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2020-12-31-accounts

Holy Trinity with St John the Divine Church, Regent Road, Leicester

Registered charity number: 1132601

Annual Report and Financial Statements of the Parochial Church Council Year ended 31 December 2020

Incumbent

Revd Elaine Sutherland Church Office 2 Upper King Street Leicester LE1 6WY

Bankers

Lloyds TSB Bank plc Old Market Square Branch Nottingham NG1 6FD

HSBC Bank plc 31 Granby Street Leicester LE1 6EP

Auditors

The Rowleys Partnership Ltd Chartered Accountants and Registered Auditors Charnwood House Harcourt Way Meridian Business Park Leicester LE19 1WP

HOLY TRINITY CHURCH LEICESTER ANNUAL REPORT Year ended 31 December 2020

The Trustees present their report and the audited financial statements of the charity for the year ended 31 December 2020. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the charity.

The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published on 16 July 2014 (as amended by Update Bulletin 1 published on 2 February 2016).

Governance

Holy Trinity Church is situated on Regent Road, Leicester. It is part of the Diocese of Leicester within the Church of England. The correspondence address is Church Office, 2 Upper Church Street, Leicester, LE1 6XE.

Church Officials:

Incumbent Revd Elaine Sutherland (Chairman of PCC, from February 2020) Associate Vicar Revd John McGinley (February 2020), Revd Jitesh Patel (April 2018) Curate Wardens Kevin Maloney (elected for the first time in 2018, resigned December 2020) Helen Dyke (elected for the first time in April 2019) PCC Members: Elected at 2018 APCM Nathan Obokoh, Rachel Stanbrook, Claire Greaves, David Exon, Andy Oakley, Stephen Shilling Elected at 2019 APCM Sheila Major, Charles Franks, Ian Morris Elected at 2020 APCM Peter Hernandez, Martin Manyame Nik Watts (co-opted December 2020) _indicates Deanery Synod member_

PCC Officers: Chairman Elaine Sutherland Lay Vice-Chairman Kevin Maloney (resigned December 2020) Treasurer Stephen Shilling (elected April 2019) Secretary Sheila Major (elected Jan 2020), Liz Ashby (resigned Jan 2020)

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HOLY TRINITY CHURCH LEICESTER ANNUAL REPORT

Year ended 31 December 2020

Structure, governance and management

The Parochial Church Council is a corporate body established by the Church of England. The PCC operates under the Parochial Church Council Powers Measure. Following changes to the law, the PCC was required to register with the Charity Commission during 2009 and became registered on 9 November 2009. Members of the PCC are either elected by the Annual Parochial Church Meeting (APCM) or are ex-officio in accordance with the Church Representation Rules.

Members of staff may attend PCC meetings as required by the PCC and participate fully in general discussions but have no entitlement to vote on any issue. PCC members are asked to declare any interests at the beginning of each meeting. The PCC have formalised procedures in the event of a conflict of interest arising in discussions at PCC meetings, for example in respect of salary or expenses discussions. Where any PCC member feels a conflict of interest has arisen, the conflict will be fully and openly declared. Staff members may be asked to leave the room when certain items giving cause to a conflict of interest are discussed and a full explanation will be given as to why the request is being made, the same may apply to PCC members where there is a conflict of interest.

The only committee of the Council is the Standing Committee, which meets only to deal with urgent business as and when required. The Standing Committee is the only committee required by law. It has the power to transact the business of the PCC between its meetings, subject to any directions given by the PCC. The current members of the Standing Committee are the Incumbent, Churchwardens, the Treasurer, and the PCC Secretary.

All church attendees are encouraged to register on the Electoral Roll and to consider standing for election to the PCC.

Administrative Information

Related parties

During the year, the Church made payments to New Wine of which Revd Canon John McGinley is on the National Leadership Team.

Risk review

The child protection policy was reviewed and updated as necessary in June 2020 and reported on each year. Safeguarding was made an agenda item in each PCC meeting to ensure the seriousness of this issue remains a priority. Health and Safety was also put on the agenda as a regular item.

Appropriate buildings and public and employee liability insurance is in place and is regularly reviewed.

Objectives and activities

The primary object of the PCC is the promotion of the Gospel of our Lord Jesus Christ according to the doctrines and practices of the Church of England. The PCC of Holy Trinity is required, as stated in the Parochial Church Councils (Powers) Measure 1956, to co-operate with the Incumbent in promoting in the Parish the whole mission of the Church, pastoral, evangelistic, social, and ecumenical. In so doing, the incumbent and PCC seek to apply the Charity Commission’s guidance on public benefit and, in particular, the specific guidance on charities for the advancement of religion.

The vision of the church is summarised as: Holy Trinity Church will be a community of missional disciples of many nations who will transform the city of Leicester, and beyond, with the Gospel of Jesus Christ.

Review of the Year

Following a challenging financial outcome in 2019, we started 2020 with difficult decisions to make to address the financial situation. This resulted in three redundancies: Julie Ferguson, Sarah Brown and Tabz Fogg. In January Margaret Vernon also resigned, although for budgetary reasons we were unable to replace her.

2020 was the leadership transition year: Revd John McGinley stepped down as vicar on 2 February after 11 fruitful years as Incumbent (to become 0.5 Resourcing Church Associate Vicar SDF Funded), and Revd Elaine Sutherland was installed as Vicar. This left our full time Associate Vicar post vacant (with consequences for the leadership and oversight of our mission and ministry team, including our Mission Shaped Communities) with Revd Jitesh Patel also being 0.5 Resourcing Church Associate Vicar, SDF Funded. In the absence of a full time Associate Vicar, Elaine carried her former and new roles for the remainder of the year.

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HOLY TRINITY CHURCH LEICESTER ANNUAL REPORT Year ended 31 December 2020

Review of the Year Continued

However, the dominant topic of 2020 was the Coronavirus pandemic that saw the nation sent into lockdown, including the closure of places of worship, from 23rd March. Holy Trinity was affected greatly by this with almost all activities planned then cancelled or postponed (including the APCM) as we streamlined our programme and launched our online services. Our planned teaching series were immediately updated and our mission outreach via our Mission Shaped Communities was rapidly rethought with more support coming centrally as everyone tried to deal with the pandemic in their own ways. We replaced our monthly Thirst prayer meeting with a weekly Monday evening prayer meeting via Zoom and we launched daily bible devotions (audio podcasts and video), initially recorded by members of the Senior Leadership Team. As we moved into the Autumn, we expanded the devotions series to include members of the church.

Although we managed two online services inside the building in March, we then moved to streaming live worship from our homes until September. We were also affected by the local lockdown in Leicester in July, effectively increasing the duration of the initial lockdown. In order to livestream effectively from our building, the PCC agreed to invest a significant amount of money from the building project fund in our livestreaming capability, including equipment such as cameras, vision mixer, software and additional sound equipment. This was installed in early September and it is planned to continue livestreaming services even once the pandemic is over. This investment in equipment has also opened up new opportunities for recording more video material and increased our potential for room hires. Numbers of people watching our livestream were encouraging, with over 200 devices connecting at the start of lockdown, and gently reducing over time.

Our compassion ministries, namely Food Bank and Triangle, continued though with substantial changes. Weekly numbers at Food Bank more than tripled and numbers at Triangle initially reduced but then steadily grew as the pandemic wore on. TMAL continued to support clients during the year, although with meetings online rather than in person. Our Hope and Blue Mountain MSCs had their regular activities suspended as we could not meet in person.

During Thy Kingdom Come, we participated by running a 24/7 prayer week (online) and were delighted that every slot was covered by church members with the highest number of engagements of all our prayer weeks. We ran a specific devotion series and taught on Sundays about Revival. We hosted a further 72hrs prayer in early July to replace the anticipated reopening of church (which was delayed due to the local lockdown).

Come September, we were able to reopen the church building following the Government’s Covid-secure guidelines and advice from our Health and Safety consultants. We started with a “Call to Consecration” – a number of days in which church members were invited to come and pray in the building and bring their financial offerings. We hosted a livestream only 10:30am service, followed by two afternoon services where children’s work operating under government guidelines at 2:15pm and 4pm. We also ran an in-person service for our younger adults (including the Glow youth group) at 6:30pm, which was livestreamed. We also restarted the 9am monthly liturgical service (hosted by our Faith MSC but open to all to attend) via Zoom. Alex Scott and team also delivered monthly all-age services.

At the beginning of November, the Government announced a further national lockdown that saw us close our church building to the public again, although we continued to livestream from the building both mornings and evenings. We also hosted Sunday morning Zoom meetings for children alongside our morning service.

Our theme at Christmas was “ReThink Christmas” as we recognised that it would be different for so many people living under various restrictions. Our popular Christingle Service was replaced with an online service with Nativity that was filmed with contributions from many of our children. Our Carol Service was replaced with a contemporary programme of Christmas readings, songs and reflections. An exception to online-only worship was made for Christmas Day, when we held an in-person service (which was also livestreamed) for 70 attendees. This service concluded with hot chocolate and the singing of a Carol outside the building.

Despite the lockdown, we managed to host an online only version of the planned inaugural New Wine Preaching Conference, featuring contributions from Lucy Peppiatt, Vaughan Roberts and Simon Ponsonby. This was a big success with over 300 people signing up to the day. The planned Convergence conference was cancelled, and the Worship Academy also moved online with participants from around the world.

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Year ended 31 December 2020

HOLY TRINITY CHURCH LEICESTER ANNUAL REPORT

Review of the Year Continued

Our mission through the pandemic didn’t change, although the way in which we operated did change. We recognised the challenges faced by our MSC leaders and so we ran monthly mission themes with various ideas to help promote mission to the whole of the church. This continued into 2021.

Our spring term Alpha course was interrupted due to the lockdown. We ran two online Alpha courses, the first in the summer term and the second in the autumn term, with approximately 25 attendees across both.

In order to manage the ongoing financial risk to Holy Trinity caused by the pandemic, including anticipated reduction in gifts such as through the collection plate, we were forced into the difficult decision of furloughing staff and making use of the Government’s Job Retention Scheme. Up to 7 members of staff were furloughed at different points of the year, including our Kings Coffee House staff, with plans made to provide cover for various ministries where needed. Our anticipated surplus from Kings Coffee House did not materialise owing to the long closure caused by lockdown and this affected church finances, as did the loss of several events we had planned. The additional income from the Job Retention Scheme contributed towards a very healthy surplus at the end of the year that has addressed the shortfall in our reserves, although we recognise that we are still in a period of financial uncertainty as the pandemic goes on and we are unable to meet together.

The PCC also engaged in negotiation with Prosol Enterprises regarding the Rectory Garage property. Following a lengthy discernment process, the PCC made the decision to sell the property to Prosol for £150,000 with the sale expected to be completed in 2021.

During the year we continued our role as a Resource Church in releasing material for other churches to make use of, including our worship videos, an online clue in conjunction with the Diocese and the Navity play used within many schools reaching over 40,000 children. Our mission to Belgrave St Peters though was suspended due to the pandemic as they were no longer meeting in person. Imprint Church were also affected with their online activities and merged with Imprint London. They started monthly worship nights online from Holy Trinity in the Autumn (with both Leicester and London churches taking part). Holy Apostles was also affected and despite a short period when they held in person services, they also resorted to online church services using pre-recorded materials.

People Changes

At Easter, we said farewell to our curate Revd Dave Hendra who took up a clergy post in Norwich. In the summer, David Lewis and family moved to St John the Baptist Church, Clarendon Park as David began ordination training. Paul Betts (ordinand) moved to another Leicestershire church to complete his placement and Damares Gomes move to All Saints Bedworth in September to take up the post of Worship Pastor. Matt Pidgeon left in October to start a longawaited role in the Police and James Banks left in November to begin as Operations Director at St John the Baptist Church, Clarendon Park. Bridget Patel commenced maternity leave towards the end of November and Lois Davey was employed as part time maternity cover on a fixed term contract to end December 2021. The PCC also gave permission for Holy Trinity to participate in the Government’s Kickstart Jobs Scheme, which we anticipate being active in 2021.

In the Autumn, Holy Trinity was given permission by the Diocese to commence the recruitment process of a new full time Associate Vicar, a process which had been on hold since February due to the pandemic.

During the year we also said goodbye to Brian and Kath Blacklock who had been mission links (with the Navigators) for some time. They retired to Scarborough. We continued to support our existing mission links.

We also held funerals for Jacqueline Marlow, Andy Barham and Daniel Marriott, all of whom died prematurely of illness.

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Year ended 31 December 2020

HOLY TRINITY CHURCH LEICESTER ANNUAL REPORT

Achievements and performance

Church attendance

At the date of the APCM in 2020 there were 300 persons on the Electoral Roll. The analysis of the general attendance and participation in the life of the church was: 54 services were held at Holy Trinity during the year. 93 services were livestreamed. There was 1 funeral, 2 weddings and no baptisms.

The average number of adult attendees per Sunday during the month of October 2020 (the annual count month) was 180. The average number of children was 35 each Sunday. Both numbers were affected by local restrictions and different service patterns to normal. The total number of people participating in the life and worship of Holy Trinity on a regular basis is 632 (2019: 640).

During the year the full PCC met eleven times. The Standing Committee was required to meet as stated above.

During the year, the PCC was involved in a number of decisions concerning the running of the Church, many of which have been explained above. The following is a summary of these decisions.

At the time of writing, we continue to monitor the situation, including Government guidance, within Senior Leadership Team meetings, Standing Committee meetings and PCC meetings. We will need to adhere firstly to government guidance as they ease the lockdown and that of Church of England governance.

Financial review

Total income for the year was £748,592 (2019: £936,152) and note 2 to the accounts gives details of how this was generated. Of this amount, £73,115 (2019: £291,248) was given for specific purposes and recorded in various restricted funds, £3,000 (2019: £3,000) was designated to be used for church planting, and the remaining £672,477 (2019: £641,904) put to the general fund to be used for the primary ongoing activities of the church.

Total expenditure for the year was £682,173 (2019: £1,064,288) as described in more detail in note 3 to the accounts. Of this total, and including movements between funds as shown in note 14, £84,906 (2019: £332,719) was expended from restricted funds, £960 (2019: £51,385) from designated funds, and £596,307 (£680,184) from the general fund.

The general fund continues to capture most of the church’s income and support the majority of its expenditure. During 2019 a decline in the size of the general fund triggered the implementation of the reserves policy, in order to plan to restore the fund to a level deemed appropriate by the PCC. The balance of the fund on 1 January 2020 was £59,552 (2019: £97,832). As part of the plan, a number of staff roles were made redundant in early 2020. The resulting cost savings put the church on a sounder financial footing with the aim of restoring the reserves over a number of years, coupled with a desire to avoid further cutbacks. However, significant and unforeseen events in 2020 had a positive financial impact on the church. These included utilising the government’s coronavirus job retention scheme where the activities of the church (and the level of work required by the remaining staff) were reduced because of lockdown restrictions. Also, a number of large one-off donations were received, and the diocese parish gift was temporarily reduced.

As a result the general fund recorded a surplus of £76,170 in the year (2019: £38,280 deficit), with the balance at 31 December 2020 being £135,722 (2019: £59,552). This represents approximately 4 months of operational costs, which is higher than the 3 months required by the reserves policy, but lower than the 6 months often required by other arguably more prudent charitable organisations.

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Year ended 31 December 2020

HOLY TRINITY CHURCH LEICESTER ANNUAL REPORT

Reserves Policy

It is not the intention of the PCC to hold large amounts of reserves for investment purposes, as it believes the churches resources should be used for the work of God’s kingdom, as it is provided to us. It is however recognised as prudent to keep some general reserves to cover primary operational costs in the event of an unforeseen reduction in income or increase in expenditure. It was the PCC’s policy to maintain a minimum of unrestricted funds of £101,884 during 2020 (2019: £100,600), which is reviewed and calculated each year. This is to cover operational costs equivalent to 3 months of gross salaries and essential running costs. The reserves policy indicates procedures which would be put into practice should the unrestricted fund reach its minimum

Plans for future periods

A budgeted deficit of £8,582 (2020: £37 surplus) for general unrestricted income and expenditure has been set for 2021. This reflects the known difficulties faced in operating in the current environment. The church will continue to donate 10% of annual income derived from congregational giving including gift aid to external home and overseas missions and individuals engaged in missionary work.

Public benefit

The charity has achieved its objectives of the promotion of the advancing the Gospel of our Lord Jesus Christ. Activities and community programmes for all ages were held and are available freely. This has been to the benefit of church attendees and the wider community.

Statement of Trustees responsibilities

The trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards. (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

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

Approved by the Parochial Church Council on 13 April 2021. .

Revd Elaine Sutherland Chairman

Stephen Shilling Treasurer

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HOLY TRINITY CHURCH LEICESTER ANNUAL REPORT

Year ended 31 December 2020

Independent Auditor’s Report to the Trustees of Holy Trinity Church Leicester

Opinion

We have audited the financial statements of Holy Trinity Church Leicester (the ‘charity’) for the year ended 31 December 2020 which comprise the statement of financial activities, the balance sheet, the cash flow statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the trustee’s annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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Year ended 31 December 2020

HOLY TRINITY CHURCH LEICESTER ANNUAL REPORT

Independent Auditor’s Report to the Trustees of Holy Trinity Church Leicester (Continued)

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 6, the trustees are responsible for the preparation of financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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HOLY TRINITY CHURCH LEICESTER ANNUAL REPORT Year ended 31 December 2020

Independent Auditor’s Report to the Trustees of Holy Trinity Church Leicester (Continued)

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

The Rowleys Partnership Limited Statutory Auditors Eligible to act as an auditor in terms of section 1212 of the Companies Act 2006 Charnwood House Harcourt Way Meridian Business Park Leicester LE19 1WP Date: 14 April 2021

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HOLY TRINITY CHURCH LEICESTER ANNUAL REPORT Year ended 31 December 2020

STATEMENT OF FINANCIAL ACTIVITIES
notes
INCOME and ENDOWMENTS from:
Voluntary Income
2a
Activities for Generating Funds
2b
Investment Income
2c
Income Resources from Charitable Activities
2d
Other Incoming Resources
2e
TOTAL
EXPENDITURE on:
Fundraising Costs
3
Charitable Activities
Mission and Ministry
3a
Property, Management and Administration
3b
Other
Governance Costs
3c
TOTAL
NET INCOME(EXPENDITURE)
Transfers between funds
14
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS:
Total funds brought forward
Total Funds carried forward
14
Unrestricted Restricted
Funds
Funds
£
£
520,967
61,212
36,706
-
208
-
66,441
8,868
51,155
3,035
2020
2019
£
£
582,179
735,431
36,706
62,786
208
135
75,309
89,561
54,190
48,239
748,592
936,152
51,772
63,261
395,942
462,917
229,839
533,460
4,620
4,650
682,173
1,064,288
66,419
(128,136)
-
-
66,419
(128,136)
296,010
424,146
362,429
296,010
TOTAL FUNDS
675,477
73,115
51,772
-
377,624
18,318
186,251
43,588
4,620
-
620,267
61,906
55,210
11,209
23,000
(23,000)
78,210
(11,791)
262,747
33,263
340,957
21,472

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HOLY TRINITY CHURCH LEICESTER ANNUAL REPORT Year ended 31 December 2020

BALANCE SHEET AT 31 DECEMBER 2020
notes
FIXED ASSETS:
Tangible assets
7
CURRENT ASSETS:
Debtors
9
Short term deposits
Cash at bank and in hand
LIABILITIES:
Creditors: Amounts falling due within one year
10
Net current assets
Total assets less current liabilities
Creditors: Amounts falling due after more than one year
11
TOTAL NET ASSETS OR LIABILITIES
THE FUNDS OF THE CHARITY:
Restricted funds
14
Unrestricted funds
TOTAL FUNDS
2020
571,268
24,056
57,000
150,067
231,123
(83,271)
147,852
719,120
(356,691)
362,429
21,472
340,957
362,429
2019
585,130
41,329
22,000
92,230
155,559
(74,843)
80,716
665,846
(369,836)
296,010
33,263
262,747
296,010

Approved by the Parochial Church Council on 13 April 2021 and signed on its behalf by :

Revd Elaine Sutherland Stephen Shilling
Chairman Treasurer
The notes 1 to 15 form part of these accounts.

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HOLY TRINITY CHURCH LEICESTER ANNUAL REPORT

Year ended 31 December 2020

STATEMENT OF CASH FLOWS
Cash flows from operating activities:
Net cash provided by (used in) operating activities -Note 1 below
Cash flows from investing activities:
Interest on cash deposits
Proceeds from the sale of property and equipment
Purchase of property and equipment
Net cash provided by (used in) investing activities
Cash flows from financing activities:
Repayments of borrowing
Cash inflows from new borrowing
Net cash provided by (used in) financing 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
1Reconciliation of net income/(expenditure) to net cash flow from
operating activities
Net income/(expenditure) for the year ended 31st December
(as per statement of financial activities)
Adjustments for:
Depreciation charges
Interest on investments
Loss/(profit) on sale of fixed assets
(Increase)/decrease in debtors
Increase/(decrease) in liabilities
Net cash provided by (used in) operating activities
Analysis of cash and cash equivalents
Cash at bank and in hand
Cash deposits
Total cash and cash equivalents
2020
2019
£
£
107,069
(12,049)
208
135
-
-
(1,295)
-
(1,087)
135
(13,145)
(13,955)
-
50,000
(13,145)
36,045
92,837
24,131
114,230
90,099
207,067
114,230
2020
2019
£
£
66,419
(128,136)
15,157
15,803
(208)
(135)
-
17,273
231,119
8,428
(130,700)
107,069
(12,049)
2020
2019
£
£
150,067
92,230
57,000
22,000
207,067
114,230
TOTAL FUNDS

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HOLY TRINITY CHURCH LEICESTER ANNUAL REPORT Year ended 31 December 2020

NOTES TO THE FINANCIAL STATEMENTS

1 ACCOUNTING POLICIES

Holy Trinity Church Leicester is an unincorporated charity registered in England and Wales. The addess of the charity is given in the charity information on page 1 of these financial statements.

The financial statements have been prepared in accordance with the Church Accounting Regulations 2006.

The charity is a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of ireland (FRS102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.

The financial statements have been prepared to give a "true and fair" view and have departed from the Charites (Accounts and Reports) Regulation 2008 only to the extent required to provide a "true and fair view". This departure has involved following the Accounting and Reporting by Charities. Statement of Recommeneded Practice applicable to charities preparing their accounts in accordance with the Financail Reporting Standards applicable in the UK and Republic of Ireland issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The financial statements have been prepared as a going conern under the historical cost convention except for the valuation on investment assets where appropriate, which are shown at market value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Funds

General funds represent the funds of the PCC that are not subject to any restriction regarding their particular 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.

Funds received that are subject to a restriction are held in a separate fund and used only for that purpose. Where monies given for a restricted capital purpose are expended, the asset is no longer viewed as restricted and an appropriate transfer is made to the General Fund. This includes the payment of any related mortgage liability.

The accounts include all transactions, assets and liabilities for which the PCC is responsible in law. They do not include the accounts of church groups that owe their main affiliation to another body nor those that are informal gatherings of church members.

Incoming Resources

Voluntary income and capital sources

Collections are recognised when received by or on behalf of the PCC. Planned giving under Gift Aid is recognised only when received. Income tax on Gift Aid donations is recognised when the income is recognised.

Other ordinary income

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

Income from investments

Interest is accounted for as it accrues.

Gains and losses on investments

Realised gains or losses are recognised when investments are sold. Unrealised gains or losses are accounted for on revaluation of investments at 31 December in each year.

13

HOLY TRINITY CHURCH LEICESTER ANNUAL REPORT Year ended 31 December 2020

NOTES TO THE FINANCIAL STATEMENTS

1 ACCOUNTING POLICIES (continued)

Resources used

Grants

Government grants receivable in relation to job retention scheme and retail scheme are recognised as income over the periods necessary to match them with the related costs which they are intended to compensate, on a systematic basis.

Activities directly relating to the work of the church

The parish share is accounted for when paid. Any parish share unpaid at 31 December is not provided for in these accounts, as it is a voluntary contribution and not legally enforceable.

Allocation of Costs

Costs have been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Taxation

The PCC is exempted from tax under s.505 ICTA 1988, as a registered charity (reference 1132601).

Fixed assets

Consecrated land and buildings and movable church furnishings

The value of these assets is excluded from the accounts by virtue of s.96(2)(a) of the Charities Act 2011. Any expenditure, whether maintenance or improvement, is written off to revenue in the year it arises.

Purchased land and buildings

Purchased land and buildings are stated at cost. Buildings are depreciated over 50 years on a straight line basis.

Other fixtures, fittings and office equipment

Expenditure below £500 per item is written off in the year of acquisition. Computer equipment and other equipment is depreciated over 5 years on a straight line basis.

Current assets

All amounts owing to the PCC at 31 December are shown as debtors, less a provision for any amounts that may prove uncollectable.

Short term deposits comprise funds held on deposit with the CCLA Church of England Funds. Provisions for liabilities are shown where an essential future cost is estimated at the year end.

Pension costs

The PCC as 'Employer' has an auto enrolment pension scheme with the Peoples Pension. All qualifying employees are automatically enrolled on the scheme and non-qualifying employees offered to enrol, at the start of their employment. Contributions are made by both employer and employee into the scheme according to their staff contract. Employers continuing responsibility and duties will be undertaken.

Risk management

The PCC recognises its responsibility for identifying and managing risks within the organisation. A working party of PCC members has identified, collated and scored risks for the PCC to manage and action as necessary.

Donated goods, facilities and services, including volunteers

Income raised from donated gifts for resale is recognised at the point of sale where the value of the donation is considered not material in the context of total annual income and/or where the estimated resale value cannot be determined.

The organisation relies on the contribution of many unpaid general volunteers to carry out activities. In the absence of a reliable basis for measurement, this contribution is not accounted for in monetary terms.

Going Concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to contine as a going conern.

14

HOLY TRINITY CHURCH LEICESTER ANNUAL REPORT Year ended 31 December 2020

NOTES TO THE FINANCIAL STATEMENTS (continued)

Unrestricted
Funds
£
2 INCOME and ENDOWMENTS
2a Voluntary Income
Planned Giving
Gift Aided Donations
269,361
Non Gift Aided Donations
59,396
Tax Recoverable
78,798
Collections (Open plate)
4,704
One off Gifts
56,901
Sponsorship Income - New Wine
10,173
Diocese Income
38,634
Grants
3,000
520,967
2b Activities for Generating Funds
Coffee Shop
28,703
External Conferenceing & Room hire
8,003
Fundraising
-
36,706
2c Investment Income
Bank Interest
208
208
2d Income Resources from Charitable Activities
Church Fees i.e weddings
125
Income from Church Activities
62,612
Mission Shaped Book
3,704
Hardship Fund
-
66,441
2e Other Incoming Resources
Tower Street & Lancaster Rd Rent
2,618
Job Retention Scheme - HMRC Grant
48,537
LPW grant for VAT
-
51,155
TOTAL
675,477
Unrestricted
Funds
£
269,361
59,396
78,798
4,704
56,901
10,173
38,634
3,000
Restricted

Funds
£
29,323
12,547
8,092
11,250
TOTAL FUNDS
2020
£
298,684
71,943
86,890
4,704
56,901
10,173
38,634
14,250
582,179
28,703
8,003
-
36,706
208
208
125
66,482
3,704
4,998
75,309
2,618
48,537
3,035
54,190
748,592
Unrestricted
Funds
£
258,396
60,357
69,238
18,617
13,682
10,019
42,652
3,000
475,961
47,430
15,356
-
62,786
135
135
599
83,950
1,948
-
86,497
19,525
-
-
19,525
644,904
Restricted
TOTAL FUNDS
Funds
2019
£
£
50,283
308,679
31,727
92,084
13,058
82,296
-
18,617
-
13,682
-
10,019
-
42,652
164,402
167,402
259,470
735,431
-
47,430
-
15,356
-
-
-
62,786
-
135
-
135
-
599
1,908
85,858
-
1,948
1,156
1,156
3,064
89,561
-
19,525
-
-
28,714
28,714
28,714
48,239
291,248
936,152
520,967 61,212
28,703
8,003
-
-
-
-
36,706 -
208 -
208 -
-
3,870
-
4,998
66,441 8,868
2,618
48,537
-
-
-
3,035
51,155 3,035
675,477 73,115

15

HOLY TRINITY CHURCH LEICESTER ANNUAL REPORT

Year ended 31 December 2020

NOTES TO THE FINANCIAL STATEMENTS (continued)

3 EXPENDITURE on:
Costs of generating funds
Coffee Shop expenses
Coffee Shop Staff Salaries & Pension
External Conferenceing & Room hire
3a
Charitable Expenditure
Mission and Ministry
Mission Links - Individuals (note 15)
Mission Links - Societies and Organisations (note 15)
Individual Gifts - amounts paid (note 15)
Diocese Parish Gift
Mission - Students, Imprint, MSC's, Alpha & Evangilism
TMAL & Triangle
Young Trinity, Youth and Schools Work
Resellables
Resource Church
Training and Development - Incls NWDY
Church Events and Hospitality
Christian Conferences
Church Services & Music
Church Fees Costs i.e. weddings
Hardship Fund
Ministerial Staff Salaries & Pensions
Ministerial Staff Expenses
Mission Shaped Book
3b
Property, Management & Administration
Church & Offices - insc, rates, utilities, cleaning & carpark
Church Repairs and Maintenance
Equipment , Depreciation and Technical Maintenance
Trinity Hall Running Costs
Trinity Hall & Rectory Garage Depreciation
Building Fund Development Expenditure
Administrative Staff Salaries, Pensions & Expenses
Tower St & Fosse Rd - Rent and Costs
Office Expenses and Printing
Professional Fees and Licensing fees
Bank Charges
Mortgage Interest
3c
Other
Governance Costs
Auditor's Remuneration
TOTAL
Unrestricted
Funds
£
9,867
39,166
2,739
Restricted
Funds
£
-
-
-
TOTAL FUNDS
2020
£
9,867
39,166
2,739
51,772
21,000
18,700
8,690
79,400
13,972
4,224
2,029
80
3,990
39,941
1,238
4,930
5,950
-
6,763
184,621
297
117
395,942
22,878
7,011
8,231
9,877
13,185
32,733
107,629
3,686
10,023
3,695
36
10,855
229,839
4,620
4,620
682,173
Unrestricted
Funds
£
30,342
31,695
1,224
Restricted TOTAL FUNDS
Funds
2019
£
£
-
30,342
31,695
-
1,224
-
63,261
-
21,000
-
12,500
-
10,621
-
107,000
14,051
23,268
8,106
8,106
121
8,603
-
1,472
-
1,556
59
34,339
-
6,913
21,807
-
3,719
-
12
731
731
-
198,935
-
404
-
1,931
23,068
462,917
-
32,885
-
8,456
-
4,606
-
9,280
-
13,185
302,603
302,603
15,000
121,814
-
14,647
-
11,972
-
3,784
-
180
10,048
10,048
327,651
533,460
-
4,650
-
4,650
350,719
1,064,288
51,772 - 63,261
21,000
18,700
8,690
79,400
4,779
1,978
1,913
80
3,990
39,941
1,238
4,930
5,950
-
184,621
297
117
-
-
-
-
9,193
2,246
116
-
-
-
-
-
-
-
6,763
-
-
-
21,000
12,500
10,621
107,000
9,217
8,482
1,472
1,556
34,280
6,913
21,807
3,719
12
-
198,935
404
1,931
377,624 18,318 439,849
22,878
7,011
8,231
9,877
13,185
107,629
3,686
10,023
3,695
36
-
-
-
-
-
-
32,733
-
-
-
-
-
10,855
32,885
8,456
4,606
9,280
13,185
-
106,814
14,647
11,972
3,784
180
-
186,251 43,588 205,809
4,620 - 4,650
4,620 - 4,650
620,267 61,906 713,569

16

HOLY TRINITY CHURCH LEICESTER ANNUAL REPORT Year ended 31 December 2020

NOTES TO THE FINANCIAL STATEMENTS (continued)

4
NET INCOME FOR THE YEAR
Net income is stated after charging:
Depreciation
Operating lease rentals
5
STAFF COSTS
Wages and salaries
Social Security costs
Pension costs
TOTAL
2020
2019
£
£
15,157
15,803
1,175
1,303
2020
2019
£
£
277,232
299,704
21,137
20,824
18,048
18,844
316,417
339,372

In 2020, the PCC employed an average of 15 (2019: 19) members of staff. The full time equivalent employees were 11 (2019:13) There were no employees who earned more than £60,000 including pension costs. The PCC contributed to a defined contribution personal pension scheme for 17 employees (2019:12).

6 REMUNERATION AND EXPENSES PAID TO TRUSTEES AND SENIOR LEADERSHIP STAFF

No trustee was paid for their services as trustee. Expenses incurred wholly, exclusively and necessarily for the benefit of the organisation were reimbursed during 2020 to 3 trustee of £6,967 (2019: £99) and 2 (2019: 5) Senior Leadership Staff of £7,573 (2019: £26,307). Trustee indemnity was paid for on behalf of the trustees.

7 FIXED ASSETS FOR USE BY THE PCC

FIXED ASSETS FOR USE BY THE PCC
Tangible Fixed Assets
Cost at 1 January 2020
Additions
Disposals
Cost at 31 December 2020
Depreciation at 1 January 2020
Eliminated on disposal
Depreciation for the year
Depreciation at 31 December 2020
NBV at 31 December 2020
NBV at 31 December 2019
Property
£
659,294
-
-
Equipment
Total
£
£
18,259
677,553
1,295
1,295
-
-
19,554
678,848
13,311
92,423
-
-
1,972
15,157
15,283
107,580
4,271
571,268
4,948
585,130
659,294
79,112
-
13,185
92,297
566,997
580,182

The PCC rents 72 Tower Street from Midland Heart under an agreement that allows the PCC to sub-let the property on a not for profit basis. All rental income and expenses are included in the SOFA.

8 ANALYSIS OF NET ASSETS BY FUND

Fixed Assets
Current Assets
Current Liabilities
Long Term Liabilities
Unrestricted
Funds
£
571,268
205,452
(79,072)
(356,691)
Restricted
Funds
£
-
25,671
(4,199)
-
Total
Total
2020
2019
£
£
571,268
585,130
231,123
155,559
(83,271)
(74,843)
(356,691)
(369,836)
362,429
296,010
340,957 21,472

17

HOLY TRINITY CHURCH LEICESTER ANNUAL REPORT

Year ended 31 December 2020

NOTES TO THE FINANCIAL STATEMENTS (continued)

9 DEBTORS Unrestricted Restricted Total Total Total
Funds Funds 2020 2019
£ £ £ £
Gift Aid recoverable 11,639 1,021 12,660 13,068
Other debtors & prepayments 11,196 200 11,396 28,261
22,835 1,221 24,056 41,329
**10 ** LIABILITIES : AMOUNTS FALLING DUE WITHIN ONE YEAR
Unrestricted Restricted Total Total
Funds Funds 2020 2019
£ £ £ £
Creditors for goods and services 9,976 4,200 14,176 6,413
Missionary allocations and gifts 8,375 - 8,375 11,875
Deferred income 33,097 - 33,097 9,265
Other Creditors 6,988 - 6,988 23,376
Accrued expenses 6,635 - 6,635 9,914
Mortgage capital repayment 14,000 - 14,000 14,000
79,071 4,200 83,271 74,843

Deferred income relate to monies received for the cost of training internship students for 11 months inline with the academic year.

**11 ** LIABILITIES : AMOUNTS FALLING DUE MORE THAN ONE YEAR 2020 2019
£ £
Mortgage loan with Methodist Chapel Aid secured on Trinity Hall 356,691 369,836
Repayment term over 25 years. An additional loan amount of £50,000 was applied for in 2019 and received in October 2019.

12 LEASING AGREEMENTS

Minimun lease payments under non-cancellable operating leases fall due as follows:-

Within one year
Between one and five years
2020
2019
£
£
-
652
-
-
-
652

13 TRANSACTIONS WITH RELATED PARTIES

During the year, the church made payments to New wine, of which the incumbent, the Reverend J McGinley was a representative and Regional Director. A gift of £350 was also made to J McGinley towards his PHD study costs. The amounts paid are detailed in note 15.

During 2020, the church hosted an events on behalf of New Wine on a normal commercial basis.

18

HOLY TRINITY CHURCH LEICESTER ANNUAL REPORT Year ended 31 December 2020

NOTES TO THE FINANCIAL STATEMENTS (continued)

14 SUMMARY OF FUND MOVEMENTS

Restricted funds:
Hardship Fund
Trinity Money Advice (TMAL)
14a
Compassion Fund
Compassion Life Skills Funds
Childrens Work Award Fund
Imprint Fund
Worship Leader Fund
14d
Unrestricted funds:
General funds
Designated funds:
Holy Trinity Church Plant Fund
Trinity Hall Fund
14b
Rectory Garage Fund
14c
Small Gift Fund
Total funds
Buildings Development Fund
Fund
balances
brought
forward
Income
Expenditure
Transfers
Fund
balances
carried
forward
£
£
£
£
£
2,409
5,870
(6,763)
-
1,516
287
180
-
-
467
28,559
36,885
(43,588)
(14,000)
7,856
548
6,036
(2,246)
4,338
931
-
-
-
931
615
-
(116)
-
499
(86)
12,894
(9,193)
-
3,615
-
11,250
-
(9,000)
2,250
33,263
73,115
(61,906)
(23,000)
21,472
59,552
672,477
(605,307)
9,000
135,722
-
-
3,000
3,000
-
-
6,000
160,154
-
(12,362)
14,000
161,792
36,233
-
(823)
-
35,410
3,808
(1,775)
2,033
262,747
675,477
(620,267)
23,000
340,957
296,010
748,592
(682,173)
-
362,429

14a Buildings Development Fund - During 2020 Trinty hall kitchen was renovated to ensure health and saftey compliance. Audio and video equipment was purchased to enable the Live Streaming of services and events during the Covid 19 pandemic.

14b The Trinity Hall Fund shows the capital balance of reserves after depreciation vested in the purchase of that building, the balance being the mortgage loan with Methodist Chapel Aid, note 10.

19

HOLY TRINITY CHURCH LEICESTER ANNUAL REPORT Year ended 31 December 2020

NOTES TO THE FINANCIAL STATEMENTS (continued)

15
GRANTS
Giving to Missions and other organisations:
Individual recipient
Link
A Fanstone
IRIS Ministries
S Wheway
Hellenic Ministries
A & L Zhang
Saffiers
Resource
Alison Morgan
S Braker
B Blacklock
Navigators
A and S Smith
SIM
Societies & organisations
Christian Aid
Open Doors
Fusion
Student ministry
Tanzania Project
New Wine
Home mission
Diocese Of Leicester
Giving to individual mission
ROC UK
A.Webster - Leicester Citizens
J.Hamer
J. Mc Ginley - Gift for Studies
H Fryer - Gift
University of Leicester CU
Demontfort Universtiy CU
Community Money Advice
CPAS
S. Wheway
Tanzania Water Project - C Ndigirwa
Church Mission Society - Toliara famine relief
G.Scott - Mission Gift
Holy Trinity Church Plant
Leicester Citizens
PCC leaving gifts
Greata - Intern Gift for Travel
S.Lux Mission Trip
K.Washington Mission Trip
G.Percello Mission Trip
A. Wood - Mission Gift
D. Gomes - Mission Gift
K. Washinton - Mission Gift
A. Scott - Mission Gift
S.Lux - Mission Gift
Street Pastors
D.Lewis - Czech Mission trip
A.Fanston - Gift
M.Pidgeon - Mission Gift
E.Greaves - Mission Gift
N.Loopes - Intern Travel
Total mission payments
2020
£
3,500
3,500
3,500
3,500
3,500
3,500
-
-
21,000
1,500
1,500
3,000
5,000
1,500
6,200
18,700
300
200
300
350
100
250
250
100
500
500
1,000
500
300
3,000
1,000
40
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
8,690
48,390
2019
£
3,500
3,500
-
-
3,500
3,500
3,500
3,500
21,000
1,500
1,500
3,000
5,000
1,500
-
12,500
300
-
-
-
-
-
-
-
-
-
-
-
300
3,000
1,000
-
141
160
160
160
500
500
1,000
500
400
100
100
100
100
600
1,200
10,321
43,821

20