CHARfTY RECISTRATION NUMBER: 1134081 Bath Abbey Parochial Chureh Council FiDallcial Statements 31 December 2024 Bath Abbey P4rocbiAI Cburcb Council FinanciAI Stitements Year ended 31 December 2024 Page Trusttts annual report Independent auditorfs report lo the members io Consolidated Statement of futan¢ial activities 14 Con501id&led Statemenl of f￿anCial Frf)sitioll 15 Charity Statement of fit]ancial position 16 CoDS01idatcd Stalemenl of cash flows 17 Accounting policies 18 Notes to the fmanC1￿ statements Bath Abbey Parochial Church Cowneil Trustees. ADTrual Report Year ended 31 December 2024 REFERENCE AND ADMINISTIL4TIVE DETAILS Registered charity name The Parochial Church Council of the Ecclesi&stica] Parish of Bath Abbey with St James: Bath Operating Trame Bath Ably PCC Cbarity registration number 1134081 Principal office The Abbey Offices 9 Kingston Buildings Bath BAI ILT Auditor5 Bishop Fleming LLP 10 Tcniplc Back Brisiol BSI 6FL Banker5 NaiWe. 2024 appointed 30 May 2024 Secretary His Honour Andrciv Rutherford Electoral Roll offiter Mr5 C Bragg Executive Director Mr F Mowat Batb Abbey Psrocbial Church Council Trustees, Annu81 Report (COn￿￿￿ed) Year ended 31 December 2024 The members olThe Parochtal Cburch Coun¢il ol the Ecclc5i&Stical Parish of Bath Abbey with St James. Bath (the -PCC"I presenl their r¢port and the financial st￿ementS ofthe chariry {thc""Abbey"} for the year ended 31 Dcccmb¥r 2024. Thc financial ststements comply wtth the Abbey's governing documenl (the Pamchial Church Councils IPowers} Measure 1956 as amended and the Church Representslion Ru1¢5 2020> and the Charities Act 2011 and have been prcpared in accordance wilh= the accounting tM)licies sei out in the not¢s to the accounts- the requiremenis ofchurch Accounting Regulation5 (20061- the Statement of Recotnmcndcd Practice on Accounting and RqM)rting by Charities {SORPI applicable to Parochial Church Councils ivichin the Church of England. the Financial RcEX)rting Siandard applicable in the UK and Republic of Ireland publislLed on 16 July 2014 {FRS 102)- the Charitics (Accounts and RepK)ns) RegulaEions 2015 STRUCTURE, GOVERNANCE AND MANAGEMENT Constitution of the PCC Th¢ PCC is a corporntc bod). c5tabli3hLd by th¢ Church of England (￿d op¢rnies under th¢ parochi￿ Church Council (Powers} me￿ure19S6 as amended and the Church Represenlation Rules 2020. The PCC w&$ regisiered with the Charity Commission Ivith effcct from 4th February. 2010. Appoinlment, induction and training of trustees of the PCC The m¢mbers ot the PCC are clected in accordance with the Church Representslion Rules 2020 ai the Annual Paro¢hiai ch￿￿h Meeting, which is genernlly held at the end of May. and are the charity tntstees of the Abbey in accordance with scclion 177 ofthe Charities ALt 2011. Occasionally tncmbers ofihe PCC rnay be CQ•OPted fora pertod of one yvar. Metnbers of Ihe Clergy and Churchwardens ar¢ ex￿￿]C10 tnembct5 of the PCC. Help and tamiliarisation is available to members of the PCC through d&scussion5 With the Rector and Churchwardens about the role 8nd resw)nsibilitics of a PCC member. In addition. the Tr￿urer provides training in understanding PCC acwunts i¥here necessary. Organisation of the PCC The PCC gen¢rally meets monttdv cxcepl during August and Deccmbcr. Members of Ihe PCC are usually involved in two 'Aivay Days, each year when Parish Siraiegy is discussed. Atl of the members of the PCC givc their time freely amd no member received remuneration a5 a resuli in thc ycar. In order to discharge ils duties the PCC appoints a number of committees which meet on a regular basis. The currcnt PCC cotnmittce5 are: Standing.. Finance. Footprtnt Project Board Mission Support Group. Building5 and Personnel. "I'hc PCC also employs staff io cllr￿ out various functions. The PCC tak.es this opportunity to thank the cfflplo)'ees of the Abbey for thp fine. manner in ii.hich they perfom) their duties throughoul (he year in support of the Abbc) s aim to witne55 to the Christian faith and always to p￿vide a wann and ivelcomino envimnmeni at the Abbey. Delegation of day-to-day Responsibilities The PCC considers that the "Abbey Leadership Team" comprise5 the key management personnel of the Abbey and that they are in chargt of running and operating the Abiw on a day-10-day basis. The Abbe). Leade￿hIp Team meets fortnightly and conSiSE5 of Thc Rcctor. Abb¢y Mis¥iunrr. Tlir Abbry P¢tslvi. Ix)di Cliurchivatdcn& thc Dirc¢tor of MLt5ic. thc Ekccutivc Director. Facilitie5 Manager {previously the Operdtions Manager). Head of Visitor Experience and Head of Finance. Related Parties- Associated Charities There are four ￿50¢lated chariiies, namely: Bath Abbey Charitics {r¢g. no. 2419021 Ivhose objeci is the relief of hardship and distress to residents of Bath, both individually and gener￿lY- Charity for the Upkttp and Maintenance of thc Abbey Cemetery {reg. no. 243684). which is responsible for thc maintenance of Bath Abbey Cemelery: Friend5 of Bath Abbev Ireg. no. 205082) ¥vhose objecl is 10 assisl the PCC to care for. adorn and preserve forposterity the tabric of the Abbey building and it5 goods and omaments- and Bath Abbcy Music Society {reg. no. 1123118) whose object is to promote music in Bath Abbey by providing financial suptmlrt for the choirs and other musical aeiivilies and equipmenL Thetr activities are not included in ihese fthanci￿ sthiements. The pe.r. has x wlmilly owned trading subsidiary. Bath Abbey Limited (company number 078156961 and its activities are includcd in these financial thtemerkls. Bath Abbey PArochi*l Church Couneil Trustees, Annual Report (conlinued) Year endtd 31 December 2024 OBJECTtVES AND ACTtVlTIES OF THE PCC Thc PCC co￿operate5 With the Reclor in pmmoting in the Parish the whole mission of the Church- pastordl. evangelistio social and ecum¢nical. Thc PCC sccs Ihc Abbey 5 tlliS5ion as witnessing stVddf￿tY to the Christian faith and proclaiTning thc gospcl through prayer and preachin& through service to the community of Bath and to visitors to the City. through service to those in need beyond the City of Bath and through carcful 5tcward5hip of thc Abbcy'5 hcritagc of cxcellcttcc in its worship and in its rabric. The Abbey also contribu*s to the spiritual and musical education of young people in the lo¢at area by inviting them io lake part in the EasEer Experience and through its choirs. The PCC has considered and had regard (o the Charity Commission's guidance on publi¢ benefiL Volunteers play a Yital role in the life of the Abbey. Throughoul the week vOlUn￿er5 welcome visitors and congregalions serve in the shop. arrdnge flowers, assist with service& work with children and young adults and ring the Abbe), bells. Teams of volunteers counL record and oversee the banking of thc Abbe> s cash income 5tream5. More than 260 people are involved in the Abbey as active volunteers and we iyould like lo ￿ke this opwrtunity to thank them for their valuable contribution. SAFEGUARDING Thc PCC has Cotnplicd wilh thc duty urkder 5caion 5 of the Safcguarding and Clcrgy Disciplinc Mc&wrc 2016 10 have rcgard lo House of Bishops Guidance on safeguarding children and vulnerable adul ACHIEVEMENTS AND PERFORMANCE OF THE PCC Bath Abbey is first and foremosl a living church- a place of worship for our congregation and vi51tor5 where they can come and attend a servic< listen to beautiful chordl music and wherc thcy can learn about the good news of Jesus. The Abbey also simultaneously serves several other rol¢s including.. A Foeal point lor civic events such as Ma}or Making and RemeTnbrdnce Services A visitor attraction and cultural herithge tre&sure enjoyed by hurÈ(treds of thousands of visitors each year A place where people from the city of Bath and beyond can gather for events such as exhibitions, concerts, talks and grnduation ceremonies An oasis for private prdyer and stillness in the centr¢ of a bustling city Ovei. r'¢¥¢Jil illriikuiy LILr Abbry lias IitKI Lu Lupr willi vprrdLiii¥ ttitvu¥li Llir FtJulptiIii Ptvjru( wiisiruitioji ylias¢16 ye￿"S). through the global pandemic and Ihen, folloi¥ing the pandemic. operating Ihrough the cost-of-living crisi& rising energy ¢osts and fast rising ¥vage costs (National Insurance and National Living Wagel. li has been a hard w predict and financially diffiLult period. and this still remain5 the case as we enter 2025. 2024 was the first full year th&t Ihe Abbey was fully operational after Footprini and our first full yearof chargtng an Admission Fee. Financially il was a disappointing year. However we are very pleased io repon that in 2024 we experienced a wonderfill transforniation within the Abbey. on¢ we had hoped for when we first planned the Footprint Project. The key achievements that we ivitnessed ivere: We ivelcomed Queen Camilla to the Abb¢y io celebrate the 850th Anniversary Celebrdtion of Si John 5 Foundation at which over 600 attended. We completed our 2024 Volunieer Engagemeni Survey where over 123 volunteers p8rticipaled, and the results were extremelv positive and encourdging. Over l.i)00 children from 43 sCh￿IS attended ourAbbey Leaming Progrdmme including our Easter Experience. Our Learning Programme is ￿]lY starting to become established and a key part of Wh￿ the Abbey now offers to the City and beyond. We ran 6 drop-in craft se55ions and 10 U[￿er 55 iYork5hops in our Learning Centre for local familics and ovcr 1.100 parents and childr¢n attended these really popular sessions We had 240 people from 21 different locai cotnmunTty groups anend the Abbey for various events including a menial healih SUPPOTT group. carers tTrom ihe BANE5 Carers" Cen￿e aTtendlng taiks, 8J)d locally based Ukrninlans Itom Bath Weleomes Refugees. Bath Chri5ttnas Market.. ShoppeTS' Carols- over 7,500 visi￿lS to Bath attended our Satunfay afternoon Shoppers, Carols. Bgth Abbey Paro¢hiAI Chureb Council Trustees, A ThDu•I Report (conlinued) Year eoded 31 December 2024 ACHIEVEMENTS AND PERFORMANCE OF THE PCC eontinued As part of our 2024 focus oft Yending.: w'e collaborat¢d with BANES Carcr5 Ccntre and opened a new monthly Car¢r Café in our Lrdrning Centrc which has been a huge success. We continued to run our Cosy Club service for locals who are struggling to heat their homc5. and cach ￿eCk our Leaming Centre is used as a place to deliver English lessons to a class of Ukranian refug¢es. The successful Voices for Life choir5 now regularly use the Abbey Song School as their rehearsal centre on Satt]rday moming5. and their choirs perforn]ed in the Abbey 3 times during 2024. We a150 provided Voices for Life with financial SUPTX)rt to enable children from underserved areas of Bath 10 Iravel to and from the Abbey. Our new Tuesday Chordl Evensong otTcring has now become & r¢gular feature at thc Abbey and is attracting proximately 100 attendees per ￿'eek. Visitor can now listen lo Chornl Evensong 3 times each week diiring sc.hool terni iitnes Our Yottth & Families, Minister had a very successful year where we saw several of our }'outh clubs grow in nutnbers. We now have Abbei, Kids. Anchor. Crypt Club. Family Socia]s. In October MeliTrda Welch (Youth aAd Families Minister) and Chantal Mason (Bath Abtw Pastor. tkan of WoETkCn s Minislryl organised an evening Dio¢esan Youth event at the Abbey which Bisbop Michael attended and this wa5 trrf)th well attcndcd and another success. In 2024 we have re￿]Y started io notice that more young people are regularly cotning to the Abbey During October H'e welcomed over 7.(MK) visitor5 to our"Shine On Luxmuralis light and sound experieDce. Many people who attended ￿'ere first tlmc V15itors to the Abbey. In August we collabornted H'ith Aftiic DispDSiiion who performed Romeo & Julict Promenade Theatre in the Abbey. This was another great 5ucces5 and ovcr 2000 people anended the show5 which ivere ail sell out perfornianc¢5. Our collaboration with Antic Disposition won the annual Bath BID Successful Event Award. Over 40 concert5 ti)ok placc in theAbbev in 2024 including a concert marking the second anniversary of the inv&sion of Ukraine by Russia. We are pleased to repon that we paid our Parish Sharc in full and reduced the balance of our Diocesan tA)an facility. The University of Bath wintcr and 5UTlltner grdduations and the Norland College Spring Graduations broughi over 15.000 people lo th¢ Abbey. During the 2 wcek-5 leading up to Chrislmas Day we welcotned over 10.O(K) people to School Carol Services and Christmas Service5. The Abbcy ￿15 packed. Once again: in 2024 welcomed ovcr 350.0(K) Visi￿r$ to the Abbey (including even￿ concerw services and graduations). 2024 saw the full use of all of our new S￿e5 aDd the Abbey was constantly busy. li has been particularly pl&￿7￿g lo see new audiences come to the Abbey. more young people and families than seen before and. as we enlcr 2025. we will continue to try to find Rew ways lo attract and grow our congregalioThs and our visitor numbers. Wc would like ￿ thk'e this opportunity to thank every tDetnber of our ivonderful team of volunteers. ¢speciall>' our PCC membcrs. Chaplain& Churchwardens and Clergy as well as our staff. choirs and our colleagues at the Dioccsan Board of rinancc for thcir conlinucd commitmini tmd support throughout 2024. B8th Abbey Parochigl Church Council Trustees. Annual Report Ironlinued) Year ended 31 December 2024 PCC Plans lor Future Periods In 2020 thc Abbcy unvcilcd its Mission Action Plan which set out the prioritie5 for the perii)d 2020-2025 pursuing our vision by focusing on the following areas: Thanksgiving Telling Teaching Tcndittg Transtonning Trc&suring Worshiping & pra}'ing Proclaimino rhe gospel Growing as followers ofjesus Caring as a church family Pursuing justice and pcacc in ￿Ciety SustatninE and r¢newing cration In 2024 we will be focuscd our effort5 on Tcnding. This involvcd thc following iniliatives= Collaborating with BANES Carers Cenire in the setting up of a Carer Café at Bath Abbey. Dclivtring Dementia Friends training sessions to Abbev 5thff Revieiving and improving ihe accessibilitv ofthe Abbev Starting up a new Abbey Kids and Abb¢y Creche Group in January 2024 Hosting a City-lvide )'outh evenl in Summer 2024 In 2025 we will be locusing on specific Yeaching" projects ivhich will include= Continu¢ to partner w'ith Bath Welcomes Refvgees in delivering English lessons in our Leaming Centre Easier Expcriencc for local schools Our Austens at The Abbey programme of events Our Peace Doves programme of events Electoral Roll and average weekty attendance The llUTnber ol persons on the electordl roll as at 31 December 2024 was 461, compared i¥ith 453 at the end of the previous year. The averagr weekly attcnda]]ces ai service5. including visi10￿ during the )'ear w&s 848 (2022- 8201. Bath Abbey Parochial Cbvrch Council Tru5tee5' AnnuAI Report (cominHed) Year ended 31 December 2024 FINANCIAL REVIEW The Abbey generated a net deficil of £108k for 20?4 {2023 £411.3k}. If onc cxcludcs the tail-end footprint Project costs of £81.6k in 20?4. the net trading deficit for th¢ Abbe). ￿'aS £26.4L Thi5 deticit is disappointing as we wer¢ budgeting to achieve a surplus in 2024. The key r¢asons m.hy we failed io achieve a surplu5 ivere: Our visitor numbers were down again* 2023 levels and down against our budget. We attribute this to a combination of poor weather in the first 4 months of the year and the impact of the COSt￿f-11vIng crisis. From January 2024 ive increased out Admission Fee to £7.50 and thi5 helped lo offset lower than budgctcd visitor numbers and as a result we saw Visitor Income in¢rease marginally trom £1.138m to £1.389m. During 2024 ¥ve discovered thai our shop stock value I￿a5 overstated by £47k- (caused by a recording systcm is5uc) and so we Enadc the adjustment (and moved onto a new SySLem atler a full physical stock tak¢l. Our Tower Tours had another strong year as did our Events Team. We are pleased lo report thaL once agaio wc paid our Parish Share payrnents (£310.2kl in full and stthed to iepay the capital of our £300k Diocesan loan which reduced to £250k by the year end. Energy costs continued lo be well controlled as wcrc wagc costs. We spent £174.6k on mainlenance and repairs lo the Abbey and this included carrying out a full survey of aEI thc Abbeys Ivall monuments and beginning a 2.5-year cycle of monument repairs. As wc cnter 2025, we are expe¢tin£ another di￿lCUlt ycdr the Cost-of-Living crisis continues to cut deeper. and early signs klre thai the new US Ttump adminÈstrdtion ivill have atj advetse impact on the UK t￿nOMY. Wc are budgeiing for a surplu5 in 2025 and are actively working on idcntify'ing new In￿Me generdiing (and cost saN'ingl initiaiives ￿h]ch we ￿.11] look to introduce in H12025. Overall. another diificul( year and a disappointing financial outcome. Howevcr. we remain positive alM)ul the futurc and ih¢ potential of the Abbey to l)ounce back to gcncrate Étading surpluses from 2025 onwards. We would like to take this opportunity ID thank the ￿hOle team ai the Abbey: its Clergi. st&tr. volunleers. chaplatns and PCC members For their unwavcring supwru commitment and guidance throughoul 2024. We should all feel Proud to have successfully naVig￿ed the Abbey through the Footprint PTDjcci through the pandemic and now through the cost-of-living crisis. Thank vou. Bath Abbey Paroehral Chureb Couneil Trustees, Annwal Report (continued) Year ended J l December 2024 Fixed A55et5 Thc currcnt value of the Abbey's freehold properties is believed to be considerably in excess of the value of £2.046.670. the PCC does not consider th￿ & revaluation 15 nccessary at preseni but is kceping the situation under regular review. Reserves Poliey Bath Abbey requires Reserv¢s to carry out its mission. together iviih the upkeep of its buildings. In accordance with Charity Comtni5sion guidancc. Re5crve5 are calculated a5 unresiricied funds adjusted for both fixed assets and those funds dc5ignaled for essential future spending. The required level of Reserves is delerniined with reference lo Bath Abbey"s 2025 budgeL a longer-lern] budget and Bath Abbcy'5 risk registcr. Bath Abbcy's Rcscrves Policy requires Bath Abbe), to hold Su￿1Clent Reserve5 for w0￿1ng capital rcquircmcnts. thc pcrccivcd sk to Bath Abbcy"s incotnc and unforesetn costs ￿'hICh might arise. Using this calculation. Bath Abbey"s minimum level of Reserves should be £l.174k M,hich represents cir¢a 5 months of planned unrcslrictcd expenditurt. Reserves w'ould not be expected to exceed a level of 9 months of planned unrestrictcd cKpcndibJrc. As ￿ 315t December 2024: B￿h Abbey held £207.7k of Unrtstricted General Reserves. This is ca]culated net of the £250k loan from Bath & Wells Diocese. which remain5 outstanding. These Reserves equat¢ to just I month of planned unrestricted expenditure and are £966.3k below the lev¢1 that is consid¢r¢d as a minimum. Bath Abbey has a longer-l¢rni budget which forecasts surpluses over the 5 years ?025 10 2029. Achievement of that budget should enable Bath Abbey to repay the £250k loan outstanding to the Diocese and to build Re5erve5 to a Icvcl of 5 tnonths of planncd unrc5tricted cxpcnditure. Thc possible benefit from legacies in the coming }'ear5 will be imrK)rtanl to Bath Abbey fulfilling its mission along5idc thc rene11.￿ of its R¢s¢rv¢s and the r¢m¢dial work r¢quticd as a r￿ul1 of ihc quinqucnnial revicw of th¢ fabri¢ of Bath Abbey. In Mav 2025 Bath Abbey received a generous unresiricted donation of £1.376m from a single donor. which has been designaied to support fabric and tnaintenancc cosls a5 detailed alx>vc. Thi5 does not allom. for any deviation from the long-ierm budget and objcctlVC5. which are dcsigncd lo achicvc a su5tainablc Icvcl of frce rcservc5 gener￿ed from opcrations and to thcrcfore not b¢ rcliant on Icsaci¢5 and donations alon¢. Investment Policy Bath Abbey does not hold significant long-ierni fijnds. 11 is nevertheless important that Bath Abbey adopts a cauiious, pn￿en( and ethical approach lo invcstments and dep)sits. Cash ba1￿Ces(£911.7k"I should be covered by the FCSC deposit guarantee sclieine oi. if in ¢x¢¢ss of £85k. 51itptsld b¢ d¢wsii¢d wiLI) lJ)51klulJoJi wl)icl) Iivld> a ¢i¢dil iaiiiig of &i least Single A 01 equivalcnl. C&sh balaDCCS I￿.￿lch arc not rcquircd for da>'_tO-day operation should be placed in inkrcst bcaring accounts. The one long-temi cndowment m.hich Bath Abbcy doc5 hold {£155k) is invc5tcd in the CBF Church of EnglatEd Investment Fund. activcly managcd by CCLA. This CCLA fund is compliant with the ￿1]cECS of thc Church of England'5 Ethical Invc5ttncntAdvi50ry Group. The Head of FTnance moniiors the cash posilion and floiv projeciions and reEx)rts io the Finance Commiltee al each meeting. An annual review of compliance with Bath Abbey s Investment Policy is presented to the PCC for the Lssurdnce of the trusteCS. Bgth Abbey Parochial Church Council Trustees. Annual Report (conlinued) Year ended 31 December 2024 Pay Policy Thc Abbey is Committed to payino all staff at Icast thc N&10n￿ Living Wag¢. In recellt year5 we have seen the Nationa] Living Wage rise from £9.50 {April 2022) to £12.21 (April 2025) which is a 28 /0 incre&sc over 3 ycar5. Staly pay is also regularly reviewed (and benchlnarked agaill￿ pay in other similar organisations} by ihe Abbey's Personnel Committee. In April 2024 all Abbey staff received a pay award of bth¥een 3¥0 and 90/0 with those staff who were on or close to Nattonal Living Wage rcc¢iving the highest increases. Principal Risks and Uncertainties The PCC has revieived the risk5 facinE the Abbey and its trdding company and considers the most significant to be those shown below. together with the actions tak-en to tnitiuate thetn. Mili anis Financial A Business Developmeni Team has been forn)ed and are looking al neil, Ivajs to grow income and rcduce costs. Two neiv iniiiatives are being considered (Sunday visiting and Oill aid) IvhiLh ¢¢lLh wuld illLtrkLSf Abbe), iirl ijliUIII¢ Loiver than fore¢ast visitor nutnbers lallribuied io the deepening cost of living cri5isI have led th losses in recent year5. b.£IOOK Our Long-Ran?c Foreeasi indicates that should generate su￿7ClcnÈ-pr0fits over the next 5 years to enable U5 r&￿h I cxceed our minimum reservt5 threshold of £1. I m. The LRF assumes no legacic5 over the next 5 years however we u'ould e.Kpeci lo receive at least £200k over this ￿riod. We are activel￿ looking at reducing costs yAd increasin income strtrdms r annum. Finan¢i81 Our unrestricted reserves are below the l¢v¢l set in our Rc5erves PolÉcy. Sirntegic Youth & Family minisier has been in situ for over 12 months 2nd is actively growing a Y&F communiÈ}' within the Abbey. Baih Abbey congregation numbers are bucking the trend and noi declining. We many events throughout the year to attract Y&F rirst timers lo Bath Abbey. who w'ill hopefully. return I want to become more connecied COE cougregation numbers are ageing and declining. Strategic ALT Focus on safeguarding leadership. culture. best prdcliee and procedures has increased. Quarterly ALT meetings dedicated to safeguarding. We will be approaching PCC members to be crilicd friends to sharc ivith us theTr vie￿'S on strengths and weaknesses I potcntial issues. ALT education and aivarcne55 of safegu#rding requirements has incre&scd in 2024 and into 7025 There are no signs l indicator5 1 news of a potential major incident I pandemic heading to ihe UKIBaih. We are actively looking to incrcase our unreslricted reserv¢s over thc next fcw years that we can reach £1. I m and can cope Iviih a major eveni. We could refilse to pav our annual £320k Benefice Share payment in the event that wc nceded io draw on cash be ond our reserves level. The w>ssibility of a polential safeguarding breach incidenL Strdtegic Possibility of another major evcnt (eg pandemic I major disasler) Batb Abbey Paro¢hi81 Church Council Trustees. Annual Report Icoiilinwed) Year ended 31 D￿eMber 2024 Fundryising Since March 2023 ihe Abbey has ¢harged aD Admission Fee which in 2024 stood ai £7.50 per adult. Thai said Ih¢ Abbey remain5 free to enter if you are a loral r¢sid￿L or visiting io pray. We continue to accept donations in ¢ash and via card-acquiring mxhines in the Abbey and Irom service collection5. Throuohout October each year our sern]ons focu5 upon stewardship, cneouraging people to think about how they can use their Linie, talents and n]oney io support the Abbey'5 Mission Action Plan. SeNcral members of ihe conwgation participate in our Planned Giving scberne dnd in 9024 we receÉved £?55.994 foi which wt very grateful. We are pleased io report iliat received more vil Planned Giving than ihe previous year 1£244.501) being an increase of 4.50/0. which is encouraging Si￿en th¢ dowrtW2rd trend seen in other ¢hur¢lies in the Chur¢h of England. The Abbey employ5 an expertenced part-time Bustness Developmeni Officer to Tai5e funds as and H4ben required. At pr￿¢￿1 sh¢ is putiing logeiher a fundraising straie4y for a new stain￿-glaSS window thai we wish to insrall in ihe Abbey whi¢h will bc dcdicated to St Alphege. The Abbev takes all complatnts senously and in 2U24 we received no complaints about our tundrn.sing activitits. STATEMENT OF R£SPONSIBILITIES OF THE TRUSTEES The m¢mb¢rs of the PCC, as the charity trustees, are responsible for preparing thc Pcc's Trusiecs, Annual Rcport and the linancial statement5 in accordance with applicable law and r¢Rulations and United Kingdom Accounling Standards (United KingdoFti Generylly Accepted Accounting Practice). Th¢ law applicable to charities in England and Wales r4uires the membets ofthe PCC to prepare financial statements foreach finane5al year u,hich gil'e a true and fair view of the stale of atTa1￿ of ihe Abbey and ofthc incoming rL50urces and application of resources of th¢ .4bbcy for thai pcriod. In pr￿arIng ihese fmancial siaiements, th¢ m¢mbcr5 of thc PCC aTC rcquired to: select siiiiablt accounting poLicies and theD appty them consisteDtIy- observe ti)e Enethods and principle4 in ihe ChJri¢ie5 SORP. make jUdge￿£nts 4tnd accouoting e5titnates that rvasonable and prudent; prep2re ilie financial siaiement5 on the going concern basis unless it 15 Inappropria￿ to presume thai the Abbey wi]1 olltinuc IT] operaiion. The members of the PCC arc resPOll5iblc for keeping prow accounting records that disclose with tfa50nable accuracy at any tiin¢ Ihe financial p051tion of the Abbey and enable them 10 ¢nsure thai th¢ financial slalcm¢nts comply with the Charities Act 201 l. the Charity (ALcounts' and Reports) Regulations 2008 and th¢ provisions of the Abbey's constitutiondl docu]nents. They a150 responsible for safeguarding Ihe assets of the Abbcy and hence for takingi reasonable slep5 for the prevention and detection of fraud and other irregularilics. Signed on behalf of the T￿￿teeS ie Reverend c.anon Guy Bridg¢watcr RLYtor of Bath Abbey Date: 19 May ?025 Batb Abbcy Parochlal Church Council EndependeDt_4uditor's Report to the Members of Bath Abbev Parochi41 Church Council Year ended 31 December 2(124 OPINION We have audited the financial sthtements of Bath Abbey Porochi#l Church Council (the'ChariW)and its subsidiary lthe'Grovp'} for the year ended 31 December 2024 which eompris¢ thc Coll501idated Staiemcnt of Financial Activities. the Consolidated Balance Sb¢¢t. the C1￿11Y B￿ance Sheei: the Consolidaled Statemeni of Cash Flows and the related notes, including a summary of significoni Jccountino policies. The financial re￿rtillg framework ihai hys b¢cn applicd in thcir preparAtIOll 15 applicablc law and United Kiiigdoin Accounting Stsndardg. includin¥ Financial Reportijg Standard 102 'TI)e Financial Reporting Stalldard applicable in (he UK and Republic of Ireland, Iuttited Kingdom Gcncrally Acc¢pl¢d Accounting Practic¢). in our opinÈon the financial statements: give a and fair view of the stale of the Group's and the Charity's affairs as at 31 Deceinber 2n24 And of ihe. Group's incoming resources and 4)plicalion of re50urce& including its ]r￿me and expenditure for the year thL have been properly prepared in accordance with Uniied Kingdom Genetally Accepied Accouniing Practice: and bave b¢en prepared in accordance with the requirements of the Clwities Act 2011 BASIS FOR OPtNiof4 We conducted our audit in accordance with International Si3wKlatds on Audiiing (UK) (ISA5 IUKI) and applicable law. Our responsibilities under thiise standard5 arc further described in the Auditors, responsibiliiies for the audit of th¢ fInaDcial statements Scction of OUT rcport. We a￿ independent of the Grow) in ac¢ordan¢e with the cthical requirein¢nts that are relevant Iv ijl thL frT]4UILiuI S1(ii¢invtiis In the Unitd Kingdottl. including thc FTnancial RepotTin¥ C.ouncil's Etliical Standard. and we have fulfilled ourother ethiial resp)nsibilittes in aLcord8nc¢ wilh Ihcs¢ r¢quir¢inenls. We believe that the audii ¢iiidenLe we have obtained is suffi¢ient ond appropriatc lo providc a basis for our opinion. COINCLUSIONS RELA TING TO GOING CONCER In auditing the financial slatements. w'e have coftcluded that the memlKTS' us¢ of the going concern ba515 of accoun(ing in the preparation of the financial slaienienES is appropriate. Based on the work we have perfomied. we have noi ideniified any maierial unc¢nairtti¢s rel81ing to events or conditions ihat. individually or collectively, mtty cLqt Significani doubt on ihe Group or Chartty's abiliry lo conlinue as a going conLem for a period of at least twelve months from whett th¢ financial statements are authorised for issue. Our responsibiliti¢s ond th¢ respon5ibililies ofthe members with respect to going concern are descri￿ in th¢ relevant srftions of this report. OTHER tNFORMATION The members are responsible for the otherinfom)ation. Thc oiherinfornwtion comprise5 the information included in theAnnual Repoit, othcr than tlie financial statements and our Auditors, Report thereott. Our opinion on the finan¢ial SÉatemcnls doe5 ttot cover the other infomiation and. except to the extent oihernrysc explicitly 5thted in our repor¢ we do llot express any fonn of a&sEirallLe conclubion thereon. In Connection with our aiidii of the financial siatemenTS. OUT re5ponsibiliry is to read the utlier inforniation and. in doing so. consider wheiher Ihe uther infoTmalion is malerially incoDsistenl with Ihe financial sÉaÉements or our knowledge obtained in the audit or othen¥k5e appears to bc materially ￿]SSIated. If we identify sucb material incollsistencies or apparent n)aterial ryJiEstatLmenls. we arc r¢quired to deiem]iDe whether (here is a maierial missiaiemenl in the fjnancial slalem¢nis or a maturial misslJleinenl of Ihe otlier infummtion. If, based on the work hai'c pcrfon7Kd. we conclude ihere is a maleriAI Inissiaremeni of Ihis other inf0m￿li0￿. we are r¢quired to iep)rt ihai fact. We hai'e nottjing to rew>rt in this regord. io- BAth Abbey Parocbial Church Council Independent AuditOT'S Report to the Members of Bath Abbey Parochigl Church Council (eonftnued) Year ended 31 December 2024 MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION In thc light of our knoii,ledge and understandtno of the Group and Charity and its cnvironment obtaitkcd in thc course of thc audiL we have not identified material Jni55tatcmcnts in thc Annual RcwbrL Wc have nothing to report in respect ofthe following matters in relation to which wc to re￿rt to you if, in our opinion: the Charity has not kept adequate and suftficient accounting records. or returns adequatc for our audit havc not bccn rcccivcd frotn branchcs not visited by us- or the Charity financial statement5 are not in agreement with the accounting records and rctUrn5- or we havc not received ail the inforniation arKt explanations we require for our audit. RESPONSIBILITIES OF MEMBERS As cxplaincd more fully in thc mctnbcr's rcsponsibilitiC5 StatcmcnL thc mcmbcrs are responsible for the preparntion of the financial statements and for being satisfied th￿ Ihey give a irne and fair view. and for such internal control as the members deiemiine is necessary lo enable the preparation of finomcial slatements ihat are free from malerial misst8temenL wh¢ther due to traud or crror. In preparing the financial stalemenl& the members are responsible forassessing the Group's and the Charity. s abilitv to continue as a going concern, disclosing, as applicable. maueTS relaied to going concem and using the going concern basis of acwunting unless the member5 ¢iiher intend to liquidal¢ the Group or the Charity or to cease operdtion& or have no realistic altern&iive but to do so. AUDITORS, RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS Our objectives are to obtain reasonable assurance alJ)ul wheth¢r the financial statements ￿ a whole are free from material misstatement. whether due to fraud or error, and to issue an Auditor5, Report that includes our opinion. Rcasonablc a55urancc 15 a high level of assurance. bul is noi a guaraniee thai 8J) audit conducied in accordance with TSAS IUKI will &livays detect a material misstatement w'hen it exists. Misstaiements arise from fraud or error and are considered material if. individually or in the aggregate, they Could re&sonably be &ipecied to influence the economic decisions ofusers taken on the basis of these financial ￿atementS. Irr¢gul&ritirs in¢ludins frau(L ar¢ in5tan¢a of non-¢omplian¢¢ with law3 artd rtgulations. We design procedurc5 Én linc with our responsibilities. OLttlined above. lo detect material misstatements in respect of irregularitie& including fraud. Identifying aDd As5essiNg potential risks relgted to irregulariti The extent lo which OLtr procedures are capable of deleclinx irreRularitie& TncludinR fraud is delailed below: We have considered the nature of the sector. control environment and financia] perfonnance.. We have considered the results of enquiries ivith managemenl and members in relation to their own identification and assessment of the risk ol irregularities ivithin the entitv. and Wt have reviewed rhe dncuTT]Cntation (Trf key prnt￿Se8 and thntmls and perfomied walkthmughs of tranS￿lI0ns to confLrm that the systems are operating in line ivith documentation. For anv TnatÈers identified M'e have obtaincd and rcvicwcd thc Group'5 docuTncntation of thcir tx)licics and procedures rclating to.. identifyin& evaluatTn& and complying with laws and regulations whether they were aware of any Inst￿ceS of non-compliance. detecting and responding to the risk of fraud and iyhether thes, have kno￿ledge of ￿tual. suspected. or alleged fraud: and the internal controls eslablished to mitigate the risk5 of fraud or non•eompliance with law5 and regulation5. %ve huve ¢onsidered the matters dis¢ussed among the audit engagement teom regarding tK)w and ivhere fraud might occur ID the tinancial siatements and potential indicator5 of fraud. Bath Abbey Parochial Churcb Council llldependent Avditor's Report to the Members of Bath Abbey Paroebi81 Church Council (etsTrlinued) Year eTrded 31 December 2024 Identifying and assessing polential risk5 related to irregularities continued As a resuli of these procedures. we have considered the op￿rtUnItieS and incentive5 that may cxist i¥iihin the oroanisation for fraud and idcntificd the highe￿ area of risk lo be in relation to revenue recognition, Ivith a particular risk in rclation lo year- end cut off. In common lviih all audits und¢r ISAS (UK) Ive hre also required to perforni specific procedurcs to restx)nd io the risk of managcmcnt override. We have also obtained understhnding of the legal and regulatory framcwork5 that the Group operate5 ITh focusing on provision5 of thosc laws and regulations had a direth effect on the deicrniination of material amounts and disclosurcs in ihe financial statctncnts. The key laiys and regulations we considcrcd in this contexi included the Charities Aci 2011. Charity SORP 2019. FRS 102 and the lemis and conditions attrdching to material grdnts received by the Charil),. In addition, Nve eonsidcred the provisions of other laivs and rcgulation5 that do not have a direct effcct on the financi&l statements but compliance with ivhich mav be fundamental lo the Group s ability to opcrdle or avoid a material pcnalty.. These included data prolection regulations. health and safety regulations and ernplojtncnt legislation. Our procedure5 lo respond to risks idenlifjed included the folloiving: Reviei¥ing the financiat statcmcnl disclosures and lesting to supportine documenlalion lo assess Compli￿te with provisions ol- relevant lai%'s and regulation5 described as having a dir¢cl effect on thc financial slaiements: Pertorniing analytical proccdurcs to idelltify unusual or unexpecled relationships ma>. indicate risks of material misstatement due to fraud. Kevieivino board tnccting minuies: Enquiring of management in rclalion to actual and p)tential claim5 or liligalions: Pertorn]ing dctailcd iransaciional iesting in relaiion to the recognition ol'revenue: specifi¢ally grdnts. with a p￿liCUlar focus around ycar*nd Cul otT: and In addressino the risk of fraud through management override of control& testing the approprialeness ofjournal entries and other adjusiments- assessing ￿hether the judgtncnts tnadc in a¢¢ounting estimate5 are indicative of potential bias. and evalualing the business rationale of significant transactions that arc unusual or oviside the nomal course of busine55. We a150 COtnJnunicaled identified laws and regulation5 and px)iential fraud risks to a]1 member5 of the engagement team atid remain¢d alen to Possible indicatOT5 of fTaud or non-Wtttpli4U]L¥ ￿'1th IdWS kUiLt r￿UlatiO]iS diiouglM)Ut dic audit. As a result of the inhereni limitations oran audiL there is a risk- that not all I￿tgU18r1tie& including a material misstatement in financial 51aiem¢nls or non-compliance ivith rcgulalion. Ivill be detected by u5. The risk incrwes the further removed compliance with a la￿. and regulation 15 from the events and trdnsactions reflcctcd in the financial statements. given we will be less likely to be aware of it. or shoiild the irregiilarity or.c.iir re.siilt nf fraud rather than a one off error. as thi5 tnay involve intentional concealmeni. forgery. collusion. omission or misreprescntation. A further description of our reswnsibilities for the audit of the financial statctncnts is located on the Financial Reporting Council's website at.. M,ww.frc.org.uklauditor5res￿ns1b]litleS. This description fortn5 part of our Auditors, Rewrt. 12 Bath Abbey Parochial Chureh Council Independent Auditor's Report to the Members of B*¢h Abbry Parochial Church Council (cominued) Year ended 31 December 2024 USE OF OUR REPORT This report is madc 501cly to the membcrs. as a t￿. in accordancc with 5CCtion 144 of thc Charilics Act 2011 and regulations made under section 154 of that Act. Our audil i*ork has bccn undcrtakcn 50 thal we might 5tatc lo the members ihose matters wc are required to slate to them in an Auditors, Report and for no other purtM)se. To the fijllest extent permitted by law. we do not accept or a5SUTnC responsibilitv to anyone othcr than the membcr5. a5 a IM)dj. for our audit i*OTk-: for this report, or for the opinions we have fortned. ChrisTrantham FCA {Senior Statutory Auditor) for and on behalf of Bishop Fleming LLP Chartered Accountants Statutory Auditor5 i o 'remple Back Bristol BSI 6FL Dale.. 0210612025 Bishop Fleming LLP 15 eligible to act as an auditor in tern15 of section 1212 of the Companies Act 21M)6 13- Bath Abbey Parochial Church Council Consolidaled Statement of Finllncixl Activities Year ended 31 December 2024 2024 Kestricted fund5 2023 Unrestncted funds Endowmeni runds Total funds Total funds Note Income and endowments Donaiions and lega¢i¢5 Charitable activities Other irading aclivili¢s investment income 302.302 1,658.888 765.033 14.115 86,033 388,335 1,658J88 777,773 18J23 986.198 -406.041 688,820 12.740 4.208 Totxl income 2.740.338 102.981 2,843J19 3.099.289 F.xpendithre Expenditure on raising Fund5: Costs of other irading ctivitiC5 Expenditurc on charitable activities {546.9291 (546,929) (403.5511 {2.183.9491 (223.8851 (2.407,834) (2,954,763) 13,120,041) Total expenditure 12.730.878) (223.8851 13,523.592) Net gains on investments io 3.469 3,469 13.035 Net expenditure 9.460 (120.904) 3.469 (107,975) (411.2681 Transfers between funds 128.7201 28.720 Net tnovement in funds 119.2601 192.1841 3.469 1107,975) (411.2681 Reconeili9tion of funds Total fund5 brought forward Total fund5 cArri¢d forwArd 614.049 1163.988 151.579 2.929.616 3.340.884 594.789 2.071.804 155.IM g 2.821ffj41 2,929.6 16 The 51&tettkcnÈ of financial activiiies includes all oains and1055es rttognised in the ye8r. All incomc and expenditure derive from continuing activitics. The notes OD pages 18 to 40 form part ofthe5e financial statements. 14- Bath Abbes Parochial Cbllreh Councll Con$olidated Statement of binanclal Posititrn 31 December 2024 2024 Fixed 45sets Intangible a5seis TanBibl¢ fixed abs￿￿ Invcstmcnis 16 17 18 2.161,250 155.048 2.212.723 151.579 2,316298 2.364.303 Current assets Stocks Debtors Lash ai bank aDd in hand 19a 20a 112.399 548.123 777.566 254.808 911,721 1,240,051 1,438,088 Credilors: 8mount5 falling due Ivithin one yegr Net currettt assets 21* (5$9.708) {622.7751 680.343 815.313 TotAI Assets less curre#¢ liabilities 2.996,641 3.179,616 Creditors: amounts fulling due after more than one year 22 (175,000) {250,000) et 8ssets 2.821.64J ? 9*9,616 Funds of the chants. EndoivJncnt funds Restriclcd funds Unrestricted fjjnds 15S.048 2,D718IH 594,789 151,579 2.163.988 614,049 Total Charity funds 24 2.821.641 2.929,616 These fiT]ancial 5tatement5 were approved by the Board of Truslccs and authorised for issue on 19 May 2025 and are signed on behalf of the Board by= The Refv'ei"end Canon Guy Bridsewater Re¢tOT of Bath Abbey r R Can'er Treasurer The notes pages 18 to 40 lom part of these financial 5tatemeDt Is- Bath Abbey Parochial Churth Councll StThtement of Financial Position 31 Detember 2024 2024 2023 Note Fixed assets Intangible ass¢rs T2ngible fixed assets InVest￿en[S 16 17 18 2,161.250 155.049 2.212.723 151,580 2J16299 2,364,304 Current Assets Debtors Cash at bank and in hand 20b 486.836 591,051 921.576 451,582 1.177,887 1.373,158 Creditors: llmouDts falling due TrYithÈn one year Net current Assets 21b (499,520) (559,8211 678J67 81.1.337 Tot#1 sssets less curreDt Ilabiliti 2.994,666 3.177.641 Creditors: gmounts blliBg due after more th*D year 22 (175,000) {2$0,0001 Net ¥$$et$ 2.819.666 ?.927,641 Funds of the clt¥rlty Endowmtiit funds Restriclcd fund5 Unrestricled funds 155,048 2,1171.804 592.814 151,579 2,163.988 612.074 Total ch4rit)' fvlld$ 24 2,819,666 2,927.fv11 These financial 5taiernent5 were approved by the Board ofTrnsiees authorised for issue on 19 May 20?5 artd #re signed on bchalf of ihe Board by- The RevereDd Canoll Guy Bridgewater Reetor of Bath Abbey Mr R Carver Treasurer The llotes on p*ges 18 to 40 form part of these financial Statements. io- Bath Abbey Pgrochial Cbureb Council Consolidated Ststemellt of Czsb Flows Year ended 31 December 2024 2024 2023 C95h flows from opergtiDg aetivitÉes Net expendilurc (107,975) (411.2681 Adjiisrmenisfor.. Depreciation of tangible fixed 8ssets Amortisalion of intattgible assets Net gains on investments Other intcre5t receivable and similar income Interest payable and similar charges 77059 43,056 (3.4691 118J23) 32,128 113.0351 118.2301 31.605 Changes in.. Stocks Trade and other debtors Trade and other creditors 38877 293J15 163.0671 155.3741 (243.201 } 296.796 Cash generdted from operdLions 249J46 (369.6511 Interest paid Interest received (32,128} 18J23 {31:605 18.230 Nei cash fTom/lused in) operniing aciivilies 235,$41 {383.0261 Cash flows from investing Aetivilies Purchase of tangible assets Loan repa)'ment {26J86) (74,000) {28,0331 Nel cash used itt invcsting activilies (IOlJ86) 128.0331 Net inere¥sel(decreasel in tash and ea5h equi%alents Cash and cash equivalents at beginning of year 134.155 777366 (411.0591 1.188.6? j Cash And cash equivalent5 at end of year 911.721 777.566 The notes on pages 18 to 40 form part of these financial ststements. 17- Bath Abbey Pgrofhial Church Council Accounting Policies Year ended 31 December 2024 Basis of preparation The financial statements have been prepared on the historical cost b&si5. as fflodified by the revaluation of iT)vesiment assets Enca5ured at fair value through income or wet1dltt￿e and arc pr&s¢nted in sterling which is the functional currency of the charity and rounded to the nearest £1. The financial statement5 have prepared to give a"tNe and fair view- and have departed from the Charities (Accounts Reports) Regulations 2008 only lo the extenl requircd to provide a'true and fair vieiv" This departure has involved follo￿.ing Accounting and Reporting by Charilies preparing theÈr accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in (ktober 2019 rather than thc Accounting and ReFK)rting by Charilies.. Statement of RccotnTnended Praciice effeciive from l April ?OOi Thhich has since been withdrawn. The consolidated accounts include the trading activitie& a55ets and liabilities of the subsidiary company. The significant accouniing poliLi¢s applied in the prepardtion of thc5c financial statements are set out below. These policie5 have been consistenily applied lo dl years presented unle55 othcrwi5C stated. Th¢ preparation of the fmancial statements requires tnanagement to tnakc judgemeni& estimates and a5SUmPtions thai affect the amounts repor(ed. These estimates and judgements are continuall) revie1￿ed and a￿ based on expcriencc and other faclors. including ¢xpecEaiions of fulure events that are believed to be reasonable UDdcr the circumstances. Going concern In accordance with FRS 102 and the Charitie5 SORP (FRS 1021 the members of the PCC of Bath Ablw have liaised M'ith th¢ Executive Director and undertaken a revicw of the fiftancia] viability of Bath Abbey and an assessmeni of its ability to tradc &% a going ¢oRcern, EK)th currenLI)' and for ai leasi 12 months after the accounts havc bcen audited. As part ot our a55cssmeni we havc tak-en into accounl the folloiwin£ matters.. Detailed incotEkC and cxpenditu￿ budgei for 2025 togcthcr with the assumptions thal sil behind the figures. Long Range Forec3sI to 2024 - 2029 The significant research Ihal sils behind th¢ &5sumptions in the 2024 and long range forecast. The reducing Terni Loan Facility that is tnade available to the Abbey by Bath and Wclls Diocesan Board of Finance The tixed lerni gas and electricity contracts Ihai the Abbey entered into in 2023 The known events income Str￿n, rent payments and ulililies paymenls due in 2025 The known Benefice Share pa)'ment due lo th¢ Bath & Wells Diocesan Board ofFinanc¢ in 2025 The above budgets and loan facility, have enabled the PCC tnctnbcr5 of Bath Abbev to Conclude that Bath Abbey 15 a going concern and that there are no material un¢ertaintie5 rclaling to ils going con¢¢m status. 18- Bath Abbey Parochigl Church Collncil Accounting Policies (eominuéd) Year ended 31 DeCt￿ber 2024 Fund *ceounting The account5 include all trdnsactions. assets and liabilities for whith the PCC is r¢swnsible in law. Unrestricted funds represenl the ￿ndS oFth¢ PCC th8t ar¢ not subject to any restrictions regarding their use and are Available for application to the general purtx)ses of the PCC. Funds designated for a particular pwwse by th¢ PCC are aiso unrestricted. Restricted funds are those moThies given to the PCC for Specific purFrf)ses and can only be applied in re5peU of Ihosc purpose& EndowmenÉ funds rcpre5ent capital donations to the PCC and only the income arising fJDm the fijnds may be applied. the capital remaining inta¢l. Income All income is included in the statemeni of financial a¢livi(ies when enlitlemeni has passed lo the charity. li 15 pmbablc that the economic bcncfit5 associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income.. Donations 4Thd grants Planned giving is recognised only ivhen received. Collections are recognised when received by or on behalf of the PCC. Grants and legacies are accounted for&s soon &sthc PCC i5 notified of its legal entttlemenL thc arnount can be reliably rnca5ured and it 15 probable that the amount w.ill be reccivcd. Income tax recoverable on gift aid donations 15 rccogniscd whcn thc donation is received. Income from other activities Sales of books and other items sold in thc Shop are recogni5cd & tK>int of sale. Fees arising from the use of the Abbey and its other properties are recognised ￿hen the fee is due. Expenditure Expenditurc 15 rec0gni%d on an accrna15 basis as a liability is incurred. Grants and donations arc a¢countcd for %%.hcn paÉd oycr. or whcn &wardc¢L if that award crcatC5 a bindÉn8 obligation on the PCC. The diocesan parish share is accounted for when payable. Staff costs are the major expenditure of the charity and are apportioned to aclivilies based upon the lime speni on those activities. The majority oFother costs Can b¢ direcil). dlo¢at¢d to Cach ofthe charity's activities as set out in note 8. The costs of providing cen(r&l o￿lee support such ￿ Finance. Human Resource& reception desk are treated 5p¢cifically as 5UPPOrt costs and are d¢tail¢d in note 15. Intangible a55ets Intangible assets are initially recorded at cosL and are subsequently at CO￿ less any accumulgted amortisalion and impaiTmcnt1055cs. Anv intan£iblc aS￿lS Ca￿led al rcvalucd amounls. arc recorded at ihc fair Yaluc at the dale ofrevaluation. a5 determined by reference to an aclive mark"ei, less any subseqveni accumulated amortisation and subsequent accumulatcd impaiTmCllt IossC5. 19 Bath Abbey Parochtal Cbureh Council AccountlDg Policies (eominued) Year eDded 31 December 2024 Amorti58tion Amortisalion is calculated so a5 to write off the cost of an ￿e( less its estimated residual valuc. over the useful life of that asset as folloivs.. Tangible assets All fixed as5et5 C051ing £l.000 or more are capitalised and are inilially rccorded fit cosL They are reviewed for irnpaimeni intervals no greater than one year. Work lo maintain Ihe Abbe}. (including floor rcpair51 is expensed in-year whilst work outsid< iogether with any expenditure on fixtures and filtings. is capilattsed. Thc Footprint project covers both ivork- insidc the Abbey and outside. so anal)'sis w&$ undertaken to ascertain the expected p]D￿rtIonS of the cost of￿.0rk in5idc and outside. logeiher with an} a550Ci&ted tees. Work undertaken by Footprint then been capitalised according to those proFK)rtions but cappcd by the expected market valuc for the outside property. Depreciation Depreciation is calculated 50 a5 lo wriie otT the cosl or ￿aluatIOn of an asseL less its residual value. over the useful cconotnic life ofthat asset as folloi%'s= Freehold property - 50 )'ear5 F(Fntprinl pn)jeci - 50 years Fiylures. Fittings and cquiptncnt- 3 to 5 year& ￿7th the exception of Diptychs- tK>t dcprcciated Glockenspiel - 20 )'car5 Sound. screen and staging - 3 to 10 ￿"earS Pianos - 50 years Investments Listed inveslm¢nts are measured at fair valuc with changes in fair value being rccognised in profil or loss. Stocks Stocks are measured ai the lowerof cost and eStiM￿ed selling price less costs to complete and sell. after making due allowance for obsolete and slow moving itetll5. Cost includes all costs of pu￿hase and other costs incurred in bringing the stock to its present location and condition. 20- B41h Abbey Parochial Church Council Accounting Policies (conftnued) Year ended 31 December 2024 Financial iDStrumeDts A financial gsset or a financial liabiltty 15 recognised only when the entity becomes & parTy to the contr&ctual provisions of the instruEnent. Basic financial instruments are initially recogTriscd at the amount rcceivable or payable including w)y related transaction costs, unless the arrang¥Tnent constitutes a financing trdnsaction, Ivhere li is recognised at the present value of the future paytnents discounted at a market rate of intcre51 for a Similar dcbt in5trumenL Current assets and current liabilities are subsequently M￿ured at the c&8h or other considerntion ¢xpe¢t¢d to be paid or received and not discounied. Defiiied ylaus The charity operdles N'o defined contribution p¢n5ion 5cheEne5 for emploj'ecs. The assets of Ihe schemes are held separately from those of the charity- The annual contribulion5 are recognised &8 an expense in ihe period in i¥,hich the related service is provided. Bath Abbey Parochial Church CDllnciI Notes to the FinaDeial Statements Year ended 31 December 2024 General informatlOD The charity is a registered charity in England and Wales under the name The Paroehi81 Church Council of the Ecclesiastical Parish of Bath Abbey M'iih St James, Bath" and is unincortN)rated. The address of the prin¢ipat office is 9 Kingston Buildingk Batl BAI ILT. Statement of compli*nce The charity constitutes a public benefit entity a5 dcfined bv FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting bi, CharitlC5.' Statcmcnt of Rccommendcd Practice applicable to charili¢s preparing their accounts in accordance with Ihe Financial RetK>rting Standard applicable in thc UK knd Republie or Ireland IP KS 1021 issued in Ociober 2019. the Financial Re￿rtIng Standard applicable in the United Kingdom and Republic of Ireland IFRS 102). the Charities Act 201 l. and UK Generally Accepted PrdCEice. Donations and legaties UnNstrict¢d Funds Rcstrictcd FuTkds Total fund5 2024 Ciirrepzl)Ear Donations Planned giving Donations - general Donaiions - music Donations - Footprint Mission Supwrt Pentecost appeal Friends of Bath Abbey 255.994 43.497 2.811 25S.994 60.392 28,710 2,183 9,261 20.000 16.895 25.899 2.183 9.261 20.000 Ltgacies Lcgacie5 10.000 ID.000 Gronl$ Listed Place5 of Worship 1.795 1,795 302.302 86.033 388.335 Unrcstrictcd FutEds Restricted Funds Total Funds 2023 Prior Donations Visitors to the Abbey Planned giving Donations - general Donations - music DoTraiions- organ Donation5- Footprint Mission Supwirt Pentecosl appeai 145.378 244.501 24.972 1.816 145.378 244.fj01 52.?22 27.994 18.677 6.207 7.726 27.250 26.178 18.677 6.207 7.726 Legacie5 LegaLies 183.572 183.572 Grants Listed Placcs of Worship Cathedral Music Trusl Heritage Loll¢ry Fund 1.893 6.545 i 0.000 281.483 8.438 10.000 ?81,483 60? 132 384.066 986.198 -22- Bath Abbey Ptsroehial Chureh Counf il Notes to the Finaneial Statements (conhnued) Year ended 31 Drfember 2024 Charitable Activities Unrestricted Funds Total Funds 2024 Unrestricted Funds Total FEEnds 2023 Visiior admission f¢¢s Tower tours 1.389.967 268.921 lJ89.967 268.921 .138.272 267.769 1.138.272 267.769 1.658,888 1.658.888 1.406.041 1.406.041 Other trading aetivities Unrestricted Funds Rcstrkcted Funds Total Fund5 2024 Ci¢rrenlyear Shop sale5 Abbey hire and other fees Melody Makers 441.291 319.567 4.175 441.291 332.307 4,175 12,740 765.033 12.740 777,773 Unrestricted Funds Restricted Fund5 Total Funds 2023 Priclr ￿ar Shop sale5 Abbey hire and oiher fees Melody Makers 435.620 236.193 5.725 435.620 247.475 5.72) 11.282 677.538 1.282 688.820 Investment income Unrestricted Funds Restrict¢d Funds TotAI Funds 2024 Currenl vear Other interest receivable 14.115 4,208 18J23 Unreslri¢ted Funds Restricted Funds Tota] Fund5 2023 Prior vear Other inl¢resl r￿e1vable 14.087 4.143 18.230 23- Bath Abbey Paroch&al Cbllrch Council Notes to the Finaneial Statements (continued) Year ended 31 DecetDber 2024 Costs of otber trading activities Unrestricted Funds Total Funds 2024 Unrestricied Funds Totsl Funds 2023 Shop Abbey hir¢ and other fees Singing for Schools Mclody Makers 401,995 144.110 401.995 144.110 270.097 129,993 322 3.139 270.097 129,993 322 3.139 824 824 546.929 546,929 403.551 403.551 Expenditsre on charitable aetivitie5 by fund type Unrestricted Funds Restricted Funds Total Fund5 2024 CtirrenlJEor Parish Share Mission Support Visitor5 to the Abbcy Operdting cost5 Tower tour5 Mu5tc cost5 310,200 310,200 25.660 413.399 405.257 82J96 244.645 135,694 174,602 36.967 81,630 37.916 459.268 25.660 413.399 405,257 82.596 207.456 107.291 174.602 36.967 37.189 28.403 Work of thc Ministry Fabric Mainlenan¢e Archives Footprint project Footprint dclivet). phase funded by HLF Support costs 81,630 37.916 13.087 446.181 2.183.949 223.885 2,407,834 Unrestricted Funds Restricted Funds Toial funds 2023 PrEoryeur Parish Share Mission Support Visitors to the Abbey Opcrating costs Tower tour5 Musi¢ Costs Work of the Ministry Fabric Maintenance Archives Footprint project Footprint d¢liv¢ry phase funded by HLF Support costs 282.000 282.000 7.726 327.173 480.456 65.750 232.712 96.489 436.818 12.447 229.081 491.848 457.541 7.726 327.173 480.456 65.750 201.648 91.377 119.460 12.447 31.064 5.112 317.358 229,081 491.848 13.087 444.454 2.024.765 1,095.276 3.120.041 24- Bath Abbey Parochial Ch￿rth CDuncil Notes to the FillaDei81 Statements (eL)ntinued) Yegr ended 31 December 2024 Analysis of support ¢O5ts Total 2024 Totai 2023 Staff costs Finance costs Governance costs Depreciation Legal and professional Officc running cxp¢nsc5 Other costs 289,947 32,128 13.740 25262 12J27 70881 14.783 270.91 i 31.605 15.600 26.429 23.744 55.472 33.776 459268 457.541 10. Net gains on investments Endowmcnt Funds Totsl Fund5 2024 Endowmcnt Funds Total Fund5 2023 Unrvdlised gains on investment assets 3,469 3.469 13,035 13.035 Net expenditurt Net expenditure is stated after charg&ng= 2024 2023 Deprcciation of tangiblc fixcd a5scts Operating lease renials 77,859 24.473 43.056 23.848 12. Auditors reMuner3tion 2024 2023 Fee5 payable for the audit of the fmancial ststemcnts 9,800 9.450 Fees payable io the charitys auditor and its associates for other services: Audit of the financial statements of associates Taxaiion eompliallce services 3JOO 840 3.150 640 4J40 3.990 Z5- Bath Abbey Parocbi81 Cburcb Council Note5 to the Financial Statenjents (cortinued) Ye¥r ended 31 December 2024 13. Si*ff costs The to￿1 staff costs and cmploycc benefi￿ for ihe rep)rting perisyl are analysed as follows: 2024 2023 Wage5 and salaries Social security costs Employer contributions lo pension plans Other ctnploycc benefits 1.113.013 80J18 26.963 5.469 1.020.626 74.169 22.510 2,858 1.225.763 1,120.163 Includcd in the above staffc05ts are costs of £9.405 (?023 - £14.164) relaling to accrued holidays being carried over lo fv(u￿ years. There are around 30 hourl>, paid eMplO￿ee5 whose work-ing hours are so varted an average full time equivalent culation N'ould t￿t bc &PPTopriate or useful. In rcsp¢¢t of such emplo)ee& iothl hours worked ivere 16,661 and split as follo￿5.. Welcome Team Toi%'er Tours 9.636 4.723 1.951 39 Shop Operations Music 312 In 2023 these employees worked total houT5 of 15.608. The 7Ll/o increase in hour5 15 due LO paid staff required to cover the in¢reas¢ in visitor activitiC5 and cvenls during 2024. The avcrdge headcount of employee5 during the year was 9112023 - 59} which include5 the of 30 zero-hour staff mentioned above. The averdgc No of full-time equivalenl employees during the )ear. shown by department. 15 analy5cd as follows= 2024 2023 Enterprise activities Operations OtTice and administrntion Music Worship Foolprint 4.25 29.15 28.8 The number of employees whose remuneration for the year fell within the following band& were.. 2024 2023 £70.000 10 £79.999 £80.000 to £89.999 Key Management PersDnntl The PCC considers that the "Abbe}' Leadership Team" cornpri5es the key m8ftagement personnel of the Abbev Rnd that they are in charge of running and operating thc Abbc) on a day to day basis. The Abbcy Leadership Team meets fortnightly and consists of= The Reclor. Abbe), Mi55ioneT. The Abbe) Pastor. tK)th Church w￿den% the Director of Music. the Executive Director, Facilities Managcr. Hcad of Visitor Exp¢rien¢e and Hcld of Finance. The tota] remuncralion of Key Management Per50nncl was £257.563 (2023." £238.76)). -26- Bath Abbey P4ro¢hiAI Chur¢h Council Notes to the Financigl StstemeTrts (conlinued) Year ended 31 December 2024 14. Trustee remuDeration and expenses No r¢munerntion or r¢imburs¢ment of expenses (2023 - nil) has been made ￿ the Members of the PCC in their capacity as Members. IS. Transfers between funds A transfer has been made from the desigrkated Footprint dcvclopmcnt fi]nd ￿ the resiricled Footprint fvnd to cover expcnditurc incurred on thc projcrt which exceeded the amount of restricted income received specifically io fund the projecl. 16. Intangible Assets The grollp and tbe cbarity Website development Cost At I January 2024 and 31 December 2024 11,908 Amorti52tio At l January 2024 Charge for the year At 31 December 2024 11,907 11.908 Carryingamount At 31 December 2024 At 31 Dccembcr 2023 17. Tangible fixed a5setS The group and the charity Freehold propcrty and Icaschold additions Footprint Sound. screens project and ￿agIng Equiptnent Piano Total Cost At l Jan 2024 AdditiOll5 233.491 2.026.409 308.563 974 193.356 25.412 70.464 2.832383 26.386 At 31 Dec 2024 233.491 2.026.409 309.537 218,768 70.464 2.858.669 Depreciatio At l Jan 2024 Charge for the year At 31 Dec 2024 93.700 6.214 61.027 52.289 288.942 5.886 148.179 12.IiXJ 27.712 1.370 619,560 77J59 99.914 113.316 294.828 160.279 29.082 697,419 Cgrrying amount At 31 Dec 2024 133.577 1.913.093 14.709 58.489 41.382 2,161250 At 31 Dcc 2023 139.791 1.965.382 19.621 45.177 42.752 2.212.723 -27- Bath Abbey ParochiAI Church Covntil Notes to the Fingnciol Statements fcvnlinNt Year ended 31 December 2024 18. IDvestmeThts 'I'he group aDd the charity Listed investments C05t or valuation Ai i January 2024 Additions Fair v￿u¢ movetTtents 151,579 3,469 At 31 December 2024 155,048 Impairment At l JanuAry 2024 and 31 December 2024 Carrying amount At 31 Deeember 2024 155.048 At J I DCC￿mbcr 2023 151.i79 All investments shown above ar¢ held al V￿uall0n. Unquoted investment In addition to thc above inve5tment& the charity held one £1 ordinary share in its wholly owned subsidiary company, at ac05tof£l. 18b. Subsidiary llnderlaking The charitv owns the M,hole of the issued share capital of Bath Abbe), Limited. a company registered in Engl0￿d. Its principal activity 15 the opcrdtion of thc shop at Bath AbFK)' and the organisation of conLens and other events at the Abbej and a sumtnar), of its rcsults and balance shect is providcd belo￿.. Year eTrded 31 Dec 2024 Ycar ended 31 Dec 2U23 Profit gDd 1055 account Turnover Cost of sales 579,149 (307556) 556.620 {199.0611 Gr055 profit 289593 357,559 Administrative expenses {149,851) (131.032) Operatin% profit 139.742 226,527 Distribution to Bath Ablw PCC (139,7421 {226.527) Result for the financial year Balance sheet Assets Liabilities 430.017 (428,041) 472.247 1470.271) Retained surplu5 1.976 1.976 28- Both Abbey Parochial Cburcb Council Notes to the FiD&ncial StatemeDts (eonftnuedj Year ended 31 December 2024 199. St4)cks The group 2024 2023 Finished giK>ds and goods for resale 73,522 112.399 19b. Stoeks The charity 2024 2023 Finished soods and g¢)ods for resal¢ 20%. Debtors The group 2024 2023 Trade debiors Prepayments and accrued income Gift Aid rttoverable Hl.F grants receivahle Other d¢btors 45305 194,338 4.663 23.647 199,296 3.701 281.483 39.996 10,602 254,808 548.123 20b. Debtors The charity 2024 2023 Trdde debtors Amount5 ow¢d by group undtrtak.tngs Prep&ym¢nts and accrued kncome Gift Aid recoverable HLF grdnts receivable Other debtOf5 29.756 367.854 176J54 4,663 10.16) 407.3 16 178.914 3.701 281.48J 39.997 8,009 586.836 92 l.570 219. Creditors: amounts lulling dut within one year The group 2024 2023 Trade crediloT3 Accruals and defe￿ed income Social security and other t&Xe5 Wagc5 control a¢¢0[￿1 Loan from Diocese ofBath alld Wclls Other creditors 93921 310,329 61,655 5,688 75.000 13.115 1?7.973 361,968 49.072 4.814 50.000 28.948 559.708 612.775 29- Bath Abbey Parocbial Cbllrch Council Notes to the Fioancial Statements {eoMinued) Year ended 31 December 2024 21b. Creditors: amounts falling due With1￿ ooe year The charity 2024 2023 Trade crcditor5 Accruals and deferred income Social security and oiher ￿eS Wages control account Loark from Diocese of Bath and Wells Other crcdilors 86,109 283J94 45J29 5.688 75,000 4,000 15.014 348.389 31.978 4.814 50.000 9.626 499J20 JJ9.82 1 22. Creditors: amounts falliRg due after more than one year The group and the charity 2024 2023 Loan from Diocese of Baih and Wells 175,(100 250,000 The £3(M)k loan capita] Sum from the Diocese of Bath and Wells is repayable in equal instalments over 4 years from May 2024. Inler¢5t is charged at 40/• over base and is repayable annuall). on each anniversttry daic. 23. Pen5i0115 and other post retirement benefits The ￿Ount recogni5ed in expenditu￿. as an expense in re]￿lOn lo defined contribution plans il'as £29.963 12023.. £22.i10). Bath Abbey Parochial Church Council Notes to tbe Financial Statements (eontinmed) YeiT ended 31 December 2024 24. Analysis of charitable funds Unrestricted funds The group At 31 Dec 2024 Ai l Jan 2024 Income Expenditurc Trnnsfers Curreni year General Futtds Fo0￿rInt Developrnent Fund Legacies Fund Legacies Receivable Fund Sabbatical Fund Mission Support TraTrel Fund Abbey Choir L)evelopment Fund 364.042 2,740,305 (2.726.824) 377.523 66.702 13,480 33 (28.720) 38,015 13,480 130.000 3.480 130,000 3.480 3.000 3.000 33.34) (4.054) 29291 614.049 2.740.338 (2.730,8781 (28.7?01 594,789 At 31 Dec 2023 AL l 2023 liicoine Expcnditurc Trnnsfer5 PrioriEar General Fund5 Footyrini Development Fund Legacie5 Fund Legacie5 Rece&vable Fund Sabbatical Fund Mission Support Travel Fund Abb¥y Chuii Dcvelopmcnt Fund 257.688 2.534.670 (1428.3161 364.042 64.919 13.480 1.783 66,702 13.480 130.(M)O 130.000 3.480 3.480 3.000 3.000 33.345 33.345 342.567 2.699.798 1?.428.316) 614.049 -31 Bath Abbey Parochial Chureh Countil Notes to the Financial Ststements {conrfinuÉ&J Year ended 31 December 2024 24. ADaly5is of charitable fund5 fcoTrlinued) Unrestricted funds The charity At 31 Dec 2024 At l Jark 2024 Incotnc Expcnditurc Trdnsfcrs Ciirrejyi vear G¢neral Funds Footprint Developmcttt Fund Lcgacie5 Fund Legacieg Receivable Fund Legacies Fund Mission Supp)rt Travel Fund Abbcy Choir Development Fund 362.067 2.281737 {2,269.256) 375348 66.702 13.480 33 (28.720) 38.015 13,480 130.000 3.480 130.000 3,480 3.￿0 3,000 33.345 14.0541 29291 612.074 2,282.770 12.273.310) {28.7201 592,814 Ai 31 Dcc 2023 At l Jan 2023 Income Exptnditure Trdnsfers Prioryear Gcncrnl Funds Footprint Development Fund Legacies Fund Legacies Receivable Fund Lcgacics Fund Mission sUp￿rt Travel Fund Abbey Choir Development Fund 255.713 2.2IM.577 {2.098.223) 64.919 13.480 1,783 66.702 13.480 I30.￿0 130.000 3.480 3.480 3,(K)O 3.000 33.345 33,345 340.592 2.369.705 12.098.223) 61 ?.074 l-he fr"ootprint Projeci Is Bath Abbey s major developmeni programme M,hich aims to meet the worshipping need5 of Bath Abbey's commuTJity in this Mge and for )'ears to Lom& and to develop the facilities ￿ support and eAh0￿Ce the Abbey'5 5crvice 10 the cit),. Thc Footprint Developmeni Fund Ifomierly the Abbey Church Flouse building and development fund) is the monev received from the sale of the Abbey Church House lease and these funds are rHTriV being used toW￿dS the Cosi of the Footprint devclopmcnl progrdmme. The Legacies Fund has been sel up for legacy income ￿here the t11￿c¢S ivish 10 specifically identify subsequent expenditure. The Legacies Receivable Fund h&5 becn sel up to rccord Icgacie5 which havc tK)I IKcn rcccivcd but which me¢t the eriieria for inclusion in the accounts. Any ditTerence ben¥'een the estimate of ihe amount of the legacy and the legacy received can be readily identified. The Sabbatical Fund is montes set aside to provide for Clergy sabbatical expenses. The Mission SupN)rt Trdvel Fund is monies Set aside by the Mission SuptK)rt committec io contribute towards the travel costs incurred when visiting mission partner5 overseas. The Abbey Choir Dcvclopmcnt Fund is a Icgacy reccivcd fmm the latc Dr Derek Gibson who was an ex chorisler. He bas donated the legacv to Bath Abbe), PCC and his desire is that these monies arc to bc used to 5UPWlrt thc Abbey and ideally develop the Abbey choir. -32- Bath Abbey Parochial Church Council Notes to the Financial Ststemeuts (eomiuuedj Ye4T ended 31 December 2024 24. Analysis of charitsble funds (confin4ed) Restricted funds The group the eharity Ai l Jan 2024 Incotne Expenditure Trdnsfers At 31 Dee 2024 Czirrenl veur Revenue funds Small Restricted Funds including Special Collections Closed Music Fund Rector's DI￿retIOnary Fund Fabric Maintenance Fund National Archive Fund oof Fund FootprinÈ Revenue Fund 47.787 40.532 13.656 42.847 (54.0631 {37.1891 7J80 46,190 860 10.0 10,000 3.450 12JOO 3.4iO 1).500 3,978 34.559 (67.257) 28.720 CApital funds Footprint HLF Assel Fund Footprint Asset Fund Piano Fund la55etl Fabric Project5 Capital Fund la55cII DiptyLhs Fund lassell Hcritagc Em¢rg¢ncv Fund {assetl Culture Recovtr Fund for Heritage (asset) .154.337 811.046 39.199 {37.916) {14.3731 {1.3701 .116.421 796,673 37129 4.228 10. 20.000 1937) 23,291 10.000 3.098 1958) 2,140 14.892 {9.822) 5.070 2.163.988 10?.981 1223.8851 28.720 2.071.804 -3J- Bath Abbey P8rDcbial Church Council Notes to the Financial Ststetne•ts (conrinued) Yejr ended 31 December 2024 24. Anatysi5 of charitable funds (conrinued) Restricted funds The group the eharity At l Jan 2023 Income Expenditure Trdnsfers At 31 Dec 2023 Prioryear Revenue funds SEtTrall Restricted Funds including Special Collections Closed Music Fund Recior'5 Discretionary Fund FabriL Maintenance Fund Organ Fund Fabric Projcc15 Legac). Fund Naiional Archive Fund Foolprini HLF Rev¢nue Fund Footprint Revcnue Fund 27.899 19.993 32.726 51.603 (12.838) (31,0fv1) 47.787 40,)32 860 26.012 265.419 2.?50 18.677 ?82021 1284.0961 15.(M)01 3.450 3.450 281.483 (521.9291 204.183 12.752 (182.376) 34.559 CHpital funds Fovlprint HLF A55e( Fund Footprint Asset Fund Piano Fuiid la55etl F'abric Project5 Capital Fund {asset) DiptyLhs kund las5eii H¢ritag¢ F.mcrg¢ncy Fund (asset) Culiure Recover Fund t.or Herithge (assell 1.170.961 811.046 40.569 116.6241 1.154.337 811.046 39.199 11.370) i,165 i 0.0￿) {937) 4.228 10.000 4.056 (958) 3.098 24.714 (9.8221 14.89? ? 859.773 399.491 11.095.276) 2.163.988 -34- Bath Abbey Parochial Church CouncÈl Notes to the Fin8ncial Statements (conrfinued) Year ended 31 December 2024 24. Analysi5 of charitsble funds (et>nrtnMed) Restricted f￿ndS The group and the eharity The Special Colleciions and Various Small Restricted Funds consists ofsmaller restricted donations. The Music Fund is monies ￿e1Ved specifically towards fimding the costs of thc Music department. The Rectofs Discretionary Fund is lo be sp¢nl assisting members of the Abbey Community eX￿rienCIng times of hardship. The Fabric Maintenance Fund is money received from Bath Abbey Tn￿1 specifiC￿lY to meet the wsts of Fabric maintenance of Bath Abbe}. The Fabric Prnjects Legacy Fund is a legacy specifi¢ally received ￿W2rdS Abw maintcnance projects. The National Atchiyc Fulld is fundins foi a rc5ratch proj￿1 using n¢wspaper archives lo providc voluntccr trainins. a web Sile. and evaluation. The Foolprini HLF Asset Fund represents the amount of thc Footprint dcvcloptnenl capital costs funded by grant5 from the Heritage Lottery Fund. The Footprini Rcvenuc Fund is monies received specifically to fund expendilurc for the Footprint development progrdmme. The Foolprint Assel Fund represents the amount ofthe FIM)tPTiDt Dcvclopmcnt Capital costs funded by monies received specifically for the Footprint developmeni programme. The Piano Fund and thc Fabric Projccts Capitsl Fund oye monies received which have been utilised to purchase 5pccific capital as5cts. The Diptych5 were purchased using donated funds whcrc thc donor5 placed r¢stri¢lions on their di5Fosal. National Lottery Heritage Emergency Fund and the Culture Recovery Fund for Heritage were grdnts awarded to Bath Abbe} in 2020. The balances remaining in Lhese funds represent capithl a￿ts purchased by the grant monies. The RoofFund is monies reccived for re-roofing the Abbey. Enrtowmeni funds The group aBd the charity Gains and At 105SC5 31 Dec 2024 Al l Jan 2024 Income Expenditure currvnlye.ar Music 151.579 3.469 155.048 Gains and At losses 31 Dcc 2023 At l Jan 2023 Income E.xpenditure Prioryear Musi¢ 138.544 13.035 151,579 -35- Bath Abbey Parochial Church Council Notes to the Finincial Statements I￿ntinued) Year ended 31 December 2024 25a. Analysis of net 45sets between funds The group Unrestricted Fund5 Rcstricled Funds Endowment Funds Totsl Funds 2024 CiirrenÉ veur Tangible fixed assets Investments Current assets Creditors greater than l year 169,826 1.991.424 2,161250 155.048 680J43 1175,000) 155.048 599.963 (175.000) 80.380 et assets 594.789 2,071.804 155,048 2021.641 Unrestricied Funds Endowment Funds Tota] Funds 2023 Funds Prioryear Intangible asseis Tangible fixed assels Investments Current assets Credliors greater ihan l year 175.923 2.036.800 2.?12,723 151.i79 815.313 1250.000) 151.579 688.125 (250.000) 127.188 Net assets 614.049 2.163.988 151.579 2.929.616 25b. Analysis of net assets between fuTrds The charity u[￿e51r1c1td Funds Reslricl¢d Funds Endoivment Funds Total Fund5 2024 Ciirrenl vear Tangible Fixed &ssets Invesiments Curren( assets Creditors greater than l year 169.826 1.991.424 2,161250 15S,049 678,367 (175,000) 155.048 597.987 {175.IM)O) 80.380 Net Assets i92.814 2.071.804 155.048 2J19.666 Unrestricted Funds Restricted Funds Endowvncnt FuT]ds Tolal Funds 2023 Priory¥ur Intangible assets Tangible fixed assets lllvcstm¢nts Current assets Creditors greater than l yvdr 175.923 2.036.800 ? 212.7?3 151.580 813.337 1250.0001 151,579 686.149 1250.IM)01 127.188 Net assets 612.074 2.163.988 151.579 2,927.641 -36- Bath Abbey Parorbial Chtsrch Council Notes to tbe Financial Ststements (conlinmed) Yegr ended 31 December 2024 26. An91ysi$ of chgnge5 ID net debt 'he group At l Jan 2024 Cash flows A¢ 31 Dec 2024 Cash at bank and in hand 777.566 134.155 911.721 27. Operating lease commitments The group alld the charity The total future minimum lease payments under non-cancellable operatins leases are as follows: 2024 2023 Not [￿er than l year Later than l year and noi later than 5 Years Later Ihan 5 years 24,473 52,490 82300 24.473 60,463 66.OIM) 159,463 l iO,936 28. Contingencies and Commitments At the year end the Abbey had paid a deposii for Liturgica] Furniture M,hicb is being designcd and will bc madc and delivered through late 2025 and inlo 2026. The total Contract value 15 approximately £150k. Hoivever the fina] contract value may change as the deS]￿S develop and £20k has ￿read￿ been paid. The bal8n¢e of the Contract value is payable in stage payments once the final price has been agreed and once a schedule for delivery of the fumiture has bee concludcd. Th¢ Friend5 of Bath Abb¢}. haNc agr¢¢d to grant the Abky sufti¢ieni funds io p&y for this furniture and some monies will be paid in 2025 and some in 2026.. -37- Bath Abbey Parocbial Cburcb Council Notes to the Finaneial Statements {conrinMed) Year ended 31 Decetnber 2024 29. Related parties Jeremy Key-Pugh and Andreiv Bra_og are Trustees ol The Friends of Bath Abbey. During 2024 donations from Ihc Fricnds to Bath Abbcy amounted to £20.00012023 £5.4111. Dr Jatnc5 Playfair 15 a Director of a ¢h8rity called Reaching The Unrcachcd. During 2024 donaiions of nil {20?3 £2.713} wer¢ m&d¢ by Bath Abbey to Reaching The Unreached. Frank Moivat is Chair ora charity called Ilaih & North Easi Somerset Carer5 Ccnire. During 2024 there were no financial transactions bctwcen Bath Abbey and Bath & North East Carers Centre {2023 - NIL) Sandra W¢b5per (aka Sand), Forbes} is a Dircctor of thc Corporate Trusiee Company of The Holburne Museum. which is the Holburne Museum Tru51 Compan}, Lid Chair OF Si John s Foundation lapwinÈed January 20251. During 2024 there i¥ere no financial trdnsacliotks beli￿een these organisations and Baih Abbey. Phil Burge is Treasurer ofthe Bath Geological Society. During ?024 Bath Abbe}. had no dealin25 with this organisation {20?3 NII.). Jaj Long is an ¥mploJ'e¢ of Bath Ab￿1, dnd A freelance artisi. During ?0?4 the Abb￿. purchased artwork from Jav Long amounting 10 L7651?0?3 - NIL) and this artu.ork Ivas and is being sold Ihrough the Abbey shop. Thomas Sheppard is a Directorand shareholder of Sheppard & Barrolv Lid. There ivere no financial transactioiis betwccn the Ahhey and this company in 20?4120?3 - NIL). Thomas Shtppard is also a member of Wells Cathedral Chapter. No financial tran>action> have takcn place betsveen Wells Cathedral and Bath abbej. during 202412023 - NIL). Peter Collecott is a Trustee of The Yarralumla Trusi. The Zamalek Trust and is also Co-chair of The Ambassador Partnership LLP. No finaftcial iransaclions place between ihe5e organi5ations and Bath Ablw during ?02412023 - NIL). Evelyn l.ec-Barber is & Direclor of Celb Ltd and Second Half Ltd. During 2024 Bath Abbey had no financial dea]iThgs ith these organisalions l?023 - NtLI. JO. Post bAlaD¢e sheet events As detailed in the Tnjstees RerM)rL Bath Abbe), receivcd a donaiion of £1.376m during Mav 2025. A5 a material non- adjusting post balance sheet evenL no adjustrncnt has been tnade lo the results to 31 Si Decetnber 2024. -38- Bath Abbey Paroebial Churcb Council Notes to the FiDgncial Statements {eL)nrf•wedJ Year ended 31 December 2024 Mi55iull Suppurt payThents 2024 ChAritable giving Ukraine Bath & Wells DBF re Z3mbia- Penteco* Appeal Israel mission - Pentecost Appvdl 1.041 12.550 3.849 Monie5 raised through visitor and congregalion donations on the Abbey floor and through the sa]e of lapel ribbons. Individ￿￿15- Mission Link5 Partners abroad Grants io enabl¢ mission work in Sri Lanka 1.875 19J15 Institutions Mission SuP￿rt Partncr-. Wycliffe Bible Translaiions SUppOrti￿g... Literdcy projects and bible translation ivork In Cameroon and Togo, giving people literature in Iheir'mother tongue, 1,510 Mission Supkx)rt Pattr¢r'. Dredm Centre 1.744 Provide sch(N)ling in slums in Mumbai Mission Support Partner.. Arocha 19 Advocacy. awareness rni%in8. teaching rc50urces for addressin£ impacts of climate change. advocating for more sustainable lifestyles Mission Support Partner.. Child Care Ministries 611 Rc5cue and rnise children in a loving famil) and empower vulncrable women in Uganda Trailling of farniers in Zambia to improve yields and better care for the l￿d, advocating and training women in farming businEs5. i¥duLIti¥ fXLIutsivii To improve sanitation in developing countries by raising funds for a new toilct 11 areas with poor sanitation facilities Advocacy worl awarcncss raising. rcsourcing organisailons TO addre55 the tJnpacts of modern slavery Mission Support Partner: Ripple Effect 676 Mission Support Partner: Toild Twinning 1.525 mI￿10n Supp)rt Partner.. Unseen UK 260 6J45 Tfjtsl Charitable giving 25.660 Total missio￿ Link5 expenditure 25.660 Angly5l5 of donations Local Nationa] 279 International 25.381 2),660 -39- Bath Abbey Parochlgl Church Council Notes to the Financial Statements (eonrfnuedj Year ¢nded 31 December 2024 Mission Support p8ymeDts summary 2023 Charitable giving Ukraine 1.551 Monies rdiSed through visitor and congregation donations on the Abb¢y tloor and through the sale of lapel ribEM)ns. Individua15- Mission Links PllrtDers abroad Grants to enable mission ￿Ork in Sri Lat&a 1.500 3,051 Institutions Mission Sijppnrt Pxrthpr. Wycliffe Rihle TrAnsl%tinn Supporting... Liierncy projecis and bible Iranslatlon work in Camcroon and Togo. oiving people literature in their'mother tongue, Work among ihe most vulnerable in Bath, caring in crisis and providing supported pathways to independence I.OA2 Mi55ion Support Par￿er. Genesis 834 Mission Suptx>rt Partner: Arocha 522 Advocacy. awareness rnising. teaching resources for addressing impacts ofclimate change. advocating for more suslainable lifest)'les Mission Supp)rt Pamer.. R￿h]ng The Unreached 37 A project in S India ptvviding homes. heatthcare and schooling for orphans. preparing them for work and working with their families Mission Support Partner.. Ripplc Effcct 910 Training orram)ers in Zambia to improve vields and better care For the land, advocating and training women in farming and business, reducing ex¢lusion AdvuLaiy Moik. aw(urii¢ib iaisiiig. resourcing organisa(ions lo address the impaets of modem slavery To iEnprove sanitation in developing countries by raising funds for a new toilet u are&s with poor sanitation faeilities. Mi55ion SuptK)rt Partner: Unseen UK 1.008 Mi&sinn %iiprx)rt P￿rtner- Tnild Twinning 2112 4,675 Totsl Charitsble giving 7,726 Total Mission Links expenditsre Funds designated for use in fmture years Bath & Wells DBF re Zatnbia- Pentccost Appvdl 15racl Enis5ion - Penteco* Appeal 7,726 12.550 Anglicans in our linked dioceses our mission in thc Holy Land 16J99 16J99 Analysi5 of donatlODS Local National International 834 l.(KJ8 5.11114 7,726 40- Bath Abbey 2024 Consolidated Accounts - Final -BF Final Audit Report 2025-06-02 Created.. 2025-05-30 By.. Joanna Cwk O"c(K)k@balhabbey.org} Status.. Signed Transaction ID.. CBJcHBcAABAA52Z8￿210ldSlG4dldN22RtuSWsAw4NG "Bath Abbey 2024 Consolidated Accounts - Final - BF" History Document created by Joanna Cook ticook@bathabbey.org) 202M5-30- 9'.34.'04 AM GMT * Document emailed to Chris Trantham (ctrantham@bishopfleming.co.uk) for signature 202MS-30- 9.'34.'14 AM GMT Email viewed by Chris Trantham (ctrantham@bishopfleming.co.uk) 202&06-02- 2..52..20 PhA GMT o Document e-signed by Chris Trantham (ctrantham@bishopfleming.co.uk) Signature Dale: 202N6-02- 2.'54:54 PM GMT- Time sour￿.. server Agreement completed. 2025-06-02- 2'.54'.54 PM GMT