CATHOLIC APOSTOLIC CHURCH TRUST PROPERTY (Registered with The Charlty Commissioners) FINANCIAL STATEMETrITS 31 MARCH 2023 Registered Charity Number- 245250
CATHOLIC APOSTOLIC CHURCH TRUST PROPERTY (Registered with The ch21.ity CommissÉoners) INDEX Page Trustee5' Report Auditors, Report 10 Balance Sheet Siatement of Financial Activiti¢s 12 Siat¢m¢nt of Cash Flow8 Not¢s io the Financial Statemeiits
CATHOLIC APOSTOLJC CHURCH TRUST PROPERTY TRUSTEES REPORT FOR THF. YEAR ENDED31 MARCH 2023 EN E AND ADMINISTRAT The Trust The Trust's aims are best described as for"Th¢ advancement of th¢ ChTiStian Religion" To this end the Trust holds Iwo funds. Tlie Engli511 Pi'operry Fundlon ciidowm¢i)t fund), wlii¢h holds land ai)d buildings and the pioceeds of land 2nd buildings prcviously sold, as a capilal fund, the incom¢ from which, after meeting administration and maintenance ¢ost$, is uscd for rcligious and other ¢haritablo PUTPOS¢S in ¢onn¢ction with the advancement of the Christian R¢ligion. Th¢ O¢n¢ral Purposes Fund, whi¢h holds inv¢stiMents the income from wliich. after meeiing admiiiistrstion ¢o$t5, 15 us¢d for r¢ligiou5 and other charitable purposes iii ¢onnection witli the adviltiLement of the Cliristian Religion. Trustees The Trustees who scrved throughout th¢ year were:. Jonathan Mi¢ha¢l Pitts Philip Arthur Wliittiker Christopher B¢njamin Tr¢vor Benjamin Thomas David Baldwin Anthony John R¢yntsldson Jomaihan Francis Cirter The Trustees are appoint¢d by A resolution of the Trusteeg Chgrlty Reiistrgtion Number 245250 Se¢relAry to th¢ Tru$t¢e$ J C Sta¢y Addre$$ 2 The Cloisters Gordon Square London WCIH OAG BJnk¢rs C. Hoare & Co Ltd 37 fie¢t st¢t London EC4P4DQ SoTi£Étor$ Hunters Law LLP 9 New Square Lincaln'5 Inn London WC2A 3QN Reglstered Auditors Haysma¢intyre LLP 10 Queen Street Place LoIidon LC4R IAG Investment Adviwrs 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 A¢t 2000
CATHOLIC ApogroLIC CHURCH TRUST PROPERTY TRUSTEES REPORT (eontinued) FOR THE YEAR ENDED 31 MARCH 2023 I. STRUCTURE COVERNANCE AND MANAGEMENT Constitution Th¢ Charity 1$ govemed by o Charity Commission S¢h¢me dated 2 1st November 1973. Management The rouiine affairs of th¢ Trust ar¢ ¢x¢cut¢d by the S¢cr¢t8ry to the Trustees who has delegated executive power5 to manage the day to day operations of ili¢ Trust from th¢ Trust Offi¢e at no. 2 The Cloisters Gordon Square London WCIH OAG. The Trustees norn)ally have four formal m¢eiings each year. Separate sessions are held for the General Purposes Fulld and the Englisli Property Fund. The affairs aiid business of the Trust are agreed by the Trustees at these quarterly formal meetings and thereafter actioned on their behalf by the SecretBry. The Secretary has day to day access to the Trustees. The Trustees and their Secretary, as part of their Risk Mandgement cominitment, liave produced a Prts¢edures Manyal setting down ihe day to day funciions of the Charlty and a panel ofTrustees audit and update th¢ do¢umeni at regular intervals. Risks boih to and from buildings and PTemÉses are managed by the emplaynient of prof¢ssionals (8rchit¢¢ts and building surveyors) and mitigatsd by insurance cover, which includes cover for terrorism. Firban¢ial inv¢simen¢ risks are monagcd by the employmenl ofexiernal flind managers from CCI.A, who rnaiiage the Trusi's coir ¢thi¢al investment portfolio. Sate8uarding issues concerning Christian organisations using the Trust's church buildings have been investigated. These variou% bodies, safe8uardiiig policies have been vetted by u legal advisor sp¢¢ializiiig in tliese matters, who advised the Tru$tees as to iheir suirdbility lor purpose. TlTre Trustees are moni¢oring tliese orgaiiisations, complidnce wilh their written Sre¥UrdIng policies. The Trustees have their own agreed over-ar¢hiftg policy, which is displayed at cach ofihc Trust's pr¢n)is¢s. With ihese various measures in pla¢¢ th¢ Trustees are ¢onfid¢nt thA¢ ri$ks are eontained at an aceeptsble levol. Trust¢¢$ Trustees are selected from member5 of previous congregations of the Catholie Apostolic Churcli or those sympathetic to it4 objective5. A proposed new Trustee 15 initially interviewed hy the Ch3im)an and Trustees. Following approval and appointment, the new Trustee 15 issued with an information pack detailing the history of the Trust includinJJ COPFes of the various histOTicBI Trust deeds and a booklet explaining the role of the Charity Commission. A one to one inductloll session with the Secretory to the Trustees structured arollnd the Officc Pro¢¢dure$ Manual, which covers all asp¢¢is of the day to day running and organisation of th¢ Trust, is pro8ramm¢d. A5SOCiated Charities The Trust hos one as50Clated charity"The Paddington Church Tru5l" Charity R¢gistration number 245205. During Ihe year the Trustees have maintained an active dialogue with the Trustees of the associated charity. The main topic l)ds been th¢ ¢ondition of the Paddington Church building and ndIng its n¢cessary repairs. Lloih Trusts have also joinily ¢onsult¢d legal advisors ¢on¢¢rnillg the relationship between th¢ TTUSts, specific responsibilities for the Paddington Church building, and possible funding routes to the building repairs. Staff The TTUSt cmploys an executive officer with the litle of "Secretary to tho'frustccs" and a rcsident Caretaker and Assistant to the Caretaker for the Chapel and associated properties at th¢ Albury site near Guildford. Caretaking services for the Church and Cloisters in Gordon Square, London ar¢ provided by thE appointed managing agents, Hudsons Property.
CATHOLIC APOSTOLIC CHURCH TRUST PROPERTY TRUSTEES REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2023 2. 0ECTIVEs AND ACTIVITIES The objective of the Trust is advancetnent of the Christian Teligion by the making of grants to as51St lh¢ ¢l¢rgy in th¢ major branches of the Christian Cliurch in the United Kingdom and for the ivelfare of both poor members and widows of congregatlOll5 of the Catholic Apostolic Church and for tlie niainter]ance of the remaining churcli buildings from tli¢ Catliolic Apostolic Church aiid their appropriate use for worsliip by other ChuTches and congregations as agreed. Public Benefit The TTUStee5 have consulted the gusdaiice made available by the Charity Commission for England and Wal¢$ on the Public BenefIt requiretnent of the Charities Act 2011. The Trustees are confident that they hftve complied with their duty under section 17 of th¢ Charities Act 2011 in tl)ai they have had due regard to public benefit gLiidance 28 eurrently published by the Commission. In furtherance of its ehAritAbl¢ purpos¢s for tl)e publi¢ b¢n¢fit in the "Advancement of thc Christian Religion" the Trusi¢e5 giv¢ d¢t8il$ of ¢h¢ir a¢tiviti¢s this finan¢ial year under the following two headings 'Grants awarded" and "Maint¢nan¢e of R¢toin¢d Properti¢$" Grnnls Awarded The Trust holds the General Purpose.% Fund, which l)olds investmcnts the income from which, aft¢r m¢¢ting adniinistration Losts, is dvdildble fr)r reliyi(Jus and orl)er charitable purposcs in connection with tli¢ advancement of ilie Christian Religion. During the year the following grants were made:. Additional Curates Society Forward in Falth Chaplaincy support Greek Orthodox Church RoTllan Catholic Chiirch Greck Orthodox Univcrsity Chaplaincy support Russian Orthodox Cliurch Wolvcrliampton Chrisiion Fellowship Paddington ChuKh Trustees 63,000 24,000 25,000 15,000 20,OOD 15,000 20,000 84,000 268,000 10,685 V¥rious small grants 278,685 Th¢ Trust holds the Englisli Property Fund (an endowment and restricted fund) whi¢h holds land and buildings and the proceeds of land and buildings previously sold, as a capital fund. the income from which after meeting administration and maint¢nan¢e ¢osts is restrict¢d for religious and other charitable purposes in connection with the advancement of the Christian Religion. No grants were made during lhis year from this Fund.
CATHOLIC APOSTOLIC CHURCH TRUST PROPERTY TRUSTEES REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2023 2. ORIECTIVES AND ACTIVITIES continued Maintenance of Retained Properties The relained properties are maintailled as required for historÉc and listed buildings. During the year the following works were undertaken:_ The Cloisters The flftts in th¢ Cloi$t¢r$ w¢r¢ l¢t by ¢h¢ appoint¢d managing agents Hudsons Property. Routine maint¢nance t&5k8 weTe ndertftken during the year. The%¢ w¢re under the supervision, where appropriate. of the Trustees, appointed Arcl)itect for the building. Nye Saunders Ltd. The overheating of the incoming electric main required it5 replacement by the Eleciriciry Board but resulied in no injuries io residents and no damage to tlie buildin8. The lift also needed significant repair work to its operating meehonism. Renial income from ihese tlats is used to Support the Trust's objects. Central Chureh (commonly known as Christ the King) The English Chapel is eurrenily leased to FoNiard in Faith. part of the Church of England. Forward in Faith employ a Priest as chapldin and Eucharist scrvices are held cach wcckday in the Chapel, whicli is open to the general public for private devotions from 8.30am until 4pm ettLh working day. The main Churcli building togetlier witli meeting roonis and basement orri¢e a¢¢ommodaiioii is licenced to Euston Churcli Rn evangelical outreach of tlie Churcli of bngland. Morning and ¢vcning servi¢cs are held every Sunday as wcll as weekday services and 13ible study meetin85. The main Cliurch is normally also used ft)r monthly public organ recitals, for whi¢h no admission chaT8e is made. This propety also houses the Church register5 for baptism and malase for elo$ed Catholic Apostolic Churches in the United Kinsdom lind also ihe USA and Canada to which ¢hur¢h mcmber$ alid tlie public have access via the Trustees, Se¢reiary. Routine m8inienan¢e lasks were undertaken duTing th¢ year. All work is carried out under the supervision of the appoint¢d Ar¢hite¢L Ny¢ Saunders Ltd. Albury Site Proper11¢5 Albury Chapel This propety houses religious arcl?ives from the Catholie Apostolic Church and is visited by members of Catholic Apostolic Church corLgregations from the Ullited Kingdom, Europe, Unitcd States, Canada, Australia and South Afri¢a. The heating boiler5 were replaced during the year. Cook$ Place The easl end of this property is U5¢d by the Albury sit¢ Custodian and the west section is leased to a tenant. Rental income from hotli east and west se¢lion accommodation is used to support the Trust's objects. Parts of th¢ house are 131h ceniury and it is listed.
CATHOLIC APOSTOLIC CHURCH TRUST PROPERTY TRUSTEES REPORT (eontlnued} FOR THE YEAR ENDED 31 MARCH 2023 BJ TIVES AND ACTIVITIF.S continued Lyne Cottage This building is used by Éhe Cttietaker. Routine maintenance tasks on the various properties ai Albury were undertaken during the year. All work is Carried oui under the supervision o*the appointed Arehitect, Nye Saunders Ltd. Wolverhampton Chureh The property is currenily leased to The Wolverhampton Christian Fellowship. a non-conforniist Church. The Trustees are satisfied that the lessees continue to comply with tlie 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 Lid. The Trustees are satisfied that 811 current propety maintenance requirements 85 advised by their appoin¢ed Archit¢ets have either been carried out or are programmed and funded for execution within the time s¢al¢s re¢ommended. The Trustees are satisfied that, ofter providing sufficient funds for building main¢¢nanc¢ aftd r¢serves for future years, the level of grants madc during thc year properly utilised the ovailable investrn¢nt in¢ome. The Trusiees are satisfied tl)at tlio I'rust is considered a 8oin8 concern. The Trustees are satisfied that a reasonable return on inve5tnient$ has b¢¢n obtained without undue risk l&s adviscd by consuliantsl and a reasonable income from revenue generatin¥ PTop¢rty has bccn obtaiiied14s advised by eonsultants). It should be understood tl)at the Trustees maintain ali ethical investment poli¢y. The Trust's funds ar¢ lield within the COIF ChaTlti¢s Fixed Interest Fund And COIF Chorities Ethical Investment Fund and the COIF Charities Pi'operty Fund, These are mana¥ed by CCLA and are 5ubj¢ct to their Socially R¢sponsible Investmenl policies wilh which Ihe Trustees are in agreement. The Fund5 are promoted a5 Respotbsiblc Funds that ¢onsider the economic, social and environmental impacts ofthe ¢omp4nies in whicli the funds invest and avoid direct investmenl in areas such as armaments, gambling and tobacco. The CCLA COIF fund managers have a proaLiiV¢ engagement proce55 wilh companies in which it invcsts on non- financial issues which could have a malerial impacl on business such as supply Chain management, environmental impacls, human rights and labour standards and the Trustees are in agreernent with this approach.
CATHOLIC APOSTOLIC CHURCH TRUST PROPERTY TRUSTEES REPORT (Continued) FOR THE YEAR ENDED 31 MARCH 2023 4. Rl K REVIEW Th¢ Trustees uiidertake regular risk manageineiit activities. identifying and assessing the risks that could have a signTfieant impact on the condttct, reputation and operation of the Trust. The risks are monitored and reviewed on r¢gular basis and discussed, at least annually. at the Trustees, Quai'terly meetings. The risks are doeumented in the Trust's Risk Register, witli eacl) risk being assigned a Probabiliry and Impact score that are used to gauge the significance and priority of the risks. helping witli the development of mitigation5 and response strategies should the risks n)aterialise. The table below is an extract from the Trust's Risk Register showing the most important risks indicated by the Trustees. risk assessment. Rlsk Deserlptlon Trust fails to Ineet regulatory or legal obligatioiis leading to liiigation, fine5, damage to Assets OT reputation. Mitigatlon Use of professioI?al l¢gal advisor5. Trustees and Secretary ¢0 regularly monitOT ¢omplian¢¢ with, #nd r¢view, Charity Coinmission rul¢s and guidance. Maintenance of TTUSt poli¢y and ro¢¢dures. Use of piDfe55ional Advisors and Managers to guide to optirnis¢ in¢om¢ and outgoings. Moinlain ad¢quale r¢serve$. Risk Response Undertake remedial action drawing on Legal Advice and assistance. Aniend Trust policy procedures. Actionee Secretary and Trustees ExteTn41 economic dowiiturn reduces incoine and increases costs using Ihe Trust fjnancial dIlcullies. Set level of Grants, and schedule buildin8 mainien8n¢e. conimensurat¢ aviiilable funds. Claini ON in5uran¢e. Secretary with Buildings and their users targeted and attacked by terrorists, causing injury or daina Outbreak of war or pandemic, eic. Include appropriate terrorism cover in Trust's insurance policies. Secretary Eiisure Systems and procedures ar¢ adcquately robu$t and abl¢ to Continue ¢ralion. U.%¢ of Financial Advisors to guid¢ investment Strat¢gy to optimise r¢turns in th¢ short and long ¢eTm. Quarterly review by Trustees. Maintain ade uate r¢serv¢5. Use professional Propei'ty Mana8enient and Lettings Agcnis. Quarterly review by Trustees. Maintain ad¢ u8t¢ rcscrves. Maintain regular liaison with Paddingtoii I'rusiees, and plan for fuiure action. Maintain regular liaison with P8ddington Trustees, and plRn for fuiure action. Trust procedure5 mainiained aDd duplicated in paper form. EleLlrunic systems regularly maintain¢d. proiected and backed up, with physical separatlDn of sensitive data from exiernal access. Operate'l'rugt remotely. Maintain aciivities to the extent ossiblc. Set level of Grants, and sehedule building maintenance, coininensuraie available funds. Sei level of Grants. and schedule building Tnaint. enance, omm¢nsurgie with available funds. Use of capital reserves. Secretary and Trustees Seeretary Investment income falls significllntly. Renl income from Cloist¢rs flats fall $i8nificantly. Secretary Paddington Church building stru¢tllTal faults too expensive for Paddin ton Chur¢h 'frust to remed Paddington Church Trust ceases to use and maintaiii tlie building. Secretary and Trustecs Secretary and Trustees Secretary Add Paddington Church io buildings inventory and treat as other Trust assets. Reconstitute operations frotn duplieates and backups. Occurrence of fire. flood. dama¥e. IT failure or cyber-crime adversely affects the operation of ihe Trust.
CATHOLIC APOSTOLIC CHURCH TRUST PROPERTY TRUSTEES REPORT Icontinutd) FOR THE YEAR ENDED 31 MARCH 2023 FINANCIAL IiEVIEW AND RESERVES POLICY The Trusi is reliant on the income from its investments, which are long tertn funds seeking c8Pltal growth and sustainable income with protection from inflation. Income from investment5 aniounied to £810,856. a decrease of £18.519 from the previous year. Total incoine amounted to £811,05312022.. £830.534). Invesimeni managenient costs increased by £52,117 10 £198,260 and invesiments recorded losses of £1,046,160. Expenditure increased fri)tn £685,698 to £932,703 in the year. The Trustees maintain reserves at a lev¢1 to provide sutTicient income to fund urants made by the General Purpo5¢S Fund and lo nieet costs that Inay arise on ihe properties of the EiibTlish Properly Fund. Unresiricted reserves d¢cr¢as¢d to £9,922,21 O and resiricied funds decreased to £14,850,938. In addition endowment funds fell 10 £3.995.106. The trustees ¢onsider res¢TV¢S held to be adequate and in line with the taTBet level. PLANS FOR THE FUTURE PROPERTY The Trusl has a ten year forward maint¢nanc¢ profile in place. identifying the major property maintenance works that are expected to be required ov¢r the p¢riod lo tlie current buildinsy stock. to which esiimated cosis have been applied. The TTUStees are confident that proper allowan¢e has been made on a year by year basis to meet these expenses. 7. TRUSTEES, RESPONSIBILITIES STATEMENT The Trustees are respgn5ibl¢ for pr¢paring the Trustees, Report and the financial statements in aeeordance with applicable law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Aeeountin8 Practi¢el. The law applicable io charitie5 in ElilalId & Wale5 requires tlie Irusiees to prepare financial staleineiils for each financial year which give a true and fair view of Il)e state of affairs of the chariiy and of the incoining resources and application of r¢sourc¢s of the cliarity for thai period. In preparin¥ these financial statement5, the trustees are required to.. Seleci suitable accounting policies and then apply them consistently: Observe the methods and principles in the Charities SORP: Make jud¥en)cnts and estimaies that are reasonable and prudent., State whether applicable accounting 5tandard5 have been followed, subject to any material departures disclosed and explained in the financial stateinents: Prepare the financial slatemellts on the going ¢on¢ern basis unless it is inappropriate to presume that th¢ ¢harity will iontinue in business. The Trusiees are responsible for keeptng proper accollnling records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to en%llre that the financial Statements comply with ihe Charities Act 201 I, the applicable Charity (Accounts and Reports) Rcgulations and the provisions of the irust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the pr¢vention and detection of fraud and other irregulariiies. Approved by the Trustees on i+ lots and Signed as authorised on their behalf by.. Trustee Trustee
IiYDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF CATHOLIC APOSTOLIC CHURCH TRUST PROPERTY Opinion We have audited the financial statements of Catholic Apostolic Church Tru%t Property for lh¢ year ended 31 March 2023 which cornprEse the Balance Sheet, the Statement of Financial Activities, the Stai¢m¢nt of Cash Flolvs and notes to the fInancial statements. ineluding a summary of significant aceounting policies. Th¢ financial reporting framework that lias been applied an theTr preparation is applicable law and United Kingdom Accounting Standards, Tncluding Fin41ncidl Reporting Standard 102 Tjie Finailcial Rcpoi'tingsiaiidardapplieoble in ihe UKandRepiibli¢ oflreland(United Kingdom Generally Accepted Aceounting Pr&ctiee}. In our opinion, the financial statements: give a true and fair view of the state of the cherity's affairs as 84t31 March 2023 and of th¢ charity'5 net movEmetLt in funds for the year then ended. have been proptrly prepared in accordance with United Kintsdom Generally Accepted Accounting Practiee. and have been prepared in accordance with the requirements of the Chariti¢s Act 2011. BASIS for oplnlon We have been appoinled as audilor under section 144 of the Charities Act 2011 and r¢port in gccordance with the Act and relevant regulations Inade or Iiaving effect thereunder. We condii¢t¢d our audit in accordance with International Standards on Auditiiig (UK) (ISAS (UK)) ond applicable law. Our responsibilitie$ under those standards are further d¢5cribed in the Auditor's responsibilities for tlie audit of the financial statenieiits stiOn of our report. We are independent of tlie charity in accordance with tlie eihical requiren)ent8 that are relevant to our audit of Iho financial statemenis in the UK, including the FRC'S Ethical Staiidai'd, and we have fulfilled our other ethical r¢sponsibElities ift accordance with ihese requirements. We believe tliat the audit evidence we have obtained is 5ufficierbt and appropriate io provide a basis for our opinion. Conclusion5 relating to golng con¢ern In auditing thc fii)an¢ial slatom¢nls, w¢ hav¢ ¢on¢luded thot the trustees, use of the 80in8 concern basi5 of a¢¢ounting in thc prcparation ofthc financial slatern¢nts is appropriat¢. Bascd on thc work wc havc p¢rformed, we hav¢ no¢ identified aiiy material unccrtainiies relating to events or ¢ondi¢ion$ that, individually or collectively, may cast Sl8nifJcant duubt on the eharity's ability to ¢ontinu¢ a5 a going concern for a period of at lepst twelve months from when the financial siatements are authorised for issue. Our responsibilities and the re5pon5ibiliti¢s of th¢ tru5t¢e$ with respe¢¢ to 89ing concern are des¢ribed in the relevant s¢ction5 of tlii8 report. Other informitlo Th¢ truste¢s are r¢$ponsible for the other infonnation. Tlie ¢)ther information comprise5 the infonnation included in the Trustees, Annual R¢port. Our opinion on ihe financial stateinents does nut LoveT ihe other inforination and, cxc¢pt to the extent o¢h¢rwis¢ ¢xpli¢itly staled in our report, wo do not express any form of assurance conclusion thereon. In ¢onneetion with our audit of the financial statements, our responsibilily is lo read th¢ other inforrllation and, in doirtg so, ¢onsider whether th¢ otlier information is materially inconsisteiit wirh the financial statejnents or our knowlcdgc obtaincd in the audit or otherwiseappear$ to be materially misstated. If we ideniify such material inconsistencies or 8pparent matcrial misstatemertts, we are quired to determine whether there is a material misslatement in tlie financial statements or a material niisst¥¢ement of the otl)er information. If, based on the work we have peTfornied, we conclEidc that thcrc is 8 mat¢rial miss¢at¢m¢nt of this other information, we are required to report that fact. We have nothing to report irj this rcgard. MAtter$ ort whieh ive Are requlred to report by exeeptlon We have iiotliin8 to report in respect of the following rnatters in relation to which the Charities (A¢¢ounts and Reports) Regu14tion$ 2008 require us to report to you if, in our opinion.. adequate a¢¢ounting records have not been kept by th¢ charity. or sufticieni accounting records have not been kept- or the charity financial statcmcnts 2rc not in agrecmcnt with the accounting records and returns,. or we have not received all the information and explanations wc rcquire for our audit. Responsibilities of trustees for the finaneiAI staternents As explained more fully in the trustees, responsibilities statement set out ott page 7. the trustees are responsible for the preparation of the financial siatements and for being satiEfied that they givc a true and fair view. and for such internal ontrol as the trustees determine is nccessary to ¢nabl¢ th¢ pr¢paration of financial statements that 8Te free froin material misstatement, whether due to fraud or error.
INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF CATHOLIC APOSTOLIC CHURCH TRUST PROPERTY (continued) In preparing the financial statements. the Irusiee5 are responsible for assesssng ihe charity's ability to contiiiue as a goiiig concern. disclosing, as applicable, matters related to concern and usin¥ the going concern basis of accounting unless the tru%tees either intend to liquidaie ihe chariiy or to cease operaiions, or have no realisiic altcriiative but to do so. Auditor's responsibilities for the xudit of the financial statements Our objeciives are 10 obtain reasonable assuraiiLe about w'hether the financial siaiements as a whole are free from material misstaiement, whether due to fraud or eOr, aiid lo issue an auditor'5 report thal includes our opinion. Reasonable assurance is a high level ol'assurance, but is noi a guarantee that audit conducted in accordance with ISAS IUKI will always dcle¢t a material misstaiement when it exists. Misstatement5 can arise from fraud or error and are cons2d¢red Inaterial if. individually or in the aggregate, they Could reasonably be expeLted to influence the economic d¢¢ision5 of users tak¢n on the basis of these f1nancial statements. Irregularities, including fraud. are instances of non-compliance with laws and regulaiions. We design procedures in line wilh our responsibilities, outlined above. io detect material misstaiemenis in respect of irregulariti¢s. including fraud. The exieni to whiLh our procedures are capable of deiectinbj irre¥ularities. including fraud is detailed below.. Based on our understanding of the charity and the enviTonment in which it operates, we identified that th¢ prin¢ipal ri5k5 of non-compliance with laws and regulations related to conipliance with charity law, employment law and h¢alth aiid safery regulaiions, and we considered ihe exient io which non-compliance might have a material effect on the financial statenienl5. We also considered those laws and regulaiions that have a direct iimpact on the prepararion of ihe financial statein¢nts such as the Charities Aci 2011 and payroll taxes. We evaluated management's incentives and opportunities for fraudulent manipulation of ihe financial statements (including the risk of override of contro151. and deiemiiiied Iliat Ilie principal risks were related to managemeni bia5 in cenain accoun¢ing estimates. Audii procedures performed by ihe en¥a8eineiii ieam included.. In5peLlill¥ minutes of trustees. meetinbT5', Insp¢cling correspondence with regulators and tax authorities; Discussions wilh Inanagenient includin¥ ionsideraiion ol. known or suspected instances of non-compliance with laws and regulaiion and fraud,. Evaluatin¥ manayement's controls designed 10 prevent and detect irregularities,. Identifying and testing journals, in particular journal entries posted at the year-end or with unusual descriptions; and Challenging assumptions and judgements made by mana8ement in their ¢ritical accounting estimates. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading lo a material misstatement in the finai)cial statements or non-compliance with regulation. This risk iiicreases the more that Compliance with a law or regulation is renioved I'rom ihe events and iTansa¢tions reflected ii) the financial statements, as we will be less likely 10 becoine aware of instances of non-compliance. The risk 15 also greater regardin8 irregularities occurring due to fraud rather than error, as fraud involves inieniional con¢eplment. forgery. collusion, omission or misrepreseniation. A further description of our responsibilities for the audit of the financial statements is located on the Ftnan¢ial Repor¢ing Council's website ai.. www.fTC.or .uklauditorsres onsibilitie5. This description forms part of our auditor's report. Use of thls report Thi5 report 15 made solely io the charity's trustees. as a body. in accordance with sec¢ion 144 of the Charities Act 201 l and rebiulations made under section 154 of that Act. Our audit work ha5 been undertaken so that we might state to the ¢harity's trustees those matiers we are required to state to tl)en) in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility 10 anyone other than the chariiy's trvsiees as a body for our audit work. for this report. or for the opinions we have fom)ed. Haysmacintyre LLP Statutory Auditors Date.. 3July2023 Haysmacintyre LLP is eligible to act as an auditor in tem)s of section 1212 of the Cornpanies Act 2006 10 Queen Street Place London EC4R IAG
CATHOLIC APOSTOLIC CHURCH TRUST PROPERTY BALANCE SHEET AS AT 31 MARCH 2023 2023 2022 Note5 FIXED ASSETS Tangible a55ets Freehold Property- charitable use 501 501 Investment Property Investments 11,285.000 16,814.678 11,285,000 17.860,838 28.099.678 29.145,8.38 28,100.179 29.146,3.39 CURRENT ASSETS Amounts due wlthln one year: Debiors Cash at bank and in hand 86,335 620.941 716,983 707,276 828,628 CREDITORS: amounts due within one year 139.201) 138,9011 NET CURRENT ASSETS 668.075 789,725 £28,768.254 £29,936,064 FUNDS las re$t4tedl General Purposes Fund lunreslricled) English Property Fund lendowmenll English Property Fund Ireslricledl 9.922.210 3.995.106 14,850.938 10,663,490 4,139.770 15,132.798 £28.768,254 £29,936.064 The financial statements were approved and authorised for issue by the Board of the Trustees on 14 June 2023 and were signed below on its behalf by.. Tru5t¢e Trustee 10
CATHOLIC APOSTOLIC CHURCH TRUST PROPERTY STATEMENT OF FINANCIAL ACTIVITI FOR THE YEAR ENDED 31 MARCH 2023 General English EDglish Purposes Property Properly Fund Fund Fund (Unrestricted) (Reslrieted) {EndowmeMt) Total 2023 Total 2022 Notes Income from., and endowrnents Investments Other tradin8 activities 334.550 197 476,306 810,856 197 829,375 10 Total 334,747 476,306 811,053 830,534 Expenditure on: Raisipigfiids.' Investment management costs 198,260 198,260 146,143 Chtjriluble aclivilies.. Religious Widows ai)d poor Building maintenance 193,015 97,401 110,853 193,015 97.401 444.027 186,393 14.765 338.397 333,174 Total charitable activities 12 401,269 333.174 734,443 539,555 Total 401.269 531,434 932,703 685,698 Net (exp¢ndltui'c)Ilncome b¢for¢ (lo$s¢sllgaiiis inve$lm¢nf$ (66,522) (55,1281 {121,650) 144.836 N¢¢ (losse5)/gain8 investments reali5ed and Ltnreali5ed on (674,7581 (226,7321 (144,670) (1,046,160) 1,468,303 NF.T MOVF.MFNT IN UNDS (741,2801 (281,8601 (144,670) 11,167,810) 1,613,139 Reconcillatlon of funds Total fund5 brought forward 10,663,490 15,132,798 4.139.776 29,936,064 28,322,925 Total funds caled ftjrward £9,922,210 £14,850,938 £3,995,106 £28,768.254 £29.936,064 All income and expenditure derive from continuing activities. All g&ins and losses recognised in the year are included in the Statement of Financial A¢tivities. The comparative Statement of Financial Activities for the year ended 31 March 2022 is shown in not¢ 19 to these finan¢ial statements.
CATHOLIC APOSTOLIC CHURCH TRUST PROPERTY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023 2023 2022 Cash flow$ from operating activities: Net cash used in operdtin8 activitie5 (see below) (906,8981 {679,719) Co$h floivs from investing aetivities Dividends, interest ond r¢nts from investment$ 810,856 829,375 Net eash provlded by Investln% aetlv5tie$ 810.856 829,375 Change in cash and cash equivalents in the year Cash and cash equivalents at the start of the year (96,0421 716,983 149,656 567,327 Cash and CAsh equlvalents at the end of the year £620,941 £716,983 RECOIYCILIATION OF NET (EXPENDITUREIIINCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES Nel movement In funds {a5 per the Staternenl of ',In#ncl#l Actlvltlc¥) (1,167,810) 1,613,139 Adjustments for.. L055¢s1{gain$l on investments Dividends, intor¢st and rent from investmen15 De¢rea5e in debiors In¢rease in ¢iediiors 1.046,160 (810,8561 25,310 298 11,468,303) {829.375) 438 4,382 Net c8sh (used In) operAting Hctlvltle$ (£906,898> (£679,719) AnAly$És of ch8nEe$ in net fundj Other non-cthsh ehAng¢s At 31 MAreh 2023 At l April 2022 C&sh flows Cash and bankldeposits 716,983 (96,042) 620,941 12
CATHOLIC APOSTOLIC CHURCH TRUST PROPERTY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR F.NDF.D 31 MARCH 2023 ACCOUNTING POLICIES The principal ac¢ounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of firjancial statements are as followg.. Basi5 of preparAtion The fjnaiicial ststenients liave been Prepared in accordance with Accounting and Reporting by Charitie5.' Statvnient of Recomniended Practice applicable itr charities preparing their accounts in accordance witli the Statement of Recomniended PrAcLice for Charities (SORP 2015) (Second Edition, effective l January 20191 and, Ihe Financial R¢porting Stsndard appli¢abl¢ in th¢ UK and Republie of Ireland (FRS 502). Catholi¢ Apostoli¢ Chureh Propety m¢¢ts the definition of apublic benefitentity under FRS 102. Asset&and liabilities ar¢ initially ¢[)gnised al histori¢al ¢ost or transa¢¢ion value unless oiherivise stated tn the relevant accounting policy not¢(s}. b) Pr¢p#i'otion of th¢ g¢eounts on & %olnR eoneern ba8ls Hoving ¢onsid¢r¢d future budgets and cash flows. the irusiees confirm that they have no material uftcertointies about the ¢ntity'S ability to ¢ontiiiu¢ as a going coiicerii for the foreseeable future. The Inost 5ignificanL Lineertainty that aff¢¢t th¢ carrying value of ass¢is held by ihe chariry are the level of invesimeiit return und lh¢ p¢rformanee of inv¢stm¢nt mark¢ts. Howover, the predieied budgets and the Trust's large investmeiits indicate Ih4¢ it continues to be a going eoneern foi the foreseeable future. Ineom¢ All income 1$ in¢luded in the SOFA orhce the chariry has entitlement to the income, it is probable that the income will be received and the ainount of income receivablc can bc mcasured reliably. Th¢ following specific policies apply to categories of income.. DonatÉons & Grants where related to perfomiance and specific deliverable5 ar¢ a¢wunted for as tlie Lharity carns the right to con5ideT8Liort by ils pcrformancc. Where income is received in advan¢¢ of its recognition it is deferred
nd included in crcditors. Where cntitlemcnt occurs before income being received the in¢ome is occrued.
lftvestment income is eredited to income when it is receivable and the amount can be measured reliably by the charity,. this is normally upon notificatioii of the interest puid or payable by ihe bonk. Dividends arc rccognised once th¢ dividend has been declored and notification has been received of the divideTrd due. d) Expenditur¢ nnd irr¢¢overable VAT Liabiliti¢$ are re¢ognis¢d as resources expei)ded as soon as ther¢ is a legal or ¢on$trueiive obligation coinmitting the ¢harity to th¢ expenditure. All expendirure is accounted for on an accruals basis and has becn classified under headings Ihat aggregate all costs related to the category. The Cost of g¢rteratin8 funds consists of the properry management and property repairs and maintenance costs are shown in note I l. Grants payabl¢ are paymenis made EO third parties in the furtherance of the ch2Tltablc objcctives of the Charity. The gront$ 4Te #ccounted for where either the trustees have agreed to pay the grant without condition and the r¢¢ipient has a reasonable expe¢iation thatthey will receive a grant, or any condition attaching to thc grani is outside th¢ control of the Charity. Irre¢ov¢robl¢ VAT is charged a8ainst the category of resources expended for which it was in¢urr¢d. Overhead and sUPPOrt cost5 relptln8 to the charitable activiti¢s have been apportion¢d based on stafftime. The allocation of overhead and support costs is analysed in note 13. Governance Costs comprise diT¢¢t cosi for the statutory and governanc¢ expenditure of the charity and have 8150 bcen alloeated to ¢harilable activilies. l3
CATHOLIC APOSTOLIC CHURCH TRUST PROPERTY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 ACCOUNTING POLICIES (contiiiued) Fixed Assets Freehold properties are shown at a llOTninal v81ue. The c05t of acquiring these properties has been writt¢n off in previou5 years aiid is now unknown. All tlie propertie5 are over one hundred years old and are ¢onsid¢Ted to be fully depreciated. Details of the properti¢s are given in note 18. rnvestments Investments are 8 fonn of basic financial instrument. They are initiAlly recognised at their tTallsaetion value and subsequently valued at their fair value #t the balance sheet date using the closing quoted maTkct bid pric¢. The SlatemenÉ of Financial Activities includes the net gains and losses arising on revaluation and disp05als througliouÉ the year. The charity holds its Cloister flais ag an investment properry. The.%e flats are Ict out and are shown at market value. Fund$ The charity has a restricted fund.. The F.nglish Propety Fund, which holds land and buildiiigs and the proceeils of land and buildings previously sold as capital. part of which is endowed. The in¢oin¢ froin which after meeting administration and maintenance Costs is re$trict¢d for religious and other charitable purposes in connection with the advancement of the Chri$tian religion, There is also an unrcslrictcd fund.. The General Purposes Fund. which holds investments which may b¢ applied to religious and other charitable objects in connection with thc advanccment of tlie Cliri&tian religion. h) Reallsod galns and losses All gains and losscs arc taken to the 518tement of financiAI activitie5 as they 4ri5e. Realised gains and losses on investmeiits are calculated as the diffcrencc between sale5 proceed% und op¢ning mark¢t value (purchase dale if later). Unrealised gain5 and losses &re calculated as the ditTereiic¢ belwc¢n th¢ m8rk¢i value at the year ¢nd and opening market value (or pur¢ha5e date if later). Reulised xnd unrexlis¢d gains are not separated in the Statement of Financial Activities. Debtors Debtors are recognised at the $¢iilernent amount due after any trade discount offered. Prepayments are valued at Ihe amount prepaid nei of any trade dis¢ourbt$ due. i) Cash at bonk and hand Cash a¢ bank and in hand in¢lude$ bank a¢counl$. ¢8sh and short ierm highly liquid investments witl) a short maturity of three months or les$ from the date of acquisition or opening of the deposit or similor account. k) Creditors proviJion$ Creditors and provisions are r¢cogTiis¢d where tli¢ ¢harity ha5 a present obligation resulting from a past event that will probably result in tli¢ trallsfer of fvnds to a third party alld the amount due to settle the obligation can b¢ Ineasured or estiinated reliably. Credilors and provisions ar¢ normally recognised at their settlement amount after allowing for any trad¢ dis¢ounl5 due. CritÉcsl accounting judgeM]ent5 eslimation uncert2111ty In preparing ¢he5e accounts, Inanagement has made judgements. e5timate$ and assumptions that affect the application of the cliarity'5 accounting policies and the reported asset5, laabilitie4 income and expenditure and the disclosures made in the accounts. rhe 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 con51Stent. FinAnti21 instruments The charity only has flnancial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recogni5ed at transaction valuc and subsequently measured at their ettlement value. 14
CATHOLIC APOSTOLIC CHURCH TRUST PROPERTY NOTES TO THE FINANCIAL STATEMENTS (tontinued) FOR THE YEAR ENDED 31 MARCH 2023 TANGIBLE FIXED ASSETS Churehes Other Tot21 Freehold Properties As at 31 March 2023 201 300 501 As ai 31 Marcli 2022 201 300 501 See note 18 for more details. Ir4VESTMENT PROPERTY As at l April 2022 Revaluation 11,285,000 As at 31 March 2023 £11.285.000 The Cloisters, Gordon Square, have been refurbished in prior years and the flats are let. The property was r¢valu¢d as at March 2021 by Hudsons Estaie Management Services, on an open market basis and havc been valued at £11,285,000. Hudsons have confirmed ihal the value has not changed as at MRrch 2023. INVF.STMF.NTS Cost Market Value As at l April 2022 Gains and losses on disposals and revaluation 9,531,156 17,860,838 (1.046,160) As at 31 March 2023 £9,531,156 £16,814,678 The invesiments are: COIF Charities Ethical Investment Fund income units COIF Charities Property Fund Income units COIF Ethical Fund 8,533,247 1,203,708 7,077,723 £10,814.078 DEBTORS 2023 2022 Prepayments £86,335 £111,645 CASH AT BAf4K AND IN HAND The balance shown includes deposits of £474.13] {2022'. £264.142) with COIF ChaTlties Deposit Fund. Tenants. deposits are held by the managing agent and are not included in these accounts. CREDITORS 2023 2022 Deferr¢d in¢om¢ Accru¢d ¢xp¢nses 28,101 11,100 27,803 £39,201 £38,903
CATHOLIC APOSTOLIC CHURCH TRUST PROPERTY P40TES TO THE FINANCIAL STATEMEN13 (continued) FOR THE YEAR ENDED 31 MARCH 2023 ANALYSIS OF CHARITABLE FUNDS- 2023 English Engllsh General Property Property Purposes Fund Fund {Unrestricted} (Endowmtnt) (Restrlcted) Total Tangible fixed assets Invesimenrs Current assets Current liabilities 501 14,367,617 510,921 (28,101) 501 28,099.678 707,276 (39.201) 9,736,955 196,355 (11,100) 3.995,106 Total £9,922,210 £3.995,106 £14,850,938 £28,768,254 Represented by.. Unrestrieledlreslrlcted funds: Accumulated surpluses Unrealiscd investment gains Capital reserve Endowment fund: Capital reserve 5,768,199 4,154,011 3,791,049 3,617,371 7,442,518 9,559,248 7,771,-382 7,442,518 3,995.106 3,995,106 £9,922,210 £3.995,106 £14,850,938 £28,768,254 The movements on the above funds were as tollows'.- C'4pllal Reservt (re$trict¢dl Capital Rt$erve (endowment) Unr¢Allsed Invtstmenl GAlns Accumulated Surpluse5 Tol81 At l April 2022 (8$ restated) Losses 011 investments Deficit in the yeor 7,442,518 4,139,776 (144.670) 8,672,872 (901.4901 9,680,898 29,93fj,064 (1,046,160) (121,6501 (121,650) At 31 Mareh 2023 £7.442,518 £3,995,106 £7.771,382 £9.559,248 £28.768,254 ANALYSIS OF CHARITABLE FUNDS- 2022 English Engll$h General Prop¢rly Property Purposes Fund Fund Fuiid (Unrestrieted) (Endowmenl) IRe$trlcted) Total Tangible fixed asset$ lttvcstments Current 8SSCts Current liabilities 501 14,594,349 565,751 {27,803) 501 29,145.838 828,628 138,903) 10.411,713 262,877 11 1.100) 4,139,776 Total £10.663,490 £4,139,776 £15,132,798 £29,936,064 Reprcscnted by.. Unrestritt¢dlrestri¢ted funds: Ae¢umulat¢d surpluses Unrealised investment gains Capital reserv¢ Ettdowmtnt fund: Capital r¢serve 6.025,301 4.638,189 3,655,597 4,034.683 7,442.518 9.680.898 8,672,872 7,442,518 4,139,776 4.139,776 £10.663.490 £4,139,776 £15,132,798 £29,936,064 16
CATHOLIC APOSTOLIC CHURCH TRUST PROPERTY NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2023 The movements on the above funds were as follows'.~ UnrcalSsed Investmcnt Calnsl(lusses) Capltal Reserve I$t1.1¢t¢) Capltal Accumulated Surpluse$ Reserve (endoivment) Total At l April 2021 Gains on investments Surplus in tlie year £7,442,518 £3.935.741 204.035 £7,408,604 1,264,268 £9,536,062 £28,322,925 1,468,303 144,836 144,836 At 31 March 2022 £7,442,518 £4,139,776 £8,672,872 £9,680,898 £29,936,064 a) Thc General Purposes Fund which is unrestricted is available to be speni for ony of the purpos¢s of th¢ charity b) The Eiigli.%h Propety Fund liolds land, buildings and investments. from the proceeds of land and building5 previously sold. which ore restricted assets. part of whi¢h is ¢ndowed. the income frr&m which is restricted for religious and other charitable purposes in conne¢tion wi¢h th¢ advancement of the Christian Religion. Balan¢es at l April 2020 for both the Capital Reserve restricted and endowment fund5 have been restated by in¢Teasing ¢hc ¢ndowmcnt fund by £1,999.900 and reducing the resiricied fund by the sanie amount. It was established that an incorrccl cntry was made in ihe year ended 31 March 2006 which lias now been corrected. INVESTMENT INCOME 2023 2022 Dividends Baiik interest Renls re¢¢ived 549,404 4.022 257.430 544,944 47 284,384 £810,856 £829,373 10. OTHER TRADING ACTIVITIES 2023 2022 Book sal¢s £197 £1,159 11. INVESTMENT MANAGEMENT COSTS 2023 2022 Property management Property repairs and maintenance Support costs 35,565 128.859 33.836 33,802 81,344 30.997 £198,260 £146.143 17
CATHOLIC APOSTOLIC CHURCH TRUST PROPERTY NOTESTO THE FINANCIAL STATEMENTS (eontinued) FOR THE YEAR ENDED 31 MARCH 2023 12. CHARITABLE ACTIVITIES-2023 Aetivitie5 undert*k¢n directly Church almanacs and sermons Pi'operty Costs Governanee eosts Support Costs Grant5 Tot41 Religious Widows and Poor Grant to Paddington Albury grant Building maintenance 184,000 9,685 84,000 1.000 4,299 1,029 1,029 2,687 2,687 192,015 13,401 84,000 1,000 444,027 276,309 18,S21 149,197 £278,685 £4,299 £276.309 £20.579 £154,571 £734,443 CHARITABLE ACTIVITIES- 2022 A¢livilits undertaken dlrectly Cliureh Property Costs Governance costs Support Co$t$ Grgnl$ Sermons Total Religious Widow5 and Poor Albury grant Building m8intenan¢e 178,000 4,409 697 697 2,287 2,287 185,393 14,765 1,000 3.38,397 1,000 165.610 12,541 160,246 £190,781 £4,409 £165,610 £13,935 £164,820 £S39.555 12A. CHARITABLE ACTIVITIES ANALYSED BY IfuND Ceneiyl Pui'poses Fund En8li5h Property Fund Gerterfjl Purpose$ Fund Eng)Ish Prop¢rty Fund 2023 Total 2022 Tollll Religious Widows and poor Building maintenance 193,015 97,401 110,853 193,015 97,401 444,027 186,393 14,765 117,272 186.393 14,765 338,397 333.174 221,125 £401,269 £333.174 £734,443 £318.430 £221,125 £539.555 18
CATHOLIC APOSTOLIC CHURCH TRUST PROPERTY NOTES TO THE FINANCIAL STATEMENTS (¢ontiNuedl FOR THE YEAR EP4DF.D 31 MARCH 2023 13. ALLOCATION OF SUPPORT COSTS AND OVERHEADS The breakdown of support ¢05ts and how these are allocated between raising funds and charstable activities is set out below. Basis of 8pporlionment Rgising Fund5 Charltable Aetivities Cost type Total Salai'ses Office costs Staff time Staff time 102,194 52,377 102.194 52,377 £154,571 £154.571 Comparatlve flgurey Salari¢s Office ¢05ts Staff time Staff time 94,895 69,925 94,895 69,925 £164,820 £164,820 14. GOVERNANCE COSTS 2023 2022 Fee$ poid to th¢ Audllors Audit - Accountancy - O¢h¢r 7,360 5,500 1,750 6,400 4.800 1,520 Oth¢r Trust¢e5' travelling expense$ (4 Trustee5) (2022.. 6 Trust¢es) Otli¢r ¢xp¢n5¢$ 14,610 2,058 3,911 12,720 244 £20,579 £13,935 15. STAFF COSTS 2023 2022 Wages and salaries Social security ¢05ts 98,017 4.177 90,623 4,272 £102,194 £94.895 Number of employees.. (l administr81ion' 2 ¢ar¢taking) l employee earned between £60,000 and £70,000 per annum12022.' the same}. No remun¢ration was paid to any trustees in the current or piior year. Total remuneration for key management personnel was £77.607 (2022.. £69,597). 16. GRANTS GIVEN Grants are paid to a number of Chrisiian denominations and charities for the Clergy and their dependènts. Such donations amounted ro £184.000 (2022: £178.0(M)) and are included within lotal granls paid of £278,685 (2022= £190,781) as detailed in noie 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 2023 17. COMMITMENTS There are no material amounts authorised or contracted for at the year end. 18. FREEHOLD PROPERTIES Insurance Valtte Book Value 2023 Book Value 2022 Notes CHURCHES Gordon Squ&re Wolverhampton 70,841,471 9,124,564 100 100 100 100 OTHER PROPERTIES Cooks Place. Albury Lyne Cottage. Albury Apostles Chapel, Albury 3,575,416 749,685 17,084,643 100 100 100 100 100 100 bl dl OTHER CHURCH Paddington Church 33,000,000 £134,375.779 £501 £501 NOTES a) Church is let at nominal rent. b) Rent 15 received on these propertle5. Occupied by caretaker. d) Not ¢urr¢nily in us¢ for WOTship. Flcld by lo¢al irus1¢¢s undor Dc¢lar&tion of Trust in f8vour of l.lead Trustees, pr¢viously under lease from Cliur¢h Cornmissioncrs and is Siill in usc by a C.A.C. Congregation. This Chur¢h together with a Duinber of v¢stri¢$, basemen¢ Ineeting rooms and offices, 15 licensed for use by Euston Church, a s¢¢tion of the Church of Englgnd. A moiithly lunchtimc organ recital 15 given by a group of chur¢h orgonisis. W¢ekday services are held in the separate English Chapel by another icc(ion Df the Church of England, Forward in Faith, who provide a Priest Chaplain. with financial support by ihe Trustees. Insurance values indicate th¢ size of thc properties but give no indication of the market value if in fact li was possible ta %ell the Churches. As indicated in the aecounting polieics, all Churclies are over100 yeaTS old and are considered to bc fully dcpTcciaicd. Otlier propertics are adjaceiii to the particular chuh, and if now so availftble are let, but do not. in thc opinioft of the Trustccs. have a sufficiently material value for inclusion in the Balance Sheet, except for th¢ Cloist¢rs which hav¢ b¢¢n r¢furbished and the tlais l¢t (see note 3). 20
CATHOLIC APOSTOLIC CHURCH TRUST PROPERTY NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR EIYDED 31 MARCH 2023 19. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022 (AS RESTATED) General ngllsh English Purpu5es Properly Property Fun Fund Fuiid (Unrestrlcted) (Re$tricled) (Endowmtnt) Total 2022 Income and endowJnent5 frDtIi: Investments Oth¢r trading a¢tiviti¢s 333,155 1,159 496,220 829,375 1,159 Total 334.314 4Y6,220 830,534 Expendlture on: Inv¢slm¢nt management eos¢s 146,143 146.143 Chariiable a¢fivili¢s.' Religious Widows and poor Building maintenance 1 ¥6,393 14,765 117,272 186,393 14.765 338,397 221,125 Totol charitable activities 318,430 221,125 539,553 TotAI 318,430 367,268 685,698 Nel Income And net movement In funds before %ains and 1055cs on Investmcnty 15,884 128,952 144,836 Net gains on investments reali5ed and unrealised 886,858 377,410 204,033 1,468,303 NET MOVEMENT IN FUNDS 902,742 506,362 204,035 ,613,139 Reconclllatlon of thnds Total funds broughi forward (as r¢5tatedl 9,760.748 14,626,436 3,935,741 28,322.925 Total funds CaTried forward £10,663,490 £15,132,798 £4,139,776 £29,936,064