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 for the year ended 31 December 2023
Incumbent
Revd Elaine Sutherland Church Office 2 Upper King Street Leicester LE1 6XE
Bankers
Lloyds Bank plc Old Market Square Branch Nottingham NG1 6FD
HSBC Bank pic 31 Granby Street Leicester LE1 6EP
Independent Examiners
The Rowleys Partnership Ltd Charnwood House Harcourt Way Meridian Business Park Leicester LE19 1WP
Holy Trinity with St John the Divine Church, Regent Road, Leicester
Contents
Trustees’ Annual Report for the year ended 31 December 2023 ......................................................... 2 Independent Examiners Report to the Trustees of Holy Trinity Church Leicester ............................ 11 Statement of Financial Activities ......................................................................................................... 12 Balance Sheet at 31 December 2023 ................................................................................................... 13 Statement of Cashflows ....................................................................................................................... 14 Notes to the Financial Statements ...................................................................................................... 15
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Holy Trinity with St John the Divine Church, Regent Road, Leicester
Trustees’ Annual Report for the year ended 31 December 2023
The Trustees present their report and the unaudited financial statements of the charity for the year ended 31 December 2023. 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 in October 2019.
Governance
Holy Trinity with St John the Divine Church (“Holy Trinity Church”, “HTL”) 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 Parochial Church Council) Associate Vicars: Revd Jitesh Patel, Revd James Norris Wardens: Helen Dyke, Nicholas Watts
Parochial Church Council (“PCC”) Members:
- Indicates Deanery Synod member
Helen Dyke (Elected April 2019, Re-elected April 2022) Alex Herrick (Elected Dec 2022) Susan Lewis (Elected April 2022) Martin Manyame (Elected April 2020, Re-elected April 2023) Andrew Oakley (Elected April 2018, Re-elected April 2021) Nathan Obokoh (Elected April 2018, Re-elected April 2021) Olapeju Ogunmokun (Elected April 2022) Michael Robbins (Elected April 2022) Alan Schwarzenberger (Elected April 2021) Katie Washington (Elected April 2023) Nicholas Watts (Elected April 2021)
Cameron Benoy* (Elected April 2021, Resigned September 2023) Peter Hernandez (Elected April 2020, Resigned April 2023) Asher Wood (Elected April 2023, Resigned December 2023)
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Holy Trinity with St John the Divine Church, Regent Road, Leicester
Trustees’ Annual Report for the year ended 31 December 2023 (continued)
PCC Officers
Chairman: Elaine Sutherland Lay Vice-Chairman: Nicholas Watts Treasurer: Alex Herrick Secretary : Olapeju Ogunmonken
All current church officials are trustees.
Structure, Governance and Management
The PCC 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 exofficio 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, and 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.
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 particularly the specific guidance on charities for the advancement of religion.
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Holy Trinity with St John the Divine Church, Regent Road, Leicester
Trustees’ Annual Report for the year ended 31 December 2023 (continued)
Objectives and Activities (continued)
The vision of the church is to be a community of missional disciples of many nations who will transform the city of Leicester, and beyond, with the Gospel of Jesus Christ. This can be summarised through our vision statement of: Following Jesus, Making Disciples, Raising Disciples.
Review of the Year
As a Chris�an community con�nuing to navigate a post pandemic way of living life for Jesus, Holy Trinity Leicester (“HTL”) has con�nued to thrive in achieving its vision of being a community of missional disciples of many na�ons who will transform the city of Leicester, and beyond, with the Gospel of Jesus Christ.
HTL con�nues to be a designated Resource Church within the Diocese of Leicester along with six other churches. As part of this commission, we have con�nued to support the revitalisa�on of Holy Apostles Church and witnessed Imprint Leicester plant again to Imprint London. Our success in 2022 with our church plant into St Peter’s Church Belgrave (“St Peters”) saw further development in 2023 with the employment of Anne Sco� as a Lay-Licenced Pioneer for two days per week. St Peters now have 10 families regularly engaged with their fortnightly gathering using Mossy Church and Messy Church. They have begun a food bank, community larder and led two Start Courses (an introduc�on to Chris�anity course). The HTL Children’s and Youth Team con�nue to support St Peters primarily through leading Messy Church and X-Club at the connected Belgrave St Peter’s C of E Primary School.
Furthermore in 2023, Anne Sco� has been employed by HTL for an addi�onal day per week to establish the HTL Forest Church, support the Diocese of Leicester with net zero objec�ves, and launch the Outdoor Worship Leicester (“OWL”) Network across the Diocese of Leicester and beyond.
outreach to Hindus and further development of the 9am Reflec�ve service. During the autumn term, we saw the establishment of Accessible Church for teens and adults with learning difficul�es with five families and two adult helpers from HTL.
children and youth, students, young adults, compassion, worship, prayer, prophecy, teaching and preaching, all seeking transforma�on through mission and discipleship with the Gospel of Jesus Christ. Our missional communi�es and small groups have developed to differing degrees with Plus One coming to a natural close during the year. Mission and evangelism con�nue to grow, with a new evangelism team established through HTL’s partnership with Mission24.
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Holy Trinity with St John the Divine Church, Regent Road, Leicester
Trustees’ Annual Report for the year ended 31 December 2023 (continued)
Review of the Year (continued)
People changes
mission beyond Leicester and the UK.
Compassion Ministry. Marie Banks le� her role as Kings Coffee House Manager in February following a natural desire to be based in the same Chris�an community as her husband and we welcomed Esther Bliss into this post. Meaghan Blane, our Kings Coffee House Assistant Manager, went on maternity leave in March and Cameron Forbes began as maternity cover. Karen Davies le� the opera�ons team in April following a call to foster children, with HTL welcoming Ellie Hatcher to the staff team on a part �me contract.
In July our cohort of New Wine Discipleship Year (“NWDY”) students completed their �me with HTL and three new students commenced the NWDY course, star�ng in September. Also in July Pedro Neto le� HTL a�er seven years on our staff team to follow a call to become an Associate Pastor of Imprint London. In December our children’s and youth worker, Elena Wood, le� her post following a call to be on mission in South Africa with her husband, Asher.
Across the year we have seen the normal comings and goings of people within our church family and have been delighted to welcome many new people, 161, though not all have remained with us. We are excited to con�nually reflect our city as a church from many na�ons.
Achievements and performance Church attendance
At the APCM in 2023 there were 246 (2022: 267) persons on the Electoral Roll and the analysis of the general a�endance and par�cipa�on in the life of the church includes:
-
105 in-person services (with 104 in-person services livestreamed),
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10 HTL Forest Church gatherings,
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2 Accessible Church gatherings,
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Numerous Missional Community gatherings,
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2 funeral services,
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4 weddings,
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19 adult bap�sms,
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1 young person bap�sm and 4 infant bap�sms.
The total number of people par�cipa�ng in the life and worship of Holy Trinity on a regular basis is 561 (2022: 585). The number of under 18’s connected to HTL is 168. The average number of adult a�endees per Sunday was 287 (2022: 261) excluding those joining via livestream. The average number of under 18’s a�ending on a Sunday was 61 (2022: 36).
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Holy Trinity with St John the Divine Church, Regent Road, Leicester
Trustees’ Annual Report for the year ended 31 December 2023 (continued)
Review of the Year (continued)
Achievements and performance Church attendance (continued)
The PCC met 12 �mes and the standing commi�ee met twice. Two mo�ons were passed in rela�on to Minister Communi�es and Prayers of Love and Faith during the PCC mee�ngs held on 11 March 2023 which were:
Mo�on 1
This PCC resolves to maintain CPAS as sole patron of Holy Trinity with St John the Divine, Leicester and rejects any shared patronage that might occur through the implementa�on of the Shaped by God (Minister Communi�es) process.
Mo�on 2
This PCC strongly requests that the present and any future incumbent of Holy Trinity with St John the Divine Leicester do not use Prayers of Love and Faith, nor allow any other clergy to use them in the church building and associated buildings.
On the 19 December 2023 Prayers of Love and Faith (“PLF”) were commended to be used in the Church of England at the discre�on of the incumbent with the Bishop’s permission. The following statement was agreed by the PCC in response: The PCC supports the clergy’s decision and posi�on that they will not use the PLF prayers.
Financial Review
The financial year to 31 December 2023 has seen HTL produce an overall surplus of £44,710 made up of a loss in unrestricted funds of £9,440 and a surplus on restricted funds of £54,150.
During the year total income received reduced to £734,083 (2022: £757,612). This is primarily due to no proceeds received from the sale of assets in 2023 (2022: £108,239) and a reduction in other income resources of £36,877 offset by increases in voluntary income and income resources from church activities of £72,802 and £40,903 respectively.
Voluntary income is the primary source of income for HTL amounting to £523,733 in 2023 (2022: £450,971), with regular planned giving being the most popular and effective way to financially support the church, commonly through donations via standing orders. The receipt of a £50,000 one off grant to develop the garden connected to the HTL church building makes up most of the £72,802 increase in 2023.
There is a £23,280 increase in congregational giving (defined as Unrestricted and Restricted receipts within Gift aided donations, Non gift aided donations, Collections (open plate) and One off gifts) in 2023 totalling £390,956 (2022: £367,676). This includes an increase of £11,345 in One off gifts primarily from one large donation received in December 2023. The remaining movement is primarily due to an increase in planned gift aided donations received totalling £288,687 in 2023 (2022: £276,193).
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Holy Trinity with St John the Divine Church, Regent Road, Leicester
Trustees’ Annual Report for the year ended 31 December 2023 (continued)
Financial Review (continued)
The PCC ask all members to prayerfully review their giving as we move beyond 2023 in our vision to be community of missional disciples of many nations who will transform the city of Leicester, and beyond, with the Gospel of Jesus Christ through following Jesus, making disciples, and raising disciples together.
In the year, the church received an exceptional one-off restricted grant for the Memorial Garden Fund of £50,000 received for the development and on-going maintenance of the garden connected to the Holy Trinity Church building.
The church also received Income from Church Activities of £112,483, being an increase of £42,195 from the £70,288 received in 2022, primarily due to receiving Strategic Development Fund (“SDF”) monies from Leicester Diocese to enable mission towards young adults and deprived areas of the city. This income includes funding for two additional staff posts at HTL in the year.
In 2022 HTL received the one-off exceptional income of £108,239 for the net proceeds of the sale of the Rectory garage. There were no similar sales of assets in 2023.
Total expenditure in the year was £689,373 (2022: £646,356), an annual increase of £43,017. This is driven by exceptional one-off repairs to the flat roof of our church building.
Staff costs had a net increase of £5,234 from 2022, with increases in ministerial, administrative, and coffee shop salaries and pensions offset by the removal of all kickstart salary and pension costs in 2023 following the end of the Kickstart programme in 2022.
At the 31 December 2023, HTL held fund balances of £579,520 (2022: £534,810) with £481,994 (2022: £491,434) in unrestricted and designated funds, and £97,526 (2022: £43,376) in restricted funds. The primary movement in restricted funds is due to the receipt of £50,000 for the memorial garden fund.
At 31 December 2023 the church held a cash balance of £278,509 (2022: £241,848). Whilst a seemingly significant amount of cash, the church’s reserves policy stipulates the PCC hold 3 months gross salaries and essential operating costs in cash for unforeseen and exceptional circumstances. In 2023 this amounted to £144,466 (2022: £100,612). The remaining £134,043 includes £97,523 for restricted funds, leaving £36,520 cash available for on-going operating costs and unrestricted investments.
HTL fully own Trinity Hall which is financed by a mortgage which held a balance of £177,564 on 31 December 2023 (2022: £181,629) with 20 years remaining until full repaid.
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Holy Trinity with St John the Divine Church, Regent Road, Leicester
Trustees’ Annual Report for the year ended 31 December 2023 (continued)
Reserves Policy
It is not the intention of the PCC to hold large amounts of reserves for investment purposes, as it believes church 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, held as cash in the bank, to cover primary operational costs in the event of an unforeseen reduction in income or increase in expenditure. For the year ended 31 December 2023 it was the PCC's policy to maintain a minimum of unrestricted funds of £144,466 (2022: £100,612), which is reviewed and calculated annually alongside the financial year and budget setting process. The minimum reserves held are 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.
Risk Management
The PCC has a risk register which covers the major risks to which the charity is exposed, and this is updated at least annually. Where appropriate, systems and procedures have been established to mitigate the risks that the church faces.
The Child Protection Policy was reviewed and updated as required in June 2023 and is reported on each year within the PCC. Safeguarding is an agenda item in every PCC meeting to ensure the PCC’s responsibility to this issue remains a consistent and high priority.
The Health and Safety Policy was reviewed and updated as necessary in November 2023 and is reported on each year within the PCC. Health and Safety is also put on the agenda as a regular item to reaffirm the PCC’s responsibility to appropriately managing these risks. Appropriate buildings and public and employee liability insurances are in place and are regularly reviewed.
The PCC has responded to the General Data Protection Regulation (GDPR), introduced in May 2018, and continues to monitor the use of data carefully, particularly concerning donor data. Our Data Protection Policy covers how we use donor data and gives donors the option to opt out of any contact or make a formal complaint. We carefully monitor the relationships we have with donors and seek to maintain a consistent standard of stewardship based on the guidance of the Code of Fundraising Practice and the Fundraising Promise.
Related Parties
Details of related party transactions are disclosed in Note 11 of the financial statements.
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Holy Trinity with St John the Divine Church, Regent Road, Leicester
Trustees’ Annual Report for the year ended 31 December 2023 (continued)
Plans for future periods
A budgeted deficit of £13,294 for general unrestricted income and expenditure has been set for the financial year to 31 December 2024 (deficit of £29,830 for the financial year to 31 December 2023). This reflects the known difficulties faced in operating in the current economic environment. Starting in the financial year to 31 December 2024, the PCC have agreed to increase its donations from 10% to 11% 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.
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Holy Trinity with St John the Divine Church, Regent Road, Leicester
Trustees’ Annual Report for the year ended 31 December 2023 (continued)
Statement of Trustees Responsibilities
The charity trustees are responsible for preparing a trustees’ annual report and 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 charity trustees to prepare financial statements for each 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 the financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the applicable Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures that must be disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the PCC on 16 April 2024 and signed on their behalf by:
Revd Elaine Sutherland Chairman
Alex Herrick Treasurer
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Holy Trinity with St John the Divine Church, Regent Road, Leicester
Independent Examiners Report to the Trustees of Holy Trinity Church Leicester
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2023 which are set out on pages 13 to 30.
Responsibilities and basis of report
As the charity’s trustees you 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 charity’s accounts carried out under section 145 of the 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
Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do 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.
Lisa G Parkes FCA FCCA The Rowleys Partnership Limited Chartered Accountants Charnwood House Harcourt Way Meridian Business Park Leicester LE19 1WP
Date:
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Holy Trinity with St John the Divine Church, Regent Road, Leicester
Year End 31 December 2023
Statement of Financial Activities
| Notes Income and Endowments from: Voluntary Income 2a Activities for generating funds 2b Investment funds 2c Income resource from Church Activities 2d Other incoming resources 2e Net Proceeds from Sale of Assets 2f Total Total Expenditure on: Fundraising costs 3a Charitable Activities Mission and Ministry 3b Property, Management and Administration 3c Other costs 3d Total Net Income / (Expenditure) Transfers between funds 12 Net movement in funds Total funds brought forward Total funds carried forward 12 |
Unrestricted Restricted Total Total Funds Funds 2023 2022 £ £ £ £ 456,173 67,600 523,773 450,971 80,689 - 80,689 76,655 4,229 - 4,229 381 112,582 1,285 113,867 72,964 11,525 - 11,525 48,402 - - - 108,239 |
|---|---|
| 665,198 68,885 734,083 757,612 |
|
| 80,123 622 80,745 69,701 392,829 5,598 398,427 377,795 200,986 3,515 204,501 160,432 5,700 - 5,700 38,428 |
|
| 679,638 9,735 689,373 646,356 |
|
| (14,440) 59,150 44,710 111,256 |
|
| 5,000 (5,000) - - |
|
| (9,440) 54,150 44,710 11,256 |
|
| 491,434 43,376 534,810 423,554 |
|
| 481,994 97,526 579,520 534,810 |
All income and expenditure derive from continuing activities.
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Holy Trinity with St John the Divine Church, Regent Road, Leicester
Balance Sheet at 31 December 2023
| Notes Fixed assets Tangible assets 7 Current assets Debtors 8 Short term deposits Cash at bank and in hand Liabilities Creditors: Amounts falling due within one year 9 Net current assets Total assets less current liabilities Creditors: Amounts falling due after one year 10 Total net assets The funds of the charity Restricted funds 12 Unrestricted funds 12 Total funds |
Total Total 2023 2022 £ £ 504,167 510,844 26,991 30,625 177,000 57,000 101,509 184,848 |
|---|---|
| 305,500 272,473 (58,583) (72,878) |
|
| 246,917 199,595 |
|
| 751,084 710,439 (171,564) (175,629) |
|
| 579,520 534,810 |
|
| 97,526 43,376 481,994 491,434 |
|
| 579,520 534,810 |
Approved by the Parochial Church Council on 16 April 2024 and signed on its behalf by:
Revd Elaine Sutherland Alex Herrick Chairman Treasurer
The notes on pages 15 to 29 form part of these accounts.
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Holy Trinity with St John the Divine Church, Regent Road, Leicester
Statement of Cashflows
Year End 31 December 2023
| Cash flows from operating activities Net cash provided by operating activities (Note 14) 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 investing activities Cash flow from financing activities Repayments from borrowing Net cash provided by financing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the start of the reporting period Cash and cash equivalents at the end of the reporting period Analysis of cash and cash equivalents Cash at bank and in hand Cash deposits Total cash and cash equivalents |
2023 2022 £ £ 37,597 35,941 4,229 381 - 142,826 - (2,340) |
|---|---|
| 4,229 140,867 |
|
| (5,165) (174,426) |
|
| (5,165) (174,426) |
|
| 36,661 2,382 241,848 239,466 |
|
| 278,509 241,848 |
|
| 101,509 184,848 177,000 57,000 |
|
| 278,509 241,848 |
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Holy Trinity with St John the Divine Church, Regent Road, Leicester
Notes to the Financial Statements
1 Accounting Policies
Holy Trinity Church Leicester is an unincorporated charity registered in England and Wales. The address 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 as a going concern 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 £1. 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.
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.
Funds
i. General
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.
ii. Designated
Designated funds comprise unrestricted funds that have been set aside for purposes by the trustees. The aim and use for each designated fund is set out in the notes to the financial statements.
iii. Restricted
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.
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Holy Trinity with St John the Divine Church, Regent Road, Leicester
Notes to the Financial Statements (continued)
1 Accounting Policies (continued)
Incoming Resources
i. 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.
ii. Other ordinary income
Rental income from the letting of church premises is recognised when the rental is due.
iii. 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.
Resources used
i. 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.
ii. 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.
iii. 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
As a registered charity, the PCC is exempted from tax under s.478 CTA 2010.
Fixed assets
i. 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.
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Holy Trinity with St John the Divine Church, Regent Road, Leicester
Notes to the Financial Statements (continued)
1 Accounting Policies (continued)
Fixed assets (continued)
ii. Purchased land and buildings
Land and buildings are stated at cost. Buildings are depreciated over 100 years on a straight line basis.
iii. Other fixtures, fittings and office equipment
Expenditure below £600 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 and liabilities
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.
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.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months or less from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Pension costs
The PCC, as the 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.
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.
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Holy Trinity with St John the Divine Church, Regent Road, Leicester
Notes to the Financial Statements (continued)
1 Accounting Policies (continued)
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 continue as a going concern.
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Holy Trinity with St John the Divine Church, Regent Road, Leicester
Notes to the Financial Statements (continued)
2 Income and Endowments
| 2a Voluntary income Planned giving: Gift aided donations Non gift aided donations Tax recoverable Collections (Open Plate) One off gifts Grants 2b Activities for generating funds Coffee shop External Conferencing and room hire 2c Investment income Bank interest 2d Income resources from charitable activities Church fees (i.e. weddings) Income from church activities Book income Hardship fund 2e Other income resources Tower street rental Kickstart and Apprentice Schemes LPW grant for VAT 2f Net proceeds from sale of assets Sale of Rectory Garage Total |
Unrestricted Restricted Total Unrestricted Restricted Total Funds Funds 2023 Funds Funds 2022 £ £ £ £ £ £ 277,402 11,285 288,687 264,733 11,460 276,193 56,739 3,158 59,897 59,825 2,041 61,866 74,771 3,157 77,928 72,720 3,821 76,541 9,698 - 9,698 8,288 - 8,288 32,674 - 32,674 21,329 - 21,329 4,889 50,000 54,889 6,754 - 6,754 |
|---|---|
| 456,173 67,600 523,773 433,649 17,322 450,971 |
|
| 72,719 - 72,719 63,157 - 63,157 7,970 - 7,970 13,498 - 13,498 |
|
| 80,689 - 80,689 76,665 - 76,665 |
|
| 4,229 - 4,229 381 - 381 |
|
| 4,229 - 4,229 381 - 381 |
|
| 99 - 99 841 - 841 112,483 - 112,483 70,288 1,000 71,288 - - - 30 - 30 - 1,285 1,285 - 805 805 |
|
| 112,582 1,285 113,867 71,159 1,805 72,964 |
|
| 9,600 - 9,600 10,610 - 10,610 - - - 37,517 - 37,517 1,925 - 1,925 275 - 275 |
|
| 11,525 - 11,525 48,402 - 48,402 |
|
| - - - 108,239 - 108,239 |
|
| - - - 108,239 - 108,239 |
|
| 665,198 68,885 734,083 738,485 19,127 757,612 |
19
Holy Trinity with St John the Divine Church, Regent Road, Leicester
Notes to the Financial Statements (continued)
3 Expenditure
| 3a Costs of generating funds Coffee shop expenditure Coffee shop salaries and pension External conferencing and room hire 3b Mission and ministry Mission links – Individuals (note 13) Mission links – societies and organisation (note 13) Individual gifts – amounts paid (note 13) Diocese parish gift Mission – student, Imprint, MSC’s, Alpha and evangelism TMAL and compassion ministries Young Trinity, Youth and schools work resaleable Resource church Training and development incl. New Wine Discipleship Year Church events and hospitality Christian conferences Church services and music Hardship fund Ministerial staff salaries and pensions Book resaleable |
Unrestricted Restricted Total Unrestricted Restricted Total Funds Funds 2023 Funds Funds 2022 £ £ £ £ £ £ 22,868 622 23,490 20,814 - 20,814 55,321 - 55,321 46,125 - 46,125 1,934 - 1,934 2,762 - 2,762 |
|---|---|
| 80,123 622 80,745 69,701 - 69,701 |
|
| - - - 2,106 - 2,106 41,059 - 41,059 42,040 - 42,040 2,600 - 2,600 2,530 - 2,530 107,004 - 107,004 108,000 - 108,000 2,922 462 3,384 7,218 5,420 12,638 1,920 3,702 5,622 1,930 5,483 7,413 9,822 334 10,156 8,572 44 8,616 21,094 - 21,094 7,317 - 7,317 17,522 - 17,522 12,550 - 12,550 3,217 - 3,217 3,995 - 3,995 - - - 33 - 33 5,347 - 5,347 11,118 - 11,118 - 1,100 1,100 - 1,291 1,291 180,322 - 180,322 158,046 - 158,046 - - - 102 - 102 |
|
| 392,829 5,598 398,427 365,557 12,238 377,795 |
20
Holy Trinity with St John the Divine Church, Regent Road, Leicester
Notes to the Financial Statements (continued)
3 Expenditure (continued)
| 3c Property, Management and Administration Church and offices incl. insurances, rates, utilities, cleaning and carpark Church repairs and maintenance Equipment, depreciation and technical maintenance Trinity Hall running costs Trinity Hall (2022: and Rectory Garage) depreciation Memorial garden expenditure Administrative staff salaries, pensions and expenses Tower Street rent and costs Office expenses and printing Professional and licencing fees Bank charges Mortgage interest 3d Other costs Independent examiners remuneration Auditors’ remuneration Kickstart set up costs Kickstart salaries and pension Total |
Unrestricted Restricted Total Unrestricted Restricted Total Funds Funds 2023 Funds Funds 2022 £ £ £ £ £ £ 23,736 - 23,736 22,959 - 22,959 56,517 - 56,517 7,214 - 7,214 1,107 - 1,107 2,295 - 2,295 6,930 - 6,930 11,478 - 11,478 5,570 - 5,570 12,362 - 12,362 - 3,515 3,515 - - - 76,970 - 76,970 71,326 - 71,326 8,435 - 8,435 12,646 - 12,646 8,114 - 8,114 8,094 - 8,094 4,667 - 4,667 4,236 - 4,236 522 - 522 139 - 139 8,418 - 8,418 - 7,704 7,704 |
|---|---|
| 200,986 3,515 204,501 152,728 7,704 160,432 |
|
| 5,700 - 5,700 - - - - - - 5,520 - 5,520 - - - 1,026 - 1,026 - - - 31,882 - 31,882 |
|
| 5,700 - 5,700 38,428 - 38,428 |
|
| 679,638 9,735 689,373 626,414 19,942 646,356 |
21
Holy Trinity with St John the Divine Church, Regent Road, Leicester
Notes to the Financial Statements (continued)
4 Net income for the year
| Net income for the year | ||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Net income is stated after charging: | ||
| Depreciation | 6,677 | 14,658 |
5 Staff costs
| Staff costs | |
|---|---|
| Wages and salaries Social security costs Pension |
2023 2022 £ £ 278,958 277,674 16,894 15,023 16,761 14,682 |
| 312,613 307,379 |
In the year the PCC employed an average of 15 (2022: 16) members of staff. The full-time equivalent employees were 10 (2022: 11). During the year no (2022: 10) people were employed under the Kickstart Scheme (a scheme for employers to create jobs for 16 to 24 year olds on Universal Credit).
There were no employees who earned more than £60,000 including pension costs. The PCC contributed to a defined contribution personal pension scheme for 13 (2022: 11) employees.
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 the year to 3 (2022: 3) trustees of £2,836 (2022: £2,203) and 3 (2022: 2) Senior Leadership Staff of £2,407 (2022: £1,500). Trustee indemnity insurance was paid for on behalf of the trustees.
22
Holy Trinity with St John the Divine Church, Regent Road, Leicester
Notes to the Financial Statements (continued)
7 Fixed assets for use by the PCC
| Cost At 01 January 2023 Additions in the year At 31 December 2023 Depreciation At 01 January 2023 Charge for the year At 31 December 2023 Net Book Value At 31 December 2023 At 31 December 2022 |
Property Equipment Total 2023 £ £ £ 618,122 23,793 641,915 - - - |
|---|---|
| 618,122 23,793 641,915 |
|
| 111,259 19,812 131,071 5,570 1,107 6,677 |
|
| 116,829 20,919 137,748 |
|
| 501,293 2,874 504,167 506,863 3,981 510,844 |
The title of the Freehold property is in the name of The Leicester Diocesan Board of Finance, as the Custodian Trustee for the Parochial Church Council of the Ecclesiastical Parish of the Holy Trinity Leicester.
The PCC rents 72 Tower Street from Midland Heart under an ongoing 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 Statement of Financial Activities.
| 8 Debtors Gift Aid recoverable Other debtors and prepayments |
Unrestricted funds Restricted funds Total 2023 Total 2022 £ £ £ £ 6,330 215 6,545 6,500 20,446 - 20,446 24,125 |
|---|---|
| 26,776 215 26,991 30,625 |
23
Holy Trinity with St John the Divine Church, Regent Road, Leicester
Notes to the Financial Statements (continued)
9 Liabilities: Amounts falling due within one year
| Creditors for goods and services Deferred income Other creditors Accrued expenses Mortgage capital repayment |
Unrestricted funds Restricted funds Total 2023 Total 2022 £ £ £ £ 7,664 721 8,385 21,109 25,254 - 25,254 26,192 11,114 - 11,114 10,661 7,830 - 7,830 7,817 6,000 - 6,000 7,099 |
|---|---|
| 57,862 721 58,583 72,878 |
Deferred income relates to monies received for the cost of training internship students for 11 months in line with the academic year and monies received in advance for academic years 2023/24.
10 Liabilities: Amounts falling due more than one year
| Mortgage Loan | Total 2023 Total 2022 £ £ 171,564 175,629 |
|---|---|
The mortgage loan is held with Methodist Chapel Aid and is secured on Trinity Hall. Repayment term is over 30 years, with 20 years remaining.
11 Related party transactions
During the year the PCC made a gift payment of £500 to J Patel (HTL Associate Vicar) towards his sabbatical. During the year Pedro Neto (HTL Worship Leader) held the shared role of Head of Worship at New Wine, and the PCC made payments to New Wine of £4,000. All related party transactions are disclosed in Note 13.
24
Holy Trinity with St John the Divine Church, Regent Road, Leicester
Notes to the Financial Statements (continued)
12 Summary of fund movements
| Restricted Funds Hardship Fund 12a Building Development Fund 12b Compassion Fund 12c Children’s Work Award Fund 12d Imprint Fund 12e Worship Leader Fund 12f Memorial Garden Fund 12g Food for Change Fund 12h Unrestricted Funds General Fund Designated Funds Holy Trinity Church Plant Fund 12i Small Gifts Fund 12j Building Maintenance Fund 12k St Peters Church Fund 12l Total Funds |
At 1 January 2023 Income Expenditure Transfers between funds At 31 December 2023 1,181 1,620 (1,100) - 1,701 18,107 12,770 - - 30,877 17,648 3,590 (3,702) - 17,536 334 - (334) - - 1,106 - (462) - 644 5,000 - - (5,000) - - 50,000 (3,515) - 46,485 - 905 (622) - 283 |
|---|---|
| 43,376 68,885 (9,736) (5,000) 97,526 |
|
| 434,432 660,882 (635,8056) (24,888) 434,621 15,000 3,500 - - 18,500 2,002 771 - 1,388 4,161 40,000 - (43,833) 28,500 24,667 - 45 - - 45 |
|
| 491,434 665,198 (679,639) 5,000 481,994 |
|
| 534,810 734,083 (689,373) - 579,520 |
12a Hardship Fund
The fund comprises of restricted donations received and expenditure incurred specifically for supporting people experiencing financial hardship.
12b Building Development Fund
The fund comprises restricted donations received, and expenditure incurred specifically for the maintenance and upkeep of all land and property the PCC are responsible.
12c Compassion Fund
This fund comprises restricted donations received, and expenses incurred for work within the Compassion ministries. This includes, but is not limited to, supporting vulnerable people, the homeless, those on low incomes, and asylum seekers.
12d Children’s Work Award Fund
This fund comprises of a restricted donation received for the sole purpose of purchasing equipment and resources for children’s work.
25
Holy Trinity with St John the Divine Church, Regent Road, Leicester
Notes to the Financial Statements (continued)
12 Summary of fund movements (continued)
12e Imprint Fund
This fund comprises of monies received from the Diocese of Leicester’s Strategic Development Fund (“SDF”) to financially support those completing the Imprint Internship programme.
12f Worship Leader Fund
This fund comprises of monies received to support the cost of the Worship leaders’ salary.
12g Memorial Garden Fund
This fund comprises of a grant received for the development and on-going maintenance of the garden connected to the Holy Trinity Church building.
12h Food for Change Fund
This fund comprises of restricted donations received and expenditure incurred for the Food for Change project.
12i Holy Trinity Church Plant Fund
This fund comprises of monies received and transferred from the general fund to support the ongoing and future work of church planting from Holy Trinity Church.
12j Small Gifts Fund
This fund comprises of transfers from the general fund to be paid towards Christian ministries and missionaries connected to Holy Trinity Church. The PCC has agreed for this to be equivalent to 11% of congregational giving (including gift aid).
12k Building Maintenance Fund
This fund comprises of transfers from the general fund to ensure sufficient financial resource is available for critical repairs and improvements required on Trinity Hall.
12l St Peters Church Fund
This fund comprises of monies received from St Peters Church, Belgrave.
26
Holy Trinity with St John the Divine Church, Regent Road, Leicester
Notes to the Financial Statements (continued)
12 Summary of fund movements (continued)
| Comparative summary of fund | movements | movements | ||||
|---|---|---|---|---|---|---|
| At 1 | Income | Expenditure | Transfers | At 31 | ||
| January | between | December | ||||
| 2022 | funds | 2022 | ||||
| Restricted Funds | ||||||
| Hardship Fund | 12a | 1,607 | 865 | (1,291) | - | 1,181 |
| Building Development Fund | 12b | 12,305 | 13,506 | (7,704) | - | 18,107 |
| Compassion Fund | 12c | 18,444 | 3,756 | (5,483) | 931 | 17,648 |
| Compassion Life Skills Fund | 931 | - | - | (931) | - | |
| Children’s Work Award Fund | 12d | 378 | - | (44) | - | 334 |
| Imprint Fund | 12e | 5,526 | 1,000 | (5,420) | - | 1,106 |
| Worship Leader Fund | 12f | 18,000 | - | - | (13,000) | 5,000 |
| 57,191 | 19,127 | (19,942) | (13,000) | 43,376 | ||
| Unrestricted Funds | ||||||
| General Fund | 140,691 | 735,485 | (614,082) | 172,338 | 434,432 | |
| Designated Funds | ||||||
| Holy Trinity Church Plant Fund | 12i | 12,000 | 3,000 | - | - | 15,000 |
| Trinity Hall Fund | 162,071 | - | (11,332) | (150,739) | - | |
| Rectory Garage Fund | 34,587 | - | - | (34,587) | - | |
| Small Gifts Fund | 12j | 7,014 | - | (1,000) | (4,012) | 2,002 |
| Building Maintenance Fund | 12k | 10,000 | - | - | 30,000 | 40,000 |
| 366,363 | 738,485 | (626,414) | 13,000 | 491,434 | ||
| Total Funds | 423,554 | 757,612 | (646,356) | - | 534,810 |
27
Holy Trinity with St John the Divine Church, Regent Road, Leicester
Notes to the Financial Statements (continued)
13 Grants
Giving to Missions and other organisations
| Giving to individual recipients S Nantes S Korrai Giving to societies and organisations A Fanstone - IRIS Ministries S Wheway – Hellenic Ministries Christian Aid Open Doors Fusion (Student ministry) Tanzania Project New Wine (Home mission) Saffiers Alison Morgan – Resource Leicester Citizens International Justice Mission Holy Trinity Church Plant Mission24 Evangelical Alliance S Braker – Legacy Ministries Street Kids Orthodox Ladies (HTL ministry) The Send Safe Families for Children Whipton Church Home for Good Church Action on Poverty ROC UK |
2023 2022 £ £ - 360 - 1,746 |
|---|---|
| - 2,106 |
|
| 7,345 3,540 7,345 3,540 1,885 1,500 1,885 1,500 2,010 3,000 2,180 5,040 4,000 4,925 2,055 3,540 295 3,540 1,250 1,000 54 500 3,500 3,000 2,000 1,000 100 100 2,055 3,540 1,000 - 2,000 - 100 - - 500 - 1,000 - 500 - 500 - 275 |
|
| 41,059 42,040 |
28
Holy Trinity with St John the Divine Church, Regent Road, Leicester
Notes to the Financial Statements (continued)
13 Grants (continued)
Giving to Missions and other organisations (continued)
| Giving to individual mission S Rudge J Patel Internship Mission Trip – A Costa Internship Mission Trip – I Gomez Internship Mission Trip – J Blyth Alpha Mission – J Greaves Mission – L Dobson Mission – S Korrai Mission – P Neto Mission – A Silva Mission – L Wasukulu Mission – S Iltecehcio Mission – J Morris Mission – C Anaele PCC leaving gifts Total mission gift payments |
2023 2022 £ £ 1,000 - 500 - 300 - 300 - 300 - 200 - - 80 - 80 - 300 - 300 - 300 - 300 - 300 - 500 - 370 |
|---|---|
| 2,600 2,530 |
|
| 43,659 46,676 |
14 Net cash outflow from operating activities
Reconciliation of net income to the net cash flow from operating activities:
| Net income for the reporting period Depreciation charges Interest on investments Profit on sale of fixed assets Decrease in debtors (Decrease)/ increase in creditors Net cash provided by operating activities |
2023 2022 £ £ 44,710 111,256 6,677 14,658 (4,229) (381) - (108,239) 3,635 3,100 (13,196) 15,547 |
|---|---|
| 37,597 35,941 |
15 Analysis of net debt by fund
| Fixed Assets Current Assets Current Liabilities Long Term Liabilities |
Unrestricted funds Restricted funds Total 2023 Total 2022 £ £ £ £ 504,167 - 504,167 510,844 207,253 98,247 305,500 272,473 (57,862) (721) (58,583) (72,878) (171,564) - (171,564) (175,629) |
|---|---|
| 481,994 97,526 579,520 534,810 |
29