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After a challenging couple ofy¢ary we finally starte41 to emttge fmm the rerAsionary
ma￿O¢con0m1C ¢nvironment and exwien(Ed a solid recovery. The UK ￿nomY is expec￿1
to grow by 4.40
in 2023. after a 6.￿￿ rebound in 2021 ￿[dIng to the Office for Budget
Resp)nsibility. Howevcr, the growth out1(￿{ is subjectto uncerthinty and risk4 such as the
ongoing effects of the COV1D-19 pandemic, the adjustmrnt to the new trading aTrangements
wlth the EU. and the FK)tential impact of rising inflation and interest ra*s.
The UK inflation rate surged to i I. IY• in Oc￿l￿ 2021 prompting the Bank of Englond to
increase the offjcial Bank Rate up to 3% in November 2022. Inflation is onc of the main
factors behind the ongoing Co# of Living Crisis in the UK. Russia's invasion of Ukrnin¢ in
February 2022 brought an end to the era of theap gas flowing to European markets from
Russi& Thc war h&s also disrupted global food market4 with tK)th Russia and Ukraine being
major exporttts of cereal crops. Along with soaring food cost4 high energy bills have hit
UK households W espe¢ially lower-in¢om¢ one5 that spend more of their earnings on
housin8 Cljsts. With global energy prices spirallin& the UK'S energy price c4p has increased
subst8ntiaIly. The cap. which limits what suppliets can charge LX)nsumer4 rea¢hed £3,549 per
year in (knber 2022. compared with £1277 ￿undS a year earlier. Unfortunately, while
wages are growing quite f8sL they are currently not keeping pace with inflation. UK
households experienced the b188￿t fall in livin8 slandards in decades in 2022, with 2023 also
expthd to be a difficult year.
In addition to the direct e05ts Ilke petrol, diesel* g4 ekntricity. elc., there indir¢¢t costs
such as the cost of transportation to bring prnlucts to markel the 4J)st of keeping busin¢ss¢s
open as energy costs rise, etc. Morcov¢r. the incrtasc in the costs of oil and g4 the
underlying cause of the energy price rise& also ¢￿at¢S a significant spike in the cost of
petrothemlcals. Pdrochemicals arc used for fertiliscr4 packing materiaL clothing, and many
other household and Industrial product& All price increases have plrt furth¢r pressure on
wages to help pwle co
All these factors hav¢ made a huge impact on our Parish, the liv¢s of our p8rishioners and our
community. Unfortunately. pwle feel the constraints of the current economic climate
therefore findin8 It hard to cope with rising trices and Supp￿ their families. This resulted in
the decline of the Church's wllections.
The operatiog expe•dithre exceeded the operating iA¢ome by £35k. The operating defjcit
(£35k) is higher than the operating deficit wc had in 2021 (£342k). Total
expenditure ¢xceeded the total ineome by £IOK which is sli8htly loww Iby £3k) than in
2021.
This was du¢ to severnl fKtors: the sale of candles decrea￿ by £3K the Church plate
collection decre￿ed by £2.4L but regular donations incre&s¢d by £5.6L which means more
people opted to donat¢ via tTansf¢rs lln￿ a bank a¢count and sctting up direct debit. Overall
income dTopped by £14.5k in compariyffl to 2021 dwite the generosity of our parishion¢
and hard-working Clergy.
Th¢ factors discussed carlicr in this re￿1( su¢h as inflatiory and rising energy prices have
sult¢d in incffas¢d expenditure f(Y our Parish. We io itKrease salaries to ￿flect the
imw of the infl*ion and supwjrt our Clergy as much as we Could. The priRs In the UK
went up by l 0.5Y4 th¢ highest sinL¥ 1997.

For now, w¢ can sustain this deficit due to the number of oEmting funds accumulated in
Fyevious yeas. Due to the [￿_pandeMi¢ effect and c05t of living in￿, as it has a dire
effect on our financial result4 we need to continue incr￿Ing fi￿d-raisi￿g activities and s¢ek
new ways of attracting donations to cover our 0￿￿tIng Lyjsts gm.
Our main sources of regular income are raised from donations made by the parishioners in
the fonn of the purchase of candles plate colle¢tioffj regular donation& and subscriptions.
The Parish is very grateful to the po)ple who hel￿d it stay atloat fiDat)¢ially during these
difficult time&
The income from donations for candles was £70.8k in 2022 {£73.8k in 2021)
Plate colle¢tion5 for the needs of the Church were £35.7k tn 2022 (£38k in 2021)
Collections boxes for the needs of the Church were £10.4k in 2022 {£8.2k in 2021)
The number of regular donations and subscriptions was £46.6k in 2022 (£40.9k in 2021)
The mis¢cllaneous d(N)ation amounied to £16.8k in 2022 (£33.Tr in 2021)
Our main items of regular expendtture consisted of s￿ar1e4 ¢lergy expenses and
accommodatio￿ electricity bil￿ and insura￿e. Salary exwlditure was £76.6k in 2021
(£76.6k in 2021). Ckrgy expenses and ￿¢0￿M(￿latIOn were £25.4k in 2021 (£24.2k in
2021). G&$ and electricity expenditure in 2021 was £28.Tr whereas in 2022 li was £14.1k.
Insurance ￿sts remained at the same kvcl. It is currently paid via direct debit payment
method ill￿ead of the lump sum.
The closing EK)sition ofall r¢stri¢ted and funds * the end of the year 2022 w&%
£199.7K which is knver than £207.8k at the end of last year.
INVESTMENT POLICY
The Charity continued to be I￿gIng its cash swiluses in the bank a￿Unt in 2022 due to two
main reasons: (a) low-interest rates for short-tenn bank dew)sits that defeai their purpose, and
(i)) aversion to long-terni liquidity risk. A ievi¢w of this policy will be condu¢tsi in 2023.
RESERVES POLICY
As of 31 December 2022, the totsl unrestricted nel cuffcnt were £64,616 which would
¢over nearly 4 month5 of avw operating expenses of the Parish.
RISK REVIEW
Th¢ Charity is debt-frc¢ as of 31 De¢￿ber 2022. The Churd) Council has been monitoring
the fjnancial &￿Ition regularly to ensure wc can matntain susthinabilily by matching our
income and expendits2r¢.
PROFESSIONAL ADVISORS
Bankers:
HSBC Bank PLC
90 Baker Street
l.ondon
WIU6AX
Ar￿Untants and independent examiners".
C Yew & Company
54 Glenburnie Road
London
SW17 7NF

The principal address of the Chtrity:
The Cathedral ofthe Nattvity of the Most Holy Mother of Ihl and the Holy Tsar Martyrs
and the New Martyrs of R￿la
57 Harvard Road
London
W4 4ED
Summary prc-audit aco)unts are pro8ented ov¢rle4f.