**==> picture [233 x 122] intentionally omitted <==** ## **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 2023** INCUMBENT Revd Richard Hibbert BANK INDEPENDENT EXAMINER HSBC Bank Plc., 133-135 Daventry Road Coventry CV3 5HD K. Nuamah 17 Castle Close Coventry CV3 5JA Page 1 of 19 ## **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|12-19| Page 2 of 19 ## **Parochial Church Council of the Ecclesiastical Parish of Holy Trinity Trustees Annual Report for 2023** ## _**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 2023 until 31[st] December 2023 are: |Incumbent & chair|Revd Richard Hibbert|| |---|---|---| |Associate Vicar|Revd Carolyne Powell|From 9 August 2023| |Churchwardens|Mr C Howard|| ||Mrs A Jackson|| ||Mr N Akinyele|| ||Mr A Selwyn|| |Officers of the PCC|Mrs C Jupp|Vice-Chair| ||Mr N Akinyele|Treasurer| ||Mrs K Husband|PCC Secretary| ||Mrs J Wilcockson|Electoral Roll Officer| |Readers|Mr G Wilcox|| ||Mrs S Shepherd|Until 22 June 2023| |Representatives of the laity to the Diocesan Synod||| ||Mr J Roy|| ||Mr M Davies|| |Representatives of the laity to the Deanery Synod||| ||Mrs M Bishop|From APCM 2023| ||Mr P Doggett|| ||Mrs C Kendall|Until APCM 2023| ||Mr W Kendall|From APCM 2023| ||Mr J Sampson-Foster|Until APCM 2023| |Representatives of the laity to the Parochial Church||Council| ||Mr C Aston|Until APCM 2023| ||Mr J Bishop|Until APCM 2023| ||Mrs A Ehsaan|From APCM 2023| ||Mrs P Hopkins|| ||Mr C Gnanaraj|From APCM 2023| ||Mrs K Hunt|Until APCM 2023| Page 3 of 19 |Miss K Hunter|From APCM 2023| |---|---| |Mrs K Husband|From APCM 2023| |Mrs R Jackson|Until APCM 2023| |Mrs V Jaykumar|Until APCM 2023| |Mrs Catherine Jupp|| |Miss J Odje|| |Mr M Trewinnard|| |Mr A S Udeh|From APCM 2023| |Mr E Vasanthakumar|| |Mrs J Wilcockson|| |Mr L Wood|| Page 4 of 19 ## _**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. Page 5 of 19 ## _**Achievements and performance**_ ## **Church attendance** All are welcome to attend our regular services. At December 2023 there were 176 people on the Electoral Roll. ## **Review of the year** The PCC met on 6 separate occasions during the year, including an Away Day in October 2023. In 2023, our worshipping community has grown in numbers, especially the numbers of families and children, and we have rejoiced in a good number of baptisms and confirmation candidates. We have improved resourcing of all our ministry and the number of donors and the amount donated have grown, which further enables our expanding mission in the heart of this historic city. In April to June 2023 Holy Trinity undertook a major upgrade to its IT systems with planned use of reserves. This was necessary to support the continued efficient administration of the church and equip us to further minister to our growing online community. There was deep sadness at the unexpected death of Sue Shepherd, Reader, in June 2023 and appreciation was shown for her many years as faithful member of Holy Trinity, her service as a Reader and her contributions to music. She will be much missed. In August 2023 we welcomed our Associate Vicar Revd Carolyne Powell to Holy Trinity. She has a heart to work with students and young adults and set up a New Monastic Community. After consultation with the Wardens, the PCC and Revd Richard at the end of 2023, it was agreed with the Archdeacon Missioner that the Interim Vicar role should be made permanent. This was joyful and welcome news. Looking forward for some years now, Revd Richard wants to make the reality of our Values (welcome, warmth, worship, witness and wealth) more and more evident in all we do and offer to one another and to our City. ## **Safeguarding Report** Every January the PCC reviews our Safeguarding Policy and Guidelines, based upon the Church of England Safeguarding Policy, ‘Promoting a Safer Church,’ which has been recommended by Coventry Diocese and has had due regard to the House of Bishop’s guidance. Safeguarding is on the Agenda at every PCC meeting. Over the year the PCC has reviewed the Policy on the Recruitment of Ex –Offenders, Domestic Abuse Policy and Risk Assessments for the Church and Trinity House for youth and children’s work. The PCC also adopted a Youth Mentoring Policy. We have been implementing the changes required by the Church of England from January 2022 whereby DBS certification has to be renewed every three years, instead of five, and Safeguarding Training has to be refreshed every three years. The Safeguarding Handbook is available on the Page 6 of 19 Diocesan website. In addition, the PCC was required to follow the course, ‘Raising Awareness of Domestic Abuse.’ I would like to thank Revd. Richard, the Wardens and the PCC for their continuing and valued support for Safeguarding in our Church and all the staff and volunteers for their tireless commitment to keep our young people safe. I hope we have created an atmosphere of trust and respect so that anyone with concerns about safeguarding feels confident to come forward and speak to Revd. Richard or me. It is everyone’s responsibility to remain vigilant in our workplaces, in our neighbourhoods, in our schools and in our Church because sometimes the most unexpected happens. _Vicki Johnson, Parish Safeguarding Officer._ ## **Volunteers** We would like to thank the Wardens, staff and volunteers for all the work they have done over the past year ## **Financial Review** The result for the year shows a net operating loss before Investment of (£44,325) due mainly to a planned expenditure on IT upgrade and a concessional write-off of OBCS debts. Performance of our investment portfolio was however better than previous year as value of investments increased by £6,023. The effect of this is that we ended the year with a total loss of (£38,302). ## **Reserves Policy** At 31st December 2023, the PCC held total reserves of £371,969 of which £267,416 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 2023 is sufficient to maintain this. Approved by the PCC on 28 October 2024 and signed on their behalf by **==> picture [161 x 61] intentionally omitted <==** Revd. R Hibbert, Incumbent & PCC Chair Page 7 of 19 ## _**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 2023, charity number 1126698 which are set out on pages 9 to 19. ## **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: **==> picture [88 x 58] intentionally omitted <==** Date: 28/10/2024 K Nuamah FCCA, MSc 17 Castle Close Coventry CV3 5JA Page 8 of 19 ## _**Holy Trinity PCC, Coventry Charity number 1126698**_ ## **Statement of Financial Activities for the year ended 31[st] December 2023** **==> picture [649 x 365] intentionally omitted <==** The notes on pages 12 to 19 form part of these accounts. Page 9 of 19 ## _**Holy Trinity PCC, Coventry Charity number 1126698**_ ## **Balance sheet at 31[st] December 2023** |**Fixed Assets**
Tangible
Investments
**Current Assets**
Stock
Debtors and Repayments
Short Term Deposits
Cash at Bank and in Hand
**Liabilities**
Creditors - Amounts Falling Due Within One Year
**Net Current Assets**
**Total Assets less current liabilities/ Total Net Assets**
**Parish Funds**
Unrestricted
Restricted
Endowment|**Notes**
5a
5b
6
7
8c
8b
8a
9||**2023**
**£**
4
129,315
**129,319**
2,156
0
108,296
159,954
**270,406**
27,756
242,650
**371,969**
267,416
36,685
67,868
**371,969**||**2022**
**£**
4
123,293
**123,297**
2,156
21,029
105,335
187,097
**315,617**
28,643
286,974| |---|---|---|---|---|---| ||||||**410,271**| ||||||316,313
31,456
62,502| ||||||**410,271**| Approved by the Parochial Church Council on the 28 October 2024 and signed on its behalf by: **==> picture [168 x 54] intentionally omitted <==** Revd. R Hibbert Revd R Hibbert, Incumbent & PCC Chair **==> picture [97 x 26] intentionally omitted <==** C Howard Chris Howard, Churchwarden The notes on pages 12 to 19 form part of these accounts. Page 10 of 19 ## _**Holy Trinity PCC, Coventry Charity number 1126698**_ ## **Cash Flow Statement for the Year Ended 31[st] December 2023** ||**2023**|**2022**|| |---|---|---|---| ||**£**
**£**|**£**|**£**| |**Net cash from operating activities**|-30,006||6,008| |**Cash Flow from Investing Activities**|||| |Dividends, Interest and Rent from Investments|5,823|3,432|| |**Net cash provided by/(used in) investing activities**|5,823||3,432| |**Change in cash and cash equivalents in the reporting period**|-24,183|9,440|| |**Cash and cash equivalents 1st January**|292,432|282,992|| |**Cash and cash equivalents 31st December**|**268,249**|**292,432**|| |**Reconciliation of net income/(expenditure)before invesment gains**|||| |**Net Income before Investment gains at 31st December**|-44,325|-3,266|| |**Adjustments for**|||| |Depreciation charges|||| |Dividends, interest and rent from investments|-5,823|-3,432|| |(Increase)/Decrease in debtors|21,029|0|| |(Increase)/Decrease in stock|0|72|| |(Decrease)/Increase in creditors|-887|12,634|| |**Net cash provided by/(used) in operating activities**|-30,006|6,008|| |**Analysis of cash and cash equivalents**|||| |Cash in hand|159,954|187,097|| |Notice deposits (less than 3 months)|108,296|105,335|| ||**268,250**|**292,432**|| The notes on pages 12 to 19 form part of these accounts. Page 11 of 19 ## _**HOLY TRINITY PCC COVENTRY**_ ## **Notes to the Accounts Year Ended 31st December 2023** ## **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; the choir bursary and recording, mission and capital projects, improving our welcome, and the installation of CCTV equipment, 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. Page 12 of 19 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 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. Page 13 of 19 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. Page 14 of 19 Fur Fufv Fufv Fur￿5 Al DO￿tI9￿5&l￿ Planned ￿￿nE.. 'PGSIStewarthhlpGM lftAidnaxRe￿ver￿b CollertlQn5 Glft D*s Grants.. L￿T0*uPpa¥rneTht *Atthb15hgp5wu￿1 't￿m￿lFOWGr￿Tht.vAT 'National Lottery *JDbretention5theme 135,057 50,204 14.U71 135P57 I35￿57 121,443 14.071 I1￿71 9AZ8 631 Do￿tiONS.a￿pÈa1sÈtt Donations Feoffee5 ImproyinBourWekomE 18ffi75 11,222 11,222 1¥222 9WI 9￿)1 v￿arS￿Scre￿￿lTh?ryfund Les4(ies cAF.fjAYL￿￿ff 6/AvJ GrantslCWrGrant 372 372 372 226.536 216.916 A￿tsI￿nFaylÉ Welcomearealshop 1,1 14ts l19J cl Ir￿￿￿ FrQmlrK¥eStr￿nts 3N55 1,7YO 578 5W3 3N55 3,455 L7WJ 578 T5B6ihFur IntEr L148 451 57Z 5WJ Fé Coffee afterservices 6.397 E.397 6397 372 Sal?ryRprh?r8?5 Miscellafieous Flower5 1,172 1,172 ¥172 655 6,4% 635 Total Intome 241S 241518 Page 15 of 19 NotÈs I ChurchActivities mi55lonaryand(￿ritatsleBThlT¥1￿Ote1Oj Mlni5tryCo5ts MinistryDiocesanParbhShar• Upkeepof Setvices Fee5 Pa￿out YouthMini5try it1m￿sIt￿l￿1$try VlcarsThscretionaryFund WotkingExpen5e50fthe Clwgy m1ni5tryr￿rUitMEntWSts ble% bwk5¥nd MIn￿y￿E5￿￿ 14pJi L4PJI L4PJI 12,788 64,139 3,362 3,362 l415 4244 947 4244 947 1216 1216 1812 250 12 150 12 150 l619 461 351 351 351 Paftsh 51aff Wa8e54nd5Hlarip50f Pari5h5taff tionallnsUtantE Df Pa[￿hstaIf Pari5h5tafF 92.9)1 91￿1 .9)1 4b14t Org4nistFee5 Stsff ttainir (hurthRunnlw& M•lnteNrKeCo Malnthnar 2,325 1325 4PIO 7y3 281 MaiDrRep?Ir5- R0Dl&T￿lets Heati￿and bshtinB ￿tErn- thurch Malnthn3r￿of the Organ aeaninE In5uranLE5 l2231 11231 10291 379 379 379 L166 8,441 DO￿tIOnS retekwedpaldout Mthvers MiXEll4npu￿s 4P51 6.743 2.744 645 4,342 4￿51 6.743 2.744 645 4,342 4￿51 6.743 2.744 645 4J42 TÈlÈphortÈ Stat5￿ry Lkences Advetti51n Hent&VEwpHitE rrur*tsdÈ/StsftwarÈ ExPÈrtsÈs PAequlpmenVMalntenar Conce5510nalwrite-off IOBCSI. 314 927 25￿50 2.371 9,￿? 29)A78 927 9Z7 25 25 2371 9,￿7 29)A78 2371 9,￿7 7,750 bl Fundr foffEE InthEchwth JknstGwi WelcomÈArea Isknp 216 Tothl Expendtture 291mZ I91￿1 292J7B 23223Z Page 16 of 19 ## **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 as members or 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 (2023: £9,894, 2022: £6,706). 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. Page 17 of 19 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** **==> picture [497 x 58] intentionally omitted <==** During the year the PCC employed a Parish Administrator, a Parish Finance Assistant, a Director of Music, Youth and Family Co-Ordinators, a Verger, an Assistant Verger, and a Social Media Missioner. Only the Verger is employed full time. **==> picture [497 x 303] intentionally omitted <==** **==> picture [497 x 188] intentionally omitted <==** Page 18 of 19 Is￿ Jl.434 TOTAL 134 3Ji56 7155 Ix 3)5?13 24L5J8 290,4J5 2s?￿lE Is7￿1% IT￿#￿t￿lF1￿e￿A4rQts IZg315 233.721 161M16 17U astr) r￿Internathjn￿i Churchur￿￿FU￿d cdtEITot5 ST￿tPasta Page 19 of 19