2022-03-31-accounts

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST Registered Charity No 234025

Consolidated Annual Report For the Year Ended 31 March 2022

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

Consolidated Annual Report For the Year Ending 31[st] March 2022

Table of Contents

Section	Page
Trustees and Professional Advisors	1-2
Report of the Charity Trustees	3-15
Statement of Trustees’ Responsibilities	16
Independent Auditor’s Report to the	17-19
Trustees
Statement of Financial Activities	20-21
Group and Charity Balance Sheets	22-23
Consolidated Statement of Cashflows	24
Notes to the Financial Statements	25-40

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

Consolidated Annual Report For the Year Ending 31[st] March 2022

Trustees and Professional Advisors:

Trustees:

Rt Rev Mark Davies, Bishop of Shrewsbury (Chair)

Canon Stephen Coonan Canon Michael Gannon VG Mr Simon Geary Mr Noel Loughrey Canon Jonathan Mitchell Canon Philip Moor VG Canon David Roberts Mrs Karyn Johnston

Secretary to the Trustees:

Mrs Carol Lawrence, Financial Secretary

Registered Office:

Curial Offices, 2 Park Road South, Birkenhead, CH43 4UX

Board of Finance and Administration:

Canon Philip Moor VG (Chair) Mr Terence Murphy Canon David Roberts Mr Colin Trigg Fr Niall Mullaley Mrs Carol Lawrence (Secretary)

Key Management Personnel:

Mrs Carol Lawrence (Financial Secretary) Mr Damian Cunningham (Director of Schools)

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SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

Consolidated Annual Report For the Year Ending 31[st] March 2022

Trustees and Professional Advisors – Continued:

Professional Advisors:

Auditors:

Haysmacintyre LLP 10 Queen Street Place London EC4R 1AG

Bankers:

Lloyds Bank plc 1[st] Floor, 5 St Pauls Square, Old Hall Street, Liverpool L3 9SJ

The Royal Bank of Scotland Plc 10th Floor, The Plaza, 100 Old Hall Street, Liverpool, L3 9QJ

Insurance Brokers:

Catholic Insurance Service Oakley House, Mill Street, Aylesbury, Bucks HP20 1BN

Investment Managers:

Schroder & Co Limited (trading as Cazenove Capital Management)

3rd Floor, 100 Wood Street, London EC2V 7ER

Property Consultants:

Schools:

AHR Building Consultancy Limited 3 The Parsonage, Manchester M3 2HW

Atkins Limited, Chadwick House, Birchwood Park, Warrington, WA3 6AE

Investment properties and general advisors:

Fisher German LLP, Charles House, 2 Royal Court Knutsford, Cheshire WA16 6EN

Solicitors:

General matters:

Freeth Cartwright LLP, 3rd Floor, St James Building, 61-95 Oxford Street, Manchester M1 6FQ

Education:

Browne Jacobson LLP, Mowbray House Castle Meadow Road Nottingham NG2 1BJ

Property

Davitt Jones Bould, Floor2, 3 Hardman Square, Manchester M3 3EB

Specialist building contracts:

Trowers & Hamlins, Heron House, Albert Square, Manchester M2 5HD

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SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

Consolidated Annual Report For the Year Ending 31[st] March 2022

REPORT OF THE CHARITY TRUSTEES:

The Board of Trustees presents its report and audited accounts for the year ended 31 March 2022. The Statements appear in the format required by the Statement of Recommended Practice for Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Charities SORP.

HISTORY AND ORGANISATION:

The Diocese of Shrewsbury is a registered charitable trust, established by a Trust Deed dated 19 September 1963, registration number 234025. In the context of the universal Church, the Diocese is a portion of the people of God gathered by the Bishop of Shrewsbury in the Holy Spirit through the Gospel and the Eucharist. It is a particular church in which the one, holy, catholic and apostolic church of Christ is truly present and operative and is more than an administrative division of the universal Church.

The Diocese serves 90 parishes (along with 11 other churches and chapels) and 106 Catholic Schools in Cheshire, Shropshire and parts of Derbyshire, Merseyside and Greater Manchester.

The Board of Trustees confirm that they have complied with the duty in the Charities Act 2011 section 17 to have due regard to public benefit guidance published by the Charity Commission in determining the activities undertaken by the Charity.

OBJECTIVES AND ACTIVITIES:

The Trust Deed established the aims and objectives of the Diocesan Trust to be the “advancement of the Roman Catholic religion in the Diocese”. The Trustees, under the Diocesan Bishop’s direction, continue to work to promote the charitable advancement of the Roman Catholic Religion and any lawful charitable purposes, including education, promoted or supported by the Church in the Diocese and beyond.

The primary objective of the advancement of the Roman Catholic religion is lived out in parishes principally through the worship of God and through prayer. Central to the Roman Catholic faith is the celebration of Mass, for which the churches of the Diocese are primarily used. Although Sunday is the principal day of worship, many Diocesan churches are open each day to celebrate Mass or just for a time of quiet prayer and reflection and are accessible to those of all faiths and none.

In terms of education, this is delivered through formation of the faithful as well as through Catholic schools in the Diocese. Formation of the faithful flows from worship in parishes through preparation for sacraments, to more formal initiatives taking place at parish, local pastoral area and Diocesan level. From this the faithful are encouraged to live out the mission of the Church. New Evangelisation, Catechesis and Youth Mission Teams offer opportunities for formation through various events held during the year.

The Diocesan Education Service supports the work of Voluntary Aided Catholic schools and Catholic Academies in the Diocese, through training, guidance and advice to head teachers, teachers and governors. This includes the development and monitoring of religious education, the Section 48 inspection of schools, advising on the appointment of senior staff and succession planning, and the maintenance and provision of school buildings. This Service works with the Regional Schools Commissioners, with the eleven local authorities that cover the Diocese, with the Governors of Voluntary Aided Schools, and the Directors of the Academy Trusts for the benefit of Diocesan schools. These Catholic Schools are open to those of all faiths and none providing a wider benefit.

For many years, the Trustees focused on the aims set out in the Bishop’s White Paper of 2000, setting these in the context of the issues and challenges the Diocese faces each year. In 2017 Bishop Davies asked the clergy to revisit these aims to provide a structure for delivery of the Diocesan objectives and aims for the coming years. The first stage of this is the proposal for Local Missionary Areas puts mission

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SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

Consolidated Annual Report For the Year Ending 31[st] March 2022

at the forefront at parish level and encourages the coming together of local parishes in mission. Roll out of this proposal is continuing, albeit that progress has been affected by the pandemic.

Volunteers:

The work of the parishes in the celebration of Mass, the delivery of catechesis and sacramental preparation programmes is dependent on volunteers. Some 9,500 people volunteer within Diocesan parishes providing services as Extra-ordinary Ministers of the Eucharist, Lectors (Minsters of the Word), altar servers, catechists, cleaners, choir members & musicians, parish committee members, counters and collectors, and representatives for Gift Aid, Safeguarding and Health & Safety. A debt of thanks is owed for the support of this enormous army of people giving willingly of their time, their talents and their faith as without their support parishes could not function.

ACHIEVEMENTS AND PERFORMANCE:

Faith and life:

During the year under review, the impact of the coronavirus pandemic on the Diocese continued. Whilst church closures were limited, the requirements for mandatory face masks and the social distancing rules in place following the emergence of new variants has meant that attendance at Mass was much lower than prior to the pandemic. The mission of the Diocese increased through provision of Mass online and the numbers accessing Mass in this way continue to be sizeable.

The parish activities and provision of sacraments such as Baptism, First Holy Communion and Confirmation have resumed during the year. It has been heartening to see the numbers coming forward for the sacraments, particularly those who were not able to access them during the first year of the pandemic.

Shrewsbury Youth Mission Team (SYMT) has continued with its learning and digital development. Since the year end, the easing of restrictions has facilitated face to face events and retreat days have been held in schools across the Diocese, along with some evening events for young people in parishes. More of this face-to-face engagement can continue, with digital ministry continuing to feature in how we reach out to young people.

The work of the Mission for Catechesis team within the Diocese was significantly curtailed during the year due to the pandemic, and fresh thinking was applied to the approach. The decision was taken in October of 2021 to amalgamate the Diocesan Mission for Catechesis and the Promotion of the Vocation of Marriage Teams (CPVM Mission Team) under the Directorship of Jane Deegan. The new team also assisted with the Synodal response analysis at the request of Bishop Mark, since the process could also help to inform their work. It was clear from some of the feedback (and also from a considerable number of the Synodal responses) that many people felt that their basic faith formation was lacking due to having been baptised as babies, sacramentalised as children but not receiving very much else by way of further catechetical formation, especially not as adults. In response to this, the courses for catechists and lay ministry have been revised, as well as new courses created, with support being given for those seeking to access training. Much work has been undertaken on marriage preparation courses, as well as marriage enrichment courses, courses for parents, and natural fertility awareness.

Pope Francis commenced a ‘synodal’ process in the Catholic Church from October 2021 that culminates in the final Synod Gathering of Bishops in Rome in October 2024. The overall theme is “For a Synodal Church: Communion, Participation, Mission”. The first phase of listening commenced in the Diocese in October 2021 and continued into Spring 2022. Details of the synodal process and its outcome are on the Diocesan website at http://www.dioceseofshrewsbury.org/news/latest-news/synod/

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SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

Consolidated Annual Report For the Year Ending 31[st] March 2022

Education:

Some 43,110 children attended Diocesan schools and academies (2021 – 42,818). The work with schools on school improvement and maintenance of standards continues with specific focus on those schools in categories 3 or 4 following an Ofsted inspection. In addition, the Education Service also provided a full programme of training to head teachers, teachers and governors.

Fundraising Approach:

Fundraising within parishes outside of this campaign is overseen on a day-to-day basis by the parish priests. The Diocese also has a Planned Giving Department which supports clergy and parishes in their efforts and in compliance with Gift Aid legislation.

Begun in 2016, the Our Mission Together initiative proved to be both successful and popular. The three pillars of the campaign in strengthening parishes, caring for the clergy and mission and social outreach have been well supported with some £11.2m pledged by 4,574 people, after engaging with 81 parishes, to be collected over a five-year period. Undertaking Our Mission Together has enabled the establishment of Caritas Diocese of Shrewsbury, the recruitment of two clergy welfare officers, the formation of a Diocesan Youth Mission Team, and the Mission and Catechesis Team, as well as supporting seminarians as they train for the priesthood. The initiative had staggered commencement dates across the parishes of the Trust, and we are entering the final collections of these initial pledges. As we receive the final donations the Trust is reaching out to these donors on a “light touch” basis through a letter outlining how their funds have helped support the Trust and its operations, but also to engage to see whether they would like to make a new pledge.

FINANCIAL REVIEW:

During the year under review, the financial performance for the Trust as a whole, including its subsidiary companies, remained greatly influenced by the impact of the coronavirus pandemic. Throughout the financial period churches remined open, albeit there were periods of time with restrictions on attendance and the maintenance of social distancing as new variants of Covid emerged. Particularly during the winter months there continued to be a reticence for some people returning to Mass and other activities due to concerns about infection. However, there were times across the year when attendances improved as more general restrictions were eased and confidence returned to parishioners and users of the social clubs. Consequently, the total income for the period, including income from trading subsidiaries, has significantly increased by 25% to £12.5m (2021: £10m). In line with the income of the Trust rising, the cost of Raising Funds and its Charitable Activities have also significantly increased by 19% to £13m (2020: £10.9m). Whilst this is a much welcome improvement, the chart below illustrates that income remains below pre-pandemic levels:

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SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

Consolidated Annual Report For the Year Ending 31[st] March 2022

Chart of Total Income and Expenditure for the Trust:

0 5,000 10,000 15,000 20,000 25,000 £'000's	2017-18 2018-19 2019-20 2020-21 2021-22 Diocesan Income Diocesan Expenditure Parochial Income Parochial Expenditure
The position over the last five years in numerical terms is: 2017-18 £000's 2018-19 £000's 2019-20 £000's 2020-21 £000's 2021-22 £000's Total Income 19,246 14,812 14,241 9,953 12,434 Total Expenditure (15,302) (15,608) (15,923) (10,929) (13,038)

Included within the income the Trust and its subsidiaries have utilised the Government Furlough Scheme and some Hospitality Support Grants that where available to support the cost of staff and operations during the pandemic, this totalled £321k (2021: £1.2m).

Table of Distribution of Government Covid-19 Support Received:

Parochial Grants Received Diocesan Grants Received Diocesan Grants Received - Subsidiaries Total Grants Received	2020-21 £000's 2021-22 £000's 213 65 376 88 607 168	2020-21 £000's 2021-22 £000's 213 65 376 88 607 168
		1,196 321

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SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

Consolidated Annual Report For the Year Ending 31[st] March 2022

Parishes:

Parochial funds of the Trust are raised and expended within each individual parish. In addition to financing their own activities, parishes support the Diocesan central operations through the transfer of funds to cover both general and specific activities.

Table of Net Movement in Total Parochial Operations:

Offertory & Gift Aid Legacies & Other Income Total Parochial Income Repairs & Maintenance Expenditure - Other Total Parochial Expenditure Offertory Assessments Other Transfers Total Parochial Transfers Net Parochial Operating Income/(Expenditure)	2017-18 £000's 2018-19 £000's 2019-20 £000's 2020-21 £000's 2021-22 £000's 6,586 6,212 6,143 4,812 5,237 1,817 1,598 1,486 1,044 2,392	2017-18 £000's 2018-19 £000's 2019-20 £000's 2020-21 £000's 2021-22 £000's 6,586 6,212 6,143 4,812 5,237 1,817 1,598 1,486 1,044 2,392	2017-18 £000's 2018-19 £000's 2019-20 £000's 2020-21 £000's 2021-22 £000's 6,586 6,212 6,143 4,812 5,237 1,817 1,598 1,486 1,044 2,392	2017-18 £000's 2018-19 £000's 2019-20 £000's 2020-21 £000's 2021-22 £000's 6,586 6,212 6,143 4,812 5,237 1,817 1,598 1,486 1,044 2,392
	8,403 (2,222) (5,116)	7,810 (2,092) (5,111)	7,629 5,856 7,629 (2,895) (1,691) (2,293) (5,436) (3,767) (4,173)
	(7,338) (923) 0	(7,203) (901) (750)	(8,331) (5,458) (6,466) (976) (688) (705) (256) 60 195
	(923)	(1,651)	(1,232)	(628) (510)
	142	(1,044)	(1,934)	(230) 653

Overall, the Parochial income was £7.6m, of which £1m arose from legacies (2021 – £5.9m and £106k). Offertory and Gift Aid amounted to £5.2m which has increased on the previous year by 8% from £4.8m, but still significantly lower than pre-pandemic levels.

The Furlough Grant Scheme was utilised across the Parishes to support the operating costs of administration locally and the parishes benefited by £65k (2021: £213k) of Government funding towards Parochial payroll, which is included within other income.

Expenditure of the Parishes increased by 20% from £5.4m in 2021 to £6.5m, as activity in the parishes started to return to normality post pandemic. The largest increase in cost over the financial period was through Repairs and Maintenance which stood at £2.3m up from £1.7m (35% increase).

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SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

Consolidated Annual Report For the Year Ending 31[st] March 2022

Diocesan:

Diocesan - Unrestricted Funds:

The principal income for the unrestricted fund is from assessments on parish income based on offertory, gift aid, and the sale of property from the parishes, with additional support for Mission and Supporting Clergy coming from the Our Mission Together Fund. Further funding is generated from income generated through the listed investments ( See Investment Policy and Performance).

Table of Net Movement of Curial Operations within the Unrestricted Fund (Excluding Subsidiaries):

Excluding Transfers for Capital Assets*

Diocesan Income Diocesan Expenditure Diocesan Operational Transfers Net Diocesan Unrestricted Operating Income/(Expenditure):*	2017-18 £000's 2018-19 £000's 2019-20 £000's 2020-21 £000's 2021-22 £000's 1,450 1,318 1,147 1,088 920 (2,684) (2,512) (2,362) (2,135) (2,314) 923 1,069 1,357 991 1,573	2017-18 £000's 2018-19 £000's 2019-20 £000's 2020-21 £000's 2021-22 £000's 1,450 1,318 1,147 1,088 920 (2,684) (2,512) (2,362) (2,135) (2,314) 923 1,069 1,357 991 1,573	2017-18 £000's 2018-19 £000's 2019-20 £000's 2020-21 £000's 2021-22 £000's 1,450 1,318 1,147 1,088 920 (2,684) (2,512) (2,362) (2,135) (2,314) 923 1,069 1,357 991 1,573
		(311)	(125) 142 (56) 179

Unrestricted income into the Trust excluding the government furlough scheme amounted to £832k (2021: £712K) an increase of 17%, with furlough grants received of £88k (2021: £376k) the loss of income reduces to 15%. The charitable expenditure of the unrestricted funds amounted to £2,314k (2020: £2,135k) an increase of 8% principally driven by return of activity in operations. Transfers received by the unrestricted fund totalled £2,071k (2021: £1,623k) of which £1,573k (2021: £991k) represented operational activity and £498k (2021: £632k) towards capital costs (principally the build costs of St Anthony’s project), see Note 10.3 .

Investment income from the managed portfolio remained greatly affected by the pandemic and the affect this had on interest rates and rates of return. The income generated for the benefit of unrestricted funds in the year held steady at £313k (2021: £316k). The Diocesan Central fund position at the year-end showed a gain on investments of £2,210k (2021 £3,059k), demonstrating strong capital growth notwithstanding the rates of return. See Investment Policy and Performance.

Diocesan - Fund for Education and Training of Priests (Designated Fund):

Donations and investment income to support the education of clergy amounted to £96k (2021: £87k) a small increase of 10%.

The principal costs of the training of priests are currently being underwritten by the Our Mission Together (Restricted) Fund and transfers of £281k (2021: £270k) was received to support the cost of courses and grants paid to seminarians. Fees and costs in the training of clergy increased by 5% to £311k (2021: £295k). During the financial year 3 priests were ordained, with a further xx men still in training.

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SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

Consolidated Annual Report For the Year Ending 31[st] March 2022

Diocesan - Fund for Sick and Retired Priests (Designated Fund):

Table of Operational Activity for the Clergy – Retired & Sick Priest Fund:

Income Expenditure Our Mission Together - Transfers Net Operating Income/(Expenditure) for the Retired and Sick Priest Fund:	2017-18 £000's 2018-19 £000's 2019-20 £000's 2020-21 £000's 2021-22 £000's 107 108 152 158 58 (759) (514) (522) (666) (556) 0 96 160 230 267	2017-18 £000's 2018-19 £000's 2019-20 £000's 2020-21 £000's 2021-22 £000's 107 108 152 158 58 (759) (514) (522) (666) (556) 0 96 160 230 267	2017-18 £000's 2018-19 £000's 2019-20 £000's 2020-21 £000's 2021-22 £000's 107 108 152 158 58 (759) (514) (522) (666) (556) 0 96 160 230 267	2017-18 £000's 2018-19 £000's 2019-20 £000's 2020-21 £000's 2021-22 £000's 107 108 152 158 58 (759) (514) (522) (666) (556) 0 96 160 230 267	2017-18 £000's 2018-19 £000's 2019-20 £000's 2020-21 £000's 2021-22 £000's 107 108 152 158 58 (759) (514) (522) (666) (556) 0 96 160 230 267	2017-18 £000's 2018-19 £000's 2019-20 £000's 2020-21 £000's 2021-22 £000's 107 108 152 158 58 (759) (514) (522) (666) (556) 0 96 160 230 267
		(652)	(310)	(210)	(278)	(231)

Donations to support priests in sickness and retirement has been significantly impaired with a reduction to £58k (2021: 158k) a reduction of 63%, although the expenditure has also decreased by a similar amount to £556k (2021: £666k) a decrease of 17%. The costs are partially supported through Our Mission Together (Restricted) Fund and transfers have also increased by 16% to £267k, as the number of priests eligible for the support of this funding increases.

The fund itself currently has £7.2m in reserve, however the property portfolio is currently £7.4m a shortfall of funding of £319k, supported by the unrestricted reserves. There are empty properties within this portfolio currently for sale to address the current position.

Diocesan - Sherratt Fund (Designated):

This Fund was created following the receipt of a legacy of £3.6m during the financial period ending March 2018 and have been designated by the Trustees to support projects with lasting benefits. In this year the Fund was utilised to rebuild the presbytery and parish centre at St Anthony’s in Wythenshawe, with the total spend of £1,007k with the works completing in the 2022 financial period. The closing reserves for the fund are £1,564 (2021: £2,393).

Diocesan - Our Mission Together Fund (Restricted):

The purpose of Our Mission Together is the strengthening and advancing our parishes by responding to local needs; supporting a new generation of priests in their discernment and training and providing for our faithful priests through their years of service and for those moving into retirement; and developing our mission and social outreach.

Income received through donations and investment income totalled £786k (2021: £1,153k). During the year the first tranche of pledges reached their five-year anniversary and so came to the end of the pledge period. The reduction was entirely expected part of the cycle of giving. Direct expenditure of the fund equated to £319k (2021: £334k), which included £250k to support Caritas – Diocese of Shrewsbury (2021: £250k) and transfers on activity was £1.2m (2021: £686k), the fund received transfers on pledges from parishes of £249k (2021: £275k).

The closing funds associated with Our Mission Together was £3.9m (2021: £4m).

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SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

Consolidated Annual Report For the Year Ending 31[st] March 2022

Diocesan - School Building Fund (Restricted):

Income received from the Diocese, parents and schools totalled £563k (2021: £559k). Expenditure from this was £485k (2021: £478k) leaving £898k carried forward on 31 March 2022. This expenditure is used to support the 10% contribution needed to match Government funding received by the Diocese under the School Condition Allocations (SCA) scheme, which replaced LCVAP in April 2020.

Diocesan - Subsidiaries:

The Diocese has several subsidiaries, and their results can be seen in Note 2. All the subsidiary results have shown a deficit due to the impact of the pandemic.

Salop Service Company Ltd operates a car park in Crewe for the benefit of the parish, and the losses incurred are anticipated to be short term, the car park was closed during the year to allow works for the Caritas/Parish centre to be built.

Shrewsbury Diocese Commercial Co Ltd operates social clubs and a cafe through the parish centres at sites across the diocese. As the company operates within the hospitality sector it was forced to close its sites as part of the government response to the COVID-19 pandemic. During this financial year the restrictions were finally lifted at the end of July 2021, trade remained subdued for the rest of the trading year due to variants of the virus that greatly affected the normally busy Christmas period. The loss of a profit centre immediately after the lifting of restrictions further restricted the ability of the organisation to reduce these losses further and in fact contributed £57k to the final position.

Due to the high operating cost of property the losses incurred have returned to pre-pandemic levels of £255k (2021: £513k deficit). The costs of maintaining the property was around £365k for the year It is recognised that the cost of property in the event of the closure of the clubs would become the responsibility of the Charity.

Alongside the commercial activity there are a number of parish and pastoral activities which take place, for example Fare Share café, food banks, and other social outreach work. SDCC supports this important work through managers/staff time to open the site plus the property costs of heat, light, and water, which come to around £75k each year. Work is ongoing to find funding to support these charitable activities, as these are important activities and a good use of the premises, this in include integration of activity between the Parishes and Caritas – Diocese of Shrewsbury.

Trading continues to recover from the pandemic post year-end, and some significant success has been attained within the Manchester based clubs, however the onset of inflation pressures through energy prices has placed greater strain on some sites. The management are examining the viability of all clubs, with a detailed analysis of each site and business plan to move the organisation forward.

Hale Barns Events Ltd holds an annual festival in July. This is the subsidiary’s fourth year of trading and has been greatly affected by the COVID-19 pandemic and restrictions were still in place at the time of the July 2021 event, the event suffered through late line-up changes that resulted in ticket refunds but benefitted from reduced VAT on ticket sales and a small amount of furlough that reduced the losses incurred to £1k (2021: £12k).

Any surplus generated by the festival is for the benefit of the local parish to build a parish hall for the community, and because of the events’ held the Charity is receiving donations directly to support this

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SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

Consolidated Annual Report For the Year Ending 31[st] March 2022

project; therefore, the financial performance of the commercial activity alone cannot be the sole measure of success.

Risk Assessment and Risk Management:

The Trustees have in place a risk management process to assess risks to which the Charity is exposed, in particular those relating to the operational areas, finances and investment assets. This involves assessing the likelihood and potential impact of occurrence and identifying means of mitigation. Whilst this has worked successfully, the Trustees have identified the benefits of undertaking an in-depth review of the risk policy and procedures to ensure that they are fit for purpose and all significant or material risks are identified.

The main areas of risk identified prior to the pandemic are the falling Mass attendance, reducing numbers of priests available to serve in parishes and the risk of safeguarding failures in relation to children and vulnerable adults. An additional risk is the inclination of parishioners to return to Mass in churches following the pandemic, as there is a mixed picture across both the Diocese and nationally. The decline in Mass attendance prior to the pandemic was lessening although it remains a risk. Some areas have benefitted from immigrant Catholics compensating for the loss of indigenous Catholics. As part of the future plans, the fundraising campaign has achieved significant funds to continue to support the Diocesan Youth Ministry team to, amongst other things, address the rate of decline in youth attendance at Mass. The work of the Director of Vocations is to help men to decide whether to embark on formation to the priesthood. The creation of the gap year facilities at the Cathedral is one of the measures being taken to promote vocations to the priesthood through offering a period of discernment before formal formation begins. The Trust has a rigorous safeguarding policy and parishes, and Diocesan activities are monitored for compliance. The Safeguarding team offers training to all clergy and safeguarding representatives including on-line training through Educare, the work of the Safeguarding Team is overseen by the Trustees through its Safeguarding Sub-Committee.

Investment Policy and Performance:

The Trust Deed authorises the Trustees to make and hold investments using the general funds of the Diocese, without any restrictions. The investment objective of the Trustees changed with effect from 1 April 2012 to one of income maximisation whilst protecting capital growth if possible. The overall risk is assessed as medium.

Schroder & Co Limited manages the investment portfolio on a discretionary basis within the parameters of the investment policy which restricts the investment managers from investing in any area that would be incompatible with the objectives of the Trust. The Trustees set performance targets and assesses the actual performance of the investment managers.

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SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

Consolidated Annual Report For the Year Ending 31[st] March 2022

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Chart of Income from Listed Investments Held by the Trust:
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The total income from listed investments held by the Trust grew 7% to £474k (2021: £444k).

The value at 31 March 2022 held by Schroders was £20.9m (2021: £19.3m), during the year £250k (2021: £1.9m) was drawn from investments to support capital projects including that at St Anthony’s, Wythenshawe. The investment properties held had increased through professional valuation by £312k.

Reserves Policy:

At 31 March 2022 the Trust had a total of £51.6m in reserves (2021: £49.9m), being restricted, designated and unrestricted funds.

The restricted funds total some £5,644k (2021 - £5,411k) including £534k Parochial restricted reserves. The Diocesan restricted funds are the accumulated surpluses created on Our Mission Together, the Pilgrimage Fund and School Building Fund as well as other funds and collections received for restricted purposes. Further details are set out in Note 11 to the accounts.

The designated funds of the Diocese comprise of £44.1m (2021 - £43.9m) made up of Parochial funds of £32.5m (2021 - £31.6m) and Diocesan designated funds of £11.7m (2021 - £12.5m). In Canon Law the parishes have the right to acquire, retain, administer and alienate temporal goods. While the funds of individual parishes could be regarded as restricted at Diocesan level, the Charity Commission has indicated that in civil law it considers that parish funds remain unrestricted at the Diocesan level. The Trustees have, however, designated these unrestricted funds as relating to the individual parishes from which they are derived.

The designated fund for retired clergy is used to support Diocesan retired and sick clergy. Transfers into the fund is made from parish collections, donations and, from time to time, from Diocesan unrestricted funds. The assets of the fund comprise £7.4m of residential property in which the retired clergy are housed. Each year the fund assets are depleted as the costs of the provision of retirement allowances/grants and other costs is in excess of the income from investments and collections. There are also approximately a further twenty priests due to retire within the next five years and the Trustees have identified that there are insufficient liquid assets held to meet the costs of those currently provided for by the fund as well as those due to retire. The fundraising campaign, now completed, will address the shortfall for the next five years and provide the appropriate level of liquid assets.

Page 12 of 40

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

Consolidated Annual Report For the Year Ending 31[st] March 2022

The Clergy Education and Training Fund is used for education and training purposes within the Diocese and for ongoing ministry. The fund stands at £3m (2021 - £2.7m) and is held in listed investments. Whilst the annual costs exceed the funds raised from collections which are currently supported through Our Mission Together, the balance of the fund is sufficient for the costs of seminarians currently in training to the end of their studies. One of the aims of the Bishop and Trustees is to increase vocations and again additional funds for promotion of vocations and training will be generated from the completion of the fundraising campaign.

The Sherratt Fund was established following the receipt of a legacy of £3.6m. Whilst there are no restrictions on the use of the funds under the terms of the legacy, the Trustees have decided that the funds should be used to support projects which would provide a lasting benefit to the Diocese. The first such project to be considered is the redevelopment of the presbytery and parish/social centre facilities at St Anthony in Wythenshawe at an indicative cost of £1.5m, works on this property completed in June 2021. This important church is at the heart of the parish of Our Lady Queen of Peace and the LPA in Wythenshawe and by investing in one of the poorest areas of the Diocese the Trustees are committing to the mission in the greatest area of need. The current reserves held are £1.6m.

Parochial funds, treated as designated funds of the Diocese need to be held by each parish to provide working funds, to meet future expenditure (particularly on property maintenance) that will not be met by future income and, in some cases, accumulate funds for a building programme. The properties held by parishes comprise the parish church or churches and, in most cases, a hall and presbytery. The maintenance costs of these can be substantial and frequently unpredictable. Excluding tangible fixed assets, the average reserves held by each parish is £150k, although the actual amounts held can be significantly above or below this average. Parishes with surplus funds are able to provide support to parishes in need either directly or through the Diocese.

The funds that can be realised only by disposal of fixed assets are £27m, comprising £16.7m for parishes and £10.3m for Diocese.

The remaining charity reserves after making allowances for any restricted funds and the amount of designations, commitments (not provided for as a liability in the accounts) or the carrying value of functional assets totalled £1.8m, all relating to the Diocese. The reserves held by charitable trading operations are nil as all surplus funds are remitted to the Trust. The Trustees are satisfied that this is appropriate as the operations are cash-based businesses with significant weekly turnover. The companies are closely monitored and managed to ensure that there is sufficient working capital to ensure that the businesses can meet their liabilities as they fall due.

The net costs of central operations are substantially covered by levies on parishes and anticipated income from other sources. The parish assessments are calculated on the basis of offertory income from two years prior to the year of assessment e.g. for the year to 31 March 2021 the offertory income from year to 31 March 2019 is used.

A consistent formula is used, and parishes are able to predict the assessment in advance of its collection to assist parish budgeting. Other anticipated sources of income such as collections and legacies are unpredictable and subject to unforeseen changes. Accordingly, reserves are required in order to meet possible shortfalls in income needed to meet current levels of expenditure.

The Trustees have not determined a fixed amount of general reserves that is needed but consider that the reserves need to be maintained to at least the current level in order to meet possible shortfalls in income.

Page 13 of 40

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

Consolidated Annual Report For the Year Ending 31[st] March 2022

FUTURE PLANS

Looking to the coming year, the major challenge is to maintain the faith and life of the Diocese in the aftermath of a global pandemic including current economic uncertainty. The key elements include being able to sustain parish activities with ongoing Covid infections circulating in the general population, encouraging parishioners to return to attending Mass in church rather than online, and to sustain in person meeting of many of the groups and activities which form part of parish life. The Bishop and Trustees are aware of the pastoral and practical challenges that this entails and are pleased to report that plans are in motion in a number of areas:

• The Diocesan Department for Catechesis and the Promotion of the Vocation of Marriage will continue its work to support catechists, building on the foundations set in the year under review;.

• • SYMT will continue its blended delivery of in person and digital ministry to engage with young people across the Diocese

• Caritas Diocese of Shrewsbury will the see full opening of its new centre in Crewe in the coming year, and will continue its work with refugees across the Diocese;

• The environment is also high a key focus and the coming year will see much work in establishing the current carbon footprint of the Diocese, and identifying ways in which we can move to carbon neutrality.

• The Government White Paper on academies issued in March 2022 includes plans for a fully trustled system with a single regulatory approach, as the government wants all schools to be in or moving towards multi-academy trusts (MATs) by 2030. Work will continue in establishing a route map for Diocesan schools moving towards being part of one of the three Diocesan MATs.

In addition, there are continuing pressures on schools in terms of academic standards and also school finances, particularly during the pandemic. The Diocesan Education Service continues to support schools and work with those who require assistance.

The Trustees are still working towards operating through a corporate structure rather than as an unincorporated trust, which has progressed during the year. It is anticipated that this will be finalised in 2023.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The fixed assets and investments of the charity are vested in a trust with the Diocesan Trustees as the managing Trustees, of which there are eight.

Trustees:

The affairs of the Charity are governed by the Trustees under the chairmanship of the Bishop. All Trustees are appointed and removed by the Bishop who is empowered to do so by the Trust Deed. The Board consists of six clergy and three laity of the faithful. The clergy Trustees are appointed for their expertise in parochial, spiritual and pastoral matters. The lay Trustees are selected for their skills and experience in charities, business, management and property. Further lay trustees would be chosen to match any perceived skill requirement. New Trustees are provided with the terms of reference and a pack of information relating to the constitution, governance and operation of the Trust. In order to ensure that the Trustees have the necessary up to date knowledge to govern the Charity, the Chair of Trustees has instigated a programme of trustee training, delivered by suitably qualified and experienced individuals. The Board has established various sub-committees to advise it on aspects of the Trust’s activities. The Bishop has also established certain commissions and councils to provide advice in other areas.

Page 14 of 40

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

Consolidated Annual Report

For the Year Ending 31[st] March 2022

Board of Finance and Administration:

Trustees obtain advice from the Board, to whom they delegate relevant matters of finance, administration, HR, legal, insurance and property. This Board is chaired by the Episcopal Vicar for Administration, a Trustee, and comprises senior clergy and lay professional people experienced in commerce, finance, education, personnel and property matters. The Board meets four times a year.

Health and Safety Sub-Committee:

This is a recently established sub-committee chaired by a lay Trustee, responsible for oversight of matters of Health and Safety. It will oversee the implementation of the handbook and training as well as supporting the enhancement of the network of parish volunteer health and safety representatives. This sub-committee meets four times a year.

Academy and Standards Sub-Committee:

The Committee has oversight of applications for academy conversions as well as oversight of standards in schools. It is chaired by a Vicar General as well as the Episcopal Vicar for Education. This subcommittee meets as required, although currently meetings are monthly.

Bishop’s Council:

The Council comprises two Vicars General, Episcopal Vicars, other clergy and advisors and meets with the Bishop weekly.

Council of Priests and College of Consultors:

The priests in these two bodies advise the Bishop on strategic issues affecting the parishes and Diocese.

Bishop’s Commissions and Committees:

There are Bishops Commissions for Youth, New Evangelisation, Liturgy, Marriage & Family Life, Education, Boundaries, Justice Peace & Social Responsibility, and Christian Unity. There are Committees for Heritage, Arts & Architecture and Cemeteries. Each Committee and Commission advises the Bishop on its area of responsibility and each is chaired by the Bishop or by an Episcopal Vicar.

Parishes:

The day-to-day administration of parishes is delegated to the parish clergy who are advised by their parish finance committee. Significant matters are approved by the Board of Finance and Administration and/or Trustees, such as the employment of staff or the approval of major repairs or large items of expenditure.

Remuneration Policy:

Annual pay changes are approved by the Trustees. Periodically pay rates, including those for key management personnel, are benchmarked against market rates, particularly when recruiting or if staff move into significant roles. Recruitment is approved and monitored by the Board of Finance and Administration and/or Trustees in accordance with budgeted expenditure.

Page 15 of 40

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

Consolidated Annual Report For the Year Ending 31[st] March 2022

STATEMENT OF TRUSTEES’ RESPONSIBILITIES:

The Trustees are responsible for preparing the Trustees' Report and the financial statements 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 financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charities SORP;

• make judgments and estimates that are reasonable and prudent;

• state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

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 financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008, and the provisions of the trust deed. They are responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection fraud and other irregularities.

Approved by the Trustees at a meeting held on 31[st] January 2023 and signed as authorised on their behalf by:

Rt Rev Mark Davies – Bishop of Shrewsbury

Trustee

Page 16 of 40

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

Consolidated Annual Report For the Year Ending 31[st] March 2022

Independent auditor’s report to the trustees of Shrewsbury Roman Catholic Diocesan Trust

Opinion:

We have audited the financial statements of Shrewsbury Roman Catholic Diocesan Trust for the year ended 31 March 2022 which comprise Consolidated Statement of Financial Activities, the charity and group Balance Sheets, the consolidated Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

give a true and fair view of the state of the group’s and of the parent charity’s affairs as at 31 March 2022 and of the group’s net movement in funds 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 have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern:

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information:

The trustees are responsible for the other information. The other information comprises the information included in the Consolidated Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial

Page 17 of 40

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

Consolidated Annual Report For the Year Ending 31[st] March 2022

statements, or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception:

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

adequate accounting records have not been kept by the parent charity, or returns adequate for our audit have not been received from branches not visited by us; or

sufficient accounting records have not been kept; or

the parent charity financial statements are not in agreement with the accounting records and returns; or we have not received all the information and explanations we require for our audit.

Responsibilities of trustees for the financial statements:

As explained more fully in the trustees’ responsibilities statement set out on Page 17, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group’s and the parent charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements:

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

Based on our understanding of the group and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to Canon Law, employment law, safeguarding regulations and Charity Law, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as Charities Act 2011 and Charities SORP.

Page 18 of 40

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

Consolidated Annual Report For the Year Ending 31[st] March 2022

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls). Audit procedures performed by the engagement team included:

Review of minutes of trustees’ meetings; Inspecting correspondence with regulators and tax authorities;

Discussions with management including consideration of known or suspected instances of noncompliance with laws and regulation and fraud;

Evaluating management’s controls designed to prevent and detect irregularities; Identifying and testing journals; and

Challenging assumptions and judgements made by management in their critical accounting estimates. These related to depreciation, investment property valuations and accrued legacies.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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

Use of our report:

This report is made solely to the charity’s trustees, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's 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’s trustees as a body for our audit work, for this report, or for the opinions we have formed.

Haysmacintyre LLP 10 Queen Street Place Statutory Auditors London EC4R 1AG

Date:

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

Page 19 of 40

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

Consolidated Statement of Financial Activities For the Financial Year Ending 31st March 2022

Income from: Donations & Legacies 3.1 Other Trading Activities 3.2 Investments 3.3 Other Income 3.4 Total Income: Expenditure on: Raising Funds 4 Charitable Activities 5 Total Expenditure: Net Income/(Expenditure) before Net Gains/(Losses) on Investments Net Gains/(Losses) on Investments: Listed Investments Property (Unrealised) Property (Realised) Net Income/(Expenditure) Transfer Between Funds Net Movement in Funds Total Funds Brought Forward: Total Funds Carried Forward: Note:	£000 £000 6,666 357 153 - 144 - 309 - Parochial Funds Unrestricted Designated Restricted	£000 £000 6,666 357 153 - 144 - 309 - Parochial Funds Unrestricted Designated Restricted	£000 7,023 153 144 309 Total	£000 £000 £000 389 134 1,354 2,223 - - 531 73 91 10 - - Diocesan Funds Unrestricted Unrestricted Designated Restricted	£000 £000 £000 389 134 1,354 2,223 - - 531 73 91 10 - - Diocesan Funds Unrestricted Unrestricted Designated Restricted	£000 £000 £000 389 134 1,354 2,223 - - 531 73 91 10 - - Diocesan Funds Unrestricted Unrestricted Designated Restricted	£000 £000 £000 389 134 1,354 2,223 - - 531 73 91 10 - - Diocesan Funds Unrestricted Unrestricted Designated Restricted	£000 1,877 2,223 695 10 Total			2022 2021 (Note 17) £000 £000 8,900 7,961 2,376 1,243 839 706 319 43 Total Funds	2022 2021 (Note 17) £000 £000 8,900 7,961 2,376 1,243 839 706 319 43 Total Funds
	(	7,272 357 (86) - 6,148) (232) (	7,629 (86) 6,380)	3,153 (2,648) (2,145)		207 (17) (921)	1,445 (23) (818)	4,805 (2,688) (3,884)		12,434 9,953 (2,774) (1,832) (10,264) (9,097)
	(	6,234) (232) (	6,466)	(	4,793)	(938)	(841)	(6,572)		(	13,038) (10,929)
		1,038 125 358 - 110 - 12 -	1,163 358 110 12	(	1,640) 705 25 -	(731) 462 177 5	604 356 - -	(1,767) 1,523 202 5				(604) (976) 1,881 3,059 312 320 17 1
		1,518 125 (739) 229	1,643 (510)		(910) 2,071	(87) 960 (480) (1,081)		(37) 510				1,606 2,404 - -
		779 354 31,611 180	1,133 31,791		1,161 669	(567) 12,261	(121) 5,231	473 18,161			1,606 2,404 49,952 47,548
		32,390 534	32,924		1,830	11,694	5,110	18,634			51,558 49,952

Page 20 of 40

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

Consolidated Statement of Financial Activities For the Financial Year Ending 31 March 2022 - Continued

Schedule of Transfers: Parish Community Hub (Nantwich) Management Charge Paid by School Building Fund Total Transfers: Contribution Paid to School Building Fund Parish Projects Other Transfers: School Building Fund: Youth Minibus Sharatt Diocesan Unrestricted Designated - Assessment Support for Parishes Significantly Affected by Covid-19 Sharatt Diocesan Unrestricted Designated - Redevelopment of St Anthony's Parish Hall & Presbytery LCVAP 1.5% to cover Diocesan Administrative Property Costs Mission & Outreach paid to Diocesan Unrestricted Supporting Clergy in Education and Retirement paid to Diocesan Unrestricted/ Designated Offertory Assessments paid to Diocesan Unrestricted Parish Pledges to Our Mission Together Our Mission Together: Property Sales Assessments paid to Diocesan Unrestricted Gift Aid Assessments paid to Diocesan Unrestricted Assessments:	£000 £000 £000 (705) - (705) (46) - (46) (47) - (47) - - - - - - (249) - (249) 247 - 247 - - - - - - - - - 290 - 290 (229) 229 - - - - - - - Total Unrestricted Designated Restricted Parochial Funds	£000 £000 £000 (705) - (705) (46) - (46) (47) - (47) - - - - - - (249) - (249) 247 - 247 - - - - - - - - - 290 - 290 (229) 229 - - - - - - - Total Unrestricted Designated Restricted Parochial Funds	£000 £000 £000 £000 705 - - 705 46 - - 46 47 - - 47 409 - (409) - 37 548 (585) - - - 249 249 - - (247) (247) (130) - 130 - 130 - (130) - 79 - (79) - 488 (778) - (290) - - - - 10 - (10) - 250 (250) - - Diocesan Funds Unrestricted Unrestricted Designated Restricted Total	£000 £000 £000 £000 705 - - 705 46 - - 46 47 - - 47 409 - (409) - 37 548 (585) - - - 249 249 - - (247) (247) (130) - 130 - 130 - (130) - 79 - (79) - 488 (778) - (290) - - - - 10 - (10) - 250 (250) - - Diocesan Funds Unrestricted Unrestricted Designated Restricted Total		2022 2021 (Note 17) £000 £000 - - - - - - - - - - - - - - - - - - - - - - - - - - - - Total Funds
		(739) 229 (510)		2,071 (480) (1,081) 510		- -

Page 21 of 40

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

GROUP BALANCE SHEET AT 31st MARCH 2022

Note: Fixed Assets: Tangible Assets 6.1 Investment Properties 6.3 Investments 7 Current Assets: Stock Debtors 8.1 Cash at Bank Creditors: Less: Current Liabilities 9.1 Parish Loans Net Current Assets: Total Net Assets: Financed By: Restricted Funds 11 Designated Funds 10.1 Unrestricted Funds 10.2	Parochial Diocesan 2022 2022 £000 £000 12,819 1,917 3,850 8,401	Parochial Diocesan 2022 2022 £000 £000 12,819 1,917 3,850 8,401	Parochial Diocesan 2022 2022 £000 £000 12,819 1,917 3,850 8,401	Total Parochial Diocesan Total 2022 2021 2021 2021 £000 £000 £000 £000 14,736 12,395 1,435 13,830 12,251 4,570 8,644 13,214	Total Parochial Diocesan Total 2022 2021 2021 2021 £000 £000 £000 £000 14,736 12,395 1,435 13,830 12,251 4,570 8,644 13,214	Total Parochial Diocesan Total 2022 2021 2021 2021 £000 £000 £000 £000 14,736 12,395 1,435 13,830 12,251 4,570 8,644 13,214
		16,669 5,253	10,318 15,646	26,987 20,899	16,965 3,686	10,079 27,044 15,659 19,345
		21,922 - 416 2,667	25,964 73 611 8,361	47,886 73 1,027 11,028	20,651 - 14 2,779	25,738 46,389 41 41 517 531 6,126 8,905
		3,083 (233) 8,152	9,045 (8,223) (8,152)	12,128 (8,456) -	2,793 (186) 8,533	6,684 9,477 (5,728) (5,914) (8,533) -
		11,002	(7,330)	3,672	11,140	(7,577) 3,563
		32,924 534 32,390 -	18,634 5,110 11,694 1,830	51,558 5,644 44,084 1,830	31,791 180 31,611 -	18,161 49,952 5,231 5,411 12,261 43,872 669 669
		32,924	18,634	51,558	31,791	18,161 49,952

The Net Movement in Funds for the year from Diocesan and Parish sources (excluding subsidiary companies) was £1,862k (2021 - £2,930k)

Approved by the Board of Trustees at their meeting on 31st January 2023 and signed on their behalf by:

Rt Rev Mark Davies, Bishop of Shrewsbury

Page 22 of 40

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

CHARITY BALANCE SHEET AT 31st MARCH 2022

CHARITY BALANCE SHEET AT 31st MARCH 2022
Note: Fixed Assets: Tangible Assets 6.2 Investment Properties 6.3 Investments 7 Current Assets: Stock Debtors 8.2 Cash at Bank Creditors: Less: Current Liabilities 9.2 Parish Loans Net Current Assets: Total Net Assets: Financed By: Restricted Funds 11 Designated Funds 10.1 Unrestricted Funds 10.3	Parochial Diocesan 2022 2022 £000 £000 12,819 1,534 3,850 8,401			Total Parochial Diocesan Total 2022 2021 2021 2021 £000 £000 £000 £000 14,353 12,395 1,074 13,469 12,251 4,570 8,644 13,214
		16,669 5,253	9,935 16,097	26,604 21,350	16,965 3,686	9,718 26,683 16,110 19,796
		21,922 - 416 2,667	26,032 - 1,772 8,324	47,954 - 2,188 10,991	20,651 - 14 2,779	25,828 46,479 - - 1,553 1,567 6,112 8,891
		3,083 (233) 8,152	10,096 (7,817) (8,152)	13,179 (8,050) -	2,793 (186) 8,533	7,665 10,458 (5,530) (5,716) (8,533) -
		11,002	(5,873)	5,129	11,140	(6,398) 4,742
		32,924 534 32,390 -	20,159 5,110 11,694 3,355	53,083 5,644 44,084 3,355	31,791 180 31,611 -	19,430 51,221 5,231 5,411 12,261 43,872 1,938 1,938
		32,924	20,159	53,083	31,791	19,430 51,221

Page 23 of 40

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

CONSOLIDATED STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 31st MARCH 2022

Cashflow from Operating Activities: Net Cash Provided by/(Used in) Operating Activities (Note (i) below) Cashflow from Investing Activities Investment Income Purchase of Tangible Fixed Assets Purchase of Investment Properties Purchase of Listed Investments Purchase of Private Investments Proceeds from Sale of Investments Proceeds from Sale of Investment Properties Proceeds from Sale of Fixed Assets Net Cash Provided by/(Used In) Investing Activities: Change in Cash and Cash Equivalents in Reporting Period: Cash at 01 April Cash and Cash Equivalents at 31 March (Note (ii)) Note (i): Reconciliation of NET Cashflow from Operating Activities: Net Income Depreciation Revaluation of Investments Net (Gain)/Loss on Sale of Fixed Assets Investment Income (Increase)/Decrease in Stock (Increase)/Decrease in Debtors Increase/(Decrease) in Creditors Note (ii): Bank and Cash Balances: Cash at Bank Schroders Current Accounts held as Part of Investment Portfolio Note 7	£000 839 (1,456) (290) (4,835) (4) 4,730 1,582 340 2022	£000 839 (1,456) (290) (4,835) (4) 4,730 1,582 340 2022	£000 781 906 1,687 9,632 11,319 1,606 529 (2,210) (319) (839) (32) (496) 2,542 781 11,028 291 11,319	£000 £000 1,067 706 (1,040) (472) (8,488) - 11,017 390 44 2,157 3,224 6,408 9,632 2,404 507 (3,380) (43) (706) 20 27 2,238 1,067 8,905 727 9,632 2021	£000 £000 1,067 706 (1,040) (472) (8,488) - 11,017 390 44 2,157 3,224 6,408 9,632 2,404 507 (3,380) (43) (706) 20 27 2,238 1,067 8,905 727 9,632 2021
					3,224 6,408
					9,632 2,404 507 (3,380) (43) (706) 20 27 2,238
					1,067 8,905 727
					9,632

Page 24 of 40

SHREWBURY ROMAN CATHOLIC DIOCESAN TRUST NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31st MARCH 2022

1 Principle Accounting Policies:

1.1 Basis of Preparation:

The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Statement of Recommended Practice for Charities (SORP 2015)(Second Edition, effective 1st January 2019), applicable accounting standards and the Charities Act 2011. The Charity's operations which are all continuing are as follows:

• Parochial - Consolidation of Diocesan Parish Accounts

• Diocesan - Consolidation of Central Funds and 3 (three) Subsidiary Company Accounts

The statement of financial activities ("the SOFA") and balance sheet consolidate the financial statements of the charity and its subsidiary companies, Shrewsbury Diocese Commercial Co Ltd, Salop Service Company Limited, and Hale Barns Events Limited. The results of the subsidiary companies are consolidated on a line by line basis. The charity is a Public Benefit Entity as defined by FRS 102.

1.2 Preparation of the Accounts on a Going Concern Basis:

In light of the advent of the Covid-19, the board of trustees have examined in detail the impact the pandemic has inflicted upon the charity. Which include a detailed analysis of budgets, cash flow forecasts, and analysis of available grants to support the required staffing levels across the organisation.

In addition to the analysis the charity holds significant investments in property as well as equity investments it can draw upon in the event of impairment in cash flows, that cover more than 12 months costs.

In consideration of all the above the trustees confirm that they have no material uncertainties about the entity's ability to continue as a going concern for the foreseeable future.

1.3 Income:

All income is included in the Statement of Financial Activities once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income can be measured reliably.

Donations are recognised when the Diocese receives written confirmation of the amount, it is probable that the income will be received and it can be reasonably be measured in financial terms. Legacies are recognised as an entitlement at the earlier of either notification from the executor that a grant of probate has been received and the charity is expected to receive a distribution which can be measured reliably, or a distribution has been made from the estate.

Where legacies have been notified to the Charity but the criteria for income recognition has not been met, the legacy is treated as a contingent asset and disclosed if material.

Income from fundraising trading is included in the period that the relevant services are provided or goods supplied. This includes income from subsidiary companies, further details of which can be found in NOTE 2.

Investment income is credited to income when it is receivable and the amount can be measured reliably by the Charity, This is normally on notification of interest paid by the bank or in the case of listed investments on notification of the amount paid directly to the brokers, Schroders.

The Diocese receives substantial help from volunteers. It is not possible to place a financial value on this work and no amounts are therefore included in the financial statements for the value of services donated by volunteers. Gifts of fixed assets are included at valuation and recorded as donation income.

1.4 Expenditure:

Expenditure is recognised as a liability as soon as there is legal or constructive obligation committing the Charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be reasonably measured.

Expenditure is recognised on an accruals basis as a liability incurred, inclusive of irrecoverable VAT.

Costs of raising funds compromises all costs relating to attracting voluntary income, the costs of goods sold in fundraising trading and other related costs. They have been allocated to activities on a basis consistent with the use of resources.

Charitable activities expenditure comprises of those costs associated with the objects of the Diocese.

Page 25 of 40

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31st MARCH 2022

1 Principle Accounting Policies (continued)

1.5 Commitments:

Commitments that have been made by the Trustees and that are legally binding have been accrued. Those that are not legally binding have not been charged in the accounts but are disclosed in NOTE 14.

1.6 Tangible Fixed Assets - Other than Property:

The cost of motor vehicles, office equipment and fixtures and fittings is capitalised and depreciation is provided to write off the original cost, less any estimated residual value, over the expected useful lives of the assets concerned. The rates of depreciation applied are as follows:

	% of cost per annum
- Motor Vehicles	25
- Office Equipment, Fixtures and Fittings	10/20
- Computer Equipment	33

1.7 Tangible Fixed Assets - Functional Church Property:

Prior to 31st March 1996 capital expenditure on functional church property was written off in full as incurred.

At 31st March 1996 the Trustees considered that a reasonable approximation of the net book value of the functional church property would be established through discounting the insurance replacement values of these assets by 90%. This is the policy employed to include these assets on the balance sheet at estimated historic cost net of accumulated depreciation.

The Trustees estimated that the average useful life for functional church property held at 31st March 1996 was eighty years. On the basis of an estimated average remaining useful life of forty years from 1st April 1996, this property is depreciated at 2.5% p.a.

From 1st April 1996 the cost of new functional church property, namely Cathedral, churches, presbyteries, halls and other church properties is depreciated at the following rates:

	% of cost per annum
- Land Element	Nil
- Building Element	1.25
- Church and Presbytery Contents	10

Where church buildings are disposed of and the original cost cannot be established, the Trustees consider that a reasonable approximation of costs is 10% of the sales price.

Works of art, treasures and plate are not capitalised in these accounts as they are historic, have extraordinarily long lives and are worth preserving in perpetuity. The Trustees consider that it would be prejudicial to the safe custody of these assets to disclose details of their values and usage in the accounts.

1.8 Tangible Fixed Assets - School Property:

The freehold of the land and buildings is legally owned by the Diocese and occupied rent free by the governing bodies of Catholic voluntary-aided schools and voluntary academies, which are separate charities and publicly funded. The schools occupy the land and buildings under licence and termination of the occupation and therefore closure of the school would be dependent upon agreement with others such as the school governors, local authorities and the Secretary of State. In some circumstances, where a disposal occurs, the Secretary of State or the local authority may be entitled to recoup any grant. The Trustees therefore consider that the value to the Diocese of this land and building is impaired and therefore these properties have not been capitalised in the financial statements.

The number of schools occupying such land and buildings is:

	Number
- Primary Schools	86
- High Schools	19
- Sixth Form College	1
	106

The insurance replacement value of the school properties at 31st March 2022 amounted to £536m. (2021 - £536m)

Page 26 of 40

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31st MARCH 2022

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

1 Principle Accounting Policies (continued)

1.9 Investments and Investment Properties:

Investments and investment properties are included in the balance sheet at their market value at the balance sheet date. Investment properties are re-valued by an independent valuer on an open market basis and on a rolling programme of revaluation.

Unrealised gains and losses represent the movement in market value during the year and are credited or charged to the statement of financial activities based on the market value at the year end.

1.10 Stock:

Stock is valued at the lower of cost and net realisable value.

1.11 Financial Instruments - Assets and Liabilities:

Debtors are recognised at the settlement amount due.

Cash at bank and cash in hand includes cash held in short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

1.12 Taxation:

The Charity considers that it satisfies the exemptions from taxation set out in the Income and Corporation Taxes Act 1988 and the Taxations of Chargeable Gains Act 1992 and thus no provision is made for taxation.

1.13 Pensions:

Teaching staff employed by the Charity are eligible for membership of the Teachers Pension Scheme, which is a national, statutory contributory, unfunded defined benefit scheme administered by the Teachers Pension Agency, and executive agency of the Department of Education and Employment Pension costs are assessed in accordance with the advice of the Government Actuary.

The Charity operates a group personal pension scheme and a NEST pension scheme for other members of staff. The defined contribution scheme is administered by an Insurance Company with the assets held separately from those of the Charity. The NEST scheme is a scheme for those employees falling within the provisions of Autoenrollment. Pension costs charged in the Statement of Financial Activities represent the contributions payable by the Charity in the year.

1.14 Recognised Gains or Losses:

All recognised gains or losses for the year ended 31st March 2022 and 31st March 2021 are derived from continuing activities and are included in the Statement of Financial Activities.

1.15 Areas of Judgement or Estimation:

The preparation of financial statements in line with FRS102 and the Charities' SORP requires the Trustees to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. The Trustees recognise that actual results may differ from estimates used. Areas where such judgements and estimates have been applied are within the claculation of Depreciation and the Valuation of Investments.

1.16 Fund Accounting:

The Diocese has the following funds which are shown separately in the accounts:

Unrestricted Funds - General

Unrestricted funds are funds which are available for use at the discretion of the Trustees in furtherance of the objectives of the Charity and which have not been designated for other purposes (NOTE 10.2).

Unrestricted Funds - Designated

Designated funds are unrestricted funds that have been set aside by the Trustees for a specific purpose (NOTE 10.1).

Restricted Funds

Restricted funds are funds that are used in accordance with specific restrictions imposed by donors or that have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements (NOTE 11).

1.17 General Information:

The Diocese is an unincorporated charity that is registered in England and Wales (charity number 234025). Its address is 2 Park Road South, Birkenhead. CH43 4UX.

Page 27 of 40

NOTES TO THE FINANCIAL STATEMENTS

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

FOR THE FINANCIAL YEAR ENDED 31st MARCH 2022

2 Subsidiary/Associated Bodies:

2.1 Interests & Holdings:

The Charity has interests in the following undertakings:

Shrewsbury Diocese Commercial Company Management of Parish Clubs Salop Service Company Ltd Provision of Parking Hale Barns Events Ltd Annual Music Festival Inter-Diocesan Fuel Management Ltd Fuel & Power Distributor Diocese of Shrewsbury Education Trust Academy Sponsor

Company Number	Share Holding	% Shares Held	Holding Class
02848927	£450,000	100%	Subsidiary
08019951	£500	100%	Subsidiary
11069532	£100	100%	Subsidiary
02891029	£4,000	5%	Associate
09263878	Limited by	Guarantee	Associate

2.2 Subsidiary Company Operations:

Shrewsbury

Subsidiary Company Operations:	Shrewsbury	Shrewsbury	Shrewsbury	Shrewsbury	Shrewsbury	Shrewsbury
Financial Year Ended 31 March 2022 Sales Other Incomes Government Covid Support Grants Total Trading Income Cost of Sales Staff Costs Repair & Maintenance Costs Depreciation & Other Costs Total Trading Expenditure: Net Profit/(Loss) before Gift Aid to Diocese Net Assets at 31 March 2022 Financial Year Ended 31 March 2021 Sales Other Incomes Government Covid Support Grants Total Trading Income Cost of Sales Staff Costs Repair & Maintenance Costs Depreciation & Other Costs Total Trading Expenditure: Net Profit/(Loss) before Gift Aid to Diocese Net Assets at 31 March 2021	Diocese Commercial Company Ltd Salop Service Company Ltd Hale Barns Events Ltd £000 £000 £000 1,623 1 82 349 - - 163 - 5							Total £000 1,706 349 168
			2,135 1 87 791 1 42 895 - 35 73 - - 631 - 11					2,223
								834 930 73 642
			2,390 1 88					2,479
				(255) - (1)				(256)
	(1,053) - (22) Shrewsbury Diocese Commercial Company Ltd Salop Service Company Ltd Hale Barns Events Ltd £000 £000 £000 190 1 5 203 - - 584 - 23						(1,075) Total £000 196 203 607
					977 1 28 103 2 1 866 - 35 53 - - 468 - 4		1,006 106 901 53 472
			1,490 2 40				1,532
				(513) (1) (12)			(526)
				(798)		- (21)	(819)

Page 28 of 40

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31st MARCH 2022

3 3.1 3.2 3.3 3.4	Income: Donations & Legacies: Parochial Diocesan Total Income Parochial Diocesan Total Income 2022 2022 2022 2021 2021 2021 £000 £000 £000 £000 £000 £000 Parish Offertory (inc. Rebate) 5,237 3 5,240 4,812 4 4,816 Legacies 1,056 59 1,115 106 37 143 Collections 257 81 338 112 173 285 School Building Fund - 563 563 - 559 559 Pilgrimage & Other Income 408 297 705 206 280 486 Government Covid Support Grants 65 88 153 213 376 589 Our Mission Together - 786 786 - 1,083 1,083 7,023 1,877 8,900 5,449 2,512 7,961 Other Trading Activity: Parochial Unrestricted Designated Diocesan Unrestricted Total Income Parochial Unrestricted Designated Diocesan Unrestricted Total Income 2022 2022 2022 2021 2021 2021 £000 £000 £000 £000 £000 £000 Parishes Social & Fundraising Activities 153 - 153 237 - 237 Subsidiary Company Income (NOTE 2.2) - 2,223 2,223 - 1,006 1,006 153 2,223 2,376 237 1,006 1,243 Investment Income: Financial Year Ended 31 March 2022 Parochial Unrestricted Designated Diocesan Unrestricted Diocesan Unrestricted Designated Diocesan Restricted Total Income £000 £000 £000 £000 £000 Property Income 140 108 7 - 255 Listed Investments 4 313 66 91 474 Other Investment Incomes - 110 - - 110 Bank Interest - - - - 144 531 73 91 839 Parochial Unrestricted Designated Diocesan Unrestricted Diocesan Unrestricted Designated Diocesan Restricted Total Income £000 £000 £000 £000 £000 Property Income 123 119 10 - 252 Listed Investments 4 316 54 70 444 Other Investment Incomes - - - - - Bank Interest - 10 - - 10 127 445 64 70 706 Other Income: Financial Year Ended 31 March 2022 Parochial Unrestricted Designated Diocesan Unrestricted Diocesan Unrestricted Designated Total Income £000 £000 £000 £000 Sale of Fixed Assets 309 10 - 319 309 10 - 319 Parochial Unrestricted Designated Diocesan Unrestricted Diocesan Unrestricted Designated Total Income £000 £000 £000 £000 Sale of Fixed Assets 43 - - 43 43 - - 43 Financial Year Ended 31 March 2021 Financial Year Ended 31 March 2021	Parochial Diocesan Total Income Parochial Diocesan Total Income 2022 2022 2022 2021 2021 2021 £000 £000 £000 £000 £000 £000 5,237 3 5,240 4,812 4 4,816 1,056 59 1,115 106 37 143 257 81 338 112 173 285 - 563 563 - 559 559 408 297 705 206 280 486 65 88 153 213 376 589 - 786 786 - 1,083 1,083	Parochial Diocesan Total Income Parochial Diocesan Total Income 2022 2022 2022 2021 2021 2021 £000 £000 £000 £000 £000 £000 5,237 3 5,240 4,812 4 4,816 1,056 59 1,115 106 37 143 257 81 338 112 173 285 - 563 563 - 559 559 408 297 705 206 280 486 65 88 153 213 376 589 - 786 786 - 1,083 1,083	Parochial Diocesan Total Income Parochial Diocesan Total Income 2022 2022 2022 2021 2021 2021 £000 £000 £000 £000 £000 £000 5,237 3 5,240 4,812 4 4,816 1,056 59 1,115 106 37 143 257 81 338 112 173 285 - 563 563 - 559 559 408 297 705 206 280 486 65 88 153 213 376 589 - 786 786 - 1,083 1,083	Parochial Diocesan Total Income Parochial Diocesan Total Income 2022 2022 2022 2021 2021 2021 £000 £000 £000 £000 £000 £000 5,237 3 5,240 4,812 4 4,816 1,056 59 1,115 106 37 143 257 81 338 112 173 285 - 563 563 - 559 559 408 297 705 206 280 486 65 88 153 213 376 589 - 786 786 - 1,083 1,083	Parochial Diocesan Total Income Parochial Diocesan Total Income 2022 2022 2022 2021 2021 2021 £000 £000 £000 £000 £000 £000 5,237 3 5,240 4,812 4 4,816 1,056 59 1,115 106 37 143 257 81 338 112 173 285 - 563 563 - 559 559 408 297 705 206 280 486 65 88 153 213 376 589 - 786 786 - 1,083 1,083	Parochial Diocesan Total Income Parochial Diocesan Total Income 2022 2022 2022 2021 2021 2021 £000 £000 £000 £000 £000 £000 5,237 3 5,240 4,812 4 4,816 1,056 59 1,115 106 37 143 257 81 338 112 173 285 - 563 563 - 559 559 408 297 705 206 280 486 65 88 153 213 376 589 - 786 786 - 1,083 1,083
		7,023 1,877 8,900 5,449 2,512 7,961 Parochial Unrestricted Designated Diocesan Unrestricted Total Income Parochial Unrestricted Designated Diocesan Unrestricted Total Income 2022 2022 2022 2021 2021 2021 £000 £000 £000 £000 £000 £000 153 - 153 237 - 237 - 2,223 2,223 - 1,006 1,006
			153 2,223 2,376 237 1,006 1,243 Parochial Unrestricted Designated Diocesan Unrestricted Diocesan Unrestricted Designated Diocesan Restricted Total Income £000 £000 £000 £000 £000 140 108 7 - 255 4 313 66 91 474 - 110 - - 110 - - - - 144 531 73 91 839 Parochial Unrestricted Designated Diocesan Unrestricted Diocesan Unrestricted Designated Diocesan Restricted Total Income £000 £000 £000 £000 £000 123 119 10 - 252 4 316 54 70 444 - - - - - - 10 - - 10 127 445 64 70 706 Parochial Unrestricted Designated Diocesan Unrestricted Diocesan Unrestricted Designated Total Income £000 £000 £000 £000 309 10 - 319 309 10 - 319 Parochial Unrestricted Designated Diocesan Unrestricted Diocesan Unrestricted Designated Total Income £000 £000 £000 £000 43 - - 43 43 - - 43
				144 531 73 91 839 Parochial Unrestricted Designated Diocesan Unrestricted Diocesan Unrestricted Designated Diocesan Restricted Total Income £000 £000 £000 £000 £000 123 119 10 - 252 4 316 54 70 444 - - - - - - 10 - - 10
					127 445 64 70 706 Parochial Unrestricted Designated Diocesan Unrestricted Diocesan Unrestricted Designated Total Income £000 £000 £000 £000 309 10 - 319 309 10 - 319 Parochial Unrestricted Designated Diocesan Unrestricted Diocesan Unrestricted Designated Total Income £000 £000 £000 £000 43 - - 43 43 - - 43
						309 10 - 319 Parochial Unrestricted Designated Diocesan Unrestricted Diocesan Unrestricted Designated Total Income £000 £000 £000 £000 43 - - 43
						43	- - 43

Page 29 of 40

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31st MARCH 2022

4 5 5.1 5.2	Expenditure on Raising Funds: Parishes social and fundraising activities Subsidiary Company Costs (note 2.2) Planned Giving Costs Bid Writing Costs Investment Management Fees Charitable Expenditure: Parochial: Clergy Allowances Housekeeping & Related Costs Employed Parochial Support Staff Repair & Maintenance Utilities & Insurance Church & Other Expenses School Expenses Diocesan & Other Collections Stationery, travel & Sundries Depreciation Diocesan: Education Services Youth Liturgy Tribunal Ecumenism Property Costs National Levies Bishop's Office Curial Office Finance & Legal Bank Charges Depreciation Governance Costs Mission & Evangelisation Safeguarding Pastoral & Other Costs Our Mission Together School Building Fund Clergy: Education & Training Sick & Retired Priests Other Clergy Costs Total Diocesan Charitable Expenditure Total Charitable Expenditure	Personnel Costs Other Costs Total 2022 2022 £000 £000 - 86 930 1,549 38 9 40 1 - 121	Personnel Costs Other Costs Total 2022 2022 £000 £000 - 86 930 1,549 38 9 40 1 - 121	Personnel Costs Other Costs Total 2022 2022 £000 £000 - 86 930 1,549 38 9 40 1 - 121	Personnel Costs Other Costs Total 2022 2022 £000 £000 - 86 930 1,549 38 9 40 1 - 121	Personnel Costs Other Costs Total 2022 2022 £000 £000 - 86 930 1,549 38 9 40 1 - 121	Costs Personnel Costs Other Costs Total Costs 2022 2021 2021 2021 £000 £000 £000 £000 86 - 66 66 2,479 901 631 1,532 47 64 10 74 41 40 1 41 121 - 119 119	Costs Personnel Costs Other Costs Total Costs 2022 2021 2021 2021 £000 £000 £000 £000 86 - 66 66 2,479 901 631 1,532 47 64 10 74 41 40 1 41 121 - 119 119	Costs Personnel Costs Other Costs Total Costs 2022 2021 2021 2021 £000 £000 £000 £000 86 - 66 66 2,479 901 631 1,532 47 64 10 74 41 40 1 41 121 - 119 119
			1,008 655 - 537 11 - - - - - -		1,766 - 370 - 2,328 957 319 17 232 566 388		2,774 655 370 537 2,339 957 319 17 232 566 388	1,005 627 - 613 6 - - - - - -	827 1,832 - 627 352 352 - 613 1,707 1,713 853 853 245 245 51 51 129 129 426 426 383 383
			1,203 336 94 - 22 - 213 - 45 18 208 - - - 118 110 1 55 -		5,177 86 20 6 8 11 204 56 84 140 97 48 57 33 21 40 93 264 485		6,380 422 114 6 30 11 417 56 129 158 305 48 57 33 139 150 94 319 485	1,246 331 111 - 22 - 220 - 45 22 264 - - - 105 109 1 55 -	4,146 5,392 57 388 5 116 4 4 8 30 13 13 113 333 66 66 35 80 141 163 48 312 50 50 36 36 36 36 12 117 14 123 46 47 260 315 478 478
			1,220 47 323 21		1,753 264 233 23		2,973 311 556 44	1,285 50 317 19	1,422 2,707 245 295 349 666 18 37
				391	520		911	386	612 998
			1,611		2,273		3,884	1,671	2,034 3,705
			2,814		7,450	10,264		2,917	6,180 9,097

Page 30 of 40

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31st MARCH 2022

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

6 Tangible Fixed Assets:

6.1 Tangible Fixed Assets - Group:

Tangible Fixed Assets, at Cost

Diocesan

Parochial

Cost: At 1 April 2021 Additions Transfers Disposals At 31 March 2022 Depreciation: At 1 April 2021 Charge for Period Transfers Disposals At 31 March 2022 Net Book Value: At 31 March 2022 At 31 March 2021	Motor Vehicles Office Equipment, Fixtures & Fittings Diocesan Property Motor Vehicles Parochial Property & Equipment £000 £000 £000 £000 £000 £000 87 1,894 1,553 22 20,274 23,830 28 116 488 - 824 1,456 - - - - - - (11) (126) (10) - (32) (179) Total	Motor Vehicles Office Equipment, Fixtures & Fittings Diocesan Property Motor Vehicles Parochial Property & Equipment £000 £000 £000 £000 £000 £000 87 1,894 1,553 22 20,274 23,830 28 116 488 - 824 1,456 - - - - - - (11) (126) (10) - (32) (179) Total	Motor Vehicles Office Equipment, Fixtures & Fittings Diocesan Property Motor Vehicles Parochial Property & Equipment £000 £000 £000 £000 £000 £000 87 1,894 1,553 22 20,274 23,830 28 116 488 - 824 1,456 - - - - - - (11) (126) (10) - (32) (179) Total	Motor Vehicles Office Equipment, Fixtures & Fittings Diocesan Property Motor Vehicles Parochial Property & Equipment £000 £000 £000 £000 £000 £000 87 1,894 1,553 22 20,274 23,830 28 116 488 - 824 1,456 - - - - - - (11) (126) (10) - (32) (179) Total
	104 1,884 52 1,497 16 89 - - (11) (116)		2,031 22 550 12 35 6 - - (10) -	21,066 25,107 7,889 10,000 383 529 - - (21) (158)
		57 1,470	575 18	8,251 10,371
		47 414 35 397	1,456 4 1,003 10	12,815 14,736 12,385 13,830

• 6.2 Tangible Fixed Assets - Charity: Tangible Fixed Assets, at Cost

Cost: At 1 April 2021 Additions Transfers Disposals At 31 March 2022 Depreciation: At 1 April 2021 Charge for Period Transfers Disposals At 31 March 2022 Net Book Value: At 31 March 2022 At 31 March 2021	Motor Vehicles Office Equipment, Fixtures & Fittings Diocesan Property Motor Vehicles Parochial Property & Equipment £000 £000 £000 £000 £000 £000 58 125 1,454 22 20,274 21,933 28 2 488 - 824 1,342 - - - - - (11) - - - (32) (43) Diocesan Parochial Total	Motor Vehicles Office Equipment, Fixtures & Fittings Diocesan Property Motor Vehicles Parochial Property & Equipment £000 £000 £000 £000 £000 £000 58 125 1,454 22 20,274 21,933 28 2 488 - 824 1,342 - - - - - (11) - - - (32) (43) Diocesan Parochial Total	Motor Vehicles Office Equipment, Fixtures & Fittings Diocesan Property Motor Vehicles Parochial Property & Equipment £000 £000 £000 £000 £000 £000 58 125 1,454 22 20,274 21,933 28 2 488 - 824 1,342 - - - - - (11) - - - (32) (43) Diocesan Parochial Total	Motor Vehicles Office Equipment, Fixtures & Fittings Diocesan Property Motor Vehicles Parochial Property & Equipment £000 £000 £000 £000 £000 £000 58 125 1,454 22 20,274 21,933 28 2 488 - 824 1,342 - - - - - (11) - - - (32) (43) Diocesan Parochial Total
	75 127 36 77 13 10 - - (11) -		1,942 22 450 12 35 6 - - - -	21,066 23,232 7,889 8,464 383 447 - (21) (32)
		38 87	485 18	8,251 8,879
		37 40 22 48	1,457 4 1,004 10	12,815 14,353 12,385 13,469

Page 31 of 40

NOTES TO THE FINANCIAL STATEMENTS

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

FOR THE FINANCIAL YEAR ENDED 31st MARCH 2022

6.3 Investment Property, at Valuation - Group & Charity:

Investment Property, at Valuation - Group & Charity:
At 1 April 2021 Additions Transfers Disposals Gain/(Loss) on Revaluation At 31 March 2022	Retired Clergy Pension Fund General Fund Parochial Fund Total £000 £000 £000 £000 7,714 930 4,570 13,214 - - 290 290 - - - - (445) - (1,120) (1,565) 177 25 110 312
		7,446 955	3,850 12,251

• 7 Listed Investments, at Market Value - Group & Charity:

Listed Investments, at Market Value- Group & Charity:	Value- Group & Charity:	Value- Group & Charity:	Value- Group & Charity:	Value- Group & Charity:	Value- Group & Charity:	Value- Group & Charity:
General Fund Parochial Fund Education & Training Fund Sherratt Fund Our Mission Together Total £000 £000 £000 £000 £000 £000 At 1 April 2021 7,050 3,686 2,692 2,370 3,543 19,341 Additions at Cost 1,840 934 675 462 924 4,835 Proceeds of Sales (1,712) (869) (626) (667) (856) (4,730) Realised & Unrealised Losses 705 358 262 200 356 1,881 (Decrease)/Increase in Cash Balances - Fund Managers (160) (81) (61) (51) (83) (436) Transfer between funds (414) 1,225 61 (803) (69) At 31 March 2022 7,309 5,253 3,003 1,511 3,815 20,891 Listed Investments Comprised: Schroders Current Accounts 102 73 42 21 53 291 UK Equites 1,833 1,317 753 378 957 5,238 Overseas Equities 3,149 2,263 1,294 651 1,644 9,001 UK Fixed Interest 445 320 183 92 232 1,272 Multi-Asset Funds 101 73 42 21 53 290 Hedge Funds 100 73 41 21 52 287 Property 598 430 246 124 313 1,711 Private Equity 334 240 137 69 174 954 Other 646 464 265 134 337 1,846 7,308 5,253 3,003 1,511 3,815 20,890	General Fund Parochial Fund Education & Training Fund Sherratt Fund Our Mission Together Total £000 £000 £000 £000 £000 £000 7,050 3,686 2,692 2,370 3,543 19,341 1,840 934 675 462 924 4,835 (1,712) (869) (626) (667) (856) (4,730) 705 358 262 200 356 1,881 (160) (81) (61) (51) (83) (436) (414) 1,225 61 (803) (69)
		7,309 102 1,833 3,149 445 101 100 598 334 646	5,253 73 1,317 2,263 320 73 73 430 240 464	3,003 42 753 1,294 183 42 41 246 137 265	1,511 21 378 651 92 21 21 124 69 134	3,815 20,891 53 291 957 5,238 1,644 9,001 232 1,272 53 290 52 287 313 1,711 174 954 337 1,846
		7,308	5,253	3,003	1,511	3,815 20,890

Page 32 of 40

NOTES TO THE FINANCIAL STATEMENTS

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

FOR THE FINANCIAL YEAR ENDED 31st MARCH 2022

7 Listed Investments (Continued):

The portfolio included the following investment:	Value		Value
	2022 % of Total		2021 % of Total
	£000	Value	£000	Value
Schroder Charity Equity Fund	2,682	12.9	1,025	5.1
Vanguard FTSE All-World	2,633	12.6	2,292	11.7
Trojan Income Fund	1,216	5.8	1,458	7.3
Schroder Private Equity Funds IV	954	4.6	946	4.9
Schroder Diversified Alternative	924	4.4	654	3.3
Polar Capital European	699	3.4
Charities Property Fund	660	3.2	591	2.9
Schroder UK Real Estate	530	2.5	484	2.4
Property Income Trust	522	2.5
Wellington Global Health Car	521	2.5	510	2.6
iShares Physical Metals PLC	432	2.1	528	2.7
Trojan Investment Fund	290	1.4	304	1.6
Brevan Howard Absolute	288	1.4
Fidelity Global Dividend Fund			1,642	8.2
Vanguard FTSE UK All Share			1,413	7.1

The historic cost of investments held at 31 March 2022 was £17,077k (2021 - £16,284k)

A separate investment of £4k is held in the Catholic National Mutual (2021 - £4k), and a further £4k is held in Inter-Diocesan Fuel Management Ltd (2021 - £1)

Within the Charity Balance Sheet Investments include share holdings of £450k in Shrewsbury Diocese Commercial Company Limited (2020 - £450K), £500 in Salop Service Company Limited (2020 - £500), and £100 in Hale Barns Events Limited (2020 - £100).

8 8.1 8.2	Debtors: Group Due Within One Year: School Expenditure Recoverable from Governors Loans Other Debtors & Prepayments Charity Due Within One Year: School Expenditure Recoverable from Governors Loans Other Debtors & Prepayments	2022 2022 Parochial Diocesan £000 £000 - 15 - 101 416 495	2022 2022 Parochial Diocesan £000 £000 - 15 - 101 416 495	2022 2022 Parochial Diocesan £000 £000 - 15 - 101 416 495	2022 2021 2021 2021 Total Parochial Diocesan Total £000 £000 £000 £000 15 - 35 35 101 - 120 120 911 14 362 376	2022 2021 2021 2021 Total Parochial Diocesan Total £000 £000 £000 £000 15 - 35 35 101 - 120 120 911 14 362 376
		416 611 2022 2022 Parochial Diocesan £000 £000 - 15 - 1,365 416 392			1,027 14 517 531 2022 2021 2021 2021 Total Parochial Diocesan Total £000 £000 £000 £000 15 - 35 35 1,365 - 1,195 1,195 808 14 323 337
			416	1,772	2,188 -	1,553 1,567

Page 33 of 40

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31st MARCH 2022

9 9.1 9.2	Creditors: Group Due Within One Year: School Expenditure Collections & Other Creditors Other Taxation & Social Security Costs Charity Due Within One Year: School Expenditure Collections & Other Creditors Other Taxation & Social Security Costs	Parochial Diocesan 2022 2022 £000 £000 - 6,658 233 1,565 - -	Parochial Diocesan 2022 2022 £000 £000 - 6,658 233 1,565 - -	Parochial Diocesan 2022 2022 £000 £000 - 6,658 233 1,565 - -	Total Parochial Diocesan Total 2022 2021 2021 2021 £000 £000 £000 £000 6,658 - 4,723 4,723 1,798 186 1,005 1,191 - - - -	Total Parochial Diocesan Total 2022 2021 2021 2021 £000 £000 £000 £000 6,658 - 4,723 4,723 1,798 186 1,005 1,191 - - - -
		233 8,223 Parochial Diocesan 2022 2022 £000 £000 - 6,658 233 1,159 - -			8,456 186 5,728 5,914 Total Parochial Diocesan Total 2022 2021 2021 2021 £000 £000 £000 £000 6,658 - 4,723 4,723 1,392 186 807 993 - - - -
			233	7,817	8,050 186	5,530 5,716

School expenditure creditors include Government Devolved Formula Capital Grants of £3,091k (2021 - £1,625k)

10 Unrestricted Funds: 10.1 Unrestricted Designated - Group & Charity

Financial Year Ended 31st March 2022 Retired

Financial Year Ended 31st March 2022	Retired	Retired	Retired	Retired	Retired
Balance at 1st April 2021: Income from Donations & Legacies Income from Investments Transfers Received Total Received: Expenditure on operations Expenditure on Raising Finance Transfers Paid Total Expended: Net Gains/(Losses) on Disposal of Assets: Net Gains/(Losses) on Rev. Assets (Investments) Net Gains/(Losses) on Rev. Assets: (Properties) Balance at 31st March 2022: Financial Year Ended 31st March 2021 Balance at 1st April 2020: Income from Donations & Legacies Income from Investments Transfers Received Total Received: Expenditure on operations Expenditure on Raising Finance Transfers Paid Total Expended: Net Gains/(Losses) on Disposal of Assets: Net Gains/(Losses) on Rev. Assets (Investments) Net Gains/(Losses) on Rev. Assets: (Properties) Balance at 31st March 2021:	£000 £000 £000 £000 £000 7,176 2,692 2,393 12,261 31,611 51 30 53 134 6,819 7 66 73 144 267 281 548 537 Clergy Pension Fund Education & Training Fund Total Parochial Total Diocesan Sherratt Fund
		325 (556)	377 53 755 7,500 (311) (54) (921) (6,148) (17) (17) (86) (1,028) (1,028) (1,276)
		(556) 5 177	(328) (1,082) (1,966) (7,510) 5 321 262 200 462 358 177 110
	7,127 3,003 1,564 11,694 32,390 £000 £000 £000 £000 £000 7,277 2,257 2,984 12,518 30,719 148 34 (1) 181 5,689 10 53 63 126 230 270 500 623 Retired Clergy Pension Fund Education & Training Fund Sherratt Fund Total Diocesan Total Parochial
		388 (666)	357 (1) 744 6,438 (295) (961) (5,378) (15) (15) (66) (1,007) (1,007) (1,132)
		(666) 6 171	(310) (1,007) (1,983) (6,576) 44 388 417 811 881 171 105
		7,176	2,692	2,393	12,261 31,611

Page 34 of 40

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31st MARCH 2022

10 Unrestricted Funds (Continued):

The Retired Clergy Fund:

This fund is used to support retired and sick clergy within the Diocese. Transfers into the fund are made from parish collections, donations and from Diocesan Unrestricted Funds

The Education and Training Fund:

Sherratt Fund:

This fund is used for education and training purposes within the Diocese and for ongoing ministry

This legacy fund has been designated by the Diocese to support projects that provide lasting benefit.

Unrestricted - Group Balance at 1st April 2021: Income from Donations & Legacies Income from Investments & Subsidiaries Transfers Received Total Received: Expenditure on operations Expenditure on Raising Finance (Including Subsidiaries) Transfers Paid Total Expended: Net Gains/(Losses) on Disposal of Assets: Net Gains/(Losses) on Rev. Assets (Investments) Net Gains/(Losses) on Rev. Assets: (Properties) Balance at 31st March 2022: Unrestricted - Charity Balance at 1st April 2021: Income from Donations & Legacies Income from Investments Transfers Received Total Received: Expenditure on operations Expenditure on Raising Finance Transfers Paid Total Expended: Net Gains/(Losses) on Disposal of Assets: Net Gains/(Losses) on Rev. Assets (Investments) Net Gains/(Losses) on Rev. Assets: (Properties) Balance at 31st March 2022:	2022 2021 £000 £000 669 (284) 389 643 2,754 1,451 2,201 1,765 Total Diocesan Total Diocesan	2022 2021 £000 £000 669 (284) 389 643 2,754 1,451 2,201 1,765 Total Diocesan Total Diocesan
	5,344 3859 (2,145) (1,936) (2,648) (1,731) (130) (142)
	(4,923) (3,809) 10 705 858 25 45
	1,830 669 2022 2021 £000 £000 1,938 457 389 643 531 445 2,201 1,765 Total Diocesan Total Diocesan
	3,121 2853 (2,145) (1,936) (169) (199) (130) (140)
	(2,444) (2,275) 10 705 858 25 45
		3,355 1,938

10.2 Unrestricted - Group

10.3 Unrestricted - Charity

Page 35 of 40

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31st MARCH 2022

11 Restricted Funds - Group & Charity:

Restricted Funds- Group & Charity:
Financial Year Ended 31/03/2022 £000 £000 £000 £000 £000 £000 Balance at 1st April 2021: 304 4,006 899 22 5,231 180 Income from Donations & Legacies 5 786 563 1,354 357 Income from Investments 91 91 Transfers Received 249 130 379 234 Total Received: 5 1,126 693 1,824 591 Expenditure on operations (8) (319) (485) (6) (818) (232) Expenditure on Raising Finance (23) (23) Transfers Paid (10) (1,241) (209) (1,460) (5) Total Expended: (18) (1,583) (694) (6) (2,301) (237) Net Gains/(Losses) on Disposal of Assets: Net Gains/(Losses) on Rev. Assets (Investments) 356 356 Net Gains/(Losses) on Rev. Assets: (Properties) Balance at 31st March 2022: 291 3,905 898 16 5,110 534 Financial Year Ended 31/03/2021 £000 £000 £000 £000 £000 £000 Balance at 1st April 2020: 265 3,089 895 30 4,279 316 Income from Donations & Legacies 46 1,083 559 1 1,689 112 Income from Investments 70 70 Transfers Received 275 130 405 88 Total Received: 46 1,428 689 1 2,164 200 Expenditure on operations (7) (314) (478) (9) (808) (129) Expenditure on Raising Finance (20) (20) Transfers Paid (686) (207) (893) (207) Total Expended: (7) (1,020) (685) (9) (1,721) (336) Net Gains/(Losses) on Disposal of Assets: Net Gains/(Losses) on Rev. Assets (Investments) 509 509 Net Gains/(Losses) on Rev. Assets: (Properties) Balance at 31st March 2021: 304 4,006 899 22 5,231 180 Our Mission Together School Building Fund Pilgrimage Total Diocesan Total Parochial Our Mission Together School Building Fund Pilgrimage Total Diocesan Total Parochial Other Funds & Collections Other Funds & Collections	£000 £000 £000 £000 £000 £000 304 4,006 899 22 5,231 180 5 786 563 1,354 357 91 91 249 130 379 234 Our Mission Together School Building Fund Pilgrimage Total Diocesan Total Parochial Other Funds & Collections
		5 1,126 693 1,824 591 (8) (319) (485) (6) (818) (232) (23) (23) (10) (1,241) (209) (1,460) (5)
		(18) (1,583) (694) (6) (2,301) (237) 356 356
	291 3,905 898 16 5,110 534 £000 £000 £000 £000 £000 £000 265 3,089 895 30 4,279 316 46 1,083 559 1 1,689 112 70 70 275 130 405 88 Our Mission Together School Building Fund Pilgrimage Total Diocesan Total Parochial Other Funds & Collections
		46 1,428 689 1 2,164 200 (7) (314) (478) (9) (808) (129) (20) (20) (686) (207) (893) (207)
		(7) (1,020) (685) (9) (1,721) (336) 509 509
		304	4,006 899 22	5,231 180

Other Funds & Collections Fund:

Our Mission Together:

School Buildings Fund:

Pilgrimage:

This fund is used to gather special collections made within the Diocese and to distribute the funds to the nominated external charities

This fund is the campaign undertaken in the year to strengthen parishes, for support of the clergy and mission and social outreach.

This fund receive donations from parents, schools and the Diocese to meet governor's liabilities arising on school repairs and capital works. This fund co-ordinates the finances and arranges Diocesan Pilgrimages

12 Net Income/(Expenditure):

Net Income/(Expenditure):		2022	2021
		£000	£000
Net income is stated after charging:
Depreciation of tangible fixed assets		529	507
Payments to auditors:	Statutory audit fee	28	28
	Accounting & taxation serv	3	3
Internal auditors:	Other services	2	3

Page 36 of 40

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31st MARCH 2022

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

13 Trustees and Employees:

13.1 None of the Trustees received remuneration or expenses in the current or prior year in respect of their duties as Trustees. The Trust received donations totalling £4,650 (2021: £5,280) from the Trustees.

Trustee indemnity insurance cost £1,874 (2021: £1,874)

13.2 Clergy allowances comprised (Note 5.1): Clergy allowances Travel expenses Mass stipends Supply priests Parish Sisters 13.3 Staff employment costs of Charity comprised (Notes 4 & 5): Salaries and wages Social security costs Pension costs 13.4 Staff employment costs of Subsidiaries comprised (Note 4): Salaries and wages Social security costs Pension costs 13.5 Grants paid comprised (Note 5.2): Clergy in retirement Students in seminary/training Total personnel costs (NOTES 4 & 5) Redundancy costs: of Charity of Subsidiaries		2022 £000 450 93 20 67 25	2022 £000 450 93 20 67 25	2021 £000 460 88 18 32 29
		655 1,666 117 84		627 1,813 124 90
		1,867 866 41 23		2,027
				839 40 22
			930 323 47	901 317 50
			370	367
		3,822 - 14		3,922
				20 10
		14		30

The average number of employees in the year was 233 (2021: 259). The total remuneration paid to key management personnel, including clergy, who hold a central Diocesan role was £226,728 (2021: £237,828).

	2022	2021	2022	2021
			Pension	Pension
	Number	Number	Contribution	Contribution
Employee emoluments:			£	£
Between £70,001 and £80,000	2	1	15,847	5,579
Between £90,001 and £100,000	1	1	21,726	21,693

The Diocese contributes to a group personal pension scheme managed by Prudential for those eligible staff 13.6 members who elected to join before 2014. The Diocese contributes to NEST pension scheme for all staff joining since 2014. The Diocese is neither liable to finance any funding shortfall nor entitled to benefit from any overfunding in either scheme. Contributions are also paid to the Teachers Pension Agency superannuation scheme (a defined benefits scheme) for eligible staff. The employers' contribution rate is set by the TPA and, as the scheme is a collective scheme, it is not possible to separately identify the assets and liabilities attributable to a particular employer. Hence the employers have neither a commitment to make good any actuarial deficit nor an entitlement to benefit from any over funding.

14	Commitments- Group and Charity: Commitments to future expenditure comprised: Schools Parishes		Gross Net of Grant £000 £000 3,227 323 2,534 1,831 2022	Gross Net of Grant £000 £000 3,227 323 2,534 1,831 2022	Gross Net of Grant £000 £000 4,690 223 3,001 2,456 2021
			5,761	2,154	7,691 2,679

Page 37 of 40

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31st MARCH 2022

15 Analysis of Net Assets Between Funds:

Group Financial Year Ended 31/03/2022 Tangible Fixed Assets Investments Net Current Assets/(Liabilities) Parish Loans Other Balance at 31st March 2022: Financial Year Ended 31/03/2021 Tangible Fixed Assets Investments Net Current Assets/(Liabilities) Parish Loans Other Balance at 31st March 2021: Charity Financial Year Ended 31/03/2022 Tangible Fixed Assets Investments Net Current Assets/(Liabilities) Parish Loans Other Balance at 31st March 2022: Financial Year Ended 31/03/2021 Tangible Fixed Assets Investments Net Current Assets/(Liabilities) Parish Loans Other Balance at 31st March 2021:	£000 £000 £000 £000 £000 £000 12,819 - 1,917 - - 14,736 9,103 - 8,272 11,960 3,815 33,150 7,618 534 (8,040) (309) 197 - 2,850 (319) 43 1,098 3,672 Total Parochial Designated Parochial Restricted Diocesan Unrestricted Diocesan Designated Diocesan Restricted	£000 £000 £000 £000 £000 £000 12,819 - 1,917 - - 14,736 9,103 - 8,272 11,960 3,815 33,150 7,618 534 (8,040) (309) 197 - 2,850 (319) 43 1,098 3,672 Total Parochial Designated Parochial Restricted Diocesan Unrestricted Diocesan Designated Diocesan Restricted	£000 £000 £000 £000 £000 £000 12,819 - 1,917 - - 14,736 9,103 - 8,272 11,960 3,815 33,150 7,618 534 (8,040) (309) 197 - 2,850 (319) 43 1,098 3,672 Total Parochial Designated Parochial Restricted Diocesan Unrestricted Diocesan Designated Diocesan Restricted	£000 £000 £000 £000 £000 £000 12,819 - 1,917 - - 14,736 9,103 - 8,272 11,960 3,815 33,150 7,618 534 (8,040) (309) 197 - 2,850 (319) 43 1,098 3,672 Total Parochial Designated Parochial Restricted Diocesan Unrestricted Diocesan Designated Diocesan Restricted	£000 £000 £000 £000 £000 £000 12,819 - 1,917 - - 14,736 9,103 - 8,272 11,960 3,815 33,150 7,618 534 (8,040) (309) 197 - 2,850 (319) 43 1,098 3,672 Total Parochial Designated Parochial Restricted Diocesan Unrestricted Diocesan Designated Diocesan Restricted
	32,390 534 1,830 11,694 5,110 51,558 £000 £000 £000 £000 £000 £000 12,395 - 1,435 - - 13,830 8,256 - 7,984 12,776 3,543 32,559 8,352 181 (8,133) (521) 121 - 2,608 (1) (617) 6 1,567 3,563 Total Parochial Designated Parochial Restricted Diocesan Unrestricted Diocesan Designated Diocesan Restricted
	31,611 180 669 12,261 5,231 49,952 £000 £000 £000 £000 £000 £000 12,819 - 1,534 - - 14,353 9,103 - 8,723 11,960 3,815 33,601 7,618 534 (8,040) (309) 197 - 2,850 1,138 43 1,098 5,129 Parochial Designated Parochial Restricted Diocesan Unrestricted Diocesan Designated Diocesan Restricted Total
	32,390 534 3,355 11,694 5,110 53,083 £000 £000 £000 £000 £000 £000 12,395 - 1,074 - - 13,469 8,256 - 8,435 12,776 3,543 33,010 8,352 181 (8,133) (521) 121 - 2,608 (1) 562 6 1,567 4,742 Total Parochial Designated Parochial Restricted Diocesan Unrestricted Diocesan Designated Diocesan Restricted
		31,611 180	1,938	12,261	5,231 51,221

16 Related Charity:

The Bishop of the Diocese is Chair of the Council of Management of The Catholic Children's' Society (Shrewsbury Diocese) Incorporated, charity number 509793, company number 01400367. The Bishop is also Chair of Caritas (Diocese of Shrewsbury) charity number 1169317. Both charities have the use of property belonging to the Diocese for which no charge is made. The Diocese provided no financial support to the Catholic Children's' Society in the year (2021 - £NIL). Grant funding of £250,000 was provided to Caritas (Diocese of Shrewsbury) for the year to 31st March 2022 from the Our Mission Together funds (2021 - £250,000). At the 31st March 2022 Caritas (Diocese of Shrewsbury) owed the Diocese £NIL (2021 - £1,872).

During the year the Diocese also co-invested in a new property build at St Mary's - Crewe with Caritas (Diocese of Shrewsbury) under a restricted grant received by Caritas. The property is built of parish land and has a shared ownership due to the restriction. The total cost of building works as at 31st March 2022 was £395k of which £271k is attributable to Caritas, the balance of £124k is held in Parochial Functional property.

The Bishop of the Diocese is a Trustee of St Cuthbert's College - Ushaw, charity number 527408. As at the 31st March 2022 St Cuthbert's College - Ushaw owed the Diocese £6,053 (2021 - £6,053)

Page 38 of 40

SHREWSBURY ROMAN CATHOLIC DIOCSAN TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31st MARCH 2022

17 Statement of Financial Activities for the Year Ended 31 March 2021

Statement of Financial Activities for the Year Ended 31 March 2021
Income from: Donations & Legacies Other Trading Activities Investments Other Income Total Income: Expenditure on: Raising Funds Charitable Activities Total Expenditure: Net Income/(Expenditure) before Net Gains/(Losses) on Investments Net Gains/(Losses) on Investments: Listed Investments Property (Unrealised) Property (Realised) Net Income/(Expenditure) Transfer Between Funds Net Movement in Funds Total Funds Brought Forward: Total Funds Carried Forward:	£000 £000 5,337 112 237 - 127 - 43 - Parochial Funds Unrestricted Designated Restricted			£000 5,449 237 127 43 Total	£000 £000 £000 643 180 1,689 1,006 - - 445 64 70 - - - Diocesan Funds Unrestricted Unrestricted Designated Restricted		£000 2,512 1,006 579 Total		Total Funds 2021 £000 7,961 1,243 706 43
		5,744 112 (66) - (5,263) (129)		5,856 (66) (5,392)	2,094 (1,731) (1,936)	244 1,759 (15) (20) (961) (808)	4,097 (1,766) (3,705)		9,953 (1,832) (9,097)
		(5,329) (129)		(5,458)	(3,667)	(976) (828)	(5,471)		(10,929)
			415 (17) 881 - 104 - 1 -	398 881 104 1	(1,573) 858 45 - -	(732) 931 811 509 171 - -	(1,374) 2,178 216		(976) 3,059 320 1
		1,401 (17) (509) (119)		1,384 (628)	(670) 1,623	250 1,440 (507) (488)	1,020 628		2,404 -
		892 (136) 30,719 316		756 31,035	953 (284)	(257) 952 12,518 4,279	1,648 16,513		2,404 47,548
		31,611 180		31,791	669	12,261 5,231	18,161		49,952

Page 39 of 40

SHREWSBURY ROMAN CATHOLIC DIOCSAN TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

17 Statement of Financial Activities for the Year Ended 31 March 2021 - Continued

Schedule of Transfers: Assessments: Offertory Assessments paid to Diocesan Unrestricted Gift Aid Assessments paid to Diocesan Unrestricted Property Sales Assessments paid to Diocesan Unrestricted Our Mission Together: Mission & Outreach paid to Diocesan Unrestricted Supporting Clergy in Education and Retirement paid to Diocesan Unrestricted/ Designated Parish Pledges to Our Mission Together Parish Projects School Building Fund: Contribution Paid to School Building Fund Management Charge Paid by School Building Fund LCVAP 1.5% to cover Diocesan Administrative Property Costs Other Transfers: Sharatt Diocesan Unrestricted Designated - Redevelopment of St Anthony's Parish Hall & Presbytery Parish Community Hub Project (Nantwich) Distribution of Grant for Online Streaming (Covid-19 Support) Reconciliation of WW2 Funds to Cathedral Development Transfer of Salop Reserves to St Mary's Crewe Total Transfers:	£000 £000 £000 (688) - (688) (81) - (81) - - - - - - - - (275) - (275) 29 - 29 - - - - - - - - - 375 - 375 (88) 88 - 10 - 10 207 (207) - 2 - 2 Parochial Funds Unrestricted Designated Restricted Total	£000 £000 £000 (688) - (688) (81) - (81) - - - - - - - - (275) - (275) 29 - 29 - - - - - - - - - 375 - 375 (88) 88 - 10 - 10 207 (207) - 2 - 2 Parochial Funds Unrestricted Designated Restricted Total	£000 £000 £000 £000 688 - - 688 83 (2) - 81 - - - - 121 - (121) - 31 502 (533) - - - 275 275 3 - (32) (29) (130) - 130 - 130 - (130) - 77 - (77) - 632 (1,007) - (375) - - - - (10) - - (10) - - - - (2) - - (2) Diocesan Funds Unrestricted Unrestricted Designated Restricted Total		Total Funds 2021 £000 - - - - - - - - - - - - - - - -
		(509) (119) (628)	1,623 (507) (488) 628		-

Page 40 of 40