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2024-12-31-accounts

Holy Trinity Church, Lyonsdown

Trustees’ Report and Financial Statements

for the year ending 31[st] December 2024

Holy Trinity Church, Lyonsdown

Financial Report for 2024 Trustees’ Report Objectives and Activities

Holy Trinity Church’s objectives are:

Achievements and Performance

The 4pm Sunday service has continued and has a more established congregation that consistently has over 20 people, including children. We had our first Easter sunrise service. Rev Laura and Rev Jenny were part of the service at New Barnet War Memorial on Remembrance Sunday. At Christmas, we ran an Advent retreat, and had a Nativity Carol Service and Midnight Communion. The fortnightly Life Group Bible Study is appreciated as a place where we can grow as disciples, and more members are now helping to lead sessions. We also had three summer Bible studies on prayer, held jointly with St James’s.

The summer was busy with a Community Fun Day and three Community Café afternoon teas. The Fun Days continue to attract many from the community, with a bouncy castle, games, burgers and other attractions. We have been building connections with our local dog-walking community that meets at Greenhill Park, and held a Christmas and summer doggy tea party.

Our regular activities are Who let the Dads Out, Prayers at the Cross in the prayer garden and the Art and Craft Community Group. Who let the Dads Out is an opportunity for dads (or any father-figures) and their children to enjoy time together and a bacon sandwich. The art group included some tutorials and a gallery visit.

We meet with Twinkle Stars Nursery in the church once a week to read a Bible story, sing and pray with the children as they start their day. We do a short service once a month for the residents at the local Cedars Care Centre, and a carol service at Christmas (jointly with St John’s URC).

We have positive links with the other churches in the area, and we are thinking how we can work together better. Holy Trinity hosted the deanery Walsingham Day for the second time, as well as the ecumenical World Day of prayer. There were regular ministers’ breakfasts with other clergy in our area of all denominations.

It is good to have Chipping Barnet Food Bank opposite (based at Mary Immaculate and St Peter Catholic Church). We now have a donation point for the Foodbank at Holy Trinity. Holy Trinity is now a ‘Fairtrade Church’.

The garden at Holy Trinity is a special place, and we are continuing to look to develop it further as a place of fun, and a place of refreshment and rest. Our new bug hotel in the garden provides shelter for insects and other small creatures, such as ladybirds, woodlice and spiders.

Financial Review

Summary: After significant changes and challenges in 2021, the years 2022 to 2024 were times of development. Income stayed pretty similar between 2022 and 2024. At the end of 2024, Holy Trinity had a deficit of £7,000 (which was lower than the previous year’s deficit).

Income: Our income in 2024 was £81,175, of which 84% was rental income from the Twinkle Stars Nursery and room hire in Lyonsdown Hall. Income from donations almost doubled, thanks to hard work in looking for grants, and to the generous giving of the congregation.

The chart gives a breakdown of our 2024 income.

----- Start of picture text -----
Donations and
Interest and
other income, grants,
£10,904
£1,834
Lyonsdown
Hall rental Nursery rental
income, income,
£48,054 £20,383
----- End of picture text -----

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Financial Report for 2024

Holy Trinity Church, Lyonsdown

Expenditure: Our expenditure in 2024 was £88,273, which is reasonably similar to last year. The main areas of expenditure were parish share, maintenance of Lyonsdown Hall, staff salaries (whose work largely related to Lyonsdown Hall) and fabric costs.

Cash: We aim to maintain a healthy cash balance throughout the year to make sure we are able to deal with any unexpected dips in income. We were able to maintain healthy cash reserves during 2024.

Reserves Policy: The free reserves are the total funds available to the PCC, excluding funds tied up in Lyonsdown Hall and funds designated to be used on specific items.

It is the PCC’s policy to:

At 31 December 2024 our free reserves stood at £28,356. This is consistent with our reserves policy. We have also designated £15,000 to the major repairs fund.

Structure, Governance and Management

Holy Trinity’s Parochial Church Council (PCC) is a corporate body established by the Church of England and operating under the Parochial Church Council Powers Measure. It is registered as a charity in England as “The parochial church council of the ecclesiastical parish of Holy Trinity, Lyonsdown”, also known as “Holy Trinity PCC”. Its registered charity number is 1131088. The PCC have regard to the Charity Commission’s guidance on public benefit.

Individuals become members of the PCC (in accordance with the Church Representation Rules):

On appointment or election to the PCC, all members automatically become trustees of the charity. As well as constituting the charity trustees, the PCC is the overall management committee of the church.

Administrative Details

The following served as trustees (and as members of the PCC) during the period from the start of the reporting period (1 Jan 2024) to the date of the 2025 Annual Parochial Church Meeting (11 May 2025):

Rev Canon Laura Hewitt Priest-in-Charge and Chair until 19/3/25 Rev Jennifer Robinson Curate Robert Bayman Church Warden and PCC Secretary until 19/5/24; Electoral Roll Officer Stephen Craggs Lay Vice-Chair and Church Warden until 19/5/24 Sonia Lucas Church Warden from 19/5/24 Martine Whitaker Deanery and Diocesan Synod Rep from 19/5/24 Rebecca Craggs until 19/5/24 Fiona Jones Alison McCrory until 19/5/24 Leslie McCrory joined PCC 19/5/24 Paul Robinson joined PCC 19/5/24 Alison Slade Chris Willer

The PCC appointed Zoë Jones as Treasurer in October 2022, and Jeremy and Helen Alford as Safeguarding Officers in autumn 2023. They are not Trustees.

Registered Office : 18 Lyonsdown Road, New Barnet, Hertfordshire EN5 1JE

Bankers : Barclays Bank, 1250 High Road, Whetstone N20 0PB (Holy Trinity Church funds) & National Westminster Bank, 20 High Street, Barnet EN5 5RU (Lyonsdown Hall funds) Independent Examiner : Ruth Savage, Savage Nine Ltd

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Holy Trinity Church, Lyonsdown

Financial Report for 2024

STATEMENT OF FINANCIAL ACTIVITIES
2024
Restricted
2024
Unrestricted
note
£
£
INCOME
Donations and grants
2,136
8,768
Charitable Activities
-
849
Trading Activities
-
68,437
Other Income
-
985
Total INCOME
2,136
79,039
EXPENDITURE
Charitable Giving
436
-
Service Costs
-
968
Church Ministry
-
29,732
Employee Costs
2,7
-
22,525
Fabric
-
11,151
Fundraising Costs
-
19,035
Administration
-
4,426
Total EXPENDITURE
436
87,837
NET RESOURCES
1,700
(8,798)
TRANSFERS BETWEEN FUNDS
-
-
NET MOVEMENT IN FUNDS
1,700
(8,798)
BALANCES BROUGHT FORWARD
-
2,017,304
BALANCES CARRIED FORWARD
1,700
2,008,506		 2024 Total
£
10,904
849
68,437
985
81,175
436
968
29,732
22,525
11,151
19,035
4,426
88,273
(7,098)
-
(7,098)
2,017,304
2,010,206		 2023
£
5,641
1,073
74,868
602
82,184
90
1,673
30,253
21,133
14,301
20,716
4,330
92,496
(10,312)
-
(10,312)
2,027,616
2,017,304

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Holy Trinity Church, Lyonsdown

Financial Report for 2024

BALANCE SHEET

ASSETS
note
Fixed Assets
Lyonsdown Hall building
Totals
Current Assets
Cash at bank
Cash in hand
Credit card
Trade debtors
Other debtors & prepayments
Less provision for doubtful debts
Totals
Less Creditors
Deferred income
Creditor - St James's Church
Other creditors due within 1 year
Creditor due after 1 year - Twinkle Stars nursery
10
Totals
NET CURRENT ASSETS
NET ASSETS
FUNDS
note
Restricted Funds
4
Restricted reserves
Totals
Designated Funds
5
Major repairs fund
Fixed asset reserves
Parish Share fund
Totals
Other Funds
5
Free reserves
Totals
FUNDS TOTALS		 2024
£
1,965,150
1,965,150
54,238
676
(296)
1,651
2,243
-
58,512
(4,325)
(3,239)
(3,638)
(2,254)
(13,456)
45,056
2,010,206
2024
£
1,700
1,700
15,000
1,965,150
-
1,980,150
28,356
28,356
2,010,206		 2023
£
1,965,150
1,965,150
51,659
297
(388)
19,016
2,531
(188)
72,927
(9,600)
(4,238)
(4,790)
(2,145)
(20,773)
52,154
2,017,304
2023
£
-
-
10,000
1,965,150
10,000
1,985,150
32,154
32,154
2,017,304

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Financial Report for 2024 Holy Trinity Church, Lyonsdown
INCOME 2024 2023
note £ £
Donations and grants
General giving 7,177 4,225
Tax recovered on general giving 1,592 826
Donations to special collections 435 90
Restricted donations 500 -
Grant income 1,200 500
Totals 10,904 5,641
Charitable Activities
Event income 436 923
Wedding & funeral fees 413 150
Totals 849 1,073
Trading Activities
Rental income - nursery 20,383 19,630
Rental income - Lyonsdown Hall 48,054 55,088
Church room hire - 150
Totals 68,437 74,868
Other Income
Interest income 960 602
Other income 25 -
Totals 985 602
INCOME TOTALS 81,175 82,184

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Financial Report for 2024 Holy Trinity Church, Lyonsdown Holy Trinity Church, Lyonsdown
EXPENDITURE 2024 2023
note £ £
Charitable Giving
Special collections 436 90
Totals 436 90
Service Costs
Service costs 500 578
Refreshments 147 204
Audio equipment & music 321 891
Totals 968 1,673
Church Ministry
Parish share 28,889 28,889
Youth and children's work 6 32
Outreach event costs 452 558
Discipleship groups 12 -
Community event costs - 95
Clergy expenses 48 360
Gifts and hospitality 150 7
Deanery events 32 -
Leadership training 121 65
Retreat costs 22 247
Totals 29,732 30,253
Employee Costs 2,7
Salaries 22,178 20,773
Pensions and social security 347 360
Totals 22,525 21,133
Fabric
Repairs & maintenance & cleaning 3,489 8,627
Church utilities 5,702 3,800
Church insurance 1,960 1,874
Totals 11,151 14,301
Fundraising Costs
Nursery repairs and maintenance 480 -
Hall maintenance 3,349 3,583
Hall cleaning & gardening 5,822 6,165
Hall utilities 4,630 5,831
Hall insurance 3,616 3,355
Hall office costs 1,138 1,782
Totals 19,035 20,716
Administration
IT costs 450 454
Publicity - 295
Independent examination & bookkeeping costs 2,847 2,217
Other office costs 655 934
Bank fees etc 474 430
Totals 4,426 4,330
EXPENDITURE TOTALS 88,273 92,496
SURPLUS / (DEFICIT) (7,098) (10,312)

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Holy Trinity Church, Lyonsdown

Financial Report for 2024

Notes to the Accounts

1. Accounting Policies

a) Basis of Accounting

The accounts have been prepared under the historical cost convention, and in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014; the Financial reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102); the Charities Act 2011; and UK Generally Accepted Practice as it applies from 1 January 2015.

The charity constitutes a public benefit entity as defined by FRS102.

b) Recognition of income

Income is included in the Statement of Financial Activities when the charity becomes entitled to the resources, it is more likely than not that the charity will receive the resources and the monetary value can be measured with sufficient reliability.

c) Incoming resources

Donations and grants are included in the accounts when the general income criteria are met. When donors specify they are to be used for a future accounting period they are treated as deferred income. Contributions, fees and tax recoverable from the Inland Revenue under the Gift Aid scheme are recognised on an accruals basis when there is a valid declaration from the donor. Collections are recognised when received by or on behalf of the PCC. Grants and legacies to the PCC are accounted for as soon as the PCC is notified of its entitlement, that receipt is probable and the amount due can be measured reliably.

Church members act as general volunteers. As it is impractical for their contribution to be measured reliably for accounting purposes, their voluntary work is not credited in the financial statements.

Income from charitable activities

All income from charitable activities is accounted for gross.

Income from other trading activities

Rental income from the letting of church premises is recognised at the time to which the rental relates.

Investment income

Dividends are accounted for when due and payable. Interest entitlements are accounted for as they accrue. Tax recoverable on such income is recognised in the same accounting year.

d) Resources Expended

Expenditure is accounted for on an accruals basis, inclusive of VAT, which cannot be recovered. Irrecoverable VAT is charged against the expenditure heading for which it was incurred.

e) Capitalisation and Depreciation

All fixed assets are initially recorded at cost.

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Property – the property is not depreciated as the PCC believes the current market value of the property is around or higher than the valuation in the accounts.

Consecrated and benefited property are excluded from the financial statements by s.96(2)(a) of the Charities Act 1993.

Movable church furnishings held by the vicar and churchwardens on special trust for the PCC, and which require a faculty for disposal, are accounted as inalienable property unless consecrated. They are listed in the church’s inventory. For inalienable property acquired prior to 2001 there is insufficient cost information available and therefore such assets are not valued in the financial statements. Items acquired since 1 January 2001 have been capitalised and depreciated on a straight-line basis over three years.

All expenditure incurred during the year on consecrated or benefited buildings, individual items not exceeding £1,000 in value, or on the repair of movable church furnishings acquired before 1 January 2001 is written off.

f) Stocks

Stocks held for resale are measured at the lower of cost or net realisable value.

g) Pensions

Holy Trinity’s PCC contributes to a defined contribution pension scheme on behalf of employees, the cost of which is disclosed in the detailed income and expenditure account.

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Holy Trinity Church, Lyonsdown

Financial Report for 2024

h) Funds accounting

Funds held by the charity are:

i) Current assets

Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid.

Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition. Deposits for more than three months but less than one year have been disclosed as short term deposits. Cash placed on deposit for more than one year is disclosed as a fixed asset investment.

Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount the PCC anticipates it will pay to settle the debt.

The financial statements do not include a statement of cash flows as the PCC constitutes a small charity under the SORP as amended by Update Bulletin 1.

2. Staff Costs

b) 4 people were employed by the charity during the year, of which all were part-time (2023: 3 people, of which all were part-time).

There are no employer charges, while member charges comprise an annual management charge of 0.3 per cent on the total value of a member’s fund each year plus a contribution charge of 1.8 per cent on each new contribution.

3. Fixed Assets

The only fixed assets are a property valued at £1,965,150 and Lyonsdown Hall equipment with a cost of £31,914. The property is Lyonsdown Hall, 3 Lyonsdown Road, New Barnet. It is used in part to raise funds for the PCC, but is also available to carry out the PCC's charitable purposes. No depreciation has been applied to this property because the PCC believes the current market value of the property is equal to or higher than the current valuation. This current valuation was made on 31 December 2020 based on its insurance valuation. The Church building and Church Rooms are not included as they are consecrated property. The Hall equipment had been fully depreciated by 1 January 2021 so the net book value of this equipment is £nil and no additions were made to this equipment in 2021 – 2024. There has been no change in the fixed assets since 2023.

4. Restricted Funds

Restricted Funds
Special Collections
Other		 1 Jan 2024
£
-
-
-		 Income

£

436

1,700
2,136		 Expenditure

£

436

-
436
Transfers
between funds


£

-

-
-		 31 Dec 2024

£

-

1,700

1,700

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Holy Trinity Church, Lyonsdown

Financial Report for 2024

Prior year
Youth & Children’s work fund
Special Collections
Other		 1 Jan 2023
£

-
-
633
633		 Income

£

500

90

-
590		 Expenditure

£
500

90

633
1,223
Transfers
between funds


£
-

-

-
-		 31 Dec 2023

£

-

-

-

-

The special collections fund is for donations collected for other charities.

The other restricted fund is for other small donations donated for specific causes such as repairs to the building, utilities or pieces of equipment.

5. Unrestricted Funds

Free reserves
Designated major
repairs fund
Designated fixed
assets reserves
Designated parish
share fund
Prior year
Free reserves
Designated major
repairs fund
Designated fixed
assets reserves
Designated parish
share fund		 1 Jan 2024
£
32,154
10,000
1,965,150
10,000
2,017,304
1 Jan 2023
£
41,833
10,000
1,965,150
10,000
2,026,983
Income

£

79,039

-

-

-
79,039

Income

£

81,594

-

-

-
81,594		 Expenditure

£

87,837

-

-

-
87,837
Expenditure

£

91,273

-

-

-
91,273
Transfers
between funds


£

5,000

5,000

-

(10,000)
-

Transfers
between funds


£

-

-

-

-
-		 31 Dec 2024

£

28,356

15,000

1,965,150

-

2,008,506
31 Dec 2023

£

32,154

10,000

1,965,150

10,000

2,017,304

The designated major repairs fund is a fund which is designated by the PCC to be used for repairs and maintenance of the church building.

The designated fixed assets reserves are the total of the charity’s reserves which are tied up in the church’s property, Lyonsdown Hall, and any other fixed assets. Therefore, these reserves can’t be spent unless the property or other assets are sold.

The designated parish share fund is to cover some of the cost of the parish share for 2024 and beyond as it is currently unclear what size of contribution will need to be paid in 2024 and beyond. However, it was decided at the end of 2024 that this fund is not currently needed as Holy Trinity is confident of being able to pay the 2025 parish share.

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Holy Trinity Church, Lyonsdown

Financial Report for 2024

6. Analysis of Net Assets (between restricted and unrestricted funds)

Restricted
Unrestricted:
Free reserves
Designated fund – fixed assets reserves
Designated fund – major repairs fund
Prior year
Restricted
Unrestricted:
Free reserves
Designated fund – fixed assets reserves
Designated fund – major repairs fund
Designated fund – parish share fund		 Tangible fixed
assets
£
-
-
1,965,150
-
1,965,150
Tangible fixed
assets - 2023
£
-
-
1,965,150
-
-
1,965,150		 Other net
assets

£

1,700

28,356

-

15,000
45,056
Other net
assets - 2023

£

-

32,154

-

10,000

10,000
52,154		 Total

£

1,700

28,356

1,965,150

15,000
2,010,206
Total - 2023

£

-

32,154

1,965,150

10,000

10,000
2,017,304

7. Transactions with Trustees and Related parties

Trustees’ Remuneration & Benefits: None of the trustees have been paid any remuneration or received any other benefits from being employed as a trustee with the charity or a related entity. One trustee, Fiona Jones, received a salary from Holy Trinity for her job as Publicity Administrator for Holy Trinity. In 2024 this salary was £2,270 with employer pension contributions of £nil (2023: salary of £1,099 with employer pension contributions of £nil). Fiona Jones received no remuneration for being a trustee. Fiona Jones also excuses herself from any discussions or votes relating to salaries or employment policies at PCC meetings.

Trustees Expenses: The only trustees and connected persons to receive any reimbursement of personal expenses in 2023 or 2024 were the Priest in Charge from the end of 2021 onwards (The Rev Canon Laura Hewitt) and the Curate from July 2022 onwards (The Rev Jenny Robinson). The Rev Canon Laura Hewitt was paid expenses of £nil (2023: £4). This was for travel expenses. The Rev Jenny Robinson was paid expenses of £48 (2023: £356). £48 for travel and accommodation (2023: £100 for training and £256 for travel and accommodation). These expenses were all wholly related to their duties at Holy Trinity.

No other trustee received any remuneration or reimbursement of expenses in 2024 (2023: £nil), except for reimbursement of out of pocket expenses.

Transactions with Related Parties:

In 2023 and 2024 the Church of St James’s, New Barnet, shared the Vicar, Rev Canon Laura Hewitt, and the Curate, Rev Jenny Robinson, with Holy Trinity. Therefore, some costs were incurred by St James’s for Holy Trinity and vice versa. Any costs incurred by one church for the other church are reimbursed in a lump sum once a year. At 31 December 2024 the total owed to St James’s by Holy Trinity was £3,239 (2023: £4,238).

The PCC is not aware of any other related party transactions in 2024 or 2023, apart from unconditional donations to the PCC from trustees and their spouses, and services provided on a voluntary basis.

8. Fees for Examination of the Accounts

The fee for the Independent Examiner has not yet been finalised for the examination of the 2024 accounts but an accrual of £750 has been set up for this fee (2023: £750).

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Holy Trinity Church, Lyonsdown

Financial Report for 2024 9. Grant funding of activities

No grants were made in 2024 or 2023.

In 2023 a grant was received for the repair of the church boiler for £30,652. However, this grant funding was sent straight to the supplier so is not included in the accounts because it was never received directly by Holy Trinity and the net effect of the income and expenditure on the surplus / deficit is £nil.

10. Liabilities due after more than 1 year

Lease Deposit received from Twinkle Stars Nursery School

Deposit received from Twinkle Stars Nursery School
Balance on 1 January
Interest accrued
Balance on 31 December
 2024
£
2,145
109
2,254
2023

£

2,049

96
2,145

The deposit is repayable at the end of the lease term. Interest at the current rate paid by the Bank of England during the year is accrued and added to the deposit.

11. Deferred income

Deferred income is accounted for on income which is invoiced for in the current financial year but which relates to the next financial year. This is largely room hire income for Lyonsdown Hall which is invoiced for in advance but which relates to room hire in the next financial year. In 2024 this was £2,422 (2023: £9,481). The only other deferred income is rent from the Twinkle Stars Nursery invoiced in advance but relating to the next financial year. This was £1,903 in 2024 (2023: £119).

12. Going concern

The trustees believe that Holy Trinity is a going concern for several reasons. Firstly its free reserves are still close to the target in the reserves policy with some designated reserves in addition to the free reserves to help cover emergencies. Secondly the church has the significant asset of Lyonsdown Hall which could be sold or have a change of use if necessary. Finally, the congregation at Holy Trinity has started to grow and in 2024 giving from the congregation increased leading to hopes that giving from the congregation will continue to increase. This means that the trustees are not aware of any material uncertainties about the charity’s ability to continue.

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Holy Trinity Church, Lyonsdown

Financial Report for 2024

Independent examiner’s report to the trustees of The Parochial Church Council of the Ecclesiastical Parish of Holy Trinity, Lyonsdown

I report to the trustees on my examination of the accounts of The Parochial Church Council of the Ecclesiastical Parish of Holy Trinity, Lyonsdown (the Trust) for the year ended 31st December 2024.

Responsibilities and basis of report

As the charity trustees of the Trust 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 carried out under section 145 of the 2011 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 examiner’s statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.

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 understanding of the accounts to be reached.

Signed:

Ruth Savage BBA (Hons), MICB PM.Dip

Savage Nine Ltd, 52 Ashley Street, Sible Hedingham, Essex, CO9 3EH 23rd April 2025

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