CATHOLIC APOSTOLIC CHURCH TRUST PROPERTY (Registered with Th¢ Charity Commi55ion¢rs) FINANCIAL STATEMENTS 31 MARCH 2022 RegisLered Ch￿lty Number. 245250 CATHOLIC APOSTOLIC CHURCH TRUST PROPERTY (Registered with Thc Charity Commissioners) INDEX Page Tnjstees, Report Auditors. Report 10 Balance Sheet Slaternent of Financial Acttvities 12 ststement of Cath Flows 13-21 Nol¢s lo thc Financial Statements CATHOLIC APOSTOLIC CHiRCH TRUST PROPERTY TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2022 DMI ISTRATION The Truyt The Trust's aims ar¢ best described as for"The advancement of the Christian Religion". To thts end the Trnst holds two fwids. The English Propety Fund (an endowment fwid). which holds land and buildings and the proceeds of18nd and buildings previously sold, &g a capital fijnd, the income from which. after meeting administratton and Tnaintenanee costs. is us¢d for r¢ligious and other ¢haritabl¢ purposes in ¢onneaion with the advancement of the Christian R¢ligion. The General Purposes Fund. which holds investments the income fi￿M which. after meeting administration ¢0gts, ig used for religious and other charitsble Purposes in connection with the advancement of the Christian Religion. Trustees The Thisteu who Sc￿ed throughout the year were:. Jonathan Michael Pitts Philip Arthur Whittaker Chriglopher Benjamin Trevor Benjamin ThomBS David Baldwin Anthony John Rcynol¢l8on Jonathan Francis Carter The Thistees are appointed by a resolution of the Th￿te¢S Chgrlty Reglgtratlon Number 245250 Seerei8ry to the Trustees J C Stacy Address 2 The Cloisters Gordon Square London WCI H OAG Bankers C. Hoare & Co Ltd 37 Fleet Str¢et London EC4P 4DQ Sollcitors Hunters Law LLP 9 New Square Lincoln's Inn London WC2A 3QN Regist¢Tfd Auditors Haysmacintyre LLP 10 Queen Street Place London EC4R IAG Inveslm¢nt Adytsers CCLA Jnvesiment Management Limited Senator House 85 Queen Victoria Street London EC4V 4BT I￿veStMent Powers The PTOViSions of the Trustee Investsn¢nt$ Act 1961 applyj now the TTU5te¢ A¢t 2000 CATHOLIC APOSTOLIC CHURCH TRUST PROPERTY TRUSTEES REPORT (cOBtin￿ed) FOR THE YEAR ENDED 31 MARCH 2022 CTURE COVERNANCE AND MANAGEMEN Constitution Th¢ Charity is governed by a Charity Commission Scherne dat¢d 21gt November 1973. Management The routine affairs of the Trust are executed by th¢ Secretary to the Truste¢s who has deleg8ted exeeutive powers to manage the day to day operations of the Trust from the TnEst Office at ilo. 2 The Cloisters Gordon Squ￿¢ London WCIHOAG. The Thisiees nornially have four fonnal meetings each year. Separat¢ sessions are held for th¢ Genernl Purp05¢5 fund and the English Propety Fund."fhe affairs and business of the Th￿t are agreed by die T￿Ste¢S at these quarterly fom&l me¢tings at)d thereafter actioned on their behalf by the Secrctary. The Secretary has day to day ac¢e5S to the Trust¢¢S. Th¢ Tn￿tee5 and their Secretary, as pAn of their Risk Mnnagement eommitmen¢ have produced a Procedures Manual setting down the day to day fun¢iions of the Charity and a pan¢] of Trnsiees audit and update the document at regul int¥rvals. Risks both to and from buildin&$ and prcmi5es are managed by the employment of profrsSLonals (architects and building surveyors) and mitigated by insurance cover. whteh includes cover for terrori$m. Financial investsnent ri$ks are managed by the employment of external fund managers from CCLA, who manage the Th15t's COJF ethical investtn¥DI Portfolio. Sateguarding issues ¢on¢eming Christian organi5alion$ using the Trnst's church buildin8s have b¢¢n inv¢stigatcd. The.4e vftrioiis bodie.q' %ttfe.giiaxding polir.ie.8 hllve. b¢,e,n vttttf.d by a leKal adviwr %pecializin8 in th¢se matters, who advised ¢he Trustees L% to their suitability for purpose. lTh¢ Thjstecs arc monitoring these organisa¢ions' Lompliance with iheir written safeguarding policies. The Trustees have their own agreed over-arching policy. which is displayed at ¢a¢h of ihc I'rnst's premises. With these various measures in place the Trustees are confident that risks are ￿ntained at an acceptsble level. Trustees Trustees are selected from m¢mbers of previous congr¢gations of the Catholic Ap0510lic Church or those sympathetic to its objectives. A propos¢d n¢w Tn]stee is initially intervi¢w¢d by the Chairn]an and Trustees. Following approval and appointment. the n¢w Trustee is issued with an infornjation pa¢k deldiling the history of the Trust including copies of the variou5 historical Trust deeds and a booklet explaining the role of the Charity Commission. A one to one induction Session with th¢ S¢¢r¢W to the T￿Ste¢S structured around the Office Procedur¢s Manual, whi¢h covers all aspects of th¢ day to day running ond Organisation of the'frust. is programmed. Trnining is available io trustees Bs requir¢d. As50ciatsd Cbarities The Tn]st hAS one 8ssociated charity'The Paddington Church Thisv, Charity Rcgistration nwnber 245205. Stsff The Trust employs an executive oificer with the title of "Secretary to the Trustees" and a resid¢nt Caretaker and an Assistant to the Caretaker for the Chapel 4nd associated properties atihc Albury site near Guildford. Caretaking services for the chU￿h and Cloisters in Gordon Square, London are provided by the appointed managing athei)ts, Hudsons Property. CATHOLIC APOSTOLIC CHURCH TRusf PROPERTY TRUSTXES REPORT (continued) R THE YEAR ENDED 31 MARCH 2022 2, OWECTIVES AND ACTIV]TiES The objectÉve of the Trnst is advancement of the Christian religion by the making of grants to assist the clergy in the major branches of the Christian Chur¢h the United Kingdom and for the welfare of both poor ￿eMberS and widows of congregations of the Catholic Apostolic Church and forthe maintenance of the remaining church buildings from the Catholi¢ Apogtolic Church and th¢ir appropriate use for worship by other Churd)es and congregations as agreed. Public Benellt The Trust¢es have consulttd the guidance made available by the Charity ComtlliS5ion for England and Wales on the Publi¢ Benefit requirement of the Chorities Act 2011. The Trustees are confident that they have complied with their duty utjder scction 17 of the Charities Act 2011 in that they have had due regard io publi¢ benefit guidance &9 currently published by thc Colllmission. In fi￿e[ance of li$ charitoble purposes for the public benefit in the "Advan¢eEnent of the Christian RelTgion" th¢ Trnstees give details of Ih¢ir activities this financial Ye￿ under th¢ following two heading$ .￿rants awarded. "Maintenance of Retained Propcrti¢S" Grants awarded The Trust holds iho General Purposes Fund, which holds inve$imonts the irt¢omc from which. after meeting administration costs. is availablo forreligiou5 and other charitable putpos¢$ in connection with the advancemcnt of the Christian Religion. During the yearthe followitig gronts wer¢ mad¢:_ Additional Curatey So¢1 Forward in bRith Chaplaincy support Greek Orthodox Church Rotnan Catholic Church Grcck Orthodox University Chaplaincy support Ru&sian Orthodox Church WolverbatDPton Christian Fellowship 55.000 16.OC() 25.000 15.000 20,000 15,000 32,0 178,01 12,781 Various small STants £190.78] lish Pr The Th18t holds the English Prop￿ Fiund (an endowmentgnd Testricted fund) which holds land andbuildings and the proceeds of land and buildings PTEviously solrL as 8 eapitsl fund. the income from which after meeting administration and maititcnance costs is restrirled for religious and other charitable PUTposes in conne¢tion with the advancement of the Christian Religion. No grdnts were made duriu8 this year from this Fund. CATHOLIC APOSTOLIC CHURCH TRUST PROPERTY TRUSTEES REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2022 I ORIECTIVES AND AcrivrrIFS (eontlnued) MAinten4Dce of Retalned Propertles Theretainedproperties aremaintained &8 required forhI￿Or1c and ITstedbuilding& Duringthe yearthe following Works wer¢ und¢rthk¢n:_ The Clots¢¢rs The flats inthe Cloist¢rs w¢r¢ letby the appointed managing ag¢nts Hud50ns Prop¢rty. Routinemaintenanc¢tssks were undertaken during th¢ year. These were underthe supervision. wh¢r¢ appropriat4 of the'l'ru8tee8' appoinied ArchÈtect for the bullding, Nye Saurtde￿ Ltd. Rental income from these fiats is used to support the Thst's objects. C¢n¢Tal Cthurck (commonly known as Chrtst the King) The English Chapel, meeting roottw ￿)d b&5ement office accommodation is eurrently leLqed to Fon¥ord in FAith. part of th¢ Church of England. FoThvard ID Faith employs a Priest &s chaplain and Eucharist services are held e8ch weekday in th¢ Chapel, which is open to the generdl public for PTivate devotions from 8.308m until 4pm eAch working day. However. usagc has been severely ¢UTtail¢d by th¢ GoYcmmenL due to the Covid pandemic Once deemed reawnable, thè Chapel was reopened and serviees held on Tuesdays and Thursdays. Thc main Church building is licenced to Euston Church an ovangelicyl outreach of th¢ Church of England (under the oversight of th¢ Bishop of London). Moming and ¢v¢ning 5erviccs are held every Sunday as well os weekday servic¢$ and Bible study meeting$. Again, usage bcert pyrtially curtailed by the Gov¢mmenL due to the Covid pandemi althoiigh stibstitute on-liti¢ services w¢r¢ ¢ak¢n by Cl¥rgy bos¢d on site. The main Church is nomially f¢150 uscd for monthly public organ recitals, for which no admission chiwge 1$ made. However, these havc be¢n possiblc this year du¢ to Ib¢ Covid pandemic but rcstarted with suiÉable precautions in October. This property also houses the Chur¢b regislers forbaptism and marriage for closed Catholic Apostolic Churche$ ill the Unil¢d Kingdom and also the USA Canada to whith ctsurch membets and the public have accesy via the Th18tee$' Se¢retary. Routine mainteDance tasks were undert#ken during theyeor. All work 18 carried out ￿nd￿the supervision of the 8ppoint¢d A￿hIteC￿ Nye Saunders Ltd. Albury Site Properties Albury Chap This property house8 religious awhtves from the Catholic Apostolic Chu￿￿ and 1$ visited by member5 of Catholic Apostolic thuwh congregations from the UDlted Kingdom, Europe. United Stsfrs, Canad4 Australia and S Afric although visitnig was partially curiatled by Government restrictions, due to the Covid p8nd¢tuic. Cooks Place The east end of this propety is used by the Albury $ite Custodian and the west section is l¢as¢d to a tenant. Rental income from both e&3t and west section accommodation is used to supporttbe Trnst's objects. Th¢ rental values of the two sections were rc&qsegstd th]ring the year by qualified local professionals. Parts of the hollse are 13th century and it i8 li5teiL CATHOLIC APOSTOLIC CHURCH TRUST PROPERTY TRUSTEES REPORT {e0Mti￿lled) FOR THF YEAR EP4DED 31 MARCH 2022 2. ORJEcfivES AND ACTIVITIES (conlinu¢d) Lyne Cottage This building is used by the Caretaker. ROUtinemainte￿8n￿ tasks on the various properties at Albury were undertaken during thcyear. A CCTV survey of the drain$ on the sile was undertaken and T￿n¢dIal works wried out wbere necessary. All Work is WTied out under the superyision of th¢ appointed Ar¢hitccL Ny¢ Saunders Ltd. Wolverhampton Chureh The propcrty 15 currently l¢&%ed to The Wolverhampton Christian Fellowship, a no#4onfomiist Church. The Trustees re sotisficd that the lessees continue lo comply with the issu¢8 of o good housekeeping nattwe ftdentificd in tFLe ¢ll￿ettt rire Risk Ass¢¥sment. Routin¢ maintenance tasks have been und¢rtokcn durtng the year. underth4 $uperYision of the appointed Architect for the site, 1'horne Architecture Ltd. Kv MEN ND During Iheyear, th¢ Covid pand¢mic ha5 Continued to nece5sitste som¢ adJusts￿e￿ts. Office staff (paid and voluntary) havc corttinued to partly WO￿ fTom hom& where practical. No public fundraising or similar activities ate ¢arried oul so there is no pot¢utial risk io staff that would dtrecL normal duties. The Tru5tecs are $atssfied that all ¢￿￿ent property m#iiiLL.iW]I￿ 1c4uiitinents as advls¢d by thoir appointed Architects have eith¢rbeen ¢J￿i¢d out orar¢ prograrnmed funded for execution wiihin the time scales recommended. The Trustec3 are satisfied ihal after provlding Sutficient fimds for building Maintenan￿ and reserves for futute year4 th¢ level of gTonts madc during the year properly utilised the availablc invcsknent in¢ome. The Trn5tees aTO satisfied that th¢ is considered a going concern. The Trustees are Satisfied ihat a reasonable return on itivestments has been obtAined without undue risk (&5 advised by ¢onsultsnts) tnd a reasonable income from revenue gcneratlng propcty has be¢n obtained (as advised by Consultants). Et should be understood that the Trustees maintsin an cthical iDV¢Stmcnt poli¢y. The Thist's funds are held within the COtF Charitieg Fixed Interest Fund and COIF Charities Ethiclll InYesttnentFund and the COIF Charities Propcrty Fund. These are managed by CCLA and are subject to their Socially Responsible Investrllent policie5 with which the Th]stee5 #ro in agreefflent. The Fun&4 are pTh)moted ￿ Responsible Funds that onsider the ewnomi¢. social and enyiromnental impacls of ihe companies in which the funds illvest and avoid direct investment in areas such as arn1aMent￿ gambling and lob￿¢0. The CCLA COIF fund managers have & proa¢tiv¢ engagement pro￿$ with companies in whieh it invests on non- fmancial issu¢5 which could bave a material impa¢t on busiEJess such as supply chain martagemenL eDvironmental impacts. human rights and labour standOTdg and the Truste¢s are in agreement with this approach. Th¢ trustee5 are sati5fEed with the investment perforniance. CATHOLIC APOSTOLIC CHURCH TRUST PROPERTY TRUSTEES REPORT (contlllued) FOR TIIE YEAR ENDED 31 MARCH 2022 4. IUSK REVIEW The TTuslees undertake regutar risk managemcnt activitie4 id¢ntifying and &ssessing th¢ risk$ that could bave a signifIcant impact on the conduct, reputation and operation of the Trust. The risks ar¢ monitored and reviewed on a regular b&%is and discusse(L at least annually. at the Tn￿tee9. Quarterly meeting& The risks are docurnented in the TTUSt's Risk Register. with each risk being wsigned a Probkbility and Impact score that are used to gauge the signifi￿)¢¢ and priority of the ri9ks, helping wath th¢ dcvclopment of tniligations and response 8trateEies should the risks materialise. The table below is an extraei from the Trnst's Risk Register showing the most importont rigks l￿dIcated by the TTUStees' risk ￿SeSsm¢￿t. Risk Descrlptlon Trust fails to meet r¢guiatory or kgal obligations leading to litigation, fines, damago to ossets or rewtation. Mltig4tion Use of professional legal advisors. Trustees and Secrelary to regularly monitor compliance with. Hnd review. Charity Commission rules guidance. Mxintenance of Th￿t policy and rocedurcs. Use of professional Advisors and M8nagLYS to guid¢ to optimise income and outgoings. Mailltsin adcqu&t¢ reserves. Risk Respon5¢ Undertake r¢medt41 action drnwing on LegAI Advic¢ and assistance. Amend Thist policy and procedures. Aetlollee SeLretary Truste¢$ Extemal economic dowTrtum r¢duces incom* and in¢re&s¢s costs Causing the Tnjsl financial di￿￿culties. Set IEvel of GraDts. 8nd sehedule building maintcnan¢4 commcnsurate available funds. Cleim on insurance. Secretary with Buildings and their users targeted and attackcd by t¢rrorists. causing injury Includ¢ appropriate l¢m?rism cover in Trust's insurance poli¢ie8. Secretary Oulbr¢ak of war or pandemic. etc. Ensure systems 8nd pro¢edures art 8dequai¢ly robu$t and abl¢ to continue racion. Use of financial Advisors to guidc invesknent straw io optimise returns in the short and long ￿nn. Quarterly revicw by Trustees. Maintaln ade uate r¢s¢rves. Use profe$5iollal Propety Management and Lettings Agents. Quarterly review by Thistees. Maintain ad uate reseNe$. M#iDtain regular liuison with PAddingion Thistees, andplan for ￿tUre aetion. Mainta? regular with Paddtngton Thisters, andplan forfvture action. Thjst procedures maÉntsined and duplicated in paper fomt. Electronic system$ regularly Maintaine￿ protected and backed UP> with physical separation of sensitive data from external a¢cess. Operdte'frust remotcly. Maintain activities to the ¢xl¢nl ossible. Set l¢vel of Grants, and hedule building mainiertan commensuratc availablc fimds. Set level of Grdnts. and schedule building main¢- enpnce, ommensume with available funds. Use of capithl reserves. Secrvtary and Trus￿¢5 Secretary Investment in¢otne falls significantly. with Rent income from Cloisters flats fall signifi&kntly. Secretary Paddin8ton Church building structural faults too expensive for Pndditi n Church Trust to reme Paddington Church Trnst cease$ lo use and maintain the building. Secretary Trustees Sccretsry and Trustees Secretary Add Paddington Chwch to buildings inventory and treat as other Trnst gssets. Reconstitute operations duplicates and occu￿enCe of fre, fl004 damag4 rr fatlure or cyber-crimc adversely affects the operation of the TrusL backups. CATHOLIC APOSTOLIC CHURCH TRUST PROPERTY TRUSThES REPORT (cot)tinved) FOR THE YEAR EI¥DED 31 MARCH 2022 5. FINANCIAL REVIEW AND RESER The Trust is reliant on tbe income ftorn its in￿St￿￿ts. which are long terni fimds seeking capital growtb aAd sustainable income with pmtection from inflation. Incom¢ from investments amounted to £829375. an intre&%e of £44.059 from the previous year. Investment management costs de¢rea5ed by £39,392 and Investments recorded gains of £1,468J03. Expenditure fell from £715.335 to £685.698 in the year. Covid 19 has had no wticeable effect on finances to 31 March 2022. The Thi$teeg maintain reserves at a level to Provide sU￿1¢ient income io fund grnllts made by th¢ General Purposes Fund and to meet costs that may ari5¢ on the pmpertie5 of the English Propety FuniL Unrestricted reserves increased to £10,663.490 and ￿Stricted fiJnd5 TOS¢ to £19.271574. The trustees ¢onsider reserve5 held to be adequate and in lirte witb the tsrget level. PROPERTY The Trust has a ten yeJr forward maintenanct profile in plac¢, identifying the major proixrty mainlen8nce w0￿S that expccted to required over the periiMI to thc curT¢nt building stock, to which estimated costs have been applied. Th¢ Tntstees are confident that propcr allowance has been mad¢ on a year by year basis lo me¢t thcse exp¢ns¢s. ES? ILITIES S ENr 1he Thst¢¢s arn r¢sp(msiblc for prepwing the Trustees, Report and the financial ststemcrtts in accordanco with applicable ]aw and United Kingdom Accouniitig Stsndards (Uni*d Kingdom Generdlly A¢c¢pted Accounling Pra¢ti¢¢). The law appli¢able to charities in England & Wole$ require$ lh¢ bu8lees to Prepare fman¢ial ststcM￿ts for e finan¢1￿ year which give a trne and fair viow of the statc of affairs of the charity and of th¢ incoming resou￿¢¥ and application ofresources of the ¢barily for Ihgt p￿10& In pr¢parin8 thcse financial siattments, thc truslees or¢ r¢quired Select suitsble &ccountin8 policies and then apply them consist¢Dtty' Observe th¢ rnethod$ and principles in the Charities SORP. Make judgements and e$tD))atey thal Rre rwortable and prudent; stst¢ wbether applicable accounting standarth Ft&v¢ been followed, subject to any material departure$ disclosed &Dd cxplained in the finan¢ia] statetnents. Prepare the financial statements on the going concern b&81$ unkss it is inoppropri8te to presume that the charity will continue in busine55. Th¢ Thistees are responsible for ke¢pin8 propw RccountiDgrccords that disclose with reasonable a¢¢ura¢y at any time the fEnoncial position of the cbarity and enable them to ensurc that the financial statements comply with the ChaTitie5 Act 2011. the applicable Charity (A¢c¢)unts and Reports) Regulations and the provisions of th¢ ITUSt deed. They are 150 responsible for saf¢guarditk8 the assets of the Charity and hence fortskin8 reasonable steps for the preveThtiOD and detection of fraud and other itregularities. Approved by the Trustees on and signed as authorised on their behalf by: Trustee Trustee INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF CATHOLIC APOSTOLIC CHURCH TRUST PROPERTY Opinion We have audited the financial stht¢ments of Catholic Apostolic Church Trust Property for the y¢ar ¢Dded 31 March 2022 which comprise the Balancc Sh￿( ihe Stat¢Tn¢nt of Flnancial Activities, the Stfttement of Cash Flows and note$ to th¢ financial statements, including a SUTTbmary of si¥nificaAt accounting poli¢T¢S. The fmancial reporting fi￿¢WO￿ that has been applied in their prcparation is ¥pplirablv law and u￿ited KingdoTn Aecounting Standards, including Finan¢ial Reporting Stsndard 102 TheFinun¢ialReporilngStandardupplJcable in¢ke UKaNdRepublic oflreland(United Kingdom Generally Accepted Accounting Practic¢). In our opinion, th¢ fini￿Lia1 statements: give atrue and fair view of the$tate of the charity's affairs as at 31 Mar¢h 2022 and ofthe ¢harity's net movcment in fund5 for the year then ended; havo bcen properly prepared in ac¢ordallee with Utiited Kingdom Gcncrally Accepted Accouttting Practice; and have been prepared in accordancc with the requirements of the Chorities Act 2011. B4$1s for oplnlon We hav¢ been appointed as auditor under section 144 of the Charities Act 2011 ond report in %cordance with the A¢1 and relevant rcgulations rnade or having effwt th¢reuTJder. We conducted our audit in ac¢ordaDce with International Standards on Auditing (UK) {ISAs {UK)) and appli¢uble law. Our responsibililies under thosc Sthndards are further described in th¢ Auditor's respon5ibilitie5 for the audit of the finattcial stAiemettLq section of our ￿Port. W¢ are independeni of th¢ Charity in accordance with the ethr¢ttl r¢quiremettts thai Are relev8nt io our audit of thc financial s(atements in the UK, in¢luding thc FRC'S Ethical Standard, And we have fulfilled our other ethical responsibilitics in accordAnce with these r¢quir¢m¢nts. We believe that the audit evid¢n¢e we have obtsined is sufficient and approprialc to provid¢ a basis for our opinion. Conclutslons relatlng to going Co￿￿r￿ In auditing the fman¢ial slat¢m¢nts, w¢ have ¢on¢lud¢d that the thi$t¢es' use of the golng concern basis of ac¢ountiDg in th¢ prep8xation of th¢ finallcial stst¢m¢llts is appropriate. B#gcd Cash flow¥, the trustezs ¢onfm thatthey have no material uncertaintlcs about the entity's ability lo continue ys a going eoncern for the foreseekble hjtrjre. The most significant unccrtainty that affect the value of asseis. held by Ihtt chttriLy are the level of investsnent return and the pcrfonTLancc of investment Tryark¢ts. Whilst Covid 19 may llJTeci the precise level of grants made, the prcdictcd budg¢ts and ihe Trust's large invesiments indicate that it contirtue$ lo be a going conc¢rn for the foweeable future. Ineome All in¢ome is in¢lyd¢d in the SOFA once th¢ charity ha5 entitlemcrti io the income, It 5$ probable that the income will b¢ r¢¢eiv¢d and the omount of income receivable can be me￿Ured rcliably. 'Fhe following speeific policies pply to catcgories of income.. Donaiion8 & Grants where related to perforniance and specific deliv¢rdbles are a¢¢ounl¢d for 98 th¢ ¢harity eams the right io considcration by its perforniance. Where income iy received in advance of its recognition it 1$ defe￿d and includcd in crcditors. Where entitlement occurs before income being rec¢iv¢d th¢ income is accrued. Investment income is Credited io in¢om¢ when il is r¢¢¢ivable and the amount can be measured reliably by th¢ charity. this is nonnally upon nolification ofthe intere$t paid or payable by the bank. Dividend5 are r¢¢o¥nised once the dividend has been declared and notification has been received of the dividend dye. d) Expendlture And Irreeoverable VAT Liabilities are recognised as Tesource5 expended as soon &9 there is a legal or constructive obligatiort ctsmmitting the charity to the expenditure. All expen4Jilure is a¢¢outJied for on an accruals basis and has been classified under headings that aggregate all ¢osts related to the ¢ai¢gory. The cost of generating funds ¢onsis¢s of the propety monagement and property repairs and maintenance costs are thown in note I l. Grants payable are payments madp to third parties in the furtherance of the charitable objectives ofthe Charity. The grants are accouTLt¢d for wh¢re either the trustees have agreed to pay the grant without condilion and the recipient h&s areasonable expectation thattheywill receive agrynt, or any Condition attaching lo thegrant isoutside the control ofthe charity. Irrecoverable VAT is charged against the category of resources ¢xpended for which it was incurred. Overh¢ad and support eosts relating to the charitsble activities have been apportioned based on staff tim¢. The allocation of overhead and support costs ts analysed in Ttote 13. Governante costs comprise direct eost for the tutory and govemBnce expenditure of the charity Jnd have also been allocated to charitable activities. 13 CATHOLIC APOSTOLIC CHURCH TRUST PROPERTY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 ACCOUNTING POLICIES (contiRued) FRxed Assets Freehold properties ¥re shown at a nominal value. The cost of a¢quirtng these prop¢rti¢s has been written off in previous year5 and is now unknown. All the properties are over one hundred years old ond are consid¢red to fully depreciated. Dctsils of the prop¢rties are given in note 18. Invutments Investnienls arn a forn] of basic financial instrumenL They are initially reco￿lI$¢d at their transaction value and subsequently valued at their fair value at the balanee sheet dote using th¢ closing quoted markei btd price. The Statement of Financial Activities includes the net gains and losses arising on rcvriluution and disposals throughout th¢ y¢ar. Th¢ charity holds its Cloister flats ￿ an investment property. Th¢5¢ flatb are let out and are thown at market valu¢. Funds The charity has a restricted fund.. The English Propety Fund, which holds land ond buildings and th¢ proceeds of land and buildings previously sold &% capithl, part of which is cndowed. The income from which after mceiing administration and mws and poor Building maintenan¢¢ 186,393 14,765 117,272 186.393 14,765 338,397 179,997 22,248 100,645 35.250 215.247 22,248 312.305 221.125 211.660 £318,430 £221,125 £539,555 £302.890 £246,910 £549,800 18 CATHOLIC APOSTOLIC CHURCH TRUST PROPERTY NOTES TO THE FINANCIAL STATEm￿NTs (egntinued) FOR THE YEAR ENDKD 31 MARCH 2022 13. ALLOCATION OF SUPPORT COSTS AND OVERIIEADS The breakdown of support costs and how th¢5¢ ar¢ allocated between raising funds and chari¢able a¢tivities is set out below. Basis of apportionment Raising Funds Charltable Actlvltles Cost type Total S&larie$ oiricc ¢o$ts Staff time Stsff time 94,895 69,925 94,895 69,925 £164,820 £164.820 Compar*tlve llgur¢$ Salaries Office ¢osts Staff time StJff lime 92.903 53.744 92,903 53,744 £146.647 £146.647 GOVERNANCE COSTS 2022 2021 Fees pald to the Auditors Audit Ar.¢￿i￿1anry - ￿h¢r 6.400 4.800 1,520 6,400 4,¥00 1.040 Other Trustees. trnvelling exp¢n$es (6 Trustees (2019: 6 Trustees}) 12,720 .215 12.510 244 £13,935 £12.484 I& STAFF COSTS 2022 2021 Wages and salaries Soci&1 sccurity costs 90,623 4.272 88,177 4,726 £94.895 £97,372 Number of employees.. (l administration. 2 wetskiT]g) l employee eamed belw¢en £60.000 and £70,000 per annum (2021.. the same). No remuneration was paid tt> arty trnstces in the current or prior year. Total retnuneration for key management personnel was £69,597 (2021- £69,568). 16. GRANTS GIVEN Grdttts are paid to a number of Christian denominations and charitie5 for the Clergy end their dependants. Su¢h donations amounted to £178,000 (2020.. £203,250) and are included within total grants paid of £190.781 (2021- £223,590) as detailed in note 12 and the Thistees, Repo￿ All grant5 were paid to institutions. 19 CATHOLIC APOSTOLIC CHURCH TRUST PROPERTY r4oTKS TO THE FINANCIAL STATEMBNTS {continued) FOR THE YEAR ENDED 31 MARCH 2022 17. COMMITMENTS There ar¢ no m*¢ria] amounts authorised or contracted for at the year end. i& iEEI HOLD PROPERTIES Insurance Value Book Value 2022 Book Value 2021 Notes CHURCHES Gordon Square Wolverhampton 73,505,260 8.344,389 100 100 100 100 OTHER PROPERTIES Cooks Place, Albury Lyne Cottage, Albury Apostles Chapel. Albury 3,269,709 685,585 15.623,860 100 100 100 100 100 b) d) OTHER CHURCH Paddinglon Chur¢h 33,000,000 £134,428,803 £501 £501 NOTES } Church 1$ let at nominal rcnt. b) Rcnt is reccivcd on these propertles. Occupicd by carctakcr. d) Not ¢UTr¢ntly in use for worship. Held by local tn]5tee5 und¢r Declaration of Trust in favour of Head ThisteeS> previously under lease from Church Cornmissioners Ind is $till in use by a C.A.C. Congrcgalion. Thig Chureh 1$ let out on a pcr occasion basis to ccrtain scctions of the Christian Chur¢h 8p¢¢ifi¢ally for services of worship. A monthly lunchtime organ recital is given by a group of church organists. The 8ep2rate English Chapcl togc(her with a number of vestries and the whole of the crypt Tneeting room complex. d basement livehvork unit dnd a bdsemeni flat are leased to a section ofih¢ of England i)n COwtem)inus rive year ledses whiLh were renewed for a further five y¥drs from 10 March 2017. Insurance values indicate the size of the properties butgive no indication ofthe market value if in f￿1 itwas possible to sell the Churches. As indicated in the a￿Ountr￿g policie5, all Chur¢h¢5 are over 100 yeorn old and are considered to be fully depreciated. Other properties are adjacent to the particular church, and if now so available are lei but do not, in the opinion of the Thstees, have a suffi¢icntly material value for in¢lusion in the Balance SheeL except for the Cloisters which have been refirt)ished and the flai$ let (see note 3). 20 CATHOLIC APOSTOLIC CHURCH TRUST PROPERTY NOTES TO THE FINANCIAL STATEMENTS (¢ontinued) FOR THE YEAR ENDED 31 MARCH 2022 19. PRIOR PERIOD ADJUSTMENT Following an exereise carrled out tt) rwon¢il¢ ¢ndowm¢nt fund& o misallocation of inveslJnEDt assets between the endowment fund and Testricted funds was identifjed and as such in 2006 and subsequent years. the endowm¢nt fund ha5 been understaied and resiricÉtd fijnds overstated. An adjustment has been put through the opening cofftpardtive fisnds to correct the misstalernent arJLI bring the funds ba¢k into line. In addition imiestment gains and losses have been allocated to the eDdowment fvnd going back to 2006 which atnounted to £1.169,211 which fornis part of this prior period adjustment. A r¢wn¢iliation of ￿ndS is included below: Unr¢strieted Funds Rostritted Ci ndowm¢Dt und5 Funds Total Re¢onclllatlon of furtds: Tolal funds (It 31 March 20211&s previously staled) Prior period adjustment 9.760,748 17,795,347 {3.169,411) 766J30 3.169,411 28.322,925 Funds as restated at 31 March 2021 £9.760,748 £14.626,436 £3.935,741 £?8,322,925 Reconclllatlon of funds: Total funds at 31 Marcli 2020 lay pr¢viously stat¢d) Prior p¢riod adjustment 8,348,025 13,816,917 12,774,4?0) 766,630 2.774,420 22,931,372 Funds os r¢stated at 31 Ma￿h 2020 £8,348,0?5 £11,042,497 £3.541,050 £22,931,572 21 CATHOLIC APOSTOLIC CHURCH TRUST PROPERTY NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2022 20. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021 (AS RESTATED) General English Engltsh Purposes Property Property Fund FuThd Fund (Unrestrl¢t¢d) (Restricted) (E￿d0wM¢tst) Total 2021 Income and endowments from: Inveslments other trading activities 321,880 379 463,430 785.310 379 Total 322,259 463.436 785,695 Expenditure on: RdisingfundT.' Investmcnt managcment ¢091S 185.535 185,535 Charitable aclivities.. Religious Widows and poor Building Tnaintenance 179,997 22.248 100.645 35250 215,247 22,248 312.305 211,660 Total ¢haritabl¢ aaivities 302.890 246,910 549.800 Total 4J2,445 735,335 N¢t Income und net movement in funds before gains and 1055e5 On inV¢5trn¢Nts 19.369 30.991 50.360 Net gains on investments realised and unrealised Unrealised 105se5 on revaluation of Inveslment property 1,393,354 767.948 394.691 2.553.993 2,785.ot 2,785,000 NFT MOVEMENT IN FUNDS 1,412,723 3,583.939 394.691 5,391,353 RecoDciliAtion of funds Total funds broughi forward (as restated) 8.348,025 11,042.497 3,541.050 22,931,572 Total funds ¢8rried forward £9,760.748 £14.626,436 £3.935.741 £28,322,925 22