CATHOLIC APOSTOLIC CHURCH IPADDINGTONI GENERAL PURPOSES FUND
{Regi%lered wilh the Charity Commi%%ioner.%)
REPORT AND FINANCIAL STATEMENTS
YF.AR ENDED 31 DECEMBER ?021
Regislered Ch41riiy NumbL'r.' 245205

PADDINGTON CHURCH TRUST
Year ended 31 December 21121
Legal and Administration Information
Charily name:
Catholic Aposiolic Church (Paddinglonl General Purposes Fund more
4horily known d% PdddinDlnn C.hurLh Trust
Charity Registration
Number:
24S?11S
Trustees..
Giirdi)n Miihael C.h￿Ir1L% C¢iner
Andrew David Kilmaine de Ferrars
Jame% Kilmaine Grahdm dc Ferrar
Benjamin J¢inie% Viney
Address:
161?0 Muidd AvL'nuL, L(>nd()n W? I SR.
Audltnrs:
Saftery Champne.q% LLP of 71 Quccn Vicioria Sireet. London, F.C4V 4BF.
Bankers:
Naiional we5tinin.ster Bank PIC of PO Box 221, Cnnnaughi House.
65 Aldwy¢h, l.lindcin WC2B 4EJ.
Inveytment
Manugers:
BrL win Dc)Iphin Lid, Unti 14 IndiJii QuiLnb Industrial Eslale. W(￿ren Rodd,
Indidn Queeni, Si. Colun)b. C(Iri)wall TRY 6TL.

PADDINGTON CHURCH TRUST
Report of the Trustees for the year ended .31 December 2021
The Trustees submit their rcport to(yether wilh the financial sraiemeni% ot the Charity tor the year
ended 31 DeLemb¢r 20? l. The tinancial 4iaiements have [￿en prepared on Ihc accountiiig policies
set C)Ul in the notes to the fincillLial statcmcnts and c()mply with the trusts reldting tL> the Chdrity. with
Accouiitino and Reporting by Charilie
Siaicni¢nl ol. Recommended Prdciice IFRS 102 SORP),
Accounting .814inddrd%. dnd with ihe Ch¢iri(ies ALI ?01 I.
l. Objeets and activities
Pdddington Church Trull 1% a religious purposes charity. It 1% con%tiluled of Ihree relaled tru%t% which
taken together torm the Caiholic Apustolic Chiii'ch IPadding*ion} Tru%t. These comprise a 1986
DuLl<irati(>n ill. Trii%t reliilingT t() the pr()perty, thc Tithe FunLI Lind the .4cparaie fund% referred (() under
para¢yraph I below. The Tru%lee% are privdie individudl% and th¢ Truilee4 huve a body the power
Lo appuint turihcr Iru.¥tee% under the Tru%lLe ALt 1925.
The ()hjeLl% and £lLtiviiies al'e be%1 %ummarised by 4U()ting from ti DeLldfdti()n ()f Trust dated 16
February 1854 lih¢ 'Prii)Lipal Trust De¥d") ii) rLlaiii)n li) Ihe ChurchLs in England ¢ind Wiilc%=
Tlie Tru%iees hi)Id the Paddii)gi()n Church building to bc u%ed for pr()ImOlino aiid iiiaii)tdining the
LfviLL and wi)r%hip ()f Alinigihiy Gi)d aLLiirdii)&F Iii the d()LtiinL.% Li)nldined in ihc thi'LL Lreed% callL.d
'thL Ap().4¢le.4 Creecl" th¢ 'Nicene C,reed" di)d 'ihL CrLLd i)I' Saint Aihana.%ius dnd paniculai'ly the
DoLlrii)e.% of ihe pern)<inenee ol. the Gifi.4 of ihe AposileN. Pri)phet4. Evsin&?elislN, dnd Pds(01'.% iii ihe
Church - (he Doeirine that ihe Powei's xnd Ciifi% ()l- IhL H(Ily CJli()41 given nn IhL' d£ly of Pcnlccosi are
thL <ihidin&7 F.nd(Iwment i)I' the ChiirLh - IhL DiiLlrinL thclt the Nupreine rLile ot ihc ChLifLh i)u&ht Iii be
CXLrci%ed by tWLlvc Ap()%rlc.s 1)ot elcetcd or ordaii)cd by Men hul LJIILd and 4Lni t()rth immedidlLIy
by CJod - and Ihe DoLtrine ol. (hL neLeqsily of ilie presen¢¢ ()(' (he Said r(iurfi)Id Minisiry of Apo8ile8,
Pi'iiphels. Ev4ingTeli%t%. und Pd.St(irs dnd lit the S<lid Pi)wer% dnd Gift% i)f the Hi)ly Ghi)s1 in the ChurLh
I'or ihe purpose ut prLpariiigF and perleLlii)gi ihe ChurLh I'(Ir the seci)nd AdvLnt ol. IhL Lurd Je%u.% Christ
ai)d JLLOI'dii)g ILI th¥ lorin.s n()w ub%ei'ved i)r lo be I'roin iimc to tiine obsLrved by Ih¢ allowanLc or
unJLr tlIL dir¥iri()n ()f ihl .%aid CiillcsFL ()f Api).4(les.
ThL TrublLL5 hold IhL biiildiiig under IhL ILrms ()I' th¢ l ()86 Deildration ol I rust rLI'¢rred lo in 4.1.3
bel()w. Under thi% DeLlaralii)i) i)I' Tru%t the Tru%iee% hJvL (hc re4pon.%ibilily for the upkeep and
milinten￿n(e of thc Cl)urch building. which i.s d Grade l Lisled building.
The Trustees cc)nsidei' th&lt the i)bjcL(.% ()I' (he Chdi'ity 41% 1)Iiilined cib()VL 14111 within the public bcnetit
re4uifLmcnt for a charily ionLerncd with ddvdncemLI)t of TeligTion. In the cxerci%c of their
rcsponsihiliiies the Trustees havL paid due regard to thL Charity Commission's guiddncc on public
benctit and the priniipleb L()ntdined in thL Ch<irilie% Aci 2011.
The dim ol. thL Trust is lo promote the sLrvice and wor4hip of Almighty God, In practice ihese dims
have been carried oui by the Tru%l¢e% in the provision di)d i)Idintenaiice al. Ihe Church building tor
re&Ful¢ir serviLLS lind IhL pri)vi5ic)n c)I' tundinu fi)r the printing Lind disrribulion of Ministric%.
ThL' congregdtion is composed ol Ih06e who beliLVC in the One Holy Cdtholic and Apostolic Church.
People in poveriy are nvl excluded.
2. Achievements and performance
The Church building has becn maintaincd for the servicc of Almighty God and used by the
congregation each Sunday. for weekday service8 and on feasi days. as perillitted.
Tlic Trustees h<ive ci)Ile¢led 41nd aiL(iiinted ti)r the Tithei and Offerin¥4 mddo by the cc)ngregation.
They have made granis I'rom the Ottcrinos to .such pLr8on% dectncd appropriate.
The Truslecs have provided the resources foi. the regular printing of Inini%irie.% and Eheir disiribution.
l()uYeiher with dlmanaLS. t() mcmbers ()t the c()ngregdii()n and i)Ihers ()n ihc di5tribiition list.
The upkccp ot. the building requires the constant attention ot the Trustees, who ￿e mindful ol. their
responsibililieb fur ihc Church building, which is Grade I li%(ed, and seek protes5ional advice on ￿l[l
aspeLts 1)f the wi)rk.

PADDINGTON CHURCH TRUST
Report of the Trustees for the year ended 31 December 2fi21 (continued)
In the Autumn ot ?019. the ¢rackin&i in thc ceiling, side walls and windows ut tht we%1 end ot the
Church, which had been 5tabilised in 21114. became apparent agdin, requiring fullhcr movement
urvey4 by ihe SiruLtural }￿.nu]neerg. These have L(illlinued thrLiugh()ul ?020 and 2021, logeiher wi(h
ground, velliLdlily, IdsLr scan and drain surveys. The Siruiiural Engiiieers h¢ive ddvised iha( pdrl ot
Ihe west end of the ChurLh nccd% to be underpinne(l in due course, u4ing spceidlist conlraciors.
followed, in due course. by repair% to ihe ceilings. side walls and windows. Work is in hand tu have
a SLhLme specitied and plans clrawn up, wilh applic41tiiin.% mLide t()r the ¢lPPfl)pfiiltL' ci)ntsent%. It
remain% unclear. yel. what ihe lime%Lale 1% for dll thi4. Whil4t C05t e%iimat¢% can only follow the
developmenr of devdiled plan%. the indicalionq are that the cost will exceed the relevant financial
8()IirLe.s (If the Trust. ALLI)rding'ly, the Trustee4 ¢ire in Ll)nver%iltii)ns wilh the Cath()lic Apnstnlic
Church Tru%1 PrL)perty, uliimdte owners ol. the property. reg¢irding the I'inaiicing ot. th¢ works. The
Siruciural Engincer% have conl'irmed Ihai ihey do not think it 1% lleces%dry [() cli)se Ihc building. subjeLI
til lh¥ affcLted area Ll)niinuing t() be i()rdi)ned i)ff.
In ?0? l. IhL pri)&*iamm¢ ot general M￿1}1¥￿11nce work conlinued.
3. Financial review
3.1 finanLidl
ThL RL%lriLtLcI Fund I'iir ihL' P(ii)r miide iii) gii'aiils. liiid recLived Olteringi i)1. £400. The Fui)d hu% an
undi4tribuled balance 01. £9.-51111 which 1% avdildble far fuiure grant%.
The Re%triLied Fund l()r Ihc Upkeep of the Church ha%. in 2112?
received a bcqueNI of £?29,71X) trom
a dcLc¢ised member ol. the C()ngiregTar tii)n whi) died in April 20?0.
The Tithe% received by thL ExpLnd¢ihlL EndowLd Fund amounted lo £8.3.oon. and dividei)d.% ()r
£111.61MI from 2 Listed Invcstmenis I'ollowina ihc .sale% ()( sc>iiie ot thLir busine%%cs: ner expenditure
uf £91K) W<i% inlurred printing and di.%tribulin& Mini%tries Kind Almun(iL4. Thi% Fund inLLirrcd net
gail) Lil. LI￿9,1)1)(l Irom IhL redli%ati()n dnd revaludtion ot. ils inveslmenl%. giviiig ris¥ lo d net surplu
for the year ot. £?74.700. T]ie Fuiid'b available rLbLrve5 nuw aiiiounl lo £3,668.2(K), whiLh are
av%iilable f()r th¢ %upp(irt i)f tlie Minisify fL41iifL.d.
Thc IlnrL%ifiLIL'cI DL'.Slglll&ilLd Fund rLLLiVLd Otl'Lrins7s ol. £1.6(K) and Inddi grants ot £1,500. Th¢
Fund ha% dn undiNlribuled balance of £ I,fillll whiLh 14 avdilable fi)r lulure grant4.
The Unre%li'iLied Fund - the Cienerdl 01-I'criiig% Fund received oi'fcrings vf £24.51MI, and Investment
inci)mL t()(iilliiig? £71.700'. expLndiiure ()t' £1.35,200 WIIS incurred. Ihe mdj(Irity bein￿* in rc.4pec( ()I' Ihe
upk¥ep and maiiil¢nance of LhL Church. The Fund'% dvaildblL reserve% n()w amount lo £91,.31111 which
will Ll)n(inuc io be used lor tlie upkeep und In£iintenance of ihe Church.
3.2 Reserves Pc)lii
FreL Re%ervL% are required i() pruvidc lund% to cover 4ignil.iiJnl ilLms ot. non-rLcurring ¢XPLnditurc
ai IhLy urile. ExpLrience ha% bhown Ilial Ihe Church building. which is Grade l Listcd. requires. I'roin
lime lu iinie, urb>ent and .%ub.%taRtial expenditure t() L&rry (Iijl niainlenclnLL 41nd uthei. w(Irks. The
Tru%tees review the level ot. r¢s¢rv¢b dni)ually.
In previou% TruslLes Rcpor(s, Ihe TruNlcc.4 have noted Ihdi because of the nature dnd age of the
ChurLh building, with much of it beino of the [)ri￿vIndI LonstriiLti()n, they can.%ider il prudeni (o aim to
build Free Re.%erve5 Ilt £350.000 - £500.(X)O. This h￿¥ ni)I bLen achieved, and the likely SC&ile ()f
expenditure for the slabilis(iuon ol Ihc we.sl end ot. the Church. underline% ihe extent ot ihe
requiremeni.
4. Structure, guyernanee #nd mana2ement
In the service and worship vl. Alinighty God. Ihe Tru%lee.s have live scparate tiind%, tollow.%'.
Tiihe Fund {An Expendable Endowed Fund) u%ed for the Main￿N￿nCe of the
Ministry.
Generdl Ol"I"ering% Fuiid (Ali Unreslriclcd R￿ulld) USLd at the discretion ot ihe TruslLLS itk
support of the Trust'5 objccls and policies. including ihe upLecp and maintenance of the
Chui'Lh. and the cos15 ()f &V{)verndn¢c i)f the Lhai'ity.

PADDtNGTON CHURCH TRUST
Report of the Trustees for the year ended 31 December 2021 (continued)
Poor Fund (A RL%lricted Fund).
The Church Upkeep Fund IA Rc5tricied Fundl
Thank Offering) Fund (An Unre%tri¢led De%igindted Fund) li) be used al ihe disLretion of
Ihe Trusie¥5 in SLlPPOrt of the Trusi's Libjccts policies.
In operaiing Ihese Fund% the Trusiee% follow. far as Ihey are ablc. Ihe principles and procedure%
instituted in the Churches e%tabli%hed under Apostles.
4.1 Tiihe% Iin(l Otterin
The income of ihe Trust's Funds includes Tithe% Jnd Offering.% made by the congregation during
church service8. The following 1% a summary of them..
4.1.1 Tiihe
Tithe as u proportioii ol. income is paid 10 God by members of the Con<Fregalion 'in
obedienLe to His commandment, in honour of Hi.5 naine. and with a l-rce will and joylul
heart.. It is u%cd for the tsuppiln ()[ ihc Ministry. Ai pre%eni Tithe is ii%ed fi)r the
priiirii)gT and cli.4ti'ihuri()n ol. mini5tri¥s aiid almanaLS lo IhL congi'egatioii aiid uih¢r.% on
IhL mdiling li41. The Ti'u%tee% inve51 Tithe i)()l used for ihc priniiiig dnd dislribution of
ii)ini4lries and aliiiandL% dn eiidiiwi)ienf ti) bL LXPLndLJ 411 suLh tiiiic thdt the
Miiii41riL's 1)I' Ihti ChLirLh are SLt in ()rdLr jii. The inL()me I'i'i)111 IIN ji)vesimenl is paid
into the Generdl Offerii)g% Fund. which bedr4 ihe ittveslnienl mdnagemei)t lee.
4.1.2 Offerin
Gener£il Otfering.4 repre.4ent mi)nie4 pre%ented by the Ll)ngreg?aiii)n IiJr ihe gTeneral
purpo4e% ot Church w()r.4hip.
Poor Ol'lcring.s arc i)fiering8 made by Ihc congregation 8pecitically for the p(x)r. fjranls
mdde <irL ni)t i)f iiidi¢ri(Il dm()unis.
Thdnk Ol'tiring% di'e mdde by those who have a particular cau%¢ lo be Ih(inktul to the
Lord.
4.lJ Pri)
)Lrt
ThL Cdthi)IiL Api)bl()lii C.hui'Lh at 16nO Mdidd Avcnu¥ Pdddinglon Lond<)n W2 1 SR was Ioi'iiiLrly
le&i%ehold. bui ihe Ircehold wd% Jcquired in 19116 dl)d has beeii held upoii (ru41 by the Pdddiiig7lon
Church Trustee% (the 'Tru%lees') undLr a r)eclaralii)n (If Truil d1£ led 19 March 1986 (Ihc "1986
t)eclcifiltiiin i)f Tnis1"I m&idL by HLrbcrt Giirdi)n C41fiLr and i)thLrs (the then Tru5teesl. By ihis
DeCI￿&1110n c)ITru%l ihL Trustce.s hold Ihc Church building on behalf ol. Ihe ttu%teLS tor the lime being
(the "Principal Trustees") (If thL Principal Trust DeLd and up()n ihe tni.8t.s and wilh and subject lo the
pi)wers 41nd pri)visi()n% Li)n(<iincd in the PrinLipal Trust Dced (Ind in the Amendingy SLheiiie%, The
Principal Trustees. in iurn, hold the Church building upun lh¥ Iru%l% contdined in the Priniipal Trust
Deed. Tu the Lxlent ol. the obligations iontJii)ed iii tlie l 986 Dc¢laraiion of Trust. tlic Paddington
Church Trustees hd¥e priniary respiinsibili¢y fvr Ihc upkecp and mdintenanLe ()f the Chui'Lli, Ihe L(>%1
ol. whi¢h are borne by Ihe General 01-I'erings Fund Jnd the Church Upkeep Fund.
4.1.4 Investment
Thc Trustee% powers of investinent are goveri)ed by the general law.
The TrLlStees rel&iin the services ()I' Brewin D()Iphin Ltd. Investment Mandgers, f()r the managvement
of the irusi monie5.
The Trust is reliant on its income from invesimenis. The Ti'ustee8 follow a cautious inve%tment
slrategy u%inb, l()n&y t¢mi funds seeking Lapital gr()wih and subtainablc inLI)Ine with pr<)tecrion fri)m
intlation. lil ?0? I, thc market value ol. Ihe invc%tmeiit porttolio. including Ld.%h held lor ii)VLStment,
increa%ed by 4.4* over ihe year a% a percentaue of the average lunds held. cotnparcd to an increase
of 0.7f/c in 2020. Total inLome 2.ock of the avcragc tun(is of the portfi)lio, ¢i)Inpared to 2.1 C/0 In
?020.

PADDLNGTON CHURCH TRUST
Report of the Truste￿ for the year ended 31 December 2021 leontinued)
42 Mdiiauement ot th¢ Trust
The trust was nianaged during 2021 by the Tru%tees who are all Inembers of the congregation. Two
of the Tru%iee% m¢¢t wcckly after Chur¢h serviLC% f()r tlie purw).%e i)f d41y Ci) d41y manilLTing ()f the trusi
and con5ulI th¥ othcr Trustee% appropri4ilL: lull Trustees meetings drL. held during Ihe year to Inake
poIILy deLi%ion%. Deci%ion.£ are mddc by the Trustee% aq a body. The Power 10 appoinl new Tru%lees
15 vested in Ihe Trustees.
The TrLisILL%, l< % p.Iri nt iheir risk tn<incigemenl c()mmilmcnt. have <1 Maiiual getting. d()wn ihe
funciion8 of the Charity.. il is updated iii regular interval%. The Tru%tces use pr()tc%4ion¢il advi4or%
contractor.q 10 help ihem manage the riskq boih io and from the Church building8. Financial riqks are
m(In¢i¥ied by extcrniil invegtment kidvi%i)r.%.
Tru51LL5 drc %Llecled t'rom mcmb¢r.4 ()i- the congregdtion. New Tru.4fee% inducted by an initial
interview wilh Ilie exi4ling Trusiees. to¥ciher with inlormation pack containing the relevani data
()f ihc bdLkgroLind i() Ihe Trust.
5. Reference and administratlve details
These are %el ()U( ()n pa¥e l ()f ihis Repi)rt dnd FindnLidl Statemen14.
6. R¢luted Ch#rllles
The Church in Paddinglon compri%e% ¢1 local congregdlion of Ihc CdiholiL Apostolic Chui'ch. In
En¥?14inLI the Cdthi)IiL Api).411)liL C.hLirLh Trust Propertie.$ 1.8 u related charity: i)ther Lf)ngregcitiiin% exi41
4ibroad.
7. StutemL'nt Truslecs, resp()nsihilities
The Tru%tLLS ar¢. rL%poii%ible lor pi'¥pariiiu the Tr￿st￿Ls. RLpori di)d (hL Iii)dnLldl %lalemenl% in
aLCI)rdJii¢¢ willi (il)pliLablc Idw and Uniiid Kingdon) ALL()uniing SiJndai'd4 (Uniied KiiibTdoiii
Generally AcLLPILd ALLI)Ul)tin&) Pr<iLiiiel.
Th¥ law appliLable to LhJriliLb in Lngldnd & W¢ileN requirLs thL Iru%lLL% li) pr¢parL lindncial
taten)en14 for e¢iLh findnLial yLar whiLh give d true and fair view of the 41¢ile of affdir% of the chdrily
and of ihe incoming resource% and applica(icin ot resources of the Lhariiy l()I' (liai perii)d. In prepc?ring
Ihc%e tinancial statements, the tnislees dre re4Liired to..
seleci .4uitdble accoui)(ing pulicie% and Ih¢n apply Ihem consistently;
ob%crve the m¥ihods and principles in the Charities SORP-
mdkL judTremenls and estiinatLS that arl ri(1solldble dnd prudent;
sl¢ili whether uppliLablL aLLuuiiling standards have becn I'ollowed. subject to any material
departure% disc104ed and expl¢iined in the tindncial %tatemenl%:
prcpdrc ihc findncial %Latement% on ihe going coniern ba515 unle55 it is inappropriate to
presume Ihal the chaiiiy will continue in business.
The Trusiees are responsible tor keepiiig proper accounliiig record5 thdi di%close with reasonable
accuracy at any tiiiie the finaniial pc)silion of Ihe Lhiirity and eiiable theiii to Ln%urL Ihdi ihL tinaiicial
tatemeni% Li)niply with the Chiirities ALt ?0 I I, the Charity IALL(ILin15 and Repi)rt%) Reg?ul(ili(Trn.% 2008
and the provisions ot. the trust deed. They ate also respoiisible f'or safeiyudrdingi ihc assets ot Ihe
charily and hence for taking redsonable step% I'or the preveniion and detection of fraud and o(her
irregulariiies.
Approved by the Trusiee% on
sik T4 kn2
Signed

Cath&lic Apostolic Church (Paddington) (Jeneral Purposes Fund
Independent Auditors, report tts the trustees
Opinion
We have audited the financial %iatemen(b of Catholi¢ Apostolic Church (Paddinoton) General
Purposes Fund for the year ended .31 Deceinber ?()? I which Lomprise the report and financial
%tdiemen(s und ni)ie% [() Ihc tinancial .4[￿71eM¢ntS, incliidiniT qumm¢lry Clt signilicdnt ￿CenUn1ing
policics. The tindnctal retM)riing framework thal h(IN been dpplicd in theii. preparalii)n is applicable
law and United Kin¥dotn Acci)unting Slandards. including Financial Reporting Standard 102. the
FTndnLicil Repurting Standard appliLable in the UK and RLpubliL of Ireland (United Kingd()m
Generally AcLePted Accoui)ling PraciiLe}.
In our opinion (he financial statements..
iive a Irue an(1 lair view (It'the %i¢il¥ nt the Charity's attairs a.8 ai 31 December 2021 and ()t its incoming
rc%ources and applicutioii of re%ource.% for Ihe ye4ir then ended;
have been i)roperly prepdred in accordlinee with Uniied Kingdom Generally Accepted Accounting
PraciiLe: and
hdve been prep¢ired in ￿ILL()rd￿ln¢e with the rcquiremenis i)f the Cliarities Aci ?0 I l.
Thi% report is made solely to the ¢h41rily'q (ru.%iee%, a body. in accordance wilh Pdrt 4 of ihe Chiwities
IAcLounl% and Reports) Regulations ?IK)8. Our iiudil work ha% beLn undertaken $0 ihal we might
.%laie li) ihL trusL¢es IhosL muiier5 we dfL re(iuirLd 10 51dle to th¢m in (in audilors repurt dnd tor no
()ther IlLirp(Ibe. Ti) Ihc ILIIILSt exlLnt permil(Ld by law. WL d(} n(>t aLLCPI ()r ii%.giiniL re.%pi)niibilily I()
unyi)ne (Trther ihdn the Lhdrity aiid Ihc Iru4lees il% <1 biidy, I'(Ir (iur <iudit wi)rk, li)r this repiirt, L)r f()r the
opinions we have I'ormed.
Busls for oplnlon
We L()nduLled i)ur audit in aLLI)rdan¢e with IntLrnclti(Iniil Stcinddrds Lin Audiiing IUK) IISAs IUKI)
and applicable law. Our respiin%ibililie4 under those stand<ird% 1¢ re funhcr de8cribed in the Aiidil()rs'
rcspon%ibiliiies for the audit of Ihc financial statement% ¥ecliC)n of our report. We are indepcndeni of
the Lharily in accorddnLe with Ihc cihiLal requircm¢nls thai dre relevant to our au<lil of thc finaiici&il
%ldtLmLI)ts iii th¢ LIK, including ihe FRC'% Eihicdl ,Stdnddrd, dnd we hav¢ I'ulLIllLd our other eihicdl
resp(Trnsibililies in dcciirddnce with Ihe.%L rLquii'ements. We believe that rhc thudit evidence we havc
i)btained is .sufficient and appri)pric11e tc) pri)vide a b&lSi.% flir i)ur ()pini()n.
ConcluslOll5 relating to going concern
We have ni)lhin￿ l(Tr rep()rt in respect ot the tollowing maiieis in rcldlion to which ihe ISAS IUKI
require us ti) rep()rt l() yi)u whL're'.
Ihe iru5tee5' Use of the ooiiig concern basis of aLLouniing in the preparation of the financial siaiements
1% n()t appriipri'iie: (>r
the trustee% have not disLIosed in the fin(IllLial sl<ilements dny identified materidl unLertainiie5 th<lt
may cast %igniticanl doubt about thL chdiity 5 ability to continue lo adopi Ihe goiiig concLrn
bail.% of acLountillLT for a pei'iod of at least twelve monlhi from Ihe date when the financial
statenient% :Ire dllth(Iri%cd fi)r i%suc.

Other information
The trustees are re5pon%ible for the other information. The other inforniation coinpri%es the
inforniation includcd in the annual report. other than the financial statement.% and our auditor5, report
thereon. Our opinion on the financial staiemenig does noi cover ihe oiher infom]ation and, excepi to
the exlent oihLNi%e expliciily .%iaied in our report. WL do not express any tonn ot assurancc
conLIu5iOii thereon.
In connection with ()ur audit ot ihe findncial statements, i)ur resp()nsibility is li) read the ()ther
infom)dti()n and, in doing so, Consider whether the uther information is ma(erially inconsistent with
the finanLial statemcnt.4 or uur knowlcd(TC obi<iined in The audii or oiherwise appears to be maierially
mi54tated. It we identify 4uch maicrial incon.%i51encie% Dr dpparent m¢ileriul miqstaiemenis. we are
required to detLrmin¢ whether ihere 18 a mdteridl mi45lJlem¥nl in the Iinancidl.%tatemenis or a m¢ilerial
misstdtement ot the Liiher inti)rtnatii)n. It. bdsed i)n the wiTrrk wc havc perl'i)rmed, we ci)nelude that
there 14 .1 m<llLrial mi.%4iatement ot ihi% ()ther intormatii)n' we are required li? r¢pi)rt th£lt l<lLI.
We have noihing to reporl in (his regard.
MlltteTS on which we are required tts rep<)ri by LXLI'PtiDn
Wc have nothin&T to report in respccl ol. the I'olluwing mallers in relaiion io which the Charilie8
IAcLount% and Rcporlsl Reguldliong ?Ii0ig r¢quire us lo report io you if, in our opinion..
the infi)rinatiiin gYiVLn in the TruslLei Annu&il Rep(irt ]% inLI)n%i%tent in tiny mdleri&il re%peLt with the
tiiidnlidl %ldiemeiiiN', I)I'
Ihe charity hds noi kLPI 4uf'liciLiiI dccounliiig record%: or
the Iii)diiLial stdlemLI)t% dr¢ li(11 iii agyreeiiiLliI wilh ihe aLLOUII(ii)g recurd% 4ind reluri)s; or
we hdve nut received illl the intormthlion dnd cxplanatiunl we require for our dudit.
R¢qponsihili¢ies of trustees
A% cxpl<iincd m()re fully in ihe Tru%tce5' Rc.%piin%ibilitic% Siaieinent sct out i)n P&ige 5, the Iru51ecs dre
responsiblL lor Ihe prepai'ation of thL I'inanci611 %ldicment.s and for being .saiisfied that thcy give a true
and fair view. and for %uch in(Lrnal Lontr()l a% the iru%tee% determine 1.% ncccssary to enable the
prepdraiioi) of findncial slaiements that are free from mliieriiil mi%.%lulemeni, whethLr due 10 fraud or
error.
In preparing rhe findnLi411 statements, the tru%(ee% are respunsiblc flir <lS%CS.sing the Lh<irity's ability lo
Ll)niinue ¥i)ing L()nLern, di.scI(1sing, as appliLiible. mdtier.s rel&lted t() g()ing L()llLCrn and using ihe
goinn concern basi% ot accnuniingy unle.%% ihe Irusiccq ciiher in(end lo liquida(e the charify or to cease
uperalioii%. vr have nu realistic alienialive but to do 50.

Audltors, responsibilities for the audit of the financial statements
We have been appoinied as auditors under the Charirieq Aci ?[) I l and report in accordance with
regulation% madc under that Act.
Our objeciivcs to obtain rea5c?nable ￿sUranCe ab()ut wherher ihe tinancidl statement% us a whole
are frce fr()m matcri£il missliilemrnt. whether due t(} fraud i)r error. and tc) i%Nue an duditi)r%' rep()rt
that inLludLs ()ur (Ipinilin. Redsondble dssurdnce 18 d high levcl of iissuranLc, but 14 ni)t a yiudr(iniee
Ihdt an audit conduLied in dLLordance wilh ISAS IUKI will always dcieci a maierial mi%siai¢ment
when il exists. Mis%(ateiiients can ari%L' fruin Iraud or error and are Lonsidered maicrial if. individually
or in the aggregate. they could reasonably be expected 10 influence the economic decisions of u4ers
tdken on the basis ot these fiiidncial scaiements.
A furiher desLripti()n i)f ()ur re%pi)n%ibilities for the uudit (If the finanLial %tatement% 1% li)La(CLI un the
FindnLial Rep()rtin¥Y CounLiI'% web%ile ai: www.frL'.l)ro.uklaudiltsrsre%pc)iisibiliiie5. Thi% des¢riplii>n
fomig part of our auditors. report.
(Lf
.%affery Champne%
LLP
Churlered
AcLOLiniJnls
71 Quecn Victoria Sir¢el
Li)ndi)n
EC4V 4BE
SiJlulory Auditor
Ddte..
2 4 ts.fj4sE 2012
Sdffcry Champness LLP is eligible to act as dn iiudilor in ternii of seclion 1212 of the Companies Act
2(X)6

PADDINGTON CHURCH TRUST
Statement of Financial Activities for the year ended 31 December 21121
Notes
Unrestrieted Restricted F.ndowed
Fund.5
Funds
Fund
2021
2021
2021
£'OIM)s
£'(MMIs
Total
2021
Total
21120
£'IM105
Income and endowments frum:
DonJtions and legacies
Invc4lmenls'
?6.1
?30.1
83.0
10.6
93.6
339.?
108.9
73.2
182.1
97.8
230.1
421.5
Expendlture on:
Raiging fund
Chiirit¢ible aLlivilies
Total
Iyet gains on investments 1.3 & 6
Net incomel(expendlture)
(22.3)
(19.71
128.14
1148.5)
26.11
59.6
114.4
11.36.71
0.0)
111.9)
1137.61
38.9
230.1
274.7
465.9
Net movement In funds for the year
Total funds brouxht forward
(.38.9)
144.7
2.30.1
274.7
465.9
.59.6
Totlll funds cJrricd I'orward
9, 111 & 11 1115 8
4 1113 ?
The Statemenr of FinanLial Activities contain.s all gainq and lo%ge8 for the year.
The n(Iles c)n P41gYes 12 to 15 t()rm P¢ifi i)f ihe%e aLL()unts.

PADDINGTON CHURCII TRUST
Balance Sheet
As at 31 December 2021
Notes Unre$tri¢led Restricted Endowed 2021
Funds
Funds
Fund
Total
£'IIOOs
£'OOOs
£'(boo.
£'UOOs
2020
Total
£'OOOs
Fixed Ass¢t$
In￿'eStMentS (at Market Value)
'] olal fixed assets
96.2
96.2
3.656.6
3.752.8
3.509.6
Current asse¢s
Dehiur5
Cash al bank and in hand
Total current assels
229.7
234.1
50.3
284.4
28.8
33.1
12.0
48.7
57.7
239.2
Creditors: Amounts falling due
within one year
Nci current assets
23.5
24.0
260.4
20.0
37.7
239.2
11.6
Total assets
105.8
239.2
Reprcscnted by:
Unrestricted Fund.% General
CJL'ncral OtTerings E'und
Ilnrestricled PLind - DesigJnaied
Thank ofiering?s
RLslriLted Fund
Pocir A¢¢()unl
Lhurch Upkeep Fund
F.ndow¢d F'und
Tiihe ALLount
I'otal tunds
104.2
104.2
143.2
229.7
229.7
io
105.8
239.2
Approvcd by the TruslLes on
-? )oW
Signed
The notes on pages 12 to 15 form part of these dCLounts.
10

Paddin%ton Church Trust
Ststement of Cash Flom..
Year ended 31 December 2021
2020
Total Funds
£'OOOs
2021
Total Funds
£'OOOb"
Cash fluws from operating activities:
Nel t￿h pruvided by Iu5ed inl operating activities
Cash flows from investing activities:
Dividend.$ from inve%iiiieni
Intere%1 I'r()In inve4iment
ProLeeds from %dlu Ot iRvestmenls
Purchase ot inveslmenis
Investmeni miinagTenient fee
Net cash provlded by (used in) Investing activities
16.5
4.5.9
27.3
594.7
161)3.21
19.7
45.0
29.0
1121..fj1
127.11
Cash flvws frvm financing activities:
Net cash provided (used inl financing activitie5
Change in cash and cash equivaleDts in the
rep(>rting pi'ri()d
Ca4h diid cJ4h equiv4ilcnl.% at the beginiiing of rhe
reporiing period
C£ish diid cdsh e4UIV&ilLnti di the end (if the
rL'POrting period
(24..3)
28.5
146.8
151.0
ReL(InLiliatiiin ()f net in¢iimellexpLndiiufL'I i() net Lu%h
tlow I'rom opLrdiing dLtivities
Net iiicoiiie I'or the I'eixirlii)g peri()d (Js
PLr the slaicnieni of fin%illLidl aLtIVlliL%)
Adjustments for:
IGaii)%l/l().s%es c)ii iiive41nients
Dividend.% and inlcresi fri)In invcstments
Investment iiianabiement fee
IlnLfLa%LIA)L'crLase in debtor
Increa.%c in creditors
Net L115h provided hy {used in) operating activities
465.9
59.6
11¥2.111
182..11
2?.3
(2?5.1)
{7.3.?1
19.7
16.5
Analysls of cash and cash equivalent5
Ca%h in hand
Cdsh i)n depiisit
Totdl cash di)d equivdleni
48.7
126.6
100.7

PADDtNGTON CHURCH TRUST
Notes to the Accounts
For the year ended 31 December 2021
l. Aceounting polleles
1.1 B8sis of accounting
The accounts for tlie year 10 31 December ?{)? I have been preparcd under the hi%li)rical Lost convention
{exLepl that investiiient% are .%hi)wn 411 m<irkLt V<ilLie) in <lLL()rd<ince with Accountingy and Rep()rting by
Ch￿itIe.
Siulement ol. Recommei)ded Prthciice IFIIS 10? SORPI. and with ALLuunting .%tdiidard% (Ind
with tlie Charitie.4 ALI 2111 l. There have been no changes in how Ihe fund% are deiermined with the previous
rindnLial rLI)iTrfiing frdmLw(Irk.
The aeci)unt.¥ havc bLen prep(ired i)ii d gT{)ing c()iicern ba%].4 Ihe Ini%t ha% adequaie re%uurces to meei a]1
known lidbililie%.
The Trust 1.% a registered charicable trusl. and 18 a public benefi( entity.
1.2 Fund.s' Aecounting Policy
In the service and worship of Almighty Cjod, the Trustees have four scparaie t'unds, a8 fullow8'.
Tithc Fund (An Expcndablc Endowed F.und) fi)r the .4upporl of ihe Ministry.
Gei)eral Otferin￿.
)% Fund (Ai) UnrLN(I'iLrL'd Fundl u%ed ¢11 ihc disLre(iDn of the Trustees in
supp()rt Ill. the Tru.%l'% (>bjLcr% <inLI p(Ilicie%, inclu(ling) Ihe upkeLP and mdinien<ince ill. the
Church, and (he costs of ¢FIlVLn)KinLe of ihe charity.
Poor Fund l A RL.4iriLIL.d Fund).
ChurLh Upkeep Fiind IA Rc4lriL(ed Fundl.
Thaiik Ol'lerii)gv FL¢nd (An Unre%tricl¢d DLsibTrndied Fund) IL7 be u.4ed 411 the di%crLtion ot the
I"rusiees in %upporl ol. the Tru41'% objeLls and poli¢ie>i.
1.3 Investments
Fixed 41%%LI invcslinLni% drc %ldlLd di niarkci value. The chdn8e in msirkcl vulue 1.% included an unre4ilised
gain ()r Ii).ss in the SidlLinLllL i)r Fii)anLldl ALlivilies.
1.4 Income and endowment.s
Donaiion% and leg£lLieS (Tiihes and offerings). whiLh are offered <inonymou.4ly by membcrs of Ihc
Ci)nb7rLg(ili(In, iniluded they &ire reLcivcd, wilh thL exLepti()n ()t a residual legacy tri)m thL LStale ot.
dLCLds¢d member ot. Ihe CongrLgation who passed dwdy in April 21)?O. Thi.5 was Iinally received in
March 2U92. Investmenl income is included on a receivable bail.
IS Expenditure
ExpEndilui'e Rai%iiigT ILind% ci)Inprisei inve41menl m<ind¥LmLni fLL% 1% inLludcd on dc¢ruJls basi￿J.
Expendiiure lin Ch(Iril¢iblL dLliviliLs, inLludingT GovcrndnLe L()st.s. whiLh Luiiipfise primarily audit fccs. 1%
inLlud¢d c)n dii JLcruals basis.
12

PADDINGTON CHURCH TRUST
Notes to the Accounts Icont.)
For the year ended 31 December 2021
2021
Unrestricted Restricted Endowed Total
Fund.s
und
£'O(N)s
£'(M)Os
2020
Total
£'OIM)s
£'OOOs
£'OOOs
2. ExpendlturÈ on Charitable Aetfivltles
investiiieni liiJli&l&FLlllLnl tee
22.3
22.3
19.7
Gr41111
Di4tribution of Mii)i%lrie
Pr()perry Repdir% cind DeLI)ratii)n
Pri)peny - GenLriil Expen4e
Organ Maintenance
Governance LoII4
44.7
57.6
72.3
47.2
57.6
1).4
10.?
1.36.7
11.9
148.5
Grants made arc noi regarded as material in the context of the charily's overall Lharitable aciiviiies.
3. NLht finc()md{expendlturel
Nel incomelexpendilure 1% .4laled after credilingllchargingl
2021
2020
A'lllll)s
27.3
189.?)
11.$.2
16.111
Iniere41 included in inve%imeni inL()me
iiii%IILosscs1 on di%pc)sal of investiiienl
Unrc¢ili.%ed &&tin%lllii.%sL'I) ()n inwesliiiLni
Audi¢or%' retnuneralian
?().{}
40.4
141.6
4. Employees
The chdrity hd.s no ¢mpl()yee%. It is ddmini%lLrL.d by ill Tru4iee.4 who receive no remuneraiion.
5. Trustees remuner#tlon
The Ti'ub(¢gs IlLiII)Ll' iYLeived nor wdived any ¢molumLnis in thL yedr. nor received di)y benefits from the
Tru%L i)i' dny relalcd pany (211?11.' nil}.
No granti were miide to Rclaled Parties of ihe TIu41ee% I•0?0 £501.
Out i)I' p()Lkel expenses wei'L rLiiiibLirsed i(1 Trii.%tL'LS 41% ti)11()w%=_
2021
2020
2021
£'(IOOs
2020
£'IMIIIs
No. of Trustee2b
Travel, subsisienLe 41nd inlidentiil
Othcr- printing aiid incidental
The Tru5tecs aiid CLrtain related pdrties will h4ive made anonymous dondtions and endowment5 ITithes and
Otleringsl wiihout condiiions during both 2U20 and 21121. as part of diviiie woi'ship {"when thou does1
alnis. let ni)t thy Icft hand kn()w whai thy rigTrht hand d[￿th.. that ihine dliiis Inay be in %LLfLJI"I.
13

PADDINGTON CHURCH TRUST
l%otes to the Aceounls {conl.)
For the year ended 31 December 2021
6. Investments
Market Value
at year end
Income from
Investments for
the )'ear
£'OOOs
£'OOOs
Invesiment% li.%t¢d on a recognised stwk exchaiige, or
held in Lomtnon inve¥tment I'und%, unli Iru5ts. or other
L()IILLtive iiivestnienl sLhLlnLS
3.652.]
82.3
CÉ14h held parl of the inve%imeni portfolio
l (Ml.7
2021
£'OOOs"
3.383.0
2020
£'O(blls
3,-348.5
603.2
1594.7)
Market V¢ilue a.% ul l January
Addition
Di%po%al%
RLiili4ed <ind Unreali%eJ gains111(155esl
Mdrkcl value as al 31 DLceniber
1234.41
()52.
Original co%t
No inve.4tments are considered mdlLridl in (h¢ ¢ontLxI of marke( vthlue of the inveitmenl porifolio dt .31
December 2021.
2021
£'OVOs
2020
£'IIIMIs
7. Debtors
Amuunt duL trom InveslmLnl Advisers
Lega¢y - Re.stricied Fund
InLoine froin inve%tmenis
SLindry
229.7
8. Creditnr5
Ani()unts I'dlling due within ()ne year
Credilur
Accruals
20.0
14

PADDINGTON CHURCH TRUST
Notes to the Aeeounts {conL)
For the year ended 31 December 2021
Balanees
brought Income
(orward
£'(MMIs
Balances
Gains
carried
and losses forward
£'IM1115
£'IMIIII
Expenditure
£'0005
£'OOOs
9. Restricted Funds
Poor ALLoun(
ChurLh Upkeep Fund
229.7
230.1
?29.7
239.2
10. Endowed Fund
Tiihe Acc()unl
93.6
182.0
Included in Ihe above are nel unrealised gairts of
I l. Unrestric¢ed Funds
General
G¢n¢r411 Offerin&>s Fund
143.2
96.?
1135.21
104.2
Dtb4ikvnated
Thank orrering%
144.7
97.8
136.7
11)5.8
15