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SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST Registered Charity No 234025

Consolidated Annual Report For the Year Ended 31 March 2023

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

Consolidated Annual Report For the Year Ending 31[st] March 2023

Section	Page
Trustees and Professional Advisors	1-2
Report of the Charity Trustees	3-16
Statement of Trustees’ Responsibilities	17
Independent Auditor’s Report to the	18-20
Trustees
Statement of Financial Activities	21-22
Group and Charity Balance Sheets	23-24
Consolidated Statement of Cashflows	25
Notes to the Financial Statements	26-41

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

Consolidated Annual Report For the Year Ending 31[st] March 2023

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) Canon David Roberts Fr Niall Mullaley Mrs Carol Lawrence (Secretary) There are currently appointments pending for lay membership

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 2023

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 Suite 5, Oxford House, Oxford Road, Thame OX9 2AH

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 5th Floor 55 Princess Street, Manchester2 4EW.

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, Chancery Place, 50 Brown Street, Manchester M2 2JG.

Specialist building contracts:

Ward Hadaway, Sandgate House, 102 Quayside, Newcastle Upon Tyne NE1 3DX

Page 2 of 41

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

Consolidated Annual Report For the Year Ending 31[st] March 2023

REPORT OF THE CHARITY TRUSTEES:

The Board of Trustees presents its report and audited accounts for the year ended 31 March 2023. 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 89 parishes (along with 11 other churches and chapels) and 112 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, Mission for 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 supported by the Catholic Schools Inspectorate, advising on the appointment of senior staff and succession planning. This Service works with the Directors of the Academy Trusts, School Governors and governing bodies for the benefit of Diocesan schools, as well as with the Regional Schools Directors, ESFA, and the eleven local authorities that cover the Diocese. In addition, the Diocesan Property Department supports with the maintenance and provision of school buildings. These Catholic Schools are open to those of all faiths and none providing a wider benefit.

Page 3 of 41

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

Consolidated Annual Report For the Year Ending 31[st] March 2023

Volunteers:

The work of the parishes in the celebration of Mass, the delivery of catechesis and sacramental preparation programmes is dependent on volunteers. Some 6,000 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:

The year under review was the first full year without any covid restrictions, as all domestic restrictions in the UK were lifted in February 2022. Attendance at Mass has improved with anecdotal accounts of congregations being around two thirds of the pre-pandemic levels at the start of the year, rising to close to pre-pandemic levels by the end of the year. The mission of the Diocese through provision of Mass online has continued as a way of reaching the housebound.

The parish activities and provision of sacraments such as Baptism, First Holy Communion and Confirmation continue, and it has been heartening to see the numbers coming forward for the sacraments. These numbers are higher than prior to the pandemic, as there has been a catch-up programme of reaching those who were not able to access the sacraments due to the covid restrictions.

Shrewsbury Youth Mission Team (SYMT) has continued with its digital presence however the programme of in person activities has been resumed in full. 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.

This past year the ongoing work of the Mission for Evangelisation, Catechesis, Marriage & Family has continued and expanded, providing access to online workshops in partnership with the Franciscan Catechetical Institute. Parish mission days, days for catechists, days to discern gifts and service for lay people, marriage preparation, natural fertility awareness and marriage enrichment retreats have all taken place across the year.

Education:

Some 43,059 children attended Diocesan schools and academies (2022 – 43,110). 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

Page 4 of 41

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

Consolidated Annual Report For the Year Ending 31[st] March 2023

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 represents the first full year without social restrictions imposed during the coronavirus pandemic. Across the year attendances improved as confidence returned to parishioners and users of the social clubs once covid restrictions ended. The chart below shows that the total income for the period, including income from trading subsidiaries, has significantly increased to £17.2m (2022: £12.5m). In line with the income of the Trust rising, the cost of Raising Funds and its Charitable Activities have also significantly increased to £20.58m (2022: £13m).

Chart of Total Income and Expenditure for the Trust:

----- Start of picture text -----
25,000
20,000
15,000
10,000
5,000
0
2018-19 2019-20 2020-21 2021-22 2022-23
Diocesan Income Diocesan Expenditure
Parochial Income Parochial Expenditure
£'000's
----- End of picture text -----

The position over the last five years in numerical terms is:

	2018-19	2019-20	2020-21	2021-22	2022-23
	£000's	£000's	£000's	£000's	£000's
Total Income	14,812	14,241	9,953	12,434	17,219
Total Expenditure	(15,608)	(15,923)	(10,929)	(13,038)	(20,548)

Page 5 of 41

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

Consolidated Annual Report For the Year Ending 31[st] March 2023

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:

2018-19 £000's 2019-20 £000's 2020-21 £000's 2021-22 £000's 2022-23 £000's 6,212 6,143 4,812 5,237 5,791 1,598 1,486 1,044 2,392 2,367	2018-19 £000's 2019-20 £000's 2020-21 £000's 2021-22 £000's 2022-23 £000's 6,212 6,143 4,812 5,237 5,791 1,598 1,486 1,044 2,392 2,367	2018-19 £000's 2019-20 £000's 2020-21 £000's 2021-22 £000's 2022-23 £000's 6,212 6,143 4,812 5,237 5,791 1,598 1,486 1,044 2,392 2,367	2018-19 £000's 2019-20 £000's 2020-21 £000's 2021-22 £000's 2022-23 £000's 6,212 6,143 4,812 5,237 5,791 1,598 1,486 1,044 2,392 2,367
7,810 (2,092) (5,111)	7,629 5,856 7,629 (2,895) (1,691) (2,293) (5,436) (3,767) (4,173)		8,158 (3,795) (5,405)
(7,203) (901) (750)	(8,331) (5,458) (6,466) (976) (688) (705) (256) 60 195		(9,200) (723) 559
(1,651)	(1,232)	(628) (510)	(164)
*(1,044)*	*(1,934)*	*(230)* *653*	*(1,206)*

Overall, the Parochial income was £8.2m, of which £276k arose from legacies (2022 – £7.6m and £1m). Offertory and Gift Aid amounted to £5.8m which has increased on the previous year by 11.5% from £5.2m, but still significantly lower than pre-pandemic levels. Grant income forms a key part in maintaining listed historic churches and the Trust generated £1.1m to support these sites (2022: £168k).

Expenditure of the Parishes increased by 41% from £6.5m in 2022 to £9.2m. The largest increase in cost over the financial period was through Repairs and Maintenance which stood at £3.8m up from £2.3m (65% increase), most of this increase was supported by direct grant incomes of £1.1m. Another significant contributor to the increase in cost was the restrictions on capitalisation for the new parish hall in Hale Barns, due to architectural errors an additional unplanned expense of £637k is included within these accounts based upon valuation of works to 31 March 2023 from the quantity surveyor. Whilst the Diocese is pursing legal recourse, currently no provision for recovery of these amounts has been included.

Energy costs historically have been stable, however since the commencement of conflict in the Ukraine, these costs have been erratic and have accelerated significantly to £1.1m (2022: £510k) more than double than any other period over the previous four years:

*Energy Costs:*	2018-19	2019-20	2020-21	2021-22	2022-23
	£000's	£000's	£000's	£000's	£000's
Parochial Energy Costs:	505	560	490	510	1,131

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SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

Consolidated Annual Report For the Year Ending 31[st] March 2023

This increase is driven solely by the change in the price of both gas and electricity, as the overall consumption fell during the year. The Diocese continues to look at energy efficient solutions to reduce its carbon footprint as the need to replace plant arises, as well as encouraging the use of smart meters. The biggest change has come about through promoting energy awareness and looking to see how changes in behaviours can help reduce consumption and costs, for example by encouraging parish groups to meet at different times on the same day rather than different days so that buildings are heated once, and residual heat is not wasted.

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):*	2018-19 £000's 2019-20 £000's 2020-21 £000's 2021-22 £000's 2022-23 £000's 1,318 1,147 1,088 920 1,032 (2,512) (2,362) (2,135) (2,314) (2,563) 1,069 1,357 991 1,573 1,053	2018-19 £000's 2019-20 £000's 2020-21 £000's 2021-22 £000's 2022-23 £000's 1,318 1,147 1,088 920 1,032 (2,512) (2,362) (2,135) (2,314) (2,563) 1,069 1,357 991 1,573 1,053	2018-19 £000's 2019-20 £000's 2020-21 £000's 2021-22 £000's 2022-23 £000's 1,318 1,147 1,088 920 1,032 (2,512) (2,362) (2,135) (2,314) (2,563) 1,069 1,357 991 1,573 1,053
		*(125)* *142* *(56)* *179*	*(478)*

Unrestricted income into the Trust amounted to £1m (2022: £920k including furlough grants) an increase of 12%. The charitable expenditure of the unrestricted funds amounted to £2,563k (2022: £2,314k) an increase of 10% principally driven by cost-of-living payments to support staff through this difficult period.

Net transfers received by the unrestricted fund totalled £1,053k (2022: £2,071k) of which £1,053k (2022: £1,573k) represented operational activity and £Nil (2022: £498k) towards capital costs (principally the build costs of St Anthony’s project), see Note 10.3 . Offertory assessment transfers remain subdued for the period at £723k, significantly lower than pre-pandemic levels. In previous periods the loss of assessment was supported by the Governments furlough scheme.

Investment income from the managed portfolio continues to be greatly affected by the pandemic and the cost-of-living crisis. The income generated for the benefit of unrestricted funds in the year improved to £399k (2022: £313k). The Diocesan Central fund position at the year-end showed a loss on investments of £207k (2022 £2,210k gain), demonstrating a relatively stable portfolio in a difficult market notwithstanding the rates of return. See Investment Policy and Performance.

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SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

Consolidated Annual Report For the Year Ending 31[st] March 2023

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

During the financial year 3 priests were ordained, with a further 9 men still in training. Donations, legacies and investment income to support the education of clergy amounted to £126k (2022: £96k) an increase of 31%. The principal costs of the training of priests are currently being underwritten by the Our Mission Together (Restricted) Fund and transfers of £230k (2022: £281k) was received to support the cost of courses and grants paid to seminarians. Fees and costs in the training of clergy decreased by 22% to £243k (2021: £311k).

Diocesan – Retired Clergy Fund (Designated Fund):

Table of Operational Activity for the Retired Clergy Fund:

able of Operational Activity for the Retired Cle	rgy Fund:	rgy Fund:	rgy Fund:	rgy Fund:	rgy Fund:	rgy Fund:
Income Expenditure Our Mission Together - Transfers *Net Operating Income/(Expenditure) for the* *Retired and Sick Priest Fund:*	2018-19 £000's 2019-20 £000's 2020-21 £000's 2021-22 £000's 2022-23 £000's 108 152 158 58 61 (514) (522) (666) (556) (545) 96 160 230 267 247
		*(310)*	*(210)*	*(278)*	*(231)*	*(237)*

Donations to support priests in sickness and retirement has changed little between the two financial periods and significantly lower than its pre-pandemic levels with incomes totalling £61k (2022: 58k), although the expenditure has decreased by a similar amount to £545k (2022: £556k) a decrease of 23%. The costs are partially supported through Our Mission Together (Restricted) Fund and transfers have dropped slightly by 7% to £247k.

The period also had a significant increase in costs associated with supporting sick priests monthly allowance to £49k (2022: £26k)

The fund itself currently has £7.3m in reserve, however the property portfolio is currently £7.8m a shortfall of funding of £556k, 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. During the financial period this fund was used to replace in-efficient boilers at two listed churches and support some of the re-ordering works at the Cathedral, with the total spend of £630k. The closing reserves for the fund are £900k (2022: £1,564k).

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.

Page 8 of 41

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

Consolidated Annual Report For the Year Ending 31[st] March 2023

The fund is now in its mature stages of its donation generation and income received through donations and gift aid totalled £390k (2022: £786k). The fund received transfers on pledges from parishes of £214k (2022: £249k).

Direct expenditure of the fund equated to £212k (2022: £319k), which included £205k to support Caritas – Diocese of Shrewsbury (2022: £250k) and transfers on activity was £906k (2022: £1.2m).

The closing funds associated with Our Mission Together was £3.2m (2022: £3.9m).

Diocesan - School Building Fund (Restricted):

After discussion with our auditors specifically about the treatment of Government funding for SCA in October 2022, the way in which the SCA monies are accounted for has been updated. Originally under LCVAP rules the responsible bodies for the spending of the monies were local authorities, not the Diocese, so the income and expenditure was excluded from the consolidated accounts. Under SCA funding rules it is the Diocese that is the responsible body that decides on which projects to fund, and therefore the accounting treatment changes. Income is now recognised at the point a project is approved along with the associated costs, leaving a deferred income liability included with the school creditors balance as it is refundable. These accounts represent the first set that reflect this change and comparative values have been determined. As income and expenditure have been realised this removes the financial commitments note as all incomes and costs have been recognised.

Income from Diocese, Parents & Schools Income from SCA Funding Diocesan Contribution to Costs Total Incomes Expenditure of School Building Funds Expenditure of SCA Funding Transfers for Cost Recovery (SCA) Total Expenditure Revaluations Closing Fund Position:	2021-22 £000's 2022-23 £000's 484 503 79 3,758 130 130
	693 4,391 (485) (539) - (3,683) (209) (205)
	(694) (4,427) - 4
	898 866

Income received from the Diocese, parents and schools totalled £503k (2022: £484k). Expenditure from this was £539k (2022: £485k) leaving £866k carried forward on 31 March 2023. 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 the Locally Coordinated Voluntary-Aided Programme (LCVAP) in April 2020.

Recognised income and expenditure for SCA grant funding for the period totalled £3.8m including contribution towards operating costs of the Diocese (2022: 3m), the balance available for future projects included within school creditors from SCA funding is £3.8m.

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SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

Consolidated Annual Report For the Year Ending 31[st] March 2023

Diocesan – Music in Schools (Restricted):

The Diocese has been awarded £50,000 across two years to establish a Schools Singing Programme as part of the National Schools Singing Programme (NSSP) is for all Catholic dioceses in the UK. The Programme is to create or enhance their own music programmes for children educated in state schools. The grant provides seed funding to support world-class inclusive music programmes being offered in Diocesan schools where weekly sessions take place during the normal school day and are tailored to suit each class and year group. These include music for school liturgies blended with interactive music education games and secular repertoire. Classes support the national curriculum and enhance educational attainment and progression, which in turn supports a favourable Ofsted assessment.

The foundation of the Schools Singing Programme rests on a network of after-school choirs that support parish and cathedral liturgies. As well as enhancing the in-school experience of musical education, the programme engages the wider community with concerts and performances that all can enjoy.

In September 2022 the Diocesan Music Director, Jon Barton, came into post to establish and grows the Schools Singing Programme within the Diocese. It has proved extremely successful and popular with schools, and by the end of the year eleven schools had taken up the service, with more joining in the next academic year.

Diocesan - Subsidiaries:

The Diocese has several subsidiaries, and their results can be seen in Note 2. All the subsidiary results continue to show a deficit.

Hale Barns Events Ltd holds an annual festival in July. This is the subsidiary’s fifth year of trading, the performance was affected by late line-up changes due to the passing of one of the members of the headline act, which resulted in ticket refunds. Current year losses amounted to £16k (2022: £1k).

Any surplus generated by the festival is for the benefit of the local parish to build a parish hall for the community. The events held often stimulate giving to support this project; therefore, the financial performance of the commercial activity alone cannot be the sole measure of success.

Salop Service Company Ltd operated a car park in Crewe for the benefit of the parish, the purpose of the land has changed with the building of a new parish hall with Caritas – Diocese of Shrewsbury, through the generosity of the Denise Coates Foundation. We are currently reviewing existing contracts to bring this operation to a close.

Shrewsbury Diocese Commercial Co Ltd operates licensed social clubs and a cafe through the parish centres at sites across the diocese. Trading continues to recover from the pandemic and total income has returned to pre-pandemic levels, albeit not consistently in all areas. The strategy changes within the Manchester based clubs have reaped some reward, as analysis of income generation across the regions of operation show that Manchester has had significant growth of 68% compared to 2019 (the last full year of trading before the rebuild of St Anthony’s and the intervention of Covid). Conversely trading at Wirral sites has contracted £303k (29%) over the same period – comparatively the same value as the loss of income from St Joseph’s – Birkenhead, due to forced closure. Similarly, Chester also contracted by 28% (£206k), key contributors to this contraction are the slow recovery of income at St Theresa’s in Blacon, which has only just begun to reach comparable monthly income levels, and the irrecoverable performance of St Saviour’s in Ellesmere Port which saw a fall of over 50% in income.

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SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

Consolidated Annual Report For the Year Ending 31[st] March 2023

Distribution of Operating Income By Region

£0 £500,000 £1,000,000 £1,500,000 £2,000,000 £2,500,000 £3,000,000 2019 2020 2021 2022 2023 Other £164,217 £142,017 £17,145 £81,430 £118,790 Manchester £617,850 £537,563 £27,668 £565,054 £1,037,250 Chester £741,364 £703,033 £98,060 £451,786 £535,527 Wirral £1,056,131 £1,071,863 £46,682 £525,164 £753,102	£0 £500,000 £1,000,000 £1,500,000 £2,000,000 £2,500,000 £3,000,000 2019 2020 2021 2022 2023 Other £164,217 £142,017 £17,145 £81,430 £118,790 Manchester £617,850 £537,563 £27,668 £565,054 £1,037,250 Chester £741,364 £703,033 £98,060 £451,786 £535,527 Wirral £1,056,131 £1,071,863 £46,682 £525,164 £753,102	£0 £500,000 £1,000,000 £1,500,000 £2,000,000 £2,500,000 £3,000,000 2019 2020 2021 2022 2023 Other £164,217 £142,017 £17,145 £81,430 £118,790 Manchester £617,850 £537,563 £27,668 £565,054 £1,037,250 Chester £741,364 £703,033 £98,060 £451,786 £535,527 Wirral £1,056,131 £1,071,863 £46,682 £525,164 £753,102	£0 £500,000 £1,000,000 £1,500,000 £2,000,000 £2,500,000 £3,000,000 2019 2020 2021 2022 2023 Other £164,217 £142,017 £17,145 £81,430 £118,790 Manchester £617,850 £537,563 £27,668 £565,054 £1,037,250 Chester £741,364 £703,033 £98,060 £451,786 £535,527 Wirral £1,056,131 £1,071,863 £46,682 £525,164 £753,102	£0 £500,000 £1,000,000 £1,500,000 £2,000,000 £2,500,000 £3,000,000 2019 2020 2021 2022 2023 Other £164,217 £142,017 £17,145 £81,430 £118,790 Manchester £617,850 £537,563 £27,668 £565,054 £1,037,250 Chester £741,364 £703,033 £98,060 £451,786 £535,527 Wirral £1,056,131 £1,071,863 £46,682 £525,164 £753,102	£0 £500,000 £1,000,000 £1,500,000 £2,000,000 £2,500,000 £3,000,000 2019 2020 2021 2022 2023 Other £164,217 £142,017 £17,145 £81,430 £118,790 Manchester £617,850 £537,563 £27,668 £565,054 £1,037,250 Chester £741,364 £703,033 £98,060 £451,786 £535,527 Wirral £1,056,131 £1,071,863 £46,682 £525,164 £753,102
£0	2019	2020	2021	2022	2023
Other	£164,217	£142,017	£17,145	£81,430	£118,790
Manchester	£617,850	£537,563	£27,668	£565,054	£1,037,250
Chester	£741,364	£703,033	£98,060	£451,786	£535,527
Wirral	£1,056,131	£1,071,863	£46,682	£525,164	£753,102

Year End:
Trade Revenue:
Operational Profit/(Loss)
Capital Grants Received
Depreciation/Interest
Net Profit/(Loss)
Administration Costs:
Administration Costs to Sales %:
Property & Insurance Costs:
Property Costs to Sales %:
Property Includes - Energy Costs:
Energy Costs to Sales %:

Mar-19
Mar-20
Mar-21
Mar-22
Mar-23
£000's
£000's
£000's
£000's
£000's
£2,580
£2,454
£190
£1,623
£2,445
(£207)
(£127)
(£424)
(£248)
(£255)
-
-
-
£85
£102
(£78)
(£98)
(£89)
(£92)
(£110)
(£285)
(£225)
(£513)
(£255)
(£263)
£220
£218
£184
£190
£125
9%
9%
97%
12%
5%
£382
£484
£262
£364
£598
15%
20%
138%
22%
24%
£172
£180
£62
£96
£243
7%
7%
33%
6%
10%

The change in cost behaviour and a shortage of staff in some areas has accelerated losses at some centres that contribute to the overall losses of the organisation disproportionately. A continued review of the sites has now led to the decision to close St Saviour’s in Ellesmere Port (£64k loss) effective from the end of February 2023. In addition, with consideration of their financial performance, the effort to correct the present position, the administrative burden, the state of dilapidation of property, and the implication to the local parish who will inherit the running costs of the site. We have identified the following sites for closure; St Mary’s in Congleton at the end of July 2023, and All Saints in Sale (£32k loss) at the end of December 2023.

Page 11 of 41

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

Consolidated Annual Report For the Year Ending 31[st] March 2023

In the event of a site closure the costs of property revert to the parish, which in turn could accelerate the deficits in local parishes and the Charity. Therefore, in consideration of the current trading conditions and the impact on the parishes, other high loss-making sites of the subsidiary have reduced in scope to function only operations. These changes will be in conjunction with actions to establish alternative/multiple uses of the parish centre properties that meets the objectives of the Trust and offset the potential increase in liability to the Charity.

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 are 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.

The decline in Mass attendance prior to the pandemic was lessening although it remains a risk. Some areas have benefitted from immigration as this has increased the Catholic population. An additional risk was the disinclination of parishioners to return to Mass in churches following the pandemic, as there is a mixed picture across both the Diocese and nationally.
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 facilities in the Diocese to offer a period of discernment before formal formation begins is one of the measures being taken to promote vocations to the priesthood
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.

The investment portfolio consists of income fund products which are invested in a balanced portfolio against a benchmark which has been set by Trustees. The Charity does not directly invest in equity shares in companies, save for its trading subsidiaries and mutual trading companies of which it is a member.

Page 12 of 41

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

Consolidated Annual Report For the Year Ending 31[st] March 2023

As part of its environmental policy and strategy, the Trustees are mindful of ‘Mensuram Bonam’, which urges us to “respond to the call of the Gospel and the wisdom of the Tradition of the Church by more fully integrating the Church’s social and moral teaching into the management of their financial assets with a focus on investing in listed securities or mutual funds”. This continuing oversight on carbon footprint and human impact is measured as part of the portfolio to ensure that carbon emissions are ameliorated and there is a positive social contribution from the products in which the Diocese invests in terms of fair work, tax, financial inclusion and access to water.

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Chart of Income from Listed Investments Held by the Trust:
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800
700
600
500
400
300
200
100
0
2018-19 2019-20 2020-21 2021-22 2022-23
£000's
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The total income from listed investments held by the Trust remained static at £476k (2022: £474k).

The value at 31 March 2023 held by Schroders was £18.7m (2022: £20.9m), during the year £1m (2022: £250k) was drawn from investments to support working capital requirements of Our Mission Together and capital projects including that at Holy Angels, Hale Barns. The investment properties held had increased through professional valuation by £460k.

Reserves Policy:

At 31 March 2023 the Trust had a total of £48m in funds (2022: £51.6m), being restricted, designated and unrestricted funds.

The restricted funds total some £4,424k (2022 - £5,644k) including £23k 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 £42.8m (2022 - £44.1m) made up of Parochial funds of £31.6m (2022 - £32.4m) and Diocesan designated funds of £11.2m (2022 - £11.7m). 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.

Page 13 of 41

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

Consolidated Annual Report For the Year Ending 31[st] March 2023

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 £7.8m 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 three years and provide the appropriate level of liquid assets.

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 (2022 - £3m) 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 current reserves held are £900k.

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 £27.9m, comprising £17m for parishes and £10.8m 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 £867k, 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 2024 the offertory income from year to 31 March 2022 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.

Page 14 of 41

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

Consolidated Annual Report For the Year Ending 31[st] March 2023

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.

FUTURE PLANS

Looking to the coming year, the major challenge is to maintain the faith and life of the Diocese at a time of economic uncertainty and concerning major world events. The key elements include being able to sustain parish activities, encouraging parishioners to return to attending Mass in church rather than online, and to sustain 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 next Jubilee Year for the Church falls in 2025 and is entitled ‘Pilgrims of Hope’ by Pope Francis. Jubilee Years are a time of special grace for everyone and the whole Church has been asked to prepare well for this significant year. The years 2023 and 2024 have a specific focus for the whole Church, with 2023 focussing on the documents of Vatican II and is ‘The Year of the Council’. In 2024 the focus changes to that of prayer and will be called ‘The Year Prayer’. In response to this call of Pope Francis to prepare well, resources and events will be provided during the coming years.
• SYMT will continue its blended delivery of in person and digital ministry to engage with young people across the Diocese;
The expansion of the Schools Singing Programme will continue both for the educational benefits and as a means of evangelisation;
Caritas Diocese of Shrewsbury will continue in its promotion of Catholic Social Teaching, building on the work undertaken in its three locations, with continued family support, counselling, work with schools, support for refugees and work with those in poverty;
The environment is also high a key focus and the coming year will see much work in putting in place the Diocesan Environmental Policy and Strategy as we continue to respond to Laudate Si’.
• Work will continue in establishing a route map for Diocesan schools moving towards being part of one of the three Diocesan MATs to strengthen and protect Catholic Education in the Diocese.

In addition, there are continuing pressures on schools in terms of academic standards and also school finances, particularly as an after-effect of 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, with further progress having been made during the year. Most of the work has been completed and is awaiting Charity Commission approval, which is expected in late 2023 or early 2024.

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

Page 15 of 41

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

Consolidated Annual Report For the Year Ending 31[st] March 2023

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.

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 16 of 41

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

Consolidated Annual Report For the Year Ending 31[st] March 2023

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 29[th] November 2023 and signed as authorised on their behalf by:

Rt Rev Mark Davies – Bishop of Shrewsbury

Trustee

Page 17 of 41

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

Consolidated Annual Report For the Year Ending 31[st] March 2023

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 2023 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 2023 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 18 of 41

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

Consolidated Annual Report For the Year Ending 31[st] March 2023

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 19 of 41

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

Consolidated Annual Report For the Year Ending 31[st] March 2023

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 Statutory Auditors

10 Queen Street Place London EC4R 1AG

Date: 31 January 2024

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

Page 20 of 41

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

Consolidated Statement of Financial Activities For the Financial Year Ending 31st March 2023

£000 £000 7,401 356 183 - 218 - - - Parochial Funds Unrestricted Designated Restricted	£000 7,757 183 218 Total	£000 £000 £000 489 109 4,906 2,934 - - 542 78 2 1 - - Diocesan Funds Unrestricted Unrestricted Designated Restricted	£000 £000 £000 489 109 4,906 2,934 - - 542 78 2 1 - - Diocesan Funds Unrestricted Unrestricted Designated Restricted	£000 £000 £000 489 109 4,906 2,934 - - 542 78 2 1 - - Diocesan Funds Unrestricted Unrestricted Designated Restricted	£000 £000 £000 489 109 4,906 2,934 - - 542 78 2 1 - - Diocesan Funds Unrestricted Unrestricted Designated Restricted	£000 5,504 2,934 622 1 Total		2023 2022 (Note 17) £000 £000 13,261 8,900 3,117 2,376 840 839 1 319 Total Funds
7,802 356 (122) - (8,722) (356)	8,158 (122) (9,078)	3,966 (3,366) (2,409)		187 4,908 (18) (1) (824) (4,730)		9,061 (3,385) (7,963)	17,219 12,434 (3,507) (2,774) (17,041) (10,264)
(8,844) (356)	(9,200)	(	5,775)	(842) (	4,731) (	11,348)	(	20,548) (13,038)
(1,042) (167) - 35 - - -	(1,042) (167) 35 -	(	1,809) (247) 40 -	(655) (119) 385 -	177 (116) - -	(2,287) (482) 425 -		(3,329) (604) (649) 1,881 460 312 - 17
(1,174) 347 (511)	(1,174) (164)	(	2,016) 1,053	(389) (118)	61 (771)	(2,344) 164		(3,518) 1,606 - -

(827) (511) 32,390 534	(1,338) 32,924		(963) 1,830	(507) 11,694	(710) 5,110	(2,180) 18,634		(3,518) 1,606 51,558 49,952
31,563 23	31,586		867	11,187	4,400	16,454		48,040 51,558

Page 21 of 41

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

Consolidated Statement of Financial Activities For the Financial Year Ending 31 March 2023 - Continued

Schedule of Transfers: Sharatt Diocesan Designated to Parochial Designated - Parish Maintenance Projects SCA 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:* Gift Aid Assessments paid to Diocesan Unrestricted *Assessments:* 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:* Release of Restriction - Completed Project - Parish Community Hub (Nantwich)(Functional Property) Church TV Services (Bishop Stanley Residuary Trust) St Albans Parish Project (Gubay Funds) Transfer of Unrestricted Legacy for the Benefit of Cathedral	£000 £000 £000 (723) - (723) (60) - (60) - - - - - - (214) - (214) 157 - 157 - - - - - - - - - 595 - 595 (54) 54 - 465 (465) - 100 (100) - 70 - 70 11 - 11 Unrestricted Designated Restricted Parochial Funds Total	£000 £000 £000 (723) - (723) (60) - (60) - - - - - - (214) - (214) 157 - 157 - - - - - - - - - 595 - 595 (54) 54 - 465 (465) - 100 (100) - 70 - 70 11 - 11 Unrestricted Designated Restricted Parochial Funds Total	£000 £000 £000 £000 723 - - 723 60 - - 60 243 - (243) - 29 477 (506) - - - 214 214 - - (157) (157) (130) - 130 - 130 - (130) - 75 - (75) - - (595) - (595) - - - - - - - - - - - - (70) - - (70) (7) - (4) (11) Diocesan Funds Unrestricted Unrestricted Designated Restricted Total	£000 £000 £000 £000 723 - - 723 60 - - 60 243 - (243) - 29 477 (506) - - - 214 214 - - (157) (157) (130) - 130 - 130 - (130) - 75 - (75) - - (595) - (595) - - - - - - - - - - - - (70) - - (70) (7) - (4) (11) Diocesan Funds Unrestricted Unrestricted Designated Restricted Total		2023 2022 (Note 17) £000 £000 - - - - - - - - - - - - - - - - - - - - - - - - - - - - Total Funds
		347 (511) (164)		1,053 (118) (771) 164		- -

Page 22 of 41

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

GROUP BALANCE SHEET AT 31st MARCH 2023

Parochial Diocesan 2023 2023 £000 £000 13,321 2,045 3,745 8,826	Parochial Diocesan 2023 2023 £000 £000 13,321 2,045 3,745 8,826	Total Parochial Diocesan Total 2023 2022 2022 2022 £000 £000 £000 £000 15,366 12,819 1,917 14,736 12,571 3,850 8,401 12,251	Total Parochial Diocesan Total 2023 2022 2022 2022 £000 £000 £000 £000 15,366 12,819 1,917 14,736 12,571 3,850 8,401 12,251	Total Parochial Diocesan Total 2023 2022 2022 2022 £000 £000 £000 £000 15,366 12,819 1,917 14,736 12,571 3,850 8,401 12,251
17,066 5,296	10,871 13,370	27,937 18,666	16,669 5,253	10,318 26,987 15,646 20,899
22,362 - 18 2,476	24,241 69 732 6,895	46,603 69 750 9,371	21,922 - 416 2,667	25,964 47,886 73 73 611 1,027 8,361 11,028
2,494 (264) 6,994	7,696 (8,489) (6,994)	10,190 (8,753) -	3,083 (233) 8,152	9,045 12,128 (8,224) (8,457) (8,152) -
9,224	(7,787)	1,437	11,002	(7,331) 3,671
31,586 23 31,563 -	16,454 4,400 11,187 867	48,040 4,423 42,750 867	32,924 434 32,490 -	18,633 51,557 5,110 5,544 11,694 44,184 1,829 1,829
31,586	16,454	48,040	32,924	18,633 51,557

The Net Movement in Funds for the year from Diocesan and Parish sources (excluding subsidiary companies) was -£3,240k (2022 - £1,862k)

Approved by the Board of Trustees at their meeting on 29th November 2023 and signed on their behalf by:

Rt Rev Mark Davies, Bishop of Shrewsbury

Page 23 of 41

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

CHARITY BALANCE SHEET

AT 31st MARCH 2023

CHARITY BALANCE SHEET AT 31st MARCH 2023
Note: Fixed Assets: Tangible Assets 6.2 Investment Properties 6.3 Investments 7 Current Assets: 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 2023 2023 £000 £000 13,321 1,586 3,745 8,826			Total Parochial Diocesan Total 2023 2022 2022 2022 £000 £000 £000 £000 14,907 12,819 1,534 14,353 12,571 3,850 8,401 12,251
		17,066 5,296	10,412 13,820	27,478 19,116	16,669 5,253	9,935 26,604 16,097 21,350
		22,362 18 2,476	24,232 2,125 6,852	46,594 2,143 9,328	21,922 416 2,667	26,032 47,954 1,772 2,188 8,324 10,991
		2,494 (264) 6,994	8,977 (7,958) (6,994)	11,471 (8,222) -	3,083 (233) 8,152	10,096 13,179 (7,817) (8,050) (8,152) -
		9,224	(5,975)	3,249	11,002	(5,873) 5,129
		31,586 23 31,563 -	18,257 4,400 11,187 2,670	49,843 4,423 42,750 2,670	32,924 434 32,490 -	20,159 53,083 5,110 5,544 11,694 44,184 3,355 3,355
		31,586	18,257	49,843	32,924	20,159 53,083

Page 24 of 41

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

CONSOLIDATED STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 31st MARCH 2023

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 £000 (3,038) 840 (1,227) (415) (2,617) 4,243 555 43 1,422 (1,616) 11,319 9,703 (3,518) 555 189 (1) (840) 4 277 296 (3,038) 9,371 332 9,703 2023	£000 £000 (3,038) 840 (1,227) (415) (2,617) 4,243 555 43 1,422 (1,616) 11,319 9,703 (3,518) 555 189 (1) (840) 4 277 296 (3,038) 9,371 332 9,703 2023	£000 £000 781 839 (1,456) (290) (4,835) (4) 4,730 1,582 340 906 1,687 9,632 11,319 1,606 529 (2,210) (319) (839) (32) (496) 2,542 781 11,028 291 11,319 2022	£000 £000 781 839 (1,456) (290) (4,835) (4) 4,730 1,582 340 906 1,687 9,632 11,319 1,606 529 (2,210) (319) (839) (32) (496) 2,542 781 11,028 291 11,319 2022

				1,687 9,632
				11,319 1,606 529 (2,210) (319) (839) (32) (496) 2,542
		(		781 11,028 291
				11,319

Page 25 of 41

SHREWBURY ROMAN CATHOLIC DIOCESAN TRUST NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31st MARCH 2023

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 impact of the Covid-19 and subsequent cost-of-living crisis, 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.

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 26 of 41

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31st MARCH 2023

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 2023 amounted to £536m. (2022 - £536m)

Page 27 of 41

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31st MARCH 2023

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 2023 and 31st March 2022 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 28 of 41

NOTES TO THE FINANCIAL STATEMENTS

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

FOR THE FINANCIAL YEAR ENDED 31st MARCH 2023

2 Subsidiary/Associated Bodies:

2.1 Interests & Holdings:

Subsidiary/Associated Bodies: Interests & Holdings:
The Charity has interests in the following undertakings:	Company Number	Share Holding	% Shares Held	Holding Class
Shrewsbury Diocese Commercial Company	02848927	£450,000	100%	Subsidiary
Management of Parish Clubs
Salop Service Company Ltd	08019951	£500	100%	Subsidiary
Provision of Parking
Hale Barns Events Ltd	11069532	£100	100%	Subsidiary
Annual Music Festival
Inter-Diocesan Fuel Management Ltd	02891029	£4,000	4%	Associate
Fuel & Power Distributor
Diocese of Shrewsbury Education Trust	09263878	Limited by	Guarantee	Associate

Diocese of Shrewsbury Education Trust Academy Sponsor

2.2 Subsidiary Company Operations:

Shrewsbury

Subsidiary Company Operations:	Shrewsbury	Shrewsbury	Shrewsbury	Shrewsbury	Shrewsbury
*Financial Year Ended 31 March 2023* 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 2023 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	Diocese Commercial Company Ltd Salop Service Company Ltd Hale Barns Events Ltd £000 £000 £000 2,445 - 68 421 - - - - -						Total £000 2,513 421
			2,866 - 68 1,251 (1) 38 930 - 35 98 - 850 - 10				2,934
							1,288 965 98 860
			3,129 (1) 83				3,211

			(263) 1 (15)				(277)
	(1,316) - (38) Shrewsbury Diocese Commercial Company Ltd Salop Service Company Ltd Hale Barns Events Ltd £000 £000 £000 1,623 82 349 - - 163 - 5					(1,354) Total £000 1,705 349 168
			2,135 791 895 73 631		87 1 42 - 35 - - - 11	2,222 834 930 73 642
			2,390		1 88	2,479

				(255)	(1) (1)	(257)
		(1,053)			(1) (22) (1,076)

Page 29 of 41

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31st MARCH 2023

Parochial Diocesan Total 2023 2023 £000 £000 5,791 5 276 100 356 79 - 4,259 1,334 671 - - - 390	Parochial Diocesan Total 2023 2023 £000 £000 5,791 5 276 100 356 79 - 4,259 1,334 671 - - - 390	Parochial Diocesan Total 2023 2023 £000 £000 5,791 5 276 100 356 79 - 4,259 1,334 671 - - - 390	Parochial Diocesan Total 2023 2023 £000 £000 5,791 5 276 100 356 79 - 4,259 1,334 671 - - - 390	Parochial Diocesan Total 2023 2023 £000 £000 5,791 5 276 100 356 79 - 4,259 1,334 671 - - - 390	Income Parochial Diocesan Total Income 2023 2022 2022 2022 £000 £000 £000 £000 5,796 5,237 3 5,240 376 1,056 59 1,115 435 257 81 338 4,259 - 563 563 2,005 408 297 705 - 65 88 153 390 - 786 786	Income Parochial Diocesan Total Income 2023 2022 2022 2022 £000 £000 £000 £000 5,796 5,237 3 5,240 376 1,056 59 1,115 435 257 81 338 4,259 - 563 563 2,005 408 297 705 - 65 88 153 390 - 786 786
7,757 5,504 Parochial Unrestricted Designated Diocesan Unrestricted Total 2023 2023 £000 £000 183 - - 2,934					13,261 7,023 1,877 8,900 Income Parochial Unrestricted Designated Diocesan Unrestricted Total Income 2023 2022 2022 2022 £000 £000 £000 £000 183 153 - 153 2,934 - 2,222 2,222
	183 2,934 3,117 153 2,222 2,375 Parochial Unrestricted Designated Diocesan Unrestricted Diocesan Unrestricted Designated Diocesan Restricted Total Income £000 £000 £000 £000 £000 214 122 7 - 343 4 399 71 2 476 - 21 - - 21 - - - - 218 542 78 2 840 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 Total Income £000 £000 £000 £000 - 1 - 1 - 1 - 1 Parochial Unrestricted Designated Diocesan Unrestricted Diocesan Unrestricted Designated Total Income £000 £000 £000 £000 309 10 - 319 309 - - 319

		218 542 78 2 840 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 Total Income £000 £000 £000 £000 - 1 - 1 - 1 - 1 Parochial Unrestricted Designated Diocesan Unrestricted Diocesan Unrestricted Designated Total Income £000 £000 £000 £000 309 10 - 319 309 - - 319

				- 1 - 1 Parochial Unrestricted Designated Diocesan Unrestricted Diocesan Unrestricted Designated Total Income £000 £000 £000 £000 309 10 - 319
				309		- - 319

Page 30 of 41

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31st MARCH 2023

Personnel Costs Other Costs Total 2023 2023 £000 £000 - 122 965 2,246 35 10 7 1 - 121	Personnel Costs Other Costs Total 2023 2023 £000 £000 - 122 965 2,246 35 10 7 1 - 121	Personnel Costs Other Costs Total 2023 2023 £000 £000 - 122 965 2,246 35 10 7 1 - 121	Personnel Costs Other Costs Total 2023 2023 £000 £000 - 122 965 2,246 35 10 7 1 - 121	Personnel Costs Other Costs Total 2023 2023 £000 £000 - 122 965 2,246 35 10 7 1 - 121	Costs Personnel Costs Other Costs Total Costs 2023 2022 2022 2022 £000 £000 £000 £000 122 - 86 86 3,211 930 1,549 2,479 45 38 9 47 8 40 1 41 121 - 121 121	Costs Personnel Costs Other Costs Total Costs 2023 2022 2022 2022 £000 £000 £000 £000 122 - 86 86 3,211 930 1,549 2,479 45 38 9 47 8 40 1 41 121 - 121 121	Costs Personnel Costs Other Costs Total Costs 2023 2022 2022 2022 £000 £000 £000 £000 122 - 86 86 3,211 930 1,549 2,479 45 38 9 47 8 40 1 41 121 - 121 121
1,007 768 - 590 17 - - - - - -			2,500 - 298 - 3,798 1,628 439 117 356 672 395		3,507 768 298 590 3,815 1,628 439 117 356 672 395	1,008 655 - 537 11 - - - - - -	1,766 2,774 - 655 370 370 - 537 2,328 2,339 957 957 319 319 17 17 232 232 566 566 388 388
1,375 318 118 25 - 32 - 210 - 51 38 301 - - - 161 112 1 30 -			7,703 114 36 5 6 10 11 221 66 55 125 86 38 73 30 36 53 298 212 4,221		9,078 432 154 30 6 42 11 431 66 106 163 387 38 73 30 197 165 299 242 4,221	1,203 336 94 - 22 - 213 - 45 18 208 - - - 118 110 1 55 -	5,177 6,380 86 422 20 114 6 6 8 30 11 11 204 417 56 56 84 129 140 158 97 305 48 48 57 57 33 33 21 139 40 150 93 94 264 319 485 485
1,397 39 276 30			5,696 204 269 52		7,093 243 545 82	1,220 47 323 21	1,753 2,973 264 311 233 556 23 44

	345		525		870	391	520 911
1,742			6,221		7,963	1,611	2,273 3,884
3,117		13,924		17,041		2,814	7,450 10,264

Page 31 of 41

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31st MARCH 2023

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

6 Tangible Fixed Assets:

6.1 Tangible Fixed Assets - Group:

Tangible Fixed Assets, at Cost

Diocesan

Parochial

Motor Vehicles Office Equipment, Fixtures & Fittings Diocesan Property Motor Vehicles Parochial Property & Equipment £000 £000 £000 £000 £000 £000 104 1,884 2,031 22 21,066 25,107 13 198 119 - 897 1,227 - - - - - - (14) (132) (1) - - (147) Total	Motor Vehicles Office Equipment, Fixtures & Fittings Diocesan Property Motor Vehicles Parochial Property & Equipment £000 £000 £000 £000 £000 £000 104 1,884 2,031 22 21,066 25,107 13 198 119 - 897 1,227 - - - - - - (14) (132) (1) - - (147) Total	Motor Vehicles Office Equipment, Fixtures & Fittings Diocesan Property Motor Vehicles Parochial Property & Equipment £000 £000 £000 £000 £000 £000 104 1,884 2,031 22 21,066 25,107 13 198 119 - 897 1,227 - - - - - - (14) (132) (1) - - (147) Total	Motor Vehicles Office Equipment, Fixtures & Fittings Diocesan Property Motor Vehicles Parochial Property & Equipment £000 £000 £000 £000 £000 £000 104 1,884 2,031 22 21,066 25,107 13 198 119 - 897 1,227 - - - - - - (14) (132) (1) - - (147) Total
103 1,950 57 1,470 17 97 - - (1) (103)		2,149 22 575 18 46 4 - - (1) -	21,963 26,187 8,251 10,371 391 555 - - - (105)
	73 1,464	620 22	8,642 10,821
	30 486 47 414	1,529 1,456 4	13,321 15,366 12,815 14,736

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

Motor Vehicles Office Equipment, Fixtures & Fittings Diocesan Property Motor Vehicles Parochial Property & Equipment £000 £000 £000 £000 £000 £000 75 127 1,942 22 21,066 23,232 13 5 119 - 897 1,034 - - - - - (13) - - - - (13) Diocesan Parochial Total	Motor Vehicles Office Equipment, Fixtures & Fittings Diocesan Property Motor Vehicles Parochial Property & Equipment £000 £000 £000 £000 £000 £000 75 127 1,942 22 21,066 23,232 13 5 119 - 897 1,034 - - - - - (13) - - - - (13) Diocesan Parochial Total	Motor Vehicles Office Equipment, Fixtures & Fittings Diocesan Property Motor Vehicles Parochial Property & Equipment £000 £000 £000 £000 £000 £000 75 127 1,942 22 21,066 23,232 13 5 119 - 897 1,034 - - - - - (13) - - - - (13) Diocesan Parochial Total
75 132 38 87 15 11 - - (1) -	2,061 22 485 18 47 4 - - - -	21,963 24,253 8,251 8,879 391 468 - - (1)
52 98	532 22	8,642 9,346
23 34 37 40	1,529 1,457 4	13,321 14,907 12,815 14,353

Page 32 of 41

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31st MARCH 2023

6.3 Investment Property, at Valuation - Group & Charity:

Investment Property, at Valuation - Group & Charity:
At 1 April 2022 Additions Transfers Disposals Gain/(loss) on Revaluation At 31 March 2023	Retired Clergy Pension Fund General Fund Parochial Fund Total £000 £000 £000 £000 7,446 955 3,850 12,251 - - 415 415 - - - - - - (555) (555) 385 40 35 460
		7,831 995	3,745 12,571

6.4 Valuation of Investment Property:

The valuation of investment properties are carried out on a three year cycle by Fisher German - Chartered Surveyors The valuation is based upon the market value under the assumption of vacant possession - and has been prepared in accordance with the current requirements of the RICS Valuation - Global Standards incorporating The International Valuation Standards (Commonly referred to as The Red Book).

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:
General Fund Parochial Fund Education & Training Fund Sherratt Fund School Building Fund Our Mission Together Total £000 £000 £000 £000 £000 £000 £000 At 1 April 2022 7,309 5,253 3,003 1,511 - 3,815 20,891 Additions at Cost 1,027 575 393 116 18 488 2,617 Proceeds of Sales (1,624) (1,470) (418) (124) (18) (589) (4,243) Realised & Unrealised Losses (247) (167) (91) (28) 4 (120) (649) (Decrease)/Increase in Cash Balances - Fund Managers 15 14 5 2 (2) 8 42 Transfer between funds (759) 1,091 115 (572) 566 (441) - At 31 March 2023 5,721 5,296 3,007 905 568 3,161 18,658 Listed Investments Comprised: Schroders Current Accounts 102 94 54 16 10 56 332 UK Equites 1,329 1,231 699 210 132 734 4,335 Overseas Equities 2,488 2,303 1,308 394 247 1,375 8,115 UK Fixed Interest 180 167 94 29 18 100 588 Multi-Asset Funds 24 22 13 4 2 13 78 Hedge Funds 87 80 46 13 9 48 283 Property 373 345 195 59 37 206 1,215 Private Equity 270 250 141 43 27 149 880 Other 868 804 457 137 86 480 2,832 5,721 5,296 3,007 905 568 3,161 18,658	General Fund Parochial Fund Education & Training Fund Sherratt Fund School Building Fund Our Mission Together Total £000 £000 £000 £000 £000 £000 £000 7,309 5,253 3,003 1,511 - 3,815 20,891 1,027 575 393 116 18 488 2,617 (1,624) (1,470) (418) (124) (18) (589) (4,243) (247) (167) (91) (28) 4 (120) (649) 15 14 5 2 (2) 8 42 (759) 1,091 115 (572) 566 (441) -
		5,721 102 1,329 2,488 180 24 87 373 270 868	5,296 94 1,231 2,303 167 22 80 345 250 804	3,007 905 568 54 16 10 699 210 132 1,308 394 247 94 29 18 13 4 2 46 13 9 195 59 37 141 43 27 457 137 86	3,161 18,658 56 332 734 4,335 1,375 8,115 100 588 13 78 48 283 206 1,215 149 880 480 2,832
		5,721	5,296	3,007 905 568	3,161 18,658

Page 33 of 41

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31st MARCH 2023

7 Listed Investments (Continued):

The portfolio included the following investment:	Value		Value
	2023 % of Total		2022 % of Total
	£000	Value	£000	Value
Fidelity Global Dividend	1,702	9.1
Charity Equity Income Fund	1,491	8.0
Vanguard FTSE UK All Share	975	5.2	2,682	12.9
Trojan Income Fund	939	5.0	1,216	5.8
Charity Equity Value Fund	928	5.0
Schroder Private Equity Funds IV	798	4.3	954	4.6
Schroder Diversified Alternative	764	4.1	924	4.4
Vanguard FTSE All-World	684	3.7	2,633	12.6
Robeco BP Global	650	3.5
L&G Multi- Strategy Enhanced	574	3.1
Wellington Global Health Car	520	2.8	521	2.5
Ninty One III Global	502	2.7
iShares Physical Metals PLC	467	2.5	432	2.1
Charities Property Fund	453	2.4	660	3.2
Schroder UK Real Estate	445	2.4	530	2.5
Polar Capital European	393	2.1	699	3.4
Vanguard S&P 500	375	2.0
Property Income Trust	317	1.7	522	2.5
Brevan Howard Absolute	283	1.5	288	1.4
Trojan Investment Fund	78	0.4	290	1.4

The historic cost of investments held at 31 March 2023 was £16m (2022 - £17m)

A separate investment of £4k is held in the Catholic National Mutual (2022 - £4k), and a further £4k is held in Inter-Diocesan Fuel Management Ltd (2022 - £4k)

Within the Charity Balance Sheet Investments include share holdings of £450k in Shrewsbury Diocese Commercial Company Limited (2022 - £450K), £500 in Salop Service Company Limited (2022 - £500), and £100 in Hale Barns Events Limited (2022 - £100).

8 8.1 8.2	Debtors: Group Due Within One Year: School Expenditure Recoverable from Governors & Pupil Premiums Loans Other Debtors & Prepayments Charity Due Within One Year: School Expenditure Recoverable from Governors & Pupil Premiums Loans Other Debtors & Prepayments	2023 2023 2023 2022 2022 2022 Parochial Diocesan Total Parochial Diocesan Total £000 £000 £000 £000 £000 £000 - 36 36 - 15 15 - 108 108 - 101 101 18 588 606 416 495 911	2023 2023 2023 2022 2022 2022 Parochial Diocesan Total Parochial Diocesan Total £000 £000 £000 £000 £000 £000 - 36 36 - 15 15 - 108 108 - 101 101 18 588 606 416 495 911	2023 2023 2023 2022 2022 2022 Parochial Diocesan Total Parochial Diocesan Total £000 £000 £000 £000 £000 £000 - 36 36 - 15 15 - 108 108 - 101 101 18 588 606 416 495 911
		18 732 750 416 611 1,027 2023 2023 2023 2022 2022 2022 Parochial Diocesan Total Parochial Diocesan Total £000 £000 £000 £000 £000 £000 - 36 36 - 15 15 - 1,622 1,622 - 1,365 1,365 18 467 485 416 392 808
			18 2,125 2,143 416	1,772 2,188

Page 34 of 41

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31st MARCH 2023

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 2023 2023 £000 £000 - 6,584 264 1,905 - -	Parochial Diocesan 2023 2023 £000 £000 - 6,584 264 1,905 - -	Parochial Diocesan 2023 2023 £000 £000 - 6,584 264 1,905 - -	Total Parochial Diocesan Total 2023 2022 2022 2022 £000 £000 £000 £000 6,584 - 6,658 6,658 2,169 233 1,566 1,799 - - - -	Total Parochial Diocesan Total 2023 2022 2022 2022 £000 £000 £000 £000 6,584 - 6,658 6,658 2,169 233 1,566 1,799 - - - -
		264 8,489 Parochial Diocesan 2023 2023 £000 £000 - 6,584 264 1,374 - -			8,753 233 8,224 8,457 Total Parochial Diocesan Total 2023 2022 2022 2022 £000 £000 £000 £000 6,584 - 6,658 6,658 1,638 233 1,159 1,392 - - - -
			264	7,958	8,222 233	7,817 8,050

School expenditure creditors include Government Devolved Formula Capital Grants of £1,625k (2022 - £1,625k)

10 Unrestricted Funds:

10.1 Unrestricted Designated - Group & Charity

Financial Year Ended 31st March 2023

Financial Year Ended 31st March 2023
Balance at 1st April 2022: 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 2023:* Financial Year Ended 31st March 2022 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:	£000 £000 £000 £000 £000 7,127 3,003 1,564 *11,694* 32,390 54 55 - 109 7,584 7 71 - 78 218 247 230 - 477 1,398 Retired Clergy Fund Education & Training Fund Total Parochial Total Diocesan Sherratt Fund
		*308* (545) - -	*356* 0 *664* *9,200* (243) (36) (824) (8,722) (18) - (18) (122) - (595) (595) (1,051)
		*(545)* - - 385	*(261)* *(631)* *(1,437)* *(9,895)* - - - - (91) (28) (119) (167) - - 385 35
	7,275 3,007 905 11,187 31,563 £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 Retired Clergy Fund Education & Training Fund Sherratt Fund Total Diocesan Total Parochial
		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

Page 35 of 41

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31st MARCH 2023

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 2022: 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 2023:*	2023 2022 £000 £000 1,830 669 490 389 3,476 2,754 1,260 2,201 Total Diocesan Total Diocesan	2023 2022 £000 £000 1,830 669 490 389 3,476 2,754 1,260 2,201 Total Diocesan Total Diocesan
	*5,226* 5344 (2,409) (2,145) (3,367) (2,648) (207) (130)
	*(5,983)* (4,923) 1 10 (247) 705 40 25
		*867* 1,830

10.2 Unrestricted - Group

Unrestricted - Charity Balance at 1st April 2022: 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 2023:*	2022 2021 £000 £000 3,355 1,938 490 389 542 531 1,260 2,201 Total Diocesan Total Diocesan	2022 2021 £000 £000 3,355 1,938 490 389 542 531 1,260 2,201 Total Diocesan Total Diocesan
	*2,292* 3121 (2,409) (2,145) (155) (169) (207) (130)
	*(2,771)* (2,444) 1 10 (247) 705 40 25
		*2,670* 3,355

10.3 Unrestricted - Charity

Page 36 of 41

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31st MARCH 2023

11 Restricted Funds - Group & Charity:

£000 £000 £000 £000 £000 £000 £000 *291* *3,905* *898* 16 *5,110* *534* 18 390 30 4,259 209 *4,906* 356 2 2 214 130 24 *368* 54 Pilgrimage Total Diocesan Total Parochial Other Funds & Collections Music in Schools Our Mission Together School Building Fund	£000 £000 £000 £000 £000 £000 £000 *291* *3,905* *898* 16 *5,110* *534* 18 390 30 4,259 209 *4,906* 356 2 2 214 130 24 *368* 54 Pilgrimage Total Diocesan Total Parochial Other Funds & Collections Music in Schools Our Mission Together School Building Fund	£000 £000 £000 £000 £000 £000 £000 *291* *3,905* *898* 16 *5,110* *534* 18 390 30 4,259 209 *4,906* 356 2 2 214 130 24 *368* 54 Pilgrimage Total Diocesan Total Parochial Other Funds & Collections Music in Schools Our Mission Together School Building Fund	£000 £000 £000 £000 £000 £000 £000 *291* *3,905* *898* 16 *5,110* *534* 18 390 30 4,259 209 *4,906* 356 2 2 214 130 24 *368* 54 Pilgrimage Total Diocesan Total Parochial Other Funds & Collections Music in Schools Our Mission Together School Building Fund
	18 *604* 30 *4,391* *233* *5,276* *410* (23) (242) (30) (4,221) (214) *(4,730)* (356) (1) *(1)* (28) (906) (205) *(1,139)* (565)
	*(51)* *(1,148)* *(30)* *(4,427)* *(214)* *(5,870)* *(921)* (120) 4 *(116)*
*258* *3,241* *866* 35 *4,400* 23 £000 £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 Music in Schools Other Funds & Collections Our Mission Together School Building Fund Pilgrimage Total Diocesan Total Parochial
	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

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):		2023	2022
		£000	£000
Net income is stated after charging:
Depreciation of tangible fixed assets		555	507
Payments to auditors:	Statutory audit fee	30	28
	Accounting & taxation services	3	3
Internal auditors:	Other services	2	2

Page 37 of 41

NOTES TO THE FINANCIAL STATEMENTS

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

FOR THE FINANCIAL YEAR ENDED 31st MARCH 2023

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 £5,793 (2022: £4,650) from the Trustees. Trustee indemnity insurance cost £1,874 (2022: £1,874)

2023 £000 513 121 29 83 22	2023 £000 513 121 29 83 22	2022 £000 450 93 20 67 25
768 1,853 141 82		655 1,666 117 84
2,076 883 54 28		1,867
		866 41 23
	965 276 39 39	930 323 - 47
	354	370
4,163 - 5		3,822
		- 14
5		14

The average number of employees in the year was 217 (2022: 233). The total remuneration paid to key management personnel, including clergy, who hold a central Diocesan role was £220,164 (2022: £226,728).

	2023	2022	2023	2022
			Pension	Pension
	Number	Number	Contribution	Contribution
Employee emoluments:			£	£
Between £70,001 and £80,000		1		5,587
Between £80,001 and £90,000	3		11,587	-
Between £90,001 and £100,000		1		21,726

13.6 The Diocese contributes to a group personal pension scheme managed by Prudential for those eligible staff 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.

Commitments- Group and Charity: Commitments to future expenditure comprised: Schools Parishes		Gross Net of Grant £000 £000 0 0 1,073 957 2023	Gross Net of Grant £000 £000 4,690 223 3,001 2,456 2022
		1,073 957	7,691 2,679

14 Commitments - Group and Charity:

Page 38 of 41

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31st MARCH 2023

15 Analysis of Net Assets Between Funds:

£000 £000 £000 £000 £000 £000 13,321 - 2,045 - - 15,366 9,041 - 6,724 11,743 3,729 31,237 6,971 23 (6,978) (554) 538 - 2,230 (924) (2) 133 1,437 Total Parochial Designated Parochial Restricted Diocesan Unrestricted Diocesan Designated Diocesan Restricted	£000 £000 £000 £000 £000 £000 13,321 - 2,045 - - 15,366 9,041 - 6,724 11,743 3,729 31,237 6,971 23 (6,978) (554) 538 - 2,230 (924) (2) 133 1,437 Total Parochial Designated Parochial Restricted Diocesan Unrestricted Diocesan Designated Diocesan Restricted	£000 £000 £000 £000 £000 £000 13,321 - 2,045 - - 15,366 9,041 - 6,724 11,743 3,729 31,237 6,971 23 (6,978) (554) 538 - 2,230 (924) (2) 133 1,437 Total Parochial Designated Parochial Restricted Diocesan Unrestricted Diocesan Designated Diocesan Restricted	£000 £000 £000 £000 £000 £000 13,321 - 2,045 - - 15,366 9,041 - 6,724 11,743 3,729 31,237 6,971 23 (6,978) (554) 538 - 2,230 (924) (2) 133 1,437 Total Parochial Designated Parochial Restricted Diocesan Unrestricted Diocesan Designated Diocesan Restricted	£000 £000 £000 £000 £000 £000 13,321 - 2,045 - - 15,366 9,041 - 6,724 11,743 3,729 31,237 6,971 23 (6,978) (554) 538 - 2,230 (924) (2) 133 1,437 Total Parochial Designated Parochial Restricted Diocesan Unrestricted Diocesan Designated Diocesan Restricted
31,563 23 867 11,187 4,400 48,040 £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 Diocesan Unrestricted Diocesan Designated Diocesan Restricted Total Parochial Designated Parochial Restricted
32,390 534 1,830 11,694 5,110 51,558 £000 £000 £000 £000 £000 £000 13,321 - 1,586 - - 14,907 9,041 - 7,175 11,743 3,729 31,688 6,971 23 (6,978) (554) 538 - 2,230 887 (2) 133 3,248 Total Parochial Designated Parochial Restricted Diocesan Unrestricted Diocesan Designated Diocesan Restricted
31,563 23 2,670 11,187 4,400 49,843 £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 Diocesan Unrestricted Diocesan Designated Diocesan Restricted Total Parochial Designated Parochial Restricted
	32,390 534	3,355	11,694	5,110 53,083

16 Related Parties:

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 (2022 - £NIL). Grant funding of £205,000 was provided to Caritas (Diocese of Shrewsbury) for the year to 31st March 2023 from the Our Mission Together funds (2022 - £250,000). At the 31st March 2023 Caritas (Diocese of Shrewsbury) owed the Diocese £NIL (2022 - £NIL).

During the year the Diocese completed the co-invested property build at St Mary's - Crewe with Caritas (Diocese of Shrewsbury) under a restricted grant received by Caritas. The property is built on Parish land and has shared ownership due to the restriction. The total cost of the building works is £803k of which £545k is attributable to Caritas, the balance of £258k is held in functional property.

The Bishop of the Diocese is a Trustee of St Cuthbert's College - Ushaw, charity number 527408. As at the 31st March 2023 St Cuthbert's College - Ushaw owed the Diocese £6,053 (2022 - £6,053)

Page 39 of 41

SHREWSBURY ROMAN CATHOLIC DIOCSAN TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31st MARCH 2023

17 Statement of Financial Activities for the Year Ended 31 March 2022

Statement of Financial Activities for the Year Ended 31 March 2022
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 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 1,877 2,223 695 10 Total	Total Funds 2022 £000 8,900 2,376 839 319
	(	7,272 357 (86) - 6,148) (232)	7,629 (86) (6,380)	3,153 (2,648) (2,145)	207 1,445 (17) (23) (921) (818)	4,805 (2,688) (3,884)	12,434 (2,774) (10,264)
	(	6,234) (232)	(6,466)	(4,793)	(938) (841)	(6,572)	(13,038)
		1,038 125 358 - 110 - 12 -	1,163 358 110 12	(1,640) 705 25 -	(731) 604 462 356 177 - 5 -	(1,767) 1,523 202 5	(604) 1,881 312 17
		1,518 125 (739) 229	1,643 (510)	(910) 2,071	(87) 960 (480) (1,081)	(37) 510	1,606 -
		779 354 31,611 180	1,133 31,791	1,161 669	(567) (121) 12,261 5,231	473 18,161	1,606 49,952
		32,390 534	32,924	1,830	11,694 5,110	18,634	51,558

Page 40 of 41

SHREWSBURY ROMAN CATHOLIC DIOCSAN TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

17 Statement of Financial Activities for the Year Ended 31 March 2022 - 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 SCA 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) Youth Minibus Sharatt Diocesan Unrestricted Designated - Assessment Support for Parishes Significantly Affected by Covid-19 Total Transfers:	£000 £000 £000 (705) - (705) (46) - (46) (47) - (47) - - - - - - (249) - (249) 247 - 247 - - - - - - - - - 290 - 290 (229) 229 - - - - - Parochial Funds Unrestricted Designated Restricted Total	£000 £000 £000 (705) - (705) (46) - (46) (47) - (47) - - - - - - (249) - (249) 247 - 247 - - - - - - - - - 290 - 290 (229) 229 - - - - - Parochial Funds 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		Total Funds 2022 £000 - - - - - - - - - - - - - - -
		(739) 229 (510)	2,071 (480) (1,081) 510		-

Page 41 of 41

2023-03-31-accounts

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST Registered Charity No 234025

Table of Contents

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

Trustees and Professional Advisors:

Trustees:

Secretary to the Trustees:

Registered Office:

Board of Finance and Administration:

Key Management Personnel:

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

Trustees and Professional Advisors – Continued:

Professional Advisors:

Auditors:

Bankers:

Insurance Brokers:

Investment Managers:

Property Consultants:

Schools:

Investment properties and general advisors:

Solicitors:

General matters:

Education:

Property

Specialist building contracts:

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

REPORT OF THE CHARITY TRUSTEES:

HISTORY AND ORGANISATION:

OBJECTIVES AND ACTIVITIES:

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

Volunteers:

ACHIEVEMENTS AND PERFORMANCE:

Faith and life:

Education:

Fundraising Approach:

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

Consolidated Annual Report For the Year Ending 31[st] March 2023

FINANCIAL REVIEW:

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

Consolidated Annual Report For the Year Ending 31[st] March 2023

Parishes:

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

Consolidated Annual Report For the Year Ending 31[st] March 2023

Diocesan:

Diocesan - Unrestricted Funds:

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

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

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

Diocesan – Retired Clergy Fund (Designated Fund):

Diocesan - Sherratt Fund (Designated):

Diocesan - Our Mission Together Fund (Restricted):

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

Consolidated Annual Report For the Year Ending 31[st] March 2023

Diocesan - School Building Fund (Restricted):

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

Diocesan – Music in Schools (Restricted):

Diocesan - Subsidiaries:

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

Consolidated Annual Report For the Year Ending 31[st] March 2023

Risk Assessment and Risk Management:

Investment Policy and Performance:

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

Consolidated Annual Report For the Year Ending 31[st] March 2023

Reserves Policy:

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

Consolidated Annual Report For the Year Ending 31[st] March 2023

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

Consolidated Annual Report For the Year Ending 31[st] March 2023

FUTURE PLANS

STRUCTURE, GOVERNANCE AND MANAGEMENT

Trustees:

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

Consolidated Annual Report For the Year Ending 31[st] March 2023

Board of Finance and Administration:

Health and Safety Sub-Committee:

Academy and Standards Sub-Committee:

Bishop’s Council:

Council of Priests and College of Consultors:

Bishop’s Commissions and Committees: