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$tees as to iheir suirdbility lor purpose. TlTre Trustees are moni¢oring tliese orgaiiisations, complidnce
wilh their written S￿re¥U￿rdIng policies. The Trustees have their own agreed over-ar¢hiftg policy, which is displayed
at cach ofihc Trust's pr¢n)is¢s.
With ihese various measures in pla¢¢ th¢ Trustees are ¢onfid¢nt thA¢ ri$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. 0￿ECTIVEs 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 ma￿lase 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$.
Risk Response
Undertake remedial action
drawing on Legal Advice
and assistance.
Aniend Trust policy
procedures.
Actionee
Secretary
and
Trustees
ExteTn41 economic dowiiturn reduces
incoine and increases costs ￿using
Ihe Trust fjnancial dI￿lcullies.
Set level of Grants, and
schedule
buildin8
mainien8n¢e.
conimensurat¢
aviiilable funds.
Claini ON in5uran¢e.
Secretary
with
Buildings and their users targeted and
attacked by terrorists, causing injury
or daina
Outbreak of war or pandemic, eic.
Include appropriate terrorism cover in
Trust's insurance policies.
Secretary
Eiisure Systems and procedures ar¢
adcquately robu$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 Eli￿lalId & 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 s￿tiOn 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 e￿Or, 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:
Raisipigfii￿ds.'
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 ca￿led 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 chu￿h, 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