**CATHOLIC APOSTOLIC CHURCH TRUST PROPERTY (Registered with The Charity Commissioners)** ## **FINANCIAL STATEMENTS** ## **31 MARCH 2021** Registered Charity Number: 245250 **CATHOLIC APOSTOLIC CHURCH TRUST PROPERTY (Registered with The Charity Commissioners)** ## **INDEX** |Page|| |---|---| |1 - 7|Trustees’ Report| |8 - 9|Auditors’ Report| |10|Balance Sheet| |11|Statement of Financial Activities| |12|Statement of Cash Flows| |13 - 21|Notes to the Financial Statements| **CATHOLIC APOSTOLIC CHURCH TRUST PROPERTY** ## **TRUSTEES REPORT** **FOR THE YEAR ENDED 31 MARCH 2021** ## **1. REFERENCE AND ADMINISTRATION** ## **The Trust** The Trust’s aims are best described as for “The advancement of the Christian Religion”. To this end the Trust holds two funds. The English Property Fund (an endowment fund), which holds land and buildings and the proceeds of land and buildings previously sold, as a capital fund, the income from which, after meeting administration and maintenance costs, is used for religious and other charitable purposes in connection with the advancement of the Christian Religion. The General Purposes Fund, which holds investments the income from which, after meeting administration costs, is used for religious and other charitable purposes in connection with the advancement of the Christian Religion. ## **Trustees** The Trustees who served throughout the year were:- Jonathan Michael Pitts Philip Arthur Whittaker Christopher Benjamin Trevor Benjamin Thomas David Baldwin Anthony John Reynoldson Jonathan Francis Carter (appointed 2nd December 2020) The Trustees are appointed by a resolution of the Trustees **Charity Registration Number** 245250 **Secretary to the Trustees** J C Stacy **Address** 2 The Cloisters Gordon Square London WC1H 0AG **Bankers** C. Hoare & Co Ltd 37 Fleet Street London EC4P 4DQ **Solicitors** Hunters Law LLP 9 New Square Lincoln’s Inn London WC2A 3QN **Registered Auditors** Haysmacintyre LLP 10 Queen Street Place London EC4R 1AG **Investment Advisers** CCLA Investment Management Limited Senator House, 85 Queen Victoria Street London EC4V 4ET **Investment Powers** The provisions of the Trustee Investments Act 1961 apply, now the Trustee Act 2000 1 **CATHOLIC APOSTOLIC CHURCH TRUST PROPERTY** ## **TRUSTEES REPORT (continued)** ## **FOR THE YEAR ENDED 31 MARCH 2021** ## **1. STRUCTURE, GOVERNANCE AND MANAGEMENT** Constitution The Charity is governed by a Charity Commission Scheme dated 21st November 1973. Management The routine affairs of the Trust are executed by the Secretary to the Trustees who has delegated executive powers to manage the day to day operations of the Trust from the Trust Office at no. 2 The Cloisters Gordon Square London WC1H 0AG. The Trustees normally have four formal meetings each year. Separate sessions are held for the General Purposes Fund and the English Property Fund. The affairs and business of the Trust are agreed by the Trustees at these quarterly formal meetings and thereafter actioned on their behalf by the Secretary. The Secretary has day to day access to the Trustees. The Trustees and their Secretary, as part of their Risk Management commitment, have produced a Procedures Manual setting down the day to day functions of the Charity and a panel of Trustees audit and update the document at regular intervals. Risks both to and from buildings and premises are managed by the employment of professionals (architects and building surveyors) and mitigated by insurance cover, which includes cover for terrorism. Financial investment risks are managed by the employment of external fund managers from CCLA, who manage the Trust’s COIF ethical investment portfolio. Safeguarding issues concerning Christian organisations using the Trust’s church buildings have been investigated. These various bodies’ safeguarding policies have been vetted by a legal advisor specializing in these matters, who advised the Trustees as to their suitability for purpose. The Trustees are monitoring these organisations’ compliance with their written safeguarding policies. The Trustees have their own agreed over-arching policy, which is displayed at each of the Trust’s premises. With these various measures in place the Trustees are confident that risks are contained at an acceptable level. ## **Trustees** Trustees are selected from members of previous congregations of the Catholic Apostolic Church or those sympathetic to its objectives. A proposed new Trustee is initially interviewed by the Chairman and Trustees. Following approval and appointment, the new Trustee is issued with an information pack detailing the history of the Trust including copies of the various historical Trust deeds and a booklet explaining the role of the Charity Commission. A one to one induction session with the Secretary to the Trustees structured around the Office Procedures Manual, which covers all aspects of the day to day running and organisation of the Trust, is programmed. ## **Associated Charities** The Trust has one associated charity “The Paddington Church Trust” Charity Registration number 245205. ## **Staff** The Trust employs an executive officer with the title of “Secretary to the Trustees” and a resident Caretaker and an Assistant to the Caretaker for the Chapel and associated properties at the Albury site near Guildford. Caretaking services for the Church and Cloisters in Gordon Square, London are provided by the appointed managing agents, Hudsons Property. 2 **CATHOLIC APOSTOLIC CHURCH TRUST PROPERTY** ## **TRUSTEES REPORT (continued)** ## **FOR THE YEAR ENDED 31 MARCH 2021** ## **3. OBJECTIVES AND ACTIVITIES** The objective of the Trust is advancement of the Christian religion by the making of grants to assist the clergy in the major branches of the Christian Church in the United Kingdom and for the welfare of both poor members and widows of congregations of the Catholic Apostolic Church and for the maintenance of the remaining church buildings from the Catholic Apostolic Church and their appropriate use for worship by other Churches and congregations as agreed. ## **Public Benefit** The Trustees have consulted the guidance made available by the Charity Commission for England and Wales on the Public Benefit requirement of the Charities Act 2011. The Trustees are confident that they have complied with their duty under section 17 of the Charities Act 2011 in that they have had due regard to public benefit guidance as currently published by the Commission. In furtherance of its charitable purposes for the public benefit in the “Advancement of the Christian Religion” the Trustees give details of their activities this financial year under the following two headings “Grants awarded” and “Maintenance of Retained Properties”. ## **Grants awarded** ## General Purposes Fund The Trust holds the General Purposes Fund, which holds investments the income from which, after meeting administration costs, is available for religious and other charitable purposes in connection with the advancement of the Christian Religion. |During the year the following grants were made:-|**£**| |---|---| |Additional Curates Society|55,000| |Forward in Faith Chaplaincy support|16,000| |Greek Orthodox Church|25,000| |Roman Catholic Church|15,000| |Greek Orthodox University Chaplaincy support|20,000| |Russian Orthodox Church|15,000| |Wolverhampton Christian Fellowship|25,000| ||-----------------| ||161,000| |Various small grants|20,340| ||-----------------| ||£191,340| ||========| ## English Property Fund The Trust holds the English Property Fund (an endowment and restricted fund) which holds land and buildings and the proceeds of land and buildings previously sold, as a capital fund, the income from which after meeting administration and maintenance costs is restricted for religious and other charitable purposes in connection with the advancement of the Christian Religion. During the year the following grant was made: Forward in Faith general purposes £32,250 3 **CATHOLIC APOSTOLIC CHURCH TRUST PROPERTY** ## **TRUSTEES REPORT (continued)** **FOR THE YEAR ENDED 31 MARCH 2021** ## **3. OBJECTIVES AND ACTIVITIES (continued)** ## **Maintenance of Retained Properties** The retained properties are maintained as required for historic and listed buildings. During the year the following works were undertaken:- ## **The Cloisters** The flats in the Cloisters were let by the appointed managing agents Hudsons Property. Routine maintenance tasks were undertaken during the year. Redecoration and some refurbishment works were undertaken on four flats, between occupancies. These were under the supervision, where appropriate, of the Trustees’ appointed Architect for the building, Nye Saunders Ltd. Rental income from these flats is used to support the Trust’s objects. **Central Church** (commonly known as Christ the King) The English Chapel, meeting rooms and basement office accommodation is currently leased to Forward in Faith, part of the Church of England. Forward in Faith employs a Priest as chaplain and Eucharist services are held each weekday in the Chapel, which is open to the general public for private devotions from 8.30am until 4pm each working day. However, usage has been severely curtailed by the Government, due to the Covid pandemic The main Church building is licenced to Euston Church an evangelical outreach of the Church of England (under the oversight of the Bishop of London). Morning and evening services are held every Sunday as well as weekday services and Bible study meetings. Again, usage has been partially curtailed by the Government, due to the Covid pandemic, although substitute on-line services were taken by Clergy based on site. The main Church is normally also used for monthly public organ recitals, for which no admission charge is made. However, these have not been possible this year due to the Covid pandemic. This property also houses the Church registers for baptism and marriage for closed Catholic Apostolic Churches in the United Kingdom and also the USA and Canada to which church members and the public have access via the Trustees’ Secretary. Routine maintenance tasks were undertaken during the year. All work is carried out under the supervision of the appointed Architect, Nye Saunders Ltd. ## **Albury Site Properties** ## **Albury Chapel** This property houses religious archives from the Catholic Apostolic Church and is visited by members of Catholic Apostolic Church congregations from the United Kingdom, Europe, United States, Canada, Australia and S Africa. ## **Cooks Place** The east end of this property is used by the Albury site Custodian and the west section is leased to a tenant. Rental income from both east and west section accommodation is used to support the Trust’s objects. The rental values of the two sections were reassessed during the year by qualified local professionals. Parts of the house are 13[th] century and it is listed. 4 **CATHOLIC APOSTOLIC CHURCH TRUST PROPERTY** ## **TRUSTEES REPORT (continued)** **FOR THE YEAR ENDED 31 MARCH 2021** ## **3. OBJECTIVES AND ACTIVITIES (continued)** ## **Lyne Cottage** This building is used by the Caretaker. Routine maintenance tasks on the various properties at Albury were undertaken during the year. All work is carried out under the supervision of the appointed Architect, Nye Saunders Ltd. Nye Saunders also carried out a detailed fabric inspection of the Chapel during the year, to check for any remedial works likely to be needed in the next few years. ## **Wolverhampton Church** The property is currently leased to The Wolverhampton Christian Fellowship, a non-conformist Church. The Trustees are satisfied that the lessees continue to comply with the issues of a good housekeeping nature identified in the current Fire Risk Assessment. Routine maintenance tasks have been undertaken during the year, under the supervision of the appointed Architect for the site, Thorne Architecture Ltd. ## **4. ACHIEVEMENTS AND PERFORMANCE** During the year, the Covid pandemic has necessetated some adjustments. Budgets took account of predicted levels of reduction in various income streams, although in practice income has not suffered as much as anticipated. Office staff (paid and voluntary) worked from home as much as practicable, generally only going in once a week to deal with post received, filing and requests. Caretaking staff at Albury have not been directly affected by Covid at work, as they live on site. Caretaking in London, after initial concerns regarding the possible effect of changes to public transport, proceeded as normal, subject to appropriate protective measures. Similarly, contractors working at the various properties have generally been able to continue as normal, subject to appropriate protective measures. The Trustees are satisfied that all current property maintenance requirements as advised by their appointed Architects have either been carried out or are programmed and funded for execution within the time scales recommended. The Trustees are satisfied that, after providing sufficient funds for building maintenance and reserves for future years, the level of grants made during the year properly utilised the available investment income. The Trustees are satisfied that the Trust is considered a going concern. The Trustees are satisfied that a reasonable return on investments has been obtained without undue risk (as advised by consultants) and a reasonable income from revenue generating property has been obtained (as advised by consultants). It should be understood that the Trustees maintain an ethical investment policy. The Trust’s funds are held within the COIF Charities Fixed Interest Fund and COIF Charities Ethical Investment Fund and the COIF Charities Property Fund. These are managed by CCLA and are subject to their Socially Responsible Investment policies with which the Trustees are in agreement. The Funds are promoted as Responsible Funds that consider the economic, social and environmental impacts of the companies in which the funds invest and avoid direct investment in areas such as armaments, gambling and tobacco. The CCLA COIF fund managers have a proactive engagement process with companies in which it invests on nonfinancial issues which could have a material impact on business such as supply chain management, environmental impacts, human rights and labour standards and the Trustees are in agreement with this approach. The charity does not carry out any fundraising with the public and has had no complaints in the year with regard to fundraising practices. 5 **CATHOLIC APOSTOLIC CHURCH TRUST PROPERTY** ## **TRUSTEES REPORT (continued)** ## **FOR THE YEAR ENDED 31 MARCH 2021** ## **5. RISK REVIEW** |**Risk Area**|**Likelihood**|**Impact**|**Mitigation**|**Monitoring**| |---|---|---|---|---| |**External**
Economy|Medium|Low|Financial Advisors|Secretary| |Terrorism|Low|High|Insurance Cover|Secretary| |**Internal**
Investments|Low|Medium|Financial Advisors|Secretary| |Buildings
Income Cloisters
Maintenance -
Central church
Cloisters
Wolverhampton
Albury
Paddington|Low/Medium
Medium
Medium
Medium
Medium
Medium|Low/Medium
Low
Low
Low
Low
High|Letting Managers
Technical Advisors
Technical Advisors
Technical Advisors
Technical Advisors
Financial Reserves|Secretary
Secretary
Secretary
Secretary
Secretary
Secretary| |Personnel - Secretary
-
Failure
-
Resignation|Low
Low|Medium
Medium|Procedures Manual
Procedures Manual|Trustees
Trustees| |Caretaker
-
Central Church
-
Albury|Low
Low|Medium
Low|Procedures Manual
ProceduresManual|Secretary
Secretary| ## **6. FINANCIAL REVIEW** The Trust is reliant on the income from its investments, which are long term funds seeking capital growth and sustainable income with protection from inflation. Income from investments amounted to £785,316, an decrease of £12,338 from the previous year. Investment management costs decreased by £251,095 due to one-off roof repairs and external decoration works at the Cloisters property in the previous year. Investments recorded gains of £2,555,993, due to a recovery in stock markets, which compares with losses of £421,754 in the previous year. The charity’s investment properties were revalued in the year by Hudson’s, making a gain of £2,785,000. Covid 19 has had no noticeable effect on finances to 31 March 2021. The Trustees maintain reserves at a level to provide sufficient income to fund grants made by the General Purposes Fund and to meet costs that may arise on the properties of the English Property Fund. Unrestricted reserves increased to £9,760,748 and restricted funds rose to £18,562,177. ## **7. PLANS FOR THE FUTURE** ## **PROPERTY** The Trust has a ten year forward maintenance profile in place, identifying the major property maintenance works that are expected to be required over the period to the current building stock, to which estimated costs have been applied. The Trustees are confident that proper allowance has been made on a year by year basis to meet these expenses. 6 CATHOLIC APOSTOLJC CHURCH TRUST PROPERTY TRUSTEES REPORT l¢ontiuued) FOR THE YEAR ENDED31 MARCH 2021 8. TRUSTEE ' RESP IBILITIE TATEMENT The 'fru5tees art responsible tor preparing the Tru51ees' Rew and the finaneial 5LalemenLS in accordance iviih applicable laii. and Lnited Kingdom Ac¢ouniirt8 Standard5 (United Kin8dom Generally Accepted Aceountin8 Practice). The laii. applicable io chariiies in EnBlat)d & Wales requires the iN]JttS ¢0 wepare financial 51atement5 for each rinancial year ii'hich 8tN'e a inje and fair vieii of lh¢ of affairs of th¢ ¢hariL> Ind of ¢he incoming resources and applie￿i¢)n of r¢50ur¢¢s of th¢ ¢hariiy for that Peri￿1. In preparing these financia] Sla￿￿¢￿￿ ihe tru$￿t5 are required lo.. Select suitable accountin8 rA>licies and ihcn aFvl> them eotESistrntl>': Observe the methods and principles in the Chariiies SORP. M4k¢ judgemthts ond estimaies that are r¢asonable and Stai¢ ii.hether applicable a¢¢ouniing st3ndaTds haie been follthicd. subjert IO any matthal departures disc105ed and cxplained in the financial 5takrnents- Prepare the financial Maternents on the goin8 concern basis unltss it is inappropriate to presume thai Lhe chariiy vill ¢on¢inu¢ in business. The TTUStets are rtsrx)n5ible for keepin8 proper accountin8 records that disclose i%ith rrdsonable ac¢ura¢y ai any lime Ihe financial rK>sition of the charli) and enable them ￿ ensure ihai the financial ￿atements wmply ii'iih the Chariiies Act 2011. the applicable ChariD' IAccoNJn15 and Rewrtsl Re8ulaiion5 and ihe pro%'isions ot'ihe [rU￿ deed. They are a150 re5pon5ible for 5aft8uardin8 the &s5ets of the charity and hence for tskin8 Te&50n8ble slep5 for the pre¥eniiot) and d¢iection ol-fraud and other irre8ulariiies. Approveil by the Truaees on 16June2021 and signed &$ auihoriscd on their Fthalf b>.: TNstee Trusttt **INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF** ## **CATHOLIC APOSTOLIC CHURCH TRUST PROPERTY** ## **Opinion** We have audited the financial statements of Catholic Apostolic Church Trust Property for the year ended 31 March 2021 which comprise the Balance Sheet, the Statement of Financial Activities, the Statement of Cash Flows and notes to the financial statements, including a summary of 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 March 2021 and of the charity’s net movement in funds 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 have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. 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. ## **Conclusions relating to going concern** In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. ## **Other information** The trustees are responsible for the other information. The other information comprises the information included in the Trustees’ Annual Report. 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. In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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. ## **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: - adequate accounting records have not been kept by the charity; or - sufficient accounting records have not been kept; or - the charity 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. 8 **INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF** ## **CATHOLIC APOSTOLIC CHURCH TRUST PROPERTY (continued)** ## **Responsibilities of trustees for the financial statements** As explained more fully in the trustees’ responsibilities statement set out on page 6, 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. ## **Auditor’s responsibilities for the audit of the financial statements** 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 auditor’s 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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Based on our understanding of the charity and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to compliance with employment law and health and safety regulations, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011 and payroll taxes. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to management bias in certain accounting estimates. Audit procedures performed by the engagement team included: - Inspecting minutes of trustees meetings; - Inspecting correspondence with regulators and tax authorities; - Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud; - Evaluating management’s controls designed to prevent and detect irregularities; - Identifying and testing journals, in particular journal entries posted with unusual account combinations, postings by unusual users or with unusual descriptions; and - Challenging assumptions and judgements made by management in their critical accounting estimates. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. ## **Use of this report** This report is made solely to the charity’s trustees, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's 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’s trustees as a body for our audit work, for this report, or for the opinions we have formed. |Haysmacintyre LLP|10 Queen Street Place| |---|---| |Statutory Auditors|London| |Date:
16 June 2021|EC4R 1AG| Haysmacintyre LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006 9 CATHOLIC APOSTOLIC CHURCH TRUST PROPERTY BALANCE SHEET AS AT31 MARCH 2021 2021 2•20 Notes FIXED ASSETS Tangible assds- rreehold Property- charitable use iol soi In¥e51meni wopetty Invr51m¢nts 11285.CXX> 16J92.535 8.5(M).IK 13.836.i42 27.677.535 22.336.542 27.678.036 22.J36.542 CURRENT ASSETS Amount5 dme Y41thl* o*¢ yur: 112.083 567.327 77.914 533.1)66 Cosh at bank and in hand 679.410 610.980 CREDITORS: amounts due iwithin one y¢or 134.5211 116.4511 NET CURRENT ASSETS 644.889 594.529 £28.322.92i £22.931.572 GenLral Purposes Fund (Unre￿riCted1 rnglish Prowt) Fund (r¢siria¢di 9.760.748 18.562.177 -348.025 14.583.547 FUNDS £28.322.92i £22.93 1.572 I hc linancial siatemenis %iere approvtd thd authorised for is5y¢ by the Board ofthe TTu#ttS on 16 June 2021 nd iiere signed b¢loiY on its behall b)": Tnjstee Trusii 10 ## **CATHOLIC APOSTOLIC CHURCH TRUST PROPERTY** ## **STATEMENT OF FINANCIAL ACTIVITIES** ## **FOR THE YEAR ENDED 31 MARCH 2021** |||||**General**|||| |---|---|---|---|---|---|---|---| |||||**Purposes**|**English Property**||| |||||**Fund**|**Fund**|**Total**|**Total**| |||||**(Unrestricted)**|**(Restricted)**|**2021**|**2020**| ||||**Notes**|**£**|**£**|**£**|**£**| |**Income and endowments from:**|||||||| |Investments|||9|321,880|463,436|785,316|797,654| |Other trading activities|||10|379|-|379|1,048| |||||-----------------|------------------|------------------|------------------| |**Total**||||322,259|463,436|785,695|798,702| |||||-----------------|-----------------|------------------|------------------| |**Expenditure on:**|||||||| |_Raising funds:_|||||||| |Investment management costs|||11|-|185,535|185,535|436,630| |||||-----------------|-----------------|-----------------|-----------------| |_Charitable activities:_|||||||| |Religious||||179,997|35,250|215,247|225,439| |Widows and poor||||22,248|-|22,248|40,363| |Building maintenance||||100,645|211,660|312,305|353,103| |||||-----------------|-----------------|-----------------|-----------------| |Total charitable activities|||12|302,890|246,910|549,800|618,905| |||||-----------------|-----------------|-----------------|-----------------| |**Total**||||302,890|432,445|735,335|1,055,535| |||||-----------------|-----------------|------------------|------------------| |**Net**
**income/(expenditure)**|**and**|**net**|||||| |**movement in funds before gains**||**and**|||||| |**losses on investments**||||19,369|30,991|50,360|(256,833)| |Net (losses) gains on investments|||||||| |- realised and unrealised|||4|1,393,354|1,162,639|2,555,993|(421,754)| |- Unrealised Gain (loss) on revaluation||of|||||| |Investment property||||-|2,785,000|2,785,000|-| |||||--------------------|----------------------|-----------------------|-----------------------| |||||1,412,723|3,978,630|5,391,353|(678,587)| |Transfers||||-|-|-|-| |||||--------------------|----------------------|-----------------------|-----------------------| |**NET MOVEMENT IN FUNDS**||||1,412,723|3,978,630|5,391,353|(678,587)| |**Reconciliation of funds**|||||||| |Total funds brought forward||||8,348,025|14,583,547|22,931,572|23,610,159| |||||---------------------|----------------------|------------------------|------------------------| |Total funds carried forward|||8|£9,760,748|£18,562,177|£28,322,925|£22,931,572| |||||==========|==========|===========|===========| All incoming resources and resources expended derive from continuing activities. All gains and losses recognised in the year are included in the Statement of Financial Activities. The comparative Statement of Financial Activities for the year ended 31 March 2020 is shown in note 21 to these financial statements. 11 **CATHOLIC APOSTOLIC CHURCH TRUST PROPERTY** ## **STATEMENT OF CASH FLOWS** ## **FOR THE YEAR ENDED 31 MARCH 2021** ||||**2021**|**2020**| |---|---|---|---|---| ||||**£**|**£**| |**Cash flows from operating activities:**||||| |Net cash used in operating activities (see below)|||(751,055)|(1,127,833)| ||||------------------|------------------| |**Cash flows from investing activities**||||| |Dividends, interest and rents from investments|||785,316|869,654| ||||-----------------|-----------------| |**Net cash provided by investing activities**|||785,316|869,654| ||||-----------------|-----------------| |Change in cash and cash equivalents in the year|||34,261|(258,179)| |Cash and cash equivalents at the start of the year|||533,066|791,245| ||||-----------------|-----------------| |**Cash and cash equivalents at the end of the year**|||£567,327|£533,066| ||||========|========| |**RECONCILIATION OF NET INCOME TO NET**|**CASH FLOW**|**FROM OPERATING ACTIVITIES**||| |**Net movement in funds (as per the Statement of**||||| |**Financial Activities)**|||5,391,353|(678,587)| |Adjustments for:||||| |Gains/(losses) on investments|||(5,340,993)|421,754| |Dividends, interest and rent from investments|||(785,316)|(869,654)| |(Increase)/decrease in debtors|||(34,169)|(2,732)| |Increase in creditors|||18,070|1,386| |||-----------------------||-----------------------| |**Net cash used in operating activities**|||(£751,055)|£(1,127,833)| |||===========||===========| |**Analysis of changes in net funds**||||| ||||**Other**|**At**| ||**At**||**non-cash**|**31 March**| ||**1 April 2020**|**Cash flows**|
**changes**|**2021**| ||**£**|**£**|**£**|**£**| |Cash and bank/deposits|533,066|34,261|-|567,327| ||**=========**|**=========**|**=========**|**=========**| 12 **NOTES TO THE FINANCIAL STATEMENTS** ## **CATHOLIC APOSTOLIC CHURCH TRUST PROPERTY** **FOR THE YEAR ENDED 31 MARCH 2021** ## **1. ACCOUNTING POLICIES** The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of financial statements are as follows: ## **a)** ## **Basis of preparation** The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Statement of Recommended Practice for Charities (SORP 2015) (Second Edition, effective 1 January 2019) and, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). Catholic Apostolic Church Property meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s). ## **b)** ## **Preparation of the accounts on a going concern basis** Having considered future budgets and cash flows, the trustees confirm that they have no material uncertainties about the entity’s ability to continue as a going concern for the foreseeable future. The most significant uncertainty that affect the carrying value of assets held by the charity are the level of investment return and the performance of investment markets. Whilst Covid 19 may affect the precise level of grants made, the predicted budgets and the Trust’s large investments indicate that it continues to be a going concern for the foreseeable future. ## **c)** ## **Income** All incoming resources are included in the SOFA once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. The following specific policies apply to categories of income: Donations & Grants where related to performance and specific deliverables are accounted for as the charity earns the right to consideration by its performance. Where income is received in advance of its recognition it is deferred and included in creditors. Where entitlement occurs before income being received the income is accrued. Investment income is credited to income when it is receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. ## **d)** ## **Expenditure and irrecoverable VAT** Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. The cost of generating funds consists of the property management and property repairs and maintenance costs are shown in note 11. Grants payable are payments made to third parties in the furtherance of the charitable objectives of the Charity. The grants are accounted for where either the trustees have agreed to pay the grant without condition and the recipient has a reasonable expectation that they will receive a grant, or any condition attaching to the grant is outside the control of the charity. Irrecoverable VAT is charged against the category of resources expended for which it was incurred. Overhead and support costs relating to the charitable activities have been apportioned based on staff time. The allocation of overhead and support costs is analysed in note 13. Governance costs comprise direct cost for the statutory and governance expenditure of the charity and have also been allocated to charitable activities. 13 ## **CATHOLIC APOSTOLIC CHURCH TRUST PROPERTY** ## **NOTES TO THE FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 31 MARCH 2021** ## **1. ACCOUNTING POLICIES (continued)** ## **e) Fixed Assets** Freehold properties are shown at a nominal value. The cost of acquiring these properties has been written off in previous years and is now unknown. All the properties are over one hundred years old and are considered to be fully depreciated. Details of the properties are given in note 18. ## **f) Investments** Investments are a form of basic financial instrument. They are initially recognised at their transaction value and subsequently valued at their fair value at the balance sheet date using the closing quoted market bid price. The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year. The charity holds its Cloister flats as an investment property. These flats are let out and are shown at market value. ## **g) Funds** The charity has a restricted fund: The English Property Fund, which holds land and buildings and the proceeds of land and buildings previously sold as capital, part of which is endowed. The income from which after meeting administration and maintenance costs is restricted for religious and other charitable purposes in connection with the advancement of the Christian religion. There is also an unrestricted fund: The General Purposes Fund, which holds investments which may be applied to religious and other charitable objects in connection with the advancement of the Christian religion. ## **h) Realised gains and losses** All gains and losses are taken to the statement of financial activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and opening market value (purchase date if later). Unrealised gains and losses are calculated as the difference between the market value at the year end and opening market value (or purchase date if later). Realised and unrealised gains are not separated in the Statement of Financial Activities. ## **i) Debtors** Debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. ## j) **Cash at bank and in hand** Cash at bank and in hand includes bank accounts, cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. ## **k) Creditors and provisions** Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. ## **l) Critical accounting judgements and estimation uncertainty** In preparing these accounts, management has made judgements, estimates and assumptions that affect the application of the charity’s accounting policies and the reported assets, liabilities, income and expenditure and the disclosures made in the accounts. The only significant estimation relates to the valuation of the investment property. In the Trustees’ opinion there are no indications that the value has changed significantly because rental yields remain consistent. ## **m) Financial instruments** The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. 14 ## **CATHOLIC APOSTOLIC CHURCH TRUST PROPERTY** ## **NOTES TO THE FINANCIAL STATEMENTS (continued)** ## **FOR THE YEAR ENDED 31 MARCH 2021** |**2.**|**TANGIBLE FIXED ASSETS**|**Churches**|**Other**|**Total**| |---|---|---|---|---| |||**£**|**£**|**£**| ||**Freehold Properties**|||| ||As at 31 March 2021|201|300|501| |||======|======|======| ||As at 31 March 2020|201|300|501| |||======|======|======| ||See note 18 for more details.|||| |**3.**|**INVESTMENT PROPERTY**|||| ||As at 1 April 2020|||8,500,000| ||Revaluation|||2,785,000| |||||------------------------| ||As at 31 March 2021|||£11,285,000| |||||===========| The Cloisters, Gordon Square, have been refurbished in prior years and the flats are let. The property was revalued as at March 2021 by Hudsons Estate Management Services, on an open market basis and have been valued at £11,285,000. |**4.**|**INVESTMENTS**|**Cost**|**Market Value**| |---|---|---|---| |||**£**|**£**| ||As at 1 April 2020|9,531,156|13,836,542| ||Gains and losses on disposals and revaluation|-|2,555,993| |||----------------------|------------------------| ||As at 31 March 2021|£9,531,156|£16,392,535| |||==========|===========| ||The investments are:||| ||COIF Charities Ethical Investment Fund income units||8,280,009| ||COIF Charities Property Fund Income units||1,244,845| ||COIF Ethical Fund||6,867,680| ||||------------------------| ||||£16,392,535| ||||===========| |**5.**|**DEBTORS**|**2021**|**2020**| |||**£**|**£**| ||Prepayments|112,083|77,914| |||=========|=========| |**6.**|**CASH AT BANK AND IN HAND**||| The balance shown includes deposits of £198,167 (2020: £383,895) with COIF Charities Deposit Fund. Tenants’ deposits are held by the managing agent and are not included in these accounts. ## **7.** |**CREDITORS**|**2021**|**2020**| |---|---|---| ||**£**|**£**| |Deferred income|23,421|5,351| |Accrued expenses|11,100|11,100| ||-----------------|-----------------| ||£34,521|£16,451| ||========|========| 15 ## **CATHOLIC APOSTOLIC CHURCH TRUST PROPERTY** ## **NOTES TO THE FINANCIAL STATEMENTS (continued)** ## **FOR THE YEAR ENDED 31 MARCH 2021** |**8.**|**ANALYSIS OF CHARITABLE**|**FUNDS – 2021**|**General**|**English Property**|| |---|---|---|---|---|---| ||||**Purposes Fund**|**Fund**|| ||There are two funds as described in the||**(Unrestricted)**|**(Restricted)**|**Total**| ||Trustees’ report.||**£**|**£**|**£**| ||Tangible fixed assets||-|11,285,501|11,285,501| ||Investments||9,524,855|6,867,680|16,392,535| ||Current assets||246,993|432,417|679,410| ||Current liabilities||(11,100)|(23,421)|(34,521)| ||||---------------------|------------------------|-------------------------| ||Total||£9,760,748|£18,562,177|£28,322,925| ||||==========|===========|============| ||Represented by:||||| ||**Unrestricted/restricted funds:**||||| ||Accumulated surpluses||6,009,417|3,526,645|9,536,062| ||Unrealised investment gains||3,751,331|4,051,964|7,803,295| ||Capital reserve||-|10,216,938|10,216,938| ||**Endowment fund:**||||| ||Capital reserve||-|766,630|766,630| ||||---------------------|----------------------|------------------------| ||||£9,760,748|£18,562,177|£28,322,925| ||||==========|===========|============| ||The movements on the above funds were as follows:-||||| ||||**Unrealised**||| |||**Capital**|**Investment**|**Accumulated**|| |||**Reserve**|**Gains/(losses)**|**Surpluses**|**Total**| |||**£**|**£**|**£**|**£**| ||At 1 April 2020|10,983,568|2,462,302|9,485,702|22,931,572| ||Gains on investments|-|5,340,993|-|5,340,993| ||Net profit|-|-|50,360|50,360| |||------------------------|---------------------|----------------------|------------------------| ||At 31 March 2021|£10,983,568|£7,803,295|£9,536,062|£28,322,925| |||===========|==========|==========|============| ||**ANALYSIS OF CHARITABLE**|**FUNDS - 2020**|||| ||||**General**|**English Property**|| ||||**Purposes Fund**|**Fund**|| ||There are two funds as described in the||**(Unrestricted)**|**(Restricted)**|**Total**| ||Trustees’ report.||**£**|**£**|**£**| ||Tangible fixed assets||-|8,500,501|8,500,501| ||Investments||8,131,501|5,705,041|13,836,542| ||Current assets||227,624|383,356|610,980| ||Current liabilities||(11,100)|(5,351)|(16,451)| ||||---------------------|------------------------|-------------------------| ||Total||£8,348,025|£14,583,547|£22,931,572| ||||==========|===========|============| ||Represented by:||||| ||**Unrestricted/restricted funds:**||||| ||Accumulated surpluses||5,990,048|3,495,654|9,485,702| ||Unrealised investment gains||2,357,977|104,325|2,462,302| ||Capital reserve||-|10,216,938|10,216,938| ||**Endowment fund:**||||| ||Capital reserve||-|766,630|766,630| ||||---------------------|----------------------|------------------------| ||||£8,345,025|£14,583,547|£25,537,923| ||||==========|===========|===========| 16 ## **CATHOLIC APOSTOLIC CHURCH TRUST PROPERTY** ## **NOTES TO THE FINANCIAL STATEMENTS (continued)** ## **FOR THE YEAR ENDED 31 MARCH 2021** The movements on the above funds were as follows:- |||**Unrealised**||| |---|---|---|---|---| ||**Capital**|**Investment**|**Accumulated**|| ||**Reserve**|**Gains/(losses)**|**Surpluses**|**Total**| ||**£**|**£**|**£**|**£**| |At 1 April 2019|10,983,568|2,994,056|9,742,535|23,610,159| |Gains on investments|-|(421,754)|-|(421,754)| |Net profit|-|-|(256,833)|(256,833)| ||------------------------|---------------------|----------------------|------------------------| |At 31 March 2020|£10,983,568|£2,462,302|£9,485,702|£22,931,572| ||===========|==========|==========|============| - a) The General Purposes Fund which is unrestricted is available to be spent for any of the purposes of the charity b) The English Property Fund holds land, buildings and investments, from the proceeds of land and buildings previously sold, which are restricted assets, part of which is endowed, the income from which is restricted for religious and other charitable purposes in connection with the advancement of the Christian Religion. ## **9. INVESTMENT INCOME** ||||| |---|---|---|---| |**9.**|**INVESTMENT INCOME**|**2021**|**2020**| |||**£**|**£**| ||Dividends|529,523|534,598| ||Bank interest|120|1,598| ||Rents received|255,673|261,458| |||------------------|------------------| |||£785,316|£797,654| |||=========|========| |**10.**|**OTHER TRADING ACTIVITIES**|**2021**|**2020**| |||**£**|**£**| ||Book sales|370|1,048| |||=======|=======| |**11.**|**INVESTMENT MANAGEMENT COSTS**|**2021**|**2020**| |||**£**|**£**| ||Property management|32,996|30,609| ||Property repairs and maintenance|152,539|406,021| |||-----------------|-----------------| |||£185,535|£436,630| |||========|========| 17 ## **CATHOLIC APOSTOLIC CHURCH TRUST PROPERTY** ## **NOTES TO THE FINANCIAL STATEMENTS (continued)** ## **FOR THE YEAR ENDED 31 MARCH 2021** ## **12. CHARITABLE ACTIVITIES - 2021** |||**Activities undertaken directly**|**Activities undertaken directly**|||| |---|---|---|---|---|---|---| |||**Church**||||| |||**almanacs and**|**Property**|**Governance**|**Support**|| ||**Grants**|**sermons**|**Costs**|**costs**|**Costs**|**Total**| ||**£**|**£**|**£**|**£**|**£**|**£**| |Religious|203,250|5,089|-|624|5,284|214,247| |Widows and Poor|19,340|-|-|624|2,284|22,248| |Albury grant|1,000|-|-|-|-|1,000| |Building maintenance|-|-|161,990|11,236|139,079|312,305| ||------------------|---------------|------------------|------------------|----------------|------------------| ||£223,590|£5,089|£161,990|£12,484|£146,647|£549,800| ||=========|=======|========|========|========|========| ## **CHARITABLE ACTIVITIES - 2020** |||**Activities undertaken directly**|**Activities undertaken directly**|||| |---|---|---|---|---|---|---| |||**Church**||||| |||**almanacs and**|**Property**|**Governance**|**Support**|| ||**Grants**|**sermons**|**Costs**|**costs**|**Costs**|**Total**| ||**£**|**£**|**£**|**£**|**£**|**£**| |Religious|209,000|9,051|-|785|5,603|224,439| |Widows and Poor|36,975|-|-|785|2,603|40,363| |Albury grant|1,000|||||1,000| |Building maintenance|-|-|219,235|11,236|119,744|353,103| ||------------------|---------------|------------------|------------------|----------------|------------------| ||£246,975|£9,051|£219,235|£15,694|£127,950|618,905| ||=========|=======|========|========|========|========| ## **12A. CHARITABLE ACTIVITIES ANALYSED BY FUND** ||**General**|**English**||**General**|**English**|| |---|---|---|---|---|---|---| ||**Purposes**|**Property**|**2021**|**Purposes**|**Property**|**2020**| ||**Fund**|**Fund**|**Total**|**Fund**|**Fund**|**Total**| ||**£**|**£**|**£**|**£**|**£**|**£**| |Religious|179,997|35,250|215,247|179,439|46,000|225,439| |Widows and poor|22,248|-|22,248|40,363|-|40,363| |Building maintenance|100,645|211,660|312,305|95,376|257,727|353,103| ||------------------|------------------|--------------------|--------------------|----------------|------------------| ||£302,890|£246,910|£549,800|£346,615|£323,508|£618,905| ||========|========|=========|=========|========|========| 18 **CATHOLIC APOSTOLIC CHURCH TRUST PROPERTY** **NOTES TO THE FINANCIAL STATEMENTS (continued)** ## **FOR THE YEAR ENDED 31 MARCH 2021** ## **13. ALLOCATION OF SUPPORT COSTS AND OVERHEADS** The breakdown of support costs and how these are allocated between raising funds and charitable activities is set out below. |||**Basis of**|**Raising**|**Charitable**|| |---|---|---|---|---|---| ||**Cost type**|**apportionment**|**Funds**|**Activities**|**Total**| ||||**£**|**£**|**£**| ||Salaries|Staff time|-|92,903|92,903| ||Office costs|Staff time|-|53,744|53,744| ||||---------------|----------------|-----------------| ||||£-|£146,647|£146,647| ||||=======|========|========| ||**Comparative figures**||||| ||Salaries|Staff time|-|97,372|97,372| ||Office costs|Staff time|-|30,578|30,578| ||||---------------|----------------|-----------------| ||||£-|£127,950|£127,950| ||||=======|========|========| |**14.**|**GOVERNANCE COSTS**|||**2021**|**2020**| |||||**£**|**£**| ||**Fees paid to the Auditors**||||| ||- Audit|||6,400|6,400| ||- Accountancy|||4,800|4,700| ||- Other|||1,040|2,936| |||||-----------------|-----------------| ||**Other**|||12,510|14,036| ||Trustees’ travelling expenses (6 Trustees (2020: 6 Trustees))|||244|1,659| |||||-----------------|-----------------| |||||£12,484|£15,695| |||||========|========| |**15.**|**STAFF COSTS**|||**2021**|**2020**| |||||**£**|**£**| ||Wages and salaries|||88,445|91,987| ||Social security costs|||4,458|5,385| |||||------------------|-----------------| |||||£92,903|£ 97,372| |||||========|========| ||Number of employees: (1 administration; 2 caretaking)|||3|3| |||||=======|========| 1 employee earned between £60,000 and £70,000 per annum (2020: the same). No remuneration was paid to any trustees. Total remuneration for key management personnel was £69,598 (2020: £69,250). Included in the 2020 salaries figure was an ex-gratia payment of £10,000 to a former employee. ## **16. GRANTS GIVEN** Grants are paid to a number of Christian denominations and charities for the Clergy and their dependants. Such donations amounted to £203,250 (2020: £209,000) and are included within total grants paid of £223,590 (2020: £246,975) as detailed in note 12 and the Trustees’ Report. All grants were paid to institutions. 19 **CATHOLIC APOSTOLIC CHURCH TRUST PROPERTY** ## **NOTES TO THE FINANCIAL STATEMENTS (continued)** ## **FOR THE YEAR ENDED 31 MARCH 2021** ## **17. COMMITMENTS** There are no material amounts authorised or contracted for at the year end. |**18.**|**FREEHOLD PROPERTIES**|**Insurance**|**Book Value**|**Book Value**|| |---|---|---|---|---|---| |||**Value**|**2021**|**2020**|**Notes**| |||**£**|**£**|**£**|| ||**CHURCHES**||||| ||Gordon Square|59,583,047|100|100|a)| ||Wolverhampton|7,674,449|100|100|b)| ||**OTHER PROPERTIES**||||| ||Cooks Place, Albury|3,007,196|100|100|c)| ||Lyne Cottage, Albury|630,543|100|100|d)| ||Apostles Chapel, Albury|14,369,479|100|100|e)| ||**OTHER CHURCH**||||| ||Paddington Church|33,000,000|1|1|f)| |||-----------------------|---------------|----------------|| |||£118,264,714|£501|£501|| |||============|=======|=======|| ## **NOTES** - a) This Church is let out on a per occasion basis to Euston Church, a Church plant of the Church of England, specifically for services of worship. A monthly lunchtime organ recital is given by a group of church organists. The separate English Chapel together with a number of vestries and the whole of the crypt meeting room complex, a basement live/work unit and a basement flat are leased to a section of the Church of England on co-terminus five year leases which were renewed for a further five years from 10 March 2017. - b) Church is let at nominal rent. - c) Rent is received on these properties. - d) Occupied by caretaker. - e) Not currently in use for worship. - f) Held by local trustees under Declaration of Trust in favour of Head Trustees, previously under lease from Church Commissioners and is still in use by a C.A.C. Congregation. Insurance values indicate the size of the properties but give no indication of the market value if in fact it was possible to sell the Churches. As indicated in the accounting policies, all Churches are over 100 years old and are considered to be fully depreciated. Other properties are adjacent to the particular church, and if now so available are let, but do not, in the opinion of the Trustees, have a sufficiently material value for inclusion in the Balance Sheet, except for the Cloisters which have been refurbished and the flats let (see note 3). ## **19. RELATED PARTIES** The charity did not have any related party transaction in either the current or prior year. 20 ## **CATHOLIC APOSTOLIC CHURCH TRUST PROPERTY** ## **NOTES TO THE FINANCIAL STATEMENTS (continued)** ## **FOR THE YEAR ENDED 31 MARCH 2021** ## **20. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2020** |**FOR THE YEAR ENDED 31 MARCH 2020**|||| |---|---|---|---| ||**General**||| ||**Purposes**|**English Property**|| ||**Fund**|**Fund**|**Total**| ||**(Unrestricted)**|**(Restricted)**|**2020**| ||**£**|**£**|**£**| |**Income and endowments from:**|||| |Investments|330,733|466,921|797,654| |Other trading activities|1,048|-|1,048| ||-----------------|------------------|------------------| |**Total**|331,781|466,921|798,72| ||-----------------|-----------------|------------------| |**Expenditure on:**|||| |_Raising funds:_|||| |Investment management costs|-|436,630|436,630| ||-----------------|-----------------|-----------------| |_Charitable activities:_|||| |Religious|179,439|46,000|225,439| |Widows and poor|40,363|-|40,363| |Building maintenance|95,376|257,727|353,103| ||-----------------|-----------------|-----------------| |Total charitable activities|315,178|303,727|618,905| ||-----------------|-----------------|-----------------| |**Total**|315,178|740,357|1,055,535| ||-----------------|-----------------|------------------| |**Net income and net movement in funds**|||| |**before gains and losses on investments**|16,603|(273,436)|(256,833)| |Net gains on investments|||| |- realised and unrealised|(245,840)|(175,914)|(421,754)| |Unrealised losses on revaluation of|||| |Investment property|-|-|-| ||--------------------|----------------------|-----------------------| |**NET MOVEMENT IN FUNDS**|(229,237)|(449,350)|(678,587)| |**Reconciliation of funds**|||| |Total funds brought forward|8,627,262|14,982,897|23,610,159| ||---------------------|----------------------|------------------------| |Total funds carried forward|£8,348,025|£14,583,547|£22,931,572| ||==========|==========|===========| 21