases the Charity’s fundraising simply builds upon the connection people have with the Church through their parish, but it uses as wide a variety of fundraising activities as necessary to fund all aspects of the mission. Fundraising activities include cash collections and standing order donations in parishes, usually organised by volunteers from those parishes. The activity of these volunteers is monitored by the parish priest, with regular support and guidance from our central fundraising team. Fundraising activities also include events focused on specific projects, as well as a variety of digital fundraising tools, including contactless giving.

At different times during the year opportunities are provided to support specific appeals, such as the Priest Training Fund appeal around Good Shepherd Sunday and the Sick and Retired Priests Fund appeal in November.

These specific appeals are promoted in various ways, including via the diocesan website and, most importantly, via posters and donation envelopes distributed to every parish in the diocese. The Cardinal’s Lenten Appeal, which runs like these appeals in the parishes, also features a letter that is sent to previous supporters, inviting them to return a donation by post or online. We employ a ‘feedback-led’ fundraising strategy, which means an emphasis is placed on showing donors the impact of their giving, mainly through the biannual supporter magazine Mosaic.

In addition, ad hoc donations are received throughout the year which donors wish to go towards (be restricted to) these appeals. There are also over 650 Patrons of the Sick and Retired Priests Fund, who pledge monthly gifts and who are invited to a Patrons’ Mass every June.

Building Partnerships Relying on a range of income streams means the Charity’s work is more sustainable. The Charity is particularly glad to receive funding from a range of trusts and foundations. Many of these grants recognise the substantial positive impact that parishes and diocesan projects have on the lives of those they support and in their wider communities. The Trustees aim to build long term partnerships, and are grateful for follow-up grants from a number of funders in the past year.

Legacies The Charity makes it as easy as possible for supporters to leave gifts in their wills, producing leaflets and other materials to highlight the wonderful benefit of giving a legacy, of any size, to one’s parish or to some other area of the Church’s work. Individual parishes are supported in promoting this method of giving, and may occasionally write to supporters directly. Although legal advice is not offered to supporters, information is provided to help them make a decision, whether in writing, over the telephone, on the website or in face-to-face conversations.

The Trustees also take great care in administering the legacy gifts received, ensuring executors and family members are treated professionally, with compassion, dignity and care.

The Trustees recognise that the work of the Church is only possible thanks to the prayers, volunteering and generosity of parishioners and supporters. In this sense, the Church is much more than an institution or buildings; it is the body of believers who bring its mission to life, and the Trustees are truly grateful for all they give.

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Investment Policy

The Trustees establish the investment guidelines, which are then implemented and reviewed by an Investment Committee.

The Charity’s investments consist of units in the Mutual Investment Fund. The investment policy for this fund is determined by the Investment Committee, which meets quarterly to monitor the fund’s performance and the performance of the investment managers. At the end of the year, the fund’s allocation was as follows: 70.3% in equities, 11.3% in UK fixed interest, 12.3% in alternative and property investments, and 6.1% in liquid assets. The long-term goal is to manage the portfolio on a total return basis.

In 2025, the scheme that provides parishes with exposure to financial investments continued, allowing some parishes to begin safeguarding their financial future. At the end of the year, the fund’s allocation was as follows: 72.4% in equities, 9.2% in fixed interest, 13.3% in alternative and property investments, and 5.1% in liquid assets.

The Trustees regularly review reports and performance data provided by our investment managers, monitor the portfolio’s performance against their investment guidelines, and assess the suitability of the investment strategy. The Trustees have reviewed the performance of investments during the year and remain confident that their medium- to long-term investment objective is being achieved. The Investment Committee regularly reviews the choice of investment managers.

Faith Consistent Investment (FCI)

The Catholic Church’s understanding of faith and finance is derived from a series of social encyclicals, starting with Pope Leo XIII’s encyclical letter Rerum Novarum issued in 1891. This document aimed to restore in contemporary industrial society the priority of the human over the economic, and the spiritual and moral over the material. It remains as relevant today as ever. For example, Pope Francis stated in Evangelii Gaudium that ‘money must serve, not rule’. This powerful statement aligns with comments made by his predecessor Pope Benedict XVI in Caritas in Veritate, where he asserted that the ‘economic sphere is neither ethically neutral, nor inherently inhuman and opposed to society. It is part and parcel of human activity and, because it is human, it must be structured and governed in an ethical manner.’ The recent publication of Mensuram Bonam by the Pontifical Academy of Social Sciences applies this principle to financial investments, noting that prudent investment by Catholic institutions is an essential part of the Catholic Church’s mission and should be aligned with Catholic social teaching.

The challenge for the Trustees is to reflect these teachings in the investment policy while also adhering to charity law. The Trustees strive to maintain a Faith Consistent Investment (FCI) policy by making value judgments about the products, services, and corporate practices of companies, as well as by assessing their financial efficacy.

In line with the practical, coherent guidance of Mensuram Bonam, the Trustees have implemented a three-tier approach to their policy: Engage, Enhance, Exclude. First, they believe that positive engagement with companies, while taking more effort and time, can lead to more sustainable change for the betterment of society. Where this engagement fails to change a company’s behaviour, the second approach is to divest from that company and exclude it from further investment. Additionally, as a third approach, the Trustees are developing interest in a social impact investment policy in which the Charity invests for a positive outcome.

Engage: The FCI policy focuses on shareholder activism and engagement with companies to encourage better behaviour. The diocese, through its investment advisors and peer network, proactively engages with companies to promote shareholder initiatives through proxy voting or direct contact with specific members of company management. Since the size of the diocesan portfolio and its resources are a hurdle in influencing many companies’ practices, the diocese participates in the Church Investors Group (CIG), an ecumenical group representing many mainstream Church denominations and Church-related charities, including the Church of England, the Methodists, and many other Christian denominations, groups, and institutions. Through its membership of CIG, the diocese is also a member of the Institutional Investors Group on Climate Change.

The Trustees’ priorities for engagement during the year continued to include promoting the transition to a low-carbon economy, addressing modern slavery in the supply chains of listed companies, promoting high standards of mental health protection for employees, and improving governance of listed companies.

Our investment managers continue to actively engage to accelerate the transition to a low-carbon economy by engaging with non-fossil fuel companies.

There are other issues that also require attention. As in prior years, a key focus of our engagement activity is our longterm commitment to addressing modern slavery and human trafficking. The diocese is a founding supporter and sits on the Advisory Committee of the ‘Find It, Fix It, Prevent It’ initiative. This initiative, created and coordinated by CCLA and supported by Sarasin & Partners, our principal investment managers, aims to bring investors together to encourage companies to find and provide remedies to victims of slavery in their supply chains. The initiative was launched in November 2019 and is supported by investors with over £13 trillion in assets under management. In 2025, CCLA took its benchmark methodology global with the launch of the CCLA Modern Slavery Global Benchmark pilot. The pilot built on the success of the UK benchmark by applying its approach to the top 95 global companies that operate in the UK – companies such as Alphabet, Amazon, Apple, Microsoft, and Nestlé.

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In 2025, CCLA has continued their ongoing work to improve how companies protect the mental health of their employees. This is based upon the CCLA Mental Health Benchmark which assesses just over 200 companies’ approach to this important issue. During the year, 53 UK companies and 46 global companies improved their score.

Additionally, CCLA has been engaging with Nestlé on nutrition since 2017 and in early 2025 CCLA took the role of lead investor in the $21 trillion Access to Nutrition index’s investor coalition. Coordinating an investor letter to the company and attending the company’s AGM in the spring to ask a question of the board. Following the AGM CCLA were invited to Nestlé’s R&D HQ in Lausanne to tour its laboratories and meet key personnel in the nutrition space. The tour took place in October 2025 and was followed by an in-person meeting with the new CEO, Philipp Navratil, in London in December.

Shortly after the 2025 AGM, Nestle announced new commitments on nutrition disclosure. The promised disclosure has now been published: Transparency on Nestlé Global portfolio. This report - which details the sales-weighted average Health Star Rating of the company’s entire food and beverage portfolio for the first time - represents industry-leading transparency on nutrition and sets the groundwork for future nutrition-related targets.

Meanwhile, Sarasin Partners, on our behalf, engaged with Amazon to publish a global report on health and safety matching US standards, to commit to independent audit on worker well-being, and to provide clearer assurances on freedom of association. While the company acknowledges the concern, Sarasin continues to press for independent verification.

Additionally, Sarasin has started to engage with companies on ensuring that they implement an ethical Artificial Intelligence policy. Their engagement included discussion with META.

Enhance: The second aspect of the Trustee FCI policy is positive social impact investment. The Trustees continue to review and develop their climate change engagement, following the implementation in 2021 of a policy of only investing in utility and fossil fuel companies that have taken steps to manage their business in line with energy scenarios that limit temperature rises to well below two degrees Celsius above pre-industrial times. The Trustees recognise that they have an obligation to use the investment portfolio to accelerate the transition to a low-carbon economy, so wherever possible, and subject to proper risk analysis, the Charity will seek investments that contribute to or facilitate reductions in greenhouse gas emissions. This currently includes significant allocations in solar and wind infrastructure, battery storage, and energy efficiency initiatives (such as retrofitting buildings with more efficient heating and lighting systems).

In 2025, the Trustees set a specific target for impact investment, allocating 2% of the total portfolio. Achieving this will require a period of discernment to identify the most appropriate investment opportunities.

While this target is set in accordance with the regulatory definition of impact investment, the Trustees continue to encourage investment managers to invest in companies that contribute positively to improving our world. For example, our Sarasin portfolio holds companies that have off-shore windfarms such as TC Dudgeon and Greater Gabbard and companies involved with Affordable & Social Housing such as PRS Finance, PFP Homes, and THFC Funding.

It is important to remember that besides the investment portfolio, the physical assets of the diocese are used for social justice initiatives such as housing and caring for female victims of human trafficking and housing social workers in economically disadvantaged communities.

Exclude: To preserve the dignity and sanctity of life, the Trustees intend to exclude from their investment portfolio companies that profit from abortion, manufacture contraceptives or make significant revenue from the distribution of contraception, are involved with embryonic stem cell research, foetal tissue research, or human cloning, engage in arms production, manufacture tobacco products or make significant revenue from the distribution of tobacco, or have revenue greater than 3% from the production or distribution of pornography.

The Trustees keep the FCI policy under continuous review, and diocesan officers remain informed of ongoing discussions in this area, assessing their potential impact on the overall investment approach. In addition, dialogue and collaboration with other institutions help to ensure that the policy remains relevant and up to date. This is a complex and ongoing journey that requires continual improvement, periodic amendment, and learning from unintended mistakes. The Trustees periodically audit the investment portfolio to ensure that underlying assets continue to comply with the FCI policy and, where they do not, seek to rectify the position where possible.

The review carried out at year-end 2025 identified no holdings in the portfolio that were in breach of the FCI policy. However, they reviewed and reconsidered certain bond holdings invested via a fund, which represented less than 0.01% of the total portfolio. The bonds related to universities that undertake embryonic stem cell research. Diocesan officers are in discussion with the investment managers regarding remediation.

Finally, the Trustees seek not only to follow the guidance set out in Mensuram Bonam but also to support and promote its application across other Catholic institutions. To this end, in 2025 the Trustees, through the Charity’s officers, were active participants in the Mensuram Bonam UK Committee, which is fostering a collaborative culture among dioceses and religious orders nationally. Discussions focused on the availability of asset managers offering products suitable for Catholic organisations, as well as the development of benchmarks for Mensuram Bonam-aligned investment practices. In addition, officers proactively encourage and support other Catholic organisations in adopting a Mensuram Bonam process.

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Structure, Governance & Management

Constitution

Westminster Roman Catholic Diocesan Trust is a charitable trust established by a Trust Deed dated 1 November 1940 and is registered under the Charities Act 2011 with Charity Registration No. 233699.

Trustees

The Trustees, i.e. the Directors of the Corporate Trustee, are appointed by the Archbishop of Westminster.

The Trustees who served during the year ended 31 December 2025 and who were in office at the date of this report were:

His Eminence Cardinal V Nichols retired 14 February 2026 The Most Reverend R Moth appointed 14 February 2026 Rt Rev J Curry (1,2,4,5,7) Rt Rev J Sherrington (1,2,4,5) resigned 16 May 2025 Rt Rev N Hudson (1) resigned 28 November 2025 Rt Rev P McAleenan (1,6,8) Rev Mgr M Hayes (1,4) Baroness N O’Loan (7) Dame C Bowe Mr S Bunce (1,9) appointed 4 June 2026 Mr E Craston (5) Ms V Dias (1,2,8) appointed 4 June 2026 Mr K Ingram (2) Mr A Ndoca (3)

Member at 31 December 2025 of: 1) Finance Board 2) Audit and Risk Committee 3) Investment Committee 4) Human Resources Committee 5) Property Committee 6) Caritas Board 7) Safeguarding Committee 8) Stewardship Committee 9) Education Commission

The Trustees met four times during the year.

On agreeing to become a Trustee, individuals are thoroughly briefed by their co-Trustees on the history of the Charity, the day-to-day management, the responsibilities of the Trustees, the current objectives and future plans.

The Trustees are also encouraged to attend any courses which they feel are relevant to the development of their role, and to keep up to date on any changes in legislation.

Statement of Trustees’ Responsibilities

The Trustees are responsible for preparing the annual report and 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 income and expenditure of the group for that period.

In preparing these accounts, the Trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in 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 (FRS 102);

• make judgments and estimates that are reasonable and prudent;

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

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

The Trustees are responsible for keeping proper accounting records that 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.

Trustees’ Expenses

A number of the Trustees are clergy of the Roman Catholic Diocese of Westminster. They are housed and remunerated by the diocese and are reimbursed expenses for carrying out their ministry in the same way as other priests of the diocese.

However, no Trustee received any remuneration from the Charity, nor had any beneficial interest in any contract with the Charity. One Trustee was reimbursed expenses totaling £95 incurred in connection with their duties as Trustee during the year (one Trustee was reimbursed £904 in 2024).

Key Management Personnel

The key management personnel of the Roman Catholic Diocese of Westminster comprises the Trustees and the COO/Financial Secretary together with the heads of the following departments of the Curial Offices/Central Services: Evangelisation, Youth, Education, Caritas, Tribunal, Safeguarding, Human Resources, Finance, Property, Maintenance, Fundraising, Communications, ICT, Security and Data Protection.

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Remuneration for key management personnel is set by the Human Resources Committee, taking into account the market rates for similar roles, and is periodically reviewed by the committee in order to recognise and reward outstanding performance.

Organisation

The Charity is governed by the Trustees, who meet regularly throughout the year to attend to the financial, property, legal and administrative affairs of the diocese. A subset of Trustees are members of the Finance Board, which deals with the dayto-day financial operations of the Charity.

The Trustees have instituted a number of committees to assist them and advise them in the proper performance of their duties, including:

Audit and Risk Committee, which has delegated responsibility for ensuring that a framework of accountability exists and operates effectively within the Charity; for examining and reviewing all systems and methods of control, both financial and otherwise, including risk analysis and risk management; and for ensuring that the Charity complies with all applicable aspects of the law, relevant regulations and good practice.

Human Resources (HR) Committee, which is responsible for reviewing any major changes in diocesan HR strategy, employment law or employee benefits and making recommendations to the Trustees; and for ensuring that all diocesan HR policies, practices and procedures are complete, are professionally and legally administered, fully meet all current and future UK employment legislation, accord with the Memorandum and Articles of Association of the Corporate Trustee and with the social and moral teaching of the Catholic Church, and, where appropriate, also accord with the provisions of canon law.

Property Committee, which has delegated responsibility for both advising and making recommendations to the Trustees on all property matters across the diocese; for carrying out, under devolved powers, any necessary advisory work that it sees fit; and for exercising oversight of strategic decisions relating to property matters, taking into account both the civil law of England and Wales and canon law.

Investment Committee, which is responsible for reviewing and developing investment objectives and risk priorities, and for ensuring that the Charity’s investment objectives are implemented effectively and within desirable risk and ethical parameters. The committee monitors progress towards the successful implementation of the above on a quarterly basis.

Education Commission, which is responsible for all areas related to education, in schools, academies and colleges, as set out in canon law and English law. Appointed by the Archbishop as a decision-making body which acts in his name, the commission is responsible to the Trustees for the financial aspects of both providing and maintaining Catholic Education in the diocese.

Caritas Board, which is responsible for advising and reviewing the activity of Caritas Westminster, ensuring that programmes and investments accord with stated objectives and achieve desired impacts.

Safeguarding Committee, created by the Trustees following the recommendation of the Elliott Report, has replaced the Safeguarding Commission and its responsibilities. On behalf of the Trustees, the Committee will also oversee the implementation of the Safeguarding Strategy and have operational oversight of operational issues related to Safeguarding in the Charity.

Stewardship Committee, which is empowered by the Archbishop to review and approve grants on his behalf from funds raised through the Archbishop’s Appeal, ensuring alignment with the appeal’s stated objectives. The committee is also responsible for maintaining stakeholder confidence in the charity’s stewardship of donations and in the integrity and effectiveness of its grant-making processes.

Further details of the membership of all diocesan committees

can be found on page 98.

Supplementing the above diocesan committees is a Pension Board, which is responsible for ensuring compliance with all the rules and regulations pertaining to the various pension schemes of the diocese, for which the Charity nominates Pension Trustees, who meet on a quarterly basis to review and apply any changes to regulation or compliance requirements.

The parishes in the diocese are established and operate under the Church’s Code of Canon Law, which bestows on them separate canonical status. This explains their treatment in these accounts, specifically the columnar representation and their classification as ‘restricted funds’.

Also, under canon law, each parish must have a finance committee to help the incumbent parish priest in the proper administration of the parish and its finances.

As required by canon law, a diocesan Finance Committee, made up of all the Trustees (as distinct from the Finance Board referred to above), exists to give advice to the Archbishop on financial matters. It must also be consulted on administrative matters of major importance.

The diocese has a Council of Priests which meets at least twice a year with the Archbishop to discuss and advise him on a range of issues. The Council is composed of all 22 deans, 22 additional representatives, one from each of the 22 deaneries, together with the Auxiliary Bishops and a number of other senior priests of the diocese.

At the re-establishment of the Catholic Church hierarchy in 1850 each diocesan Bishop was empowered to appoint a Chapter of Canons to take responsibility for the organisation and maintenance of his cathedral. In the Diocese of Westminster 18 senior priests constitute the Chapter of

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Canons and are consulted by the Archbishop on important diocesan matters. They are also constituted as the College of Consultors to fulfil the legal requirements of Canon 502 s.3.

Risk Management

The Westminster Roman Catholic Diocesan Trust has in place a risk review process and risks are recorded on a Risk Register. Risks across all departments are identified and rated using a RAG score. Each department is required to reduce risk by implementing mitigating actions. The Risk Register is reviewed every four months and updated accordingly. The Risk Register is also reviewed by the Audit and Risk Committee and by Trustees at least annually.

As elsewhere, many of our risks are intertwined. The three main risks to the Charity’s aims, as identified by the Trustees, are (1) the impact of increasing regulation and insurance requirements; (2) property and buildings; and (3) the continuing financial sustainability of the Westminster Roman Catholic Diocesan Trust.

Increasing Regulation and Insurance Requirements

In recent years, regulatory and insurance requirements have increased. While the Trustees recognise and support the necessity of these obligations, they place additional demands on the Charity and carry a risk of diverting resources from its charitable mission. The Trustees have taken, and continue to take, steps to mitigate this risk.

The Trustees have allocated additional resources to centrally manage and support the growing administrative burden. For example, three years ago a Health and Safety Team was established to assess risks and support parishes and the curia in their mitigation. In addition, a Parish Support Team exists to provide internal audit support and to work alongside parishes in strengthening their financial and administrative resilience.

The Trustees also recognise that the increasing administrative burden will require a change in how administration is structured at parish level. They are seeking to strengthen the skills available within parishes to meet these requirements, with an increased focus on training across a range of topics to support parish priests, employees and volunteers. In addition, consideration is being given to how employee skill sets can be further developed to better support parish priests.

Property and Buildings

The Charity has over 800 buildings, most of which are school or parish buildings.

The majority of the Diocese’s schools were constructed during the 1950s, 1960s and 1970s and are now due for substantial renovation. The age and condition of the buildings are increasingly affecting the competitiveness

of our schools, with some parents favouring newly built schools with modern facilities. Government capital funding programmes that previously supported school redevelopment are no longer available at the same scale. As a result, the potential disposal of school property may need to be considered in order to generate capital to support the renewal of school estates.

The Trustees have approved a pilot School Regeneration Programme aimed at developing school sites to generate capital for reinvestment in school facilities. However, this has become more challenging due to construction cost inflation and changes in the Greater London property market.

The position across the parish estate is similarly complex. Approximately 45% of parishes have Listed Church status, as recognised by Historic England. These buildings require specialist maintenance and conservation, which is often costly. While many parishes have managed their finances proactively and increased funding for building maintenance, the significant rise in construction costs, as noted in the Financial Sustainability section below, will require still greater levels of saving and financial planning.

Investment is also required across the curia estate. Newman House, which serves as the University Chaplaincy, requires substantial refurbishment in order to remain competitive with student accommodation available elsewhere in London. In addition, the diocesan facility at Waxwell, Pinner, is experiencing severe subsidence and requires ongoing monitoring.

Subsidence risk across the estate is a relatively recent but growing concern, driven in part by increasingly dry and hot weather conditions. The Property Team continues to monitor building conditions closely and liaise with insurers. Subsidence has become a significant issue for insurance coverage; notably, the diocesan schools’ insurer withdrew cover due to the heightened risk and cost of subsidence claims. Schools are now insured through the Department for Education’s Risk Protection Arrangement (RPA), which provides an alternative to commercial insurance.

Surveys to assess the risk of Reinforced Autoclaved Aerated Concrete (RAAC) across the parish and curia estates are ongoing. To date, four instances of RAAC have been identified within the parish estate, and appropriate remediation measures have been implemented.

In addition, an emerging risk has been identified in relation to Stramit board (compressed strawboard), a deleterious roofing material present on a number of parish sites. Stramit is susceptible to water damage, resulting in a loss of structural strength, and is therefore considered a fragile roofing material. At the time of preparing these accounts, the Trustees are establishing a property review programme to address this and other emerging risks.

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DIOCESE OF WESTMINSTER ANNUAL ACCOUNTS 2025

REPORT OF THE DIRECTORS OF THE CORPORATE TRUSTEE

Year to 31 December 2025

Financial Sustainability and Resilience of the Charity

As a charity, the Westminster Roman Catholic Diocesan Trust undertakes a wide and demanding range of activities, including enhancing parish community spaces, educating young people, and supporting our neighbours and those most in need. Financial resources are one of several key enablers that allow the Charity to deliver this work. Maintaining strong financial health is therefore essential to ensuring that the Charity can continue to meet its objectives sustainably year after year.

The long-term sustainability of the Charity is closely linked to the financial sustainability of individual parishes. At its most fundamental level, a parish’s long-term sustainability is determined by its ability to maintain its physical assets over the coming decades. This assessment does not take account of the additional financial resources required to enable a parish to grow and thrive. Historically, most parishes were able to operate within their means, maintaining healthy savings rates and setting aside funds for future needs. However, parish savings rates fell significantly during the pandemic and, while there has been some recovery, they remain below pre-pandemic levels.

While this resilience is notable given the economic shocks arising from the pandemic, it has been offset by a substantial increase in construction costs, which have risen by more than 160% in recent years. As a consequence, parishes must now set aside significantly higher levels of funding to meet future building and maintenance requirements. Prior to 2020, almost all parishes could demonstrate basic long-term financial sustainability. Recent analysis, however, indicates that the majority of parishes are no longer financially sustainable over the long term based on their current savings rates.

A number of mitigating actions are available to address this risk. Parishes can seek to increase savings through continued Planned Giving initiatives, applications to grant-making trusts, legacy campaigns, and the sharing of cost structures. In addition, new tools and services are being introduced to support parishes in strengthening their financial planning and overall financial health.

monitored on a monthly basis to ensure that expenditure remains within approved budgets and that projects are delivered on time and within scope. Parish projects are subject to enhanced scrutiny, particularly in relation to the allocation of funds to support long-term sustainability. The Trustees encourage all parishes to prepare annual budgets and to monitor performance against them on a regular basis. For central services and agencies, an annual budgeting process is in place to ensure appropriate and controlled funding of operations.

Volatility in the financial markets represents one of the most significant financial risks facing the Charity. Market fluctuations can affect investment values and, in turn, reduce the level of free reserves available to support future activity. In response, the Trustees have adopted an appropriate investment risk strategy and, with the support of the Investment Committee, continue to monitor the performance of the investment portfolio on an ongoing basis.

Finally, to support effective risk management, the Trustees closely monitor the level of the Charity’s reserves. This ensures that, should risks crystallise, sufficient funds are available to mitigate their impact and to protect the Charity’s ability to continue delivering its mission.

Bishop James Curry

Trustee Approved by the Board on: 10 July 2026

Another factor affecting the Charity’s sustainability is the funding of Caritas. The work of Caritas is funded entirely through donations. In order to sustain and, where possible, grow the momentum of Caritas within the Diocese, additional funds are required and continue to be actively sought.

On the expenditure and investment side, the Charity has robust financial management processes in place to assess and approve investment decisions, taking into account both risk and the impact on overall financial health. Major projects, particularly those relating to schools, are

60

REPORTS & ACCOUNTS

REPORT OF THE DIRECTORS OF THE CORPORATE TRUSTEE

Year to 31 December 2025

Opinion

We have audited the accounts of Westminster Roman Catholic Diocesan Trust (the ‘Charity’) and of Westminster Roman Catholic Diocesan Trust and its subsidiaries (the ‘Group’) for the year ended 31 December 2025 which comprise the consolidated statement of financial activities, the consolidated and Charity balance sheets, the consolidated statement of cash flows, the principal accounting policies, the notes to the accounts and the comparative consolidated 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 accounts:

• give a true and fair view of the state of affairs of the Group and of the Charity as at 31 December 2025 and of the Group’s incoming resources and application of resources for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the accounts section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the accounts 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 accounts, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the accounts 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 accounts 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 other information comprises the information included in the Annual Report and Accounts including the Report of the Directors of the Corporate Trustee, other than the accounts and our auditor’s report thereon. The Trustees are responsible for the other information. Our opinion on the accounts 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 accounts or our knowledge obtained in the course of 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 this gives rise to a material misstatement in the accounts themselves. 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 the 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 Annual Report and 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 requires us to report to you if, in our opinion:

• the information given in the Annual Report and Report of the Directors of the Corporate Trustee is inconsistent in any material respect with the accounts; or

• sufficient accounting records have not been kept by the Charity; or

• the Charity's accounts are not in agreement with the accounting records; or

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

Responsibilities of Trustees

As explained more fully in the statement of Trustees’ responsibilities, the Trustees are responsible for the preparation of the accounts 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 accounts that are free from material misstatement, whether due to fraud or error.

In preparing the accounts, the Trustees are responsible for assessing the ability of the Group and the Charity to continue

61

DIOCESE OF WESTMINSTER ANNUAL ACCOUNTS 2025

INDEPENDENT AUDITOR’S REPORT TO THE DIRECTORS OF THE WESTMINSTER ROMAN CATHOLIC DIOCESE TRUSTEE (THE ‘TRUSTEES’)

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 accounts

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 thereunder. Our objectives are to obtain reasonable assurance about whether the accounts 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 accounts.

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

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

• the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

• we identified the laws and regulations applicable to the Charity through discussions with those charged with governance and other management, and from our knowledge and experience of the sector;

• we focused on specific laws and regulations which we considered may have a direct material effect on the accounts or the operations of the Charity, including the Charities Act 2011, Accounting and Reporting by Charities: Statement of Recommended Practice applicable to Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (Charities SORP (FRS 102)), Financial Reporting Standard 102 (FRS 102), and safeguarding regulations;

• we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence. We

corroborated our enquiries through our review of Board and committee minutes;

• identified laws and regulations were communicated within the engagement team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the Charity’s accounts to material misstatement, including obtaining an understanding of how fraud might occur, by:

• making enquiries of management as to their knowledge of actual, suspected and alleged fraud; and

• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

• performed analytical procedures to identify any unusual or

• unexpected financial relationships;

• performed substantive testing of expenditure including testing the authorisation thereof;

• investigated the rationale behind significant or unusual transactions;

• tested journal entries to identify unusual transactions; and

• assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

• agreeing accounts disclosures to underlying supporting documentation;

• reading the minutes of meetings of those charged with governance; and

• enquiring of management as to actual and potential litigation and claims.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the Trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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

62

REPORTS & ACCOUNTS

INDEPENDENT AUDITOR’S REPORT TO THE DIRECTORS OF THE WESTMINSTER ROMAN CATHOLIC DIOCESE TRUSTEE (THE ‘TRUSTEES’)

Use of our report

This report is made solely to the Directors of the Westminster Roman Catholic Diocese Trustee (the Trustees), as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulation 2008. Our audit work has been undertaken so that we might state to the Trustees those matters we are required to state to them in an auditor’s 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.

Buzzacott Audit LLP, Statutory Auditor 130 Wood Street London EC2V 6DL

Buzzacott Audit LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

10 July 2026

63

DIOCESE OF WESTMINSTER ANNUAL ACCOUNTS 2025

----- Start of picture text -----
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES
Year to 31 December 2025
(£’000)
Parochial
Curial funds funds
Caritas Other
Unrestricted Restricted Restricted Total Restricted Total Total
Notes funds funds funds funds funds 2025 2024
Income:
Donations and legacies 1 957 1,635 3,417 6,009 34,551 40,560 36,856
Assessments 2 154 - - 154 - 154 144
Other trading activities
• Commercial trading operations 3 50 - - 50 677 727 704
Investment income and interest
receivable 4 3,585 48 567 4,200 5,725 9,925 10,235
Charitable activities
• Rental income from functional
properties 5 848 - - 848 1,458 2,306 2,278
• Parish and similar activities 5 1,250 628 1,743 3,621 7,727 11,348 9,768
• Grants receivable 5 - - 10,113 10,113 - 10,113 9,648
Total income 6,844 2,311 15,840 24,995 50,138 75,133 69,633
Expenditure:
Cost of raising funds
• Fundraising trading: cost of
goods sold and other costs 3 6 - - 6 434 440 360
Charitable activities
• Advancement of the Catholic
faith primarily in the Diocese of
Westminster
6 14,730 3,232 15,389 33,351 34,035 67,386 62,944
Total expenditure 14,736 3,232 15,389 33,357 34,469 67,826 63,304
Net (expenditure) income before
transfers and investment gains 7 (7,892) (921) 451 (8,362) 15,669 7,307 6,329
Transfers between funds
• Assessments 2 7,350 - - 7,350 (7,350) - -
• Other 619 1,169 (1,655) 133 (133) - -
7,969 1,169 (1,655) 7,483 (7,483) - -
Net income (expenditure) before
investment gains 77 248 (1,204) (879) 8,186 7,307 6,329
Net gains on investments 12 11,384 37 403 11,824 7,110 18,934 7,791
Net income (expenditure) 11,461 285 (801) 10,945 15,296 26,241 14,120
Actuarial losses 8 (125) - - (125) - (125) (125)
Net movement in funds 11,336 285 (801) 10,820 15,296 26,116 13,995
Reconciliation of funds
Total funds brought forward at 1
January 53,579 2,800 45,680 102,059 267,920 369,979 355,984
Total funds carried forward at 31
December 64,915 3,085 44,879 112,879 283,216 396,095 369,979
----- End of picture text -----

All of the Group’s activities derived from continuing operations during the above two financial periods. A full comparative consolidated statement of financial activities may be found on page 97.

64

REPORTS & ACCOUNTS

CHARITY BALANCE SHEET

CONSOLIDATED BALANCE SHEET

31 December 2025

(£’000)

31 December 2025

(£’000)

----- Start of picture text -----
Curial
Total Total Total Total
Notes Other Caritas Parochial 2025 2024 2025 2024
Fixed assets
Tangible assets 10 28,673 940 116,349 145,962 138,217 145,962 138,217
Programme related investments 11 10,503 - - 10,503 10,503 10,503 10,503
Investments 12 54,364 1,837 100,838 157,039 140,410 157,039 140,410
93,540 2,777 217,187 313,504 289,130 313,504 289,130
Current assets
Stocks - - 68 68 61 - -
Debtors 13 4,062 121 3,578 7,761 9,700 8,036 9,915
Short term deposits - - - - 6,530 - 6,530
Cash at bank and in hand 31,223 1,320 62,371 94,914 85,484 94,832 85,152
35,285 1,441 66,017 102,743 101,775 102,868 101,597
Current liabilities
Creditors: amounts falling due within one year 14 (11,902) - (981) (12,883) (13,279) (13,057) (13,167)
Net current assets before adjustment
for inter-fund indebtedness 23,383 1,441 65,036 89,860 88,496 89,811 88,430
Elimination of inter-fund indebtedness 140 (1,133) 993 - - - -
Net current assets 23,523 308 66,029 89,860 88,496 89,811 88,430
Total assets less current liabilities
117,063 3,085 283,216 403,364 377,626 403,315 377,560
Creditors: amounts falling due after one year 15 (7,269) - - (7,269) (7,647) (7,269) (7,647)
Total net assets 109,794 3,085 283,216 396,095 369,979 396,046 369,913
The funds of the Group
Total restricted funds 16 44,879 3,085 283,216 331,180 316,400 331,131 316,334
Unrestricted funds
. Designated funds 17 414 - - 414 310 414 310
. Tangible fixed assets fund 18 25,179 - - 25,179 23,589 25,179 23,589
. Programme related investments fund 19 10,503 - - 10,503 10,503 10,503 10,503
. General funds
.. Free reserves 28,819 - - 28,819 19,177 28,819 19,177
Total unrestricted funds 64,915 - - 64,915 53,579 64,915 53,579
109,794 3,085 283,216 396,095 369,979 396,046 369,913
----- End of picture text -----

The Consolidated balance sheet includes Aedificabo Ltd. and Westminster Cathedral Ltd.; the Charity balance sheet does not.

Approved by the Trustees and signed on their behalf by:

Bishop James Curry Trustee Approved on: 10 July 2026

65

DIOCESE OF WESTMINSTER ANNUAL ACCOUNTS 2025

CONSOLIDATED STATEMENT OF CASH FLOWS

Year to 31 December 2025 (£’000)

----- Start of picture text -----
||||| |---|---|---|---| |Total|Total| |Notes|2025|2024| |Cash flows from operating activities:| |Net cash provided by (used in) operating activities|A|2,513|(345)| |Cash flows from investing activities:| |Investment income and interest received|9,925|10,235| |Purchase of tangible fixed assets|(11,224)|(7,137)| |Net proceeds from disposal of investments|2,064|3,439| |Net cash provided by investing activities|765|6,537| |Cash flows from financing activities:| |Loan repayments|(378)|(378)| |Change in cash and cash equivalents in the year|2,900|5,814| |Cash and cash equivalents at 1 January|B|92,014|86,200| |Cash and cash equivalents at 31 December|B|94,914|92,014|

----- End of picture text -----

NOTES TO THE STATEMENT OF CASH FLOWS

Year to 31 December 2025

----- Start of picture text -----
|||| |---|---|---| |A Reconciliation of net movement in funds|Total|Total| |2025|2024| |Net movement in funds (as per the SOFA)|26,116|13,995| |Adjustments for:| |Depreciation charge|3,716|3,464| |Gains on investments|(18,934)|(7,791)| |Investment income and interest receivable|(9,925)|(10,235)| |Loss on disposal of tangible fixed assets|4|11| |Pension cost less contributions payable|(125)|(125)| |Actuarial losses|125|125| |(Increase) decrease in stocks|(7)|2| |Decrease (increase) in debtors|1,939|(1,438)| |(Decrease) increase in creditors|(396)|1,647| |Net cash provided by (used in) operating activities|2,513|(345)|

----- End of picture text -----

----- Start of picture text -----
||||| |---|---|---|---| |B Analysis of cash and cash equivalents|Total|Total| |2025|2024| |Short term deposits|-|6,530| |Cash at bank and in hand|94,914|85,484| |Total cash andotal cash andl cash andcash andh andandndd|cash equivalentsh equivalentsequivalentsivalentsvalentslentsentsntsts|94,914,914914|92,014|

----- End of picture text -----

----- Start of picture text -----
||||| |---|---|---|---| |Total cash andotal cash andl cash andcash andh andandndd|cash equivalentsh equivalentsequivalentsivalentsvalentslentsentsntsts|94,914,914914|92,014| |At 1|At 31| |C Analysis of changes in net (debt) funds|January|Cash|December| |2025|fows|2025| |Cash and cash equivalents|92,014|2,900|94,914| |Loan|(8,025)|378|(7,647)| |Total|83,989|3,278|87,267|

----- End of picture text -----

66

REPORTS & ACCOUNTS

PRINCIPAL ACCOUNTING POLICIES

Year to 31 December 2025

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

Basis of preparation

These accounts have been prepared for the year to 31 December 2025 with comparative information provided for the year to 31 December 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 policies below or the notes to these accounts.

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

Critical accounting estimates and 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 judgments and estimates have been made include:

• assessing the probability of the receipt of legacy income;

• estimating the useful economic life of tangible fixed assets for the purposes of determining a depreciation charge;

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

• assessing the appropriateness of the assumptions and methodology used by the scheme actuary in the valuation of the defined benefit pension scheme; and

• assessing the need for any provisions.

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 of a period of at least one year from the date of approval of these accounts.

2025 was characterised by increased stability in both fiscal and monetary policy compared to prior years, although economic growth remained fragile, and volatility in the financial markets and the geopolitical environment presented new challenges for the Charity’s financial sustainability and its ability to continue to deliver its activities across the diocese. For example, although inflation during the year was relatively flat compared to 2024, it was persistently higher than the Bank of England target, meaning that the underlying cost of delivering the mission during the year ended up being higher than it has ever been before. Meanwhile, interest rates softened slightly during the year, leading to reduced interest income being generated than during the prior year. Despite the challenges, the Charity’s overall financial performance for the year was positive, due to both the effectiveness of its fundraising activities during the year and the generosity of its donors and benefactors. As a result, the Charity increased both its restricted and its unrestricted reserves, something which is helping it this year with the continuing increased demands from its beneficiaries. Subsequent to the year-end, inflationary pressures have eased and at the time of writing appear to be heading on a slow downward trajectory. At the same time interest rates are at the same level as they were at the year-end, and at the time of writing are forecast to remain at that level until the end of 2026. Both measures are indicative of future stability, however, geopolitically 2026 has seen heightened volatility which has had a corresponding impact on financial markets, suggesting that the year ahead will be just as challenging.

The Trustees acknowledge and recognise the impact of these factors on the operations of the Charity, its beneficiaries, partners, stakeholders and on society in general, and have continued to take steps to ensure that both resources and processes are in place to mitigate any disruption.

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 ending 31 December 2026, 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, and the impact of the macroeconomic and physical climate (see the reserves policy, the investment policy and the risk management sections of the Report of the Directors of the Corporate Trustee for more information).

67

DIOCESE OF WESTMINSTER ANNUAL ACCOUNTS 2025

PRINCIPAL ACCOUNTING POLICIES

Year to 31 December 2025

Basis of consolidation and scope of the accounts

The statement of financial activities and the balance sheet consolidate the accounts of the Charity and its subsidiary undertakings made up to the balance sheet date. No separate statement of financial activities has been prepared for the Charity as the results of the trading subsidiaries are clearly shown in the consolidated statement of financial activities and supporting notes.

The accounts also include the net assets and transactions of linked charities under the control of the Directors of the Corporate Trustee and whose activities are integral to those of the Westminster Roman Catholic Diocesan Trust and the furtherance of its objectives. Such charities (see note 23) have been incorporated into the accounts as special trusts (or restricted funds).

The accounts do not include the results and net assets of connected entities (see note 22).

Income recognition

Income is recognised in the period in which the Group and/or Charity has entitlement to the income, where the amount of income can be measured reliably and it is probable that the income will be received.

Income comprises collections, donations, legacies and grants; income from commercial trading activities of trading subsidiaries; investment income and interest receivable; rental income from functional properties; income from parish and other similar activities, and net gains on the disposal of tangible fixed assets.

Donations and grants receivable (including income from offertory and similar collections) are recognised when the Group and/or Charity has confirmation of both the amount and the settlement date. When donations and grants receivable are pledged but not received, the income 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 within the reporting period.

In accordance with 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 the fulfilment of any conditions attached to the legacy is wholly within the control of the Group and/or Charity.

Entitlement is taken as the earlier of: the date on which 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, and the date on which 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. Where legacies have been notified to the Group and/or Charity, or where the Group and/ or Charity is aware of the granting of probate, but the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material. 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.

Income generated from the commercial trading activities of trading subsidiaries comprises income from the sale of merchandise, concerts and similar performances of the Westminster Cathedral Choir and building development projects. It is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Investment income is 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 it is receivable and the amount can be measured reliably by the Charity; this is normally upon notification from the bank of the interest payable or paid.

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 analysed in note 5 to these accounts and is recognised in each instance when the relevant parish has entitlement to the income, the amount can be measured reliably and it is probable that the income will be received.

VASCA funding is included in the statement of financial activities when the Group and/or Charity has confirmation of both the amount of the funding and the settlement date.

The surplus on the disposal of tangible fixed assets is calculated as the difference between the sale proceeds net of sale costs and the net book value of the asset immediately prior to disposal. It is accounted for once legal completion of the disposal has taken place.

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

68

REPORTS & ACCOUNTS

PRINCIPAL ACCOUNTING POLICIES

Year to 31 December 2025

Expenditure recognition

Expenditure is recognised 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. Expenditure comprises direct costs and support costs. All expenses, including support costs, are allocated or apportioned to the applicable expenditure headings.

The classification between activities is as follows:

• Expenditure on raising funds comprises the costs incurred by subsidiary companies in connection with their commercial trading operations, and investment management fees paid directly to investment managers.

• 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 in support of Catholic foundations and projects are included in the statement of financial activities in the year when approval is granted 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. Grants where the beneficiary has not been informed or has to fulfil performance conditions before the grant is released are not accrued for but are disclosed as financial commitments in the notes to the accounts.

All expenditure is stated inclusive of irrecoverable VAT.

Support and governance costs

Support costs represent indirect charitable expenditure. In order to carry out the primary purposes of the Charity, it is necessary to provide support in the form of personnel development, financial procedures and controls, provision of general office services and equipment and a suitable working environment.

Governance costs comprise the costs relating to the public accountability of the Charity (including audit costs) and costs incurred in respect of its compliance with regulation and good practice.

All support costs and governance costs are included within the expenditure of the one principal charitable activity of the Group and/or Charity i.e. advancing the Roman Catholic faith primarily within the Diocese of Westminster.

Functional freehold property

Functional freehold properties, comprising the Cathedral, churches, presbyteries, halls and similar buildings owned by the Group and/or Charity prior to 1997, are included in the balance sheet at an estimate of their original cost. These estimates were arrived at by discounting the 1997 insurance values of the properties by reference to the inflation statistics from 1997 back to the date on which the properties were acquired or built. For the purpose of these accounts, and consistent with the transitional rules set out in FRS 102, the 1997 valuations are defined as ‘deemed cost’.

Additions to functional freehold properties since January 1998 are included in the accounts at cost or, where such assets have been donated or bequeathed to the Group and/ or Charity at their estimated market value at the date of the gift.

Properties previously classified as investment properties but, owing to a change in use, reclassified as functional properties are included within functional freehold property at their fair value immediately prior to reclassification. Such fair value will normally equate to market value as determined within the immediately preceding five year period. Original cost figures are not available for many such properties and it is deemed appropriate that the valuations be regarded as their ‘deemed cost’ at the point of reclassification.

No value is identified in the accounts in respect of freehold land.

Freehold buildings are depreciated at rates calculated to write off their estimated historic cost, on a straight line basis, as follows:

• Listed properties – 200 to 300 years

• Other properties – 100 years

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.

Voluntary aided and grant maintained schools and academies

Whilst the Charity is the legal owner of over 200 school properties in the diocese comprising voluntary aided schools and academies, many of which are separate exempt or excepted charities funded through combinations of government grants and voluntary contributions, the nature of the occupation of these properties means that the Trustees do not have the power to dispose of the land and buildings until a school ceases occupation, which in turn requires the approval of the school governors and the Secretary of State.

Land and buildings legally owned by the Charity and occupied rent free by Catholic voluntary aided schools and academies, which are exempt charities and publicly funded,

69

DIOCESE OF WESTMINSTER ANNUAL ACCOUNTS 2025

PRINCIPAL ACCOUNTING POLICIES

Year to 31 December 2025

are valued at £nil for the purposes of these accounts. The 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.

Any expenditure incurred on the fabric of these buildings is written off in the year it is incurred and treated in these accounts as expenditure on the advancement of the Catholic faith primarily in the Diocese of Westminster.

The school and academy governors are responsible for the buildings and the repair and refurbishment and insurance costs thereof. The Charity assists governors in managing projects dealing with their liability for building and repair costs. Until April 2020, the Charity acted as the agent of the governors in helping to arrange funding through the DfE and Local Authorities. Funds received under the LCVAP (Locally Coordinated Voluntary-Aided Programme) were not included in the Statement of Financial Activities as the Charity had no control over the funds and the transactions were those of the school governors rather than the Charity, which administered these monies as managing agent and made the appropriate payments to contractors for work carried out. Any LCVAP monies due to the Charity, or held by the Charity on behalf of schools and academies, as at the balance sheet date, are treated as debtors or creditors respectively on the balance sheet. In April 2020 the VASCA (Voluntary-Aided Schools Condition Allocation) system was introduced and superseded the LCVAP. The change in funding gives the Charity ultimate control over the application of grants to specific schools. Therefore the VASCA grant funding received and the related expenditure are recognised in the Statement of Financial Activities.

Details of the diocesan voluntary aided schools and academies are given in the diocesan Year Book and on the diocesan website.

Furniture, fittings and equipment

Items of furniture, fittings and equipment costing in excess of £1,000 are capitalised and depreciated on a straight line basis in order to write off their original cost over the expected useful lives of the assets concerned.

The depreciation rates applied are as follows:

• Office equipment - 20%

• Fixture and fittings - 10% to 25%

Individual works of art, treasures and plate are not capitalised as they are regarded as heritage assets which are held in a manner consistent with the advancement of the Roman Catholic faith, have very long lives and are worth preserving indefinitely.

Motor vehicles

Motor vehicles are capitalised and depreciated over a four year period in order to write off the cost of each vehicle over its estimated useful life.

Fixed asset investments

Listed investments are a form of basic financial instrument and 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.

The Charity currently does not acquire put options, derivatives or other complex financial instruments.

As noted in the Report of the Directors, 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, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.

Properties held for investment purposes are included in these accounts at fair value based on 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 12 to the accounts. Disposals of investment properties are accounted for on completion.

Realised gains (or losses) on investment assets are calculated as the difference between disposal proceeds and either their opening carrying value, or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value and the carrying value at year end. 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 commercial companies under a joint venture agreement are included in the accounts at the Group’s and/or Charity’s share of the net assets of the commercial company as at the balance sheet date.

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

Programme related investments

Programme related investments are defined as significant financial contributions made by the Charity towards the development or refurbishment of property assets to which the Charity has freehold title but which are used by other charitable and not-for-profit organisations (including schools) for purposes consistent with the Charity’s own objectives.

Programme related investments are included in the accounts at cost with any permanent diminution in value below such cost accounted for as charitable expenditure.

70

REPORTS & ACCOUNTS

PRINCIPAL ACCOUNTING POLICIES

Year to 31 December 2025

Stocks

Stocks of miscellaneous items are valued at the lower of cost and net realisable value.

Debtors

Debtors are recognised at the settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting is material.

Cash at bank and in hand

Cash at bank and in hand represents such accounts and instruments that are available on demand or that have a maturity of less than three months from the date of investment or acquisition. Deposits made for longer than three months but less than one year have been disclosed as short term deposits. Cash placed on deposit for more than one year is disclosed as a fixed asset investment.

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. They have been discounted to the present value of the future cash payment where such discounting is material.

• The Parochial Funds

These comprise legacies, donations, trust income and interest relating to individual parishes. Under canon law these monies must be utilised by the parishes and therefore cannot be used across the whole of the diocese. As such, the funds are all regarded as restricted for the purpose of these accounts.

Pension costs

The Charity contributes to a defined benefits pension scheme, closed for accrual of benefits since 2005, providing benefits based on final pensionable salary.

Pension scheme assets are measured at fair value at each balance sheet date. Liabilities are measured on an actuarial basis using the projected unit method. The net of these two figures is recognised as an asset or liability on the balance sheet.

Any change in the asset or liability between balance sheet dates is reflected in the statement of financial activities.

All eligible members of staff are auto-enrolled in a workplace pension scheme. Employer contributions to the scheme are charged to the statement of financial activities in the year in which they are payable to the scheme.

Fund accounting

• The Curial Funds

These can be used across the whole of the diocese and are subdivided between:

• Restricted funds: monies received for, and whose use is restricted to, a specific purpose, or donations subject to donor-imposed conditions.

• Designated funds: monies set aside out of general funds and designated by the Directors of the Corporate Trustee to be used for specific purposes.

• The Tangible Fixed Assets Fund: the net book value of those tangible fixed assets held by the curia for unrestricted purposes.

• The Programme Related Investments Fund: the value of the Group’s and Charity’s programme related investments.

• General funds: monies which may be used to meet the charitable objectives of the Charity, across the whole of the diocese, at the discretion of the Directors of the Corporate Trustee.

71

DIOCESE OF WESTMINSTER ANNUAL ACCOUNTS 2025

31 December 2025 (£’000)

NOTES TO THE ACCOUNTS

1 Donations and legacies

2025		Curial funds Parochial funds	Curial funds Parochial funds	Curial funds Parochial funds	Curial funds Parochial funds	Curial funds Parochial funds	Curial funds Parochial funds	Curial funds Parochial funds	Curial funds Parochial funds
		Unrestricted funds Restricted funds Total funds Restricted funds Total 2025
Donations		250 3,701 3,951 32,884 36,835
Legacies		707 1,351 2,058 1,667 3,725
Total		957 5,052 6,009 34,551 40,560
2024		Curial funds Parochial funds
		Unrestricted funds Restricted funds Total funds Restricted funds Total 2024
Donations		552 2,740 3,292 30,209 33,501
Legacies		1,234 501 1,735 1,620 3,355
Total		1,786 3,241 5,027 31,829 36,856

Donations and legacies of £1,635,000 (£1,674,000 in 2024) are included in curial funds relating to Caritas.

2 Assessments

Five (five in 2024) parishes operated by specific religious congregations are not consolidated into these accounts. Income from assessments (£154,000 in 2025 and £144,000 in 2024) represents monies received by the Charity from those parishes and is unrestricted. .

The diocesan assessment, being monies transferred from parishes to the curia in order to fund diocesan-wide programmes, is included under 'Transfers between funds'. In 2025, £7,350,000 was transferred from parochial to curial funds (£6,948,000 in 2024).

3 Income from other trading activities and cost of raising funds

These categories of income and expenditure comprise the income and expenditure of the Charity's trading subsidiaries. At 31 December 2025 the Charity owned the entire called up ordinary share capital of the following trading companies:

----- Start of picture text -----
Company Company No. Country of incorporation Principal activity
Aedificabo Limited 07409205 England Management of capital projects
Westminster Cathedral Limited 02784481 England Miscellaneous trading activities
----- End of picture text -----

Audited accounts of the companies will be filed with the Registrar of Companies.

The registered office of Aedificabo Limited is Vaughan House, 46 Francis Street, London SW1P 1QN.

The registered office of Westminster Cathedral Limited is Archbishop’s House, Ambrosden Avenue, London SW1P 1QJ.

72

REPORTS & ACCOUNTS

31 December 2025 (£’000)

NOTES TO THE ACCOUNTS

3 Income from other trading activities and cost of raising funds (continued)

3 Income from other trading activities and cost of raising	funds (continued)	funds (continued)	funds (continued)	funds (continued)
	Unrestricted funds Restricted funds
	Aedifcabo Limited Westminster Cathedral Limited
	2025 2024 2025 2024
Turnover Cost of sales Gross proft Administrative expenses Proft on ordinary activities before Gift Aid and taxation Gift Aid (via deed of covenant) Proft(loss) for theyear after taxation	50 121 677 583 (1) (12) (348) (238)
	49 109 329 345 (5) (17) (86) (82)
	44 92 243 263 (44) (92) (259) (263)
	- - (16) -

At 31 December 2025 the called up share capital of Westminster Cathedral Limited comprised two ordinary £1 shares and its reserves amounted to £50,000 (£66,000 in 2024).

At 31 December 2025 the called up share capital of Aedificabo Limited comprised two ordinary £1 shares and its reserves amounted to £nil (£nil in 2024).

4 Investment income and interest receivable

4 Investment income and interest receivable
2025	Curial funds Parochial funds Unrestricted funds Restricted funds Total funds Restricted funds Total 2025
Investment income: Income from listed investments Income from programme related investments Rents and similar income Interest receivable Total	223 297 520 141 661 690 - 690 - 690 481 48 529 4,031 4,560 1,394 345 1,739 4,172 5,911 2,191 270 2,461 1,553 4,014 3,585 615 4,200 5,725 9,925
2024	Curial funds Parochial funds
	Unrestricted funds Restricted funds Total funds Restricted funds Total 2024
Investment income: Income from listed investments Income from programme related investments Rents and similar income Interest receivable Total	162 296 458 215 673 727 - 727 - 727 570 34 604 3,938 4,542
	1,459 330 1,789 4,153 5,942 2,279 187 2,466 1,827 4,293
	3,738 517 4,255 5,980 10,235

Investment income and interest receivable includes £47,000 (£159,000 in 2024) relating to Caritas. All rents and similar income are from properties situated in the United Kingdom.

73

DIOCESE OF WESTMINSTER ANNUAL ACCOUNTS 2025

31 December 2025 (£’000)

NOTES TO THE ACCOUNTS

5 Income from charitable activities

5 Income from charitable activities
Rental income from functionalproperties	Total 2025 Total 2024
Curial unrestricted funds Parochial restricted funds	848 839
	1,458 1,439
	2,306 2,278

The Charity and Group own a number of properties which are used primarily for activities oriented towards achieving the Charity’s and/or the Group’s mission. However, within such properties, certain halls and rooms are occasionally rented out, often for purposes consistent with the charitable objectives of the Charity and resulting in the income shown above.

Parish and similar activities	Total 2025 Total 2024	Total 2025 Total 2024
Candles, repository and newspapers Parish centres Parish activities Miscellaneous Catechetics Board and lodging Chaplaincies Income from clubs Parochial restricted funds Curial unrestricted funds Curial restricted funds – School contributions Curial restricted funds – Other	2,582 2,381 1,884 1,811 1,253 1,029 1,434 640 397 400 117 124 60 55 - 3
	7,727 6,443 1,250 1,501 1,095 1,194 1,276 630
	11,348 9,768
Income of £628,000 (£206,000 in 2024) relating to Caritas is included in the above curial income fro	m parish a	nd similar

Income of £628,000 (£206,000 in 2024) relating to Caritas is included in the above curial income from parish and similar activities.

School contributions

The school contributions are voluntary payments made by the schools and academies in the diocese towards the costs of the school projects team at Vaughan House and agreed as ‘Catholic Education Contributions’ with the schools and academies.

Grants receivable	Total 2025 Total 2024	Total 2025 Total 2024
Curial restricted funds – Schoolprojects(VASCA) (see also note 21)	10,113 9,648

74

REPORTS & ACCOUNTS

31 December 2025 (£’000)

NOTES TO THE ACCOUNTS

6 Advancement of the Catholic faith primarily in the Diocese of Westminster

Curial funds 2025	Unrestricted funds Restricted funds Total 2025
Voluntary-Aided Schools Condition Allocation (VASCA) (see also note 21)	- 11,736 11,736
Pastoral and related work Administration Education and formation Clergy and consecrated life Auxiliaries and Vicar General National bodies Archbishop's Offce and House Bank loan interest Safeguarding Communications Governance costs Miscellaneous Ecumenical and interfaith Total	3,384 4,671 8,055
	7,166 - 7,166
	653 1,236 1,889
	625 916 1,541
	552 - 552
	534 - 534
	451 62 513
	488 - 488
	484 - 484
	237 - 237
	130 - 130
	16 - 16
	10 - 10
	14,730 18,621 33,351

Depreciation of £788,000 (£912,000 in 2024) is included in the above curial fund expenditure.

----- Start of picture text -----
2024
Unrestricted Restricted Total
Curial funds
funds funds 2024
Voluntary-Aided Schools Condition Allocation (VASCA) (see also note 21) - 10,598 10,598
Pastoral and related work 4,194 3,523 7,717
Administration 6,226 - 6,226
Education and formation 604 1,198 1,802
Clergy and consecrated life 675 782 1,457
Bank loan interest 583 - 583
National bodies 517 - 517
Auxiliaries and Vicar General 506 - 506
Archbishop's Office and House 443 5 448
Safeguarding 440 - 440
Communications 227 - 227
Governance costs 114 - 114
Growing in Faith projects - 74 74
Ecumenical and interfaith 7 - 7
Miscellaneous 5 - 5
Total 14,541 16,180 30,721
----- End of picture text -----

Pastoral and related work includes expenditure of £3,233,000 (£2,886,000 in 2024) related to Caritas.

75

DIOCESE OF WESTMINSTER ANNUAL ACCOUNTS 2025

31 December 2025 (£’000)

NOTES TO THE ACCOUNTS

6 Advancement of the Catholic faith primarily in the Diocese of Westminster (continued)

Parochial restricted funds

Religious and pastoral services and educational programmes offered by the Charity through its parishes are funded by the parishes themselves. A detailed breakdown of expenses paid during the year from parochial restricted funds is provided in the table below.

Parochial restricted funds	Total 2025 Total 2024
Non-clergy salaries Property repairs and renewals Heat, light and water Clergy stipends Liturgical expenses Council tax, insurance and rates Other fxed asset depreciation Property depreciation Housekeeping Parish activities expenses Offce & administration Donations/grants Candles, repository and newspapers expenses Miscellaneous expenses Supply priests Catechetics expenses Parish Centre expenses Travel expenses Bank interest Mass stipends distributed	8,308 7,282 4,422 4,594 3,605 3,572 2,664 2,559 2,016 2,032 1,826 1,566 1,530 1,203 1,398 1,349 1,388 1,365 1,385 1,272 1,283 1,222 1,113 1,124 1,062 1,004 519 506 513 482 327 356 262 291 204 200 136 170 74 74
	34,035 32,223

The above are the gross costs relating to each activity/department. Many of these have related income flows which are included in total income. Due to the number of charitable donations made out of both curial and parochial funds it is not practical to provide details of individual donations.

76

REPORTS & ACCOUNTS

31 December 2025 (£’000)

NOTES TO THE ACCOUNTS

7 Net (expenditure) income before transfers

This is stated after charging:

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |Parochial| |2025|Curial funds|funds| |Unrestricted|Restricted|Total|Restricted|Total| |Group|funds|funds|funds|funds|2025| |Staff costs (note 8)|7,362|2,686|10,048|8,308|18,356| |Auditor’s remuneration| |•|Audit fees current year|111|-|111|-|111| |•|Other services: taxation|5|-|5|-|5| |Depreciation (note 10)|310|478|788|2,928|3,716|

----- End of picture text -----

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |Parochial| |2024|Curial funds|funds| |Unrestricted|Restricted|Total|Restricted|Total| |Group| |funds|funds|funds|funds|2024| |Staff costs (note 8)|7,194|2,112|9,306|7,282|16,588| |Auditor’s remuneration| |•|Audit fees current year|104|-|104|-|104| |•|Other services: taxation|5|-|5|-|5| |Depreciation|581|331|912|2,552|3,464|

----- End of picture text -----

Included above are Caritas costs comprising staff costs of £2,368,000 (£2,049,000 in 2024) and depreciation of £129,000 (£153,000 in 2024).

8 Staff costs and remuneration of key management personnel

Staff costs during the year were as follows:

----- Start of picture text -----
|||| |---|---|---| |Total|Total| |Group|2025|2024| |Wages and salaries|15,539|14,386| |Social security costs|1,686|1,218| |Pension and payroll costs|1,131|984| |18,356|16,588|

----- End of picture text -----

The average number of employees and full time equivalents (FTE) was:

----- Start of picture text -----
|||||| |---|---|---|---|---| |2025|2024| |2025|Total|2024|Total| |FTE|Employees|FTE|Employees| |Charitable activities|403|699|392|690|

----- End of picture text -----

77

DIOCESE OF WESTMINSTER ANNUAL ACCOUNTS 2025

NOTES TO THE ACCOUNTS 31 December 2025 (£’000)

8 Staff costs and remuneration of key management personnel (continued)

The number of employees who earned more than £60,000 (including benefits but excluding employer’s national insurance and pension contributions) during the year was as follows:

	2025 2024	2025 2024
£60,001 - £70,000	20 9 5 6 3 4 4 3 1 - 1 1
£70,001 - £80,000
£80,001 - £90,000
£90,001 - £100,000
£100,001 - £110,000
£140,001 - £150,000
	34 23

Employer pension contributions totalling £402,000 (£277,400 in 2024) were made to defined contribution schemes in respect of all those employees who earned £60,000 or more during the year (as defined above).

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 Directors of the Corporate Trustee, the COO/Financial Secretary and the heads of the following departments of the Curial Offices/ Central Services: Evangelisation, Youth, Education, Caritas, Tribunal, Safeguarding, Human Resources, Finance, Property, Maintenance, Fundraising, Communications, ICT, Security and Data Protection. The total remuneration (including taxable benefits and employer's national insurance and pension contributions) of the key management personnel for the year was £1,541,700 (£1,421,500 in 2024).

Severance payments for the year were £141,600 (£34,400 in 2024).

A number of the Directors of the Corporate Trustee (i.e. Trustees) are clergy of the Catholic Diocese of Westminster. They are housed and remunerated by the diocese and are reimbursed expenses for carrying out their ministry in the same way as other priests of the diocese. However, none of the Trustees received any remuneration in respect of their services as a Trustee during the year (£nil in 2024). One (one in 2024) Trustee was reimbursed expenses totaling £95 (£904 in 2024) in connection with their duties as Trustee.

Pension schemes

Auto-enrolled pension scheme The Charity offers an autoenrolled pension scheme provided by Standard Life. The total contributions made by the employer in 2025 to this scheme amounted to £1,079,000 (£801,000 in 2024).

Defined benefit scheme The Charity administers a pension scheme providing benefits based on final pensionable pay. The assets of the scheme are held separately from those of the Charity, being invested with Sarasin & Partners LLP. The contributions are determined on the basis of triennial valuations by a qualified actuary using the projected unit method.

Following the conclusion of the 6 April 2022 valuation, it was agreed with the pension scheme trustees that funding contributions will continue to be paid at the rate of £10,000 per month from 6 July 2023. The Employer will also continue to make monthly contributions to the scheme of £1,500 to cover administration expenses.

The scheme undertook the most recent formal triennial valuation as at 6 April 2025, which showed that the market value of the scheme’s assets was £12,323,000 and that the level of funding on an ongoing basis was 141%. The principal assumptions made were that the discount rate would be 5.1% per annum before retirement and 5.1% per annum after retirement, and that inflation linked increases to deferred pensions would be 2.8% per annum pre-2030 and 4.0% per annum post-2030, and that inflation-linked pension increases in payment would be 3.3% per annum for service between 1 July 2002 and 11 February 2003, and 2.3% per annum pre-2030 and 3.1% per annum post-2030 for service from 12 February 2003. No allowance was made for possible discretionary increases in pensions beyond those prescribed in the scheme rules.

Financial Reporting Standard 102 (FRS 102) requires the surplus or deficit of the scheme as at 31 December 2025, calculated in accordance with the requirement of FRS 102, to be included on the balance sheet. For the purposes of FRS 102, the assets of the scheme have been taken at market value and the liabilities have been calculated by a qualified independent actuary.

78

REPORTS & ACCOUNTS

31 December 2025 (£’000)

NOTES TO THE ACCOUNTS

8 Staff costs and remuneration of key management personnel (Pension schemes continued)

The assets and liabilities in the scheme were:	2025 2024	2025 2024
Fixed interest securities Insurance contracts Cash and cash equivalents Total assets Actuarial value of liabilities Unavailable surplus	6,814 6,838 1,678 1,785 3,819 3,692
	12,311 12,315 (7,837) (7,955)
	4,474 4,360 (4,474) (4,360)
Surplus (defcit) in the scheme - netpension asset (liability)	- -

The major assumptions used by the actuary were:	2025 % per annum 2024 % per annum	2025 % per annum 2024 % per annum
Infation Salary increases	3.0 3.3 2.6 2.8
Rate of discount Rate of increase inpensions inpayment and deferredpensions	5.5 5.5 2.6 2.7

2025 years 2024 years The mortality assumptions used were as follows:	2025 years 2024 years The mortality assumptions used were as follows:	2025 years 2024 years The mortality assumptions used were as follows:
Longevity at age 65 for current pensioners: Men 22.2 21.9
Women 24.6 24.4

The net pension liability was £nil in 2025 (£nil in 2024) as the surplus calculated by the actuary in accordance with the requirements of FRS 102 has not been recognised. The Trustees have determined that the Charity is not currently able to recover the surplus under the scheme rules, as the surplus will only be recoverable when the scheme is closed. There are currently no plans to close the scheme and the Charity has therefore not recognised the surplus on the balance sheet.

Contributions The total contributions made to the scheme by the Charity in the year were £138,000 (£138,000 in 2024). The contributions expected to be paid by the Charity to the scheme for the year ending 31 December 2026 total £78,000.

79

DIOCESE OF WESTMINSTER ANNUAL ACCOUNTS 2025

31 December 2025 (£’000)

NOTES TO THE ACCOUNTS

8 Staff costs and remuneration of key management personnel (Pension schemes continued)

Total operating charge and net interest recognised in the statement of fnancial activities:	2025 2024	2025 2024
Administration costs Total operating charge Interest income on scheme assets Interest cost on scheme liabilities Impact of asset ceiling on net interest Net interest on net defned beneft liability	(16) (16)
	(16) (16)
	662 522 (421) (394) (238) (125)
	3 3
Total amount recognised in the statement of fnancial activities	(13) (13)

Actuarial net losses recognised in the statement of fnancial activities:	2025 2024	2025 2024
Actual return on assets excluding amounts included in net interest Actuarial (losses) gains on scheme obligations Increase (decrease) in unavailable surplus from membership fall and other factors	(230) 486 (19) 884 124 (1,495)
Re-measurement losses recognised in the statement of fnancial activities	(125) (125)

The reconciliation of the fair value of the scheme assets is as follows:	2025 2024	2025 2024
Opening fair value of scheme assets Interest income Contributions by Westminster Roman Catholic Diocesan Trust Actual return on assets excluding amount included in net interest Benefts paid	12,315 11,586
	662 522
	138 138
	(230) 486
	(574) (417)
Closing fair value of scheme assets	12,311 12,315
The reconciliation of the scheme beneft obligation is as follows:	2025 2024
Opening defned beneft obligation Administration costs Interest cost Actuarial losses (gains) Benefts paid	7,955 8,846 16 16 421 394 19 (884) (574) (417)
Closing defned beneft obligation	7,837 7,955

2025 2024 The actuarial value of the scheme liabilities at 31 December 2025 if different key actuarial assumptions had been used is shown below:
-0.5% decrease in discount rate 8,279 8,423 1 year increase in member life expectation 8,150 8,273
+0.5% change in infation 7,890 8,076

80

REPORTS & ACCOUNTS

31 December 2025 (£’000)

NOTES TO THE ACCOUNTS

9 Taxation

Westminster Roman Catholic Diocesan Trust is a registered charity and, therefore, is not liable to income tax, corporation tax or capital gains tax on income or gains derived from its charitable activities, as they fall within the various exemptions available to registered charities.

Linked charities are also not liable to income tax, corporation tax or capital gains tax on income or gains derived from their charitable activities.

Aedificabo Limited and Westminster Cathedral Limited are commercial trading companies. Subject to having sufficient distributable reserves, each company transfers its taxable profits, if any, to Westminster Roman Catholic Diocesan Trust each year under a Gift Aid compliant Deed of Covenant. This year, Westminster Cathedral Limited has also distributed £16k of its prior-year profits (see note 3). Therefore, neither entity ordinarily incurs a direct taxation charge. Where the company has insufficient distributable reserves to transfer all of its taxable profits, a tax charge may arise on the profit retained by the company.

----- Start of picture text -----
10 Tangible fixed assets
Functional Plant, equipment,
freehold fixtures Motor
Group and Charity
property and fttings vehicles Total
Cost or valuation
At 1 January 2025 160,956 25,514 161 186,631
Additions 6,282 4,942 - 11,224
Reclassification from investment properties (note 12) 464 - - 464
Disposals (7) (2,620) (99) (2,726)
Reclassification to investment properties (note 12) (268) - - (268)
At 31 December 2025 167,427 27,836 62 195,325
Depreciation and impairment
At 1 January 2025 30,279 18,046 89 48,414
Depreciation charge for year 1,764 1,904 48 3,716
On disposals (3) (2,620) (99) (2,722)
Reclassification to investment properties (note 12) (45) - - (45)
At 31 December 2025 31,995 17,330 38 49,363
Net book values
At 31 December 2025 135,432 10,506 24 145,962
At 31 December 2024 130,677 7,468 72 138,217
----- End of picture text -----

81

DIOCESE OF WESTMINSTER ANNUAL ACCOUNTS 2025

31 December 2025 (£’000)

NOTES TO THE ACCOUNTS

10 Tangible fixed assets (continued)

The Charity has continued to adopt a policy of not revaluing its tangible fixed assets. The historical cost of the functional properties stated above at a valuation cannot be ascertained with accuracy. The original valuation, which was performed in 1997, is an estimate of original cost based on the replacement cost of each property in 1997, discounted back to the original year of purchase. Hence for the purpose of these accounts and consistent with the transitional rules set out in FRS 102, the 1997 valuations are defined as ‘deemed cost’.

Land and buildings reclassified from investment properties are included at their value immediately prior to reclassification.

All other tangible fixed assets are stated at cost. Where assets including land and buildings are gifted or bequeathed to the Charity, they are included at an estimate of their market value at the date of the gift.

Works of art, treasures and plate are not capitalised in these accounts. They are considered to be heritage assets for the purposes of the Charities SORP (FRS 102). 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.

Several of the Charity’s properties are subject to restrictions or covenants over their use and/or disposal.

It is likely that there are material differences between the open market values of the Charity’s land and buildings and their book values with the open market value being higher. These arise from the specialised nature of some properties and the effects of inflation. The amount of such differences cannot be ascertained without incurring significant costs, which, in the opinion of the Trustees, is not justified in terms of the benefit to the users of the accounts.

Land and buildings legally owned by the Charity and occupied rent free by Catholic voluntary aided schools and academies, which are separate charities and publicly funded, are valued at £nil for the purposes of these accounts. The 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. Any expenditure incurred on the fabric of these buildings is written off in the year it is incurred and treated in these accounts as expenditure on the advancement of the Catholic faith primarily in the Diocese of Westminster.

Capital commitments

At 31 December 2025 the Group and Charity had the following capital commitments:

	Group and Charity	2025	2024
	Land and buildings – functional property
	Contracted but notprovided	2,764	4,680

The capital commitments are in respect of various parish and curial building works.

82

REPORTS & ACCOUNTS

31 December 2025 (£’000)

NOTES TO THE ACCOUNTS

11 Programme related investments

Programme related investments represent investments made in properties owned by the Charity but which are used by other charitable and not-for-profit organisations for purposes consistent with the Charity’s objectives.

Group and Charity 2025 2024	Group and Charity 2025 2024	Group and Charity 2025 2024
At 1 Januaryand 31 December 10,503 10,503

Group and Charity Programme related investments comprise:	2025 2024	2025 2024
The Friary,Westminster	10,503 10,503

The Friary is a building adjacent to the Westminster Cathedral Complex that was, historically, part of the Catholic fabric in this location, having been the location of both a Franciscan friary and the National Catholic Library.

It is leased to the Westminster Cathedral Choir School, a charity connected to the Westminster Roman Catholic Diocesan Trust (see note 22), to house an independent preparatory school to help to have a sustainable choir in the cathedral. The rental income from the lease will be used to finance repayments due on a £10 million, 30-year loan granted by HSBC Bank plc in March 2016 in order to purchase and refurbish the property (see note 15).

83

DIOCESE OF WESTMINSTER ANNUAL ACCOUNTS 2025

31 December 2025 (£’000)

NOTES TO THE ACCOUNTS

12 Investments

12 Investments
At 31 December 2025 investments comprised the following: Group and Charity
	2025 2024
Listed investments Investment properties Joint venture	47,098 46,250 109,892 94,136 49 24
	157,039140,410

Listed investments

During the year, listed investments under the control of the Westminster Roman Catholic Diocesan Trust principally comprised units in a Mutual Investment Fund, with a small balance of cash awaiting investment. The Mutual Investment Fund comprises investments managed by Sarasin & Partners LLP, Joh. Berenberg, Gossler & Co. KG and CCLA Investment Management Limited.

The market value of the units in the Mutual Investment Fund at 31 December 2025 amounted to £46,903,000 (£46,081,000 in 2024) and their historical cost as at that date was £39,403,000 (£38,105,000 in 2024).

Investment managers’ fees of £223,000 in 2025 and £211,000 in 2024 are charged indirectly through the unit holdings.

Included within listed investments related to Caritas is £1,837,000 (£1,799,000 in 2024).

At 31 December 2025 the composition of the listed investments comprising the Mutual Investment Fund was as follows:

Group and Charity	2025 % 2024 %	2025 % 2024 %
Fixed income Equities Property Alternatives Liquid assets (money market instruments and cash)	11.3 12.7 70.3 71.4 1.8 1.6 10.5 10.4 6.1 3.9
	100.0 100.0

84

REPORTS & ACCOUNTS

31 December 2025 (£’000)

NOTES TO THE ACCOUNTS

12 Investments (continued)

Holdings by the Group and Charity in the Mutual Investment Fund and other listed investments at 31 December 2025 and their movements during the year were as follows:

and their movements during the year were as follows:
Group and Charity	2025 2024
Market value	46,250 42,967 - 5 848 3,278
At 1 January
Additions
Net unrealised gains during the year
At 31 December	47,098 46,250

Net unrealised gains during the year related to Caritas is £37,000 (£151,000 in 2024).

Investment properties

Investment properties held at 31 December 2025 and their movements during the year were as follows:

Group and Charity
	2025 2024
Market value
At 1 January	94,136 93,063 223 - (464) - (2,064) (3,439) 18,061 4,512
Reclassifcation from tangible fxed assets (note 10)
Reclassifcation to tangible fxed assets (note 10)
Disposal proceeds
Realised and unrealised gains during the year At 31 December
	109,892 94,136

Investment properties are included in the accounts at market valuations. It is the aim of the Trustees that properties will each be revalued at least every five years, unless there is an indication that a valuation has changed by a material amount in which case the valuation date will be brought forward. In 2025, one investment property was revalued by Smith & Knight Property Consultants (2024 : 12 properties) and ten investment properties were revalued by internal property surveyors in possession of relevant qualifications and knowledge of the property market (2024 : 38 properties). The properties revalued in 2025 include ten properties (2024 : two properties) that were reclassified from tangible fixed assets at £223,000 (2024 : £nil) book value due to a change in their use and subsequently revalued. The unrealised gain relating to these ten properties is £15.9 million (2024 : £3.4 million) and is included in the Realised and unrealised gains during the year in the above table.

An indexation allowance was made in the accounts for properties that were not revalued this year, to take account of market value movements between the date the properties were last valued and 31 December 2025.

It is not possible to ascertain with accuracy the original cost of all the investment properties, the majority of which were purchased many years ago. The Trustees are of the opinion that the costs involved in researching such information outweigh the value of disclosing it.

Joint venture

The investment in the joint venture represents the Charity’s investment in Parish Accounting Services Limited, a company incorporated in England and Wales (Company Registration No 09503675) on 23 March 2015.

Westminster Roman Catholic Diocesan Trust and Birmingham Roman Catholic Diocesan Trust each own one £1 share in the company which has purchased and developed accounting software for use by parishes within Roman Catholic dioceses. Each of the two partners to the joint venture has lent the company £72,000 to enable it to purchase and develop the software.

85

DIOCESE OF WESTMINSTER ANNUAL ACCOUNTS 2025

31 December 2025 (£’000)

NOTES TO THE ACCOUNTS

12 Investments (continued)

A summary of the trading results and financial position of the company at 31 December 2025 is given below:

Summary statement of income	2025 2024	2025 2024
Turnover Cost of sales Gross proft Administrative expenses Proft on ordinary activities before taxation Taxation Proft for the fnancialperiod	328 216 (255) (174)
	73 42 (22) (40)
	51 2 (1) -
	50 2

Summary statement of fnancial position and retained earnings	2025 2024
Fixed assets Current assets Current liabilities Net current assets Creditors: amounts falling due after one year Total net assets	60 80
	149 107 (91) (99)
	58 8
	(20) (40)
	98 48

The total net assets are represented by called up share capital of £2 and retained net profits. The retained net profits are shared equally by the two partners. As such, the investment by Westminster Roman Catholic Diocesan Trust as at 31 December 2025 comprises:

	2025 2024	2025 2024
Investment at 1 January Share of proft in the year Investment at 31 December	24 23 25 1
	49 24

86

REPORTS & ACCOUNTS

31 December 2025 (£’000)

NOTES TO THE ACCOUNTS

13 Debtors

13 Debtors
	Group 2025 Group 2024 Charity 2025 Charity 2024
Receivable within one year Sundry debtors Legacies receivable Prepayments and other accrued income Amounts due from subsidiaries School expenditure recoverable from the Department for Education, Local Education Authorities and contract advances (see below and note 21) Other loans (see below) Receivable after more than one year Loan to the Cardinal Hume Centre (note 22) Loan to St Elizabeth Centre (note 22)	476 342 476 342 3,699 3,881 3,699 3,881 3,105 3,268 3,105 3,268 - - 275 215 3 6 3 6 139 114 139 114
	7,422 7,611 7,697 7,826 339 339 339 339 - 1,750 - 1,750
	339 2,089 339 2,089
	7,761 9,700 8,036 9,915

School expenditure recoverable from the Department for Education (DfE), Local Education Authorities and contract advances represents amounts refundable from these bodies and from School Governors in respect of work and maintenance to school properties and held by the Charity as agent.

Other loans receivable within one year comprise amounts advanced to priests and schools, and season ticket loans to staff. Other than some school loans which are charged interest rates linked to bank base rates and have set repayment terms, loans are interest free.

14 Creditors: amounts falling due within one year

14 Creditors: amounts falling due within one year
	Group 2025 Group 2024 Charity 2025 Charity 2024
School building projects Collections payable to third parties PAYE and national insurance Bank loan (see note 15) Other loans Accruals and sundry creditors Funds held on behalf of the Belarusian Catholic Mission Funds held on behalf of the Congregation for the Eastern Churches

Amounts due in respect of school building projects represent amounts due to contractors in connection with work and maintenance to school properties. The majority of the loans are interest bearing with interest rates linked to bank base rates.

87

DIOCESE OF WESTMINSTER ANNUAL ACCOUNTS 2025

31 December 2025 (£’000)

NOTES TO THE ACCOUNTS

15 Creditors: amounts falling due after more than one year

	Group 2025 Group 2024 Charity 2025 Charity 2024	Group 2025 Group 2024 Charity 2025 Charity 2024	Group 2025 Group 2024 Charity 2025 Charity 2024	Group 2025 Group 2024 Charity 2025 Charity 2024
Bank loan	7,269 7,647 7,269 7,647

On 22 March 2016, the Charity signed a thirty year loan agreement with HSBC Bank plc for up to £10 million. The loan is secured by a first charge mortgage on two of the Charity’s properties.

The loan is repayable in quarterly instalments commencing three years after initial drawdown with interest payable at 2% over the base rate. On 9 April 2020, HSBC granted the Charity a six-month capital repayment holiday, which had the effect of deferring the repayment of £183,000 of the loan balance into future periods.

Of the amounts falling due after more than one year, £1,511,000 (£1,511,000 in 2024) is repayable within 2 to 5 years and £5,758,000 (£6,136,000 in 2024) is repayable after 5 years.

16 Restricted funds

Restricted funds comprise:

	2025 £'000 2024 ~~£~~'000 2025 £'000 2024 £'000 Group Group Charity Charity
Curial Caritas Parochial	44,879 45,680 44,879 45,680 3,085 2,800 3,085 2,800 283,216267,920283,167267,854
	331,180316,400331,131316,334

88

REPORTS & ACCOUNTS

31 December 2025 (£’000)

NOTES TO THE ACCOUNTS

16 Restricted funds (continued)

Curial restricted funds

The income funds of the curia include restricted funds comprising the following unexpended balances of donations and grants held on trusts to be applied for specific purposes:

	At 1 January 2025 Income Expenditure Net Gains Transfers At 31 December 2025 2,800 2,311 (3,232) 37 1,169 3,085 1,899 - - - (391) 1,508 389 3 (25) 5 (4) 368 410 12 - - 40 462 1,457 1,117 (91) - (540) 1,943 45 3 - 3 (44) 7 2,061 26 - 47 (148) 1,986 70 1 - 1 (10) 62 96 1 - 1 (3) 95 1,812 29 (62) 23 (71) 1,731 17,231 1,463 (916) 206 (453) 17,531 9,959 1,857 (1,221) 99 (102) 10,592 1,554 10,113 (11,736) - - (69) 7,535 - (16) - - 7,519 1,162 1,215 (1,322) 18 71 1,144 48,480 18,151 (18,621) 440 (486) 47,964	At 1 January 2025 Income Expenditure Net Gains Transfers At 31 December 2025 2,800 2,311 (3,232) 37 1,169 3,085 1,899 - - - (391) 1,508 389 3 (25) 5 (4) 368 410 12 - - 40 462 1,457 1,117 (91) - (540) 1,943 45 3 - 3 (44) 7 2,061 26 - 47 (148) 1,986 70 1 - 1 (10) 62 96 1 - 1 (3) 95 1,812 29 (62) 23 (71) 1,731 17,231 1,463 (916) 206 (453) 17,531 9,959 1,857 (1,221) 99 (102) 10,592 1,554 10,113 (11,736) - - (69) 7,535 - (16) - - 7,519 1,162 1,215 (1,322) 18 71 1,144 48,480 18,151 (18,621) 440 (486) 47,964	At 1 January 2025 Income Expenditure Net Gains Transfers At 31 December 2025 2,800 2,311 (3,232) 37 1,169 3,085 1,899 - - - (391) 1,508 389 3 (25) 5 (4) 368 410 12 - - 40 462 1,457 1,117 (91) - (540) 1,943 45 3 - 3 (44) 7 2,061 26 - 47 (148) 1,986 70 1 - 1 (10) 62 96 1 - 1 (3) 95 1,812 29 (62) 23 (71) 1,731 17,231 1,463 (916) 206 (453) 17,531 9,959 1,857 (1,221) 99 (102) 10,592 1,554 10,113 (11,736) - - (69) 7,535 - (16) - - 7,519 1,162 1,215 (1,322) 18 71 1,144 48,480 18,151 (18,621) 440 (486) 47,964	At 1 January 2025 Income Expenditure Net Gains Transfers At 31 December 2025 2,800 2,311 (3,232) 37 1,169 3,085 1,899 - - - (391) 1,508 389 3 (25) 5 (4) 368 410 12 - - 40 462 1,457 1,117 (91) - (540) 1,943 45 3 - 3 (44) 7 2,061 26 - 47 (148) 1,986 70 1 - 1 (10) 62 96 1 - 1 (3) 95 1,812 29 (62) 23 (71) 1,731 17,231 1,463 (916) 206 (453) 17,531 9,959 1,857 (1,221) 99 (102) 10,592 1,554 10,113 (11,736) - - (69) 7,535 - (16) - - 7,519 1,162 1,215 (1,322) 18 71 1,144 48,480 18,151 (18,621) 440 (486) 47,964	At 1 January 2025 Income Expenditure Net Gains Transfers At 31 December 2025 2,800 2,311 (3,232) 37 1,169 3,085 1,899 - - - (391) 1,508 389 3 (25) 5 (4) 368 410 12 - - 40 462 1,457 1,117 (91) - (540) 1,943 45 3 - 3 (44) 7 2,061 26 - 47 (148) 1,986 70 1 - 1 (10) 62 96 1 - 1 (3) 95 1,812 29 (62) 23 (71) 1,731 17,231 1,463 (916) 206 (453) 17,531 9,959 1,857 (1,221) 99 (102) 10,592 1,554 10,113 (11,736) - - (69) 7,535 - (16) - - 7,519 1,162 1,215 (1,322) 18 71 1,144 48,480 18,151 (18,621) 440 (486) 47,964	At 1 January 2025 Income Expenditure Net Gains Transfers At 31 December 2025 2,800 2,311 (3,232) 37 1,169 3,085 1,899 - - - (391) 1,508 389 3 (25) 5 (4) 368 410 12 - - 40 462 1,457 1,117 (91) - (540) 1,943 45 3 - 3 (44) 7 2,061 26 - 47 (148) 1,986 70 1 - 1 (10) 62 96 1 - 1 (3) 95 1,812 29 (62) 23 (71) 1,731 17,231 1,463 (916) 206 (453) 17,531 9,959 1,857 (1,221) 99 (102) 10,592 1,554 10,113 (11,736) - - (69) 7,535 - (16) - - 7,519 1,162 1,215 (1,322) 18 71 1,144 48,480 18,151 (18,621) 440 (486) 47,964	At 1 January 2025 Income Expenditure Net Gains Transfers At 31 December 2025 2,800 2,311 (3,232) 37 1,169 3,085 1,899 - - - (391) 1,508 389 3 (25) 5 (4) 368 410 12 - - 40 462 1,457 1,117 (91) - (540) 1,943 45 3 - 3 (44) 7 2,061 26 - 47 (148) 1,986 70 1 - 1 (10) 62 96 1 - 1 (3) 95 1,812 29 (62) 23 (71) 1,731 17,231 1,463 (916) 206 (453) 17,531 9,959 1,857 (1,221) 99 (102) 10,592 1,554 10,113 (11,736) - - (69) 7,535 - (16) - - 7,519 1,162 1,215 (1,322) 18 71 1,144 48,480 18,151 (18,621) 440 (486) 47,964
Group and Charity 2025	At 1 January 2025 Income Expenditure Net Gains Transfers At 31 December 2025
Caritas Growing in Faith Fund Masses Funds Trinity Fund Archbishop’s Fund Property Repairs Fund Post-ordination Studies Fund Missions Fund Filipino Chaplaincy Fund Hare Street House Sick and Retired Priests Fund Westminster Ecclesiastical Education Fund VASCA Fund Clergy Accommodation Fund Other restricted funds Total	2,800 2,311 (3,232) 37 1,169 3,085 1,899 - - - (391) 1,508 389 3 (25) 5 (4) 368 410 12 - - 40 462 1,457 1,117 (91) - (540) 1,943 45 3 - 3 (44) 7 2,061 26 - 47 (148) 1,986 70 1 - 1 (10) 62 96 1 - 1 (3) 95 1,812 29 (62) 23 (71) 1,731 17,231 1,463 (916) 206 (453) 17,531 9,959 1,857 (1,221) 99 (102) 10,592 1,554 10,113 (11,736) - - (69) 7,535 - (16) - - 7,519 1,162 1,215 (1,322) 18 71 1,144
	48,480 18,151 (18,621) 440 (486) 47,964

89

DIOCESE OF WESTMINSTER ANNUAL ACCOUNTS 2025

31 December 2025 (£’000)

NOTES TO THE ACCOUNTS

16 Restricted funds (continued)

	At 1 January 2024 Income Expenditure Net Gains Transfers At 31 December 2024 3,270 1,334 (2,153) 152 197 2,800 2,294 1 (74) - (322) 1,899 501 3 (18) 22 (119) 389 12 - - 1 (13) - 315 8 - - 87 410 1,388 680 (133) - (478) 1,457 179 5 - 13 (152) 45 2,009 31 - 169 (148) 2,061 74 1 - 5 (10) 70 115 1 (6) 7 (21) 96 1,705 30 (5) 104 (22) 1,812 15,788 1,034 (782) 1,679 (488) 17,231 9,708 1,175 (1,203) 357 (78) 9,959 2,504 9,648 (10,598) - - 1,554 7,793 - - - (258) 7,535 987 1,279 (1,208) 58 46 1,162 48,642 15,230 (16,180) 2,567 (1,779) 48,480	At 1 January 2024 Income Expenditure Net Gains Transfers At 31 December 2024 3,270 1,334 (2,153) 152 197 2,800 2,294 1 (74) - (322) 1,899 501 3 (18) 22 (119) 389 12 - - 1 (13) - 315 8 - - 87 410 1,388 680 (133) - (478) 1,457 179 5 - 13 (152) 45 2,009 31 - 169 (148) 2,061 74 1 - 5 (10) 70 115 1 (6) 7 (21) 96 1,705 30 (5) 104 (22) 1,812 15,788 1,034 (782) 1,679 (488) 17,231 9,708 1,175 (1,203) 357 (78) 9,959 2,504 9,648 (10,598) - - 1,554 7,793 - - - (258) 7,535 987 1,279 (1,208) 58 46 1,162 48,642 15,230 (16,180) 2,567 (1,779) 48,480	At 1 January 2024 Income Expenditure Net Gains Transfers At 31 December 2024 3,270 1,334 (2,153) 152 197 2,800 2,294 1 (74) - (322) 1,899 501 3 (18) 22 (119) 389 12 - - 1 (13) - 315 8 - - 87 410 1,388 680 (133) - (478) 1,457 179 5 - 13 (152) 45 2,009 31 - 169 (148) 2,061 74 1 - 5 (10) 70 115 1 (6) 7 (21) 96 1,705 30 (5) 104 (22) 1,812 15,788 1,034 (782) 1,679 (488) 17,231 9,708 1,175 (1,203) 357 (78) 9,959 2,504 9,648 (10,598) - - 1,554 7,793 - - - (258) 7,535 987 1,279 (1,208) 58 46 1,162 48,642 15,230 (16,180) 2,567 (1,779) 48,480	At 1 January 2024 Income Expenditure Net Gains Transfers At 31 December 2024 3,270 1,334 (2,153) 152 197 2,800 2,294 1 (74) - (322) 1,899 501 3 (18) 22 (119) 389 12 - - 1 (13) - 315 8 - - 87 410 1,388 680 (133) - (478) 1,457 179 5 - 13 (152) 45 2,009 31 - 169 (148) 2,061 74 1 - 5 (10) 70 115 1 (6) 7 (21) 96 1,705 30 (5) 104 (22) 1,812 15,788 1,034 (782) 1,679 (488) 17,231 9,708 1,175 (1,203) 357 (78) 9,959 2,504 9,648 (10,598) - - 1,554 7,793 - - - (258) 7,535 987 1,279 (1,208) 58 46 1,162 48,642 15,230 (16,180) 2,567 (1,779) 48,480	At 1 January 2024 Income Expenditure Net Gains Transfers At 31 December 2024 3,270 1,334 (2,153) 152 197 2,800 2,294 1 (74) - (322) 1,899 501 3 (18) 22 (119) 389 12 - - 1 (13) - 315 8 - - 87 410 1,388 680 (133) - (478) 1,457 179 5 - 13 (152) 45 2,009 31 - 169 (148) 2,061 74 1 - 5 (10) 70 115 1 (6) 7 (21) 96 1,705 30 (5) 104 (22) 1,812 15,788 1,034 (782) 1,679 (488) 17,231 9,708 1,175 (1,203) 357 (78) 9,959 2,504 9,648 (10,598) - - 1,554 7,793 - - - (258) 7,535 987 1,279 (1,208) 58 46 1,162 48,642 15,230 (16,180) 2,567 (1,779) 48,480	At 1 January 2024 Income Expenditure Net Gains Transfers At 31 December 2024 3,270 1,334 (2,153) 152 197 2,800 2,294 1 (74) - (322) 1,899 501 3 (18) 22 (119) 389 12 - - 1 (13) - 315 8 - - 87 410 1,388 680 (133) - (478) 1,457 179 5 - 13 (152) 45 2,009 31 - 169 (148) 2,061 74 1 - 5 (10) 70 115 1 (6) 7 (21) 96 1,705 30 (5) 104 (22) 1,812 15,788 1,034 (782) 1,679 (488) 17,231 9,708 1,175 (1,203) 357 (78) 9,959 2,504 9,648 (10,598) - - 1,554 7,793 - - - (258) 7,535 987 1,279 (1,208) 58 46 1,162 48,642 15,230 (16,180) 2,567 (1,779) 48,480
Group and Charity 2024	At 1 January 2024 Income Expenditure Net Gains Transfers At 31 December 2024
Caritas Growing in Faith Fund Masses Funds Ecclesiastical Education Fund Trinity Fund Archbishop’s Fund Property Repairs Fund Post-ordination Studies Fund Missions Fund Filipino Chaplaincy Fund Hare Street House Sick and Retired Priests Fund Westminster Ecclesiastical Education Fund VASCA Fund Clergy Accommodation Fund	3,270 1,334 (2,153) 152 197 2,800 2,294 1 (74) - (322) 1,899 501 3 (18) 22 (119) 389 12 - - 1 (13) - 315 8 - - 87 410 1,388 680 (133) - (478) 1,457 179 5 - 13 (152) 45 2,009 31 - 169 (148) 2,061 74 1 - 5 (10) 70 115 1 (6) 7 (21) 96 1,705 30 (5) 104 (22) 1,812 15,788 1,034 (782) 1,679 (488) 17,231 9,708 1,175 (1,203) 357 (78) 9,959 2,504 9,648 (10,598) - - 1,554 7,793 - - - (258) 7,535
Other restricted funds
Total	48,642	15,230	(16,180)	2,567	(1,779)	48,480

The specific purposes for which the funds are to be applied are as follows:

• Caritas comprises the following: (i) St John Southworth Fund that supports the work of parishes, organisations and projects across a range of issues including poverty, homelessness, old age and infirmity, and children with disabilities or who are in danger of deprivation; (ii) St Joseph's Pastoral Centre for a variety of specific projects agreed with individual donors; and (iii) Bakhita House that supports the work of Bakhita House. The restricted funds were previously disclosed separately but have now been combined, including for 2024. In 2024, some Caritas income and expenditure were included in unrestricted funds.

• Growing in Faith Fund comprises monies raised as part of the Growing in Faith campaign to ensure a vibrant future for the diocese. The monies will be used: to support parishes and ensure that they are well equipped to deliver the mission; to support priestly life at all stages, be that in formation, during service in parishes or in retirement; and to maintain the tradition of outreach to those in need.

• Masses Funds represent monies held for Masses.

• Ecclesiastical Education Fund is for housing costs for

• priests.

• Trinity Fund is for major projects in parishes.

• Archbishop's Fund represents a legacy which is for projects

• as approved by the Archbishop.

• Property Repairs Fund is available for repairs to diocesan

• properties.

• Post-ordination Studies Fund supports priests in further

• studies.

• Missions Fund supports the work carried out by missions.

• Filipino Chaplaincy Fund supports the work of the Filipino

• Chaplaincy.

• Hare Street House represents the net assets of the linked charity (see note 23).

90

REPORTS & ACCOUNTS

31 December 2025 (£’000)

NOTES TO THE ACCOUNTS

16 Restricted funds (continued)

• Sick and Retired Priests Fund represents the net assets of the linked charity (see note 23).

• Westminster Ecclesiastical Education Fund represents the net assets of the linked charity (see note 23).

• VASCA Fund represents the uncommitted balance of the VASCA Funds received by the Charity in respect of school and academy building projects (see note 21).

• Clergy Accommodation Fund is for the acquisition and development of property to provide accommodation intended for functional use.

• Other restricted funds are for specific charitable purposes of the diocese.

Transfers from curia restricted funds comprised £0.5 million (£1.5 million in 2024) relating primarily to parish and similar activities, as well as internal grants made to fund specific projects and costs which have been recognised within curial

unrestricted fund and parochial restricted fund expenditure and £nil (£0.3 million in 2024) relating to property purchases, offset by the transfer of Caritas tangible fixed assets from unrestricted funds.

Parochial restricted funds

The parishes in the Diocese of Westminster are established and operate under the Church’s Code of Canon Law which bestows on them separate canonical legal status. As such, each parish has been treated as a separate restricted fund in these accounts. The total parish or parochial funds are administered, with guidance from the curial offices, by the parish priests and are used to carry out the work of the Church within local areas and help fund the curia. The transfers from the parochial restricted funds to the curial unrestricted funds represent the payment of the diocesan assessment by the parishes and contributions made towards the central costs of the diocese.

17 Designated funds

The income funds of the Charity include the following designated funds which have been set aside out of unrestricted funds by the Trustees for specific purposes:

funds by the Trustees for specifc purposes:
Group and Charity	2025 2024
At 1 January New designations Utilised/released At 31 December	310 306 139 39 (35) (35)
	414 310
The desinated funds reresent monies held b the curia for secifc unrestricted activities

The designated funds represent monies held by the curia for specific, unrestricted activities.

18 Tangible fixed assets fund

18 Tangible fxed assets fund
Group and Charity	2025 2024
At 1 January Movement At 31 December	23,589 23,092 1,590 497
	25,179 23,589

The tangible fixed assets fund represents the net book value of the tangible fixed assets held by the curia for unrestricted purposes.

91

DIOCESE OF WESTMINSTER ANNUAL ACCOUNTS 2025

31 December 2025 (£’000)

NOTES TO THE ACCOUNTS

19 Programme related investment fund

The programme related investments fund represents the value of the Group’s and Charity’s programme related investments. As explained in note 11, these investments comprise land and buildings owned by the Charity but used by other charitable and not-for-profit organisations whose objectives are consistent with those of the Charity. It is the intention of the Trustees that such assets should continue to be used for these purposes for as long as needed, and that as such their value should not be regarded as realisable with ease in order to meet future contingencies and/or obligations.

Group and Charity	2025 2024
At 1 Januaryand at 31 December	10,503 10,503

20 Analysis of net assets between funds

20 Analysis of net assets between funds
Group 2025	Curial funds			Parochial funds
	Unrestricted funds Restricted funds Total funds Restricted funds Total 2025
Fund balances at 31 December 2025 are represented by: Tangible fxed assets Programme related investments Investments Net current assets Non-current assets Non-current liabilities Total net assets	25,179 4,434 29,613 116,349 145,962 10,503 - 10,503 - 10,503 30,802 25,399 56,201 100,838 157,039 5,361 18,131 23,492 66,029 89,521 339 - 339 - 339 (7,269) - (7,269) - (7,269)
	64,915 47,964 112,879 283,216 396,095

Group 2024	Curial funds Parochial funds Unrestricted funds Restricted funds Total funds Restricted funds Total 2024	Curial funds Parochial funds Unrestricted funds Restricted funds Total funds Restricted funds Total 2024	Curial funds Parochial funds Unrestricted funds Restricted funds Total funds Restricted funds Total 2024	Parochial funds
Fund balances at 31 December 2024 are represented by: Tangible fxed assets Programme related investments Investments Net current assets Non-current assets Non-current liabilities Total net assets	23,589 2,599 26,188 112,029 138,217 10,503 - 10,503 - 10,503 18,206 26,168 44,374 96,036 140,410 6,839 19,713 26,552 59,855 86,407 2,089 - 2,089 - 2,089 (7,647) - (7,647) - (7,647) 53,579 48,480 102,059 267,920 369,979

92

REPORTS & ACCOUNTS

31 December 2025 (£’000)

NOTES TO THE ACCOUNTS

20 Analysis of net assets between funds (continued)

	Total unrestricted funds Total restricted funds Total 2025 25,179 120,783 145,962 10,503 - 10,503 28,966 128,073 157,039 7,197 82,275 89,472 339 - 339 (7,269) - (7,269) 64,915 331,131 396,046	Total unrestricted funds Total restricted funds Total 2025 25,179 120,783 145,962 10,503 - 10,503 28,966 128,073 157,039 7,197 82,275 89,472 339 - 339 (7,269) - (7,269) 64,915 331,131 396,046	Total unrestricted funds Total restricted funds Total 2025 25,179 120,783 145,962 10,503 - 10,503 28,966 128,073 157,039 7,197 82,275 89,472 339 - 339 (7,269) - (7,269) 64,915 331,131 396,046	Total unrestricted funds Total restricted funds Total 2025 25,179 120,783 145,962 10,503 - 10,503 28,966 128,073 157,039 7,197 82,275 89,472 339 - 339 (7,269) - (7,269) 64,915 331,131 396,046
Charity 2025	Total unrestricted funds Total restricted funds Total 2025
Fund balances at 31 December 2025 are represented by: Tangible fxed assets Programme related investments Investments Net current assets Non-current assets Non-current liabilities Total net assets
	25,179 120,783 145,962
	10,503 - 10,503
	28,966 128,073 157,039
	7,197 82,275 89,472
	339 - 339
	(7,269) - (7,269)
	64,915 331,131 396,046

Charity 2024	Total unrestricted funds Total restricted funds Total 2024 23,589 114,628 138,217 10,503 - 10,503 18,206 122,204 140,410 6,839 79,502 86,341 2,089 - 2,089 (7,647) - (7,647) 53,579 316,334 369,913	Total unrestricted funds Total restricted funds Total 2024 23,589 114,628 138,217 10,503 - 10,503 18,206 122,204 140,410 6,839 79,502 86,341 2,089 - 2,089 (7,647) - (7,647) 53,579 316,334 369,913	Total unrestricted funds Total restricted funds Total 2024 23,589 114,628 138,217 10,503 - 10,503 18,206 122,204 140,410 6,839 79,502 86,341 2,089 - 2,089 (7,647) - (7,647) 53,579 316,334 369,913
Fund balances at 31 December 2024 are represented by: Tangible fxed assets Programme related investments Investments Net current assets Non-current assets Non-current liabilities Total net assets

Unrealised gains and revaluation reserve

It is not possible to ascertain with accuracy the original cost of the investment properties, the majority of which were purchased many years ago and for which records no longer exist recording the costs of acquisition. The Trustees are of the opinion that the costs involved in researching such information outweigh the value of disclosing the accumulated unrealised gains or revaluation reserve.

The accumulated unrealised gains on listed investments as at 31 December 2025 are £7,500,000 (£7,976,000 in 2024).

93

DIOCESE OF WESTMINSTER ANNUAL ACCOUNTS 2025

31 December 2025 (£’000)

NOTES TO THE ACCOUNTS

21 School and academy building works

School and academy building works

The Charity is the legal owner of properties comprising voluntary aided schools, academies and two independent schools in the diocese. As explained in the principal accounting policies these properties are valued at £nil for the purpose of these accounts. The responsibility for the improvement, extension and repair of the buildings lies with the governors. Grants towards such work are paid to the governors by the DfE and the Local Authorities.

The Charity assists voluntary aided schools and academies with their building and repair and refurbishment projects. Historically it acted as the agent of the governors in helping to arrange funding through the DfE and Local Authorities, and funds received under the LCVAP (Locally Coordinated Voluntary-Aided Programme) were not included in the Statement of Financial Activities as the Charity had no

control over the funds and the transactions were those of the school governors rather than the Charity, which administered these monies as managing agent and made the appropriate payments to contractors for work carried out. In April 2020 the VASCA (Voluntary-Aided Schools Condition Allocation) system was introduced and superseded the LCVAP. The change in funding gives the Charity ultimate control over the application of grants to specific schools, therefore the VASCA grant funding received and the related expenditure are recognised in the Statement of Financial Activities. Any unspent balance of VASCA funding at the end of the year has to be committed to projects by 31 March 2027 or returned to the DfE.

A summary of the transactions during the year in respect of the VASCA funding, which are reflected in the Statement of Financial Activities and Balance Sheet, is set out below:

	The expenditure on school and academy building works funded through grants from the DfE was as follows: Monies carried forward at 1 January (note 16) Monies received in the year and refected in income (note 5) Monies committed in the year and refected as expenditure (note 6) Monies carried forward at 31 December (note 16)
		2025 2024
		1,554 2,504 10,113 9,648 (11,736) (10,598)
		(69) 1,554

During the year, the Group and Charity received, as agent, government grants of £5,343,000 (£3,975,000 in 2024) in connection with major repair and capital projects at Church schools and academies in the diocese. These monies, together with the contributions received from governors, are used to fund contractor payments, and are also administered by the Charity acting as managing agent for the Church schools and academies concerned. During the year, the Charity made payments to contractors of £4,601,000 (£8,273,000 in 2024).

The Charity receives this money in its capacity of managing agent for the governors only and, as such, these amounts are excluded from the statement of financial activities. Consequently, only the Charity’s net contribution to costs after deducting the contributions from governors and government grants towards the costs of the projects concerned is included as expenditure in the Statement of Financial Activities.

A summary of the transactions during the year in respect of the non-VASCA funding, none of which are reflected through the Statement of Financial Activities (see note above) since the Charity acted as the agent of the governor in respect of the funding, is as follows:

the funding, is as follows:
Total amount spent Less: grants received Netgovernors’ liability	2025 2024
	4,601 8,273 (5,343) (3,975)
	(742) 4,298
	2025 2024
Number of projects	156 150

94

REPORTS & ACCOUNTS

31 December 2025 (£’000)

NOTES TO THE ACCOUNTS

22 Connected charities and related party transactions

----- Start of picture text -----
Charity Name Charity Registration Number Objectives
Westminster Cathedral Choir School 1063761 The advancement of education in the Roman
Catholic tradition, in particular to train children
in church choral music.
Westminster Cathedral Choral 1215819 The support and promotion of the musical tra-
Foundation dition of Westminster Cathedral, in particular its
choral tradition.
----- End of picture text -----

The Charity is connected to Westminster Cathedral Choir School (WCCS) and the Westminster Cathedral Choral Foundation (WCCF) which are the responsibility of the same Corporate Trustee, namely Westminster Roman Catholic Diocese Trustee. Transactions between the Charity and WCCS are included in these accounts as Income from Programme Related Investments in note 4 (see also note 11). There are no transactions with WCCF.

WCCS and WCCF are not consolidated in these accounts because the Charity does not have the power to govern, nor the ability to benefit from, either connected charity. WCCS and WCCF prepare and file their own, separate financial statements.

The Charity has a loan made to the Cardinal Hume Centre, a registered charity, which is secured on the Cardinal Hume Centre’s freehold property (see also note 13). Bishop Nicholas Hudson, a Trustee the Charity until 28 November 2025, was also a Trustee of the Cardinal Hume Centre until 3 December 2025.

During 2024, the Charity granted a loan of £1.75 million to St Elizabeth's Centre, a registered charity that operates a

residential home and provides education for children and young people with special needs. One Trustee of the Charity and two key management personnel are also Trustees of the St Elizabeth's Centre. The loan was fully repaid during the year.

Throughout the year, the Trustees who are not members of the clergy attend Mass and other services and events in the Diocese of Westminster 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.

Details of other transactions with Trustees are disclosed in note 8.

Total contributions received from connected schools and academies during the year amounted to £269,000 (2024: £80,000).

Other than the transactions disclosed above, there were no other related party transactions in 2024 or 2025 requiring disclosure.

23 Financial activities of linked charitable subsidiaries

In 2018, the Charity successfully applied to the Charity Commission for a uniting direction in respect of both Diocese of Westminster Sick and Retired Priests Fund and Westminster Ecclesiastical Education Fund which took effect from 1 January 2018. The effect of the uniting direction was to allow the Charity to prepare a single set of accounts that incorporates these linked charities as restricted funds of the Charity. Consequently, these linked charities are included in curial funds.

In 2017, the Charity successfully applied to the Charity Commission for a uniting direction in respect of The Moorfields Charity, Westminster Cathedral Trust and Hare Street House which took effect from 1 January 2017. The effect of the uniting direction was to allow the Charity to prepare a single set of accounts that incorporated these three charities as restricted funds of the Charity. Consequently, Hare Street House is included in curial funds and both The Moorfields Charity and Westminster Cathedral Trust are included in parochial funds.

95

DIOCESE OF WESTMINSTER ANNUAL ACCOUNTS 2025

31 December 2025 (£’000)

NOTES TO THE ACCOUNTS

23 Financial activities of linked charitable subsidiaries (continued)

A summary of the statement of financial activities and a statement of the net assets at 31 December 2025 of each of the linked charities is given below.

					Curial funds	Curial funds			Parochial funds	Parochial funds
2025				Hare Street House	Sick & Retired Priests Fund	Westminster Ecclesiastical Education Fund			The Moorfelds Charity	Westminster Cathedral Trust			Total 2025
		Income		29	1,463	1,857			92	1,629			5,070
		(Expenditure) Transfer		(133)	(1,369)	(1,323)			(1,060)	928			(2,957)
		Net gains on investments		23	206	99			30	112			470
		Net income and net movement in funds		(81)	300	633			(938)	2,669			2,583
		Net assets		1,731	17,531	10,592			3,651	7,631			41,136

				Curial funds	Curial funds	Curial funds	Parochial funds	Parochial funds	Parochial funds
2024						Westminster
			Hare	Sick &		Ecclesiastical	The		Westminster
			Street	Retired		Education	Moorfelds		Cathedral	Total
			House	Priests Fund		Fund	Charity		Trust	2024
	Income		30	1,034		1,175	104		806	3,149
	Expenditure		(27)	(1,270)		(1,281)	(73)		(56)	(2,707)
	Net gains on investments		104	1,679		357	308		267	2,715
	Net income and net movement in funds		107	1,443		251	339		1,017	3,157
	Net assets		1,812	17,231		9,959	4,589		4,962	38,553

24 Contingent liability

During 2014, the Charity agreed to act as guarantor to HSBC Bank plc to secure all liabilities in respect of a loan facility made available by HSBC Bank plc to St Etheldreda Trust (Registered Charity No. 1154426) in connection with the purchase and refurbishment of 13 Ely Place, London, EC1N 6RY. The maximum amount of the loan and hence the amount guaranteed by the Charity is £1,500,000. In return for the guarantee, the Charity has been granted a second legal charge over the freehold property purchased by St Etheldreda Trust at 13 Ely Place. The loan is for a period of 30 years with monthly capital repayments commencing two years after the initial drawdown.

Interest on the loan is charged at 1.5% above Bank Rate. St Etheldreda Trust is a charitable trust which owns both St Etheldreda’s Church and the adjoining presbytery which serve the Parish of St Etheldreda’s in the Roman Catholic Diocese of Westminster.

96

REPORTS & ACCOUNTS

COMPARATIVE CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

31 December 2024 (£’000)

----- Start of picture text -----
Parochial
Curial funds funds
Unrestricted Restricted Total Restricted Total
Notes funds funds funds funds 2024
Income:
Donations and legacies 1 1,786 3,241 5,027 31,829 36,856
Assessments 2 144 - 144 - 144
Other trading activities
• Commercial trading operations 3 121 - 121 583 704
Investment income and interest receivable 4 3,738 517 4,255 5,980 10,235
Charitable activities
• Rental income from functional properties 5 839 - 839 1,439 2,278
• Parish and similar activities 5 1,501 1,824 3,325 6,443 9,768
• Grants receivable 5 - 9,648 9,648 - 9,648
Total income 8,129 15,230 23,359 46,274 69,633
Expenditure:
Cost of raising funds
• Fundraising trading: cost of goods sold and 3 29 - 29 331 360
other costs
Charitable activities
• Advancement of the Catholic faith primarily in 6 14,541 16,180 30,721 32,223 62,944
the Diocese of Westminster
Total expenditure 14,570 16,180 30,750 32,554 63,304
Net (expenditure) income before transfers and 7 (6,441) (950) (7,391) 13,720 6,329
investment gains
Transfers between funds
• Assessments 2 6,948 - 6,948 (6,948) -
• Other 1,874 (1,779) 95 (95) -
8,822 (1,779) 7,043 (7,043) -
Net income (expenditure) before investment 2,381 (2,729) (348) 6,677 6,329
gains
Net gains on investments 12 4,458 2,567 7,025 766 7,791
Net income (expenditure) for the year 6,839 (162) 6,677 7,443 14,120
Actuarial losses 8 (125) - (125) - (125)
Net movement in funds 6,714 (162) 6,552 7,443 13,995
Reconciliation of funds
Total funds brought forward at 1 January 46,865 48,642 95,507 260,477 355,984
Total funds carried forward at 31 December 53,579 48,480 102,059 267,920 369,979
----- End of picture text -----

97

DIOCESE OF WESTMINSTER ANNUAL ACCOUNTS 2025

Diocesan Committees

FINANCE BOARD Rt Rev J Curry Rt Rev P McAleenan Rev Mgr M Hayes Mr S Bunce

AUDIT AND RISK COMMITTEE

SAFEGUARDING COMMITTEE Baroness N O'Loan Rt Rev J Curry Rev S Coker Ms M Coller Ms B Herbert Dcn Paul Hewitt Dr E Morgan KC Ms N O'Brien Ms R O'Driscoll Mr A Wdowiak Ms V Wilson Ms S Worthington

Mr K Ingram Rt Rev J Curry Ms V Dias Ms P Smith

Ms V Dias Mr J Gibney Mr H Perusset

CARITAS BOARD

Rt Rev P McAleenan Mr DJ Barnes Mr P Camoletto Rev J Garvey Ms L van Hellenberg Hubar Mr C Kemball Ms H Kruitwagen Mr H Perusset Ms C Pung Ms N Thomas

HUMAN RESOURCES COMMITTEE Rt Rev J Curry Rev Mgr M Hayes Mr P Camoletto Ms M Mo

STEWARDSHIP COMMITTEE Rt Rev P McAleenan

INVESTMENT COMMITTEE Mr S Bunce

Rev D Evans Ms H Bowman Mr P Camoletto Ms V Dias Ms A Gavurin Mr F Sarsah

EDUCATION COMMISSION

Mr A Fitzalan Howard Mr R McAdie Ms V Morel Kane Mr A Ndoca

Rev Canon M Dunne

Mr J Asgian Ms M Benton Mr S Bunce

Mr P Camoletto Mr E Conway Mrs K Griffin Ms J Heffernan Mr G Marcato Ms T Peters

PROPERTY COMMITTEE

Rt Rev J Curry Mr P Camoletto Mr E Craston Mr J Petit Mr C Sheppard

*Correct at time of publication

98

POPE BENEDICT XVI

Diocese of Wesiininsier rcdow.org.uk