2023-12-31-accounts

The Parish of Malmesbury & Brokenborough within the UpperAvon Benefice End of Year Financial Statements Year ending 31 December 2023 Page J

1. Reference and administrative infi)rniation This is the annual trustees rewrt of the Parochial Church Council (PCC) of the ecclesiastical parish of Malmesbury wrth Westport and Brokenborough, ￿￿thIn the UpperAvon Benefi￿. The Charity is registered the Charrty Commission No. 1146631. There are two churches within the parish.. the Ab￿Y Church of St Peter and St Paul, GIOu￿ster Street. Malmesbury. and St John the Baptist. Brokenborough. The parish office is lO￿ted at The Old Squash Court. Holloway, Malmesbury SN16 9￿. Th8 members of the PCC at the start of the financtal year were: Vicar The Rev'd Oliver Ross Associate Ministers The Rev'd Deborah Scott-Bromley La Minister and Children and Families Offi￿r Claire Camm Curate The Rev'd Sarah Heywood Churchwardens Linda Weston Keith Cloke Pro-warden for Brokenborou Mark Odlum Safe uardin Officer Chatiotte Cox S nod Members Deanery Synod _ Chnstopher Jager. Ann Hoit (resigned in 2023) Diocesan Synod - Catherine A. Pri￿, John Sundertand Elected Members Matt Bird, Diana D'Arcy, Sarah Fuchs. Fiona Petrie, Simon Shaw, Richard Venn {co-OPted) Ex4officio member LI￿nsed Clergy- Rev. Detorah Scott-Bromley At the Annual Parothial Church Meeting {APCM) in May 2023, Chris Jager, Annette Bains, Catherine C Pri￿, Chnstine Moore, Mark Wincent. Neil Medland and John Wakefield were eleded to serve on the PCC for 3 years. John Sunderland. Diana D'Arcy and Sarah Fu(ts were reelected. Richard Venn and Marion Hyde Y￿re co-opted to the PCC. Keith Cloke and Linda Weston were relected as church wardens. At an extraordinary meeting of the new PCC in May 2023. Diana D'Arcy and Sarah Fuchs were appointed as joint PCC secretary and Christine Moore as PCC Treasurer. with Mark Vincent as eA)- Treasurer. Fiona Petrie, Simon Shaw and Matt Bird resigned from the PCC during 2023, at the end of their 3 year term. Ann HoEt resigned as PCC Lay Chair arKI thB positron is currently vacanL The day-to4ay running of Ihe parish is rnanaged by the ChurL* INardens and Ministry Team. together with 2 office administrators. The main bank accounts for day40-day trdnsaclions are held wrth HSBC. Monies on long tem) deposit are held with CCLA in CBF Church of England Deposit Funds. There is also an amount hekl in the CCLA CBF Church of England Invesknent Fund. The 2023 APCM re-apFointed Christopher Sullivan to Ix the Independent Examiner. Page 2

2. Structure govemment and management The PCC is a cotporate body established by the ChurGh of England. It operates under the P2ro¢hial Church Council Powers Measure. The appointment of PCC members is govetned by arKJ set out in the Church Representation Ru￿s. The Tnembers of the PCC are elected for a tem of Offi￿ of up to three years at the APCM. Ex o)Ticio 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, Di0￿san and C*neral 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 fomial qualifiL2tions are required. sin￿ the PCC is concemed with a wide range of matters affecting the parish, such as compliance with heamh and safety and disability discnmination legislation, and protection of children and vulnerable adults, expert advi￿ in those fields is sought. and every effort is made to acquaint members with their responsibilitEs in these areas. The incumbent acts as Chaimian of the PCC. As soon as possible after the APCM, the PCC chooses vice-chainnan, secretary and treasurer to serve until the next APCM. The business of the PCC is detemiined by the Standing Committee. which consists of a minimum of chaimian, secretary and churchwardens. During 2023 the Treasurer also served on the Standing Committee. The PCC normally meets on the second Saturday of altemate months, but other meetings may take Pla￿ as the need arises. The PCC appoints teams to specialise in specific areas of the parish's activities, including Propety and Childrens & Youth work. The composttion of these teams is determined by the PCC. and they provide regular reports to the general meeb"ngs.

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 Covoperates with the minister in promoting in the parish the whole mission ofthe Church, pastoral, evangelistic, social and ecumenical. The PCC is also specifically responsible for the ma1ntsnan￿ of the Parish Offi￿. Holloway, Malmesbury and Eilmer House, 7-9 Glouoster Street, Malmesbury Although much of the PCC'S time is S￿nt dealing with the day to day running of the parFsh, vision days are occasionally held at vthich 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. Imile the Abbey empbys various stsff. induding a Children and Youth Minister. an organist. two parish administrators. an events coordinator, a housekeeper and a cleaner, much of the day to day Funning of the parish is in the hands of unpaid volunteers. These include, but are not limited to, churchwaKlens and deputy wardens. members of the PCC. members of spectfic teams, and people responsible for the upkeep of the Ab￿Y buildings and grounds. No attempt has been made to assign a monetary value for the work these peop￿ carry OLrt. or to estimate what the cost would have been of employing people to perfonn these tasks. Malmesbury Abbey engages with the public through numerous activities and events. The Abbey is also generously supported by Friends of Malmesbury Abbey {FOMA). There are occasional joint seNices held with ChurL*es Together in MalmestKiry (CTIM).

4. Achievements and perf0m￿nCe See separate Ministry Reports for 2023. presented at the APCM. Page 3

5. Financial reviow Total income was £302k and total expendtture (induding depreciation of £4k) was £305k. There was a deficit for the year of £3k_ This comprises a surplus for Brokenborough of £1 k and a deficit for the Abbey of £4k. Regular giving was marginally higher than 2022 by £1 k, with a continuing shift from envelope to direct giving, particularfy via the Parish Giving Stheme. Loose plate collections from servi￿5 remain very healthy and were £2k higher than the previous year. Visrtor donations also increased by £2k. Other donations and grants were £15k lower than the previous year. Wedding, funeral and event income was £9k lower than in 2022. although investrnent income was higher by £5k due to the rise in interest rates. £90k was p￿dged and £92k was actually given in Parish Share. Payments are to help fvnd the expenses of running the DI0￿Se, largely prov￿Ing the stipend and housing for its dergy. Giving to Overseas Mission, Home Mission and Relief & Development charities increased by £3k in the year. Due to energy pri￿ increases, Lrtilty costs increased by £13k in the year. Church Maintenan￿ and repair costs were considerably lower than the previous year. However the programme of church maintenance continues. The Abtey was placed on the Histonc England's Heritage at Risk Register in November 2022. Future major renovations identified following the Quinquennial Inspection, particularly roof repaits, will require separate funding. A fund-raising initialive for 'Next 100 Years. has ComMen￿d and will be a cornprehensive 3 year plan of building improvements. Malme5bury Abbey continues to employ both a Children and Families worker and a NWMA Youth Mission Enabler. Dullng the year there were signfficant changes in the Partsh Office staffing. One member of administrative staff ￿ft. A new Offi￿ administrator. an OrErations and CommunicAtions Manager and an Events Coordinator were appointed. All of these administrative roles are part-time. The PCC considers that the current staffing levels are appropriate for an organisation of this size and complexity. Chiklren and Youth expenses and stsff costs increased by £17k during the year. Malmesbury Abbey Café Ltd. our vtholly owned trading subsidiary, continues to support the Abbey's hospitality outreach. Tumover for the year to 31 March 2023 was £74k {2022'. £84k), producing a profrt of £2k (2022: £16k). It had capital and reserves of £16k at 31 March 2023 (2022: £12kl.

6. Reserves policy It is PCC policy to maintain a balan￿ of free unrestrictive ftjnds (i.e. after removing tangible fixed assets, investments and liabiltties) which equates to three months estimated unrestrictive payments. The PCC has considered uncertainty in achieving our budgeted giving for the coming year and the rtsk of unforeseen operational costs. The PCC considers the amount held in free unrestncted funds al the year- end is sufficient to cover proJected requirements in the short term, with a focus on increasing giving to over a possible longer-temi shortfall. In order to protect the value of Abbey funds for the medium-term, a transfer was made to the CCLA Investment CBF Church of England Fund during the year. Page 4

INDEPENDEKf EXAMINER'S REPORT TO THE TRUSTEES OF THE PARISH OF MALMESBURY & BROKENBOROUGH wrrHIN THE UPPER AVON BENEFICE I report on the accounts of The Parish of MalmesbJry & Brokenborough wrthin the Upper Avon Benefice for the year ended 31 DeCeM￿r 2023, vknich are set out on pages 6 to 14. 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 ex￿eded £250,000 and l am qualified to undertake the examination by being a qualified member of the ICAEW. It is my responsibilty to-. Examine the acwunts 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 bvhether particular matters have come to my attention. Basis of the Independent examine￿$ report My examination was carried oui in accordance with the General Directions given by the Charity Commission and to be found in Church Guidance, 2006 edrtion, issued by the Finan￿ Division of the Archbishops, Council. An examination includes a revEw of the accounting records kept by the PCC and a comparison of the accounts wrth those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as trustees con￿mIng any such matters. The Pro￿dureS undertaken do not provide all the eviden￿ that would be required in an audit and. consequently, no opinion is given as to whether the accounts present a Irue and fair vievK and the report is limited to those matters set out in the statement below. Independent examinef s statement In connection wtth my examination, no matter has wme to my attention". which gives me reasonable cause to telieve that, in any material respect, the requirements." to keep accounting records in aC(X)rdan￿ 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 te drawn in order to enable a proper uThJerstsnding of the accounts to be read)ed. .45 C R Sullivan Chartered Accountant 48 Bonners Close Malmesbury SN16 9UF Page 5

Ststement of Financial Activities U￿restriCted Resirkted Endowmeut fu￿d5 funds Total ruDds Prlor v¢4r tot1 funds Income endty•fflienls from: Donats"ons and legaaes Inc(xne from (arrtable ￿NItIeS Other trading adwIt￿5 Investments Total income 224. 6,219 13,810 13.749 257.835 47.059 271,115 6,219 10.432 13.928 301.696 279,983 9,772 16.386 8,837 314.980 13,37n 179 43.861 Expènd1￿rè <Jn". Raistng fuThJs Expendrtijre on charitabfe Totsl expenditts 4.382 253.019 257.402 4.382 3tx),453 304.835 47.433 47,433 4,602 305.577 310,179 Net income I (expenditu￿) resour￿$ before transfer 432 (3.5721 13.1391 4,800 Trdnsfvrs Gross transletS fun¢Js- in Gross transfers ￿tween funds- (Mrt Other recognised gains I losryes Net movennt in funds 855 (4.Ml 4.762 1826) 5,617 {5.61 n 5,413 15.4131 13.S02) 13,1391 4.800 Total fiind5 brought forward 262,716 122.230 384,947 380.146 Total funds carried frNfard 259.214 122.593 381.807 384,947 Repr•sented by Unrestrictod Genwal fund 259.214 259,214 261,651 DesignatÈd Holiday Al Home Sound System Restrl¢t Agency collection Brokenbcffough Fknvic Fund Choir FuThJ Heating Fund Lttt￿ &ars Ministy A5SiStant Move &￿n Provi8*)n NWMA Youth Mission Enab Quinquennial RepaifS Refreshl 194 11,690 279 2,124 431 5.800 1.165 16.475 83,840 228 11.978 11,978 262 5.800 1.165 18.764 262 5,800 1.165 18,764 Ap Yed by e PariKhial Church C cil and Sis￿d on their belkilf by: •• Sign Rev. Si (￿re-T Page 6

Balance sheet Totsl funds Prior ear funds Fixed ds8•ts Tangible as5* Investments 110.OC#) 114,010 110.001 114.011 Current assets Oeblors Investtnents Cash at bank hand 10.813 172.000 95.S82 278.495 6,325 278.855 284180 Llabilities Cfedito¥s". Amtsunts faling due in one year 6.688 14.245 14,245 cuwrert 3ss8ts less ￿rrent fiaknlit 271.806 270.935 Total assets less ¢urrent lialwlities 381.807 384,947 Total net assets1855 Ilabllltks 381,807 384,947 Unrestricted neral f4JrNI 259.214 261,651 Deslgnated Holiday At Home Sound System $80 Restricted NWMA Youth ME5ion Enab Quinquennk41 Repair5 Refreshl Agency collecbon Brokenborough Choir Fijnd Heating Fund litt￿ Stars Mini8try Asststsnt Mi>ve Screen PrDV￿KjTr 18.764 16,475 ,840 Z28 194 11.690 279 2124 431 5,8 1,165 11.978 262 5.8LXI 1.165 Funds of th¢ chur¢h 381.807

Analysis of income and expenditure Unre5tr1 Total &1r INCOME AND ENDOWMENTS Donations and legacies Grft Ard- Bank Grfl Aid- Envek)pes Other planned gmng LOO￿ plate collections Giwng through church boxes Don*ions appeals et Tax recoverable on Grft AKI Recurring grarts Non-recutring one-off grants Other funds generaied 103.7 422 28.467 19.459 16.013 1,413 105.383 422 30.027 19,459 16,013 47.326 30.746 13.921 3,040 4.774 271,115 103.407 878 30.343 17,684 14.261 53,723 33.009 17,973 7.768 933 279.983 37.959 37 7.321 30.424 283 4.774 Totsl 1.6 47,059 Income frorn charitable aciivitie8 Fees for weddlngs and funefals 6.219 6.219 Totsl 6,219 6,219 9,772 9,772 other trading activities Events Event income- Lrfepath Event income- Little Stars Leth"ngs- fvrHI raistng 2,377 1,012 2.129 10,868 16.386 854 2.282 6,450 10,432 2.282 9.827 13,810 Total (3,377) Investments Bank and buTri ling irrterest Rent 6,598 7,151 13.749 256.138 179 6.777 7.151 13.928 301,696 2,161 6,876 8,837 314.980 Total INCOME TOTAL 179 43.861 1.6 Page 8

Analysis of income and expenditure (continued) Total EXPENDITURE Raising funds Costs of everts Costs of Events- Lifepath Costs of e￿nts- Little Stars 3.958 3.958 3,￿2 435 117 4.382 117 4,382 Total EXpendi￿re on Charitable activltles Overseas Mission Giving- relief and iJevek4ynew Home mission Secular charities Ministry parish sh¥e General staff rA)st5 Salaries Working expenses of iTr>JmbÈnt Educalton Children and YoLrth Experrses Church running- inSUra￿e Telephon8S Organ I piano tuning Churth mainlen8n Cleaning Upkeep of services Upkeep of chur(yard Administrat%bn Chu¥ch nmning- 98neral Church r￿)ning- ei ChLtr¢h nnning- gas Church running- water Chutch nJnning- dep￿iatI￿] Hall running- electri¢ Hall running- gas Hall running - maintenanc* Hall running- telephone Hall Funning- water Chur(l) major repairs- strucknre Church major repaifS- in$talbt¥)n Total EXPENDITURE TOTAL 879 740 879 4.687 164 90.000 92.000 10,148 76.343 929 161 15,857 13.623 1.547 1,760 6.194 2,387 7.300 9.261 12,970 11.721 13.934 10.148 47.649 28.694 53,053 846 75 32.374 13.191 1.015 1,605 22,254 161 2.202 12.172 1.547 1.760 4.121 2.387 13,654 1,451 2.072 1,955 250 9,261 12,970 11,721 12.140 5,740 4.912 8.908 1,310 7,2( 9,674 137 11.406 627 342 4,010 342 4.010 1.693 1.693 968 6,381 316 42 17,065 9,935 305,577 310 179 4,924 3.749 250.580 254. 4,924 3.749 2.439 2.439 47,433 47.433 304.835 GRAND TOTAL 1.175 42 3,572 3,139 Page 9

Notes to the financial statements for the year ended 31 December 2023 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 wrth applicable ac¢ounting standards and the Charities Statement of Recommended Accounting Practi￿ (FRS 102). The accounts include all transattions. assets and liabilrties for which the Parothial Church Council (PCC) is responsible in law. They do not indude the accounts of church groups that owe their main affiliation to another body nor those that are infomial 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 speGrfic purpose, but which the PCC are not legally bound to use for that purF)ose. Restricted funds represent the funds that are restrtcted regarding their use by the PCC Incoming resources Voluntary incorne and capital SoU￿S Collections are recognised when ￿1ved by or on behalf of the PCC. Planned giving receivable under gift aid is recognised only when re￿Ived. Income tax recoverable on grft aid donations is recognised when the donation is r￿1ved. Grants and legacies to the PCC are a¢¢ounted for as soon as the PCC is notified of its legal entFtlement and the amount due. Funds raised by fetes, bazaars and similar events are accounted for gross of expenses. other onlinary incoming reSoU￿eS Rental income from letting of thurch premises is recognised when the rental is due. Incon7e fmm investments Dividends and interest are accounted for wfien receivable. Tax recoverabie on such in￿rne is recognised in the same accounting year. Resources used Grants Grants and donations are accounted for when pahl over. or wtEn awarded. rf that award creates a binding obligation to the PCC. ActivitiTes directly relating to the wort( of the Lur( 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 specrfy in advan￿ each year how much they intend paying. If they fall short in any year, the deficit will only be carried fotward rf there is every intention of making up the deficit in the earty part of the following year. Tangible fixed assets Conseuated land and buildings and n￿Vable Chu￿ fumishings Consecrated and beneficed property is excluded from the accounts by s.10(2) (a) and {c) of the Charities Act 2011. No value is placed on Movab￿ church fumishings held by the churchwardens on special tnjst Pa£e 10

for the PCC and which require a faculty for disposal Sin￿ the PCC considers this to be inalienable property. All exFenditure incurred during the year on consecrated or beneficed buildings and movable church fumishings. whether Maintenan￿ or improvemenL is written off as expenditure in the statement of financial activilies. The cost of buildings is depreciated on a straight4ine basis over 20 years. Land is not depreGiated. Other fixtures, fittings and Offi￿ equipment Equipment used wrthin the church premises is depreciated on a straight-line basis over ten years. Individual items of equipment with a purthase price of £10,000 or less are nomially written off when the asset is acquired. Assets acquired prior to 1 January 1997 have been written off as expendtture and no subsequent value has been assigned to them in the balan￿ sheet. Tangible Fixed Assets Land & Buildings Office Equipment Cost At 31 December 2022 Disposals in the year Al 31 December 2023 Depreciation At 31 December 2022 Disposals in the year Charge for the year At 31 December 2023 Total 288.776 19,495 16,804 2,691 308.271 16,804 291,467 288.776 176,111 18.149 (16,8041 194,280 116,8041 4,011 181,467 2.665 178,776 2,691 Net book values At 31 D￿rnber 2023 At 31 Decern￿r 2022 110.000 112,eE5 110,000 114,011 Fixed Asset Investments Current year Prior year Share capital of Malmesbury Abbey Café Ltd (100%) Debtors Current year Prior year Prepayments and accrued Ir￿Me 10,813 10,813 6,326 6.326 Investment Current year Prior year CCLA CBF chU￿h of England Investment Fund 172.000 172.000 Poge 11

Creditors: Amounts falling due in one year Current year Prior ear Taxes other creditors Accruals and deferred income 1,011 623 930 12,692 5,678 6.689 Staff The average number of employ@8s duriF7g the yÈar ¥was 7 (2022." 7). No employees received a remuneration of £60k or above. Total staff costs including NW Youth Mission Enabler were £86,49112022. £70,2CKI) Assets and liabilities by category of fund Current ear Prior ear Investsnent in Subsidiary Malm8sbury Abbey Cafe Ltd Sha Unrestrio#ed funds Tanglble assÈts Land & buil(lings Unrestllrted funds Yotal for Invesknent in Subsidiary 110.C(LI 110.000 112,665 112,665 Offjce Equipment Unrèstricted funds 1.346 1.346 Cash at bank in hand Designated funds Restrided funds UnreStr￿ed fund5 Total forTangible assèts 110.000 114.011 1,036 107,821 169,999 278.856 32.234 63.448 95.682 Total for cash at bank and in hand Investments Rèstnded fimds Unreslricted funds 84.058 87.942 172,000 Debtors Prepayments and accn•ed Incom? Designated funds Restricted ftsnds UnrestrXed fvnds 29 3,381 2.916 6,326 7.322 3.491 10.813 Creditors.. Amounts falling due in one year Taxes ReslFiLted funds UnrÈstrxed furKIs Total for t 455 556 1.011 239 623 other cre(Ktors Restrided frjnds 930 Aecnjals and deferred income Restri(*ed funds Ljnrestrided funds 566 5.112 5.678 12.692 12.692 Totsl for Creditors." Amounts faming due Én one year 6.688 14.245 Grdnd total 381.807 384.949 Page 12

1. Fund movement by type- year ended 31 December 2023 Fund and type Fynd ba￿nceS athod fonvard Unrestricterf Gener81- G￿er31 fund 261.651 2￿.138 4.612 259.214 261,651 256,138 4h12 259.214 Hottday At Hoff ound Syslem 1.955 -322 Yotal Dfj8tgnat4d 1￿96 39 423 Brthenborowh Fa Choir Heating Litt￿ StaT5 MinLs1ry Assi8tarrt Move Screen ProvkqK)n NWMA Youth Mission Quinquennial Repaws Ref￿h1 Agency Warni SpaGes 11.6 1.739 1.451 11.978 279 2.124 431 375 160 -51 2.072 262 5.8(Kl 1,165 18.784 84.058 1,165 16,475 40.219 217 42.180 4.2 228 195 -228 -195 1.310 1.310 To¢•1 RtStFiCtad 121231 43,161 47.432 3,935 121S94 Grand Tot ¥t1.696 .835 381.807 Fund movement by type- year ended 31 December 2022 in Incomi OLrt otn Transfers Gainsllosses Closin Brokènl)orough Fabric Chairs Choir FFo%rs Holiday * Home Heating L1tt10 St￿5 Mlnistry A8SiStant Move Screen Provision ReslrKte£F Mission D&sKJnated NWMA Youth Misslon Enabler ResttKted Quinquennial RepaiTs ReStr￿ted Refresh Restrict Sound Systwn Agency coll￿rt DE5wJnated Reslitied DesNJnated 2.8 747 11.691 27 180 160 163 316 DeS￿nated Oes¥naied Restnded Restiicted 280 243 2.124 2.124 431 5,8rKJ 1.165 431 s.8￿1 1.165 150 30.432 11725 1.137 1.725 11501 4.750 11.029 71,116 29.736 16.475 83.841 225 581 195 T28 1.144 (1801 195 Ge)eral Fund 279.082 264245 276.752 14.9231 261.652 0.147 314.981 310.179 384.949 Page 13

io. Church Workers Pension Fund {CWPF) Malmesbury Abbey PCC participates in the Pension Builder Scheme section of CWPF for lay staff. CWPF is administere(J by the Church of England Pensions Board, whith holds the CWPF a&%ets parately from those of the Employer and other participating employers. cl￿PF has two sections: the Defined Beneffts Scheme 2. the Pension Builder Scheme, which has two sutFsections" a. a deferred annuty section known as Pension Buifder Classic. and, b. a cash balan￿ section known as Pension Builder 2014. P•nsion Builder Scheme Both sections of the Pension Builder Scheme are classed as defined tEnefit schemes. Pension Builder 2014 is a cash balan￿ sd)eme that provides a lump sum which members use to provide beneffts at retirement Pension contn"butions are recorded in an account for each member. Discretionary bonuses may be added before retirement. depending on investment retums and other factors. The account: plus any bonuses deCla￿d is payable, unreduced. from age 65. There is no Su￿1¥￿s1On of assets between employers in eath section of the Pension Builder Scheme. The scheme is consrdered to be a muttimployer scheme as described in Section 28 of FRS 102. This is because it is nol possible to attribute the Pension Builder Scheme's assets and liabilities to specific employers and means that contributions are accounted for as rf the Scheme were a defined contribution scheme. The pensions costs tharged to the SOFA in the year are the contribub'ons payable (2023.. £5,442. 2022. £4,123). A valuation of the Pension Builder Scheme is carried out once every three years. The most re￿nt valuation was carried out as at 31 De￿mber 2019. The next valuation is due as at 31 De￿mber 2022.Calculations forthis are currently under way. For the Pension Builder 2014 section, the valuation revealed a surplus of £5.5m on the ongoing assumptions used. There is no requirement for deficti payments at the current time. The legal structure of the scheme is such that if anolher employer fails, Malme5bury Abbey PCC could become responsible for paying a share of the failed employer's Fension liabilities. Page 14