## **SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST Registered Charity No 234025**
**Consolidated Annual Report For the Year Ended 31 March 2024**
_**SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST**_
**Consolidated Annual Report For the Year Ending 31[st] March 2024**
## **Table of Contents**
|**Section**|**Page**|
|---|---|
|**Trustees and Professional Advisors**|**1-2**|
|**Report of the Charity Trustees**|**3-18**|
|**Statement of Trustees’ Responsibilities**|**19**|
|**Independent Auditor’s Report to the**|**20-22**|
|**Trustees**||
|**Statement of Financial Activities**|**23-24**|
|**Group and Charity Balance Sheets**|**25-26**|
|**Consolidated Statement of Cashflows**|**27**|
|**Notes to the Financial Statements**|**28-43**|
## _**SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST**_
**Consolidated Annual Report For the Year Ending 31[st] March 2024**
## **Trustees and Professional Advisors:**
## **Trustee:**
On 30 May 2024 a sole corporate trustee was appointed, in line with an order from the Charity Commission which had been made at the requested of the charity trustees. The corporate trustee is:
Shrewsbury Roman Catholic Diocesan Trustee Limited, Company number 14047280.
The directors of the corporate trustee are:
Rt Rev Mark Davies, Bishop of Shrewsbury (Chair)
Canon Jonathan Brandon VG (appointed 10 April 2024)
Canon Stephen Coonan Canon Michael Gannon VG Mr Simon Geary Mrs Karyn Johnston Canon David Roberts Mr Noel Loughrey (retired 29 July 2024)
Canon Jonathan Mitchell (retired 29 July 2024)
Canon Philip Moor VG (retired 29 July 2024)
## **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:**
Bishop Mark Davies (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 to 14 June 2024) Mr Richard Woods (Director of Schools from 17 June 2024)
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## _**SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST**_
## **Consolidated Annual Report**
**For the Year Ending 31[st] March 2024**
## **Trustees and Professional Advisors – Continued:**
## **Professional Advisors:**
## **Auditors:**
HaysMac 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
## **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 43
## _**SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST**_
**Consolidated Annual Report For the Year Ending 31[st] March 2024**
## **REPORT OF THE CHARITY TRUSTEES:**
The Board of Trustees presents its report and audited accounts for the year ended 31 March 2024. 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 87 parishes (along with 11 other churches and chapels) and 109 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. The teams and directors within the Mission and Evangelisation Department offer opportunities for formation through various events held during the year, including Shrewsbury Youth Mission Team that works with and through schools.
The Diocesan Education Service supports the work of Catholic Academies and Voluntary Aided Catholic schools 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.
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## _**SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST**_
**Consolidated Annual Report For the Year Ending 31[st] March 2024**
## **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:**
Faith and life of the Diocese is present in the witness given by the attendance at Mass, which is now at a settled level in parishes across the Diocese. Some parishes are at or above pre-pandemic attendances although there are some parishes where this is not the case. 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.
Shrewsbury Youth Mission Team (SYMT) continued its events and retreat days in schools across the Diocese, along with evening events for young people in parishes. SYMT also provided confirmation catechesis in some parishes, and organised a youth pilgrimage to Lourdes alongside the main pilgrimage.
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 42,523 children attended Diocesan schools and academies (2023 – 43,059). 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 takes place in parishes and 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.
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## _**SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST**_
## **Consolidated Annual Report For the Year Ending 31[st] March 2024**
## **FINANCIAL REVIEW:**
The financial performance for the Trust as a whole includes parishes, central operations and funds, as well as its subsidiary companies. The chart below shows that the total income for the period, including income from trading subsidiaries, has significantly increased to £20.8m (2023: £17.2m). In line with the income of the Trust rising, the cost of Raising Funds and its Charitable Activities have also significantly increased to £22.6m (2023: £20.6m).
## _Chart of Total Income and Expenditure for the Trust:_
**----- Start of picture text -----**
25,000
20,000
15,000
10,000
5,000
0
2019-20 2020-21 2021-22 2022-23 2023-24
Diocesan Income Diocesan Expenditure
Parochial Income Parochial Expenditure
£'000's
**----- End of picture text -----**
|_The position_|_over the last_|_five years in numerical_|_five years in numerical_|_terms is:_||
|---|---|---|---|---|---|
||**2019-20**|**2020-21**|**2021-22**|**2022-23**|**2023-24**|
||**£000's**|**£000's**|**£000's**|**£000's**|**£000's**|
|Total Income|14,241|
9,953|12,434|17,219|20,836|
|Total Expenditure|(15,923)|(10,929)|(13,038)|(20,548)|(22,589)|
## **Legacies Note:**
The Trust has benefited from the generosity of parishioners through their wills, receiving legacy income of £1.7m (2023: £376k). The bequests are for a range of purposes, including specific parishes, sick and retired clergy funds, and education and training of priests as well as general purposes.
Page 5 of 43
## _**SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST**_
## **Consolidated Annual Report For the Year Ending 31[st] March 2024**
## **Parishes:**
Parochial funds of the Trust are raised and expended within each individual parish. In addition to financing their own activities, parishes support the Diocesan central operations through the transfer of funds to cover both general and specific activities.
_Table of Net Movement in Total Parochial Operations:_
|Offertory & Gift Aid
Legacies & Other Income
**Total Parochial Income**
Repairs & Maintenance
Expenditure - Other
**Total Parochial Expenditure**
Offertory Assessments
Other Transfers
**Total Parochial Transfers**
**_Net Parochial Operating Income/(Expenditure)_**|**2019-20**
**£000's**
**2020-21**
**£000's**
**2021-22**
**£000's**
**2022-23**
**£000's**
**2023-24**
**£000's**
6,143
4,812
5,237
5,791
6,334
1,486
1,044
2,392
2,367
2,671|**2019-20**
**£000's**
**2020-21**
**£000's**
**2021-22**
**£000's**
**2022-23**
**£000's**
**2023-24**
**£000's**
6,143
4,812
5,237
5,791
6,334
1,486
1,044
2,392
2,367
2,671|**2019-20**
**£000's**
**2020-21**
**£000's**
**2021-22**
**£000's**
**2022-23**
**£000's**
**2023-24**
**£000's**
6,143
4,812
5,237
5,791
6,334
1,486
1,044
2,392
2,367
2,671|**2019-20**
**£000's**
**2020-21**
**£000's**
**2021-22**
**£000's**
**2022-23**
**£000's**
**2023-24**
**£000's**
6,143
4,812
5,237
5,791
6,334
1,486
1,044
2,392
2,367
2,671|**2019-20**
**£000's**
**2020-21**
**£000's**
**2021-22**
**£000's**
**2022-23**
**£000's**
**2023-24**
**£000's**
6,143
4,812
5,237
5,791
6,334
1,486
1,044
2,392
2,367
2,671|
|---|---|---|---|---|---|
|||**7,629**
**5,856**
**7,629**
(2,895)
(1,691)
(2,293)
(5,436)
(3,767)
(4,173)||**8,158**
**9,005**
(3,815)
(2,893)
(5,385)
(5,531)||
|||**(8,331)**
**(5,458)**
**(6,466)**
(976)
(688)
(705)
(256)
60
195||**(9,200)**
**(8,424)**
(723)
(897)
559
(63)||
|||**(1,232)**|**(628)**
**(510)**|**(164)**|**(960)**|
|||**_(1,934)_**|**_(230)_**
**_653_**|**_(1,206)_**|**_(379)_**|
Overall, the Parochial income was £9m (2023 - £8.2m), of which £1.1m arose from legacies (2023 – £276k). Offertory and Gift Aid amounted to £6.3m which has increased on the previous year by 8.6% from £5.8m. Grant income forms a key part in maintaining listed historic churches and the Trust generated £467k to support these sites (2023: £1.1m).
Expenditure of the Parishes decreased by 8.7% from £9.2m in 2023 to £8.4m. The largest decrease in cost over the financial period was through Repairs and Maintenance which stood at £2.9m down from £3.8m (23.4% decrease). 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 £134k (2023: £637k) is included within these accounts based upon valuation of works to 31 March 2024 from the quantity surveyor. Whilst the Diocese is pursing legal recourse, currently no provision for recovery of these amounts has been included.
|**_Energy Costs:_**|**2019-20**|**2020-21**|**2021-22**|**2022-23**|**2023-24**|
|---|---|---|---|---|---|
||**£000's**|**£000's**|**£000's**|**£000's**|**£000's**|
|_Parochial Energy Costs:_|560|490|510|1,131|1,140|
Energy costs historically have been stable, however since the commencement of conflict in the Ukraine, these costs have been erratic and have accelerated significantly, the energy costs associated with our parochial activity remained at £1.1m (2023: £1.1m) more than double than any period before the conflict.
Page 6 of 43
## _**SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST**_
## **Consolidated Annual Report For the Year Ending 31[st] March 2024**
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 from the Our Mission Together Fund to meet costs related to specific posts. 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):_**|**2019-20**
**£000's**
**2020-21**
**£000's**
**2021-22**
**£000's**
**2022-23**
**£000's**
**2023-24**
**£000's**
1,147
1,088
920
1,032
1,249
(2,362)
(2,135)
(2,314)
(2,563)
(2,708)
1,357
991
1,573
1,053
1,394|**2019-20**
**£000's**
**2020-21**
**£000's**
**2021-22**
**£000's**
**2022-23**
**£000's**
**2023-24**
**£000's**
1,147
1,088
920
1,032
1,249
(2,362)
(2,135)
(2,314)
(2,563)
(2,708)
1,357
991
1,573
1,053
1,394|
|---|---|---|
||**_142_**
**_(56)_**
**_179_**|**_(478)_**
**_(65)_**|
Unrestricted income into the Trust amounted to £1.2m (2023: £1m) an increase of 20% of which £195k was through legacies received (2023: £70k). The charitable expenditure of the unrestricted funds amounted to £2,708k (2023: £2,563k) an increase of 5.7% principally driven by increased staff costs. Recruitment of staff remains a challenge, particularly in the current market.
Net transfers received by the unrestricted fund totalled £1,394k (2023: £1,053k), see **Note 10.3** . Offertory assessments for the year were £987k (2023: £723k).
Investment income from the managed portfolio continues to be subdued by the current economic climate. The income generated for the benefit of unrestricted funds in the year remained consistent at £383k (2023: £399k). The Diocesan Central fund position at the year-end showed a gain on investments of £244k recovering the previous periods impairment of £207k and demonstrating a relatively stable portfolio in a difficult market notwithstanding the rates of return. **See Investment Policy and Performance.**
Page 7 of 43
## _**SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST**_
## **Consolidated Annual Report**
**For the Year Ending 31[st] March 2024**
## **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 £146k (2023: £126k) an increase of 15%.
In the previous financial period the costs of the training of priests were underwritten by the Our Mission Together (Restricted) Fund. As mentioned later in the report, these funds are in the mature stages of their life cycle, and in consideration of the current economic situation it was decided that to prolong the life of those funds and to extend the intended benefit in support of Retired Priests. The funds transferred in the current period amounted to nil (2023: £230k).
Fees and costs in the training of clergy remained relatively stable at £247k (2023: £243k).
The closing reserves for the Clergy – Education and Training Fund was £3.1m (2023: £3m).
## **Diocesan – Retired Clergy Fund (Designated Fund):**
_Table of Operational Activity for the Retired Clergy Fund:_
|Income
Expenditure
Our Mission Together - Transfers
**_Net Operating Income/(Expenditure) for the_**
**_Retired and Sick Priest Fund:_**|**2019-20**
**£000's**
**2020-21**
**£000's**
**2021-22**
**£000's**
**2022-23**
**£000's**
**2023-24**
**£000's**
152
158
58
61
357
(522)
(666)
(556)
(545)
(600)
160
230
267
247
257|**2019-20**
**£000's**
**2020-21**
**£000's**
**2021-22**
**£000's**
**2022-23**
**£000's**
**2023-24**
**£000's**
152
158
58
61
357
(522)
(666)
(556)
(545)
(600)
160
230
267
247
257|**2019-20**
**£000's**
**2020-21**
**£000's**
**2021-22**
**£000's**
**2022-23**
**£000's**
**2023-24**
**£000's**
152
158
58
61
357
(522)
(666)
(556)
(545)
(600)
160
230
267
247
257|**2019-20**
**£000's**
**2020-21**
**£000's**
**2021-22**
**£000's**
**2022-23**
**£000's**
**2023-24**
**£000's**
152
158
58
61
357
(522)
(666)
(556)
(545)
(600)
160
230
267
247
257|**2019-20**
**£000's**
**2020-21**
**£000's**
**2021-22**
**£000's**
**2022-23**
**£000's**
**2023-24**
**£000's**
152
158
58
61
357
(522)
(666)
(556)
(545)
(600)
160
230
267
247
257|
|---|---|---|---|---|---|
|||**_(210)_**|**_(278)_**|**_(231)_**|**_(237)_**
**_14_**|
Income to support priests in sickness and retirement through donations, legacies and investments received to has during this financial period spiked to £357k (2023: 61k), of which £296k (2023: £nil) was generated through legacies received and has made a significant difference to the funds overall position for the period.
Expenditure has increased to £600k (2023: £545k) an increase of 10%. The costs are partially supported through Our Mission Together (Restricted) Fund and transfers have marginally increased by 4% to £257k (2023: 247k). Within this expenditure, costs associated with supporting sick priests monthly allowance and care costs jumped to £75k (2023: £49k), an increase of 53%.
The fund itself currently has £7.4m in reserves, with a property portfolio also £7.4m, whilst this is balanced there is a requirement of working capital to support the cash flow of the fund, currently £170k (2023: £556k) is supported by unrestricted reserves. There are empty properties within this portfolio currently for sale to address the current position, along with significant debtor balances due.
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## _**SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST**_
**Consolidated Annual Report For the Year Ending 31[st] March 2024**
## **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 has been designated by the Trustees to support projects with lasting benefits. During the financial period this fund was used to support maintenance works within the parishes, with the total spend of £90k. The closing reserves for the fund are £853k (2023: £900k), the difference being gains in investments where the funds are held.
## **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.
The fund is now in its mature stages of its donation generation and income received through donations and gift aid totalled £179k (2023: £390k). The fund received transfers on pledges from parishes of £6k (2023: £214k).
Direct expenditure of the fund equated to £197k (2023: £212k), which included £150k to support Caritas – Diocese of Shrewsbury (2023: £205k) and _**net**_ transfers on activity was £567k (2023: £906k).
The closing funds associated with Our Mission Together was £2.8m (2023: £3.2m).
## **Diocesan - School Building Funds (Restricted):**
|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:**|**2022-23**
**£000's**
**2023-24**
**£000's**
503
599
3,758
5,845
130
130|
|---|---|
||**4,391**
**6,574**
(539)
(782)
(3,683)
(5,771)
(205)
(204)|
||**_(4,427)_**
**_(6,757)_**
4
28|
||**866**
**711**|
Income received from the Diocese, parents and schools totalled £599k (2023: £503k). Expenditure from this was £782k (2023: £539k) leaving £711k carried forward. 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.
Recognised income and expenditure for SCA grant funding for the period totalled £5.8m including contribution towards operating costs of the Diocese (2023: 3.8m), the balance available for future projects included within school creditors from SCA funding is £2.3m.
Page 9 of 43
## _**SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST**_
## **Consolidated Annual Report**
**For the Year Ending 31[st] March 2024**
## **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 for each diocese 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 grow the Schools Singing Programme within the Diocese, during the period the team has started to grow as more schools across the Diocese join the program as its success continues, the fund is balanced in respect of its income and expenditure with any deficit being funded through Our Mission Together.
## **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.
**Shrewsbury Diocese Commercial Co Ltd** operates licensed social clubs and a cafe through the parish centres at sites across the diocese. The company is split into four geographical regions for analysis purposes, Manchester, Wirral, Chester, and Other:
The hospitality sector has been subject to numerous significant trading issues since the pandemic and the struggles of trading are well documented in the press, the bulk of the losses within this subsidiary were incurred through the forced closure and difficult trading conditions post pandemic through revenue recovery and acceleration of property costs, in particular energy.
Staff costs have also accelerated with above inflation increases in the minimum wage, the new rate of £12.21 from April 2025 represents a 37% increase since April 2021 and further costs around employer NIC announced within the budget increasing that cost further from April 2025.
In respect of the trading position of the business there was an improvement of 17% in operational incomes to £2.9 million (2023: £2.4 million), with all regions showing an increase.
The business remains a loss making enterprise, price shocks filter through which are difficult to immediately pass these on through corrective pricing. The operational losses of the business also improved by 17% to £209k (2023: £255k), although these losses included £70k associated with closure of sites, staff restructuring, these are broken down further later in the review.
Significant essential investment was made in the estate during the financial year to improve the offer, the environment and ambience as well as updating general safety/compliance of the properties. These measures increased the overall losses to £358k (2023: 263k).
Page 10 of 43
## _**SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST**_
## **Consolidated Annual Report For the Year Ending 31[st] March 2024**
From the analysis below, we can see that principal objectives around administrative costs to sales is now at a reasonable and sustainable level of 4%, much lower that the historic highs.
Further ongoing cost of property due to the dilapidated state of repair remains stubbornly high and is having a significant impact on the financial performance of the overall business. As mentioned, we have begun an extensive schedule of works to bring the estate up to a good standard which will eventually lead to lower operating costs around energy and maintenance.
## _Analysis of previous five financial periods:_
|**_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-20_**
**_Mar-21_**
**_Mar-22_**
**_Mar-23_**
**_Mar-24_**
**£000's**
**£000's**
**£000's**
**£000's**
**£000's**
2,454
190
1,623
2,445
2,871
(127)
(424)
(249)
(255)
(209)
0
0
85
102
2
(98)
(89)
(92)
(111)
(151)|
|---|---|
||**_(225)_**
**_(513)_**
**_(256)_**
**_(264)_**
**_(358)_**
_218_
_184_
_190_
_125_
_105_
_9%_
_97%_
_12%_
_5%_
_4%_
_484_
_262_
_364_
_598_
_642_
_20%_
_138%_
_22%_
_24%_
_22%_
**_180_**
**_62_**
**_96_**
**_243_**
**_258_**
_7%_
_33%_
_6%_
_10%_
_9%_|
Breaking the distribution of the accounts to analyse the operational position to decisions already made and those in the process, “Open Sites” are those sites that are deemed to be profitable, or salvageable to make a return, with ‘At Risk’ sites being those which continue to make losses:
## _Summary of Accounts:_
|Open Sites
At Risk Sites
Closed/Closing Sites
**_Total_**|**2022-23**
**2022-24**
**£000's**
**£000's**
**£000's**
**£000's**
Income
Operating
Loss
Income
Operating
Loss
2,530
(72)
2,014
(72)
106
(52)
89
(62)
235
(85)
342
(121)|**2022-23**
**2022-24**
**£000's**
**£000's**
**£000's**
**£000's**
Income
Operating
Loss
Income
Operating
Loss
2,530
(72)
2,014
(72)
106
(52)
89
(62)
235
(85)
342
(121)|**2022-23**
**2022-24**
**£000's**
**£000's**
**£000's**
**£000's**
Income
Operating
Loss
Income
Operating
Loss
2,530
(72)
2,014
(72)
106
(52)
89
(62)
235
(85)
342
(121)|**2022-23**
**2022-24**
**£000's**
**£000's**
**£000's**
**£000's**
Income
Operating
Loss
Income
Operating
Loss
2,530
(72)
2,014
(72)
106
(52)
89
(62)
235
(85)
342
(121)|**2022-23**
**2022-24**
**£000's**
**£000's**
**£000's**
**£000's**
Income
Operating
Loss
Income
Operating
Loss
2,530
(72)
2,014
(72)
106
(52)
89
(62)
235
(85)
342
(121)|
|---|---|---|---|---|---|
|||**_2,871_**|**_(209)_**|**_2,445_**|**_(255)_**|
Comparing the operating position to reflect the decisions already made or pending we start to see that those sites that present a significant impairment on profitability are closing or already closed. The comparable income of “Open Sites” demonstrates a 26% increase in revenue to £2.5 million; there are restructuring costs of £60k incurred amongst these sites during the period which are one off costs with the actual operating losses being £12k, which represents an 83% improvement.
Page 11 of 43
## _**SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST**_
## **Consolidated Annual Report For the Year Ending 31[st] March 2024**
Our next objective is to determine how to tackle the ‘At Risk’ sites, separated for reference, whilst we can see an improvement in performance, we are not seeing that transition through in 2025 as revenues remain stagnant. Options around the sites are starting to develop, we feel there is a practical solution to be found without binding the parish to the cost.
## _Regional Analysis:_
**----- Start of picture text -----**
Distribution of Operating Income by Region
£3,000,000
£2,500,000
£2,000,000
£1,500,000
£1,000,000
£500,000
£0
2020 2021 2022 2023 2024
Other £142,017 £17,145 £81,430 £118,790 £150,442
Manchester £537,563 £27,668 £565,054 £1,037,250 £1,171,004
Chester £703,033 £98,060 £451,786 £535,527 £582,753
Wirral £1,071,863 £46,682 £525,164 £753,102 £966,746
**----- End of picture text -----**
From the regional distribution illustration, we can analyse the change in revenue distribution across the estate, and whilst the chart shows income improvement in all areas there is still a lag in recovery within the Wirral sites.
Whilst we expect the losses to continue into the next financial year as we rationalise the estate through completing site closures, further restructuring costs and redundancies, we also expect four sites that are currently reporting losses to move into a profitable position in the next 12 to 24 months, and we are aware that some sites will continue to disproportionately impair the trading position of the business and we need to allow a full analysis of options around those sites to arrive at the most appropriate decisions to serve both the Trust and the Company.
Page 12 of 43
## _**SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST**_
## **Consolidated Annual Report**
## **For the Year Ending 31[st] March 2024**
**Hale Barns Events Ltd** operates a fundraising festival event at Hale Barns, any surplus generated is to support the cost incurred in the building of the parish hall.
Trading has presented a number of challenges since the pandemic, and this year in particular has been severely impacted by a number of factors that underpin the success of the organisation.
The late loss of grant income and some sponsorship funding that underpins this community event placed significant pressure on the breakeven point of the event, and the subsequent heavy rain placed a dampener on ticket sales leading up to the event day. The total losses incurred for this year’s event was £43k. The previous event incurred losses of £9k, due to the death of a member of the headlining artist.
The total cumulative losses of £78k to March 2024 include £26k towards next year’s event which are treated as sunk costs as they are irrecoverable in the event of cancellation. The July 2024 was subsequently cancelled shortly before it was due to take place due to bad weather. A review of the structure of the event is being undertaken to establish how best to move this event forward, in view of its performance in recent years as well as competition locally.
**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. This subsidiary is scheduled to close in March 2025 on completion of existing contracts.
## **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 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.
Page 13 of 43
## _**SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST**_
**Consolidated Annual Report For the Year Ending 31[st] March 2024**
## **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.
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.
**----- Start of picture text -----**
Chart of Income from Listed Investments Held by the Trust:
900
800
700
600
500
400
300
200
100
0
2019-20 2020-21 2021-22 2022-23 2023-24
£000's
**----- End of picture text -----**
The total income from listed investments held by the Trust remained static at £487k (2023: £476k).
The value at 31 March 2024 held by Schroders was £18m (2023: £18.7m), during the year £1.5m (2023: £1m) was drawn from investments to support working capital requirements of Our Mission Together, School Building Fund, Education of Clergy and the finalisation of the capital investment Hale Barns Parish Hall project. The investment properties held had decreased through professional valuation by £131k.
Page 14 of 43
## _**SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST**_
**Consolidated Annual Report For the Year Ending 31[st] March 2024**
## **Reserves Policy:**
At 31 March 2024 the Trust had a total of £47m in funds (2023: £48m), being restricted, designated and unrestricted funds.
The restricted funds total some £3.8m (2023 - £4.4m) including £4k 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 £42.6m (2023 - £42.8m) made up of Parochial funds of £31.2m (2023 - £31.6m) and Diocesan designated funds of £11.4m (2023 - £11.2m). In Canon Law the parishes have the right to acquire, retain, administer and alienate temporal goods. While the funds of individual parishes could be regarded as restricted at Diocesan level, the Charity Commission has indicated that in civil law it considers that parish funds remain unrestricted at the Diocesan level. The Trustees have, however, designated these unrestricted funds as relating to the individual parishes from which they are derived.
The designated fund for retired clergy is used to support Diocesan retired and sick clergy. Transfers into the fund is made from parish collections, donations and, from time to time, from Diocesan unrestricted funds. The assets of the fund comprise £7.4m of residential property in which the retired clergy are housed. Each year the fund assets are depleted as the costs of the provision of retirement allowances/grants and other costs is in excess of the income from investments and collections. There are also approximately a further twenty priests due to retire within the next five years and the Trustees have identified that there are insufficient liquid assets held to meet the costs of those currently provided for by the fund as well as those due to retire. The fundraising campaign, now completed, will address the shortfall for the next 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 £3.1m (2023 - £3m) and is held in listed investments. Whilst the annual costs exceed the funds raised from collections, the balance of the fund is sufficient for the costs of seminarians currently in training to the end of their studies.
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 £853k.
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 £26.6m, comprising £16.1m for parishes and £10.4m 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 £654k, all relating to the Diocese. The reserves held by charitable trading operations are
Page 15 of 43
## _**SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST**_
## **Consolidated Annual Report For the Year Ending 31[st] March 2024**
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.
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.
Page 16 of 43
## _**SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST**_
## **Consolidated Annual Report**
**For the Year Ending 31[st] March 2024**
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
The fixed assets and investments of the charity are vested in a trust with the Corporate Trustee as the managing Trustee.
## **Corporate Trustee:**
The Diocese has looked at the appropriate way to arrange its affairs to provide the protection of incorporation. In 2022 the Diocesan trustees made an application to the Charity Commission to replace the current board of trustees with a single corporate trustee. The board of trustees became the board of directors of the Corporate Trustee chairmanship of the Bishop.
All directors are appointed and removed by the Bishop who is empowered to do so by the Articles of Association. The Board consists of five clergy and three laity of the faithful. The clergy directors are appointed for their expertise in parochial, spiritual and pastoral matters. The lay directors are selected for their skills and experience in charities, business, management and property. Further lay directors would be chosen to match any perceived skill requirement. New directors are provided with the terms of reference and a pack of information relating to the constitution, governance and operation of the Trust and Company. In order to ensure that the directors have the necessary up to date knowledge to govern the Charity, the Chair of the Board has instigated a programme of 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 standards in schools as well as oversight of the academy conversions. It is chaired by the Bishop through the Curial Council and includes the Director of Schools.
## **Curial Council:**
The Council comprises the Bishop, two Vicars General, Episcopal Vicar for Education and the Financial Secretary and meets monthly.
## **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.
Page 17 of 43
## _**SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST**_
**Consolidated Annual Report For the Year Ending 31[st] March 2024**
## **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 18 of 43
## _**SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST**_
**Consolidated Annual Report For the Year Ending 31[st] March 2024**
## **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] January 2025 and signed as authorised on their behalf by:
M Davies
## **Rt Rev Mark Davies – Bishop of Shrewsbury**
## **Trustee**
Page 19 of 43
## _**SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST**_
## **Consolidated Annual Report**
**For the Year Ending 31[st] March 2024**
## **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 2024 which comprise the 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 2024 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 20 of 43
## _**SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST**_
## **Consolidated Annual Report For the Year Ending 31[st] March 2024**
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 21 of 43
## _**SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST**_
## **Consolidated Annual Report**
## **For the Year Ending 31[st] March 2024**
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.
HaysMac LLP Statutory Auditors
10 Queen Street Place London EC4R 1AG
## Date: 31 January 2025
HaysMac LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006
Page 22 of 43
## _**SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST**_
Consolidated Statement of Financial Activities For the Financial Year Ending 31st March 2024
|**Income from:**
Donations & Legacies
**3.1**
Other Trading Activities
**3.2**
Investments
**3.3**
Other Income
**3.4**
**Total Income:**
**Expenditure on:**
Raising Funds
**4**
Charitable Activities
**5**
**Total Expenditure:**
**Net Income/(Expenditure) before Net Gains/(Losses) on**
**Investments**
**Net Gains/(Losses) on Investments:**
Listed Investments
Property (Unrealised)
Property (Realised)
**Net Income/(Expenditure)**
Transfer Between Funds (see page 24)
**Net Movement in Funds**
Total Funds Brought Forward:
**Total Funds Carried Forward:**
**Note:**|£000
£000
8,165
291
225
-
302
-
22
-
**Parochial Funds**
**Unrestricted**
**Designated**
**Restricted**|£000
£000
8,165
291
225
-
302
-
22
-
**Parochial Funds**
**Unrestricted**
**Designated**
**Restricted**|**£000**
**8,456**
**225**
**302**
**22**
**Total**|£000
£000
£000
674
498
6,851
3,128
-
-
560
89
16
15
-
-
**Diocesan Funds**
**Unrestricted**
**Unrestricted**
**Designated**
**Restricted**|£000
£000
£000
674
498
6,851
3,128
-
-
560
89
16
15
-
-
**Diocesan Funds**
**Unrestricted**
**Unrestricted**
**Designated**
**Restricted**|£000
£000
£000
674
498
6,851
3,128
-
-
560
89
16
15
-
-
**Diocesan Funds**
**Unrestricted**
**Unrestricted**
**Designated**
**Restricted**|£000
£000
£000
674
498
6,851
3,128
-
-
560
89
16
15
-
-
**Diocesan Funds**
**Unrestricted**
**Unrestricted**
**Designated**
**Restricted**|**£000**
**8,023**
**3,128**
**665**
**15**
**Total**|||**2024**
**2023**
**(Note 17)**
**£000**
£000
**16,479**
13,261
**3,353**
3,117
**967**
840
**37**
1
**Total Funds**|
|---|---|---|---|---|---|---|---|---|---|---|---|
|||**8,714**
**291**
(169)
-
(7,945)
(310)
|**9,005**
**(169)**
**(8,255)**|**4,377**
(3,668)
(2,545)||**587**
**6,867**
**11,831**
(18)
(3)
**(3,689)**
(916)
(7,015)
**(10,476)**||**11,831**||**20,836**
**17,219**
**(3,858)**
(3,507)
**(18,731)**
(17,041)||
|||**(8,114)**
**(310)**
|**(8,424)**|**(**|**6,213)**|**(934)**
**(**|**7,018)**
**(**|**14,165)**||**(**|**22,589)**
**(20,548)**|
|||||||||||||
|||**600**
**(19)**
269
-
(231)
-
-
-|**581**
**269**
**(231)**
**-**|**(**|**1,836)**
244
(15)
-|**(347)**
191
115
74|**(151)**
155
-
-|**(2,334)**
**590**
**100**
**74**|||**(1,753)**
**(3,329)**
**859**
(649)
**(131)**
460
**74**
-|
|||**638**
**(19)**
(960)
-|**619**
**(960)**|**(**|**1,607)**
1,394|**33**
167|**4**
(601)|**(1,570)**
**960**|||**(951)**
**(3,518)**
**-**
-|
|||**(322)**
**(19)**
31,563
23
|**(341)**
**31,586**||**(213)**
867|**200**
11,187|**(597)**
4,400|**(610)**
**16,454**|||**(951)**
**(3,518)**
**48,040**
51,558|
|||**31,241**
**4**
|**31,245**||**654**|**11,387**|**3,803**|**15,844**|||**47,089**
**48,040**|
|||||||||||||
Page 23 of 43
## _**SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST**_
Consolidated Statement of Financial Activities For the Financial Year Ending 31 March 2024 - Continued
|**Schedule of Transfers:**
Sale of Minibus (Purchased from OMT)
Management Charge Paid by School Building Fund
**Total Transfers:**
Contribution Paid to School Building Fund
Parish Projects
**_Other Transfers:_**
**_School Building Fund:_**
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:_**
Property Sales Assessments paid to Diocesan Unrestricted
Gift Aid Assessments paid to Diocesan Unrestricted
**_Assessments:_**|£000
£000
**£000**
(897)
-
**(897)**
(79)
-
**(79)**
(62)
-
**(62)**
-
-
**-**
-
-
**-**
(6)
-
**(6)**
16
-
**16**
-
-
**-**
-
-
**-**
-
-
**-**
90
-
**90**
(22)
-
**(22)**
**Total**
**Unrestricted**
**Designated**
**Restricted**
**Parochial Funds**|£000
£000
**£000**
(897)
-
**(897)**
(79)
-
**(79)**
(62)
-
**(62)**
-
-
**-**
-
-
**-**
(6)
-
**(6)**
16
-
**16**
-
-
**-**
-
-
**-**
-
-
**-**
90
-
**90**
(22)
-
**(22)**
**Total**
**Unrestricted**
**Designated**
**Restricted**
**Parochial Funds**|£000
£000
£000
**£000**
897
-
-
**897**
79
-
-
**79**
62
-
-
**62**
246
-
(246)
**-**
36
257
(293)
**-**
-
-
6
**6**
-
-
(16)
**(16)**
(130)
-
130
**-**
130
-
(130)
**-**
74
-
(74)
**-**
-
(90)
-
**(90)**
-
-
22
**22**
**Diocesan Funds**
**Unrestricted**
**Unrestricted**
**Designated**
**Restricted**
**Total**|£000
£000
£000
**£000**
897
-
-
**897**
79
-
-
**79**
62
-
-
**62**
246
-
(246)
**-**
36
257
(293)
**-**
-
-
6
**6**
-
-
(16)
**(16)**
(130)
-
130
**-**
130
-
(130)
**-**
74
-
(74)
**-**
-
(90)
-
**(90)**
-
-
22
**22**
**Diocesan Funds**
**Unrestricted**
**Unrestricted**
**Designated**
**Restricted**
**Total**||**2023**
**2022**
**(Note 17)**
**£000**
£000
**-**
-
**-**
-
**-**
-
-
**-**
-
**-**
-
**-**
-
**-**
-
**-**
-
**-**
-
**-**
-
**-**
-
**-**
-
**Total Funds**|
|---|---|---|---|---|---|---|
|||**(960)**
**-**
**(960)**||**1,394**
**167**
**(601)**
**960**||**-**
**-**|
Page 24 of 43
## _**SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST**_
GROUP BALANCE SHEET AT 31st MARCH 2024
|**Note:**
**Fixed Assets:**
Tangible Assets
**6.1**
Investment Properties
**6.3**
Investments
**7**
**Current Assets:**
Stock
Debtors
**8.1**
Cash at Bank
**Creditors:**
Less: Current Liabilities
**9.1**
Parish Loans
**Net Current Assets:**
**Total Net Assets:**
**Financed By:**
Restricted Funds
**11**
Designated Funds
**10.1**
Unrestricted Funds
**10.2**|**Parochial**
**Diocesan**
**2024**
**2024**
**£000**
**£000**
**13,079**
**2,060**
**3,099**
**8,335**|**Parochial**
**Diocesan**
**2024**
**2024**
**£000**
**£000**
**13,079**
**2,060**
**3,099**
**8,335**|**Parochial**
**Diocesan**
**2024**
**2024**
**£000**
**£000**
**13,079**
**2,060**
**3,099**
**8,335**|**Total**
Parochial
Diocesan
Total
**2024**
2023
2023
2023
**£000**
£000
£000
£000
**15,139**
13,321
2,045
15,366
**11,434**
3,745
8,826
12,571|**Total**
Parochial
Diocesan
Total
**2024**
2023
2023
2023
**£000**
£000
£000
£000
**15,139**
13,321
2,045
15,366
**11,434**
3,745
8,826
12,571|**Total**
Parochial
Diocesan
Total
**2024**
2023
2023
2023
**£000**
£000
£000
£000
**15,139**
13,321
2,045
15,366
**11,434**
3,745
8,826
12,571|
|---|---|---|---|---|---|---|
|||**16,178**
**5,673**|**10,395**
**12,326**|**26,573**
**17,999**|17,066
5,296|10,871
27,937
13,370
18,666|
|||**21,851**
**-**
**23**
**2,598**|**22,721**
**69**
**1,317**
**6,318**|**44,572**
**69**
**1,340**
**8,916**|22,362
-
18
2,476|24,241
46,603
69
69
732
750
6,895
9,371|
|||**2,621**
**(472)**
**7,245**|**7,704**
**(7,336)**
**(7,245)**|**10,325**
**(7,808)**
**-**|2,494
(264)
6,994|7,696
10,190
(8,489)
(8,753)
(6,994)
-|
|||**9,394**|**(6,877)**|**2,517**|9,224|(7,787)
1,437|
|||**31,245**
**4**
**31,241**
**-**|**15,844**
**3,803**
**11,387**
**654**|**47,089**
**3,807**
**42,628**
**654**|31,586
23
31,563
-|16,454
48,040
4,400
4,423
11,187
42,750
867
867|
|||**31,245**|**15,844**|**47,089**|31,586|16,454
48,040|
The Net Movement in Funds for the year from Diocesan and Parish sources (excluding subsidiary companies) was (£553k) (2023 - (£3,240k))
Approved by the Board of Trustees at their meeting on 29th January 2025 and signed on their behalf by:
## M Davies
## **Rt Rev Mark Davies, Bishop of Shrewsbury**
Page 25 of 43
## _**SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST**_
## CHARITY BALANCE SHEET
AT 31st MARCH 2024
|CHARITY BALANCE SHEET
AT 31st MARCH 2024|||||||
|---|---|---|---|---|---|---|
|**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**
**2024**
**2024**
**£000**
**£000**
**13,079**
**1,478**
**3,099**
**8,335**|||**Total**
Parochial
Diocesan
Total
**2024**
2023
2023
2023
**£000**
£000
£000
£000
**14,557**
13,321
1,586
14,907
**11,434**
3,745
8,826
12,571|||
|||**16,178**
**5,673**|**9,813**
**12,776**|**25,991**
**18,449**|17,066
5,296|10,412
27,478
13,820
19,116|
|||**21,851**
**23**
**2,598**|**22,589**
**3,129**
**6,257**|**44,440**
**3,152**
**8,855**|22,362
18
2,476|24,232
46,594
2,125
2,143
6,852
9,328|
|||**2,621**
**(472)**
**7,245**|**9,386**
**(6,685)**
**(7,245)**|**12,007**
**(7,157)**
**-**|2,494
(264)
6,994|8,977
11,471
(7,958)
(8,222)
(6,994)
-|
|||**9,394**|**(4,544)**|**4,850**|9,224|(5,975)
3,249|
|||**31,245**
**4**
**31,241**
**-**|**18,045**
**3,803**
**11,387**
**2,855**|**49,290**
**3,807**
**42,628**
**2,855**|31,586
23
31,563
-|18,257
49,843
4,400
4,423
11,187
42,750
2,670
2,670|
|||**31,245**|**18,045**|**49,290**|31,586|18,257
49,843|
Page 26 of 43
## _**SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST**_
CONSOLIDATED STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 31st MARCH 2024
|**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
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
**Note (iii): Reconciliation of Debt Balances:**
The Charity holds no debt|**£000**
**£000**
**(3,696)**
**967**
**(391)**
**(260)**
**(5,507)**
**6,996**
**1,340**
**60**
**3,205**
**(491)**
**9,703**
**9,212**
**(951)**
**596**
**(802)**
**(37)**
**(967)**
**-**
**(590)**
**(945)**
**(3,696)**
**8,916**
**296**
**9,212**
**2024**|**£000**
**£000**
**(3,696)**
**967**
**(391)**
**(260)**
**(5,507)**
**6,996**
**1,340**
**60**
**3,205**
**(491)**
**9,703**
**9,212**
**(951)**
**596**
**(802)**
**(37)**
**(967)**
**-**
**(590)**
**(945)**
**(3,696)**
**8,916**
**296**
**9,212**
**2024**|£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|
|---|---|---|---|---|
||||||
|||||(1,616)
11,319|
|||||**9,703**
(3,518)
555
189
(1)
(840)
4
277
296|
|||**(**||**(3,038)**
9,371
332|
|||||**9,703**|
Page 27 of 43
_**SHREWBURY ROMAN CATHOLIC DIOCESAN TRUST**_ NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31st MARCH 2024
## 1 **Principal 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 continual 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 28 of 43
_**SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST**_ NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31st MARCH 2024
## 1 **Principal 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. It is not possible to determine with reasonable accuracy a historical cost nor valuation of these assets and therefore they are included at nil value in the accounts. There have been no material additions or disposal in the past 5 years.
## 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 2024 amounted to £536m. (2023 - £536m)
Page 29 of 43
NOTES TO THE FINANCIAL STATEMENTS
## _**SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST**_
FOR THE FINANCIAL YEAR ENDED 31st MARCH 2024
## 1 **Principal 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 2010 and the Income Tax Act 2007 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 2024 and 31st March 2023 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 calculation 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 30 of 43
NOTES TO THE FINANCIAL STATEMENTS
## _**SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST**_
FOR THE FINANCIAL YEAR ENDED 31st MARCH 2024
## 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 2024_**
**Sales**
**Other Incomes**
**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 2024**
_Financial Year Ended 31 March 2023_
Sales
Other Incomes
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|**Diocese**
**Commercial**
**Company Ltd**
**Salop Service**
**Company Ltd**
**Hale Barns**
**Events Ltd**
**£000**
**£000**
**£000**
**2,871**
**1**
**51**
**205**
**-**
**-**||||||**Total**
**£000**
**2,923**
**205**|
||||**3,076**
**1**
**51**
**1,415**
**1**
**49**
**1,069**
**-**
**35**
**97**
**-**
**-**
**853**
**-**
**7**||||**3,128**|
||||||||**1,465**
**1,104**
**97**
**860**|
||||**3,434**
**1**
**91**||||**3,526**|
|||||||||
|||||**(358)**
**-**
**(40)**|||**(398)**|
||**(1,674)**
**-**
**(78)**
Shrewsbury
Diocese
Commercial
Company Ltd
Salop Service
Company Ltd
Hale Barns
Events Ltd
£000
£000
£000
2,445
-
68
421
-
-|||||**(1,752)**
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)
(1,354)|||
Page 31 of 43
## _**SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST**_
## NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31st MARCH 2024
|3
3.1
3.2
3.3
3.4|**Income:**
**Donations & Legacies:**
**Parochial**
**Diocesan**
**Total Income**
Parochial
Diocesan
Total Income
**2024**
**2024**
**2024**
2023
2023
2023
**£000**
**£000**
**£000**
£000
£000
£000
Parish Offertory (inc. Rebate)
**6,334**
**17**
**6,351**
5,791
5
5,796
Legacies
**1,106**
**586**
**1,692**
276
100
376
Collections
**291**
**102**
**393**
356
79
435
School Building Fund
**-**
**6,428**
**6,428**
-
4,259
4,259
Pilgrimage & Other Income
**725**
**710**
**1,435**
1,334
671
2,005
Government Covid Support Grants
**-**
**-**
**-**
-
-
-
Our Mission Together
**-**
**179**
**179**
-
390
390
**8,456**
**8,022**
**16,478**
7,757
5,504
13,261
**Other Trading Activity:**
**Parochial**
**Unrestricted**
**Designated**
**Diocesan**
**Unrestricted**
**Total Income**
Parochial
Unrestricted
Designated
Diocesan
Unrestricted
Total Income
**2024**
**2024**
**2024**
2023
2023
2023
**£000**
**£000**
**£000**
£000
£000
£000
Parishes Social & Fundraising Activities
**225**
**-**
**225**
183
-
183
Subsidiary Company Income (NOTE 2.2)
**-**
**3,128**
**3,128**
-
2,934
2,934
**225**
**3,128**
**3,353**
183
2,934
3,117
**Investment Income:**
**Financial Year Ended 31 March 2024**
**Parochial**
**Unrestricted**
**Designated**
**Diocesan**
**Unrestricted**
**Diocesan**
**Unrestricted**
**Designated**
**Diocesan**
**Restricted**
**Total Income**
**£000**
**£000**
**£000**
**£000**
**£000**
Property Income
**298**
**151**
**5**
**-**
**454**
Listed Investments
**4**
**383**
**84**
**16**
**487**
Other Investment Incomes
**-**
**18**
**-**
**-**
**18**
Bank Interest
**-**
**8**
**-**
**-**
**8**
**302**
**560**
**89**
**16**
**967**
Parochial
Unrestricted
Designated
Diocesan
Unrestricted
Diocesan
Unrestricted
Designated
Diocesan
Restricted
Total Income
£000
£000
£000
£000
£000
Property Income
214
122
7
-
343
Listed Investments
4
399
71
2
476
Other Investment Incomes
-
21
-
-
21
Bank Interest
-
-
-
-
-
218
542
78
2
840
**Other Income:**
**Financial Year Ended 31 March 2024**
**Parochial**
**Unrestricted**
**Designated**
**Diocesan**
**Unrestricted**
**Diocesan**
**Unrestricted**
**Designated**
**Total Income**
**£000**
**£000**
**£000**
**£000**
Sale of Fixed Assets
**22**
**15**
**-**
**37**
**22**
**15**
**-**
**37**
Parochial
Unrestricted
Designated
Diocesan
Unrestricted
Diocesan
Unrestricted
Designated
Total Income
£000
£000
£000
£000
Sale of Fixed Assets
-
1
-
1
-
1
-
1
Financial Year Ended 31 March 2023
Financial Year Ended 31 March 2023|**Parochial**
**Diocesan**
**Total**
**2024**
**2024**
**£000**
**£000**
**6,334**
**17**
**1,106**
**586**
**291**
**102**
**-**
**6,428**
**725**
**710**
**-**
**-**
**-**
**179**|**Parochial**
**Diocesan**
**Total**
**2024**
**2024**
**£000**
**£000**
**6,334**
**17**
**1,106**
**586**
**291**
**102**
**-**
**6,428**
**725**
**710**
**-**
**-**
**-**
**179**|**Parochial**
**Diocesan**
**Total**
**2024**
**2024**
**£000**
**£000**
**6,334**
**17**
**1,106**
**586**
**291**
**102**
**-**
**6,428**
**725**
**710**
**-**
**-**
**-**
**179**|**Parochial**
**Diocesan**
**Total**
**2024**
**2024**
**£000**
**£000**
**6,334**
**17**
**1,106**
**586**
**291**
**102**
**-**
**6,428**
**725**
**710**
**-**
**-**
**-**
**179**|**Parochial**
**Diocesan**
**Total**
**2024**
**2024**
**£000**
**£000**
**6,334**
**17**
**1,106**
**586**
**291**
**102**
**-**
**6,428**
**725**
**710**
**-**
**-**
**-**
**179**|**Income**
Parochial
Diocesan
Total Income
**2024**
2023
2023
2023
**£000**
£000
£000
£000
**6,351**
5,791
5
5,796
**1,692**
276
100
376
**393**
356
79
435
**6,428**
-
4,259
4,259
**1,435**
1,334
671
2,005
**-**
-
-
-
**179**
-
390
390|**Income**
Parochial
Diocesan
Total Income
**2024**
2023
2023
2023
**£000**
£000
£000
£000
**6,351**
5,791
5
5,796
**1,692**
276
100
376
**393**
356
79
435
**6,428**
-
4,259
4,259
**1,435**
1,334
671
2,005
**-**
-
-
-
**179**
-
390
390|
|---|---|---|---|---|---|---|---|---|
|||**8,456**
**8,022**
**Parochial**
**Unrestricted**
**Designated**
**Diocesan**
**Unrestricted**
**Total**
**2024**
**2024**
**£000**
**£000**
**225**
**-**
**-**
**3,128**|||||**16,478**
7,757
5,504
13,261
**Income**
Parochial
Unrestricted
Designated
Diocesan
Unrestricted
Total Income
**2024**
2023
2023
2023
**£000**
£000
£000
£000
**225**
183
-
183
**3,128**
-
2,934
2,934||
||||**225**
**3,128**
**3,353**
183
2,934
3,117
**Parochial**
**Unrestricted**
**Designated**
**Diocesan**
**Unrestricted**
**Diocesan**
**Unrestricted**
**Designated**
**Diocesan**
**Restricted**
**Total Income**
**£000**
**£000**
**£000**
**£000**
**£000**
**298**
**151**
**5**
**-**
**454**
**4**
**383**
**84**
**16**
**487**
**-**
**18**
**-**
**-**
**18**
**-**
**8**
**-**
**-**
**8**
**302**
**560**
**89**
**16**
**967**
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**
**Total Income**
**£000**
**£000**
**£000**
**£000**
**22**
**15**
**-**
**37**
**22**
**15**
**-**
**37**
Parochial
Unrestricted
Designated
Diocesan
Unrestricted
Diocesan
Unrestricted
Designated
Total Income
£000
£000
£000
£000
-
1
-
1
-
1
-
1||||||
||||||||||
|||||**302**
**560**
**89**
**16**
**967**
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**
**Total Income**
**£000**
**£000**
**£000**
**£000**
**22**
**15**
**-**
**37**
**22**
**15**
**-**
**37**
Parochial
Unrestricted
Designated
Diocesan
Unrestricted
Diocesan
Unrestricted
Designated
Total Income
£000
£000
£000
£000
-
1
-
1
-
1
-
1||||
||||||||||
|||||||**22**
**15**
**-**
**37**
Parochial
Unrestricted
Designated
Diocesan
Unrestricted
Diocesan
Unrestricted
Designated
Total Income
£000
£000
£000
£000
-
1
-
1|||
|||||||||-
1
-
1|
Page 32 of 43
## _**SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST**_
## NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31st MARCH 2024
|4
5
5.1
5.2|**Expenditure on Raising Funds:**
Parishes social and fundraising activities
Subsidiary Company Costs (note 2.2)
Planned Giving Costs
Bid Writing Costs
Investment Management Fees
**Charitable Expenditure:**
**Parochial:**
Clergy Allowances
Housekeeping & Related Costs
Employed Parochial Support Staff
Repair & Maintenance
Utilities & Insurance
Church & Other Expenses
School Expenses
Diocesan & Other Collections
Stationery, travel & Sundries
Depreciation
**Diocesan:**
Education Services
Youth
Music in Schools Project
Liturgy
Tribunal
Ecumenism
Property Costs
National Levies
Bishop's Office
Curial Office
Finance & Legal
Bank Charges
Depreciation
Governance Costs
Mission & Evangelisation
Safeguarding
Pastoral & Other Costs
Our Mission Together
School Building Fund
**Clergy:**
Education & Training
Sick & Retired Priests
Other Clergy Costs
**Total Diocesan Charitable Expenditure**
**Total Charitable Expenditure**|**Personnel**
**Costs Other Costs**
**Total**
**2023**
**2023**
**£000**
**£000**
**-**
**169**
**1,104**
**2,422**
**39**
**17**
**-**
**-**
**-**
**107**|**Personnel**
**Costs Other Costs**
**Total**
**2023**
**2023**
**£000**
**£000**
**-**
**169**
**1,104**
**2,422**
**39**
**17**
**-**
**-**
**-**
**107**|**Personnel**
**Costs Other Costs**
**Total**
**2023**
**2023**
**£000**
**£000**
**-**
**169**
**1,104**
**2,422**
**39**
**17**
**-**
**-**
**-**
**107**|**Personnel**
**Costs Other Costs**
**Total**
**2023**
**2023**
**£000**
**£000**
**-**
**169**
**1,104**
**2,422**
**39**
**17**
**-**
**-**
**-**
**107**|**Personnel**
**Costs Other Costs**
**Total**
**2023**
**2023**
**£000**
**£000**
**-**
**169**
**1,104**
**2,422**
**39**
**17**
**-**
**-**
**-**
**107**|**Personnel**
**Costs Other Costs**
**Total**
**2023**
**2023**
**£000**
**£000**
**-**
**169**
**1,104**
**2,422**
**39**
**17**
**-**
**-**
**-**
**107**|**Costs**
Personnel
Costs
Other Costs
Total Costs
**2023**
2022
2022
2022
**£000**
£000
£000
£000
**169**
-
122
122
**3,526**
965
2,246
3,211
**56**
35
10
45
**-**
7
1
8
**107**
-
121
121|**Costs**
Personnel
Costs
Other Costs
Total Costs
**2023**
2022
2022
2022
**£000**
£000
£000
£000
**169**
-
122
122
**3,526**
965
2,246
3,211
**56**
35
10
45
**-**
7
1
8
**107**
-
121
121|**Costs**
Personnel
Costs
Other Costs
Total Costs
**2023**
2022
2022
2022
**£000**
£000
£000
£000
**169**
-
122
122
**3,526**
965
2,246
3,211
**56**
35
10
45
**-**
7
1
8
**107**
-
121
121|**Costs**
Personnel
Costs
Other Costs
Total Costs
**2023**
2022
2022
2022
**£000**
£000
£000
£000
**169**
-
122
122
**3,526**
965
2,246
3,211
**56**
35
10
45
**-**
7
1
8
**107**
-
121
121|
|---|---|---|---|---|---|---|---|---|---|---|---|
||||**1,143**
**793**
**-**
**681**
**12**
**-**
**-**
**-**
**-**
**-**
**-**|||**2,715**
**-**
**338**
**-**
**2,881**
**1,723**
**432**
**112**
**310**
**569**
**404**||**3,858**
**793**
**338**
**681**
**2,893**
**1,723**
**432**
**112**
**310**
**569**
**404**|1,007
768
-
590
17
-
-
-
-
-
-||2,500
3,507
-
768
298
298
-
590
3,798
3,815
1,628
1,628
439
439
117
117
356
356
672
672
395
395|
||||**1,486**
**347**
**115**
**56**
-
**45**
-
**176**
-
**52**
**68**
**301**
**-**
**-**
**-**
**164**
**123**
**1**
**43**
**-**|||**6,769**
**136**
**36**
**15**
**9**
**9**
**7**
**227**
**74**
**67**
**154**
**53**
**43**
**70**
**70**
**34**
**57**
**225**
**154**
**6,550**||**8,255**
**483**
**151**
**71**
**9**
**54**
**7**
**403**
**74**
**119**
**222**
**354**
**43**
**70**
**70**
**198**
**180**
**226**
**197**
**6,550**|1,375
318
118
25
-
32
-
210
-
51
38
301
-
-
-
161
112
1
**30**
**-**||7,703
9,078
114
432
36
154
5
30
6
6
10
42
11
11
221
431
66
66
55
106
125
163
86
387
38
38
73
73
30
30
36
197
53
165
298
299
**212**
242
**4,221**
4,221|
||||**1,491**
**42**
**304**
**38**|||**7,990**
**271**
**296**
**44**||**9,481**
**313**
**600**
**82**|1,397
39
276
30||5,696
7,093
204
243
269
545
52
82|
|||||||||||||
|||||**384**||**611**||**995**|345||525
870|
||||**1,875**|||**8,601**|**10,476**||1,742||6,221
7,963|
||||**3,361**||**15,370**||**18,731**||3,117|13,924
17,041||
Page 33 of 43
NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31st MARCH 2024
## _**SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST**_
## 6 **Tangible Fixed Assets:**
## 6.1 **Tangible Fixed Assets - Group:**
Tangible Fixed Assets, at Cost
## **Diocesan**
## **Parochial**
|**Cost:**
At 1 April 2023
Additions
Transfers
Disposals
At 31 March 2024
**Depreciation:**
At 1 April 2023
Charge for Period
Transfers
Disposals
At 31 March 2024
**Net Book Value:**
**At 31 March 2024**
At 31 March 2023|**Motor**
**Vehicles**
**Office**
**Equipment,**
**Fixtures &**
**Fittings**
**Diocesan**
**Property**
**Motor**
**Vehicles**
**Parochial**
**Property &**
**Equipment**
**£000**
**£000**
**£000**
**£000**
**£000**
**£000**
103
1,950
2,149
22
21,963
26,187
17
250
-
-
124
391
-
-
(126)
-
126
-
(35)
(199)
(5)
(22)
-
(261)
**Total**|**Motor**
**Vehicles**
**Office**
**Equipment,**
**Fixtures &**
**Fittings**
**Diocesan**
**Property**
**Motor**
**Vehicles**
**Parochial**
**Property &**
**Equipment**
**£000**
**£000**
**£000**
**£000**
**£000**
**£000**
103
1,950
2,149
22
21,963
26,187
17
250
-
-
124
391
-
-
(126)
-
126
-
(35)
(199)
(5)
(22)
-
(261)
**Total**|**Motor**
**Vehicles**
**Office**
**Equipment,**
**Fixtures &**
**Fittings**
**Diocesan**
**Property**
**Motor**
**Vehicles**
**Parochial**
**Property &**
**Equipment**
**£000**
**£000**
**£000**
**£000**
**£000**
**£000**
103
1,950
2,149
22
21,963
26,187
17
250
-
-
124
391
-
-
(126)
-
126
-
(35)
(199)
(5)
(22)
-
(261)
**Total**|**Motor**
**Vehicles**
**Office**
**Equipment,**
**Fixtures &**
**Fittings**
**Diocesan**
**Property**
**Motor**
**Vehicles**
**Parochial**
**Property &**
**Equipment**
**£000**
**£000**
**£000**
**£000**
**£000**
**£000**
103
1,950
2,149
22
21,963
26,187
17
250
-
-
124
391
-
-
(126)
-
126
-
(35)
(199)
(5)
(22)
-
(261)
**Total**|
|---|---|---|---|---|
||85
2,001
73
1,464
15
130
-
-
(34)
(177)||2,018
-
620
22
47
-
(89)
-
(5)
(22)|22,213
26,317
8,641
10,820
404
596
89
-
-
(238)|
|||54
1,417|573
-|9,134
11,178|
|||**31**
**584**
30
486|**1,445**
**-**
1,529
-|**13,079**
**15,139**
13,322
15,367|
- 6.2 **Tangible Fixed Assets - Charity:** Tangible Fixed Assets, at Cost
|**Cost:**
At 1 April 2023
Additions
Transfers
Disposals
At 31 March 2024
**Depreciation:**
At 1 April 2023
Charge for Period
Transfers
Disposals
At 31 March 2024
**Net Book Value:**
**At 31 March 2024**
At 31 March 2023|**Motor**
**Vehicles**
**Office**
**Equipment,**
**Fixtures &**
**Fittings**
**Diocesan**
**Property**
**Motor**
**Vehicles**
**Parochial**
**Property &**
**Equipment**
**£000**
**£000**
**£000**
**£000**
**£000**
**£000**
75
132
2,061
22
21,963
24,253
-
-
-
-
124
124
-
-
(126)
-
126
-
(35)
-
-
(22)
-
(57)
**Diocesan**
**Parochial**
**Total**|**Motor**
**Vehicles**
**Office**
**Equipment,**
**Fixtures &**
**Fittings**
**Diocesan**
**Property**
**Motor**
**Vehicles**
**Parochial**
**Property &**
**Equipment**
**£000**
**£000**
**£000**
**£000**
**£000**
**£000**
75
132
2,061
22
21,963
24,253
-
-
-
-
124
124
-
-
(126)
-
126
-
(35)
-
-
(22)
-
(57)
**Diocesan**
**Parochial**
**Total**|**Motor**
**Vehicles**
**Office**
**Equipment,**
**Fixtures &**
**Fittings**
**Diocesan**
**Property**
**Motor**
**Vehicles**
**Parochial**
**Property &**
**Equipment**
**£000**
**£000**
**£000**
**£000**
**£000**
**£000**
75
132
2,061
22
21,963
24,253
-
-
-
-
124
124
-
-
(126)
-
126
-
(35)
-
-
(22)
-
(57)
**Diocesan**
**Parochial**
**Total**|**Motor**
**Vehicles**
**Office**
**Equipment,**
**Fixtures &**
**Fittings**
**Diocesan**
**Property**
**Motor**
**Vehicles**
**Parochial**
**Property &**
**Equipment**
**£000**
**£000**
**£000**
**£000**
**£000**
**£000**
75
132
2,061
22
21,963
24,253
-
-
-
-
124
124
-
-
(126)
-
126
-
(35)
-
-
(22)
-
(57)
**Diocesan**
**Parochial**
**Total**|
|---|---|---|---|---|
||40
132
52
98
12
11
-
-
(34)
-||1,935
-
532
22
47
-
(89)
-
-
(22)|22,213
24,320
8,641
9,345
404
474
89
-
-
(56)|
|||30
109|490
-|9,134
9,763|
|||**10**
**23**
23
34|**1,445**
**-**
1,529
-|**13,079**
**14,557**
13,322
14,908|
Page 34 of 43
## _**SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST**_
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31st MARCH 2024
## 6.3 **Investment Property, at Valuation - Group & Charity:**
|**Investment Property, at Valuation - Group & Charity:**||||
|---|---|---|---|
|At 1 April 2023
Additions
Transfers
Disposals
Gain/(loss) on Revaluation
**At 31 March 2024**|**Retired**
**Clergy**
**Pension**
**Fund**
**General**
**Fund**
**Parochial**
**Fund**
**Total**
£000
£000
£000
£000
7,831
995
3,745
12,571
260
-
-
260
-
-
-
-
(851)
-
(415)
(1,266)
115
(15)
(231)
(131)|||
|||**7,355**
**980**|**3,099**
**11,434**|
## 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).
The last valuation was in March 2024 and the Trustees do not believe that there has been a material change in the value of the portfolio of properties since the date of each properties last valuation.
## 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 2023
5,721
5,296
3,007
905
568
3,161
18,658
Additions at Cost
1,589
1,702
951
258
179
828
5,507
Proceeds of Sales
(2,350)
(1,715)
(958)
(260)
(181)
(1,532)
(6,996)
Realised & Unrealised Losses
244
269
150
41
28
127
859
(Decrease)/Increase in Cash
Balances - Fund Managers
(11)
(11)
(6)
(1)
(1)
(7)
(37)
Transfer between funds
(131)
132
(104)
(90)
(11)
204
-
**At 31 March 2024**
**5,062**
**5,673**
**3,040**
**853**
**582**
**2,781**
**17,991**
**Listed Investments Comprised:**
Schroders Current Accounts
83
93
50
14
10
46
296
UK Equites
692
776
416
117
80
380
2,461
Overseas Equities
2,780
3,116
1,670
469
319
1,528
9,882
UK Fixed Interest
230
258
138
39
26
127
818
Multi-Asset Funds
205
229
123
34
24
112
727
Hedge Funds
83
93
50
14
10
46
296
Property
283
317
170
48
32
155
1,005
Private Equity
187
209
111
31
21
102
661
Other
519
582
312
87
60
285
1,845
**5,062**
**5,673**
**3,040**
**853**
**582**
**2,781**
**17,991**|**General**
**Fund**
**Parochial**
**Fund**
**Education**
**& Training**
**Fund**
**Sherratt**
**Fund**
**School**
**Building**
**Fund**
**Our Mission**
**Together**
**Total**
£000
£000
£000
£000
£000
£000
£000
5,721
5,296
3,007
905
568
3,161
18,658
1,589
1,702
951
258
179
828
5,507
(2,350)
(1,715)
(958)
(260)
(181)
(1,532)
(6,996)
244
269
150
41
28
127
859
(11)
(11)
(6)
(1)
(1)
(7)
(37)
(131)
132
(104)
(90)
(11)
204
-|||||
|||**5,062**
83
692
2,780
230
205
83
283
187
519|**5,673**
93
776
3,116
258
229
93
317
209
582|**3,040**
**853**
**582**
50
14
10
416
117
80
1,670
469
319
138
39
26
123
34
24
50
14
10
170
48
32
111
31
21
312
87
60|**2,781**
**17,991**
46
296
380
2,461
1,528
9,882
127
818
112
727
46
296
155
1,005
102
661
285
1,845|
|||**5,062**|**5,673**|**3,040**
**853**
**582**|**2,781**
**17,991**|
Page 35 of 43
NOTES TO THE FINANCIAL STATEMENTS
## _**SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST**_
FOR THE FINANCIAL YEAR ENDED 31st MARCH 2024
## 7 **Listed Investments (Continued):**
|The portfolio included the following investment:|**Value**||Value||
|---|---|---|---|---|
||**2024 % of Total**||2023 % of Total||
||**£000**|**Value**|£000|Value|
|Vanguard S&P 500|**1,353**|**7.4**|375|2.0|
|S&P 500|**1,334**|**7.3**|||
|Charity Equity Income Fund|**1,292**|**7.0**|1,491|8.0|
|Fidelity Global Dividend|**922**|**5.0**|1,702|9.1|
|Charity Equity Value Fund|**751**|**4.0**|928|5.0|
|Schroder Diversified Alternative|**727**|**3.8**|764|4.1|
|Vanguard FTSE All-World|**723**|**3.9**|684|3.7|
|Robeco BP Global|**633**|**3.5**|650|3.5|
|Schroder Private Equity Funds IV|**596**|**3.3**|798|4.3|
|Ninty One III Global|**499**|**2.8**|502|2.7|
|Vanguard FTSE UK All Share|**478**|**2.7**|975|5.2|
|Wellington Global Health Car|**427**|**2.4**|520|2.8|
|Schroder UK Real Estate|**418**|**2.2**|445|2.4|
|Charities Property Fund|**326**|**1.7**|453|2.4|
|Property Income Trust|**317**|**11.7**|317|1.7|
|Polar Capital European|**304**|**1.7**|393|2.1|
|iShares Physical Metals PLC|**302**|**1.7**|467|2.5|
|Brevan Howard Absolute|**299**|**1.6**|283|1.5|
|Trojan Income Fund|||939|5.0|
|L&G Multi- Strategy Enhanced|||574|3.1|
The historic cost of investments held at 31 March 2024 was £15m (2023 - £16m)
A separate investment of £4k is held in the Catholic National Mutual (2023 - £4k), and a further £4k is held in Inter-Diocesan Fuel Management Ltd (2023 - £4k)
Within the Charity Balance Sheet Investments include share holdings of £450k in Shrewsbury Diocese Commercial Company Limited (2023 - £450K), £500 in Salop Service Company Limited (2023 - £500), and £100 in Hale Barns Events Limited (2023 - £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|**2024**
**2024**
**Parochial Diocesan**
**£000**
**£000**
**-**
**7**
**-**
**153**
**23**
**1,157**|**2024**
**2024**
**Parochial Diocesan**
**£000**
**£000**
**-**
**7**
**-**
**153**
**23**
**1,157**|**2024**
2023
2023
2023
**Total**
Parochial
Diocesan
Total
**£000**
£000
£000
£000
**7**
-
36
36
**153**
-
108
108
**1,180**
18
588
606|**2024**
2023
2023
2023
**Total**
Parochial
Diocesan
Total
**£000**
£000
£000
£000
**7**
-
36
36
**153**
-
108
108
**1,180**
18
588
606|
|---|---|---|---|---|---|
|||**23**
**1,317**
**2024**
**2024**
**Parochial Diocesan**
**£000**
**£000**
**-**
**7**
**-**
**2,032**
**23**
**1,090**||**1,340**
18
732
750
**2024**
2023
2023
2023
**Total**
Parochial
Diocesan
Total
**£000**
£000
£000
£000
**7**
-
36
36
**2,032**
-
1,622
1,622
**1,113**
18
467
485||
||||**23**
**3,129**|**3,152**
18|2,125
2,143|
Page 36 of 43
## _**SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST**_
## NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31st MARCH 2024
|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**
**2024**
**2024**
**£000**
**£000**
**-**
**5,798**
**472**
**1,538**
**-**
**-**|**Parochial**
**Diocesan**
**2024**
**2024**
**£000**
**£000**
**-**
**5,798**
**472**
**1,538**
**-**
**-**|**Parochial**
**Diocesan**
**2024**
**2024**
**£000**
**£000**
**-**
**5,798**
**472**
**1,538**
**-**
**-**|**Total**
Parochial
Diocesan
Total
**2024**
2023
2023
2023
**£000**
£000
£000
£000
**5,798**
-
6,658
6,658
**2,010**
233
1,566
1,799
**-**
-
-
-|**Total**
Parochial
Diocesan
Total
**2024**
2023
2023
2023
**£000**
£000
£000
£000
**5,798**
-
6,658
6,658
**2,010**
233
1,566
1,799
**-**
-
-
-|
|---|---|---|---|---|---|---|
|||**472**
**7,336**
**Parochial**
**Diocesan**
**2024**
**2024**
**£000**
**£000**
**-**
**5,798**
**472**
**887**
**-**
**-**|||**7,808**
233
8,224
8,457
**Total**
Parochial
Diocesan
Total
**2024**
2023
2023
2023
**£000**
£000
£000
£000
**5,798**
-
6,658
6,658
**1,359**
233
1,159
1,392
**-**
-
-
-||
||||**472**|**6,685**|**7,157**
233|7,817
8,050|
School expenditure creditors include Government Devolved Formula Capital Grants of £1,625k (2023 - £1,625k)
## **10 Unrestricted Funds:**
## **10.1 Unrestricted Designated - Group & Charity**
## **Financial Year Ended 31st March 2024**
|**Financial Year Ended 31st March 2024**|||||
|---|---|---|---|---|
|_Balance at 1st April 2023:_
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 2024:_**
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:_|**£000**
**£000**
**£000**
**£000**
**£000**
_7,275_
_3,007_
_905_
**_11,187_**
_31,563_
352
146
-
**498**
8,390
5
84
-
**89**
302
257
-
-
**257**
106
**Retired**
**Clergy**
**Fund**
**Education**
**& Training**
**Fund**
**Total**
**Parochial**
**Total**
**Diocesan**
**Sherratt**
**Fund**||||
|||**_614_**
(600)
-
-|**_230_**
**_-_**
**_844_**
**_8,798_**
(313)
(3)
**(916)**
(7,945)
(18)
-
**(18)**
(169)
-
(90)
**(90)**
(1,066)||
|||**_(600)_**
74
-
115|**_(331)_**
**_(93)_**
**_(1,024)_**
**_(9,180)_**
-
-
**74**
22
150
41
**191**
269
-
-
**115**
(231)||
||**7,478**
**3,056**
**853**
**11,387**
**31,241**
£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
Sherratt
Fund
Total
Diocesan
Total
Parochial||||
|||_308_
(545)
-
-|_356_
_-_
_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|
Page 37 of 43
_**SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST**_ NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31st MARCH 2024
## **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:_
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:_**
**Unrestricted - Charity**
_Balance at 1st April:_
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:_**|**2024**
2023
**£000**
£000
**867**
1,830
**674**
490
**3,688**
3,476
**1,524**
1,260
**Total**
**Diocesan**
Total
Diocesan|**2024**
2023
**£000**
£000
**867**
1,830
**674**
490
**3,688**
3,476
**1,524**
1,260
**Total**
**Diocesan**
Total
Diocesan|
|---|---|---|
||**_5,886_**
_5,226_
**(2,545)**
(2,409)
**(3,668)**
(3,367)
**(130)**
(207)||
||**_(6,343)_**
_(5,983)_
**15**
1
**244**
(247)
**(15)**
40||
||**_654_**
_867_
**2024**
2023
**£000**
£000
**2,670**
3,355
**674**
490
**560**
542
**1,524**
1,260
**Total**
**Diocesan**
Total
Diocesan||
||**_2,758_**
_2,292_
**(2,545)**
(2,409)
**(142)**
(155)
**(130)**
(207)||
||**_(2,817)_**
_(2,771)_
**15**
**1**
**244**
**(247)**
**(15)**
**40**||
|||**_2,855_**
_2,670_|
## **10.2 Unrestricted - Group**
## **10.3 Unrestricted - Charity**
Page 38 of 43
## _**SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST**_
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31st MARCH 2024
|11|**Restricted Funds- Group & Charity:**
**Financial Year Ended 31st March 2024**
**£000**
**£000**
**£000**
**£000**
**£000**
**£000**
**£000**
_Balance at 1st April 2023:_
**_258_**
**_3,241_**
**_-_**
**_866_**
**_35_**
**_4,400_**
**_23_**
Income from Donations & Legacies
17
179
37
6,428
190
**_6,851_**
291
Income from Investments
-
-
-
16
-
**_16_**
-
Transfers Received
-
28
34
130
-
**_192_**
-
**_Total Received:_**
**_17_**
**_207_**
**_71_**
**_6,574_**
**_190_**
**_7,059_**
**_291_**
Expenditure on operations
(6)
(197)
(71)
(6,550)
(191)
**_(7,015)_**
(310)
Expenditure on Raising Finance
-
-
-
(3)
-
**_(3)_**
-
Transfers Paid
-
(589)
-
(204)
-
**_(793)_**
-
**_Total Expended:_**
**_(6)_**
**_(786)_**
**_(71)_**
**_(6,757)_**
**_(191)_**
**_(7,811)_**
**_(310)_**
Net Gains/(Losses) on Disposal of Assets:
-
-
-
-
-
**_-_**
-
Net Gains/(Losses) on Rev. Assets (Investment
-
127
-
28
-
**_155_**
-
Net Gains/(Losses) on Rev. Assets: (Properties
-
-
-
-
-
**_-_**
-
**_Balance at 31st March 2024:_**
**_269_**
**_2,789_**
**_-_**
**_711_**
**_34_**
**_3,803_**
**_4_**
Financial Year Ended 31st March 2023
£000
£000
£000
£000
£000
£000
£000
_Balance at 1st April 2022:_
_291_
_3,905_
_-_
_898_
_16_
_5,110_
_534_
Income from Donations & Legacies
18
390
30
4,259
209
_4,906_
356
Income from Investments
-
-
-
2
-
_2_
-
Transfers Received
-
214
-
130
24
_368_
54
_Total Received:_
_18_
_604_
_30_
_4,391_
_233_
_5,276_
_410_
Expenditure on operations
(23)
(242)
(30)
(4,221)
(214)
_(4,730)_
(356)
Expenditure on Raising Finance
-
-
-
(1)
-
_(1)_
-
Transfers Paid
(28)
(906)
-
(205)
-
_(1,139)_
(565)
_Total Expended:_
_(51)_
_(1,148)_
_(30)_
_(4,427)_
_(214)_
_(5,870)_
_(921)_
Net Gains/(Losses) on Disposal of Assets:
-
-
-
-
-
-
-
Net Gains/(Losses) on Rev. Assets (Investment
-
(120)
-
4
-
(116)
-
Net Gains/(Losses) on Rev. Assets: (Properties
-
-
-
-
-
-
-
_Balance at 31st March 2023:_
_258_
_3,241_
_-_
_866_
_35_
_4,400_
_23_
Our Mission
Together
School
Building
Fund
Pilgrimage
Total
Diocesan
Total
Parochial
**Pilgrimage**
**Total**
**Diocesan**
**Total**
**Parochial**
Music in
Schools
**Other**
**Funds &**
**Collections**
Other Funds
&
Collections
**Music in**
**Schools**
**Our**
**Mission**
**Together**
**School**
**Building**
**Fund**|**£000**
**£000**
**£000**
**£000**
**£000**
**£000**
**£000**
**_258_**
**_3,241_**
**_-_**
**_866_**
**_35_**
**_4,400_**
**_23_**
17
179
37
6,428
190
**_6,851_**
291
-
-
-
16
-
**_16_**
-
-
28
34
130
-
**_192_**
-
**Pilgrimage**
**Total**
**Diocesan**
**Total**
**Parochial**
**Other**
**Funds &**
**Collections**
**Music in**
**Schools**
**Our**
**Mission**
**Together**
**School**
**Building**
**Fund**|**£000**
**£000**
**£000**
**£000**
**£000**
**£000**
**£000**
**_258_**
**_3,241_**
**_-_**
**_866_**
**_35_**
**_4,400_**
**_23_**
17
179
37
6,428
190
**_6,851_**
291
-
-
-
16
-
**_16_**
-
-
28
34
130
-
**_192_**
-
**Pilgrimage**
**Total**
**Diocesan**
**Total**
**Parochial**
**Other**
**Funds &**
**Collections**
**Music in**
**Schools**
**Our**
**Mission**
**Together**
**School**
**Building**
**Fund**|**£000**
**£000**
**£000**
**£000**
**£000**
**£000**
**£000**
**_258_**
**_3,241_**
**_-_**
**_866_**
**_35_**
**_4,400_**
**_23_**
17
179
37
6,428
190
**_6,851_**
291
-
-
-
16
-
**_16_**
-
-
28
34
130
-
**_192_**
-
**Pilgrimage**
**Total**
**Diocesan**
**Total**
**Parochial**
**Other**
**Funds &**
**Collections**
**Music in**
**Schools**
**Our**
**Mission**
**Together**
**School**
**Building**
**Fund**|**£000**
**£000**
**£000**
**£000**
**£000**
**£000**
**£000**
**_258_**
**_3,241_**
**_-_**
**_866_**
**_35_**
**_4,400_**
**_23_**
17
179
37
6,428
190
**_6,851_**
291
-
-
-
16
-
**_16_**
-
-
28
34
130
-
**_192_**
-
**Pilgrimage**
**Total**
**Diocesan**
**Total**
**Parochial**
**Other**
**Funds &**
**Collections**
**Music in**
**Schools**
**Our**
**Mission**
**Together**
**School**
**Building**
**Fund**|
|---|---|---|---|---|---|
||||**_17_**
**_207_**
**_71_**
**_6,574_**
**_190_**
**_7,059_**
**_291_**
(6)
(197)
(71)
(6,550)
(191)
**_(7,015)_**
(310)
-
-
-
(3)
-
**_(3)_**
-
-
(589)
-
(204)
-
**_(793)_**
-|||
||||**_(6)_**
**_(786)_**
**_(71)_**
**_(6,757)_**
**_(191)_**
**_(7,811)_**
**_(310)_**
-
-
-
-
-
**_-_**
-
-
127
-
28
-
**_155_**
-
-
-
-
-
-
**_-_**
-|||
|||**_269_**
**_2,789_**
**_-_**
**_711_**
**_34_**
**_3,803_**
**_4_**
£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
Our Mission
Together
School
Building
Fund
Pilgrimage
Total
Diocesan
Total
Parochial
Music in
Schools
Other Funds
&
Collections||||
||||_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_|
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):**||**2024**|2023|
|||**£000**|£000|
|Net income is stated after charging:||||
|Depreciation of tangible fixed assets||**596**|555|
|Payments to auditors:|Statutory audit fee|**50**|30|
||Accounting & taxation services|**3**|3|
|Internal auditors:|Other services|**2**|2|
Page 39 of 43
NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31st MARCH 2024
## _**SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST**_
## 13 **Trustees and Employees:**
13.1 None of the Trustees received remuneration or expenses in the current or prior year in respect of their duties as Trustees. The Trust received donations totalling £1,060 (2023: £5,793) from the Trustees. Trustee indemnity insurance cost £1,874 (2023: £1,874)
|13.2 Clergy allowances comprised (Note 5.1):
Clergy allowances
Travel expenses
Mass stipends
Supply priests
Parish Sisters
13.3 Staff employment costs of Charity comprised (Notes 4 & 5):
Salaries and wages
Social security costs
Pension costs
13.4 Staff employment costs of Subsidiaries comprised (Note 4):
Salaries and wages
Social security costs
Pension costs
13.5 Grants paid comprised (Note 5.2):
Clergy in retirement
Supporting Sick Priests
Students in seminary/training
**Total personnel costs (NOTES 4 & 5)**
Redundancy & settlement costs:
of Charity
of Subsidiaries||**2024**
2023
**£000**
£000
**529**
513
**123**
121
**43**
29
**82**
83
**16**
22|**2024**
2023
**£000**
£000
**529**
513
**123**
121
**43**
29
**82**
83
**16**
22|
|---|---|---|---|
|||**793**
768
**2,026**
1,853
**147**
141
**88**
82||
|||**2,261**
2,076
**1,022**
883
**59**
54
**23**
28||
|||**1,104**
965
**246**
250
**58**
26
**42**
39||
|||||
||||**346**
315|
|||**4,504**
**4,124**
**23**
**-**
**33**
5||
|||**56**
5||
The average number of employees in the year was 222 (2023: 217). The total remuneration paid to key management personnel, including clergy, who hold a central Diocesan role was £204,226 (2023: £220,164).
||**2024**|2023|**2024**|2022|
|---|---|---|---|---|
||||**Pension**|Pension|
||**Number**|Number|**Contribution**|Contribution|
|Employee emoluments:|||**£**|£|
|Between £80,001 and £90,000|**2**|3|**10,505**|11,587|
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:
Parishes||**Gross**
**Net of Grant**
**£000**
**£000**
**1,297**
**1,047**
**2024**|Gross
Net of Grant
**£000**
**£000**
1,073
957
2023|
|---|---|---|---|
|||**1,297**
**1,047**|1,073
957|
## 14 **Commitments - Group and Charity:**
Page 40 of 43
## _**SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST**_
## NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31st MARCH 2024
## 15 **Analysis of Net Assets Between Funds:**
|**Group:**
**Financial Year Ended 31/03/2024**
Tangible Fixed Assets
Investments
Net Current Assets/(Liabilities)
Inter-Fund Loans
Other
**Balance at 31st March 2024:**
Financial Year Ended 31/03/2023
Tangible Fixed Assets
Investments
Net Current Assets/(Liabilities)
Inter-Fund Loans
Other
Balance at 31st March 2023:
**Charity:**
**Financial Year Ended 31/03/2024**
Tangible Fixed Assets
Investments
Net Current Assets/(Liabilities)
Inter-Fund Loans
Other
**Balance at 31st March 2024:**
Financial Year Ended 31/03/2023
Tangible Fixed Assets
Investments
Net Current Assets/(Liabilities)
Inter-Fund Loans
Other
Balance at 31st March 2023:|**£000**
**£000**
**£000**
**£000**
**£000**
**£000**
**13,079**
**-**
**2,060**
-
**-**
**15,139**
**8,772**
**-**
**6,050**
**11,248**
**3,363**
**29,433**
**7,240**
**4**
**(7,508)**
**(170)**
**434**
**-**
**2,150**
**-**
**52**
**309**
**6**
**2,517**
**Total**
**Parochial**
**Designated**
**Parochial**
**Restricted**
**Diocesan**
**Unrestricted**
**Diocesan**
**Designated**
**Diocesan**
**Restricted**|**£000**
**£000**
**£000**
**£000**
**£000**
**£000**
**13,079**
**-**
**2,060**
-
**-**
**15,139**
**8,772**
**-**
**6,050**
**11,248**
**3,363**
**29,433**
**7,240**
**4**
**(7,508)**
**(170)**
**434**
**-**
**2,150**
**-**
**52**
**309**
**6**
**2,517**
**Total**
**Parochial**
**Designated**
**Parochial**
**Restricted**
**Diocesan**
**Unrestricted**
**Diocesan**
**Designated**
**Diocesan**
**Restricted**|**£000**
**£000**
**£000**
**£000**
**£000**
**£000**
**13,079**
**-**
**2,060**
-
**-**
**15,139**
**8,772**
**-**
**6,050**
**11,248**
**3,363**
**29,433**
**7,240**
**4**
**(7,508)**
**(170)**
**434**
**-**
**2,150**
**-**
**52**
**309**
**6**
**2,517**
**Total**
**Parochial**
**Designated**
**Parochial**
**Restricted**
**Diocesan**
**Unrestricted**
**Diocesan**
**Designated**
**Diocesan**
**Restricted**|**£000**
**£000**
**£000**
**£000**
**£000**
**£000**
**13,079**
**-**
**2,060**
-
**-**
**15,139**
**8,772**
**-**
**6,050**
**11,248**
**3,363**
**29,433**
**7,240**
**4**
**(7,508)**
**(170)**
**434**
**-**
**2,150**
**-**
**52**
**309**
**6**
**2,517**
**Total**
**Parochial**
**Designated**
**Parochial**
**Restricted**
**Diocesan**
**Unrestricted**
**Diocesan**
**Designated**
**Diocesan**
**Restricted**|**£000**
**£000**
**£000**
**£000**
**£000**
**£000**
**13,079**
**-**
**2,060**
-
**-**
**15,139**
**8,772**
**-**
**6,050**
**11,248**
**3,363**
**29,433**
**7,240**
**4**
**(7,508)**
**(170)**
**434**
**-**
**2,150**
**-**
**52**
**309**
**6**
**2,517**
**Total**
**Parochial**
**Designated**
**Parochial**
**Restricted**
**Diocesan**
**Unrestricted**
**Diocesan**
**Designated**
**Diocesan**
**Restricted**|
|---|---|---|---|---|---|
||**31,241**
**4**
**654**
**11,387**
**3,803**
**47,089**
£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**
**13,079**
**-**
**1,478**
-
**-**
**14,557**
**8,772**
**-**
**6,501**
**11,248**
**3,363**
**29,884**
**7,240**
**4**
**(7,508)**
**(170)**
**434**
**-**
**2,150**
**-**
**2,384**
**309**
**6**
**4,849**
**Parochial**
**Designated**
**Parochial**
**Restricted**
**Diocesan**
**Unrestricted**
**Diocesan**
**Designated**
**Diocesan**
**Restricted**
**Total**|||||
||**31,241**
**4**
**2,855**
**11,387**
**3,803**
**49,290**
£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|
## 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 (2023 - £NIL). Grant funding of £150,000 was provided to Caritas (Diocese of Shrewsbury) for the year to 31st March 2024 from the **Our Mission Together** funds (2023 - £205,000). At the 31st March 2024 Caritas (Diocese of Shrewsbury) owed the Diocese £NIL (2023 - £NIL). The Bishop of the Diocese is a Trustee of St Cuthbert's College - Ushaw, charity number 527408. As at the 31st March 2024 St Cuthbert's College - Ushaw owed the Diocese £6,053 (2023 - £6,053)
Page 41 of 43
## _**SHREWSBURY ROMAN CATHOLIC DIOCSAN TRUST**_
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31st MARCH 2024
## 17 **Statement of Financial Activities for the Year Ended 31 March 2023**
|**Statement of Financial Activities for the Year Ended 31 March 2023**|||||||||
|---|---|---|---|---|---|---|---|---|
|**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 (see page 43)
**Net Movement in Funds**
Total Funds Brought Forward:
**Total Funds Carried Forward:**|£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**
**5,504**
**2,934**
**622**
**1**
**Total**||**Total Funds**
**2,023**
**£000**
**13,261**
**3,117**
**840**
**1**|
|||**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**
**(3,507)**
**(17,041)**|
|||**(8,844)**
**(356)**|**(9,200)**|**(5,775)**|**(842)**
**(4,731)**
**(**|**11,348)**||**(20,548)**|
|||**(1,042)**
**-**
(167)
-
35
-
-
-|**(1,042)**
**(167)**
**35**
**-**|**(1,809)**
(247)
40
-|**(655)**
**177**
(119)
(116)
385
-
-
-|**(2,287)**
**(482)**
**425**
**-**||**(3,329)**
**(649)**
**460**
**-**|
|||**(1,174)**
**-**
347
(511)|**(1,174)**
**(164)**|**(2,016)**
1,053|**(389)**
**61**
(118)
(771)|**(2,344)**
**164**||**(3,518)**
**-**|
||||||||||
|||**(827)**
**(511)**
32,390
534|**(1,338)**
**32,924**|**(963)**
1,830|**(507)**
**(710)**
11,694
5,110|**(2,180)**
**18,634**||**(3,518)**
**51,558**|
|||**31,563**
**23**|**31,586**|**867**|**11,187**
**4,400**|**16,454**||**48,040**|
Page 42 of 43
## _**SHREWSBURY ROMAN CATHOLIC DIOCSAN TRUST**_
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
## 17 **Statement of Financial Activities for the Year Ended 31 March 2023 - 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 - Parish Maintenance
Projects
Parish Community Hub Project (Nantwich)
Release of Restriction - Completed Project - Parish Community
Hub (Nantwich)(Functional Property)
St Albans Parish Project (Gubay Funds)
Transfer of Unrestricted Legacy for the Benefit of Cathdral
Church TV Services (Bishop Stanley Residuary Trust)
**Total Transfers:**|£000
£000
**£000**
(723)
-
**(723)**
(60)
-
**(60)**
-
-
**-**
-
-
**-**
-
-
**-**
(214)
-
**(214)**
157
-
**157**
-
-
**-**
-
-
**-**
-
-
**-**
595
-
**595**
(54)
54
**-**
465
(465)
**-**
100
(100)
**-**
70
-
**70**
11
-
**11**
**Parochial Funds**
**Unrestricted**
**Designated**
**Restricted**
**Total**|£000
£000
**£000**
(723)
-
**(723)**
(60)
-
**(60)**
-
-
**-**
-
-
**-**
-
-
**-**
(214)
-
**(214)**
157
-
**157**
-
-
**-**
-
-
**-**
-
-
**-**
595
-
**595**
(54)
54
**-**
465
(465)
**-**
100
(100)
**-**
70
-
**70**
11
-
**11**
**Parochial Funds**
**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**||**Total Funds**
**2,023**
**£000**
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-|
|---|---|---|---|---|---|
|||**347**
**(511)**
**(164)**|**1,053**
**(118)**
**(771)**
**164**||**-**|
Page 43 of 43