Charity number: 211230
Armenian Church of St Sarkis
Unaudited
Trustees' report and financial statements For the year ended 31 December 2020
Armenian Church of St Sarkis
Contents
| Page | |
|---|---|
| Reference and administrative details of the charity, its trustees and advisers | 1 |
| Trustees' report | 2 - 4 |
| Independent examiner's report | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notes to the financial statements | 8 - 20 |
Armenian Church of St Sarkis
Reference and administrative details of the Charity, its trustees and advisers For the year ended 31 December 2020
Trustees
S Mouradian, RIBA, Hon. President and Chairman
C Kurkjian, MCSI Hon. Treasurer Y Khodjamirian, CFA, Hon Secretary V Haroutunian O Djololian A Der Hakobian A Adamov (appointed 24[th] August 2020)
L Chillingirian (resigned 12[th] May 2020)
Charity registered number
211230
Principal office
Iverna Gardens London W8 6TP
Investment Managers
JM Finn & Co. Limited 4 Coleman Street London EC2R 5TA
Accountants
Newnham and Son Ltd School Master’s House 39 College Street Petersfield Hampshire GU31 4AG
Bankers
Lloyds TSB Bank PLC 112 Kensington High Street London W8 4SN
Solicitors
PWW Solicitors 84 Eccleston Square London SW1V 1PX
Page 1
Armenian Church of St Sarkis
Trustees' report
For the year ended 31 December 2020
The Trustees present their annual report together with the financial statements of the Charity for the 1 January 2020 to 31 December 2020. The Trustees confirm that the Annual report and financial statements of the Charity comply with the current statutory requirements, the requirements of the charity's governing document and the provisions of the Statements of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102).
The Charity also trades under the name The Incorporated Trustees Of The Armenian Church of Saint Sarkis.
Objectives and Activities
a. Objectives and Activities
The objectives of the Charity are to permit the Church to be used, occupied and enjoyed as a place of public worship by members of the Armenian Church in England and as a residence for the clergyman and his family.
Each year our Trustees review our objectives and activities to ensure they continue to reflect our aims. In carrying out this review the Trustees have considered the Charity Commission's general guidance on public benefit and in particular its supplementary public guidance on the advancement of religion for the public benefit.
The Trustees have complied with the duty in section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Commission.
The Charity is responsible for the management of the activities of the Armenian Church of St Sarkis and of the Nevart Gulbenkian Church Hall.
Achievements and performance
a. Key financial performance indicators
The Trustees have continued to provide a suitable and convenient place of worship for the Armenian community in London.
Armenian community organisations have continued using the church hall with increased frequency for cultural and social activities in the evenings.
b. Review of activities
The remit of the Trustees is to maintain the church, vicarage, hall, and grounds. The Trustees have achieved this successfully. Further improvements have been made to the church hall, kitchens, and toilets. These have been a great success, indicated by increased usage of the facilities and enjoyment by the communities that use them.
c. Investment policy and performance
The mandate set for our investment managers, JM Finn & Co. Limited, is ‘long term equity growth’. The portfolio, managed by JM Finn, was valued at £934,569, up from £891,660 twelve months ago. It should be noted that the gain is currently uncrystallized and does not represent free cash.
Page 2
Armenian Church of St Sarkis
Trustees' report (continued) For the year ended 31 December 2020
Financial review
a. Going concern
After making appropriate enquiries, the trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.
b. Principal risks and uncertainties
Funding: The St Sarkis Charity Trust, established to provide funding for the running costs and building works of the St Sarkis Church Trust, (to avoid involvement from the community) unbeknownst to us, took the decision to alter their mandate in recent years, and later, their funding by £2,000 per annum, until such time that it reduces down to £2000 annually.
Notwithstanding the above no payment of £2,000 was provided for the year 2020, contrary to the requirements of the St Sarkis Charity Trust Deed.
c. Reserves policy
The Trustees endeavour to have sufficient reserves to continue the running of the Church, Church Hall and vicarage for the foreseeable future. As at the 31 December 2020, the total assets were £3,942,713, of which £335,809 was held in restricted funds, £2,618,220 was held in endowment funds and £988,684 was held in unrestricted funds. The liquid assets are c£1m with the building making up the remainder.
The principal funding source of the Charity is the Saint Sarkis Charity Trust.
Structure, governance and management
a. Constitution
The Charity was established by Trust deed dated 8th January 1923 by Calouste Gulbenkian, is registered with the Charity Commission (Charity number 211230), 1st November 1963 and is an unincorporated charity.
Trustees must all be members of the Armenian Church. New trustees are appointed upon being nominated and elected in a duly constituted General Meeting. Trustees serve in an honorary capacity. The Trustees work to ensure that a sufficient number of serving trustees are professional persons who are able to keep abreast of developments in the law and best practice and will seek professional advice or training as appropriate. Such Trustees will normally serve on the Executive Committee, which manages the day to day affairs of the Trust. The overall decision making authority resides in General Meetings of the Trustees.
Page 3
Armenian Church of St Sarkis
Trustees' report (continued)
For the year ended 31 December 2020
b. Method of appointment or election of Trustees
The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
This report was approved by the Trustees, on
and signed on their behalf by:
S Mouradian Hon. President & Chairman C Kurkjian Hon. Treasurer Trustee Trustee
Page 4
Armenian Church of St Sarkis
Independent examiner's report
For the year ended 31 December 2020
Independent examiner's report to the Trustees of Armenian Church of St Sarkis (the 'Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 December 2020.
This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.
Responsibilities and basis of report
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I can confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Signed: Dated:
Page 5
Armenian Church of St Sarkis
Statement of financial activities
For the year ended 31 December 2020
| Note Unrestricted funds 2020 £ Income and endowments from: Donations and legacies 3 186 Other trading activities 4 69,500 Investments 5 21,331 Total income and endowments 91,017 Expenditure on: Raising funds 6 4,392 Charitable activities 7 80,002 Total expenditure 6 84,394 Net income / (expenditure) before investment gains/(losses) 6,623 Gains on revaluation of investments 14 15,248 Net income / (expenditure) before other recognized gains and losses 21,871 Net movement in funds 21,871 Reconciliation of funds: Total funds brought forward 966,813 988,684 Total funds carried forward |
Restricted funds 2020 £ - - - - - 17,314 17,314 (17,314) - (17,314) (17,314) 353,123 335,809 |
Endowment funds 2020 £ Total funds 2020 £ - 186 - 69,500 - 21,331 - 91,017 - 4,392 6,765 104,081 6,765 108,473 (6,765) (17,456) - 15,248 (6,765) (2,208) (6,765) (2,208) 2,624,985 3,944,921 2,618,220 3,942,713 |
Total funds 2019 £ 84,545 80,627 24,689 |
|
|---|---|---|---|---|
| 189,861 | ||||
| 4,399 172,256 |
||||
| 176,655 |
All activities relate to continuing operations.
The notes on pages 8 to 20 form part of these financial statements.
Page 6
Armenian Church of St Sarkis
Balance sheet As at 31 December 2020
| Note Fixed assets Tangible assets 13 Investments 14 Current assets Debtors 15 Cash at bank and in hand Creditors:amounts falling due within one year 16 Net current assets Net assets Charity Funds Endowment funds 17 Restricted funds 17 Unrestricted funds 17 Total funds |
£ 250 37,304 37,554 (11,640) |
2020 £ 2,947,141 23 969,658 3,916,799 25,914 3,942,713 2,618,220 85 335,809 988,684 3,942,713 |
£ 250 36,185 |
2019 £ 2,961,234 958,726 |
|---|---|---|---|---|
| 3,919,960 24,961 |
||||
| 36,435 (11,474) |
||||
| 3,944,921 | ||||
| 2,624,985 353,123 966,813 |
||||
| 3,944,921 |
The financial statements were approved by the Trustees on
and signed on their behalf, by:
S Mouradian Hon. President & Chairman - Trustee C Kurkjian Hon. Treasurer - Trustee
The notes on pages 8 to 20 form part of these financial statements.
Page 7
Armenian Church of St Sarkis
Notes to the financial statements For the year ended 31 December 2020
1. Accounting policies
1.1 Basis of preparation of financial statements
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and Charities Act 2011.
Armenian Church of St Sarkis constitutes a public benefit entity as defined by FRS 102.
1.2 Judgements in applying accounting policies and key sources of estimation uncertainty
Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Critical accounting estimates and assumptions:
The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
Critical areas of judgment:
Depreciation is charged on tangible fixed assets to allocate the cost of the asset over its useful life. Useful lives of four years have been selected for plant and machinery and computer equipment, with no residual value. The Church Hall is being depreciated over a useful life of fifty years, and no depreciation is charged on the Church buildings and Vicarage as the residual value of the building is high given the maintenance carried out on an annual basis.
1.3 Going concern
The financial statements have been based on the expectation of the Charity continuing as a going concern for the next 12 months. The Trustees believe that there are no uncertainties regarding the accounts being prepared on a going concern basis.
Page 8
Armenian Church of St Sarkis
Notes to the financial statements For the year ended 31 December 2020
1. Accounting policies (continued)
1.4 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
For legacies, entitlement is taken as the earlier of the date on which either: the Charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the Charity has been notified of the executor's intention to make a distribution. Where legacies have been notified to the Charity, or the Charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Investment income and donations from the Trustees of St Sarkis Charity Trust are accounted for on a receivable basis. Other donations are credited to income when received.
Cash donations are received in the offertory box at the Church. This is periodically opened by a member of the clergy in the presence of a Trustee. The donations are counted and then banked at the earliest opportunity.
The Church hall hire income is accounted for in the period to which it relates.
Page 9
Armenian Church of St Sarkis
Notes to the financial statements For the year ended 31 December 2020
1. Accounting policies (continued)
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. Support costs are those costs incurred directly in support of expenditure on the objects of the Charity and include project management carried out at Headquarters. Governance costs are those incurred in connection with administration of the Charity and compliance with constitutional and statutory requirements.
Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in
trading activities that raise funds.
Charitable activities and Governance costs are costs incurred on the Charity's operations, including support costs and costs relating to the governance of the Charity apportioned to charitable activities.
Expenditure has been classified under the headings that aggregate all costs related to the category, and are recognised on an accrual basis. The irrecoverable element of VAT is included with the item of expense to which it relates.
Charitable expenditure comprises those costs incurred by the Charity in the delivery of its activities. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the Charity and includes the audit fee and costs linked to the strategic management of the Charity.
Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities.
1.6 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
1.7 Tangible fixed assets and depreciation
All assets costing more than £500 are capitalised.
A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of financial activities.
Page 10
Armenian Church of St Sarkis
Notes to the financial statements For the year ended 31 December 2020
1. Accounting policies (continued)
Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Church hall - 2% straight line Plant and machinery - 25% straight line Fixtures and fittings - 25% straight line
The Church Building and the Vicarage are not depreciated due to their very long useful life and the Trustees do not wish to adopt a revaluation policy. It is the policy of the Trustees to maintain the Church Building and Vicarage at least to their current standard and to charge to the Statement of financial activities the cost of maintenance as is it incurred.
1.8 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless fair value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading ‘Gains/(losses) on investments’ in the Statement of financial activities.
1.9 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the Bank.
1.10 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
1.11 Cash at Bank and in hand
Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
1.12 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.
Page 11
Armenian Church of St Sarkis
Notes to the financial statements For the year ended 31 December 2020
1. Accounting policies (continued)
1.13 Financial instruments
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
1.14 Pensions
The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year.
1.15 Taxation
The charity is a registered charity and is exempt from income tax and corporation tax under s.478 of the Corporation Tax Act 2010.
1.16 Cash flow
The charity has taken advantage of the disclosure exemption of 'Section 7 Statement of Cash Flows' in preparing these financial statements as permitted by FRS102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
2. Trustee remuneration
None of the Trustees received any remuneration or benefits in kind, nor were they reimbursed their expenses during the year.
3. Income from donations and legacies
| Unrestricted funds 2020 £ Donations - St Sarkis 186 Donations - St Sarkis - Donations - Other - Legacies - Total donations and legacies 186 Total 2019 24,472 |
Restricted funds 2020 £ Endowment funds 2020 £ - - - - - - - - - - 60,073 - |
Total funds 2020 £ 186 - - - 186 84,545 |
Total funds 2019 £ 60,073 15,000 9,472 - 84,545 |
|---|---|---|---|
Page 12
Armenian Church of St Sarkis
Notes to the financial statements
For the year ended 31 December 2020
4. Trading activities
| Unrestricted Funds 2020 £ Charity trading income Hire of Church Hall 69,500 Net income from trading activities 69,500 |
Restricted Endowment funds funds 2020 2020 £ £ - - - - |
Total funds 2020 £ 69,500 69,500 |
Total funds 2019 £ 80,627 80,627 |
|---|---|---|---|
5. Investment income
| Unrestricted funds 2020 £ Gross dividends from UK listed shares and bonds 21,331 Total 2019 24,689 |
Restricted Endowment funds 2020 £ funds 2020 £ - - - - |
Total funds 2020 £ 21,331 24,689 |
Total funds 2019 £ 24,689 |
|---|---|---|---|
In 2020 the total investment income of £21,331 was to unrestricted funds and £Nil was to restricted funds or endowment funds.
6. Analysis of Expenditure by expenditure type
| Expenditure on investment management Costs of raising funds Hire of church hall (Note 7) Expenditure on governance Total 2019 |
Staffcosts 2020 £ Depreciation 2020 £ Othercosts 2020 £ - - 4,392 - - 4,392 37,856 14,093 45,393 - - 6,739 37,856 14,093 56,524 48,718 16,477 111,460 |
Total 2020 £ 4,392 4,392 97,342 6,739 108,473 176,655 |
Total 2019 £ 4,399 4,399 166,388 5,868 |
|---|---|---|---|
| 176,655 | |||
Page 13
Armenian Church of St Sarkis
Notes to the financial statements For the year ended 31 December 2020
7. Analysis of expenditure on charitable activities
| Unrestricted funds 2020 Hire of church hall £ 73,264 Total 2019 96,909 8. Governance costs Auditors' remuneration Auditors' non audit costs Independent examiner's fee Total 9. Direct costs Ministerial expenses Organists and choristers Church expenses Pension costs 10. Support costs Light and heat Rates Telephone General repairs and renewals Bank charges Insurance Depreciation Sundry expenses Legal and professional |
Restricted Endowment Total funds funds funds 2020 2020 2020 £ 17,314 £ 6,765 £ 97,343 62,714 6,765 166,388 TotalFunds 2020 £ - 2,539 4,200 6,739 2020 £ 36,302 4,981 - 1,555 42,838 2020 £ 9,347 782 486 11,080 (1) 9,801 14,093 665 8,525 54,778 |
Total funds 2019 £ 166,388 TotalFunds 2019 £ - 1,668 4,200 5,868 2019 £ 47,187 6,983 797 1,439 56,406 2019 £ 9,500 3,252 901 63,278 - 10,309 16,477 549 5,717 109,983 |
|---|---|---|
Page 14
Armenian Church of St Sarkis
Notes to the financial statements
For the year ended 31 December 2020
11. Net incoming/(resources expended)
This is stated after charging:
2020 2019 £ £ Depreciation of tangible fixed assets: - owned by the charity 14,093 16,477
12. Staff costs
Staff costs were as follows:
| Wages and salaries Social security costs Other pension costs |
2020 £ 35,595 706 1,555 37,856 |
2019 £ 46,712 567 1,439 |
|---|---|---|
| 48,718 |
The average number of persons employed by the Charity during the year was as follows:
| Ministers Administration |
2020 No. 3 2 5 |
2019 No. 3 2 |
|---|---|---|
| 5 |
No employee received remuneration amounting to more than £60,000 in either year.
Page 15
Armenian Church of St Sarkis
Notes to the financial statements For the year ended 31 December 2020
13. Tangible fixed assets
| Tangible fixed assets | |||||
|---|---|---|---|---|---|
| Cost At 1 January 2020 and 31 December 2020 Depreciation At 1 January 2020 Charge for the year At 31 December 2020 Net book value At 31 December 2020 At 31 December 2019 |
Church hall £ 704,639 |
Church building and vicarage £ 2,460,000 - - - 2,460,000 2,460,000 |
Plant and machinery £ 39,193 39,193 - 39,193 - - |
Furniture, fittings and equipment £ 35,742 35,742 - 35,742 - - |
Total £ 3,239,574 |
| 203,405 14,093 |
278,340 14,093 |
||||
| 217,498 | 292,433 | ||||
| 487,141 | 2,947,141 | ||||
| 501,234 | 2,961,234 |
The Church Buildings and the Vicarage, and the Church Hall were last valued at 31 December 1996 to open market value by the Trustees of the Charity.
All the fixed assets are used by the Charity for charitable activities.
14. Fixed asset investments
| Market value At 1 January 2020 Additions Disposals Revaluations Management fees Unit Trust Equalisation At 31 December 2020 Investments at market value comprise: Listed investments Cash held for investments Total market value |
UK £ 313,851 35,089 348,940 |
Listed securities Cash held for investments £ £ 891,660 67,066 166,266 (166,266) (138,605) 138,605 15,248 - -(4,392) - 76 934,569 35,089 Overseas 2020 £ £ 620,718 934,569 - 35,089 620,718 969,658 |
Total £ 958,726 - - 15,248 (4,392) 76 969,658 2019 £ 891,660 67,066 958,726 |
|---|---|---|---|
Page 16
Armenian Church of St Sarkis
Notes to the financial statements
For the year ended 31 December 2020
14. Fixed asset investments (continued)
Material investments
| Old Mutual Fund Managers UK Mid Cap R Inc Capita Financial Managers Lindsell Train UK Equity Inc Man Fund Management UK Limited GLG Undervalued T. Bailey Fnd Services Ltd River & Mercantile Funds CVC UK Equity Income B Inc Scottish Mortgage Inv Trust Ord GBP 0.05 Merian Investment Management Ltd UK MID CAP Fundsmith LLP Equity Inc Nav First State Investments (UK) Stewart Investment Asia Pac LDRS B Inc Other 15. Debtors Other debtors 16. Creditors: Amounts falling due within one year Trade creditors Other taxation and social security Accruals and deferred income |
31 December 2020 £ - 69,697 51,502 62,427 61,714 80,124 68,510 59,093 63,587 453,004 969,658 2020 £ 250 250 2020 £ - 2,812 8,828 11,640 |
31 December 2019 £ 62,073 72,782 62,499 69,315 65,386 38,214 62,073 50,151 51,647 424,586 958,726 2019 £ 250 250 2019 £ - 2,162 9,312 11,474 |
|---|---|---|
Page 17
Armenian Church of St Sarkis
Notes to the financial statements For the year ended 31 December 2020
17. Statement of funds
Statement of funds - current year
| Unrestricted funds General Funds - all funds Endowment funds Endowment Funds - all funds Restricted funds Building works Flower fund Total of funds |
Balance at 1 January 2020 £ 966,813 2,624,985 351,123 2,000 353,123 3,944,921 |
Income Expenditure £ £ 91,017 (84,394) - (6,765) - (17,314) - - - (17,314) 91,017 (108,473) |
Gains/ (Losses) £ 15,248 - - - - 15,248 |
Balanceat 31 December 2020 £ 988,684 2,618,220 333,809 2,000 335,809 3,942,713 |
|---|---|---|---|---|
Page 18
Armenian Church of St Sarkis
17. Statement of funds (continued)
Statement of funds - prior year
| Statement of funds - prior year | |||||
|---|---|---|---|---|---|
| Unrestricted funds General Funds - all funds Endowment funds Endowment Funds - all funds Restricted funds Building works Flower fund Total of funds |
Balance at 1 January 2019 £ 834,806 2,631,750 353,764 2,000 355,764 3,822,320 |
Income £ 129,788 - 60,073 - 60,073 189,861 |
Expenditure £ (107,176) (6,765) (62,714) - (62,714) (176,655) |
Gains/ (Losses) £ 109,395 - - - - 109,395 |
Balance at 31 December 2019 £ 966,813 |
| 2,624,985 | |||||
| 351,123 2,000 |
|||||
| 353,123 | |||||
| 3,944,921 |
The endowment fund represents those assets which must be held permanently by the Charity. Depreciation on these assets can be charged against the fund. The assets consist of the Church Building and Vicarage, and the Church Hall, all of which were revalued at 31 December 1996.
The 'Flower fund' represents money received to ensure the continuing provision of flowers in the Church. The
'Building works' represents monies received from St Sarkis Charity for the upkeep of the building of the Church Hall.
Page 19
Armenian Church of St Sarkis
18. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Unrestricted funds 2020 £ Tangible fixed assets - Fixed asset investments 962,770 Current assets 37,554 Creditors due within one year (11,640) 988,684 |
Restricted funds 2020 £ Endowment funds 2020 £ 328,921 2,618,220 6,888 - - - - - 335,809 2,618,220 |
Total funds 2020 £ 2,947,141 969,658 37,554 (11,640) 3,942,713 |
|---|---|---|
| Analysis of net assets between funds – prior year Unrestricted funds 2020 £ Tangible fixed assets - Fixed asset investments 941,851 Current assets 36,435 Creditors due within one year (11,473) 966,813 |
Restricted funds 2020 £ Endowment funds 2020 £ 336,248 2,624,985 16,875 - - - - - 353,123 2,624,985 |
Total funds 2020 £ 2,961,234 958,726 36,435 (11,473) 3,944,921 |
|---|---|---|
Page 20
Armenian Church of St Sarkis
Notes to the financial statements
For the year ended 31 December 2020
19. Pension commitments
The Charity operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Charity in an independently administered fund. The pension cost charge represents contributions payable by the Charity to the fund and amounted to £1,555 (2019: £1,439). Contributions totaling £Nil (2019: £Nil) were payable to the fund at the balance sheet date.
20. Related party transactions
During the year, the Charity received £Nil (2019: £75,073) in donations from the Saint Sarkis Charity Trust. At the balance sheet date, there is a balance outstanding of £Nil (2019: £Nil) from the Saint Sarkis Charity Trust.
During the year the trustees made donations of £Nil (2019: £Nil) to the charity. At the balance sheet date £Nil (2019: £Nil) was outstanding.
21. Controlling party
The Trustees are the controlling party of the Charity.
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