## **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. 

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**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._ 

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

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

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



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**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. 

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**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. 

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**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|<br>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||<br>85,200|||85,200|82,800|
|Willesden||<br>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|



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

|Salaries and Employer’s National Insurance<br>Employer’s Pension Contributions<br>Total<br>**4. Staff costs and Trustee Donations**<br>Within Youth work Costs and Church Administration Costs are:|2020<br>£<br>21,840<br>472<br>22,312|2019<br>£<br>18,135<br>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**<br>(a)    Tangible<br>Freehold property at cost<br>(b)   Investments<br>Market value 1st January<br>Unrealised (loss)/gain on revaluation<br>Market value 31st December<br>The investments are in the Equities Investment Fund for Charities (Charifund).<br>(c)   Equipment at cost<br>Less accumulated depreciation<br>Net book value at 31st December<br>**6. Debtors (Unrestricted Funds)**<br>Amounts falling due within one year:<br>Gift aid recoverable<br>Other debtors<br>**7. Liabilities**<br>Amounts falling due within one year:<br>Accounts payable<br>Other creditors<br>Consecrated and benefice property assets - Hall, adjacent Parish Rooms with Flat at<br>nominal value|2020<br>2<br>355,436<br>355,438<br>52,232<br>(9,062)<br>43,170<br>7,588<br>7,588<br>0<br>2020<br>8,808<br>9,119<br>17,927<br>2020<br>3,764<br>9,561<br>13,325<br>|2019<br>2<br>355,436|
|---|---|---|
|||355,438|
|||44,789<br>7,443|
|||52,232|
|||7,588<br>7,588|
|||0|
|||2019<br>6,871<br>13,712|
|||20,583|
|||2019<br>10,398<br>10,697|
|||21,095|



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**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<br>Investment fixed assets<br>Equipment fixed assets<br>Current assets<br>Current liabilities|£<br>£<br>£<br>£<br>109,838<br>245,600<br>355,438<br>43,170<br>43,170<br>0<br>13,325<br>40,306<br>2,078<br>55,709<br>(13,325)<br>(13,325)<br>General Fund Designated<br>Fund<br>Restricted<br>Fund<br>Total Funds|
||0<br>193,314<br>247,678<br>440,992|



## **9. Funds** 

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



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**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 

- 10 - 



**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:~~ 

- ~~The accounting records were not kept in accordance with section 130 of the Charities Act: or~~ 

- ~~The accounts did not accord with the accounting records: or~~ 

- ~~The accounts did 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 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.~~ 

- 11 - 



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

## **Budget for the Year 2021** 

|**Incoming Resources**<br>Voluntary income<br>Planned giving<br>Open plate collections<br>Gift aid Tax recoverable<br>Donations<br>Legacies<br>Activities for generating funds<br>Fund raising events<br>Holiday club<br>Other funds generated<br>Investment income<br>Interest<br>Property rent<br>Income from church activites<br>Fees payable to the PCC<br>Hall and Parish room<br>**Total incoming resources**<br>**Resources expended**<br>Missionary and charitable giving<br>Missionary and charitable income<br>Common Fund<br>Curate<br>Staff expenses<br>Services, resources and music<br>Church running costs<br>Youth ministry costs<br>Holiday Club<br>Fund Raising Costs<br>Churchyard<br>Church Hall  & Parish Rooms<br>Administration<br>Housing Rental General<br>Property Costs<br>Investment Property Costs<br>Project Costs<br>Other<br>**Total resources expended**<br>**(Deficit)/Surplus**|General<br>Designated<br>Restricted<br>Total Funds<br>96,807<br>96,807<br>2,460<br>2,460<br>24,196<br>5,000<br>29,196<br>2,000<br>76,425<br>78,425<br>4,000<br>4,000<br>1,800<br>1,800<br>2,450<br>2,450<br>2,000<br>2,000<br>9,600<br>9,600<br>1,747<br>1,747<br>10,260<br>10,260<br> 155,320<br>83,425<br>0<br>238,745<br>300<br>5,300<br>1,400<br>7,000<br>(5,300)<br>(1,400)<br>(6,700)<br>85,200<br>85,200<br>1,874<br>1,874<br>2,550<br>2,550<br> <br>5,055<br>5,055<br>18,398<br>4,500<br>22,898<br> <br>7,276<br>7,276<br>800<br>800<br>200<br>200<br>480<br>480<br> <br>13,852<br>13,852<br>24,046<br>24,046<br>0<br>500<br>500<br>1,260<br>1,260<br>102,000<br>102,000<br>0<br>**161,791**<br>**106,500**<br>**0**<br>**268,291**<br>**(6,471)**<br>**(23,075)**<br>**0**<br>**(29,546)**<br>2021|2020<br>Total Funds<br>110,200<br>5,500<br>29,950<br>14,880<br>11,900<br>1,800<br>3,515<br>2,025<br>24,080<br>3,000<br>16,760|
|---|---|---|
|||223,610|
|||8,000<br>(6,700)<br>124,200<br>0<br>3,250<br>9,740<br>16,350<br>4,142<br>750<br>3,400<br>1,500<br>14,525<br>24,868<br>0<br>4,000<br>800<br>22,503<br>0|
|||**231,328**|
|||**(7,718)**|



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THE PAROCHL4LCHURCHCOUNaL OFTHE ECCLESlAST￿AL PAFUSH OFHOLYTWNifY NORTHWOOD
holy trinity
Tal 01923 825TJ2
PARISH OFFI￿ A**ss G*e*ryac*È
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