The Finnish Church in London Charitable Trust Trustees, Report and Financial Statements For the year ended 31 December 2024 Charity Number: 283594
The Finnish Church in London Charltable Trust Trustees, Report and Flnancial Statements For the year ended 31 December 2024 Contents Page Legal and administrative information Trustees, report Report ofthe independentexaminer Stalement offinancial activities Balance sheet Statement ofcash flows Notes to the financial statements io 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 olso commonly known as Finnish Church in London Finnish Church Lontoon suomalainen merimieskirkko Lontoon merimieskirkko Merimieskirkko Isossa-Britonni0ssa ja Irlannissa Charity Registration Number 283594 Registered office 33 Albion Street London SE16 7HZ Bankers Danske Bank London Branch 75 King William Street London EC4N 7DT Independent Examlner ICS Accountants Ltd S Robin Hood Lane Sutton SMI 2SW Trustees and Management Committee members Mr lukka Siukosaari Reverend Hannu Suihkonen Reverend Marjaana Harkonen Dr luha Iso-sipila His Excellenry the Ambassador of Finland General Secretary ol the Finnish Seamen's Mission in Helsinki Rector of the Finnish Church in London Member of the congregation 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 (Memorandum ofAmendment ofTrust Deed] Page I
The Finnish Church in London Charitable Trust Trustees, Report for the year ended 31 December 2024 The trustees of The Finnish Church in London Charitable Trust present their report and financial statements for theyear ending 31 December 2024 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 Commission's Statement of Recommended Practice (FRS 102]. The overall aim of the Finnish Church is to advance the spiritual 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 belonging 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 reinforcing 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 hospltality. courageand5afety. We believe weare known for the welcomingsmell 2nd taste ofour famous cinnamon buns. the miraculous effects of sauna and our proclaiming the Gospel of jesus in words but mostly in deeds. The Finnish Church provided public benefit by: Providing religious and social services to the Finnish expat communiry around the UK: Offering a hub of various activities and networking for the community; Offering services of clergy and welfare olcerS for those in crisis or need of support,. and Offering various volunteeriftg opportunities that allow individuals to make a posltive impact on the world and in Lheir lives. We review our aims, objectives and activities annually; in doing this we evaluate and assess the benefit of our outputs 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 genuirte 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 charitys objectives are achieved by providing services which are described in more detail below. Trnstees A group of Trustees is nominated by the Board ofthe Finnish Seamen s Mission as ststed 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 a150 members of the Management Committee. Trustees are appointed based rnainly on the positions 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 meetings, 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 for 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 2024 Trustees have the overall responsibility for the charitys governance. compliance, and strategic direction. Their decisiott-making areas irkclude.. Strategy & Mission: Setting the charitys long-term vision. goals, and priorities. Legal & Regulatory Compliance.. Ensuring the charity complies with any relevant laws. Financial Oversight.. Approving budgets and annual accounts, as well as any major expenditures. Risk Management.. Identifying and mitigatittg risks related to operations, finance. and reputation. Policy Development.. Estsblishing key policies on governance, safeguarding, ethics, and conflicts of interest. Any decisions are made following the charity s governing document and policies, and within the charity law. Record is kept of the decisions. Declslons Delegated to Staff While trustees provide oversight, day-to-day management of the charity 15 delegated to staff. Delegated decisions include: Running day-to-day activities. Managing employees and volunteers. including recruitment. performance, and workplace policies. Spending within pre-approved financial limits and ensuring financial efficiency. Managing fundraising and public relations. Running initiatives thar align with the charity's core mission and strate&v. The Church Commlttee The Church Committee is a sub-committee of the Management Committee. It ha5 a role in developing and implemenring the activities of the Church. It has six elected members. one representstive of the Trust and one of the staff. in addition to the Rertor who 15 the rapporteur and the secretsry of the committee. The work ofthe Finnish Church stsrted in 1880 when a young clergyman Elis Bergroth was sent to the ports of Grimsby and Hull and in le5S than two year5 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 Finns and their families and friends of Finland residing and wsiting Great Britain and Ireland. The Finnish Church represents the Evangelical-Lutheran Church of Finland in UK and provides its. services to the Finnish Community. The Church building in Rotherhithe. South.East London, is a base for the operation5 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 services give people a reason to visit the Church and to find meaningful volunteering opportunities, help us to promote the character of the Church as 3 -public living room. to which everyone is welcome and directly allows us to achieve the Charity"s objectives. There is also an olCe and three residential apartments.. the Rectory and two flats for staff accommodation. The total number ofvisitors to the Church was 18.964 [2023: 20.605 and 2022: 15,367). During the year we had 15 Worship Services and Holy Masses at the Church 490 participants (average 33). Page 3
The Finnish Church in London Charitable Trust Trustees, Report for the year ended 31 December 2024 MENT us We had 9 baptisms [15 in year 2023). 2 weddings (-), 6 funerals (4) and 6 Confirmands [2). The effect of the Porvoo Agreement shows in liaison with Scandinavian. Baltic and Anglican churches. Welfare Officer Eerika Omiyale was a Trustee of the Lutheran Council of Great Britain. The Lutherdn Council aim5 to give prdctical help in student work adrninistration, Safeguarding and legislation to its member Churches. Various events, such as concerts, exhibitions and cultural events were organised during the year. Some of the more notable events were the Spring and Christmas Fairs. 1st of May and Midsummer celebrations. For families we had several events including Easter Egg Hunt and a Christmas celebration. Christmas Carols were sung at the Finnish Church in Rotherhithe, as well as in Glasgow, Edinburgh, Si Albans and Hampstead Heaih. We had several groups gathering at the Church: Parent and Toddler Club, Choir Merenkurkut. Seniors, Club, Art Group. Children's Club, Young people and a Knitting group all met regularly weekly. furtnightly or once a month. Expectant mothers, parents with a newborn child. Friendship Network and Book Club met online or hybrid. Finnlsh Saturday School was held at the church approximately every second Saturday during the autumn and spring terms. Main emphasi5 of our welfare work is 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 social exclusion into contact with wider community and Finnish networks. During the year 2024 we had 858 contacts in our welfare work (for counsellin& support and advice). 180 events with 12.9S3 participants and 235 volunteers. In our social media we had 11,644 followers (in Facebool Instagram and X). The Finnish Church provides emergency accommodation under the Finnish Embassy s advisement. Welfare Officers offer technical support with EUSS updates. The Welfare work is mainly funded by Finnish Funding Centre for Social Welfare and Health Organisats'ons [STEAJ- The Finnish Church in London has co-operdted with (the list is not exhaustive): Anglo Finnish Society Church of England and other Churches Albion Street Community Charity.Albion Street Steering Group Finnish Student Society of Great Britain Finnish Theatre Page 4
The Finnish Church in London Charitable Trust Trustees. Report for the year ended 31 December 2024 IEV Nordic Churches Council of Lutheran Churches Sourhwark council The central organization of Conservative Laestsdians in Finland (SRK) Embassy of Finland Queen Victoria Seaman's Rest Finnish Schools around the UK Finland Society (Suomi-seura) and the Finnish Expatriate Parliament Tuned In London Robes Project in Southwdrk Outi Hubbard Teija Perttila MSA Trust The staff team during theyear. Annlt Burton Bernard Creely Mitch Flacko Marjaana Harkonen Salla Korteniemi Mervi Mattila Elli Niemelainen Eerika Omiyale Karri Salo Hannakaarina Sarvela Financial Secretary (80%) Cleaner (40%) janitor (40%) Rector Welfare Officer until 31.1.2024 Service Manager Kitchen Worker Welfare Olcer80% 1.1.-30.6.. 60% 1.7.-31.12.2024 Welfare Officer from 1.5.2024 Welfare Officer until 31.1.2024 According to the financial control poliry of the parental organization (The Finnish Seamen's Mission) the salaries of the Executive Team members (including Rertor of the Finnish Church in London) are defined by the Board of the Finnish Seamen s Mission and implementation is managed by the Secretary General of the Finnish Seamen s Mission. Voluntary assistants (Charity Workers) during 2024 were-. Kati Lindgren Vilma Kinnunen Kotrijaryensolo Vilma Paivinen Oili Tikko We had several people volunteering at the Church in various roles. We greatly appreciate the contribution from our volunteer5. 2024 2023 2022 2021 20ZO 2019 Total visitors at the Church 18.964 20.605 15,367 9,976 6.681 38.060 Bazaars 6.920 7.632 6,914 4.283 16,730 Page 5
The Finnish Church in London Charitable Trust Trustees, Report for the year ended 31 December 2024 HI NT The Trustees have prepared a risk register covering the full spectrum of activities and management of the Finnish Church. A more detailed risk assessment covering the health and safety needs of the staff was reviewed by all members of the staff and updated regularly. The risk management poliry has been prepared and reviewed by the Trustees. The major risks that was identified: Risk title and descri tion 1] Financial Susiainability Several years of negative Financial results leading to shortage of funds The risks are controlled b Scenarios, adjustments needed in Services and functions. property review The Board of Trustees addressed these rlsks at its meetings and Trustees are satisfied that the major risks have been mitigated as far as reasonably possible but do recognise they must be kept under constant review. At theyear end the charity held total funds of £2.692.960. ofwhich £9.697 were restricted and £2.664,091 were designated. The Finnish Church in London holds unrestricted reserves of £19,172 at the end of rinancial year (2023.. £23,953). Thi5 represents approximately 0.3 months, expenditure (2023.. 0.6 months). The level of reserves is needed to secure the operations of the Church for the following year. Most 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 2024 was a deficit of £88.053 (2023.. surplus of £70,765). The aim of the Charity is not to make profits, but responsible stewardship is needed in order to ensure that Lhe Charity remains viable for the long term. The Charity's main fundraising tools (Bazaars and other Charitable events) were quite successful in 2024 despite the challenges faced with Christmas Ba7Jar stock. The Charity received donations from members of the congregation, Gezellius Foundation and Mottila Foundotion in Finland. Donations from the Finnish foundations were channelled through the Finnish Seamen s Mission in Helsinki. The Charity's welfare work is mainly funiled by Finland s Ministry of Social Affairs and Health [STEAJ. The Ministry of Education and Culture provided the Church with a considerable grant for maintenance and repair works at the Church building. Both grdnts were channelled through the Finnish Seamen s Mission in Helsinki. Some parts of the Church building 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 were finalised in 2024. Expenditure related to running charitable artivitie5. keeping the facilities open for anyone to visit and maintaining our building5. The Finnish Seamen s Mission (parental company) has confirmed to support the Finnish Church in London financially until at least 31 May 2025. As Great Britain has left the EU the Trustees recognise the need to follow closely the situation and its impact on the Finnish Community, on the Charity's workand on its fundraising. Page 6
The Finnish Church in London Charitable Trust Trustees. Report for the year ended 31 December 2024 The Charity continltes to offer a welcoming and inclusive community and congregation for the Finns in UK and all Iriends of Finland. The Charity shares the Gospel of Jesus Christ through worship and through deeds of Christian love. The Charity continues to promote equal opportunities and work to reduce feelings of loneliness attd insecurity within the Finnish community. The Charity aims to help in retsining a connection to Finland. Finnish language and eulture, and by reinforcing the appreciation of our own culture. learn to appreciate other cultures as well. The Charity continues to strive to balance its Finances by fir¢ding new or expanding its existing fundraising methods and scaling its operations in line with available resources. The Charity monitors the overall economic developments and strives to make sustainable decisions to secure the Future of the Charity. The Charity continues ro focus its services more effectively on its core mi55ion by listening to and identifying the needs of ihe Finnish community. The Charity s main target groups are families with children. young people. the elderly- and those in vulnerable p051tions across all groups. The Charity supports the well-being of adults by providing meaningful volunteer opportunities, as well as support in organising various activities. The Charity offers help in times of hardship. The Charity is celebrating the Finnish Church in London 145th anniversary by inviting and engaging the community to celebrate together. focusing on the development and strengthening of its volunteer work and providing opportunities for the community to support the Charity s work in various ways. The trustees are responsible for preparing the Trustees, Report and the financial ststements in acLordance with applicable lawand United Kingdom Accounting sndardS, including Financial Reporting Standard 102.. The Financial Reporting Stsndard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Prarticej. Charity law requires the trustees 10 prepare financial statements for each financial year which give a true and fair view of the state ofaffairs of the charity and of the surplus / deficit of the charity for that year. In preparing those financial statements the trustees are required to: Select suitsble accounting policies and then apply them consisterktly Make judgments and estimates that are reasonable and prudent Comply with applicable accounting 5tsndards 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 company wll 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 safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the Trustees on S March 2025 and signed on their behalf by Marjaana Harkonen Rector of the Finnish Church in London Pa6e 7
Independent examinerfs 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 2024 which are set out on pages 9 to 21. Responsibilities and basi5 of report As 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 of my examination of the Trust's accounts as carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. Independent examinerfs 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 ofthe listed bodies. I have completed my examination. I confirni that no matters have come to my attention in connection with the examination giving me cause to believe that in any maierial respect.. accounting records were not kept in respect of the Trust as required by section 130 of the Act.. or the accounts 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 2008 other than any requirement that the accounts give a 'true and fair view, which is not a matter coftsidered a5 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 Reporling Standard applicable in the UK and the Republic of Ireland (FRS 102), I have no concern5 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 understanding of the accounts to be reached. Miriam Hickson CTA FCA ICS Accountants Ltd 5 Robin Hood Lane Sutton Surrey SMI 2SW Date: T Ats84sF 2025 Pa8e 8
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The Flnnish Church in London Charitable Trust Balance Sheet as at 31 December 2024 2024 2023 Notes Flxed assets Tangible assets Investment properties li 2.364.091 300.000 2,447,363 300,000 12 2,664,091 2,747,363 Current assets Debtors Stock Cash at bank and in hand 13 16,483 17,377 137.908 20,882 7.798 155,496 14 171.768 184.176 Credltors.. Amounts falling due within one year 15 (142.899) (150,526) Net Current assets 28,869 33,650 Net assets 18 2.692,960 2,781,013 Funds Unrestricted Funds Designated Fvnd5 Restricted Funds 19.172 2.664.091 9.697 23,953 2,747,363 9,697 16 17 2.692.960 2,781,013 These financial statements were approved by the board of trustees and authorised for issue on 5 March 2025 and are signed on behalf of the board by: M3rjaana Harkonen Rector of the Finnish Church in London Pa8e 10
The Finnish Church in London Charitable Trust ststement of Cash Flows for the year ended 31 December 2024 2024 2023 Cash flows from operating activities Net (expendire)11ncorne (88.053} 70,765 Adjustments for.. Depreciation (Increase)Idecrease in stock Decrease/(increase) in debtors [Decrease)lincrease in creditors 100.889 (9.S79] 4.399 (7,627) 80.354 571 [5,507] 26.109 Cash flows provldtd by operatlng attlvities 29 172,292 Cash flows from investlng actlvities Purchase of property plant and equipment (17,617) (163,766) Cash flows (used in) investlng activities (17.617) (163,766) Net (decrease)/increase in cash (17.588) 8.S26 ca.sh brought forward at I lanuary 155.496 146,970 Cash carried forward at 31 December 137,908 155,496 Pagell
The Finnish Church in London Charitable Trust Notes to the Financial Statements for the year ended 31 December 2024 Basls of preparation The Finnish Church in London Charitable Trust is an unincorporated charity. The registered office is 33 Albion Street. London SE16 7HZ. The financial statements have been prepared in accordance with Accounting and Repurting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial ReportinE Standard applicable in the UK and Republic of Ireland (FRS 102) - (Charities SORP (FRS 102)) and the Charities Act 2011. Finnish Church In London meets the definition ora 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 accounts are prepared in pounds sterling rounded to the nearest pound. The trustee5 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 in Helsinki during the year have been converted at the exchange rate ruling at the date of translation. (b) Tangible fixed assets and depreclation Fixed assets are capitalized at cost. Freehold land is not depreciated. Depreciation is calculated to write offthe 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 2% per annum on straiRht line basis Over the remaining period of the lease IO% per annum on straight-line basis 20% per annum on straight line basis (c) Fixed asset investments Fixed asset investments are included at fair value at the balance sheet date. Any gain or loss on revaluation is recognised in the SOFA. {d) Stock Stock is valued at the lower of cost and net realizable value. (e) Debtors Debtors are included at the settlement amount due. Prepayments are valued at the amount prepaid. (Q Cash at bank and In hand Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of opening of the deposiL Page 12
The Finnish Church in London CharAtable Trust Notes to the Financial Statements for the year ended 31 December 2024 Accounting policies (continued) (g) Creditors Creditors are recognised where the charity has a 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 recogni5ed at their settlement amount. (h) Income All income included in the Statement of financial actiwties when the charity is entitled to the income and the amount can be quantified with 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 Activities on a receipts basis. Tax recoverable on gift aid donations is recognised at the same rime as the gift to which it relates. LeRacies are recognised once the charity has entitlement to the income, it 15 probable the income will be received and the amount of income receivable can be reliably measured. The value of serwces provided by volunteers has not been intluded in these accounts. • Income from charitable activities is included when the activity occurs. This includes bazaar and canteen income. • Investment income. including interest 15 recognised when receivable by the charity. (l) Expendlthre 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 thern. (j) Funds accounting Unrestricted funds are those which are not subject to any special restrictions and they cark be used as the Tru.slees 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 which do not prevent the fund being spenL (k) Operating leases Rentals payable under operating leases are charged on a straight line basis over the term of the lease. (l) Pension costs Contributions payable to employee personal pension plans are charged to the Statement of Financial Activities in the period to which they relate. (m) Deferred income Income that has been received but not yet earned i5 treated as deferred income. Page 13
The Finnish Church in London Charitable Trust Notes to the Financial Statements for the year ended 31 December 2024 Accountin8 policies (continued) (n) Financial instrnments The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic firkancial instruments are initially recognised at transaction value and subsequently measured at their settlement value. Donations and legacles 2024 Total 2023 Total Unrestrirted Restricted Donations Legacies Donations from Finnish Seamen's, Mission 35,546 2,522 38,068 32.476 500 311,244 32.096 144.462 176.558 Total 67,642 146,984 214,6Z6 344,220 Income from Charltable activltles 2024 Total 2023 Totsl Canteen sales Bazaar sales Ceremony income Accommodation Sauna, telephone & minibus Room hire income 76,686 186,840 3,402 22,047 38,750 25.025 76,493 208.277 1,016 16.305 27,688 13,827 Total 352,750 343,606 All amounts relate to unrestricted items in both years. Investment income 2024 Total 2023 Total Rent receivable from investment property Bank interest 15,000 619 15,000 445 Total IS,619 15.445 All amounts relate to unrestricted items in both years. Pa8e L4
The Finnish Church in London Charitable Trust Notes to the Financial Statements for the year ended 31 December 2024 Other incorne 2024 Total 2023 Total Rent receivable 58.016 26.786 Total 58,016 26,786 All amounts relate to unrestricted items in both years. Expenditure on charitable activitSes 2024 Total 2023 Total Unrestrirted Restrirted Canteen costs Bazaar costs Staff c051s (note 10) Travel and minibus Overnight accommodation costs Meeting and operational expenses Support costs (note 8) 66,425 3S.830 13S.789 18.640 i.iis 56.726 309.584 66,425 35,830 234,201 19,778 1.115 59.609 312.106 80,925 28.388 232.045 15,918 1,851 72,983 227,182 98.412 1,138 2,883 2,522 Total 624.109 104.955 729,064 659,292 Support costs 2024 2023 OlCe expenses Rates. service charges and insurance Depreciation Bank charges and interest Repairs and maintenance Telephone Light and heat Cleaning Exchange loss Consultancy Accountsncy fee Independent examiner's fee 19.417 48,250 100.889 4,050 75,035 13,720 34,042 2.163 5,908 4,000 2,200 2.432 13,989 41,981 80,354 3,821 41.755 11,509 25,022 2,122 2,174 2,100 2,355 312,106 227,182 Page 15
The Finnish Church in London Charitable Trust Notes to the Financial Statements for the year ended 31 December 2024 Net {expenditure)/lncome before transfers 2024 2023 This is ststed after charging: Independent examiner's fee Depreciation of owned tangible red assets 2,432 100,889 2,355 80,354 io Staff costs 2024 2023 Wages and salarie5 Social security costs Pension costs 211,840 13,863 8,498 204,397 18,589 9,059 234,201 232,045 The average number of persons. including the executive director, employed by the charity during the year was.. Number 2024 Number 2023 Provision of religious and welfare services Management and administration No member of staff received payments in excess of £60,000 in the current or prior year. No trustees were reimbursed expenses in the year [2023: nil). Included wilhin staff costs for the provision or religious services are the following amounts paid in respect uf trustees in respect of their roles as First Chaplain (who is also considered to be the Key Management Personnel) which is permitted by the Amended 2014 (Memorandum ofAmendment of Trust Deed]'. Reverend Marjaana Harkonen 55,698 57.662 Page 16
The Finnish Church in London Charitable Trust Notes to the Financial Statements for the year ended 31 December 2024 li Tangible fixed assets Freehold land and building (church) Freehold land and Fixtures. building fittings and (other) equipment Leasehold propertie5 Total Cost At I lanuary 2024 Additions 45,811 3.202.188 17,617 363,802 153,624 3.765,425 17,617 At 31 December20Z4 45.811 3.219,805 363.802 153,624 3,783,042 Depreciation Ai I lanuary2024 Charge for the year 17,455 1.625 1,075.253 91.988 71,730 7,276 153,624 1.318,062 100,889 At 31 December 2024 19.080 1,167,241 79.006 153,624 1,418.95 1 Net book valtse At 31 December2024 26.731 2.0SZ.564 284.796 2,364,091 Ai 31 December 2023 28.356 2,126,935 292,072 2,447.363 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 £3,532.155 (2023.. £3.515,152)- 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 of Assignment and Declaration of Trust during 2007. No payment was made for this transfer. The Tnjst owns the freehold land of the Church at 33 Albion Street. London, SE16. The estimated building osts 01 £500 in 1958 were met by the Finnish Seamen's Mission in Helsinki and are therefore not reflected in these financial statements. The deeds of all the properties owned by the Trust are registered in the name ofThe Finnish Seamen's Mi55ion Nominees Limited who hold them in trust forthe Finnish Church in London Charitable Trust. Page 17
The Finnish Church in London Charitable Trust Notes to the Financlal Statements for the year ended 31 December 2024 12 Investment properties 2024 2023 At l january Additions Disposals Revaluation 300,000 300.000 At 31 December 300.000 300,000 The investment property is Flat 10, The Squirrels. The trustees valued the property based on comparison to similar properties within the area. 13 Debtors 2024 2023 Other debtors 16,483 20,882 All amounts fall due within one year. 14 Stock 2024 2023 Finished goods and canteen stock 17,377 7,798 Is Credltor$ 2024 2023 Amounts falling due within one year.. Due to the Firknish Seamen's Mission (Helsinki) Trade creditors Accruals & deferred income Tax and social security Other creditors 80.227 42.473 4,841 3,676 11.682 80,227 42,255 15,157 4.323 8.564 142,899 150,526 Page 18
The Finnish Church in London Charitable Trust Notes to the Financial Statements for the year ended 31 December 2024 16 Designated Funds Balance at l Net income lanuary 2024 2,126.935 Transfer Balance at 31 December 2024 Fixed assets- funded by Finnish Seamen5 Mission grants Other fixed assets Investment property [74,371) 2.OS2.S64 320,428 300,000 (8,901) 311,527 300.000 Total 2,747,363 (83.272) 2,664,091 Balance at l Net income January 2023 Transfer Balance at 31 December 2023 Fixed assets- funded by Finnish Seamens, Mission grants Other fixed assets Investment property 2.034.622 92.313 2,126,935 329.329 300,000 {8,901) 320,428 300,000 Totsl 2.663.951 83,412 2.747.363 The designated funds were set aside by the trustees to reflect the net book value of fixed assets,. these are split between assets funded by grants from the Finnish Seamen's Mission and other fixed assets. 17 Restrlrted Funds Balance at I january 2024 Income EXpendIre Transfers Balance at 31 December 2024 STEA Support fund MEC/OKM renov3tion support Mattila Foundation fund Neville Nelson fund 102,433 42.029 2,522 (102,433) {42,029) [2.522) 9.697 9,697 Total 9.697 146.984 (104.955) {42,029} 9,697 Balance at I lanuary 2023 Income Expendire Transfers Balance at 31 December 20Z3 STEA Support fund MEC/OKM renovation support Neville Nelson lund 185.745 125.499 [185.745) [125,499) 9.697 9,697 Total 9.697 311.2 {185,745) (125.499) 9.697 Page 19
The Finnish Church In London Charitable Trust Notes to the Financial Statements for the year ended 31 December 2024 17 Restricted Funds (continued) The STEA Support fund represents donations received originally from Finnish Funding Centre for Social Welfare and Health Organisations (former RahaAutotTtaattiYhdistys 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 ofa grant on property improvements as required. The Mattila Foundation fund represents a donation received from The Mattila Foundation in response to the church appeal for a Planetary Mixer for baking and cooking. This donation was fully utilised in the year. The Neville Nelson Fund represents a donation from the Finnish Church Guild (Finn-Guild} for the purpose of supporting members of the Finnish community in Britain in times of hardship. Finn.Guild fnunded 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 Analysis of net a55ets between funds Unrestrirted Designated Restrlcted Totsl Fund balances at 31 December 2024 are represented by.. Tangible fixed assets Investment properties Current assets Current creditors 2.364,091 300.000 2,364,091 300,000 171,768 (142.899) 162.071 (142,899) 9,697 Total net assets at 31 December 2024 19,172 2,664.091 9.697 2,692,960 Unrestricted Designated Restricted Total Fund balances at 31 December 2023 are represented by.. Tangible fixed assets Investment properties Current assets Current creditors 2,447,363 300,000 2,447.363 300.000 184,176 [150,526) 174.479 [150.526) 9,697 Total net assets at 31 Decernber 2023 23.953 2.747.363 9.697 2.781,0 13 Pa8c 20
The Finnish Church in London Charitable Trust Notes to the Financial Statements for the year ended 31 December 2024 19 Operating lease commitments At 31 December 2024 the companywas committed to making the following payments under non- cancellable operating leases. Equipment 2024 2023 Operating leases which are due: Less than l year 2-5years 2,017 1,496 1,865 3,513 1.865 Lease expense 3,984 3.941 zo Ultimate parent entlty The charity forms part of a larger organisation. The Finnish Seamen's Mission, In Helsinki (FSM). The charity's management committee includes representation from this organisation. The address for The Finnish Seamen's Mission 15.. Provianttikatu 4. 00980 Helsinki, Finland. 21 Related party transactlons During the year. the Church received £176.558 [2023.. £311,244) in donations from the Finnish Seamen's Mission In Helsinki (relationship as noted above). The balance owing to the Finnish Seamen's Mission In Helsinki from the church at the balance sheet date was £80,227 [2023.. £80.227). Page21