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'oi￿oIillg 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 Pr￿ced$ 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 Tn￿ee5.
Charity Regi5trJtion N￿rnber 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￿ sei*yKe 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'oJ7g*li515 lind Pasioi's in ihe ch￿r¢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 D￿lri￿e ihol 5tspreiiw I'iile of Ihe Chtiicli (piiKhi io be
ei'erciJecl bi. ni'elire Aposiles noi elecied tsr urclull￿d 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 P￿dIngTon 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 ASsi￿ant 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 ch￿￿h
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 hi￿Or1¢ 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
ChU￿h, {r¢gistered charity 1159493) an evangelical Church planted from St H¢len's, Bishopsgate. and part of the
ChU￿h 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.
Alb￿ry Site Propertie5
Albury Chapel
This properry houses religious archives from the Catholi¢ Apostolic ChU￿h 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¢ A￿h7[¢¢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 aS￿sIng 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 te￿OriSM 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
Inve￿ment 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.
ReCOn￿llute operations frorn
duplicates and backups.
s￿retary

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 conSi￿ently-
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 b￿lS 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 Tel￿10n 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 st*t¢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 lTu￿t£S are responsible for as5¢55in8 the charity's ability ro coniinu¢ a5 a going
concern, dI￿lOSIng, 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 pr￿edureS 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
Gener*1
Engllsh
Engli5b
Purpos¢s
Property
Property
Fund
Fund
Fund
lu￿r¢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:
RL7isiiigfii￿ds.'
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
(expe*dltureVineome
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$h flow5 frorn operating *eiivities:
Net cash used in operaiing aciiviiies (*e below}
(1.009.023)
(906.898)
Cash flows from investing Activities
Dividends. inieresi and r¢nis frorn InV￿l￿ents
Proceeds from sale of investments
869,147
1.000,000
810.856
N¢t c¥$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 eh*nges 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
L￿abIlitIeS 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 acqUI￿n8 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$tments
Invesimenls are a form of basie financial insimmeni. They are initially recognised at their iransaccion value al
subsequenily valued at th¢ir fair value at the balance sheei date using ihe c105ing quoted markei bid price. The
Siaieii)eni of Financial Activities includes Ihe net gains anil losses arising on revaluation and disposals ihrougholrt
Ihe year. The ¢harity holds its Cloisier flats as an investment property. These flats are let oui and are shown at
markei value.
Funds
The charity has a Y￿ricted fund: The Englt5h Property Fund. which holds land and buildin85 and the proceeds of
land and buildings previously sold as ¢apitsl. of which is endowed. The income from which after rneeiing
administraiion and Main￿na￿e cosis is restricted for religious and oiher charithble purposes in connection iviih Ihe
advancement of ihe Chrisiian religion.
There is also an unrwricted fund.. The General Purp)ses Fund, which hold5 investments whtch may be applied to
religiou5 and other ¢harithble objects in eonneuion with the advancement of the Christian religion_
h)
R¢Alixd gain$ 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 d1￿c￿nCe 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 dI￿o￿nt 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 C￿7 be
measured or c￿lMated 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 p￿parIng 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
E*glis
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)
C*pi181
Reserve
(tlldowthe￿t)
Unr¢•lis¢d
Invutment
G8ins
At¢￿M￿lated
S￿rP1￿$t$
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-.
Unrestrlctedlr￿tri¢lcd (￿nds.
Accumulaied surpluses
Unrealised invesiTnent gains
Capital reserve
Endowmethi fu￿d.
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 A￿1vITIEs- 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
F￿thd
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 Tru￿ee$) {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
chU￿h 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 (Conti￿lled>
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
(R￿tritted) (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