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

2024-12-31-accounts

ANNUAL REPORT Financial Review and Accounts

for the year 2024

Presented to the Annual Church Meeting on 11 May 2025

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 2025 follow the review.

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

HEADLINES

How did the year go, money-wise?

Good news. HTN had more income than expenditure in 2024, by around £51,000.

Why?

£39,000 was donated by a charitable trust that has been supporting the Church in recent years. This has been set aside and designated to be spent on projects related to environmental improvements such as solar panels etc.

£13,000 of the rent we received from renting out the church’s house has also been set aside and designated to be spent on improvements to the house, which will be undertaken in 2025. While we will miss the rental income from the house in the first part of 2025, the rent can be expected to increase following the renovations. However, we should remember that the house will be used to accommodate curates in the future.

Excluding those amounts, the result was close to breakeven . This is particularly pleasing given the unexpected and unbudgeted maintenance costs of around £15,000 for three major repairs in the year. Energy costs also increased in the year. A lot of these extra costs were covered by increased donations in the year, particularly following an appeal towards the end of the year.

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

Overall assets of the Church - Where we stand now

The church currently has £46,000 of investments and £103,000 of cash in interest-bearing accounts. We own two properties – the house in Tamworth Close and the apartment above the Parish Rooms. These are shown at £355,000 in the accounts, though their current value is considerably more than that as they have not been revalued recently.

A challenging budget for 2025

We will continue to face a challenge in balancing the budget for 2025, in particular because the church’s contribution to the common costs of churches across the London Diocese will go up by £10,000 in 2025 . 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!

However, we can take comfort from the fact that we did well in 2024 and are in good financial shape heading into 2025.

Jon Hooper - HTN Treasurer Andrew Newall – Chair, HTN Finance Committee.

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 2024

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
Funds
Restricted
Funds
TOTAL
2024
£
£
£
£
137,576
6,969
40,642
185,187
11,946
0
0
11,946
21,910
13,000
0
34,910
24,777
0
3,556
28,333
196,209
19,969
44,198
260,376
0
4,261
1,250
5,511
193,387
0
3,556
196,943
7,607
0
0
7,607
200,994
4,261
4,806
210,061
-4,785
15,708
39,392
50,315
1,177
1,177
2,899
-2,899
-1,886
13,986
39,392
51,492
1,886
200,991
247,706
450,583
0
214,977
287,098
502,075		 TOTAL
2023
£
156,043
9,903
17,260
23,137
206,343
3,597
204,961
3,942
212,500
-6,157
-1,086
0
-7,243
457,826
450,583

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

BALANCE SHEET AS AT 31ST DECEMBER 2024

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		 2024
£
355,438
46,310
401,748
8,070
102,996
111,066
512,814
10,739
502,075
0
214,977
287,098
502,075		 2023
£
355,438
45,133
400,571
7,249
54,298
61,546
462,118
11,535
450,583
1,886
200,991
247,706
450,583

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

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 deficit 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
TOTAL
Funds
Funds
Funds
2024
2023
£
£
£
£
£
85,684
85,684
82,380
6,906
6,906
8,022
26,060
751
249
27,060
22,474
18,926
3,718
40,393
63,037
18,167
2,500
2,500
25,000
137,576
6,969
40,642
185,187
156,043
5,452
5,452
5,981
1,890
1,890
1,507
4,604
4,604
2,415
11,946
0
0
11,946
9,903
5.094
5,094
3,710
16,816
13,000
29,816
13,550
21,910
13,000
0
34,910
17,260
2,780
2,780
1,976
2,755
3,556
6,311
3,525
19,242
19,242
17,636
24,777
0
3,556
28,333
23,137
196,209
19,969
44,198
260,376
206,343

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

3. EXPENDITURE

Unrestricted
Designated
Restricted
TOTAL
Funds
Funds
Funds
2024
Note
£
£
£
£
Missionary and
charitable giving
3a
4,261
1,250
5,511
Church activities
3b
Ministry:
Parish
91,300
91,300
Staff expenses
1,874
1,874
Church running expenses
29,599
29,599
Hall and Parish Rooms
28,059
28,059
Property upkeep
0
0
Churchyard
1,664
1,664
Youth work costs
162
162
Services and resources
7,646
7,646
Holiday club
640
640
Administration
28,808
28,808
Fund Raising Costs
1,101
1,101
Weddings and funerals
2,534
3,556
6,090
Other Costs
0
0
Refurbishments
0
193,387
3,556
196,943
Investment outgoings
3c
Property upkeep
7,607
7,607
TOTAL EXPENDITURE
200,994
4,261
4,806
210,061
4. Staff costs and Trustee Donations
2024
2023
£
£
Within youth work costs and Church administration costs are:
Salaries and employer’s National Insurance
13,433
13,148
Employer’s pension contributions
983
890
Total
14,416
14,038		 TOTAL
2023
£
3,597
87,775
1,729
17,086
17,898
0
660
4,776
12,086
519
22,199
2,404
3,923
1,038
32,868
204,961
3,942
212,500

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 2024, members of the PCC, being Trustees of the Charity, contributed £39,407 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		 2024
£
2
355,436
355,438
45,133
0
1,177
46,310		 2023
£
2
355,436
355,438
46,219
0
-1,086
45,133

The investments are in the M&G Equities Investment Fund for Charities (Charifund).

The freehold properties have not been revalued to current market value, which would be considerably higher than the amount shown.

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
£
10,739
-10,739		 2024
£
4,179
3,891
8,070
2024
5,972
4,767
10,739
Designated
Fund
Restricted
Fund
£
£
109,838
245,600
46,310
58,829
41,498		 2023
£
2,470
4,779
7,249
2023
7,064
4,471
11,535
Total Funds
£
355,438
46,310
111,066
-10,739
0 214,977
287,098		 502,075

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
Projects
Organ
Mission and charity
Vicar's Discretionary		 Bal fwd
Income
Expenditure
Gains/Losses
Funds
Bal fwd
01 Jan
2024
Transfer
31 Dec
2024
£
£
£
£
£
£
1,886196,209
-200,994
2,899
0
39,154
1,177
-2,899
37,432
109,838
109,838
18,500
18,500
31,02415,525
46,549
2,475
900
3,375
-3,544
-4,261
-717
200,99119,969
-4,261
0
214,977
245,600
245,600
-
39,018
-
39,018
--
-
-2724,880
-4,756
-148
2,378300
-50
2,628
247,706
44,198
-4,806
- -287,098

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

10. Charitable and other donations

The PCC made grants totalling £5,511 (2023 - £3,421) 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 2024

£
Bishops Fund 635
London Air Ambulance 300
Lynda Jackson Macmillan
Centre 1,200
New Hope Trust 572
Macmillan 201
Tearfund 897
St Georgs College Jerusalem 563
Hillingdon Food Bank 322
One YMCA 240
Children’s Society 541
Vicars Discretionary Fund 40
Total 5,511

Approval of Report and Financial Statements

The Report, Financial Statements and Activity Reports were approved by the Parochial Church Council on 22 May 2025 and signed on their behalf, by the Chairperson.

Reverand 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 2024 which are set out on pages 2 to 12.

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.

Signed:

Date: 17 April 2025

33 Shahbaz Ahmed ACA 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 2025

General Fund Actual for 2024 Budget for 2025
£ £
Incoming Resources
Planned Giving 85,684 84,000
Loose Plate 6,906 6,200
Gift Aid 26,060 20,890
Donations 18,926 10,000
Fund raising 5,452 6,000
Holiday Club 1,890 1,900
Other 7,359 4,000
Interest 5,094 3,500
Rent 16,816 28,650
Fees to PCC 2,780 3,000
Hall and Parish Rooms Hire 19,242 18,000
Total income 196,209 186,140
Outgoing Resources
Common Fund 91,300 99,980
Staff expenses 1,874 1,795
Church running expenses 29,599 22,156
Hall and Parish Rooms 28,059 26,066
Property upkeep 7,607 1,078
Churchyard 1,664 1,000
Youth work costs 162 7,500
Services and resources 7,646 10,070
Holiday club 640 750
Administration 28,808 23,905
Fund Raising Costs 1,101 1,500
Weddings and funerals 2,534 2,000
Total expenditure 200,994 197,800
Surplus / (Deficit) for the period -4,785 -11,660

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