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 2024 Contents Page Annual Report Independent Auditorfs 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 .uk Bankers TSB Bank PLC, Romsey, Hampshire CAF Bank Limited, West Malling, Kent Independent Auditors Knight Goodhead Limited, 7 Bournemouth Road, Chandler's Ford, Eastleigh, S053 3DA Throughout this document, thefull name of the Charity, given above, is abbreviated to Romsey Parochial Church Council
Romsey Parochial Church Council Annual Report for the year ended 31 December 2024 Alm5 and purpose5 As a requirement of the Parochial Church Counclls (Powers) Measure 1956, Romsey Parochial Church Council IPCCI has the responsibility of co-operatinB 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 Romsey Abbey, St, Swithun's Church, Crampmoor, the Parish Office at the Vicarage, and Romsey Abbey Church Rooms. Oblectlves and Actlvltles The primary objective of the PCC is the promotion of the Gospel of Jesus Chrlst accordlng to the doctrine and practice of the Church of EnBland. The strapline"Living. Loving. Servin8" inspires all of Ihe activlty undertaken In the name of the PCC, The regular pattern of Sunday worship malntained at Romsey Abbey comprlses Holy Communion at 8am, Sung 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 Communlon accordin8 to the Book of Common Prayer {BCP) at 3:30pm followed by Parlsh tea. Special seNices are held for civic events, youth and service organisations. St. Swithun's, Crampmoor has one seNlce every Sunday morning. On the first Sunday of each month It is Mornlng Worship whilst on the other Sundays it is a Eucharist with hymns. To caler for young famllies, there are children's activities offered each week durln8 Abbey Vine and on the flrst Sunday of each month the "Shorte¢' Eucharist in the Abbey incorporates a talk aimed at all ages and worshlp son8s as well as traditlonal hymns. Singin8 Story Time takes place weekly at St Swithun's, Crampmoor. A 'Sund3y School" restarted during the year. after four years without any such provi5ion.' "Seekers" offers dlscusslon, activlty and craft for chlldren durin8 the Sun8 Eucharist. Weekdays and Saturdays begln wlth Morning Prayer in the Abbey combined with the Eucharlst (except on Mondays and Wednesdays). Evening Prayer Is said every day except on Sundays and alternate Thursdays when Choral Evensong Is sung. There Is a Sung Eucharlst on major Holy Day5 and some Festivals. There is also 3 8ereavement seNlce near to All Souls, Day at whlch those who have dled In the prevlous twelve months are specifically remembered. On Holy Innocents Day, 28 December, a service Is held for those who have lost chlldren or young people, A seiCe for Romsey Abbey School Is held each term and a Holocaust Memorlal Service Is also held in conjunction with the khool. Baptisms are conducted on manysundays In theAbbey and ottasionally at St Swithun's, Crampmoor. The preparatlon for these seNices includes the introduction of a baptism visilor, whose role It is to share wlth the families involved an understandlng of the servSce Itself and more about the Christian f3ith, and Baptism preparation meetings. Couples are prepared for Marriage and bereavement care is offered following funerals through the Pastoral Ministry Team. Tlmes of servlces and other events are published in the weekly Bulletin, distributed by e-mall to over I,LKsO reciplents, "Open Door" {the Parish Magazine), the Romsey Advertiser and online on the Parlsh websile and other social media. It IS possible to contlnue with all these commitments thanks to the whole clergy team. which Includes Self Supporting Ministers {SSMI. Licensed Lay Ministers ILLMI and several other local Honorary Assistant Clergy. There is a weekly meeting of the Baby and Toddler Group durin8 the school term and several home groups meet regularly forworship and study. A number of social activities are offered, with regular parish lunche5 and teas, which are particularly valued by those who live alone. The Listenin8 Café meets on Wednesday afternoons, offerin8 an opportunity for support, friendship and a chat to anyone wishing to attend. TheAbbey hosts manycommunityevents, including around 30 concerts each year by local. reglonal and professional muslc groups. other exhibitions. creative activities such as "Art in the Abbew, and other events. Free lunchtlme concerts are offered between March and July and from September to November. In addltion. a number of local schools and charities held Christmas Carol services or concert5 in the Abbey during December. Screens within the Abbey are used not only to ncorporate visual material durin8 regular worship, weddings and funerals, but also to improve visibility in concerts and setvices. Page I
Romsey Parochial Church Council Annual Report for the year ended 31 December 2024 ObJe¢tlves and Activltles (continued) The Abbey is open forvisitors every day until at le35t4:30pm with volunteer stewards on dtjty from mid-morning to provide a welcome and answer questions. There were around 50,000 visitors during 2024 with a further 16,000 Indivlduals attending concerts and recitals and events or8anised by charities and schools. The Trustees confirm that they have due regard to the guidance on public benefit issued by the Charity Commission and consider that thls report explains how the activities of the Charity provide public beneflt. Achlevements and performance The full Parochlal Church Council held six regular meetings during the year with one additional meetins for a 5peciflc purpose. Attendance at these meetings averaged 72% with eleven PCC members achieving a 100% attendance rate. Five PCC members recorded an attendance rate of less than 50%. Sub-committees and working groups contlnued to meet throughout the year and minutes of these meetin8s are revlewed and matters arising are dlscussed as necessary at PCC meetlngs. Summaries of the work of these Groups are reported to the Annual Parochlal Church Meetlng IAPCM). whlch took place In May. There was at no time during theyear a full complement of PCC members. Jane Russell Is ihe Electoral Roll Officer. There were 469 {2023: 4511 parishioners on the Electoral Roll, The average "In person" Sunday attendance for Romsey Abbey during 2024 was 283 adults (2023- 2751 and 25 children12023: 251 with further 2712023- 241 adults worshipping regularly at St Swithun's, Crampmoor. In addition, an estimated average of 50 12023: 801 Indivlduals viewed the live-streamed seNice each week. which also average 150 views after the Ilve broadcast. Durlng the year there were 27 baptisms {2023: 38), 14 weddings (2023., 251 and 36 funerals12023: 431 in the Abbey, with no baptlsms {2023: none) and two funerals12023'. two) at St Swithun's as well as 17 funeral services at a crematorium or cemetery taken by clergy from the parish12023: 23). 2024 was the first full year for Syrone Dore. as part-tlme Children and Families worker, and Rosy Payne, as part-tlme Youth worker, both of whom have been carrying out slgnificant and Important work with young people. Two new Inltiatlves arose as a result of their work. The first was "Oasis" a group for Chlldren who prefer a q uleter environment, which is not contlnulng and Llttle Angels, whlch operates monthly. In addition, the Youth Club was relaunched and a series of events for choristers and other youn8 people has been offered. In September Lin Webb, Finance Officer since 2019. retired and was replaced by Alex Butcher. Sarah Riley continued a5 Safeguarding Officer. At the start of July the Parlsh welcomed as Asslstant Curate. Reverend Yin-yin Bull, following her ordinatlon as Deacon In Winchester Cathedral. The Parish also welcomed John Newton as Organ Scholar In September. Durin8 the year, the Venerable Andrew Doughty moved to Romsey after retiring as Archdeacon of Bermuda In Summer 2023 and joined the team of Honorary Associate Prlests who continue to offer support to the Stipendiary Clergy in the Parlsh. Following re-organisation, the pastoral team welcomed new volunteers and its members are now Involved in taking Holy Communlon to parishioners either in their own homes or in care homes and supporting others over the telephone by offering a listening ear, The Parlsh lunch has contlnued on the second Thursday of each month with a dedicated team of volunteers servlng a delSclous two-course lunch around 70 people. As well as the food the event offers an opportunity for fellowship and conversation. The Parish Tea, run by loyal volunteers from the Abbey's Catering Team on Ihe last Sunday afternoon of each month, provides another opportunity for fellowship and friendship as well as offering delicious home-made cake5. The tea, which follows the monthly service of Holy Communion celebrated accordlng to the Book of Common Prayer, Is open to all and attracts between 30 and 60 people each month. Lunchtime recitals continued through the year offewing a wide range music and have been well-attended. at the same tlme ralsing slgnlficant funds for Frlends of Romsey Abbey Music. which support5 the work of the Abbey Choirs. These recltals complement the series of evenin8 concerts arranged by Music in Romsey Abbey IMIRAI, One particular highlight was the concert given by The King'5 Men. comprising choral scholars from Cambridge, who performed a concert and gave a vocal workshop for local 5chool5. Page 2
Romsey Parochial Church Councll Annual Report for the year ended 31 December 2024 Achievements and performance Iconllnued) The Epiphany Gift Servlce took place at the start of January and those In the con8regatiDn were generous with thelr donations of gifts for local children. The effi8y of Alice Taylor at the west end of the Abbey remains raised in an attempt to stabilise the condltlon of the plaster. Peter Martlndale, the conservationist, decided on hls review that it would be beneficlal to keep the effigy elevated for a further year. It is hoped that it will be lowered back Into position during 2025. The Friends of Romsey Abbey have generously funded this work. The Sung Eucharist is Ilve-streamed each week and is then avallable for some time after "broadcast". Thls servlce 55 also avallable for weddings and funerals and for concerts. The PCC thanks the members of the Romsey Abbey Technical Team who undertake this Important work voluntarily. Members of the Abbey Net Zero Carbon group have been monitOTlnE the environmental conditions Inside the Abbey as well as power consumption, carbon footprint and costs so that the informatlon collected can Inform the next Steps in chooslng a low carbon heatlng system. They have also looked at the posslbllities for making the Church Rooms more net- zero friendly. The Friends of Romsey Abbey funded multi-spectral 5uNey of the Romsey Rood. Preservation of the Rood Is one of the major considerations for the PCC. An environmental conservationist is booked to make a report on the Rood soon. The pereBrine falcons returned agaln thls year (excellent for mana8in8 the pigeon population) and, in an attempt to persuade them to nest properly, the Vicar Ilaised wlth local societies to fund and provlde a nest box and camera feed from the bell chamber turret. th There was a movlng dlsplay markin8 the 80 anniversary of D.Day which 8ave the life stories of three young men from Romsey, all of whom were sadly killed on D-Day itself - 6 June 1944. In July, the Abbey hosted five tholrs each of whlch offered a short programme of muslc as part of the town's annual Be88ar's Falr and in October there was a Heritage Open Day, whlch included a Mummers play supported by Southampton-based Norman re-enactment Society and medieval-themed refreshments. As Chrlstmas approached, the Abbey was busy in Advent hostlng a large number of Carol service5 and Chrlstmas concerts bringing a large number of people into the bulldlng who might otherwise not take the opportunlty to do so. The enormous success of holding the Christma5 Fair in the Abbey (for the third timel was a joy, This engendered a lovely sense of community spirit and raised more for the PCC'S funds than when the event took plate in the previous location at Crosfield Hall. Plans for the Future In additlon to the slgnlficant task of malntainlng "business as usual" in a Parish whlch now has a populatlon of 20,000, a number of initiatives are underway including repaSrs to the flooring in the South Transept where one of the ledger stones is sinking and plans for the roofing to be renewed on the tower roof, the installation of a new flagpole and renovatlon of the clock on the Abbey. Test Valley Borough Council is also working with the PCC to secure the installation of a commemorative statue of the late Queen Elizabeth 11 on the North Churchyard. For the flrst time In some years. there will also be Stewardship Campaign. Page 3
Romsey Parochial Church Council Annual Report for the year ended 31 December 2024 Flnanclal Revlew Total incomeon unre5trictedfunds amounted to£489.341{2023= £476.8791 of which £11.72212023: £713lwas investment Income generated by the designated capital fund. £16.000 of unrestricted legacy income was received in 202412023: £nill. The unrestricted general fund shows a decrease in income of £14.547 to £461,619 from £476,166 and an increase in costs of £4,067 (from £457,289 to £461.3561. Afler adjustlng for revalualion of investments. the surplus on the general fund was £2,00012023: £21,623}. The PCC is grateful for all donations. especially from those who glve regularly. 16112023". 1491 regular donations were recelved through the Church of England Parish Giving Scheme Following the declslon that the Trustees took in 2012 all unrestricted legacies received are allocated to the Capltal Fund. with £16,000 being received during 2024. The year-end balances of the various restricted funds increased by £21,425 durlng the year. largely as a result of the increase in the year-end valualion of Investments whllst the Endowment Fund also increased by £67,213. Reseryes policy At the end of the financièl year the PCC held total funds of £4,202,409 {2023: £4,089,753). of whlch £749.83912023: £728,414) were restricted and £3,003,75112023: £2.936.538) were endowrnents all of which were therefore not available for the general unrestricted use of the charity. The restricted funds were for linter ollo) the malntenance of the fabric and organ of RomseyAbbey, the fabrlc of St Swithvn's. and are unlikely to be disbursed to a signiflcant extent In the loreseeable future, as well as some other items, which will be disbursed in the next few years. Further funds wlthln the total were deslgnated by the PCC for the speclfic 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 use of these designated funds, they are designated for Specific projects as explained in note 8 of the linanclal statements. The PCC'S long-term financial objective is to maintaln the Capital ReseNe Fund within Ihe range of £280.000 to £300.000 Ithe level before It had to be used to support the day to day running costs of the parish In the first decade of this century and the construction of the enlarged parish offlce In 20081 so that if major repairs or other expenditure are required urgently, they can be undertaken swiftly. The PCC also has a long-term oblective of holding free reserves (the balance on the General Fund less Investments a5 delined by the Charity Commission) of between 3 and 6 months budgeted annual expenses, to guard against normal fluctuatlons in day-to-day income and expenses. At the year-end these operating reserves were £107,739, sli8htly less than the target range of £120k - £240k. It remains the objective of the PCC to increase these reserves gradually in the medlum term. Glven the purposes for which restricted and designated funds are held, investments are almost excluslvely In CBF Church of England funds adrnlnlstered by the CCLA Investment Management Limited. Structure, Governance and Management The method of appointment of PCC members is set out In the Church Representatlon Rules. The PCC consists of the Incumbent Ithe Vlcarl, and other clergy Including the Associate Priest and A551Stant Curates (both stipendiary and non- stipendiaryl, the Churchwardens, the Licensed Lay Minlsters (Reader) and other5 who are elected by those who are on Ihe electoral roll, In addition, those who represent the Parish on the Deanery Synod are all members of the PCC ex-officlo, PCC member5 are responsible for making decisions on all matters of general concern and Importance to the parish and have legal responsibllities for ensuring that the PCC operates only within its powers. New members of PCC are given information about the activities and purposes of the PCC and existing members are remlnded of these matters at the first meeting after the APCM each year. Page 4
Romsey Parochial Church Council Annual Report for the year ended 31December 2024 Structure. Governance and Management Icontlnued) Risk Monagement ond sofe9uarding The Trustees confirm that they have considered the major risks to which the PCC may be exposed and have taken steps to manage those risks. The PCC maintains an active risk register. which is formally reviewed at least once each year. Significant Sndlvldual risks are a55essed for likelihood and impact after relevant mltlgatlon actions have been taken. Each risk Is ass18ned to an indbvidual or PCC committee to "own" and monitor regularly. The key rlsks after mitigation are: failure to generate sufflclent income to meet all contracted costs; failure to maintain assets; loss of key people; and breach of data inte8rity rules. Durlng 2024 the PCC reviewed and updated Its succession plan and prepared buslness contlnuity (disaster recovery) plans for Its various buildings. The PCC complles with its duty to have due regard ¢0 House of Blshops, guidance on safe8uardln8 children and vulnerable adults. Subcommlttees At the end of March 2025, the following committees were operatlonal: Standing {which is the only commlttee requlred bv statvte); Church Rooms,. Dlsclpleshlp; Abbey Net Zero Carbon Group; Fabrlc,. Flnanclal Resources,. Friends of Romsey Abbey Choirs (renamed during the year): Health & Safety,. Magazine: and St. Swithun's. Some of these committee5 include co- opted members who are not member5 of PCC. Named individuals have speclflc responsibilities for matters such a5 Safeguarding and report directly to the Vicar and Churchwardens. All of the commlttees and other assocSated organlsatlons present a report covering the yearfs actlviiles to the APCM. The PCC Is also represented on Ihe E¢umenical organisation "Churches Together In Romsey". In addition. there are weekly meetin8$ of the Ministry Team and the Vlcar and Churchwardens, althou8h these groups do nol report to the PCC. Responslbllltles ol the PCC In relatlon to the Financlal Statements The PCC Members are responsible for preparin8 the report and the flnancial statements in accordance with appllcable law and United Klngdom Accounting Standards {United Kingdom Generally Accepted Accounting Practice). The Charitles Act 2011 requires the Trustees to prepare linancial statements for each flnancial year that give a true and falr vlew of the state ol affairs of the charity as at the balance sheet date and of its income and expendlture for the financial period reported. In pieparing those financial 5latementS, the PCC Should follow best practice and: select suitable accountlng pollcles and then apply them con5iStently; observe the methods and prlnciples in the Charities SORP. make judgments and estlmates that are reasonable and prudent; state whether applicable UK Accounting Standards have been followed, subject to any materlal departures disc105ed and explained In the financial statements: and prepare the financial statements on the going concern basis unless it is inapproprlate to assume that the charlty will continue on that basls. The PCC Members are responsible for maintalnlng proper accounting records which disclose with reasonable accuracy at any time the flnancial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act. The PCC Members are also responsible for safeguarding the assets of the charity and for taking reasonable steps for the prevention and detectlon of fraud and other irregularities. The PCC Members are also responslble for the contents of the Annual Report, and the responsibility of the audltors In relation to the Annual Report is limited to examining the report and ensuring that. on the face of the report. there are no inconsistencies with the figures di5c105ed in the financial statements. So far as each Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and each Trustee h35 taken all the steps that they oueht to have taken as a Trustee to make themselves aware of any relevant audit information and to establish that the charity's audltors are aware of that information. PaEe 5
Romsey Parochlal Church Council Annual Report for the year ended 31 December 2024 Admlnlstratlve Informatlon The Ecclesiastical Parish of Romsey is part of the Diocese of Winchester within the Church of England, The PCC is a corporate body IPCC Powers Measure 1956, Church Representation Rule5 2023) and a charity registered with the Charity Commission. The information on Ihe front page forms part of this report. The Parochial Church Council comprises either lal ex-officio members or members elected by the Annual Parochlal Church Meeting and (bl co-opted membors. All members ol the PCC are Trustees of the Charity. The individuals listed below served on the PCC for the whole of the period from I, January 2024 to 9 April 2025 unless indlcated otherwise either by the end of the term of office or resignation. Vlcar Revd. Canon Thomas Wharton Associate Prle5t Revd. Sally Womersley Asslstant Curates Revd. Yin-yin Bull (from July 20241 Revd. Flona Jenvey (Self-supporting Minister) Revd. Dr. Mich Lajeunesse (Self-supporting Minlsler) Miss Julie Carlton MBE {until 13, June 2024) Mr David Auger th Mrs Jan Bartlett (from 13 June 2024) Churchwardens Deanery Synod Mrs Adrienne Mordan. Miss Julle Carlton and Mrs Elizabeth Wa8ner. th Miss Dlane Kingston served until 25 May 2024. The current terms ofoffice ofthe Deanery Synod Representatives terminate at the 2026 APCM, Counclllors Name Ih Mrs Janlce Bartlett (Churchwarden from 13 June 20241 End of term th Mr Rick Beton (co-opted untll 25 May 2024) Mr James Hartley-Binns Mr Tim Edmonds Mr Christopher Harpham {from 25 May 2024) Mrs Diane Hargreaves Mr5 Jill Thompson-Hall Mr David Johnson MrAndrew Keelin8 Mrs Pam Leech {PCC Secretary) Mr Rhy5 Lewls Mrs Valentine Lines Mr Richard Pratt Mrs Sarah Riley (from 25 May 20241 Mr Martin Seymour APCM 2025 APCM 2026 APCM 2025 APCM 2027 APCM 2027 APCM 2026 APCM 2027 APCM 2025 APCM 2026 APCM 2025 APCM 2026 APCM 2026 APCM 2027 APCM 2027 th Tlmothy Rogerson FCA Serves as Treasurer to the PCC, although he is not a Trustee and does not vote Sn PCC meetings, Approval This report was approved by the PCC on g April 2025and is signed on its behalf by: th Mrs P Leech Trustee and Honorary Secretary to the PCC Page 6
INDEPENDENT AUDITOR'S REPORT TOTHE MEMBERS OF ROMSEY PAROCHIAL CHURCH COUNCIL Oplnion We have audited the financial statements of Romsey Parochial Church Council (the "Charity"I for the year ended 31 December 2024 whlch comprise the Statement of Financial Activities, Balance Sheet, Cash Flow Statement and notes to the financial statements, Including a summary of si8nificant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accountlng Standards, including Financial Reporting Standard 102.. The Financial Reporting Stondord opplicoble in the UK and Republic of Irelond Iunlted Klngdom Generally Accepted Accounting Practice). In our opinion. the financial statements: give a true and fair view of the state of the Charit¢s affairs as at 31 December 2024 and of its incomlng resources and application of resources for the year then ended; have been properly prèpared In accordance with Unlted Kingdom Generally Accepled Accounting Practlce; have been prepared In accordance with the requirements of the Charitles Act 2011. Bas15 for oplnlon We conducted our audlt in accordance with International Standards on Auditing IUKI {ISAs IUKI} and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statemenls in ihe UK, including the FRC'S Ethical Standard, and we have fullilled our other ethical responsibilitles in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our ¢¥)inion. Con¢luslons relatlng to golng concern In audlting the financial statements. we have concluded that the trustees, use of the going concern basls of accountln8 In the preparation of the flnanclal statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relatlng to events or conditions that, indivldual or collectively, may cast slgniflcant doubt on the Charity's ablllty to continue as a goin8 concern for a period of at least twelve months from when the flnancial statements are authorlsed for Issue, Our re5ponsibilitles and the resp¢)nslbilities ol the tiuslees wlth respect to going concern are described In the relevant section of this report. Other Information The trustees are responsible for the other Informatlon. The other informatlon comprlses the information intluded In the annual report, other than the financial statements and our auditorfs report thereon. Our opinion on the financial statements does not cover the other Information and, except to the extent othenvise explicitly stated In our report, we do not express any form of assurance concluslon thereon. Our responsibility Is to read the other information and, In doln8 so. consider whether the other information is materially Inconslstent with the financlal statements or our knowledge obtained In the course of the audlt, or otherwlse appears to be materlally mlsslated. If we identify such materlal inconsislencie5 or apparent material mlsstatements, we are required to delermine whether there is a material misstatement in the financial statements or 3 materi31 misstatement of the other Information. We have nothing to report In this regard. Matter5 on whlch we are requlred to report by exceptlon In the light of the knowledge and understanding of the Charity and Its environment obtained In the course of the audiL we have not Identlfied material misstatements In the Trustees, Annual Repoit. We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulatlons 2008 require u5 to report to you if, in our opinion-, the information given in the trustees, report is inconsistent in any material respect wlth the financial statements,. or sufficient accounting records have not been kept,. or the financlal statements are not in agreement with the accounting records; or we have not obtained all the information and explanations necessary for the pvrposes of our audit. Page 7
INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF ROMSEY PAROCHIAL CHURCH COUNCIL {continued) Responsibilitles of the trustees As explalned more fully In the trustees. responsibilities statement. the trustees are responsible for the pieparation of the flnanclal statements and for being satisfied that they give a true and fair view, and for such internal control as they determlne Is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or eiror. In preparing the financial statements, the trustees are re4)onsible for assessing the Charitws abillty to continue as a golng concern, dlscloslng, ès applicable, matters related to going concern and Using the going concern basis of accountin8 unless the trustees either intend to liqtsidate the Charity or to cease operations, or have no realistic alternative but to do so. Auditor's responslbllltles for the audlt of the flnanclal statements We have been appointed as auditor under Section 144 Charities Act 2011 and report in accordance wSth the Act and relevant regulailons made or havlng effect thereunder. Our objectives are to obtain reasonable assurance about whether the financlal statements as a whole are free from material misstatement. whether due to fraud or error. and to issue an auditor's report that includes our oplnion. Reasonable assurance is a high level of assurance, but Is not a guarantee that an audlt conducted in actordance with ISAS IUKI will always detect a materlal mlsstatement when it exists. Misstatements can arise from fraud or error and are consldered material if, individually or in the a88regate, they could reasonably be expected to influence the economic decisions ol users taken on the basis of these financial 5tatemenls. Irregularities, includlng fraud, are Instances of non-compllance with laws and re8ulatlons. We design procedures In line wilh our responslbilitie5, Outlined above, to detect material mlsstatements In respect of irregularities, including fraud. The extent to whlch our procedures are capable of detecting irregularities. Including fraud15 detailed below.. The engagement partner ensured that the engagement team colleetlvely had the appropriate competence, capabilities skllls to Identlfy or recognlse non-compllance with applicable laws and regulations. We Identlfied the law5 and regulations applicable to the Charlty through dlscusslons with the trustees and other management and we assessed the extent of compliance with the laws and regulations identlfled above through making enqulries of management and inspecting le831 correspondence. We assessed the susceptiblllty of the Charil¢s financial statements to material misstatements, Including obtalnlng an understanding of how fraud might occur, by maklng enqulrles of management as to where they considered there was susceptlbillty to fraud, their knowledge of actual, suspected and alleged fraud and considering the internal contro15 in place to mltlgate rlsks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we performed analytical procedures to Identlfy any unusual or unexpected relationships, tested journal entrles to identify unusual transactSons and investigated the rationale behind Significant or unusual transactlons. In response to the rlsk of Irregularities and norn-complian with laws and re8ulations, we designed procedures whlch included, but were not limlted to: agreeing financial statements dlsclosures to underlying supporting documentation,. reading the mlnutes of meetings of those charged with governance; and enquirin8 of management as to actual and potential litigation and daims. There are Inheront limitations in our audit procedures described above. The more removed laws and regulations are from financial transactions, the less Ilkely It is that we would become aware of non-compliance. Auditing standards also limlt the audlt procedures require to identify non-compliance with laws and regulations to enquiry of the trustees and other management and InspectSon of regulatory and legal correspondence, if any. Material misstatement that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. Page 8
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ROMSEY PAROCHIAL CHURCH COUNCIL (continued) Audltor's responslbilities for the audlt of the flnanclal statements (continued) A further descriptlon of our responsibilitie5 for the audit of the financi31 statements is located on the Financial Reportlng Council's website at.. www.frc.or auditorsres onsibilities. This desciiption fomis part of our auditor's report. Knl8ht Goodhead Limited is eligible for appointment as auditor of the charity by virtue of its ellgibility for appolntment as auditor of a company under seclion 1212 of the Companies Act 2006. Use of our report Thls report Is made solely to the Charitrfs trustees, as a body, in accordance with Section 144 of the Charitie5 Act 2011 and the regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the Charity's trustee5 those matters we are required to state to them in an auditorfs repoTt and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responslbllity to anyone other than the Charity's trustees as a bodyi for our audit work, for thls report, or for the opinions we have formed. C J Goodhead FCA Senlor Statutory Audltor Knlght Goodhoad Llmlted Chartered Accountants and Statutory Auditors 7 Bournemouth Road, Chandler's Ford, Eastlei8h, Hampshlre, S053 3DA Dated: t Page 9
Romsey Paro¢hlal Church Coun¢ll Statement of Flnanclal Actlvltles for the year ended 31 December 2024 Noles 2024 Unfestricted Funds 2024 Restrlcted Funds 2024 Endowment Fvnds 2024 Total Funds 2023 Total Funds Income and endowmÈnts Irom Donations and legacies Activities for generating Itjnds Income from church activities Investment Income 2a 2b Zc 2d 289,046 52.655 53,740 93,900 49,047 11,483 22.051 15.408 338,093 64,138 75,791 109,308 339,122 62.903 71,379 103.264 489,341 97,989 587,330 576,668 Expendlture on Church activities Fundralslng costs 3a 3b 467.434 329 87.129 9.603 554,563 9.932 518,570 8.734 467.763 96.732 564,495 527.304 Nel Income belore Inveslment salns 21,578 l.Z57 22,835 49.364 Galns and losses on Inveslmènts 940 21.668 67,213 89,821 298,459 Net Income belore trènsfers 22.518 22.925 67.213 112,656 347,823 Transler between funds 1,500 11,5cKII Net movement In funds 24,018 21,425 67,213 112,656 347.823 Funds brought forward at l January 2024 424,801 728,414 2.936,538 4,089,753 3,741,930 Fund5 carrled lorward al 31 December 2024 448.819 749,839 3,003,751 4,202,409 4,089,753 The notes on paBe5 13 to 25 form part of these financial statements Page 10
Romsey Parochial Church Council Balance sheet as at 31 December 2024 Notes 2024 2024 2023 2023 Flxed assets Investments 3,594,174 3,495,455 Current assets Stock Debtors Cash at bank and In hand 10.755 38,992 604.275 10.691 114,953 521,223 654.022 646.867 Credltors.. amounts lalllnB due wlthln one year 45.787 52.569 Net current 85sets 608.235 594.298 Net assets 4.202,409 4,089.753 Funds Unrestrlcted lunds General fund Designated funds 117.478 331,341 115,478 309,323 448,819 424,801 Endowment funds Reslrlcted fund5 3,003.751 749.839 2,936,538 728,414 Total fund5 4.202.409 4,089,'153 Approved by the Parochial Church Council on 9 April 2025 and signed on its behalf by.. IL.QL The Reverend Canon T G Wharton Vicar Mrs J Bartleti Churchwarden The notes on pages 13 to 25 form part of these financial statements Page 11
Romsey Paro¢hlal Church Council Cash Flow Statement for the year ended 31 December 2024 2024 ZOZ4 2023 2023 Net tash Irom operatlng aitlvltles Ibelowl {16,9931 (66,418 Cash flows from Investing adlvitle5 Dlvidends and Interest from inveslments and deposlts Purchase of flxed asset Investment5 108,943 18.8981 103,264 18.252) Net cash provlded by Investlng actlvltles 100,045 95.012 Change In cash and cash equlvalents In the year 83.052 28,594 Cash and cash equlvalents at l January 2024 521,223 492,629 Cash and cash equlvalents at 31 December 2024 604,275 521,223 The charity had no debi at either the beglnnlng orthe end of the year. Reconclllatlon ol net Income before Investment gains to net cash provlded by operatln8 actlvitles Net Income bèfore Investment galns 22,835 49,364 Adjustments for: Dlvidends and interest from Investments Decrea5e/{Increasel In debtors Ilncreasel/decre3se In slocks Increaselldecreasel In Cfedllors 1109,3081 76,326 1641 16,7821 1103,264) 11,488} 802 111,8321 Net cash used by operatlng acilvltles {16,9931 166,4181 Analysls of cash and cash equlvalents Cash at bank and In hand 604,275 521,223 Page 12
Romsey Parochlal Church Councll Note5 to the Flnanclal Statements for the yearended 31 December 2024 l. Actountlng pollcies The financial Statements have been prepared under the Church Accounting Regulations 2006 in accordance with applicable accountin8 Standards and the current Statement of Recommended Practice. Accounting and Reportin8 by Charlties. and Accountlng Standard FRS 102. The financial statements have been prepared under the historlcal cost convention except for the revaluation of fixed asset investments. The financlal statements include all transactlons. 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 or those that are informal galherlngs of Chufch members. The PCC is a corporate body and a charity registered with the Charity Commlsslon In England and Wales. The PCC'5 Re81Stered Office is The Parish Office, The Vicarage, Church Lane, Romsey, S0518EP. The PCC is a publlc beneflt entlty as dellned by FRS 102. Funds Unrestricted funds represent the funds of the PCC that are not subject to any restrictlons regarding thelr use and are avallable for applicatlon to the general purposes of the PCC. Funds deslgnated for a partlcular purpose by the PCC are also unrestricted. Restricted funds represent the funds of the PCC that can only be spent on the speclflc purpose for which they were given. Any balance remaining unspent on a reslricted fund at the end of a year must be carrled forward as a balance on ihat fund. Endowment (unds are restricted funds that must be retained as trust capilal. Full detalls of all funds are shown note 8. Income Collections are recognlsed when the funds are received by or on behalf of the PCC. Funds received as planned 8lving are recognised when received. Income tax recoverable on covenants or gift aid donations 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 be recelved can be measured reliably and receipt is deemed probable. All intomin8 resources are accounted for 8r05S. Rental Income from the lettin8 of church premises is iecognised when the rental is due. Investment Income Is accounted for when receivable. Resources expended Grants and donations are accounted for when paid or when awarded if the awarding creates a binding obligation on the PCC. Payments for the Diocesan Common Mission Fund (previously called "share" and "quota") are accounted for when payable. Other expenditure is recosnised when it 15 incurred and is accounted for Eross. Volunteer Help No attempt is made to quantify the value of volur)tary help, but the signiflcant contribution of volunteers Is described in the Trustees, Annual Report. Page 13
Romsey Parochial Church Council Notes to the Flnanclal Statements for the year ended 31 December 2024 l. AccountlnE pollcles Icontlnuedl Pension costs The PCC tontrlbute5 to a defined contribution pension scheme. Contribution5 payable to the pension scheme are charged to the Statement of Financial Activities In the period to which they relate. Fixed assets Consecrated and beneficed property is not included in the financial statements in accordance with the Charities Act 2011. No value is placed on movable church furnishings held by the churchwardens on special trust for the PCC whlch requlre faculty for dlsposal since the PCC considers this to be inalienable property. All expenditure incurred during the year on consecrated or beneficed property whether as malntenance or improvement is included within resources expended in the Statement of Financial Activities. Equipment used withln the church premises or parish office is only capitalised il the cost exceeds £2,000. Investments Investments are valued at market value at 31 December. Reallsed gains and losses are recognised when Investments are sold. Unrealised gains and losses are accounted for on the revaluation of Investments annually at 31 December. Current assets Amounts owed to the PCC at 31 December in respect of fees and other income are Included in the financial statements as debtors less provision for amounts that in the opinion of the PCC may prove uncollectable. Cash at bank and In hand Includes cash held on deposil at è bank. Stock is stated at the lower of cost and net reallsable value. Golng Concern The Trustees have considered future expected cash flows and consider that the PCC15 able to meet its fin3nical obligatlons for the foreseeable future, that is, at least one year, from the approval of the financial statements. The Trustees therefore consider It appropriate to prepare the financial statements on the going concern basis. Page 14
Romsey Parochial Church Council Note5 to the Flnanclal Statements for the year ended 31 December 2024 2. Income and endowments 2024 Unrestrirted Funds 2024 Restrlcted Funds 2024 2024 Total Fund5 2023 Total Fund5 Endowment Funds a) Donations and legocles Planried givln% Income tax re£over3ble Collections at servltes Other Erants and donations Fabrlc fund grants and donallons Legacles 153,623 47,139 36.702 35,582 153,623 47,640 37,925 80,045 2,860 16,000 162,679 44.645 35.143 91,947 4.708 501 1,223 44,463 2.860 16,000 289,046 49,047 338.093 339.122 bl Adlvllles for generatlng funds Chrlstmas falr Soclal Committee & Christmas cards Video leaffl Gllistall sales Music In Romsey fees Church rooms income Other fundralslng actlvltles 8,286 8,286 860 7,265 10,832 24,330 10,292 2,273 7,853 3,142 6,860 11,809 14,911 11,204 7,124 7.265 10.832 24.330 10.292 1,622 651 52,655 11,483 64,138 62,903 tl Income from Church a¢tivltles Candles Fee5 for Carol Servlces Parlsh Magailne Income Bookstall sales Other thurch actlvlties Fees for Churcl) Seivlce5 3.299 10.655 3,299 10,655 7,803 6,957 14,701 32,376 3,211 7,778 6,835 5,724 15,269 32,562 7.803 6,957 7.291 7,410 32,376 53.740 22.051 75,791 71,379 dl Investment Income Interest receivable Dividends and dlslrlbullons 45 93,855 247 15,161 292 109,016 7,794 95,470 93,900 15,408 109,308 103,264 Total Incomlng resources 489,341 97,989 587.330 576,668 PaEe 15
Romsey Parofhlal Church Council Notes to the Financial Statements for the year ended 31 December 2024 3. Resources expended 2024 Unrestrlcled Funds 2024 Restricted Funds 2024 Endowment Funds 2024 Total Funds 2023 Total Funds al Church actlvltles Mlsslonary and charitable giving Payments to Dlocese Vlcar's expenses Other clergy expenses Olflce costs Abbey heating Abbey lightln8 Abbey Insurance st Swllhun's expenses Repalrs and security Organ tunlnE and malntenance Cleanlng, waler and churchyaid Church servlce costs Bookstall pur¢hases Educallon and tialnln8 Abbey School Insurance church room5 expenditure Salarles Fabric and Capital expenditure Cholr and mu55c Parlsh Magazlne costs other expendlture 19.472 153.895 2.569 22,041 153,895 20,792 164.218 16 1,137 11.327 25.406 20,404 16,934 4,228 17.881 1,910 2,647 11.684 2.821 600 4,694 13,927 116,838 20.909 27.891 6.687 14.520 1,587 12.075 19.436 18.287 16,523 4,053 21.783 1.870 5.785 5,246 1,587 12,075 19,436 18,287 16,523 4,883 21,783 18,970 5,785 11,361 4,245 1,917 4,813 13,480 139,631 13,156 27,657 7,916 17.995 830 17.IlY) 6,115 4.245 1,917 3,096 13.480 126.507 599 6.701 1,717 13.124 12.557 20.956 7.916 17,995 450.307 87,129 537,436 507,471 Governonce costs Legi41 and profe55ional fees Accountancy Audit fees 6.912 5,651 4,564 6,912 5,651 4,564 1.399 4,059 5,641 Tolol Governonce costs 17,127 17.127 11,099 Total for Church Activitles 467.434 87.129 554.563 518,570 bl Fundralsln¥ c0515 Chrlstmas falr So£lal ¢ommittee events other fundraSslng cosls Glft stall purchases 188 74 3,171 5.301 329 3,054 6.549 3,383 6,549 329 9,603 9,932 8.734 Total resources expended 467.763 96.732 564.495 527.304 All Support costs are consideied to relate to chariiable church activities. Page 16
Romsey Parochial Church Council Notes to the Flnanclal Statements for the year ended 31 December 2024 4. Staff costs 2024 2023 Wa8es and salailes Eft)ployers' Nalional Insurance Penslon costs 131.406 2,787 5.438 110.290 2,355 4.193 139,631 116,838 Nlne12023.' elghtl people were employed In the year. none ol whom earned more than E60.000 in either the current or tomparatlve years. Martln Seymour, a Trustee, received remuneration In ihe year amounting to £26.30512023.. £27,315) as a salary for belng Dlrector of Music and not for belng a Trustee. Christopher Haipham. a TIu5tee from 26 May 2024, recelved remuneratlon between 26 May 2024 and December 2024 amDunting to £18.829 as a salary for being Head Veiger and not In respect of hls belri8 3 Trustee. In both cases the remuneiatlon Include5 employer pension contributions. Both of these Individuals were employed In these posts before belng eleiled as Trustees. Expenses were pald to two Trustees amounilng to £1,587 {2023: one Trustee amounllng to £1,137). Tru5tees' expenses are in respect of travel. telephone and tfaining. In the view of the Trustees there Is no ren)uneTated key managemenl personnel. David Auger, a Trustee, was pald £63612023.. £5521 for tleanlng the Parlsh Office. Penslon conlrlbullons amounting to £75212023.. £1.0721 were outstandlng at the year end. 5. Flxed asset Investments 2024 Unreslrlcted General Fund 2024 Unrestrlcted DesSgnated Fund 2024 Re5trlcted Funds 2024 Endowment Funds 2024 Total Investment5 Market value at l January 2024 Addllions Revaluatlon Ealns 9,250 252 237 27,922 521.745 8,646 21.668 2,936,538 3.495,455 8,898 89,821 703 67.213 Market value at 31 December 2024 9.739 28.625 552,059 3,003,751 3,594,174 Investments comprlse: 2024 UnSts 2023 Un115 2024 2023 Generolfund Strangers Glft Fund- C6F Investment Talbot Bequest- CBF Investment Corban Malntenat)ce Fund- CBF Fixed Abbey Improvement Fund- C8F Fixed 162.34 104.01 1,569.14 831.48 158.02 101.24 1.529.94 810.71 3,754 2,405 2,340 1,240 9.739 3,572 2,289 2,215 1,174 9,250 Copltol Fund IDesl9nated) CBF Fixed CBF Investment 6,012.87 850.17 6,012.87 850.17 8,966 19,658 28,625 8,704 19,218 27,922 TOTAL Unre51ricted Fobric Fund (ftestricted? Wheeler Bequest- CBF Investment Wheeler Bequest- CBF Fixed CBF Investment Corban Fabric Fund- CBF Investment Fabric Trust- CBF Investment CBF Fixed Foster Lake Footner Charlty- CBF Investment Foster Lake Footner Charlty- Reeoupment Foster Lake Footner Charity- CBF Oep051t Barclays Bank PLC Ordinary shares 38,364 37,172 5.756.68 21.682.07 1.854.00 3.097.00 1.122.54 4.227.96 1.268.00 4.732.18 5.603.51 21.682.07 1,854.00 3.097. 1.092.67 4.227.96 1.268.00 4.606.27 133,110 32,332 42,869 71.611 25,956 6.305 29,320 109,421 14,224 23.624 126,669 31,385 41.910 70.009 24.700 6.120 28.664 104,126 12,744 13.548 8.810.00 8,810.OQ Carried forwards 488,773 459.874 Page 17
Romsey Parochial Church Councll Notes to the Financial Statements for the year ended 31 December 2024 5. Fixed asset Investments Icohtlnuedl 2024 Units Z023 Unlts 2024 2023 Inve51ments comprlse: Brought forwards 488.773 459.874 Corbon Mointenance Fund fRestricted) CBF Investment 2.737.00 2.737.00 63.287 61,871 TOTAL restrlcteLI 552.OS9 521,745 Robln alshop Endowment CBF Inveslment 129.904.79 129,904.79 3.003,751 2,936,538 TOTAL Inveslmenls 3,594,174 3,495,455 The Foster Lake Footner charlly Snveslments all relate to Sl Swlthun's Churth Repair Fund. The iecoupment account arlses from a loan made to the Parlsh In 1976 on Tepèymenl terms slatin8 that unlll 2006 £131.40 had to be relnvested in the recoupment account together With all dividends and Interest re¢eived into the account. Dlvidends and Interest were pald into the recoupment account untll the nuniber of unlts In the atcount exceeded 3,804 and thls pracllce has contlnLted 51nce ther). "CBF Investment refers to the CBF Church of England Investment Fund Income Share5. 'CBF Flxed" refers to the CBF Church of England Flxed Interest Securities Fund Income Shares. Both of these Investments are admlnlstered by CCLA Investment Management Llmlted on behalf of the Cenlral Board of Flnance of the Church of En8land. The Barclays Bank PLC ordlnary shares are Ilsled on the London Stock exchange. 6. Debtors 2024 2023 Trade debtors Glft ald Other debtors 6.458 5,036 27,498 5.351 2,638 106,964 38.992 114,953 All amounts fall due within one year. 7. Credltors 2024 2023 Tiade ¢reditors Payments due to Wlnchester Dlocesan Board of Flnance Other credltors Special collections payable 4.216 3,815 38,237 3,334 45,774 2,980 45,787 52,569 The total amount received in the year for Special Collections was £4.786 {2023.' £5,091). Page 18
Romsey Parochlal Church Councll Notes to the Financial Statements for the year ended 31 December 2024 8. Furtds Statement of Financial Actlvitles Income Statement of Financial Actlvilies ExpendSture Galn5 and losses and transfers l January 2024 31 December 2024 Unrestrlctedlund5 General fund Bulldlng fund Idesignatedl C6pital reserve fund Ideslgnatedl 115,478 49,136 260.187 461.619 1461.3561 15,8081 15991 1.737 117,478 43,328 288.013 27,722 703 424.801 489.341 1467,7631 2.440 448,819 Restrlcted Jund5 Fabrlc fund Organ fund The Eyles Scholarshlp fund Bookstall fund Glftstall fund Chlltlien and Famllles worker f¢Jnd FORAM Funds FORAM 100 Club fund Hardshlp fund St Swithun'5 Fund Sl Swiihun's Commlttee Fund Abbey Vlne Fund Parlsh Lunch Fund Pailsh Magazlne Fund Flower Fund Servers. Albs Fund Corban malntenance fund 485.142 15.298 1,732 38,814 32,692 28,220 30.563 3.140 10,938 2.969 2,876 3,209 2,053 8.874 22 16.304 1.484 45 6,957 10,832 8,429 32.745 502 (12.5571 117.1001 20.252 318 509.141 1.777 41,526 36,975 23.525 42,034 3,642 8.369 2,189 2,475 4,062 2,574 7,761 14.2451 16,5491 113,1241 120,9561 13181 12.5691 17801 1501 13701 13.0541 17,9161 13.7381 {2,0071 {1,7171 149 1.223 3.575 7.803 3.716 2.508 1,717 15001 (1.0001 501 63,288 61,872 1.416 728.414 97,989 196,7321 20,168 749,839 Endowmentlund Robln Bishop Le8acy 2.936,538 67,213 3,003,751 Tolal funds 4.089,753 587,330 1564,4951 89,821 4,202,409 Detolls oAlunds The Capital Reserve Fund represenls ainounls desl8naled by ihe PCC for future capllal projects. The Bulldlng Fund represents a sum designated foi initlal costs in connection with a p055ible buildln8 pioject for whlch local consultation began during 2021. The Fabrlc Fund represents funds that can only be spent on elther the malntenance and preservation of the fabrlc of Rom5ey Abbev or St Swlthun's Church, Crampmoor. The Organ Fund represented lunds for Ihe future cleanlng and overhaul of the organ. The Eyles Young Musician Scholarship Fund repre5ent5 an amount received to be used to provide a muslc scholar5hlp for a young person at Rom5ey Abbey. The Book51all and Giftstall Funds represenls lund5 Benerated by the Bookstall and Giftstall. respectively. to be used for expendlture as a@reed by ihe Vicar dnd Bookstall Manager (foi the Bookstall Fund) and the Vicar and the volunteeis who run the Giltstoll Ifor the Giftstall Fund). The Children and Familie5 worker fund represents funds raSsed to support the employment of a Chlldren and Famllles worker and . from 2024. funds donated to support the employment of a Youth Worker. FORAM Funds represent amounts iaised by Friends of Rom5ey Abbey Music to 5UPPOrt the Abbey Cholrs. FORAM 100 Club Funds are restricted to expenditure to support the cholrs of Ronisey Abbey. The Hardshlp Fund represents monles recel¥ed as a dlscrelionary fund to support imrnediate hardship needs of young famllies within the parish of Rom5ey. St Swiihun's fund represenls fund to be spent for the benefit of St Swathun's Church, Crampmoor. St Swithun's Comnilttee fund represents ftEnds raised by the con8re8ation ol St Swithun's Church. Crampmoor for Such projects as the 5t Swithun's Committee shall decide. The Abbey Vine Fund represents funds receNed to cover the costs of the Abbey Wine seThice. Information obout the remoiningAund5 is given on the nextpoge. Page 19
Romsey Parochlal Church Councll Notes to the Flnanclal Statements for the year ended 31 December 2024 8. Funds l¢ontinued) Fixed Assets Current Assets Current Llabllitie5 Net Assets Analysis of ossets byfund Unrestrictedfunds Gene¥al fund Bulldlng fund {deslEnatedl Capital ie5erve fvnd Ideslgnaled) 9.739 150.192 43,328 259.388 142.4531 117,478 43.328 288,013 28.625 38.364 452.908 {42,4531 448.819 Restrlcfedfvnds Fabrlc fund Organ fund The Eyles Scholarshlp fund Bookstall fund Glftslall fund Chlldren and famllles minister fund Hardshlp fund FORAM Funds FORAM IOOClub Funds St Swithun's Fuhds St Swlthun's Commlttee Fund Abbey VSne Fund Parish Lunch Fund Parlsh Magailne Fund Flower Fund other reslrlcted funds Servers, Albs Fund Corban malntenance lund 488.772 20,369 509.141 1.777 41.526 36,975 23,525 8.369 42.034 3,642 2,189 2,47S 4,062 2.574 7,761 1,777 41,526 36,975 23.S25 8,369 42.034 3.642 2,189 2,475 4.062 2,574 7,761 3.334 501 13.3341 501 63,288 63,287 552.059 201,113 13,3341 749,839 Endowment Jund Robln Blshop Legacy 3,003.751 3,003,751 Total funds 3.594.174 654,022 145,7871 4,202,409 Detalls oflunds (contirtuedfrom prevlou5 pagej The Parlsh Lunch Fund represents amounts ralsed by monthly Parish Lunches lor use as delerrnlned by Ihe team Involved. The Parlsh Magazlne Fund represents amounts generated by the Parlsh Maeailne for use a5 determlned by that team. The Flower Fund represents amounts recelved to offset the tost of Providing Flowers for Romsey Abbey. Other restrlcted funds comprise one off amounts recelved and expended In the year for various purposes The Servers, Alb5 Fund represents funds donated to be spent on the puichase of Albs for the Servers. The Corban Malntenance Fund represents fund5 to be spent on the Maintenance of Romsey Abbey Pflmary School. Ihe Robln Bishop Endowment comprises funds left to the PCC by the late Robln Blshop. on the conditlon that they weTe invested In the CCIA Church of En8land C8F Inve51menl Fund with the Income 8eneraled from the investment being avallable for the general charitable purposes of the PCC. 9. Related PartyTran5actlons The followlng entitles are regarded as Related Parties wilh whom there have been ITan5aCtion5 recorded: RomseyAbbey Appeal Fund la Reglstered Charilyl,. Music in Romsey {a Registered Charbtyl: Frlends of Romsey Abbey la Registered Charity); and Romsey Abbey Piimary School la Voluntary Alded Church School). Each entlty Is a related party because one or more of the Trustees of Romsey PCC Is also a Trustee lor Governor) of the other entily. During the year the charity accounled for Incon)e from- Romsey Abbey Appeal Fund amounting to £nil12023'. £nill for fabric works- Muslc In Romsey amounting to £24.33012023.' £14.911} for fees for using Rom5ey Abbey for concerts- and Frlends of Romsey Abbey amounting to £12,89112023'. £17,388) for variou5 project5 and actlvltles. Durlng the year the charlty made 3 payment amounting to £4.81312023: £4,6941 on behalf of Rom5ey Abbey Primary School for bulldlngs insurance. At the end of the year, the charltywas owed £nll12023-. £67.3861 by Music in Romsey lon whose behalf the PCC made a number of payments in 20231 and nothin8 by any of the oiher Related Parties. Page 20
Romsey Parochlal Church Council Notes to the Financial Statements for the year ended 31 December 2024 10. Comparatlve Information statement of Fln¢inclolActlvltles ittformationfor the yearended31 December2023 2023 ilniestrlcted Fvnds Z023 Restricted Funds 2023 Endowmenl Funds 2023 Total Funds Incomè and endowments from Dor7ations and legacies Activllles for geneiating funds Income from thurch è¢livltle5 Inveslmenl Income 290,697 46,829 $1,091 88,262 48.425 16,074 20.288 15.002 339,122 62,903 71,379 103,264 476.879 99.789 576,668 Expendltuye on Church acllvitles Fundraisln¥ cost5 473.719 44,851 8.051 518,570 8,734 474,402 52.902 527,304 Net Income before Investment 8alns and lossès 2.477 46.887 49.364 Galns and10sses on Investments 2,778 41,145 254,536 298,459 Net Income before tfan5fers 5,255 88,032 254,536 347,823 Transfer between funds 2,123 12,1231 Net movement In funds 7.378 8S,909 254,536 347.823 Fund5 brou8hi forward at l January 2023 417,423 642.505 2.682,002 3,741,930 Funds carrled forward at 31 December 2023 424,801 728,414 2,936,538 4.089,753 Addltlonul cornpjrutlve Informatlonlornote 2 2023 Unrestrl¢led Funds 2023 Re5trlcled Funds 2023 Endowrnent Funds 2023 Total Funds al Donatlons and le8acles Planned glvin8 Income tax recoverable Collectlons at sewvices Other grant5 and donallons Fabrlc fund erants and donations Legacles 158,966 44,645 34.308 52,778 3,713 162.679 44,645 35,143 91,947 4,708 835 39.169 4.708 290.697 48,425 339,122 bl Actlvitie5 IOT generating funds Chrisln)as fair Soclal Commiltee activities Video team Giftstall sales Muslc In Romsey fees Church rooms income Other fundralsing actlvitles 7.853 3.142 6.860 7,853 3,142 6,860 11.809 14,911 11,204 7,124 11.809 14,911 11.204 2,859 4,265 46,829 16.074 62,903 continued.../ Page 21
Romsey Parochial Church Council Notes to the Flnanclol Statements for the year ended 31 December 2024 10. Comparative Informalion Icontlnuedl Additlunalcomparative InAormotlonfor note 2 (contlnuedj 2023 Unrestrlded Funds 2023 RestrlctÈd Funds 2023 Endowment Funds 2023 Total Funds cl Income from Church actlvities Candles Fees for Carol Services Income from Parish Magazine Bookstall sales oiher church actlvitie5 Fees for Church Servlces 3.211 7,778 3,211 7,778 6,835 5,724 15,269 32.562 6,835 5,724 7.729 7,540 32.562 51.091 20,288 71,379 dl Investment Income Interest recelvable Dlvldends arid di5trlbution5 7,123 81,139 671 14.331 7,794 95,470 88,262 15.002 103,264 Total Sntomln8 resource5 476.879 99,789 576,668 Addltlonol comparotlve Infvrmotlonfornote 3 al Church octlvltles Missionary and charStable glvlng Dloce5an Share VlcaT'S expenses other clerly expenses OlfSce costs Abbey heallng Abbey Ilghtln8 Abbey Insurance Sl Swithun's expenses Repairs and securStv Orean tunln8 and malntenance cleaning, water afid churchyard Church servlce costs Bookstall purchases Educatlon and iralnlng Abbey School Church rooms expendllure Salaries Fabrlc and Capllal expendlture Cholr and music Parlsh Magazlne cosls Other expendlture 18.774 164.218 IG 1.137 11,327 25.406 20.404 16.934 4.228 17.881 1,910 2,647 5.486 2.018 20,792 164,218 16 1,137 11,327 25,406 20,404 16.934 4,228 17,881 1,910 2.647 11.684 2.821 600 4.694 13,927 116.838 20,909 27,891 6,687 14.520 6.198 2.821 600 3.003 13,927 116.838 17,113 6.251 1,691 3.796 21.640 6.687 14.520 462,620 44,851 507.471 Governonce costs Legal and professlonal fees Accountancy Independent examination fees 1,399 4,059 5,641 1,399 4,059 5,641 Total Governonce costs 11.099 11,099 Total for Church Activities 473.719 44,851 518,570 contffnued.../ Page 22
Romsey Parochial Church Councll Notes to the Flnanclal Statements for the year ended 31 December 2024 10. Comparatlve Informatlon Itontlnued) Additional comparatlve inJormotionforJJote 3 (continuedj Z023 Unrestrlrted Funds 2023 Restrlcted Fund5 2023 Ettdowment Funds 2023 Total Funds bl FundraSslnB Costs Chrlstma5 fair Soclal commlttee events Other fundraising costs Gifi stall purchases 188 74 421 188 74 3,171 5.301 2.750 5,301 683 8.051 8.734 Total resources expended 474,402 52.902 527,304 Compurotlve ITnlormatlonfoi note 5 2023 Unrestrlcted Generèl Fund 2023 Unrestrlcted OÈslgnated Fund 2023 Restylcted Funds 2023 Endowment Fund5 2023 Total Fund5 Market value at l Jantsary 2023 Additlons Revaluatlon1055es 8.330 297 623 25.767 472,646 7.955 41.145 2,682,002 3.188.745 8,252 298,459 2.155 254.536 Maiket value at 31 Oecembef 2023 9,250 27,922 521.745 2,936,538 3,495,455 Compurntlve lftJormatlon/ornote 8 Statement of Flnanclal Actlvltles Incorne statement of Flnanclal Actlvltles Expendlture Galns and losses and transfers l January 2023 31 December 2023 Unrestilctedfunds General fund Energy Fund Ideslgn8tedl 8ulldin8 fund Ide518natedl Capltèl reserve fund Ide51gnatedl 93,855 20,000 49,136 254.432 476.166 {4S7.2891 2,746 120,0001 115,478 49,136 260.187 713 {17,1131 22,155 417.423 476.879 1474.4021 4,901 424.801 RestrictedJund5 Fabric fund Organ fund The Eyles Scholarshlp fund Bookstall fund Gifistall fund Chlldren and Famllles worker funds FOBAM Funds FORAM 100 Club fund Hardshlp fund St Swithun's Funds St 5withun's Committee Fund Abbey Vine Fund Paflsh Lunch Fund Parish MH8azine Fund Flower Fund Corban malntenance fund 436,431 12.327 1.699 35.911 26.184 22,007 19.342 2.251 12.106 2,344 17.348 2.971 33 5.724 11.809 6,213 32.861 889 850 625 3,376 835 3.333 6,835 4.396 1,691 {3.7961 35.159 485,142 15,298 1,732 38,814 32,692 28,220 30,563 3,140 10,938 2,969 2,876 3,209 2,053 8,874 22 61,872 12,8211 15.3011 121.6401 12,0181 15001 2,615 1,470 9.726 1.583 56.509 12411 {2.7501 16,6871 {5,9571 11.6911 11,0001 5,363 Total restrlcted funds 642.505 99.789 152.902) 39,022 728,414 coniinued.../ Pa8e 23
Rom5ey Parochial Church Council Notes to the Flnancial Statements for the year ended 31 December 2024 10. Compaiatlve Informatlon Icontlnued) Addltlonol comporutlve InfoxmutlonAornote 8 (contlnued) Statement of Flnanclal Attivities Income Statement of FSnan¢ial Activities Expendlture Gains and losse5 and tfansfers l January 2023 31 December 2023 Endowmtntfund Robln Blshop Legacy 2.682.002 254.536 2,936,538 Total funds 3,741.930 576,668 IS27,3041 298,459 4,089,753 Flxed Assets Current Assets Current Llabllltles Net Assets Anolysis of OSSEts bylund UnrestrictedJunds General fund 8ulldln& fund Ide518natedl Capltal reseNe fund Idesl8naled} 9.250 155,817 49,136 232,265 149,5891 115.478 49,J36 260,187 27,922 37.172 437,218 149,589) 424,801 Restrlcled funds Fobricfund 0¥8an fund The Eyles Scholarship lund Bookstall fund Glftstall lund Chlldren and famllles mlnlsler fund Hèrd5hlp fund FORAM Funds FORAM 100 Club Funds Sl Swlthun's Funds St Swlthun's Commlltee Fund Abbey Vine Fund Parlsh Lunch Fund Parlsh Magazlne Fund Flower Fund Other restricted funds Corban malntenance fund 459,874 2S.268 15,298 1,732 38,814 32,692 28.220 10,938 30,563 3.140 2.969 2,876 3.209 2.053 8.874 22 2,980 485,142 15,298 1,732 38.814 32,692 28.220 10,938 30,563 3,140 2,969 2,876 3,209 2.053 8,874 22 12,9801 61.871 61.872 521,745 209.649 (2,9801 728.414 Endowmenlfund Robln Blshop Legacy 2,936,538 2.936.538 Total funds 3,495,455 646.867 152,5691 4,089.753 Page 24
Romsey Parochial Church Councll Notes to the Financial Statements lor the year ended 31 December 2024 11. Penslons- Church Workers Pension Fund (CWPF) Romsey Parochial Church Councll participates in the Pension Builder Scheme section of CWPF for lay staff. CWPF is adminlstered by the Church of England Pensions Board. which holds the CWPF assets separately from those of Romsey Parochlal Church Council and the other participating employers. CWPF has two sections: the Defined Benefits Scheme,, the Pension 8uilder Scheme, whlch has two subsections". a deferred annuity section known as Pension Builder Classic; and a cash balance section known as Pension Builder 2014. Pen51on Bullderscheme Both sectlons of the Penslon Builder Scheme are classed as deflned benefit schemes, Penslon Bullder Clusslc provides 2 penslon. accumulated from contributions paid and converted into a deferred annulty during employment based on terms Set and reviewed by the Church of England Pensions Board from time to time. Discretionary increases may also be added. dependin8 upon the investment returns and other factors. Penslon Bullder 2014 Is a cash balance scheme that provldes a lump sum which members use to provide benefits at retirement. Penslon contrlbullons 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-dlvision of assets between employers In each sectlon of the Pension Builder Scheme. The scheme 15 considered to be a multi-employer scheme as descrlbed In Section 28 of FRS 102. Thls Is because It Is not posslble to attribute the Penslon Builder Scheme's assets ènd Ilabllities to specific employers and means that contrlbutlons are accounted for a5 if the scheme were a defined contribution scheme. The pensions costs charged to the Statement of Financial Activlties in the year are the contributions payable12024: £5,438: 2023.. £4.1931. A valuation of the Penslon Bullder Scheme Is carried out once every three years. The most recent was carried out as at 31 December 2022. For the Pension Bullder Classlc sectlon, the valuatlon revealed a surplus of £34.8m on the ongolng assumptions used. At the m05t recent annual revlew effective l January 2025, the Board chose to grant a discretionary bonus of 6.7% to both penslons not yet in payment and pensions In payment in respect of setvice prior to April 1997,. and a bonus on penslons In payment in respect of post April 2006 service so that the pension increase was 2.7% Iwhere usually it would be calculated based on inflation up to 2.5%1. Thls followed Smprovements in the funding position over 2024. There is no requlrement for deficlt payments at the current time. The next valuation is due at 31 December 2025. For the Pension Builder 2014 section, the valuation revealed a surplus of E8,5m on the ongoing assumptlons used. There Is no requlrement for deficit payments at the current time. The legal struclure of the scheme Is sueh that If another employer fails Romsey Parochlal Church Councll could become responsible for paying a share of the failed employerfs pension liabllltles. Page 25