## **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 2022**
INCUMBENT
## Revd Richard Hibbert
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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Charity number 1126698
## **Parochial Church Council of the Ecclesiastical Parish of Holy Trinity**
## **Coventry**
|**TABLE OF CONTENTS**|**Page Number**|
|---|---|
|Trustees Report|3-7|
|Independent Examiners Report|8|
|Statement of Financial Activities|9|
|Balance Sheet|10|
|Cash Flow Statement|11|
|Notes to the Financial Statements|12-20|
2 of 20
Charity number 1126698
## **Parochial Church Council of the Ecclesiastical Parish of Holy Trinity Trustees Annual Report for 2022**
## _**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 2022 until 31[st] December 2022 are:
|Incumbent & chair|Revd Richard Hibbert|From 7 March 2022|
|---|---|---|
|Churchwardens|Mr C Howard||
||Mrs A Jackson||
||Mrs C Kendall|Until APM 2022|
||Mr N Akinyele|From APM 2022|
||Mr A Selwyn|From APM 2022|
|Officers of the PCC|Mrs R Jackson|Vice-Chair|
||Mr E Kendall|Treasurer|
||Mrs K Husband|PCC Secretary|
||Mrs J Wilcockson|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|||
||Mr P Doggett||
||Mrs C Kendall||
||Mr J Sampson-Foster||
|Representatives of the laity to the Parochial Church||Council|
||Mr C Aston||
||Mr J Bishop||
||Mr S Brake|Until APCM 2022|
||Mrs E Griffiths|Until APCM 2022|
||Mrs P Hopkins||
||Mr J Hunt|Until APCM 2022|
||Mrs K Hunt|From APCM 2022|
||Mrs R Jackson||
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Charity number 1126698
Mrs V Jaykumar Mrs Catherine Jupp Mr J Kendall Until APCM 2022 Miss J Odje Mr M Trewinnard From APCM 2022 Mr E Vasanthkumar Mrs J Wilcockson From APCM 2022 Mr L Wood From APCM 2022
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Charity number 1126698
## _**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 Richard Hibbert, 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:
- Worship and prayer; learning about the Gospel; and developing their knowledge and trust in Jesus.
- Provision of pastoral care for people living in the parish and members of our congregations.
- Missionary and outreach work.
To facilitate this work it is important we maintain the fabric of the Church of Holy Trinity.
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Charity number 1126698
## _**Achievements and performance**_
## **Church attendance**
All are welcome to attend our regular services. At December 2022 there were 156 people on the Electoral Roll.
## **Review of the year**
In March 2022 our interim minister for 3 years, Revd Richard Hibbert was welcomed at his Licensing Service on 7 March 2022. At the Annual Parochial Church Meeting held on 15 May 2022, Revd Richard shared that whilst praying for Holy Trinity before his Licensing he had a clear sense that God was laying some key values on his heart, which are encapsulated in 5 words: welcome, warmth, worship, witness and wealth. He believes at Holy Trinity we are all being called to make these central to our common life and all we do for His Kingdom.
The PCC met on 6 separate occasions during the year, including an Away Day in October 2022.
## **Safeguarding Report**
The Safeguarding Policy for 2022, ‘Promoting a Safer Church’ and updated Safeguarding Guidelines were approved by the P.C.C. in January as was the Policy on the Recruitment of Ex -Offenders
In November 2021 we learnt that the D.B.S. process has to be done every three years, not five as previously. This is to help ensure that people continue to be suitable in their roles.
The House of Bishops and Safeguarding at National level have produced a document, ‘Safer Recruitment and People Management’ (S.R.P.M.) which was to be implemented in Parishes from January 4th.2022. Anyone involved in the recruitment of Church Officers should do the S.R.P.M. online. A Church Officer is anyone appointed/elected by or on behalf of the Church to a post or role, ordained or lay, paid or unpaid.
In addition, there is a new ‘Safeguarding Learning and Development Framework’ produced by the House of Bishops and Safeguarding at National Level. This Framework replaces the previous Training Guidance and there is a Core pathway with Basic and Foundation learning online, to be implemented from January 4th. 2022. All Church Officers should do Basic Learning. All roles which involve working with children, young people or vulnerable adults should also do Learning at Foundation level. The Pathway should be refreshed every three years.
The Parish Dashboard, with its ‘traffic light’ system, is a reminder of what should be done to keep everyone safe and within the legal requirements of the Church of England.
In July 2022 the P.C.C. reviewed the Domestic Abuse Policy and in September the P.C.C. reviewed the Social Media Policy.
_Vicki Johnson, Parish Safeguarding Officer_
## **Volunteers**
We would like to thank the Wardens, staff and volunteers for all the work they have done. Special thanks is given to Catherine Kendall who stepped down as Warden at the Annual Parishioners’ Meeting after 6 years as Warden, which included two incumbent vacancies.
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Charity number 1126698
Financlal Revlew
The result forthe year shows a net operating1055 before investments of (£31920). Performance of
the invesiment portfolio was poor and value of investments fell by £18,882. The yearended with a
total loss of (£22,148).
Reserves Policy
At 31st December 2022, the PCC held total reserves of £410,271 of which £316,313 are unrestricted.
It iSthe policy of the Pccto hold unrestrirted, undesignated reserves of at leastthree to six months,
operating expenditure and an amount in re5erve5 for major building works which is consistent with
the Charity Commission guideline5. The level of unrestricted reserves at3lSt Dec.ember 2022 15
sufficient to maintain this.
Approved bythe PCC on 20 May 2024 and signed on their behalf by
Revd. R Hibbert
Revd. R Hibbert, Incumbent & PCC Chair
70f20
Charity numbèr Its6698
## _**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 2022, 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 £220,000 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:
- 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 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:
Date:
K Nuamah FCCA, MSc 17 Castle Close Coventry CV3 5JA
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Charity number 1126698
## _**Holy Trinity PCC, Coventry Charity number 1126698**_
## **Statement of Financial Activities for the year ended 31[st] December 2022**
|**Incoming resources**
**Note**
**Income and Endowments**
Donations and legacies
2a
Other trading activities
2b
Income from investments
2c
Church activites
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**
210,522
889
3,432
10,602
**225,445**
228,753
612
**229,365**
-3,920
-8,976
**-12,896**
0
-12,896
329,209
**316,313**||**Total**
**Unrestricted**
**Funds**
£
210,522
889
3,432
10,602
**225,445**
228,753
612
**229,365**
-3,920
-8,976
**-12,896**
0
-12,896
329,209
**316,313**||**Restricted**
**Funds**
£
3,471
0
0
50
**3,521**
2,867
0
**2,867**
654
0
**654**
0
654
30,802
**31,456 **||**Endowment**
**Funds**
£
0
0
0
0
**0**
0
0
**0**
0
-9,906
**-9,906**
0
-9,906
72,408
**62,502**|**Total**
**2022**
£
213,993
889
3,432
10,652
**228,966**
231,620
612
**232,232 **
-3,266
-18,882
**-22,148**
0
-22,148
432,419
**410,271 **|**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**|
The notes on pages 12 to 20 form part of these accounts.
9 of 20
Charity number 1126698
Holy Trinity PCC, Coventry
Charitynuinber 1126698
Balance sheet at 318t Do¢omber 2022
Balance
at 1st Decemb
r 2022
Note5
2022
2021
Fixed As
Tangible
5a
Investments
5b
J3&293
1231297
142,175
144179
Stock
Debtors and Prepayments
Short Term Deposits
Cash at 8ank and in Hand
2,156
21,029
105,335
1871097
3154T617
2,228
21,029
178,121
3061249
Liabilities
Creditors-Amounts Falling Dve Within One Year
28,643
16.009
Net Current Ass
2861974
290,240
Totsl Assests I
Current liabilitie
Total Net Asse
4101271
4321419
Parish Funds
Unrestrirted
Restricted
Endowment
8c
8b
8a
316*313
3291209
30,802
7Zi408
4321419
62,502
410.271
Approved bythe Parochial Church Council on the 20 May 2024 and signed on its behalf by:
Revd. R Hibbert
Revd R Hibbert, Incumbent & PCC Chair
C Howard
Chris Howard, Churchwarden
The notes on pages 12tO 20fonn part of these accounts.
ioof20
Charity number 1126698
## _**Holy Trinity PCC, Coventry Charity number 1126698**_
## **Cash Flow Statement for the Year Ended 31[st] December 2022**
|£
**Net cash from operating activities**
**Cash Flows from Investing Activities**
Dividends, Interest and Rent from Investments
3,432
**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)|£
3,432|**2022**
£
£
6,008
3,566
3,432
9,440
282,992
292,432
-3,266
-3,432
0
72
12,634
6,008
187,097
105,335
292,432|**2021**
£
158,499
3,566
162,065
120,927
282,992
117,970
-3,566
30,203
-374
14,263
158,499
178,121
104,871
282,992|
|---|---|---|---|
The notes on pages 12 to 20 form part of these accounts.
11 of 20
Charity number 1126698
## _**HOLY TRINITY PCC COVENTRY**_
## **Notes to the Accounts Year Ended 31st December 2022**
## **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:
- 1 the PCC becomes legally entitled to the use of the resources;
- 2 it is more likely than not that the trustees will receive the resources; and
- 3 the monetary value can be measured with sufficient reliability
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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Charity number 1126698
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.
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.
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
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Charity number 1126698
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.
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Charity number 1126698
|**2 Income and Endowments**
a) Donations & Legacies
Planned giving:
Collections
Gift Days
Grants:
Donations, appeals etc
Donations
Improving our Welcome
Church Boxes
Vicars Discretionary fund
Legacies
CAF, GAYE, One off G/Aid
Grants
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
PGS/Stewardship Giving
Gift Aid/Tax Recoverable
GASDS Top-up Payment
DCMS-LPOW Grant- VAT
Archbishops council
Doom painting grant
National Lottery
Job retention scheme|**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**
£
121,443
36,096
9,428
2,135
0
0
631
3,720
0
0
18,175
0
9,022
0
1,000
1,790
7,082
**210,522**
0
889
**889**
1,823
1,148
461
**3,432**
3,734
0
372
0
0
6,496
0
**10,602**
**225,445**||**Total**
**Unrestricted**
**Funds**
£
121,443
36,096
9,428
2,135
0
0
631
3,720
0
0
18,175
0
9,022
0
1,000
1,790
7,082
**210,522**
0
889
**889**
1,823
1,148
461
**3,432**
3,734
0
372
0
0
6,496
0
**10,602**
**225,445**||**Restricted**
**Funds**
£
0
0
0
0
0
0
0
0
0
0
500
0
0
2,971
0
0
0
**3,471**
0
0
**0**
0
0
0
**0**
0
0
0
0
0
0
50
**50**
**3,521**||**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**|**2022**
**2021**
£
£
**121,443**
124,701
**36,096**
26,171
**9,428**
5,174
**2,135**
6,005
0
0
**0**
25,247
**631**
12,271
**3,720**
33,480
**0**
7,835
0
0
18,675
0
0
0
**9,022**
3,140
2,971
1,890
**1,000**
98,769
1,790
6,000
7,082
225
**213,993**
**350,908**
0
0
**889**
1,085
**889**
**1,085**
**1,823**
1,666
**1,148**
360
**461**
1,540
**3,432**
**3,566**
**3,734**
5,442
0
0
372
0
**0**
2,477
**0**
11,067
**6,496**
2,437
**50**
50
**10,652**
**21,472**
**228,966**
**377,031**|
|---|---|---|---|---|---|---|---|---|---|---|---|---|
||||||||||||||
||||||||||||||
||||||||||||||
||||||||||||||
||||||||||||||
||||||||||||||
||||||||||||||
||||||||||||||
||||||||||||||
15 of 20
Charity number 1126698
|**3 Expenditure**
**Notes**
**Designated**
**Funds**
**General**
**Unrestricted**
**Funds**
**Total**
**Unrestricted**
**Funds**
**Restricted**
**Funds**
**Endowment**
**Funds**
**2022**
**2021**
a) Church Activities
£
£
£
£
£
£
£
Missionary and charitable giving (note 10)
0
12,788
12,788
0
0
**12,788**
14,000
Ministry Costs
Ministry Diocesan Parish Share
0
60,687
60,687
0
0
**60,687**
60,687
Upkeep of Services
0
1,415
1,415
0
0
**1,415**
112
Fees paid out
0
789
789
0
0
**789**
2,066
Youth Ministry
0
4,420
4,420
0
0
**4,420**
2,494
Choir / Music Ministry
0
0
0
0
0
**0**
300
Vicars Discretionary Fund
0
0
0
2,839
0
2,839
0
Working Expenses of the Clergy
0
1,619
1,619
0
0
**1,619**
174
Ministry recruitment costs
0
0
0
0
0
**0**
80
Bibles, books and ministry resources
0
461
461
0
0
461
0
Local outreach
0
0
0
0
0
0
0
Parish Staff
0
Wages and Salaries of Parish Staff
4c
0
71,117
71,117
0
0
**71,117**
72,994
National Insurance of Parish Staff
4c
0
4,077
4,077
0
0
4,077
0
Pension Contribution Parish Staff
4b
/4c
0
6,706
6,706
0
0
**6,706**
4,313
Organist Fees
0
4,910
4,910
0
0
**4,910**
450
Staff training
0
0
0
0
0
0
0
Church Running & Maintenance Costs
0
Maintenance
0
7,943
7,943
0
0
**7,943**
10,561
CCTV
0
281
281
0
0
281
500
0
0
0
0
0
0
41,515
Heating and Lighting
0
10,291
10,291
0
0
**10,291**
13,548
Alarm system - church
0
1,452
1,452
0
0
**1,452**
2,641
Maintenance of the Organ
0
380
380
0
0
380
0
Cleaning
0
1,166
1,166
0
0
**1,166**
1,174
Insurances
4d
0
8,441
8,441
0
0
**8,441**
10,503
Other Running Costs
0
Donations received paid out
0
0
0
0
0
0
550
Flowers
0
0
0
28
0
28
0
Miscellaneous
0
1,521
1,521
0
0
1,521
0
Office expenses
0
9,900
9,900
0
0
**9,900**
7,724
Telephone
0
2,448
2,448
0
0
**2,448**
2,209
Stationery
0
1,565
1,565
0
0
**1,565**
1,329
Licences
0
2,586
2,586
0
0
**2,586**
587
Advertising
0
324
324
0
0
324
0
Rent & Venue Hire
0
984
984
0
0
984
0
Equipment Replacement
0
2,732
2,732
0
0
2,732
0
PA equipment
0
7,750
7,750
0
0
**7,750**
8,742
**0**
**228,753**
**228,753**
**2,867**
**0**
**231,620**
**259,254**
b) Fund raising costs
Coffee in the church
0
396
396
0
0
**396**
141
Just Giving
0
216
216
0
0
**216**
216
Welcome Area / Shop
0
0
0
0
0
**0**
146
**0**
**612**
**612**
**0**
**0**
**612**
**503**
**Total Expenditure**
**0**
**229,365**
**229,365**
**2,867**
**0**
**232,232**
**259,757**
The support costs have been allocated in their entirety to the unrestricted expenditure (church running and maintenance).
Major Repairs- Roof & Toilets|**Total**
**Unrestricted**
**Funds**
£
12,788
60,687
1,415
789
4,420
0
0
1,619
0
461
0
71,117
4,077
6,706
4,910
0
7,943
281
0
10,291
1,452
380
1,166
8,441
0
0
1,521
9,900
2,448
1,565
2,586
324
984
2,732
7,750|**Restricted**
**Funds**
£
0
0
0
0
0
0
2,839
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
28
0
0
0
0
0
0
0
0
0|**Endowment**
**Funds**
**2022**
**2021**
£
£
£
0
**12,788**
14,000
0
**60,687**
60,687
0
**1,415**
112
0
**789**
2,066
0
**4,420**
2,494
0
**0**
300
0
2,839
0
0
**1,619**
174
0
**0**
80
0
461
0
0
0
0
0
**71,117**
72,994
0
4,077
0
0
**6,706**
4,313
0
**4,910**
450
0
0
0
0
**7,943**
10,561
0
281
500
0
0
41,515
0
**10,291**
13,548
0
**1,452**
2,641
0
380
0
0
**1,166**
1,174
0
**8,441**
10,503
0
0
550
0
28
0
0
1,521
0
0
**9,900**
7,724
0
**2,448**
2,209
0
**1,565**
1,329
0
**2,586**
587
0
324
0
0
984
0
0
2,732
0
0
**7,750**
8,742|
|---|---|---|---|
||**228,753**|**2,867**|**0**
**231,620**
**259,254**|
16 of 20
Charity number 1126698
## **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 (2022: £6,706; 2021: £4,352).
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.
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.
17 of 20
Charity number 1126698
## **4c Staff costs**
|Wages and Salaries
Employer's National Insurance
Employer's Pension Costs||**Parish Staff**
**£**
**2022**
**£**
**2021**
**£**
71,117
71,117
72,994
4,077
4,077
0
6,706
6,706
4,313|
|---|---|---|
|||**81,900**
**81,900**
**77,307**|
## **4d Insurances**
The PCC paid for the full cost of insurance in 2022 and the Feoffees reimbursed the PCC for the full cost of the building insurance
## **5 Fixed Assets**
|a)
b)
**a **|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 2022
At 31 December
At 31 December 2022
**Debtors**
Tax Recoverable
Prepayments and Accrued Interest
Other Debtors||Organ
£
28,948
28,944
0
28,944
4
4
**2022**
**2021**
47,073
53,322
12,434
15,454
2,995
3,632
60,791
69,767|
|---|---|---|---|
|||||
|||||
|||||
|||||
||||**123,293**
**142,175**|
||||142,175
134,954
-18,882
7,221|
||||**123,293**
**142,175**|
||||123,293
142,175
60,791
68,808
62,502
66,145|
|||||
||||**123,293**
**134,954**|
|||||
||||**2022**
**£**
**2021**
**£**
0
0
0
0
21,029
21,029|
||||**21,029**
**21,029**|
## **6a Debtors**
18 of 20
Charity number 1126698
|**b **
**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|**2022**
**£**
**2,228**
**0**
**-72**
**2,156**
**2022**
**2021**
26,954
11,556
1,689
4,650
**Charitable**
**Activities**|
|---|---|---|
|||**28,643**
**16,205**|
|||**2022**
**2021**
47,073
53,322
12,434
15,484
2,995
3,632|
|||**62,502**
**72,408**|
## **6b Stock**
- b) The restricted funds are comprised of income for staff training, Youth and Children's work, the Vicar's Discretionary Fund, Free Literature, Choir Bursary and Recording, Flowers, Upkeep of the organ, Mission, a capital project, improving our welcome, and to improve facilities within the church building.
|**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
9,265
500
0
0|Screens
9,265
500
0
0|Welcome
board
100
0
0
0|Welcome
board
100
0
0
0|Vicars
Discretionary
Fund
12,976
2,971
0
-2,839|Vicars
Discretionary
Fund
12,976
2,971
0
-2,839|Literature
2,334
0
0
0|Choir
1,265
0
0
0|Flowers
650
50
0
-28|
|---|---|---|---|---|---|---|---|---|---|
|||||||||||
|||9,765||100||13,108|2,334|1,265|672|
|||Organ
3,582
0
0
0|Mission
134
0
0
0||Choir
Recording
496
0
0
0||Streaming
0
0
0
0
0|Total
30,802
3,521
0
-2,867
31,456||
|||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
329,209
225,445
0
-238,341|Designated
Funds
0
0
0
0|329,209
225,445
0
-238,341
316,313
Total
Unrestricted
Funds|329,209
225,445
0
-238,341
316,313
Total
Unrestricted
Funds|
|---|---|---|---|---|
|||||329,209
225,445
0
-238,341
316,313
Funds|
||316,313|0|||
19 of 20
Charity number 1126698
## 9 **Analysis of net assets by fund**
|**Unrestricted**
Tangible fixed assets
4
Investment Fixed Assets
60,791
Current Assets
284,161
Current Liabilities
-28,643
**316,313**
**Fund balance**|**Restricted**
**Endowment**
**2022**
0
0
4
0
62,502
123,293
31,456
0
315,617
0
0
-28,643
**31,456**
**62,502**
**410,271**|
|---|---|
## 10 **Missionary and charitable giving**
**Total (carried forward to note 3a)**
|Church Mission Society
Three Spires/Coffee Tots
OMF International UK
Church Urban Fund (Poverty)
Coventry Foodbank
Feed the Hungry
Coffee Tots
Embrace Warwickshire
Hope Coventry
Friends International Coventry
The Light House Christian Care Ministry
Street Pastors|**2022**
£
3,200
1,944
800
1,300
1,144
500
1,000
1,100
600
500
500
200|
|---|---|
||**12,788**|
## Note
All charitable giving relates to institutional giving and reflects a single award for a particular purpose set out above.
20 of 20
Charity number 1126698