2023-12-31-accounts

Charity number: 211230

Armenian Church of St Sarkis

Unaudited

Trustees' report and financial statements For the year ended 31 December 2023

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 - 21

Armenian Church of St Sarkis

Reference and administrative details of the Charity, its trustees and advisers For the year ended 31 December 2023

Trustees

S Mouradian, RIBA, Hon. President and Chairman C Kurkjian, FCSI, Hon. Treasurer Y Khodjamirian, CFA, Hon Secretary O Djololian A Der Hakobian A Adamov H Torosyan

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 2023

The Trustees present their annual report together with the financial statements of the Charity for the 1 January 2023 to 31 December 2023. 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.

Page 2

Armenian Church of St Sarkis

Trustees' report (continued) For the year ended 31 December 2023

c. Investment policy and performance

The investments held by JM Finn & CO Limited have been transferred at the beginning of the year to the St Sarkis Property CIO.

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, 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 to £2,000 annually.

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 2023, the total assets were £3,721,150, of which £150,548 was held in restricted funds, £2,597,925 was held in endowment funds and £972,677 was held in unrestricted funds. The liquid assets are c£848k 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.

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:

Page 3

Armenian Church of St Sarkis

S Mouradian Hon. President & Chairman Trustee

C Kurkjian Hon. Treasurer Trustee

Page 4

Armenian Church of St Sarkis

Independent examiner's report For the year ended 31 December 2023

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 2023.

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:

1. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or

2. the accounts do not accord with those records; or

3. 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 2023

		Unrestricted	Restricted	Endowment	Total	Total
		funds	funds	funds	funds	funds
		2023	2023	2023	2023	2022
	Note	£	£	£	£	£
Income and endowments
from:
Donations and legacies	3	9,806	-	-	9,806	24,960
Other trading activities	4	168,164	-	-	168,164	90,747
Investments	5	-		-	-	24,702
Total income and
endowments		177,970	-	-	177,970	140,409
Expenditure on:
Raising funds	6	-	-	-	-	4,836
Charitable activities	7	159,237	104,356	6,765	270,358	183,299
Total expenditure	6	159,237	104,356	6,765	270,358	188,135
Net income / (expenditure)
before investment
gains/(losses)		18,733	(104,356)	(6,765)	(92,388)	(47,726)
Gains/(losses) on revaluation of
investments	14	-	-	-	-	(175,521)
Net income / (expenditure)
before other recognized
gains and losses		18,733	(104,356)	(6,765)	(92,388)	(223,247)
Net movement in funds		18,733	(104,356)	(6,765)	(92,388)	(223,247)
Reconciliation of funds:
Total funds brought forward		953,944	254,904	2,604,690	3,813,538	4,036,785
		972,677	150,548	2,597,925	3,721,150	3,813,538
Total funds carried forward

All activities relate to continuing operations.

The notes on pages 8 to 21 form part of these financial statements.

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Armenian Church of St Sarkis

Balance sheet As at 31 December 2023

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 (liabilities)/ assets Net assets Charity Funds Endowment funds 17 Restricted funds 17 Unrestricted funds 17 Total funds	£ 831,771 8,461 840,232 (25,556)	2023 £ 2,906,474 - 2,906,474 814,676 3,721,150 2,597,925 150,548 972,677 3,721,150	£ 480 3,302	2022 £ 2,918,955 900,492
				3,819,447 (5,909)
			3,782 (9,691)
				3,813,538
				2,604,690 254,904 953,944
				3,813,538

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 21 form part of these financial statements.

Page 7

Armenian Church of St Sarkis

Notes to the financial statements For the year ended 31 December 2023

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 2023

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 2023

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 2023

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 2023

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 2023 £ Donations - St Sarkis - Donations - Other 9,806 Legacies - Total donations and legacies 9,806 Total 2022 24,960	Restricted funds 2023 £ - - - - -	Endowment funds 2023 £ - - - - -	Total funds 2023 £ - 9,806 - 9,806 24,960	Total funds 2022 £ 2,000 22,960 - 24,960

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Armenian Church of St Sarkis

Notes to the financial statements For the year ended 31 December 2023

4. Trading activities

4. Trading activities
Unrestricted Restricted Endowment Funds funds funds 2023 2023 2023 £ £ £ Charity trading income Hire of Church Hall166,386 - - Grants 1,778 - - Net income from trading activities168,164 - - 5. Investment income Unrestricted Restricted Endowment funds 2023 £ funds 2023 £ funds 2023 £ Gross dividends from UK listed shares and bonds - - - Total 2022 24,702 - - 6. Analysis of Expenditure by expenditure type Staffcosts 2023 £ Depreciation 2023 £ Othercosts 2023 £ Expenditure on investment management - - - Costs of raising funds - - - Hire of church hall (Note 7) 72,384 14,630 173,792 Expenditure on governance - - 9,552 72,384 14,630 183,344 Total 2022 42,436 14,093 131,606		Total Funds 2023 £ 166,386 1,778 168,164 Total funds 2023 £ - 24,702 Total 2023 £ - - 260,806 9,552 270,358 188,135		Total funds 2022 £ - 90,747 90,747 Total funds 2022 £ 24,702 Total 2022 £ 4,836 4,836 178,151 5,148 188,135

Page 13

Armenian Church of St Sarkis

Notes to the financial statements For the year ended 31 December 2023

7. Analysis of expenditure on charitable activities

Unrestricted funds 2023 Hire of church hall £ 149,684 Total 2022 107,632 8. Governance costs Auditors' non audit costs Independent examiner's fee Total 9. Direct costs Ministerial expenses Organists and choristers Church expenses Pension costs Donations 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 2023 2023 2023 £ 104,356 £ 6,765 £ 260,805 63,754 6,765 178,151 TotalFunds 2023 £ 2,682 6,870 9,552 2023 £ 27,540 17,790 26,302 752 - 72,384 2023 £ 16,357 94 723 98,119 - 11,525 14,630 1,865 45,109 188,422	Total funds 2022 £ 178,151 TotalFunds 2022 £ 288 4,860 5,148 2022 £ 40,774 8,505 8,860 1,662 3,000 62,801 2022 £ 14,659 (4,928) 433 77,866 - 9,662 14,093 858 2,707 115,350

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Armenian Church of St Sarkis

Notes to the financial statements For the year ended 31 December 2023

11. Net incoming/(resources expended)

Net incoming/(resources expended)
This is stated aftercharging:
	2023	2022
	£	£
Depreciation of tangible fixed assets:
- owned by the charity	14,630	14,093

12. Staff costs Staff costs were as follows:

Wages and salaries Social security costs Other pension costs	2023 £ 27,540 - 752 28,292	2022 £ 40,774 - 1,662 42,436

The average number of persons employed by the Charity during the year was as follows:

Ministers Administration	2023 No. 1 0 1	2022 No. 1 0
		1

No employee received remuneration amounting to more than £60,000 in either year.

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Armenian Church of St Sarkis

Notes to the financial statements For the year ended 31 December 2023

13. Tangible fixed assets

Tangible fixed assets
Cost At 1 January 2023 Additions At 31 December 2023 Depreciation At 1 January 2023 Charge for the year At 31 December 2023 Net book value At 31 December 2023 At 31 December 2022	Church hall £ 704,639 -	Church building and vicarage £ 2,460,000 - 2,460,000 - - - 2,460,000 2,460,000	Plant and machinery £ 39,193 - 39,193 39,193 - 39,193 - -	Furniture, fittings and equipment £ 35,742 2,149 37,891 35,742 537 36,279 1,612 -	Total £ 3,239,574 2,149
	**704,639 **				3,241,723
	245,684 14,093				320,619 14,630
	259,777				335,249
	444,862				2,906,474
	458,955				2,918,955

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 2023 Transfer to St Sarkis Property CIO At 31 December 2023 Investments at market value comprise: Listed investments Cash held for investments Total market value	UK £ - - -	Listed securities Cash held for investments £ £ 894,445 6,047 (894,445) (6,047) - - Overseas 2023 £ £ - - - - - -	Total £ 900,492 (900,492) - 2022 £ 894,445 6,047 900,492

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Armenian Church of St Sarkis

Notes to the financial statements For the year ended 31 December 2023

14. Fixed asset investments (continued)

Material investments

Material investments
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 Jupiter Investment Mngmt series UK MID CAP Fundsmith LLP Equity Inc Nav First State Investments (UK) Stewart Investment Asia Pac LDRS B Inc Temple Bar Investment Trust Black Rock Sust American Inc TST Plc Other 15. Debtors Other debtors 16. Creditors: Amounts falling due within one year	31 December 2023 £ - - - - - - - - - - - - 2023 £ 831,771 831,771	31 December 2022 £ 70,980 78,007 64,867 - 47,705 41,946 46,494 32,536 64,772 48,694 404,491
		900,492
		2022 £ 480
		480

16. Creditors: Amounts falling due within one year
Other taxation and social security Accruals and deferred income	2023 £ - 25,556 25,556	2022 £ 2,181 7,510
		9,691

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Armenian Church of St Sarkis

Notes to the financial statements For the year ended 31 December 2023

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 2023 £ 953,944 2,604,690 252,904 2,000 254,904 3,813,538	Income Expenditure £ £ 177,970 (159,237) - (6,765) - (104,356) - - - (104,356) 177,970 (270,358)	Gains/ (Losses) £ - - - - - -	Balanceat 31 December 2023 £ 972,677 2,597,925 148,548 2,000 150,548 3,721,150

Page 18

Armenian Church of St Sarkis

Notes to the financial statements For the year ended 31 December 2023

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 2022 £ 1,106,672 2,611,455 316,658 2,000 318,658 4,036,785	Income £ 140,409 - - - - 104,409	Expenditure £ (117,616) (6,765) (63,754) - (63,754) (188,135)	Gains/ (Losses) £ (175,521) - - - - (175,521)	Balance at 31 December 2022 £ 953,944
					2,604,690
					252,904 2,000
					254,904
					3,813,538

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.

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Armenian Church of St Sarkis

Notes to the financial statements For the year ended 31 December 2023

18. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted funds 2023 £ Tangible fixed assets158,001 Current assets 840,232 Creditors due within one year (25,556) 972,677	Restricted funds 2023 £ Endowment funds 2023 £ Total funds 2023 £ 150,548 2,597,925 2,906,474 - - 840,232 - - (25,556) 150,548 2,597,925 3,721,150

Analysis of net assets between funds – prior year

Unrestricted funds 2022 £ Tangible fixed assets - Fixed asset investments959,853 Current assets 3,782 Creditors due within one year (9,691) 953,944	Restricted funds 2022 £ Endowment funds 2022 £ Total funds 2022 £ 314,265 2,604,690 2,918,955 (59,361) - 900,492 - - 3,782 - - (9,691) 254,904 2,604,690 3,813,538

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Armenian Church of St Sarkis

Notes to the financial statements For the year ended 31 December 2023

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

£752 (2022: £1,662). Contributions totalling £Nil (2022: £Nil) were payable to the fund at the balance sheet date.

20. Related party transactions

During the year, the Charity received £Nil (2022: £2,000) in donations from the Saint Sarkis Charity Trust. At the balance sheet date, there is a balance outstanding of £Nil (2022: £Nil) from the Saint Sarkis Charity Trust.

During the year the trustees made donations of £Nil (2022: £Nil) to the charity. At the balance sheet date £Nil (2022: £Nil) was outstanding.

At the year end a balance of £831,771 (2022: £480) was due from the St Sarkis Property CIO.

21. Controlling party

The Trustees are the controlling party of the Charity.

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