The Parish of Malmesbury & Brokenborough
within the
Upper Avon Benefice
End of Year Financial Statements
Year ending
31 December 2020
Page I

1. Reference and administrative information
This is the annual trustees report of the Parochial Church Council (PCC) of the ecclesiastical parish of
Malmesbury with Westport and Brokenborough, within the Upper Avon Benefice.
The Charity is registered with the Charity Commission No. 1146631.
There are two churches within the parish: the Abbey Church of St Peter and St Paul, Gloucester Street,
Malmesbury, and St John the Baptist, Brokenborough. The parish office is located at The Old Squash
Court, Holloway, Malmesbury SN16 9BA.
The members of the PCC at the start of the financial year were
Vicar
Rev. Oliver Ross
Associate Ministers
Rev. Mandy Churcher
Curate
Vacant
Churchwardens
Mark Hunt
Adele Carnegie
Pro-warden for Brokenborou
Richard Robins
nod Members
Deanery Synod - John Sunderland, Christopher Jager, Jane Henderson, Catherine Price.
Elected Members
Paul Coram, Doug Price (co-opted), Ann Holt, Geoff Canning, Doug Johnston, Sue Kirby, Alan McAdam,
Janet Parke, Elliot Sagar, Simon Shaw, Jaqueline Tong, Carole Woodfield, Brian Whitehead.
Ex-officio member
Licensed Clergy Revd Mandy Churcher
La
Minister Re
Not filled
resentative
Youth Re
Not filled
resentative
Jane Sunderland was co-opted onto the PCC in January 2020 as Treasurer.
Jane Henderson passed away during her term of office.
At the Annual Parochial Church Meeting (APCM) in October 2020, Richard Searle-Barnes, Fiona Petrie,
Matt Bird and Jane Sunderland were elected to serve on the PCC for 3 years. Simon Shaw was re-
elected.
Claire Camm was elected to the post of Church Warden, replacing Mark Hunt.
Catherine Price was co-opted to Diocesan Synod.
No Pro-warden for Brokenborough
(Mark Odlum co-opted as Representative for Brokenborough)
The posts of lay minister representative and youth representative were not filled.
Page 2

At an extraordinary meeting of the new PCC in October 2020, Richard Searle-Barnes was appointed as
PCC Secretary, Jane Sunderland as PCC Treasurer and Ann Holt as PCC Vice Chairman, replacing
John Sunderland. Richard Venn was co-opted to the PCC.
The main bank account is held with HSBC, with Lloyds being used to pay cash in.
The APCM re-appointed Christopher Sullivan to be the Independent Examiner.
Day to day running of the parish is in the hands of the Church Wardens and Ministry Team.
2. Structure government and management
The PCC is a corporate body established by the Church of England. It operates under the Parochial
Church Council Powers Measure.
The appointment of PCC members is govemed by and set out in the Church Representation Rules.
The members of the PCC are elected for a term of office of up to three years at the APCM. Ex officio
members include the incumbent, two churchwardens, up to two pro-wardens of Brokenborough, the
curate, one or more assistant ministers, a representative of the lay ministers, and those elected to serve
on Deanery, Diocesan and General Synod. Other members are occasionally co-opted to serve until the
following APCM. All members must have been on the electoral roll for at least six months, though no
formal qualifications are required. Since the PCC is concerned with a wide range of matters affecting the
parish, such as compliance with health and safety and disability discrimination legislation, and protection
of children and vulnerable adults, expert advice in those fields is sought, and every effort is made to
acquaint members with their responsibilities in these areas.
The incumbent acts as Chairman of the PCC. As soon as possible after the APCM, the PCC chooses a
vice-chairman, secretary and treasurer to serve until the next APCM. The business of the PCC is
determined by the Standing Committee, which consists of a minimum of chairman, secretary and
churchwardens. During 2020 the Treasurer, also served on the Standing Committee. The PCC
normally meets on the second Saturday of alternate months, but other meetings may take place as the
need arises.
The PCC appoints committees to specialise in specific areas of the parish's activities. These include
Property Oversight Committee (POC)
Financial Oversight Committee (FOC)
Health and Safety Committee (HSC)
The composition of these committees is determined by the PCC, and they provide regular reports to the
general meetings.
One of the functions of the FOC is to review the financial risks to which the PCC is exposed and the
procedures for managing these risks.
3. Objectives and activities
The primary object of the PCC is the promotion of the Gospel of our Lord Jesus Christ according to the
doctrines and practices of the Church of England. The PCC co-operates with the minister in promoting
in the parish the whole mission of the Church, pastoral, evangelistic, social and ecumenical. The PCC is
also specifically responsible for the maintenance of the Parish Office, Holloway, Malmesbury and Eilmer
House, 7-9 Gloucester Street, Malmesbury.
Page 3

While much of the PCC'S time has been spent dealing with the day to day running of the parish, vision
days are occasionally held at which the members assess how we are performing as a church and
discussing the way forward. A portion of most regular meetings is set aside for a broader discussion of a
particular topic.
While the Abbey employs various staff, including a Children and Youth Minister, an organist, two parish
administrators in a job share, events coordinator, a housekeeper and a cleaner, much of the day to day
running of the parish is in the hands of unpaid volunteers. These include, but are not limited to,
churchwardens and deputy wardens, members of the PCC, chaimen and members of committees, and
persons responsible for the upkeep of the Abbey and grounds. No attempt has been made to assign a
monetary value for the work these people cary out, or to estimate what the cost would have been of
employing people to perform these tasks.
The Malmesbury Abbey Restoration Scheme (MARS) - a £3 million project to build an extension to the
Abbey to provide improved facilities and reorder the interior of the existing building - is still on hold (see
the 2008 Trustees report).
4. Achievements and perfomiance
st
See separate document 1gh Century Beauty, 21 Century Church.
5. Financial review
The impact during 2020 of the coronavirus pandemic on the Abbey's and Brokenborough's finances was
significant. For 9 months of the year all buildings could not be fully open for visitors and congregation
numbers were restricted. This impacted offerings at services and visitor donations. Similarly, the usual
events and activities after March 2020 could not take place. Whilst income fell significantly, activity costs
also reduced which went some way towards minimising the impact.
Total income on unrestricted funds was £356k. Regular giving was lower than 2019 by £13k, all from a
reduction in giving via envelopes. Loose plate collections from services fell by £13k and visitor donations
fell by £4k.
We were grateful to receive 3 legacies during the year. In September 2020 we received an unrestricted
residuary legacy of £140,000 from the late Eleanor Green, a resident of Malmesbury a number of years
ago. A further and final £10,790 from her estate has been received since the year end.
£80k was pledged and given in Parish Share, the sum of money paid to Bristol DI0￿Se to help fund the
expenses of running the Diocese, largely providing the stipend and housing for the clergy. Staff costs
were £66k, after taking into account furlough grants receivable of £12k. Insurance, upkeep of the church
yards and utilities are the next biggest expenses totalling £47k.
The net result for the year was an excess of income over expenditure of £110k.
The Green legacy has enabled the Abbey to increase its reserves, providing financial resilience through
2020 and a continuing source of finance to meet the uncertainties of 2021.
Page 4

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE PARISH OF MALMESBURY &
BROKENBOROUGH WITHIN THE UPPER AVON BENEFICE
I report on the accounts of The Parish of Malmesbury & Brokenborough within the Upper Avon Benefice for
the year ended 31 December 2020, which are set out on pages 6 to 12.
Respective responsibilities of the trustees and the examiner
The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that
an audit is not required under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an
independent examination is needed. The charity's gross income exceeded £250,000 and l am qualified to
undertake the examination by being a qualified member of the ICAEW.
It is my responsibility to:
Examine the accounts under section 145 of the 2011 Act;
Follow the procedures laid down in the General Directions given by the Charity Commission under
section 145(5)(b) of the 2011 Act. and
State whether particular matters have come to my attention.
Basis of the independent examinerfs report
My examination was carried out in accordance with the General Directions given by the Charity Commission
and to be found in Church Guidance, 2006 edition, issued by the Finance Division of the Archbishops,
Council. An examination includes a review of the accounting records kept by the PCC and a comparison of
the accounts with those records. It also includes consideration of any unusual items or disclosures in the
accounts and seeking explanations from you as trustees concerning any such matters. The procedures
undertaken do not provide all the evidence that would be required in an audit and, consequently, no opinion
is given as to whether the accounts present a "true and fair view. and the report is limited to those matters
set out in the statement below.
Independent examinerfs statement
In connection with my examination, no matter has come to my attention:
which gives me reasonable cause to believe that, in any material respect, the requirements:
to keep accounting records in accordance with section 130 of the 2011 Act, and
to prepare accounts which accord with the accounting records and comply with the
accounting requirements of the 2011 Act, have not been met; or
2 to which, in my opinion, attention should be drawn in order to enable a proper understanding of the
accounts to be reached.
C R Sullivan
Chartered Accountant
48 Bonners Close
Malmesbury
SN16 9UF
Page 5

ststement of Financial Activities
Unrestricted Restricted Endowment
funds
funds
funds
Total Prior year
funds total funds
Income and endowments from:
Donations and legacies
Income from charitable activities
Other trading activities
Investments
Other income
Totsl income
339,624
6,018
5,508
4,840
7,533
347,157
6,018
5,508
4,996
258,383
9,966
23,697
12,245
156
355,990
7,689
363,679
307,430
Expenditure on:
Raising funds
Expenditure on charitable activities
Total expenditure
3,493
236,971
240,464
3,493
250,453
253,946
10,764
276,500
287,264
13,482
13,482
Net income l (expenditu￿) resources before
transfer
115,526
(5,793}
109,733
20,166
Transfers
Gross transfers between funds - in
Gross transfers between funds - out
Other recognised gains I losses
Net movement in funds
160
161
(161)
705
(705)
(161)
115,366
(5,633)
109,733
20,166
Total funds brought forward
222,530
61,950
284,480
264,313
Total funds carrled forward
337,896
56,317
394,213
284,480
Represented by
Unrestricted
General fund
337,240
337,240
222,200
Designated
Holiday At Home
MUHLY
Sound System
330
330
330
326
326
Restricted
Abbey Online - digitsVstreamingllT
Abbey Sofas
Agency Collection
Brokenborough Fabric Fund
Choir Fund
Heating Fund
Ministry Assistant
Move Screen Provision
Quinquennial Repairs
269
269
2,000
195
28,926
601
2,833
5,318
1,165
20,913
195
25,378
515
2,124
5,800
1,165
20,871
195
25,378
515
2,124
5,800
1,165
20,871
Page 6

Balance sheet
Total funds
Prior
ear funds
Fixed assets
Tangible assets
Investments
136,823
148,767
136,824
148,767
Current assets
Debtors
Investments
Cash at bank and in hand
6,067
3,390
695
128,769
132,854
255,214
261,281
Liabilities
Creditors: Amounts falling due in one year
3,892
3,892
2,859
(2,859)
Net current assets less current liabilities
257,389
135,713
Totsl assets less current liabilities
394,213
284,480
Total net assets less liabilities
394,213
284,480
Represented by
Unrestricted
General fund
337,240
222,200
Designated
Holiday At Home
MUHLY
Mission
Sound System
330
330
326
Restricted
Brokenborough Fabric Bond
Quinquennial Repairs
Abbey Sofas
Agency collection
Brokenborough Fabric Fund
Brokenborough Restricted
Choir Fund
Fabric Fund
Heating Fund
Ministry Assistant
Move Screen Provision
Abbey Online - digital/streaming/lT
20,871
20,913
2,000
195
28,926
195
25,378
515
601
2,124
5,800
1,165
269
2,833
5,318
1,165
Funds of the church
394,213
Approved
rochial Church Council
d signed on their behalf by
Signed
Rev.OC
r} JI
ate
2).
Ro
Signed
J S Sunderland - Treasurer
Date .
Page 7

Analysis of income and expenditure
Total
Last
Unrestricted Desi
nated Restricted Endowment This
ear
ear
INCOME AND ENDOWMENTS
Donations and legacies
Gift Aid - Bank
Gift Aid - Envelopes
Other planned giving
Loose plate collections
Giving through church boxes
One-off Gift Aid gifts
Donations appeals etc
Tax recoverable on Gift Aid
Legacies
Recurring grants
Non-recurring one-off grants
Other funds generated
111,685
6,449
12,342
3,797
7,723
1,560
180
113,425
6,449
12,342
3,857
7,723
111,036
22,909
11,996
16,556
12,094
9,490
21,652
35,389
3,000
6,600
3,963
3,698
258,383
60
6,036
29,850
141,000
18,515
5,575
468
1,000
11,611
30,741
142,000
18,515
250
244
347,157
423
250
244
337,641
Total
1,983
7,533
Income from charitable activities
Fees for weddings and funerals
Lettings - objectives
4,853
1,165
6,018
4,853
1,165
6,018
9,866
100
9,966
Total
Other trading activities
Events
Event income - Lifepath
Event income - Skate
Event income - Little Stars
Lettings - fund raising
13,782
152
3,046
1,042
1,268
5,508
152
3,046
1,042
1,268
5,508
9,915
23,697
Total
Investments
Bank and building society interest
Rent
62
4,778
4,840
156
218
4,778
4,996
287
11,958
12,245
Total
156
Other income
Insurance claims
3,140
3,140
307,430
Total
INCOME TOTAL
354,007
1,983
7,689
363,679
Page 8

Analysis of income and expenditure (continued)
Total
Last
Unrestricted Desi
nated Restricted Endowment This
ear
ear
EXPENDITURE
Raising funds
Costs of events
Costs of Events - Lifepath
Costs of events - Skate
Costs of events - Little Stars
10,764
490
2,607
396
3,493
490
2,607
396
3,493
Total
10,764
Expenditure on charitable activities
Giving to missionary societies
Home mission
Secular charities
Ministry parish share
General staff costs
Salaries
Working expenses of incumbent
Education
Children and Youth Expenses
Parish training and mission
Church running - insurance
Telephones
Organ I piano tuning
Church maintenance
Cleaning
Upkeep of services
Upkeep of churchyard
Administration
Church running - general
Church running - electric
Church running - gas
Church running - water
Church running - oil
Church running - heating and lighting
Church running - depreciation
Hall running electricity
Hall running - gas
Hall running - maintenance
Hall running - telephone
Hall running - water
Church major repairs - structure
Other PCC property upkeep
56
1,650
795
80,000
11,460
66,635
115
256
990
165
11,442
1,090
1,263
2,980
1,334
1,779
10,585
12,931
116
5,307
9,132
108
56
1,650
1,100
80,000
10,977
66,635
115
256
990
165
12,704
1,090
1,263
4,985
1,334
4,937
13,960
12,931
3,116
5,307
9,132
108
292
4,616
458
72,000
16,360
60,371
145
305
(483)
100
12,496
1,354
6,562
24,803
2,557
6,880
9,131
15,431
868
6,524
6,994
123
1,670
1,831
11,137
763
683
1,796
1,262
1,296
709
55
3,103
3,375
3,000
11,944
801
903
979
418
81
11,944
801
903
979
418
81
2,516
79
2,516
1,114
276,500
287,264
Total
EXPENDITURE TOTAL
235,315
238,808
1,656
1,656
13,482
13,482
250,453
253,946
GRAND TOTAL
115 199
327
5,793
109,733
20,166
Page 9

Notes to the financial statements for the year ended 31 December 2020
Accounting policies
Basis of preparation
The financial statements have been prepared under the historical cost convention in accordance with the
Church Accounting (Amendment) Regulations 2006 together with applicable accounting standards and
the Charities Statement of Recommended Accounting Practice (FRS 102).
The accounts include all transactions, assets and liabilities for which the Parochial Church Council (PCC)
is responsible in law. They do not include the accounts of church groups that owe their main affiliation to
another body nor those that are informal gatherings of church members.
Funds
General funds represent the funds of the PCC that are not subject to any restrictions regarding their use
and are available for application to the general purposes of the PCC.
Designated funds represent funds that have been given for a specific purpose, but which the PCC are not
legally bound to use for that purpose.
Restricted funds represent the funds that are restricted regarding their use by the PCC.
Incoming resources
Voluntary income and capital sources
Collections are recognised when received by or on behalf of the PCC. Planned giving receivable under gift
aid is recognised only when received. Income tax recoverable on gift aid donations is recognised when
the donation is received. Grants and legacies to the PCC are accounted for as soon as the PCC is notified
of its legal entitlement and the amount due. Funds raised by fetes, bazaars and similar events are
accounted for gross of expenses.
Other ordinary incoming resources
Rental income from letting of church premises is recognised when the rental is due.
Income from investments
Dividends and interest are accounted for when receivable. Tax recoverable on such income is recognised
in the same accounting year.
Resources used
Grants
Grants and donations are accounted for when paid over, or when awarded, if that award creates a binding
obligation to the PCC.
Activities directly relating to the work of the church
The practice in previous years had been for the Parish Share to be accounted for when payable.
However, starting in 2010 parishes have been asked to specify in advance each year how much they
Page 10

intend paying. If they fall short in any year, the deficit will only be carried forward if there is every intention
of making up the deficit in the early part of the following year.
Tangible fixed assets
Consecrated land and buildings and movable church furnishings
Consecrated and benefI￿d property is excluded from the accounts by s.96 (2) (a) of the Charities Act
1993. No value is placed on movable church furnishings held by the churchwardens on special trust for
the PCC and which require a faculty for disposal since the PCC considers this to be inalienable property.
All expenditure incurred during the year on consecrated or beneficed buildings and movable church
furnishings, whether maintenance or improvement, is written off as expenditure in the statement of
financial activities.
The cost of buildings is depreciated on a straight-line basis over 20 years.
Other fixtures, f￿ingS and office equipment
Equipment used within the church premises is depreciated on a straight-line basis over ten years.
Individual items of equipment with a purchase price of £10,000 or less are nonnally written off when the
asset is acquired.
Assets acquired prior to 1 January 1997 have been written off as expenditure and no subsequent value
has been assigned to them in the balance sheet.
Church Workers Pension Fund (CWPF)
Malmesbury Abbey PCC participates in the Pension Builder Scheme section of CWPF for lay staff. The
Scheme is administered by the Church of England Pensions Board, which holds the assets of the
schemes separately from those of the Employer and the other participating employers.
The Church Workers Pension Fund has a section known as the Defined Benefits Scheme, a deferred
annuity section known as Pension Builder Classic and a cash balance section known as Pension Builder
2014.
Pension Builder Scheme
The Pension Builder Scheme of the Church Workers Pension Fund is made up of two sections, Pension
Builder Classic and Pension Builder 2014, both of which are classed as defined benefit schemes.
Malmesbury Abbey PCC participates in the Pension Builder 2014 section.
Pension Builder 2014 is a cash balance scheme that provides a lump sum that members use to provide
benefits at retirement. Pension contributions are recorded in an account for each member. This account
may have bonuses added by the Board before retirement. The bonuses depend on investment experience
and other factors. There is no requirement for the Board to grant any bonuses. The account, plus any
bonuses declared, is payable from members, Normal Pension Age.
There is no sub-division of assets between employers in each section of the Pension Builder Scheme.
The scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102. This is
because it is not possible to attribute the Pension Builder Scheme's assets and liabilities to specific
employers and means that contributions are accounted for as if the Scheme were a defined contribution
scheme. The pensions costs charged to the SOFA in the year are the contributions payable (2020:
£2,333, 2019: £2,542).
Page 11

A valuation of the Pension Builder Scheme is carried out once every three years. The most recent was
carried out as at 31 December 2016. A valuation as at 31 December 2019 was under way as at 31
December 2020.
For the Pension Builder 2014 section, the valuation revealed a surplus of £1.8m on the ongoing
assumptions used. There is no requirement for deficit payments at the current time.
The legal structure of the scheme is such that if another employer fails, Malmesbury Abbey PCC could
become responsible for paying a share of that employer's pension liabilities.
Page 12