OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

← The Parochial Church Council Of The Ecclesiastical Parish Of Holy Trinity Northwood

2023-12-31-accounts

ANNUAL FINANCIAL REPORT Financial Review and Accounts

for the year 2023

Presented to the Annual Church Meeting on 12 May 2024

THE PAROCHIAL CHURCH COUNCIL (PCC) OF THE ECCLESIASTICAL PARISH OF HOLY TRINITY NORTHWOOD

Financial Review

This review explains the financial activities of the Holy Trinity Church, Northwood (“the Church”, technically the PCC) in a simple way to make them as understandable as possible. The full statutory financial statements, Independent Examiner’s report and the budget for 2024 follow the review.

Key: Blue means good news, Red means bad news. Numbers are rounded for simplicity.

HEADLINES

General funds

2023 versus 2022

In 2023 the Church raised around £171,000 and spent £169,000 in its general account. This gives a surplus of £2,000 .

This compares to 2022 where we raised £166,000 and spent £162,000, which gave a surplus of £4,000 .

The increase in money raised compared to 2022 comes mainly an increase in rental income (+£3,550 ).

The increase in money spent compared to 2022 is mostly due to rising energy costs for the Church and Hall (+£8,000 ) offset by reduced youth work costs (-£4,000 ).

This small annual surplus will not be able to fund any major repairs or investment that will be needed to maintain the church in the future. The PCC is considering how best to secure funding for such investment going forward, such as by appeals or unplanned income.

THE PAROCHIAL CHURCH COUNCIL (PCC) OF THE ECCLESIASTICAL PARISH OF HOLY TRINITY NORTHWOOD

Designated and Restricted Funds

Necessary major refurbishments of the electrical system in the vestry and replacing the doors and windows in the Church Office cost £33,000 in 2023. A significant legacy donation of £25,000 offset these costs, but there remained a shortfall of around £8,000 .

The last part of the legacy donation has been received in 2024 and the PCC is considering how best to invest this money. However, further investment must be funded from another source, such as appeals.

The only restricted activity was money collected in church for other charities which was passed on to the charities concerned.

Overall assets of the Church

The assets of the church decreased by £8,000 in 2023, mostly due to the overall shortfall.

The total assets of £451,000 is mostly made up of a house ( £355,000 ) which was used as accommodation for church staff in 2023 but is now being rented. There is also £45,000 in investments and £54,000 cash in the bank. This may sound like a lot, but major renovations of the type necessary in 2023 of around £35,000 would use up the cash and investments in 3 years if not matched by major donations or appeals.

The Budget for 2024

The budget for 2024 is included at the end of this report. It reflects the expectations of the PCC for 2024 and would result in the money raised by the church matching the money spent in 2024. Overall income is budgeted to increase to £187,000 in 2024 compared with £171,000 in 2023. A large part of this is the expected rental income increasing by £15,000 , which will be spent on improving the property.

The PCC does recognise that achieving the budgeted income will be challenging and we will need all of the Church to work together.

Overall costs are budgeted to increase to £187,000 , from £169,000 in 2023. In addition to property upkeep noted above, increased energy costs and common fund contribution are budgeted. The cost of children or youth workers are not included, though it is hoped that it may be possible to recruit one or both in the year. As with the income budget, the PCC recognises that achieving the budgeted expenditure will be challenging. We will keep a close eye on the running costs of the Church as the year goes on.

We would welcome any ideas and help from all of you on how to raise money and reduce costs, such as ideas for fundraising and ways to reduce energy use!

Jon Hooper Treasurer 15 April 2024.

THE PAROCHIAL CHURCH COUNCIL (PCC) OF THE ECCLESIASTICAL PARISH OF HOLY TRINITY NORTHWOOD

Note on labelling of funds

Churches generally separate out their transactions and assets into three categories.

The main category is called ‘general’ or ‘unrestricted’ funds which are available for spending on anything.

The second category is called ‘designated’ funds, which are again funds which the church can spend on anything, but have been designated by the PCC towards a specific purpose.

Finally, the third category of funds is called ‘restricted’ as they can only be spent according to the wishes of the donor.

THE PAROCHIAL CHURCH COUNCIL (PCC) OF THE ECCLESIASTICAL PARISH OF HOLY TRINITY NORTHWOOD

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2023

Note
INCOME AND
ENDOWMENTS
Donations and legacies
2a
Charitable activities
2b
Income from investments
2c
Other income
2d
TOTAL INCOME

EXPENDITURE
Charitable giving
3a
Church activities
3b
Investment outgoings
3c
TOTAL EXPENDITURE

SURPLUS / DEFICIT

Gains/(Losses) on
investments
Transfers between funds
NET MOVEMENT IN
FUNDS

Total funds brought
forward
Total funds carried
forward		 Unrestricted
Funds
Designated
Restricted
Funds
TOTAL
Funds
2023
£
£
£
£
122,483
31,102
2,458
156,043
21,097
0
2,040
23,137
17,260
0
0
17,260
9,903
0
0
9,903
170,743
31,102
4,498
206,343
0
2,177
1,420
3,597
164,915
36,968
3,078
204,961
3,942
0
0
3,942
168,857
39,145
4,498
212,500
1,886
-8,043
0
-6,157
-1,086
-1,086
1,886
-9,129
0
-7,243
0
210,120
247,706
457,826
1,886
200,991
247,706
450,583		 2022
£
135,783
22,462
12,802
9,378
180,425
3,554
158,946
2,694
165,194
15,231
-2,726
0
12,505
445,321
457,826

THE PAROCHIAL CHURCH COUNCIL (PCC) OF THE ECCLESIASTICAL PARISH OF HOLY TRINITY NORTHWOOD

BALANCE SHEET AS AT 31ST DECEMBER 2023

Notes
FIXED ASSETS
Tangible
5a
Investments
5b
CURRENT ASSETS
Debtors
6
Cash at bank
TOTAL ASSETS
LIABILITIES
Amounts falling due within 1 year
7
TOTAL NET ASSETS
8
REPRESENTED BY
Funds:
General
9
Designated
9
Restricted
9		 2023
£
355,438
45,133
400,571
7,249
54,298
61,547
462,118
11,535
450,583
1,886
200,991
247,706
450,583		 2022
£
355,438
46,219
401,657
12,796
56,224
69,020
470,677
12,851
457,826
0
210,120
247,706
457,826

THE PAROCHIAL CHURCH COUNCIL (PCC) OF THE ECCLESIASTICAL PARISH OF HOLY TRINITY NORTHWOOD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

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 beneficed 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.

Depreciation

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

No depreciation is provided on other property assets as their current 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 (PCC) 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.

As in previous years, the net movement on the general fund has been moved into the designated maintenance fund at the end of the year.

THE PAROCHIAL CHURCH COUNCIL (PCC) OF THE ECCLESIASTICAL PARISH OF HOLY TRINITY NORTHWOOD

2. INCOME AND ENDOWMENTS

Note
Donations and Legacies
2a
Planned giving
Open plate collections
Gift aid recoverable
Donations and appeals
Legacies
Charitable Activities
2b
Fund raising events
Holiday club
Other funds generated
Investment income
2c
Interest
Property rent
Income from church activities 2d
Fees payable to the PCC
Weddings and funerals
Hall and Parish Rooms
TOTAL INCOME		 Unrestricted
Designated
Restricted
TOTAL
Funds
Funds
Funds
2023
£
£
£
£
82,380
82,380
8,022
8,022
21,891
413
170
22,474
10,190
5,689
2,288
18,167
25,000
25,000
122,483
31,102
2,458
156,043
5,981
5,981
1,507
1,507
2,415
2,415
9,903
0
0
9,903
3,710
3,710
13,550
13,550
17,260
0
0
17,260
1,976
1,976
1,485
2,040
3,525
17,636
17,636
21,097
0
2,040
23,137
170,743
31,102
4,498
206,343

THE PAROCHIAL CHURCH COUNCIL (PCC) OF THE ECCLESIASTICAL PARISH OF HOLY TRINITY NORTHWOOD

3. EXPENDITURE

Unrestricted
Designated
Restricted
TOTAL
Funds
Funds
Funds
2023
Note
£
£
£
£
Missionary and
charitable giving
3a
2,177
1,420
3,597
Church activities
3b
Ministry:
Parish
87,775
87,775
Staff expenses
1,729
1,729
Church running expenses
17,086
17,086
Hall and Parish Rooms
17,898
17,898
Churchyard
660
660
Youth work costs
4,776
4,776
Services and resources
7,986
4,100
12,086
Holiday club
519
519
Administration
22,199
22,199
Fund Rasing Costs
2,404
2,404
Weddings and funerals
1,883
2,040
3,923
Other Costs
0
1,038
1,038
Refurbishments
32,868
32,868
164,915
36,968
3,078
204,961
Investment outgoings
3c
Property upkeep .
3,942
3,942
TOTAL EXPENDITURE
168,857
39,145
4,498
212,500
4. Staff costs and Trustee Donations
2023
2022
£
£
Within youth work costs and Church administration costs are:
Salaries and employer’s National Insurance
13,148
21,887
Employer’s pension contributions
890
368
Total
14,038
22,255		 TOTAL
2022
£
3,554
85,200
2,016
19,824
13,174
150
9,266
7,828
829
19,326
1,361
0
0
-28
158,946
2,694
165,194

Other than reimbursement of expenses incurred, no payments were paid to any PCC member, person closely connected or related to them, or related parties.

In 2023, members of the PCC, being Trustees of the Charity, contributed £27,201 by way of donations.

THE PAROCHIAL CHURCH COUNCIL (PCC) OF THE ECCLESIASTICAL PARISH OF HOLY TRINITY NORTHWOOD

5. Fixed Assets

5. Fixed Assets
(a) Tangible
Consecrated and benefice property assets - Hall, adjacent Parish
Rooms with Flat at nominal value
Freehold property at cost
(b) Investments
Market value 1st January
Investments Sold at market value
Unrealised (loss)/gain on revaluation
Market value 31st December		 2023
2
355,436
355,438
46,219
0
-1,086
45,133		 2022
2
355,436
355,438
48,946
0
-2,727
46,219

The investments are in the CBF Investment Fund and the Equities Investment Fund for Charities (Charifund).

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
8. Analysis of net assets by fund
Tangible fixed assets
Investment fixed assets
Current assets
Current liabilities		 General
Fund
£
13,421
-11,535		 2023
2,470
4,779
7,249
2023
7,064
4,471
11,535
Designated
Fund
Restricted
Fund
£
£
109,838
245,600
45,133
46,020
2,106		 2022
5,554
7,242
12,796
2022
8,331
4,520
12,851
Total Funds
£

355,438
45,133
61,547
-11,535
1,886 200,991
247,706
450,583

THE PAROCHIAL CHURCH COUNCIL (PCC) OF THE ECCLESIASTICAL PARISH OF HOLY TRINITY NORTHWOOD

9. Funds

9. Funds
Unrestricted Fund
General
Designated Funds
Maintenance
House
Working Capital
Projects
Organ
Mission and charity
Restricted Funds
House
Mission and charity
Vicar's Discretionary		 Bal fwd
Income
Expenditure
Losses
Funds
Bal fwd
01-Jan-23
Transfer
31-Dec-23
£
£
£
£
£
£
0
170,743
-168,857
0
0
1,886
40,240
-1,086
39,154
109,838
109,838
18,500
18,500
38,867
25,025
-32,868
31,024
2,675
3,900
-4,100
2,475
0
2,177
-2,177
0
210,120
31,102
-39,145
-1,086
0
200,991
245,600
245,600
-272
4,498
-4,498
-272
2,378
2,378
247,706
4,498
-4,498
0
0
247,706

THE PAROCHIAL CHURCH COUNCIL (PCC) OF THE ECCLESIASTICAL PARISH OF HOLY TRINITY NORTHWOOD

10. Charitable and other donations

The PCC made grants totalling £3,421 (2022 - £3,554) 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:-

HT Church Northwood - Charitable Donations 2023

£
Malawi School 406
Mount Vernon Cancer Charity 500
Lynda Jackson Macmillan Centre 620
Tearfund 305
Macmillan 236
St Georges College Jerusalem 677
One YMCA 677
TOTAL 3421

Approval of Report and Financial Statements

The Report, Financial Statements and Activity Reports were approved by the Parochial Church Council on XX April 2024 and signed on their behalf, by Chairperson.

Ann Lynes

THE PAROCHIAL CHURCH COUNCIL (PCC) 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[st] of December 2023 which are set out on pages 5 to 13.

Respective responsibilities of the PCC and examiner and basis of report

I report to the trustees on my examination of the accounts of the above charity (“the Trust”) for the year ended 31 December 2023.

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 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 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.

Signed:

Date: 18 April 2024

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

Address: Suite F3 Wenzel House, Olds Approach, Tolpits Lane, Watford, WD18 9AB.

THE PAROCHIAL CHURCH COUNCIL (PCC) OF THE ECCLESIASTICAL PARISH OF HOLY TRINITY NORTHWOOD

Holy Trinity Northwood Budget for year ending 31st December 2023

General Fund Actual for 2023 Budget for 2024
£ £
Incoming Resources
Planned Giving 82,380 83,000
Loose Plate 8.022 6,600
Gift Aid 21,891 22,800
Donations 10,190 9,000
Fund raising 5,981 7,500
Holiday Club 1,508 1,500
Other 2,415 3,000
Interest 3,710 4,000
Rent 13,550 28,850
Fees to PCC 3,461 3,700
Hall and Parish Rooms Hire 17,636 18,000
Total income 170,743 186,750
Outgoing Resources
Common Fund 87,775 91,300
Staff expenses 1,729 2,000
Church running expenses 17,086 18,866
Hall and Parish Rooms 17,898 23,356
Property upkeep 3,942 14,873
Churchyard 660 500
Youth work costs 4,776 500
Services and resources 7,986 9.970
Holiday club 519 750
Administration 22,199 22,135
Fund Rasing Costs 2,404 2,500
Weddings and funerals 1,883 0
Total expenditure 168,857 186,750
Surplus / (Deficit) for the period 1,886 -

THE PAROCHIAL CHURCH COUNCIL (PCC) OF THE ECCLESIASTICAL PARISH OF HOLY TRINITY NORTHWOOD