**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:
- support the Parish School, which would not be able to operate without financial and other assistance from the Charity;
- help the elderly members of the Russian Orthodox Church community in the UK, especially those with limited mobility; and
- 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.
- In particular, the Charity plans to:
-
- continue to support the Diocese to ensure it has sufficient number of clergy and places of worship;
- increase the number and diversity of the Charity's community support initiatives;
- continue to support the Parish School for pre-school and primary level children on Saturdays;
- remain committed to helping the elderly members of the community;
- continue its free English language classes initiative
Page 1
**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".
Page 2
## **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
- 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 29 January 2025 and signed on its behalf by:
A Bardakovs - Trustee
Page 3
**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'.
- In our opinion the financial statements:
- 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;
- 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 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:
- 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 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:
- 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 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.
- 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.
- 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.
Page 6
**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
Page 7
## **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
Page 8
## **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
Page 9
## **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
Page 10
## **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
Page 11
**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...
Page 12
## **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|
|---|---|---|
||||
continued...
Page 13
**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...
Page 14
**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|
|---|---|---|
Page 15
continued...
**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|
|---|---|---|---|
Page 16
continued...
## **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...
Page 17
## **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...
Page 18
**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...
Page 19
## **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.
Page 20
## **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
Page 21
## **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
Page 22