This sign indicates a left-hand junction with the lower end of Creamery Lane. Although the junction is not a particularly busy one, all traffic leaving the village from Creamery Lane, Croft Avenue, Monsdale Lane, Church Walk and Parsons Croft has to pull out onto the main road from here.
Some will argue that it is important to warn drivers on the main road to keep a look-out for traffic joining the road from the left. Others will argue that the junction is insufficiently busy or dangerous to warrant such a sign, or that the sign is unlikely to cause anybody to drive differently.
It’s also worth pointing out that there is no actual “Give Way” sign at the bottom of Creamery Lane.
PARWICH.ORG 
On reflection, perhaps the best solution would be to remove all the road signs within the village and replace the 30 MPH signs at the village boundaries with 20 MPH signs.
That makes a lot of sense, especially given that the kids (mine included) tend to wander / cycle along the village roads as if they were pedestrianised.
This is a view which I’ve heard several people express over the last few months, and it’s one of the reasons why we’re running this series of posts: to see how popular/unpopular the signs really are.
When we’ve covered all the signs, I’ll put together a final “league table” post, ranking them from “most popular” to “least popular”, with percentages for and against.