REGISTERED CHARITY NUMBER: 254025
Report of the Trustees and
Financial Statements for the Year Ended 31 December 2023
for
TRUST PROPERTY IN CONNECTION WITH THE PATRIARCHAL RUSSIAN ORTHODOX PARISH IN LONDON
Thorne Lancaster Parker Chartered Accountants & Statutory Auditors 5th Floor Palladium House 1-4 Argyll Street London W1F 7TA
TRUST PROPERTY IN CONNECTION WITH THE PATRIARCHAL RUSSIAN ORTHODOX PARISH IN LONDON
Contents of the Financial Statements for the year ended 31 December 2023
| 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 20 |
| Detailed Statement of Financial Activities | 21 to 22 |
TRUST PROPERTY IN CONNECTION WITH THE PATRIARCHAL RUSSIAN ORTHODOX PARISH IN LONDON
Report of the Trustees for the year ended 31 December 2023
The trustees of the Trust Property In Connection With The Patriarchal Russian Orthodox Parish In London (charity number: 254025), referred to herein as the "Charity" or "Russian Orthodox Church in London", present their report with the financial statements of the Charity for the year ended 31 December 2023. 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
The objects of the Charity are to promote and further the Orthodox Christian faith within the London Cathedral Parish (the "Cathedral Parish") and other parishes of the Russian Orthodox Chuch in the United Kingdom and Ireland (collectively, the "Diocese").
Activities
This is achieved, inter alia, by carrying out regular worship and other services, as well as pastoral care and visits by presbytery, across the Diocese. The Charity also carries out certain trading activities as part of its missionary activity and a by-product is a small profit for the Charity.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
In 2023, the Charity continued to serve the thousands-strong community of Orthodox Christians in London and the UK, providing them with uninterrupted and regular access to the Cathedral, its clergy and vital Church sacraments and services.
In addition, the Charity continued to:
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support the Parish School, which would not be able to operate without financial and other assistance from the Charity;
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help the elderly members of the Russian Orthodox Church community in the UK, especially those with limited mobility; and
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provide free English language lessons for the parishioners (typically the elderly parishioners who want to improve their proficiency but don't have the ability to take such lessons privately)."
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 £1,029,174 (2022: £936,191) and resources expended were £992,374 (2022: £912,646) resulting in net incoming resources of £36,800 (2022 Incoming resources: £23,545). Total reserves amounted to £6,601,255 (2022: £6,564,455) of which unrestricted reserves amounted to £1,539,849 (2022: £1,383,797), and restricted reserves amounted to £5,061,406 (2022: £5,180,658).
FUTURE PLANS
The Cathedral Parish's main objective is to continue to remain the cornerstone of the spiritual lives of the Orthodox Christian faithful in the UK, and the Charity intends to keep helping it in fulfilling that role for the benefit of the Diocese.
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In particular, the Charity plans to:
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continue to support the Diocese to ensure it has sufficient number of clergy and places of worship;
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increase the number and diversity of the Charity's community support initiatives;
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continue to support the Parish School for pre-school and primary level children on Saturdays;
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remain committed to helping the elderly members of the community;
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continue its free English language classes initiative
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TRUST PROPERTY IN CONNECTION WITH THE PATRIARCHAL RUSSIAN ORTHODOX PARISH IN LONDON
Report of the Trustees for the year ended 31 December 2023
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 was formed by Deed of Trust on 20 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, in accordance with the directions of the Parish Council of the Cathedral Parish (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 are selected by the Parish Council in order to manage the Charity's affairs and finances.
Induction and training of new trustees
The induction process for new trustees comprises an initial meeting with the Chairman of the Parish Council and existing trustees of the Charity. Following an appointment a comprehensive induction pack is provided to the new trustees. This pack includes various Charity Commission publications, including "the Essential Trustee" guide, and copies of the Charity's latest accounts and minutes of recent trustee meetings. This information is considered to be adequate to give new trustees a sufficient level of initial awareness of his or her responsibilities and obligations.
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 (resigned 19.2.24) A Zakharov (resigned 24.4.24) I Gordienko (resigned 28.10.24) A Bardakovs (appointed 19.2.24) A Selegenev (appointed 24.4.24) M Lastovskiy (appointed 18.7.24)
Auditors
Thorne Lancaster Parker Chartered Accountants & Statutory Auditors 5th Floor Palladium House 1-4 Argyll Street London W1F 7TA
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".
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TRUST PROPERTY IN CONNECTION WITH THE PATRIARCHAL RUSSIAN ORTHODOX PARISH IN LONDON
Report of the Trustees for the year ended 31 December 2023
STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued
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
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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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 29 January 2025 and signed on its behalf by:
A Bardakovs - Trustee
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Report of the Independent Auditors to the Trustees of Trust Property In Connection With The Patriarchal Russian Orthodox Parish In London
Opinion
We have audited the financial statements of the Trust Property In Connection With The Patriarchal Russian Orthodox Parish In London (the 'charity') for the year ended 31 December 2023 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'.
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In our opinion the financial statements:
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give a true and fair view of the state of the charity's affairs as at 31 December 2023 and of its incoming resources and application of resources, for the year then ended;
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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
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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.
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Report of the Independent Auditors to the Trustees of Trust Property In Connection With The Patriarchal Russian Orthodox Parish 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:
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the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
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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.
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Report of the Independent Auditors to the Trustees of Trust Property In Connection With The Patriarchal Russian Orthodox Parish 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
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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.
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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 Group 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.
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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 obtain documentation to verify that revenue adjustments had been recorded in the appropriate period.
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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 FRS102 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.
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Report of the Independent Auditors to the Trustees of Trust Property In Connection With The Patriarchal Russian Orthodox Parish 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 5th Floor Palladium House 1-4 Argyll Street London W1F 7TA
Dated: 30th January 2025
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TRUST PROPERTY IN CONNECTION WITH THE PATRIARCHAL RUSSIAN ORTHODOX PARISH IN LONDON
Statement of Financial Activities for the year ended 31 December 2023
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Charitable activities 5 Charitable Activites Other trading activities 3 Investment income 4 Total EXPENDITURE ON Charitable activities 6 Charitable Activites 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 £ 894,116 - 71,176 28,319 993,611 823,523 - - 823,523 170,088 (14,036) 156,052 1,383,797 1,539,849 |
Restricted funds £ - 35,563 - - 35,563 119,251 - 49,600 168,851 (133,288) 14,036 (119,252) 5,180,658 5,061,406 |
2023 Total funds £ 894,116 35,563 71,176 28,319 1,029,174 942,774 - 49,600 992,374 36,800 - 36,800 6,564,455 6,601,255 |
2022 Total funds £ 852,087 34,542 23,460 26,102 936,191 790,026 87,460 35,160 912,646 23,545 - 23,545 6,540,910 6,564,455 |
|---|---|---|---|---|
The notes form part of these financial statements
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TRUST PROPERTY IN CONNECTION WITH THE PATRIARCHAL RUSSIAN ORTHODOX PARISH IN LONDON
Statement of Financial Position 31 December 2023
| 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 £ 751,092 20,000 58,097 969,605 1,047,702 (258,945) 788,757 1,539,849 1,539,849 |
Restricted funds £ 5,048,531 - 681 12,195 12,876 (1) 12,875 5,061,406 5,061,406 |
2023 Total funds £ 5,799,623 20,000 58,778 981,800 1,060,578 (258,946) 801,632 6,601,255 6,601,255 1,539,849 12,876 3,663,685 1,384,845 5,061,406 6,601,255 |
2022 Total funds £ 5,915,709 20,000 20,464 841,493 881,957 (233,211) 648,746 6,564,455 6,564,455 1,383,797 12,876 3,750,188 1,417,594 5,180,658 6,564,455 |
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 29 January 2025 and were signed on its behalf by:
A Bardakovs - Trustee
The notes form part of these financial statements
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TRUST PROPERTY IN CONNECTION WITH THE PATRIARCHAL RUSSIAN ORTHODOX PARISH IN LONDON
Statement of Cash Flows for the year ended 31 December 2023
| Notes Cash flows from operating activities Cash generated from operations 1 Net cash provided by operating activities Cash flows from investing activities Purchase of tangible fixed assets Interest received Net cash (used in)/provided by 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 |
2023 £ 143,472 143,472 (3,165) - (3,165) 140,307 841,493 981,800 |
2022 £ 322,943 322,943 - 192 192 323,135 518,358 841,493 |
|---|---|---|
The notes form part of these financial statements
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TRUST PROPERTY IN CONNECTION WITH THE PATRIARCHAL RUSSIAN ORTHODOX PARISH IN LONDON
Notes to the Statement of Cash Flows for the year ended 31 December 2023
| 1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2023 £ Net income for the reporting period (as per the Statement of Financial Activities) 36,800 Adjustments for: Depreciation charges 119,251 Interest received - (Increase)/decrease in debtors (38,314) Increase in creditors 25,735 Net cash provided by operations 143,472 2. ANALYSIS OF CHANGES IN NET FUNDS |
2022 £ 23,545 119,722 (192) 907 178,961 322,943 |
|---|---|
| At 1.1.23 | Cash flow | At 31.12.23 | |
|---|---|---|---|
| £ | £ | £ | |
| Net cash | |||
| Cash at bank | 841,493 | 140,307 | 981,800 |
| 841,493 | 140,307 | 981,800 | |
| Total | 841,493 | 140,307 | 981,800 |
The notes form part of these financial statements
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TRUST PROPERTY IN CONNECTION WITH THE PATRIARCHAL RUSSIAN ORTHODOX PARISH IN LONDON
Notes to the Financial Statements for the year ended 31 December 2023
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 |
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.
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.
continued...
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TRUST PROPERTY IN CONNECTION WITH THE PATRIARCHAL RUSSIAN ORTHODOX PARISH IN LONDON
Notes to the Financial Statements - continued for the year ended 31 December 2023
1. ACCOUNTING POLICIES - continued
Fund accounting
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 Refurbishment costs Donations for special services 3. OTHER TRADING ACTIVITIES Shop income 4. INVESTMENT INCOME Rents received Deposit account interest 5. INCOME FROM CHARITABLE ACTIVITIES Activity Nursery school Charitable Activites |
2023 £ 424,239 455,952 - 13,925 894,116 2023 £ 71,176 2023 £ 28,319 - 28,319 2023 £ 35,563 |
2022 £ 403,210 343,342 84 105,451 852,087 2022 £ 23,460 2022 £ 25,910 192 26,102 2022 £ 34,542 |
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continued...
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TRUST PROPERTY IN CONNECTION WITH THE PATRIARCHAL RUSSIAN ORTHODOX PARISH IN LONDON
Notes to the Financial Statements - continued for the year ended 31 December 2023
6. CHARITABLE ACTIVITIES COSTS
Charitable Activites
| Direct Costs £ 708,978 |
Support costs (see note 7) £ 233,796 |
Totals £ 942,774 |
|---|---|---|
In the year the Charity paid expenses on behalf of the Russian Orthodox Diocese of Sourozh trust (charity number 277508), referred to herein as the "Diocese Trust", amounting to £65,966. This is made up of the following expenses:
| Deanery support Diocesan salaries Miscellaneous grant |
2023 2022 £ £ 1,610 9,250 64,356 64,792 19,000 65,966 87,460 |
|---|---|
7. SUPPORT COSTS
Charitable Activites
| Governance | |||
|---|---|---|---|
| Management | Finance | costs | Totals |
| £ | £ | £ | £ |
| 179,550 | 12,744 | 41,502 | 233,796 |
8. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022.
9. STAFF COSTS
| Wages and salaries Social security costs The average monthly number of employees during the year was as follows: Staff |
2023 £ 195,165 20,689 215,854 2023 14 |
2022 £ 196,634 24,104 |
|---|---|---|
| 220,738 | ||
| 2022 14 |
continued...
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TRUST PROPERTY IN CONNECTION WITH THE PATRIARCHAL RUSSIAN ORTHODOX PARISH IN LONDON
Notes to the Financial Statements - continued for the year ended 31 December 2023
9. STAFF COSTS - continued
No employees received emoluments in excess of £60,000.
| 10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted funds £ INCOME AND ENDOWMENTS FROM Donations and legacies 843,001 Charitable activities Charitable Activites 34,542 Other trading activities 23,460 Investment income 26,102 Total 927,105 EXPENDITURE ON Charitable activities Charitable Activites 670,119 Diocese Expenses 87,460 Other - Total 757,579 NET INCOME/(EXPENDITURE) 169,526 RECONCILIATION OF FUNDS Total funds brought forward 1,214,271 TOTAL FUNDS CARRIED FORWARD 1,383,797 |
Restricted funds £ 9,086 - - - 9,086 119,907 - 35,160 155,067 (145,981) 5,326,639 5,180,658 |
Total funds £ 852,087 34,542 23,460 26,102 936,191 790,026 87,460 35,160 912,646 23,545 6,540,910 6,564,455 |
|---|---|---|
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TRUST PROPERTY IN CONNECTION WITH THE PATRIARCHAL RUSSIAN ORTHODOX PARISH IN LONDON
Notes to the Financial Statements - continued for the year ended 31 December 2023
11. TANGIBLE FIXED ASSETS
| COST At 1 January 2023 Additions At 31 December 2023 DEPRECIATION At 1 January 2023 Charge for year At 31 December 2023 NET BOOK VALUE At 31 December 2023 At 31 December 2022 COST At 1 January 2023 Additions At 31 December 2023 DEPRECIATION At 1 January 2023 Charge for year At 31 December 2023 NET BOOK VALUE At 31 December 2023 At 31 December 2022 |
Freehold property £ 2,429,492 - 2,429,492 395,500 29,154 424,654 2,004,838 2,033,992 Fixtures and fittings £ 122,786 3,165 125,951 113,416 1,874 115,290 10,661 9,370 |
Long leasehold £ 130,162 - 130,162 32,077 1,720 33,797 96,365 98,085 Motor vehicles £ 36,267 - 36,267 36,267 - 36,267 - - |
Improvements to property £ 8,269,266 - 8,269,266 4,495,004 86,503 4,581,507 3,687,759 3,774,262 Totals £ 10,987,973 3,165 10,991,138 5,072,264 119,251 5,191,515 5,799,623 5,915,709 |
|---|---|---|---|
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TRUST PROPERTY IN CONNECTION WITH THE PATRIARCHAL RUSSIAN ORTHODOX PARISH IN LONDON
Notes to the Financial Statements - continued for the year ended 31 December 2023
| 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 Orthodox Diocese Of Sourozh trust Accrued expenses 15. MOVEMENT IN FUNDS Net movement At 1.1.23 in funds £ £ Unrestricted funds General fund 1,383,797 170,088 Restricted funds New Benevolent Fund 12,876 (49,600) Cathedral Refurbishment and Maintenance Fund 3,750,188 (86,503) Property Fund 1,417,594 (32,748) General - 35,563 5,180,658 (133,288) TOTAL FUNDS 6,564,455 36,800 |
2023 £ 20,000 2023 £ 45,220 13,558 58,778 2023 £ 39,900 32,940 167,746 - 18,360 258,946 Transfers between funds £ (14,036) 49,600 - (1) (35,563) 14,036 - |
2022 £ 20,000 2022 £ 14,912 5,552 20,464 2022 £ 21,582 26,282 164,287 11,540 9,520 233,211 At 31.12.23 £ 1,539,849 12,876 3,663,685 1,384,845 - 5,061,406 6,601,255 |
|
|---|---|---|---|
continued...
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TRUST PROPERTY IN CONNECTION WITH THE PATRIARCHAL RUSSIAN ORTHODOX PARISH IN LONDON
Notes to the Financial Statements - continued for the year ended 31 December 2023
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 General TOTAL FUNDS |
Incoming resources £ 993,611 - - - 35,563 35,563 1,029,174 |
Resources expended £ (823,523) (49,600) (86,503) (32,748) - (168,851) (992,374) |
Movement in funds £ 170,088 (49,600) (86,503) (32,748) 35,563 (133,288) 36,800 |
|---|---|---|---|
Comparatives for movement in funds
| Unrestricted funds General fund Restricted funds New Benevolent Fund Cathedral Refurbishment and Maintenance Fund Property Fund TOTAL FUNDS |
At 1.1.22 £ 1,214,271 39,036 3,836,792 1,450,811 5,326,639 6,540,910 |
Net movement in funds £ 169,526 (26,160) (86,604) (33,217) (145,981) 23,545 |
At 31.12.22 £ 1,383,797 12,876 3,750,188 1,417,594 5,180,658 6,564,455 |
|---|---|---|---|
continued...
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TRUST PROPERTY IN CONNECTION WITH THE PATRIARCHAL RUSSIAN ORTHODOX PARISH IN LONDON
Notes to the Financial Statements - continued for the year ended 31 December 2023
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 £ 927,105 9,000 85 1 9,086 936,191 |
Resources Movement expended in funds £ £ (757,579) 169,526 (35,160) (26,160) (86,689) (86,604) (33,218) (33,217) (155,067) (145,981) (912,646) 23,545 |
|---|---|---|
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 General TOTAL FUNDS |
At 1.1.22 £ 1,214,271 39,036 3,836,792 1,450,811 - 5,326,639 6,540,910 |
Net movement in funds £ 339,614 (75,760) (173,107) (65,965) 35,563 (279,269) 60,345 |
Transfers between funds £ (14,036) 49,600 - (1) (35,563) 14,036 - |
At 31.12.23 £ 1,539,849 12,876 3,663,685 1,384,845 - 5,061,406 6,601,255 |
|---|---|---|---|---|
continued...
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TRUST PROPERTY IN CONNECTION WITH THE PATRIARCHAL RUSSIAN ORTHODOX PARISH IN LONDON
Notes to the Financial Statements - continued for the year ended 31 December 2023
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:
| Unrestricted funds General fund Restricted funds New Benevolent Fund Cathedral Refurbishment and Maintenance Fund Property Fund General TOTAL FUNDS |
Incoming resources £ 1,920,716 9,000 85 1 35,563 44,649 1,965,365 |
Resources expended £ (1,581,102) (84,760) (173,192) (65,966) - (323,918) (1,905,020) |
Movement in funds £ 339,614 (75,760) (173,107) (65,965) 35,563 (279,269) 60,345 |
|---|---|---|---|
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 2023.
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TRUST PROPERTY IN CONNECTION WITH THE PATRIARCHAL RUSSIAN ORTHODOX PARISH IN LONDON
Detailed Statement of Financial Activities for the year ended 31 December 2023
| INCOME AND ENDOWMENTS Donations and legacies Collections Donations 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 Russian Orthodox Diocese Of Sourozh trust's expenses Ground rent, water rates,and council tax Insurance Purchases Repairs and maintenance Liturgical supplies Accommodation expenses Choir expenses Volunteers & contract staff Conference costs Travel expenses Nursery expenses Bookshop costs |
2023 £ 424,239 455,952 - 13,925 894,116 71,176 28,319 - 28,319 35,563 1,029,174 195,165 20,689 65,966 30,338 13,561 23,512 37,431 35,281 15,155 53,135 98,755 14,061 20,812 42,581 42,536 708,978 |
2022 £ 403,210 343,342 84 105,451 852,087 23,460 25,910 192 26,102 34,542 936,191 196,634 24,104 83,844 82,634 10,215 360 30,949 28,758 4,210 45,500 40,735 10,277 5,879 43,953 - 608,052 |
|---|---|---|
This page does not form part of the statutory financial statements
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TRUST PROPERTY IN CONNECTION WITH THE PATRIARCHAL RUSSIAN ORTHODOX PARISH IN LONDON
Detailed Statement of Financial Activities for the year ended 31 December 2023
| Charitable activities Other Charitable donations Support costs Management Telephone Postage and stationery General administration Freehold property depreciation Long leasehold depreciation Improvements to property depreciation Fixtures and fittings depreciation Finance Computer costs Bank charges Governance costs Auditors' remuneration Accountancy and legal fees Total resources expended Net income |
2023 £ 49,600 2,795 2,897 54,607 29,154 1,720 86,503 1,874 179,550 3,489 9,255 12,744 9,240 32,262 41,502 992,374 36,800 |
2022 £ 35,160 4,257 2,747 37,072 29,154 1,721 86,503 2,343 163,797 - 7,314 7,314 9,000 89,323 98,323 912,646 23,545 |
|---|---|---|
This page does not form part of the statutory financial statements
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