SERBIAN ORTHODOX CHURCH OF ST SAVA LONDON ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 SFB GROUP LIMITED CHARTERED ACCOUNTANTS UNIT 8 OAK SPINNEY PARK RATBY LANE LEICESTER FOREST EAST LEICESTER LE3 3AW
SERBIAN ORTHODOX CHURCH OF ST SAVA LONDON TRUST DETAILS Registered Charitable Trust No. 249616 Trustees Mr M Dedic Mr N Babi Mr M Gasic Mr N Kasic Date of Trust Deeds 4 January 1948 Auditors SFB Group Limited Chartered Accountants Unit 8 Oak Spinney Park Ratby Lane Leicester Forest East Leicester LE3 3AW Bankers Barclays Bank PIC Notting Hill Branch P.0. Box 3750 London NW10 6AQ
SERBIAN ORTHODOX CHURCH OF ST SAVA LONDON BALANCE SHEET AS AT 31 DECEMBER 2024 Note Unrestricted Funds Restricted Funds Total Funds Flxed assets Tangible assets 1,712,785 1,712,785 Current assets Bank balance 208,445 2,072,045 2,280,490 Debtors 27,145 27,145 Current liabilities Cr8ditors {7,528) (7,5281 Net current assets 228,062 2,072,045 2,300,107 Total assets less current Ilabllltles 1,940,847 2,072,045 4,012,892 Accumulated fund account Balance at 1 January 2024 1,538,547 2,¢)49,648 3,588,195 Net surplus/(deficit) for the year (19,441) 444,138 424,697 Balance at 31 December 2024 1,519,106 2,493,786 4,012,892 Approved on behall of the Truslee5 on Li 10 r2025 and were $igntrd by: Mr N Bablc - Trustee Mr M Dedlc-Trustee
SERBIAN ORTHODOX CHURCH OF ST SAVA LONDON BALANCE SHEET AS AT 31 DECEMBER 2023 Note Unrestricted Funds Restricted Funds Total Funds Fixed assets Tangible assets 1,273,729 1,273,729 Current assets Bank balance 246,784 2,067,905 2,314,689 Debtors 823 823 Current liabilities Creditors {1,046) 11,046) Net current assets 246,561 2,067,905 2.314,466 Total assets less current liabilities 1,520,290 2,067,905 3.588,195 Accumulated fund account Balance at 1 January 2023 1,512,979 1,725,934 3,238,913 Net surplusl(deficit) for the year 25,568 323,714 349,282 Balance at 31 December 2023 1,538,547 2,049,648 3,588,195
SERBIAN ORTHODOX CHURCH OF ST SAVA LONDON INCOME AND EXPENDITURE STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestricted Restricted Funds Funds 2024 2023 Income". Donations Cash collections Parochial subscriptions Candle income Publication income Sundry income Bank interest Rental Sale of grave plots Sacraments Certificates Funds received- Veljko Aleksic Orozovic Fund Parishioner 48,630 60,768 18,454 90,291 24.743 518 2,650 29,900 7,006 55,636 60,768 18,454 90,291 24,743 518 3,820 29,900 12,500 3,870 165 31,297 47,427 20,818 83,237 17,509 421 2,214 28,400 12,700 2,700 185 235,617 77,230 1,170 12,500 3,870 165 440,000 440,000 Total income 719,989 20,676 740,665 559,962 Expenditure: Wages and employers NIC Pensions Candle purchases Church Materials Telephone and internet Postage and stationery Insuran Repairs, renewals and maintenan Rent, rates and utilrties Diocesan quota Travelling Hospitality costs Miscellaneous Legal and professional fees Security Veljko Aleksic costs St Sava Heritage fund costs Depreciation - Planl and machinery 945 Donations to - Seminary Sremski Karlovci 9,092 - Diocese Church 93,421 1,933 18,323 18,986 1,156 5,637 22,262 66,083 22,588 93,421 1,933 18,323 18,986 1,156 5,637 22,262 70,414 25.311 76,406 1,682 1,533 7,567 2,011 6,103 20,453 14,290 28,260 13,100 14,262 10,803 6,080 6,294 285 96 105 1,050 300 4,331 2,723 14,297 11,125 4,494 7,468 1,620 14,297 11,125 4,494 7,468 1,620 965 129 945 9,092 8,390 965 129 8,390 Total expenditure 299,430 16,538 315,968 210.680 Net Surplusl(deficit) 420,559 4,138 424,697 349.282 Auditor's remuneration during the year was £2,50012023.' £2,400).
SERBIAN ORTHODOX CHURCH OF ST SAVA LONDON NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 1. Accounllng policies Accounting convention The financial statements of the charity, which is a public benefit entity under FRS 102, have be8n prepared in accordance with the Charities SORP IFRS 102) 'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102),, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charities Act 2011. The financial statements have been prepared under the historical cost convention. The accounts have been prepared on a receipts and payments basis, and therefore an Income and Expènditure Statement has been disclosed rather than a Statement of Financial Activities. Depreciation Depreciation has not been provided on freehold properties and improvements and rebuilding costs as the trustees continue to be of the opinion that the residual value is greater than the amount shown in these accounts. Computer equipment Plant and machinery - 33.330A per annum on Cost 100/0 reducing balance Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Amounts received in respect of the Veljko Aleksic Estate have been received on trust to the Church for the benefit of people from Kosovo. 2. Trustees, remuneration During the year amounts of £ Nil (2023.. £ Nil) were paid to the trustees, as remuneration.
SERBIAN ORTHODOX CHURCH OF ST SAVA LONDON NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 3. Tangible fixed assets Com Total E ui uter Plant and ment Machine Freehold Leasehold Pro Pro Cost At 1 January 2024 Additions 1,290,920 440,000 4,693 21,943 1,264,284 440,000 At 31 December 2024 1,730,920 4,693 21,943 1,264,284 440,000 Depreciation At 1 January 2024 Charge for the year 17,191 945 4,693 12,498 945 At 31 December 2024 18,136 4,693 13.443 Net book value At 31 December 2024 1,712,784 8,500 1.264,284 440,000 At 31 December 2023 1,273,729 9,445 1,264,284
SERBIAN ORTHODOX CHURCH OF ST SAVA LONDON INDEPENDENT AUDITOR'S REPORT FOR THE YEAR ENDED 31 DECEM8ER 2024 Opinion We have audited the financial statements of Serbian Orthodox Church of St Sava London for the period ended 31 December 2024 which are set out on pages 2 to 6. The financial reporting framework that has been applied in their preparation is applicable law and the Financial Reporting Standard 102 {United Kingdom Generally Accepted Accounting Practice applicable to Smaller Entiliesl. In our opinion the financial statements: give a true and fair view of the state of the charitable company's affairs as at the year end and of ils incoming resources and application of resources, including its income and exp8nditure, for the year then ended,. have been properly prepared in accordan with United Kingdom Generally Accepled Accounting Practice applicable to Smaller Entities., and have been prepared in accordan with the requirements of the Companies Act 2006. Basis for opinton We conducted our audit in accordan with Inlernalional Standards on Auditing (UK} IISAS (UK)) and applicable law. Our responsibilities under those standards are further described in Ihe Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded thal the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the Work we have perfomied, we have not identified any material uncertainlies relating to events or conditions that, individually or collectively. may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statemenls are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concem are described in the relevant sections of this report.
SERBIAN ORTHODOX CHURCH OF ST SAVA LONDON INDEPENDENT AUDITOR'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Other inforniation The other infomiation comprises the information included in the trustees annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otheiSe explicitly stated in our report. we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materrally misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinion on other matter prescribed by the Companies Act 2006 In our opinion the information given in the Trustees, Annual Report for the financial period for which the financial statements are prepared is consistent with the financial stalements. Matters on which we are required to report by exception We have nothing to report in r8spe¢t of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records havè not been kept, or returns adequate for our audit have not been received from branches not visited by us- or the financial statements are not in agreement with the accounting records and returns. or certain disclosurès of trustees. remuneralion specified by law are not made., or we have not received all the information and explanations we require for our audit; or the trustees were not entitled to prepare the financial statements in accordan with the small companies, regime and take advantage of the small companies, exemption in preparing the Trustees, Annual Report and take advantage of the small companies, exemption from the requirement to prepare a strategic report.
SERBIAN ORTHODOX CHURCH OF ST SAVA LONDON INDEPENDENT AUDITOR'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Responsibilities of trustses The trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements. th6 trustees are responsible for assessing the charitable ompany's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the Charitable company or to cease operations, or have no realistic alternative but to do so. Auditorfs responsibilities for the audTt of financial ststements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatèment, whether due to fraud or error. and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a malerial misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate. they could reasonably be expected to Influen the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. Obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the charitable company operates in and how the charitable company is complying with the legal and regulatory framework. Enquiry of management to identify any instances of non-compliance with laws and regulations., Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations- Performing audit work over the risk of managemenl override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal wurse of business and reviewing accounting estimates for bias. Because of the inherent limitations of an audit. there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that Complian with a law or regulation is removed from the events and transaction5 reflected in the financial statements. as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
SERBIAN ORTHODOX CHURCH OF ST SAVA LONDON INDEPENDENT AUDITOR'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 A further description of our responsibilities is available on the Financial Reporting Council's website at.. htl s'.Ilwww.frc.or .uklOur-WorklAudillAudit-and-assurancelStandards-and- uidancelStandards- and- uidance-for-auditorslAuditors-res onsibilities-for-audiUDescri tion-of-auditors-res onsibililies- for-audit.as This description forms part of our audltor's report. Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitsble company's members those matters we are required to state to them in an audilor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibilily to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. Paul Carvell BFP FCA {Senior Statutory Auditor) For and on behalf of SFB Group Limited Chartered Accountants Statutory Auditor Unit 8 Oak Spinney Park Ratby Lane Leicester Forest East Leicester LE3 3AW 10
SERBIAN ORTHODOX CHURCH OF ST SAVA LONDON REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 Objectives and activities The objectives of the Trust are to hokl the property in connection with the Serbian Orthodox Church of St Sava allowing its Congregation Council for the time being to enjoy the beneficial occupation of the Trust's property to enable it to.. i. Promote Serbian Orthodox Christian religion, founded by its first archbishop St Sava in 1219, according to the holy scriptures and holy tradition. Teach Serbian language and history and promote Serbian culture and arts for better understanding of the Serbian Orthodox Christian religion and its rites. Relieve poverty, sickness, and suffering by accepting lifetime gifts and bequests on trust for specific charitable purpose to be applied in such manner and purpose in geographi area wished by the benefactor. iv. Promote the education of people of all ages to develop their spiritual capacity. v. To ensure that the Churth buildings, vicarages and other properties ofthe Trust are maintained in good order. vi. Maintain graveyards for deaSed followers of the faith. The Trustees are mindful at all times of The Charity Commission's guidance on public benefit. In particular, we try to enable ordinary people to live out their faith as part of parish community through= Worship and prayer Provision of pastoral care for people living in the parish or elsewhere. Education oflhe young Achievements and performance Worship & Prayer Regular services of the Holy Liturgy were held every Saturday and Sunday and on special Holy days, where these fell on weekdays. Services have also been held in the fomi of vespers on Thursdays and Saturdays and on the eve of Holy days and matins were held on every ordinary weekday. The Holy Liturgy serviGe was also held every Wednesday during Lent, and commemoration seNices to mark specific occasions were held as appropriate. In addition to services at St Sava Church, servi$ are also held on the last Saturday of each month at st Georges Church, Enfield, to enable attendance at Communion of the elderly faithful who find it difficult to travel to attend services held at St Sava Church in London due to their age and frailty. All are welcome to attend our regular services. At present there are 460 parishioners on the Church Electoral Roll. As well as our regular services, we enable our community to celebrate and thank God at the milestones of the joumey through life. Through baptism we thank God for the gift of life, in marriage public vows are exchanged with God's blessing and through funeral services friends and family express their grief and commend the person into God's keeping. We have Gelebrated 57 baptisms and 6 weddings and held 25 funerals in our church during the year.
SERBIAN ORTHODOX CHURCH OF ST SAVA LONDON REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 Diocesan Council Three members ofthe Congregation Council sit on the Diocesan Council. This provides the Congregation Council with an important link tetween the Parish and the wider structure of the Church. The chUh & the Community Centre During the year the following additional activilies were carried out andlor held at the Church and the Community Centre.. - (a) Religious classes and discussions for adults were held on a regular weekly basis throughout the year. Sunday school was held on a regular basis with about 100 children attending from within London and the Home Counties. Religious and cultural lebratIonS were held on appropriate saints, days with the participation of Sunday School children, the Church choir, and folk groups On 27th January, St Sava's Academy was held al the Community Centre On 29th January, bishop Dositej held a meeting with the priests and chairmen of the Congregation Councils from parishes within Great Britain and Ireland. On 4th February, His Eminence Metropolitan Joanikije of Montenegro, visited the parish and conducted liturgy at St Sava Church and give a lecture. On 27th March, bishop Dasitej held the second meeting with the priests and hairmen of the Congregation Councils from parishes within Great Britain and Ireland. During The Great Lent , parish priests of the St. Sava's Church held talks about the Great Lent and Easter. On 4th April at Community Centre was film screening of film °Wher8 are you. Adam" about monastic life on Month Athos. From 11th to 14 May, Fr. Gojko Perovic from Podgorica, Montenegro, visited the parish and give a couple of lectures. On 25th May, Serbian Actress Tatjana Kecman from Belgrade give a play at the Community Centre about Flora Sands, English humanitarian worker in Serbia during the WW1 On 30th Jun, Vidovdan's Academy was held al the Community Centre From 13 ta 17th October a group, led by Father Dragan Lazic, went on pilgrimage to Mount Athos and monastery Hilendar. On 22nd Nov, his Holiness Patriarch Porfirije from Serbia officially visited His Grace Archbishop Jonathan Welby at Lambeth Pala. On 23rd Nov. his Holiness Patriarch Porfirije with a delegation of Serbian Orthodox church have visited Windsor Castle and the grave of the late Queen Elizabeth11 and met the Dean of Windsor at the chapel of Sl. George. On 24th Nov. his Holiness Patriarch Porfirije installed his Grace Bishop Nektarije as a new bishop of newly established Diocese of Great Britain and Ireland (b) 1¢) 12
SERBIAN ORTHODOX CHURCH OF ST SAVA LONDON REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 Pastoral Care During the year the priests of the Church Parish.. 1) Visited all Church members to bless their homes during Lent. 2) Visited all the churchyards within London and the Home Counties to bless the graves of departed parishioners. 3) Visited all church members of our Parish unable to attend church because of sickness or infirmity to celebrate Communion with them either at their homes or in hospital. 4) Visited, whenever possible, Church members al their homes to bless the annual feast (Slaval of their patron saint. 5) Visiled Ladies Guilds and other organisations upon invltation, to bless the feast of their patron saint. Ecumeni¢al Relationships At the local level we are members of the Anglican and Eastern Churches Association. Members of the Association attend services at st Sava's a couple of times a year. The Church is a member of the Association of the Anglican and Eastern Churches and maintains regular Contacts with other members. This Association organises presentations, discussions, and ommon services. 13
SERBIAN ORTHODOX CHURCH OF ST SAVA LONDON REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 Financial review Total receipts for unrestricted funds were £719,989 during 2024, an increase of 2,145% on the previous year's sum of £228,898. The parochial subscrlptions were £18,454 for 2024, which were 11 % lower on the previous year of £20,818. During 2024 donations were £48,630- this was up by 78 % on the previous year of £26,333. Receipts from cash collections were £60,768 also up by 280% on the previous year of £47,634. Income from the sales of candles was £90,291 during 2024- this was up by 80h on the previous year of £83,237. The total income during church services was £199,689 up on the previous year by £157,204 The Trust has also raised funds throughout the year through renting the crypt spa. which is not needed for Church activities. This provides £29,900 additional annual income, which lis intended to I will) go towards maintenance of the church and other buildings. The cost of providing Christian ministry from St Sava and St George (Enfield) was £93,421 plus the £8,390 donation to the di0Se towards the upkeep of the diocesan monastery, which is in line wilh the previous year. Annual hospitality costs were £11,125 which is a significant increase on the previous year. Postage and Stationery were £5,637, an decrease of 8% on the previous year. The cost of insurance was £22.262. This was the premium for 2025, which increased by £1,809 on the current year paid for in 2024. Travel costs were £14,297, which were in line with the previous year. The Repair & Renovation Gosts were £70,414, which is four time higher than the previous year of £14,290. This was due to redecorations and refurbishments in the church in preparation to the visit ol the Patriarch and inauguration of the bishop. Full details of income and expenditure are provided in the Financial Statement, which shows an increase in fund reserves by £424,697 from the previous year, excluding the restricted funds on trust for distribution. Reserves Policy It is the policy of the Trustees to maintain a balance on unrestricted funds to.. (i) ensure that the Trust's objedives continue in the future should the level of income decline, (li} maintain and improve the Church of St Sava and other Trust property. 14
SERBIAN ORTHODOX CHURCH OF ST SAVA LONDON REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 Structure, Governance and Management The Serbian Orthodox Church of St Sava London trust was established by diSplad persons after the 2nd World War. On dissolution in 1948 of the government-in-exile of the Kingdom of Yugoslavia. Trust was set up of leasehold property at 12 Egerton Gardens Kensington, which had been gifted to the government during the war by King Peter 11. Subsequenlly, benefactors and parishioners continued to donate funds to the Church. The charitable trust is governed by ils Trust Deed and is managed by Trustees. The charity employs two full time priests and a Church Warden who are assisted in the running of the Church by the Church Congregation Council and other volunteers. Lay members on the Congregation Council are ordinarily elected by parishioners, whilst new Trustees are reGruited and appointed by the existing Trustees on the basis of their personal knowledge of the prospective Trustees. Any decision to appoint a new Trustee is unanimous. 15
SERBIAN ORTHODOX CHURCH OF ST SAVA LONDON REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 Reference & Administrative Detalls Charity Name: Registration Charfty Number: Charity's Principal address: Serbian Orthodox Church Of St Sava London 249616 89 Lancaster Road, London W11 1QQ Statement of disclosure of information to independent auditors We, the Trustees of the Trust who held office at the date of approval of the Financial Statements, each confirm so far as we are aware, that.. there is no relevant infomation of which the Trust's independent auditors are unaware., and we have taken all steps that we ought to have taken as Trustees in order to make ourselves aware of any relevant information and to establish that the Trust's independent examiners are aware of that information. Trustees Mr Nikola Babic Mr Milan Dedic Mr Marko Gasic Mr Nicholas Kasic Name of trustees holding title to property belonging to th8 charity: al Properties at 39 St Paul's Close W5 3JQ and 66 Huxley Gardens NW10 7DX, which are houses occupied by the parish priests, are held in the names of the Trustees of the trust- Nikola Babic. Marko Gasic and Milan Dedic. b) Leasehold property at 169 Wightman Road, London, N8 OBB, which has been gifted to the church by a parishioner. The property is held in the name of the Trustees of the trust - Nikola Babic. Marko Gasic and Milan Dedic. c} Sl Sava Church building managed by the Trust is held in the names of the following holding trustees.. 1. Reverend Djordje Cekerevac 2. Milan Dedic 3. Nikola Babic 4. Marko Gasic d) The tsvo parlS of land managed by the Trust comprising the Serbian Orthodox Cemetery at Brookwood, Surrey, are held in the names of the following.. 1. The parcel of land comprising the graveyard is held by the Reverend Milun Kostic. The Reverend George Cekerevac, Mr Nenad Petrovic (deceased) and Mr Rajko Grkinic 2. The parcel of land comprising the entrance to the c8metery is held by the Reverend Milun Kostic, The Reverend George Cekerevac and Mr Ivan Aleksic I hi.4 iort was cipproved by Ihe TILisiees on l e i2n25 M Gasic Trustee & Chaim?an of the Congregation Council 16