CATHOLIC APOSTOLIC CHURCH (PADDINGTON) GENERAL PURPOSES FUND (Registered with the Charity Commissioners)
REPORT AND FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2024
Registered Charity Number: 245205
PADDINGTON CHURCH TRUST
Year ended 31 December 2024
Legal and Administration Information
| Charity name: | Catholic Apostolic Church (Paddington) General Purposes Fund more |
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| 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: | 16/20 Maida Avenue, London W2 1 SR. |
| Auditors: | Saffery LLP of 71 Queen Victoria Street, London, EC4V 4BE. |
| Bankers: | National Westminster Bank Plc of PO Box 221, Connaught 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. |
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PADDINGTON CHURCH TRUST
Report of the Trustees for the year ended 31 December 2024
The Trustees submit their report together with the financial statements of the Charity for the year ended 31 December 2024. The financial statements 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 Act 2011. The Accounts have not been prepared on a going concern basis as the majority of the Trustees no longer regard this as appropriate; a provision of £100,000 was made at 31 December 2023 to cover the costs of winding up the Charity, and this remains unused, though the costs of £25,500 of legal advice on the matter were expensed in 2024.
1. Objects and activities
Paddington Church Trust is a religious purposes charity. It is constituted of three related trusts which taken together form 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 Trustees 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 dated 16 February 1854 (the “Principal Trust Deed”) made in relation 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 “Nicene 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 that the Powers and Gifts of the Holy Ghost 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 the Lord Jesus Christ and according to the forms now observed or to be from time to time observed by the allowance or under the direction of the said College of Apostles.
The Trustees hold the building under the terms of the 1986 Declaration of Trust referred to in 5.1.3 below. Under this Declaration of Trust, the Trustees have primary responsibility for the upkeep and maintenance of the Church building, which is a Grade I Listed building. Because of the problems referred to in 3 below, the Trustees no longer have the necessary financial resources to meet this responsibility. The Principal Trustees have, therefore, requested that the freehold of the building is transferred to them. The Principal Trustees have advised by a letter dated 8 April 2025 that, on the basis of in-depth legal analysis by Counsel, the Tithe Fund (the Endowed Fund), together with the General Purposes Fund (an Unrestricted Fund) are due to them from the PCT.
Having taken their own legal advice from Leading Counsel, the Trustees have adopted Counsel’s advice to amend the terms of the underlying charitable trusts by virtue of their powers under s280A Charities Act 2011 (introduced by s3 Charities Act 2022). The first stage of this process is a consultation involving the members of the congregation and the Principal Trustees with a view then to making a decision, which will require the consent of the Charity Commission.
The Principal Trustees recognise that a number of consequences flow from the transfer of the Church freehold and the PCT funds to them. In particular, they assume that the transfer of these funds to their charitable trust is likely to lead to winding up the PCT, after having distributed any remaining funds (such as the Poor Fund) as deemed appropriate. They also note that, following the transfer of the Church freehold and the repair and restoration of the building, its future use will be a matter for them to decide.
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
PADDINGTON CHURCH TRUST
Report of the Trustees for the year ended 31 December 2024 (continued)
the Trustees have paid due regard to the Charity Commission’s guidance on public benefit and the principles contained in the Charities Act 2011.
The aim of the Trust is to 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 regular services – but see further below - and the provision of funding for the printing and distribution of Ministries. 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 performance
The Church building has been maintained for the service of Almighty God and used by the congregation each Sunday, for weekday services and on feast days, until 22[nd] 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 since. The necessary works to stabilise the building have been and are being carried out under the direction of the Principal Trustees, who are also bearing the cost.
Due to the closure of the Church, no Tithes and Offerings were made by the congregation during 2024. The Trustees have made grants from the relevant Funds 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.
Although the Principal Trustees have taken on the responsibility for the repairs required as a result of the structural movement, the Paddington Trustees have continued to meet the regular outgoings. 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.
3. The structural movement and its consequences
3.1 Summary of present position of the repair program
The Trustees have been advised by the Principal Trustees that the work to contain the lateral and vertical movement at the Church has now been completed, and the substantial refurbishment required to the floors, windows, ceilings and roof will be undertaken once the structural engineers are satisfied that stability has been achieved; this could occupy the next 18 months to 2 years. The Church remains closed for worship.
3.2 The legal position
3.2.1 The Paddington Church Trust and the Principal Trust are charitable trusts representing separate components of the Church, which as one body has a common purpose and interest. Paddington Church Trust has occupied Paddington Church building under the terms of a Nominee Trust, made in conjunction with the Principal Trustees in 1986. The form of the trust follows very closely the form previously used for the leasehold interest put in place when Paddington Church was originally 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 responsibility is to maintain the church for public worship and covenant to keep it in repair. This arrangement has operated in practise so that, for so long as the church remained open, the local congregation financed its own church building.
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 termination of the 1986 trust, and to relinquish their responsibility for the church building so that the Principal Trustees could manage the repair program themselves. The termination of the 1986 Trust will bring to an end both the Paddington Church Trustees’
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PADDINGTON CHURCH TRUST
Report of the Trustees for the year ended 31 December 2024 (continued)
obligation to pay the outgoings of the building, to repair, and the basis upon which the Trustees have hitherto occupied Paddington Church building for religious worship.
3.2.3 Having received legal advice concerning the terms of their own trusts in the context of adopting the direct responsibility for the repair and maintenance of Paddington Church building, the Principal Trustees, in March 2024, requested from the Trustees the Paddington Church Tithe fund, which they required to help finance the future maintenance of Paddington Church. This approach was regarded by the majority of the Paddington Church Trustees as a proper and reasonable request in the circumstances.
3.2.4 The Paddington Church Trustees thereupon sought legal advice from Robert Pearce KC in April 2024 on their ability to modify the Tithe Fund Trust as would be required if they were to transfer it to the Principal Trustees. That advice has mapped a way ahead for the Paddington Church Trustees by means of s280A Charities Act 2011. The powers granted by this section enable the Trustees to modify the terms of the Tithe Fund trust by means of a trustee resolution passed by a 75% majority vote, following a consultation. The subsequent consent of the Charity Commission will be required. Thus, the Paddington Church Trustees have the power, once the legal procedures have been followed, to modify the terms of the Tithe Fund Trust, and also the Paddington Church Trust, as they deem most appropriate to the circumstances. The closure of the charity and the winding up of its affairs is likely to follow the transfer of all the assets to another charity. 3.2.5 . The Trustees anticipate that they may be in a position to apply for the Charity Commission approval for what is decided by the end of November 2025.
3.2.6 In summary, it is the opinion of the majority 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 the future 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.
4. Financial review
4.1 Financial position
The Restricted Fund for the Poor made a grant of £1,000, and but received no Offerings. The Fund has an undistributed balance of £10,100 which is available for future grants.
The Restricted Fund for the Upkeep of the Church received no income. Expenditure on the upkeep of the building amounted to £19,500 and its available reserves have been exhausted and the Fund is now closed. The Tithes received by the Expendable Endowed Fund amounted to £nil; net expenditure of £700 was incurred printing and distributing Ministries and Almanacs. This Fund had a net gain of £126,900 from the realisation and revaluation of its investments, giving rise to a net gain for the year of £126,200. The Fund has available reserves of £3,607,400.
The Unrestricted Designated Fund received no Offerings but and made a grant of £1,000. The Fund now has no available reserves.
The Unrestricted Fund – the General Offerings Fund - received no Offerings, but had Investment income totalling £123,700; expenditure of £131,000 was incurred before a net gain of £9,400 from the revaluation of investments. A provision of £100,000 was raised at 31 December 2023 for the estimated costs of winding up the charity; this has been retained. The Fund’s available reserves now amount to £266,500. 4.2 Reserves Policy
The Trustees no longer regard themselves as having the necessary Reserves to enable them to maintain the building. As referred to in 1 above, the majority of the Trustees consider that the time has arrived when they must accept the transfer of all its assets to the Principal Trustees who have taken over responsibility for its maintenance, and close the Trust. A minority is not able to agree with this.
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PADDINGTON CHURCH TRUST
Report of the Trustees for the year ended 31 December 2024 (continued)
5. Structure, governance and management
In the service and worship of Almighty God, the Trustees have five separate funds, as follows:
Tithe Fund (An Expendable Endowed Fund) used for the maintenance of the Ministry.
General Offerings 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).
The Church Upkeep Fund (A Restricted Fund) – now closed.
Thank Offering Fund (An Unrestricted Designated Fund) – now closed - to be used at the discretion of the Trustees in support of the Trust’s objects and policies.
In operating these Funds the Trustees follow, so far as they are able, the principles and procedures instituted in the Churches established under Apostles.
5.1 Tithes and Offerings
The income of the Trust’s Funds includes Tithes and Offerings made by the congregation during church services. The following is a summary 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 distribution of ministries and almanacs to the congregation and others on the mailing list. The Trustees invest Tithe not used for the printing and distribution of ministries and almanacs as an endowment to be expended at such time that the Ministries of 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.
5.1.2 Offerings
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General Offerings represent monies presented by the congregation for the general purposes of Church worship.
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Poor Offerings are offerings made by the congregation specifically for the poor. Grants made are not of material amounts.
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The Upkeep Fund represents a bequest made for the upkeep of the building.
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Thank Offerings are made by those who have a particular cause to be thankful to the Lord.
5.1.3 Property
The Catholic Apostolic Church at 16/20 Maida Avenue Paddington London W2 1SR was formerly leasehold, but the freehold was acquired in 1986 and has been held upon trust by the Paddington Church Trustees (the “Trustees”) under a Declaration of Trust dated 19 March 1986 (the “1986 Declaration of Trust”) made by Herbert Gordon Carter and others (the then Trustees). By this Declaration of Trust, the Trustees hold the Church building on behalf of the trustees for the time being (the “Principal Trustees”) of the Principal Trust Deed and upon the trusts and with and subject to the powers and provisions contained in the Principal Trust Deed and in the Amending Schemes. The Principal Trustees, in turn, hold the Church building upon the trusts contained in the Principal Trust Deed. To the extent of the obligations contained in the 1986 Declaration of Trust, the Paddington Church Trustees have primary responsibility for the upkeep and maintenance of the Church, the costs of which were borne in 2024, partially by the Church Upkeep Fund, and partially by the Principal Trustees.
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PADDINGTON CHURCH TRUST
Report of the Trustees for the year ended 31 December 2024 (continued)
As referred to in 1 above, the Principal Trustees have requested that the freehold of the 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 income from investments. The Trustees follow a cautious investment strategy using long term funds seeking capital growth and sustainable income with protection from inflation. In 2024, the market value of the investment portfolio, including cash held for investment, increased by 4.14% over the year as a percentage of the average funds held, compared to a decrease of 4.23% in 2023. Total income was 3.21% of the average funds of the portfolio, compared to 3.12% in 2023.
5.2 Management of the Trust
The trust was managed during 2024 by the Trustees who are all members of the congregation. Two of the Trustees met weekly, until 22 September 2023, after Church services for the purpose of day to day managing of the 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 their risk management commitment, have a Manual setting down the functions of the Charity; it is updated at regular intervals. The Trustees use professional advisors and contractors to help them manage the risks both to and from the Church buildings. Financial risks are managed by external investment 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.
6. Reference and administrative details
These are set out on page 1 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 Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity 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:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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PADDINGTON CHURCH TRUST
Report of the Trustees for the year ended 31 December 2024 (continued)
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial 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 1 above with a provision of £100,000 raised for the costs of closure.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the Trustees on 25[th] September 2025
G M C Carter
Signed
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Catholic Apostolic Church (Paddington) General Purposes Fund
Independent auditors’ report to the trustees
Opinion
We have audited the financial statements of Catholic Apostolic Church (Paddington) General Purpose Fund for the year ended 31 December 2024 which comprise the report and financial statements and notes to the financial statements, including significant accounting policies. The financial reporting framework 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 Ireland (United Kingdom 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 2024 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; and
have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements 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 the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Emphasis of Matter – financial statements prepared on a basis other than going concern
We draw attention to Note 1.1 to the financial statements which explains that the trustees intend to wind down and ultimately close the charity and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in Note 1.1.
Our opinion is not modified in respect of this matter.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether 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 that fact.
We have nothing to report in this regard.
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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 and 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 charity has not kept sufficient accounting records; or
the financial statements are not in agreement with the accounting records and returns; or we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Trustees’ Responsibilities Statement set out on page 5, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Auditors’ responsibilities for the audit of the financial statements
We have been appointed as auditors under the Charities Act 2011 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 misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) 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 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.
Identifying and assessing risks related to irregularities:
We assessed the susceptibility of the charity’s financial statements to material misstatement and how fraud might occur, including through discussions with the trustees, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial 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 and regulations of direct significance in the context of the charity include the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and guidance issued by the Charity Commission for England and Wales.
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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 management 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 with 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 estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism 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 further removed noncompliance 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 concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the charity’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 state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Saffery LLP
71 Queen Victoria Street London EC4V 4BE
Statutory Auditors
Date: 09/10/25
Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006
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PADDINGTON CHURCH TRUST
Statement of Financial Activities for the year ended 31 December 2024
| Notes Income and endowments from: Donations and legacies Investments Total 1.4 Expenditure on: Raising funds Charitable activities Total 2 Net gains on investments 1.3 & 6 Net income/(expenditure) Provision for costs of closure 1.1 Net movement in funds for the year Total funds brought forward Total funds carried forward 9, 10 & 11 |
Unrestricted Restricted Endowed Funds Funds Fund Total Total 2024 2024 2024 2024 2023 £’000s £’000s £’000s £’000s £’000s - - - - 100.2 123.7 - - 123.7 114.8 123.7 - - 123.7 215.0 (23.4) - - (23.4) (21.8) (108.6) (20.5) (0.7) (129.8)) (128.5) (132.0) (20.5) (0.7) (153.2) (150.3) 9.4 - 126.9 136.3 133.6 1.1 (20.5) 126.2 106.8 198.3 - - - - (100.0) 1.1 (20.5) 126.2 106.8 98.3 265.4 30.6 3,481.2 3,777.2 3,678.9 266.5 10.1 3,607.4 3,884.0 3,777.2 |
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The Statement of Financial Activities contains all gains and losses for the year. The notes on pages 14 to 17 form part of these accounts.
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PADDINGTON CHURCH TRUST
Balance Sheet
As at 31 December 2024
| Notes Fixed Assets Investments (at Market Value) 6 Current assets Investments (at Market Value) 6 Debtors 7 Cash at bank and in hand Total current assets Creditors:Amounts falling due within one year 8 Net current assets Provision for costs of closure 1.1 Total assets Represented by: Unrestricted Funds - General - General Offerings Fund 11 Unrestricted Fund - Designated - Thank Offerings 11 Restricted Funds - Poor Account 9 - Church Upkeep Fund 9 Endowed Fund - Tithe Account 10 Total funds |
Unrestricted Restricted Endowed 2024 2023 Funds Funds Fund Total Total £’000s £’000s £’000s £’000s £’000s - - - - 324.2 - 3,585.8 3,910.0 3,801.3 46.1 - 46.1 48.9 19.8 10.1 22.2 52.1 61.6 390.1 10.1 3,608.0 4,008.2 3,911.8 (23.6) - (0.6) (24.2) (34.6) |
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366.5 10.1 3,607.4 3,984.0 3,877.2 (100.0) - (100.0) (100.0) 266.5 10.1 3,607.4 3,884.0 3,777.2 266.5 - 266.5 264.4 - - - - 1.0 - 10.1 - 10.1 11.1 - 19.5 - - 3,607.4 3,607.4 3,481.2 266.5 10.1 3,607.4 3,884.0 3,777.2 |
Approved by the Trustees on 25[th] September 2025 G M C Carter
A D K de Ferrars
Signed
The notes on pages 14 to 17 form part of these accounts.
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PADDINGTON CHURCH TRUST
Statement of Cash Flows
Year ended 31 December 2024
| 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 Cash flows from financing activities: Net cash provided (used in) financing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period Reconciliation of net income/(expenditure) to net cash flow from operating activities Net income for the reporting period (as per the statement of financial activities) Adjustments for: (Gains)/losses on investments Dividends and interest from investments Investment management fee Decrease in debtors (Decrease) in creditors Increase in provisions Net cash provided by (used in) operating activities Analysis of cash and cash equivalents Cash in hand Cash on deposit Total cash and equivalents |
2024 Total Funds £’000s (137.4) 56.5 67.2 345.5 (300.0) (23.4) 145.8 - 8.4 103.9 112.3 106.8 (136.3) (123.7) 23.4 2.8 (10.4) - (137.4) 52.1 60.2 112.3 |
2023 Total Funds £’000s 28.8 57.6 57.2 227.8 (460.2) (21.8) (139.4) - (110.6) 214.5 103.9 98.3 (133.6) (114.8) 21.8 66.5 (9.4) 100.0 28.8 61.6 42.3 103.9 |
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PADDINGTON CHURCH TRUST
Notes to the Accounts
For the year ended 31 December 2024
1. Accounting policies
1.1 Basis of accounting
The accounts for the year to 31 December 2024 have been prepared under the historical 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 2011. There have been no changes in how the funds are determined with the previous financial reporting framework.
The accounts have been prepared on the basis that the majority of the Trustees no longer regard the Paddington Church Trust as a going concern. The Catholic Apostolic Church Trust 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. Following in-depth legal advice, the Catholic Apostolic Church Trust Property have also advised that all the Paddington Church Trust’s funds are due to them. 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 the matter. A provision of £100,000 was created at 31 December 2023 for the estimated costs of winding up the charity.
The Trust is a registered charitable trust, and is a public benefit entity.
1.2 Funds’ Accounting Policy
In the service and worship of Almighty God, the Trustees have five separate funds, as follows:
Tithe Fund (An Expendable Endowed Fund) for the support of the Ministry. General Offerings 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 Offering Fund (An Unrestricted Designated Fund) to 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. Investment income is included on a receivable basis.
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PADDINGTON CHURCH TRUST
Notes to the Accounts (cont.)
For the year ended 31 December 2024
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 & legal fees, is included on an accruals basis.
| 2024 | 2023 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | Endowed | Total | Total | |
| Funds | Funds | Fund | |||
| £’000s | £’000s | £’000s | £’000s | £’000s | |
| 2. Expenditure on Charitable Activities | |||||
| Raising funds – investment management fee | 23.4 | - | - | 23.4 | 21.8 |
| Grants | 1.0 | 1.0 | - | 2.0 | 3.0 |
| Distribution of Ministries |
- | - | 0.7 | 0.7 | 1.0 |
| Property – Repairs and Decoration | 3.4 | 3.1 | - | 6.5 | 43.4 |
| Property – General Expenses | 63.4 | 16.4 | - | 79.8 | 65.7 |
| Governance costs | 40.8 | - | - | 40.8 | 15.4 |
| 132.0 | 20.5 | 0.7 | 153.2 | 150.3 |
Grants made are not regarded as material in the context of the charity’s overall charitable activities.
3. Net income/(expenditure)
Net income/expenditure is stated after crediting/(charging)
| ter crediting/(charging) | ||
|---|---|---|
| 2024 | 2023 | |
| £’000s | £’000s | |
| Interest included in investment income | 57.9 | 57.2 |
| Gains/(Losses) on disposal of investments | 4.6 | (4.0) |
| Unrealised gains/(losses) on investments | 131.7 | 137.6 |
| Auditors’ remuneration | (15.0) | (21.6) |
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 (2023: nil).
No grants were made to Related Parties of the Trustees.
Out of pocket expenses were reimbursed to Trustees as follows:-
| 2024 | 2023 | 2024 | 2023 | |
|---|---|---|---|---|
| No. of | Trustees | £’000s | £’000s | |
| Travel, subsistence and incidental | 1 | 1 | 0.4 | 0.9 |
| Other – printing and incidental | 1 | 1 | 0.7 | 1.0 |
| 1.1 | 1.9 |
The Trustees and certain related parties will have made anonymous donations and endowments (Tithes and Offerings) without conditions during 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”).
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PADDINGTON CHURCH TRUST Notes to the Accounts (cont.)
For the year ended 31 December 2024
6. Investments
| Investments 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 Market value as at 1 January Additions Disposals Realised and Unrealised gains/(losses) Market value as at 31 December Original cost |
Market Value at year end £’000s 3,849.8 60.2 3,910.0 2024 £’000s 3,759.0 300.0 (345.5) 136.3 3,849.8 3,370.8 |
Income from Investments for the year £’000s 122.3 1.4 123.7 2023 £’000s 3,393.0 460.2 (227.8) 133.6 3,759.0 3,379.8 |
|---|---|---|
No investments are considered material in the context of market value of the investment portfolio at 31 December 2024.
| 7. Debtors Amount due from Investment Advisers Income from investments Prepayments Sundry 8. Creditors Amounts falling due within one year Creditors Accruals |
2024 £’000s 13.9 2.9 29.3 - 46.1 9.2 15.0 24.2 |
2023 £’000s 12.0 1.6 28.1 7.2 48.9 19.0 15.6 34.6 |
|---|---|---|
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PADDINGTON CHURCH TRUST
Notes to the Accounts (cont.)
For the year ended 31 December 2024
| Balances Brought Income Expenditure Gains forward & Provisions and losses £’000s £’000s £’000s £’000s 9. Restricted Funds Poor Account 11.1 (1.0) - Church Upkeep Fund 19.5 (19.5) - 30.6 (20.5) 10. Endowed Fund Tithe Account 3,481.2 (0.7) 126.9 Included in the above are net unrealised gains of 11. Unrestricted Funds General General Offerings Fund 264.4 123.7 (131.0) 9.4 Designated Thank Offerings 1.0 - (1.0) - 265.4 123.7 (132.0) 9.4 Included in the above are net unrealised gains of |
Balances Brought Income Expenditure Gains forward & Provisions and losses £’000s £’000s £’000s £’000s 11.1 (1.0) - 19.5 (19.5) - |
Balances carried forward £’000s 10.1 - 10.1 3,607.4 405.3 266.5 - 266.5 73.7 |
|---|---|---|
30.6 (20.5) |
||
3,481.2 (0.7) 126.9 |
Included in the above are net unrealised gains of
12. Contingent Liabilities
The Principal Trustees have advised that, on the basis of in-depth legal analysis by Counsel, that the Tithe Fund (the Endowed Fund), together with the General Purposes Fund (an Unrestricted Fund) are due to them from the PCT. Without either accepting or denying their claim, the PCT are in the process of exercising powers under s280A Charities Act 2011 to modify the underlying trusts of the charity. One of the options under consideration is the transfer of all these assets to the Principal Trustees, subject to a consultation with interested parties and Charity Commission consent. The Principal Trustees have also requested that the freehold of the building is transferred to them.
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