THE RUSSIAN ORTHODOX CHURCH ABROAD (LONDON) ANNUAL REPORT AND ACCOUNTS FOR THEYEAR END 31 DECEMBER 2020 Treasurer Report Annual Accounts charity Registrathon Number= 234203 REVIEW OF THE AcfiviTIES 2020 ha5 been a challengin£ year for our Parish from different aspects. Due to Covid-19 pandemic our Church was closed for 3.5 months. the community h35 lost it parishioners and their relatives because of controcting virus infedion. Lockdown prevented our parishioners from entering the Church ￿Su￿tIng in reduttion of our regular donations. closure of the Saturday school meant pupils missed out on Catechism and Church life eduCat￿n. Unfortunately. the school remained closed until the end of 2020. All the above has made us to carry out a thorough review of our actNlties and take ne￿Ssary measure5. 1.e. donation appeal sent to all our parishioners via various communications platforms, introduction of an additional Sunday servhce after re-openin& review of the choir director & members of the choir pay package. tsking adv8TStage of govemment furlough scheme and so on. The opernting expenditure exceeded the operating income by £25.gk. The operating deficit1£25.9k) is lower than the operating deficit we had in 2019 {£42.9k). This was due to several factors, first 3.5 months of lodidown has resulted in reduction of donations for candles and plate collections. The deficit was lower in 2020 due to the actions taken while reviewing our expenditure. For now, we can sustain this deficit due to the amount of operdting funds accumulated in previous year5. Despite all the implemented measure5 we still need to increase our fund-raising activities and seek new ways of attracting donations to cover our operating costs in the near future. We carried forward £46k of operating Unrestricted Funds to 2020 Ithis figure includes the choir operating funds £7.4kl- Additional £lk was carried on the Un￿StrI￿ed Funds account to 2020- these are the takings for the Choir Conference, which took Pla￿ in January 2020. Our main %wrces of regular income raised from donations made by the parishioners in the fom of purchase of candles, plate colletlion, regular donation5, and subscriptions. The Parish is very gratefvl to all the people who helped it stay afloat financially during these difficult times. The income from donation for candles was £47k in 2020 t£55.4k in 20191 Plate collections for the needs of the Church were £32.6k in 20201£33.2k in 20191 Collettions boxes for the needs of the Church were £8.2k in 2020 (£5.6k ir$ 20191 The amount of regular donations and subscriptions was £39.5k in 20201£16.3k in 20191 Miscellaneous donathon amounted to E54.7k in 20201£16.Ik in 20191 Our tnain items of regular expenditure consisted of salèrie5. dergy expenses and accommodation, elertricity bills, and insurance. Salary expenditure was £69.6k in 20201£61.5k in 20191. Clergy expenses and aecommodation was £33.6k 20201£43k in 20191- Gas and electricity expenditure in 2019 was £9.Ik whereas in 2020 it was £16.4k. Insurance costs are lower in 2020 as monthly direct debit method has been chosen as a form of payment, therefore £3.5k in 2020 v5 £7.Ik in 2019. The closing position of Parish House fund at the end of 2020 was £41.6k vs £25k at the end of 2019. Closing position of all restricted and unrestricted fund5 at the end of the year 2020 was £176.7k. It wa5 £175.2k atEhe end of2019. INVESTMENT POLICY The Charity continued to be lodging its cash surpluses on ttr￿ bank account in 2020 due to two main reasons.. lol low interest rates for short-tem bank deposits that defeats their purpose, and Ibl aversM)n to lonE-tem liquidity risk. A review of thi5 policy will be conducted in 2021. RESERVES POUCY As of 31 of December 2020, the total unrestricted net current assets were £76.071 which would cover S months of average operational expenses o f the Parish. RISK REVIEW The Charity is debt-free as of 31 December 2020. The Church Council ha5 been monitoring the financial position on a regular basis to ensure we can maintain sustainability by matching our income and expenditure. PROFESSIONAL ADVISORS Bankers: HSBC Bank PLC 90 Baker Street London WIU 6AX Accountants and independent examiners: C Yew & Company 54 Glenbumie Road London SW17 7NF The principal address of the Charity: The Cathedral of the Nativity of the Most Holy Mother of God and the HolyTsar Martyr5 and the New Martyrs of Russia 57 HaNard Road Londo W4 4ED Summary pre-audit accounts are presented overleaf. 'Illl Ill Iiiii 11 l jt£o oC4Cb Vsool oooo 3LU¢ ijt L4 ILW iyJ 55t4F￿lA 57J. LTP4 rA 5JE* ?J7 TJ 7￿L 15JN. EPENDENf EXAMINERS'S REPORT TO THE TRUSTEES FTHER SSIAN ORT rwrton the accounts of the charity for th¢ye8r ended 31 DecembEr2020 whicb comprise the ststement of Financial A¢tiviiie4 BalarK¢ Sbeet and the related nthes. ODOX CHA ROAD Respective reS￿￿$1b71Itia of tr￿sterS and ¢y•miner The charity's tr￿￿eeS are YeS￿nsible for the tryarntion of the ac¢ounts. The chaTity's trllSt¢es consider that an audit 15 noi required for the year (under s4312) of th¢ CharitiesAct 1993 (the Act) and that all independent examination is neede It ig my responsibility to-. examine ihe accow)ts (under section 43(3Xa) if the IIy)3 Act). to follow the pr(Kedures l&id down in th¢ Generdl DirectiOMS given bYd￿charity Commissioners {und¢r s43 {7) (b) of the 1993 Act &s amend¢dX and to stste whdher particular matters have come to my attention. Bass$ of IDdepe#deDt E￿￿1￿eT'S reyt My examination was carried out in with the Generdl Directions given by the Charity Comlnissiontrs. An ¢xaTllinatioTr incI￿je$ a review of the accounting records kept by the Cknty and a comparison of the accounts presenied with tIM)s¢ records. It also include5 consideration of any unusual 1￿mS or d5sclosures in the account& and seeking explaltstions fro￿ you as Trustees concerning any such rnattets. The priwlur¢s undert&en do not provide all the evidence that would be required in an audif coDsegu¢ntly* I express an audit opinion on the view gLVeD by the accounts. llldepeodeDt E￿MIller'S stateD¢ttt In connection with my exarninatio￿ no nkuer has COTDe th my attention: l) which gives Tne re&sonable ¢ause to believethw in any Materi￿ rest*ct the requirementslo keep acco￿ting records in ac¢ordaTK¢ with 5cthiOD 41 of the ACL and to prepate accowxts whith ac¢ord with the accounting rec￿d5 a￿1 ts) comply with 1hc accountKng requirements of the Il¥J3 Act hav¢ Thot iwi m¢t; or 2) to which, in my opinion, attention should be thawn in orderto enable a pro￿ Wyler￿ng of the accounts to be reacljed. MrCK ew C Yew & Company AccollntaDts 54 Gl¢nburni¢ Road London SW17 7NF 24 S¢pt¢ml*r 21r21