| Year ended 31December 2022 | |||
|---|---|---|---|
| I,egal and Administration Information |
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| Charity name: | Catholic Apostolic Church (Paddington) General Purposes |
Fund more | |
| shortly known as Paddington ('hurch 'l'rust |
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| Charity Registration | |||
| Number: | 245205 | ||
| Trustees: | Gordon Michael Charles Carter | ||
| Andrew David Kilmaine de Ferrars |
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| James Kilmaine (iraham de Ferrars |
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| Benjamin James Viney | |||
| Address: | 16/20 Maida Avenue, London W2 1 SR. |
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| Auditors: | Saffery Champness LLPof71 Queen Victoria Street, |
London, EC4V4BE. | |
| Bankers: | National Westminster Bank Plc ofPO Box221, Connaught |
House, | |
| 65 Aldwych, London W('2B 4FJ |
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| Investment | |||
| Managers: | Brewin Dolphin Ltd, Unit 14Indian Queens Industrial | Estate, Warren Road, | |
| Indian Queens, St.Columb, Cornwall TR96TL. |
| Notes | Unrestricted | Restricted | Endowed | ||||
|---|---|---|---|---|---|---|---|
| Funds | Funds | Fund | Total | Total | |||
| 2022 | 2022 | 2022 | 2022 | 2021 | |||
| f,'000s | f.'000s | K'000s | K'000s | K'000s | |||
| Income and endowments | from: | ||||||
| Donations and legacies |
62.4 | 1.5 | 90.8 | 154.7 | 339.2 | ||
| Investments | 92.5 | 0.3 | 92.8 | 82.3 | |||
| Total | 154.9 | 90.8 | 247.5 | 421.5 | |||
| Expenditure on: |
|||||||
| Raising funds Charitable activities |
(21.6) 32.1 |
121.9 | 1.0 | (21.6) 90.8 |
(22.3) 115.3 |
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| Total Net gains on investments |
2 1.3&6 |
10.5 1.6 |
(121.9) | (1.0) | (112.4) | (137.6) | |
| Net income/(expenditure) | 163.8 | 119.3 | 378.8 | 334.3 | 465.9 | ||
| Net movement in funds |
for | the year | 163.8 | (119.3) | (378.8) | (334.3) | 465.9 |
| Total funds brought forward | 105.8 | 239.2 | 3 668.2 | 4013.2 | 3547.3 | ||
| 'l'otal funds carried forward | |||||||
| 9,10&11 | 269.6 | 119.9 | 3289.4 | 3678.9 | 4013.2 |
| Notes | Unrestricted | Restricted | Endowed | 2022 | 2021 | ||
|---|---|---|---|---|---|---|---|
| Funds | Funds | Fund | Total | Total | |||
| f'000s | f,'000s | f'000s | f'000s | f,'000s | |||
| Fixed Assets | |||||||
| Investments (at Market Value) |
6 | 175.2 | 65.8 | 3287.9 | 3 528.9 | 3 752.8 | |
| Total fixed assets | 175.2 | 65.8 | 3,287.9 | 3,528.9 | 3,752.8 | ||
| Current assets |
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| Debtors | 81.2 | 34.1 | 0.1 | 115.4 | 234.1 | ||
| Cash at bank and in | hand | 44.0 | 33.2 | 1 4 | 78.6 | 50.3 | |
| Total current assets | 125.2 | 67.3 | 1.5 | 194.0 | 284.4 | ||
| Creditors: Amounts | falling due | ||||||
| within one year Net current assets |
~30.8 94.4 |
1.5 | 44.0 150.0 |
(24~0 260.4 |
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| Total assets | 269.6 | 119.9 | 3,289.4 | 3 678.9 | 4013.2 | ||
| Represented hy: |
|||||||
| Unrestricted Funds |
—General | ||||||
| - General Offerings | Fund | 11 | 267.6 | 267.6 | 104.2 | ||
| Unrestricted Fund - |
Designated | ||||||
| —Thai& Offerings | 2.0 | 2.0 | 1.6 | ||||
| Restricted Funds | |||||||
| -Poor Account | 11.0 | 11.0 | 9.5 | ||||
| - Church Upkeep Fund | 108.9 | 1089 | 229.7 | ||||
| Endowed Fund | |||||||
| -Tithe Account | 10 | 3289.4 | 3 289.4 | 3 668.2 | |||
| Total funds | 119.9 | 3289.4 | 3 678.9 | 4013.2 |
| Ye | ar | ended 31Dec | ember 2022 | |||
|---|---|---|---|---|---|---|
| 2022 | 2021 | |||||
| Total Funds | Total Funds | |||||
| f'000s | f,'000s | |||||
| Cash flows from operating | activities: | |||||
| Net cash provided by (used |
in) operating | activities | 202.6 | 2.8 | ||
| Cash flows from investing | activities: | |||||
| Dividends from investments |
51.4 | 53.3 | ||||
| Inieresl. Irom investments | 41.4 | 29.0 | ||||
| Proceeds from sale ofinvestmcnts | 137.2 | 234.4 | ||||
| Purchase ofinvestments Investment management fee |
(347.5) ~21.6 |
(321.5) ~22.3 |
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| Net cash provided by (used |
in) investing | activities | (139.1) | (27.1) | ||
| Cash flows from financing | activities: | |||||
| Net cash provided (used in) |
financing | activities | ||||
| Change in cash and cash equivalents | in the | |||||
| reporting period |
63.5 | (24.3) | ||||
| Cash and cash equivalents at |
the beginning | ofthe | ||||
| reporting period |
151.0 | 175.3 | ||||
| Cash and cash equivalents at |
the end of | the | ||||
| reporting period |
214.5 | 151.0 | ||||
| Reconciliation ofnet income/(expenditme) | to net cash | |||||
| flow from operating activities |
||||||
| Net income for the reporting | period (as | |||||
| per the statement offinancial | activities) | (334.3) | 465.9 | |||
| Adjustments for: |
||||||
| (Gains)/losses on investments |
469.4 | (1820) | ||||
| Dividends and interest from |
investments | (92.8) | (82.3) | |||
| Investment management fee |
21.6 | 22,3 | ||||
| (Increase)/Decrease in debtors |
118.7 | (225.1) | ||||
| Increase in creditors | 20.0 | 4.0 | ||||
| Net cash provided by (used |
in) operating | activities | 202.6 | 2.8 | ||
| Analysis ofcash and cash equivalents | ||||||
| Cash in hand | 78.6 | 50.3 | ||||
| Cash on deposit | 135.9 | 100.7 | ||||
| Total cash and equivalents | 214.5 | 151.0 |
| 2022 | 2021 | |||||
|---|---|---|---|---|---|---|
| f'000s | f'000s | |||||
| Interest included | in investment | income | 41.4 | 29.0 | ||
| Gains/(Losses) | on disposal of | investments | 47.3 | 40.4 | ||
| Unrealised | gains/(losses) | on investments | (516.7) | 141.6 | ||
| Auditors' | remuneration | (11.8) | (9.5) |
| Market Value | Income from | |||||||
|---|---|---|---|---|---|---|---|---|
| at year end | Investments | for | ||||||
| the year | ||||||||
| K'000s | K'000s | |||||||
| Investments | listed on a | recognised | stock exchange, or | |||||
| held in common investment | ftmds, | unit trusts, or other | ||||||
| collective investment | schemes | 3,393.0 | 92.8 | |||||
| Cash held as | part ofthe | investment | portfolio | 135.9 | ||||
| 3 328.9 | ||||||||
| 2022 | 2021 | |||||||
| f'000s | f'000s | |||||||
| Market value | as at 1 January | 3,652.1 | 3,383 0 | |||||
| Additions | 347.5 | 321.5 | ||||||
| Disposals | (137.2) | (234.4) | ||||||
| Realised and | Unrealised | gains/(losses) | ~469.4 | 182.0 | ||||
| Market value | as at 31December | 3393.0 | 3 | 632.1 | ||||
| Original cost | 3 191.7 | 2 | 893.3 |
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| f'000s | f'000s | ||||
| 7.Debtors | |||||
| Amount due |
from Investment | Advisers | 8.5 | 3.5 | |
| Legacy —Restricted Fund | 229.7 | ||||
| Maintenance | expenditure | —reimbursement | 84.0 | ||
| Income from | investments | 0.8 | 0.8 | ||
| Prepayments | 22.0 | ||||
| Sundry | 0.1 | 0.1 | |||
| 115.4 | 234.1 | ||||
| 8.Creditors | |||||
| Amounts falling due within |
one year | ||||
| Creditors | 1.4 | 8.7 | |||
| Accrual s | 42.6 | 15.3 | |||
| 44.0 | 24.0 |
| For the yea | r ended 31 | December 2022 | ||||
|---|---|---|---|---|---|---|
| Balances | Balances | |||||
| brought | Income | Expenditure | Gains | carried | ||
| forward | and losses | forward | ||||
| f,'000s | f,'000s | K'000s | K'000s | K'000s | ||
| 9.Restricted Funds | ||||||
| Poor Account | 9.5 | 1.5 | 11.0 | |||
| Church Upkeep Fund | 229.7 | 0.3 | 121.9 | 108.9 | ||
| 239.2 | 1.8 | (121.9) | 0.8 | 119.9 | ||
| Included in the above are net unrealised gains |
of | 0.8 | ||||
| 10.Endowed Fund | ||||||
| Tithe Account | 3 668.2 | 90.8 | 1.0 | 468.6 | 3289.4 | |
| Included in thc above are net unrealised gains |
of | 202.1 | ||||
| ll. Unrestricted | Funds | |||||
| General | ||||||
| General Offerings | Fund | 104.2 | 153.0 | 12.0 | (1.6) | 267.6 |
| Designated | ||||||
| Thank Offerings | 1.6 | 1.9 | 1.5 | 2.0 | ||
| 105.8 | 154.9 | 10.5 | 1.6 | 269.6 |