## **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** - **HTN had more income than expenditure in 2024, by around £51,000. A large part of this is a donation from a charity of £39,000 and increased rent of around £13,000 from the church’s two rental properties.** - **Other than these two major items, we broke even, more or less. This is despite unexpected maintenance costs of £15,000, off-set by increased income through one-off donations.** - **The budget for 2025 is very challenging, due to an increase in our central church costs contribution of £10,000 in line with inflation.** - **We will keep working (and praying) to overcome the budget challenges for 2025!** ## _**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. - 2 - **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._ - 3 - **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| - 4 - **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**| - 5 - **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. - c. Moveable church furnishings at cost where known. - d. Plant and equipment, over £5,000 with a life of 2 years and over, 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. - 6 - **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._ - 7 - **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**| - 8 - **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. - 9 - ## **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**| - 10 - **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**
**£**
£
£
£
£
**£**
**1,886**196,209
-200,994
2,899
**0**| ||**39,154**
1,177
-2,899
**37,432**
**109,838**
**109,838**
**18,500**
**18,500**
**31,024**15,525
**46,549**
**2,475**
**900**
**3,375**
**-**3,544
-4,261
**-717**| ||**200,991**19,969
-4,261
0
**214,977**| ||**245,600**
**245,600**
**-**
**39,018**
-
**39,018**
**-**-
**-**
**-272**4,880
-4,756
**-148**
**2,378**300
-50
**2,628**| ||**247,706**
44,198
-4,806
- -**287,098**| - 11 - **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 - 12 - **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: - 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. 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. - 13 - **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**| - 14 - **THE PAROCHIAL CHURCH COUNCIL (PCC) OF THE ECCLESIASTICAL PARISH OF HOLY TRINITY NORTHWOOD** - 15 -