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2021-12-31-accounts

ANNUAL REPORT

and

FINANCIAL STATEMENTS

of the

Parochial Church Council of the Ecclesiastical Parish of Holy Trinity

Coventry

Registered Charity number 1126698

for

THE YEAR ENDED

31st DECEMBER 2021

INCUMBENT

Vacancy

BANK

INDEPENDENT EXAMINER

HSBC Bank Plc., City Branch 55 Corporation Street Coventry CV1 1QJ K. Nuamah 17 Castle Close Coventry CV3 5JA

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Parochial Church Council of the Ecclesiastical Parish of Holy Trinity

Coventry
TABLE OF CONTENTS Page Number
Trustees Report 3-6
Independent Examiners Report 7
Statement of Financial Activities 8
Balance Sheet 9
Cash Flow Statement 10
Notes to the Financial Statements 11-20

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Parochial Church Council of the Ecclesiastical Parish of Holy Trinity Trustees Annual Report for 2021

Administrative information

Holy Trinity Church is situated in Broadgate in the centre of the city of Coventry. It is part of the Diocese of Coventry within the Church of England. The correspondence address is Holy Trinity Church Office, 5A Priory Row, Coventry, CV1 5EX.

Membership

PCC members who have served from 1[st] January 2021 until 31[st] December 2021 are:

Incumbent & chair Revd Graeme Anderson Until 31 January 2021
Clergy Revd Jo Ognjanovic Until 31 January 2021
Churchwardens Mr C Howard
Mrs A Jackson
Mrs C Kendall
Mr J Sampson-Foster Until 31 August 2021
Officers of the PCC Mrs R Jackson Vice-Chair
Mr E Kendall Treasurer
Mrs K Husband PCC Secretary
Mr J Kendall Electoral Roll Officer
Readers Mr G Wilcox
Mrs S Shepherd
Representatives of the laity to the Diocesan Synod
Mr J Roy
Mr M Davies
Representatives of the laity to the Deanery Synod
Mrs C Kendall
Mr J Sampson-Foster
Mr P Doggett
Representatives of the laity to the Parochial Church Council
Mr C Aston
Mr J Bishop
Mr S Brake
Mrs E Griffiths
Mrs P Hopkins From APCM 2021
Mr J Hunt
Mrs R Jackson
Mrs V Jaykumar

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Mrs Catherine Jupp From APCM 2021
Mr J Kendall
Mr M Nortey Until APCM 2021
Miss J Odje From APCM 2021
Mrs Juliet Osuala Until APCM 2021
Mr E Vasanthkumar From APCM 2021
Mr S Mathews Varukunnel Until APCM 2021

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Structure, governance and management

The Parochial Church Council (PCC) is a corporate body established by the Church of England. The PCC operates under the Parochial Church Council Powers Measure. The PCC is a Registered Charity, registered as “The Parochial Church Council of the Ecclesiastical Parish of Holy Trinity, Coventry” number 1126698.

The method of appointment of PCC members is set out in the Church Representation Rules. The PCC members are responsible for making decisions on all matters of general concern and importance to the parish including deciding on how the funds of the PCC are to be spent. All trustees are provided with suitable training resources to enable them to fulfil their roles and responsibilities as trustees.

All major risks to which the charity is exposed, as identified by the trustees, have been reviewed, and systems or procedures have been established to manage those risks.

The PCC has a close liaison with charities numbered 511277: Holy Trinity (Coventry) Development Trust, and 242056: Holy Trinity Church Estate. From time to time these charities make funds available for works specified by the PCC.

The vicar and churchwardens are trustees of charity numbered 528852: Holy Trinity Church Centre.

The PCC has a close liaison with charity 1149770: The Old Grammar School Ltd, Hales Street.

Aims and purposes

Holy Trinity’s PCC has the responsibility of co-operating with the incumbent, the Revd Graeme Anderson, in promoting in the ecclesiastical parish the whole mission of the Church, pastoral, evangelistic, social and ecumenical. It also has maintenance responsibilities for the Church building in partnership with the Feoffees (the trustees of charity number 242056: Holy Trinity Church Estate).

Objectives and activities

The PCC is committed to enabling as many people as possible to worship at our church and to become part of our parish community at Holy Trinity. The PCC maintains an overview of worship and makes suggestions on how our services can involve the many groups that live within our parish. Our services and worship put faith into practice through prayer and scripture, music and sacrament.

When planning our activities for the year, the incumbent and the PCC have considered the Commission’s guidance on public benefit, in particular, the specific guidance on charities for the advancement of religion. In particular, we try to enable ordinary people to live out their faith as part of our parish community through:

To facilitate this work it is important we maintain the fabric of the Church of Holy Trinity.

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Achievements and performance

Church attendance

All are welcome to attend our regular services. At December 2021 there were 143 people on the Electoral Roll.

Review of the year

2021 was another difficult year for Holy Trinity. Our Vicar, Revd Graeme Anderson left at the end of January, resulting in the Church entering a period of interregnum. Our Deacon, Revd Jo Ognjanovic also left in January to resume her curacy training. Finally, very sadly and unexpectedly our long-term Treasurer, RoseAnne Doggett, died in January 2021. Edward Kendall kindly stepped in as an interim Treasurer until his appointment as Treasurer at the APCM.

The PCC met on 8 separate occasions during the year, including a meeting with the Archdeacon Missioner, Crown Representative and Area Dean on 22 March 2021 to agree to the appointment of an Interim Minister for a 3-year period.

There has also been reason to rejoice. Our Easter services were well-supported, and the church building re-opened for private prayer on 24 April 2021 and 30 people came in that day. In the same week, the 11:15 restarted in church: 47 people and 5 children attended on the first Sunday. The choir returned in greater numbers as restrictions permitted and children's groups were able to restart in September 2021. The 9:30 team restarted their services in the church building from Pentecost, 23 May 2021.

The role of an interim minister for 3 years was advertised in June 2021 and an appointment was announced in October 2021 of our new Vicar, Revd Richard Hibbert, who will begin in March 2022.

Safeguarding Report

The Safeguarding Policy and Guidelines had been approved by the PCC in January and were on display in the Church building as well as on the website. 60 people have undergone Safeguarding Training, 41 have gone through the DBS process and 4 chaplains have been appointed. The Parish Safeguarding Dashboard system keeps a check that we are on top of all safeguarding matters.

I particularly want to thank Alison Jackon, Safeguarding Warden, Sarah Price, Diocesan Safeguarding Advisor, and Jack and Megan Bishop, HTC Children and Youth Coordinators on their work and diligence regarding safeguarding during the interregnum.

Vicki Johnson, Parish Safeguarding Officer

Volunteers

We would like to thank the Wardens, staff and volunteers for all the work they have done as we have slowly moved out of the restrictions placed on us by the COVID pandemic, particularly during the time we have been in interregnum.

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Financial Review

The church ends the year with a net surplus before investments of £116,355. This has been overwhelmingly driven by one-off bequests. Stripping these out, the church was able to make a surplus (£17,586) in line with the previous year. This is in part to successfully pursuing a number of grants, but the core giving through planned giving, collections and the church boxes also each show recovery from their low points during covid.

Reserves Policy

At 31st December 2021, the PCC held total reserves of £432,419 of which £329,210 are unrestricted.

It is the policy of the PCC to hold unrestricted, undesignated reserves of at least three to six months’ operating expenditure and an amount in reserves for major building works which is consistent with the Charity Commission guidelines. The level of unrestricted reserves at 31st December 2021 is sufficient to maintain this.

Approved by the PCC on 29/1/24 and signed on their behalf by

Revd. R Hibbert

Revd. R Hibbert, Incumbent & PCC Chair

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INDEPENDENT EXAMINER’S REPORT TO THE PCC OF HOLY TRINITY CHURCH, COVENTRY

Report to the trustees of the Parochial Church Council of the Ecclesiastical Parish of Holy Trinity on accounts for the year ended 31st December 2021, charity number 1126698 which are set out on pages 8 to 20.

Responsibilities and basis of report

The charity's trustees 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

The charity’s gross income exceeded £250,000 and I am qualified to undertake the examination by being a qualified member of the Association of Chartered Certified Accountants.

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 matters 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: K Nuamah FCCA, MSc 17 Castle Close

Date:

Coventry CV3 5JA

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Holy Trinity PCC, Coventry Charity number 1126698

Statement of Financial Activities for the year ended 31[st] December 2021

Incoming resources
Note
Income and Endowments
Donations and legacies
2a
Other trading activities
2b
Income from investments
2c
Church activities
2d
Total Income
Resources Expended
Expenditure
Church activities
3a
Raising funds
3b
Total Expenditure
Net Income/ (Expenditure) before
Investment (Losses) / Gains
Net (Loss)/ Gain on investments
Net Income/ (Expenditure)
Transfer between funds
Net Movement in Funds
Total Funds Brought Forward
Total Funds Carried Forward		 Designated
Funds
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0		 General
Unrestricted
Funds
342,793
1,085
3,566
21,422
368,866
252,008
503
252,511
116,355
959
117,313
0
117,313
211,897
329,210		 Total
Unrestricted
Funds
£
342,793
1,085
3,566
21,422
368,866
252,008
503
252,511
116,355
959
117,313
0
117,313
211,897
329,210		 Restricted
Funds
£
8,115
0
0
50
8,165
6,550
0
6,550
1,615
0
1,615
0
1,615
29,186
30,802		 Endowment
Funds
£
0
0
0
0
0
0
0
0
0
6,262
6,262
0
6,262
66,145
72,408		 Total
2021
£
350,908
1,085
3,566
21,472
377,031
258,558
503
259,061
117,970
7,221
125,191
0
125,191
307,228
432,419		 Total
2020
£
226,794
229
4,536
18,618
**250,178 **
214,798
618
215,416
34,762
749
35,510
0
35,510
271,718
307,228

The notes on pages 11 to 19 form part of these accounts.

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Holy Trinity PCC, Coventry Charity number 1126698

Balance sheet at 31[st] December 2021

Balance Sheet at 31st December 2021

Balance Sheet at 31st December 2021
Notes 2021 2020
Fixed Assets £ £
Tangible 5a 4 4
Investments 5b 142,175 134,954
142,179 134,958
Current Assets
Stock 2,228 1,854
Debtors and Prepayments 6 21,029 51,235
Short Term Deposits 104,871 104,808
Cash at Bank and in Hand 178,121 16,119
306,249 174,016
Liabilities
Creditors -Amounts Falling Due Within One Year 7 16,009 1,747
Net Current Assets 290,240 172,270
Total Assets less current liabilities/ Total Net Assets 432,419 307,227
Parish Funds
Unrestricted 8c 329,210 211,897
Restricted 8b 30,802 29,186
Endowment 8a 72,408 66,145
9 432,419 307,228

Approved by the Parochial Church Council on the 29/1/24 and signed on its behalf by:

----- Start of picture text -----
Revd. R Hibbert
----- End of picture text -----

Revd R Hibbert, Incumbent & PCC Chair

C Howard Chris Howard, Churchwarden

The notes on pages 11 to 20 form part of these accounts.

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Holy Trinity PCC, Coventry Charity number 1126698

Cash Flow Statement for the Year Ended 31[st] December 2021

£
Net cash from operating activities
Cash Flows from Investing Activities
Dividends, Interest and Rent from Investments
3,566
Net cash provided by/ (used in) investing activities
Change in cash and cash equivalents in the reporting period
Cash and cash equivalents at 1st January
Cash and cash equivalents at 31st December
Reconciliation of net income/ (expenditure) before investment gains
Net Income before investment gains at 31st December
Adjustments for
Depreciation charges
Dividends, interest and rent from investments
(Increase)/ decrease in debtors
(Increase)/ decrease in stock
(Decrease)/increase in creditors
Net cash provided by/ (used) in operating activities
Analysis of cash and cash equivalents
Cash in hand
Notice deposits (less than 3 months)		 £
3,566		 2021
£
£
158,499
4,536
3,566
162,065
120,927
282,992
117,970
-3,566
30,206
-374
14,263
158,499
178,121
104,871
282,992		 2020
£
25,672
4,536
30,208
90,719
120,927
34,762
-4,536
23,137
63
-27,754
25,672
16,119
104,808
120,927

The notes on pages 11 to 20 form part of these accounts.

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HOLY TRINITY PCC COVENTRY

Notes to the Accounts Year Ended 31st December 2021

1. Accounting Policies

The PCC is a public benefit entity within the meaning of FRS102. The financial statements have been prepared in accordance with the Charities Act 2011, the Church Accounting Regulations 2006 governing the individual accounts of PCCs, and with the Regulations’ “true and fair view” provisions, and in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102) and 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 (FRS102) issued on the 16[th] July 2014.

The financial statements have been prepared under the historical cost convention except for the valuation of investment assets, which are shown at fair 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 any church groups that owe their main affiliation to another body, nor those that are informal gatherings of church members. Separate accounts are prepared for the Holy Trinity Old National School (Church Centre) (Charity Commission number 528852)

Funds

Endowment funds are funds, the capital of which must be maintained; only income arising from investment of the endowment may be used and this is unrestricted as there is no restriction on its use, with the exception of the income arising on the donations for Bible Study Literature.

Restricted funds represent donations received for specific purposes. As of 31[st] December the specific purposes are: for the provision of free bible study literature; for emergency assistance to members of our own congregation (The Vicars Discretionary Fund/ Sharing Fund); for youth and children’s work (legacy of the late Dorothy Parncutt); for the upkeep of the organ; the flower fund; staff training, the choir bursary and recording, mission and capital projects, improving our welcome, installation of CCTV equipment and major roof repairs, to improve facilities within the church building.

Unrestricted funds represent the general funds of the PCC that are not subject to any restrictions regarding their use and are available for application on the general purposes of the PCC. Funds designated for a particular purpose by the PCC are also unrestricted.

Incoming resources

Recognition of Income and Endowments

These are included in the Statement of Financial Activities (SOFA) when:

Funds raised from events and fundraising activities are reported gross in the SOFA.

There has been no offsetting of assets and liabilities, or income and expenses, unless required or permitted by the FRS 102 SORP or FRS 102.

Grants and donations are included in the SOFA when the general income recognition criteria are met (5.10 to 5.12 FRS102 SORP). For collections and planned giving this is when the funds are received.

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Gift Aid receivable is included in income when there is a valid declaration from the donor. Any Gift Aid amount recovered on a donation is considered to be part of that gift and is treated as an addition to the same fund as the initial donation unless the donor or the terms of the appeal have specified otherwise.

The charity has received government grants in the reporting period.

The charity has incurred expenditure on support costs.

The value of any voluntary help received is not included in the accounts but is described in the trustees’ annual report.

Rental income from the letting of the church is recognised when the rental is due.

Investment income and interest is included in the accounts when receipt is probable and the amount receivable can be measured reliably.

Investment gains or losses include any realised or unrealised gains or losses on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of year.

Legacies are included in the SOFA when receipt is probable, that is when there has been grant of probate, the executors have established that there are sufficient assets in the estate and any conditions attached to the legacy are either within the control of the charity or have been met.

Expenditure and Liabilities

Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out resources the amount of the obligation can be measured with reasonable certainty.

Grants and donations payable are approved by the PCC and details displayed in church and are accounted for when there are no pre-conditions still to be met for entitlement to the grant which remain within the control of the PCC.

The charity has incurred expenditure on support costs. Support costs have been allocated between governance costs and other support. Governance costs comprise all costs involving public accountability of the charity and its compliance with regulation and good practice.

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of the resources.

The charity made no redundancy payments in the period.

No material item of deferred income has been included in the accounts.

The charity has creditors which are measured at settlement amounts.

The diocesan parish share was paid in full.

Fixed assets

In so far as consecrated and benefice property of any kind is excluded from the statutory definition of “charity” by Section 10(2) (a) and (c) of the Charities Act 2011 such assets are not capitalised in the financial statements.

Movable church furnishings are capitalised at cost and depreciated over their useful economic life other than where insufficient cost information is available. In this case the item is not capitalised but all items are included in the Church’s inventory in any case.

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For anything acquired prior to 2000 there is insufficient cost information available and therefore such assets are not valued in the financial statements. Subsequently all expenditure on such assets has been written off when incurred with the exception of the digital organ purchased in the year to 31[st] December 2006. The organ has been fully depreciated on a straight line basis over eight years.

Investments

Fixed asset investments in quoted shares, traded bonds and similar investments are valued at initially at cost and subsequently at fair value (their market value) at the year end. The same treatment is applied to unlisted investments unless fair value cannot be measured reliably in which case it is measured at cost less impairment.

Stock Held for Resale

Stocks held for sale as part of non-charitable trade are valued at the lower of cost or fair value at the year end.

Debtors

Debtors (including trade debtors and loans receivable) are measured on initial recognition at settlement amount after any trade discounts or amount advanced by the charity. Subsequently, they are measured at the cash or other consideration expected to be received.

Short Term Deposits

Short term deposits include cash held either in The CBF Church of England Deposit Fund, in the Stockbroker’s cash Account, or at HSBC Bank plc.

Funds

Unrestricted funds represent the remaining income funds of the PCC that are available for spending on the general purposes of the PCC, including amounts designated by the PCC for fixed assets, for its own use, or for spending on future projects and which means that the PCC ‘free reserves’ are lower than the total unrestricted funds.

Restricted funds are income funds that must be spent on restricted purposes and details of the funds held and restrictions provided are shown in the notes to the accounts.

Endowment funds are restricted funds that must be retained as trust capital either permanently or subject to a discretionary power to spend capital as income, and where the use of any income or other benefit derived from the capital may be restricted or unrestricted. Full details of all their restrictions are shown in the notes to the accounts.

Other Commitments

The minimum payment commitment under the office photocopier operating lease at the year-end is £2,943 (2018 £4.625).

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2 Income and Endowments
a) Donations & Legacies
Planned giving:
Collections
Gift Days
Grants:
Donations, appeals etc
CCTV
Improving our Welcome
Church Boxes
Vicars Discretionary fund
Legacies
Streaming
Screens
b) Other Trading Activities
Autumn Fayre
Welcome area / shop
c) Income From Investments
TSB Gilt Fund
Interest
d) Church Activities
Fees
Coffee after services
Church Hire
Salary Recharges
Utility Recharges
Miscellaneous
Flowers
Total Income
Dividends
Gift Aid Donations
Tax Recoverable
GASDS Top-up Payment
DCMS-LPOW Grant- VAT
Archbishops council
Doom painting grant
National Lottery
Job retention scheme		 Notes Notes Designated
Funds
£
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0		 General
Unrestricted
Funds
£
124,701
26,171
5,174
6,005
0
25,247
12,271
33,480
7,835
0
0
0
3,140
0
98,769
0
0
342,793
0
1,085
1,085
1,666
360
1,540
3,566
5,442
0
0
2,477
11,067
2,437
0
21,422
368,866		 Total
Unrestricted
Funds
£
124,701
26,171
5,174
6,005
0
25,247
12,271
33,480
7,835
0
0
0
3,140
0
98,769
0
0
342,793
0
1,085
1,085
1,666
360
1,540
3,566
5,442
0
0
2,477
11,067
2,437
0
21,422
368,866		 Restricted
Funds
£
0
0
0
0
0
0
0
0
0
0
0
0
0
1,890
0
6,000
225
8,115
0
0
0
0
0
0
0
0
0
0
0
0
0
50
50
8,165		 Endowment
Funds
£
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0		 2021
2020
£
£
124,701
122,193
26,171
17,822
5,174
6,825
6,005
0
0
0
25,247
3,991
12,271
2,153
33,480
22,533
7,835
31,749
0
2,300
0
0
0
0
3,140
1,678
1,890
1,820
98,769
2,076
6,000
9,040
225
2,615
350,908
226,794
0
0
1,085
229
1,085
229
1,666
2,393
360
357
1,540
1,786
3,566
4,536
5,442
2,783
0
0
0
315
2,477
2,587
11,067
11,699
2,437
1,150
50
85
21,472
18,61~~8~~
377,031
250,178

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3 Expenditure
Notes
a) Church Activities
Missionary and charitable giving (note 10)
Ministry Costs
Ministry Diocesan Parish Share
Upkeep of Services
Fees paid out
Youth Ministry
Choir / Music Ministry
Lunch Break
Working Expenses of the Clergy
Ministry recruitment costs
Bibles, books and ministry resources
Local outreach
Parish Staff
Wages and Salaries of Parish Staff 4c
National Insurance of Parish Staff
4c
Pension Contribution Parish Staff
4b
/4c
Organist Fees
Staff training
Church Running & Maintenance Costs
Maintenance
CCTV
Heating and Lighting
Alarm system - church
Maintenance of the Organ
Cleaning
Insurances
4d
Other Running Costs
Donations received paid out
Flowers
Miscellaneous
Office expenses
Telephone
Stationery
Licences
Advertising
Rent & Venue Hire
Equipment Replacement
PA equipment
Major Repairs- Roof & Toilets		 3 Expenditure
Notes
a) Church Activities
Missionary and charitable giving (note 10)
Ministry Costs
Ministry Diocesan Parish Share
Upkeep of Services
Fees paid out
Youth Ministry
Choir / Music Ministry
Lunch Break
Working Expenses of the Clergy
Ministry recruitment costs
Bibles, books and ministry resources
Local outreach
Parish Staff
Wages and Salaries of Parish Staff 4c
National Insurance of Parish Staff
4c
Pension Contribution Parish Staff
4b
/4c
Organist Fees
Staff training
Church Running & Maintenance Costs
Maintenance
CCTV
Heating and Lighting
Alarm system - church
Maintenance of the Organ
Cleaning
Insurances
4d
Other Running Costs
Donations received paid out
Flowers
Miscellaneous
Office expenses
Telephone
Stationery
Licences
Advertising
Rent & Venue Hire
Equipment Replacement
PA equipment
Major Repairs- Roof & Toilets		 Designated
Funds
£
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0		 General
Unrestricted
Funds
£
14,000
60,687
112
2,066
2,494
300
0
174
80
0
0
72,759
0
4,352
450
0
0
10,561
0
41,515
13,548
2,641
0
1,174
10,503
0
0
0
7,724
2,209
1,329
587
0
0
0
2,742
252,008		 Total
Unrestricted
Funds
£
14,000
60,687
112
2,066
2,494
300
0
174
80
0
0
72,759
0
4,352
450
0
10,561
0
41,515
13,548
2,641
0
1,174
10,503
0
0
0
7,724
2,209
1,329
587
0
0
0
2,742		 Total
Unrestricted
Funds
£
14,000
60,687
112
2,066
2,494
300
0
174
80
0
0
72,759
0
4,352
450
0
10,561
0
41,515
13,548
2,641
0
1,174
10,503
0
0
0
7,724
2,209
1,329
587
0
0
0
2,742		 Restricted
Funds
£
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
550
0
0
0
0
0
0
0
0
0
6,000		 Endowment
Funds
2021
2020
£
£
£
0
14,000
6,019
0
60,687
63,143
0
112
613
0
2,066
1,116
0
2,494
1,768
0
300
443
0
0
0
0
174
1,308
0
80
0
0
0
137
0
0
0
0
72,759
77,637
0
0
0
0
4,352
3,954
0
450
150
0
0
0
0
10,561
4,122
0
0
0
0
41,515
1,794
0
13,548
11,299
0
2,641
2,029
0
0
0
0
1,174
132
0
10,503
12,227
0
550
6,901
0
0
78
0
0
66
0
7,724
6,676
0
2,209
2,115
0
1,329
1,150
0
587
1,230
0
0
0
0
0
0
0
0
439
0
8,742
8,252
252,008 6,550 0
258,558
214,798

The support costs have been allocated in their entirety to the unrestricted expenditure (church running and maintenance).

b) Fund raising costs
Coffee in the church
Just Giving
Welcome Area / Shop
Total Expenditure		 0
0
0
0
0		 141
216
146
503
252,511		 141
0
0
141
339
216
0
0
216
216
146
0
0
146
63
503
0
0
503
618
252,511
6,550
0
259,061
223,437

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In the course of preparing the opening balance we noticed an error relating to a charitable giving reserve. This is corrected in the 2020 figures above.

4a. Payments to PCC members

The expenses paid to clergy may include a small immaterial proportion, which relates to their function as PCC members.

No expenses or other payments were paid to any other PCC members, persons closely connected to them or related parties other than reimbursement for purchases made on behalf of HTC.

4b . Church Workers Pension Fund (CWPF)

Parochial Church Council of the Ecclesiastical Parish of Holy Trinity PCC of Holy Trinity (Coventry), (PCC of Holy Trinity) participates in the Pension Builder Scheme section of CWPF for lay staff. The Scheme is administered by the Church of England Pensions Board, which holds the assets of the schemes separately from those of the Employer and the other participating employers.

The Church Workers Pension Fund has a section known as the Defined Benefits Scheme, a deferred annuity section known as Pension Builder Classic and a cash balance section known as Pension Builder 2014.

Pension Builder Scheme

The Pension Builder Scheme of the Church Workers Pension Fund is made up of two sections, Pension Builder Classic and Pension Builder 2014, both of which are classed as defined benefit schemes.

Pension Builder Classic provides a pension for members for payment from retirement, accumulated from contributions paid and converted into a deferred annuity during employment based on terms set and reviewed by the Church of England Pensions Board from time to time. Bonuses may also be declared, depending upon the investment returns and other factors.

Pension Builder 2014 is a cash balance scheme that provides a lump sum that members use to provide benefits at retirement. Pension contributions are recorded in an account for each member. This account may have bonuses added by the Board before retirement. The bonuses depend on investment experience and other factors. There is no requirement for the Board to grant any bonuses. The account, plus any bonuses declared, is payable from members’ Normal Pension Age.

There is no sub-division of assets between employers in each section of the Pension Builder Scheme.

The scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102. This is because it is not possible to attribute the Pension Builder Scheme’s assets and liabilities to specific employers and that contributions are accounted for as if the Scheme were a defined contribution scheme. The pensions costs charged to the SoFA in the year are contributions payable (2021: £4,352, 2020: £3,954).

A valuation of the Pension Builder Scheme is carried out once every three years. The most recent valuation was carried out as at 31 December 2019. The next valuation is due as at 31 December 2022.

For the Pension Builder Classic section, the valuation revealed a deficit of £4.8m on the ongoing assumptions used. At the most recent annual review, the Board chose to grant a discretionary bonus of 10.1% following improvements in the funding position over 2022. There is no requirement for deficit payments at the current time.

For the Pension Builder 2014 section, the valuation revealed a surplus of £5.5m on the ongoing assumptions used. There is no requirement for deficit payments at the current time.

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The legal structure of the scheme is such that if another employer fails, PCC of Holy Trinity could become responsible for paying a share of that employer’s pension liabilities.

4c Staff costs
Parish Staff 2021 2020
£ £ £
Wages and Salaries 72,759 72,759 77,637
Employer's National Insurance 0 0 0
Employer's Pension Costs 4,352 4,352 3,954
77,111 77,111 81,591

During the year the PCC employed Youth and Family Workers, a Director of Music, a choir assistant, a personal assistant to the Vicar, a Verger, and a Parish Administrator. Only the Verger is employed full time.

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4d Insurances

The PCC paid for the full cost of insurance in 2021 and the Feoffees reimbursed the PCC for the full cost of the building insurance

5 Fixed Assets

a)
b)
**6a **		 Tangible
(unrestricted)
Actual cost
Depreciation
Net book value
Investment Funds
2280 Shares CCLA CBF Church of England Investment Fund Account (cost £1580)
10,035.2 Lloyds Investment Funds Limited- Sterling Bond Fund (cost £11670)
1170.8 Aberdeen Standard Fund Mangers Ltd ASI Global Ethical Equity 1 Dis (cost £1347)
Burbidge Bequest
Market Value at 1st January
Net Gains
Market Value at 31st December
Analysis of Investments
Listed Investments
Unrestricted Funds
Endowment Funds
Charge for year
Market Value at 31 December
At 1 January
At 31 December 2021
At 31 December
At 31 December 2021
Debtors
Tax Recoverable
Prepayments and Accrued Interest
Other Debtors		 Organ
£
28,948
28,944
0
28,944
4
4
2021
2020
53,322
46,601
15,454
16,558
3,632
2,986
69,767
68,808
142,175
134,954
134,954
134,205
7,221
749
142,175
134,954
142,175
134,954
69,767
68,808
72,408
66,145
142,175
134,954
2021
£
2020
£
0
0
21,029
14,325
0
36,910
21,029
45,704

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6b
7
8
a)		 Stock
Opening value
Added in period
Expensed in period
Closing value
Liabilities
Amounts falling due in one year
Funds
The permanent endowment fund comprises
Proceeds 38 Friars Road
The Laxton Bequest
Bible Study literature donations
Accruals of utility and other costs
Other Creditors		 2021
£
1,854
520
-146
2,228
2021
2020
11,556
246
4,454
1,500
Charitable
Activities
16,009
5,026
2021
2020
53,322
46,601
15,454
16,558
3,632
2,986
72,408
66,145
Fund movements
Balance at 1 January
Incoming Resources
Transfer from general funds
Resources expended
Balance at 31 December
Fund movements
Balance at 1 January
Incoming Resources
Transfer from general funds
Resources expended
Balance at 31 December		 Screens
9,040
225
0
0		 Screens
9,040
225
0
0		 Welcome
board
100
0
0
0		 Welcome
board
100
0
0
0		 Vicars
Discretionary
Fund
11,636
1,890
0
-550		 Vicars
Discretionary
Fund
11,636
1,890
0
-550		 Literature
2,334
0
0
0		 Choir
1,265
0
0
0		 Flowers
600
50
0
0
9,265 100 12,976 2,334 1,265 650
Organ
3,582
0
0
0		 Mission
134
0
0
0		 Choir
Recording
496
0
0
0		 Streaming
0
6,000
2,742
-8,742
0		 Total
29,187
8,165
2,742
-9,292
30,802
3,582 134 496

c) The unrestricted funds comprise the general fund and a fund designated by the PCC to resource and support the ministry and growth of the church.

Fund movements
Balance at 1 January
Incoming Resources
Transfer from general funds
Resources expended
Balance at 31 December		 General
Unrestricted
Funds
211,897
368,866
0
-251,553		 Designated
Funds
0
0
0
0		 Total
Unrestricted		 Total
Unrestricted
211,897
368,866
0
-251,553
Funds
329,210 0 329,210

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9 Analysis of net assets by fund

Unrestricted
Tangible fixed assets
4
Investment Fixed Assets
69,767
Current Assets
275,447
Current Liabilities
-16,009
329,209
Fund balance		 Restricted
Endowment
2021
0
0
4
0
72,408
142,175
30,802
0
306,249
0
0
-16,009
30,802
72,408
432,419

10 Missionary and charitable giving

2021
£
Church Mission Society (Waters family) 3,000
Novi Most (Bosnia , youth work) 1,500
DRM 750
Church Urban Fund (Poverty) 1,250
Coventry Foodbank 1,000
Urban Hope 2,000
Coffee Tots 1,800
Embrace Coventry (Vulnerable women) 600
Hope Coventry 600
Nexus Institute of Creative Arts 1,000
The Light House Christian Care Ministry 500

Total (carried forward to note 3a)

14,000

Note

All charitable giving relates to institutional giving and reflects a single award for a particular purpose set out above.

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