DIOCESE OF BRENTWOOD The Brentwood Roman Catholi¢ Dio¢esan Trust Registered Charlty 234092 Annual Report 2022123 Contents Diocesan Vision Strand One: Charity, Justice and Social Action Strand Two: Christian Life and Worship Strand Three: Education Strand Four: Family Strand Five: Fomation Strand Six: Integration Strand Seven: Leaders Strand Eight: Material Assets Strand Nine: Prayer and Spiritualty Strand Ten: Priests and People li li Strand Eleven: Vocations to the Priesthood li Strand Twelve: Young People li Reports Report of the Directors of the Corporate Trustee 13 Independent Audltorfs Report 20 Accounts Statement of Financial Activities 23 Balance Sheet 24 Cash Flow Statement 25 Statement of Accountin8 Policies Notes to the Accounts 26 31 Dlocesan Vlslon: Bulldlng On Past The Dlocese of Brentwood was fomially ererted in 1917. Our first bishop. Bishop Ward had great personal devotion to Our Ladvs shrine at Lourdes and Brentwood was the first diocese In England & Wales to have Our lady of Lourdes as its Principal Patron. His devotlon to St Edmund of Abingdon lor Canterbury), led tothe choice of that Saint as a Secondary Patron of the new diocese (together with St Erconwald and subsequentty St Cedd). Our present Father in God is Bishop Alan Williams, a Marist Father and fom)erly Rector of the National Shrine of Our Lady at Walsingham. He has responsibility for a diocese of rich diversity.. East End and suburbs, towns ancient and modern, seaside resorts, rural parishe5 comprising dozens of wllages, as well as schools, reli8ious houses, and thaplaincies in hospitals, prisons and universities. It is our Prayer that as we gi￿ thanks for the witness of past generations, we also pray for a fresh outpouring of the Holy Spirit that we may be evermore faithful to proclaiming the Gospel of Christ. Dlocesan Vlslon: shapi￿ Our Future The Stewards of the Gospel initiative ha5 been a period of discernment for us as we seek the best response we can glve to God's love for us In an ever-chan8in8 souety. Followln8 the publication of our Diocesan Wision- Shapin8 Our Future, parishes and parish partnerships took time to interpret it in their local context and submit their plans for Bishop Alan's consideration. After an initial delay due to the COVID-19 pandemic, plans had been put In place during 2021122 in order to relaunth the process in 2022123. Unfortunately the relaunch was further delayed until January 2024 when all parishes received a pastoral letter from Bishop Alan Williams SM announcin8the re-launch of the partnership process with comblned parish partnershlp pastoral council meetings to be held across the Diocese as a matter of urgency. The full document can be read at h cont load 2017 Diocese-of-Brentwood- Vision-Do ument-l. d OUR VISION "Proclalm the Good News of Jesus Christ in Essex and East London" The Church in Essex and East London working better and dlfferently together to evangelise our diocese: it is a vision of the people of God here and now collaborating to use our various Grace-given gifts to evangelise our dlocese to the best of our comblned ability with the help of God OUR OBJECTIVES Maximise the opportunltles for evangellsatlon Maximise sacramental provision Maximise the opportunities for putting faith into action through charitable works OUR sfRATEGY Renewal and Restrurturing IMPLEMEKfATION Renewal: A 12-Strand Plan Restructuring: Parish Partnerships Dlocesan Vlslon: Le8al Objects Partnership process in January 2024 has also seen the appointment of Fr Dan Mason as the Episcopal Vicar for Parish Renewal. Our objects as set out in our legal constitution are -the odvoncement the Romon Catholic religion in the Diocese by such means as the Bishop may thinkfrt andproperfor the service and support whetherin the Diocese or outside the Diocese of charitable wo￿5 and objects promoted by the Church.- Strand One: Cha Artion Justlce and Soclal CARrrAS "Social JustKe demands that we fight against the causes of poverty: Inequality and the lack of labour, land, and lodging; against those who deny social and labour rights; and against the culture that leads to taking away the dignity of others" Pope Fra￿1$ Feb 2023 The Vision Document: Shaping Our Future represents a new way for us to work together for the advancement of the Roman Catholic religion in our Diocese. It commit5 US to focuslng on restrutturlng ourselves and renewing ourselves, so that in turn we may best proclaim the Good News of Jesus Chrtst. Caritas Diocese of Brentwood was launched on Ulorld Day of the Poor" In November 2018. and a full time Diocesan Caritas Co•Ordinator was in post by April 21. Reslruclurfng It is currently envisaged that our restructuring takes the form of placing 86 of our 87 parishes in 21 Parish Partnerships. These partnerships consist of people workin8 together with the help of God to achieve a common goal. Thus, our Parish Partnerships are intended to actively work together to achieve renewal. The Cathedral parish stands alone to best allow It to be the mother thurch and a beacon for our whole Diocese. Our now Dirertor of Caritas Diocese of Brentwood has championed our response to Pope Francis, call to care for our common home, wothing alongside other Dioceses in the EnvironThental Leads Group. After launching our'Laudato Si, invitations, Cornmitment5 and Actions document in October 2022, we en8a8ed with 21 parishes and many schools In order to establish an ever growing Laudato Si network. The work of the parishes and the parish partnershlps has been supported durlng the year by the Director of Development, and all the other vicariates and their respective executive departments. Communlcatlon Is key and we maintaln our strong social and digital media presence to publicise the many Social Action projects we support. Our Director of Caritas was Interviewed by BBC Essex. where they were able to raise awareness about what is done to help the homeless, support foodbanks and provide support to refugees across the Diocese. Renewal Our work and our achievements are reported In the context of our Dlocesan Vision Document: Shapin8 Our Future, so that for thi5 year and movingforward we can report against the 12 Strands of Renewal. The relaunch of the Parish In most cases. parlshes are In the pastoral care of diocesan priests and in several cases. the parishes are in the pastoral care of prlests from Rell8lous Orders orThe Personal Ordinariate of Our Lady of Walsin8ham. All our parishes are SLlPPOrted by an administration, referred to as the -Curia", vthich is or8ani5ed into Icariate5 SUPPOrted in tum by an executive made up of paid lay people. °caritas diocese of brentw()od We contlnued to champion the Real Living Wage. ensuringthat this is the minimurn paid (since 20181 to every employee in the Diocese. Livii We now have three Community Sponsorshlp projects In Essex supporting the settlemÈnt of refugees in our comrnunitres. Strand Two: Christlan Lile and Worshl The celebn7tion of the Euchon5t 15 the source andsummit of cwrfoith. and so all other liturqie5flowfrom and to the celebn7tion of Moss Our Dlocese consists of 87 parishes. The number has reduced in recent years. and we anticipate that as Parish Partnershlps evolve the number wlll further reduce. Each Sunday an average of 32,333 people 126,117 last year), attended service5. Attendance has continued to recover from the impact of the cov1￿19 restrirtions in 202012021 but has still not recovered to pre-pandemic levels- a decllne of over 20%. Similarly the number of people who were either baptised or ￿￿1ved into the church also increased to 2,247 from 1.894 In the prevlous year. The sacramental celebrations and other religious services. proclaiming the Gospel, exercise of the ministry of charity all take place in our parlshes. Furthermore, engagement with society, the pastoral care of, and service to, the Roman Catholic, and the broader community within our diocese, the provision, maintenance and upkeep of places of worship and, of course, prayer are largely undertaken by parishioners, priests and deacons in our parishes. Wrth our Liturw Office, our Chancery Office is involved with the administration side of the Rite of Christlan Initiation of Adults programme, the reception of hundreds of people. from atross the Diocese. who have followed the "Journey of Falth", and wish to be recelved intothe Catholic Church. Governance, Admissions, Reserved posts, RE and Collective Worship. Durlng the year, our parishes raised over £104,000 (2022: £78.CKXII to support Intemational causes, induding natural disasters and overseas mission work, a significant Increase when compared to the previous year. Appointments to reserved posts formed a sl8nlficant part of our work durin8 the period with at least 14 appointments being made. We've established a regular communications linkwith Schools and Advisers to ensure that all relevant information received from the CES and other sources is dissemlnated on a timely basis. We now distribute relevant information on a weekly basis to schools, whlch Indudes prayer and Catholic life materials. Parish volunteers contributed countless hours of work to good causes both within and beyond our diocese. Strand Three: Education Supporting Catholic Schools to provlde excellent education where pupilsflourish ond Christ is made known to oll. The prime focus forthework of BDES is in securin& preservin8 and developlng Catholic education into the future, as well as supporting schools when drfficulties have arisen, where schools have experienced decline or turmoil and where schools have become more vulnerable. Our work is summed up in our Mission Statement,. -Supportinq Catholic schools to provide excellent educotion where pupilsflouri5h and Christ 15 made known to oll." Our online training programme is now well established and duringthe year we were once again able to deliver more face to face training. Our training opportunities are diverse, ranging from more practical themes such as premises and site maintenance and health and safety, to Governance and Safeguarding. Trainin8 is also available from a Cathollc context- including music from a Catholic perspectlve. Six Catholic Multi Academy Trusts IMAT51 now exlst in our Diocese. They operate under distinctly Catholic names (Rosary Trust, Assisi Catholic Trust, ChristU5 Cathollc Trust, Good Shepherd Catholic Trust, Our Lady of Grace Cathollc Trust and Otsr Lady of Fatima Trust). This approach remains the preferred structure for Cathollc schools within the Diocese of Brentwood. and we hope to establish seventh MAT in the near future. The majority of our schools have now been academized. We have seven independent schools. Our newly Racial Justice Working Group for schools continued to meet. Our school vlslts are now back to pre- pandemic levels. We continued to work closely with the Catholic Education Service (CES}, Department for Education IDfEI, Ofsted, Teaching Unions and the Regional Schools Commlssloner IRSC) as well as relevant Local Authorities. As a religious authority, specific responsibilities remain in relation to the essential functions around Our vision is that our schools will work tO8ether collaboratively in a formal Structure which works for them, and benefits both pupils and staff. Our Chancery Office processes marria8e papers for marri38es takin8 place inside and out5idethe DI0￿se, and supported another significant increase In the proce5S of marriage papers when compared to the previous year: 81 (last year 45) sets of marriage papers for marriages tsking place outside the Diocese, mostly overseas. SCHOOL GOVERNANCE Governance Is an area of key Importance to our Diocese and continued to represent an opportunity for lay people to take on leadership role5. 59 {last year 661 sets of marria8e papers where one party belonged to another religion. 43 (last year 561 sets of papers, where one party had not been baptized. 1191last year 95) sets of marriage papers for Cathollcs wlshin8 to convalidate their civil marriage in the Catholic Church. We ensure that training OPPOrtunltles are increaslngly acce55ible for governor5 via on-line provislon in order to ensure Governors develop and maintain the required 5killsets to both challenge and support the school leadership. Strand Four." Faml The increase in activity was anticipated due to the number of p05tponements in 2020 and 2021. Supportfor marrloge ondfomlfy ts o ruciol part of the Church's ministry. and of great importancefor society os O kvhole. As a department of the Wicariate forAdvlt Formatlon. our mission is to prodaim the 800d nev￿ of God's love, revealed in a special way throL•gh the love of husband and wife, and the love for their children. Recognising that family lrfe brings many challenges and is often undermined bythe values of the contemporary world. the church has a special duty to accompany ourfamilies and offerwhatever sUPPOrt is needed. In addition, the work of the Chancery enabled people to marry in Churches of other denorninations, but wtth the necessary dispensations to allow the marriages to be recognised as valid by the Catholic Church. Strand Flve: Forniatlon Fom7ation 15 a lrfe-long proce55 of listening to what the Holy Spirlt is calling u5 to be ond to do In order too support our catechists, we continue to offer The Bishop's Certrficate in Catechesls and Youth Ministry is a yearlong course of 12 modules, coverln8 different aspects of faith and Church teachin& as well as practical skills in Youth Ministry. It is an entry-level qualification to help in the ongoing formation of adults who are involved in sacramental Where ongoing support is required. couples are introduced to other appropriate organisations such as Marriage Care or Retrouvaille, or their own parlsh. preparation or youth ministry in our Diocese. It includes development of prattical skills and the deepenin8 of theologlcal knowledge During the year parishes ralsed over £IO,OCKI for the Twinning Project- an increase of over IINYA on the previous year. The Vicariate forAdult Formation aims to provlde a variety of resources and support for those lay men and women who wish to develop a more mature understandln8 of their Catholic Faith and to deepen their relationship with Christ though a lrfe of prayer and ser4ice. Inspired by the Holy Spirit. it is hoped that lay men and women will find ways to grow in confidence as disclples and be better witness to the Church's mission of hope. Strand Seven: Leaders By right of boptism oll are called tofulfil their vocation os the people of God. Durin8the year leaders continued to support our parishes and wider communities. School Governorship is an important role for lay people who have appropriate skills to perform, and we contlnue to encourage people to come forward and train. Our educatlon team continued to support our Governors remotely during the period. A dedicated website was launthed in June 21. https:l/threshold50fhope.co.uV Strand Six: Inte rntion Also, in education leaders have been appointed to be Trustee5 of our Catholic Multi Academy Trusts. This is a key role for people to play in the future of our thlldren and of catholic education. Moke sure thot every person of whatever background canfind in you a welcoming heart. In our Vision we seek to build on the rith diversity of people in our Diocese through a generous indusivlty. We look to work together with people of 315 faiths and none where the opportunity arises. The Diaconate is another key area where leadershlp can be exerclsed In our Diocese. Durin8 the period five people were In preparatlon forthis ministry on the Southern Diaconate Formation Programme. INTERNATIONAL TWINNING Our Diocese 15 twinned with the Diocese of Dundee. Kwa-zulu Natal. South Africa. Our solidarity with our fellow Catholics in Kwa-zulu Natal is demonstrated by parishes and schools in both dioceses having twlnned with each other. They build prartical relationshlps beyond friendship and spiritual support. Could ou be a deacon in our dioce5e?_ Brentwood Dhxese dioceseofbrentwood.net Strand Material Assets As 5teward5 of all that G¢xI has given to us it is our responsibility to Use those grfts os well as we con. Fr Gerry, a Brentwood Diocese priest returned to the UK during the year after many years of distinguished service in Dundee, and continuesto help supportthe Twinning Project. Parlshes and Parlsh Partnerships have been looking at their material assets as a whole to see how they can be best used to fulfil our objectives and our Wision in their local context. for both advising and making recommendations to the Board of the Corporate Trustee on strategic property matters across the Diocese and, under devolved powers, approval of property related parlsh expenditure in line with financial policy. Central Finance Team: Our work focussed on increased support tothe parishes, recognlslng that most of the work of our Diocese occurs through the parishes and that many regulatory burdens fall on them. Finante and Administratlon guidelines are arculated on a regular basis to parish, to ensure thatthe most up to date guidance is available for Parish Priests, parish administrators, and volunteer5. The responsibllty for mana8ln8the maintenance of parish buildings rests with the parlshes under Canon Law although it IS the responsibility of our diocese as registered charity to ensure that assets are kept in a reasonably good condition. To support parishes, the Property Office has developed a Condition Survey programme which has been trlalled in a number of parishes arbd will be made available across the Dlocese during subsequent years. We contlnued to offer a central payment facility for parishes a5 more suppliers request payment electronically. Alternatlve methods of 8lvlng contlnue to be considered across the Diocese as the banking network continues to shrink and the process of bankin8 cash becomes more problematic. Health & Safety Followin8 the easing of restrictions, the Finance Team were able to visit parish offices and deliver l.Itraining to new employee5 when required. The Team also provide online training on a regular basis. In March 23 we held our first central training session Since March 20 for Finance and Gift Aid parish representatives. Tralning covered GDPR, Cyber Securlty, as well as General Finance and Gift Aid. Approximately 70% of our parish representatlves are volunteers and we offer ourthanks to them forthelr time and commltment. The Health and Safety Sub-committee assists and advises the Board of the Corporate Trustee in the discharge of its health and safety responsibilities. The Diocese appoints external consultants, SafetyToolbox Ltd, as the dlocesan hea￿h and safety consultant and competent person to provlde competent advice and support on the management and implementation of health and safety, fire safety and other related matters across the Diocese. Durin8 the year a serles of online health and safety tralnlng modules were delivered for all clergy. parish staff and health and safety volunteers. The dI0￿$e recognises that fire has a unique capacity to threaten life, damage property. harm the environment and compromise our mission. Accordingly, the diocese is committed to tsking reasonable and necessary measures to prevent fire The Finance and PropertyTeams worked together to manage a project to revalue all investment properties induded in the Annual Accounts. Property Team: The Property Sul Committee has delegated responsibllity io and protect lrfe safety in the event of fire in the context of the activities of the Dlocese. The Board of the Corporate Trustee a5 well as those in control of our premises have legal obligations underthe Regulatory Reform (Fire Safety) Order 2005 (the FSOI and other relevant le8lslation. The updated Fire Safety Pollcy provides detail of a strengthened fire rlsk assessment pro8Tamme which follows a rive year cycle be8lnnln8 Wlth the delivery of fire rlsk assessment completed by an authorlsed dlocesan fire rlsk assessor. Compulsory Safe8uardin8 training now takes place for all derw. Days of RecollectK)n durin8 Advent and Lent are also offered to our cler8y. Strand Eleven: Vocatlons to the Priestht)od We have contlnued to recoqni5e thot our fitst d(rty to encoumge vocations 05 Catholios is to prayforpriests ond those conslderlng priesthood. Strand Nlne: Pra er and S Irltual The vocatlons website include5 interesting and inspirational vocation stories told, by our diocesan priests and some of our seminarians. These powerful witnesses were recorded live as part of the holy hours to pray for vocations held throughout our dlocese www.brentwoodvocatlons.co.u s-stories The stories are also available via @Brentwoodvocs Our relationship with God in Jesus Chnst will only continue to develop ond grow rf we poy ottention to it. Prayers of Intercession are made continuouslythroughout the year and during the year. vocation htt W￿v.brentW0odvoCatIOn$.co.uk has many resources including prayer5 for vocations to the priesthood, htt www.brentwoodvocations.co.u ers-2 During the year. we held vocation days In sthools in order to ralse awarene55 of vocations. ra Strand T•i: Prlests and Peo We will explore new way5 to recognise eoch otherfs glfts and to collabor¢7te to bring our vision to reollty. We continue to pray for our seminarians and that many more will listen and respond to the call of Jesus to share in his priesthood. We are thankful for the prlests serving our Dlocese. During the year, as congregations returned to our churche5, fflany dergy contlnued to utilise the new ways that had been found to keep in contact with our parish communities during the pandemic. More masses continued to be live streamed, and where posslble, social media and online facilities helped maintain contact and provlde support for the local parish communities. Strand Twelve: You Peo You too, deoryoung people, con be joyful witnesses of his love, courogeous witnesses of his Gospel, corrying to the world u my of his light. The Brentwood Catholic Youth Service {BCYSI had a strong programme of events from June 22. with retreats for schools and parfshes at Walslngham House {our retreat centrel and Outreach being fully li booked in the summer. In June, Walsingham House hosted over 51X) Year 6 studÈnts for'Primary Schools Festivals. whereby schools belonglng to the same MAT attended together. Just over 20CM) young people from 4 parlshes and 30 schools Ilncludln8 the Primary School Festivals group) were welcomed by the Walsin8ham House team. Confirmation retreat days were run for several parishe5. We werÈ pleased that Walsingham House was awarded the Lotc Quality Badge (Learnin8 Outside the Classroom), a natlonal award which assesses both risk management and educational provision. In Marth 2023 over 10(K) youn8 people from the Dlocese of Brentwood gathered at Wembley Arena for the Flame Congress, the largest Catholic Youth Conference attended by over 8(N)O young people for a dayof prayer. worship, music, the opportunity to listen to inspirational speakers and learn about faith. Young people are the future of ourchurch and we are committed to ensure that Whe￿ possible we provlde help and support wherever WÈ can. 12 REPORT OF THE DIREcfoRS OF THE CORPORATE TRUSTEE Structure, Governance and Management The Brentwood Roman Catholic Diocesan Trust (the Charity) was constltuted by Trust Deed in 1947. It is a registered charity, number 234092. Its objects are the advancement of the Roman Catholic religion in the Diocese by such means as the Bishop may think fft and proper for the service and support, whether in the Diocese or outside the Diocese, of charitable works and objects promoted by the Church. In addFtion, there are two separate funds which are registered as individual charities: The Brentwood Ecclesiastical Education Fund IBEEF)- the fund of the Diocese which meets the cost of educating and training 5eminarians- is a separately constituted charity under a Trust Deed, dated 11 July 1922. and registered under number 1067745. It is accounted for as a restricted fund within the Diocesan accounts. The Investments of our Diocese are managed as a Pooled Fund, whith is separately re8iStered with the Charity Commission under number 1067742. An order of the Charity Commissioners under $96(6} ChaTitie5 Act 1993 permits the three charitie5, which have the same Trustee, to be treated as a Single entity for accounting purposes. Admlnlstratlon of the Charity is through the Brentwood Roman Catholic Diocese Trustee (the Corporate Trustee). The Brentwood Roman Catholic Diocese Trustee, a company limited by guarantee. was set up in 1948 to act as custodian trustee in relation to the Charity and the ecde5ia5tical trusts of the Diocese. Its company number is 450897. All parish property is in avil law held by the Corporate Trustee, 5ubjert to the Charty Trust Deed. The acquisition or di5POsal of parish property therefore has to be sanctioned by the Directors of the Corporate Trustee, and all relevant documentation must be drawn up in the name of the Corporate Trustee. Dirertors of the Corporale Truslee In keepin8 With the Charitvs objectives, it is a requirement that candidates for Dirertor5hip are committed Roman Catholics. The power to appoint Dirertors is vested in the BislK)p of the Diocese. Where addltlonal Dlrectors are required. the Bishop will consider the range of skills and experience requlred on the Board (such as finance, investments. strategic planning etc.), and will approach Individuals in the Diocese who are likely to meet these requirements. Prospective Dirertors are provided with full information on the ChariWs constitution, objects and finances. Training material is made available as ne￿ssary, and Directors are encouraged to complete onlinetraining modules which have been approved by the Charity Commission. Governan￿ ofthe CharSty The Charlty is govemed by the Board of Dirertors of the Brentwood Roman cat￿lIc Diocese Trustee (the "Corporate Trustee") which consists of the President of the Corporation Ithe Bishop of Brentwoodl and up to fourteen other D1￿CtOr￿ The Board, in conjunction with the canonical bodles established by the BislK>p to be his advisors and consultors, is responsible for the development and Implementation of policies which ensure compliance w6th civil legislation and canon law. The key pollcles are safeguardin& health and safety, risk management, the production of financial budgets. the exercising of financial controls throu8h re8ular financial reportin8, the management of Diocesan propertie5. F)olices relating to emplo￿nent and the compliance of the Charty with relevant company and charity legislation. 13 Authorty for the management of the day-tfrday busine55 of the Diocese and compliance with civil legislation is delegated by the Board to the respective departmentsl Directors and parish priests in accordance with their dirertions. In March 2014, the Finance Board {now known as the"Board") approved revised ArtKles of Assodatlon for the Corporate Trustee, establlshing the Bishop of Bren￿Ood as the sole Member of the Corporate Trustee; the Board cannot Implement a decislon wlth whlch the Blshop disagrees. In December 2020. following an intemal governance review. the Articles of Association We￿ fvrther revised. Inter alia removing references to the 'Finance Board, and replacing these wtth the "Boarf. Subiommlitees of the Board The Board has established a number of Sulkcommtttees delegatirtrd to them the consideration of Specific aws of importance to the Diocese and authorising them to make some decislons and to submit recommendation5 to the main Board for approval: Adult Fomlation Education Finance and Administration (including Investments) Health & Safety Human Resour￿$ & Dr4ersity Pmperty Safeguarding Youth Mln15try and Pastoral Care A separate committee (not a Sublommittee of the Board) ￿vIewS the provision of support to sick and retired clergy and meets on a regular basis. Key Management Personnel The Trustee considers that the Directors of the Corporate Trustee. together with the Director of Finance. the Director of Education, the Diocesan Safeguarding Coordinator, the Dlocesan Director of Development. the Director of Property and the Bishop's Delegate for Civil Administratlon comprlse the key management personnel of the iJ)arity, in charge of directin& controllin& running and operatingthe Charity on a dayto day basis. Salaries are reviewed on an annual basis bythe Human Resources Team and authorised by the Board. All Director5 of the Tnjstee 8ave of their time freely, and no Director received remuneratlon In respect of their services as Director5 of the Corporate Trustee. Details of the Trustee Directors, expenses are disclosed in Note 18 of the accounts. Flnanclal Revlew Investment policy The Diocese follows a total return investment policy, to achieve long tenn capltal and income growth, to provide sufficient income to support todavs beneficiaries whilst still seeking 'real' growth in capital over rolling S year periods to meet the future needs of the Charity. The 5 year annualised perforn)an¢e of the portfolio was 6.2% as at 31 March 23 in comparlson to the 5 year annualised CPI of 4%. The Portfolio has perfornied better when compared to the ARC Peer Groups. The Trustee is empowered within the Trust Deed to Invest any monles as authorised by law for the investment of trust monies, in a manner which it thinks fits with the consent of the Blshop. The provisions of the Trustee Act 2(X)O apply. Under sectlon 26 of the Charltles Act 1993. an Order was made by the Charity Commlssion on S December 1999 grantln8 the Trustee power to appolnt an Investment manager, and to appoint a 14 corporate body as the Trustee's nominee to hold the Investments of the Charlty. The General Power of Investment in the Trustee Act 20LXI alloy￿ Trustees to invest trust fvnds in any kind Df investment, excluding land [except under certain provisions]. in which they could invest if they were the absolute owner of those funds,. Dlocesan Ethlcal Pollcy for Investments: The Diocesan investment portfolio avoids investment in tobacco. arms, alcohol, 8amblln8 and porno8raphy. Investment Is also to be avolded In companies which support oppressive regimes, or trade in products which are produced by child labour or In forced labour camps, or companies which have been involved in the exploitation or unjust treatment of employee5. Our Investment managers. Sarasin and Partners LLP, monitor any investments made by their Endowment Fund in companies which generate any revenue from the direct or indirect manufacture of pharmaceutical products, the use of which would contravene the Catholic Church'steachin8 on the sanctity of life. The fund manager also seeks to avoid investrnents in companies involved in predatory lending. Our investment managers tske a pro-artive approach in respert of votin8 on company resolutlons. In order to promote responsible lon8- temi stewardshlp. The Saraslns Endowment Fund will not invest in tobacco and will also avoid investment in companie5that have more than IO% of theirturnover from the following: Alcohol Manufacture Armaments Gamblin8 Pornography Sarasin & Partners has continued to actively engage with companies and regulators in order to uphold high standards relating to environmental, social and governance matters on behalf of the Trustee. R15k Management: The Dirertors of the Corporate Trustee have assessed the major risks to which the Charity is exposed and are satisfied that adequate systems are in place to mitigate exposure to these risk5. Risk5 are recorded, by department, and a RAG statu5 applied. Actions to rnttigate the risks are identified and a timescale for completion assigned. The major risks are considered to be health and safety (ensuring that our buildings are maintained to an adequate standard, and policies adhered tol, and pastoral (the falling number of priests in ministry). To mitigate the health and safety risks. a Health and Safety Committee meets on a regular basis to ensure that policies are being communicated and applied appropriately, risks are revlewed and action taken where appropriate. Health and Safety representatives are appointed at parish level. In respect of the fallin8 number of priests in ministry. the Diocesan Ifision addresses this issue and sets out plans in order to mitigate this rlsk golng forward. Flnancial Control Policy: Our Diocese has a series of financial controls and signing limits in place (ln the parishes and at the ￿rIal in orderto enable the Corporate Trustee to exercise its legal duties- To ensure we are carrying out our purposes for the public benefit To comply with our 8overnin8 document and the law To act in the best interests of our Diocese To manage responsibly the resources of our Diocese To act with reasonable care and sktll To ensure that we are accountable. During 2022123, we reviewed the sUPPOrt we provide to parishes, and our associated controls and procedures continue to be reviewed on an ongoing basis. 15 Public Beneflt: The Board Members confirm that they comply wlth the duty In S 17 of the Charities Act 2011 to have due regard to thÈ Charity Commission's public benefrt guidance when exerclsSng any powers or duties to which the guidance is relevant. Details of the main artivities undertaken to furtherthe charitvs purposes forthe publlc benefrt are noted earller in thls document. Fundralslrq Pollw. Our Di0￿e is registered with the Fundratsing Regulator and is committed to the Fundraising Promise. We do not use any external fundraisers. We will commit to hlgh standards, adherlng to the Fundraislng Code of Practlce at all times, monitoring any person that raises funds on our behalf. and compfying with the law as it applles to charities and fundraising. We will be clear, honest and open. in respect of what we will do with donations, how gift5 can be made or amended, and the purpose of our Charity. We will be respectful of the rights and privacy of any donor. We will treat donors and the public fairly and reasonably, and not accept donations from those individuals who we believe may lack the capacity to make an informed decision We wlll hold oursefves accountable and responslble, ensurin8 that our resources are managed responsibly and that we have a complaints procedure in place. No complaints about fundraising activities were received during the year. Reserve5 Policy: Unrestricted resep4es. including parochial funds, totalled £50m. Restricted and endowment fundstotalled £8.5m. Central Diocesan reserves are held to meet the future need5 of the Diocese as a whole and absorb the impart of any material risk. Parochial reserves are held to meet the cost of fvture repairs and maintenance or major building projects vthich cannot be met OLrt of expected income. The Diocese considers parish funds to be desi8nated at parish level, for parish requirements. The policy of the Diocese is to maintain its reserves at a level that will provide the income necessary to assist it in implementing its future objectives, including bLrt not limited to the increased cost of caring fi)rthe Sick and Retired aer￿ of the Diocese. The Diocese aims to hold cash reserves of £IOm. Cash reserves a5 at 5/4123 stood at £11.6m. Due to the size of the Diocese and the number of parishes within the Diocese. the Directors feel that this is a reasonable amount to cover expenditure for the period of one year. Should cash reserves fall below this, depending on the projected cash flow, investments may be liquidated. Funds invested, and how they will be applied Restricted funds £7.5m The two largest funds are as follows: The Brentwood Ecclesiastical Education Fund (BEEF), a fund for the 5UPPOrt and training of serninarians, was valued at £3.8m as at 5 April 2023. As at April 2023 the￿ were six seminarians. each normally costln8 Just under £50.(￿XI p.a. Durln8 2022-2023, losses in Investments led to a deficit for the period. The second largest restricted fund is the Sick and Rettred Clergy Fund standing at £1.75m. The Diocese is plannlng how best to finance the support of priests due to retire over the next 1(>15 years. Designated funds £2.5m The largest designated fund is the General Education Fund which stands at £2.18m. With the development of a new diocesan vision and strategy for EduGttion, the Trustee will be considering how best to utilise these funds. Permanent Endowmènt funds £lm 16 The largest endowment fund is the Crowhurst legary which stands at £0.5m-these funds are to be used to buy a suitable property for sick or retired priest5. These funds have been used to purchase propertles In order to meet the housin8 requirements of sick and retired prlests. Unrestrirted funds held by the centre £8.4m Non-parochlal unrestrlcted funds are invested in the 5arasin Endowment Fund (formerly Alpha CIF for Endowments) in order to generate investment revenue which contributes to the work of the Curia. The fund value has decreased year on year. Hnanclal Perforniance: With reference to the ststement of financial artivities in the financial statements. At the end of the financial year 2022-23 diocesan funds as a whole totalled £58.5m12022.. £58.9ml. Income has decreased from £13m in the prioryear to £12.5m. A continued gradual recovery in donations income and other income streams such as hall rerrtal has been more than offset by a decrease in le8ary and the value of ossel sales. As part of the Diocesan Renewal process. we are revlewlng our mateflal assets In orderto decide how best to use them for ihe future. Expenditure increased from £11.2m in the previous year to £12.4m. the most signifftant drtver being an increase in utility costs and premises maintenance. Pallsh Reserves As at 5 Aprll 2023, parlsh fixed assetstotslled £16.6m {2022: £16.6ml and free Parochial reseThes £22.5m (2022: £21.2ml. Plans for the Future Our Diocesan Vision lon pages 3-121 detslls our plans for the future. the renewal proce55 being relaunched in January 2024. Disclo$yre of infomiatlon to audltors The Members ofthe Board of ihe Trustee who held Offi￿ at the date of approval of this report confirrn that, so far as they are each aware. there is no ￿levant audit infomiatlon of whlch the charltys auditors are unaware. and: eath member ha5 taken all the Steps that he or she Otydht to have taken to be aware of any relevant audit information and to establish that the ChariWs auditors are aware of that information 17 STATEMENT OF TRU5fEE'S RESPONSIBIUTIES The Trustee is responsible for preparin8 the Trustee's Annual Report and the financial statements in attordants with applicable law and United Kingdom kcountiwd Standards (Unlted Klngdom Generally AC￿pted Accounting practi￿}. Charity law requires the trustees to prepare financial ststements for each financial year. Under that law the Trustee has elected to prepare the financial statements in accordance with United Kingdom Generalty Accepted Accounting Practjce {United Kingdom Accounting Standards and applicable lawl. Under charity law the Trustee must not approve the financial statements unless Satisfied that they give a true and falrview of the stste of affairs of the charity and of the incoming resources and appllcath)n of resources, includ1￿d the income and expendlture, of the charty for that period. In preparing these financial statements, the Trustee is required to: selert suitable accountir8 policies and then apply them consistently, observe the methods and prIncI￿eS In the Charities SORP 2019 IFRS 1021: make judgements and eslimates that are reasonable and prudent." State whether applicable accountin8 Standards have been followeil. subjèct to any material departures disclosed and explained in the financial ￿ateMents. prepare the finantial ststements on the 8oin8 Con￿rn basis unless it 15 inappropriate to presume that the charity wlll continue in operat￿n. The Trustee is responsible for keeping proper accountin8 records that disclose with reasonable accuracy at any time the financial position of the charity and enable it to ensure that the financial statements comply with the Charities Art 2011. the Charitie5 Ikcounts and Report RegUlat￿nSI 2(WJ8 and the provisions of the trust deed. It is also responsible for safeguardir% the a55ets of the tharity and hen￿ for taking reasonable steps for the prevention and detection of fraud and other irregukrities. Approved by the Board of the Corporate Trustee on 21 March 2024 and si8ned on its behalf ty. Dirertor V£?kZ 18 Reference and administrative details of the charity, sole trustee and advisers IIFFEREN￿A￿DPDmlNLThT￿ DEflJiSCf THEcwfty.￿ETRILS￿EElJ1D 01*RrrYREG￿TKlTh)H NLW 234C82 TheTrust l5athnwi15te￿d ￿the BrentWODd Roman (atlK>lK CioxE5eTru5t* ITru5t C(rfP0￿Kyl-a ccthparry knctywrated IY Marth 1948. Gimrhiny Rewstratvjn 45W71 PRINapALOFFKIAND AEGLSIERED OFFI￿ OFTHE X)LETrL Catheth* HowJ5e E55EX(MIS &4T DIREcfthsoFTHESOiEIMJThE 1k1Th￿ a5Membqrsoftho fionrdl The DireLtors*kn h*esefftd (bththeyear, and a￿a$ fokn.. Rt R￿￿JanWI111rn5s.m. Rt Kwn HalÈ Stekthen W5 MrPeterkthnson Mv5 NKofirA L Mts Maur*n C*ty*t Iwin*d 15 De¢¥nt* 20221 DUES4N FIN￿C￿sErIEr￿￿Y W4kEf6 BC PLC Fenton Htxtse thsford StonÈ 91 Cl*rtetFKwse Street ECIM 6HR AUWL ire Bai￿lLp Cambrid8E &j￿r*s5 Pak C2mbnd8e sar￿ & Partners Lip 10)St P•Jl's fvrfvofd LoTr&Jn IC4M 88U 19 INDEPENDENT AUDITORS, REPORTTO THE TRUSTEE OF THE BRENTWOOD ROMAN CATHOLIC DIOCESAN TRUST Opinion We have audlted the finandal ststements of The 8rentwood Roman Cathollc Dloce5an Trust (the 'tharlVI for the year ended 5 April 2023 which comprise the Statemènt of Flnancial ActNities. the BaLince Sheet, the Statement of Cashflows and notes to the financial statements. indudlngsignificant accounting pdkles. The financial reporting framework that has been applied in their preparation is applicable law and Unlted ￿ngdoM Accounting Star)dards. including Finantsal Reportl Stsndaril 102 The FlnarKial Reportln8 Standard appllcable In the UK and Republlc of IrelarKI Iunlted Klngdom Generalty Accepted Account1r￿ Practlol. In our opinion the financlal ststements: 8ive a true and fair of the state of the d￿r￿S 3￿rS as at S April 2023. aNI of its incorninB resouros and application of resources. indufli￿ rts income and exptnditure. for the year then ended: have been propwly prepa￿d In a¢crydan￿ with Uiwted Kin8dom Generally Accepted Acwnting Practlce; and have been prepared In accordancewllh the requlrements of the Charltles Act 2011. Baslsfor oplnlon We conducted our audit in accordance with International Standards on Auditi￿ {UKI11&45 IUKI) and applicab￿ law. Our responsibilities under those 5tandard5 are fvrther described in the Auditorf5 re5ponsibiltt￿5 for the audit of the finanaal statements secrlon of our rewrt. We are independent of the tharity In accordan￿ with the ethlcol requlrements that are relevant to our audlt of the financial statements in the UK induding the FRCS Ethical Standard, and we have fulfilled our otherethical responsibilities in acCor(lan￿ wth these requirements. We believe that the audit evidencewe have obtalned Is suffi¢ient and appropriate to pr¢)VKle a basis for ¢wr opinion. Conduslw r¢lattr¥to golng concern In auditing the financial ststements. we have comluded that the trustees. use of the goirvg (oncern basis of xcountbng In the preparation of the finandal statements 15 appropriate. Based on the work we have perfomied. we have not identified any material un￿rtaInt*S ielaiing to events or condltSons that, Indkndually or colleuNely, may casi significant doubt on the tharivs abiltty to continue as a go1￿ concern for period of at least twefve months from when the finanaal ststements are authorised for issue. Our responsibilities and the re5pon5ibilltie5 of the trustees wlth respect to 8oinB concern are described in the relevant sectlons of this report. Oth8r lnfonnatlon The other information comprises the informatlon indude(l in the trustee5' annual report. other than the flnandal st3temènts and aur auditorf5 report thereon. The trustees are r¢%pon5ible for the othÈr infomiation tontained within the annual report. Our oplnlon on the financll statema)ts does not cover the other Infomwtlon anfl. except to the extent otherwise explicitty ststed in our reporL we do not express anyforni of assurance condusion thereon. OUT responsibility is to read the other information and. in doin8 50. consider whether the other infomiatlon Is materlally Inconsistent with the finanual ￿ateMents or our knowledge obtained in the course of the audtt or othen¥lse appears to be materlalw mlsstated. If we identify such material Inconsisten¢￿ or apparent material misstaiements, we are required to determine whether this gives to a material misstatement in the financial statements them5elve5. If, based on the work we have performed. we condude that there 15 a material misstatement of this othw information. we are requlred to report that faeL We hwe nothin8 to report in this regard. 20 AUDITORS, REPORTTO THE TRUSTEE OF THE BRENTWOOD ROMAN INDEPENDENT CATHOLIC DIOCESAN TRUST Matters on whith we are requlred to report byexcept We have nothin8 to report In respect of the foll¢)wI￿ rnatter5 In relatlon to whlch the Charities IA¢counts and Reportsl Regulatlons 2008 requlre us to reptyt to you if. in our opinion: the informauon given In th¢ finanaal statements 15 Inconsistent in ary materlal respert with the trustees. report: the charity has not kept adequate accounting record5; or Ihe financial statements are not In agreement with the accountlre record5 and returns: or we have noi recel¥ed all the Inforniation and e￿lanatIonS WÈ require for our audlL Responslbllhles of trust•es As explained more fulty in the trustees. respon￿bIlItIeS ststement In the Trustees. ReporL the trustees are responslbte for the preparation of the financial statements arKI for bw.ng satisfied that they 8lve a true and tsir wew, and for such internal control as thetru5tee5 detemiine is rw¢essaryto enable the preparation of finanaal statements that 8￿free from materlal mlsstatement. whether due to fraud or error. In preparSng the financial statements, the trustee5 are responslble for assesslro ihe tharitys abilty to continue as a gc4ng Concern. dlscloslng. as applicable. matters related to goir8 ¢oncem and uslng the golng con￿rn ba5t5 of accountln8 unless the tTUStee5 either Trnter￿ to liquldate the charity orto cease operations. or have no reallsiic altern3tl¥e but to do 50. Audltorfs rnsponsibllltiesforthe audh of the fifta￿la1 stat•m We have been appolnted as auditor under seCt￿n 1443 of theCharlt*s Act 2011 and report In accordano with reguktlons made under section 154 of that A￿. Our objective5 aretoobtain reasonableassufance aboutwhetherthefinanaal statemertts a5a whole arefreefrom materlal mi55tatement, whether due to fraud or error. and to issue an auditorfs report that indudes our opinion. Reasonable assurance Is a hlgh levd of assuran￿. but is not a guarantee that an audlt conducted In accordance with ISAS IUKI will always detect a materlal mls5taternent it exists. Mi55tstements can arise from fraud or error and are ¢onsldered material if, individualty orin the agyegate. thvrfcould reasonab￿ beexpected to Influence the econorn￿ declslons of user5 taken on the basi5 of these financlal statements. Irregularltles. Indudlng fraud. are instances of non-complian￿ laws and re8ulatlons. We de51gn procedures in line with our responsibilltle5. O￿lIned above, to detect material misstatements in ￿%￿ct of irregularities, induding frnud. The extent to which our prO￿dureS a￿ capable of detect1￿ Irregularities. indurfin8 fraud is detalled below.. We galned an understsndin8 of the legal and regulatory framework applKable to the Ctharity and the sedor In which It operates and considered the risk of the Charity not comptylng ￿￿th the applicable laws and regulations including fraud in partlcular those that could have a material impact on the financial statements. Thi5 included those regulations dlrectly related to the financial statements, Indudin8 finandal repOru￿ safeguardlng and GDPR and health and safety tsx 14islation whl¢th Is in compliance wrth the tharitie5 Act 2011 and SORP 2019. The risks were discussed with the audlt team and we remalned alert to any indications of non-tompllance throughout the audit. We carrled out specifK procedure5 to address the risks identified. These induded the followin8- 21 INDEPENDENT AUDITORS, REPORT TO THE TRUSTEE OF THE BRENTWOOD ROMAN CATHOLIC DIOCESAN TRUST We r￿leWed systems and procedures to identify potential areas of management override risk In partlcular. we carried out testing a sample ofjoumal entries and other adjustments for appropriateness. We revlewed minutes of Trustee Board meetin8s and ayeed the finandal ststement dlsdosures to undeflyl 5UPPOrtin8 documentation: We have made enquiries of management and officers of the charity regarding laws and reguktions applICab￿ to the organlsatS0n- We reviewed the risk management iyocesses and prIxedU￿ in pla￿. We have reviewed any Corresponden￿ with the Charity Cornm￿$10n and reviewed the prcmpliance with r4wlaiK)n. This risk incre35e5 the more that compliance with a law or regulation is removed from the events and transactrons reflerted In the flnancial statements. as we will be less likety to become aware of the instances of non-compliance. The risk is a150 greater regardlng Irregularitie5 occurrlng due to fraud rather than wror. as fraud involves Intentional con￿alMent for8ery, ¢ollusk)n. omission or mlsrepresentailon. A fvrther de5ryiption of our ￿pOnSibl11t1es is ar4ilable the fIr￿ndal Reportlng Countil's webslte at: www.frc.or Our-work Audit Audit-and-assurance Standards-and uidance Standards-and- uidance-for- Auditor5-r onsibilitie5-for-aud' tion-of-auditots-r sonsibilities-for-audit.a auditor This deKription forms part of our authtorf5 report. ofour rgport Thls report Is made solely to the ¢harWs tfU5tees, as a body, in accordance wlth Part 4 of the Charitie5 (Accounts and Report51 Regulations 2(X)8. Our audit work has been undertaken so that we mi8ht State to the ¢hartVs trustees those matter5 we are required to 5tste to them in an auditorfs report and for no other purptsse. To the fullest extent permitted by law. we do not accept or assume ￿SponSIbl￿•ty to anyone other than the dwty and the charitvstrusiees as a booy, for our audit work, for thi5 repor( or for the opinions we have fornied. PRICE BAILEY LLP Chartered Acc#)untants Statutory Audit￿5 Tennyson House, CambrKJge Bustness W CamW8, C84 OWZ Price Bailey LLP is el¥Jible for appointrnent as ￿ditor crf the tharity by Yirbje of ils eligibility for appdntment as a￿lItOr of a company under se(*on 1212 of the compan￿ ￿K}6. Date.. 27 March 2024 22 BRENTWOOD ROMAN CATHOLIC DIOCESAN TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2023 Notes Fund5 Funds FU￿1$ Funds T¢)tsl Total Income from: Donation5 and legaae5 Other trading activities Investment income Charitsble Activities Other income Surplus on sale of fNed a55ets Coron3viTUS Job Retention Scherne Grant 8,354,313 1,235.557 264,288 585.181 1.393.625 9,784,442 1,327.315 814,750 710.817 9,412,603 1,177,384 750.694 573,226 91.758 359.627 41126 83,510 4.705 4,705 976,388 104,892 Total Income 530,015 IOA44,044 L667.970 12,642,029 12,995.187 Expenditure on: Ralsin8 funds 105.492 124A73 229.965 137,644 Charitable activlties 2.311.371 7,983.171 1,861.911 12,156853 11,050,914 Total Expenditure 1416.863 8.107.644 1.861.911 12,386,418 11,188,558 Net lexpenditurel l income before other gains and losses IL886.8481 2336.4 1193.9411 255,611 1006.629 Investment GainsllLo55es1 Unrealised 1538.4971 302.032 {445,2161 37321 1644.3601 3,611.708 Net lexpendltureifinc¥# before transfers Transfers.. From Parothial Funds Tolfrom Restrfcted Fund5 12,425.345) 2.638,432 {639,1571 37321 1388,7491 5.418.337 1.237.526 169.6131 11.237.526) 1135,8621 15 205.475 Net Movements on Funds 11.257.432) L265.044 {433.6821 37.321 1388,7491 5,418.337 Recondllatlon of funds Funds brought forward 12.21L060 37309.124 7.942.738 958,657 58.921.579 53,503,242 Fund5 Carried Fn Funds IBEEFI is separately coThstr(uted under Trust Deed dated Iljuly 1922 and reElstewl wrf(h the Charlty c(mmiss￿ft under number l(*7745. The Brenmod Dlocesan Invtstment Pooled Fund is separately re£istered wrf(h the Charlty Commisslon under number I(￿7742. Under S26161 of the (haritits Art 1993, these three charltles whlch have the 5ameTrustee are pvm(ttetl to be treated as a slngle entlty for accounting purFQ5èS. The flnanclal statements have been prepared to gNe a'true and falrf ￿eW and have departed from the Chadtles lknunts and Reports) Regulatlons 2l￿ ontyto the extent requlred to wowde a.tn￿ and falr vle¥/. Thts departure has Invofved following Accountlng and Reporti￿ by Charities preparing thetr &counts in ￿CordanCe wlth thè Financial ReportIng￿wdard applKable In the UK and Republic of Irdand IFRS 1021 ellÈttNe from l January 2019 r*hèrthan the Attourrting and Rèportlng by Charftles: Statement of Recommend￿ Pfartite Èfferti¥È from l April 2[•)5 vknth has since beÈn withdrawn. Prepar4tlon of4Ko)unts on a CO￿¢M bw15 Havin8 con&dered the cash reserves as at Febfuary 2024. fLrtwe bud8ets and (ash fk)ws, theTrustee confirm5 thatthere are no rnaterfal uncertalntles about the entws abl1lrytocon￿nue as a golng concern for the foreseeawe future. The Dirertors of the CorporateTru5tee have revivwed thec35h re5er¥esas February2024 and the projetted cash outflow over the next tsv?l¥e rrKJnth5. In light of these (￿sidera￿On% the Tw#ee5 continue to ath)pt the goin8 concern basls In prÈparing these financial statement L•8a¢les. Donatsons and Grants a¢￿$ and £5.￿￿) S years Motor vehide5 4 years Theresidual values of buildirw hdd at 6April 1996 are COr￿Idered to be significantty h￿￿rth3n theircarryinBvalue In the accounts resuliin8 in a nil valuefor depreoation charge. 27 BRENTWOOD ROMAN CATHOLIC DIOCESAN TRUST STATEMENT OF ACCQUNTING POLICIES Icontinuedl FOR THE YEAR ENDED 5 APRIL 2023 School BtsildN¥ Pn>Br*nme The Diocese assists schools undertaking majoT projecrs by meeifin8 the costs and dalmlng grants on behaw of the schools. These grants are netted off agaln5t the c05t and onty the net Costs to the Diow are included in the financial statements Fknandal th*rumerts The charity only has financial assets and financial lialmlities of a klnd that quallfy as baslc financial instruments. Basic financial instruments are initialty recognised attransartTon value and 5ub5equentty measured at their settlement value with thè exception of bank loans whlch are subsequentfy measured at amortised cost using the effectwe Interest method. Fwed assets are recorded at depreaated hlstorical cost or revaluatK)n, Investments are recoided at thelr fair value whlth Ls the market value as disdosed in note 11 and all other a55ets and118bllltbes are recorded at C05t whith 15 theirfair value. Investments Pooled investments are valued at falr value ￿ the balance sheet date. Investment properties are value(l at falr Value and ststed at a T￿￿tee'S valuation. Unrealised gainsliosses on investments are calculated as the differen¢e between opening martet value and d05ing market value afteradjwstin8for additions and disposals duringtheyear, less Investment management and administration cos Short term debtors are measured at transaction price. less any impaim)ent. Loans rtte￿able are measured Inltlal at fair value, net of transactlon costs. and are measured subsequentty at amorti5ed cost usin8 the effe(tSve interest method, less any impairment. Cash and cash equivalents Cash is represented by cosh In hand and deposlts ftnanaal Instltutbons repayable without notlce of not more than 24 hours. Cash equwalents are h￿hty liquld investments that mature in no more than three months from the date of acqulslllon and that are readlly convenible to known amounts of cash ¥rith insignificani rlsk of thange In value. Creditors Creditors and provisions are recoBnised where the charity has a present obligation ￿5￿ltingfr0M a past event that will probabty result the transfer of funds to a thlrd party and the amount due to settle the obliBation can be measured or estimated reliably. Credf(ors and provisbons are nornially recognised at their settlement amount after allowlng for anytrade dlscounts due. 28 BRENTWOOD ROMAN CATHOLIC DIOCESAN TRUST STATEMENT OF ACCOUNTING POLICIES Icontinuèdl FOR THE YEAR ENDED 5 APRIL 2023 h) Fund a(rountlnB General fvnds These comprise the attumulated Surplus ordeficrt from the Statement of Financial Activitle5 whkh Is not restrirted nor desI￿ated funts. They a￿ available for use at the discretlon of the Trustees in fisrtheran¢e of the general objectNes of the charlty De51Bnated Funds Thesefurth are unrestrirted fvnds eamiarked bytheTrustee for partKularpurposes. Detalls of thefunds deslgnated by the Trustee are set out in note 12. Restrirted Funds These ful￿$ a￿ subjert to restrlrtlons Imposed by the donor. Detsils of funds subject to legal restrlrtlon are set out in note 13. Parochial Funds For the purposes of the crvil administration of the charity, parlshes are not distlnct legal entitie5, bui branches fOrrnI￿ part of the admini%trative mathinery of the main Diocesan charity. albeit that they have a degree of independence. Parlsh fvnds and assets. unle55 hdd on distirKt and express special trusts clearly evldenced in law, will ￿ held as part of the Diocesan d￿rity and wll be the respons1￿lIty of the diocesan charSty trustee (who, under normal legal prinaples, may of course appropriately delegate tts management to parish priests with limlled authority). Such funds wlll be designated funds. Unle55 there are distinct and express spedal trusts declared under the law of En￿and and Wales, they will not be restricted funds. Parochlal lunds a￿therefOre shown as unrestricted but de518nated funds. In Canon Law, however. the parish is fimily set withfin the context of the diocese C.51511l and the parish priest exercises his ministry under the authority of the bishop C519. A parish whlch has been erected in accordance ￿th the law. possesses public juridical personality by the law itsetf C515131. In Canon Law, therefore, It has the rl8ht to acquire, retsin, administer and alienate temporal goo(ts C1255 which, as ecdesiastical goods, are subjert to the T￿rmS of Canon Law C1257111. 29 BRENTWOOD ROMAN CATHOLIC DIOCESAN TRUST STATEMENT OF ACCOUNTING POLICIES Icontinuedl FOR THE YEAR ENDED 5 APRIL 2023 nsio All eli8iblesraff aremembers of an Aegon group personal pension 5(hemeto which thecharlty makes contribkntlons. Employees may contrlbute an additlonal amount As a defined contribution stheme, no liability falls upon the Charity. as employer. to make good a shortlall of fundi￿ otherthan Contrlbuttorts due. Some staff employed in the educatfional work of the Diocese are members of the Teacherfs Pension S¢heme lTrS"I which is a defined benefits scheme. Diocesan contributi¢)n leve15 are determined by the TPS. The TP5 Is a multt- empioyef stheme, and, as there is insuffiaent inforniation available to use defined benefit accountin& the TPS Is treated as a defined contrlbution scheme for accountln8 purposes and thecontrlbution5 reco8nised in the period to which they relate. $18nfficantJudgements and e5tlmatlon un￿rtal1rtY In preparing these finantial statements the trustees ha¥e had to make estimate5 and assumptions that affect the amounts recogni5ed In these financlal statements. Estimates and judgements are continually evaluated and are based on historical ￿perIenCe and other fartors, indudin8 expettations of fvture events that are belheved tts bè reaSona￿e undw the clrcumstances. Key areas subject to judgernent and estimation are as follows.. Fixed asset depreciation. Ju(Èwnent i5 applied when ass8nlrKg anticipated a¥era8e INes to the fixed assets of the charity. Investment properde5 are induded at a value deternilned ￿ * a desktop valuatlon condurted by a property management company. orwith reference to Similar propert0￿ in the area of each respectsve property. BRENTWOOD ROMAN CATHOLIC DIOCESAN TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2023 tKINA710NS AND LEGAaES 2023 2022 Legacies Donatlon5 indudlre plate Co1￿10nS Grants 493,946 9.2￿.496 956,113 8.431.490 25.￿0 £9,784.442 £9.412,603 INCOME FROM TRADING AcnvmES Parlsh hall and other rents rece Fundraisin8 events Other 9,5% 410.462 7.257 805.623 366,503 5,258 £1327,315 £1,177,384 INVESTMENT INCOME Arislng on quoted investments Income from imiestment Pfopertie5 Bank interest 583,289 229,608 1,853 527,382 222,875 437 £814,750 £750,&J4 IIICOME FROM CHARrrA8LE ACTNMES ar scKiety and repository sales Chaplainaes Ret￿at and Course Contri1￿tionS Educational courses & tee5 572.552 12.629 83,510 42.126 439,875 13.963 111,163 8.225 £710.817 £573,226 31 BRENTWOOD ROMAN CATHOLIC DIOCESAN TRUST NOTES TO THE ACCOUNTS Icontinuedl FOR THE YEAR ENDED 5 APRIL 2023 Tota T¢knl Ra151n8 Funds Fund￿￿1￿[ and 50¢ial Investft*nt property repatrs 124,473 124.473 105,492 58.353 79.291 105.492 229J65 137,6q4 Ch•rlt•ble Actl¥lths Pro¥tslon o11￿*1P Upkeep of ￿ik11r¥S DeP￿lat￿)n Support costs allocated 89.494 3.5LY).717 278.361 3,591.761 278.361 235.183 1949.955 281,971 213.652 206.729 28.454 296223 3,779 4.105.305 3.445.578 Clwgyand porknh Skk and retired c￿rgy Cler8y and church costs EduCat￿n andtrainin8 Parish adrnlntstrn￿oM Supp)rt costs alkxated 271.043 720.462 102.240 271.043 4.07L515 111,730 693.485 411,571 319,348 3.819.961 191A63 605,729 373.891 185,174 9A90 3.165m 693,485 361.775 49,796 SS6.439 3AS9.364 L143.541 5,559,344 5310.392 P¥storal fare and Commun￿SuP￿t Postoral gjpport Othervicariates Retreat centres Local communrty Centie Cathedrdl rnus Donations pald Support costs èlityjied 811 9.891 811 349.496 249.814 64.952 33,386 415.410 411571 11,523 339,f4)5 155,148 64.952 33,386 157.101 361.776 242,483 55,145 24,750 390.518 373.891 250￿7 8.272 49.795 Llll.968 250.037 163.435 1.525.440 L438,390 5th001$ prwraTrvne Building wograrr*ne Vkariatefor educat>)n Svpportcosts alkKated 94,692 102.193 746.583 117.589 26.163 723,565 106,826 235.878 103.363 510.705 14,226 346,741 94,692 524.931 966.364 856,554 1311371 798a.ln ￿6￿11 12.154453 IIW.914 £2AIV63 f4107ffi44 £WI.911 £12386AIB £II.IW58 32 BRENTWOOD ROMAN CATHOLIC DIOCESAN TRUST NOTES TO THE ACCOUNTS (Continued) FOR THE YEAR ENDED 5 APRIL 2023 EXPENDITURE (conllnued) *m*lsof ewdfture for the Comparati￿ ￿•r. 2022 Total Fun Funds Fund5 R•tsln8 Funds Fyndrai51n8 and socfjal Investment property ￿paIrS 58.353 58.353 79,291 79.291 79291 58J53 J37 th•rttabl•Adl¥lUes Pfo¥lsloh thlworshlp Upkeep of bJihJi Deweciation Supkx)rt tosts alkxated 2,793.595 281971 33,480 2,949,955 281.97] 213.652 184J)37 29,615 917 3,075.$66 63m5 3.445.578 aeryy¥md support Sick and ￿tired c￿[Ev Clergy and thurch co#5 Education and tralning Parlsh admlnistrat pwrr costs all(ot*d 319.348 534.537 191,463 319.348 3,819,961 191.463 605.729 373,891 Its.750 3117L674 flFJ.729 322,(65 51,826 535.815 3,677,403 i.(V)7.174 5JIO,392 Pastoral Ca￿¥￿0 Pastoral support Otttervicar*tes 11.523 12.8661 105.9JO 11,523 340.080 242,483 55,145 24.750 390.518 373,891 342y6 136583 55.145 14.750 142.58B Local cornmunrty centre Cathedral mustc I>onatkJn5 pald pwrt tosts alkYJted 24L104 6.826 51.826 1.024.077 24L104 173,2cr 1,438,390 Sth¢ob prc¢rdmrne Bulldlw programme carfate foreducation Support Costs alkxated 15.2121 199.1 9U119 31.375 26.163 723,565 IC6.826 524.447 14.807 285225 31.375 539254 856,554 IWTJ4 IIX150,914 £7M3m £ln732 Éii.W.$58 33 BRENTWOOD ROMAN CATHOLIC DIOCESAN TRUST NOTES TO THE ACCOUNTS (Continuedl FOR THE YEAR ENDED 5 APRIL 2023 EXPENDrruRE (ox)tknuedl 2023 2022 Governance expenditure includes- Current Audltors, remuneratSon 45.7C 4101M) Auditor<- Other Servi￿5 included in profe55icThI fees G)vernance costs bdow include audit fee5 and *1 advlce recefived in respect of governan Anafys15 and allocatlon of support cost&. ofw(w5h Finance Office Human Resources Curlal Admlnlstratlon Chancery & Tribunal Mensal Rate5, Insurance and 47.146 17,591 22,1M3 18,397 13,848 82. 30.785 38575 32,195 24.235 23.573 235.731 87,957 110.214 91,985 69,242 258￿57 49,494 144.237 90,195 63,434 30.785 38.57S 32.195 24.235 11,021 9.198 6.924 15.504 9.174 27.131 16.055 27.131 16.055 7.752 4,587 77,518 45,871 66.243 19,320 maintefian￿ and repairs Professional fees Governance Bank Interest Depredatlon Other 26.855 24.725 3,126 26￿41 9,933 46.995 43,269 5,471 46.971 17.383 13,427 12.362 1.563 13.420 134.272 123,625 15,631 134,203 49,665 127.456 76.468 5,277 13LOJ4 37.075 43.269 5.471 46.971 17,383 23 Analy515 and all0£￿10n of support costs for th* pr4¥lous year. Sthool$ of Worsh T¢>tal Flnan¢e Offi Human Resources Curial Administration ancery & Tribunal Men5al RatÈs, insurance and utllltle5 Maintenance and repairs Professional fees Governance Bank Inierest Depreciatlon Other 51.611 9.899 28.847 18,039 12.687 ,320 17,323 .320 17.323 50,483 31568 22.202 258,057 49,494 144.237 90,195 63.434 4,949 14,424 9.020 31568 22.202 13.249 23.185 6.762 414.610 26.764 1.847 45,851 12.976 23,185 6.762 44.610 26.764 1,847 45.851 12.976 6.624 1,932 11745 66,243 19,320 127,456 76,468 5,277 I31,C￿4 37.075 25.491 1,055 26.201 7.415 528 .101 3,708 £1 34 BRENTWOOD ROMAN CATHOLIC DIOCESAN TRUST NOTE5 TO THE ACCOUNTS (Continued) FOR THE YEAR ENDED 5 APRIL 2023 STAFF The average number of employees of the Diocesedurlngtheyear and their aggregate emoluments are shown below: 2023 2022 staff Costs: Wages and salarles Social securfty Penslon costs Redundancy costs 471.970 176,335 252,419 1412,296 161,699 251,879 1,003 £2,￿1.724 £2.826,877 2023 2022 Average Number of Employees: AdminSstration Parlsh employees No No 43 145 41 139 180 188 Number of employee5 who earned £60.LThXI or rnore dur1￿ the yearwere: £60.000- £70,CM)o £l￿.ol￿)- EIIO.C( Employer contributlons totalling £44.57212022 £ 42.6421 were made to personal pension schemes on behalF of the above employees. Key management personnel recei¥e(15alary. benefits and pension contributbns of £463,513 12022, £422.582) durin8 the year. 35 BRENTWOOD ROMAN CATHOLIC DIOCESAN TRUST NOTES TO THE ACCOUNTS Iconiinuedl FOR THE YEAR ENDED 5 APRIL 2023 TANGIBiE FIXED ASSErs Frnehold Flxtures & Furnlture & Buldln8S Equlpment moblk5 VAWATION AND COST At 6 April 2022 Additions Dlsposals 27.055,825 259.351 744,668 20.334 1.205,184 38.142 29,C￿S.G77 331,827 14,C At 5 April 2023 27.315.176 765.IX)2 1.243,326 14,LKM) 29.337,504 DEPRECIATION At 6 Aprll 2022 Charge for year 8,186.995 317.777 297.215 765rx) L185.907 20.688 9,670,117 418,465 At S April 2023 8,504.772 373.71S L206,595 10,088.582 I4￿ BOOKVALUE At 5 April 2023 £18,810.404 £391.287 £36.731 10.5tx) £19,248,922 At 5 Aprll 2022 £18.868,830 £447.453 £19,277 £19.335,560 TheLfvnty a15QW5a numberofxho15*4*tthÈTrusteo t£￿￿that1he*tr￿Qrs￿1p ￿t1*tOf3 C￿￿d￿n$*Ip, The assets havea net book ¥aluo of Nl¥k¥kn8bEenwrttton c+Flnthe pa#and rK¥icapiaW. Altstofthesd>xtsinthe thxeseissel0￿ th theannual LbxesaDci￿ry. Apartfrpm a5mall woporwjn used for th15tralwJn. •llllAed asstts*r*used In dtretifurtherarfeofthetharws cèJEd 36 BRENTWOOD ROMAN CATHOLIC DIOCESAN TRUST NOTES TO THE ACCOUNTS (Continued) FOR THE YEAR ENDED 5 APRIL 2023 INVESTMENTS 2023 2022 Investment properties 10,252.1 9.628,799 siock5. shares ￿ unlttrusts Isee bdow) Subsidiary comparry Isee r￿e 161 18.ts)1,759 19.269.320 £28.253,761 £28.898,121 Anatysis of stocks. shares and unittru5ts Income Units In sa￿4n ￿Pha CIF 17.777,743 19,065,487 Cash awalYnB Investment 36.744 13,682 COIF CharltSes Investrnent Fund Accumulatlon Units 187.272 IgYJ,151 £18.CK)1,759 £19,269.320 Anal￿15 of Investment Properties Openin8 Balanc 9,628.799 8.091.096 Addition5 Transfers to fixed assets 11,532,718) Property rvNaluation5 carried out by ￿artered Surveyor5 Uosing Balance 623.201 3,070,421 £10,252.C E9,628.799 Totsl investments at market value: Openlng Balance 28.898.121 26.819.131 Addltlons Transfers to r￿ed assets 11.532.718) Unreali5ed Ilosses)18alns during theyear 1644.3601 3.611.708 Closing Balance £28,253,761 £28,898,121 Al the *v4e 1114￿%1ents lather Ash •id w•pertyl ¥È quotEd on 4 rerwwKd UK StLKk Evthanee or ¥t ¥￿ued by refor•n￿ to Iwbments risted on a wWStttck EYthlw.￿e propertya55etVA5valued trya rtyial RKSTRI￿Tatc￿rttoftS LLPdurin822123.Al otherk¥opert*sh3%* w4bJtd JurK¥22m IUCS vahj8s¥istrEtttN￿ttd. 37 BRENTWOOD ROMAN CATHOLIC DIOCESAN TRUST NOTES TO THE ACCOUNTS Icontinvedl FOR THE YEAR ENDED 5 APRIL 2023 DEBTORS 2023 2022 School related receivables 238,430 175,951 r￿ft Aid recerlable 1.286,042 1,037,384 Parish receivables induding legacy income and inctyne lènd sales 278,383 1.567,6% Other debtors and prepayments 86.043 127,487 £1.888,898 £2,908,518 10 CREDITORS 2023 2022 Amounts falling due ¥￿thin one year". Bank oveftlraft and other loans Loans to parishe5 from thbrd parties 6.7SO Trust fur￿$ to be paid out 10980 10,906 Other credftors and accruaLs 2.453348 2W.728 £2,471.078 £2,862,634 Credltors include VASCI fvnds bang hekl as at 514123 In the amount of £L837,91312022 £2,038,￿)0). These funds had been ￿*Ve{l from the DfE and were awaitng distribution to 5dK>ols to fvnd capital Pfoleas. The D￿)¢￿ has a loan from the Cathedral and Choral Trust Fund la 5epar*e tharttyl, whlch is interest free, and is repayable on a change of use of the Choir School (whether it is sold or not), and the repayment15 inflation linked. The likdihood of a change of use of the Choir School 15 cor￿ldered to be remote. therefore the loan has a falrvalue of £NII. If the loan had become repayable at S April 2023. it would have had a value of £333.30312022 £302,791) 38 BRENTWOOD ROMAN CATHOLIC DIOCESAN TRUST NOTES TO THE ACCOUNTS (Continue(11 FOR THE YEAR ENDED 5 APRIL 2023 11. FINANCIAL INSTRUMENTS 2023 2022 Financial assets measured at fair value Flnancial assets measured by amortlsed c05t 18,(MJl,759 IW8,898 19.269,320 2.￿8,517 Flnandal liabllities measured by amortlsed cost 2.471.078 2,862,634 Financial assets measured at fair value comprise listed investments. Finanual assets ￿￿aSured at amortlsed cost comprise grants due on s¢hool projects and other debiors. financial Imbllltles measured at amortlsed cost comwise loans and other treditors. 39 BRENTWOOD ROMAN CATHOLIC DIOCESAN TRUST NOTES TO THE ACCOUNTS Icontsnuedl FOR THE YEAR ENDED 5 APRIL 2023 12. UNRESTRICTED FUNDS Bakirbce * Net lE￿Il1Th¢Ome Wore Gains Gain51 Balance at 6 Aprll 2022 (Losses) on Irwestments 5 Apr51 2023 Transfers General Fund 9.606.453 IL930,3571 L167.913 1413,2821 8.430.727 General Educatlon Fund Parishes in Need Fvnd 2.255.683 348.924 35.775 7.734 11(6,2301 {18.9851 2,185,228 337.673 Totsl Oeslgnated Funds 2.604.607 43.509 1125.2151 2.522.901 Parixhial Funds 37A09,124 2,336.4￿j {1.373.3881 302.032 39,074,168 £50.020.184 £449.552 205.4751 £1236.4651 £50,027,7% For the comparative year: Balan￿ at Net IExpVlnoJne Before Gains Galn Balance at 6 Awbl 2021 S April 2022 Transfets Investsnents General Fund 7.343.542 11,677.1271 1,$02.89) 1437.148 9,606,453 General Education Fund Parlshes In Need Fund 2,163.595 333.398 43.702 7,810 2.255,683 348.924 7.716 Total Deslgnated Fund5 2,496.993 56.102 51512 2.604,607 Parothial Funds 34,482.236 3.928.275 11.764.434) 1.163.047 37009,124 £44.322.771 £2307.250 £1261.5441 £3.651.707 £50,020,184 General Education Fund Thls fvnd has been set up by the Trustee to gÈnÈrate income to meet the cost of I￿1￿dirt8 and ImprovinB schoo15 In the Thocese. Trarnsfers are made from the General Fund for this purpose. Parlshes in Need Fund At its September 2013 meetln& the Finance Board 4reed that the £196k received from the Catholic thurth Insurance Association as tts membershlp award 5houkl ￿ rin8 fenced to be used to provide finanaal and other support to Parishes defined a5 bein8.in neetr. BRENTWOOD ROMAN CATHOLIC DIOCESAN TRUST NOTES TO THE ACCOUNTS (Continuedl FOR THE YEAR ENDED 5 APRIL 2023 13. RESTRICTED FUNDS Balatte at Gair￿lI￿sSes} Balance at (Explllrthme 6WI 5 April Galn$ TransFers Inves￿nts 2023 Walslngham H 5,264 IIL1561 15.8921 Skk and Retired aergy Fund 1.875,393 1kn,7551 148,1 166.1451 1,750.593 Meffjal Fund 655,294 149.$791 54.fQ7 148,2731 611049 BEEF 4.098.939 25568 14.XQl 1281,1931 3,839.114 Vocatlons 9A21 91425 Mass Fund 224.454 192101 116.7531 198.491 Paii5h Restrlcted Funds 15.973} 233,427 Cath$ Imerged with Social Wellare Fund pWH)U￿Vin Other RestrKted 8RCDT Education Fund 255.549 119M191 205,583 54,814 137.714 Other Restrtted Funds 450.627 L79) 6.968 113*331 445.552 £7,942.738 q193.9411 £205A75 £IM52161 £7,509,056 Pemianert Endowment Fund Crowhwst Le8acy 502.918 18,060 520,978 &Jlllvan 5k*cbalTrnst 455.739 19,261 475.C•JO £958.657 £37321 £995,978 41 BRENTWOOD ROMAN CATHOLIC DIOCESAN TRUST NOTES TO THE ACCOUNTS Icontknuedl FOR THE YEAR ENDED 5 APRIL 2023 Re5trirted Funds forthe tomparatfve year. ealan¢e ot Gain5llb55esl Bala￿e at IExp)/brKo 6Apiil On 5 Aprtl 2021 IAS Transfers Irh¥e5tmtnts 2022 Wabingham House 5364 5,264 ck and Reilred aergy Fund 1060,628 1273￿04) 145.f 157.0311 1.875,393 Mensal Fund 615.050 I43￿15) 19 655,294 BEEF 4.049,329 166A1711 115.681 4.098.939 Vocatlons 5375 Mass Fund 214,228 3,334 6A92 224.454 Parish Restricted Funds 248.382 18.9821 239.400 Carlta5 Imerged wlth Welfare Fund pre¥h)usty In Other Restrfctedl 311.352 163.6271 7,824 255.549 BRCDT Education Fund 75,505 120.6911 54,814 Other Restrtrted Funds 433.$22 137.6LMI 5L744 2.965 450,627 &085.625 £15CK),6211 f26L544 £96.190 £7,941738 Permanent Endowment Fund Crowhurst Le8ary 615. 1112,7721 502,918 Sullivan Special Trust 479.156 123.4171 455.739 £1.1)94W6 £1136,1891 £958,657 42 BRENTWOOD ROMAN CATHOLIC DIOCESAN TRUST NOTES TO THE ACCOUNTS Icontinuedl FOR THE YEAR ENDED 5 APRIL 2023 13. RESThCTEO FUND Icontlnuedl Watsin8ham House Thls house is usedforthe provtslon ol retfEa gck and Retlred Clergy Fund Income is used to help SLFPkYMtfvIty ￿lTed. p3rtialty retked and si(* Transfer5 TepreSent￿ntrtbLrti0nst0the furHlfrom the Dbjcese. Mensal Fund Thlsfvnd isused tosupportthe Dic*esanathFknÈsoftsBLslK)p. TrnnstEf5 representcortributlor&tothefrJrKJfrornthe DI￿eSe. BEEF IBrertwood EcdeshrystK41 Ed￿atIon Fund) Thls fund meet5 the cosrs of traini￿ prlests for the Dhx￿. Translers ￿prese[rt corrtrlbutAor6 from CdIec￿￿$ on tts ￿hat1 from t￿ parlshes. hAass FuThJ Income rece￿ed frorn donor5 Is pald to WIN) ￿￿trte rnasses forthe do￿r# Tftnsfers ￿present mass Sllpends paid o¥er to parlsl*s. Parlsh Restr￿ed Funds Thesé fund5 COn5é5t of donth)rsand othercontrflMrtbJr6to partst*sforspetinc p￿Tr￿Se$ wlthln the p3r15h. BRCDT EdUcat￿n Fund These fundsare used to fIron￿t￿ provisb)n ol educatlon a¢hlsors to withln the DicKese. Caritas Thls fvnd Is used to womote and Sup[￿ Cathol* &)aal Teaching. As such, thè pre*xbUn8 Sodal Wehre Ftsnd Ipreviou5 reported wlthln Other RestrScted Funds) has L￿n irLorporated Intothe Caiitis Fund. 43 BRENTWOOD ROMAN CATHOLIC DIOCESAN TRUST NOTES TQ THE ACCOUNTS (Continued) FOR THE YEAR ENDED 5 APRIL 2023 13. RESTrICTED FUND Icontlnuedl Other RestrKted Fund5 restrkted fvnds consbt of donat•)nsforspecrfr wrposes. Perrna￿nt EndowmEnt FurK15 rJowhurst Leg Thlsfvnd co￿1$ts of a l￿perty donared to the Dk*ese to be used asa l*)rnefor Roman cat￿lIe Prlests sufferkkgfrom 51cknes5 orwho have retlred ￿ reason ofold ￿. The PfoFerty may be sold the proceeds must be Invested another proFety to be used for the same wrposes. Tr property sokl duiing 2C￿5. The prcK&ds ha* been Invested wlth Saraslns untll a suitable replacemert woperty ￿$ teenlound. Sullhan SpedalTnJst ThLsfund comprlsesan 1￿e$trnent propertythe SrxomÈ of ¥rt4th ts forthe benefftoftr* parish priest at*suthend parish. ALLOCATION OFTHE (HhRfrY N￿A$SEr5 Net Current A5sets/ In¥es1ft￿ lLi)bllr(￿$J Totsl Unrestricted fLThJs Parishlund5 Restricted f￿d5 Permafient Endowment fund 14.146,116 6.869.201 6.318.( 920,378 15.796.7981 ISS62.755 Ll88.590 10,953,628 39,074.168 7.509,056 995,978 16,642,212 Total NetAssets £19.248.922 £28253.761 £11,030.147 £58.532,8>) Forthe comparatfve year Net ￿r￿fit (b¥bilit￿l Totsl Unrestrf¢ted fvnds Parish funds Restricted funds Permanent EndOwr￿n1 hjnd 2.722515 16,6C6,245 14.691238 6.567.170 6,756,656 883.057 15202.6931 14.633.709 1,181.282 75.6(M) 12.211A160 37.809,124 7,942,738 958,657 Total NetAssets f19.335.5 Q8.898.121 £10,687W8 f58.921.579 44 BRENTWOOD ROMAN CATHOLIC DIOCESAN TRUST NOTES TO THE ACCOUNTS Icontinuedl FOR THE YEAR ENDED 5 APRIL 2023 TRANSFERS 2023 2QBI8 Fromlrrol Parochkal Fund5 Dic*e￿n auota Other 1.182.021 55x15 I.ST2.707 52,972 f 1,237,526 £1,625,679 TollFromlAe5trkted Funds Permanert ETrJowment Genernl Parochlal Slck and Rthired Clw mer￿•1 Restricted fundssFenton Other 140A 1140,WJI 64.675 169.6131 4.938 £205.475 £169,613) q135.8621 Forthe ¢omparntlN* year. Permanent Endowmeiit Ger*ral Parochial SKk and Retlred aergv 140,8 Mensal ReSt￿tted funds swt on Other 120.744 1122.7891 2,045 £261.544 fl122,7891 138.7551 45 BRENTWOOD ROMAN CATHOLIC DIOCESAN TRUST NOTES TO THE Accoumfs (Continued) FOR THE YEAR ENDED 5 APRIL 2023 16. RELATED PARTY trRADIPK COMPANYI Ch•rity L*thi•lty owns I{K￿ of the share caprtal of 8rentwood 0￿xese rfradir¥l knmited, Company number 2571381, whKh mèna8es t*Jikliry contrarts for the Dlocese on a no profftlTrJ knss basi& Consol￿aated accounts ha¥e not been prepared because the f*ures shown *ruld In the opinion of the Trustee. be materialty dtlferent frorn those shown In the dwrivs accounts. ￿ tradlrw resultsfor￿ >*arerded 31 Marth 2023 were •sfr•lows.' 2023 2022 Turnover Cost of Sale5 Proffton ordinaryactr¥it Interest kn Bre￿t￿lo(l Ura￿1￿) itd f2 gats capltal and rw 17. BRENfwooD Rom￿ CATHOUC DIOCE5ETRU5fEE The Charfty is goverr*d bythe Board (rf DirectTh5 olthe corp￿ateTrU5￿. The BrentrAtyx￿ CatholK DKn ITr amtyJnt of £L2CQ 12022 £1,2C#JI were relmbursed to one12022.' one) r*rector duriw the year. Dudng the year. Dlrector5 of the Corpornte TnJstee ¢S)r*trd E3,37512022 £5,1￿) in ag8re8ate, to the 19. COMMfTMEMrs 2023 2022 Authorlsed and contracted for 8.747 BRENTWOOD ROMAN CATHOLIC DIOCESAN TRUST NOTES TO THE ACCOUNTS (Continued) FOR THE YEAR ENDED 5 APRIL 2023 20. THIRD PARTY COLLECnONS Parlshes hold collertions on behalf of thlrd party charities. Because the Diocese is acting as agent far these charitie5, these collèttions have been excluded from these flnancial statwnents. Dufing theyear £1,029.57112022.'£763,8671 was collected on behalf of thlrd party charitie& At 5 April 2023 £183.07012022 £167WII was held on behalf of third party charitie5. 21. RELATED PARIT TILANSACTIONS Related Party transacliorts with the Dire¢lors of the Corporate Trnstee are disdosed In Note 18 of these Accounts. There were no other related party transactlons during the year12022, r￿ne). 22.PENSION COMMrrMETrrrs The charws a¢ademlc and rdated staff belon8 to the Teachers. pension Stheme England and Wales. Thls Is a muftl- employer defined beneflt stheme. The latest actuarial waluation of the TPS related to the period ended 31 ALWSt 2019. There were no outstsndir¥ or prepaid contrllwtk)ns at either the beginning or the end of the financial year. Teachers, Penslon Scheme The Teachers, Pension Scheme (TPS or sthemel 15 a statutory. unfunded. defined benefft ocojpational scheme. governed by theTeachers' Pension5 Re8ulations 2010 las amended), and the Tea¢hers' Pension Scheme Regulations 2014 {as amendedl. These re8ulations apply to teathers in 5thoob and other educational esiabli5hments. Indudlng acailemles. In England and Wales that are rnalntained by local authorltle5. In addition. teèthèrs in many independent and voluntary- aided schools and tea¢hers and lerturers in some establishments of further and hlgher education rnay be eligible for membership. Membership 15 automatic for fv1141me teathers and lerturus ￿d. from l January 2(￿7. automatic too for teachers and lertvrers in part-time employment followin8 appolntment or a chan8e of contracL Teachers and leCtu￿r5 a￿ able to opt out of the TPS. The Teachers. Pension ￿dEe￿I% and Valuation Account Althou8h members may be employed by various bodles. thwr retirement and other pe￿On beneffts are set out in re8ulatlon5 made under the Superannuation Act119721 and Public Service Pensions Act120131 and are paid by publSc funds provided by Parliament. The TPS 15 an unfunded scheme and mernbeTS contribute on a'pay as YOU 80'basis- ntributions from members. along ￿ those made by employer5. are Credited to the Exthequer under arrangements governed by the above Acts. The Teachers. Penslons Regulations 2010 requlre an annual accoun( the Teachers. Penslon Budgeting and Valuatlon Account, to be kept of rec￿pts and expenditure linduding the tost of pension Inueasesl. 47 BRENTWOOD ROMAN CATHOLIC DIOCESAN TRUST NOTES TO THE ACCOUNTS (Continued) FOR THE YEAR ENDED 5 APRIL 2023 Frorn IApril 2¢X)l. the Account has been credited with a real rate of return, which 15 equTvalent to assumlng that the balan￿ in the Account is invested in notional irbve5bnents that Produ￿ that ￿￿1 rate of ￿￿rn. Valuation of the Teathers, Pe￿IOn Stheme As a result of the latest scheme valuation employer ¢ontributions were inueased in September 2019 from a rate of 16.4% to 23.6%. Employers abo paya char8e equfivalent to 0.08% of pensionable salary costs to cover administradon expense5. The next valuation Is experted to take effect in 2023. A copy of the latest valuation report can be found by fo1ltswi￿ this link to the Teadw< Penslon kheme website:https JlwWw.teacherspw(￿&c¢.UUfte￿Slem￿oyersI2Q191o4IteaCherSrf￿n5l0￿S-¥èlUa￿0n.rePOrt.aSpX Scheme Charvdes In De￿mber 2018. the Court of Appeal held that transitional protection provisions contained In the reformed ludldal and rirefiBhter penslon schemes, Introduced as part of public Se￿￿ pension reforms in 2015, 8ave rlse to direct age discrimination and were therefore unlawful. The Supreme Courl In a dect51on made in June 2019. rejected the Governmenvs application for pemiission to appeal the Court of Appears rullnB and subsequently refe￿ed the casè to an Employment Tribunal to deterrnine a remedy whith wlll need to be offered to those mernbers of the s¢hemes who were 5ubjert of the 48e d￿riMInation. Since then, daims have a150 been lodEe(l against the main publi¢ service schemes Including the TPS. The Department has cOn￿ded those In Ilne wlth the rest of the 8overnment. In July 2020 HM Treasury launched a 12-week public consultatlon whkh wlll provlde evldence to support the delNery of an appropriate remedy for the affected sthemes. Including TPS. A flnal remedy will ￿ determined On￿ the results of the consultation a￿ *stablthtd. In De￿mber 2019. a further legal thallenge was made against theTPS relatingto an identlfied equall￿eS whereby male surwvors of opposite-5ex marriaBes and ovil partnerships are treaied less faVoura￿V than SU￿yor5 in same-sex marriages and avil partnerships. The Secretary of Statefor EducatK)n ayeed not to defend the case. In June 2020, the Employment Tribunal recorded trs findings In respect of the dalmant. DfE is currentw worklnB to establish what thanges are necessary to address this discrimination. Any impart of these events will be taken into account when the next sd￿me valuatlon is implemented. Thb Es scheduled to be implemented in April 2023. based on April 2020 dats. BRENTWOOD ROMAN CATHOLIC DIOCESAN TRUST NOTES TO THE ACCOUNTS (Continued) FOR THE YEAR ENDED 5 APRIL 2023 23. 5tATEMEMfoF FINANaAL ACnVITIES FOR THE YEAR ENDED 5 APRIL 2022 Endp•rn•rt Funds 2022 Total Funds Funds Funds Income from: Donat10￿ and legades Other tradSng aclknties Investment Income Charitable Activitles Other income Surplus on sale of fixed assets Coronaviru5 Job Retentton Scheme Grant 137505 83,621 355,966 8.188.566 1.093.763 220,312 453.838 1,086.532 9,412,603 1,177,384 750.694 573,226 174,416 111,163 976,388 976.388 104,892 25.683 Totsl Income 611.L 11.012.076 1372.111 12,99S,187 Expenditure on: Rai5in8 funds 79,291 58353 137,644 Charltable actlvlties 2.151734 7.025.448 1,872.732 11,050,914 Total Expenditure 1232,025 7.083WI 1,872,732 11,188,558 11,621.0251 3,928,275 (S￿,621) 1,806,629 Investment GainsllLossesl Unrealised 2.488.660 1.163,047 96,19) 1136,1891 3,611,708 Net i￿oMe/{w￿¥1lturn1 before transfers Tran5fers'. From Pari%hial Funds Tolfrom Restricted FUTh 867,635 5.091.322 1404.4311 1136,1891 5.418,337 Is 1.625.679 1121789) IL625.6791 {138.7551 15 261.544 Net Movements on Funds 2.370.525 3326.888 {142.887) 1136,1891 5,418,337 Ile¢on¢if￿ti0n of funds Funds brou8ht forward Prior year adjustment 9MI.535 34.481236 8.085.625 1,094,846 53,503,242 Funds Carried Forward £12.211.060 37.809.124 £7.942.738 £958,657 £58.921,579 49