**REGISTERED CHARITY NUMBER: 254025**
## **Report of the Trustees and**
**Financial Statements for the Year Ended 31 December 2020**
## **for**
## **RUSSIAN ORTHODOX CHURCH IN LONDON**
Thorne Lancaster Parker Chartered Accountants & Statutory Auditors 4th Floor Venture House
27-29 Glasshouse Street London W1B 5DF
**RUSSIAN ORTHODOX CHURCH IN LONDON**
**Contents of the Financial Statements for the year ended 31 December 2020**
|||**Page**||
|---|---|---|---|
|**Report of the Trustees**|1|to|3|
|**Report of the Independent Auditors**|4|to|7|
|**Statement of Financial Activities**||8||
|**Statement of Financial Position**||9||
|**Statement of Cash Flows**||10||
|**Notes to the Statement of Cash Flows**||11||
|**Notes to the Financial Statements**|12|to|21|
|**Detailed Statement of Financial Activities**|22|to|23|
**RUSSIAN ORTHODOX CHURCH IN LONDON**
## **Report of the Trustees for the year ended 31 December 2020**
The trustees present their report with the financial statements of the charity for the year ended 31 December 2020. The trustees have adopted the provisions of 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) (effective 1 January 2019).
## **OBJECTIVES AND ACTIVITIES**
## **Objectives and aims**
The objects of the charity are to promote and further the Orthodox Christian faith within the Cathedral Parish of the Russian Orthodox Chuch in the United Kingdom and Ireland.
This is carried out by regular worship and services in the Cathedral and pastoral care and visits by presbytery both in the London area and, as this is the Cathedral Parish for the Church in the United Kingdom and Ireland, in other areas of the Diocese, The Church carries out certain trading activities as part of their missionary activity and a by-product is a small profit for the Church.
## **FINANCIAL REVIEW**
## **Investment policy and objectives**
The policy of the charity is to adopt a cautious approach at all times in order to protect the assets of the Charity.
## **Reserves policy**
Incoming resources for the year were £750,377 (2019: £941,369) and resources expended were £768,006 (2019: £1,773,555) resulting in net outgoing resources of £17,629 (2019 Outgoing resources: £832,186). Total reserves amounted to £6,513,819 (2019: £6,531,448) of which unrestricted reserves amounted to £1,070,074 (2019: £1,057,499), and restricted reserves amounted to £5,443,745 (2019: £5,473,949).
## **FUTURE PLANS**
The Cathedral Parish continues in the process of growing and developing in a number of significant areas. In terms of clergy we have now reached a stable level of clergy for the Cathedral. The refurbishment is now nearing completion and only normal ongoing repairs and maintenance are expected in the future . In terms of activities we continue to increase the number and diversity of our community support work by including more school activities on Saturday for preschool and primary school level children.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The charity is controlled by its governing document, a deed of trust, and constitutes an unincorporated charity.
The charity known as the Russian Orthodox Church in London was formed by Deed of Trust on 20th July 1944. The Registered Charity Number is 254025. The power of appointing and removing the trustees under the Trust Deed rests with the existing trustees, but subject to prior approval of the Parish Council.
The governing body of the Russian Orthodox Church in London is the Parish Council, who have responsibility as Charity Trustee.
## **Recruitment and appointment of new trustees**
Trustees have been appointed by the Parish Council in order to manage the trust's affairs and finances. It is the intention of the Parish Council to appoint other trustees from the Clergy as soon as permission is given for such appointments by the Charity Commission.
Page 1
**RUSSIAN ORTHODOX CHURCH IN LONDON**
## **Report of the Trustees for the year ended 31 December 2020**
## **STRUCTURE, GOVERNANCE AND MANAGEMENT Induction and training of new trustees**
The induction process for new trustees comprises an initial meeting with the Chairman of the charity and if necessary meetings with existing trustees who have specialisms within the charity. Following an appointment a comprehensive induction pack provided to the new trustee. This pack includes various Charity Commission publications, including "The essential Trustee" and copies of the accounts of the charity as well as recent meeting. The documentation from the Charity Commission is adequate to give a new trustee a good awareness of his or her responsibilities and obligations.
## **Depreciation of refurbishment**
The Trustees have reviewed the depreciation policy as set out in note 1. Previously up to 31 December 2019 the refurbishment costs were depreciated over 10 years. The trustees' view is that the depreciation policy should be amended in order to better reflect the useful economic life of the improvements. Therefore, from 1 January 2020, refurbishment costs will be depreciated at 2% per annum.
## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number**
254025
## **Principal address**
Cathedral of the Dormition of the Mother of God 67 Ennismore Gardens London SW7 1NH
## **Trustees**
A Motlokhov A Zakharov I Gordienko
## **Auditors**
Thorne Lancaster Parker Chartered Accountants & Statutory Auditors 4th Floor Venture House 27-29 Glasshouse Street London W1B 5DF
Page 2
## **RUSSIAN ORTHODOX CHURCH IN LONDON**
## **Report of the Trustees for the year ended 31 December 2020**
## **REFERENCE AND ADMINISTRATIVE DETAILS Advisers**
**Main Bankers:-**
Lloyds Bank PLC 364-366 Lordship Lane East Dulwich London SE22 8NA
## **Other Bankers:-**
HSBC Plc Charities Aid Foundation Nationwide Building Society
## **Professional Advisors**
Bryan Cave 33 Cannon Street London EC4M 5TE
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES**
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"
The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charity SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the board of trustees on 27 September 2022 and signed on its behalf by:
.......................................................................... A Motlokhov - Trustee
Page 3
**Report of the Independent Auditors to the Trustees of Russian Orthodox Church in London**
## **Opinion**
We have audited the financial statements of Russian Orthodox Church in London (the 'charity') for the year ended 31 December 2020 which comprise the Statement of Financial Activities, the Statement of Financial Position, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
- In our opinion the financial statements:
- give a true and fair view of the state of the charity's affairs as at 31 December 2020 and of its incoming resources and application of resources, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity 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 that 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 performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially 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.
Page 4
**Report of the Independent Auditors to the Trustees of Russian Orthodox Church in London**
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
- the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of trustees**
As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which 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, the trustees are responsible for assessing the charity'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 charity or to cease operations, or have no realistic alternative but to do so.
Page 5
**Report of the Independent Auditors to the Trustees of Russian Orthodox Church in London**
## **Our responsibilities for the audit of the financial statements**
We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors 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 material 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 influence 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 irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. Our approach was as follows:
We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant are those that relate to the reporting framework (FRS 102 and the Companies Act 2006) and compliance with the relevant direct and indirect tax regulation in the United Kingdom. In addition, the Company has to comply with laws and regulations relating to its operations, including UK employment laws, health and safety, and GDPR.
We understood how the Russian Orthodox Church in London is complying with those frameworks by making enquires with management and those charged with governance to understand how the Company maintains and communicates policies and procedures in these areas. We understood any controls put in place by management to reduce the opportunities of fraudulent transactions.
We assessed the susceptibility of the company's financial statements to material misstatements including how fraud might occur through internal team conversations and inquiry of management and those charged with governance. Through these procedures we determined there to be a risk of management override associated with revenue and a fraud risk around transactions at the year end. We have performed tests of detail, including understanding of the nature of the transactions, verifying that the margin is appropriate, and verifying the clerical accuracy of the revenue recognised. In relation to management override, we selected a sample from the entire population of journals, including manual journals, identifying specific transactions which did not meet our expectations, in order to investigate, understand and agree to source documentation. We selected a sample of revenue transactions recorded before the year end and obtained documentation to verify that revenue adjustments had been recorded in the appropriate period.
Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved verifying that material transactions are recorded in compliance with FRS 102 and where appropriate Companies Act 2006. Compliance with other operational laws and regulations were covered through our inquiry with no indication of non-compliance identified.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
Page 6
**Report of the Independent Auditors to the Trustees of Russian Orthodox Church in London**
## **Use of our report**
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. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Thorne Lancaster Parker Chartered Accountants & Statutory Auditors 4th Floor Venture House 27-29 Glasshouse Street London W1B 5DF
Date: 28th September 2022
Page 7
## **RUSSIAN ORTHODOX CHURCH IN LONDON**
## **Statement of Financial Activities for the year ended 31 December 2020**
|Notes
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
2
**Charitable activities**
Charitable Activities
Other trading activities
3
Investment income
4
**Total**
**EXPENDITURE ON**
**Charitable activities**
6
Charitable activities
Russian Orthodox Church in London
Diocese Expenses
Other
**Total**
**NET INCOME/(EXPENDITURE)**
**Transfers between funds**
15
**Net movement in funds**
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
**TOTAL FUNDS CARRIED FORWARD**|Unrestricted
funds
£
564,339
28,817
24,467
29,124
646,747
33,145
505,551
75,062
5,075
618,833
27,914
(15,339)
12,575
1,057,499
1,070,074|Restricted
funds
£
103,630
-
-
-
103,630
-
121,037
-
28,136
149,173
(45,543)
15,339
(30,204)
5,473,949
5,443,745|2020
Total
funds
£
667,969
28,817
24,467
29,124
750,377
33,145
626,588
75,062
33,211
768,006
(17,629)
-
(17,629)
6,531,448
6,513,819|2019
Total
funds
£
788,928
47,677
83,192
21,572
941,369
49,465
1,593,991
89,220
40,879
1,773,555
(832,186)
-
(832,186)
7,363,634
6,531,448|
|---|---|---|---|---|
The notes form part of these financial statements
Page 8
## **RUSSIAN ORTHODOX CHURCH IN LONDON**
## **Statement of Financial Position 31 December 2020**
|Notes
**FIXED ASSETS**
Tangible assets
11
**CURRENT ASSETS**
Stocks
12
Debtors: amounts falling due within one year
13
Cash at bank
**CREDITORS**
Amounts falling due within one year
14
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**NET ASSETS**
**FUNDS**
15
Unrestricted funds:
General fund
Restricted funds:
New Benevolent Fund
Cathedral Refurbishment and Maintenance Fund
Property Fund
**TOTAL FUNDS**|Unrestricted
funds
£
747,927
20,000
27,377
318,991
366,368
(44,221)
322,147
1,070,074
1,070,074|
Restricted
funds
£
5,407,808
-
-
35,937
35,937
-
35,937
5,443,745
5,443,745|2020
Total
funds
£
6,155,735
20,000
27,377
354,928
402,305
(44,221)
358,084
6,513,819
6,513,819
1,070,074
35,936
3,923,195
1,484,614
5,443,745
6,513,819|2019
Total
funds
£
6,187,129
20,000
3,664
355,819
379,483
(35,164)
344,319
6,531,448
6,531,448
1,057,499
34,745
3,920,056
1,519,148
5,473,949
6,531,448|
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 27 September 2022 and were signed on its behalf by:
............................................. A Motlokhov - Trustee
The notes form part of these financial statements
Page 9
## **RUSSIAN ORTHODOX CHURCH IN LONDON**
## **Statement of Cash Flows for the year ended 31 December 2020**
|Notes
**Cash flows from operating activities**
Cash generated from operations
1
Net cash provided by/(used in) operating activities
**Cash flows from investing activities**
Purchase of tangible fixed assets
Interest received
Net cash used in investing activities
**Change in cash and cash equivalents in the**
**reporting period**
**Cash and cash equivalents at the beginning**
**of the reporting period**
**Cash and cash equivalents at the end of the**
**reporting period**|2020
£
88,627
88,627
(89,642)
124
(89,518)
(891)
355,819
354,928|2019
£
(18,091)
(18,091)
(39,049)
353
(38,696)
(56,787)
412,606
355,819|
|---|---|---|
The notes form part of these financial statements
Page 10
**RUSSIAN ORTHODOX CHURCH IN LONDON**
## **Notes to the Statement of Cash Flows for the year ended 31 December 2020**
## **1. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES**
|**ACTIVITIES**||||||
|---|---|---|---|---|---|
||||2020||2019|
||||£||£|
|**Net expenditure for the reporting period (as per the Statement of**||||||
|**Financial Activities)**|||(17,629)||(832,186)|
|**Adjustments for:**||||||
|Depreciation charges|||121,037||853,188|
|Interest received|||(124)||(353)|
|(Increase)/decrease in debtors|||(23,714)||17,256|
|Increase/(decrease) in creditors|||9,057||(55,996)|
|**Net cash provided by/(used in) operations**|||88,627||(18,091)|
|**ANALYSIS OF CHANGES IN NET FUNDS**||||||
||At|1.1.20|Cash flow|At 31.12.20||
|||£|£||£|
|**Net cash**||||||
|Cash at bank|355,819||(891)||354,928|
||355,819||(891)||354,928|
|**Total**|355,819||(891)||354,928|
## 2. **ANALYSIS OF CHANGES IN NET FUNDS**
The notes form part of these financial statements
Page 11
**RUSSIAN ORTHODOX CHURCH IN LONDON**
**Notes to the Financial Statements for the year ended 31 December 2020**
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 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) (effective 1 January 2019)', 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.
## **Income**
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
## **Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
## **Allocation and apportionment of costs**
Income is accounted for on a cash basis with the exceptions of investment and grant income which is accounted for on an accruals basis.
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to that category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Support costs all relate to the Russian Orthodox Church in London and have been allocated accordingly.
## **Tangible fixed assets**
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
|Freehold property|-|2% on cost|
|---|---|---|
|Long leasehold|-|Over the term of the lease|
|Improvements to property|-|2% on cost|
|Fixtures and fittings|-|20% on cost|
|Motor vehicles|-|25% on cost|
The depreciation policy of improvements to property has been reviewed at the start of the year. In order to better reflect the useful economic life of the improvements made to property they will now be depreciated at cost over 50 years.
## **Stocks**
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
## **Taxation**
The charity is exempt from tax on its charitable activities.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
continued...
Page 12
**RUSSIAN ORTHODOX CHURCH IN LONDON**
**Notes to the Financial Statements - continued for the year ended 31 December 2020**
## **1. ACCOUNTING POLICIES - continued**
## **Fund accounting**
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.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
## **Hire purchase and leasing commitments**
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.
## **2. DONATIONS AND LEGACIES**
|Collections
Donations (candles, altar bread and food)
Grants
Refurbishment costs
Donations for special services
Grants received, included in the above, are as follows:
Other grants
**3.**
**OTHER TRADING ACTIVITIES**
Shop income|2020
£
198,251
146,490
206,761
74,240
42,227
667,969
2020
£
206,761
2020
£
24,467|2019
£
196,644
391,702
-
25,070
175,512
788,928
2019
£
-
2019
£
83,192|
|---|---|---|
||||
||||
continued...
Page 13
**RUSSIAN ORTHODOX CHURCH IN LONDON**
## **Notes to the Financial Statements - continued for the year ended 31 December 2020**
|**4.**
**INVESTMENT INCOME**
Rents received
Deposit account interest
**5.**
**INCOME FROM CHARITABLE ACTIVITIES**
Nursery school
**6.**
**CHARITABLE ACTIVITIES COSTS**
Charitable activities
Russian Orthodox Church in London
Diocese Expenses|Direct
Costs
£
33,145
449,023
75,062
557,230|2020
£
29,000
124
29,124
2020
£
28,817
Support
costs (see
note 7)
£
-
177,565
-
177,565||
|---|---|---|---|
In the year the Russian Orthodox Church has paid expenses on behalf of the Russian Diocese of Sourozh amounting to £65,062 this is made up of the following expenses:
|Deanery support
Diocesan salary
Travel
Admin
Sourozh magazine
Miscellaneous|**2020**
£
9,500
52,448
-
-
3,114
-
65,062|**2019**
£
19,650
64,736
453
3,018
1,363
89,220|
|---|---|---|
continued...
Page 14
**RUSSIAN ORTHODOX CHURCH IN LONDON**
## **Notes to the Financial Statements - continued for the year ended 31 December 2020**
## **7. SUPPORT COSTS**
|Management
£
Other resources expended
-
Russian odox Church in
Russian Orthodox Church in
London
154,187
154,187|Finance
£
-
6,070
6,070|Governance
Other
costs
£
£
-
5,075
9,108
8,200
9,108
13,275|Totals
£
5,075
177,565
182,640|
|---|---|---|---|
## **8. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31 December 2020 nor for the year ended 31 December 2019.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 31 December 2020 nor for the year ended 31 December 2019.
## **9. STAFF COSTS**
|Wages and salaries
Social security costs|2020
£
245,331
23,422
268,753|2019
£
271,223
24,566
295,789|
|---|---|---|
The average monthly number of employees during the year was as follows:
||2020|2019|
|---|---|---|
|Staff|18|18|
No employees received emoluments in excess of £60,000.
continued...
Page 15
**RUSSIAN ORTHODOX CHURCH IN LONDON**
## **Notes to the Financial Statements - continued for the year ended 31 December 2020**
|**10.**
**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
Unrestricted
funds
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
712,827
**Charitable activities**
Charitable activities
47,677
Other trading activities
83,192
Investment income
21,572
**Total**
865,268
**EXPENDITURE ON**
**Charitable activities**
Charitable activities
49,465
Russian Orthodox Church in London
740,803
Diocese Expenses
89,220
Other
13,565
**Total**
893,053
**NET INCOME/(EXPENDITURE)**
(27,785)
**Transfers between funds**
(13,979)
**Net movement in funds**
(41,764)
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
1,099,263
**TOTAL FUNDS CARRIED FORWARD**
1,057,499|Restricted
funds
£
76,101
-
-
-
76,101
-
853,188
-
27,314
880,502
(804,401)
13,979
(790,422)
6,264,371
5,473,949|Total
funds
£
788,928
47,677
83,192
21,572
941,369
49,465
1,593,991
89,220
40,879
1,773,555
(832,186)
-
(832,186)
7,363,634
6,531,448|
|---|---|---|
continued...
Page 16
**RUSSIAN ORTHODOX CHURCH IN LONDON**
## **Notes to the Financial Statements - continued for the year ended 31 December 2020**
## **11. TANGIBLE FIXED ASSETS**
|**COST**
At 1 January 2020
Additions
At 31 December 2020
**DEPRECIATION**
At 1 January 2020
Charge for year
At 31 December 2020
**NET BOOK VALUE**
At 31 December 2020
At 31 December 2019
**COST**
At 1 January 2020
Additions
At 31 December 2020
**DEPRECIATION**
At 1 January 2020
Charge for year
At 31 December 2020
**NET BOOK VALUE**
At 31 December 2020
At 31 December 2019|Freehold
property
£
2,429,492
-
2,429,492
308,039
29,153
337,192
2,092,300
2,121,453
Fixtures
and
fittings
£
122,786
-
122,786
104,485
3,660
108,145
14,641
18,301|Long
leasehold
£
130,162
-
130,162
26,916
1,720
28,636
101,526
103,246
Motor
vehicles
£
36,267
-
36,267
36,267
-
36,267
-
-|Improvements
to
property
£
8,179,624
89,642
8,269,266
4,235,495
86,503
4,321,998
3,947,268
3,944,129
Totals
£
10,898,331
89,642
10,987,973
4,711,202
121,036
4,832,238
6,155,735
6,187,129|
|---|---|---|---|
continued...
Page 17
**RUSSIAN ORTHODOX CHURCH IN LONDON**
## **Notes to the Financial Statements - continued for the year ended 31 December 2020**
|**12.**
**STOCKS**
Stocks
**13.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Other debtors
Prepayments and accrued income
**14.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Trade creditors
Social security and other taxes
Other creditors
Russian Diocese of Sourozh
Accrued expenses
**15.**
**MOVEMENT IN FUNDS**
Net
movement
At 1.1.20
in funds
£
£
**Unrestricted funds**
General fund
1,057,499
27,914
**Restricted funds**
New Benevolent Fund
34,745
1,191
Cathedral Refurbishment and Maintenance
Fund
3,920,056
(12,200)
Property Fund
1,519,148
(34,534)
5,473,949
(45,543)
**TOTAL FUNDS**
6,531,448
(17,629)|2020
£
20,000
2020
£
18,300
9,077
27,377
2020
£
5,941
8,143
1,197
11,540
17,400
44,221
Transfers
between
funds
£
(15,339)
-
15,339
-
15,339
-|2020
£
20,000
2020
£
18,300
9,077
27,377
2020
£
5,941
8,143
1,197
11,540
17,400||
|---|---|---|---|
continued...
Page 18
**RUSSIAN ORTHODOX CHURCH IN LONDON**
## **Notes to the Financial Statements - continued for the year ended 31 December 2020**
## **15. MOVEMENT IN FUNDS - continued**
Net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
**Restricted funds**
New Benevolent Fund
Cathedral Refurbishment and Maintenance
Fund
Property Fund
**TOTAL FUNDS**|Incoming
resources
£
646,747
29,327
74,303
-
103,630
750,377|Resources
Movement
expended
in funds
£
£
(618,833)
27,914
(28,136)
1,191
(86,503)
(12,200)
(34,534)
(34,534)
(149,173)
(45,543)
(768,006)
(17,629)|
|---|---|---|
## **Comparatives for movement in funds**
|**Unrestricted funds**
General fund
**Restricted funds**
New Benevolent Fund
Cathedral Refurbishment and Maintenance
Fund
Property Fund
**TOTAL FUNDS**|At 1.1.19
£
1,099,263
11,028
4,698,969
1,554,374
6,264,371
7,363,634|Net
movement
in funds
£
(27,785)
23,717
(792,892)
(35,226)
(804,401)
(832,186)|Transfers
between
funds
£
(13,979)
-
13,979
-
13,979
-|At
31.12.19
£
1,057,499
34,745
3,920,056
1,519,148
5,473,949
6,531,448|
|---|---|---|---|---|
continued...
Page 19
**RUSSIAN ORTHODOX CHURCH IN LONDON**
## **Notes to the Financial Statements - continued for the year ended 31 December 2020**
## **15. MOVEMENT IN FUNDS - continued**
Comparative net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
**Restricted funds**
New Benevolent Fund
Cathedral Refurbishment and Maintenance
Fund
Property Fund
**TOTAL FUNDS**|Incoming
resources
£
865,268
51,031
25,070
-
76,101
941,369|Resources
expended
£
(893,053)
(27,314)
(817,962)
(35,226)
(880,502)
(1,773,555)|Movement
in funds
£
(27,785)
23,717
(792,892)
(35,226)
(804,401)
(832,186)|
|---|---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
|**Unrestricted funds**
General fund
**Restricted funds**
New Benevolent Fund
Cathedral Refurbishment and Maintenance
Fund
Property Fund
**TOTAL FUNDS**|At 1.1.19
£
1,099,263
11,028
4,698,969
1,554,374
6,264,371
7,363,634|Net
movement
in funds
£
129
24,908
(805,092)
(69,760)
(849,944)
(849,815)|Transfers
between
funds
£
(29,318)
-
29,318
-
29,318
-|At
31.12.20
£
1,070,074
35,936
3,923,195
1,484,614
5,443,745
6,513,819|
|---|---|---|---|---|
continued...
Page 20
**RUSSIAN ORTHODOX CHURCH IN LONDON**
**Notes to the Financial Statements - continued for the year ended 31 December 2020**
## **15. MOVEMENT IN FUNDS - continued**
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
||Incoming|
Resources|Movement|
|---|---|---|---|
||resources|
expended|in funds|
||£|£|£|
|**Unrestricted funds**||||
|General fund|1,512,015|(1,511,886)|129|
|**Restricted funds**||||
|New Benevolent Fund|80,358|(55,450)|24,908|
|Cathedral Refurbishment and Maintenance||||
|Fund|99,373|(904,465)|(805,092)|
|Property Fund|-|(69,760)|(69,760)|
||179,731|(1,029,675)|(849,944)|
|**TOTAL FUNDS**|1,691,746|(2,541,561)|(849,815)|
## **Unrestricted:**
The Capital Reserve is represented by the tangible fixed assets of the Church.
## **Restricted:**
The Cathedral Refurbishment and Maintenance Fund is to be used specifically for the refurbishment of the Cathedral. The Benevolent Fund is to be used to pay parishioner expenses at the judgement of the bishop.
## **16. RELATED PARTY DISCLOSURES**
There were no related party transactions for the year ended 31 December 2020.
Page 21
**RUSSIAN ORTHODOX CHURCH IN LONDON**
## **Detailed Statement of Financial Activities for the year ended 31 December 2020**
|**INCOME AND ENDOWMENTS**
**Donations and legacies**
Collections
Donations (candles, altar bread and food)
Grants
Refurbishment costs
Donations for special services
**Other trading activities**
Shop income
**Investment income**
Rents received
Deposit account interest
**Charitable activities**
Nursery school
**Total incoming resources**
**EXPENDITURE**
**Charitable activities**
Priests' and staff salaries
Social security
Diocese expenses
Ground rent, water rates,and council tax
Insurance
Purchases
Repairs and maintenance
Candles
Liturgical supplies
Accommodation expenses
Choir expenses
Volunteers & contract staff
Conference costs
Travel expenses
Carried forward|2020
£
198,251
146,490
206,761
74,240
42,227
667,969
24,467
29,000
124
29,124
28,817
750,377
245,331
23,422
75,062
85,020
13,556
10,181
18,558
678
5,464
2,885
26,448
11,918
-
4,242
522,765|2019
£
196,644
391,702
-
25,070
175,512|
|---|---|---|
|||788,928
83,192
21,219
353|
|||21,572
47,677|
|||941,369
271,223
24,566
89,220
108,171
14,760
23,257
25,284
18,311
26,953
14,658
49,755
64,845
37,109
14,984
783,096|
This page does not form part of the statutory financial statements
Page 22
## **RUSSIAN ORTHODOX CHURCH IN LONDON**
## **Detailed Statement of Financial Activities for the year ended 31 December 2020**
|**Charitable activities**
Brought forward
Nursery expenses
Management fees
**Other**
Charitable donations
**Support costs**
**Management**
Telephone
Postage and stationery
General administration
Depreciation of tangible and heritage assets
**Finance**
Bank charges
**Other**
Sundries
**Governance costs**
Auditors' remuneration
Accountancy and legal fees
Total resources expended
**Net expenditure**|2020
£
522,765
33,145
1,320
557,230
28,136
2,923
9,679
20,548
121,037
154,187
6,070
9,108
8,200
5,075
13,275
768,006
(17,629)|2019
£
783,096
47,967
-
831,063
27,314
3,186
12,184
43,430
853,188
911,988
9,622
(28,197)
8,200
13,565
21,765
1,773,555
(832,186)|
|---|---|---|
This page does not form part of the statutory financial statements
Page 23