The Parochial Church Council of the Ecclesiastical Parish of St Mary and St Ethelflaeda, Romsey Annual Report and audited Financial Statements for the year ended 31 December 2022 Contents Page Annual Report Independent Auditor's Report Statement of Financial Activities 10 Balance Sheet 11 Cash Flow Statement 12 Notes to the Financial Statements 13 Correspondence Address The Parish Office, The Vicarage, Church Lane, Romsey, S0518EP Charity number 1133189 Website www.romse abbe .or Bankers TSB Bank PLC, Romsey, Hampshire CAF Bank Limited, West Malling, Kent Independent Auditors Knight Goodhead Limited, 7 Bournemouth Road, Chandler's Ford, Eastleigh, 5053 3DA Throughout this document, thefull name of the Charity, given above, is abbreviated to Romsey Parochial Church Council Romsey Parochlal Church Countll Annual Report for the year ended 31 December 2022 Alms and purposes As a requirement of the Parochial Church Councils (Power51 Measure 1956, Romsey Parochial Church CouncTI IPCCI has the Yesponsibility of co-operating with the incumbent, in promoting in the parish, the whole mission of the Church, pastoral, spiritual, evangelical, social and ecumenical. The PCC also has maintenance responsibilities for Rom5ey Abbev, st. Swithun'5, The Parish Office at the Vicarage, and Romsey Abbey Church Rooms. Oblectlves and Activltles The regular pattern of Sunday worship maintained at Romsey Abbey comprises Holy Communion at 8am, SunB Eucharist at 9..30am, Abbey Vine at 11..15am and Evensong at 6.30pm. On the last Sunday of each month there is a celebration of Holy Comrnunion according to the Book ol Comrnon Prayer IBCPI at 3..30pm followed by Parish tea. Speclal services are held for civic events, youth and service organisations. St. Swithun'5, Crampmooi has one service every Sundèy morning. On the first Sunday of each month it 15 Morning Worship whilst on the other Sundays it 15 a Euchaiist with hymn5. To cater for young families, there are children's activities offered each week during Abbey Vine and on the first Sunday of each month the 'Shorter' Eucharist in the Abbey incorporates a talk aimed at all ages and worship songs as well as traditional hymns. Singing Story Time takes place weekly at St Swithun's, Crampmoor. Weekdays and Saturdays begin with Morning Prayer in the Abbey combined with the Eucharist (except on Mondays and Wednesdaysl. Choral Evensong is offered lortnightly during term-time. There is a Sung Eucharist on major Holy Days and some Festiv6ls. There is also a Bereavement service near to All Souls, Day at which those who have died in the previou5 twelve months are specifically rernembeiÈd. On Holy Innocent5 Day, 28, December, a service is held for those who have lost children or young people. A service for Romsey Abbey School is held each term and a Holocaust Memorial Service is also held In conjunction with the School. Baptisms are conducted on many SL4nday% in Ehe Abbey and occasionally at St Swithun's, Crampmoor. The prepaTation for these services includes the introduction of a baptisrn visitor, whose role it is to share with the families involved an understanding of the service itself and more about the Christian faith, and Baptism preparation meetings. Couples are prepared for Marriage and bereavement care is offered following funerals through the Pastoral Ministry Team. Times of services and other events are published in the weekly Bulletin, now distributed by e-mail to over I,OCK recipients, "Open Door" (the Parish Magazinel, the Romsey Advert15er and online on the Parish web51te and other social medla. It is possible to continue with all these commitments thanks to the whole clergy team, which includes Self Supportin8 Mini5lers ISSMI, Licensed Lay Ministers ILIMI and several other local Honorary As515tant Clergy. There is a weekly meeting of the Baby and Toddler Group during the school term which wor5hip5 monthly with a service in the Abbey. A meditation group meets on Wednesday evenings in Wisdom House and several home groups meet regularly for worship and study. A number of social activitie5 ale offered, with ie8ular parish lunches and tea5, which are particularly valued by those who live alone. The Listening Café was initiated during 2022 and meets on Wednesday afternoons. offering an opportunity for support, friendship and 3 chat to anyone wishing to attend. The Abbey host5 many tommunity events, including about 25 concerts each year by local schools and music groups and other exhibitions. creative activitie5 such as "Art in the Abbey" and other events. In addition, 11 local Schools and charities held Chri5tma5 Carol service5 or concert5 in the Abbey during December. Screens within the Abbey are used not only to Incorporate visual material during regular worship, weddings and funerals, but also to improve visibility in concert5 and service5 particularly for the visually impaired. The Abbey is open for vlsitors every day until at least 4..30pm with volunteer stewards on duty from mid-mornlng to provide a welcome and answer que5tion5. There were over 50,000 visitors during 2022. The Trustees confirm that they have due regard to the guidaiice on public benefit issued by the Charity Cornmission and conslder that this report explains how the activSties of the Charity provide public benefit. Page I Romsey Parochlal Church Councll Annual Report for ihe year ended 31 December 2022 Achievements and performance 2022 was the first fLtII year Sin￿ 2019 when 'in person, worship was able to be offered for the whole year, following the Covid-19 pandemic, although one Service each week has continued to be Streamed. The number of services offered each week has increased since 2021, but at the PCC has agreed that the previous offering of services should be reduced such that the Eucharist is no longer offered on Mondays and Wednesdays and Evensong is no longer said daily. The full Parochial Church Council held it5 iegular six meelings during the year. together with one addltional meetinB to deal with a single item. Some Sub-committees and working groups tontinued to meet throughout the year, notably the Financial Resources Committee, the Standing Committee and the Fabric Committee. Minutes of these meetings are reviewed and matters arising are discussed where appropriate at PCC meetings. Summaries of the work of these Groups Bre repoited to the Annual Parochlal Church Meeting IAPCMI. which took place in May. Jane Russell is the Electoral Roll Officer. There were 45412021.. 4461 parishioners on the Electoral Roll. The average "in peison" Sunday attendance Ilimlted by soclal dlstanclng for some of 20211 for Romsey Abbey during 2022 was 224 adults 12021.. 2101 and 20 children 12021.. 111 with a further 23 12021.. 201 adults worshipping regularly at St Swithun's. Crampmoor. In addition, an e5tirnated average Of 8012021.. 2501 individuals vlewed the live-streamed service each week. During the year there were 50 baptisms12021.. 281, 28 weddings12021.. 161 and 27 fun@rals12021.. 301 in the Abbey, with one b8ptism12021'. none) and one funeral12021'. threel at St Swithun's as well as 27 funeral services at a rematorium or cemetery taken by tler8y from the parlsh12021'. 211. In July. the Reverends Fiona Jenvey and Mich Lajeunes5e were ordained as Priests in Willchester Cathedra5 and Richard Meveigh was appointed Assistant Director ol Music from May. In the Parish Office, Helen Fogarty resigned at the start of the year and a review ol the stafflng needs was undertaken. Karen Blundell. who had joined during 2021, was joined later in the year by Stefan Willmott and Lucy RoquÈs. Together they provide 63 hours per week with each employee working lor three days per week. The Treasurer and Finance Oflicer have taken over billing for Funerals, Wedding5 and Church Rooms hire, previously undertaken by the office team. At the APCM in May, Ni8el Herriott stood down as Safeguarding Ofliter and was replaced by Andrew Keeling, who. later in the year, stepped back from duties and was replaced pro-tem by David Auger, ¢hurchwarden. Review of the Year 2022 - 'norm31' the Cambrid8e English dictlonary delinitlon is 'usual - the same a5 would be expected, and this was how the year generally turned out to bè. Coronavlrus. although still present, diminished in frequency and strength thanks to many factors not the least of which wa5 the vatcinatlon prtsgramme and the willingness of people to mask-up when cases increased. The Abbey still retains hand sanitising stations for those who wish to make use of them. The very beginning of the year saw the feast of the Epiphany translated from January 6 to Sunday 2, congregations were generou5 Wlth their donation5 of gifts for lot81 children and eharlties. As usual the The New Year also wltnessed some expe¥t conservatlon scrutiny of the Alice Taylor effigy in the Abbey by Peter Martindale. The surface of the effigy ha5 been flakin8 lor some time and the PCC is seekin& with the generous support of the Friends ol Romsey Abbey, to improve and 5tabili5e the condltlon of the monument. Externally the North Churchyard underwent some changes and within the re-wilded area a small number ol heritage apple trees have been planted. one tsf which was donated by TV8C to commemorate Ihe sacrifice5 made during the Covid-19 pandernic. The beech hedge has a15ts been lowered to create a more open aspect enabling people to see the wonderful green space open to all. The 9..303m services have continued to be streamed and thanks to the voluntary and skilful wolk ol the Romsey Abbey Technical team. As the year rolled by many people in the parish were caught up in helping ameliorate conditions for Ukrainian refugees following the atrocious war be8un in thBt country throuEh Russian aggression. Activities in the Abbey have included the collection of item5 in support of Ukrainian refugees being Irar¥sported to Southampton, and a charity recital by Ukrainian pianist, Ivan Hovorun. Page 2 Romsey Parochial Church Council Annual Report forthe yearended 31 December 2022 Achlevements and performance Icontlnuedl Review of the Year fcontinuedl The choirs made day trips to sing Evensong at Southwark Cathedral and Sl. GeorÈe's Chapel, Windsor Castle. Free lunchtlme concerrs continued running from Maich to July 3nd from September to November. A new visitor app was launched to give visitors and local residents insights into the architecture, history and treasures of the Abbey. The app was masterminded by Andrew Keeling and launched with the help of the Romsey Visitor Information Centre. There wa5 a moving dedicatiot) service, led by the Bishop of Southampton and attended by Civic Dignitarles and Nightingale Nurses, Sn May for the Florence Nightingale Calling Window so beautifully designed and crafted by Sophie Hacker. The Abbey is blessed to have had this beautiful piece of artwork so generously donated by a donor who wishes to remain anonymous. In June a parish picnic took place in the South Garth to celebrate the late Queen's Platlnum Jubllee. The Abbey bell ringers suceessfLilly completed a lull peal of Plain Bob Tripl@5 65 part of the Jubilee celebrations. There was also a Civic Service for Test Valley Borough Council to celebrate the Jubilee. The Abbey Net Zero Carbon Group began its work into attempting to reduce the Abbe¢s carbon footprint. Departures during the year saw Rebecca Leppard stand down as Open Door editor to begin full time work and Chris Pritchard completed hls four-year term as Church Warden bein8 succeeded by David AuEer. During the Summer Canon John Reynold5 celebiated the 60 anniversary of hi5 ordinatS0n. Following the sad announcement of the death of Her Majesty Queen Elizabeth11 on 8, September, a Book of Condolence was opened in the Abbey. In the days lollowing the announcement many people visited the Abbey to pay thèir rè5pectS. The team of vergers. stewards and volunteers dld a wondeilul job of facilitating acce55 through extended openlng hours allowing people to use the Abbey as a spacè for rÈflectlon. The annual Ethelllaeda Lecture was given by Dr. Michael Hahn on Franciscan Female Theologlans. Wo¥k resumed on the Abbey Enhancement Project wlth the Statement of Need5 betng finalized by the PCC after which another public consultation was held in the Abbey. Work is ongoing at piesÈnt on rÈfining the needs rather than pursuing solutions. The Christmas Fair in November, in the Abbey, was trernendously successful and paved the WBY loi Bnother busy December in the Abbey with many carols services and the use of the Abbey by local schools re-e5tabli5hed after the Impact of Covid durlng the previous two years. The Abbey also hosted the "Caro15 in the Market-place" event in December 2022 to avoid its being cancelled owing to wet weather. This report can only cover a small proportion of the activitles and events taklne place In the parlsh during 2022. All the activities at the Abbey and St Swithun's rely on a huge number of volunteer5, to whom members of thè PCC offer thanks. More details of the many activities of the PCC committees and other organisations within the parish are available in the Parish Reports for PCC committees, Parish Groups and Associated Organisations. Plans for the Future Robyn Cleveland resigned from her post as Verger with ellect from February 2023 to join the team of vergers at Exeter Cathedral. At the time of writing the process lor appointing a successor was in progress. In additlon. Rhlannon Willmott, Children and Families worker will leave her post at the end of May 2023 prior to her ordination in July 2023, and plans to appoSnt a successor are being made. It is hoped that these plans may include regula¥ provision for children during the Sun8 Eucharist and some S￿pport for the children in the Abbey choirs. Six concerts and three exhibititsns will be hosted as part of the Romsey Festival. and, for the first time, the Abb@y will be offered as a venue for large choirs performing as part of the towtl'5 Beggai'5 Fair, am annual event which takes place in July. Work will continue on the Abbey Enhancement Project, engaging with the Town and wider community, which includes working towards Carbon Net Zero, in line with the Church of England's policy. Page 3 Romsey Parochlal Churth Council Annual Report forthe year ended 31 December 2022 Financial Review Total Income on unrestricted funds amounted to £490,22512021'. £407,556) of which £75912021.. £7731 was investment income generated by the designated capital fund. Unrestrlcted legacy income amounting to £6,693 was received in 2022 12021.. £3.0651. If capital fund income and legacies are excluded frorn a year-on-year comparison, 8eneral fund income shows an increase of £79.055 from £403,718 to £482,773, arising in part from a one-off grant of £55.000 received from Ihe Culture Recovery Fund for building reserves as well as from increased income for servlces, fees from concerts 3nd other lettings and the reintroduction of the Christmas Fayre. Following the decision that the Tru5tee5 took in 2012 all le8acies received were allocated to the Capital Fund meaning that £6,693 was added to the Fund during the year. The year-end balances of the various restricted funds decreased by £36,238 during the year, largely as a ¥esult of reductions in the year*nd valuation of investments. Reserves policy At the end of the financial year the PCC held total funds of £3,741,93012021.. £4,108,5321, ol which £642,506 12021.. £678,7431 were restricted and £2,682,002 12021.. £3,038,045) were endowments both ol which were therefore not available for the general unrestricted use of the charity. The restricted funds were for linter oliul the maintenance of the fabric and organ ol Rom5ey Abbey, the fabric of St Swithun's. and are unlikely to be disbursed to a slEniflcant extent in the foreseeable future, as well as some other items, which will be disbursed iii the next few years. Further funds within the total were designated by the PCC lol the specific purposes but could, if the PCC so chose, be undesignated and used for its general purposes. Whilst no formal date has been proposed for the tJsÈ of these designated funds, they are designated for specific projects as explained in note 8 of the financial statements. The PCC'S long-term financial objective is to maintain the Capit31 Reserve Fund within the range of £280,000 to £300,000 (the level before it had to be used to 5UPPOlt the day to day running c05l5 of the parish in the first decade of this century and the construction of ihe enlarged parish office in 20081 so that if major repairs or other expendirure become Lsreent, thèy can be undertaken swiftly. The PCC also has a long-term objective ol holding freè reserve5 Ithe balance on the General Fund less investments as defined by the Charity Cornmissionl ol between 3 and 6 months budgeted annual expenses, to guard against normal fluctuations in day-to-day income and expenses. At the year-end these operatlng reserves were £85,524, some wav below the target range of £IIOk E220k. It remains the objective of the PCC to increase these reserves gradually in the medium term. Given the purpose5 for which restricted and designated funds are held, investments are almost exclusively in CBF Church of England funds administered by the CCLA Investment Management Limited. Structurè, Govèrnan¢e and Management The method of appointment of PCC members is set out in the Church Representation Rules. PCC consists of the Incumbent (the Vicarl. and other clergy including the A550C13te Priest and Assistant Curates Iboth stipendiary and non- sripendiaryl, the Churchwardens, the Licensed Lay Ministers (Reader) and others who are elected by those who are on the electoral roll. In addition, those who represent the Parish on the Deanery Synod are all members of the PCC ex- Offic￿0. PCC members are responsible for making decisions on all matters of general concern and importance to the parish and have legal responsibilitie5 for ensuring that the PCC operates only within its powers. New members c*f PCC are glven Informatlon abtsut the activities and purposes ol the PCC and existing members are reminded of these matters at the first meeting of each year after the APCM in April. Page 4 Romsey Parochial Church Councll Annual Report for the year ended 31 December 2022 strutture, Governance and Management Icontinuedl Risk Manugemep)t and safeguarding The Tru5tee5 confirm that they have considered the major risks to which the PCC may be exposed and have taken step5 to manage those risk5. The PCC waintains an active risk register. which is formally reviewed at least once each vear. Significant individual risks are assessed for likelihood and irnpact alter relev&nt mitigation actions have been taken. Each risk is assigned to an individual or PCC committee to 'own" and monitor regularly. The key risks after mltigation ar@.. failure to gellerate sufficient income to meet all contracted costs- failure to maintain asset5; loss of key people,. and breach of data integrity rules. Ouring 2022 the PCC contlnued Significant fundraising drives, reviewed and updated it5 succession plan and prepared business continuitv Idisaster recovery) plans for its various buildings. The PCC complies with its duty to have due regard to House of Bishops, guidance on safeguarding children and vulnerable adult5. Subcommittees At the end of March 2023, the following committee5 were opÈrational.. Standing (which is the only committee required by statute). Church Rooms,. Abbey Net Zero Carbon Group., Fabric; Financial Resources; Friends of Romsey Abbey Muslc,. Health & Safety,. Magazine,. Social,. and St. Swithun'5. Some of these committees include co-opted members who are not merrbers of PCC. Named individuals have specific responsibilities for matters such as SafeguBrdin8 and report directly to the Vicar and Churchwardens. All of the committees and other associated organisations present a report covering the year's activitles to the APCM. The PCC 1$ 3150 represented on the Ecumenical organisation "Churches Together in Romsey.. In addition, there are weekly mÈetlngs of ihe Ministry Team and the Vicar and Churchwardens. although these group5 do not report to the PCC. Responslbllltles of the PCC In relation to the Flnancial Statement5 The PCC Member5 are responsible for preparing the report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (united Kingdom Generally Accepted Accounting Practice). The Charities Act 2011 requires the Trustees to prepare financial statements for each financial year that give a true and fair view of the state of affalrs of the charity as at the balance shèet date and of its income and expenditure for the financial period reported. In pieparing ih05e financial statements, the PCC should follow best practice and.. select suitable accounting policies and then apply them conslstentlyi observe the methods and principles in the Charities SORP.. make judgments and estimates that are re350nable and prudent,. state whether applicable UK Aceountlng Standards have been followed, subject to any material departures disclosed and explained in the financial statements,. and prepare the financial 5talement5 on the going concern basis unless it is Inappropriate to assume that the charitv will continue on that basis. The PCC Members are re5pon5ible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial p051tion of the chaTlty and to enable them to ensure that the financial statements comply with the Charitie5 Act. The PCC Members are also responsible for safeguarding the assets of the tharity and for taking reasonable steps for the prevention and detection of fraud and other irregularitie5. The PCC Members are a150 responsible for the contents ol the Annual Report, and the responsibility of the auditor5 in relation to the Annual Report is limited to examining the report alld ensuring that, on the face ol the report, there are no inconsistencies with the figures disclosed in the financial Statements. So far as each Trustee is aware, there 15 no relevant audit informatlon of which the charity's auditors are unaware, and each Trustee has taken all the steps that they ought to have taken as a Trustee to make themselves aware of any relevant audit information and to establish that the charity's auditors are aware of that information. Page 5 Romsey Parochial Church Council Annual Report for the year ended 31 December 2022 Admlnistrative Information The Ecclesiastical Parish of Romsey 15 part of the Diocese of Winchester within the Church of England. The PCC is a corporate body Ipcc Powers Measure 1956, Church Representation Rules 20221 ènd a charity registered with the Charity Commission. The information on the front page forms part of th15 report. The Parochial Church Council comprises either lal ex-officio members or member5 elected by the Annual Parochial Church Meeting and Ibl co-opted members. All members of the PCC are Trustees of the Charity. The individuals listed below served on the pcc for the whole of the period from I, January 2022 to 3, May 2023 unles5 indicated otherwise eiiher by the end of the tÈrm ol oflice or re518nation. Vicar Assotiate Prlest Assistant Curatès Revd. Thomas Wharton (Canon from 22. April 20231 Revd. Sally Womerslev RÈvd. Lee Thomp50n Revd. Paul Hollingworth (Self-supporting Minister) Revd. Fiona Jenvey Iself-supporting Ministerl Revd. Dr. Mich Lajeunesse Isell-supporting Ministerl Mr Chiistopher Pritchard luntil 22. May 20221 Miss julie Carlton MBE Mr David Auger (from 22, May 20221 Churchwardens Deanery Synod Mrs Patricia KeTridge, Mrs Adrienne Mordan, Mr5 Elizabeth Wagner and Mr Anthony Cros5. Dr Patricia Brown The current terms of office of the Deanery Synod Representatives terminate at the 2023 APCM. Countillors Name Mr David Auger luntil being elected Churchwarden 22. May 20221 Mr David 8ibby Mr Colin Davis (until 22 May 20221 Mr John Easton luntil 28 Fek>ruaiy 20221 nd Mr Tim Edmonds (from 22 May 20221 Mr Paul Ellis Mrs Diane Hargreaves Mr Nigel Herriott (until 22 May 20221 Mlss Chloè Jenvey Mr David Johnson Mr Andrew Keeling (from 22 May 20221 Mrs Pam Leech Ipcc Secretarvl Mr Rhys Lewis Mr Michael Prince (until 22 May 20221 Mr Paul Quinnell Mr Martin Seymour End of term APCM 2023 nd APCM 2025 APCM 2025 APCM 2024 nd APCM 2024 APCM 2024 Thd APCM 2023 APCM 2023 APCM 2023 APCM 2024 Timothy Rogerson FCA serves as Treasurer to the PCC, although he is not a Trustee and does not vote in PCC meetings. Approval This report was approved by the PCC on 3 May 2023 and Is signed on Its l)ehalf by: Mrs P Leech Trustee and Honorary SecretaTV to the PCC Page 6 INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF ROMSEY PAROCHIALCHURCH COUNCIL Oplnlon We have avdited the financial statements of Rom5ey Parochial Church Council (the 'CharitV'I for the year ended 31 December 2022 which comprise the Statement ol Financial Activities, Balance Sheet. Cash Flow Statement and notes to Ihe financial statements, including a summary ol siÉnS1icant accounting policies. The financial reporting framework that has been applied In their preparation is applicable law and United Kingdom AccoLJnting Standards, intluding Financial Reporting Standard 102.. The F￿n0￿clo1 Reporting StGndurd applicable the UK ond RepublNc of Ireland (United Kingdom Generally Accepted Accounting Practice). In our oplnion. the financial statements.. give a true and fair view of the state (>f the Ch3rity's affair5 as at 31 Decernber 2022 and of it5 incoming resources and application of resources for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., have been prepared in accordance with the requirements ol the Charitie5 Act 2011. Ba515 for oplnlon We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the A¢Jditorfs responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the eihical requirements that are relevant to our avdit ol the financial statements in the UK, including the FRC'5 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 lor our opinion. Conclu51on5 relatlng to golng 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 uncertaint5es relating to event% or condltions that, individual (jr collectively, may cast significant doubt on the Charlty's ability to continue as a going concern for a period of at least twelve month5 from when the financial statements are authorised for issue. Our responsibilities and the responsiF)ilitie5 of the trustees with respect to going concern are described in the relevant section ol this report. Other information The tru5tee5 arè responsible f(>r the othèr informatlon. The oiher information cornpri5es the ivlformation included in the annual report, other than the financial statements and our auditor's report thereon. 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 assurante ttsnclusion 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 mlsstated. If we identlfy suth materlal incon51Sten¢les or app6Tent material m1$5t3tement5, we are required to determine whether therè is a material misstatement in the financi81 staternents or a material rrisstatement of the other information. We have nothing to report In this re8ard. Matters on which we are required to ¥eport by exception In the light ol the knowledBe and understanding ol the Charity and its environment obtained in the course of the audlt. we have not identified material misstatements in the Trustees. Annual Report. We have nothing to report in respect gf the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion.. the information given in the trustees, report is inconsistent in any material respect with the financial statements. or 5ufficienl accounting record5 have not been kept,. or the financial statements are not in agreement with the accounting records; or we have not obtained all the inform3tion and explanations necessary for the purposes ol our audit. Page 7 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ROMSEY PAROCHIAL CHURCH COUNCIL (continued} Responsibilities of the trustees As explained rnoie fully in the trustees, responsibilitie5 statement, the trustees are responsible loi the preparatlon ol the financial statement5 and for being satisfied that they give a tiue and fair view, and for such internal control a5 they 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 5taterrent5, the tru5tee5 are responsible lor a55essing 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. Audltor's responsibllities for the audlt of the financlal statements We have been appointed as auditor under Section 144 Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fiaud or error, and to 155ue an auditor's report that includes our opinion. Reasonable a5SUTance 15 a high level of a55urance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Mi5Statements can arise from fraud or error and are considered material if, individually tsr in the ag8regate, they could reasL)nably be expected io influence the economic decisions of user5 taken on the basis of these financial statements. Irregularitie5, includlng fiaud, are Instances of non-compllanee wlth lèw5 and regulations. We design procedures in line with ciur responsibilities, outlined above, to detect rnaterial misstatement5 in respect of irregulaiities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. The engBgetnent partner ensured that the engagement team collectively had the appropriate competence, capabilities skills to idèntily or retognise non-compliante with applicable laws and regulations. We identified the laws and regulations applicable to the Charity through discussions with the trustees and other management and we assessed the extent of compliance with the laws and regulations identified above through making enquiiie5 of rnana8emet￿t and illSPECting legal correspondence. We assessed the susceptibility of the Charitvs financial statements to material misstatements, including obtaining an understanding of how fraud mieht occur, by making enquiries of management as to where they considered there was susceptibility to fraud, their knowled8e of actual, suspected ancl alleged fraud and considering the internal controls in place to mitigate risks of fraud and non-compliance wlih laws and regulation5. To addiess the iisk of fraud through management bias and override of controls, we performed analytical procedures to identify any unusual or unexpected rElationships, tested journal entries to identify unusual transactions and investigated the rationale behind significant 01 unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were nct limited to.. agreeing financial statements dlsclosures ro underlylng supporting documentatlon; reading the minutes of meeting5 of those charged with governance,. and enquiring of management a5 to actual and potential litigation and claims. There are inherent limitations in our audit procedures described above. The more removed laws and regulations are from financi31 transactions, the less likely it 15 that we would become awaTe of non-compliance. Auditing standard5 also limit the audit procedure5 require to identify non-cornpliance with laws and rÈ8ulatlon5 to enquiry ol the trustees and other management and inspection of regulatOTy and legal correspondence, if any. Material misstatement that arise due to fraud can be harder tts detect than those that arise from error as they mav involve deliberate toncealment or tollusion. Page 8 INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF ROMSEY PAROCHIAL CHURCH COUNCIL Icontinuedl Audltor'5 re5ponslbllltles for the audit of the flnanclal Statements Itontinuedl A fLJrther description of our respon5ibilitie5 for the audit of the financial Statements is located on the Financial Reportlng Council's web51te at.. www.frc.or auditorsres onsibilities. This description forms part of our auditor's report. Knight Goodhead Limit&d is eligible foi appointment as auditor of the charity by virtue ol its eligibility for appointment as auditor of a company under Section 1212 of the Companies Act 2006. Use of our report This report is made solely to the Charity'5 trustees. as a body, in accordance with section 144 of the Charities Act 2011 and the regulations made under Section 154 of that Act. Our audit work has been undertaken so that we mlEht 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 responsibllity to anyone other than the Charitvs trustee5 as a body, for our audit work, for thi5 report. or for the opinions we have formed. C J Goodhead FCA Senior Statutory Audltor Knight Goodhead Limited Chartered Accountants and Statutory Auditors 7 Bournemouth Road, Chandler's Ford, Eastleigh, Hampshire. S053 3DA Dated., Page 9 Romsey Parochlal Church Councll Staternent of Financlal AttlvStles for the year ended 31 December 2022 Notes 2022 Unrestricted Fund5 2022 Restrlcted Funds 2022 Endowment Funds 2022 Total Funds 2021 Total Fund5 Income and endowrnÈnts tiom Donations and legacies Actlvitles for EeneratSnE funds IntomÉ from thurch acti￿tieS Investment income 2a 322,877 39,671 45,444 82,233 37.618 8,547 2Q.725 15.839 360,495 48.218 66.169 98.072 364,854 35,300 60,684 92,994 Zb zc 2d 490,225 82.729 572,954 553,832 Expenditure on Church activities Fundraising costs 3a 3b 459,933 1.620 45,975 7.257 505.908 8.877 507,208 4.OL6 461,553 53.232 514.785 511.224 Net Income before Investmenl gains 28,672 29.497 58,169 42,608 Galns and1055e5 on investments 14,7151 164.0131 1356,0431 1424.7711 439,767 Nei Income before transfers 23,957 134.5161 1356,0431 1366,6021 482,375 Transfer between funds 1,722 11.7221 Net movement In lunds 25,679 136.2381 1356,0431 1366,6021 482,375 Fund5 brought forward at l January 2022 391,744 678,743 3,038,D45 4,108.532 3,626.157 Funds carried lorward at 31 DetÈmber 2022 417,4Z3 642,505 2,682,002 3,741.930 4,108.532 rhe notes on pages 13 to 25 form part of these financlal statements Page 10 Rom5ey Parochlal Chuich Council 8alance sheet as at 31 December 2022 Notes 2022 2022 2021 2021 Flxed assets Investm@nts 3,188,745 3,603,902 Current assets stock Oebtor5 Cath at bank and in hand 11,493 113,465 492,628 ii,sio 72.763 450,661 617.586 534,934 Credltois.. amounts fallln8 due wiihln one year 64,401 30,304 Net currertt assets 553,185 504.630 Net assets 3,741,930 4.108,532 Fund5 Unrestricted funds General fund DÈsignated funds 93.855 323.568 58,290 333,454 417.423 391,744 Endowment funds Restrlcted funds 2.682.002 642.505 3,038,045 678,743 Total funds 3,741.930 4,108,532 Approved by the Parochial Church Council on 3 May 2023 and 51gned on its behalf bv.. The Revere Vicar d Canon TG Wharton Mlss J Carlton MBE Churchwarden tILJ o The note5 on page5 13 to 25 form part of these flnanc5al statement5 Page 11 Romsèy Parothlal Church Councll Cèsh Flow Statement for the year ended 31 December 2022 zozz 202Z 20ZI 2021 Net cash from operatln8 actl¥liles IbÈlowl 146,0511 168,7491 Cash flows from investing activities Divldends and Snterestfrorn Investments and dÈp05its Purthase of fixed ÈssÈt invÈ5tments 97,632 19,6141 92.124 129,3941 Net cash provlded by InveS￿nE actlvltles 88,018 62,730 Change In cash and cash equlvalents In the year 41.967 16,0191 Cash and cash equivalent5 at l January 2022 450,661 456,680 Cash and cash equlvalents at 31 Detrrnber 2022 492,628 450,661 The ckrity had no debt at eitherthe beglnnlng or the end ol the year. Reconrlliatlon of net Inrome before Investment galns to net cash provided by operatlng a£tlvltles Net Int¢Jme belore Investment galn5 58,169 42,608 Adlustments fer: Dividend5 and interest from inve5trnents Ilncreasel in debtor5 Decrease in stocks Increase In credStors 198,0721 140,2621 17 192.9941 131,1961 2,657 10,176 34,097 Net tash used by operating activities 146,0511 168,7491 Analysls of cash and cash equivalent5 Cash at bank and in han 492,628 450,661 Page 12 Romsey Parochial Church Council Notes to the Flnanclal Statements for the year ended 31 December 2022 l. Accountlng poltcles The financial statements have been prepared under the Church Accountine Regulations 2006 in accordance wlth applicable accounting standards and the current Statement of Recornrnended Practice. Accounting and Reporting by Charities, and Accounting Standard FRS 102. The fi'nancial statements hav& been prepared under the hlstorical cost convention except lor the revaluation ol fixed asset investments. The financial statements include all transactions, assets and liabilities for whirh the PCC is responsible in law. They do not include the accounts of church groups that owe their main alliliation to another body or those that are informal gatherings of Church members. The PCC is a corporate body and a ch2rity re8lStered with the Charity Commission in England and Wales. The PCC'5 Registered Office is The Parish Office, The Vicarage, Churth Lane, Romsey, S0518EP. The PCC is a publi¢ benefit entity as defined by FRS 102. Funds Unrestricted fund5 represent the funds of the PCC that are not subject to any restrictions regarding theSr use and are available lor application to the general purposes of the PCC. Funds designated for a particular purpose by the PCC are also unrestricted. Restricted funds represent the funds of the PCC that can tsnly be spent on the specific purpose for which they were given. Any balance remaining unspent on a restricted fund at the end ol a year must be carried forward a5 a balance on that fund. Endowment funds are restricted funds that must be retained as trust capital. Full details of all funds are shown note 8. Income Coll@ctions are reco8nised when the funds are received by or on behalf of the PCC. Funds received as planned giving are recognSsed when received. Iricome tèx recoverable on covenant5 or gift aid don8tions is recognised when the income to which it relates is recognised. Grants and legacies are accounted for as soon as the PCC has been informed of its legal entitlement and the amount to b& re¢Èived can be mehsured reliably and receipt is deemed probable. All incoming resources are accounted for gross. Rental income from the letting of church premises is recognised when the rental is due. Investment Income Is accounted for when receivable. Resources expended Grants and donations are accounted for when paid or when awardeij il the awardine creares a binding obllgation on the PCC. Payment5 for the Diocesan Common Mission Fund (previously called'share" and "quota'l are accounted for when payable. Other expenditure is recognised when It Is Incurred and is accounted for gr05S. Volunteer Help No attempt is made to quantify the value of voluntary help, but the significant contribution of volunteers is described in the Trustee5' Allnual Report. Page 13 Romsey Parochlal Church Councll Notes to the Fln3ncial Statements for the year ended 31 December 2022 l. Accountlng pollcles Icontlnuedl Pension costs The PCC contribute5 to a dèfined contribution pension scheme. Contributions payable to the pension scheme are charged to the Statement of Financial Artivities in the period to which they re13te. Fixed 05setS Consecrated and beneficed property is not included in the financial statement5 in accordance with the Charities Act 2011. No value is placed on movable church furni5hing5 held by the £hur¢hwaréens on special trust for the PCC which require a faculty for disposal slnce the PCC considers this to be inalienablè property. All expenditure incurred during the year on consecrated or beneliced property whether as maintenance or improvement is included within resources expended in the Statement of Financial Activities. Equipment used within the church premises or parish office is only capitalised if the c05t exceeds £2.000. InvestmeA)ts Investments are valued at market value at 31 December. RealSsed gains and losses are recognised when investments are sold. Unreallsed gains and losses are accounted for on the revaluation of investments annually at 31 Decernber. Current osset5 Amounts owed to the PCC at 31 December in respect ol fe&s and other income are included in the financial 5tatement5 as debtors les5 provision for amounts that in the opinlon of the PCC may prove uncollectable. Cash at ljank and in hand includes cash held on deposit at a bank. Stock is stated at the lower of c05t and net realisable value. Going Concern The Trustees have considered future expected cash flows and con5idei that the PCC is bble to meet its finanical obllgatlons for the foreseeable future, that is, at least one y&ar, from the approval of the financial statement5. The Tru5tee5 therefore consider it appropriate to prepare the Ilnantial statemerits on the going concern basis. Coron(wirusJob Retentlon Scherne Amounts received underthis scheme in 2021 are included within"Other church actlvltles" in note 2c. PaEe 14 Romsey Parochlal Church Councll Notes to the Flnanclal Statements lor the year ended 31 December 2022 2. Incomp and endowrnent5 2022 iJnrestrl¢ted Funds 2022 Restrlcted Funds 2022 Endowment Funds 2022 Total Funds 2021 Total Funds al Donatlon5 and legacles Planned giving Income tax recoverable Colleitlon5 at 5ervlcès Other gr3nts and don3tlons Inote 121 Fabrlc fund grant5 and donations Legacies 155.148 42,240 27.151 91,645 4,207 810 159,355 43,050 27,151 117,407 6,839 6,693 164,557 44,909 21,465 107,389 2.469 24.065 25,762 6,839 6.693 322,877 37,618 360,495 364,854 bl Actlvltles lor generating funds Christmts fair Social Committee activitie5 St Swithuns, 8ctivities Video team 6.486 3,227 520 S,245 6,486 3.227 520 5,245 8,547 12.865 8,566 2.762 4.582 250 7,035 9.833 9,348 3,185 1,067 8.547 Music in Rornseyfee5 Church roorns income 12.865 8,566 2,762 39,671 8.547 48,218 35.3 cl Income from Church artlvltles Candles Fees for Carol Sèrvlces P3ri5h Magaiine income Bookstsll 5ale5 Other church acti￿tieS Fees forchurch Services 3,434 5,860 3.434 5.860 8,228 4,220 15,748 28.679 2,636 4,533 6,849 3,432 18,154 25,080 8,228 4,220 8,277 7,471 28,679 45,4411 20,725 66,169 60,684 dl Investment in£ome 1,476 80,757 50 15,789 1,526 96,546 52 92,942 Dividend5 and di5tributiong 82,233 15,839 98,072 92,994 Total intomlng resources 490,225 82,729 572,954 553,832 Page IS Romsey Parochlal Church Council Notes to the Flnanclal Statements for the year ended 31 December 2022 3. Resources expended 2022 2022 Restricied Funds 2022 2022 Total Fund5 2021 Total Funds Unrestricted Funds Endowmenl Fund5 81 Churth activities Missionary and charitable giving Payment5 to Diocese Vicar's expenses Other cler8y expenses Office cost5 Abbey heatlng Abbey IlghtSng Abbey insur3ncÈ St Swithun'5 expenses Repairs security OrÉan tunlng and malntenènce Cleanlng, water and churchyard Church service cost5 Bookstall purchase5 Education 8nd trèinlng Abbey School Insurance Church rooms expenditure 18,648 170,289 1.498 20.146 170.289 20.15Q 198.259 502 502 13.244 16.485 15,633 17,520 4.416 16,484 1,481 3,964 9,220 3,463 131 10,3 8,560 7,884 16,798 2,139 13,156 1,330 1,862 5.298 2,218 839 4.638 4,157 97.058 20,247 15.095 3,672 64,957 13,244 16.485 15.633 17,520 4,416 16,484 1,481 3,964 4,327 4,893 3,463 2,837 10,056 104,735 32,157 6,606 1,682 4,519 10,056 119,284 38,163 15,423 3,690 12,259 14,549 6,006 8,817 3,690 1.377 FabrSc and Cèpltal expendlture Cholr and music Parish Magazine costs Other expenditure (note 121 10.882 451,111 45,975 497,086 498.748 Governonce costs Legal and professional fees A£countancv Audlt fees 1.000 2,737 5,085 I.ooD 2,737 5.085 1,140 2,500 4,820 TotDtner Charity- Rècoupment Foster Lake Footner Charlty- CBF Dep051t Barclay5 Bank PLC Ordlnary shares 34,097 38,630 5,446.28 21,682.07 1,854.00 3,097.00 1,062.02 4,227.96 1,268.00 4,477.03 5,293.66 21,682.07 1,854.00 3.097.00 1,032.25 4,227,96 1,268.00 4,351.56 112,443 29,620 38,277 63,940 21,926 5,776 26,179 92,432 11,580 13,966 123.801 34,256 43,359 72,429 24,141 6,680 29,654 101.768 10,654 16,475 8,810.00 8,810.fM) Carrièd forwards 416,138 463,217 Page 17 Romsey Parochlal Church Councll Notes to the Flnanclal Statements lor the yeai ended 31 December 2022 S. Fixed a55et investment5 Icontinuedl 2022 Units 2021 Units 2022 2021 Investments comprlse.. Brought forward5 416,138 463,217 Corbttn MointentsnctFuft>d IRestrictedl CBF Investment 2.737.00 2,737.00 56,508 64,010 TOTALrestrlcted 472,646 527,227 RO￿rj Bishop Endowrnent C8F Investment 129,904.79 129.904.79 2,682,(NJ2 3.038.045 TOTAL Investments 3,188,745 3,603.902 The Foster Lake Footner Charity investments all relate to St Swithun's Church Repair FuThl. The recoupment actount allSe5 from 8 loan made to the Parish In 1976 trn rÈpèymÈnt tems stating that until 2006 £131.40 had to be reinvested in the recoupment account together with all dividends and interest received into the account. Dividendsand interest were paid into the recoupment account until the number of units in the ccount exceeded 3,804 and thls practice has contlnued since then. 'C8F Investment refer5 to the CBF Church of England Investment Fund Income Share5. 'CBF Fixed" refeTS to the CBF Church of England Fixed Interest Securities Fund Income Shares. Both of these investments are 3dministered by CCLA Investment Mana8ement Llmlted on behalf of the Central Board of FSnance of the Church of En818nd. The Bèrtlays Bank PLC ordinèry shares are listed on the London Stock Èxchan8È. 6. Debtors 2022 2021 Trade debtors Gift aid Otherdebtors 9,488 2,696 101,281 3,549 69,214 113.465 72,763 All amount5 fall due within one ye8r. 7. Credltors Z02Z 20ZI Trade tredltors Payments due to Winchester Dioce5Jn Board of Finance Other creditors Special collections payable 9,583 17.509 33,574 3,735 1,473 27,618 1,213 64,401 30.304 The total amount recelved In the yearfor SpecSal Ccllectlons was £7,5481202L.' £1,163). Page 18 Rom5ey Parochlal Chu¥¢h Coun¢ll Note5 to the FlThan£lal Statement5 for the year ended 31 December 2022 8. Funds Statement ljanuary 2022 31 December 2022 Tran5fer5 UfirestflltEdfunds Generel fund 9￿th Anniversary fund Idesignatedl Energy fund Idesignatedl Building fund Idesl8natedl Capital reserve fund Idesignatedl 58,290 701 53,142 117,5771 17011 20,000 93,855 20,(h)O 49,136 254,432 50,000 282,753 18641 128,3211 391.744 23,957 1.722 417,423 Re5tTlCtedfuA>ds Fabiic fund Orean fund The E￿￿$ Scholarshlp fund Bookstall fund Giftst411 fund Chlldren and Famllies worker funds FORAM Ftsnds FORAM 100 Club fund Hardship fund st Swithun's Funds Nightingalè Window Fund Abbey Vine Fund Parish Lunch Fvnd Parlsh Magaiine Fund Flower Fund Corbèn maintenance fund 477,192 8,649 1,692 35,154 22,708 29,452 9,947 2,251 12,586 2,915 2,528 3.122 634 5,188 715 64.010 140,7611 3,678 436,431 12,327 1,699 35,91L 26,184 22,007 19,342 2,251 12,106 2,344 757 3,476 17,4451 9,395 14801 15711 18061 15071 836 4,538 11,7221 2,615 1,470 9,726 1,583 56,509 17.5011 678,743 134,5161 11,7221 642,505 EndowfflentIund Robin Bishop Legacy 3,038.045 1356.0431 2.682,002 Totsl funds 4,108.532 1366.6021 3.741,930 The"Statement of Financlal Activitie5 column shows movements funds whith relate to Items dlsclosed on page 8. Detttlls trlfunds The Capital Reserve Fund reprÈsents amount5 deslgnated by the PCC for future caplt31 projects. The 90C>ih AnnIVer￿ry represented lund5 roi5ed ccnnection with the celebration of the 900th Anniver5aryof Romsey Abbey. The 8ulldln8 Fund represents a sum designated lor initial costs in connection with a possible building project forwhich local COn5ultatlon bE8an during 2021. The Ener8y fund represents a sum desi8ated for ener8Y Costs in 2023. The Fabric Fund represpnts fund5 that can only be spent on either the maintenance and preseivatlon of the f8brit of Romsey Abbey or St Swithun's Chuich. Cramprnoor. The OrÉan Fund represented funds for the future cleaning and overhaul of the organ. The Eyles Young Muslclan Scholarshlp Fund represents an amount received to be used to provide a music scholarship fora yiwng pÈrson at Romsey Abbey. The Bookstall Fund represents funds generètÈd by the 8ookstall to bÈ usÈd for future publlcation costs and other expenditure as determined by the Vlc8r and BooksiBII M3n3ger. The Glfistall Fund represents funds Eenerated by the Siftstall to be donated to Rom5ey Abbey Appeal Fund The Children and F3mllles worker fund represents funds ralsed to support the employment of a Chlldren and Famillesworker. FORAM Funds represent amount5 raised by Frlendsof Romsey Abbey Muslc to support the Abbey Choirs. FORAM 100 Club Fund5 are restricted to expenditure to support the choirs of R0rn5ey Abbey. The Hardship Fund represents monies received 85 8 discretionary fund to 5UPPOrt Itnmediate hard5hlp needs of young famllies withln the parlsh of Romsey. St Swithun's fund represents fund to be spent for the beneflt of St Swlthun's Church, Crampmoor. Inforrllatioll about fund5 recelved from the Cultural Recovery Fundls 8lven in note 12. Infonnotion obout the ￿￿oI￿l￿gfv￿dS￿s given on the nextpoge. Paee 19 Romsey Parochial Church Councll Note5 to the Financial Statements forthe year ended 31 December 2022 B. Fund5 Icontlnuedl Flxed Assets C¥rrent Assets Current Ntrt Antslysls olossets byfund A5set5 Unre5trictedfynds General fund Ener8ylund IdeslEnatedl Building fund IdÈslgn3tedl Capital reserve fund Ideygnatedl 8,330 146,192 20,000 49,136 228.665 160,6661 93,856 20,(M)O 49,136 254,432 25,767 34,097 443.993 160,6661 417,424 RestFiCted/urJds Fabric fund Oraan fund The Eyle5 kholarship fund Bookstall fund 416,138 2D.293 12.327 1.699 35.911 26,184 22,007 12.106 19,342 2,251 2,344 2.615 1,470 9.726 1,583 3.735 436,431 12.327 1.699 35,911 26,184 22,(K>7 12,106 19,342 2,251 2,344 2,615 1,470 9,726 1,583 a)Ildren and famllles minister fund Hardship fund FORAM Fvnd5 FORAM 100 Club Funds St Swlthun's Funds Abbey VinÉ Fund Par15h Lunch Fund Parlsh MaEazine Fund Flower Fund Other restricted funds Corban m3iDtenin¢e fund 13,7351 56,50B 56,508 472,646 173,593 13,7351 642,504 Endowmentftsnd Robin Bishop Legacv 2,682,IX)2 I,682,￿2 Total funds 3,188,745 617.586 164.4011 3,741,930 Detolls oAfunds IcDntinuedfrtrm prÈviou5ptsgel The Nlghting?le Window Fund represeDt5 funds recelved towards the ln5tallatlon of a window to commemorate Florence Ni8htin8èle and costs assoclaied wSth pub1icising its installation. Followingthe ded5cation of the ￿ndOw, the donor instructed that the remainlng balance should be transfÈrrÈd to the General Fund. The Abbeyvine Fund represents funds retÈlvÈd to covÈr the tosts of the AbbÈy Vlne servlce, whlch started In March 2020. The Parish Lunch Fund repiesents amounts raised by the tearn which prepares the monthly Parish Lunch. The Parish Magazine Fund represents amounts Eenerated by the Parish Magazlne for use as determined by that team. The Flower Fund represents èmounts received to offset the cost of provlding Flowers for Romsey Abbey. Other restricted fund5 cornprise Hmounts owed in iespect of Special iollection5 at 31st DÈtember 2022. The Corban Maintenance Fund represents funds to be spent on the Maintenance of Rom5ey Abbey Prim?ry School. The Robin 8ishop Endowment comprises funds left to the PCC by the late Robin Bishop, on the condition that they were invested in the CCLA Church of En813nd CBF Investment Fund wlth the Income generated from the investment belnE available forthe general charitable purpose5 of the PCC. 9. Related Party Tfansactlons 7he followitTr8 entitles èrÈ re8arded as Related Partles with whom there have been transactlons recorded Romsey Abbey Appeal Fund la Registered Charity),. Music in Romsey la RÈgi5tÈred Charity),. Friends of Romsèy Abbey la Re8lstered Charliyl,. and Romsey Abbey Primary School la Voluntary Aided Church School). E4ch entity is a rplated party because one or rnorè of thÈ Trustees of Romsey PCC is also a Trustee lorGovernorl of the ollier entity. DurinE tlie yearthe charity accounted for income from.. Rotn5ey AbbeyAppeal Fund amounting to £nll12021.' En511 for fabrlc works," Muslc in Romsey amounting to £12,86512021.. È9,3481 for lees for using Rom5ey Abbey for concerts,. and Frlends of Romsey Abbey amoLJniing to £4,05812021'. £7,201) for varlous project5 and activlties. During the year the Iharity tnade a paytnent arnounting to £4,51912021.. £4.6381 on behalf of RomseyAbbey Prlmary School for bulldlng5 insurance. At the end of the year. the charlty wa5 owed É74,61712021.. f 27,6681 by Music in Rornsey lon whose behalf thÈ PCC has made a number of payment51 and nothing by any of the other Related Pirtles. Page 20 Rom5ey Parochlal Church Councll Notes to the Flnanclal Statements for the year ended 31 December 2022 10. Comparative Information Stutement oAFlnoncltrlActlvltles Infom?otlonlor the yeurended31 Dertmber2021 2021 Vnrestrlcted Fut)ds 2021 Restrlrted Funds 2021 Endowment Funds 2021 Total Fund5 Inctsme and endowment5 from Donatlon5 and leg3cie5 Activitles for generatlng funds Income from church activitlÈs Investment Income 257.048 24,907 46,758 78,843 86,806 10,393 13.926 14,1S1 21,000 364,854 35,300 60,684 92,994 407,556 125.276 2L,QOO 553,832 ExpendlturÈ Orb 396,528 685 110,680 3,331 507,208 4,016 Fundraising c05t5 397,213 114,011 511,224 Net Income belore Investment galns and losses 10.343 11,265 21,000 42.608 Gains and Ios5e5 on investmenls 2,294 56,800 380,673 439,767 Net Income belore transfers 12,637 68,065 401.673 482.375 TransFer between fund5 4,8 14,8001 Net movement In funds 17,437 63,265 401,673 482,375 Funds brought forv4ard at l January 2021 374,307 615,478 2,636,372 3,626.157 Funds CBrried lorward at 31 Deiember 2021 391,744 678,743 3,038,045 4,108,532 Additionol comparotive inl0rn70tIDnADrnote 2 2021 Unrestricted Funds 2021 Restrlcted Fund5 2021 Endowment Fund5 Z021 Total Fund5 l Donatlon5 and legacles Planned 8lvinE Income tax rocovèrable Collections at 5ervice5 other gran15 and donatlons Fabrlc fund 8rants and donatlons LÈ83cle5 157,740 44.392 21,465 30.386 6,817 517 164,557 44,909 21,465 107,389 2,469 24,065 77.003 2.469 3,065 21,000 257,048 86,806 21.000 364,854 bl Actlvltles for Eet)eratlnEfunds Christmas falr Social Committee activities St Swithuns. activitie5 Video team 4,582 4.582 250 7,035 250 7,035 9.833 9.348 3,185 1,067 9,833 Music in *t0rn5ey fees Church roorn5 income Other lundraisinE activities 9,348 3.185 507 560 24.907 P3ge21 10,393 35.3 Romsey Paro¢hlal Church Councll Notes to the Flnantlal Statèment5 fof thè yèar ended 31 December 2022 10. Comparative Informatlon l£ontinuedl Additionol CDmporotive informtstionfornote 2 (Continued) 2021 Unrestritied Funds 2021 Restricted Fund5 2021 Endowrnent Fund5 2021 Total Funds cl Income from Church actlvltles Candles Fees for Carol Services Income from Par15h Mag31ine Bookstall sales Other church ècllvltles Fee5for Church Service5 2.636 4,533 2,636 4,533 6,849 3,432 18,154 25,080 6,849 3.432 3.645 14.509 25.080 46.758 13,926 60,684 dl Investmeni Income Interest receivable Dividends and distributions 42 78,801 io 14,141 52 92,942 78,843 14,151 92,994 Total incomirhg resources 407,556 125,276 21.000 553,832 Addltlortthlcomporotlve InAormotlonfornDtE 3 al Church actlvltles Misslonary and charitable 8lvln8 DlocÈsan Sh2re 19,899 198,259 251 20.15D 198,259 Vlcarf5 expenses other clergy expenses Office costs Abbey hÈating Abbey lighting Abbey insurance St Swlthun's expenses Repairs and Security Organ tuning Bnd maintenance Cleaning, water and churchyard Churth service costs BoDkstall purcha5e5 Education and training Abbey School Church rooms expendSture 131 10,31)0 8,560 7,884 16,798 2.139 13,156 1,330 1.862 1,687 131 10,300 8,560 7,884 16,798 2,139 13,156 1,330 1,862 5,298 2,218 839 4,638 4,157 97,058 20,247 15,095 3.672 64.957 3,611 2,218 839 3.011 4,157 83,966 2,913 6,781 1.627 13,092 17,334 8,314 3,672 60,561 F6bric and Capltil expendlture Choir an(1 mus]c Parlsh Ma8a21ne costs OthÈr expenditure 4,396 388,068 110,680 498,748 Governonce costs LÉgèl and professlonal fees Accountancv Independent exarNination fee5 1,140 2,500 4,820 1,140 2,500 4,820 Trjtol Governartce costs 8,460 8.460 Total forchurch Activities 396,528 Page 22 110,680 507,208 Romsey Parochial Church Council Notes to the Flnanclal Statements for the year ended 31 December 2022 10. C¢mparatl¥e Informatlon l£ontlnuÈdl AdditAonulcompurutlve informotlonAornote 5 (contlnuedl 2021 2021 Restricted Futhds 2021 2021 Total Fund5 Unrest¥icted Funds Endowment Funds bl Fundralslng costs Chrlstmas fair Social committee event5 Other fundraising costs 135 135 550 897 1,447 2,434 2,434 685 3,331 4,016 Total resources expended 397,213 114,011 511,224 Compurotive inlormutionAor note 5 20ZI UnrÈstritted General Fund 2021 Unreslrirted Designated Fund 2021 Restrlcted Funds 2021 Exdowment Fund5 zozi Total Funds Market value at l J8nuary 2021 Addition5 Disposa15 Revaluation 8ains/llossesl 8,542 240 27,554 462,273 8.154 2.636.372 21,orM) 3.134.741 29.394 465 1.829 56,800 380,673 439.767 Market value at 31 December 2021 9.247 29,383 527,227 3,038,045 3,603.902 Compumtlve lnlomiotlonlort￿te5 ststement l January 20ZI 31 December 2021 Activitie5 Tran51er5 Unrestrlctedlunds General fund 900th Anniversary fund Ide5ignatedl Building fund Ide51Enaledl Capltal reseNe fund (de￿gnated) 93,606 701 145,2001 58,290 701 50,000 282.753 50,000 280,000 2,753 374.307 12,637 4,8 391,744 ReStrlctedf￿n￿s Fabrlc fund Organ fund The Eyle5 Scholarship fund Bookstall fund 430,273 7.053 1.692 33,940 15,309 35,727 5,214 1,691 10,948 4,891 632 4,299 2,241 5,011 594 55.963 46,920 1,596 477.193 8.649 1,692 35.154 22.708 29.452 9,947 2,251 12,S86 2,915 2,528 3,122 634 5.188 715 64,010 1.214 7.399 16.2751 4.733 560 1,638 1,976 1,896 11,1771 193 3,177 121 8,047 Children and Families worker funds FORAM Funds FORAM 100 Club fund Hardshlp fund St Swlthun's Funds Nightingale Window Fund Abbey Vine Fund Parish Lunch Fund Pèrlsh MèEailne Fund Flower Fund Corban m3intenence fund 11,8001 13,0001 Total restricted funds 615.478 68.066 14,81X)I 678,744 Page 23 Romsey Parochlal Church Councll Notes to the Flnancial Statements for the year ended 31 December 2022 10. Comparative Inlormatlon Icontlnuedl Addltsonulcompurotlvelnlom)otlonfvrnote 8 (tontlnuedj statement of Financial Activities l J8nu8rv 2021 31 December 2021 Transfers Endowmentlund Robln 81shop Legacy 2,636.372 401,673 3,038,045 Total funds 3.626,157 482,376 4.108,533 Flxed A55et5 Current Assets Current Net Asset5 ArJoly515 of u55etsbyfynd Unrestrlctedfunds General fund 900th Annlversary fund Ide51gnatedl Buildingfund Ide5ignitedl Capltal reserve fund Idesignatedl 9.247 86,153 701 50,(KX) 253,370 137.1101 58.290 701 50,000 282.753 29,383 38.630 390,224 137,1101 391.744 Restrictedfunds Fèbllc fund Organ fund The Eyle5 Scholarship fund ookstall fund 463,217 13,975 8.649 1,692 35,154 22,708 29,452 12,586 9,947 2,251 2,915 2,528 3,122 634 5,188 715 1,213 477.192 8.649 1.692 35,154 22,708 29,452 12,586 9,947 2,251 2,915 2,528 3,122 634 5.188 719 Chlldren and farnilie5 minister fund Hardship fund FORAM Funds FORAM 100 Club Funds St Swithun's Funds Nightingale Window Fund Abbey Vine Fund Parlsh Lunch Fund Pèrlsh M38azinÈ Fund Flower Fund other restrlcted funds Corban m8lntenantÈ fund 11,2131 64,010 64.010 527,227 152.729 11,2131 678,743 Endowmentfun Robln Blshop Legacy 3,038,045 3,038,045 Total funds 3,603,902 542,953 138,3231 4,108,532 Page 24 Romsey Parochial Church Council Notes to the Financial Statements for the year ended 31 December 2022 11. Penslons- Church Workers Penslon Fund ICWPFI Rornsey Parochial Church Council participates in the Pension 8uSlder Stheme settlon of CWPF for lay staff. The Scheme is administered by the Church of England Pensions Board. which holds the CWPF assets separately from those of Romsev Parochial Church Council and the other participating employers. CWPF has two Sections.. the Defined Benefits Scheme. the Pension Builder Scheme. which has two subsections.. a deferred annuity Section known as Pensiot) Builder Classic,. and a cash balance section known as Pension Builder 2014. Pension Builderscheme oth sections of the Pension 8uildei Scheme are classed as defined benefit schemes. Pension Bullder Clusslc provides a pension accumulated from contributions paid and converted into a deferred annultv during employment based on terms set and reviewed by the Church of England Pensions Board from time to tirne. Discretionary increases may a150 be added, depending upon the investment returns and other f3Ctor5. Pension 8uilder 2014 is a cash balance scheme that provide5 3 lump sum which mernbers use to provide benefits at retirement. Pension contributions are recorded in an account for each member. Oiscretionary bonuses may be added before retirement depending upon the investment returns and other factors. The account. plus any bonuses declared, is payable, unreduced, from age 65. There is no sub-division of assets between employers In eaeh section of the Pension Builder Scheme. The scheme is considered to be a rnulti-employer scherne as described in Section 28 of FRS 102. This 15 because it is not possible to attribute the Pension Builder Scheme's assets and Ilabllltles to specific employers and means that contributions are accounted for as if the scheme were a defined contribution scheme. The pensions costs charged to the Statement of Financial Activit5es in the year are the contributions payable12022'. £4,318.. 2021.. £4,248). A valuation of the Pension Builder Scheme is carried out once every three years. The most recent was carried out as at 31 December 2019. The next valuation is due as at 31 December 2022. For the Pension Builder C13S5ic section, the valuation revealed a deficit of £4.8m on the ongoing a55umptions used. At the m05t iecent annual review, the Board chose to grant a dlscretionary bonus of 10.1% following improvements in the funding p051tion over 2022. There is no requirement for deficit paymènts at the current time. For the Pension Builder 2014 section, the valuation revealed a surplus of £5.5m on the ongoing a55umptions used. There 15 no requirement for deficit payment5 at the current time. The legal structure of the scheme Is such that If another employer fails Romsey Parochial Church Council ctsuld become responsible for paying a Share of the failed employer's pension liabilities. 12. - Other grants and donatlons Included within unrestrlcted Income (note 23) 15 £nil12021'. £10,766) received from Her Majesty's Government under the Coronavlru5 lob Retention Scheme. In both 2022 and 2021 £55,000 was received Irom the Government's Culture R&covery Fund. In 2021 this was fullv expended (note 3a) in accordance with the rÈ5tr*ction5 made by the awarding body on inter nliL) temporary staff, trainln8. recrultment, advert15ing. publicity and equipment. In 2022. the purpose of the grant wa5 to build reserves and so the balance wa5 included as unrestricted income in note 2a. Page 25