2021-04-05-accounts - Brentwood Roman Catholic Diocesan Trust

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Diocesan Vision
Strand One: Charity, Justice and Social Action
Strand Two: Christian Life and Worship
Strand Three: Education
Strand Four: Family
Strand Five: Formation
Strand Sire Integration
Strand Seven: Leaders		10
Strand Eight: Material Assets		10
Strand Nine: Prayer and Spirituality
Strand Ten: Priests and	People
Strand Eleven: Vocations to the Priesthood
Strand Twelve: Young People
Reports
Report ofthe Directors	ofthe Corporate Trustee	13
Independent Auditor's	Report	20
Accounts
Consolidated Statement	ofFinancial Activities	23
Balance Sheet
Cash Flow Statement		25
Statement ofAccounting Policies
Notes tothe Accounts		31

REFERENCE AND ADMINDTRATRIE	DETAILS OF THE CHARIIY, SOIETRUSTEEAND ADVNERS	DETAILS OF THE CHARIIY, SOIETRUSTEEAND ADVNERS
REGISTERED NAME	Brentwood Roman CathoBc			Diocesan Trust
CHARlly REGISTRATION NUMBER	234092
SOLETRUSTEE	The Trust Isadministered		by	the Brantwood Roman Catholic Diocese Trustee (Trust
	Corporation —ammpany		Incorporated 13oMarch 1948,Company		Registration
	450897)
PRINQPAL OFFICEAND REGSTERED	CathedralHouse
DFFICEOFTHE SOLETRUSTEE	Ingrave Road
	Brentwood
	EssexCM15 BAT
DIRECIORS OFMESOLETRUSTEE	The Directors who have	served during the year, and since, are as
(known as Membem ofthe Board)	follows:
	Rt Rev Alan Williams S.M.
	Rt Rev Mgr Kevin Hale VG
	Rt Rev Mgr Christopher	Brooks
	Rev Canon Patrick JSammon			(resigned 16Demmber 2021)
	Rev Staph err Myare
	Rev Dominic Howarth
	Rev MarDn Boland (resigned			17February 2022)
	Mr Peter Johnson
	Mrs Nlcogna Lyon
	Mr Michael L'Estmnge	(resigned 12September 2021)
	Sir lan McAgister CBE (resigned 17March 2022)
	Mrs Maureen Okoye (appointed 15December 2022)
	Ms Aurora sanuano (resigned			21January 2021)
	Ms Lit Toher (resigned 20		May 2021)
DIOCESAN FINANCIAL SECRETARY	Anne-Marie Stokkereit
BANKERS	HSBC PLC
	Fenton House
	85-89New London Road
	Chelmsford
	Essex CM2 OPP
	Stone King
	Boundary House
	91Charterhouse Street
	London EC1M 6HR
AUDITORS	Price Bailey LLP
	Tennyson House
	Cambridge Business Park
	Cambridge
	084OWZ
INVESTMENT ADVISORS	Sarasln 8Partners LLP
	Juxon House
	100St Paul's Churchyard
	London EC4M BBU

		Unrestricted	parochial	Restricted	endowment	2021	2020
	Notes	Funds	Funds	Funds	Funds	Total	Total
		E	E	E	E	E	E
Income from:							Restated
Donations and legacies		79,557	6,330,027	643,180		7,052,764	9,332,591
Other trading activities		50,928	561,473			612401	1,544,738
Investment income		366,717	199,892	197,752		764,361	797,710
Charitable Activities		11,035	183,536	54,956		249,527	785,921
Other income
Surplus on sale offixed assets							1,209,791
Coronavirus Job Retention		47,098	263,632	316		311,046
Scheme Grant
Total Income		555,335	7,538,560	896,204		8,990,099	13670751
Expenditure on:
Raising funds		53,695	30,050			83,745	252,590
Charitable activities		2,125,408	6,726,192	1,601,787		10g53,387	12,593,018
Total Expenditure	5	2,179,103	6,756,242	1,601,787		10,537,132	12,845,608
		(1,623,768)	782,318	(705,583)		(1,547,033)	825,143
Investment Gains/(Losses)
Unrealised	8	2,350,992	651,278	1,303;435	122,190	4,427,895	1,227,426
Net income before transfers		727,224	1,433,596	597,852	122,190	2,880,862	2,052,569
Transfers:
From Parochial Funds	15	1,613,680	(1,613,680)
To/from Restricted Funds	15	(59,890)	(138,381)	198,271
Net Movements on Funds		2,281,014	(318,465)	796,123	122,190	2',862	2,052,569
Reconciliation offunds
Funds brought forward		7,559,521	33.821,726	7,289,502	972,656	49,643,405	48,569,811
Prior year adjustment			978,975			978,975
Funds Carried Forward		E9,840,535	34,482,236	E8,085,625	E1,0942I46	E53,S03,242	E50,622,380

				2021
		Notes	E
FIXED ASSETS						Restated
Tangible fixed assets				18,164458		18,199,424
Investments				26,819,131		22,037,268
				44,983,989		40,236,692
CURRENT ASSETS
Debtors		9	2,079,852		2,412,498
Cash at bank and in hand			9877,618		8,596,083
			11,557,470		11,008,581
CREDITORS: Amounts
falling due
Within one	year	10	(3,038,217)		(622,893i
NET CURRENT ASSETS				8,519,253		10,385,688
				E53,503,242		E50,622,380
FUNDS
Unrestricted	—General	12		7,343,542		5,444,611
	-Designated	12		2,496,993		2,114,910
	-Parochial			34,482,236		34,800,701
				44,322,771		42,360,222
Restricted		13		8,085,625		7,289,502
Permanent	Endowment	13		1,094,846		972,656
				E53,503,242		E50,622,380


						Restated
Net Cash flow	from Operating
Activities
Net (expenditure)/	income			(1,547,033)		S25,143
Depreciation				384,721		405,269
Investment income	and Interest received			(570,199)		(571,905)
Loss(surplus) on sale offixed assets				7,747		(826,011)
Decrease/(Increase)	in debtors			332,646		(1,113,398)
Increase in creditors				2,418,325		286,796
				1,026,207		(994,106)
Cash flows from investing activities
Investment income	and interest received		570,199		571,905
Proceeds from sale	ofinvestments
Purchase oftangible fixed assets			P11,870)		(1,331,465)
Proceeds from sale	oftangible fixed	assets			978,575
				(141,671)		219,015
				884,536		(775,091)
Cash flows from financing		activities
Movements on loans to parishes from third
Parties				(3,000)		(40432)
Change in cash and	cash equivalents	Inthe year		881,536		(815,923)
Cash and cash equivalents atthe beginning ofthe
Year				8,596,082		9,412,006
Cash and cash equivalents atthe end ofthe year				f9,477,618		f8,596,083

Freehold	buildings	50years
Fixtures	and fittings	10years
Furniture	and equipment	5years
Motor vehicles		4years

1.	DONATIONS	AND LEGACIES	AND LEGACIES	2021	2020
				E	E
	Legacies			241,807	408,579
	Donations including plate		collections	6,810,957	8,924,012
				E7,052,764	E9,332,591
2.	INCOME FROM TRADING		ACTIVITIES
	Parish hall and other rents received			360,941	986,441
	Fundralsing	events		248,056	544/11
	Other			3,404	13,886
				5612,401	E1,544,738
3.	INVESTMENT INCOME
	Arising on quoted invettments			570,199	571,905
	Income from investment		properties	192,550	217,540
	Bankinterest			1,612	8,265
				E764,361	5797,710
*
	INCOME FROM CHARITABLE ACTIVITIES
	Altar society	and repository sales		180,562	609,615
	Chaplalndes			2,974	15,740
	Retreat and	course contributions		54,956	121,400
	Educational	courses &fees		11,035	39,166
				E249,527	E785,921

EXPENDllllRE
		Unrestricted	Pamchlal	Restrksed	Endowment	2022	2020
		Funds	Funds	Funds	Funds	Total	Total
		6	E	6	6	6
'Raising Funds
Fundraising and social			30,050			30,050	243,565
Investment property	repairs	53,695				53,695	'9,025
		53,695				$3,745	2SMSO
Charitable Acdvldes
Pmvlslon ofworship
Upkeep of buildings		136,31$	2~2@59			2,67$,377	3,519,419
Depradathn			281,111			281,111	261,734
Support costs allocated		169W2		' 26,766		196,16$	229,722
		305,720	2+23,170	26,766		3,155,656	4,010,875
Clergy and parish support
Sickand retired clergy				282,029		282,029	194,031
Clergy and church costs		220,742	3,251,860	377,849		3,850,451	4,544,397
Education and training				251,716		251,716	270,253
Parish administration			513,299			513,299	765,278
Support costs agocsted		296,454		46,840		343,294	402,014
		S17,196	3,765,159	958834		5,240,789	6,175,973
Pastoral Cam and
Communhy Support
Pastoral support				42r&8		5,774	17,565
Other vicariates		308,899		(252t25)		283,074	338,$24
Retreat mntres		130,607		55~5		186,092	282,059
Local community canus		63&7				63,397	83,120
Cathedral music		10,443				10,443	132t50
Donations paid		179,085	83,075	8,098		270.258	283,27$
Support costs allocated		296,454		46.840		343.294	402,014
		989,771	83,075	89,486		1,162,332	1,420,710
Schools programme
Bugdlng programme		31,660	54,78$			' $6,448	117,240
Vicarhte for education		196,359		523,719		710,07$	753359
Support costs allocated		84,702		13,382		98,0&4	1142l61
		312,721	54,788	S27,101		894,610	985r460
			6,726,192	tdm1,787		10,433~	22„rtghgtg
Total Expenditum		$2,179,103	66,756vt42	61,602,7$7		620537,232	6222t45,608
							32

EXPENDITURE (continued)	Analysis ofexpenditure	forthe comparative year:	forthe comparative year:
	Unrestricted	Parochial	Restricted	Endowment	2020
	Funds	Funds	Funds	Funds	Total
			f	f	f
Rahlng Funds
Fundralsing and social		243,565			243,565
Investment property repairs	9,025				9,025
Chhrltahle Activities
Provision ofwomhlp
Upkeep of buildings	101,345	3,413438	4,986		3,519.419
Depreciation		261,734			262.734
Support msts allocated	206,876		22,846		229,722
	308,221	3,674,822	27,832		4,010,875
Clergy and parish support
Sickand retired clergy			194,031		1942131
Clergy and church msts	149.363	3,899,289	495,745		4544,397
Education snd training	1,592		268,661		270,253
Parish administration		765,278			765,278
Support costs allocated	36?„033		39,9$1		402,014
	512,988	4,664,567	998&418		6,175,973
Pastoral Care and
Community Support Pastoral support	2,347		15,218		'17,565
Other vlcarlates	337,510		1,314		338g24
Retreat centres	115,024		167,035		282,059
Loca1community centre	83,120				83&120
Cathedral music	13,850				13,850
Donations paid	137,951	138,491	6,836		283,278
Sup'port costs allocated	362,033		39,981		402,014
	1,051,835	138,491	230,3$4		1,420,710
Schools programme
Bugding progmrnrne	10,000	107,240			117,240
Vicerhte foreducation	284,361		468,998		753359
Support costs allocated	103,43$		11,423		1142t61
		107,240	480,421		985,460
		$.585~	1,7372155
Total Espenditure		fg~	f1,737r055		f122t46&608

EXPENDITURE (continued)				2021	2020
					f
Governance expenditure lndudes:
Current Auditor' remuneration				34,950
Preiious Auditors' remuneration
Previous Auditors'- Other services included	in professional	fees			3,600
Governance costs below include audit fees	and legal advice received		in
respect'of governance
Analysis and agocatlon ofsupport casts:

			Provtsirm	Suppolt of	Pastoral Care &			Schools	2021	2020
			ofWorship f	Clergy f	Cemmunhy Support f		Programme f		Total f	Total f
Finance Office			63,254	110,695	110,695			31,627	316,271	266,816
Curial Administration			28,600	50,049	50,049			14,300	142,998	89.842
Chancery &	Tribunal		17,787	31,127	31,128			8,894	88,936	93,294
Mensal			12,365	21,637	21,637			6,182	61,821	65,076
Rates, insurance		and
utilities			19,398	33,947	33,947			9,699	96,991	69,102
Maintenance	and		8,019	14,034	142i34			4,010	40,097	236,054
repairs
Professional	fees		10,236	17,913	17,912			5,118	51,179	106,510
Governance			8,606	15,061	15,061			4,303	43,031	42,768
Depreciation			21,791	38,135	38,135			10,896	108,957	108,956
Other			6,112	10,696	10,696			3,055	30,559	70,193
Analysis and allocation		ofsupport costsforthe		previous year:
			Pnwision	Support of	Pastoral Cme		Ta		Schools	2020
			atWorship f	tsergy f	Communhy f	Support		Prosmmme f		Total
Finance Ofhce			53,363	93,385	93,386			26,682		266,816
Curial Administration			17,968	31,445	31,445				8,984	892t42
Chancery lh	Tribunal		18,659	32,653	32,653				9,329	93,294
Mensal			13,015	22,777	22,?76				6,508	65,076
Rates, insurance		and
utilities			13,820	24,186	24,186				6,910	69,102
Maintenance	and		47,211	82,619	82,619			23,605		236,054
repairs
Professional	fees		21,303	37,278	37,278			10,651		106,510
Governance			8,553	14,969	14,969				4,277	42,768
Depredation			21,791	38,135	38,134			10,896		108,956
Other			14,039	24,567	24,568				7,019	70,193
					~f402 14

StaffCosts:		2021f	2020 f
Wages and salaries		2,480/52	2p390,036
Social security		163,661	155,403
Pension costs		267,437	245,457
Redundancy costs		18,810
		f2,930,360	f2,790,896
		2021
Average Number ofEmployees:		No	No
Administration		41	38
Parish employees		155	163
		196	201
Number ofemployees f60,000 -f70,000	who earned f60000or more during the year were:
f70,000 -f80,000
f100,000-f110,000

TANGIBLE FIXEDASSETS	Freehold	Fixtures Br	Furniture B
VALUATION AND COST	Bulklings f	Fittings E	Equipment E	Total E
At6April 2020	25,123,764	744,668	1,322,635	27,191,067
Additions	357,902			357,902
Disposals	(11,919)			(11,919)
At 5Apdil 2021	25,469,747	744,668	1,322,635	27,537,050
DEPRECIATION
At 6April 2020	7,591,004	148,281	1,252,358	8,991,643
Charge foryear	284,754	74,467	25,500	384,721
Disposals	(4,172)			(4,172)
At 5April 2021	7871,586	222,748	1,277,858	9,372,192
NET BOOK VALUE
At 5April 2021	617,598,161	f521,920	644,777	E18,164858
At 5April 2020	617,532,760	6596,3&7	670,277	618,199,424

INyESTMENTS					2021	2020
Investment properties					8,091,096	6,971,219
Stocks, shares and unit tru'sts (see below)					18,728.033	15,066,047
Subsidiary company (See	note 17)
					626,$19,131	622537,268
Analysis ofstocks, shares	and unit trusts
Income Units in Sarasin Alpha CIF					18,558,846	14,901,057
Cash awaiting investment						33,431
COIF Charities Investment	Fund Accumulation	Units			169,146	131,559
					618,728,033	E15,066,047
Analysis ofInvestment Properties
Opening Balance					6,971,219	4,224,933
Additions					353,968	299,994
Property revaluations with reference to desktop			valuations	carried out by	765,909	2446,292
managing agent, and market comparisons.
Closing Balance					8,091,096	6,971,219
Total investments at market value:
Opening Balance					22,037,268	20,509,848
Additions					353,968	299,994
Dlsposals
Unrealised (losses)/gains	dudng the year				4,427,895	1,227,426
Closing Balance					f26,819,131	622,037,26$

9.	DEBTORS	2021	2020
			Restated
	School related receivables	222,008	249,736
	Tax due on Gift Aid	1,121,502	1,057,454
	Land sale proceeds due (2020 restated)	653,290	978,975
	Other debtors and prepayments	83,052	126,333
		E2,079,852	2,412,498
10	CREDITORS	2021	2020
	Amounts faging due within one year:
	Barik overdraft and other loans
	Loans to parishes from third parties	9,000	12,000
	Trust funds to be paid out	10,833	10,753
	Other creditors and accruals	3,018,384	600,140
		63,038,217	6622,893

FINANCIAL INSTRUMENTS	FINANCIAL INSTRUMENTS							2021		2020
								f		f
Financial	assets measured	at	fair value					18,728,034		15,066,049
Financial	assets measured	by	amortised	cost				1,426,562		1,433,523
Financial	liabilities measured		by amortised		cost			3,038,217		622,894
Financial	assets measured	at	fair value	comprise		listed	investments.	Financial assets measured	at	amortised cost
comprise	grants due on school projects			and	other	debtors. Financial		liabilities measured at amortised		cost comprise
loans and.other creditors.

12.	UNRESTRICTED FUNDS	UNRESTRICTED FUNDS	UNRESTRICTED FUNDS	Balance at	Net		Gains/	Balance at
					(Exp)/Income
				6April	Before		(Losses) on	5April
				2020	Gains	Transfers	Investments	2021
				f	f	f	f	f
	GeneralFund			5,444,611	(1,646,999)	1,553,789	1,992,141	7,343,542
	General	Education	Fund	1,844,244	14,910		304,441	2,163,595
	Parishes	in Need Fund		270,666	8,323		54,409	333,398
	Total Designated		Funds	2,114,910	23,233		358,850	2,496,993
				f7,559,521	f(1,623,766)	E1,553,789	f2,350,991	E9,840,535
Forthe	comparative year:
				Balance at	Net		Gain	Balance at
					(Exp)/Income
				6 Apdil	Before		(Losses) on	5 Apdil
				2019	Gains	Transfers	Investments	2020
				E	f	f	f	f
	General	Fund		5,111,028	(1,466,445)	1,560,476	239,552	5,444,611
	General	Education	Fund	1,909,765	36,440	0	(101,961)	1,844,244
	Parishes	in Need Fund		280,589	8,300		(18,223)	270,666
	Total Designated		Funds	2,190,354	44,740		(120,184)	2,114,910
				E7,301,382	E(1,421,705)	f1,560,476	f119,368	E7,559,521

RESTRICTED FUNDS	RESTRICTED FUNDS		Balance at	Net		Gains/(losses)	Balance at
				(Exp)/Income
			6April	Before		On	5April
			2020	Gains	Transfers	Investments	2021
Wa Ising ham House			(48,087)	(529)	48,616
Sickand Retired	Clergy	Fund	1,908,313	(230,888)	147,141	236,062	2,060,628
hilensal Fund			517,051	(40,342)		138,341	615,050
BEEF			3,367,577	(124,107)		805,859	4,049,329
Vocations			75,239				77,629
Mass Fund			162,977	3,239		48,012	214,228
Parish Restricted	Funds		229,956	18,426			248,382
Caritas (merged	with SoCial Welfare		312,701	(55i855)			311,352
Fund previously	InOther Restricted)
BRCDTEducation	Fund		384,776.	(309,271)			75,505
Other Restricted	Funds		378,999	31,354	2,514	20,655	433,522
			E7,289,502	E(705,583)	6198,271	E1,303,435	E8,085,625
Permanent Endowment		Fund
Crowhurst legacy			.539,505			76,185	615,690
Suglvan Special	Trust		433,151			46,005	479.156
			6972,656	E-	E-	6122,190	E1,094,846

		Balance st	Net		Gains/(losses)	Balance at
			(Exp)/Income
		6April	Before		On	5April
		2019	Gains	Transfers	investments	2020
Walsingham House		(2P52)	(45,635)			(48,087)
Sick and Retired Clergy	Fund	1,950~7	(138,449)	174,101	(77,776)	1,908,313
Mensal Fund		563,383	(44,273)	44,273	(46,332)	517,051
BEEF		3,757,629	(120,159)		(269,893)	3,367,577
Vocations		68,373	62t66			75,239
Mass Fund		176,603	2854		(16,08O)	162,977
Legion of Mary Fund		15,105	(15,195)
Parish Restricted Funds		235,918	(5,962)			229,956
Caritas {mer8ed with Social welfare		336420	(5,564)		(18,255)	312,701
Fund previously in Other	Restdcted)
BRCOTEducation Fund		333,634	51,142			384,776
Other Restricted Funds		327,645	(14,087)	72,359	(6,918)	378.999
		E7,762,795	E(328/t62)	6290,823	E(435354)	67,289,502
Permanent Endowment	Fund
Cyowhurst Legacy		543,785			(4,280)	539,505
Sullivan Special Trust		250,000			183,151	433,151
		E793,785		E-	6178,871	E972,656

		Unrestricted f.	Parish Funds E	Restricted Funds	Permanent Endowment Fund	Total E
				E
					E
Opening Balance at
6April 2019		7,559,521	33,821,726	7,289,502	972,656	49,643,405
Land Sale Debtor			978,975			978,975
		7.559,521	34,800,701	7,289,502	972,656	50,622,380
ALLOCATION	OFTHE	CHARITY NETASSETS
					Net Curmnt
			Fbwd		Assets/
			Assets	Investments	(Liabilities)	Total
			6	6	E	E
Unrestricted	funds		1,751,149	13,304,950	I5,215,564)	9,840,535
Parish funds			16,406,509	5,834,469	12,241,258	34,482,236
Restriicted funds			7,200	6,660,466	1,417,959	8,085,625
Permanent				1,019,246	75,600	1,094,846
Endowment	fund
Total Net Assets			618,164,858	E26,819,131	E8,519,253	653,503,242
						43

For the c restated):	omparativ	e	year (as
						Net Current
				Fixed		assets/
				Assets	Investments	(Liabgltles)	Total
				E	f	E	f
Unrestricted	funds			1,860,105	10,601,959	(4,902,543)	7,559,521
Parish funds				16,329,719	5,183,191	13,287,791	34,800,701
Restricted funds				9,600	5,355,063	1,924,839	7,289,502
Permanent	Endowment		fund		897,055	75,601	972,656
Total Net Assets				618,199,424	f22,037,268	f10,365,688	f50,622,380
TRANSFERS						2021	2lfgtg
						F.	f
From/(To)	Parochial	Funds
Olocesan QUDta						1,609,550	1,648,227
Other						4,121	20,316
						f1,613,680	E1,668,543
To/(From)	Restrlcmd	Funds
						Permanent
				Restrhted E	General f	Endowment E	Parochialf.
Sickand Retired Clergy				140,841			(140,841)
Mensal
Restricted funds spent			on
Other				57,430	(59,890)
				f198,271	f(592)90)		f(138,381)

16.	TRANSFERS From/(To) Parochial Funds Olocesan QUDta Other To/(From) Restrlcmd Funds

		2021	2020
		6	E
Turnover
CostofSales
Profit on ordinary activities				6-
Interest in Brantwood Diocese (Trading)	Ltd	E2
Aggregate capital and reserves		62		f2

			Unrestdcted	Parochial	Restricted	Endowment	2020
	Notes		Fiinds	Fuiids	Funds	Funds	Total
			f	f	f	f	F.
Income from							Restated
Dbnatlons and legacies			376,374	7,883,699	1,072,518		9,332,591
Other trading activities			87,494	1/)57,244			1,544,738
Investment income			355,129	228,306	214,275		797,710
Charitable Activities			39,166	625,355	121,400		785,921
Other income
Surplus on sale ofAxed assets				1,209,791			1,209,791
Total Income			858,163	11,404,395	1,408,193		13,670,751
Expenditure on:
Raising funds			9,025	243,565			252.S90
Charitable activities			2,270,843	8,585,120	1,737,DSS		12,593,018
Tote I Expense		5	2,279,868	8,828,685	1,737,055		12,845,608
			(1,421,705)	2,575,710	(328,862)		825,143
Investment Gains/(Losses)
Realised
Unrea llsed				1,364,441	(435,254)	178,871	1,227,426
Net Income/(expenditure)			(1,302,337)	3,940,151	(764,116)	178,871	2,052,569
Transfers:
From Parochial Funds		15	1,66$,543	(1,668,543)
To/from Restricted Funds		15	(108,067)	(182,756)	290,823
Net Movements on Funds			258,139	2,0S8,852	(473,293)	17$,871	2,052p569
Reconciliation offunds
Funds broughtforward			7,3D1,3$2	32,711,849	7,762,795	793,7S5	48,569,811
Funds Carried Forward			f7,559,521	f34,80D,701	f7,289,502	f972,656	F50,622,380