Northampton Roman Catholic Diocesan Trust
For the year ended 31 March 2025
Registered charity number: 234091
Northampton Roman Catholic Diocesan Trust
Financial Statements
Year ended 31 March 2025
| Contents page numbers to be updated | Page |
|---|---|
| Trust information | 1 |
| Report of the trustees | 2 - 10 |
| Independent auditors’ report to the trustees | 11 - 13 |
| Consolidated and Charity Balance Sheets | 14 |
| Consolidated Statement of Financial Activities | 15 |
| Consolidated Cash Flow Statement | 16 |
| Notes to the Consolidated Cash Flow Statement | 17 |
| Notes to the Financial Statements | 18 - 35 |
Northampton Roman Catholic Diocesan Trust
Trust information
| Registered charity number | 234091 |
|---|---|
| Governing instrument | Trust Deed 30 April 1949 as amended 11 October 2006 |
| The board of trustees | The trustees who served during the period and since the |
| year end were as follows: | |
| Rt Rev Bishop D J Oakley (President) | |
| Mrs M M Cripps (resigned 17th May 2024) | |
| Rev Dr B Killeen | |
| Rev C Perry | |
| Mr A Clutterbuck | |
| Mr P E Commons (resigned 15th November 2024) | |
| Rev Canon M Harrison | |
| Mrs S H Campbell | |
| Mrs D V Purfield | |
| Mr C E J Gallagher | |
| Miss K A Brooks | |
| Rev S Penhalagan (appointed 20th September 2024) | |
| Mr C Bird (appointed 1st April 2025) (resigned 11th October | |
| 2025) | |
| Secretary | Mr T F O Larkin |
| Registered Office | Bishop’s House |
| Marriott Street | |
| Northampton | |
| NN2 6AW | |
| Auditors | HaysMac LLP |
| 10 Queen Street Place | |
| London | |
| EC4R 1AG | |
| Bankers | National Westminster Bank plc |
| 41 The Drapery | |
| Northampton | |
| NN1 2EU | |
| Investment advisers | Rathbones |
| 30 Gresham Street | |
| London | |
| EC2V 7QN | |
| CCLA Investment Management Limited | |
| One Angel Lane | |
| London | |
| EC4R 3AB | |
| Brewin Dolphin | |
| 1 The Avenue, Spinningfields Square | |
| Manchester | |
| M3 3AP |
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Northampton Roman Catholic Diocesan Trust
Report of the Trustees
Year ended 31 March 2025
Report of the Trustees
The trustees have pleasure in presenting their report, together with the financial statements, for the year ended 31 March 2025.
Structure, Governance and Management
Constitution
The Charity is governed by a trust deed, dated 30 April 1949 as amended on 11 October 2006, registered charity number 234091. It specifically covers the Counties of Northamptonshire, Bedfordshire, Buckinghamshire and that part of Berkshire north of the River Thames.
Trustees
The Trustees are ultimately responsible for the policies, activities and assets of the charity. They meet as the Finance Board on a regular basis to review developments and activities and to make decisions on key issues. In setting objectives and planning activities, the Trustees confirm that they have complied with the duty in the Charities Act 2011 section 17 to have due regard to the Charity Commission general guidance on public benefit and the specific guidance on charities for the advancement of religion.
The Northampton Roman Catholic Diocese Trustee is a registered company number 00442173 incorporated under the Companies Act 1929 on 13 September 1947. The members of the company who served on the Main Finance Board during the year to 31st March 2025 are set out in the Trust Information on page 1.
Members of the Finance Board are appointed and can be removed by the Bishop who is ex officio President of the Corporation and ex officio a member of the Main Finance Board. The Corporation has an Honorary Secretary appointed in writing by the President. The Honorary Secretary can be removed from office by the Bishop in writing. New members of the Finance Board are provided with copies of the Trust document, the most recent published accounts and a process of induction. Recent minutes of the Finance Board are also made available to them. Appropriate training is made available to new members, dependant on their experience of charitable, legal and financial matters. In addition, all members of the Finance Board are kept up to date on new legislation and recommended practices.
Membership of the Main Finance Board is reviewed on a regular basis.
Organisational structure and decision-making process
The day-to-day management of the charity’s activities and implementation of its policies are delegated to a number of subcommittees and consultative bodies and to appropriate staff. There are a number of curial departments such as Finance, Property, Safeguarding, Education and Youth Ministry, each of which employ appropriately trained and qualified staff to manage and carry out those activities. Similarly, parishes have a number of paid employees and volunteers to assist in the running of activities at local level.
An important focus of the Trustees is the care and maintenance of Diocesan property and decisions on projects proposed in the Diocese, dependant on type and size, are made at the appropriate level, with advice being obtained as necessary from professional advisers appointed by the Diocese. A Property and Health and Safety Subcommittee of the Finance Board has been formed, and this considers project proposals and recommends appropriate action to the Trustees. This subcommittee is made up of Trustees, a professional lay advisor and Diocesan officials.
The Art and Architecture section of the Diocesan Liturgy Commission considers applications for church improvements and reports regularly to the Bishop and to the Finance Board. The Diocesan Historic Churches Committee, a statutory body, has remit over the listed places of worship of the Diocese, processing applications for works to those buildings and monitoring progress.
Day to day management of the finance and property functions is the responsibility of the Diocesan Chief Operating Officer together with appropriately qualified professionals.
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Northampton Roman Catholic Diocesan Trust
Report of the Trustees
Year ended 31 March 2025
Key management personnel
The Board considers that the Trustees and the Senior Leadership Team whose total remuneration is set out in note 13 of the accounts comprise the key management personnel of the charity in charge of directing and controlling, running and operating the Charity on a day-to-day basis. In the year to March 2025 these included the Chief Operating Officer and the senior lay personnel in the major curial departments. The pay of the senior staff is reviewed annually. All Trustees give of their time freely and no trustee received remuneration in the year. Details of Trustees’ expenses are disclosed in note 14 of the accounts. When new roles are created, or significant roles change hands, benchmarking against market rates for similar positions is employed to attract the best candidates for those roles.
Risk management
A review of the major financial and reputational risks to which the charity is exposed has been carried out and systems put in place to mitigate those risks. Any risks identified and their resultant impact on reserves and/or reputation of the Diocese are considered by the Finance, Audit and Risk Subcommittee and the Finance Board of Trustees. Risks are monitored and any new risks identified and recorded.
In particular, the Diocese has procedures, and a subcommittee focussed on the safeguarding of children and vulnerable adults.
The Diocesan Safeguarding Advisory Board, which includes a number of external members from statutory bodies, reviews the actions and decision of the Diocese in regard to issues arising. In addition, there is an audit of our safeguarding processes undertaken by the Catholic Safeguarding Standards Agency. Our most recent audit judged us to be joint top across England and Wales.
Regarding Health and Safety, the health and safety of those using our churches and other facilities is a high priority and the Diocese has policies in place to assess and manage the associated risks, overseen by our internal Property department and reviewed by the Property, Health & Safety Subcommittee of Trustees. We have introduced a commercial tool to monitor and consolidate all health and safety information to follow-up and provide advice to parishes on the necessary works to maintain compliance. The Diocese receives professional Health and Safety advice from NatWest Mentor.
The increasing age and declining number of diocesan priests is considered by the trustees to be a significant risk for the Diocese. The Diocese is addressing the issue through the utilisation of priests on mission from overseas locations as well as the Synodal Discernment process, which examines the longer-term planning for our pastoral areas. The Synodal Discernment Reviews aim for a sustainable balance between our Mission goals, growing/declining congregation numbers depending on area, availability of priests, the costs of maintaining our property estate, and the overall financial viability of our parishes. This is a detailed, exhaustive process. The Diocese expects to reach half-way through in 2026.
Cyber security remains a growing area of focus. We have introduced online monitoring tools to evaluate a range of risks together with promoting awareness for our staff and volunteers of the nature of risks. We also ensure that all our IT infrastructure is up to date with software patches applied and full hardware compliance. Trustees continue to monitor the global risk horizon and evaluate appropriate responses to new and emerging risks.
Financial Review
Total income during 2024/25 reduced to £9,169,268 (2024: £10,412,306) versus the previous year (down 11.9%). This year saw increased fundraising and rental income. Unrestricted collections and donations in parishes rose by 3.9%. Restricted curial collections and donations reduced by £299k and second collections fell by £183k, due to timing differences including changing Easter dates. There was no additional income from the sale of assets as in the previous year.
Total expenditure increased to £10,733,198 (2024: £8,792,757) – 22.1% higher than the prior year. 75% of the expenditure came from expenditure in support of parish life (2024: 70%). Church property
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Northampton Roman Catholic Diocesan Trust
Report of the Trustees
Year ended 31 March 2025
maintenance and repairs increased by 155.6% to £1,941,854 (2024: £759,770) due to the backlog of repairs deferred from previous years, utility costs, council tax and property insurance.
There was a decrease of £412,378 (25.6%) to £1,195,424 in our debtors due to reduced recoverable school expenditure and legacies accrued for. Cash and cash equivalent balances decreased in the year by £1.6m or 16.8% from increased costs and asset acquisitions, including homes for priests moving into retirement.
Related parties
The attached accounts include the assets and activities of four trusts which are incorporated as separate charities: -
Northampton Diocese Education Fund Charity Number 267132 Lord Braye’s Foundation Charity Number 242281 The Charity of Frances Alice Chesterton Charity Number 252034 Northampton Slough Diocese Educational Trust Charity Number 1165631
The objects of these charities are consistent with the objects of the Diocese.
The Diocese also encompasses several Catholic schools. Those schools which are voluntary aided are exempt Charities under the Schools Standards and Framework Act 1988 and their activities are not reflected in the financial statements attached to this report. The Bishop of Northampton appoints Foundation Governors to the Governing Bodies of these schools, and those appointed by the Bishop make the majority of the Governing Bodies. Several schools have converted to academy status and are formed within multi-academy trusts. The Bishop has similar powers of appointment of the Trustees of those Trusts and again their activities are not reflected in the financial statements attached to this report. At the date of this report there are 42 schools of which 28 are academies, 12 Voluntary aided schools and 2 independent colleges. The addresses of all our schools can be found in the Diocesan Directory.
Investment policy
There are no specific investment powers, other than those provided under the Trustees Act 2000. Investments are made at the absolute discretion of the Trustees acting on advice of its professional advisers and an Investment Committee which reports to the Finance, Audit & Risk Subcommittee. Meetings of the Investment Committee take place every 6 months and are attended by our investment advisers and senior personnel. An ethical investment policy has been agreed by Trustees to provide a framework for investing in securities which are in line with Catholic Social Teaching, and to avoid those which are environmentally unsound.
At 31 March 2025, the portfolio of investments had a market value of £10,480,602 (2024: £10,586,971). There were realised losses of £10,195 (2024: £32,381) and unrealised losses of £49,143 (2024: gains of £783,457). Total investment income in the year was £430,096 (2024: £413,491).
The investment policy is to maximise total return through a diversified portfolio. The Trustees are aware of the effect of movements in the value of this investment portfolio on reserve levels. Over the last three years there has been significant volatility in our investments as they have dipped and then subsequently recovered broadly in line with the overall market. The Diocese considers itself a long-term investor and together with its advisers takes steps to mitigate the risk of significant volatility. The Trustees are satisfied with the current performance of the investments.
Public benefit
The Charities Act 2006 requires charities to describe the benefit that is provided to the public. The Charity Commission has commented that “religion helps to provide a moral and ethical framework for people to live by and can play an important part in building social capital and community cohesion”.
The adherence to, and advancing of, the Catholic faith to the public within the Northampton Diocese has many public benefits. It provides an ethical and moral code for society; it provides sacred places, churches, services of worship, public ritual and ceremonies, including baptisms, weddings and funerals; it contributes to the spiritual well-being of the public; it contributes to the spiritual and moral education
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Northampton Roman Catholic Diocesan Trust
Report of the Trustees
Year ended 31 March 2025
of children; it promotes social understanding and cohesion, and contributes to practical ways of addressing social needs such as visiting the sick and housebound, and furthering other charitable purposes.
The above is demonstrated by 22,437 people (2024: 21,934) attending mass each Sunday together with masses also being said each day in our parishes. 20,868 children (2024: 21,060), both Catholic and non-Catholic, attended our schools. Donations of £649,032 (2024: £810,366) were made by our parishioners to causes both internal and external to our Diocese. Many programs were made available in our parishes in areas such as spiritual development, Marriage and Family Life and Justice and Peace.
Beneficiaries
Beneficiaries of the charity include not only parishioners and those young people attending our schools but also the recipients of aid from the many causes supported by the Diocese through contributions to among others CAFOD, Stella Maris (formally known as Apostleship of the Sea), The Association for the Propagation of the Faith as well as a number of projects supported by individual parishes. Churches and schools around the Diocese are welcoming and help to integrate into the community large numbers of new parishioners and students both from the UK and overseas.
Objectives, activities and achievements
Principal objects
The principal objects of the Charity are as declared in the Trust Deed dated 11 July 1949 “in or towards advancing the Roman Catholic religion in the Diocese by such means as the Bishop may think fit and proper and for the service and support whether in the Diocese or outside the Diocese by such means as aforesaid of charitable works and objects promoted by the Church” ( Clause 2 of the Trust Deed ).
The long-term strategies set to achieve these objects are to ensure that the life of the Catholic Community is well supported and responsive to changing requirements and to generate and maintain sufficient reserves to ensure the long-term future of the charity. It carries out these strategies through a number of key activities as set out below: -
Significant activities
The objects of the charity are fulfilled by the many activities carried out in its parishes, its schools and through a number of organisations run by the Diocesan Curia.
Parish life
Parish life is supported through the provision of clergy and buildings, and the organisation of many groups of volunteers, as a result of which support is provided to the local and national community in improving social cohesion, both within the community and the family unit, and in many other ways. While the celebration of Mass is mainly in churches owned and maintained by the Diocese through its parishes and supported by the curial departments, parishes also reach out to the local community through their activities and support their parishioners through home visits, hospital chaplaincy, school chaplaincy, and a range of courses and other programs.
The Sacraments of Baptism, First Communion and Confirmation were celebrated all around the Diocese and many groups met in prayer and reflection on the word of God in scripture. At the last census up to December 2024, 22,437 people attended mass on a weekly basis and there were 887 baptisms (2024: 1,551), 1,416 people confirmed (2024: 955) and 151 marriages (2024: 208) during the year.
The facilitation and nourishment of spiritual life and the concern for neighbours in the Diocese are the principal aims of the charity and while weekly attendance figures and the number of baptisms, confirmations, marriages, etc are indications of the success of the work, performance can also be measured by the continuing strength of our parish and school communities and the individual journeys of faith of our parishioners. Sick and elderly parishioners received the Eucharist and Sacrament of the Sick, the dying and their relatives received comfort and support, and the deceased received dignified burial and cremation services, which aided the grieving process for their relatives.
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Northampton Roman Catholic Diocesan Trust
Report of the Trustees
Year ended 31 March 2025
The Trustees recognise the effect of types of one-off income including the inherent uncertainty of legacy income. An anticipated increase in capital works on Church property, the general inflationary increase of many costs, and the cost-of-living crisis in the UK have led to a reflection across the pastoral areas of the Diocese on how to find ways of raising income whilst managing costs.
Parishes carry out their own fundraising activities in support of parish projects both internal to the parish and external. The total income raised by the Diocese was £712,062 (2024: £556,074).
Churches, presbyteries and halls
Repairs and maintenance requirements resulting from the quinquennial survey reports on buildings owned by the trust and the system including those of close contact between parishes, the trust and the professionals appointed by the Diocese, resulted in £1,941,854 (2024: £759,770) being spent during the year at parish and Diocesan level. The projects undertaken included the replacements of the church roof at Daventry, refurbishment of Shefford presbytery, Burnham church re-ordering and other priority repairs that were addressed as part of the backlog in post COVID repair works.
The work was supervised by the Diocesan Property Department, reporting to the Trustees who together with professional advisers appointed by the Diocese, ensure that the work is carried out to the highest possible standard.
Parish clubs
There are now four parish member social clubs, all but one of which occupy under license buildings owned by the Diocese trustee. These social clubs have converted to community interest companies where the relationship with the Diocese as landlord is better clarified. They have separate Directors and are managed by independent professionals paid directly by the clubs.
Volunteers
The charity is heavily reliant on the work of many volunteers, especially in its parishes but also on a number of committees and subcommittees. These volunteers include Lay Ministers of the Eucharist and Readers, Catechists, altar servers, parish workers, choirs and musicians, health and safety representatives, child and vulnerable adult safeguarding representatives, members of the St Vincent de Paul Society who help the poor and needy, and many other roles. The Trustees are very grateful to all of these people for their contribution to the work of the Diocese.
Schools
As has been the case for many years the Diocese has looked to fulfil its objects partly by the facilitation of education within a Catholic environment. Most of these schools are within our two Multi-Academy Trusts. Others are voluntary aided schools, at both primary and secondary level. All are supported by the Diocesan Schools Commission, together with our two independent colleges they operate with a Catholic ethos and while following legislation and curriculum set by the State. They also have specific policies and procedures set by or in consultation with the Catholic Education Service.
During the year, a sum of £1.2m (2024: £2.1m) of Government grants was spent on voluntary aided school buildings owned by the trust. This represents 90% of project costs, with the remaining 10% funded by the schools from the parental voluntary contribution scheme, the schools reserves or other sources. The Diocesan Schools Commission supports our schools and their Governors in the work that they do.
Many different projects were carried out around the Diocese as part of the ongoing maintenance and development of our school buildings.
Curial activities
Curial activities include the training of new priests, permanent deacons, catechists, and lay ministers, the support of existing and retired priests, youth ministry, adult education, ecumenism and multi-faith dialogue, safeguarding children and vulnerable adults, justice and peace commission, and a number of commissions covering liturgy, historic churches, pastoral strategy, marriage and family life and the Diocesan Tribunal, amongst others.
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Northampton Roman Catholic Diocesan Trust
Report of the Trustees
Year ended 31 March 2025
In common with many other Dioceses there is a declining number of priests available to serve parishes which, together with the advancing age of those still in service, provides an ongoing challenge to the Charity. We currently have three men in seminary training for the priesthood and nine for the permanent diaconate. Vocations to the diaconate and new forms of lay ministry continue to develop with support from the Diocese.
This Diocese looks forward positively to the creation of new housing developments across its geographical area, especially in its city and larger towns. Discussions continue as to the measures required to welcome and provide for the spiritual life of both current and new residents. Each pastoral area is being challenged to develop plans to shape the Church in their area.
Fundraising approach and performance
The charity undertakes fundraising activity via appeals, events, emails and correspondence in line with the Fundraising Code of Practice set by the Fundraising Regulator. Our fundraising promise is
-
‘When you support you can be sure of the following:
-
We will never sell your contact details to anyone
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We will only contact you if you have expressed an interest in our work
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If we phone you, we will always check you are happy to take the call
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If you ask us to change how we communicate with you, or stop, we will respect that
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We do not engage in cold-calling, door to door or street fundraising
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We try hard to ensure no one ever feels pressurised to support our work
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We are registered with the Fundraising Regulator and adhere to the Fundraising Code of Practice.
-
All our activities are open, fair, honest and legal.
No professional fundraisers were used during the year under review.
The Diocese has robust procedures in place regarding vulnerable people and treating donors in a fair manner.
The charity is registered with the Fundraising Regulator and adheres to the standards of the Fundraising Code of Practice. Trustees are not aware of any complaints made regarding fundraising activities carried out during the year or prior year.
Details of fundraising performance is detailed elsewhere in this report.
Designated funds
Designated funds are held for a number of purposes including the education of priests, the maintenance of the Diocesan Curia, the advancement of education, mass stipends, the support of sick and needy priests and funds available for expenditure at the discretion of the Bishop in the course of his work, together with funds to support the retirement provision for priests. Expenditure is made from these funds on a regular basis. The continued need for these funds will be reviewed on a regular basis.
Financial management
While each parish under Canon Law is a separate juridical person with the right to acquire, retain, administer and alienate temporal goods in their own right, they operate under financial guidelines issued by the Diocese. These give approval and cheque signing limits and require parishes to file returns with the Diocese on a quarterly basis. There are also approval and cheque signatory policies operating centrally, and a cycle of internal checks on the operation of financial procedures at parish level, in addition to those carried out by the external auditor.
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Northampton Roman Catholic Diocesan Trust
Report of the Trustees
Year ended 31 March 2025
Funding sources
The principal funding source of the Diocese is the parish offertory collection. Significant levels of income are also received from investments, fundraising activities and rents received from investment properties. Legacies also form a material portion of Diocesan income. The Trustees are very grateful for those who leave a legacy to the Diocese in their will. They also recognise the uncertain timing of legacies and the material effect that the receipt or otherwise of major gifts can have on the results for any year. The anticipation of significant legacies is therefore discounted from the budgetary process unless the quantum of the receipt can be ascertained with reasonable certainty.
Expenditure
A major part of expenditure in the year is on the support of parish life and in particular, the establishment costs (gas, electricity, water, insurance, council tax and other miscellaneous expenditures). These increased by 25% from £1,475,844 in 2024 to £1,807,062 in 2025. This was in particular because of rising utility costs; The funding and support of building works in schools also resulted in a cost to the Diocese of £237,490 in the year (2024: £239,827).
Following liquidation of the St Francis Children’s Society, the guarantee granted from the Diocese to the Bedfordshire Pension Fund continues to be valued at £513,000. This remains accrued within the 2025 accounts. The liability was settled in September 2025. The potential to recover part, or the full amount from the sale of the lease of the Society’s building, continues to be pursued by the Diocese.
Results for the year
A summary of the results for the year is shown on page 15 of these financial statements. The Trustees report an overall loss for the year of £1,188,268 (2024: surplus £2,934,389). The deficit for the year is categorised as follows:
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| General income and expenditure account | (1,236,442) | 2,103,684 |
| Restricted funds | 86,598 | 543,942 |
| Designated funds | (38,424) | 286,763 |
| ------------------- | ------------------- | |
| (1,188,268) | 2,934,389 | |
| ========== | ========== |
There was net loss of £1,563,930 (2024: surplus £1,619,548) before revaluations and investment asset disposals. The net surplus on investment assets, including investment properties, was £375,662 (2024: £1,314,841) of which £385,857 was unrealised (2024: £783,457) and £nil (2024: £563,765) from investment property disposals.
The effect of the net surplus on investment assets is to decrease the loss of £1,563,930 (2024: surplus £1,619,548) to an overall loss for the year of £1,188,268 (2024: surplus £2,934,389).
Financial position
At 31 March 2025, the reserves were: -
| cial position March 2025, the reserves were: - |
||
|---|---|---|
| 2025 | 2024 | |
| £ | £ | |
| General – fixed assets | 15,065,328 | 14,964,579 |
| General – unrestricted | 8,155,505 | 9,492,696 |
| Restricted | 4,876,472 | 4,786,713 |
| Restricted – fixed assets | 126,484 | 129,645 |
| Designated | 4,707,190 | 4,741,771 |
| Designated – fixed assets | 153,706 | 157,549 |
| ------------------------- | ------------------------- | |
| £33,084,685 | £34,272,953 | |
| ============ | ============ |
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Northampton Roman Catholic Diocesan Trust
Report of the Trustees
Year ended 31 March 2025
Restricted funds represent funds that are received for a specific purpose. This includes donations, legacies, fundraising campaigns (such as Together In Faith raising £1.27m) and special collections, including parish projects, Easter and Christmas offerings not yet paid out by the year end. A further £1.36m relates to our four separate charitable trusts.
Designated funds represent funds set aside for specific purposes, as listed in note 6 to these financial statements.
The general fund for fixed assets represents the value invested in fixed assets, principally churches and presbyteries.
Funds available to support the work of the Diocese in the future are those shown above as general unrestricted funds of £8,155,505 (2024: £9,492,696)
Our traded investment portfolio continued to experience turbulent market conditions from the effects of the Russian invasion of Ukraine and worldwide economic challenges. Following an unrealised gain in the prior year, the reported year saw further losses in the underlying financial markets. The unrealised loss is £49,143 (2024: Unrealised gain £783,457).
Our investment properties are revalued on a 2-year cycle and were revalued in August 2025, resulting in an unrealised gain on revaluation of £435,000.
Reserves policy
The Main Finance Board meets regularly to plan, monitor and review levels of expenditure on key or significant projects, and hence the impact on reserve levels. General income levels are also monitored regularly. The Trustees consider that a prudent level of free reserves (those unrestricted funds not invested in fixed assets or designated for specific purposes) is the equivalent of 12 – 15 months’ expenditure. This will allow the Diocese to deal effectively with a significant drop in income and also react to requests for funding arising from unexpected events.
At 31 March 2025, the free reserves of £8,155,505 represented approximately 14.6 months (2024: 14.3) of unrestricted expenditure.
Plans for the future
The Diocese will continue to monitor reserve levels to ensure that its long-term aims can be met. The continued support of parish life and the Catholic community remains a priority and how this is to be achieved is a major focus for the Charity.
The principal focus will be on a number of main issues: -
-
Exploring new ways of evangelisation which may increase the numbers regularly exercising their faith including regular attendance Sunday Mass and other liturgies.
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Enabling our clergy to make better use of their pastoral ministry while remaining attentive to the increasing demands made upon them.
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Boosting the skills and abilities of lay professionals within our congregations to support the Mission focus of the Diocese and to reduce the burden on parish priests by exercising their professional skills in support of parish needs.
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Ensuring that the Parish Churches and ancillary buildings are maintained to a high standard to reduce the long-term cost burden while supporting the Mission of the Diocese.
-
Ensuring the availability of Diocesan Funds in the event of national or international crises, subject to meeting the objects of the Charity.
-
Enabling the resources of the Diocese to fund the core activities at the centre of the Charity’s objectives.
-
Developing a longer-term Mission focussed strategy that meets the evangelisation goals of the Diocese while ensuring a secure financial foundation.
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Northampton Roman Catholic Diocesan Trust
Report of the Trustees
Year ended 31 March 2025
Offertory appeals continue to be held around the Diocese to provide additional resources for projects within parishes, and the Curia.
Funds held on behalf of others
Assets held as custodian Trustees
Included within the Diocesan Investment Trust portfolio of shares are units held on behalf of a separately registered charity: The Northampton Diocesan Priests’ Fund, whose objects are to aid the secular priests of the Diocese who are permanently or temporarily incapacitated by old age, infirmity, illness or accident. The assets within the overall portfolio are disclosed in note 2 and are separately distinguishable from assets of the Diocese. Quarterly reports are sent to the charity on the investment performance.
Trustees’ responsibilities
The Trustees are responsible for preparing the report of the Trustees 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 & 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:
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select suitable accounting policies and then apply them consistently.
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observe the methods and principles in the Charities Statement of Recommended Practice.
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make judgements and estimates that are reasonable and prudent.
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements.
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
In so far as the Trustees are aware:
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There is no relevant audit information of which the charity’s auditors are unaware; and
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The Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information
On 18 November 2024 the company’s auditor changed its name from Haysmacintyre LLP to HaysMac LLP.
Signed by order of the Trustees on 18[th] December 2025.
…………………………………………….
Rev Michael Harrison
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Northampton Roman Catholic Diocesan Trust
Independent Auditors’ Report To The Trustees’ Year ended 31 March 2025
Independent auditor’s report to the trustees of the Northampton Roman Catholic Diocesan Trust
Opinion
We have audited the financial statements of the Northampton Roman Catholic Diocesan Trust for the year ended 31 March 2025 which comprise the Consolidated Statement of Financial Activities, the Consolidated and Parent Charity Balance Sheet, 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 and of the parent charity’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 Report of the Trustees. 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 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.
- 11 -
Northampton Roman Catholic Diocesan Trust
Independent Auditors’ Report To The Trustees’ Year ended 31 March 2025
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 group and 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 group and 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 10, 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 of the parent charity 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.
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 non-compliance with laws and regulation and fraud;
-
Evaluating management’s controls designed to prevent and detect irregularities;
-
Identifying and testing journals; and
- 12 -
Northampton Roman Catholic Diocesan Trust
Independent Auditors’ Report To The Trustees’ Year ended 31 March 2025
- 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: http://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: ……………………………….. 18/12/2025
HaysMac LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006
- 13 -
Northampton Roman Catholic Diocesan Trust
Consolidated and Charity Balance Sheets
Year ended 31 March 2025
| 2025 | 2025 | 2024 | 2024 | ||
|---|---|---|---|---|---|
| Group | Charity | Group | Charity | ||
| Notes | £ | £ | £ | £ | |
| Fixed assets | |||||
| Tangible fixed assets | 1 | 15,345,518 | 15,345,518 | 15,251,773 | 15,251,773 |
| Investments | 2 | 10,480,602 | 9,457,816 | 10,586,971 | 9,555,357 |
| Investment properties | 2 | 4,150,000 | 4,150,000 | 3,952,726 | 3,952,726 |
| -------------------------- | -------------------------- | -------------------------- | -------------------------- | ||
| 29,976,120 | 28,953,334 | 29,791,470 | 28,759,856 | ||
| Current assets | |||||
| Debtors | 3 | 1,195,424 | 1,195,424 | 1,607,802 | 1,607,802 |
| Cash at bank and in hand | 8,027,905 | 7,688,865 | 9,647,605 | 9,301,605 | |
| -------------------------- | -------------------------- | -------------------------- | -------------------------- | ||
| 9,223,329 | 8,884,289 | 11,255,407 | 10,909,407 | ||
| Creditors: amounts falling | |||||
| due within one year | 4 | (3,635,609) | (3,635,609) | (3,652,328) | (3,652,328) |
| -------------------------- | -------------------------- | -------------------------- | -------------------------- | ||
| Net current assets | 5,587,720 | 5,248,680 | 7,603,079 | 7,257,079 | |
| ------------------------ | ------------------------ | ------------------------ | ------------------------ | ||
| Total assets | |||||
| plus current | |||||
| assets | |||||
| 35,563,840 | 34,202,014 | 37,394,549 | 36,016,935 | ||
| Creditors: amounts falling | |||||
| due after one year | 5 | (2,479,155) | (2,479,155) | (3,121,596) | (3,121,596) |
| ----------------------- | ----------------------- | ----------------------- | ----------------------- | ||
| Net assets | £33,084,685 | £31,722,859 | £34,272,953 | £32,895,339 | |
| =========== | =========== | =========== | =========== | ||
| Funds | |||||
| General – unrestricted | 6 | 8,155,505 | 8,155,505 | 9,492,696 | 9,492,696 |
| General – fixed assets | 6 | 15,065,328 | 15,065,328 | 14,964,579 | 14,964,579 |
| ------------------------- | ------------------------- | ------------------------- | ------------------------- | ||
| 23,220,833 | 23,220,833 | 24,457,275 | 24,457,275 | ||
| Designated | 6 | 4,707,190 | 4,707,190 | 4,741,771 | 4,741,771 |
| Designated – fixed assets | 6 | 153,706 | 153,706 | 157,549 | 157,549 |
| Restricted | 6 | 4,876,472 | 3,514,646 | 4,786,713 | 3,409,099 |
| Restricted – fixed assets | 6 | 126,484 | 126,484 | 129,645 | 129,645 |
| ------------------ | ------------------ | ------------------ | ------------------ | ||
| Net assets | £33,084,685 | £31,722,859 | £34,272,953 | £32,895,339 | |
| =========== | =========== | =========== | =========== |
Approved by the Board of Trustees and authorised for issue on 18[th] December 2025 and signed on its behalf by:
…………………………………………….
………………………………………………. Rev Dr B Killeen Trustee
Rev Michael Harrison Trustee
- 14 -
Northampton Roman Catholic Diocesan Trust
Consolidated Statement of Financial Activities
Year ended 31 March 2025
| Parochial | Parochial | Curial | Diocesan | Diocesan | |||
|---|---|---|---|---|---|---|---|
| Restricted | Unrestricted | Restricted | Unrestricted | 2025 |
2024 | ||
| £ | £ | £ | £ | £ | £ | ||
| Income from: | Note | ||||||
| Donations and legacies | |||||||
| Collections & donations | 238,060 | 5,712,551 | 9,787 | 202,484 | 6,162,882 | 6,443,098 | |
| Second collections | 11 | 305,484 | - | - | - | 305,484 | 488,676 |
| Legacies | - | 349,011 | - | 235,901 | 584,912 | 687,862 | |
| Grants received | - | 2,500 | 158,248 | - | 160,748 | 233,037 | |
| Fundraising | 305,929 | 395,732 | 2,654 | 7,747 | 712,062 | 556,074 | |
| Investments | |||||||
| Dividend income | - | 53,971 | 16,318 | 359,807 | 430,096 | 413,491 | |
| Bank interest | - | - | - | 28,396 | 28,396 | 9,354 | |
| Rental income | - | 774,864 | - | 9,824 | 784,688 | 693,153 | |
| Other | |||||||
| Sales of assets | - | - | - | - | - | 887,561 | |
| -------------------- | --------------------- | ---------------------- | ------------------------ | ------------------------- | ------------------------- | ||
| Total income | 849,473 | 7,288,629 | 187,007 | 844,159 | 9,169,268 | 10,412,306 | |
| -------------------- | --------------------- | ---------------------- | ------------------------ | ------------------------- | ---------------------------- | ||
| Expenditure on: | |||||||
| Raising funds: | 9 | ||||||
| Costs of generating | |||||||
| voluntary income | 64,730 | 89,725 | - | 4,177 | 158,632 | 130,272 | |
| Investment & property | |||||||
| management costs | - | - | 2,154 | 44,877 | 47,031 | 43,845 | |
| Charitable activities: | |||||||
| 2ndcollections & grants | 11 | 447,781 | 18,668 | - | 1,907 | 468,356 | 500,973 |
| Support of parish life | 7 | 194,273 | 6,632,850 | 72,832 | 1,154,023 | 8,053,978 | 6,179,651 |
| Curial activities | 7 | - | - | 164,572 | 1,603,139 | 1,767,711 | 1,698,189 |
| Sch buildings provision | 7 | - | - | - | 237,490 | 237,490 | 239,827 |
| -------------------- | --------------------- | ---------------------- | ------------------------ | ------------------------- | ------------------------- | ||
| Total expenditure | 706,784 | 6,741,243 |
239,558 | 3,045,613 | 10,733,198 | 8,792,757 | |
| -------------------- | --------------------- | ---------------------- | ------------------------ | ------------------------- | ------------------------- | ||
| 142,689 | 547,386 | (52,551) | (2,201,454) |
(1,563,930) |
1,619,548 | ||
| Net gains/(losses) on | |||||||
| investment assets: | |||||||
| Realised on disposal | |||||||
| investment properties | 2 | - | - | - | - | - | 563,765 |
| Realised on disposal | |||||||
| shares | 2 | - | - | - | (10,195) | (10,195) |
(32,381) |
| Unrealised- Investments | 2 | - | - | (3,540) | (45,603) |
(49,143) |
783,457 |
| Unrealised- Investment | |||||||
| Properties | 2 | - | - | - | 435,000 | 435,000 | - |
| -------------------- | --------------------- | ---------------------- | ------------------------ | ------------------------- | ------------------------- | ||
| Net (expenditure)/income | 142,689 | 547,386 | (56,091) | (1,822,252) |
(1,188,268) |
2,934,389 | |
| Transfers between funds | 6 | - | (1,842,947) | - | 1,842,947 | - | - |
| -------------------- | --------------------- | ---------------------- | ------------------------ | ------------------------ | ------------------------- | ||
| Net movement in funds | 142,689 | (1,295,561) | (56,091) | 20,695 |
(1,188,268) | 2,934,389 | |
| Reconciliation of funds: | |||||||
| Total funds brought forward | 1,395,652 | 13,753,778 | 3,520,706 | 15,602,817 | 34,272,953 | 31,338,564 | |
| -------------------- | --------------------- | ---------------------- | ------------------------ | ------------------------ | ------------------------- | ||
| Total funds carried forward at 31 Mar 2025 |
1,538,341 | 12,458,217 | 3,464,615 | 15,623,512 | 33,084,685 | 34,272,953 | |
| ================================ | ========================================== | ====================================== | ==================================== | ========================================== | ========================================== |
All the activities of the charity are classed as continuing.
Detailed comparatives are shown in Note 17 to these financial statements.
- 15 -
Northampton Roman Catholic Diocesan Trust
Consolidated Cash Flow Statement
Year ended 31 March 2025
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | £ £ |
|
| Cash flows from operating activities | |||
| Net cash (used in) / provided by | |||
| operating activities (see below) | (1,593,373) | 78,176 | |
| Cash flows from investing activities | |||
| Interest received | 28,396 | 9,354 | |
| Dividends received | 430,096 | 413,491 | |
| Purchase of property, plant and | |||
| equipment | (328,871) | (413,507) | |
| Proceeds from sale of property, plant | |||
| and equipment | - | 887,561 | |
| Purchase of investments | (3,173,279) | (3,889,403) | |
| Sale of investments | 3,220,310 | 3,680,562 | |
| Purchase of investment property | - | (237,726) | |
| Sale of investment properties | - | 2,063,765 | |
| -------------------------- | -------------------------- | ||
| Net cash provided by investing | |||
| activities | 176,652 | 2,514,097 | |
| Cash flows from financing activities | |||
| Loans repaid | (117,868) | (114,543) | |
| Interest charged on loans | (85,111) | (72,125) | |
| -------------------------- | -------------------------- | ||
| Net cash used in financing activities | (202,979) | (186,668) | |
| ----------------------- | ----------------------- | ||
| Change in cash and cash | |||
| equivalents | (1,619,700) | 2,405,605 | |
| Cash and cash equivalents at start | |||
| of reporting period | 9,647,605 | 7,242,000 | |
| ----------------------- | ----------------------- | ||
| Cash and cash equivalents at end of | |||
| reporting period | £8,027,905 | £9,647,605 | |
| =========== | =========== |
- 16 -
Northampton Roman Catholic Diocesan Trust
Notes to the Consolidated Cash Flow Statement
Year ended 31 March 2025
(i) Reconciliation of net (expenditure) / income to net cash flow from operating activities
| 2025 | 2024 | ||||
|---|---|---|---|---|---|
| £ | £ | ||||
| Net (expenditure) / income for the reporting period | (1,188,268) | 2,934,389 | |||
| (as per the SOFA) | |||||
| Unrealised loss / (gain) on traded | investments | 49,143 | (783,457) | ||
| Realised loss on traded investments | 10,195 | - | |||
| Gain on revaluation of investment property | (435,000) | - | |||
| Investment income | (458,492) | (422,845) | |||
| Surplus on disposal of tangible fixed assets | - | (887,561) | |||
| Surplus on disposal of investment property | - | (563,765) | |||
| Depreciation | 472,852 | 460,810 | |||
| Interest on loans | 85,111 | 72,125 | |||
| Decrease / (increase) in debtors | 412,378 | (632,439) | |||
| Decrease in creditors | (541,292) | (99,081) | |||
| ------------------- | ------------------- | ||||
| Net cash (used in) / provided by operating activities | £(1,593,373) | £78,176 | |||
| ========= | ========= | ||||
| (ii) | Reconciliation of net cash flow to | ||||
| movement in net funds | |||||
| Net funds at 1 April | 9,647,605 | 7,242,000 | |||
| (Decrease) / increase in cash in the period | (1,619,700) | 2,405,605 |
|||
| ------------------- | ------------------- | ||||
| Net funds at 31 March | £8,027,905 | £9,647,605 | |||
| ========= | =========== | ||||
| (iii) | Analysis of changes in net funds/(debt) | ||||
| 1 April | Cash | Other | 31 March | ||
| 2024 | Flow | Changes | 2025 | ||
| £ | £ | £ | £ | ||
| Cash in hand and at bank | 9,647,605 | (1,619,700) | - |
8,027,905 | |
| Debt due within 1 year | (117,309) | 117,868 | (122,483) | (121,924) | |
| Debt due after 1 year | (2,601,638) | - | 122,483 | (2,479,155) | |
| ---------------------- | ----------------------- | ----------------------- | ---------------------- | ||
| £6,928,658 | £(1,501,832) | £- |
£5,426,826 | ||
| =========== | =========== | =========== | ========== | ||
| 1 April | Cash | Other | 31 March | ||
| 2023 | Flow | Changes | 2024 | ||
| £ | £ | £ | £ | ||
| Cash in hand and at bank | 7,242,000 | 2,405,605 | - | 9,647,605 | |
| Debt due within 1 year | (113,240) | 114,543 | (118,612) | (117,309) | |
| Debt due after 1 year | (2,720,250) | - | 118,612 | (2,601,638) | |
| ---------------------- | ----------------------- | ----------------------- | ---------------------- | ||
| £4,408,510 | £2,520,148 | £- | £6,928,658 | ||
| =========== | =========== | =========== | =========== |
(ii) Reconciliation of net cash flow to movement in net funds
(iii) Analysis of changes in net funds/(debt)
- 17 -
Northampton Roman Catholic Diocesan Trust
Notes to the Financial Statements
Year ended 31 March 2025
Accounting Policies
The principal accounting policies which are adopted in the preparation of the financial statements are set out below:
Basis of accounting
The accounts (financial statements) have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 1 January 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. These financial statements have been prepared under the historical cost convention, as modified by the revaluation of listed investments and investment properties to market value and are in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102 (effective 1 January 2019) (‘the SORP’), the Charities Act 2011 and applicable United Kingdom accounting standards.
Consolidation
The accounts consolidate the results of the Roman Catholic Diocese of Northampton and the 4 trusts registered as separate charities referred to in note 6.
The charity has two subsidiary companies, RCDN Property Services Ltd and St Thomas of Canterbury Cathedral Centre Ltd. In the opinion of the trustees, the activities of RCDN Property Services Ltd and St Thomas of Canterbury Cathedral Centre Ltd are immaterial to the group as a whole and therefore these companies have not been consolidated into these financial statements.
In line with the SORP the parent charity has not published its own SOFA and the related notes.
Reduced Disclosures
The charity is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including the charity, which are intended to give a true and fair view of the assets, liabilities', financial position and profit or loss of the group. The charity has therefore taken advantage of exemptions from the following disclosure requirements:
-
Section 7 - "Statement of Cash Flows" - Presentation of an entity only Statement of Cash Flow and related notes and disclosures.
-
Section 11 - "Basic Financial Instruments' & Section 12 'Other Financial Instrument Issues' - interest income/expenses and net gains/losses for each category of financial instrument. The financial statements of the charity are consolidated in these financial statements.
General information
The Charity is a charity registered in England and Wales (charity number: 234091). The Charity’s registered office address is Bishop’s House, Marriott Street, Northampton, NN2 6AW.
Going concern
The trustees consider that there are no material uncertainties which would cast doubt on the Charity’s ability to continue as a going concern.
The Trust has significant fixed assets including financial investments valued at 30th September 2025 at £11.7m. It also has a cash balance as at 30th September 2025 (not including funds held on behalf of schools, priests fund or clubs) of £3.03m. This balance includes £2.54m of bank loan finance. Forecast projections for 12 months from the date these accounts are signed indicate that the charity continues to be a going concern in the foreseeable future.
- 18 -
Northampton Roman Catholic Diocesan Trust
Notes to the Financial Statements
Year ended 31 March 2025
Income and expenditure
Income is recognised in the period in which its receipt is probable, the amount can be measured with reasonable certainty and the charity has entitlement to the funds. Income from parochial activities and other voluntary donations is recognised on a receipt’s basis. Income from investments, grant agencies, rental properties and other sources of a non-ex-gratia nature are recognised on an accrual’s basis. Legacies are recognised once the charity is advised that payment is due, and the amount involved can be quantified this is normally when probate has been granted demonstrating entitlement and a reasonable estimate of the value of the estate has been provided.
Costs of raising funds comprise those costs associated with attracting voluntary income and the management of the Charity’s investments.
Costs of charitable activities consist of all expenditure directly relating to the objects of the Charity.
Support costs which cannot be directly allocated are apportioned between charitable activities and governance costs on the basis of the trustee’s estimate of the time spent on the relevant functions.
Employment benefits, including holiday pay, are recognised in the period in which they are earned. Termination benefits are recognised in the period in which the decision is made and communicated to the relevant employee(s).
Governance costs include expenditure on management and compliance with constitutional and statutory requirements together with an allocation of support costs.
Irrecoverable VAT is included with the category of expenses to which it relates.
Tangible assets
a. Freehold land and buildings
Functional land and buildings
- Churches, Presbyteries, Halls and Offices etc.
Freehold land
Functional land (i.e. land used for the prime purpose of the Charity), is included in the financial statements at original cost or, where this is not available, at an estimate of its historic cost (or in the case of donated land, at its fair value at the date of receipt). Freehold land is not depreciated because it has an indefinitely long useful life.
Freehold buildings
Functional buildings (i.e. buildings used for the prime purpose of the Charity), which are still in use by the Charity are included in the financial statements at original cost, or where this is not available, at an estimate of their historic cost (or in the case of donated buildings, at an estimate of their fair value at the date of receipt). All new functional buildings, improvements and major renovations are capitalised at the cost of construction. Buildings which were in use at 31 March 1996 are depreciated at rates calculated to write off their estimated historic cost (less the estimated residual value) evenly over the remainder of their useful life.
The estimate of the useful life of a building varies depending on the condition and its future use, however, in general it is expected that a building in a reasonable state of repair will continue in use without major renovations or improvements for the following period:
| Unlisted Churches | 25 to 100 years |
|---|---|
| Cathedral and Listed Churches | 100 to 200 years |
| Presbyteries | 25 to 50 years |
| Other buildings | 25 to 75 years |
- 19 -
Northampton Roman Catholic Diocesan Trust
Notes to the Financial Statements
Year ended 31 March 2025
1. Churches, Presbyteries, Halls and Offices etc. (continued)
Depreciation rates are calculated using the age of the building and its expected useful life.
Addresses of Diocesan Churches and other buildings can be found in the Diocesan yearbook.
2. Voluntary Aided Schools
Land
The charity owns the land on which its Voluntary Aided Schools are built. The nature of the occupation of the land by these exempt and excepted charities means that the Diocesan trustees do not have the power to dispose of the land, until the school ceases its occupation, which in turn would require the approval of the governors and the Secretary of State. Consequently, for the purposes of these financial statements the land is Included at nil value unless a s554 order is in place giving entitlement to the proceeds on sale to the Diocese. The cost of any land acquired for the purposes of a Voluntary Aided School is charged to the Statement of Financial Activities in the year of acquisition.
Buildings
The school buildings are occupied, improved, extended and repaired by the school governors. The nature of the occupation of these buildings by these exempt and excepted charities means that the Diocesan trustees do not have control over the buildings, until the school ceases its occupation, which in turn would require the approval of the governors and the Secretary of State. Consequently, for the purposes of these financial statements the buildings are included at nil value unless a s554 order is in place giving entitlement to the proceeds on sale to the Diocese. The school governors account for the building, improvement and repair costs of the schools and account for any grants received in respect of these costs. Grants made by the Diocese or parishes to the governors in order to assist them with their liability for school building costs are charged to the Statement of Financial Activities in the year of payment.
Details of the Diocesan Voluntary Aided Schools are given in the Diocesan Yearbook.
3. Academies
Land
The charity owns the land on which its Academies are built. The nature of the occupation of the land by these multi-academy trusts by long term lease or other agreement means that the Diocesan trustees do not have the power to dispose of the land, until the school ceases its occupation, under the terms of occupancy. Consequently, for the purposes of these financial statements the land is included at nil value unless a s554 order is in place giving entitlement to the proceeds on sale to the Diocese. The cost of any land acquired for the purposes of an Academy is charged to the Statement of Financial Activities in the year of acquisition.
Buildings
The school buildings are occupied, improved, extended and repaired by the Academy trustees. The nature of the occupation of these buildings by these multi-academy trusts means that the Diocesan trustees do not have control over the buildings, until the school ceases its occupation under the terms of the lease or occupation terms. Consequently, for the purposes of these financial statements the buildings are included at nil value unless a s554 order is in place giving entitlement to the proceeds on sale to the Diocese. The academy trustees account for the building, improvement and repair costs of the schools and account for any grants received in respect of these costs. Grants made by the Diocese or parishes to the academy trust in order to assist them with its liability for school building costs are charged to the Statement of Financial Activities in the year of payment.
Details of the Academies are given in the Diocesan Yearbook.
- 20 -
Northampton Roman Catholic Diocesan Trust
Notes to the Financial Statements
Year ended 31 March 2025
b. Fixtures, fittings and equipment
Fixtures, fittings and equipment which were in use at 31 March 1996 and which had a current replacement cost exceeding £2,000 have been capitalised and included in the financial statements at an estimate of their historical costs (or in the case of donated assets, at an estimate of value at the date of acquisition). Subsequent acquisitions with a cost, (or in the case of donated assets, estimated value) of over £2,000 are capitalised on the same basis. They are depreciated at rates calculated to write off the cost or valuation, less the estimated residual value, of each asset over its expected useful life as follows:
Church furniture/plate Over 50 years Furniture, fixtures and fittings Over 10 years Computers Over 3 years
Financial Instruments
The charity only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and investments in stocks and shares. The measurement basis used for these financial instruments is detailed below.
Investments
Investments are disclosed at market value at the balance sheet date. All changes in value in the year, whether or not realised, are shown in the Statement of Financial Activities. Details of the date and basis of valuation and valuer in respect of investment properties are given in note 2 to these financial statements. As these assets are recorded at current market value, no charge for depreciation is made in the financial statements.
Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivables are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Pension schemes
Contributions towards employees’ personal pension schemes are charged to the Statement of Financial Activities in the year in which they become payable. The Diocese is neither liable to finance any funding shortfall, nor entitled to benefit from any over-funding.
The Diocese makes contributions to the personal pension money purchase schemes of a number of its priests. Such contributions are charged to the Statement of Financial Activities in the year in which they fall due. The Diocese also makes provision to pay an income in retirement to priests who do not participate in the money purchase scheme. This provision is held as a designated fund and is funded principally by an annual transfer from general unrestricted funds.
- 21 -
Northampton Roman Catholic Diocesan Trust
Notes to the Financial Statements
Year ended 31 March 2025
Funds
Restricted funds are funds where the income is restricted by the conditions imposed by the donors. They represent special collections and Easter and Christmas offerings to priests, not yet paid out by the year end. They also include legacies and other funds received for specific purposes.
Designated funds represent funds set aside at the discretion of the trustees for specific purposes, as listed in note 6 to these financial statements.
The general fund for fixed assets represents the value invested in fixed assets, principally churches and presbyteries. The balance of unrestricted funds represents funds available to support the work of the Diocese in the future.
Significant judgements
In preparing these financial statements, the trustees have had to make estimates and assumptions that affect the amounts recognised in these financial statements. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Key areas subject to judgement and estimation relate to depreciation, investment property valuations and accrued legacies.
- 22 -
Northampton Roman Catholic Diocesan Trust
Notes to the Financial Statements
Year ended 31 March 2025
| 1. | FIXED ASSETS | |||
|---|---|---|---|---|
| Church | Furniture and | |||
| Group and Charity | Property | Fittings | Total | |
| Cost | £ | £ | £ | |
| At 1 April 2024 | 26,044,292 | 2,911,956 | 28,956,248 | |
| Additions | 24,544 | 304,327 | 328,871 | |
| Transfer from investment property | 237,726 | - | 237,726 | |
| ----------------------- | ------------------------ | ------------------------- | ||
| At 31 March 2025 | 26,306,562 | 3,216,283 | 29,522,845 | |
| ---------------------- | ------------------------ | ------------------------- | ||
| Depreciation | ||||
| At 1 April 2024 | 11,437,786 | 2,266,689 | 13,704,475 | |
| Charge for year | 381,681 | 91,171 | 472,852 | |
| ------------------ | ---------------------- | ----------------------- | ||
| At 31 March 2025 | 11,819,467 | 2,357,860 | 14,177,327 | |
| ------------------ | ---------------------- | ----------------------- | ||
| Net book value | ||||
| At 31 March 2025 | £14,487,095 | £858,423 | £15,345,518 | |
| ============ | =========== | ============ | ||
| At 31 March 2024 | £14,606,506 | £645,267 | £15,251,773 | |
| ============ | =========== | ============ |
All assets are used for the furtherance of the charity’s charitable objectives. The properties, comprising churches, church halls and presbyteries, and contents are stated at actual or estimated historical cost. The market value of fixed assets has not been determined as the benefit to the readers of the financial statements does not, in the opinion of the trustees, justify the cost. In the year a property purchased for retired priests has been transferred from investment property to church property.
| Market | Value | ||
|---|---|---|---|
| 2. | ANALYSIS OF | 2025 | 2024 |
| INVESTMENTS | |||
| £ | £ | ||
| 10,531,243 | 10,638,299 | ||
| Total investments controlled by the Diocese | |||
| Diocesan Investment Trust units held by | |||
| The Northampton Diocesan Priests Fund | (50,641) | (51,328) | |
| ------------------ | ------------------ | ||
| Total investments held by the Group | £10,480,602 | £10,586,971 | |
| Investments held by separate charitable trusts: | |||
| Northampton Diocesan Education Fund | (468,303) | (474,642) | |
| Northampton Slough Diocese Educational Trust | (404,902) | (410,383) | |
| Lord Braye’s Foundation | (49,519) | (40,873) | |
| The Charity of Frances Alice Chesterton | (100,062) | (105,716) | |
| ------------------ | ------------------ | ||
| Total investments held by the Charity | £9,457,816 | £9,555,357 | |
| ======== | ======== |
- 23 -
Northampton Roman Catholic Diocesan Trust
Notes to the Financial Statements
Year ended 31 March 2025
| 2. | ANALYSIS OF | ||
|---|---|---|---|
| INVESTMENTS (cont) | |||
| Group | 2025 | 2024 | |
| £ | £ | ||
| Market value | |||
| At 1 April | 10,586,971 | 9,594,673 | |
| Additions | 3,173,279 | 3,889,403 | |
| Disposals | (3,413,952) | (3,437,500) | |
| Unrealised (losses) / gains on investments | (49,143) | 783,457 | |
| Realised losses on investments | (10,195) | (32,381) | |
| Movement on bank accounts | 193,642 | (210,681) | |
| -------------------- | -------------------- | ||
| At 31 March | £10,480,602 | £10,586,971 | |
| ========= | ========= | ||
| Analysis by type | |||
| UK Listed securities | 3,551,910 | 4,444,937 | |
| Non-UK Listed Securities | 6,635,734 | 6,121,851 | |
| Cash balance | 343,599 | 71,511 | |
| -------------------- | -------------------- | ||
| At 31 March | £10,531,243 | £10,638,299 | |
| ========= | ========= | ||
| Group and Charity | 2025 | 2024 | |
| £ | £ | ||
| Investment property | |||
| At valuation | |||
| At 1 April | 3,952,726 | 5,215,000 | |
| Additions | - | 237,726 | |
| Disposal proceeds | - | (2,063,765) | |
| Realised gain on investment property | - | 563,765 | |
| Unrealised gain on revaluation | 435,000 | - | |
| Transfer to fixed assets | (237,726) | - | |
| -------------------- | -------------------- | ||
| At 31 March | £4,150,000 | £3,952,726 | |
| ========= | ========= |
The investment properties were valued by Ben Coleman Associates, BScFRICS, Chartered Surveyor in August 2025.
The investments are held for both maximising total investment return and to provide income for charitable activities.
| 3. | DEBTORS | 2025 | 2024 |
|---|---|---|---|
| £ | £ | ||
| Group and Charity | |||
| School expenditure recoverable | 162,134 | 380,175 | |
| Prepayments and accrued income | 1,033,290 | 1,227,627 | |
| -------------------- | -------------------- | ||
| £1,195,424 | £1,607,802 | ||
| ========= | ========= |
Included in accrued income above are legacies of £465,306 (2024: £622,916) part of which have been received after the year end but were notified prior to this date.
- 24 -
Northampton Roman Catholic Diocesan Trust
Notes to the Financial Statements
Year ended 31 March 2025
| 4. | CREDITORS: AMOUNTS FALLING DUE WITHIN | 2025 | 2024 |
|---|---|---|---|
| ONE YEAR | £ | £ | |
| Group and Charity | |||
| Other creditors | 875,286 | 1,215,148 | |
| School devolved formula capital monies | 542,362 | 583,698 | |
| Other school monies | 1,367,502 | 1,470,533 | |
| PAYE and social security | 48,465 | 46,084 | |
| Accruals and deferred income | 167,070 | 219,556 | |
| Bank loan | 121,924 | 117,309 | |
| SFCS Pension Expense due within one year | 513,000 | - | |
| -------------------- | -------------------- | ||
| £3,635,609 | £3,652,328 | ||
| ========= | ========= | ||
| 5. | CREDITORS: AMOUNTS FALLING DUE AFTER | 2025 | 2024 |
| MORE THAN ONE YEAR | £ | £ | |
| Group and Charity | |||
| Loans due within one to two years | 2,479,155 | 123,174 | |
| Loans due within two to five years | - | 2,478,464 | |
| Other Creditors due with two to five years | - | 6,958 | |
| SFCS Pension Expense due two to five years | - | 513,000 | |
| -------------------- | -------------------- | ||
| £2,479,155 | £3,121,596 | ||
| ======== | ======== |
The Diocese had two bank loans due within five years as at 31[st] March 2025
-
£2,000,000 provided by Barclays Bank PLC. The loan is secured on the Cathedral Centre in Northampton and attracts interest at a fixed rate of 2.98% for the duration of the loan. The loan is due to be repaid on 12[th] April 2026 and had a balance outstanding of £1,708,321 as at 31[st] March 2025.
-
£1,000,000 provided by Barclays Bank PLC. The loan is secured on the Cathedral Centre in Northampton and attracts interest at a fixed rate of 3.69% for the duration of the loan. The loan is due to be repaid on 8[th] February 2027 and had a balance outstanding of £892,758 as at 31[st] March 2025.
- 25 -
Northampton Roman Catholic Diocesan Trust
Notes to the Financial Statements
Year ended 31 March 2025
| 6. | FUNDS | Transfer | |||
|---|---|---|---|---|---|
| Movement | Between | ||||
| 2024 | in year | Funds | 2025 | ||
| £ | £ | £ | £ | ||
| Restricted: | |||||
| Restricted: Parishes and other | 2,237,278 | 135,660 | - | 2,372,938 | |
| Restricted: Together in Faith | 1,171,819 | (30,111) | - | 1,141,708 | |
| Fixed Assets | 129,645 | (3,161) | - | 126,484 | |
| -------------------- | -------------------- | -------------------- | -------------------- | ||
| 3,538,742 | 102,388 | - | 3,641,130 | ||
| -------------------- | -------------------- | -------------------- | -------------------- | ||
| General:fixed assets | 14,964,579 | 100,749 | - | 15,065,328 | |
| General:diocesan fund | 9,492,696 | (1,337,191) | - | 8,155,505 | |
| Designated funds: | |||||
| Diocesan maintenance | 219,283 | 8,240 | - | 227,523 | |
| Ecclesiastical Education | 302,360 | (34,031) | - | 268,329 | |
| Mass funds | 240,236 | 1,110 | - | 241,346 | |
| Fox Den Trust | 192,670 | - | - | 192,670 | |
| Fox Den Trust fixed assets | 157,549 | (3,843) | - | 153,706 | |
| Bishop’s Discretionary Fund | 46,877 | 212 | - | 47,089 | |
| Chapter fund | 864 | 114 | - | 978 | |
| Sick clergy insurance | 69,287 | 53,598 | - | 122,885 | |
| Theological Education | 9,875 | - | - | 9,875 | |
| Jubilee Fund | 817,855 | (55,481) | - | 762,374 | |
| Cathedral Centre Campaign | - | - | - | - | |
| Property Fund | 2,116,729 | - | - | 2,116,729 | |
| Trust funds | 724,588 | (8,343) | - | 716,245 | |
| Ezekiel | 1,147 | - | - | 1,147 | |
| -------------------- | -------------------- | -------------------- | -------------------- | ||
| 4,899,320 | (38,424) | - | 4,860,896 | ||
| -------------------- | -------------------- | -------------------- | -------------------- | ||
| Charity total funds | £32,895,337 | £(1,172,478) | £- | £31,722,859 | |
| Separate charitable trusts held | |||||
| in group restricted funds: | |||||
| Educational Trust | 747,622 | 3,683 | - | 751,305 | |
| Northampton Slough Diocesan | |||||
| Education Trust | 468,587 | 3,185 | - | 471,772 | |
| Lord Braye’s Foundation | 47,031 | (8,344) | - | 38,687 | |
| The Charity of Frances Alice | |||||
| Chesterton | 114,376 | (14,314) | - | 100,062 | |
| -------------------- | -------------------- | -------------------- | -------------------- | ||
| Group total funds | £34,272,953 | £(1,188,268) | £- | £33,084,685 | |
| ============ | ============ | ============ | ============ |
- 26 -
Northampton Roman Catholic Diocesan Trust
Notes to the Financial Statements
Year ended 31 March 2025
6. FUNDS (Continued)
| FUNDS (Continued) | Transfer | |||
| Movement | Between | |||
| 2023 | in year | Funds | 2024 | |
| £ | £ | £ | £ | |
| Restricted: | ||||
| Restricted: Parishes and other | 1,841,326 | 465,399 | (69,447) | 2,237,278 |
| Restricted: Together in Faith | 1,170,370 | 1,449 | - | 1,171,819 |
| Fixed Assets | 132,807 | (3,162) | - | 129,645 |
| -------------------- | -------------------- | -------------------- | -------------------- | |
| 3,144,503 | 463,686 | (69,447) | 3,538,742 | |
| -------------------- | -------------------- | -------------------- | -------------------- | |
| General:fixed assets | 15,004,877 | (40,298) | - | 14,964,579 |
| General:diocesan fund | 7,431,272 | 1,991,977 | 69,447 | 9,492,696 |
| Designated funds: | ||||
| Diocesan maintenance | 195,720 | 23,563 | - | 219,283 |
| Ecclesiastical Education | 209,685 | 92,675 | - | 302,360 |
| Mass funds | 228,660 | 11,576 | - | 240,236 |
| Fox Den Trust | 192,670 | - | - | 192,670 |
| Fox Den Trust fixed assets | 161,392 | (3,843) | - | 157,549 |
| Bishop’s Discretionary Fund | 42,931 | 3,946 | - | 46,877 |
| Chapter fund | (318) | 1,182 | - | 864 |
| Sick clergy insurance | 92,600 | (23,313) | - | 69,287 |
| Theological Education | 9,875 | - | - | 9,875 |
| Jubilee Fund | 854,749 | (36,895) | - | 817,855 |
| Property Fund | 1,924,395 | 192,335 | - | 2,116,729 |
| Trust funds | 689,345 | 35,243 | - | 724,588 |
| Ezekiel | 1,147 | - | - | 1,147 |
| -------------------- | -------------------- | -------------------- | -------------------- | |
| 4,602,851 | 296,469 | - | 4,899,320 | |
| -------------------- | -------------------- | -------------------- | -------------------- | |
| Charity total funds | £30,183,503 | £2,711,834 | £- | £32,895,337 |
| Separate charitable trusts held | ||||
| in group restricted funds: | ||||
| Educational Trust | 709,205 | 38,417 | - | 747,622 |
| Northampton Slough Diocesan | ||||
| Education Trust | 435,371 | 33,216 | - | 468,587 |
| Lord Braye’s Foundation | 4,733 | 42,298 | - | 47,031 |
| The Charity of Frances Alice | ||||
| Chesterton | 5,752 | 108,624 | - | 114,376 |
| -------------------- | -------------------- | -------------------- | -------------------- | |
| Group total funds | £31,338,564 | £2,934,389 | £- | £34,272,953 |
| ============ | ============ | ============ | ============ |
- 27 -
Northampton Roman Catholic Diocesan Trust
Notes to the Financial Statements
Year ended 31 March 2025
6. FUNDS (Continued)
Restricted funds (Parish and others) represent monies raised for specific purposes and Easter and Christmas offerings to priests, not yet paid out by the year end. They also include legacies received and fundraising for specific purposes, provisions made for the retirement of priests and voluntary parental contributions to building costs of our voluntary aided schools.
Restricted Together in Faith represents donations made to meet costs to support retired clergy and the training of new priests, as well as the funding of catechists and lay training and also particular parish projects.
The SoFA shows transfers in the year as agreed by Trustees. This represents a transfer of unrestricted funds of £1,842,947, being Parish and Jubilee Pension levies. These transfers net off within the General: diocesan fund since both parochial and curial unrestricted funds make up this fund. The above transfer includes an amount transferred from parochial unrestricted to curial unrestricted of £1,639,869 (2024: £1,635,302) which relates to levies charged to parishes. An amount transferred from parochial unrestricted to curial unrestricted of £203,078 (2024: £203,850) relates to the Jubilee Pension Levy representing contributions made in the year by parishes to the retirement fund for priests. The Diocesan Board and Council of Priests agreed to increase the levies from 23% to 38% to cover the cost of central services and retired Priests, which was historically under-funded.
The Jubilee Fund represents the Jubilee levy on parishes which is used to fund income in retirement and costs for priests no longer in active ministry.
The Property Fund represents a 25% share of net sale proceeds from parish properties, allocated to the Curia to be used to fund urgent parish project works in exceptional circumstances.
The Trust Funds represents a number of individual funds left to the Diocese without restriction, to be used at their discretion or the Discretion of the Bishop.
An amount transferred from parochial unrestricted to curial unrestricted of £nil (2024: £192,339) relates to the parish element of the sale of St Aidan’s Manor Road recognised as being available for the support of Diocesan general expenditure.
Designated funds are amounts set aside at the discretion of the trustees and are for longer term purposes. They include funds set aside for the support of the Bishop, the education of new priests and the laity, the provision of some accommodation for retired priests and the support of schools. Expenditure is made from the majority of these funds on an annual basis, but where this is not the case, the trustees are continually reviewing their purpose to ensure their designation remains appropriate.
The Diocese are currently undergoing a project to review all designated funds held with the intention to combine/release funds appropriately in the 2025/26 Financial Year
Group restricted funds. The funds above incorporate all funds under the control of the Diocese and these include 4 trusts registered as separate charities: -
| Northampton Diocesan Education Fund | Charity Number 267132 |
|---|---|
| Lord Braye’s Foundation | Charity Number 242281 |
| The Charity of Frances Alice Chesterton | Charity Number 252034 |
| Northampton Slough Diocese Educational Trust | Charity Number 1165631 |
- 28 -
Northampton Roman Catholic Diocesan Trust
Notes to the Financial Statements
Year ended 31 March 2025
7. CHARITABLE ACTIVITIES IN FURTHERANCE OF CHARITY’S OBJECTS
| Restricted | Unrestricted | 2025 | Restricted | Unrestricted | 2024 | |
|---|---|---|---|---|---|---|
| Funds | Funds | Total | Funds | Funds | Total | |
| £ | £ | £ | £ | £ | £ | |
| Support of parish | ||||||
| life | ||||||
| Liturgical and pastoral |
165,833 | 693,930 | 859,763 | 98,241 | 592,486 | 690,727 |
| Domestic | - | 335,941 | 335,941 | - | 304,027 | 304,027 |
| Establishment | - | 1,807,062 | 1,807,062 | - | 1,475,844 | 1,475,844 |
| Office | - | 552,553 | 552,553 | - | 468,094 | 468,094 |
| Travel | - | 86,692 | 86,692 | - | 98,425 | 98,425 |
| Personnel | 69,670 | 1,112,764 | 1,182,434 | 41,929 | 1,057,622 | 1,099,551 |
| Parish workers | - | 763,017 | 763,017 | - | 709,010 | 709,010 |
| Repository | - | 51,810 | 51,810 | - | 113,393 | 113,393 |
| Parish church and presbytery repairs |
28,440 | 570,071 | 598,511 | 23,834 | 794,764 | 818,598 |
| Church and presbytery repairs |
- | 1,343,343 | 1,343,343 | - | (58,828) | (58,828) |
| Depreciation | 3,162 | 469,690 | 472,852 | 3,162 | 457,648 | 460,810 |
| ---------------------- | -------------------- | ------------------ | ---------------------- | -------------------- | ------------------ | |
| Subtotal | 267,105 | 7,786,873 | 8,053,978 | 167,166 | 6,012,485 | 6,179,651 |
| ---------------------- | -------------------- | ------------------ | ---------------------- | -------------------- | ------------------ | |
| Activities carried | ||||||
| out centrally | ||||||
| Religious advisers expenses |
- | 140,618 | 140,618 | - | 239,966 | 239,966 |
| Expenses of diocesan commission |
- | 509,313 | 509,313 | - | 418,263 | 418,263 |
| Mass funds | - | - | - | - | (3,842) | (3,842) |
| Marriage tribunal | - | 37,744 | 37,744 | - | 35,301 | 35,301 |
| Youth service | - | 96,979 | 96,979 | - | 140,870 | 140,870 |
| Diocesan maintenance |
- | 410,199 | 410,199 | - | 297,883 | 297,883 |
| Ecclesiastical education |
139,598 | 11,900 | 151,498 | 100,061 | 4,870 | 104,931 |
| Personnel | 24,974 | 262,964 | 287,938 | 45,336 | 302,347 | 347,683 |
| Diocesan communications |
- | 135,329 | 135,329 | - | 116,331 | 116,331 |
| Vocations | - | (1,907) | (1,907) | - | 803 | 803 |
| ------------------------ | -------------------- | ------------------ | ---------------------- | -------------------- | ------------------ | |
| Subtotal | 164,572 | 1,603,139 | 1,767,711 | 145,397 | 1,552,792 | 1,698,189 |
| ------------------------- | -------------------- | ------------------ | ---------------------- | -------------------- | ------------------ |
- 29 -
Northampton Roman Catholic Diocesan Trust
Notes to the Financial Statements
Year ended 31 March 2025
7. CHARITABLE ACTIVITIES IN FURTHERANCE OF CHARITY’S OBJECTS (Continued)
Provision of Catholic school building and Maintenance
| Restricted | Unrestricted | 2025 | Restricted | Unrestricted | 2024 | |
|---|---|---|---|---|---|---|
| Funds | Funds | Total | Funds | Funds | Total | |
| £ | £ | £ | £ | £ | £ | |
| School repairs | - | 237,490 | 237,490 | - | 239,827 | 239,827 |
| ----------------------- | -------------------- | ------------------ | ---------------------- | -------------------- | ------------------ | |
| - | ||||||
| Subtotal | - | 237,490 | 237,490 | - | 239,827 | 239,827 |
| ----------------------- | -------------------- | ------------------ | ---------------------- | -------------------- | ------------------ | |
| - | ||||||
| Totals | 431,677 | 9,627,502 | 10,059,179 | 312,563 | 7,805,104 | 8,117,667 |
| ============ | ========== | ======== | =========== | ========== | ======== |
Included within expenditure is an amount of £85,111 (2024: £72,125) of interest payable (£21,278 allocated to curial unrestricted and £63,833 allocated to parochial unrestricted) in relation to interest on bank loans.
8. SUPPORT COSTS
Finance, admin and property salary costs of £514,422, bank charges and interest of £87,367 and office running costs of £296,524 are split per the below:
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Schools | 213,276 | 188,820 |
| Parish | 538,899 | 475,909 |
| Curial | 146,138 | 124,881 |
| -------------------- | -------------------- | |
| £898,313 | £789,610 | |
| ========= | ========= |
These costs are apportioned to activities either on a direct cost basis, on a staff time basis or on an estimated usage basis of 75% parish life, 20% curia activities, 5% provision of school buildings.
| 9. | RAISING FUNDS | 2025 | 2024 |
|---|---|---|---|
| £ | £ | ||
| Fundraising | 158,632 | 130,752 | |
| Planned giving expenses | - | (480) | |
| Investment management costs | 47,031 | 43,845 | |
| -------------------- | -------------------- | ||
| £205,663 | £174,117 | ||
| ========= | ========= | ||
| 10. | GOVERNANCE COSTS | 2025 | 2024 |
| £ | £ | ||
| External auditors’ fees gross of VAT | 60,000 | 84,000 | |
| Internal auditors’ fees | 2,225 | 2,638 | |
| -------------------- | -------------------- | ||
| £62,225 | £86,638 | ||
| ========= | ========= |
- 30 -
Northampton Roman Catholic Diocesan Trust
Notes to the Financial Statements
Year ended 31 March 2025
11. SECOND COLLECTIONS PAYABLE IN FURTHERANCE OF CHARITY’S OBJECTS
These are special collections held at each parish in support of certain organisations related to the church or supported by individual parishes and the work that they carry out. These incoming donations are held as restricted funds and are then paid out to the relevant organisation.
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Incoming second collections | 305,484 | 488,676 |
| Amounts paid out | 468,356 | 500,973 |
| ========= | ========= |
Not included in these figures are second collections taken and paid out in full in relation to a number of organisations where it is either mandatory or customary to support those charities. The monies raised and paid out are treated as conduit funding and so are excluded from the Diocesan accounts. The total of such monies received and paid out in full was £343,547 (2024: £321,690). The organisations supported include Holy Shrines, Mass Media, Peter’s Pence, Stella Maris (formerly Apostleship of the Sea), Society for the Protection of the Unborn Child, Third World Aid, Catholic Fund for Overseas Development (CAFOD), St Vincent de Paul Society, Survive-MIVA (Missionary Vehicle Association).
12. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| BETWEEN FUNDS | Net current | |||
|---|---|---|---|---|
| assets plus | ||||
| Tangible | non-current | |||
| fixed assets | Investments | liabilities | Total | |
| Group | £ | £ | £ | £ |
| 2025 | ||||
| Restricted funds | 126,484 | 1,763,077 | 3,113,395 | 5,002,956 |
| General | 15,065,328 | 11,036,085 | (2,880,580) | 23,220,833 |
| Designated | 153,706 | 1,831,440 | 2,875,750 | 4,860,896 |
| ---------------------- | -------------------- | ------------------ | --------------------- | |
| Total funds | 15,345,518 | 14,630,602 | 3,108,565 | 33,084,685 |
| ========== | ========= | ======== | ========== | |
| 2024 | ||||
| Restricted funds | 129,645 | 873,875 | 3,912,838 | 4,916,358 |
| General | 14,964,579 | 11,081,599 | (1,588,903) | 24,457,275 |
| Designated | 157,549 | 2,584,223 | 2,157,548 | 4,899,320 |
| ---------------------- | -------------------- | ------------------ | --------------------- | |
| Total funds | 15,251,773 | 14,539,697 | 4,481,483 | 34,272,953 |
| ========== | ========= | ======== | ========== | |
| Charity | ||||
| 2025 | ||||
| Restricted funds | 126,484 | 770,150 | 2,744,496 | 3,641,130 |
| General | 15,065,328 | 11,036,085 | (2,880,580) | 23,220,833 |
| Designated | 153,706 | 1,831,440 | 2,875,750 | 4,860,896 |
| ---------------------- | -------------------- | ------------------ | --------------------- | |
| Total funds | 15,345,518 | 13,637,675 | 2,739,666 | 31,722,859 |
| ========== | ========= | ======== | ========== | |
| 2024 | ||||
| Restricted funds | 129,645 | 3,670 | 3,318,664 | 3,451,979 |
| General | 14,964,579 | 11,081,599 | (1,492,434) | 24,553,744 |
| Designated | 157,549 | 2,422,814 | 2,309,253 | 4,889,616 |
| ---------------------- | -------------------- | ------------------ | --------------------- | |
| Total funds | 15,251,773 | 13,508,083 | 4,135,483 | 32,895,339 |
| ========== | ========= | ======== | ========== |
- 31 -
Northampton Roman Catholic Diocesan Trust
Notes to the Financial Statements
Year ended 31 March 2025
| 13. | STAFF COSTS | 2025 | 2024 |
|---|---|---|---|
| £ | £ | ||
| Gross salaries | 2,048,738 | 1,958,696 | |
| Employer’s national insurance | 153,528 | 143,976 | |
| Employer’s pension contributions | 63,432 | 61,149 | |
| -------------------- | -------------------- | ||
| £2,265,698 | £2,163,821 | ||
| ========= | ========= | ||
| The average number of employees analysed, by function, was: | |||
| Number | Number | ||
| Fundraising and publicity | 1 | 1 | |
| Direct charitable | 109 | 112 | |
| Management and administration of the charity | 4 | 4 | |
| ------------- | ------------- | ||
| 114 | 117 | ||
| ====== | ====== | ||
| 2025 | 2024 | ||
| Number | Number | ||
| £60,001 to £70,000 | 1 | 1 | |
| £70,001 to £80,000 | 1 | - | |
| 2 | 1 |
Key management personnel received salary, employer’s national insurance and pension contributions of £289,491 (2024: £283,097).
Redundancy and termination payments of £nil were paid during the year (2024: £9,839).
14. TRANSACTIONS WITH TRUSTEES
No trustee received remuneration (2024: None) and one trustee was reimbursed £141 (2024: one trustee was reimbursed £140) for expenses in their role as trustee during the year. Insurance premiums paid include trustees’ indemnity insurance. A total of £7,360 (2024: £11,756) donations were received from trustees during the year.
15. RELATED PARTY TRANSACTIONS
There were no other related party transactions during the year (2024: £nil).
- 32 -
Northampton Roman Catholic Diocesan Trust
Notes to the Financial Statements
Year ended 31 March 2025
16. SUBSIDIARY CHARITIES
These accounts consolidate the results of the Roman Catholic Diocese of Northampton, and the 4 trusts registered as separate charities referred to in note 6. A summary of the financial statements of all 4 trusts is provided below: -
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Income | 33,730 | 171,856 |
| Gains/(losses) on investments | (19,661) | 50,699 |
| -------------------- | -------------------- | |
| Surplus | 14,069 | 222,555 |
| ========= | ========= | |
| Reserves | 1,391,685 | 1,377,616 |
| ========= | ========= | |
| Investments | 1,022,786 | 1,031,614 |
| Current assets | 368,899 | 346,002 |
| ========= | ========= | |
| Net assets | 1,391,685 | 1,377,616 |
| ========= | ========= |
The charity has two wholly owned subsidiary companies which are considered immaterial to the group as a whole and therefore these companies have not been consolidated into these financial statements. RCDN Property Services Ltd (RCDN) provides property project management services to schools within the Diocese. St Thomas of Canterbury Cathedral Centre Ltd (STCCC) runs a restaurant provided to parishioners and the wider community. The charity owns 100% of the issued share capital of £100 in both companies. A summary of the financial statements for both companies for the year ending 31[st] March 2025 is provided below: -
| 2025 | RCDN | STCCC | Total |
|---|---|---|---|
| £ | £ | £ | |
| Turnover and other income | 72,778 | 110,299 | 183,077 |
| Expenses | (1,562) | (81,055) | (82,617) |
| -------------------- | -------------------- | -------------------- | |
| Operating profit | 71,216 | 29,244 | 100,460 |
| Gift aid paid to parent charity | (97,717) | (21,209) | (118,926) |
| -------------------- | -------------------- | -------------------- | |
| Operating (loss)/profit | (26,501) | 8,035 | (18,466) |
| ========= | ========= | ========= | |
| Reserves | 71,316 | 29,344 | 100,660 |
| ========= | ========= | ========= | |
| Tangible Fixed Assets | - | 23,136 | 23,136 |
| Current assets | 73,067 | 13,805 | 86,872 |
| Creditors: - amounts falling due within | (1,751) | (7,597) | (9,348) |
| one year | |||
| ========= | ========= | ========= | |
| Net assets | 71,316 | 29,344 | 100,660 |
| ========= | ========= | ========= |
- 33 -
Northampton Roman Catholic Diocesan Trust
Notes to the Financial Statements
Year ended 31 March 2025
| 2024 | RCDN | STCCC | Total |
|---|---|---|---|
| £ | £ | £ | |
| Turnover and other income | 99,157 | 92,048 | 191,205 |
| Expenses | (1,440) | (69,365) | (70,805) |
| -------------------- | -------------------- | -------------------- | |
| Operating profit | 97,717 | 22,683 | 120,400 |
| Gift aid paid to parent charity | (87,929) | - | (87,929) |
| -------------------- | -------------------- | -------------------- | |
| Operating profit | 9,788 | 22,683 | 32,471 |
| ========= | ========= | ========= | |
| Reserves | 97,817 | 21,309 | 119,126 |
| ========= | ========= | ========= | |
| Tangible Fixed Assets | - | 15,943 | 15,943 |
| Current assets | 114,538 | 45,240 | 159,778 |
| Creditors: - amounts falling due within | (16,721) | (39,874) | (56,595) |
| one year | |||
| ========= | ========= | ========= | |
| Net assets | 97,817 | 21,309 | 119,126 |
| ========= | ========= | ========= |
- 34 -
Northampton Roman Catholic Diocesan Trust
Notes to the Financial Statements
Year ended 31 March 2025
17. SOFA Comparative 2024
| Parochial | Parochial | Curial | Diocesan | Diocesan | ||
|---|---|---|---|---|---|---|
| Restricted | Unrestricted | Restricted | Unrestricted | 2024 |
2023 | |
| £ | £ | £ | £ | £ | £ | |
| Income from: | ||||||
| Donations and legacies | ||||||
| Collections & donations | 251,302 | 5,499,156 | 308,533 | 384,107 |
6,443,098 | 5,539,780 |
| Second collections | 488,676 | - | - | - |
488,676 | 355,255 |
| Legacies | - | 148,937 | - | 538,925 |
687,862 | 186,663 |
| Grants received | - | 2,220 | 230,817 | - |
233,037 | 291,827 |
| Fundraising | 201,917 | 327,773 | (1,019) | 27,402 |
556,073 | 445,016 |
| Investments | ||||||
| Dividend income | - | 61,087 | 19,421 | 332,983 | 413,491 | 246,187 |
| Bank interest | - | - | - | 9,354 | 9,354 | 44 |
| Rental income | - | 683,197 | - | 9,956 | 693,153 | 698,598 |
| Other | ||||||
| Sales of assets | - | - | - | 887,561 | 887,561 | - |
| -------------------- | --------------------- | ---------------------- | ------------------------ | ------------------------- | ------------------------- | |
| Total income | 941,895 | 6,722,370 | 557,752 | 2,190,288 | 10,412,305 | 7,763,370 |
| -------------------- | --------------------- | ---------------------- | ------------------------ | ------------------------- | ---------------------------- | |
| Expenditure on: | ||||||
| Raising funds: | ||||||
| Costs of generating | ||||||
| voluntary income | 36,180 | 80,974 | - | 13,118 | 130,272 | 132,041 |
| Investment & property | ||||||
| management costs | - | - | 2,448 | 41,397 | 43,845 | 56,485 |
| Charitable activities: | ||||||
| 2ndcollections & grants | 489,784 | 10,811 | - | 378 | 500,973 | 434,908 |
| Support of parish life | 122,076 | 5,444,782 | 45,090 | 567,703 | 6,179,651 | 5,601,664 |
| Curial activities | - | - | 145,397 | 1,552,792 | 1,698,189 | 1,521,395 |
| SFCS Pension | - | - | - | - | - | 513,000 |
| Expense | ||||||
| Sch buildings provision | - | - | - | 239,827 | 239,827 | 169,551 |
| -------------------- | --------------------- | ---------------------- | ------------------------ | ------------------------- | ------------------------- | |
| Total expenditure | 648,040 | 5,536,567 |
192,935 | 2,415,215 | 8,792,757 | 8,429,044 |
| -------------------- | --------------------- | ---------------------- | ------------------------ | ------------------------- | ------------------------- | |
| 293,855 | 1,185,803 | 364,817 | (224,927) | 1,619,548 |
(665,674) | |
| Net gains/(losses) on | ||||||
| investment assets: | ||||||
| Realised on disposal | ||||||
| investment properties | - | - | - | 563,765 | 563,765 | 83,774 |
| Realised on disposal | ||||||
| shares | - | - | (2,195) | (30,186) |
(32,381) |
(104,506) |
| Unrealised- Investments | - | - | 29,767 | 753,690 | 783,457 | (763,689) |
| Unrealised- Investment | ||||||
| Properties | - | - | - | - | - | 1,045,000 |
| -------------------- | --------------------- | ---------------------- | ------------------------ | ------------------------- | ------------------------- | |
| Net income/(expenditure) | 293,855 | 1,185,803 | 392,389 | 1,062,342 | 2,934,389 | (405,095) |
| Transfers between funds | (65,666) | (1,773,486) | (3,782) | 1,842,934 |
- | - |
| -------------------- | --------------------- | ---------------------- | ------------------------ | ------------------------ | ------------------------- | |
| Net movement in funds | 228,189 | (587,683) | 388,607 | 2,905,276 | 2,934,389 | (405,095) |
| Reconciliation of funds: | ||||||
| Total funds brought forward | 1,167,463 | 14,341,461 | 3,132,099 | 12,697,541 | 31,338,564 | 31,743,659 |
| -------------------- | --------------------- | ---------------------- | ------------------------ | ------------------------ | ------------------------- | |
| Total funds carried | ||||||
| forward at 31 Mar 2024 | 1,395,652 | 13,753,778 | 3,520,706 | 15,602,817 | 34,272,953 | 31,338,564 |
| ================================ | ========================================== | ====================================== | ==================================== | ========================================== | ========================================== |
- 35 -