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2020-12-31-accounts

ANNUAL REPORT Financial Review and Accounts Approved by the PCC

for the year 2020

Presented to the Annual Church Meeting on 25 April 2021

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF HOLY TRINITY NORTHWOOD

Financial Review

The financial activities of the PCC are reviewed below. followed by the statutory financial statements, the Independent examiner’s report and the budget for 2021.

General Account (Undesignated)

The budget for the year identified that we would have a deficit this year of £6,471 on the general fund. All budget assumptions were affected by the Covid 19 pandemic. The PCC reviewed the effect this could have on the church and without urgent action being taken it was estimated that the PCC would run a deficit of over £20,000 with no social fund raising after February, minimal hall hires for the year and with many services cancelled, reduced donations. An appeal to the church membership however showed the strong support the church has from its parishioners both spiritual and financial. Many donations were received to support the church which has enabled the current account to remain positive for the year.

Designated and Restricted Funds

Our long-term investments were reduced by £14,632 at the end of the first quarter with the initial fall in the stock market. The markets have recovered since then and by the end of the year the reduction had reduced to £9,062. The planned work on the hall was cut back but we still committed £35,848 to projects which include £24,039 of hall refurbishment and £8,178 refurbishing the organ. Whilst we had the funds to undertake refurbishment to the Office area of the Parish hall, the PCC took the decision to delay this work in order to conserve sufficient cash resources. The PCC did not want to liquidate our investments at their reduced value. We also received a legacy of £10,000.

Movement in Funds (note 9)

The movement in funds of £4,631 from General to Designated Funds has been approved by the PCC. This will enable the Designated Fund to expense the church roof repairs of around £4,500. This was approved by the PCC and expected to be completed in 2020 but delayed due to the Covid pandemic. The repair should be completed by the end of February.

Balance Sheet

The cash at bank has decreased by £12,044 during the year and overall working capital of £42.384 (2019 - £49,314) by only £6,930.

Reserves policy

There has been no change to the reserves policy as set out in note 1 to the accounts.

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF HOLY TRINITY NORTHWOOD

The Budget for 2021

A budget for 2021 has been approved by the PCC.

The budget has proved very difficult to prepare for 2021 due to the uncertainty of when things will return to normal. We have assumed that there will be minimal income from fund raising and hall hire in the first half of the year. The PCC approved a further reduction in payment for 2021 to the diocesan common fund but we will still be running a deficit in 2021. We hope to be able to eliminate the deficit in 2022 with a full year of hall hire and additional fund raising.

We have budgeted that the church holiday club will resume in 2021 and that we can possibly hold a fund raising event later in the year.

The designated budget has been prepared following the approval of the PCC to go ahead with the audio-visual project and continuing the hall renovation project

Graham Hamwijk Treasurer 28th January 2021.

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF HOLY TRINITY NORTHWOOD

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2020

Notes
Unrestricted
Funds
Designated
Funds
Restricted
Funds
INCOME AND ENDOWMENTS
£
£
£
Voluntary Income
2a
154,120
20,100
2,096
Activities for generating funds
2b
4,576
904
0
Income from investments
2c
9,636
4,707
Income from church activities
2d
8,780
TOTAL INCOME
177,112
25,711
2,096
EXPENDITURE
Charitable giving
3a
207
895
2,096
Church activities
3b
169,522
20,205
15,673
Investment outgoings
3c
2,752
499
TOTAL EXPENDITURE
172,481
21,599
17,769
NET MOVEMENT IN RESOURCES
4,631
4,112
(15,673)
NET GAINS /(LOSSES) ON
INVESTMENTS
(9,062)
TRANSFERS BETWEEN FUNDS
(4,631)
4,631
0
NET MOVEMENT IN FUNDS
0
(319)
(15,673)
Total funds brought forward
0
193,633
263,351
Total funds carried forward
0
193,314
247,678
£
£
FIXED ASSETS
Tangible
5a
355,438
Investments
5b
43,170
Office equipment
5c
0
398,608
CURRENT ASSETS
Debtors
6
17,927
Cash at bank
37,782
55,709
454,317
LIABILITIES
Amounts falling due within 1 year
7
13,325
TOTAL NET ASSETS
8
440,992
REPRESENTED BY
Funds:
General
9
0
Designated
9
193,314
Restricted
9
247,678
440,992
BALANCE SHEET AS AT 31ST DECEMBER 2020
2020		 Unrestricted
Funds
Designated
Funds
Restricted
Funds
£
£
£
154,120
20,100
2,096
4,576
904
0
9,636
4,707
8,780		 2020
2019
£
£
176,316
165,536
5,480
15,315
14,343
26,402
8,780
23,381
204,919
230,634
3,198
5,747
205,400
214,323
3,251
6,557
211,849
226,627
(6,930)
4,007
(9,062)
7,443
0
0
(15,992)
11,450
456,984
445,534
440,992
456,984
£
£
355,438
52,232
0
407,670
20,583
49,826
70,409
478,079
21,095
456,984
0
193,633
263,351
456,984
2019		 2019
£
165,536
15,315
26,402
23,381
177,112
25,711
2,096		 230,634
207
895
2,096
169,522
20,205
15,673
2,752
499		 5,747
214,323
6,557
172,481
21,599
17,769		 226,627
4,631
4,112
(15,673)
(9,062)
(4,631)
4,631
0		 4,007
7,443
0
0
(319)
(15,673)
0
193,633
263,351		 11,450
445,534
0
193,314
247,678		 456,984

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF HOLY TRINITY NORTHWOOD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1. Accounting policies

The PCC is a public benefit entity within the meaning of FRS102. The financial statements have been prepared under the Charities Act 2011 and in accordance with the Church Accounting Regulations 2006 governing the individual accounts of PCCs, and with the Regulations “true and fair view” provisions.

The financial statements have been prepared under the historical cost convention except for the valuation of investment assets, which are shown at market value. The financial statements include all transactions, assets and liabilities for which the PCC is responsible in law. They do not include the accounts of church groups that owe their affiliations to another body, nor those which are informal gatherings of church members.

Going Concern

The accounts have been prepared on a going concern basis which assumes that the charity will continue to operate for the foreseeable future. This is based on the Trustees opinion that the activity will continue due to support of their charitable activities.

If the charity were unable to continue to operate adjustments would be made to provide for any further liabilities which may arise.

Assets

The financial statements have been prepared under the historical cost convention except for:

a. The Church, built in 1854, and other consecrated and benefited property assets, previously excluded from financial statements in accordance with generally accepted practice and now included as required by Charity Accounting regulations. Due to their location and purposes and having no known cost, the value ascribed is nominal.

b. Other property assets at cost.

c. Moveable church furnishings at cost where known.

d. Plant and equipment, over £1,000 with a life of 2 years and over, at cost The financial statements include all transactions, assets and liabilities for which the PCC is responsible in law.

Depreciation

No depreciation is provided on consecrated and beneficed property as its cost is unknown and by reason of its being unsaleable by its nature and age, being 50 or more years old.

No depreciation is provided on other property assets as their currently estimated residual value is not less than the carrying value and the remaining useful life exceeds 50 years.

Depreciation on plant, equipment and furnishings is calculated to write off their cost less their anticipated residual value over their estimated useful life.

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF HOLY TRINITY NORTHWOOD

Investments

Investments quoted on a recognised stock exchange or whose value derives from them are valued at market value at the year end.

Funds

Unrestricted Funds

These represent the remaining income funds of the PCC that are available for spending on the general purposes of the PCC.

Designated Funds

These represent unrestricted amounts designated by the PCC for specific purposes which may well extend over one or more accounting periods.

Restricted Funds

These represent amounts received which must be used for the purpose specified by the donor.

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF HOLY TRINITY NORTHWOOD

NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR TO 31st DECEMBER 2020 31st DECEMBER 2020
2. INCOME AND ENDOWMENTS Note Unrestricted Designated Restricted TOTAL TOTAL
Funds Funds Funds 2020 2019
Donations and Legacies 2a £ £ £ £ £
Planned giving 95,941 95,941 106,775
Open plate collections 1,783 1,783 5,019
Gift aid recoverable 29,766 1,530 0 31,296 28,850
Donations and appeals 26,630 8,570 2,096 37,296 14,892
Legacies 10,000 10,000 10,000
154,120 20,100 2,096 176,316 165,536
Activities for generating funds 2b
Fund raising events 214 904 1,118 8,628
Holiday club 0 0 2,009
Other funds generated 4,362 4,362 4,678
4,576 904 0 5,480 15,315
Investment income 2c
Interest 36 2,107 2,143 2,677
Property rent 9,600 2,600 12,200 23,725
9,636 4,707 0 14,343 26,402
Income from church activities
2d
Fees payable to the PCC 1,679 1,679 3,340
Hall and Parish Rooms 7,101 7,101 20,041
8,780 0 0 8,780 23,381
TOTAL INCOME 177,112 25,711 2,096 204,919 230,634
3. EXPENDITURE
Missionary and charitable giving 3a 207 895 2,096 3,198 5,747
Church activities 3b
Ministry:
Parish
85,200		 85,200 82,800
Willesden
21,300		 21,300 41,400
Curate 0 0 0
Staff expenses 1,477 1,477 2,639
Church running expenses 14,770 8,178 22,948 18,195
Hall and Parish Rooms 13,501 13,501 22,689
Property upkeep 172 172 155
Churchyard 303 303 1150
Youth work costs 6,533 6,533 3,719
Services and resources 3,274 3,274 15,246
Holiday club 0 0 470
Administration 22,977 22,977 23,338
Fund Rasing Costs 15 29 44 2,522
Other Costs 0 0 0
Refurbishments 11,998 15,673 27,671 0
169,522 20,205 15,673 205,400 214,323
Investment costs
Property upkeep . 3c 2,752 499 0 3,251 6,557
TOTAL EXPENDITURE 172,481 21,599 17,769 211,849 226,627
NET MOVEMENT IN FUNDS 4,631 4,112 (15,673) (6,930) 4,007

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF HOLY TRINITY NORTHWOOD

Salaries and Employer’s National Insurance
Employer’s Pension Contributions
Total
4. Staff costs and Trustee Donations
Within Youth work Costs and Church Administration Costs are:		 2020
£
21,840
472
22,312		 2019
£
18,135
433
18,568

The four Readers, Mrs Ann Kentfield, Mr Gerry Edwardson, Mrs Margaret Nicholson and Mr Toby Partridge ) were granted a total of £1,000

No other payments, other than reimbursement of expenses incurred, were paid to any other PCC member, or persons closely connected to them, or related to them, or related parties.

The daughter of two PCC members was renting a property owned by the PCC during January and February.. The two members were not party to the agreement to rent the property to their daughter and their interest was declared.

In the year 2020, members of the PCC, being Trustees of the Charity, contributed £OUTSTANDING by way of donations to Holy Trinity.

5. Fixed Assets
(a) Tangible
Freehold property at cost
(b) Investments
Market value 1st January
Unrealised (loss)/gain on revaluation
Market value 31st December
The investments are in the Equities Investment Fund for Charities (Charifund).
(c) Equipment at cost
Less accumulated depreciation
Net book value at 31st December
6. Debtors (Unrestricted Funds)
Amounts falling due within one year:
Gift aid recoverable
Other debtors
7. Liabilities
Amounts falling due within one year:
Accounts payable
Other creditors
Consecrated and benefice property assets - Hall, adjacent Parish Rooms with Flat at
nominal value		 2020
2
355,436
355,438
52,232
(9,062)
43,170
7,588
7,588
0
2020
8,808
9,119
17,927
2020
3,764
9,561
13,325
 2019
2
355,436
355,438
44,789
7,443
52,232
7,588
7,588
0
2019
6,871
13,712
20,583
2019
10,398
10,697
21,095

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF HOLY TRINITY NORTHWOOD

8. Analysis of net assets by fund

8. Analysis of net assets by fund
Tangible fixed assets
Investment fixed assets
Equipment fixed assets
Current assets
Current liabilities		 £
£
£
£
109,838
245,600
355,438
43,170
43,170
0
13,325
40,306
2,078
55,709
(13,325)
(13,325)
General Fund Designated
Fund
Restricted
Fund
Total Funds
0
193,314
247,678
440,992

9. Funds

9. Funds
Unrestricted Fund
General
Designated Funds
Maintenance
House
Working Capital
Projects
Organ
Mission and charity
Restricted Funds
House
Projects
Organ
Mission and charity
Vicar's Discretionary		 Bal fwd
Income
Expenditure
Losses
Funds
Bal fwd
01 Jan 2020
Transfer
31 Dec 2020
£
£
£
£
£
£
-
177,112
172,481
4,631
-
-
32,955
4,707
2,989
(9,062)
1,234
26,845
106,441
3,397
109,838
18,500
18,500
30,045
14,948
9,537
35,456
5,692
5,161
8,178
2,675
-
895
895
-
193,633
25,711
21,599
(9,062)
4,631
193,314
245,600
245,600
15,673
15,673
-
-
-
2,096
2,096
-
2,078
2,078
263,351
2,096
17,769
-
-
247,678

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF HOLY TRINITY NORTHWOOD

10. Charitable and other donations

The PCC made grants totalling £3,198 (2018 - £5,747) from its funds, from special collections, fund raising events and on behalf of other beneficiaries from special collections and fund raising and passed on directly to them. The beneficiaries were:-

£
Embrace the Middle East 10 *
Christian Aid 225 *
Children's Society 157 *
Royal British Legion 90
Lynda Jackson 1,617
Alma (Bishops Discretionary/Lent) 580
Tearfund 244 *
USPG 275 *
3,198

Beneficiaries marked * were able to claim further gift aid on the monies passed to them.

In addition to the above the PCC paid out of youth work costs £1,065 to the London Diocesan Willesden Area Education Fund.

The Report, Financial Statements and Activity Reports were approved by the Parochial Church Council on 28 January 2021 and signed on their behalf, by Chairperson.

Ann Lynes

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF HOLY TRINITY NORTHWOOD

~~Independent Examiner's Report to the Parochial Church Council of Holy Trinity Northwood~~

~~I report on the accounts of the charity for the year ended 31[s][t] of December 2020 which are set on pages 2 to 9.~~

~~Respective responsibilities of the PCC and examiner and basis 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.~~

~~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.~~

~~Basis of independent examiner’s report~~

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

~~I have no concerns and have come across no other matter 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.~~

~~Singed:~~

~~Date:~~

~~Shahbaz Ahmed ACA; FCCA LPS Livingstone Limited Chartered Accountants Relevant Professional body: Institute of Chartered Accountants in England and Wales~~

~~Address: Suite F3 Sunley House, Olds Approach, Tolpits Lane, Watford, WD18 9TB.~~

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF HOLY TRINITY NORTHWOOD

Budget for the Year 2021

Incoming Resources
Voluntary income
Planned giving
Open plate collections
Gift aid Tax recoverable
Donations
Legacies
Activities for generating funds
Fund raising events
Holiday club
Other funds generated
Investment income
Interest
Property rent
Income from church activites
Fees payable to the PCC
Hall and Parish room
Total incoming resources
Resources expended
Missionary and charitable giving
Missionary and charitable income
Common Fund
Curate
Staff expenses
Services, resources and music
Church running costs
Youth ministry costs
Holiday Club
Fund Raising Costs
Churchyard
Church Hall & Parish Rooms
Administration
Housing Rental General
Property Costs
Investment Property Costs
Project Costs
Other
Total resources expended
(Deficit)/Surplus		 General
Designated
Restricted
Total Funds
96,807
96,807
2,460
2,460
24,196
5,000
29,196
2,000
76,425
78,425
4,000
4,000
1,800
1,800
2,450
2,450
2,000
2,000
9,600
9,600
1,747
1,747
10,260
10,260
155,320
83,425
0
238,745
300
5,300
1,400
7,000
(5,300)
(1,400)
(6,700)
85,200
85,200
1,874
1,874
2,550
2,550

5,055
5,055
18,398
4,500
22,898

7,276
7,276
800
800
200
200
480
480

13,852
13,852
24,046
24,046
0
500
500
1,260
1,260
102,000
102,000
0
161,791
106,500
0
268,291
(6,471)
(23,075)
0
(29,546)
2021		 2020
Total Funds
110,200
5,500
29,950
14,880
11,900
1,800
3,515
2,025
24,080
3,000
16,760
223,610
8,000
(6,700)
124,200
0
3,250
9,740
16,350
4,142
750
3,400
1,500
14,525
24,868
0
4,000
800
22,503
0
231,328
(7,718)

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