CATHOLIC APOSTOLIC CHURCH (PADDINGTON) GENERAL PURPOSES FUND
(Registered with the Charity Commissioners)
REPORT AND FtNANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
Registered Charity Number: 245205

PADDtNGTON CHURCH TRUST
Year ended 31 December 2023
Legal and Administration Information
Charity name:
Catholic Apostolic Church (Paddington) General Purposes Fund more
shortly known as Paddington Church Trust
Charity Registration
Number:
245205
Trustees:
Gordon Michael Charles Carter
Andrew David Kilmaine de Ferrars
James Kilmaine Graham de Ferrars
Benjamin James Viney
Address:
16120 Maida Avenue, London W2 1 SR.
Auditors:
Saffery LLP of 71 Queen Victoria Street, London, EC4V 4BE.
Bankers:
National Westminster Bank PIC of PO Box 221. CorAnaught House,
65 Aldwych, London WC2B 4EJ.
Investment
Managers:
Brewin Dolphin Ltd, Unit 14 Indian Queens Industrial Estate, Warren Road,
Indian Queens, St. Columb, Cornwall TR9 6TL.

PADDINGTON CHURCH TRUST
Report of the Trustees for the year ended 31 December 2023
The Trustees submit their report together with the financial statements of the Charity for the year ended 31
December 2023. The financial statemcnts have been prepared on the accounting policies set out in the
notes to the financial statements and comply with the trusts relating to the Charity, with Accounting and
Reporting by Charities - Statement of Recommended Practice (FRS 102 SORP), Accounting Standards,
and with the Charities Acl 2011. The Accounts have not been prepared on a going concern basis as the
majority of the Truslees no longer regard this as appropriate. a provision of £IOO,000 has been made at 31
December 2023 to cover the costs of winding up the Charity.
l. Objects and activities
Paddington Church Trust is a religious purposes charity. It is constituted of three related trusts which taken
together fonn the Catholic Apostolic Church (Paddington) Trust. These comprise a 1986 Declaration of
Trust relating to the property, the Tithe Fund, and the separate funds referred to under paragraph 3 below.
The Trustees are private individuals and the Trusiees have as a body the power to appoint further trustees
under the Trustee Act 1925.
The objects and activities are best summarised by quoting from a Declaration of Trust daled 16 February
1854 (the "Principal Trust Deed") made in rclation to the Churches in England and Wales: The Trustees
hold the Paddington Church building to be used for promoting and maintaining the service and worship of
Almighty God according to the doctrines contained in the three creeds called "the Apostles Creed" the
"NÈcene Creed" and 'the Creed of Saint Athanasius" and particularly the Doctrines of the permanence of
the Gifts of the Apostles, Prophets, Evangelists, and Pastors in the Church - the Doctrine thal the Powers
and Gifts of the Holy CJhost given on the day of Pentecost are the abiding Endowment of the Church - the
Doctrine that the supreme rule of the Church ought to be exercised by twelve Apostles not elected or
ordained by Men but called and sent forth immediately by God - and the Doctrine of the necessity of the
presence of the said fourfold Ministry of Apostles, Prophets, Evangelists, and Pastors and of the said Powers
and Gifts of the Holy Ghost in the Church for the purpose of preparing and perfecting the Church for the
second Advent of ihe Lord Jesus Christ and according to the fonns now observed or to be from time to time
observed by the allowance or under the direction of the said College of Apostles.
The Truslees hold the building under the tenns of the 1986 Declaration of Trust referred to in 5.1 .3 below.
Under this Declaraiion of Trust, the Trustees have primary responsibility for the upkeep and maintenance
of the Church building, which is a Grade l Listed building. Bccause of the problems referred to in 3 below,
the Trustees no longer have the necessary financial resources to meet this responsibility, and the Principal
Trustees have requested that the freehold of the building is Iransferred to them, together with the Trust's
assets, so that they may fornially assume full responsibility to enable them to carry out all the necessary
works, and the routine upkeep of the building. All the Trustees have indicated their acceptance of the
request for the transfer of the freehold, but one trustee has objected to the transfer of the Tithe Fund. The
majority of the Trustees consider that the purpose of the Trust as a charity will cease with the transfer of all
responsibility for the building being passed to the Principal Trustees, which will necessitate the closure of
the Trust.
The Trustees consider that the objects of the Charity as outlined above fall within the public benefit
requirement for a charity concerned with advancement of religion. In the exercise of their responsibilities
the Trustees have paid due regard to the Charity Commission's guidance on public benefit and the principles
contained in the Charities Act 2011.
I'hc aim of the Trusl is lo promote the service and worship of Almighty God. In practice these aims have
been carried out by the Trustees in the provision and maintenance of the Church building for rcgular
services- but see further below - and the provision of funding for the printing and distribution of Ministries.

PADDINGTON CHURCH TRUST
Report of the Trustees for the year ended 31 December 2023 (continued)
The congregation is composed of those who believe in the One Holy Catholic and Apostolic Church.
People in poverty are not excluded.
2. Achievements and perforniance
The Church building has been maintained for the service of Almighty God and used by the congregation
nd
each Sunday, for weekday services and on feast days, until 22 September 2023, the Trustees being then
advised by their Structural Engineers that the building should be closed with immediate effect because of
the dangers posed by the structural movement at the west end of the Church. and it has remained closed.
The Trustees have collected and accounted for the Tithes and Offerings made by the congregation up to the
date of the closure. They have made grants from the Ofterings to such persons as were deemed appropriate.
The Trustees have provided the resources for the regular printing of ministries and their distribution.
together with almanacs. to members of the congregation and others on the distribution list.
The upkeep of the building requires the constant attention of the Trustees, who are mindful of their
responsibilities for the Church building, which is Grade I listed, and seek professional advice on all aspects
of the work.
In the Autumn of 2019, the Church building started to suffer again from structural movement at the west
end of the building, which worsened considerably towards the end of the summer in 2023, so that the
Trustees were advised that the Church had to be closed for use. Full details of this are given in 3. below.
3. The structural movement and its consequences
3.1 Summa
resent
osition of the re
air
ro
ram
In the Autumn of 2019, the Church building started to suffer again from structural movement at the west
end of the building. which worsened suddenly and considerably towards ihe end of the summer in 2023,
following a period of very dry weather. The structural engineers advised that the Church was no longer
safe for use and should be closed immediately for worship, and li has remained so since.
A major programme of stabilisation and remedial works needs to be carried out before the building can
become usable again. As the Trustees no longer have the necessary funds to enable this work to proceed,
full responsibility for it has been assumed by the Principal Trustees, who have been involved in
developments throughout.
In March 2023 application for Listed Building Consent was submitted to enable stabilisation works to
commence. conditional approval was received in October 2023, and the conditions largely detern]ined by
early 2024. These works, comprising temporary ties to contain horizontsl movement and the digging of
trial pits to detemiine the state of the foundations to develop the underpinning programme. have been
completed.
Application for Listed Building Consent has recently been made for the next phase of the works - the
underpinning and associated activities lo contain vertical movement - with a provisional date for approval
of the end of September. Application for Building Control approval will be made as soon as all the
necessary measureinent data is available.
By the end of 2023, the Trustees had defrayed expenditure of some £ 100,000 and the Principal Trustees
some £164,000, largely in professional fees. To date in 2024 the Principal Truslees have paid out in excess
of £500,000.
In December 202J, a provisional cost estimate was produced by the qi￿ntity surveyors for the whole project
which totalled some £2.1 m, including VAT, some part of which may be recoverable. The estimate included
some £160,000 for contingencies. to cover not only variations arising as work proceeds, but also various

PADDINGTON CHURCH TRUST
Report of the Trustees for the year ended 31 December 2023 (continued)
remedial measures needed to weatheryroof the building once the stabilisation works are completed Present
indications are that the costs of what are the 'basic' stabilisation & immediate remedial woi'ks, are likely to
exceed £2.5m. No estimates have been made yet of the other consequential works which, of necessity, will
follow.
3.2 The le
osition
3.2.1 Tlie Paddington Chureh Trust and the Principal Trust are charitable trusts representing separate
components of the ChiirLh, whieli as one body has a common purpose and interest. Paddington Church
Trust lias occupied Paddiiigton Church buildiiig under the terms of a Nominee Triist, made in conjunction
witli the Principal Triistees in 1986. 1.he form of the trust follows very closely the fom) previously used
for the leasehold interest pul in place when Paddington Chlircli was oi'iginally constituted in its present
location. Under that deed the Principal Trustees have beneficial ownership and ultimate responsibility for
the church building. The Paddington Church Trustees maiiitain the chiii'cli tor public worsliip and covenant
to keep it in repair. This arrangement has operated in practise so thai. for so long as the church remained
open, the local congregation fiiianced its own church buildiiig.
3.2.2 In September 2023 the Paddington Trustees were forced to close the building for safety reasons. In
January 2024, after it became apparent that the Paddington Church Trustees lacked the financial resources.
and therefore the ability to enter the required building contracts, the Trustees resolved that the only course
open to them was to agree with the Principal Trustees the tern]ination of the 1986 trust, aiid to relinquish
their responsi bi lity foi. tlie church building so that tlie Principal Trusiees Lould nianage the repair program
themselves. The termination of the l 986 Trust brings to an end both the Paddingtoii Church Trustees,
obligation to repair, and the basis upon which the Trustees have hitherto oLcupied Paddington Church
building for religious worship,
3.2.3 Having received legal advice Loncerning the terms ot" their owii trusts in the context of adopting the
direct rcspoiisibility for the repair and niaintenance of Paddington Church building, tlie Principal Trustees,
in Mai'cli 2024, reque.gted from the Trustees the Paddingtoii ChLirch Titlie fund, which they I'equired to help
finance the future maintenance of Paddington Church. Tliis approacli was regarded by the majority of the
Paddington Church Trustees as a proper and reasonal)le request in the circumstaiices.
3.2.4 The Paddington Church Trustees thei'eupon souglit legal advice from Robert Pearce KC in April 2024
on their ability to modify the Tithe Fiind Trust as would bc required if they were io transfer it to the Principal
Triistees. That advice has mapped a way ahcad for the Paddin&yton Chiirch Trustees by means of recent
legislation, which will enable the Triistees to modify tlie terms of tlie Titlie Fund trust by means of trustee
resolution passed by a 75 % majority vote, and subsequent approval of the Charity Commission. Thus the
Paddington Church Trustees have the power, once the legal procediires have been followed, to modify the
temis of the Tithe Fund Trust, and also the Paddington Church Trust, as they deem inost appropriate to the
circumstances, This power includes the closure of tlie cliarity and the winding up of its affairs.
3.2.5 The legal process to modify the tern]s ot. the trusts involves a consultation with all the interested
parties. "fhe Paddiiigton Church Trustees await further legal advice on the documentation thai they have
drafted, and on technical legal issues which arise out of the character of the Tithe I", und Trust. The Trustees
anticipate that they will be in a position to apply for the Charity Commission approval for what is decided
by the end of November 2024.
3.2.6 In siimmary, it is the opinion of the mlijority of the Paddington Church Trustees that, in view of what
is described above, Paddington Church Trust is no longer viable as a going concern, At present ihe fiiture
of the Tithe Fund and the other funds held by the Trustees is subject to consultation, and final formal trustee
resolution and Charity Commission approval.

PADDINGTON CHURCH TRUST
Report of the Trustees for the year ended 31 December 2023 (continued)
4. Financial review
4.1 Financial
osition
The Restricted Fund for the Poor made a grant of £1 O, and received Offerings of £100. The Fund has an
undistributed balance of £1 I, 100 which is available for future grants.
The Restricted Fund for the Upkeep of the Church received investment income of £1,800, and an unrealised
investment gain of £2,400. Expenditure on the upkeep of the building amounted to £93,600. Available
reserves now amount to £19,500.
The Tithes received by the Expendable Endowed Fund amounted to £61,800. net expenditure of £1,000
was incurred printing and distributing Ministries and AlmanaLs. This Fund incurred a net gain of £131,000
from the realisation and revaluation of its investments, giving rise to a net gain for the year of £191.800.
The Fund's available reserves now amount to £3.481,200, which are available for the support of the
Ministry as required.
The Unrestricted Designated Fund received Offerings of £2,000 and made granis of £3,000. The Fund has
an undistributed balance of £1,000 which is available for future grants.
The Unrestricted Fund the General Offerings Fund received Offerings of £36,300, and Investment
income totalling £113,000. expenditure of £52,700 was incurred before a net gain of £200 froin the
revaluation of investments. A provision of £1 00.000 has been raised at 31 December 2023 for tlie estimated
costs of winding up the charity. The Fund's available reserves now amount to £264,400.
4.2 Reserves Polic
The Trustees no longer regard themselves as having the necessary Reserves to enable them to maintain the
building. As referred to in l above, the majority of the Trustees coiisider that the time has arrived when
they must accept the transfer of all its assets to the Principal Trustees wlio are taking over responsibilily for
its maintenance, and close the Trust. A minority is not able to agree with this.
5. Structure? governance and management
In the service and worship of Almighty God, tlie Trustees have five separate funds, as follows:
Tithe Fund (An Expendable Endowed Fund) used for the mainteiiance of the
Ministry.
General Offerings Fund (An Unrestricied Fund) used at the discretion of the Trustees in
support of the Trust, s objects and policies, includiiig the upkeep and maintenance of the
Church. ￿ld tlie costs of governaiice ol the charity.
Poor Fund (A Restricted Fuiid).
The Church Upkeep Fund (A Restricted Fund)
Thank Offering Fund (An Unrestricted Designated Fund) to be used at the discretion of
the Trustecs in support of the Trust's objects and policies.
In operating these Funds the Trustees follow, so far as they are able. th(; principles and procedures instituted
in the Churches established under Apostles.
5.1 Tithes and Offerin
The income ot" the Trust, s Funds includes Tithes and Offerings made by the congregation during church
services. The following is a sununary of them:
5.1.1 Tithe
- Tithe as a proportion of income is paid to God by members of the Congregation "in
obedience to His commandment, in honour of His name, and with a free will and joyful
heart." It is used for the support of the Ministry. At present Tithe is used for the
printing and disti ibution of ministries and almanacs to tlie congregation and others on
the mailin(7 list. The Truslees invest Tithe not used for the printing and distribuiion of
ministries and almanacs as an endowment to be expeiided at such time that tlie
Ministries ol the Church are set in order again. The income from its investment is paid
into the General Offerings Fund, which bears the investment management fee.

PADDINGTON CHURCH TRUST
5.1.2 Offerin
Report of the Trustees for the year ended 31 December 2023 (continued)
General Offerings represent monies presented by the congregation for the general
pury)oses of Church Worship.
- Poor Offerings are offerings made by the congregation specifically for the poor. Grants made
are not of material amounts.
The Upkeep Fund represents a bequesi made for the upkeep ot. the bui Iding.
Thank Offerings are made by those who have a particular cause to be thankful to the
Lord.
5.1.3 Pro
The Catholic Aposiolic Church at 16/20 Maida Avenue Paddington London W2 ISR was fonnerly
leaseliold, but the freeliold was acquired in 1986 and has been held upon trust by the Paddington Church
Trustees (the "Trustees") under a Declaration of Trust dated 19 Marcl) 1986 (the "1986 Declaraiion of
Trust") made by Herbert Gordon Carter and otliers (the then Trustees). By this Declaration of Trust, the
Trustees hold ilie Church building on behalf of the trustees for the time being (the "Pi'incipal Trustees") of
the Principal Trust Deed and upon the trusts and with and subject to the powers and provisions contained
in tlie Principal Trust Deed and in the Aniending Schemes. The Principal Trusiees, in turn, hold the CliurLh
building upon the trusts contained iii tlie Principal Trust Deed. To ilie extent of the obligyations contained
in the 1986 Declaration of Trust, the Paddington Churcli Trustees have primary responsibility for tlie
upkeep and maintenance of the Chui'ch, tlie costs of which were borne in 2023. partially by tlie Church
Upkeep Fund, wid partially by the Principal Trusiees.
As referred to in l above, the Principal Truslees have requested that the freeliold of ihe Church is formally
transferred to them, and both sets of Trustees have instructed lawyers to effect this.
5.1.4 Investments
The Trustees, powers of investment are governed by the general law.
The Trustees retain the services of Brewin Dolphin Ltd, Investment Managers, for the management of the
trust monies.
The Trust is reliant on its incoine from investments. The Trustees follow a cautious investment strategy
using long terni funds seeking capital growtli and sustaiiiable income with protection from inflation. In
2023. the market value of the investmLnt portfolio, including casli IILld for investment, increased by 4.23 %
over the year as a percentagTe of the average fuiid5 Iicld, L'onipared to a decrease of13.30/0 in 2022. Total
income was 3.12 % of the average funds of the portfolio, compared to 2.6% in 2022.
5.2 Mana
ement of the Triist
The trusi was m<maged dui'ing 2023 by tlie Trustees who are all meinbers of the congregation. Two of the
Trustees niet weekly, until 22 Septeinber 2023, after Church services for the purpose of day to day
managing of ihe trust and consulted the other Trustees as appropriate. subsequent to that day
communications have been by email and/or telephone; full Trustees, meetings are held during the year to
make policy decisions. Decisions are made by the Trustees as a body. The Power to appoint new Trustees
is vested in the Trustees.
The Trustees, as part of tlieir risk maiiagemLnt commitment, have a Manual setting doTrvn the functions of
the Charity; it is updated at regular intervals. The Triistees use professional advisors and contractors to
help tliem manage the risks both to and from the Church bui Idings. Financial risks are managed by external
investinent advisors.
Trustees are selected from members of the congregation. New Trustees are inducted by an initial interview
with the existing Trustees, together with an information pack containing the relevant data of the background
to the Trust.

PADDtNGTON CHURCH TRUST
Report of the Trustees for the year ended 31 December 2023 (continued)
6. Reference and administrative details
These are set out on page l of this Report and Financial Statements.
7. Related Charities
The Church in Paddington comprises a local congregation of the Catholic Apostolic Church. In England
the Catholic Apostolic Church Trust Properties is a related charity; other congregations exist abroad.
8. Statement of Trustees, responsibilities
The Trustees are responsible for preparing the Trustees, Report and the financial statements in accordance
with applicable law and United Kiiigdom Accounting Standards (United Kingdom Generally Accepted
Accounting Practice).
The law applicable to charities in England & Wales requires ihe trustees to prepare financial statements for
each financial year which give a true and fair view of the state of affairs of th¢ i;harity and of the incoming
resources and application of resources of the charity for that period. In preparing these financial statements,
the trustees are required to:
select suitable accounting policies and then apply them consistently"
observe the methods and principles in the Charities SORP;
make judgements and estimates that are reasonable and prudent;
state whether applicable accounting standards have been followed, subject to any maierial
departures disclosed and explained in the financial statements.
prepare the finaiicial statements on the going concern basis unless it is inappropriate to presume
that the charity will continue in business.
These financial statements have been prepared on the basis that the majority of the Trustees no longer
regard Paddington Church Trust as a going concern, as referred to in l above with a provision of £1 00,000
raised for the costs of closure.
The Trustees are responsil)le for keeping proper accounting i'ecords that disclosi: with reasonable accuracy
at any time the finaiicial position of the charity and enable Ihcm to ensure that the financial statements
coniply with the Charities Act 2011, the Charity (Accoiiiils and Reports) Regulations 2008 and the
provisions of the trust deed. They are also responsible for safeguarding the asseis of the charity and hence
for taking reasonable steps for the preventioii and detection of fraiid and other irregularities.
Approved by the Trustees on Il, o I )qY
Signed

Catholic Apostolic Church (Paddington) General Purposes Fund
Independent auditors, report to the trustees
Opinioll
We have audited the financial statements of Catholic Apostolic Church (Paddington) General Purpose Fund
for the year ended 31 December 20?3 which comprise tlie report and Iinancial statements and notes to the
financial statements, including significant accounting policies. The financial reporting franiework that has
been applied in their preparation is applicable law and United Kingdom Accounting Standards, including
Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of
Ire1￿]d (Uiiited Kingdoni Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the charity's affairs as at 31 December 2023 and of its incoming
resources and application of resources for the year then ended.
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice.
have been prepared in accordance with the requirements of the Charities Act 2011 .
Basis for opinion
We conducted our audit in accordance with Interiiatioiial St￿idards on Auditing (UK) (ISAS (UK)) and
applicable law. Olir respoiisibilities under those standards are further described in the Audilor's
responsibilities for the audit of tl)e financial statements section of our report. We are independent of the
liarity in accordance with the ethiL'al requii'emenls tliat are relevanl to our audit of ihe financial statenients
in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in
accordance with these requirements. We believe that thc audit evidence we have obtained is sutyicient and
appropriate to provide a basis for our opinion.
Emphasis of Matter- financial statements prepared on a basis other than going concern
Wc draw attentioii to Note l. I to thc financial statements which explaiiis that the trustees iiitend to wind
down and ultimately close the charity and therefore do not consider it to be appropriate to adopt thc going
concern basis of accounting in preparing the financi<il stateinents. Accordingly the financial statements have
been prepared on a basis other t11￿] going conceni as described in Note l. l .
Our opinion is not modified in respect of this maiter.
Other information
The other infonnation comprises the information included in tlie annual report, other than the financial
staiements and our auditor's report thereon. The trustees al'e responsible for the other infomatioii. Our
opinion on the financial staternents does not cover the other inforniation aiid, except to the extent otherwise
explicitly stated in oui. rcport: we do not e,xpress any fomi of assurance conclusion thereon. Our
responsibility is to read the other information and, in doing so: consider whether the other inforniation is
materially inconsistent with the finaiicial stateinents or our knowledge obtained in the course of the audit
or otherwise appears to be materially niisstated. If we identity such inaterial inconsistencies or apparent
malerial misstatements, we are reqiiired to deterniine whetlier this gives rise to a material misstatement in
the financial statements themselves. If, based on the work we have performed. we conclude that there is a
material misstatement of this other information. we are required to report tliat fact.
We have nothing to report in this regard.

Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts
arAd Reports) Regulations 2008 require us to report to you if, in our opinion:
the information given in the Trustees, Annual Report is inconsistent in any material respect with the
financial statements. or
the chariiy has not kept sufficient accounting records: or
the financial statemeiits are not in agreenient with tlie accounting records and returns. or
we Iiave not received all the infomiation and explanations we require for our audit.
Responsibilities of trustees
As explained niore fully in the Triistees, Responsibilities Stateinent set out on page 5, the trustees are
responsible for the preparation of the financial statements and for being satisfied thal they give a true and
fair view, and for such inteinal control as the trustees determine is necessary to enable the preparation of
financial statements tliat are free froni material misstatenient. whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the cliarity's ability to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going
coiicern basis of accoLlllting iinless the trustees eithei. intend to liquidate the charity or to cease operations,
or have no realistic alteinative but to do so.
Auditors, responsibilities for the audit of the financial statements
Wc have been appointed as auditors under the Charities Act 201 l and report in accordance with regulations
made under that Act.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
free from material misstaleinent, whether due to fraud or error, and to issiie an audiiors. report that incliides
our opinion. Reasonable assiirance is a high level of assurance, but is not a guarantee that an audit conducted
in accordance with ISAS (UK) will always detect a maierial misstatcment when it exists. Misstatements can
arise from fraud or error and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users takeii on the basis of these financial
statements.
Irregularities, including fraiid, are instances of non-compliance with laws and regiilations. We design
procedures in line with oiir responsibilities, outlined above, to detect maierial misstatemenis iii respect of
irregLilarities, including fi'aud. The specific procedures for this eiigagement and the extent to which thcse
are capable of detecting irregulai'ities, including fraud are detailed below.
Identifying and assessing risks relaled to irregularities:
We assessed the susceptibility of the charity's financial statements to maierial misstatement and how fraud
might occur, including through disciissions with the trustees, discussions within our audit team planning
meeting, updating our record of internal controls and ensLiring these controls operated as intended. We
evaluated possible incentives and oppoituniiies for fraudulent manipiilation of the finaiicial statements. We
identified laws and regulations that are of significance in the context of the charity by discussions with
trustees and updating our understanding of the sector in which the charity operates.
Laws <2nd regulalions of direct significance in the context of the charity include tlie Cliaritie8 Act 201 I, the
Charities (Accolints and Reports) Regulations 2008 and guidance issued by the Cliarity Commission for
England and Wales.

Audit response to risks identified..
We considered the extent of compliance with these laws and regulations as part of our audit procedures on
the related financial statement items including a review of financial statement disclosures. We reviewed the
charity's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant
authorities to identify potential material misstatements arising. We discussed the charity's policies and
procedures for compliance with laws and regulations with members of managernent responsible for
compliance.
During the planning meeting with the audit team, the engagement partner drew attention to the key areas
which might involve non-compliance with laws and regulations or fraud. We enquired of management
whether they were aware of any instances of non-compliance wilh laws and regulations or knowledge of
any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of
controls by testing the appropriateness of journal entries and identifying any significant transactions that
were unusual or outside the normal course of business. We assessed whether judgements made in making
accounting estirnates gave rise to a possible indication of management bias. At the completion stage of the
audit, thc engagement partner's review included ensuring that the team had approached their work with
appropriate prot"essional sceplicism and thus the capacity to identify non-compliance with laws and
regulations and fraud.
There are inherent limitations in the audit procedures described above and the ￿rther removed non-
compliance with laws and regulations is from the events and transactions reflected in the financial
statements, the less likely we would become aware of it. Also, the risk of not detecting a material
misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may
involve deliberate concealrncnt by, for example, forgery or intentional misrepresentations, or through
collusion.
A fill1her descriplion of our responsibilities is available on the Financial Reporting Council's website at:
www.frc.org.uklauditorsresponsibilities. This description fomis part of our auditor's report.
Use of our report
This report is made solely to the chi￿1ty'S trustees, as a body, in accordance with Part 4 of the Charities
(Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to
the trustees those matters we are required to slate to them in an auditor's report and for no other purpose.
To the ￿lIest extent pennitted by l(Iw, we do not accept or assume responsibility to anyone other than the
charity aiid the truslees
a body, for our audit work, for this r¢port, or for the upinions we have formed.
Saffery LLP
71 Queen Victoria
Street
London
EC4V 4BE
Statutory Auditors
Dale: 16110 illt
Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006
10

PADDtNGTON CHURCH TRUST
Statement of Financial Activities for the year ended 31 December 2023
Notes
Unrestricted Restricted Endowed
Funds
Funds
Fund
2023
2023
2023
£'OOOs
£'OOOs
£'OOOs
Total
2023
£'OOOs
Total
2022
£'OOOs
Income and endowments from:
Donations and legacies
Investments
Total
38.3
113.0
151.3
61.8
100.2
114.8
215.0
154.7
92.8
247.5
61.8
Expenditure on:
Raising funds
Charitable activities
Total
Net gains on investments 1.3 & 6
Net incomel(expellditure)
Provision for costs of elosure 1.1
Net movement in funds for the year
Total funds brought forward
(21.8)
33.9
(55.7)
(21.8)
(21.6)
128.5
90.8
(1.0) (150.3) (112.4)
131.0
133.6
469.4
191.8
198.3
334.3
(100.0)
98.3
(334.3)
3 678.9 4 013.2
93.6
(93.6)
95.8
(100.0)
(4.2)
269.6
89.3
(89.3)
119.9
191.8
Total funds carried forward
9, 10 & 11 265.4
30.6
The Statement of Financial Activities contains all gains and losses for the year.
The notes on pages 14 to 17 forni part of these accounts.

PADDNGTON CHURCH TRUST
Balance Sheet
As at 31 December 2023
Notes Unrestricted Restricted Endowed 2023
Funds
Funds
Fund
Total
£'OOOs
£'OOOs
£'OOOs
£'OOOs
2022
Total
£'OOOs
Fixed Assets
Investments (at Market Value)
Current assets
Investments (at Market Value)
Debtors
Amounts due between Funds
Cash at bank and in hand
Total current assets
342.4
13.6
19.9
18.7
394.6
3,458.9
3,801.3
48.9
35.2
(19.9)
19.7
35.0
115.4
23.2
3,482.2
61.6
3,911.8
78.6
194.0
Creditors: Amounts falling due
within one year
Net current assets
29.2
365.4
34.6
3.481.2 3 877.2
44.0
150.0
30.6
Provision for costs of closure
(100.0)
(100.0)
Total assets
265.4
30.6
Represented by:
Unrestricted Funds - General
General Offerings Fund
Unrestricted Fund - Designat¢d
- Thank Offerings
Restricted Funds
- Poor Account
- Church Upkeep Fund
Endowed Fund
- Tithe Account
Toial funds
11
264.4
264.4
267.6
11
11.1
19.5
11.1
19.5
11.0
108.9
10
265.4
30.6
Approved by the Trustees on I sk o
CfvRrEE
Signed
A￿t)lE￿￿J Q¥ FERW
The notes on pages 14 to 17 forni part of these accounts.
12

PADDINGTON CHURCH TRUST
Statement of Cash Flows
Year ended 31 December 2023
2023
Total Funds
£'OOOs
2022
Total Funds
£'OOOs
Cash flows from operating activities:
Net cash provided by (used in) operating activities
Cash flows from investing activities:
Dividends from investments
Interest from investments
Proceeds from sale of investments
Purchase of investments
Investment management fee
Net cash provided by (used in) investing activities
28.8
202.6
57.6
57.2
227.8
(460.2)
21.8
(139.4)
51.4
41.4
137.2
(347.5)
21.6
(139.1)
Cash flows from financing activities:
Net cash provided (used in) financing activities
Change in cash and Cash equivalents in tbe
reporting period
Cash and cash equivalents at the beginning of the
reporting period
Cash and cash equivalents at the end of the
reporting period
(110.6)
63.5
214.5
151.0
103.9
214.5
Reconciliation of net inLome/(expenditure) to net cash
flow from operating activilies
Net income for the reporting period (as
per the ststement of financial activities)
Adjustments for:
(Gains)/losses on investments
Dividends and interest from investments
Investment management fee
(Increase)/Decrease in debtors
(Decrease)/lncrease in creditors
Increase in provisions
Net cash provided by (used in) operating activities
98.3
(334.3)
(133.6)
(114.8)
21.8
66.5
(9.4)
100.0
28.8
469.4
(92.8)
21.6
118.7
20.0
202.6
Analysis of cash and cash equivalents
Cash in hand
Cash on deposit
Total cash and equivalents
61.6
42.3
78.6
135.9
214.5
13

PADDINGTON CHURCH TRUST
Notes to the Accounts
For the year ended 31 December 2023
l. Accounting policies
1.1 Basis of accounting
The accounts for the year to 31 December 2023 have been prepared under the Iiistorical cost convention
(except that investments are shown at market value) in accordance with Accounting and Reporting by
Charities - Statement of Recommended Practice (FRS 102 SORP), and with Accounting Standards and
with the Charities Act 201 l. There have been no changes in how the funds are detennined with the previous
financial reporting framework.
The accounts have been prepared on the basis as that the majority of the Trustees no longer regard the
PaddingFton Church Trust as a going concern. The Catholic Apostolic Church Trusi Property, for whom
the freehold of the Church building has been held on a nominee trust, has agreed the transfer of the freehold
to them. thus ending the arrangement by which Paddington Church Trust has occupied the building and
been responsible for its repair. The Catholic Apostolic Church Trust Property have also requested the
assignment to them of the Paddington Church Trust Trust's funds, to enable it to meet its responsibility for
the major programme of stabilisation and repairs required to the building, and the ongoing routine
maintenance and upkeep. The majority of the Paddington Trustees would agree to this but consider that
this would mean that the charitable purpose of the Trust has failed and would necessitate the closure of the
trust and winding up of its affairs under the oversight of the Charity Commission. the minority are unable
to agree with this understanding. The Trustees are taking legal advice on thc malter. A provision of
£IOO,000 has been created at 31 December 2023 for the estimated costs of winding up the charity.
The Trust is a registered charitable Irusl, and is a public benefit entity.
1.2 Funds, Accounting Policy
In the service and worship of Almighty God, the Trustees have five separate f'unds, as follows:
Tiihe Fund (An Expendable Endowed Fund) for the support of the Ministry.
General Oft"erings Fund (An Unrestricted Fund) used at the discretion of the Trustees in
support of the Trust's objects and policies, including the upkeep and maintenance of the
Church, and the costs of governance of the charity.
Poor Fund (A Restricted Fund).
Church Upkeep Fund (A Restricted Fund) used for the upkeep and maintenance of the Church.
Thank Otyering Fund (An Unrestricted Designated Fund) io be used at the discretion of the
Trustees in support of the Trust's objects and policies.
1.3 Investments
Fixed asset investments are stated at market value. The change in market value is included as an unrealised
gain or loss in the Statement of Financial Activities.
1.4 Income and endowments
Donations and legacies (Tithes and offerings) which are offered anonymously by members of the
Congregation, are included as they are received, with the exception of a residual legacy from the estate of
a deceased member of the Congregation who passed away in April 2020. This was received in March 2022.
Investment income is included on a receivable basis.
14

PADDINGTON CHURCH TRUST
Notes to the Accounts (cont.)
For the year ended 31 December 2023
1.5 Expenditure
Expenditure on Raising funds comprises investment management fees and is included on an accruals basis.
Expenditure on Charitable activities, including Governance costs, which comprise primarily audit & l¢gal
fees, is included on an accTuals basis.
2023
Unrestricted Restricted Endowed Total
Funds
Funds
Fund
£'OOOs
£'OOOs
£'OOOs
2022
Total
£'OOOs
£'OOOs
2. Expenditure on Charitable Activities
Raising ￿llds - investment management fee
Grants
Distribution of Ministries
Property - Repairs and Decoration
Property - General Expenses
Organ Maintenance
Governance costs
21.8
21.8
21.6
43.4
50.2
43.4
65.7
17.0
45.9
15.5
15.4
55.7
15.4
150.3
25.0
112.4
93.6
Grants made are not regarded as material in the context of the charity's overall charitable activities.
Iii March 2023, the Catholic Apostolic Church Trusl Property, the ultimate owners of the freehold of the
Church, reimbursed £84,000 of sums spent with respect to the structural tnovement since 2019. £71,900
was credited in 2022 to the General Offerings Fund (an unrestricted fund) and £12,100 to the Upkeep Fund
(a restricted fLmd).
3. Net incomel(expenditure)
Net incomelexpenditure is stated aft¢r crediting/(charging)
2023
2022
£'OOOs
£'OOOs
57.2
41.4
(4.0)
47.3
137.6
(516.7)
(21.6) (11.8)
Interest included in investment income
Gains/(Losses) on disposal of investments
Unrealised gains/(losses) on investments
Auditors, remuneration
4. Employees
The charity has no employees. It is administered by its Trustees who receive no remuneration.
5. Trustees remuneration
The Trustees neither received nor waived any emoluments in the year, nor received any benefits from the
Trust or any related party (2022: nil).
No grants were Tnade to Related Parties of the Trustees.
Out of pocket expenses were reimbursed to Trustees as follows:_
2023
No. of Trustees
2022
2023
£'OOOs
2022
£'OOOs
Travel, subsistence and incidental
Other - printing and incidental
15

PADDNGTON CHURCH TRUST
Notes to the Accounts (cont.)
For the year ended 31 December 2023
The Trustees and certain related parties will have made anonymous donations and endowments (Tithes and
Offerings) without conditions during both 2022 and 2023, as part of divine worship ("when thou doest
alms, let not thy left hand know what thy right hand doeth: that thine alms may be in secret").
6. Investments
Market Value
at year end
Income from
Investments for
the year
£'OOOs
112.0
£'OOOs
3,759.0
Jnvestments listed on a recognised stock exchange, or
held in common investment funds, unit trusts, or other
collective investment schemes
Cash held as part of the investment portfolio
42.3
114.8
2023
2022
£'OOOs
£'OOOs
3,393.0
3,652.1
460.2
347,5
(227.8) (137.2)
133.6
469.4
Market value as at l January
Additions
Disposals
Realised and Unrealised gainsl(losses)
Market value as at 31 December
Original cost
No investments are considered material in the context of market value of the investment portfolio at 31
December 2023.
2023
£'OOOs
2022
£'OOOs
7. Debtors
Amount due from Investment Advisers
Maintenance expenditure - reimbursement
Income from investments
Prepayments
Sundry
12.0
84,0
28.1
22,0
48.9
115.4
8. Creditors
Amounts falling due within one year
Creditors
Accruals
19.0
15.6
34.6
42.6
44.0
16

PADDtNGTON CHURCH TRUST
Notes to the Accounts (eont.)
For the year ended 31 December 2023
Balanees
brought Income
forward
forTrvard
£'OOOs
Balances
earried
and losses
Expenditure
& Provisions
Gains
£'OOOs
£'OOOs
£'OOOs
£'OOOs
9. Restricted Funds
Poor Account
11.0
11.1
Church Upkeep Fund
108.9
119.9
93.6
(93.6)
19.5
30.6
10. Endowed Fund
Tithe Account
61.8
131.0
Included in the above are net unrealised gains of
377.7
11. Unrestricted Funds
General
General Offerings Fund
Designated
Thank Offerings
267.6
149.3
(152.7)
264.4
269.6
151.3
155.7
265.4
Included in the above are net unrealised gains of
17