DIOCESE OF BRENTWOOD The Brentwood Roman Catholic Diocesan Trust Registered Charity 234092 Annual Report 2024125
Contents Reports Report of the Directors of the Corporate Trustee Independent Auditorfs Report 16 Accounts Statement of Flnancial Activities 19 20 Balance Sheet 21 Cash Flow Statement Statement of Accounting Policies Notesto the Accounts 22 27
Diocesan Vlslon: Buildlng On Our Past The Diocese of Brentwood was fomially erected in 1917. Our first bishop, Bishop Ward had a great personal devotion to Our Lady's shrine at Lourdes and Brentwood was the first diocese in England & Wales to have Our Lady of Lourdes as its Principal Patron. His devotion to St Edmund of AbinEdon lor Canterbury), led to the choice of that saint as a Secondary Patron of the new diocese (together with St Erconwald and subsequently St Ceddl. Our present Father in God is Bishop Alan Williams, a Marist Father and formerly 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 parishes comprising dozens of villages, as well as schools, religious houses. and chaplaincies in hospitals, prisons and universities. It is our prayer that as we Eive 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 proclaimingthe Gospel of Christ. Di¢xe5an Wislon: Shaping Our Future In January 2024 Bishop Aan relaunched our Parish Partnership Process. a vision of parishe5 throughout the Diocese working in partnership to evangelise and meet the challenges of the 21 Century. Our Vision Document can be read here: htt www.dioceseofbrentwood.ne content load5 2017 Diocese-of-Brentwood- Vision-Document-l. df
REPORT OF THE DIRECTORS OF THE CORPORATE TRUSTEE Our Dloce5an Wision Working together to Proclalm the Good News of Jesus Christ in Essex and East London The Church in Essex ond E(Jst London working better und differently together to Evongelise our diocese.. it is o V15ion of the people of God here ond now colloborating to use our voriou5 Grace-given gifts to evongelise our diocese to the best of our combined obility with the help olGod. To maximlse the opportunltles for evangelisation The Vicariate for Parish Renewal exists to enable communities to be renewed-to empower parishioner5 to see what the Lord is askingthem to do and unleashing the gifts that they have. To maximi5e sacramental provlslon Working together with our schools , parish catechists and Partnership Youth Co-ordinators with support from our Parish Renewal, Education. and Youth Ministry Vicariates. To support our catechists, The Bishop's Certificate in catechesis and youth ministry continues to be delivered. This is designed to be an entry level qualification to help in the ongoing formation of adults involved in sacramental preparation or youth ministry in the Diotsse of Brentwood. It includes both the development of practical skills and the deepening of theological knowledge. To maximlse the opportunities for puttlne faith into action through charftable works Caritas Diocese of Brentwood supports and encourages the living out of Catholic Social Teaching within the Diocese, and celebrates the work of the volunteer5 who give thousands of hours to support the ill, poor and marginalised throughout Essex and East London- worklng with those of all faith and none. Real Living Wage The Bishops of England and Wale5 have made a commitment to the Real Llving Wage. Bishop Alan announced our formal accreditation to the Livingwage Foundation on 18 November 2018, the World Day of the Poor and we continue to be committed as a Real Living Wage employer. Our Parlshes The activities of the Diocese are largely undertaken through its parishes. The work of the parishe5 takes the form of the celebration of religiou5 seices. and the provision, maintenance and upkeep of places of worship. This also involves the pastoral care of the Roman Catholic- as well as the broader- community of the area falling within the parish boundaries. and the promotion of a wide range of charitable purposes- not only within the parishes. but also nationally and internationally. Within our parishes. each Sunday. an average of 35.696 people attend services134,985 in the previous yearl. and during 2024, with the help and support of our parish priests and catechists. 2,018 people were either baptised or received into the Church- a slight decrease from the previous year figure of 2,069. During the year, our parishes raised over £46,200 to support international causes. including natural disasters and overseas mission work.
The Diocese has been twinned with the Diocese of Dundee, Kwa-2ulu Natal, South Africa since 1985. Since then. 32 parishes and schools in both dioceses have twinned with each other, building practical relationships beyond friendship and spiritual support. Fr Gerry Goslin& a Diocese of Brentwood priest, regularly visits the Diocese of Dundee to help support the Twinning project. The prolert cayes for many orphans and young children. aimingto lift them from poverty and give them access to a good quality education. During the year. parishes raised over £5.500 for the projert, down from £7,3(K] in the previous year. We continue to energise and attively support this project. Our parish volunteers give many hours of service to both help the local causes, supporting the homeless and the marginalised. Parish Staff and Volunteers Most of the parishe5 across the Diocese benefit from the service, dedication and commitment of many volunteers- whether as Ministers of the Eucharist. Ministers of the Word. Catechists, church cleaners. musicians, offertory counters. gardeners, Health & Safety Representatives. Safeguarding Representatives. Finance volunteers, Social Justice volunteers. youth officers, to name but a few. We thank our volunteers and parish workers fortheir service and commttment. We estimate that during the year the number of parish volunteers totalled over 4.000. We are extremely thankful for the commitment of our volunteers. Thank you. Educatlon In a Catholic School, it is our aim that every child- whether they are Catholic. of another faith or none, will be respected. affirmed, supported and encouraged. Education is one of the m05t powerful weapons in combating poverty, and in helping children to reach their full potential as human beings. It is our aim to ensure that Catholic Education is maintained and enabled to grow and develop for future generations. The Education Team aims to provide both the best possible training and support for all governors who Serve within our Catholic schools. and the best possible support to all schools from both a governance and reli8ious education perspective. As such, during the year the Education team deliver face to face training to school staff almost every week duringterm-time. Courses include targeted training for early career teachers. newly appointed head teachers and a wide range of courses on curriculum support and school management. Modules in the Catholic Certificate of Religious Studies are delivered on a regular basis. A wide variety of online courses are available on an on8oin8 basis. Our Buildings Officer provides support to schools in respect of Schools estates including the provision of trainingon school buildin85 management. The Academisation projett has continued with more schools joining Multi-Academy Trust5 {MATSI acr05S the Diocese. The Diocesan Academies working group is reviewing the number of MATS with view to ensure that the structure meets the needs of the Diocese in the developing educational landscape. Catholic School Inspection ICSII is a key area of our work. We continue to ensure that a diocesan officer attends the feedback meetin8 at the end of a CSI or OFSTED inspection. We've established a regular communications link with schools and Advisers to ensure that all relevant information received from the Catholic Education Service and other sources is disseminated
on a timely basis. We now distribute relevant inforniation on a weekly basis to schools, which include5 prayer and Catholic lrfe materials. The prime focus for the work of Brentwood Diocese Education Service IBDE51 is in securing, preservingand developing Catholic education into the future, as well as supporting schools when difficulties 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- °Supporting Cotholic schools to provide excellent education where pupilsflouri5h ond Christ 15 mode known to (Jll.- Safeguardlng A5 Catholics we believe that human lrfe is sacred because from its beginning it involves the creative act of God and it remains forever in a special relationship with Him. Accordingly. we recognise that each human being, irrespective of age or circumstance, should be accorded the dignity and respect due to a chlld of God. The Church as a community ha5 a duty to follow the command to love by valuing and protecting the vulnerable. Children are the most vulnerable and have the greatest entitlement to protertion. In order to a55iSt in this, our Safeguarding team provides support and training to both parish representatives and clergy to facilitate the implementation of policies and procedures. which create a safe environment for all involved in our Diocese. and ensure that the Diocese meets the requirements of the eight national safe8uardin8 Standards as set by the Catholic Safeguarding Standards Agency ICSSAI Each parish has a responsibility to appoint a Safeguarding Representative - the Ilnk between each parish and the Safeguarding Coordinator. The Safeguarding Representative. by assisting the parish priest in the implementation of the diocesan safeguarding policies, has a responsibility to promote good and safe practices in all activities involving children, young people and adults. and to provide advice on child and adult safeguardlng matters within the parish. The Safeguarding team provides trainin8 Opportunities throughout the year as well as conferences and meetings at Deanery level to support each parish community. The Vlcar General's Office The Vicar General oversees the Bishop's Office, and is responsible for Vocations. Clergy in-service trainin& retreats and Ministry to Priests. Ecumenism and Interfaith initiatives are also in place. We believe that working together is not an optional extra, but at the heart of our Christian vocation. The Vicar General's office also includes the Music and Liturgy departments. The Liturgy Executive Committee is the statutory body set up by the Bishop to advise him on all matters of liturgy, and to assist him in the encouragement and implementation of Sound liturgical practice, along with the stimulation of liturgical 8rowth, developrnent and awareness throughout the Diocese. The Diocesan Liturgy Committee and the specialist sub-committees advise on. and assist with. the appointment,
training and use of liturgical ministers- church music: art and architecture; and the development of pastoral litur8V. The work ofthe Brentwood Cathedral Music Departmentcontinuesto be both cornprehenstve and far- reaching. During 2024/25 the Department launched the Brentwood Schools Singing Programme in a number of schools. The programme is designed to use the existing infrastructure of Catholic state schools to deliver music sesslons during the school day, with a view to support school and parish liturgies. Youth Ministry The Vicariate for Youth Ministry works with parishes and schools across the Diocese to provide support. formation and opportunities for young people and forthose who journey with them, centred in deepening their relationship with Jesus Christ. The Wicariate integrates and continues the work of the Brentwood Catholic Youth Service {BCYSI and Walsingham House at Abbotswick, our Diocesan retreat centre, which have together been a vibrant feature within our Diocese. Formation is offered in a pastoral context. meaning that Sacramental Catechesis, a deep and rich prayer life, and opportunities for service and outreach to the poorest and those most in need, are all Interwoven. The Vicariate works with parish catechists, school chaplains. university chaplains and voun8 people from the point of First Holy Communion through to young adulthood: in the latter years opportunity of service through leadership is highlighted. The Youth Vicariate helped launch the Parish Partnership Youth Co-ordinator project, a projertto help promote and support YoLrth Ministry at parish level. Duringthe yeartwo 'Parish Partnership Youth Co- Ordinators IPPYCI were in post. The purpose of the PPYC role is to build and develop a parish partnership youth leadership team, helping to deepen and strengthen the relationship of each youn8 person with Jesus Christ and to deepen their lived experience of the Catholic faith. Special projects which also fall within the Wicariate include Diocesan Pil8rimages. (primarily the Lourdes Pilgrimage), which are naturally places of formation in themselves. Youth Gather- a weekend of which is a mix of faith. fun and friendship, providing an opportunity to take part in outdoor activities while taking time to share in and celebrate the Catholic faith. The Vicariate also helps promote the Flame Congre5S, the largest Catholic Youth event in England in Wales, the purpose of which is to inspire young people in their faith with a mix of concert style music and prayer. Caritas The Mission of Caritas Diocese of Brentwood is to maximise the opportunities for putting faith into action through charitable works, fully conscious of Christ's commandment to love our neighbour, defined by His words 'Whatever you do to the least of my brothers and sisters, you do to me. We seek to serve the marginalised, the poor and the vulnerable by highlighting and developing a broad range of charitable projects in Parish Partnerships and schools across our Diocese and nationally. The Vision of Caritas Diocese of Brentwood is defined bythe truth that no-one is beyond the reach of the love of Christ. We aim to enable those in need of pastoral care to find that care and to better support those working on Social Justice projects in each part of the Diocese.
During the period. Carit35 Diocese of Brentwood crystallised its work into three key strands. Environment (Laudato Si} The Caritas Director facilitated the Diocesan focus group on the Environment Refugees and Migrants- a Diocesan focus group has been set up. Several parishes have set up projects to support refugees. Homeles5 and the Cost of Living- several Sponsored sleepouts have taken place across the Oiocese to SUPPOrt provision for the homeless. A focus group has also been set up. Admlnistration The Vicariate for Administration encompasses the Finance and Property Departments (incorporating Health & Safety). The departments work both to meet our reporting requirements but also to support the parishes in various aspects of finance. property and health and safety. on a dayto day basls. Finance training is available to parishes on a 1.1 basls and sessions were delivered in most weeks during the year. The Finance Office also delivered on site training which was available to all parishe5. This trainlng covered GDPR, Cyber Security. Finance and Gift Aid. Health & Safety training is also provided on a regular basis, online tools and resources being available to parish representatives and clergy. Property Team: The Property Sub-committee has delegated responsibilityfor 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 parish expenditure in line with financial policy. The responsibility for managing the malntenance of parish buildings rests with the parishe5 under Canon Law although it is the responsibility of the Diocese as a registered charity to ensure that 3S5ets are kept in a reasonably good condition. chanrY and Tribunal The Chancellor prepares and transmits official legal documents on behalf of the Diocese, is the chief notary, and authenticates official documents. The Chancery also processes marriage papers for marriages taking place outside the Diocese. In 2024. 67marri3ges took place abroad. The Judicial Vicar and other judges. hear cases prepared by advocates and auditors. The majority of cases handled by theTribunal each year comprise requests for the investigation of marriage for nullity. Strurture, Governance and Management The Brentwood Roman Catholic Diocesan Trust Ithe Charity} was constituted 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 fit 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 addition, there are two separate funds which are registered as individual charities: The Brentwood Ecclesiastical Education Fund IBEEFI-the fund of the Diocese which meets the cost of educating and training seminarians- is a separately constltuted 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. which is separately registered with the Charity Commission under number 1067742.
An order of the Charity Commissioners under S96161 Charities Act 1993 permits the three charities, which have the same Trustee, to be treated as a single entity for accounting purp05e5. Admlnlstration of the Charity is through the Brentwood Roman Catholic Diocese Trustee {the Corporate Trustee}. The Brentwood Roman Catholic Diocese Trustee, a company lirnited by guarantee. was set up in 1948 to act as custodian trustee in relation to the Charity and the ecclesiastical trusts of the Diocese. Its company number Is 450897. All parish property is in civil law held by the Corporate Trustee, subject to the Charity Trust Deed. The acquisition or disposal of parish property therefore must be sanctioned by the Director5 of the Corporate Trustee. and all relevant documentation must be drav up in the name of the Corporate Trustee. Directors of the Corporate Trustee In keeping with the Charit¢s objectives, it is a requirement that candidates for Directorship are committed Roman Catholics. The power to appoint Directors is vested in the Bishop of the Diocese. Where additional Dirertors are required, the Bishop will consider the range of skills and experience required on the Boardlsuch as finance. investments, strategic planning etc.). and will approach individuals in the Diocese who are likelyto meet these requirements. Prospective Dirertors are provided with full information on the Charity's constitution, objects and finances. Trainin8 material is made available as necessary, and Directors are encouraged to complete online training modules which have been approved by the Charity Commission. Governance of the Charity The Charity Is governed by the Board of Dirertors of the Brentwood Roman Catholic Diocese Trustee (the "Corporate Trustee-l which consists of the President of the Corporation (the Bishop of Brentwoodl and up to fourteen other Direttors. The Board, in conjunction wtth the canonical bodies established by the Bishop to be hls advisors and consultors, is responsible for the development and implementation of policies which ensure compliance with civil legislation and canon law. The key policies are safeguardin& health and safety, risk management. the production of financial bud8ets, the exercising of financial controls through regular financial reporting, the management of Diocesan properties. polices relating to employment and the compliance of the Charity with relevant company and charity legislation. Authority for the management of the day-to-day business of the Diocese and compliance with civil legislation is delegated by the Board to the respective departmental Directors and parish priests in accordance with their directions. In March 2014. the Finance Board (now known as the "Board") approved revised Articles of Association for the Corporate Trustee. establishing the Bishop of Brentwood as the sole Member of the Corporate Trustee- the Board cannot implement a decision with which the Bishop disagrees. In December 2020. following an internal governance review, the Articles of Association were further revised, inter alia removing reference5 to the 'Finance Board, and replacing these with the 'Board"
Sublommittees of the Board The Board has established several Sub-committees delegating to them the consideration of specific reas of importance to the Diocese and authorisingthem to make some decisions and to submit recommendations to the main Board for approval: Education Finance and Administration (including Investments) Health & Safety Human Resources & Diversity { meets in conjunction with Finance & Administration Property Safeguarding Youth Ministry Caritas I formerly part of the Youth Ministry and Pastoral Care Sub-committee) A separate committee Inot a Sub-committee of the Board) reviews the provision of support to sick and retired clergy and meet5 on a regular basis. Key Management Personnel The Trustee considers that the Directors of the Corporate Trustee. together with the Director of Finance. the Dirertor of Education. the Diocesan Safeguarding Coordinator, the Director of Property and the Bishop's Delegate for Civil Administration comprisethe key management personnel of the Charity, in charge of directin& controlling, runnlng and operating the Charity on a day to day basi5. In the previous year. the role of Director of Development was also considered key manaEement personnel. the respective salary, pension and benefits being included in the comparative year Ih disclosure on page 31 of this report. This role was not in place during the year ended 5 April 2025. Salaries are reviewed on an annual basis by the Human ResourcesTeam and authorised bythe Board. All Director5 of the Trustee gave of their time freely. and no Director received remuneration in respect of their services as Dirertors of the Corporate Trustee. Details of the Trustee Dirertors, expenses are disclosed in Note 18 of the accounts. Finandal Review Investment pollcy The Diocese follows a total return investment policy, to achieve long term capital and income growth, to provide sufficient income to support toda¢s beneficiaries whilst still seeking 'Teal' growth in capital over rollin8 5 year periods to meet the future needs of the Charity. The 5 year annualised performance of the portfolio was 8.2 % as at 31 March 25 in comparison to the 5 year annuali5ed CPI of 4.6%. The Portfolio has continued to perfom better when compared to the ARC Peer Group. The Trustee is empowered within the Trust Deed to invest any monies as authorised by lawfor the investment of trust monies, in a manner which it thinks frts with the consent of the Bishop. The provisions of the Trustee Act 2000 apply. Under section 26 of the Charities Act 1993, an Order was made by the Charity Commission on 5 December 1999 grantingthe Trustee power to appoint an investment manager, and to appoint a corporate body as the Trustee's nominee to hold the investments of the Charity. The General Power of Investment in the Trustee Act 20(Ki allows Trustees to invest trust funds in any kind of investment, excluding land lexcept under certain provisions]. in which they could invest if they were the absolute owner of those funds.. io
Diocesan Ethical Policy for investments: The Diocesan investment portfolio avoids investment in tobacco, arms, alcohol. gambling and pornography. Investment is also to be avoided in companies which support oppressive regimes. ortrade in products which are produced by child labour or in forced labour camps. orcompanies which have been involved in the exploitation or unjust treatment of employees. Our Investment rnanagers, Sarasin and Partners LLP, monitor any investment5 made bytheir 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's teaching on the sanctity of life. The fund manager also seeks to avoid investments in companies involved in predatory lending. Our investment managers take a pro-active approach in respect of voting on company re501utions, in order to promote responsible long- terni stewardship. The Sarasin Endowment Fund will not invest in tobacco and will also avoid investment in companies that have more than IO% of theirturnover from the following: Alcohol Manufacture Armaments Gambling Pornography Sarasin & Partners has continued to artively engage with companies and regulators in order to uphold high standards relating to environmental. social and governance matters on behalf of the Trustee. Risk Management: The Directors 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 mitiEate exposure to these risks. Risks are recorded, by department, and a RAG status applied. Actions to mitigate 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 Sub-committee meets on a regular basis to ensure that policies are being communicated and applied appropriately, risks are reviewed and action taken where appropriate. Health and Safety representatives are appointed at parish level. In respect of the fallin8 number of prie5t5 in rninistry, the Diocesan Vision addresses this issue and sets out plans in order to mitigate this risk goin8 forward. Financial Risks are reviewed on an ongoing basis by the Finance & Administration Sub-committee of the Board and action taken when required. Financial Control Policy: Our Diocese has a series of financial controls and signing limits in place lin the parishes and at the Curial in order to enable the Corporate Trustee to exercise its legal duties: To ensure we are carrying out our purposes forthe public benefit To comply with our governing 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 skill To ensure that we are accountable. We continued to review the support provided to parishes durlng 2024-25. togetherwith our associated controls and procedures continue to be reviewed on an on80ing basis. Public Benefit: The Board Members confirm that they comply with the duty in S17 of the Charities Act 2011 to have due regard to the Charity Commission's public benefit guidance when exerci5in£ li
any powers or duties to which the guidance is relevant. Details of the main activf(ies undertaken to further the charit¢s purposes for the public benefrt are noted earlier in this document. Fundraising Policy: Our Diocese is registered with the Fundraising Regulator and is committed to the Fundraising Promise. We do not use any external fundraisers. We will commit to high standards, adheringto the Fundraising Code of Prattice at all times. monitoring any person that raisesfunds on our behalf. and complying wtth the law as it applies to charities and fundraising. We will be clear. honest and open, in respect of what we will do with donations, how gifts 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 will hold ourselves accountable and responsible. ensuring 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. Reserves Policy: Unrestricted reserves as at 514/25 totalled £11.2m12024'. £11.Sml. In addition, parochial funds totalled £40.7m (2024: £39.7ml. Other restricted and endowment funds totalled £10.4m (2024.. £10.8ml. Central Diocesan reserves are held to meet the future needs of the Diocese as a whole and absorb the impact of any material risk. Parochial reserves are held to meet the cost of future repairs and maintenance or major building projects which cannot be met out of expected income. Historically the Diocese considered parochial funds to be 'designated' for use at parish level, for parish requirements. In 23124 the Diocese recla55ified parochial funds as being 'restricted' to be used for the benefit of parishes. 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 but not limited to the increased cost of carin8 for the Sick and Retired Clergy of the Diocese. The Diocese aimsto hold cash reserves of £IOm. Cash reserves as at 5 April 25 stood at £llm. Due to the size ofthe Diocese and the number of parishes Wlthin 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 projetted cash flow. investments may be liquidated. Funds invested, and how they will be applied Restricted funds total £9.4m (2024:£9.8m}. The largest restricted funds with investments are noted below: The Brentwood Ecclesiastical Education Fund (BEEFI, a fund for the support and training of seminarians, was valued at £4.3m a5 at 5 April 202512024: £4.3m). As at April 2025 there were three seminarians. When in seminary. each normally costing around £50,000 p.a. Investment income exceeded the seminary and associated costs by £31k. There was a Small redurtion in the value of the restricted fund due to losses on investment. The Sick and Retired Cler8y Fund was valued at £1.96m12024'. £1.88m). The donations received from parishioners. together with specific parish contributions is currently covering the costs incurred by the fund. Due to the age profile of the clergy population, tt is anticipated that expenditure will increase in the near future and so the Diocese is planning how best to finance the support of priests due to retire over the next 1¢>15 years. 12
Designated funds £2.7m12024- £2.7ml The largest designated fund is the General Education Fund which stands at £2.3m12024: £2.3ml. With the development of a new diocesan vision and strategy for Education, the Trustee considers how best to utilise these funds. Permanent Endowment funds £lm12024: £lm) The largest endowment fund 15 the Crovthurst legacy which stands at £0.5m-these fund5 are to be used to buy a suitable property for sick or retired priests. These funds have been used to purchase properties in order to meet the housin8 requirements of Sick and retired priests. Unrestricted funds held bythe centre £8.6m {2024: £8.9ml Non-parochial unrestricted funds are invested in the Sarasin Endowment Fund (formerly Alpha CIF for Endowments) in orderto generate investment revenue which contributes to the work of the Curia. The fund value has decreased year on year. Financlal Performance: With reference to the statement of financial activities in the financial statements. At the end of the financial year 2024-25 diocesan funds as a whole totalled £62.3m12024: £62.2ml. Income has decreased from £17.7m in the prioryear to £17.2m. Donations remained fairly Similar when compared to the previous year. there was an increase of £58k in legacy income, but the most significant drivers of the year on year change are noted below: A reduction in grant income of £502k. In the previous year there had been an increase in parish applications towards capital projects. An increase in rental income of £90k as parishes continue to seek ways to best utilise resources at parish level. Decrease in Other Income of £189k relating to a surplus on the sale of fixed assets at parish level in the previous year. Expenditure has remained stable at £17.2m. There was an increase In VASCA expenditure of £180k which was offset by a business tax rebate of £194k. The business tax rebate led to a decrease in support costs, which can be observed under the heading 'rates. insurance & utilities, of the Analysls and allocation of support costs section in Note 5. Parish Reserves As at 5 April 2025, parish fixed assets totalled £18.8m12024: £18.4ml and free Parochial reserves £21.9m12024: £21.4m). A large part of the increase in fixed asset value related to primarily to a project in one parish. Plans for the Future Our Diocesan Vision (referenced on page 3 of this document) details our plans for the future, the renewal process being relaunched in January 2024. 13
Dlsc105ure of informatlon to auditors The Members of the Board of the Trustee who held office at the date of approval ofthis report confirm that, so far as they are each aware, there is no relevant audit information of which the charity's auditors are unaware; and: each member has taken all the steps that he or she ought to have taken to be aware of anv relevant audit information and to establish that the Charitrfs auditors are aware of that information STATEMENT OF TRUSTEE'S RESPONSIBILMES The Trustee is responsible for preparing the Trustee's Annual Report and the financial statements in accordance with applicable law and United Kingdom Accountingstandards (United Kingdom Generally Accepted Accounting Practice). Charity law requires the trustees to prepare financial statements for each financial year. Under that law the Trustee has elected to prepare the financial statement5 in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable lawl. Under charity law the Trustee must not approve the financial statements unless satisfied that thev give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing these financial statements. the Trustee is required to: selett Suitable accounting policies and then apply them consistently. observe the methods and principles in the Charities SORP 2019 {FRS 102),. make judgements and estimates that are reasonable and prudent. state whether applicable accounting standards have been followed. subject to any material departures disclosed and explained in the financial statements; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The Trustee is responsible for keeping proper accounting 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 Act 2011 , the Charities (Accounts and Report Regulations) 2008 and the provisions of the trust deed. It is also responsible for safeguarding the a55ets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the Board of the Corporate Trustee onSFebruary 2026 and signed on its behalf by: f4K_ Director 14
Reference and administrative details of the charit sole trustee and advisers REFERENCEAND ADMIP115tR4TIVE DETPJLS OFTHE(TrAlTr. SOiETRusrEEATr4DsERs REGMERED P14ME p1¥00d Rornan CatlKAOicÉTrst CHhRlTYREGfiAn0N NUMBER 234(62 SOLETrUSfE£ IheTruSt is adrryru5tered bythe Brentwood RoMan C3tthliC Diocese Trustee ITrust CorpLYailon-atompanyc0[poTr¢ed 13 March 1948, CoTnFny Re8iStr3tlon 45(B971 pRINP OFFICEAND REGERED OFFKE L%THESOLETRUSTEE Cathedral House Ingrave Road EssexCMI5 &4T DIRECTOPSOFTHESOLErnSTEE (kntn asmembersefthe rdI The served thringihevear.and sifKe, are as fti RevAlan WilamsS.M. Rt Rof Ke¥ffi Hale VG Rt (hr15ropher Br( Iened Is May 20251 Rev ParTxk DatylaprKJinied 19 September 20241 Rev Dominic HDwArth Canon Sterthers Myer5 MrEth(&i Idehen13pwnied 21 NLwember 20241 MrPeterJohnsi Mrs Nicoliro Lyon Mrs Maureen Coye DIOCESAN FIMANCi4L5ECREfARY nn&Marie Stok&ereit BANKERS HSBC PLC FÈThton House 8M9 P4ew LÉxWon Road ChElm5ford Essex CM2 OF SouoR5 Stone Boundary House 91 Charterhousestreei LoDthn ECJM 6HR AUDrrc115 Pnce Bailvrf LLP YeTrnn House Cambridge BUneSS Pavk Cambridge IPWESTMENT ADW50RS Saran & PartnusiLP Juxon F*ovse IWSt Paul s c1[thy•r thn EC4M 8BU 15
INDEPENDENT AUDITORS, REPORT TO THE TRUSTEE OF THE BRENTWOOD ROMAN CATHOLIC DIOCESAN TRUST Oplni¢)n We have audited the financial statements of The Brentwood Roman Catholic Diocesan Trust (the 'charity'l for the year ended 5 April 2025 which Comprise the Statement of Financial ActTVitie5. the Balance Sheet. the Statement of Cashflows and notes to the finanaal statements. includin8 significant accounting poliaes. The financial reporting framework that ha5 been applied in their preparation 15 applicable law and United Kingdom Accountingstandards. induding Financial Reporting Standard 102 The Financial Reportin8 Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the finanaal 5taternents-. give a true and fair view of rhe state of the charrtls affairs a5 at 5 April 2025, and of its incoming resources and application of resources. including Tts income and expenditure. for the year then ended,. have been PToperly prepared in accordantè with United Kingdom Generally Accepted Accounting Practice., and have been prepared in actordance with the requirements of the Charities Act 2011. Basls for opinion We corKlucted our audit in accoidarKe with International Standard5 on Auditing IUKI I1 IUKII and applicable law. Our responsibilities undei those standards are further described in the Auditorfs responsibilities for the audkt of the financial siatements section of our report. We are independent ol the charity in accordance with the ethical requirements that are relev3t)t to our audit of the finanual statements in the UK. induding the FRCS Ethical St3ndaTd. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidencèwe have obtained Is sufficient and appropriate to provide a bashs for our opinion. Conduslon5 relatln8 to goini conrn In auditing the firhancial statements. we have concluded that the trustees. use of the going concern basis of accounting in the preparation of the financial statements 15 appropriate_ Based on the work we have performed. we have not identif1 any material uncertainties relating to events or conditions that, indiwdually or ctsllertively. may cast 518nificant doubt on thè charity's ability to continue as a going conrn for a period of at least twelwe months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees WTth respect to 8OlnB contern ale described in the relevant sections of this ieport. Other Informatlon The other information comprises the informalion included in Ihe trustee5' annual report, other than the financial statements and our auditorfs report thèreon_ The trvstees are responsible for the other information Contairhed within the annual report. Our opinion on the financial statement5 does not cover the other information and, except to the extent otherwise explicitly staled in our report. we do noi expre55 any form of assurance conclusion thereon. Our iespon5ibility is to read the other informatson and, in doirg so. consider whether the other information 15 materially inctsnsislent with the financbal statements or our knowledge obtained in the course of the audit OT Otherwise appears to be materially mi5Stated. 11 we ideniify such material inconsistencies or appareni material misstatemènts. we are required to determine whether this gives fise to a material misstatement in the financial statements themselves. If. based on the work we have performed. we conclude that there 15 a material misstètement of this other information. WÈ are required to report that fact. We have nothing to report in this regard. 16
AUDITORS, REPORT TO THE TRUSTEE OF THE BRENTWOOD ROMAN INDEPENDENT CATHOLIC DIOCESAN TRUST Matters on whlth we are requlred to report by exceptlo We have nothing to report in respeth of the followi matters in relation to which the Charities IAccounts and Reports) Regulations 21M)8 require us to report to you if. in our0nIon.. the Infom)ation given in the financial statements is incon515tent in any rnateiial respect with the tnjstees, report- or the charrf¢y has not kept adequate accountiJy Tecords- or the financial statements afe not in a8reemenl with the 3ttountin8 records and returns,. or we have not received all the information and explanation5 we require for our audit. ReSpOnl>ll1t1*s of trustees As explained more fully in the trustees. responsibilitie5 Statement in the Tru5tee5' Report. Ihe trusiees are responsible for the preparation of the financ¢al statements and for being satrsfied that they "ve a true and fair view. and for such internal control as the trustees determine is necessary lo enable the preparation of financial siaiements that are free from malerial misstatement, wheiher due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity'5 ability to continue as a Boin8 concern. disclosin& as applicable, matter5 related to going concem and using the going concern basis of accounting unless the trustees Èithèr iniend to liquidaie the charity oi to cease operations, or have no realistic alternative bul to do so. Auditor'5 responsibilities for the audit of the 15nancial statements We have been 3ppointed as auditor under section 1443 of the Charities Art 2011 and report in accordance with regulations made under section 154 of that Act. Our objeclives are to obtain reasonable assuranceabout whetherthefinaricial Statements as a whole arefree from material misstatement. whether due to fraud OT ertor, and to issue an auditorfs report that indude5 our opinion. Reasonable assuran is a high level of assuran, bul 15 riot a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if. individually or in the a88regate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial siatements. Irregularitie5, including Iraud, are instances of non<ompliance with laws and regulations. We design procedures in line with our responsibilities. outlined above. to detect material misstatement5 in respect of irregul31ities. including fraud. The extent to which our procedures are capable of deterting irregularities. includin8 fraud deiailed below.. We gained an understanding of the legal and regulatory framework applicable to the Charity and the sector in which it opèrates and considered the risk of the Charity not complying with the applicable laws and regulations including fraud in particular those that could have a material impact on the financial Statèments. This included those reEulations directly related to the financial 51atements. including financial reportin& safeguardbng and GDPR and health and safetv legislation Thè risks were discussed wth the audit team and we remained alert to any indications of non-compliance throughout the audit. We carried out specific ProdureS to address the risks identified. These included the following.. 17
INDEPENDENT AUDITORS, REPORTTO THE TRUSTEE OF THE BRENTWOOD ROMAN CATHOLIC DIOCESAN TRUST We reviewed system5 and procedures to identify potential areas of management override risk. In particular, we carried out testing a sample of joumal entries and other adjustments for appropriatene55. We rwewed key authoTisation procedures and dethsion making Pro5$eS for any unusual or one-off transactions. We reviewed minutes of Trustee Board meetiw and a8reed the financial statement disclosures to undertying supporting documentation- WÈ have made enquiries of management and officers of the tharity regardi laws and regulations applicable to the or8anisation' We reviewed the risk management processe5 and procedures in place. We have reviewed any corresponderKe with the Charity Commission and reviewed the procedures in pla for the report of inadents to the Trustee Boaid includ1 serious inodent reports of any such matter if necessary. Because gf the inherent limitations of an audit. there is a ri5kthat wewill not deiectall irregularitles, includingthose lèading io a material misstatement in the financi31 statement5 or non-compliance with Tegulation. This rtsk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements. as we will be less likely to become aware of ihe instances of noTrcompliance. The risk 15 also greater regarding irregularities occurring due to fral rather than eiror. as fraud involves intentional concealmeftt. forgery. collusion, omission or misrepresentatittn. A further description of our responsibilitie5 is available on the Fin3jaI Reporting Council's website at.. Our-work Audit Audit-and-assuT3nce Standards-and uidance Standard5-and- uIdancfOr- htt www.frc.or .uk ditors Audito -re onsi ilities-for-audi tion-of-audito bilities-for-audi .as Thls desuiption forms part of our auditorfs report. Use of our rep(Yt This repori is made solely to the ¢hariVs trustees. as 3 Ix>dy, in accordance with Part 4 of the Charlties IAc¢ounts and Reportsl Regulation5 2(K18. Our audit work has been undertaken so that we might state to the charitys trustees those matleis we are required io state to them in an audttorf5 report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility to anyone otherthan the charity and the charitVs tru5tee5 35 a body, for our audit work. for this reporL or for the opinions we have formed. PRICE BAILEY LLP Chartered Accountants Slalutory Auditors Tennyson House, Cambridge Business Park. Camtffidge, CB4 OWZ pri Bailey LLP 15 e1Ible for appointment as auditor of the charity by virtue of ils elvJibility for appointment as auditor of a company under section 1212 of the Companies Act 20. Date: 5 February 2026 18
BRENTWOOD ROMAN CATHOLIC DIOCESAN TRUST STATEMENT OF FINANCIAL AcnviTIES FOR THE YEAR ENDED 5 APRIL 2025 Unrestrfrted Funds P•rothial Funds Restrirted Funds Endowrnent Funds 2025 Total 2024 Total Notes Income from: Donations and legacies Other trading artivities Investment income cha[table Activities Other income Surplus on sale of fixed assets 73,510 88.864 481,198 57.513 8.738.665 1.399,475 273.465 682,595 5.159,901 13,972,076 14.539.735 1,488.339 1.361,252 984,777 916,887 788.342 738,959 230.114 48.234 75 75 188,789 Total In¢L)me 701.085 11,094,275 5.438.249 17,233,609 17,745,622 Expenditure on: Raising fund5 92.698 167,282 259,980 229.842 Charitable activities 2.252.088 8,597.672 6.1323 16.950.083 16,941,145 Totsl Expenditure 2,344,786 8.764.954 6,1(M),323 17,210,063 17,170.987 Net income / leKpenditurel before other gains and1055e5 11.643.701) 2.329,321 1662,0741 23,546 574.635 Investment GainsllLossesl Unrealised 1206.0721 361.299 1109,6381 36.937 82.526 1,278,109 Net lexpendlturelllncome belore transfèrs Transfers= From Parochial Funds Tolfrom Restritted Funds 11.849.773> 2.,620 1771,7121 36.937 106,072 1.852.744 15 15 1,681.468 1150,C(J21 11.681,4681 1116.620) 266,622 Net Movements on Funds 1318,3071 892.532 1505,0901 36,937 106,072 1,852.744 Reconciliation of funds Funds brought forward 11,581,285 39.784,791 9,889.342 967,069 62,222,487 60,369.743 Funds Carried Forward £11,262,978 40.677.323 E9.384.252 £I,CQ4,006 £62.328,559 £62,222,487 The statement of financial activities includes all gains and losses Én the period. All operations are continuing and there are no discontinued operations in either year. The comp3rattve yearfs Statement of Financial Actrvities is included in TK>te 24. The notes form part of these financial %tatèmènis 19
BRENTWOOD ROMAN CATHOLIC DIOCESAN TRUST BALANCE SHEET AS AT 5 APRIL 2025 2025 2024 Noles FIXED ASSETS 20.872,085 29,214.539 TanglIe fixed assets Invesiment5 21.135,281 29.297,(*5 50,432.346 50,086.624 CURRENT ASSETS Debtors Cash at bank and in hand 2,721.559 11.055,917 2,217,965 11.185,948 13.777,476 13,403,913 CREDITORS: Amounts falling due Within one year io 11,881,263) 11,268,050) 11,896.213 12,135,863 NET CURRENT ASSETS £62,328,559 £62,222,487 FUNDS Unrestricted- General Designated 12 8,582,718 2.680.260 8,Y)7.003 2,674.282 12 11,262,978 9,384.252 40.677.323 i.(MM,or 11.581,285 9.889.342 39,784,791 967,069 Restrirted Parochial Permanent Endowment 13 13 13 £62.328,559 £62,222,487 The financial statemerbts were approved and authorised for issue by the Tntstee on SFebruary 2026 and were signed below on its behalf by: Director of the Brentwood Roman Catholic Diocese Trustee The notes lorm part of these financial statements. 20
BRENTWOOD ROMAN CATHOLIC DIOCESAN TRUST CASH FLOW STATEMENT FOR THE YEAR ENDED 5 APRIL 2025 2025 2024 Net Cash flow from Operating Activities Net Incomellexpenditurel Depreciation Invesiment income and interest received Losslsuiplusl on sale of fixed assets {increasel/Decrea5e in debtors Increase/lDecreasel in creditor5 23,546 508,033 IS49.1601 574,635 479,979 1550.5301 1188,7891 1329.0671 636,885 1503.5941 615,%3 94.788 623,113 Cash flows from Invesllng actlvities Investment intome and interest receNed PrOed$ from Sale of investments Purchase of tangible fixed assets Proceeds from 531e of tangible fixed assets 549.160 550,530 317,331 12,129,514) 215,161 1771,2291 1222.0691 (1,046.4921 1127,2811 1423,3791 Cash flows from financing activities Movements on loans to parishes from third Parties 12.7501 13,01)01 Change in cash and cash eqtTrivalents in the year Cash and cash equivalents at the beginning of the Year 1130,0311 1426,3791 11,185,948 11,612,327 Cash and cash equivalents at the end of the year £11.055.917 £11,185,948 Analysis of changes in net debt Notes As at 614124 Cash flows Fair Value Movements s at 514125 Cash Cash Equivalents 11.185.948 19,263,617 1130.0311 11,055,917 18.932.010 1331,6071 Loans and cdItorS falling due within one year Total io 11,268.0501 1613,2131 11,881,263) £29.181,515 £1743,2441 1331,6071 £28.106.664 The notes form part of these financial statements 21
BRENTWOOD ROMAN CATHOLIC DIOCESAN TRUST STATEMENT OF ACCOUNTING POLICIES FOR THE YEAR ENDED 5 APRIL 2025 The financial statements have been prepared in (ordanCe with all st3iuiory requifements with Accountin8 and Reporting by Chariiie5.' Statement of Recommended Prattice applicable to tharities pieparing their ac£ounts in accordance with the Financial Reporting Standard applicable to the UK and Republic of Ireland IFRS1021 (Effertive l January 20191- ICharitie5 SORP IFRS10211. the FinarKial Reportin8 Standard applicable in the UK and Republic of Ird3nd IFR51021. The particular accounting policies adopted are described below. The finanoal 5tatemenis are prepared under Ihe historical cost convention. as modified to include certain tangible fixed as$sat avaluatKJn and fixed assetinvestments at marketvalve. Figures are presented in sterling and rounded to the nearest pw)und. The Brentwood Roman Caiholic Diocesan Trust meets the definttion of a public benth entity under FRS102 and was constituted by Trust Deed in 1947. The Brentwood Ecclesiastical Edutation Fund5 IBEEFI 15 5eparatÈly conmituted under TTUSt Deed dated 11 July 1922 and registered with the Charity Commission under number I774$. The Brentwood Diocesan Inve5tmeni Pooled Fund is separately registered with the Charity Commission under number 1067742. UndÈr S26161 of the Charities Att 1993, these three charitie5 which have the SameTru5tee are permttred to be treated as a single entity for accounting purposes. The income, expenditure and net a55ets of these linked charities are shown wthin notes 8 and 13 of the financial siatements. The value of the Brentwood Diocesan Inve5tmenr Pooled fund wès E18.732.813 as at 51412512024.. £19.057.6431. The financial statements have been prepared to 8ive a 'true and fairf view and have departed from the Charities IAccounts and Aeport51 Re8ulations 2CK)8 only to the extent required to PrOe a'true and f•r viev/. Thi5 departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 effeuNe from l January 2019 rather than the Accounting and Reportin8 by Chacitie5'. Statement ol Recomrnended Practice effective from l April 2(N35 whh has since withdrawn. Preparatlon ol attounts on a go corteTh b•sls avingconsidered the cash reserves as at February 2026. future budgets and rash flow5, the Trustee confirrnsthat there are no matèrial uncertainties aboui the errtr(Trls abilityto continue as a going concern forthe foreseeable future. The Directors of the CorpDrateTrustee have rlwiewed the cash reser¥e5 as February 2026 and the projected cash 0floW over the next twelve mnihs. In liqht of these considerations, the Trustees continue to adopt the 8oirKg concern basi5 in preparing these financial statements. Legatles. Donatlons and Grants Legacies and donations are reci*nised when recewabieorwhen the Diocese becomes le8ally entItd tothem and receipt is probable. and they can reasonably be measured in fin3n(ial tems. Receipts of property. investments or other 8ift5 in kind are included at market value. Grznts we iecognised when the charity ha5 entitlement and when the anvjunt IS measurable. bl Investment Income Investment irKome is accounted for as it accrues. d} ExpEndlture Costs ol raisin8 fund5compri5e Ihosecasts as50ciaied with attWt1ngbrtrhJntaryirKon and the rnanagement of the Chariws investment> Costs of chariiable activtties constsi of all expendftUTe direcuy relating to the objects ol the Charity. SupKX)rr costs which cannot be direLtly allocated are apw)rtioned between charitable activities and governance costs on the basis of the Trustee's e51imate of the time spent on the rdevart funrtw)ns. Employment benefits. including holiday pay. are recogaised in the period in which they are earned. Termination benefits are reco8nised in the period in which ihe decigon is made and communicated to the relevant employeelsl. Governance costs Ilde expenditure on management and Complian with constitutional and statutory requirements together with an a1Cl0 of support costs. 22
Irrecoverable VAT is included th the category of experw ro which it relate BRENTWOOD ROMAN CATHOLIC DIOCESAN TRUST STATEMENT OF ACCOUNTING POLICIES Iconlinuedl FOR THE YEAR ENDED 5 APRIL 2025 el Tangible Fixed Assets Prior to 6 April 1996 the cosi of fixed assets was written off in the year of acquisition and no comprehensive cost records were maintained. In order to arrive at a reasonable valuation of parish property. taking into account age, type, condition and life expertancy. the Trustee tonsidered that insured value5 at 6 April 1997 should be discounted by 90% and in Subsequent years be depreciateLI at 2% per annum. This valuation will not be updated in the fulure. Properties acquired after 6 April 1996 are capitalised at their attual cost of acquisition. The school properties (land and buildings) are vested in the name of the Diocesan Trustee. The Diocesan Trustee cannot take 3 unilateral decision to dI$e of these properties. Disposal can On occur if the school governors and the Secretary of Slate for Education deade that all or part of a school site is no longer required for education. In most circumstances. where a disposal occufs, the Secretsry of State or ihe local authority may be entitled to recoup grant. Although no rights of ownership vest in the school goverftinB body. most other right5 and obligations, 5Uth as for the maintenance and repair of the school and its facilities, are passed to the governor5. The Tru51ees therefore consider that. for the purposes of these financial statements, the nature of their ownership is that of a custodianship, howevw these properties have been purchased and written off in the Diocesan attounts for the amounts that the Diocese coniributed in the past and Ihe costs invofved have not been separately identified and are not considered material in the overall context of the a¢¢ounts. The estimated Cost of furniture. equipment and motor vehicles held at 6 April 1996 has been c3pitaliseé in the financial statements. Subsequent additions are capitalised at C051. Individual works of art, historical treasures and plate are not depreciated as they have extremely long lives aThJ are considered to be worth preservlng indefinitely. Depreciation is calculated by the slraight line method to write off the cosvvaluè less anticipated residual value, over the expected useful lives of assets as follows=. Freehold buildin8s additions since 6 April 1996 50 years Fixtures and fitlings 10 years Furniture and equipment 1> £5,LX)01 5 years Motor vehides 4 yeèrs The residual values of buildings held at 6 April 1996 are considered to be 5i8nificantty higher than their carrying value in the accounts resulting in a nil value for depreciation tharge. 23
BRENTWOOD ROMAN CATHOLIC DIOCESAN TRUST STATEMENT OF ACCOUNTING POLICIES (Continued) FOR THE YEAR ENDED 5 APRIL 2025 Sthool Bulldinz Proyamme The Oioce5e assists schools uThJertaking major projetts by managingthe VASCA grant monie5 received from the DfE. These grants are recognised as restricted income within the Statement of Financial Artivity and the committed distributions to schools shown as expenditure within the same st3temenl_ Finandal Instruments The charity ortly ha5 ffinanoal assets and financial liabilTiie5 of a kind thal qualify as basic financial instruments. Basic financial instruments are inttially recognised at transathon value and subsequently measured at their settlement value with the exteption of bank loans which are 5ubseouently measured at arnortiseé c05t using the effective interest method. Fixed assets are recorded at depreciated historical cosr or revaluaiion, investments are recorded at their fair Yalue which is thè market value as di5close(l in note 11 and all other assets and liabilities are recorded at C05t which is their fair value. h) ImTestments Pooled investments are valued at fair value on the balance sheet dale. In¥e5tment PToperties are valued at fair value and stated at a Truslee's valuation. Unrealised gainsllosses on investment5 are calculated as the difference between ()pening market value and closing market value èfter adjusting for additions and disposa15 during the year. less investment management and admini5tr3tion cost Debtors Shorl term debtors are measured at transadion price. less any impairment. Loans reteivable are measured initially at fair value, net of transartion costs. and are measured Subsequently at amortised cost U5in8 the effectNe interest method. less any impairment. Cash and cash equfvalents Cash is represented by cash in hand and deposits With financial in5tiiutions repayable without notice of not more than 31 days. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readity convertible to known amounts of cash with insignificant risk of change in value. kl Credltors Creditor5 and provisions are reco8nr5ed where the charity has a present oblatIon resulting from a past event that will probably result in the transfer of funds to a third party and the amount due io settle the obligation can be measured or estimated reliably. Credhtors and prOV10n5 are normally rÈtognised at their settlement amount after Ilowing for any trade discounts due. 24
BRENTWOOD ROMAN CATHOLIC DIOCESAN TRUST STATEMENT OF ACCOUNTING POLICIES Icontinuedl FOR THE YEAR ENDED 5 APRIL 2025 Fund aecountSng General funds These comprise the aryumulaied surplu5 or defKit from the Statement of Financial Activities which Is not restricted nor designated funds. They are availaEAe for use at Ihe di51xetion of the Trustees in furtherance of the 8eneral oblectives of the charity Desi£nated Funds Thesefvnd5 are unrestricted fun(ts earmarked bythe Trusteefor particular purposes. Details of the fund5 designated by the Trustee are set out in note 12. Restricted Funds These funds are subiert to restrictions imposed by the donor. Details of funds subject to legal restriction are set oul in note 13. Parochial Funds Each parish within the Diocese of Brentwood is establshed and operates underthe Code of Canon law, which means that each parish has separate canonical slatus. Therefore, parod)ial funds are treated a5 restlicted funds in these accounts. The use of the parochial furbds is the responsibility of the Parish Priest, Boafd of Directors of the Corporate Trustee. and the Bishop. 25
BRENTWOOD ROMAN CATHOLIC DIOCESAN TRUST STATEMENT OF ACCOUNTING POLICIES Icontinuedl FOR THE YEAR ENDED S APRIL 2025 Pension5 All eli8ible staff are members of an Aegon group personal pension scheme to which the Charity rnakes contributions. Employees may contribute an additional amount. As a defined contribution scheme, no liability fa115 upon the Charity, as employer, to make good a shortfall of funding other than conlributior6 due. Some staff employed in the educational work of the Diocese are members of the Teacher's Pension Scheme I'TPS") which ig a defined benefiis scheme. Diocesan contribution levels are determined by the TPS. The TPS is a mulli- employer scheme. and, 35 there is insufficient information available to use defined benefit accountin& ihe TPS is treated as a defined contribution scheme for accounting purposes and the contributK)ns recognised in the period to which they relate. Slgnlflcant judgements and estimatlon Uncertainty In preparing these financial statement5 the trustees have had to make estimate5 and assumptions that affect the amounts recognised irh these financial statements. Estimate5 and judgements are continually evaluated and are based on historical experience and other factor5, induding expettations of future events that ore believed to be reasonable under the circumstance5. Key areas subieci to judgement and eslimation are as follows: Flxed asset depreciation. Judgement is applied when assigning anticipatÈd average live5 to the fixed assets of ihe charity- Investment properties are included at a Wdlue determined by at a desktop valuation tonducted by a property management company, or with reference to similar properties in the area of each respective property. 26
BRENTWOOD ROMAN CATHOLIC DIOCESAN TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2025 OONATIONS AND LEGAOES 2025 2024 Legacies Donatlons includlng plate collertions Grants VASCA and other sthoo18rants 441,960 9.523.327 61,042 3,945,747 385,343 9,629,752 563,058 3,961,582 £13,972,076 £14.539.735 INCOME FROM TRADING A1v[nE5 Parish hall and other rents recVed Fundraising events Other 1.040.533 442,996 4.810 949,639 403,659 7.954 £1,488.339 £1.361.252 INVESTMENT INCOME Ari5inE on quoted investments Income from investment properties Bank interest 549.160 262,507 173.110 S50.S30 232,620 133.737 £984.777 £916.887 INCOME FROM CHARITABiE ACTIVITIES Altar society and repository sales Chaplaincies Retreat and course contriblOn5 Educational courses & fees 665,121 17,474 48.234 57,513 615,929 32,412 38,663 51,955 £788.342 £738.959 27
BRENTWOOD ROMAN CATHOLIC DIOCESAN TRUST NOTES TO THE ACCOUNTS (Continued) FOR THE YEAR ENDED 5 APRIL 2025 Unrestricthd Funts Paro¢hlal Restricted Funds 2025 Totsl 2024 Total Ralsiry Funds Fundraisi8 and 50clal Investment property repairs and rnanagement 142.957 86,885 167,282 167,282 92,698 92.698 91,698 16728Z 259.980 229,84Z Charitable ACtIvie$ Provision of wors1 Upkeep of bL¢ildin Depreckition PPDrt costs alkxated 109.616 3.566.247 369.284 3,675.863 369,284 214,238 3,683.211 339.878 247.969 186.516 27.722 296.132 3.935.531 27.722 4.259.385 4,271,058 Cler8y and parlsh 5UPPOrt SKk and retired clergy Clergy and church costs Education andtraining Par15h adMinistratn Support Costs alkKated 142,361 4.516,746 174,975 756,883 374,9L9 214,064 4,420,846 169,413 737.296 433,945 142.%1 7(6.576 158.430 183.%1 16.545 3.626.209 756.883 326.4(M 48.515 526.910 4,383.092 1.055.882 5,965 5,975,564 Pastoral Care and Community Support Pastoral support Other vicarlates Retreèt centres Local cornmunity centre thedral music Donètions paid SupKX)rt cost5 allocated 246.645 265,010 77.270 83.366 448,4(K> 374,919 382.989 240.839 60,461 44,011 448,626 433,945 273.978 177.352 77.270 83.366 186.168 326.404 127,3331 87.658 254.180 8.052 48.515 1.124,$38 254.180 116.892 IA95.610 1,611,851 Sthools wo8ram 4.387.S29 498,436 13.862 d.427.398 694,686 L07,120 4,247.407 711,281 123,984 Building programme Vitariate for educatio Support costs alkKated 24869 196.250 93.258 24,869 4.899.827 5,229.204 5,082,672 22WJ8 8.597.672 6.IN)J23 16,950AB3 16.941,145 £17.170987 T(*al ENpendiiyre £2344.786 É8.764.954 £6.1333 £17210.063 28
BRENTWOOD ROMAN CATHOLIC DIOCESAN TRUST NOTES TO THE ACCOUNTS (Continuedl FOR THE YEAR ENDED 5 APRIL 2025 EKPENDITVRE Iwntinued} Analy515 of expenditure for the comparative year: ParothAal Funds Restrkted Funds 2024 Total Fund5 Ralgn8 Fun Fundraising and soclal Investment prorty repa5 142.957 142,957 86.885 and 86.885 management 142,957 ZI942 Charitable Arti¥ilies Provision tsf worshry Upkeep of building5 Depreciation pport costsallocated 108.663 3.563. 339.878 11.268 3,683.2ll 339.878 247,969 225.795 22.174 334.458 3,9X13,158 33,442 4,271,058 Clergy aThJ parf5h 5UPPOrt Slck and retired clefgy Clergy and church costs Edutation and tièining Parish admlnistration Support costs allocated 214.064 812,375 156,984 214.064 4,420.846 169.413 737.296 433.945 191,328 12.429 3,417.143 737.296 395.141 598.898 4,154.A39 1.222,227 5.975, P15tQTal Care and commun support Pastoral wpport Othervicarkites Retreatcentres Local communty centre thedral mus Donations pald Support costs alkyated 980 382.989 240.839 60.461 44.011 448,626 433,945 327.125 164.349 60,461 4.011 167,747 395.141 55.864 76,490 264.4 16,473 38,804 1,158,834 264,406 188,61l 1.611,851 S¢hools programme Buildlnc programme Irwated) Vicariate foreducation pport Costs allttated 24.884 174.285 112,898 54,503 4,168,020 536,996 11,086 4.247.407 711.281 123.984 312.067 54.503 4,716.102 5.082,672 ZA04257 87606 6.160382 16,941,145 Expenditurt £2N91,142 £8.519A63 £6.160J82 £17,170.987 29
BRENTWOOD ROMAN CATHOLIC DIOCESAN TRUST NOTES TO THE ACCOUNTS (Continued FOR THE YEAR ENDED 5 APRIL 2025 2025 2024 EXPENDITURE l¢ontlnuedl Governance expenditure includes= Current Auditors. remuneT3tion Auditors,. oiher SeThiS included in professional fees Governan costs below include audit fees and legal advi received in respect of governance 57,500 45,700 Analy5 and allotation o15UPPOrt c Prn%ryytyi pp(t of of Worship Clery Pastoral Cafe & CMn¥ Syppjrt prTamMe sthods 2025 rt>tal 2024 Total 25.512 7.704 8,043 10,186 9.257 {8,2251 255.122 77,041 80,431 101,859 92,566 182,2441 249,535 84.179 85,034 96.494 72,469 120,989 Finance Office Human Re50ur Curial Admini51ration Chancery & Tribunal Men5al Rates, InsuTance & 51.024 15.408 16.086 20,372 18.513 116,4491 89,293 26,964 28.151 35.651 32,398 128,7851 89,293 26,965 28.151 35.650 32,398 128.7851 Maintenance & repairs Health & Safety Professional fees Governance Bank Interest Depreciation other 12.359 17.010 819 37.564 1.918 27,050 12,564 21,628 29,767 1.434 65.737 3.3 47,337 21.988 21,628 29.767 1.434 65.737 3,356 47,337 21.988 6,179 8.505 410 18,782 960 13.525 6,282 61,794 85,049 4.097 187.820 9,590 135,249 62A22 70,649 69.767 4,955 180,476 17.829 134.204 53,263 £214 238 £37£919 £37V919 20 f l OILI% £L.232843 Analysls and allocation of supwt costs for the pre¥ious year: Provislon Jpport al ofwmhSp Oer Pastoral Car & Support Sthools 2024 Totsl 87.337 29,463 29.762 33.773 24,954 8.418 8,503 9,649 7.247 12,099 7,065 6,977 496 18.047 1,783 13,420 5,326 £3a984 249,535 84.179 85,034 96,494 Finance office Human Resources Curial Administration Chancery & Tribunal Mensal Rates, insurance & Lltilitle5 Maintenance & repairs Health & Safety Profession31 fees Governance Bank Interest DepreciatlDri Other 49.906 16,836 17.007 19.299 14.494 24,198 14.130 13.953 991 36,095 3,566 26.841 10,653 £247.969 87,338 29.462 29.762 33.773 25.364 42.346 24,727 24.419 1,734 63.167 6.240 46,971 18.642 25,364 42.346 24.727 24.418 1,734 63,167 6.240 46,972 18,642 72,469 120,989 70.649 69,767 4.955 180,476 17.829 134.204 53.263 £L239843 30
BRENTWOOD ROMAN CATHOLIC DIOCESAN TRUST NOTES TO THE ACCOUNTS Icontinuedl FOR THE YEAR ENDED 5 APRIL 2025 STAFF The average numberof employees of the Diocese during the year and theiraggregateemoluments are shown below: 2025 2024 Staff Costs: Wages and salaries Social security Penslon costs Redundancy costs 2,711,045 190.825 253,593 1,512 2.560,725 178,299 247.910 1,428 £3.156.975 £2.988,362 2025 2024 Average Nurnber of Employees.. Administration Parish employees No No 40 138 141 186 181 Number of employee5 who eamed £60.IX)O or more during the year were.. £Go.O- £70,IKKJ £70,(X)1- £80,000 £80,Tr)1- £90.c(11 Employer contributions totalling £39,65112024 £ 44.572) were made to personal pension schemes on behalf of the above ernployees. Key management personnel received salary. benefits and pension contributions of £403,660 {2024, £463,513) during the year. 31
BRENTWOOD ROMAN CATHOLIC DIOCESAN TRUST NOTES TO THE ACCOUNTS (Continuedl FOR THE YEAR ENDED 5 APRIL 2025 TANGIBLE FIXED ASSETS Kxtures & Furntture & Aut Bulldin8S tt1ry5 Equlpment mobiles Total VALUATION AND COST 1,272,825 27.465 14.1 31,426,446 771.229 At 6 April 2024 Addbtions Disposals 29,161.647 528.426 977.974 215,338 At 5 April 2025 29.690,073 1.193.312 I.3.2 14,OtM) 32.197,675 DEPRECIATION At 6 April 2024 Charge for year Disposals 10.554,361 508.033 8.849,509 366,180 471.S12 119,331 1.226,340 19.022 7,000 3.500 590.843 1,245.362 10.500 11,062,394 Ai S April 2025 9.215,689 NET BOOK VAWE At 5 April 2025 £20,474.384 £602.469 £54,928 £3,5th £21.135.281 At 5 April 2024 £20.312,138 £506,462 £46.485 £7.0(X) £20,872,085 Thecharrtyakn ownsa nmber ofxhoo15 &theretheTntee£QnS1JtrsaIthWr 0)ership isihalota custodian5hip.TheasSÈts ha¥ea net book ¥alueof NIL h3vin8beeD wrrf(ten ottin ihepast and notpItaled.. A listof theschcx*iDthe ti(Kèsei55Ptout inthe 3nnual DirKesao Olrertory. Apartfr(xn a %rDal prOpthn used formanyrwit arKI admmi51ra. ¥lfr8$setsèr@ used direct furthernrKe of the tharity'sobjects 32
BRENTWOOD ROMAN CATHOLIC DIOCESAN TRUST NOTES TO THE ACCOUNTS (Continued) FOR THE YEAR ENDED 5 APRIL 2025 INVESTMENTS 2025 2024 Investment propertie5 10,365,053 9,950,920 Stocks, share5 and unit trusts (see bdowl 18.932,010 19,263.617 Subsidiary companv Isee note 161 £29,297,065 £29,214.S39 Analysis of stocks, share5 and unil trusts Income Unit5 in Sara5in Alpha aF 18,732.813 19,057,643 Cash awaiting investment COIF Charities Inveslment Fund Accumulation Units 199.197 20S,974 £18,932,010 £19,263,617 Analysis of Investment Properties Opening Balance 9,950,920 10.252,C4JO Disposals 1317,3311 Property and land revalu3tions l See Footnote I aosin8 Balan 414.134 16.251 EIO.365,054 £9.950,920 Total investments at market value: Opening Balance 29,214.539 28,253,761 Disposals 1317,3311 Unrealised Ilossesll8ains during the year 82,526 1,278,109 Closing Balance £29,297.065 £29,214,539 All Ihe ove investments lther than cash awj pr> a qwted on a recoenised UK st Exchange are vabjed by reference to Investments listed a recogneds1ock ExchaD8e. One propertyasset wasvalued by a lstered RICS valuer 31 Cluttons LLPduring 22123. other properts were valued dum£ 22123 ty PJ(5 ¥aluer5 atStsetton5 its1 IPeterC05tello MRICS and Philip Waterfidd FRICSI- Propert*sha¥e been rtrindexed with refer¢e iothe 21123 valuaiiDlls the House PfiQ lth for £M8land a5 publi5hEd on the 8m.uk websne. Ld ha5 bew revalued with refÈromcÈ LO the KniÈht F1amil3 ith. 33
BRENTWOOD ROMAN CATHOLIC DIOCESAN TRUST NOTES TO THE AccourS (Continued) FOR THE YEAR ENDED 5 APRIL 2025 DEBTORS 2025 2024 School related receivable5 131,372 130,653 Gift Aid receivable Parish receivables induding legacy income and income from land sales 2,261,164 1.665,455 33.602 78,875 Other debiors arKI prepayments 295,421 342,982 £2,721,559 £2,217,965 10 CREQITORS 2025 2024 Amount5 falling due within one year.. Bank overdraft and other loans Loan5 to pailshes from third parties Trust funds to be paid out Other creditors and accruals 3,750 11.134 11,057 I69.129 1.253,243 £1.881,263 £1,268.050 The Diocese has a loan from the Caihedral and Choral Trust Fund la separate charity). which interest free, and is repayable on a change of use of the Choir School (whether it is sold or not). and the repayment is inflation linked. The likelihood of a change of use of the Choir School is con5Klered to be reTnote, therefore the loan has 3 fairvalueof £Nil. If the loan had become repayable at 5 April 2025, ht would have had a value of £351,92112024 £340,2851 34
BRENTWOOD ROMAN CATHOLIC DIOCESAN TRUST NOTES TO THE ACCOUNTS Iconlinuedl FOR THE YEAR ENDED 5 APRIL 2025 ii. FINANCIAL INSTRUMENTS 2025 2024 Finanaal assets measured ai fair value Finanaal assets measured by amortised cost 18.932.010 2.721.559 19,263,618 2,217,965 Flnandal liabilities measured by amortIs cost 1.881.263 1,268,050 Finanaal a55ets measured at fair valve comprise listed inve5trnents. Financial a55eis measured at amortlsed cost comprise graftts due on sthool projects and other debtots. Financial liabilities measured at amortised Cost comprise loans and other creditors. 35
BRENTWOOD ROMAN CATHOLIC DIOCESAN TRUST NOI ES TO THE ACCOUNTS (Continuedl FOR THE YEAR ENDED 5 APRIL 2025 12. UNREsTRlED FUNDS Balance at Net Gainsl Balance at IExpllincomè Before Gains 6 April 2024 (Losses) on Investments 5 April 2025 Transfers General Fund 8.907.CQ3 11.681,8401 1.531.466 1173.9111 8,582.718 General Education Fund Parishes in Need Fund 2,309.884 364,398 30.082 8,057 127.2851 14,8761 2,312,681 367,579 Toial Designated Funds 2.674,282 38.139 132,1611 2,680,260 £11.581,285 £11,643,701) f 1.531.466 £1206,0721 £11,262,978 For the comparative year- Balan at Net IExplllncome Before Gain5 Gain Balance at 6 April 2023 Iiossesl on Investments 5 April 2024 Transfers General Fund 8.430.727 {1,911.0421 1,612,701 774.617 8,907,003 General Education Fund Parishes in Need Fund 2,185.228 337,673 20.234 8,063 104.422 18.662 2,309.884 364,398 Total De5i8nated Funds 2,522,11 28,297 123,084 2,674.282 £10.953,628 £11.882,7451 £1,612.701 £897.701 £11,581,285 Geneial Education Fund This fund has been sel up by the Trustee to generate income to meet the cost of buildbnE and improving Schools in the Oioce5e. Transfers are made Irom the General Fund for this purpose. Parishes in Need Fund At its September 2013 meetin& the Finance Board agreed that the £196k received from the Catholic Church Insurance A550ciation as its membership award should be ring fenced to be used to provide financial and other 5uppori to Parishes defined as bein8.in need". 36
BRENTWOOD ROMAN CATHOLIC DIOCESAN TRUST NOTES TO THE ACCOUNTS Icontinuedl FOR THE YEAR ENDED 5 APRIL 2025 13. RE¥fRicfED FUNDS BalarKe at Nei {Explrome Before GainslllD55e51 8alaThce at 6 April S April 2024 Gains TTansfer5 l¥westments 2025 Wa15ingham House 143.7201 139.4241 183.1441 Sick ar Reli Clergy Fund 1.881,189 142.7821 131.2rA) 112.2741 1,957.333 ensal Fund 659,499 172.0801 72,080 112,3981 647,101 BEEF 4,369,616 31.205 172.2241 4.327,097 Vocat#)ns 98.376 14.272 112,648 VASCA Isee Nott 191 1.630.475 1387,3201 1.284,061 Mass Fund 214.844 3,10) 14.3031 213.641 Parish Restricted Funds 327.341 1149,7681 177.573 Caritas lrneiged wtth SocÈal Welfare Fund previously in Other Restrirtedl BRCDT EdtiOn Fund 225,136 14.8851 223.050 44.188 17y9 61.737 Other Resrrilled Funds 481398 139.6251 23.936 13.S541 463.155 £9.889,342 £166274> 266,622 £ii(ry,6381 9,384,252 Permanent Endowment Fund croWrSt Legacy 499.669 6,862 506,531 Sullwan Spedal Trust 467.4C 30.075 497.475 E967.069 6.937 EI.004,CQ6 Parochial Funds £39.784.791 £2.329,321 £11.798.0881 £361.299 E40.677,323 37
BRENTWOOD ROMAN CATHOLIC DIOCESAN TRUST NOTES TO THE ACCOUNTS (Continued) FOR THE YEAR ENDED 5 APRIL 2025 Restricted Funds for the comparative year.. 8alarKe at Net IExpllirf Garnsll1055esl Balance at Before 5 Aprll 2023 Gair Transfers lTr¥estrnents 2024 143.7201 Wa15ireham House 15,8921 137.8281 131.21M) 67.146 1,881.189 Sick ènd Retired Clergy FuThJ 1.750.593 167.7501 51.967 47.450 659,499 Mensal Fund 612.049 151.9671 13.f4xII Z76.407 4.369,616 BEEF 3.839,114 257.695 Vixations 92.425 5351 98,376 VASCA I See Note 191 I36.913 I2[.4381 1,630,475 214,844 Mass Fund 198.491 11151 16.468 Pè¥ish Restrthd Fund5 233,427 656.972 1563,0581 327.341 B58 18.695 225,136 Cafitas Imerged wlth Sock11 Welfa Fund wevious In Other RestrKtedl BRCDT Education Fund 205.583 137.714 193.5261 44,188 13,598 482,398 Other Restricted Fun¢Js 445.552 19,958 £9.345.969 £467.142 É1363.5331 £439,764 £9,889,342 Pemianent Enth)wment Fund Crowhurst Legacy 520.978 121,4031 499,669 17,6WI 467,400 5ullfvan SpeckHI Trust 475.(K(I E995.978 £94 £129,003) £967,069 Parochial Funds £39P74,168 1.990,144 fll,249.1681 £130.3531 £39.784,791 38
BRENTWOOD ROMAN CATHOLIC DIOCESAN TRUST NOTES TO THE ACCOUNTS (Continued) FOR THE YEAR ENDED 5 APRIL 2025 13. RESTrICTED FUND Icontinuedl Walsingham House Thls house is used forthe provi%lon of youth retreat& Slck and Retired (reV Fund Income is used to help supwrtfvlty retired. partialty retired anrt sick Sts. Transfers repwent comrlbutlons to thefvnd from the Dlocese. Mensal Fund This fund 15 usedtosupporttheDiocesan attNitses of the Bishop. Trnn$ferSpreSentC0ntribUtnst0thelUndfrorn the Diocesé. BEEF IBrentwood E(Cs1Sta1 Educat Fund Thi5 fund meets the costs ol training wiests for the Diocese. Tronsfer5 Tewesent contributions from collettions on its behalf from the parlshes. Mass Fund Incotne eIed from do is paTd to wiests ttlebrate masses for the do[5. Tran51ers repSent mass stipends paid over to parishes. Pailsh Restrtied Funds These funds consist tsf dorotkirts and contribulions to parishe5 for ycrf& purr*)ses wthln the parish. BRCDT Ethcation Fund Tse funds are used to linance the pfovisbn of educatK)n advisor5 to 5dl$within the Diocese. Caritas This fund is used to promote and support Cat11 Social Teathng. A5 Such. the pre-existlng Soclal Weffare Fund Iprevious ported within Other RettrKted Fundsl ha5 incortx)rated into the Carits5 Fund. Voluntary-Ahled Condttkjn AlbJcat#Jn IVASCAI This fund represents the urthmmitted fvnd batsrKe of the capital grantfvndinE receNed by the Diocese from the DfE. The fundin8 is allocated by theTru5tee to Dkncesan VoluntsryAided ktrK¥)ls to fund xfv)ol capiral proieits. 39
BRENTWOOD ROMAN CATHOLIC DIOCESAN TRUST NOTES TO THE ACCOUNTS (Continued) FOR THE YEAR ENDED 5 APRIL 2025 13. RESTRICTED FUND Icontinuedl Other Restrkted Funds other restrKted funds consist of th)nationslor specific wrposes. Permaneni Endowment Funds Crowhurst Legacy Thlsfund conyst5 of a property donated to tho DieSe to used asa homelor Romar cathol Priests sufferingfrom slckness or who have retired by rea¥JTh of okj age. TF properry may be sold but the proceeds must be Invested in another property to be used for the same purposes. The property wa5 sobj durinB 2(M15. The proceeds have iwn Invested wlth SJrasins untll a sultable replacement woperty teen found. Sullan SycolTrust This fvnd cornprise5 an iThvestffnt property the IrKome of whth is fot the tenefrt ol the rish prlestat Southend parish. 14. ALLOCATION OFTHE CHARrrY NE[ ASSETS Net Current Assetsl ILkibllit*sl Tot31 Unresiricted lunLIs Pa[h funds Restritted funds Permanent Endtswment fund 2.349,855 1&785.426 14.842.557 ?.2.147 6,643.381 610.980 15,929,434] 14.691.750 2.740.871 393.026 11,262.978 40,677,323 9.384,252 I,rn4.006 Total Net Assets £21.135,28J £29.297,065 £11.896.213 f62,328,559 Forthe cornparative year Net Current As5etsl (Llabilitiesl FvKed Assets Toral Investments UnresTri£ted funds Patbh funds Restritted funds Pefmanent Enik)wment fund 2A70.105 18,401,980 15,050.329 6.838.849 6.751.317 574.044 15.939.149) 14.543,962 3,138.025 393.025 11,581,285 39,784.791 9,889.342 967.069 £62,222,487 Total Net Assets E20.872.085 £29.214,539 £12.135,863 40
BRENTWOOD ROMAN CATHOLIC DIOCESAN TRUST NOTES TO THE ACCOUNTS (Continued) FOR THE YEAR ENDED 5 APRIL 2025 15. TRANSFERS 2025 2QD18 From/ifol Parochial Funds Diocesan Quota Other 1.757.974 176.5061 1,182,021 5S.505 £L681.468 £1.237,526 TollFrornl Restricted Funds Pemlanent EndDwmeM Restricted General Parochial Sitk and Reiired ClerBv Mensal Restricted funds Spent on other I40.8() 1140,8001 125.822 1150.iX)21 24,180 £266.622 £1150.0021 £1116,6201 Forthe comparatwe year= Perrnanenl Endowrnent Restricted General Parochial Slck and Retired aergv 140A 1140.8001 Mensal Re5tritted fu*$ spent on other 1504.3331 184.4221 588,755 £1363.5331 £184,422) £447,955 41
BRENTWOOD ROMAN CATHOLIC DIOCESAN TRUST NOTES TO THE ACCOUNTS (Continued) FOR THE YEAR ENDED 5 APRIL 2025 16. RELATED PARTY (fRADING COMPANY) The Charity beneficialty owns l(M)% ol the share iapltal of Brenttvood Dese ITradin81 Limited, cornpany number 2571381, which manages buildinE contracts for the Dese on a Th) prOfft1r k)ss basis. ConsolKlated account5 have riot been prepared because the figuies shown would not in the opiDiors ol ihe Trustee. matrrkalty dffifeient from those shown In the charit¢s accounts. ltstrddirwJ results1ort year entw 31 March 2025 were as folknws.. 2024 2025 Turnover Cost of Sales Pro1 on ordinaryacti¥ities £2 £2 Interest in Brentwood Dloce5e ITradln8i Ltd Aggre8ate capital and resetyes £2 £2 17. BRENTWOOD ROMM CATHOLIC DIOCESE TRUSTEE The Charity 15 8overned by the 8oJrd of Dirertors of the Corkyjfate Tnbstee. The BrentslX)d CatholK Di(Kese Trustee (company nurnber 4508971. TRAN5ACTIONSWtTH DIRECTORS OF THE CORPWTE TRUSTEE A majorityof the Dirertors of the CoTwraieTrust& are also parish priests inthe Diocese. AS prststhey receNe income from their parishes together with living accomrnodatioTh, I1 expenses and reimbursement ol costs Incurred on beh8lf of their pari%h on the sarne ba5 as ollr yiests Wh1n the Dic(ese. They do not receNe ¥ny remuneotion or benefits from iheir trusteeship other than the wrchase by the Dese of truste indemnity insurance pro?dIng tover of up to £5,()0,000 nng ihe year (the pfemlum is paid as Part of wblir liability in5uTrncel. T(avel costs totalling É65912024.. £6601 were reimbursed to one I2024.'onel directorand consultarKy Costs in respettol courses arran8ed bythe VKarièie foi Education in the amouTrt of £1,2LKI 12024 £1.2CQI Wre reimbursed to one12024.' one) recto duringthe year. During the year. Dlrectois ol thè Corporate Trustee donated £3,51012024 £3.8201 in aggregate. to the Dkxe5e. 19. SCHOOL BUILDING WORKS A summary ol the VA5CA lunding related tran5attionswhich are included in ihe StatemEnt ol Financk?l Activitles and Balance Sheet is set out below. Any unspent funds asat the year end must be commrtted to projects by 31AI March 2026 or tUrned to the DfE. 2024 2025 1.630,475 3.821.633 14,284.7811 16.734 1,836.913 3,957,473 14,830,323) VASCAfunds bllwd as at 6 Apr VASCA fvnd ieceived durifftg rhe year VASCA funds commitment duringthe yeaf Net movement on other restiirted VASCA fund5 VASCA funds cld at 5 Apfil VASCA payments made duriF* theyear Number ol school projeds 26 39 42
BRENTWOOD ROMAN CATHOLIC DIOCESAN TRUST NOTES TO THE ACCOUNTS (Continued) FOR THE YEAR ENDED 5 APRIL 2025 20. CAPITALAND OTHER COMMttMENt5 2025 2024 Authorised and contrarted for. relatingto various parish butldin6 ar¥J 8rounds works. 158,605 245.410 The Cornpany had fdkJwingfLtture minimum lease payments under non<arKellable operating leases foreath of the followire perKKts.. Not laterthan I year Later than I year but Th)t lalerthèn 5 years 48,325 103.872 37.881 67.842 152.197 105,723 21. THIRD PARTYCoLLEI0Ns Parlshes hold collertFon5 on behalf of third party tharities. Because the Diocese is acting as agent for thÈsÈ charities, these collections have been excluded from these financial stalernents. During theyear £804.67812024'.£1,223,6341 was colleded on behalf of third party Charit5. At 5 April 2025 £254.79812024 £344.7721 was held on behalf of third party charities. 22. RELATED PARTY TRANSAcrroNS Related Party transartion5 Wlth the Directors of the Corporate Trustee are disclose<l in Note 18 of these Accounts. There were no other related party transactions during the year12024, none). 23.PENSION COMMITMENTS Some of charity's academit and rejaied staff belong to the Teachers, pension Scheme England and Wales. Thi5 15 3 multi- employer delined benefit scheme. The latest actuarial valuation of the TPS relate(I to the period ended 31 March 2020. Total TPS payments made duiing the year were £21.46312024: £66.831lTherè were no out5tandin8 or prepaid contributions at either the beginnin8 or the end of the financial year. Teachers, Penslon Scheme The Teacher5, Pension Scheme ITPSI 15 a statutory. contributory. defined benefit 5theme, governed by the Teathers, Pensions Regulations 2014. Membership is automatic for full time teachers. All teachers have the option lo opt-out of the TPS followrng enrolment. The TPS is an unfunded scheme to which both the rnember and employer makes contributions, a5 a pertentage of salary these contribution5 are tredrted to the Exchequer. Retlremeni and other pension benefits ale paid by public funds provided by Parliament. Valuation of the Teacherf5 Pension Scheme The Government Actuary, u5in8 normal actuarial principles, conducts a formal artuari31 review of the TPS in accordance with the Public Service Pensions (Valuations and Employer Cost Capl Direciions 2014 published by HM Treasury every 4 yea15. The aim of the revlew is to ensure scheme costs are reco8nised and managed appropriately and the revlew specifie5 the level of future contributions. Actuaiial scheme valuètions are dependent on assumptions about the value of future costs. design of benefit5 and many other fartars. The latest actuarial valuation of the TPS wa5 carried out as at 31 March 2020. The valuation report was published by the Departmeni foi Education on 27 Octobèr 2024. with the SCAPE rate. set by HMT, applying a notional investment return based on 1.7% above the rate of CPI. The key elements oFthe valuation outcome are= 43
• Employer coniributlon rates set at 28.68% of pensionable pay linduding a 0.08% administration levyl. This is an incre&4e of 5% in employer contributions and the cost control result is such that no charoe in member benefits is needed. Total scheme liabilities {pen5ions currentty In payment aF the estimated cost of futuie benefit51 for service to the effective date of £262.( million and notional assets lestimated future contributions together with the notional investrnents held at the valuation datel of £222.200 million, 8iving a notional past service deficit of £39,800 million The result of this valuation was implemented from l April 2025.The nexi valuation sUIt is due to be implemented from l April 2028 A copy of the valuation Teport and supportin8 documentation is on the Teachers, Pensions webslte. Under the definitions set out in FRS 102. the TPS is an unfunded multi*mployer pension scheme. The ality is unable to identify its share of the underlying a55ets and lialxlities of the plan. Accordingly. the Charity has taken advaniage of the exemption in FRS 102 and has arEounted for tEs corbrriblons to the stheme as rf it were a defined contribution %heme. The Charity has set out above. the informaiion available on the scheme. A copy of the latest valuation report can be found by following this link to the Teachers. Pension Scheme webytè.. ache 202 valuatiorHe5ult.a en ions.c¢.u new
BRENTWOOD ROMAN CATHOLIC DIOCESAN TRUST NOTES TO THE ACCOUNTS (Continued) FOR THE YEAR ENDED 5 APRIL 2025 24. STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024 Parochial Funds Restrirted Funds Endowment 2024 Total Notes Funds Funds Restated Restated Income from: Donations and legacies other trading activtties Investment income Charitable Activities Other income Surplus on sale of fixed a55ets 14.320 83,583 458.539 51.955 8,168,519 1,277.669 226.289 648.341 6,356,896 14,539,735 1,361,252 916,887 738.959 231.965 38.663 188.789 188,789 Total Income 608,397 10,509.607 6,627,524 17.745,622 Expenditure on: Raising funds 86.885 142.957 229.842 Charitable actimties 2,404.257 8,376,51 6.160,382 16,941,145 Total Expenditufe 2.491,142 8,S19.463 6.160,382 17,170,987 11,882.745} 1.990.144 467,142 94 574,635 Investment GainsllL055esl Unreallsed 897.701 130.3531 439.764 129.(KJ31 1.278,109 Net incomellèxpendiiurel before transfers Tfansfers- From Parochial Fund5 Tolfrom Restricted Funds 1985,0441 1,959.791 16.906 128,9091 1,852,744 15 1.697,123 184.4221 11.697.123> 447,955 13635331 Net Movements on Funds 627.657 710,623 543.373 128,9091 1,852.744 Aeconciliation of funds Funds brought forward Prior year adjustmenl 10,953.628 39.074,168 7,509.056 1.836,913 995,978 58,532.830 1,836,913 Funds Carried Forward Ell,581,285 39.784,791 £9,889.342 £967.069 f62.222.487 The prior year adjustment relates to a change in the recognition of VASCA funds. PrÈvKJu51y thesÈ were included withln creditor5 on the balance sheet. However. %nce the Oiocese has control of the alk)catiDn of Brant funding VASCA kncome and expenditure is N)w inclutled in the statement of Financial ActNity. In 2024 the prtor year adjustment of £1,836.913 labovel. relatestothe opening restricted fvnd as at 514123. 45