This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST Registered Charity No 234025

Consolidated Annual Report For the Year Ended 31 March 2025

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

Consolidated Annual Report For the Year Ending 31[st] March 2025

Section	Page
Trustees and Professional Advisors	1-2
Report of the Charity Trustees	3-17
Statement of Trustees’ Responsibilities	18
Independent Auditor’s Report to the	19-21
Trustees
Statement of Financial Activities	22-23
Group and Charity Balance Sheets	24-25
Consolidated Statement of Cashflows	26
Notes to the Financial Statements	27-42

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

Consolidated Annual Report For the Year Ending 31[st] March 2025

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 Rev Anthony McGrath (appointed 10 December 2025)

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 Richard Woods (Director of Schools from 17 June 2024) Mr Damian Cunningham (Director of Schools to 14 June 2024) Mr Michael Rooney (Director of Property from 1November 2024)

Page 1 of 42

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

Consolidated Annual Report For the Year Ending 31[st] March 2025

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 42

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

Consolidated Annual Report For the Year Ending 31[st] March 2025

REPORT OF THE CHARITY TRUSTEES:

The Board of Trustees presents its report and audited accounts for the year ended 31 March 2025. 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 9 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, most 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 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, Department for Education, and the eleven local authorities that cover the Diocese. In addition, the Diocesan Property Department supports with the maintenance and provision of school buildings. These Catholic Schools are open to those of all faiths and none providing a wider benefit.

Page 3 of 42

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

Consolidated Annual Report For the Year Ending 31[st] March 2025

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. The majority of 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 increasing 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 organised a youth pilgrimage to Lourdes alongside the main pilgrimage, and provided support with confirmation catechesis in some parishes.

This past year the ongoing work of the Mission for Evangelisation, Catechesis, Marriage & Family has continued. Parish mission days, events for the Jubilee year, Adoremus, days for catechists, days to discern gifts and service for lay people, and marriage preparation have all taken place across the year. Alongside the in person events, catechesis is provided through access to online workshops in partnership with the Franciscan Catechetical Institute.

Education:

Some 42,278 children attended Diocesan schools and academies (2024 – 42,523). 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. There has been no direct fundraising with the public and we have not received any complaints over our passive approach.

Page 4 of 42

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

Consolidated Annual Report For the Year Ending 31[st] March 2025

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 decreased to £18.1m (2024: £20.8m). In line with the movement of income within the Trust, the cost of Raising Funds and its Charitable Activities have also decreased to £20.1m (2024: £22.6m).

Chart of Total Income and Expenditure for the Trust:

----- Start of picture text -----
25,000
20,000
15,000
10,000
5,000
0
2020-21 2021-22 2022-23 2023-24 2024-25
Diocesan Income Diocesan Expenditure
Parochial Income Parochial Expenditure
£'000's
----- End of picture text -----

----- Start of picture text -----
The position over the last five years in numerical terms is:
2020-21 2021-22 2022-23 2023-24 2024-25
£000's £000's £000's £000's £000's
Total Income 9,953 12,434 17,219 20,836 18,185
Total Expenditure (10,929) (13,038) (20,548) (22,589) (20,121)
----- End of picture text -----

Legacies Note:

The Trust has benefited from the generosity of parishioners through their wills, receiving legacy income of £703k (2024: £1.7m). 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 42

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

Consolidated Annual Report For the Year Ending 31[st] March 2025

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:

2020-21 £000's 2021-22 £000's 2022-23 £000's 2023-24 £000's 2024-25 £000's 4,812 5,237 5,791 6,334 6,877 1,044 2,392 2,367 2,671 1,799	2020-21 £000's 2021-22 £000's 2022-23 £000's 2023-24 £000's 2024-25 £000's 4,812 5,237 5,791 6,334 6,877 1,044 2,392 2,367 2,671 1,799	2020-21 £000's 2021-22 £000's 2022-23 £000's 2023-24 £000's 2024-25 £000's 4,812 5,237 5,791 6,334 6,877 1,044 2,392 2,367 2,671 1,799	2020-21 £000's 2021-22 £000's 2022-23 £000's 2023-24 £000's 2024-25 £000's 4,812 5,237 5,791 6,334 6,877 1,044 2,392 2,367 2,671 1,799	2020-21 £000's 2021-22 £000's 2022-23 £000's 2023-24 £000's 2024-25 £000's 4,812 5,237 5,791 6,334 6,877 1,044 2,392 2,367 2,671 1,799
5,856 7,629 (1,691) (2,293) (3,767) (4,173)		8,158 9,005 8,676 (3,815) (2,893) (2,576) (5,385) (5,531) (5,725)
(5,458) (6,466) (688) (705) 60 195		(9,200) (8,424) (8,301) (723) (897) (840) 559 (63) (94)
	(628) (510)	(164)	(960)	(934)
	*(230)* *653*	*(1,206)*	*(379)*	*(559)*

Overall, the Parochial income was £8.7m (2024 - £9m), of which £493k arose from legacies (2024 – £1.1m). Offertory and Gift Aid amounted to £6.9m which has increased on the previous year by 11.7% from £6.3m, the increase was driven by changes to IT systems and efficiencies on claiming gift aid, we expect these to return to normal next year. Grant income forms a key part in maintaining listed historic churches and the Trust generated £167k to support these sites (2024: £467k). Future grant incomes have been greatly affected by imposed limits of recovery on VAT expended on historic churches.

Expenditure of the Parishes decreased slightly from £8.4m in 2024 to £8.3m. The largest decrease in cost over the financial period was through Repairs and Maintenance which stood at £2.6m down from £2.9m (10.% decrease).

*Energy Costs:*	2020-21 £000's	2021-22 £000's	2022-23 £000's	2023-24 £000's	2024-25 £000's
Parishes Energy Costs:	490	510	1,131	1,140	1,113

Since the commencement of the conflict in Ukraine the cost of energy bills have soared to more than double to those incurred prior, other factors holding the price higher are longer transportation routes for

Page 6 of 42

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

Consolidated Annual Report For the Year Ending 31[st] March 2025

liquified gas due to attacks in the Suez canal and stress on other infrastructure. The cost of energy within parochial remains at £1.1m (2024: £1.1m).

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).

he listed investments (*See Investment Policy and Performance).*	he listed investments (*See Investment Policy and Performance).*	he 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_ 2020-21 £000's 2021-22 £000's 2022-23 £000's 2023-24 £000's 2024-25 £000's Diocesan Income 1,088 920 1,032 1,249 1,696 Diocesan Expenditure (2,135) (2,314) (2,563) (2,708) (2,853) Diocesan Operational Transfers 991 1,573 1,053 1,394 1,382 *Net Diocesan Unrestricted Operating* *Income/(Expenditure):* *(56)* *179* *(478)* *(65)* *225*

	*(56)* *179*	*(478)* *(65)* *225*

Unrestricted income into the Trust amounted to £1.7m (2023: £1.2m) an increase of 42% of which £151k was through legacies received (2024: £195k) and £675k through the sale of functional property (2024: £15k). The charitable expenditure of the unrestricted funds amounted to £2,853k (2024: £2,708k) an increase of 5.4% 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 £1,382k (2024: £1,394k), see Note 10.3 . Offertory assessments for the year were £840k (2024: £897k).

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 £343k (2024: £383k). The Diocesan Central fund position at the year-end showed a gain on investments of £32k

Page 7 of 42

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

Consolidated Annual Report For the Year Ending 31[st] March 2025

following the previous periods growth of £244k, demonstrating a relatively stable portfolio in a difficult market notwithstanding the rates of return. See Investment Policy and Performance.

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

During the financial 9 men continued in training, two of whom were ordained in July 2025. Donations, legacies and investment income to support the education of clergy amounted to £105k (2024: £146k) a decrease of 28%.

Fees and costs in the training of clergy remained relatively stable at £247k (2024: £243k).

The closing reserves for the Clergy – Education and Training Fund was £2.8m (2024: £3.1m).

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:*	2020-21 £000's 2021-22 £000's 2022-23 £000's 2023-24 £000's 2024-25 £000's 158 58 61 357 68 (666) (556) (545) (600) (591) 230 267 247 257 315	2020-21 £000's 2021-22 £000's 2022-23 £000's 2023-24 £000's 2024-25 £000's 158 58 61 357 68 (666) (556) (545) (600) (591) 230 267 247 257 315	2020-21 £000's 2021-22 £000's 2022-23 £000's 2023-24 £000's 2024-25 £000's 158 58 61 357 68 (666) (556) (545) (600) (591) 230 267 247 257 315	2020-21 £000's 2021-22 £000's 2022-23 £000's 2023-24 £000's 2024-25 £000's 158 58 61 357 68 (666) (556) (545) (600) (591) 230 267 247 257 315	2020-21 £000's 2021-22 £000's 2022-23 £000's 2023-24 £000's 2024-25 £000's 158 58 61 357 68 (666) (556) (545) (600) (591) 230 267 247 257 315
		*(278)*	*(231)*	*(237)* 14	*(208)*

Income to support priests in sickness and retirement through donations, legacies and investments received during this financial period dropped to £68k (2024: £357k), of which £1k (2024: £296k) was generated through legacies received.

Expenditure has remained consistent at £591k (2024: £600k). The costs are partially supported through Our Mission Together (Restricted) Fund and transfers have marginally increased by 22.5% to £315k (2024: 257k). Within this expenditure, costs associated with supporting sick priests monthly allowance and care costs jumped to £135k (2024: £75k), an increase of 80%.

The fund itself currently has £7.5m in reserves, with a property portfolio of £7.4m, whilst this is balanced there is a requirement of working capital to support the cash flow of the fund.

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 £3k (2024: £93k). The closing reserves for the fund are £855k (2024: £853k), the difference being gains in investments where the funds are held.

Page 8 of 42

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

Consolidated Annual Report For the Year Ending 31[st] March 2025

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 £132k (2024: £179k). The fund received transfers on pledges from parishes of £6k (2024: £6k).

Direct expenditure of the fund equated to £182k (2024: £197k), which included £150k to support Caritas – Diocese of Shrewsbury (2024: £150k) and net transfers on activity was £718k (2024: £567k).

The closing funds associated with Our Mission Together was £2m (2024: £2.8m).

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:	2023-24 £000's 2024-25 £000's 599 388 5,845 3,540 130 130
	6,574 4,058 (782) (474) (5,771) (3,472) (204) (206)
	*(6,757)* *(4,152)* 28 2
	711 619

Income received from the Diocese, parents and schools totalled £388k (2024: £599k). Expenditure from this was £474k (2024: £782k) leaving £619k 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 £3.5m including contribution towards operating costs of the Diocese (2024: 5.8m), the balance available for future projects included within school creditors from SCA funding is £2.9m (2024: £2.3m).

Page 9 of 42

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

Consolidated Annual Report For the Year Ending 31[st] March 2025

Diocesan – Music in Schools (Restricted):

The Diocese has been awarded £50,000 across two years to establish this project as part of the National Schools Singing Programme (NSSP) 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.

Since the commencement of this activity in September 2022 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 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 the Orchard Café at the Cathedral (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 £12.71 from April 2026, including increased employer NIC represents an effective increase in payroll costs over 50% since April 2021.

In respect of the trading position of the business there was an improvement of 8% in operational incomes to £3.1 million (2024: £2.9 million), with all regions showing an increase. A key driver being the recovery of our Chester region to its potential.

The business remains a loss making enterprise, as price shocks continue to filter through and corrective pricing is difficult to pass on in its totality. The operational losses of the business also improved by 45% to

Page 10 of 42

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

Consolidated Annual Report For the Year Ending 31[st] March 2025

£67k (2024: £124k), before losses of £37k associated with closure of sites, staff restructuring, see summary below.

Summary of Operations Position:

(Excluding depreciation and interest) (At risk sites 2 (2024: 1))

Open Sites At Risk Sites Closed/Closing Sites *Total*	2023-24 2024-25 £000's £000's Income Operating Position Income Operating Position 2,530 (72) 2,692 76 106 (52) 331 (143) 235 (85) 67 (37)
	*2,871* *(209)* *3,090* *(104)*

Continued investment was made in the estate during the financial year to improve the offer, and environment, as well as updating general safety/compliance of the properties which in turn placed the overall losses at £252k (2024: £358k). This is still a significant improvement and is in line with forecast made in earlier years.

Operating Income of Remaining Sites by Region:

----- Start of picture text -----
£3,500,000
£3,000,000
£2,500,000
£2,000,000
£1,500,000
£1,000,000
£500,000
£0
2020 2021 2022 2023 2024 2025
Other £96,317 £15,446 £64,274 £97,065 £143,598 £170,686
Manchester £487,432 £20,181 £500,554 £948,181 £1,099,102 £1,194,045
Chester £550,328 £84,089 £337,810 £462,807 £582,423 £783,020
Wirral £874,046 £40,302 £392,182 £594,507 £810,868 £873,541
----- End of picture text -----

Page 11 of 42

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

Consolidated Annual Report For the Year Ending 31[st] March 2025

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.

During the covid period the management undertook a belts and braces analysis of the business and consequently closed five sites and through investment and restructuring have increased the operational income of the remaining business by 50% from pre-pandemic levels and those major changes are now filtering through as the operational position continues to improve year on year. From the regional analysis we can see that the only region we have not developed is Wirral, and is where the at risk sites are based.

The market remains challenging, with some elements beyond the control of management, in particular the escalation of staff costs. We have introduced new metrics for measurement as a critical success factor of the business to further improve our understanding of how to maximise our return on staff costs.

Since the commencement of the new financial year, one of our sites identified at risk has doubled its operational income, and we continue to see revenue growth above inflation, currently 8%. Our forecasts currently show further improvement in our operating position, through tweaking of operations rather than a major overhaul.

Our analysis shows that the at risk sites weigh heavily on the operating position of the business, and that our work has improved one of those sites significantly, consequently we expect the overall losses to continue into the next financial year as the business rises to fiscal challenges that are outside of the control of its management, and complete the analysis of options around the at risk sites to arrive at the most appropriate decisions to serve both the Trust and the Company.

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, although there is a notable return to church of adults in almost all parishes.
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

Page 12 of 42

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

Consolidated Annual Report For the Year Ending 31[st] March 2025

representatives including on-line training, the work of the Safeguarding Team is overseen by the Trustees through its Safeguarding Sub-Committee.

Investment Policy and Performance:

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

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

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

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

----- Start of picture text -----
500
490
480
470
460
450
440
430
420
410
400
390
2020-21 2021-22 2022-23 2023-24 2024-25
£000's
----- End of picture text -----

The total income from listed investments held by the Trust remained static at £426k (2024: £487k).

Page 13 of 42

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

Consolidated Annual Report For the Year Ending 31[st] March 2025

The value at 31 March 2025 held by Schroders was £17m (2024: £18m), during the year £1m (2024: £1.5m) 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 increased through professional valuation by £395k.

The trustees are satisfied with the overall performance of the investments for the financial period in consideration of the overall market conditions.

Reserves Policy:

At 31 March 2025 the Trust had a total of £45.7m in funds (2024: £47m), being restricted, designated and unrestricted funds.

The restricted funds total some £3m (2024 - £3.8m) including nil Parochial restricted reserves (2024: £4k). 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 £42m (2024 - £42.6m) made up of Parochial funds of £31.9m (2024 - £31.2m) and Diocesan designated funds of £11.1m (2024 - £11.4m). 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, legacies, 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 £2.8m (2024 - £3.1m) 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 £855k.

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

Page 14 of 42

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

Consolidated Annual Report For the Year Ending 31[st] March 2025

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 £25.7m, comprising £15.9m for parishes and £9.8m for Diocese.

The remaining charity reserves after making allowances for any restricted funds and the amount of designations, commitments (not provided for as a liability in the accounts) or the carrying value of functional assets totalled £637k, all relating to the Diocese. The reserves held by charitable trading operations are nil as all surplus funds are remitted to the Trust. The Trustees are satisfied that this is appropriate as the operations are cash-based businesses with significant weekly turnover. The companies are closely monitored and managed to ensure that there is sufficient working capital to ensure that the businesses can meet their liabilities as they fall due.

The net costs of central operations are substantially covered by levies on parishes and anticipated income from other sources. The parish assessments are calculated on the basis of offertory income from two years prior to the year of assessment e.g. for the year to 31 March 2025 the offertory income from year to 31 March 2023 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 Jubilee Year for the Church continued throughout 2025, and officially ended with the closing of the Holy Doors in December.
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’.

Page 15 of 42

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

Consolidated Annual Report For the Year Ending 31[st] March 2025

Martyn’s Law will be an area of development to comply with this important piece of legislation. Whilst many of the requirements will not be enacted until 2027, work will take place in preparation.
• 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. The Diocesan Education Service continues to support schools and work with those who require assistance.

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 Bishop, 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:

Page 16 of 42

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

Consolidated Annual Report

For the Year Ending 31[st] March 2025

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.

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 17 of 42

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

Consolidated Annual Report For the Year Ending 31[st] March 2025

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 28[th] January 2026 and signed as authorised on their behalf by:

Rt Rev Mark Davies – Bishop of Shrewsbury Trustee

Page 18 of 42

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

Consolidated Annual Report For the Year Ending 31[st] March 2025

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 2025 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 2025 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 19 of 42

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

Consolidated Annual Report For the Year Ending 31[st] March 2025

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 20 of 42

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

Consolidated Annual Report For the Year Ending 31[st] March 2025

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: 30/01/2026

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

Page 21 of 42

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

Consolidated Statement of Financial Activities For the Financial Year Ending 31st March 2025

£000 £000 7,800 259 241 - 376 - - - Parochial Funds Unrestricted Designated Restricted	£000 £000 7,800 259 241 - 376 - - - Parochial Funds Unrestricted Designated Restricted	£000 8,059 241 376 - Total	£000 £000 £000 554 166 4,382 3,178 - - 467 80 7 675 - - Diocesan Funds Unrestricted Unrestricted Designated Restricted	£000 £000 £000 554 166 4,382 3,178 - - 467 80 7 675 - - Diocesan Funds Unrestricted Unrestricted Designated Restricted	£000 £000 £000 554 166 4,382 3,178 - - 467 80 7 675 - - Diocesan Funds Unrestricted Unrestricted Designated Restricted	£000 £000 £000 554 166 4,382 3,178 - - 467 80 7 675 - - Diocesan Funds Unrestricted Unrestricted Designated Restricted	£000 5,102 3,178 554 675 Total		2025 2024 (Note 17) £000 £000 13,161 16,479 3,419 3,353 930 967 675 37 Total Funds
8,417 259 (161) - (7,875) (265)		8,676 (161) (8,140)	4,874 (3,616) (2,699)		246 4,389 (18) (2) (982) (4,503)		9,509 (3,636) (8,184)	18,185 20,836 (3,797) (3,858) (16,324) (18,731)
(8,036) (265)		(8,301)	(	6,315)	(1,000) (	4,505) (	11,820)	(	20,121) (22,589)

	381 (6) 35 - 150 - - -	375 35 150 -	(	1,441) 32 10 -	(754) 29 235 (15)	(116) 26 - -	(2,311) 87 245 (15)		(1,936) (1,753) 122 859 395 (131) (15) 74
566 (6) (934) 2		560 (932)	(	1,399) 1,382	(505) 273	(90) (723)	(1,994) 932		(1,434) (951) - -
(368) (4) 31,241 4		(372) 31,245		(17) 654	(232) 11,387	(813) 3,803	(1,062) 15,844		(1,434) (951) 47,089 48,040
30,873 -		30,873		637	11,155	2,990	14,782		45,655 47,089

Page 22 of 42

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

Consolidated Statement of Financial Activities For the Financial Year Ending 31 March 2025 - Continued

Schedule of Transfers: Grant Received to Support Youth Pilgrimage 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:* Transfer to Parochial Restricted Funds Management Charge Paid by School Building Fund Total Transfers: Contribution Paid to School Building Fund Parish Projects *Other Transfers:* *School Building Fund:* Sharratt Support for Parish Projects Supporting Clergy in Education to Parish	£000 £000 £000 (840) - (840) (133) - (133) (20) - (20) - - - - - - (6) - (6) 25 - 25 - - - - - - - - - - - - 39 - 39 3 - 3 (2) 2 - Unrestricted Designated Restricted Parochial Funds Total	£000 £000 £000 (840) - (840) (133) - (133) (20) - (20) - - - - - - (6) - (6) 25 - 25 - - - - - - - - - - - - 39 - 39 3 - 3 (2) 2 - Unrestricted Designated Restricted Parochial Funds Total	£000 £000 £000 £000 840 - - 840 134 (1) - 133 20 - - 20 267 - (267) - 55 316 (371) - - - 6 6 - - (25) (25) (130) - 130 - 130 - (130) - 76 - (76) - (10) - 10 - - (39) - (39) - (3) - (3) - - - - Diocesan Funds Unrestricted Unrestricted Designated Restricted Total	£000 £000 £000 £000 840 - - 840 134 (1) - 133 20 - - 20 267 - (267) - 55 316 (371) - - - 6 6 - - (25) (25) (130) - 130 - 130 - (130) - 76 - (76) - (10) - 10 - - (39) - (39) - (3) - (3) - - - - Diocesan Funds Unrestricted Unrestricted Designated Restricted Total		2025 2024 (Note 17) £000 £000 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Total Funds
		(934) 2 (932)		1,382 273 (723) 932		- -

Page 23 of 42

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

GROUP BALANCE SHEET AT 31st MARCH 2025

Parochial Diocesan 2025 2025 £000 £000 12,670 2,029 3,210 8,430	Parochial Diocesan 2025 2025 £000 £000 12,670 2,029 3,210 8,430	Total Parochial Diocesan Total 2025 2024 2024 2024 £000 £000 £000 £000 14,699 13,079 2,060 15,139 11,640 3,099 8,335 11,434	Total Parochial Diocesan Total 2025 2024 2024 2024 £000 £000 £000 £000 14,699 13,079 2,060 15,139 11,640 3,099 8,335 11,434	Total Parochial Diocesan Total 2025 2024 2024 2024 £000 £000 £000 £000 14,699 13,079 2,060 15,139 11,640 3,099 8,335 11,434
15,880 5,392	10,459 11,511	26,339 16,903	16,178 5,673	10,395 26,573 12,326 17,999
21,272 - 315 2,249	21,970 57 1,541 5,135	43,242 57 1,856 7,384	21,851 - 23 2,598	22,721 44,572 69 69 1,317 1,340 6,318 8,916
2,564 (671) 7,708	6,733 (6,213) (7,708)	9,297 (6,884) -	2,621 (472) 7,245	7,704 10,325 (7,336) (7,808) (7,245) -
9,601	(7,188)	2,413	9,394	(6,877) 2,517
30,873 - 30,873 -	14,782 2,990 11,155 637	45,655 2,990 42,028 637	31,245 4 31,241 -	15,844 47,089 3,803 3,807 11,387 42,628 654 654
30,873	14,782	45,655	31,245	15,844 47,089

The Net Movement in Funds for the year from Diocesan and Parish sources (excluding subsidiary companies) was (£1,150k) (2024 - (£553k))

Approved by the Board of Trustees at their meeting on 28th January 2026 and signed on their behalf by:

Rt Rev Mark Davies, Bishop of Shrewsbury

Page 24 of 42

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

CHARITY BALANCE SHEET AT 31st MARCH 2025

Parochial Diocesan 2025 2025 £000 £000 12,670 1,436 3,210 8,430	Parochial Diocesan 2025 2025 £000 £000 12,670 1,436 3,210 8,430	Total Parochial Diocesan Total 2025 2024 2024 2024 £000 £000 £000 £000 14,106 13,079 1,478 14,557 11,640 3,099 8,335 11,434	Total Parochial Diocesan Total 2025 2024 2024 2024 £000 £000 £000 £000 14,106 13,079 1,478 14,557 11,640 3,099 8,335 11,434	Total Parochial Diocesan Total 2025 2024 2024 2024 £000 £000 £000 £000 14,106 13,079 1,478 14,557 11,640 3,099 8,335 11,434
15,880 5,392 -	9,866 11,961 1,952	25,746 17,353 1,952	16,178 5,673 -	9,813 25,991 12,776 18,449 - -
21,272 315 2,249	23,779 1,738 5,059	45,051 2,053 7,308	21,851 23 2,598	22,589 44,440 3,129 3,152 6,257 8,855
2,564 (671) 7,708	6,797 (5,601) (7,708)	9,361 (6,272) -	2,621 (472) 7,245	9,386 12,007 (6,685) (7,157) (7,245) -
9,601	(6,512)	3,089	9,394	(4,544) 4,850
30,873 - 30,873 -	17,267 2,990 11,155 3,122	48,140 2,990 42,028 3,122	31,245 4 31,241 -	18,045 49,290 3,803 3,807 11,387 42,628 2,855 2,855
30,873	17,267	48,140	31,245	18,045 49,290

Approved by the Board of Trustees at their meeting on 28th January 2026 and signed on their behalf by:

Rt Rev Mark Davies, Bishop of Shrewsbury

Page 25 of 42

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

CONSOLIDATED STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 31st MARCH 2025

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 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 Expenditure Depreciation Revaluation of Investments Net Gain on Sale of Fixed Assets Investment Income Decrease in Stock Increase in Debtors 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 (4,363) 930 (193) (280) (3,816) 4,924 454 702 2,721 (1,642) 9,212 7,570 (1,434) 606 (502) (675) (930) 12 (516) (924) (4,363) 7,384 186 7,570 2025	£000 £000 (4,363) 930 (193) (280) (3,816) 4,924 454 702 2,721 (1,642) 9,212 7,570 (1,434) 606 (502) (675) (930) 12 (516) (924) (4,363) 7,384 186 7,570 2025	£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

				(491) 9,703
				9,212 (951) 596 (802) (37) (967) - (590) (945)
		(		(3,696) 8,916 296
				9,212

Page 26 of 42

SHREWBURY ROMAN CATHOLIC DIOCESAN TRUST NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31st MARCH 2025

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 continued impact of cost-of-living crisis, the board of trustees have examined in detail the impact to 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. All cost costs are directly attributable to activities of the Diocese.

Page 27 of 42

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31st MARCH 2025

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 2025 amounted to £536m. (2024 - £536m)

Page 28 of 42

NOTES TO THE FINANCIAL STATEMENTS

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

FOR THE FINANCIAL YEAR ENDED 31st MARCH 2025

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 2025 and 31st March 2024 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 29 of 42

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31st MARCH 2025

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
Academy Sponsor

2.2 Subsidiary Company Operations:

Subsidiary Company Operations:
*Financial Year Ended 31 March 2025* 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 2025 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	Shrewsbury Diocese Commercial Company Ltd Salop Service Company Ltd Hale Barns Events Ltd Total £000 £000 £000 £000 3,089 3 - 3,092 86 - - 86
		3,175 3 - 3,178 1,459 3 (2) 1,460 1,201 - 35 1,236 75 - - 75 691 - - 691
		3,426 3 33 3,462

			(251) - (33) (284)
	(2,374) - (111) (2,485) Shrewsbury Diocese Commercial Company Ltd Salop Service Company Ltd Hale Barns Events Ltd Total £000 £000 £000 £000 2,871 1 51 2,923 205 - - 205
		3,076 1,415 1,069 97 853		1 51 3,128 1 49 1,465 - 35 1,104 - - 97 - 7 860
		3,434		1 91 3,526

			(358)	- (40) (398)
	(	1,674)		- (78) (1,752)

2.3 Notes on Operations:

Interests & Holdings:

Diocese of Shrewsbury Education Trust Salop Service Company Ltd Hale Barns Events Ltd

Company Action:

Number 09263878 Company Struck-off as no longer needed.

08019951 Company activity ceased with planned closure post year end.

11069532 Company activity ceased post year end with planned closure. There will be investment losses to be recognised post year end, of £111k

Page 30 of 42

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31st MARCH 2025

3 3.1	Income: Donations & Legacies: Parish Offertory (inc. Rebate) Legacies Collections School Building Fund Pilgrimage & Other Income Our Mission Together	Parochial Diocesan Total Income Parochial Diocesan Total Income 2025 2025 2025 2024 2024 2024 £000 £000 £000 £000 £000 £000 6,877 8 6,885 6,334 17 6,351 493 210 703 1,106 586 1,692 259 87 346 291 102 393 - 3,921 3,921 - 6,428 6,428 430 744 1,174 725 710 1,435 - 132 132 - 179 179	Parochial Diocesan Total Income Parochial Diocesan Total Income 2025 2025 2025 2024 2024 2024 £000 £000 £000 £000 £000 £000 6,877 8 6,885 6,334 17 6,351 493 210 703 1,106 586 1,692 259 87 346 291 102 393 - 3,921 3,921 - 6,428 6,428 430 744 1,174 725 710 1,435 - 132 132 - 179 179	Parochial Diocesan Total Income Parochial Diocesan Total Income 2025 2025 2025 2024 2024 2024 £000 £000 £000 £000 £000 £000 6,877 8 6,885 6,334 17 6,351 493 210 703 1,106 586 1,692 259 87 346 291 102 393 - 3,921 3,921 - 6,428 6,428 430 744 1,174 725 710 1,435 - 132 132 - 179 179	Parochial Diocesan Total Income Parochial Diocesan Total Income 2025 2025 2025 2024 2024 2024 £000 £000 £000 £000 £000 £000 6,877 8 6,885 6,334 17 6,351 493 210 703 1,106 586 1,692 259 87 346 291 102 393 - 3,921 3,921 - 6,428 6,428 430 744 1,174 725 710 1,435 - 132 132 - 179 179
			8,059 5,102 13,161	8,456	8,022 16,478

Legacies with an estimated value of £280k have not been recognised as we cannot determine fair value under SORP

Parochial Unrestricted Designated Diocesan Unrestricted Total Income Parochial Unrestricted Designated Diocesan Unrestricted Total Income 2025 2025 2025 2024 2024 2024 £000 £000 £000 £000 £000 £000 241 - 241 225 - 225 - 3,178 3,178 - 3,128 3,128	Parochial Unrestricted Designated Diocesan Unrestricted Total Income Parochial Unrestricted Designated Diocesan Unrestricted Total Income 2025 2025 2025 2024 2024 2024 £000 £000 £000 £000 £000 £000 241 - 241 225 - 225 - 3,178 3,178 - 3,128 3,128	Parochial Unrestricted Designated Diocesan Unrestricted Total Income Parochial Unrestricted Designated Diocesan Unrestricted Total Income 2025 2025 2025 2024 2024 2024 £000 £000 £000 £000 £000 £000 241 - 241 225 - 225 - 3,178 3,178 - 3,128 3,128	Parochial Unrestricted Designated Diocesan Unrestricted Total Income Parochial Unrestricted Designated Diocesan Unrestricted Total Income 2025 2025 2025 2024 2024 2024 £000 £000 £000 £000 £000 £000 241 - 241 225 - 225 - 3,178 3,178 - 3,128 3,128	Parochial Unrestricted Designated Diocesan Unrestricted Total Income Parochial Unrestricted Designated Diocesan Unrestricted Total Income 2025 2025 2025 2024 2024 2024 £000 £000 £000 £000 £000 £000 241 - 241 225 - 225 - 3,178 3,178 - 3,128 3,128
241 3,178 3,419 225 3,128 3,353 Parochial Unrestricted Designated Diocesan Unrestricted Diocesan Unrestricted Designated Diocesan Restricted Total Income £000 £000 £000 £000 £000 372 97 7 - 476 4 342 73 7 426 - 17 - - 17 - 11 - - 11 376 467 80 7 930 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 Total Income £000 £000 £000 £000 - 675 - 675 - 675 - 675 Parochial Unrestricted Designated Diocesan Unrestricted Diocesan Unrestricted Designated Total Income £000 £000 £000 £000 22 15 - 37 22 15 - 37

	376 467 80 7 930 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 Total Income £000 £000 £000 £000 - 675 - 675 - 675 - 675 Parochial Unrestricted Designated Diocesan Unrestricted Diocesan Unrestricted Designated Total Income £000 £000 £000 £000 22 15 - 37 22 15 - 37

			- 675 - 675 Parochial Unrestricted Designated Diocesan Unrestricted Diocesan Unrestricted Designated Total Income £000 £000 £000 £000 22 15 - 37
				22 15 - 37

Page 31 of 42

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31st MARCH 2025

Personnel Costs Other Costs Total 2025 2025 £000 £000 - 161 1,236 2,226 42 26 - 106	Personnel Costs Other Costs Total 2025 2025 £000 £000 - 161 1,236 2,226 42 26 - 106	Personnel Costs Other Costs Total 2025 2025 £000 £000 - 161 1,236 2,226 42 26 - 106	Personnel Costs Other Costs Total 2025 2025 £000 £000 - 161 1,236 2,226 42 26 - 106	Personnel Costs Other Costs Total 2025 2025 £000 £000 - 161 1,236 2,226 42 26 - 106	Costs Personnel Costs Other Costs Total Costs 2025 2024 2024 2024 £000 £000 £000 £000 161 - 169 169 3,462 1,104 2,422 3,526 68 39 17 56 106 - 107 107	Costs Personnel Costs Other Costs Total Costs 2025 2024 2024 2024 £000 £000 £000 £000 161 - 169 169 3,462 1,104 2,422 3,526 68 39 17 56 106 - 107 107	Costs Personnel Costs Other Costs Total Costs 2025 2024 2024 2024 £000 £000 £000 £000 161 - 169 169 3,462 1,104 2,422 3,526 68 39 17 56 106 - 107 107	Costs Personnel Costs Other Costs Total Costs 2025 2024 2024 2024 £000 £000 £000 £000 161 - 169 169 3,462 1,104 2,422 3,526 68 39 17 56 106 - 107 107
1,278 738 - 741 17 - - - - - -			2,519 - 361 - 2,559 1,741 515 95 265 700 408		3,797 738 361 741 2,576 1,741 515 95 265 700 408	1,143 793 - 681 12 - - 10 - - -		2,715 3,858 - 793 338 338 - 681 2,881 2,893 1,723 1,723 432 432 112 122 310 310 569 569 404 404
1,496 361 132 88 - 45 - 165 - 56 90 299 - - - 155 145 - 52 -			6,644 190 35 16 8 10 8 297 72 52 146 52 49 62 70 47 51 276 153 3,944		8,140 551 167 104 8 55 8 462 72 108 236 351 49 62 70 202 196 276 205 3,944	1,496 347 115 56 - 45 - 176 - 52 68 301 - - - 164 123 1 43 -		6,769 8,265 136 483 36 151 15 71 9 9 9 54 7 7 227 403 74 74 67 119 154 222 53 354 43 43 70 70 70 70 34 198 57 180 225 226 154 197 6,550 6,550
1,588 72 335 27			5,538 319 256 49		7,126 391 591 76	1,491 42 304 38		7,990 9,481 271 313 296 600 44 82

	434		624		1,058	384		611 995
2,022			6,162		8,184	1,875		8,601 10,476
3,518		12,806		16,324		3,371	15,370 18,741

Page 32 of 42

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31st MARCH 2025

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

6 Tangible Fixed Assets:

6.1 Tangible Fixed Assets - Group:

Tangible Fixed Assets, at Cost

Diocesan

Parochial

Motor Vehicles Office Equipment, Fixtures & Fittings Diocesan Property Motor Vehicles Parochial Property & Equipment £000 £000 £000 £000 £000 £000 85 2,001 2,018 - 22,213 26,317 - 193 - - - 193 - - - - - - (12) (262) (1) - - (275) Total	Motor Vehicles Office Equipment, Fixtures & Fittings Diocesan Property Motor Vehicles Parochial Property & Equipment £000 £000 £000 £000 £000 £000 85 2,001 2,018 - 22,213 26,317 - 193 - - - 193 - - - - - - (12) (262) (1) - - (275) Total	Motor Vehicles Office Equipment, Fixtures & Fittings Diocesan Property Motor Vehicles Parochial Property & Equipment £000 £000 £000 £000 £000 £000 85 2,001 2,018 - 22,213 26,317 - 193 - - - 193 - - - - - - (12) (262) (1) - - (275) Total	Motor Vehicles Office Equipment, Fixtures & Fittings Diocesan Property Motor Vehicles Parochial Property & Equipment £000 £000 £000 £000 £000 £000 85 2,001 2,018 - 22,213 26,317 - 193 - - - 193 - - - - - - (12) (262) (1) - - (275) Total
73 1,932 54 1,417 12 138 - - (12) (235)		2,017 - 573 - 47 - - - (1) -	22,213 26,235 9,134 11,178 409 606 - - - (248)
	54 1,320	619 -	9,543 11,536
	19 612 31 584	1,398 - 1,445 -	12,670 14,699 13,079 15,139

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

Motor Vehicles Office Equipment, Fixtures & Fittings Diocesan Property Motor Vehicles Parochial Property & Equipment £000 £000 £000 £000 £000 £000 40 132 1,935 - 22,213 24,320 - 20 - - - 20 - - - - - - (12) - - - - (12) Diocesan Parochial Total	Motor Vehicles Office Equipment, Fixtures & Fittings Diocesan Property Motor Vehicles Parochial Property & Equipment £000 £000 £000 £000 £000 £000 40 132 1,935 - 22,213 24,320 - 20 - - - 20 - - - - - - (12) - - - - (12) Diocesan Parochial Total	Motor Vehicles Office Equipment, Fixtures & Fittings Diocesan Property Motor Vehicles Parochial Property & Equipment £000 £000 £000 £000 £000 £000 40 132 1,935 - 22,213 24,320 - 20 - - - 20 - - - - - - (12) - - - - (12) Diocesan Parochial Total
28 152 30 109 7 8 - - (12) -	1,935 - 490 - 47 - - - - -	22,213 24,328 9,134 9,763 409 471 - - - (12)
25 117	537 -	9,543 10,222
3 35 10 23	1,398 - 1,445 -	12,670 14,106 13,079 14,557

Page 33 of 42

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31st MARCH 2025

6.3 Investment Property, at Valuation - Group & Charity:

Investment Property, at Valuation - Group & Charity:
At 1 April 2024 Additions Transfers Disposals Gain/(loss) on Revaluation At 31 March 2025	Retired Clergy Pension Fund General Fund Parochial Fund Total £000 £000 £000 £000 7,355 980 3,099 11,434 280 - - 280 - - - - (430) - (39) (469) 235 10 150 395
		7,440 990	3,210 11,640

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 Trustees do not believe that there has been a material change in the value of properties that were not included in this valuation cycle.

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 2024 5,062 5,673 3,040 853 582 2,781 17,991 Additions at Cost 1,113 1,225 652 187 62 577 3,816 Proceeds of Sales (1,131) (1,343) (911) (190) (362) (987) (4,924) Realised & Unrealised Losses 32 35 24 5 2 24 122 (Decrease)/Increase in Cash Balances - Fund Managers (32) (36) (19) (5) (3) (15) (110) Transfer between funds 320 (162) 97 5 105 (365) - At 31 March 2025 5,364 5,392 2,883 855 386 2,015 16,895 Listed Investments Comprised: Schroders Current Accounts 59 59 32 10 4 22 186 UK Equites 715 720 384 114 51 269 2,253 Overseas Equities 3,011 3,026 1,618 479 217 1,131 9,482 UK Fixed Interest 385 387 207 62 28 145 1,214 Multi-Asset Funds Hedge Funds 105 106 56 17 8 39 331 Property 420 422 226 66 30 158 1,322 Private Equity 89 89 48 15 6 33 280 Other 580 583 312 92 42 218 1,827 5,364 5,392 2,883 855 386 2,015 16,895	General Fund Parochial Fund Education & Training Fund Sherratt Fund School Building Fund Our Mission Together Total £000 £000 £000 £000 £000 £000 £000 5,062 5,673 3,040 853 582 2,781 17,991 1,113 1,225 652 187 62 577 3,816 (1,131) (1,343) (911) (190) (362) (987) (4,924) 32 35 24 5 2 24 122 (32) (36) (19) (5) (3) (15) (110) 320 (162) 97 5 105 (365) -
		5,364 59 715 3,011 385 105 420 89 580	5,392 59 720 3,026 387 106 422 89 583	2,883 855 386 32 10 4 384 114 51 1,618 479 217 207 62 28 56 17 8 226 66 30 48 15 6 312 92 42	2,015 16,895 22 186 269 2,253 1,131 9,482 145 1,214 39 331 158 1,322 33 280 218 1,827
		5,364	5,392	2,883 855 386	2,015 16,895

Page 34 of 42

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31st MARCH 2025

7 Listed Investments (Continued):

The portfolio included the following investment:	Value		Value
	2025 % of Total		2024 % of Total
	£000	Value	£000	Value
S&P 500	1,749	10.4	1,334	7.3
Vanguard S&P 500	1,383	8.2	1,353	7.4
Charity Equity Income Fund	1,181	7.0	1,292	7.0
Fidelity Global Dividend	971	5.8	922	5.0
Vanguard FTSE All-World	728	4.3	723	3.9
Schroder Diversified Alternative	696	4.4	727	3.8
Charity Equity Value Fund	628	3.7	751	4.0
Schroder WM Global Sustainable	456	2.7
Vanguard FTSE UK All Share	444	2.6	478	2.7
Black Rock European	421	2.5
WisdomTree	403	2.4
Schroder UK Real Estate	397	2.4	418	2.2
Wellington Global Health Car	379	2.2	427	2.4
T Rowe Global Tech	338	2.0
Brevan Howard Absolute	331	2.0	299	1.6
Charities Property Fund	313	1.9	326	1.7
WB Capital Growth	313	1.9
Polar Capital European	310	1.8	304	1.7
Property Income Trust	298	1.8	317	1.7
Schroder Private Equity Funds IV	279	1.7	596	3.3

The historic cost of investments held at 31 March 2025 was £15m (2024 - £15m)

A separate investment of £4k is held in the Catholic National Mutual (2024 - £4k), and a further £4k is held in Inter-Diocesan Fuel Management Ltd (2024 - £4k)

Within the Charity Balance Sheet Investments include share holdings of £450k in Shrewsbury Diocese Commercial Company Limited (2024 - £450K), £500 in Salop Service Company Limited (2024 - £500), and £100 in Hale Barns Events Limited (2024 - £100).

2025 2025 Parochial Diocesan £000 £000 - 114 - 99 315 1,328	2025 2025 Parochial Diocesan £000 £000 - 114 - 99 315 1,328	2025 2025 Parochial Diocesan £000 £000 - 114 - 99 315 1,328	2025 2025 Parochial Diocesan £000 £000 - 114 - 99 315 1,328	2025 2024 2024 2024 Total Parochial Diocesan Total £000 £000 £000 £000 114 - 7 7 99 - 153 153 1,643 23 1,157 1,180	2025 2024 2024 2024 Total Parochial Diocesan Total £000 £000 £000 £000 114 - 7 7 99 - 153 153 1,643 23 1,157 1,180
	315		1,541	1,856 23	1,317 1,340
- - 2025 2025 Parochial Diocesan £000 £000 - 114 - 334 315 1,290				- - - - 2025 2024 2024 2024 Total Parochial Diocesan Total £000 £000 £000 £000 114 - 7 7 334 - 2,032 2,032 1,605 23 1,090 1,113
	315		1,738	2,053 23	3,129 3,152
		-	1,952	1,952 -	- -

Loans to subsidiaries formalised into long term debt, during the financial period.

Page 35 of 42

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31st MARCH 2025

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 2025 2025 £000 £000 - 4,863 671 1,350 - -	Parochial Diocesan 2025 2025 £000 £000 - 4,863 671 1,350 - -	Parochial Diocesan 2025 2025 £000 £000 - 4,863 671 1,350 - -	Total Parochial Diocesan Total 2025 2024 2024 2024 £000 £000 £000 £000 4,863 - 5,798 5,798 2,021 472 1,538 2,010 - - - -	Total Parochial Diocesan Total 2025 2024 2024 2024 £000 £000 £000 £000 4,863 - 5,798 5,798 2,021 472 1,538 2,010 - - - -
		671 6,213 Parochial Diocesan 2025 2025 £000 £000 - 4,863 671 738 - -			6,884 472 7,336 7,808 Total Parochial Diocesan Total 2025 2024 2024 2024 £000 £000 £000 £000 4,863 - 5,798 5,798 1,409 472 887 1,359 - - - -
			671	5,601	6,272 472	6,685 7,157

School expenditure creditors include Government Devolved Formula Capital Grants of £1,625k (2024 - £1,625k)

10 Unrestricted Funds:

10.1 Unrestricted Designated - Group & Charity

Financial Year Ended 31st March 2025

Financial Year Ended 31st March 2025
Balance at 1st April 2024: 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 2025:* 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:	£000 £000 £000 £000 £000 7,478 3,056 853 *11,387* 31,241 61 105 - 166 8,041 7 73 - 80 376 316 - - 316 67 Retired Clergy Fund Education & Training Fund Total Parochial Total Diocesan Sherratt Fund
		*384* (591) - (1)	*178* - *562* *8,484* (391) - (982) (7,875) (18) - (18) (161) (39) (3) (43) (1,001)
		*(592)* (15) - 235	*(448)* *(3)* *(1,043)* *(9,037)* - - (15) - 24 5 29 35 - - 235 150
	7,490 2,810 855 11,155 30,873 £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 Sherratt Fund Total Diocesan Total Parochial
		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

Page 36 of 42

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31st MARCH 2025

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.

Consolidated Unrestricted Funds (Excluding Designated Funds) 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:*	2025 2024 £000 £000 654 867 554 674 3,645 3,688 1,522 1,524 Total Diocesan Total Diocesan	2025 2024 £000 £000 654 867 554 674 3,645 3,688 1,522 1,524 Total Diocesan Total Diocesan
	*5,721* 5,886 (2,699) (2,545) (3,616) (3,668) (140) (130)
	*(6,455)* (6,343) 675 15 32 244 10 (15)
		*637* 654

10.2 Consolidated Unrestricted Funds (Excluding Designated Funds)

Charity Unrestricted Funds (Excluding Designated Funds) 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:*	2025 2024 £000 £000 2,855 2,670 554 674 467 560 1,522 1,524 Total Diocesan Total Diocesan	2025 2024 £000 £000 2,855 2,670 554 674 467 560 1,522 1,524 Total Diocesan Total Diocesan
	*2,543* 2,758 (2,699) (2,545) (154) (142) (140) (130)
	*(2,993)* (2,817) 675 15 32 244 10 (15)
		*3,122* 2,855

10.3 Charity Unrestricted Funds (Excluding Designated Funds)

Page 37 of 42

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31st MARCH 2025

£000 £000 £000 £000 £000 £000 £000 *269* *2,789* - *711* 34 *3,803* 4 35 132 49 3,921 245 *4,382* 259 - - - 7 - 7 - - 6 55 130 10 *201* 2 Pilgrimage Total Diocesan Total Parochial Other Funds & Collections Music in Schools Our Mission Together School Building Fund	£000 £000 £000 £000 £000 £000 £000 *269* *2,789* - *711* 34 *3,803* 4 35 132 49 3,921 245 *4,382* 259 - - - 7 - 7 - - 6 55 130 10 *201* 2 Pilgrimage Total Diocesan Total Parochial Other Funds & Collections Music in Schools Our Mission Together School Building Fund	£000 £000 £000 £000 £000 £000 £000 *269* *2,789* - *711* 34 *3,803* 4 35 132 49 3,921 245 *4,382* 259 - - - 7 - 7 - - 6 55 130 10 *201* 2 Pilgrimage Total Diocesan Total Parochial Other Funds & Collections Music in Schools Our Mission Together School Building Fund	£000 £000 £000 £000 £000 £000 £000 *269* *2,789* - *711* 34 *3,803* 4 35 132 49 3,921 245 *4,382* 259 - - - 7 - 7 - - 6 55 130 10 *201* 2 Pilgrimage Total Diocesan Total Parochial Other Funds & Collections Music in Schools Our Mission Together School Building Fund
	35 *138* *104* *4,058* *255* *4,590* *261* (7) (205) (104) (3,944) (243) *(4,503)* (265) - - - (2) - *(2)* - - (718) - (206) - *(924)* -
	*(7)* *(923)* *(104)* *(4,152)* *(243)* *(5,429)* *(265)* - - - - - - - - 24 - 2 - 26 - - - - - - - -
*297* *2,028* - *619* 46 *2,990* - £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 - Music in Schools Other Funds & Collections Our Mission Together School Building Fund Pilgrimage Total Diocesan Total Parochial
- -	17 (6)	207 71 6,574 190 7,059 291 (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

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):		2025	2024
		£000	£000
Net income is stated after charging:
Depreciation of tangible fixed assets		606	596
Payments to auditors:	Statutory audit fee	50	50
	Accounting & taxation services	3	3
Internal auditors:	Other services	2	2

Page 38 of 42

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31st MARCH 2025

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 £360 (2024: £5,793) from the Trustees. Trustee indemnity insurance cost £1,874 (2024: £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		2025 2024 £000 £000 510 529 100 123 38 43 78 82 12 16	2025 2024 £000 £000 510 529 100 123 38 43 78 82 12 16
		738 793 2,171 2,026 159 147 93 88
		2,423 2,261 1,140 1,022 69 59 27 23
		1,236 1,104 260 246 75 58 64 42

			399 346
		4,796 4,504 5 23 20 33
		25 56

The average number of employees in the year was 225 (2024: 222). The total remuneration paid to key management personnel, including clergy, who hold a central Diocesan role was £280,654 (2024: £204,226).

	2025	2024	2025	2024
			Pension	Pension
	Number	Number	Contribution	Contribution
Employee emoluments:			£	£
Between £80,001 and £90,000	2	2	11,048	10,505

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 1,120 1,070 2025	Gross Net of Grant £000 £000 1,297 1,047 2024
		1,120 1,070	1,297 1,047

14 Commitments - Group and Charity:

Page 39 of 42

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31st MARCH 2025

15 Analysis of Net Assets Between Funds:

£000 £000 £000 £000 £000 £000 12,670 - 2,029 - - 14,699 8,602 - 6,362 11,178 2,401 28,543 7,708 - (8,216) 48 460 - 1,893 - 462 (71) 129 2,413 Total Parochial Designated Parochial Restricted Diocesan Unrestricted Diocesan Designated Diocesan Restricted	£000 £000 £000 £000 £000 £000 12,670 - 2,029 - - 14,699 8,602 - 6,362 11,178 2,401 28,543 7,708 - (8,216) 48 460 - 1,893 - 462 (71) 129 2,413 Total Parochial Designated Parochial Restricted Diocesan Unrestricted Diocesan Designated Diocesan Restricted	£000 £000 £000 £000 £000 £000 12,670 - 2,029 - - 14,699 8,602 - 6,362 11,178 2,401 28,543 7,708 - (8,216) 48 460 - 1,893 - 462 (71) 129 2,413 Total Parochial Designated Parochial Restricted Diocesan Unrestricted Diocesan Designated Diocesan Restricted	£000 £000 £000 £000 £000 £000 12,670 - 2,029 - - 14,699 8,602 - 6,362 11,178 2,401 28,543 7,708 - (8,216) 48 460 - 1,893 - 462 (71) 129 2,413 Total Parochial Designated Parochial Restricted Diocesan Unrestricted Diocesan Designated Diocesan Restricted	£000 £000 £000 £000 £000 £000 12,670 - 2,029 - - 14,699 8,602 - 6,362 11,178 2,401 28,543 7,708 - (8,216) 48 460 - 1,893 - 462 (71) 129 2,413 Total Parochial Designated Parochial Restricted Diocesan Unrestricted Diocesan Designated Diocesan Restricted
30,873 - 637 11,155 2,990 45,655 £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 Diocesan Unrestricted Diocesan Designated Diocesan Restricted Total Parochial Designated Parochial Restricted
31,241 4 654 11,387 3,803 47,089 £000 £000 £000 £000 £000 £000 12,670 - 1,436 - - 14,106 8,602 - 6,813 11,178 2,401 28,994 7,708 - (8,216) 48 460 - 1,893 - 3,089 (71) 129 5,040 Total Parochial Designated Parochial Restricted Diocesan Unrestricted Diocesan Designated Diocesan Restricted
30,873 - 3,122 11,155 2,990 48,140 £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 Diocesan Unrestricted Diocesan Designated Diocesan Restricted Total Parochial Designated Parochial Restricted
	31,241 4	2,855	11,387	3,803 49,290

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 (2024 - £NIL). Grant funding of £153,277 was provided to Caritas (Diocese of Shrewsbury) for the year to 31st March 2025 from the Our Mission Together funds (2024 - £150,000). At the 31st March 2025 Caritas (Diocese of Shrewsbury) owed the Diocese £NIL (2024 - £NIL).

The Bishop of the Diocese is a Trustee of St Cuthbert's College - Ushaw, charity number 527408. As at the 31st March 2025 St Cuthbert's College - Ushaw owed the Diocese £6,053 (2024 - £6,053)

Page 40 of 42

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31st MARCH 2025

17 Statement of Financial Activities for the Year Ended 31 March 2024

Statement of Financial Activities for the Year Ended 31 March 2024
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 42) Net Movement in Funds Total Funds Brought Forward: Total Funds Carried Forward:	£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 8,023 3,128 665 15 Total	Total Funds 2024 £000 16,479 3,353 967 37
		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 (3,858) (18,731)
		(8,114) (310)	(8,424)	(6,213)	(934) (7,018) (	14,165)	(22,589)

		600 (19) 269 - (231) - - -	581 269 (231) -	(1,836) 244 (15) -	(347) (151) 191 155 115 - 74 -	(2,334) 590 100 74	(1,753) 859 (131) 74
		638 (19) (960) -	619 (960)	(1,607) 1,394	33 4 167 (601)	(1,570) 960	(951) -
		(322) (19) 31,563 23	(341) 31,586	(213) 867	200 (597) 11,187 4,400	(610) 16,454	(951) 48,040
		31,241 4	31,245	654	11,387 3,803	15,844	47,089

Page 41 of 42

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

17 Statement of Financial Activities for the Year Ended 31 March 2024 - 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 Sale of Minibus (Purchased from OMT) Total Transfers:	£000 £000 £000 (897) - (897) (79) - (79) (62) - (62) - - - - - - (6) - (6) 16 - 16 - - - - - - - - - 90 - 90 (22) - (22) Parochial Funds Unrestricted Designated Restricted Total	£000 £000 £000 (897) - (897) (79) - (79) (62) - (62) - - - - - - (6) - (6) 16 - 16 - - - - - - - - - 90 - 90 (22) - (22) Parochial Funds 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		Total Funds 2024 £000 - - - - - - - - - - - - -
		(960) - (960)	1,394 167 (601) 960		-

Page 42 of 42

2025-03-31-accounts

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST Registered Charity No 234025

Table of Contents

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

Trustees and Professional Advisors:

Trustee:

Secretary to the Trustees:

Registered Office:

Board of Finance and Administration:

Key Management Personnel:

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

Trustees and Professional Advisors – Continued:

Professional Advisors:

Auditors:

Bankers:

Insurance Brokers:

Investment Managers:

Property Consultants:

Schools:

Investment properties and general advisors:

Solicitors:

General matters:

Education:

Property

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

REPORT OF THE CHARITY TRUSTEES:

HISTORY AND ORGANISATION:

OBJECTIVES AND ACTIVITIES:

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

Volunteers:

ACHIEVEMENTS AND PERFORMANCE:

Faith and life:

Education:

Fundraising Approach:

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

FINANCIAL REVIEW:

Chart of Total Income and Expenditure for the Trust:

Legacies Note:

Parishes:

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

Consolidated Annual Report For the Year Ending 31[st] March 2025

Diocesan:

Diocesan - Unrestricted Funds:

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

Consolidated Annual Report For the Year Ending 31[st] March 2025

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

Diocesan – Retired Clergy Fund (Designated Fund):

Diocesan - Sherratt Fund (Designated):

Diocesan - Our Mission Together Fund (Restricted):

Diocesan - School Building Funds (Restricted):

Diocesan – Music in Schools (Restricted):

Diocesan – Subsidiaries:

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

Consolidated Annual Report For the Year Ending 31[st] March 2025

Summary of Operations Position:

Operating Income of Remaining Sites by Region:

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

Consolidated Annual Report For the Year Ending 31[st] March 2025

Risk Assessment and Risk Management:

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

Consolidated Annual Report For the Year Ending 31[st] March 2025

Investment Policy and Performance:

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

Consolidated Annual Report For the Year Ending 31[st] March 2025

Reserves Policy:

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

Consolidated Annual Report For the Year Ending 31[st] March 2025

FUTURE PLANS

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

Consolidated Annual Report For the Year Ending 31[st] March 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT

Corporate Trustee:

Board of Finance and Administration:

Health and Safety Sub-Committee:

Academy and Standards Sub-Committee:

Curial Council:

SHREWSBURY ROMAN CATHOLIC DIOCESAN TRUST

Consolidated Annual Report

For the Year Ending 31[st] March 2025

Council of Priests and College of Consultors: