CATHOLIC APOSTOLIC CHURCH TRUST PROPERTY (R¢gi51¢T¢d with The Ch8rity Commission) FINAi¥CIAL STATEMENTS 31 MARCH 2024 Registered Charity Numb¢r= 245250
CATHOLIC APOSTOLIC CHURCH TRUST PROPERTY (Regislered with The Charity Commission¢rs) INDEX Page TThMees Rep)rt Audito Report 10 Baian¢e Sheet Statement of Financial Aaiyiiies 12 Siatemeni of Cash Flows Notes io the Financial Smiements
CATHOLIC APOSTOLIC CHURCH TRUST PROPERTY TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2024 I. REFERENCE AND ADMINISTRATION The Trust Airns and Objectives: The Trust's aims and obje¢tives are besr described as'ihe advancement of the Christian Religion., To understand this aim more fully, one can turn to the Charity s original 1854 Trust Deed. which dKlar¢ the Trust is held ,foi'pi'oioIillg rhe service &ndii'orship ofAlpiightyi God accordiiig lo rlre doclrines... coniained in ihe ihree creeds colled ihe Aposile s Creed.. 'Ihe Nicene Creed. andihe 'CreedofSI. Aihanusiiis,. The Tnjst holds two funds to carry out its aims.. The English Properly Fund (art endowment fund). which holds land and buildings and ihe Prced$ of land and buildings previously sold. as a Capital fund. the incorne from which, after meeting administration and mainrenanee cosis, is used for religious and other charitable purposes in connection with the above aims. The General Pur$t$ Fund, which holds investments the income frorn which, after meding administratiort cosi& is used for religious and other charitable purposes in connection wilh ihe above aims. Trustees The TruMees who served throughout the year were.'- Jonathan Michael Pitt5 Philip Arthur Whittaker Christopher Benjamin Trevor Benjamin Thomas David Baldwin Jonathan Frincis Caner New Trust¢es are appoinied by a resolurion of the eximing Tnee5. Charity Regi5trJtion Nrnber 245250 S¢¢ret8ry to th¢ Trustee5 J C Sracy (rrfired 31 March 2024) P Flenley (appoinied l November 2023) Addr¢55 2 The Cloisters Gordon Square London WCI H OAG B&nk¢r3 C. Hoare & Co iAd 37 Fleei Street London EC4P 4DQ Solicitors Hunters Law LLP 9 New Square Lincoln'5 Inn London WC2A 3QN Registered Auditors Haysmacintyre LLP 10 Queen Street Place London EC4R I AG Investment Advisers CCLA Invesim¢nt Managemeni Limiied Senator House 85 Queen Victoria Street London EC4V 4ET Investment Powers The provisions of the Trustee Invesiments Act 1961 apply. now the Trustee Act 2000
CATHOLIC APOSTOLIC CHURCH TRusf PROPERTY TRUSTEES REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2024 I. STRUCTURE GOVERiY NCE AND MANAGEMENT Historieal conleyt The Trusi's hisrorical background is best summarised by quoiing directly from the original Declaraiion of Trusi dated 16111 February 1854 (the Principal Trust Deed) made in T¢lation io ¢hurches in England and Wales. The churches under Ihe Trustee5 care were built and used 'for proiiioiing and I1 seiyKe ii'oi'ship o[AlIFrigli4' Go(1 ccording io ihe docli'ines L'oiiluirtd ihe ihreÉ creeds colled ilK "Aposile s Creed" ihÉ "Niceiie creed. aiid ilie "Creecl o[ Suini Ailiuiiasiiis. pariic'iilurli. Ilw Docirine5 of ihe peTiiwiwiic'e of ih¢ Gi[Is of Aposile5. Pi'opliels. Ei'oJ7gli515 lind Pasioi's in ihe chr¢h- Ihe DDtirine iliui I1 Po)I'ers aird (iifis ufihe Holi. Ghosi giiEii ilie daj. of Penlec'osi urL' Ihe abiding Endoii'iiieni of ih¥ Cliiirch - Ihe Dlrie ihol 5tspreiiw I'iile of Ihe Chtiicli (piiKhi io be ei'erciJecl bi. ni'elire Aposiles noi elecied tsr urclulld bj, bul called and seiiifiwili iiiimedialeo. hi. God. ond ihe Ditii'iiie ujflie ne¢essirJ' of ihe presence o[IlK soAlfoiirfold Minisiry. ofAposile.f, Prophet5. Ei'angelisis and Posrors oiid of ihe sold Poii'ers ond Gifi3 of I1 Holj. G11051ftpr ihe piiipose olpreptti'iiix tindperfe¢lip?g ilie Ckiijclifor ihe se¢ondAchpenl of I1 LordJesvs Chri51... Constitutio The Charity is governed by a Chariry Commission Scheme dated 21 st November 1973. Managemenl The routine affairs of the Trusi are execuied by ihe Secretary to the Trustees who has delegated executive powers to )aTtage the day io day operaiions of Ihe Trust from the Trusi Office ai no. 2 The Cloisters. Gordon Square, London, WCIHOAG. The Tnjsiees nomially have four formal meetings each year. Separaie se5sioDs aT¢ held for the General Purposes Fund and the English Property Fund. The affairs and business ofihe Trusi are agreed by the Trusiees ar these quanerly formal meetings and thereafter actioned on their behalf by Ihe Secrdary. The Secretary has day to day access io ihe Trusiee5. The Trusiee5 and their Seereiary. as part of iheir Risk Management commitmeni. have pr¢)duc¢d a Procedures Manual setting down the day to day funciions of the ChariEy and a panel of Trustee5 audit and updaie ihe document at regular intervals. Risks both 10 and from buildings and premises are managed by the employmeni of professionals (architects and building surveyors) and miiigaied by insurance cover. Ivhich includes cover tor terrorism. Financial invesimeni risks are managed by ihe employment of external fund managers from CCLA, who manage the Trusi's COIF eihical investment portfolio. Safeguarding issues concerning Christian or8artisaiions using the TnJM"s church buildings have been investigated. These warious bodies, saf¢guarding policies have been vetted by a legal advi50r specializing in ihese matters. who advised the Trustees as to their suitability for PUTpose_ The Twsiees are monitoring these organisaiions, ¢ompliance with their written s2feguardin8 policies. The Trustees have their own agreed over-arching policy, which is displayed at each of the Trust's premises. With these variou5 measures in place the Trustees are Confident that risks are contained at an acceptable level. Trustees Trustees are selttied from members of previous congregations of ihe Caiholic Apostolic Church or those sympathetic io its objectives. A prop)sed new Trusiee is initially interviewed by the Chaimian and Trustees. Following approval and appoinimenr, the new Twst¢e is issued with an inforniaiion pack deiailing the history of the Trust including copies of the various hisiorical Trusi deeds and abooklet explaining the role ofihe Chartry Commission. A one io one induc(ion session with ihe Secretary io the Trustees structured around ihe OtTKe Procedur¢s Manual. which covers all a5pe¢rs of the day io day running and organisation of ihe Trus4 is programmed. Since Mr Reynoldson's retirement in March 2023 and Mr pl.$ in February 2024. no replacement has YJ been made bui Lh¢ posiiion may be fllled if deemed fit and a suitsble candidaie is nominated.
CATHOLIC APOSTOLIC CHURCH TRUST PROPERTY TRUSTEES REPORT (contlrtued) FOR THE YEAR ENDED31 MARCH 2024 Assoel8ted Charlties The Trust ha5 one 8sSQCiated charity "The PdIngTon Church Trust" Charity Regisiraiion Number 245205. During the year the Trustees have mainiained an active dialogue iviih the Trustees of the associated ch8Tity. Earlier in 2023, both Trusts j(Trintly con5ulied legal advisers conceming the relationship between the Trusts and specific responsibilities for the Paddington Church building repairs. In S¢pt¢mber 2023, the Paddingion Church was closed for safety re&son5 t(Tr #ny sort of use by those regularly gaihering Ihere for prayer. This closure was oidered by the appointed Stnjctural Engineer. The main iopic since rhe closure has coniinued to be rhe condition of the Paddington Church building and how best io move fonvard in Temedial works and Iheir project management. Iransfer of ownership of the freehold and funding rhe repairs. An increased involvement of rhis Trusi's Trustees in these matters is certain. Staff The TTU5t employs an executive oifi¢er with the tille of 'Secreiary io the Trustees, based at The Cloisters and for ¢he Chapel and associated PTOP¢rties ar ihe Albury Sife near Guildfoid aresidertt Caretaker and an Assistant to th¢ CaT¢taker. The Senior Secretary had previou51y announced his rdiremeni as of 3 1st March 2024 and his replacement. Philip Flenley {JunLOT Secretary), started work with the TTUSI on Isi November 2023. From I si April 2024, Mr Flenlry will be the sole Secretary, with occasional help for certain duties given by Mr Stacy on a voluntary ba5lS. Caretaking services for the Church and Cloisiers in Gordon Square, London are provided by the appointed managing gents, Hudsons Property. Volunteers There are several volunteers io whom the TTUSt is very thankful for their continued help in ihe past year. An Hon. Librarian, Hon. Administrative ASsiant and Hon. Organist all supported the Trusi in various ways ai ihe site of rhe Gordon Square Church. 3. ACTIVITIES In fulfilling the objective of this Trust. 8rants are made to assisi ihe clergy in ihe major branches of the Chrbstian Church in the United Kingdom and for the welfare of both poor Mem[$ and widows of ihe remnant of the former congregations of the Catholic Apostolic Church. and for the mainienance of ihe remaining church buildings from the CatholTe Apostolic Church and their appropriate use for worship by other Churches and congregation5 as asreed. The Trustees have also provided Tesources for the repriniing of ministries and almanae5 which are available to those on their distribution list. Publif B¢n¢fit The TTU5tee5 have consulted ihe guidance made available by the Charity Commission for England and W¥4le5 On the Public Benefit requiremenl of ihe Charities Aa 2011. The TnJMees we confideni ihai they have complied with their duty under seetion 17 of the Chariiie5 Aci 2011 in th8t they have had due regard to public beneflt guidance as currently publithed by the Commission. In funherance of lis charirable purposes for publtc benefit. the Trustees give details of their activities this financial year in the following se¢lion.
CATHOLIC APOSTOLIC CHURCH TRUST PROPERTY TRUSTEES REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2024 Grnnt5 gw8rd¢ In the Service of Almighiy God and His Churth. the Trust holds invesimenis and an endoivmeni fund which holds land and buildings as well as Ihe proceeds of land and buildings PT¢VK)Usly sold. General Pur oses Fund The income from the invesiments forms a ¢apital fund. which. after meeiing adminislrarion and tnaintenance cosis. is available for religiou$ and. o¢¢asionally. other charitable purposes- when funds permit- in connection with promoiing and Inainiaining the servi¢¢ and worship of Alrnighty God according io ihe &>ctrines contained in ihe three creeds of the 01)e Holy Caiholic and Aposioli¢ Church and in expeciarion of the Lord Jesus Christ"s coming Kingdom. Duriiig ihe year the following 8rant5 were made=. Additional Curates Society For%¥ard in Faith Chaplaincy support Greek Orthodox chh Roman Catholic Church Grek Orthodox University Chaplaincy support Wolverhampton Christian Fellowship Paddington Church TtU51ees Grant refullded from prior year 55.000 24,000 25,000 i 5.000 20,000 20,000 179.472 115,000) 323.472 I4.9 Various small grants 337.481 En lish Pro The Trust hold$ the English Property Fund lan endowment and restricted fund) which holds land and buildings and the proceeds of land and buildings previously sokl, as a opitxl fund. In 2023- 2024. no grants were made from ihe endowment fund. Mllintenlnee of Ret4lDed Properti The reiained propenies are mainiained as required for hiOr1¢ and listed buildings. Durin8 theyear the following work5 were und¢rtaken'.- The Cloisters The flats in the Cloisters were lei by ihe appoinied m8nagingagents Hudsons Property_ Routine matntenance tasks were undertaken during the year. These were under the supervision. where appropriaie, of ihe Trusre¢s appointed Architect for the buildin& Nye Saunders Lid. Renial income from ihese flals is used io support the Tn'S obje. A pan of The CIoi51ers (1-5. wilh the railings at ihe front) is rffogniseil a5 Gr&le 11 listed. C¢ntTal Cbureh {commonly known a5 chri the King) The English Chapel is currenrly leased io Forward in Faith. part of the Church of England. Forward in Faith employ a Priest as chaplain and Holy EuLh8risL services are held on Tuesdays Wednesdays and Thursdays in the Chapel. which is norn)ally open io the general publi¢ for private devotions from 8.30am until 3.30pm on those day5.
The main Church building togrfher wilh meeting r(K)m5 and basement office accommodation is licenced io 'Eusion ChUh, {r¢gistered charity 1159493) an evangelical Church planted from St H¢len's, Bishopsgate. and part of the ChUh of England. Moming. afternoon and evening s¢rvi¢e5 are held every Sunday as well as regular Bible study meetings and occasional weekday services. Across all Sunday and weekday services there is a very international congregation of over 400 people. The main Church is used for monthly publie organ re¢itsl4 for which no admission charge is made. The main Church is a Grade I listed building. This property a150 houses the Church registers for baprism and marriage for closed Catholic Apostolic Churches in the Uniied Kingdom and also the USA and Canada to which church members and the public have access vio the TTUStees Secreiary. Routine maintenance tasks were undertaken during the year. All work is tarried out under the supervision of the appointed ATchitect, Nye Saunders Lid. Albry Site Propertie5 Albury Chapel This properry houses religious archives from the Catholi¢ Apostolic ChUh and is a Grade Il* lisied building. li is visited by members of fornier Caiholic Aposiolie Church eongregatitsns frotn the United Kingdom, Europe, United State5, Canada, Ausiralia and S Afiica. There were no major works commis5ion¢d this yvdr. Cooks Place The easi end of this property is used by the Albury sil¢ Custodian and the west section is leased to a tenant. Renial income from the we51 section accomtnodalion is used io support ihe Trust's objects. Sash windows ai Cooks Place West w¢re refilled ihis past year. Par15 of the house are 13 century and li is Grade 11 lisied. Lyn¢ Cottage. This buildin8 is used by the Caretaker. This pasi year, Ihe exterior was redecorated. and the baihroom(showeT were refurbished. Rouiine mainienanee tasks on the various properties ai Albury were undertaken during the year. including redecordtion of the Stable Block. All work is caff led out under the supervision of the appointed Architect. Nye Saunders Ltd. Wolverhampton Cburth The property 1$ currently leased io The Wolverhampton Christian Fellowship, a non-conforniist Church. The Trnstees are satisfied that the le55ees Continue to comply with The issues of a good housekttping nature. A Fire Risk Assessment was carried out and the Fellowship have made arrangemen(s for the necessary irnprovement5 to be made. The Fellowship's Safeguarding policy was also recently updated. Rouiine rnainienance tasks have been undertaken during the year. under the supervhsion of the appoinied Architect for the site. Thorn¢ Ah7[¢¢thre Lid.
CATHOLIC APOSTOLIC CHURCH TRusf PROPERTY TRUSTEES REPORT {continyed) FOR THE YEAR EiYDED 31 MARCH 2024 4. ACHIEVEMENT AND PERFORMANCE The Trustees are satisfied that all current property rnainienance r¢quir¢m¢nis a5 advised by their appoinied Archilect5 have eithei been carried oui or are programmed and funded for execution ivithin the ttme scales recominended. The Trustees are satisfied that. after providing suffi¢i¢nt funds for building m8inlenance and reserve5 for future years, lh¢ level of grant5 made during the year pioperly uiilised the available investment income. The Trustees are satisfied Ihar the Trust is ¢onsidered a going concem. The Truslees are Satisfied that a reasonable return on investments has been obiained u'ithovt undu¢ risk {as advised by consultaiits) and a reasonable income from revenue generating propeTty has been obtained (as advised by consulianrs). It should be understood ihat rhe Trusiees maintain an ethical investmeni p)licy. The Trust"5 fund5 are held wiihtn th¢ COIF Charities Fixed Inierest Fund and COIF Charities Eihieal Investment Fund and the COIF Charities Property Fund. These are managed by CCLA and are subject io their Socially Responsible Investment policies wilh which the Trustees are in agreement. The Funds are promoted as Responsible Funds tl)at consider Ihe economic. social and environmental impacts of Ihe companies in which the funds invesi and avoid direct investment in areas such as armaments. garnbling and tobacco. The CCLA COIF fund m8nageTS have a proaciive engagement priKtSs with companies in which it invests on non- rinancial issues which Could have a material impact on business Such &s supply chain management, environmental impaci% human rights and labour siandaFds and ihe T¥uMees are in agreejnenl ivith this approach.
CATHOLIC APOSTOLIC CHURCH TRUST PROPERTY TRUSTEES REPORT (e•ntinutdl FOR THE YEAR ENDED 31 MARCH 2024 5. RISK REVIEW The Tnjstees undenake regular risk management activities. identifying and aSsIng the risks that could have a Sl8nificant impact on ihe conduct. repuiaiion and operation of the Tn]st. The risks ar¢ moniiored and reviewed on a regular basis and discussed, ai leasi annually. ai ihe Trustees. Quarterly rn¢etings. The risks are documented in the Trust's Risk Register, with each risk being assigned a Probability 8nd Impact score that are used to gauge the signsficance and priority of ihe risks. helping with ihe development of mitigation5 and response strategies should the risks maierialise. The iable below is an extraei from the Trust'5 Risk Register showing the most important risks indicated by the Trustees. risk assessment. Risk Descrlption TTUSt fails to meet regulatory or legal obligations leading to litigation. fines. damage (o assets or reputation. Mlllgatlon Use of professional legal advi%>rs. Trustees and Secretary to regularly monitor compliance with. and review. Charity Commission rules and guidance. Maintenance of Trust plicy and rocedures. ExteTnal¢¢onomicdownrurnreduces Use of professional Advi50rs and Set level of Grants, and income and increases costs causing Managers io guide to optimise income l %hedule building the Trust financial diffIculties. and ouigoings. maintenaThce. commensurate Mainiain ade uaie reserves. with available funds. Include appropriate teOriSM cover in Claim on insurance. Tru.5 insurance policies. Risk Response Undertake remedial acTion drawing on Legal Advice and assisTrnce. Amend TTUSI l1¢Y and procedures. Actlonee Secretary and Trustees Secretary Buildings and their users tPTgered and attzcked by terrorists. c8using injury or dama Outbreak of war or pandemic. ¢lc. Secretary Ensure systems and procedures are adequately robust and able to continue eraiion. Use of Financial Advisors io guide investm¢ni siraiegy 10 op(imise retums in the thon and long term. Quanerly review by Trustees. Mainiain ade uate reserves. Use professional Property Management and Lettings Agents. Quarterly review by Twsrees. Maintain ade uaie reserves. Use of professional Siruciural Engineering and Archiieciural advisors. and follow their adwice carefully. prioriiising building safety. Ensure all relevant pemiissions io undenake rernedial work in place in iimel manner_ Monitor ¢urreni and fuiure costs of planned repair carefully. iaking advice from the TTUSI-S SITu¢iural Engineers. Qu8niity Survo'or and Architect. Regularly Match Cosis with Trust-s funds. Prioriiise funding to ensure buildin safe Trust procedures mainiained and duplicaied in paper fomi. Electronic Sy51ems regularly maintained, protected and backed up, with physical Separation of sensitive data from exiemal acc¢5S. Operate Trusi remotely. aintain aciiviiies to ihe extent ossible. Set level of Grants. and schedule building mainienance. ¢omm¢nsurate wilh available fund Secreiary and Trustees Secretary Invement income fall$ signifJ¢anily. Rent income from Cloisters fla15 fall signiftcantly. Set level of Grants. and schedule building maini- enance. cornmensurate with available funds. reeommended temporary stru¢iural supports safety equipment ¢arlie5t opportunity. Undenake pertnanent underpinning a5 advised. Use of capital Te5erves. including seeking Telease of the property restricled endowment fund. Consider reducing Trust'5 other ouigoings. Secretary Paddingron Church buildin8 suffers structural collapse or partlal collapse due to structural fault5. Secretsry and Trustees and ai Paddingion Church building siruciural faulis loo expensive to remedy using readily available funds. Secretary and Trustees Occurrence of fire, flood, damage. IT failure or cyber-crime adiersely affects the operation of the TTUSI. ReCOnllute operations frorn duplicates and backups. sretary
CATHOLIC APOSTOLIC CHURCH TRUST PROPERTY TRUSTEES REPORT {eontiDued) FOR THE YEAR ENDED 31 MARCH 2024 FINANCIAL REV W AND RESERVES POLICY Tlie Trust is reliani on the income frorn its iTtvestmenis. iYhi¢h are long term funds seeking capiial growth and sus¢ainable incom¢ wilh PTOteclion from intlaiion. Income from invesimenis an)ounied 10 £869,147, an increase of £58,291 from the previous year. Toial income 8mount¢d ro £870.918 (2023.. £811,053). Investment maTragement ¢osrs decreased by £36.014 to £162,246 and investments recorded 8ains of £1.519,582 (2023.. losses of £1.046,160). Expenditure increased from £932.703 10 £1.001.616 in the year. The Trustees maintain reserves ai a level to provide suifieient income io fund gron15 made by the General Purposes Fund and to meei costs Ihai may arise on the properties of the English Prop¢ty Fund. Unrestricied reserves increased to £10.543.768 and reMri¢ied fijnds increased to £15.414:992. In addition endowment funds increas¢d 10 £4,143,378. The irusiee5 consider reserves held to be adequate and ID line iyith the target level. PLAIYS FOR THE FUTURE PROPERTY The Trust has a ten year forward mainienance profile in place. identifying the major pn)perty maintenance works tha¢ are expected to be required over ihe period to the current building siock, io whTrch estimated Costs have been applied. The Trustee5 are confident thai proper allowance has been made on a year by year b8si5 to meei these expenses. TRUSTEES, RESPONSIBILITIES STATEMENT The Trusiees are resw)n$ible for preparing the TnJMees' Repon and the financial s(aiemenis in accordaD¢¢ with applicable law and United Kingdom Accounting Standards (United Kin8dom Generally Ac¢ept¢d Accounting Praciice). The laiv applicable io ehariiies in England & Wale5 requires the irusiees to pr¢pafe financial statements for each financial ye#r which give a true and fair view of ihe yale of affairs of the charity and of the incoming resources and application of reSOUTces of ihe charity for ihai period. In preparing these financial siaiements. the trustees are required to.. Select suitable accounting policies and then apply them conSiently- Observe ihe methods and principles in ihe Charities SORP: Make judgements and estimates that are reasonabl¢ and prudent. Stale wheiher ¥plicable accounting standards have been followed. subject io any material d¢partUTes disclosed and explained in the financial statementS- Prepare the financial statements on ihe going concern blS unless it is inappropriate lo presume that the Charity will coniinu¢ in business.
CATHOLIC APOSTOLIC CHURCH TRUST PROPERTY TRUSTEES REPORT (continutd) FOR THE YEAR ENDED 31 MARCH 2024 The TTusiee5 are responsible for keeping proper accounting recordg ihai disclose with reasonable accuracy at any time Ihe financial posiiion of the charity and enable them io ensure that the flnancial st&t¢ments comply with the Charities Aci 2011. the applicable Charity (Accounts and Reports) Regulations and the provisions of the tru5T deed. They are also responsible for safeguarding the assets of the chariry and hence for kIll8 reasonable steps foT the preveniion and detection of fraud and other irre8ulariti¢s. Approved by the Trustee5 on and signed as authorised on their behalf by.. Trusitt Trustee &¥1 li ! bLILI d,"ki,-I
INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF CATHOLIC APOSTOLIC CHURCH TRUST PROPERTY Oplnlon We have audited the finan¢ial siatemenis of Catholic Apostolic Chureh TTU5t Prop¢ny for the year ended 31 March 2024 which comprise the Balance She, the Siatemeni of Fillaneial Activitie& the Stat¢ment of Cash Flows and notes to the rinancial stBternents, including a summary of significant accounting p)licies. The financial reporting framework that has been applied in their preparaiion is applicable law and United Kingdom Accouniing Standards. including Financial Reporting Standard 102 The Financial Reporiing Siand(Jrd4wplicable in ihe UK tsnd Repiiblic oflpEltsndlUnit¢d Kingdom Generally Accepied Accounting Pradice). In our opinion, Ihe financial giatements.. give a trne and fair view of the state of the chariry's affairs as at 31 March 2024 and ofthe charity's net movement in funds for the year then ended: have been PToperly prepared in accordance with United Kingdom Generally Accepied Accounting Practice; and have been prepared in aeeordance wilh the requirements of the Charities Aei 2011. Basis for opithion We have been appointed a5 auditor under section 144 of ihe Chaiities Act 2011 and repon in accordance wilh the Act and relevant regulations made or having effe¢l Ihereunder. We conducted our audit in xccord8nce with Inlemational Standards on Auditin8 IUKI {ISAs IUK)) and applicable law. Our responsibslities under those 51andards are funher described in the Auditor's responsibilities for ihe audii of the financial statemen(5 Section of our report. We are independent of the charity in a¢¢ordanc¢ with the ¢ihi¢al requirements thai are relevant to our audit of the financial siarements in rhe UK, including the FRC'5 Ethical Standard, and we have fulfilled our other ethical responsibiliiies in accordance with these requirements. We believe ihai the audit evidence we have obtained is suffi¢i¢nt and appropriate io provide a basis for our opsnion. Conclu$ion$ relating to going eonterD In audiiing ihe financial siaiemenis. we have ¢on¢luded th the tn]5Tees' use of the going concern basis of a¢¢ounting in Ihe preparaiion of the financial siaiements is approprhaie. Based on ihe work we have performed, w¢ hav¢ noi ideniified any material uncertainties relating t(Tr events or conditions thai, individually or collectively. Tnay cast 5ignifi¢ant doubl on ihe charity's ability to continue a going concern for a period of ai least twelve months from when the financial swemenis are auihorised for issue. Our responsibilities and the responsibilities of ihe trusiees with respect to goirtg con¢ern are described in Ihe relevant sections of this report. Other informatlon The trustees are responsibk for the other inforniaiion. The other information COTnprises the inforn)ation included in the Trustees. Artrtual Report. Our opinion on ihe financial statements does not cover the other informaiion and. except io ihe extent otherwise explicitly stated in our report. we do not express any forn of assurance conclusion ihereon. In connection with our audit gf the financial statements. our responsibility is to read the orh¢r information and. in doing 50. conssder whether the otheT infomiation is materially inconsistent with the financial sia(emenis or our knowledge obtaintd in the #uditor otherwise appears to be materially misstated. If we identify such material inconsistencies orapparent material mi$5ttttem¢nts. we are Tequired io detemiine whether there is a material misststemeni in the financial statemenls OT a material missiatemeni of ihe oiher infomiation. If. based on the work we have perfonned. we conclude ihat there 15 a material misstaiement of this other information. weare required io report that faci. We have nothing to report in this regard. M8tters on which we ar¢ required to report by txc¢ption We have nothing ro Tepoft in respect of ihe following rnatters in Tel10n to which ihe Charities (Acetsurtts and Reports) Regulations 2008 require us to report to you if. in our opini¢)n'. adequate accounting records have noi been kew by the charity. or sufficient accourlting record5 have noi been kept. or the chariry financial siatements are not in agreement with ihe accounting records and returns.. or we have noi received all the infonnalion and explanations we require for our audit. Responslbllltles of trustees for th¢ financial stt¢ments As explained more fully in the tru5tee5' responsibiliiies siatemeni set out on page 7, the trustees are responsible for the preparation of the financial statements and for being satisfied thai they give a true and fair view, and for such internal conirol as ihe irusiees detemiine is necessary lo enable ihe preparaiion of financial stat¢m¢nts ihat are free from material misstaiemeni, whether due to fraud or eTror. 10
INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF CATHOLIC APOSTOLIC CHURCH TRusf PROPERTY (fontithued) In preparing the financial 51atemen15. the lTut£S are responsible for as5¢55in8 the charity's ability ro coniinu¢ a5 a going concern, dIlOSIng, as applicable. matters related io going concern atMI using the going concern basis of accouniing unless The iTusrees either intend to liquidate ihe charity or io cease op¢rati(Trns. or have no realisiic altemafive bui io do so. Auditor's r¢spon51bilitie5 for the udit of the finan¢i•l $¢at¢rnent$ Our objectives are lo obiain r¥d50nable assurance about whether the flnancial statrmenis as a ivhole are free from matcrial Inisstalement. whether due 10 fraud orerror. and 10 i5su¢ an auditor s report that includes our opinion. Reasonable 35suran¢e is a high level of assurance. bui is noi a guarantee that an audit conducied in accordance iviih ISAS {UK} will always delect a Inaterial missiaiemenc when it ¢xisis. Misstaiernent5 can arise from fraud or errnr and are considered maierial if, individually or in ¢he aggr¢gaie, Ihey could reasonably be expecied io influence the economic decisions of users taken on rhe basis of ihese financial sraiements. Irreguiariiies, including fraud. are instances of rton-complian¢e with laws and regulations. We design predureS in line Iviih our responsibilities. outlined alK)ve. to deie¢i maierial misstatements in respeei of irregulariiies, including fraud. The exient to which our procedures are capable of deieciing irregularitie5. including fraud is deiailed below.. Based on our understanding of the charity and the environment in which it operaies. we identified that the principal risks of non-compliance with law5 and regulaiioDs relaied to compliancewith tharity law. employmeni law and health and safety regulations. and we considered the extentio which non-compliance might have a material effect on the financial siatem¢nt5. We also considered (hose laws and regulations that have a direct impaci on the preparation of the financial siaiements such as the Charitie$ Act 201 l and payroll iaxes. We evaluated managemenr's inceniives and OPTM)rtunities for frduduleni manipul&tion of the financial 51atements (in¢luding the risk of override of coniro151, and deterrnined thai ihe principal risks were related io managemeni bias in ¢ertain accouniing esiim4ies. Audit procedures perfomed by ihe engagement team included." Inspeciing minuies of tru5tee5' rneelings- Inspecting eorrespondencc wilh regulators and tax auihoriiies= Discussions with managemeni including ¢iJnsider#iion of known or suspecied in5tsnces of ntsn40mpliance wilh laiY5 and regulation and fraud; Evaluating management's Conirols designed io prevent and irregularitie5' Identifying and testing joumals. in particular journal entrie5 Posted ai the year4nd or with vnusual des¢riptions: and Challenging assumpiions aTKI judgements made by managffli¢nl in their critical accouniing e5rimates. Because of the inherent limttations of an audii. Ihere is a risk that we will noi detect all irregulariti¢5, including those leading io a marerial rnis5tatement in ihe financial MatemenTS or non-compliance wirh regulaiion. Thi5 risk increases the more that compliance wilh a law or regulation i5 removed from the events and transactions reflected in the financial statements. as we will be less likely io become aware of instances of non-¢omplian¢e. The risk is a150 8reaier regarding irregularities occurring due io fraud rather than error. as fraud involves inientional concealment. foigery, collusion, omission or Misrepresen(1on. A further description of our responsibiliii¢5 for the audit of the financial stsi¢ment5 15 located on the Financial Reporting Council-s websiie ai.. www.fr¢.or .uk audkiorsre onsibilbtie This description foThs part of our auditor's report. Us¢ of this report This r¢pon is mode solely to the charity's $[t¢S as a body. in accordance with section 144 of the Charitie5 Act 2011 and regulaiions mad¢ under Section 154 of thai Aci. Our audit work has been undertaken so that we might state to the charity's truste¢5 those rnatters we are required io al¢ io them in an Auditows report and for no other purpose. To the fullest exient permitted by law. we do noi xcepi or assume resixjnsibility to anyone other than ihe charity'5 trustees as a body for our audit work, for this report, or for the opinions we have fomied. LLP Haysmacinryre LLP Siaiu(ory Audiiors Date.. l O Queen Sireet Place London EC4R IAG Haysmacintyre LLP is eligible to act as an auditor in terms of sedion 1212 of the Companie5 Act 2006
CATHOLIC APOSTOLJC CHURCH TRUST PROPERTY BALANCE SHEET AS AT31 MARCH 2024 2024 2023 Notes FIXED ASSETS Tangible a5sets- Freehold Property- ch2ritable u5¢ 501 501 Investment property Investments 11.230.000 17,334.260 I1,285,0) 16,814.678 28,564.260 28.099,678 28.564.761 28,100,179 CURREIYT ASSETS A Thjounts due within one year: Debrors Cash at bank and in hand 97,439 1.481.065 86,335 620,941 1.578.504 707,276 CREDITORS: #mounts due wiihin one year (41.127) {39,201) NET CURRENT ASSETS 1,537,377 668.075 £30,102,138 £28,768.254 FUNDS General Purposes Fund (unr¢$tricted) English Property Fund (endowmertil English Propety Fund (restricted) 10.543.768 4.143.378 15.414.992 9.922.210 3,995,106 14,850,938 £30,102.138 £28,768,254 The financial siatemenis were approved and authorised for issue by the Board of the Trustees on and were signed below on its behalf by.. Iqb 1 2021 Trustee LLltrl,(.k I Trustee 12
CATHOLIC APOSTOLIC CHURCH TRUST PROPERTY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 21124 Gener1 Engllsh Engli5b Purpos¢s Property Property Fund Fund Fund lur¢s1r1¢1td) (R¢5trictedl {Endowmenl) Totgl 2024 Total 2023 Notes Income from". endowments Investments Other tTading activities 315,790 1,771 553,357 869,147 1,771 810,856 197 10 Total 317,561 553.357 870,918 811,053 Expenditure on: RL7isiiigfiids.' Invesimeni management costs 162246 162,246 198.260 Cliariiable ociiibiries." Religious Widows and poor Building maintenance 160.718 193.098 166.392 160,718 193,098 485,554 193.015 97.401 444.027 319.162 Total charitable aciiviiies 12 520.208 319.162 839,370 734.443 Total 520.208 481.408 1.001.616 932,703 Net (expedltureVineome before gAinsl(10sses) investments {202,647) 71,949 (130,698) (121,6501 Nei gainslllosses) invesimenis realised and unrealised Unrealised losses on revaluation of investment property on 824,205 547.105 148.272 1.519.582 11,046,160) (55.C(10) {55,0001 NET MOVEMENT IN FUNDS 621.558 564.054 148,272 1,333,884 11.167,810) Retoncili8tioll of fund5 Total funds brought forward 9.922210 14.850.938 3,995,106 28.768,254 29.936,064 Total funds carried forward £10.543.768 £15.414.992 £4,143,378 £30.102,138 £28.768.254 All income and expenditure derive from continuing activities. All 8ain5 and losses recognised in the year are included in the Stalement of Financial Activities. The comparaiive Sthiemeni of Financial Activities for the year ended 31 March 2023 is shown in noie 19 to these fhnancial statements. 13
CATHOLIC APOSTOLIC CHURCH TRUST PROPERTY STATEMEIYT OF CASH Flnws FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 C4$h flow5 frorn operating eiivities: Net cash used in operaiing aciiviiies (e below} (1.009.023) (906.898) Cash flows from investing Activities Dividends. inieresi and r¢nis frorn InVlents Proceeds from sale of investments 869,147 1.000,000 810.856 N¢t c¥$h provided by investing aetlvities 1.869.147 810.856 Cliange in ¢ash and cash equivalents in ihe year Cash and cash equivalenis at the start of the year 860.124 620.941 (96,0421 716.983 Cash and cash ¢q[ValentS at th¢ ¢•d of the year £1.481.065 £620,941 RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES Net movement in fund5 la5 per tht Statement of Financial Activities) 1,333.884 11,167.810) Adjustments for.. {Gainslllosses on invesrmenis Dividends, inieresi and rent from investments IlntTease}..decrease in debtors Increase in creditors (1.464.582) 1869,147) (11,104) 1.926 1.046,160 {810.8561 25.310 298 Net tash (used in) op¢r8ting activilies {£l.(M)9,023) (£906,898) Analysi5 •f ehnges IA ne¢ Other non-e$h changes At 31 March 2024 At l April 2023 C*$h llows Cash and bankJdepo5its £620.941 £860.124 £1,481,065 14
CATHOLIC APOSTOLIC CHURCH TRUST PROPERTY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUIYTING POLICIES The principal accounting polici¢5 adopted. judgements and key sources of esiimaiion uncertainty in the preparation of financial statements are as follows= Basls of prep*railon The financial statements have been prepared in accordance iviih Accounting and Reporting by Charities.. Statement of Recommended Pwtice applicable io chariiies preparing their accounts in accordanee with the Statemeni of Recomrnended Practice for Charities (SORP 2015) (Second Ediiion. effective l January 20191 and, the Finan¢ial Re)rtill8 Standard applicable in the UK and Republic of Ireland (FRS 102). Catholic Ap05tolie Church Property mttrs ihedefinition ofa public benefitentity under FRS 102. A55ets and liabiliiies are initially recogni5ed ai hisiorical CO or iransaciion value unless otherwise ststed in the Tel¢vant accounting policy noie(sl. b) Prepar4lion of ihe 4cfo¥nt5 on a going eoneern b#sls Having considered furure budgeis and cash fltsws. the trustees confirm thai they have no material uncenainiies alx>ui rhe eniiry's ability to continue as a going concern for the foreseeable future. The most significant uncertainty that affeci ihe caTrying value of assets held by ihe charity are the level of inve51menr reiurn and the perfomiance of inves(ment rnarkeis. However. the predicted budget5 and the Tru51'5 large investments indicate that it continues to be a going concern for ihe foreseeable future. Income All income is included in the SOFA onee the chariry has enlitlemenr io the income, it is probable that the income will be received and the amount of ineome re¢¢ivable can be rneasured reliably. The followirtg specific policies apply io caregories of income= Donations & Grants where related to perfonn3nce and specific deliverables are accounted for as the Charity earns the right io consideration by its performan¢e. Where income is received in advance of its recognition it is deferred and included in Credilors. Where entitlement occurs before income being received the income is accrued. Investment income is credited to in¢om¢ when ir is receivable and ihe amount can be measured reliably by the charity: this is normally upon notification of the inieresi paid or payable by rhe bank. Dividends are retognised once the dividend has been d¢clar¢d and notification has been received of the dividend due. dl Expenditure and irrecoverxble VAT LabIlitIeS are recognised as resources expended as soon as ihere is a legal or constructive obligation committing the charity to the expenditure. All expendiiure is accounted for on an accruals basis and has been elassified under headings that aggregate all wsts relared to the caiegory. Th¢ ¢051 of generaiing funds consists of ihe property managemeni and property repair5 maintenance Costs are Shown in nol¢ I l. Gran15 payable are paymenrs made to third parties in the furtherance of the charitable objective5 of rhe Charity. The grants are a¢wuni¢d for where eiiher ihe irusiees have agreed to pay the grant without condition and the recipient has a rea50n8ble expectaiion thai ihey will receive a grant. orany condition attaching to ihe grant 15 Oitt5id¢ the ¢ontrol of the ¢harity. Irrecoverable VAT is ¢haTged against ihe category of resources expended for which it was incuTT¢d. Overhead and support Costs Telating to ihe charitable activities have be¢n 4>PQrtioned based on staff lime. The allocation of overhead ond support costs is analysed in note 13. fjovernance cost5 ¢0mprise direct C051 for the staiutory and governance expendirure of the charity and have also been all(Kated to ¢haritsble activities. 15
CATHOLIC APOSTOLIC CHURCH TRusf PROPERTY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED31 MARCH 2024 ACCOUNTING POLICIES (continued) Fixed Assets Freehold propertie5 are shown ai a nominal value. The cost of acqUIn8 these properties has been written off in previous ycars and 15 noiv unknown. All the propertie5 are over one hundred years old and are considered to be full). depreciated. Deiails of the properties are given in note I InYe$tments Invesimenls are a form of basie financial insimmeni. They are initially recognised at their iransaccion value al subsequenily valued at th¢ir fair value at the balance sheei date using ihe c105ing quoted markei bid price. The Siaieii)eni of Financial Activities includes Ihe net gains anil losses arising on revaluation and disposals ihrougholrt Ihe year. The ¢harity holds its Cloisier flats as an investment property. These flats are let oui and are shown at markei value. Funds The charity has a Yricted fund: The Englt5h Property Fund. which holds land and buildin85 and the proceeds of land and buildings previously sold as ¢apitsl. of which is endowed. The income from which after rneeiing administraiion and Mainnae cosis is restricted for religious and oiher charithble purposes in connection iviih Ihe advancement of ihe Chrisiian religion. There is also an unrwricted fund.. The General Purp)ses Fund, which hold5 investments whtch may be applied to religiou5 and other ¢harithble objects in eonneuion with the advancement of the Christian religion_ h) R¢Alixd gain$ and 1055e5 All gain5 and losses are taken 10 the siaiemeni of financial activities as they arise. Realised gains and lo55e5 on inv¢stment5 are calculated as the d1cnCe knween 5aie5 proceeds and opening market value (purchase date if later). Unreali5ed 8ain5 and losses are ¢al¢ulated as the difference bdiveen the markei value at th¢ year end and opening rnarkel value lor purchase dai¢ if laier). Realised and unrealised gains are nol separat¢d in the Statemeni of Financial Activities. Deblors Debiors are recognised at the settlement amount due after any trade dIont offered. Prepaymenis are valued at Ihe amouni prepaid net of any trade discounts due. Cash 8t bAnk and in Cash at bank and in hand includes bank accounis, cash and short term highly liquid invesimenis with a short maiuriry of three months or less from ihe dale ofa¢quisiiion or opentll8 of th¢ deposii or similar a¢¢ount. k) Credliors and provisions CrcdiiOTS and Provisions are rttogni5ed where the charity has a preseni obligaiion resulting from a past eveni thai will probably result in the irJn5fer of funds to a third pa and ihe amount due lo settle the obligation C7 be measured or clMated reliably. Creditor5 and provisions nom)ally rttogni5¢d w their settlement amount after allowing for any irade discounts due. Critical accounting judgements and estimation nCertaInty In pparIng ihese accounts. management has made judgem¢ni& esiimates ar assurnptitins thai affeci the applhcation of the charity's acwuniing p)li¢ies and the reported ass¢ts. liabilitie& income and expendiiure and the disc105ure5 made in the accounts. The only significani esiimaiion relaies to the valuation of the investment property- In the Trustee5' opinion there are no indic*ions thai the value has changed significanily because rental yields remain ¢onsiMent. Fiffianel81 Inslruments The charity only has finan¢tal assets and financral liabilities of a kind ihai qualify as basic financial instruments. Basic financial insirumenis are inilially recognised ai iransaaion value and subsequently measured ai iheiT settlemenE value. 16
CATHOLIC APOSTOLJC CHURCH TRUST PROPERTY NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 MARCH 2024 TANGIBLE FIXED ASSETS Churches Other Total Fr¢ehold Properties As at 31 March 2024 201 300 501 As at 31 March 2023 201 300 501 See note 18 for more deiails. INVESTMENT PROPERTY As ai l ApTiI 2023 Revaluation 11,285,000 (55,000) As ai 31 March 2024 £11,230,000 The Cloisters. Gordon Square. have been refurbished in prior yeaTS and the flats tre let. The property was fom)ally revalued as at March 2021 by Hudsons Esraie Management Services. on open market basis and was valued at £11.285.000. Hud5ons have confirnied th* the value has reduced to £1 1.230.000 a5 at 31 March 2024. and this revised value has been taken into accouni as above. IIYVESTMENTS C05t Market Value As at l April 2023 Less disp05als in ihe year Gains 1055es on disposals and revaluation 8,531,157 {916254) 16,814.678 {i.000.000) 1.519,582 As at 31 March 2024 7,614.903 £17.334.260 The investmenis are- COIF Charities EEhical Invesimeni Fund income units COIF Chariiie5 Property Fund Income units COIF Eihical Fund 9.371.626 189.536 7.773.098 £17.334,260 DEBTORS 2024 2023 Prepayments £97,439 £86.335 CASH AT BANK AND IN HAND The balance shown includes deposiis of £81.464 (2023-. £474.13] I wilh COIF Chartiies Deposit Fund. Tenants. deposits are held by the managing agent and are not included in these accounts. CREDITORS 2024 2023 Deferred in¢ome Accrued expenses 30.027 11.100 28.101 £41,127 £39,201
CATHOLIC APOSTOLIC CHURCH TRU PROPERTY NOTESTO THE FINANCIALSTATEMENTS (eontlnued) FOR THE YEAR ENDED 31 MARCH 2024 ANALYSIS OF CHARITABLE FUNDS- 2024 Eglis G¢D¢ral Property Pyrposes Fund Fund (UDr¢5tri¢ted) (Endowm¢Dt) English Properly Fund (Restricted) Total Tangible fixed assets Investments Current assets Current liabiliiies 501 14.859,720 584,798 {30,0271 501 28,564,260 1,578.504 141.127) 9,561,162 993,706 (11,100) 4.143.378 Total £10,543.768 £4.143.378 £1 5,414.992 £30.102.138 RepTes¢nt¢d by.. Unrestrlctedlre51ri¢ied fuNds: Accumulated surpluses Unrealised invesimeni gains Capital reserve Endowment fufjd: Capiial reserve 9.719,563 824.205 4.431.424 3.995.106 6.988.462 14,150,987 4,819,311 6.988.462 4.143.378 4.143.378 £10,543.768 £4.143.378 £15,414,992 £30.102.138 The movements on the atM)ve funds were as follows.'- Capital Reserve (reslrieted) Cpi181 Reserve (tlldowthet) Unr¢•lis¢d Invutment G8ins At¢Mlated SrP1$t$ Tot&1 Ai l April 2023 Profitlllosses) on investments Surplusl{Deficit) in the year 7.442,518 3.995,106 148,272 7.771.382 1.316.309 9.559.248 28,768.254 1.464.581 (130.6971 1130.6971 At 31 M&rch 2024 £7.442.518 £4.143.378 £9,087,691 £9.428,551 £30,102,138 ANALYSIS OF CHARITABLE FUNDS- 2023 English G¢ner*l Property Purpose5 Fund (Unrestricted) (Endowment) English Property Fund (R¢5tritttd) Total Tangible fixed ossas Invesiments Current assets Current liabilities 501 14,367,617 510,921 128.101) 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-. Unrestrlctedlrtri¢lcd (nds. Accumulaied surpluses Unrealised invesiTnent gains Capital reserve Endowmethi fud. Capital reserve 5.768,199 4.154.011 3,791,049 3,617,371 7.442.518 9.559.248 7,771.382 7,442,516 3,995.106 3,995.106 £9,922.210 £3.995.106 £14.850.938 £28.768.254
CATHOLIC APOSTOLIC CHURCH TRUST PROPERTY NOTES TO THE FINANCIAL STATEMENTS (conlinutd) FOR THE YEAR ENDED 31 MARCH 2024 The movements on the 4bove funds were as follows'.- Unrt*lised Investment GaIn(lO55eS) Capital Reserve (restricted) Capital Reserve (endowmeni) AtcumulHt¢d Surpluses Total At l April 2022 7.442.518 4.139.776 (144.670) .672.872 (901.490) 9,680,898 29.936.064 (1.040.160) (121,650) Gain5 On invesDnents Surplus in rhe year {121,650) Ai 31 March 2023 £7.442.518 £3.995.106 £7,771.382 £9.559.248 £28.768,254 al The General Purposes Fund which is unrestricted is available io be spent for any of the purposes of the charity. b> The English Property Fund holds l#nd. buildings and invesimenis. from the proceeds of land and buildings previously sold. which are restricted assets. part of which is endowed. the income from whieh 15 restricted for religious and other charitable purposes in connection wilh ihe advancement of the Christian Religion. Balances ai l April 2020 for boih ihe Capttal Reserve resiricied and endowmeni funds have been restated by increasing the endowmeni fun4J by £1.999.900 and reducing the restricied fund by ihe same amount. It was ¢stablished that Jn incorrect entry was made in the year ended 31 March 21)06 which has now been corretied. INVESTMENT INCOME 2024 2023 Dividends Bank interest Rents received 526,632 31,715 310,800 549,404 4,022 257,430 £869,147 £810,856 10. OTHER TRADING ACTIVITIES 2024 2023 Book sales £1,771 £197 INVESTMENT MANAGEMENT COSTS 2024 2023 Propeny managemeni Prop¢rry repairs and maintenance Support cosis 42,906 81.297 38.043 35,565 128,859 33,836 £162,246 £198,260
CATHOLIC APOSTOLIC CHURCH TRU PROPERTY NOTES TO THE FINANCIAL STATEMENTS (eonti•u¢d) FOR THE YEAR ENDED 31 MARCH 2024 12. CHARITABLE A1vITIEs- 21124 Aettrwilies uTrdertakeR direeily Chureh *lm4n•cs sermons Properly Cosls Gov¢rn8nc¢ ¢o$tS Support Costs Grant$ Total Religious Widows and Poor Graiit to Paddington Albury Grant Building maintenance Other churches 144.000 7.820 179.472 6.000 4.723 2.009 3,797 3.797 154,529 13.626 179.472 6,000 485,554 189 245.723 13.886 225.945 189 £337,481 £4.723 £245.723 £17.904 £233,539 £839.370 CHARITABLE ACTIVITIES- 2023 Activitiu undtrt#ken dlreetly Chureh Property Cos1$ GoverTr•nce ¢05ts Supptyrt Costs Gra•ts $¢rmons Tot81 Religious Widows and Poor Albury grant Building maintenance 184.000 9.685 1.000 4.299 1,029 1,029 2.687 2,667 192.015 13.401 1,000 444,027 18.521 149,197 £278.685 £4,299 £276.309 £20,579 £154.571 £734.443 12A. CHARITABLE ACTIVITIES ANALYSED BY FUND Gentral Pur$¢5 Fund English Property Fthd G¢Deral Purposes Fund Engllsh Property Fund 2024 Tolsl 2023 Total Religious Widoivs and poor Building maintenance 160.718 193.098 166.392 160.718 193.098 485.554 193.015 97.401 10,853 193,015 97.401 444.027 319.162 333,174 £520.208 £319.162 £839.370 £401.269 £333.174 £734,443 20
CATHOLIC APOSTOLIC CHURCH TRUST PROPERTY NOTES TO THE FINANCIAL STATEMENTS (tontinued) FOR THE YEAR ENDED 31 MARCH 2024 t3. ALLOCATION OF SUPPORTCOSTS AND OVERHEADS The breakdown of support costs and how these are allocaied between raising fund5 and charitable activities is set out below. Basis of •pportionmtnt Raising Funds Charitable A¢tivitie$ C05t type Total Salaries otTice costs Staff thme Staff time 82.386 82,836 £233.539 £233,339 Comparxiive figur Salarie5 Office ¢osts Staff time Siaff time 102,194 52,377 102,194 52,377 £154,571 £154.57] 14. GOVERNANCE COSTS 2024 2023 Fees paid to the Audltors Audit Accouniancy Other 7.000 5.420 4.018 7,360 5,500 1.750 Other Trustees, Iravelling exp¢n5e$ (4 Truee$) {2023.. 4 Trusiees) 16.438 1.466 14.610 244 £17.904 £20,579 15. STAFF COSTS 2024 2023 Wages and salaries Social security cosis Pension c05ts826 140,170 10,470 513 98,017 4,177 £151.153 £102,194 Number of employees.. (2 adminisiratiort. 2 caretskingl l employee eorned between £70.000 and £80,000 per annum {2023= 1 employee ¢aTned £60.000 and £70,000).No remuneration was paid to any ITU5tee5 in the current or prior year. Toial remuneration for key managemeni personnel was £125,619 12023- £77,607). 16. GRANTS GIVEN Grdnts are paid to a number of Christian denominaiions and chariiies for the Clergy and their dependanis. Such donations amounied 10 £144.00012023.. £184,000) and are included within total grants paid of £337.48] (2023.. £278.685) as detailed in note 12 and the Truste¢s' Repon. All grants were paid to institutions.
CATHOLIC APOSTOLIC CHURCH TRUST PROPERTY OTES TO THE FINANCIAL STATEMENTS{continued) FOR THE YEAR ENDED 31 MARCH 2024 17. COMMITMENTS There are no material amounts authorised or coniraaed for ai the year end. 18. FREEHOLD PROPERTIES In5ur•nc¢ Value Book V*lue 2024 Book Value 2023 Note5 CHURCHES Gordon Square Wolverhampron 74.101.829 9.544,506 100 100 OTHER PROPERTIES Cooks Place. Albury Lyne Coiiage. Albury Aposil¢s Chapel. Albury 3.650.544 765.438 17,870,934 100 100 b) d) OTHER CHURCH Paddinglon Church 33,(M)O.000 £138,933251 £501 NOTES Church is lffl at nominal reni. Reni is received on these properties. Occupied by caretaker. Not Currently in use for ivorship. Held by local trustees under De¢laration ofTrust in favour of Head Trustees. previously under lease from Chllwh Con)mi55honers bui is ¢urr¢nrly not ill Use by a C.A.C. Congre8ation due to building works. This Church together wilh a nurnber of Vcsiries. basemeni meetin¥ room5 and oifices, is li¢eiised for use by Eusion Church. a section of ihe Church of England. A monthly lunchtime orgart recital is given by a group of ¢hurch organi51S. Weekday services are held in ihe separate English Chapel by anoiher section of the chUh of En8land, For%vard in Faith. who provide a Priest Chaplain. with financial support by the Trusiees. Insurance values indicate lh¢ siz¢ of the properties bui give no indication ofthe mark'ei value if in fac( it was possible lo sell the Churchcs. As indicaied in the accounting policieg all Churches are over 100 year5 old and are considered to be fully depre¢iated. Other properties are adjaceni to the particular church, and if now 50 available are let. but do nor. in the opinion of the Trustees. have a sufficiently material value for inclusion in the Balance Sheet, except for the Cloisiers ivhich have been refurbished and ihe flat5 let (see note 31. bl d) 22
CATHOLIC APOSTOLIC CHURCH TRUST PROPERTY IYOTES TOTHE FINANCIAL STATEMENTS (Contilled> FOR THE YEAR ENDED 31 MARCH 2024 19. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED JI MARCH 2023 General Purpose5 Fund (Unrestrict) English English Property Property Fund Fund (Rtritted) (Endowment) Total 2023 IncoTh¢ ¢ndowm¢nts from: Investmenis Oiher trdding aciivities 334,550 197 476.306 810.856 197 Total 334.747 476.306 811,053 Expenditure on: Roisingfiinds.. Investment managerrEent costs 198.260 198.260 Churilable ocin'ities.. Religious Widows and EM)or Building maintenance 193.015 97.401 110.853 193,015 97.401 444,027 333.174 Total charitable a¢¢iviries 401269 333.174 734,443 Totjtl 401.269 531.434 932.703 Net income and net mov¢rnen¢ in funds before losses on inve5tm¢nt5 (66,522) (55.128) 1121,650) Net losse5 on investments realised and unTeJli5¢d (674.758) (226,732) {144.670) (1.046.160) NET MOVEMENT IN FUNDS (741,280) (281.860) 1144,670) (1,167,810) Reconciliation of funds Total fund5 brought forward 10.663.490 (15.132.798) 4,139.776 29.930.064 Toial ndS carried ftirnvard £9.922,210 £14,850.938 £3.995.106 £28,768,254 23