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2024-12-31-accounts

Holy Trinity Church East Finchley Parochial Church Council

Reports & Accounts

Financial Year Ending 31/12/2024

Contents

Legal & Administrative Details Trustees’ Report Independent Examiner’s Report Statement of Financial Activities Statement of Financial Position Notes - Accounting Policies Notes - Analysis of Income & Expenditure Notes - Analysis of Net Assets Between Funds Notes - Other

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Legal & Administrative Details

Charity Name: Charity Number: 1206136 Charity Address: Church Lane East Finchley London N2 0TH

Holy Trinity Church East Finchley Parochial Church Council

Trustees/ Revd Marius Mirt (Chair) Parochial Church Council (PCC) members: Alice Eady Ketchell Chinelo Nwajiobi David Holt (member of Deanery Synod) Emma Nesfield Linda Napolitano Paula Quiddington (PCC Secretary) Robert Gray Ruth Godwin Sarah Tyner (Churchwarden) Sonia Singham Stephen Hiscock (PCC Treasurer) Stroma Leith Sylvia Duthie (Churchwarden)

Key Management Personnel:

Revd Marius Mirt, Vicar Sylvia Duthie, Churchwarden Sarah Tyner, Churchwarden Stephen Hiscock, Treasurer & Licensed Lay Minister

Name & Address of Primary Banker:

Barclays Bank PLC Leicester LE87 2BB

Independent Examiner:

Karina Brookes FCA 21 Twyford Avenue London N2 9NU

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Trustees Report

Objects of the charity

The PCC is committed to enabling as many people as possible to worship at our Church and to become part of the parish community. The emphasis is on participating together in prayer, teaching, music and sacrament, making space for all ages to get involved. The objective is to provide a firm spiritual base from which we can all be enabled to live out our faith in the parish community and a building that can be used both by the Church itself, to provide services to the community, and a convenient location for other local activities.

Summary of the charity's main activities and achievements

To further the above objects and vision, the charity’s main activities and achievements were as follows:

Background

Holy Trinity is the Anglican parish church for a large part of East Finchley, situated on Church Lane, London N2. The Parochial Church Council is responsible for promoting the whole mission of the Church in the ecclesiastical parish, whether pastoral, evangelistic, social or ecumenical. As a church, we aim to see the work of God in everything around us, to accept God’s free gift of reconciliation in Jesus Christ and to rely on the power of the Holy Spirit to help and direct us. Our objective is to help meet the needs of all members of our diverse community, no matter where each of us is on our spiritual journey.

Our aims are achieved through a collaborative ministry involving our vicar, Fr Marius Mirt, the PCC and all members of the Church. Fr Marius is supported by the full membership and with the help of a Ministry team comprising the Churchwardens, PCC Secretary, Licenced Lay Minister and Treasurer, and other office holders from time to time. The PCC would like to thank the large number of people who give their time freely, and in many different ways, to make the ministry of Holy Trinity possible.

We also work with the staff and pupils at Holy Trinity School. Fr Marius is a governor and takes assemblies on a regular basis. We provide supplies and volunteers to charities providing food and homelessness support when and where we are able.

The PCC is also specifically responsible for the maintenance of the Church building and to facilitate our work, it is important that we maintain the fabric of Church.

Worship & Prayer

Our principal service takes place at 10.00 am every Sunday. It includes separate provision for children in Sunday Club. Sunday Evening Prayer takes place on Zoom (the time varies with the seasons) and Morning Prayer is at 9.00am on Thursdays, again on Zoom. Music normally plays an important part in our regular worship and special events. A choir and instrumental ensemble participate in the service on special occasions, and we try to involve the skills of individual singers and musicians as often as possible. We are grateful to those who made it possible for us to have both a carol service and a nativity play at Christmas. Refreshments are normally served after every service and it is an important opportunity for members of the community to meet one another. Zoom is a good platform for our online services because it makes some social interaction possible

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and enables those attending to take part in the service. It also makes it possible for those who have difficulty getting to church to play an active, not merely passive, part.

Use of the Church

Use of the Church and its rooms by the local community is encouraged wherever possible. We are making plans to ensure that the Church will increasingly become a shared resource for the parish, whilst remaining, at its heart, a place of prayer, worship and outreach. The Church itself is a flexible space and is used for concerts, social events and fund-raising activities. The limited number of rooms, and the kitchen, are used by local community groups and, occasionally, for private functions.

Outreach

The established link with Holy Trinity School is very highly valued by both Church and School. We strive to strengthen the bond between us, by involving the School in activities at Church and the congregation more directly in the life of the School. The annual service for Year 6 Leavers is now a regular fixture. Several of the School’s governors are Church members. The Sunday Club at Church, participation in morning School assembly and regular visits by the School to the Church remain important parts of the School link.

Pastoral care of those in need of support, whether able to attend Church or not, is very important to us. With the limited resources available it has been an ongoing challenge. Fr Marius continues to strengthen our work in this area. It is a particular aim at Holy Trinity to make our Sunday morning worship accessible to all. We have members with a wide variety of church background and none. It is particularly good that many who are not confirmed still feel able to gather round the altar at the Eucharist, receive a blessing and be welcomed as part of a community, where we are all growing in faith together.

There are 102 on the Electoral Roll, although there are many more on our Contact list, who are kept in regular touch. 30/40 people usually join us on a Sunday in one way or another, plus varying numbers of children. As a church we are committed to supporting others financially. We are committed to giving away a proportion of our rental income. In 2024 that was split between Homeless Action in Barnet and the East Finchley Food Bank. We are a Fair Trade Church (using fairly traded products where possible), as part of the diocese wide initiative. We see our ministry as being very much one part of the Christian witness in East Finchley, with the other local church communities. We also welcome opportunities to work alongside other faith communities.

In planning the activities, as trustees the PCC have applied the guidance on public benefit issued by the Charity Commission.

Structure, Governance and Management

The PCC is a corporate body established by the Church of England. It operates under the Parochial Church Council Powers Measure. As part of the extension in the requirements for registration with the Charity Commission the PCC became a registered charity in 2023.

The method of appointment of PCC members is set out in the Church Representation Rules. At Holy Trinity the membership of the PCC consists of the Vicar, Churchwardens, Licenced Lay Minister, Deanery Synod representatives and members elected by those on the Electoral Roll of the Church. The PCC members are the trustees and are responsible for making decisions on all

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matters of general concern and importance to the parish, including deciding how the funds of the PCC are to be spent.

The PCC recognises that the safeguarding of children and vulnerable adults is a key responsibility and has due regard for the relevant guidance of the House of Bishops. The subject is a permanent PCC agenda item.

The full PCC met six times during the year with an average attendance of about 80%. The Ministry team operates as a sub-committee of the PCC and is responsible to it.

Holy Trinity is situated in Church Lane London N2. It is part of the Diocese of London (Edmonton Episcopal Area) within the Church of England.

Financial Review

The emphasis continues to be on rebuilding the Church income to a point where we are fully able to support a stipendiary priest. Thanks to an increase in rental income, and additional generous donations from members of the congregation, the surplus of income over expenditure in 2024 recouped the 2023 deficit and has increased the reserves. We are still about half way towards meeting the cost of maintaining a full-time ministry from our own income but have been able to increase our commitment to the Diocese Common Fund in 2025 and we keep this under constant review.

An all-electric heating system was installed in 2023. It means we can use totally green energy, help preserve the building by keeping it at a minimum temperature, and provide a consistently welcoming space for its users. However, the increased cost of electricity makes this an ongoing financial challenge.

We are garnering our reserves as carefully as possible to help meet the impending financial challenges posed by the building and hopefully develop the other resources, primarily rooms and equipment, that will be needed to support a more extensive ministry. Care of our Grade 2 listed building is a major concern. The leaking roof needs to be reassessed, and a repair strategy put in place. The cost will be very significant for our relatively small congregation, but it is essential good choices are made so that the building can both be preserved and provide a valuable resource for the whole community for many years to come. It may also prove an opportunity to pursue the installation of solar panels.

Reserves Policy

The PCC had unrestricted cash resources of approximately £89,000 at the end of 2024 and a permanent endowment fund of £115,000. Full repairs to the roof and the bell tower are known to represent a very significant future cost, well in excess of current cash resources, and temporary repairs are and will continue to be needed in the meantime, at unknown cost.

In light of this, it is the policy of the PCC to keep three months running costs (£18,000) plus £20,000 for exceptional building works in reserve. Opportunities are being sought to widen the ministry of the church and the PCC considers that the remaining cash reserves should be considered available to develop appropriate initiatives as opportunities are identified, as well as contributing to future repair costs.

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Responsibilities of Trustees under charity law

The trustees are responsible for preparing the trustees' annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Charity law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charity as at the balance sheet date and of its incoming resources and application of resources, including income and expenditure, for the financial year. In preparing these financial statements, the trustees are required to:

  1. select suitable accounting policies and apply them consistently;

  2. observe the methods and principles in the Charities SORP;

  3. make judgements and estimates that are reasonable and prudent;

  4. state whether the applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

  5. prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011 and the Charity (Accounts and Reports) Regulations 2008. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Signature

This report was approved by the trustees on 19 March 2025, and is signed on their behalf by:

----- Start of picture text -----
Revd. Marius Mirt
Signature
23 April 2025
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Independent Examiners Report

I report to the trustees on my examination of the accounts of Holy Trinity Church East Finchley Parochial Church Council ('the charity') for the year ended 31/12/2024.

Responsibilities and Basis of Report

As the trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the 2011 Act’).

I report in respect of my examination of the charity’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 2011 Act.

Independent Examiners Qualification

I confirm that I am qualified to undertake the examination because I am a member of the The Institute of Chartered Accountants, which is one of the listed bodies.

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 giving me cause to believe that in any material respect:

  1. accounting records were not kept in accordance with section 130 of the 2011 Act; or

  2. the accounts do not accord with the accounting records.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Independent Examiner’s Details

Name: Karina Brookes FCA Address: 21 Twyford Avenue London N2 9NU

Karina Brookes

Signature 23 April 2025

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Statement of Financial Activities

Unrestricted Restricted Total Prior Year
Incoming Resources
Donations & Legacies 58,102 0 58,102 55,395
Charitable Activities 2,430 0 2,430 3,369
Investments 7,618 0 7,618 5,597
Trading Activities 14,045 0 14,045 10,507
Other 1,402 1,152 2,554 15,603
Total incoming resources 83,597 1,152 84,749 90,471
Resources Used
Charitable Activities 68,276 0 68,276 94,335
Raising Funds 0 0 0 0
Governance Costs 0 0 0 0
Support 0 0 0 0
Other 0 0 0 0
Total resources used 68,276 0 68,276 94,335
Net Incoming / Outgoing
Resources (before transfers)		 15,321 1,152 16,473 -3,865
Fund Transfers In 0 0 0 0
Fund Transfers Out 0 0 0 0
Net Incoming / Outgoing
Resources (before gains/losses)		 15,321 1,152 16,473 -3,865
Investment Gains (or Losses) 0 0 0 0
Net Incoming / Outgoing
Resources (before Asset
Revaluation)		 15,321 1,152 16,473 -3,865
Asset Revaluation 0 0 0 0
Net Movement of Funds 15,321 1,152 16,473 -3,865
Total Funds Brought Forward 72,629 117,500 190,129 193,994
Total Funds Carried Forward 87,951 118,652 206,603 190,129
Represented By
General (Unrestricted) 87,951 0 87,951 72,629
Church Trust Fund (Restricted) 0 115,500 115,500 115,500
Vicar's Discretionary Fund
(Restricted)		 0 2,000 2,000 2,000
Diocese Fees Collected
(Restricted)		 0 1,152 1,152 0
Charitable Funds Collected
(Restricted)		 0 0 0 0

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Statement of Financial Position

Unrestricted Restricted Total Prior Year
Current Assets
Cash 89,590 118,652 208,242 190,129
Accounts Receivable 0 0 0 0
Prepayments 0 0 0 0
Total 89,590 118,652 208,242 190,129
Non-Current Assets
Fixed Assets 0 0 0 0
Investments 0 0 0 0
Total 0 0 0 0
Current Liabilities
Accounts Payable 1,639 0 1,639 0
Deferred Income 0 0 0 0
Total 1,639 0 1,639 0
Non-Current Liabilities
Long Term Loan / Mortgage 0 0 0 0
Total 0 0 0 0
Net Current Assets 87,951 118,652 206,603 190,129
Total Net Assets (Assets Minus
Liabilities)		 87,951 118,652 206,603 190,129
Represented By
General (Unrestricted) 87,951 0 87,951 72,629
Church Trust Fund (Restricted) 0 115,500 115,500 115,500
Vicar's Discretionary Fund
(Restricted)		 0 2,000 2,000 2,000
Diocese Fees Collected
(Restricted)		 0 1,152 1,152 0
Charitable Funds Collected
(Restricted)		 0 0 0 0

Signature

These accounts have been approved by the trustees on 19 March 2025, and are signed on their behalf by:

Stephen Hiscock (Treasurer)

Signature 23 April 2025

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Notes - Accounting Policies

Basis of Preparation

These financial statements have been prepared in accordance with the "Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) ("the Charities SORP"), with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland ("FRS 102") and with the Charities Act 2011. The charity meets the definition of a public benefit entity as set out in FRS 102.

The Charities (Accounts and Reports) Regulations 2008 (the '2008 Regulations') requires charities to prepare their accounts in accordance with 'Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005' but this accounting standard has since been withdrawn and has been replaced by the Charities SORP mentioned in the preceding paragraph. The charity has prepared these financial statements in accordance with the new Charities SORP; this departure from the 2008 Regulations is believed to be necessary for these financial statements to give a 'true and fair view'.

The principles adopted in the preparation of the financial statements are set out in the accounting policies below.

Going Concern

The Trustees consider Holy Trinity Church Parochial Church Council to be a going concern at the date for approving the accounts. There are no material uncertainties that the charity can continue as a going concern for the next year.

Key Risks & Uncertainties

The charity is exposed to various risks, including operational, financial and reputational risks. The trustees review the charity's activities regularly to identify significant risks and, where possible, they take appropriate measures to mitigate those risks.

Fund Accounting

Unrestricted income funds comprise those funds which the trustees are free to use for any purpose in furtherance of the charitable objects. Unrestricted funds include designated funds where the trustees, at their discretion, have set aside resources for a specific purpose. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by the donor or the term of specific appeal. Further explanation of the nature and purpose of each fund is included in the notes to the accounts.

Incoming Resources

All incoming resources are recognised once the charity has entitlement to the resources, it is probable that the resources will be received, and the monetary value of incoming resources can be measured with sufficient reliability.

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Resources Expended

Expenditure is recognised as it is paid except where it clearly applies to a specific period but remains unpaid at the reporting date. It is then dealt with in Accounts Payable. Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out the resources and the amount of the obligation can be measured with reasonable certainty.

Governance Costs

Governance costs include costs associated with the independent examination of the financial statements, compliance with constitutional and statutory requirements and any other expenditure incurred on the strategic management of the charity. Governance costs are shown within the ‘Analysis of Expenditure’ note.

Liability Recognition

Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources.

Tangible Fixed Assets

The Trustees do not consider it appropriate to capitalise any of the fixed assets.

Pensions

The charity has no direct employees and does not contribute to a pension scheme. The vicar's stipend is dealt with at a Diocesan level and the Church contributes by way of payments to the Common Fund.

Operating Leases

There are no operating leases.

Taxation

The charity is exempt from tax on its charitable activities.

Judgements and Key Sources of Estimation

The trustees do not consider that there are any material sources of estimation or uncertainty at the balance sheet date that could result in a material adjustment to the carrying values of assets and liabilities in the next reporting period.

In preparing financial statements certain judgements, estimates and assumptions have to be made that affect the amounts recognised in the financial statements. None were considered significant in 2024.

Concessionary Loans

There were no concessionary loans on the balance sheet as at 31 December 2024.

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Notes - Analysis of Income & Expenditure

Analysis of Income

Current Year

Unrestricted Restricted Total Prior Year
Incoming Resources
Donations & Legacies
Gift Aid 8,188 0 8,188 7,951
Grants 0 0 0 0
Legacies 0 0 0 500
One off Donations 16,377 0 16,377 17,100
Regular Donations 33,538 0 33,538 29,844
Charitable Activities
Event Income 2,430 0 2,430 3,369
Investments
Bank Interest 7,618 0 7,618 5,597
Trading Activities
Rental Income 14,045 0 14,045 10,507
Sales 0 0 0 0
Other
Other Income 1,402 1,152 2,554 15,603
Total incoming resources 83,597 1,152 84,749 90,471

Prior Year

Unrestricted Restricted Total
Incoming Resources
Donations & Legacies
Donations 0 0 0
Gift Aid 7,951 0 7,951
Grants 0 0 0
Legacies 500 0 500
One off Donations 17,100 0 17,100
Regular Donations 29,844 0 29,844
Event Income 3,369 0 3,369
Bank Interest 5,597 0 5,597
Rental Income 10,507 0 10,507
Sales 0 0 0
Other Income 14,155 1,448 15,603
Total incoming resources 89,023 1,448 90,471

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Analysis of Expenditure

Current Year

Unrestricted Restricted Total Prior Year
Resources Used
Charitable Activities
Activities (contribution to
Diocese Common Fund)		 41,200 0 41,200 41,200
Admin 4,486 0 4,486 4,185
Advertising 0 0 0 0
Bank Charges 147 0 147 8
Building Work 0 0 0 20,260
Charitable Donations 1,200 0 1,200 1,000
Church Repairs & Maintenance 4,899 0 4,899 8,252
Depreciation 0 0 0 0
Event Costs 1,354 0 1,354 1,653
Gifts Given 100 0 100 0
Other Expenditure 433 0 433 2,123
Other Premises Costs 13,931 0 13,931 15,118
Premises 0 0 0 0
Staff Costs 526 0 526 537
Governance Costs
Governance Costs 0 0 0 0
Total resources used 68,276 0 68,276 94,335

Prior Year

Unrestricted Restricted Total
Resources Used
Charitable Activities
Activities (contribution to
Diocese Common Fund)		 41,200 0 41,200
Admin 4,185 0 4,185
Advertising 0 0 0
Bank Charges 8 0 8
Building Work 20,260 0 20,260
Charitable Donations 1,000 0 1,000
Church Repairs & Maintenance 8,252 0 8,252
Depreciation 0 0 0
Event Costs 1,653 0 1,653
Gifts Given 0 0 0
Other Expenditure 675 1,448 2,123
Other Premises Costs 15,118 0 15,118
Premises 0 0 0
Staff Costs 537 0 537
Governance Costs 0 0 0
Total resources used 92,887 1,448 94,335

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Notes - Analysis of Net Assets Between Funds

Current Year

Unrestricted Restricted Total Prior Year
Current Assets 89,590 118,652 208,242 190,129
Non-Current Assets 0 0 0 0
Current Liabilities 1,639 0 1,639 0
Non-Current Liabilities 0 0 0 0
Total Net Assets (Assets Minus
Liabilities)		 87,951 118,652 206,603 190,129

Prior Year

Unrestricted Restricted Total Prior Year
Current Assets 72,629 117,500 190,129 207,488
Non-Current Assets 0 0 0 0
Current Liabilities 0 0 0 0
Non-Current Liabilities 0 0 0 13,494
Total Net Assets (Assets Minus
Liabilities)		 72,629 117,500 190,129 193,994

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Notes - Other

Volunteers

The charity benefits greatly from the voluntary contributions of time and money. Please refer to the trustees' report for further detail about volunteer contributions in the organisation.

Independent Examination Fees

We are grateful to our independent examiner who did not charge a fee for the work undertaken.

Staff Costs

The charity did not employ any staff. Payments to the Diocese Common Fund are shown under Charitable Activities. The vicar’s stipend is paid by the Diocese.

Key Management Personnel

None of the key management were remunerated by the charity during the year (2023 = £0)

Trustee Remuneration

No trustees received remuneration from the charity during the year.

Trustee Expenses

During the year 3 trustees incurred out-of-pocket expenses totalling £3,939 (In 2023 4 trustees incurred out-ofpocket expenses totalling £2,644). All expenses were incurred for the day-to-day running of the charity's activities.

Trustee Donations

During the year the total aggregated donations made to the charity by the trustees was £17,213. There were no conditions attached to the donations (total aggregate donations in the prior year were £15,540).

Creditors

Accounts Payable

Description Amount
Accruals 1,639
Total 1,639

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Analysis of Charitable Funds

Current Year

Fund Name Opening Balance Income Expenditure Fund Transfers Closing Balance
Unrestricted
General (Unrestricted) 72,629 83,597 68,276 0 87,951
Total 72,629 83,597 68,276 0 87,951
Unrestricted Total 72,629 83,597 68,276 0 87,951
Restricted
Church Trust Fund
(Restricted)		 115,500 0 0 0 115,500
Vicar's Discretionary Fund
(Restricted)		 2,000 0 0 0 2,000
Diocese Fees Collected
(Restricted)		 0 1,152 0 0 1,152
Charitable Funds Collected
(Restricted)		 0 0 0 0 0
Total 117,500 1,152 0 0 118,652
Restricted Total 117,500 1,152 0 0 118,652
TOTAL 190,129 84,749 68,276 0 206,603

Prior Year

Fund Name Opening Balance Income Expenditure Fund Transfers Closing Balance
Unrestricted
General (Unrestricted) 76,494 89,023 92,887 0 72,629
Total 76,494 89,023 92,887 0 72,629
Unrestricted Total 76,494 89,023 92,887 0 72,629
Restricted
Church Trust Fund
(Restricted)		 115,500 0 0 0 115,500
Vicar's Discretionary Fund
(Restricted)		 2,000 0 0 0 2,000
Diocese Fees Collected
(Restricted)		 0 1,448 1,448 0 0
Charitable Funds Collected
(Restricted)		 0 0 0 0 0
Total 117,500 1,448 1,448 0 117,500
Restricted Total 117,500 1,448 1,448 0 117,500
TOTAL 193,994 90,471 94,335 0 190,129

Fund Transfers

There were no Fund Transfers this financial year.

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Fund Descriptions

Name Description
General General Fund
Church Trust Fund Endowment Fund
Vicar's Discretionary Fund Parish Support Fund
Diocese Fees Collected Funeral & Other Fees collected for Diocese
Charitable Funds Collected Funds collected on behalf of other charities

Transactions to Related Parties

There were no transactions with related parties during the accounting period.

Prior Period Adjustment

There were no prior year adjustments.

Pensions

Not applicable

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