The Finnish Church in London Charitable Trust Trustees, Report and Financial Statements For the year ended 31 December 2023 Charity Number.. 283594
The Finnlsh Church in London Charitable Trust Trustees. Report and Flnanclal Statements For the year ended 31 December 2023 Contents Page Le8al and administrative information Trustees. report Report of the independent examiner Statement of financlal actlvitles Balance sheet Statement of cash flows Notes to the financial statements io li 12-21
The Finnish Church in London Charitable Trust Legal and Administrative Information Name of the Charity and other names used The Finnish Church in London Charitable Trust also commonly known os Finnish Church in London Finnish Church Lontoon suomol(Jlnen merimieskirkko Lontoon merimie5kirkko Merimieskirkko Isossa-Britanniassa ja Irlannis5a Charlty Reglstratlon Number 283594 Reglstered offlce 33 Albion Street London SE16 7HZ Bankers Danske Bank London Branch 75 King William Street London EC4N 7DT Independent Examlner lacob, Cavenagh & Skeet 5 Robin Hood Lane Sutton SMI 2SW Trustees and Management Commlttee members Mr Jukka Siukosaari Reverend Hannu Suihkonen Reverend Marlaana Harkonen MrAntti Lemberg Dr Juha Iso-slpila His Excellency the Ambassador of Finland General Secretary of the Finnish Seamen's Mission in Helsinki Rector of the Finnish Church in London Member of the congregation until 20.3.2023 Member ofthe congregatlon from 20.3.2023 Trustees do not receive remuneration or benefits from the charity in relation to their role as trustees. Governlng document Declaration of trust dated 28 September 1981 Amended 2014 (Memorandutn ofAmendment ofTrust Deed) Page I
The Finnish Church in London Charitable Trust Trustees, Report for the year ended 31 December 2023 The trustees Df The Finnish Church in London Charitable Trust present their report and financial statements for the year ending 31 December 2023 in accordance with the Charities Act 2011. The trustees are satisfied. to the best of their knowledge, that these statements comply with the current statutory requirements, the church's governing documents and are in accordance with the Charity Cotnmission's Statement of Recommended Practice (FRS 102). The overall aim of the Finnish Church is to advance the spiritttal and general wellbeing of the Finnish Community in UK and to advance the Christian faith to the benefit of the public in accordance with the order and confession of the Evangelical-Lutheran Church of Finland. The mission of the Finnish Church in London is to strengthen the sense of belonglng and inclusion in the Finnish Community and hence to also benefit the general wellbeing of the wider community. We aim to help in retaining a connection to Finland, Finnish language and culture, and by reinforclng the appreciation of our own culture, learn to appreciate other cultures as well. The Church offers a welcoming and inclusive community and congregation. Our values are hospitality, courage andsafety. We believe we are known for the welcoming smell and taste oFour famous cinnamon buns, the miraculous effects of sauna and our proclaiming the Gospel of lesus in words but mostly in deeds. The Finnish Church provlded publfic benefit by.. Providing religious and social services to the Finnish expat community around the UK,. Offering a hub of various activities and networking for the community.. Offering services of clergy and welfare officers for those in crisis or need of support- and Offerin8 various volunteerin8 opportunities,, We review our aims, objectives and activities annually., in doing this we evaluate and assess the benefit of our outpurs on our Community, those who visit the Church and those whom we meet in our events, services and group meetings, or through our social media and online services. We Consider how we can further develop our objectives to meet future needs and ensure that our work continues to deliver our charitable aims and have a genuine impact on the community we serve. The Trustees confirm that they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to public beneFIt guidance published by the Charity Commission. The charity's objective5 are achieved by providing services whlch are described in more detail below, Trustees A group of Trustees is nominated by the Board of the Finnish Seamen's Mission as stated on the Charitable Trust Deed. The Board of Trustees is the governing body of the Finnish Church in London (Charitable Trust) and it has the overall responsibility of the management Issues. The Trustees are 31so members of the Management Committee. Trustees are appointed based mainly on the p051tions they hold. HE the Ambassador of Finland, the General Secretary of Finnish Seamen, Mission and the Rector of the Finnish Church in London are always trustees. The fourth trustee represents the Finnish expat community in the UK. New trustees receive an induction,. this consists of minutes of previous meeting5, explanation of the purpose of the Charity and management policies, Code of Conduct, Conflict of Interest Guidance for Charity Trustees and annual operational and financial reports. No specific training has been provided but this will be kept under review. At meetings there is always room lor questions and explanations. The trustees meet 3-4 times per year. Page 2
The Finnish Church in London Charitable Trust Trustees, Report for the year ended 31 December 2023 The Church Commlttee The Church Committee is a sub-committee ofthe Management Committee. Ithas a role in developing and implementing the attivitie5 of the Church. It has six elected members. one representative of the Trust and one of the staff. in addition to the Rector who is the rapporteur and the secretary of the committee. The work of the Finnish Church started in 1880 when a young clergyman Elis Bergroth was sent to the ports of Grimsby and Hull and in less than two years time he moved the focus of the work to London. From the beginning the Finnish Church has been an integral unit of the Finnish Seamen's Mission. The Church provides ecclesiastical, social and cultural activities aimed mainly at Flnns and their families and friends of Finland residing and visiting Great Britain and Ireland. The Finnish Church represents the Evangelical-Lutheran Church of Finland in UK and provide5 its, services to the Finnish Community. The Church building in Rotherhithe, South-East London, is a base for the operations but the Charity reaches out also to the members of the Finnish community living elsewhere in UK and Ireland. The Church is usually open six days a week. In addition to the Church hall the building has a café, a Finnish sauna. two meeting rooms, a small library (with Finnish books), guest rooms and a small shop,. these service5 give people a reason to visit the Church and to find meaningful volunteering opportunities, help us to promote the character of the Church as a "public living room" to which everyone is welcome and dlrectly allows us to achieve the Charity's objectives. There is also an office and three residential apartments.. the Rectory and two flats for staffaccommodation, The total number of visitors to the Church wa5 20,605 (2022.. 15,367 and 2021.. 9,976). During the year we had 15 Worship Services and Holy Masses at the Church 408 participants (average 27). We had 15 baptisms (I l in year 2022), no weddings (3), 4 funerals (3] and 2 Confirmands (S). The effect of the Porvoo Agreement shows in liaison with Scandinavian, Baltic and Anglican churches. Welfare olcer Salla Korteniemi was a Trustee of the Lutheran Council of Great Britain. The Lutheran Council aims to gfive practical help in student work. administration. safeguarding, legislation and regulation5, and to provide occasions to meet other people From Lutheran Churche5. Various festivities, such as concerts, exhibitions and cultural events were or8ani5ed during the year. Some of the more notable events were the Easter and Christmas Bazaars, 1st of May Celebrations and the Midsummer Fesiival. We also participated in London Pride Parade in july. For familie5 we had for example a Shrovetide Event, Easter Egg Hunt and a Christmas celebration. We had four Christmas Carol Service5 at the Finnish Church in Rotherhithe. one of which included the St. Lucia procession. Christmas Carol Services were also organised in Glasgow, Edinburgh, Farnborough, Manchester, StAlbans and Hampstead Heath. Page 3
The Finnish Church in London Charitable Trust Trustees, Report for the year ended 31 December 2023 We had several groups gathering at the Church: Parent and Toddler Club. Choir Merenkurkut, Seniors, Club, Art Group, Finnish Theater and a Knitting group all met regularly weekly. fortnightly or once a month. Bible Study Group, peer meeting for expectant mothers and for parents with a newborn child, Friendship Network and seniors met online or hybrid. Finnish Saturday School was held at the church approximately every second Saturday during the autumn and spring terms. Main emphas55 of our welfare work Ss in proactive support to prevent social problems. All our activities are aimed to improve the well-being of the people and that no one is left alone. We offer meaningful opportunities to volunteer and help others. Through this work we aim to bring those in risk of soclal exclusion into contact with wider community and Finnish networks. During the year 2023 we had 948 contacts in our welfare work (for councellin& support and advice), 191 events with 13,181 participants and 227 volunteers. In our social media we had 11,335 followers (in Facebook, Instagram and X). The Finnish Church provide5 emergency accommodation under the Flnnish Embassy's advisement. Welfare Officers offer technical support with EUSS updates. The Welfare work is mainly fvnded by Finnish Funding Centre for Social Welfare and Health Organisations (STEA). The Finnish Church iri Loridori has co-operated with (the list is not exhaustive): Anglo Finnish Society Church of England and other Churches Albion Street Community Charity. Alblon Street Steerin8 Group Finnish student Society of Great Britain Finnish Theatre Nordic Churche5 Council of Lutheran Churches Southwark council The central organization of Conservative Laestadians in Finland (SRK) Emba55y ofFinland Queen Victoria Seaman's Rest Finnish Schools around the UK Tuned In London Outi Hubbard Teija Perttila M5A Trust Page 4
The Finnish Church in London Charitable Trust Trustees, Report for the year ended 31 December 2023 erso The staff teatn during the year.. Annu Burton Bernard Creely Mitch Flacko Marjaana Harkonen Salla Korteniemi Mervi Mattila Elli Niemelainen H(Jnnakoarina Sarvelo Financial Secretary (80¥0) Cleaner (4096) janitor (40Vo) Rector Welfare Officer (on study leave 10.4. - 31.5.2023) Service Manager Kitchen Worker Welfare Officer According to the financial control policy of the parental organization (The Finnish Seamen's Mission) the salaries of the Executive Team members (including Rector of the Finnish Church in London) are defined by the Board of the Finnish Seamen's Misslon and implementation is managed by the Secretary General of the Finnish Seamen s Mission. Voluntary assistants (Charity Worker5) during 2023 were.. Siiri Rantanen Rouha Kouppinen Kotl Lindgren Vilma Kinnunen Katrilarvensolo We had several people volunteering at the Church in various roles. We 8reatly appreciate the contribution from our volunteers. 2023 2022 2021 2020 2019 2018 Total visitors at the Church 20,605 15,367 9,976 6,681 38,060 28,282 Bazaars 7,632 6,914 4,283 16,730 11,615 The Trustee5 have prepared a risk register coverlng the full spectrum of activities and manageinent of the Finnish Church. A more detailed risk assessment coverlng the health and safety needs of the staff was reviewed by all members of the staff and updated regularly. The risk management policy has been prepared and revlewed by the Trustees. The major risks that was identified: Risk tltle and descrl tlon l) Financial sustainability Several years of negative financial results leading to shortage of Fund5. Financial im acts of the andemic situation The rlsks are controlled b Scenarios, adjustments needed in services and functions, property review The Board of Trustee5 addressed these risk5 at its rneetings and Trustees are satisfied thatthe major risks have been mitigated as far as reasonably possible but do recognise they must be kept under constant review. Page 5
The Flnnlsh Church In London Charitable Trust Trustees, Report for the year ended 31 December 2023 EM At the year end the charity held total funds of E2.781,013, of which £9,697 were re5trirted and £2,747,363 were designated. The Finnish Church in London holds reserves of £23,953 at the end of financial year (2022.. £36,600). Thi5 represents approximately 0.6 months. expenditure (2022.. 0.7 months). The level of reserves is needed to secure the operations of the Church for the following year. M05t of the Charity s income is usually received during November and December and reserves are used during the first 10 months of the year until being replenished again during Christmas season. The result for the year ended 31 December 2023 was a surplus of £70,765 (2022.. deflcit of £96,479 before revaluation gains). The aim of the Charity is not to make profit5, but responsible stewardship is needed in order to ensure that the Charity remains viable for the long term. The Charlty's main fundraising too15 (Bazaars and other Charitable events) were quite successful in 2023. The Charity received donatioiis from members of the congregation, and two foundations in Finland., Gezellius Foundatiort and Jussi Lalli and Eeva Muriopori.Lalli Foundation. The Charity's welfare work is mainly funded by Finland's Ministry of Social Affairs and Health (STEA), The Ministry of Education and Culture provided the Church with a considerable grant to do maintenance and repair works at rhe Church building. Some parts of the Church buildin8 were renovated 2022-2023 in order to change the use of these parts of the building and to generate more stable income for the Charity. These renovations will be finalised in 2024. Expenditure related to running charitable activities, keeping the facilities open for anyone to visit and maintaining our buildings. The Finnish Seamen's Mission (parental company) has confirmed to support the Finnish Church In London financially until at least 3 1 May 2025. As Great Britain has left the EU the Trustees recognise the need to follow closely the situation and Sts impact on the Finnish Community, on the Charity's work and on its fvndraisin8. Page 6
The Finnish Church An London Charitable Trust Trustees, Report for the year ended 3 1 December 2023 The trustees are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102., The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). Charity law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state ofaffairs ofthe charity and of the surplus / deficit of the charity for that year. In preparing those financial statements the trustees are required to.. Select suitable accounting policies and then apply them consistently Make judgments and estimates that are reasonable and prudent Comply wlth applicable accounting standards subject to any material departures disclosed and explained in the financial statements Prepare the flnancial statements on the going concern basis unless It Is inappropriate to presume that the cotnpany 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 company and to enable then to ensure that the financial statements comply with Charities Act 2011. They are also responsible for safeguardin8 the assets of the charlty and hence for taking reasonable steps for the prevention and detectlon of fraud and other irregularities. Approved by the Trustees on 6 March 2024 and Signed on thelr behalfby Marjaana Harkonen Rector of the Finnish Church in London Page 7
Independent examiner's report to the Trustees of The Finnish Church in London Charitable Trust I report on the financial ststements of The Finnish Church in London Charitable Trust for the year ended 31 December 2023 which are set out on pages 9 to 21. Re5ponslbilities and basis of report A5 the charity's trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act,). I report in respect Df my examination of the Trust's accounts a5 carried out under sertion 145 of the Act and in carrying Dut my examination I have followed all the applicable Directions 8iven by the Charity Commission under section 145(51(b) of the Act. Independent examlnerfs statement Since the Trust's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the Trust as required by sectlon 130 of the Act,. or the account5 do not accord with those records., or the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Report) Regulations 20QB other than any requirement that the accounts give a 'true and fair view, which is not a matter considered as part of an independent examination.. or the accounts have not been prepared in accordance with the methods and principles 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 the Republic of Ireland (FRS 102). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understandin8 of the accounts to be reached, Miriam Hickson CTA FCA jacob Cavenagh & Skeet 5 Robin Hood Lane Sutton Surrey SMI 2SW Date.. T dlL 2024 Page 8
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Tbe Finnish Church in London Charitable Trust Balance Sheet as at 31 December 2023 2023 2022 Notes Flxed assets Tangible assets Investment properties li 2,447,363 300,000 2,363.951 300,000 12 2,747,363 2,663,951 Current assets Debtors Stock Cash at bank and in hand 13 20,882 7,798 155,496 15,375 8,369 146,970 14 184,176 170,714 Credltors.. Amounts falling due within one year 15 (150,526) (124,417) Net current assets 33,650 46,297 Net assets 18 2,781,013 2,710,248 Funds Unrestricted Funds Designated Funds Restricted Funds 23.953 2,747,363 9,697 36,600 2,663.951 9,697 16 17 2,781,013 2,710,248 These financial statements were approved by the board of trustees and authorised for Issue on 6 March 2024 and are Signed on behalfof the board by.. Marjaana Har onen Rector of the Finnish Church in London Pagt 10
The Finnish Church in London Charitable Trust Statement of Cash Flows for the year ended 3 1 December 2023 2023 Z022 Cash flows from operating activitles Net Income 70,765 172,394 Adjustments for.. Depreciation (Gain) on revaluation of investment property Decrease/(increase] Sn stock Clncrease]/decrease In debtors Increase in creditors 80,354 82,751 (268,873) ( 501) 296 46,283 571 (5,507) 26,109 Cash flows provlded by operatlng actlvltles 172,292 32,350 Cash flows from Investlng actlvltles Purchase ofproperty plant and equipment (163,766) (35,847) Cash flows (used In) Investing actlvltles (163,766) (35,847) Net Increasel(decrease) In cash 8,526 (3,497) Cash brought forw3rd at I January 146,970 150,467 Cash carrled forward at 31 December IS5,496 146,970 Pa8e 11
The Finnish Church in London Charitable Trust Notes to the Financial Statements for the year ended 31 December 2023 Basls of preparation The financial 5tatemeDts have been prepared in accordance with 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) (Charities SORP (FRS 102)) and the Charities Acr 2011. Finnish Church In London meets the deflnitlon of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes, The trustees have reviewed the going concern position and the level of ongoing support from the parent entity. the Finnish Seamens, Mission, and consider that it appropriate for the financial statements to be prepared on the going concern basis. Accountlng pollcles (a) Translatlon of forelgn currencles Monies received from the Finnish Seamen's Mission Helsinki during the year have been coftverted at the exchange rate rnlln8 at the date of translation. (b) Tanglble flxed a55et5 and depreclatlon Fixed assets are capitalized at cost. Freehold land is not depreciated. Depreciation is calculated to write the cost, less estimated residual value, of other fixed assets over their expected useful lives, as follows: Freehold property Long leasehold property Improvements to property Fixtures fittings & equipment 20/n per annum on straight line basi5 Over the remainin8 period of the lease 1096 per annum on straight-line basis 2096 per annum on straight line basls (c) Flxed asset Investments Fixed asset investment5 are included at fair value at the balance sheet date. Any gain or loss on revalltation is recognised in the SOFA. (d) Income All incolne included in the statement of flnancial activities when the charity is entitled to the income and the amount can be quantified wlth reasonable accuracy. The following specific policies are applied to particular categories of income: Voluntary income is received by way of donations and gifts and is included in the Statement of Financial Activitie5 on a receipts basis. Tax recoverable on gift aid donations is recognised at the same time as the gift to which it relates. Legacies are recogni5ed once the charity has entitlement to the income, it is probable the income will be received and the amount of income receivable can be reliably measured. • The value of services provided by volunteers has not been included in these accounts. Income from charitable activities is included when the activity occurs. This includes bazaar and canteen income. Investment income. including interest is recognised when receivable by the charity. Page 12
The Finnish Church in London Charltable Trust Notes to the Financial Statements for the year ended 31 December 2023 Accounting policies (continued) (ej Expendlture Expenditure is recognised on an accruals basis as a liability is incurred. This is shown net of VAT where applicable. Charitable activities expenditure comprises those costs incurred by the charity in the delivery of its activities and service For beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. (fj Funds accountlng Unrestricted funds are those which are not subject to any special restrictions and they can be used as the Trustees decide in furtherance of the general objectives of the charity. Designated funds are those set aside by the Trustees out of the unrestricted general funds. Restricted funds are those where the donor has imposed restrictions on how the fund may be used, but whSch do not prevent the fund being 5penL tg) Operatlng leases Rentals payable under operating leases are charged on a straight line basis over the term of the lease. (h) Stock Stock is valued at the lower of cost and net realSzable value. (l) Penslon costs Contributions payable to employee personal pension plans are charged to the Statement of Financial Activities In the period to which they relate. (l) Debtors Debtors are included at the settlement amount due. Prepayments are valued at the amount prepaid. (k} Cash at bankand In hand Cash at bank and in hand include5 cash and short terTn highly liquid investments with a short maturity of three months or less from the date of opening of the deposit. (l) Credltors Creditors are recognised where the charity ha5 3 present obligation arising from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are recognised at their settlement amount. (m) Deferred income Income that has been received but not yet earned is treated as deferred income. (n) Flnanclal Instruments The charity only has financial assets and liabilities of a kind that qualify as basic financlal instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their Settlement value. Page l3
The Finnish Church in London Charitable Trust Notes to the Financial Statements for the year ended 31 December 2023 Donatlons and legacles 2023 Total 2022 Total Unrestrlcted Restrlcted Donations Legacies Donations from Flnnish Seamen's, Mission 32,476 500 32.476 500 311,244 29,519 2,388 167,960 311,244 Totsl 32,976 311,Z44 344,220 199,867 Income from charltable actlvltles 2023 Total 2022 Total Canteen sales Bazaar sales Ceremony income Accommodation Sauna, telephone & minibus Room hlre Income 76,493 208,277 1,016 16,305 27,688 13,827 68,656 179,169 1,962 17,283 24.882 4,213 Total 343.606 296,165 All amounts relate to unrestrlcted items in both years. Investment Income 20Z3 Total 2022 Total Rent receivable from investment property Bank interest 15,000 445 11,250 19 Total IS.445 11,269 All amounts relate to unrestricted items in both years. Page 14
The Flnnish Church in London Charltable Trust Notes to the Financial Statements for the year ended 31 December 2023 Other income 2023 Total 20Z2 Total Rent receivable 26.786 17,051 Total 26.786 17,051 All amounts relate to unrestricted items in both years. Expendlture on charltable artlvltles 2023 Total 2022 Total Unrestrlcted Restrlcted Canteen costs Bazaar costs Staff costs (note 10) Travel and minibus Overnight accommodation costs Meeting and operational expenses Support costs (note 8] 80,925 28,388 49,629 14,354 1,851 71,218 227,182 80,925 28,388 232,045 15,918 1,851 72,983 227,182 62,094 30,987 207,165 16,497 1,546 74,506 228.036 182,416 1,564 1,765 Total 473,S47 185,74S 659,292 620031 Support costs 2023 2022 Office expenses Rates, service charges and insurance Depreciation Bank charges and interest Repairs and maintenance Telephone Light and heat Cleaning Exchange loss Accountancy fee Independent examiner's fee 13,989 41,981 80,354 3,821 41,755 11,509 25,022 2,122 2.174 2,100 2,355 12,747 39,434 82,751 3,622 39,769 7,369 29,398 2,839 6,092 1,925 2.090 227,182 228,036 Page IS
The Finnlsh Church In London Charltable Trust Note5 to the Financial Statements for the year ended 31 December 2023 Net (expenditure)/lncome before transfers 2023 2022 This is stated after charging.. Independent examiner's fee Depreciation of owned tangible fixed assets 2.355 80,354 2,090 82.751 io Staff costs 2023 2022 Wage5 and salaries Social security costs Pension costs 204,397 18,589 9.059 184,319 15,950 6,896 232,045 207,165 The average number of persons, including the executive director, employed by the charity during the year was: Number 2023 Number Z022 Provision of religious and welfare services Management and administration No member ofstaff received payments in excess of£60,000 in the current or prloryear. No trustees were reimbursed expenses in the year (2022.. nil). Included wthin staff costs for the provisioT] or religious services are the following amounts paid in respect of trustees in respect of their roles as First Chaplain (who is albo considered to be the Key Management Personnel) which is permitted by the Amended 2014 (Memorandum of Amendment of Trust Deed)., Reverend Mariaana Harkonen 49,594 57,591 PagÈ 16
The Finnish Church in London Charitable Trust Notes to the Flnancial Statements for the year ended 31 December 2023 li Tangible fixed assets Freehold land and building (church) Freehold land and bulldlng (other) Fixtures, fittings and equlpment Leasehold propertles Total Cost At l January 2023 Additions 45,811 3,038,422 163,766 363,802 153,624 3,601,659 163.766 At 31 December 2023 45,811 3,202.188 363,802 153,624 3,765,425 Depreclatlon At I january 2023 Charge for the year 15,830 1,625 1,003,800 71,453 64,454 7,276 153,624 1,237,708 80,354 At 31 December 2023 17,455 1,075,253 71,730 153,624 1,318,062 Net book value At 31 December 2023 28,356 2.126,935 292,072 2,447,363 At 31 December 2022 29,981 2,034,622 299,348 2,363,951 These assets are all used for the purposes of the charity- The depreciable cost of freehold buildings included within 'Freehold land and buildings" amounts to £3,515,152 [2022.. £3,350,772). The current value of the church building is considered considerably higher than its original cost. The leasehold properties were transferred to the Church From The Finnish Church Guild Trust (a registered charity) under a Deed ofAssignment and Declaration ofTrust during 2007. No payment was made for Lhis transfer. The Trust owns the freehold land of the Church at 33 Albion Street, London, SE16. The estimated bullding costs of £500 in 1958 were met by the Finnish Seamen's Mission in Helsinki and are therefore not reflected in these financial staternents. The deeds of all the properties owned by the Trust are registered in the name of The Finnish Seamen's Mission Nominees Limited who hold them in trust for the Finnish Church in London Charitsble TrusL
The Finnlsh Church In London Charltable Trust Notes to the Financial Statements for the year ended 31 December 2023 12 Investment properties 2023 2022 At I lanuary Transferred from tangible assets Additions Revaluation 300,000 25,427 5,700 268,873 At 31 December 300,000 300,000 Flat 10, The Squirrels was transferred fvotn tangible assets during the previous year as It Ss now let commercially. The trustees valued the property based on comparison to similar properties within the area. 13 Debtors 2023 2022 Other debtors 20,882 15.375 All amounts fall due within one year. 14 Stock 2023 2022 Flnished goods and canteen stock 7,798 8,369 15 Credltors 2023 2022 Amounts falling due within one year- Due fo rhe Finnish Seamen's Mission (Helsinki) Trade credltors Accruals & deferred income Tax and social security Other creditors 80,227 42,255 l5,157 4,323 8,564 70,705 35,174 4,132 8,530 5,876 150,526 124,417 Pa¥e 18
The Finnish Church in London Charitable Trust Notes to the Flnanclal Statements for the year ended 31 December 2023 16 Designated Funds Balance at l Net income lanuary 2023 Transfer Balance at 31 December 2023 Fixed assets - Funded by Finnish Seamens, Mission grants Other fixed asset5 Investment property 2.034.622 92,313 2,126,935 329.329 300,000 (8.901) 320,428 300,000 Total 2,663.951 83,412 2,747.363 Balance at l Net Income lanuary 2022 Transfer Balance at 31 December 2022 Fixed assets - funded by Finnish Seamens, Mission grants Other fixed assets 2,084,505 [49,883) 2,034,622 357,477 (28,148) 329,329 Investment property 300,000 300,000 Total 2,441,982 221.969 2,663,951 The designated funds were set aslde by the trustees to ret]ect the net book value of fixed assets,. these are split between assets funded by 8rants from the Finnish Seamen's Mission and other fixed assets. 17 Restrlrted Funds Balance at I lanuary 2023 Income Expendlture Transfers Balance at 31 December 2023 STEA Support fund MEC/OKM renovation support Neville Nelson nd 185,745 125,499 (185,745) [125,499) 9,697 9,697 Total 9,697 311,244 (185,745] [125,499) 9,697 Balance at l January 2022 Income Expenditure Transfers Balance at 3 1 December 2022 STEA Support fund MEC/OKM renovation support Neville Nelson fund 148,786 19,174 (148,786) (19,174) 9,697 9,697 Total 9,697 167,960 (148,786) (19,174) 9,697 Pa8e 19
The Finnlsh Church in London Charltable Trust Notes to the Financial Statements for the year ended 31 December 2023 17 Restricted Funds (continued) The STEA Support fund represents donations received originally from Finnish Funding Centre For Social Welfare and Health Organi5ations (former RahaAutomaattiYhdistys RAY) channelled through Finnish Seamen's Mission in Helsinki for support work, including salary costs for the support worker. The MEC/OKM renovation support fund represents grants received from the Ministry of Education and Culture towards the renovation of the church building. The transfer during the year represents the spending of a grant on property improvements as required. The Neville Nelson Fund represents a donation from the Finnish Church Guild [Finn-Gulld) for the purpose of supporting members of the Finnish community in Britain in times of hardship. Finn-Guild Founded Neville Nelson Fund in 1990 to support its members in severe crisis situations. The fund was transferred in full and agreed to be used according to the conditions set by the Donor in Deed of Gift dated 28th December 2017. 18 Analysls of net assets between funds Unrestrlcted Deslgnated Re5tr1cted Total Fund balances at 31 December 2023 are represented by: Tangible fixed assets Investment properties Current assets Current creditors 2,447,363 300,000 Z,447,363 300,000 l84,176 {150,526) 174,479 {150,526) 9,697 Total net assets at 31 December 2023 23,953 2,747,363 9,697 2,781,013 Unrestrlrted Deslgnated Restrlrted Total Fund balances at 31 December 2022 are represented by.. Tangible fixed assets Investment properties Current assets Current creditors 2.363,951 300,000 2,363,951 300,000 170,714 (124,417) 161,017 (124,417) 9,697 Total net assets at 31 December 2022 36,600 2,663,951 9.697 2.710.248 Pa8e 20
The Finnlsh Church In London Charltable Trust Notes to the Financial Statements for the year ended 31 December 2023 19 Operating lease commitments At 31 December 2023 the company was committed to maklng the following payments under non- cancellable operating leases. Equlpment 2023 2022 Operat5ng leases whlch are due: Less than l year 2-5 years 1,865 3,523 1,669 1,865 5,192 20 Ultlmate parent entlty The charity forms part of a larger organlsation. The Flnnish Seamen's Mission, In Helsinki (FSM). The charity's management committee includes representation from this organisation. 21 Related party transartlons During the year, the Church receSved £311,244 (2022.. £167,960) in donations from the Finnish Seamen's Mission In Helsinki (relationship as noted above). The balance owing to the Flnnish Seamen's Mission In He15inkl from the church at the balance sheet date was £80,227 (2022.. £70,705). Pa8e 21