The Parochial Church Council of the Ecclesiastical Parish of Malmesbury with Westport and Brokenborough Annual Report & Financial Statements for the year ended 31 December 2024
The PCC of Malmesbury & BrokenbOro- Annual Repcrt & Fsnandal Statements 2024 Contents LEGAL AND ADMINisfRATIVE INFORMATION............................-......-.-.................-.............-.-........................... TRU5fEES REPORT..............-.........-................................-............................................................................ srRUCTURE GOVERNAN AND MANAGEMENT................................................-..........-.......-.........-..... Recrultment and Induttion of Tristees...................................-................................................................ Responsibilities (rfthe Pala1 (hurch Counal mie Trustees}................................................................ Public benefit..........-...-.........-...-........-.......................................................-....-.........-...-.......................... Structure opernting prcredures_................-......-........................................................................... Principal rfsks and uncertatnties......-...................-...........................................................--................... Resewves Policy........................................................................................................................................ OBJEcnvES AND AcnvmE&....................................................................................................................... Objective5 of our Parish Miiwstry...............-......-.........._-................-.........................-..-....-.............. Activities.............-..-......................................................................................................-....................... FINANaAL REVIEW.........-.......................................................................................................................... PLANS FOR THE FUTURE.............................-............................................................................................... INDEPENDETr EXAMINERS REPORTTOTHE TRUSTEES OF THE PCC ..................................~........................ FINANCIAL ATEmENTs 2024...........................................................................................--..................... NOTES TO THE FINANaALsfATEMENT&....................................................................................................11
The PCC of Malmesbury & Brokenb0ro-AnnUal Repcrt & Finanaal Statements 2024
IEGALAND ADMINISTrATIVE INFORMATION
The Ecdesiastical Parish of Malmesbury with Westpc#t and Brokenborough Is in Upper Avon Benefice ofthe
Diocese OF Btistol wfthin the Church of Enoan& tt is managed by the Parochial Church CounfiL which is a body
corporate (PCC PcKvers Measure 1956. (hurch Rewesentstion Rules 2011) and is a Chartty registered with the
aiarity Commission. Member5 of the PCC are trustees of the Charity. There ¥e two thwdE5 Within the Parish:
the Abbey Church of St 5t Paul. Gloucester StreeL Malmesbwy Stjohn the Baptts¢ Brokenborough.
Registered Chaiity Number". 1146631
Registered Addre55 & Parish Offi. The Old Squash CourL Holloway. Malmesbury, SN16 9B
Telephone: 666 82fJ666
Webstte: vA¥w.malme5buryaW.com
Trustees and Membets ofthe Parcthial Church Counal durin8 the year: 2024
Ex Officlo Members
The Revd Oliver Ros5
Wjcar (PCC Cthair}
Curate
The Revd Deborah Scott.Bromley Associate nIster
Church Ward8)s
Linda Weston
Keith aoke
Mark Odlum
Prtrwarden f
The PCC cé Malmesbury & Br0kenboroh-AnnUal Rewt & Finandal Statemerts 2024 TrusrEES REPORT Most Trustees (members of the Pcq are either ex offiuo or are eletted bythe Annual Parochial Church Meetlng IAPCM} in accdan Vth the 8oveming document (CThurch Representsticm Rules). Others we cwted for spe¢ purposeL The APCM and decttons of PCC members took pla on Sunday 12 May 2024. New Trustees reCe an inductlon on theirrole and respon5ibilitiesfrom the Secretaryofthe PCC and should read anyrelevant documents and guiddine4 in a(klition to a general induction fr(Mn the meeti Chair during the first meeting of the year followingeach APCKI The member5 of the PCC are electod fora temi of tffte of up tothree year& The incumbent acts as Chair of the PCC The Trustees are responslble preparingtheTruste Report and thefinandal 5t3tements In accordan wlth applicable law and United n8dthn kcounting Standards (United Kir¥gdom Genwalty Accepted Accounting Practice). The law applica1 to charities in Englarmd & Wales requi the Triistees to prepare financial statementsfor each finanaal year whith gve a true and fair view of the state of affalrs of the charity and of the incoming resource5 and application of Tesowces of the charlty for that period. In preparing these financial statements the Trustees are required to: select suitable accoti poliaes and then applythem Consistentty; observe the methods and wlnciple5 in the Charities 50RP: makeiudgements and estimates that are asonable and prudentr, state whether applicable accounting standards have been followed. subject to any material departure5 thsclosed and explained in the ftnancial statements: prepare the financial statements on the goirg conom basis unless it is inappropriate to presume that the thafity wlll continue in operation. The Trustees are responsi1e for kp1[vA accounti recffth that d15dose vrith reasonable atCLffacy at arytlme the financial posilion of the charFty and enable them to er6ure that the finanaal statements comply with the Charities Att 2011, the tharity (ACC(Trts and Reports) Regulations 2(K18 and the PaChial Chtwch Councits (Powers) Measure 1956 as amended. They are also responsible for safeguarding the assets of the tharity and henCefOrtaki asOnablestepsfOrthe prevention and detection offraud and Other1egUlar1tie& Tr Trustees oversee and supwt the Ministry Team. the staff and tr* members of Malmesbury Abbey and St John the BaptisL BT0kenbmh. in their driOUs areas of ministry. The day-to&y njnning of the parish is managed by the Church Wardens and Ministry Team. together with two emplcryed Offi admlnlstrators. The Trustees are responsible tr ensuring that a rewesentative {usually the Chair) reports back to the thurch membws annually at the APCM along wwth other ministry leaders. This meetirvd also indudes the elerticm of ne¥v Trustees and15 open to all to attend. but only those named on the Electoral Roll or living in the Parish may vote in this matter. A detailed report of ministry activibes the pre4ious twelve months is made available at this Meeti alon8 with copies of the Annual Report and Financial Statements. The Tee$ have complied with their thrty to have due regard to the guidan on pubfic benefft published by the Chaiity Commission in exercisirE thar powers and duties. Examples of this public benefit can be found in the other parts of this Report The alIty Consti a pubfic benefft entity as defined by FRS 102.
The PCC cl Maknesbury & Brokenb0rh- Annual Rept & Fjnancial Ststements 2024 The Trustee5 met 5iXttmes duri 2024, plus wrational Standing C(Mnmittee nieetings. Duringthese lneetings. the Trustees (liscu55ed ar prayed about a wide variety of matters indud1 vision. govenMrKe, policles, buildiry and infrastructur@ as well as receivin8 reBar reports on financial performano and Staffi Key strategic towcs considered bythe Trustees duri the year we. Approydl of 2023 Annual Accounts and ldget settingfor 2024 and 2025 Safeguarding and Health & Safety Chtldren and Youth actses Proposed charges to Servi timirg5 and fomiats Abbey bulliling plans- Next Years Future staffirvd forthe Kjnistry. as May M¢Jwe Chaplain and Curate le¥ In 2025 Copies ofthe minute5 ofthese meetings are kept by Secretsry to the Pccand may be read by any member5 of the Electoral Roll upon request The Tft delegate some matters to Committee4 which meet betsveen the full meetinos of the PCC In 2024, there was one PCC su&committee: the StsndiTVd Committee. The nAe rfthe Standing C(xnmlttee is to condurt urgent business between PCC meetings. and to o¥ersee the mU[ratIon of patd staff. There is also a Safeguardirva team which oversees •rding mattas and reptyts any Fssues to the PCC In addition, the parish has a Ministy Team. comprising aergy and Licensed Lay Ministers. thurth Warden5 and others with responslbilities within the churth. who work the PCC to administer th@ parish on a day-t<>day basis. The Ministry Team shared two Away Days to explo the visi( of Malrnesbury Abbey and constder chan8eS to the structure and timiros of churth seNi Prlndpal rlsks and Illicertahttles The PCC is exposed to risks associated wtth finano. safeguardin& legislative compllarts. bu11thn and infra5tructtre, and pastoral oversight Each area has been reviewed by the Trustees during the year arKt plans put In pla to manage the rlsk The majorityof our incne c(smesfr(xn rjIarfi3nOal donationsfr(ffi members of the congregation. The annual budget for 2024 was approved by the PCC on 18 NovemlEr 2023. Perfomance against budget is reviwAI at eath meeting of the PCQ and betwe meetings by the Treasurer and Standing Commlttee. Duringtheyearthe PCC Uwdradedthe accountire system toprovide more effective intemal control The PCC has a safrdIr Pc4lcy and the Tnstee5 appointa s3fWrth Officer vtho act a5the f<Trl point for coren All key staff and volunteers wor*ing with children arKI vulnerable adults are recruited using SaferRecruitment prinaples and are checked with the Disdosure BarrirE Service. aer8y receive regular SafwardirE training through the Diocese of Bristol and other staff, volunteers and Trustees atso undertake the required Din Safeguarding trainin& The T receive an annual report on Safeguarding and review the Safeguarding Policy. The Tnjstees have complied the duty under sectton 5 of the guardi and ae DIlplIne M&isure 2016 (duty to have regard to the House of Bishopg BuidarKe Safeguardi children and vulnerable adultsi. Qur bulldiry a insured and maintained regulaTlyto ensure thatthey are safe and fftfry purp. Key improvanents in 2024 have irKluded: general maintenance due to wear and tear and age, induding addre551ng health & safety issues. Pastoral fft is proyided by dergy and lay members ofthe thurch. VolunteeTS are carefully selected for key roles such as prayer minisbyor leathng small group& Training 15 wovided for these voluTrteers, and they aresUPP(xted and accOu[e to senior dew.
The PCC of Malmesbury & Brokenb0roh- Annual Repcrt & Financial Statements 2024 It 15 the pollcy of the PCC to keep 3 m¢ytths of res in the General Fund to cover the costs of running the Parlsh. Based on the 2024 expen(rrture f(Y the General Fund. excludlng ontroff and other non-cash items. 3 month5 of expenses amountto £66k The balance on the General Fund is £257L Total cash resour wlailable to the Parish amountsd to £81L Adthtionally. there is an accessible C(IA Invesbnent amount of £234L In the opinitm of the PCQ ttH5 wovides adequate cw ts the Reserves PolwLy and enables these accounts to be prepared on a going<OnM basi& What ig our Wxion= The primary obiert of the PCC is the pr(¥notion of the gospel of our Lord Jesus ChTisL Themes: We aim to emphastse five thÈmes in the way that we fNÈ and express ourfaith tO8ether- WHEAT. WORSHIP and welcome HOsPAUTy and healing EDUCATION and evangelism ARTS and crea TOWN and tOUTiSm Obiectsve5 of our Partsh Ministry The uses of the financial resour of the parish aretested a8ain5t this vision. From a financial point of view. the PCC provide5 fundine for plaos of w<x5hip. ministry and mission. and Spa for the use of the community and outreath In addition to the two the PCC is responsible for the Maintenan and upkeep ofthe Parish Offi. Hdloway. Malmesbury and EIlm House. 7.9 GltxKe5ter Street Malmesbury. The PCC aims to distribute a pro¥ of all unde5ignated incrAne. indudin8 all vduntary gIVi and aid and letting inccrnefr(Yn MalmesburyAbbey and lMer House, to appmwiate charitsNe purposes. tring 2024. the PCC supported a number of Ial and intemaiional tharEtl4 as well as overs&is mission acts1 In addition to the regular churth ser¥ice4 Malme5bury Abbey en8a8es with the put[C thr(xJgh numerous activitses and events and welcomes to(wists throOut the year. The Car and Curate are SUPpted in their ministry by a team of LInsed Lay Ministets. retired dergy and lay peopl& The Abtw employs Yarious people, Induthng the Youth Mission Enabler Nth Wiltshire Mission Area. an OT8anisL two parish athninistrators and housekeeping and deanifft Staff. Much of the daY.tda¥ running of the parish is supported lry unpaid volunteers, Induding members of the PQ stewaTds, thoir members and many other& Genero supp(rt continues to be received from the Friends of Malmesbury Ably (FOMA). There are regular joint servi5 and activibes held with Churthe5 TogethÈr in Malmesbury {cfiM}. Children's and Familles W(Yk The Little StaT5toddlergroup continues to meet each Mon&y momlng during twm time. LrFepath for Year5 children across many North Wdtshire 5ctrKX)15 takes Pla In June each year. The LInsed Lay Ministerfor Chlldren and Families has conlinued to partscipatp in school assemblie& The Youth Wwion Enabler has cc¥rtinued the outreach arn8 young people through leaditE thristian Union meeiings and oaniS1r regular social events, as well as attendin8 the Swee Camp in Juty and running Youth Alpha meetinE&
The PCC of Malmesbury & Brokenbor01- Annual Repcrt & Financial Ststements 2024 Fundrai5in8Artfvili The PCC enccwrages membws to support the diurch by re8ular gin& weferalV montNy n8 the Parlsh Glving rne. Teachi on the subiett of Eiving ts delivered sensitively. to ensure that no one feels under pressure to glve. orto gwe mcre than they can afftyd. Malme$lry Abbey is used for numffcKs eventy s¢xne OF whlch prTrde letting income to the PCC vari grants were also recwed dUrN the year. Tr p doe5 not u wofesstonaj fvndraisws or invdve ccKnmerrial partidpattys and no ccMnplahK5 were recaved aboutfurKtrasin8 during the year. FINANfJAL REVIEW InccAne durlrg 2024 was £343k [2023: £302kl, of which £84k [2023: £44kl was reiVed for restricted purposes. Expenditure was £341k12023: £305k]. Gains (x) Investments were £4k [2023: nonej. This resulted In an ove1 surplus of £6k [2023: £3k deficit]. The primary r&ison for the surplus was genenius d(>)ation5 received for specific proiecty indudirE the Athelstan Pilgrim Way. These Fyojects WIH continue over the c{Thi yeaTr See note I for more detslls on these funds will be The wincipal Sour of fundiry¥ are the sacrifiaal Wing of the COWion. t<Wher with visltor donation5, weddlr8 a1 feral fee4 event I11)e and some externat grants. Expenditure is targeted at achievirg key objectives of Malmesbury Abbey and St John Baptis¢ Brokenbmwi. The Parfsh Share contribution in 2024 was [2023: £92k]. The PCC contlnue5 to employ a NWMA Youth Mission Enabler. an (xganisL deaning staff ar two part-time Offi administrator& The Children and Familie5 Position Is currentty vacant The PCC consideJ5 that the current stsffing levels are appropriate for an organisation of this SI ar complety. SupptttI oKethead5 are kept to a reasonable minimum. At eath Meeti the PCC receNes a financial reptyt arKI ccmsiders the financial potion of the churth. We a thankful Go(fs faithm and abundant prwion for our needs throughoutthe year. Malm@sbury Abtw Café Ltd. ow wholly owned trathng subsidiary, continues to support the Abberfs hospitality outreach. TumiNer forthe year to 31 Marth 2024 was £87k {2023: £74k), woduang a profft of £2k {2023: £2k). It had capital and reserve5 of £fak at 31 Marth 2024 (2023." £16k). The PCC plans to develq) bts cwrent as we seek to build Go5 thurch and estsbfth his kId0M here in Malme5bury. Encowage and empower church Tll TraOn our Servi p to indu eveni service. Physica restoratlon an vear& to grow in faith and 80 deeper in our relationship with Go worship for ywng families and a r&tructured Informal developmentof th Abbey. to enabk our liFeand minlstryforthe next hundred roved by e Trustees on 15 March 2025 Signed on half of theT
The PCC of Malmesbury & Brokenborough-Annual Report & Finanaal Statwnents 2024 INDEPENDEKf EXAMINEWS REPORT TO THE TRUSfEES OF THE PCC OF The Parish of MALMESBURY with WESTPORT & BROKENBOROUGH I report on the accounts of The Parish of Malmesbury with Westport & Brokenborough for the vear ended 31 December 2024. which are set out on pages 9 to 18. Respectlve responsibilltle5 of the trustees and thè èxaminèr The charitys trustees a responsible for the preparation of the accounts. The charivs 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 charivs gross income exceeded £250,(XK) and I am qualified to undertake the examinatlon by being a qualified member of the ICAEW. It is my re5pon5ibility to= Examine the accounts under section 145 of the 2011 Act: Follow the prOdureS 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. Basts of the independent examinerfs report My examination was carried oirt in accordan with the General Directions given by the Charity Commi55ion and to be found In Church Guldance. 2(X16 edition. Issued by the Finance Divtsion of the Archbishopg 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 explanattons from you as trustees concerning any such matters. The p[DdureS undertaken do not provide all the eviden that would be required in an audit and, consequently, no opinion is gven as to whether the accounts present a "true and fair vie and the report is limited to those matter5 Set out in the statement below. Independent eyAmlnerfs ststement In connection with my examination, no matter has come to my attention= which gNes me asonable 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 understandinR of the accounts to be reached. Date .-LLk Rachel Belshaw Hilltop Acujuntlng Ltd. Hill Cottage. Church Lane. Ufton Nervet. Readir*& RG7 4HQ The Charity SORP requires that tharities must provide an aggregate d1sd0su of the totsl amount of donations from related parties (indudingtrustees) received without conditions. TheTrtteeS have dedded not to disdose this figure in the accounts.
The PCC of Malmesbury & BrokenW-Annual Rewt & finandal Statements 2024 Funds Total Funds Total Funds INCOM£ Donations aThl Jcles 2(a) mJ16 13928 62 10.433 301,696 tr fTOrn clwrftsble artN1t 2(c) Ot1wTJathklltles IEvents) 2(d) TOTAL INCOME 281 Cost of raiSlfundS IEveftts) Charitsble activit*s TOTAL EXPENIXTURE 31a) 3(b) S773 4382 3N54 30436 26Q669 79m7 NetGaI(Losse5) on INestsY NEf INCOME 131401 TTanSferBetth Funds (31401 FUND BALANCESBIFWD IJANUARY FUND BALW4CESC/FWD 31 DECEMBER 254576
The PCC of Maknesbury & Brokenb0roh- Annual Rep(rt & Finanaal Statements 2024 LarKI & Buikn7r I342 172,001 ShortTemi Dep5its Cash at bankarrfl in hand 8A18 5.793 I.494 (6) 3817 year NEfASSET5 General io 25676 259214 Desiuwted io 256576 259214 13L6fll 122593 io TOTAL RINDS bythe Parochial Churth Coun(il on I 3025 and sl8ned on its behalf by. d IXI Ros (var & P Chair) Christine mOe FCA (frea5ureT) 10
The PCC of Malmesbury & Brokenbor01- Annual Rep(Yt & Finan(ial Statements 2024 NOTES TO THE FINANaAL STATEMENTS The PCC is a public benefft entity thin the meaning of FRSIOI The financial statenients have been prepared under the Charities Att 2011 and in aCc{Ydan wfth the thurth Accounting Re8ulations 26 governing the ndividual accounts of PCC4 arbd with the Regulationg Irue and fatr FY(wisions and they have been prepared in accdare with the (harFtFes Statwnent of Recomfflended Prac1] (FRS102). The financial statements have been prepared under the accruals coUnting conventiorL The financial statements indude all transaCti¢S assets and liabilities whiCh the p is responsible in law. At the time of approvingthe accounts. the PCC and trustees have a reasonable expertation that the charity has adequatè resources to continue in operational eSten for the foreseeable futlre. such. tr trustees continue to adopt the gcKnR concem basis ofacCoLmti in weparing the accoun1& Income Collections are rec(wiised when 1Ved by or on behalf of the PCC Planned givlng receivable undff GEftAid is rec(Enised only wkn receid. Inc(me tsx recoverdble on Gift Aid donatlons is recc8nised when the income is recogni Grants and legaaes to the PCC are accounted for as s<x)n as the PCC 15 notified of its legal entitlement and the amount due is quantifiatAe and its uttimate receipt by trE PCC 15 probable Rentsl income the letting of chwch prerni 15 recLWtsed when the rentsl is due Dividends are ac£ounted for due arKI payable. Interest is accounted for when recwve Tangible fixed a$5ets coin8 0r £IO.IW with a usefvl Itfe of Iwer one yw, are capitalised. are ststed at cost less accumulated depreciation and alated write ed Assets are deweciated on a straight.llne basts over the length of their expethd useful life as ftAIows: land- Kil Buildings- 20 years res & Flttings- 10 years Audio-vlsu equ]-S years Computers-3 years Individual Itn$ of equipment vAth a pwchase price of £IO,IJX) or less are nornlallywritten off when asset is acquired. An impainnent rwlew is carried out at each YearAd a)d ay resultsnt loss Identi ts Induded in expenditure for the year. The totsl assets of the parish Include Eilmer House. Malmesbury. The thurd) buildlry and Parlsh offi are not PCC assets and are theref(e not valued in the accounts. This is because conseued arKI bene woperty is exduded from the accounts by sectlon 1012) of the Charities Act 201L No NBlue is placed on movable church furnishings held by the churchwardens on special trust for the PCC and whith require a facultyfor disP05al sin PCC considers this to be inaenable priyerty. All expenditure incurred during the year on consecrated or benefice buldings and movable churth fumishings whether maintenants or improvemeTrt, is wrttten off in the SOFA and separately disdosed. Inve5tfnents Investments quoted on a recognised st(Kk exchaTEe or Mthrse value derlfroM them e valued at market value at the ar end The inve5tsneTrt 15 hdd In Inccqne shares of the CBF thwch of E[and Investm Fund. Shortterm deposits These are the cash amounts held on deposit with the CQ li
The PCC OF Matmesbury & Brokenbor(xEh- Annual Repixt& Financial Statwnents 2024 Restricted fvnds are held specific tnJst under charity law. The trusts eStalsh the purpose for whith the PCC t3n lavrfully u these restrthd fund& The rÉstri¢ed fund5 of the PCC are Ina)me funds and will be spent or applied within a reasonable period from their receipt Thesefvnds are availableto be used infurther8n of the general obJectNes of the Parish arKI there are no other restrictions on how they may be used. The main n[trIcted fund operated by the PCC is the General Fund. In addition tothe General Fund. part ofthe unrestricted funds may be set aside into Designated Fund8 to be used for particular projects or c£)mmitment& There are no dlnated fun(ts. 12
The PCC of Maknesbury & Brokenb0roh- Annual Rep£ & Financial Ststements 2024 NOTESTO THE FRW4CIAL STATEMENTS {coniinyed) YEAR ENIXD 31ST DECEMBER 2024 I Incorne Unrestthted Funds Funds Totsl Funds Totsl Funds 4a) ljonailons and Planrd wi¥ CollectKJns Vtsitor ts)x 952 16.013 t)onatkirts aTxI OplS Grdnts 9.271 47A27 16962 30.746 4775 2n,ll6 2&859 295 3&ffi1 tsx recoverdble Z953 L127 2(bl irterest I9 6,777 lrNeStrrnt fund irton Edmer House Trnt 7,151 28 Fees for wedctin85 and furrals 6219 6219 228 21d) Othwtradkng acti¥k*5 (Events) .762 7297 2282 IOA33 281 TOTAL INCOME 3016
The PCC of Malmesbury & Brokenborou8h-Annual Report & finanoal 5tstements 2024 NOTES TOTHE HNANCIAL STATEMENTS {contiiued) YEAR ENDED ajst DECEMBER2024 Expendilure Totsl A4Dds Total Funds 31a} C1 of wing fun(ts (EV Cost of Ents Cost of Events- Lifewh Cost of Events- litt Sts Totsl 6Trnts 3374 &0 3.958 9356 4282 3(b) Chknbk acti¥ib PaTi5h sPAre 91(M)O Home I100 0rse3S Mfjssion Children and youth Staff costs- see rnte 31c) Trninlng and education Ser¥ts and musk costs 5,655 15,859 86,491 161 12.410 TM oi 6L755 95.525 L237 175 9.990 Flowers Hospital Upkeep of thurclryard Property Th3intenaKe utilttles 4770 &170 14248 29322 3.681 9.261 &170 18224 272 23 Insurance 623 DeplatIOn A(ImiTffjtratknn 4X)11 971 959 Professiorol fees 33L130 300,454 260.6f 79317 3046 Included wtthin Professional Fees is an amount of £3(XI12023: nll) related to the Independent Examlner fee. 14
The PCC OF Malmesbury & Brokenbh-AnnUal Rem & Finanaal Ststements 2024 2023 Total Funds Funds nds Funds 31c) Salarles & Ottw&aFf costs 6QUO 3L649 gL789 1615 L121 755 95x5 81.750 4.741 86A91 No eiwoyee earned in exces5 of £60IWJQ No mernter of the PCC received any reftMTrration fortheirwork on the PCC. The derw. are ex Of E[thr5. rece7 a stitENI or ewr&oknt salary l¥Jt are rnt renxmeftted fortheir service on tt PCQ arage nurraof staff employed In was 7 P023". 71. Volunteer5 syyFKandy to tl work of tte siKh as malrts1nl the twil(fings arKI churclryanls. stewath% lunTh chiklrerf5 actl1fjt. outreach evEnts. pa#oTrl Ca arKI leathrE durch worshi land & Totsl At 5tartof rmbd Addittons ZW776 DIsw5als At erwj of perfod 284T16 24776 Depreciation Chargefortl year Dlswsals Aternl of period 174776 At startof FErM)d Tr FLxed Assetvalue relatssto Eilrnèr Hous& Tre Iwlh*rycost has been d¢weci1r v?kE 15 rvt depCIated.
The PCC of Malme5bury& BrOkenboro- Annual Rem & Finandal Statements 2024 The CBF CINrch of ShaR Capal Maknts1ry Abbey Café Totsl Fund Mark£t val at tstJarn0ryl4 IrNestnnts Pu1$ed Ise1([creaSe} in ¥abJe thriryttEyear fvlarket ValuÈ at31st December2024 iry(KMI 234285 6. Debtors TTrde debto 10,8 TTade creditors PAYEINI pyat Lo 64 5trS arr¥)tOn tt wo(kKti)n of repllca siens. 8. nts1 due afiw¢xRyear Lo11 lailE5 AAatyof net as%ds byfu Unre#rfctal fvnds Funds Total Funds T¢)tsl Funds FDtedA Netcwrent asseislllkl)IItiEs) Fu1 Balan ll7,fi 344285 282AX)i 43.951 576 13Lfjf 381A07 16
The PCC of Malmesbury & BrokenlxJrough-Annual Report & Finanaal Statements 2024 B*nceat Income for Exdhur¢ Tmskn Balance at sl•iof yair the y6¥ Inveslment funds unfeted. Gethual Fund 259214 24237 256576 Br0kenlxJroh Fabric Fw CIK•lr 979 13.058 -531 LTitle Stars 431 Move knen Provision NWMA Youth MLE%ion Quirwennial Repai Next Years Fund Athelstan Illgrim Way arfs DtsuEtionary Furnl L165 27x124 6029 11.000 8291 764 49A39 45.429 31 -79,817 4A TotalFynds 388,236 The Ifitarfs Discretionary Fund is an emergenry hardship fund. to provide help to parishioner5 at the discretion ofthe vi(zr and thurcthward. 11. Pensio Malrnesbury Abbey PCC partiapates in the Pension Builder SchemÈ section of CWPF for lay staff. CWPF is administered by the Church of Engtand Pensions Board. whith hold5 the CWPF assets separately from those of the Employer arHI other participatlng employers. CWPF has two sections: l. the Defined Beneffts Scheme 2. the Pension Builder Stheme, which has two subsertions: a deferred annuity section known as Pension Builder aassic, and, a cash balano section known a5 Pension Builder 2014. Both settions of the Pension Buikler Scheme are dassed as defined benefft scheme Penslon BuHder Clasgc provides a pension, accumulated from contributions paid and converted Into a deferred annuity during employment based on tern15 set and reviewed by the Church of England Pensions Board from time to time. Disryetionary incr&ises may also be added. depending on investment returns and other fartors. Penslon Bullder2014 is a cash balan5ne that provid&s a lump sum which member5 Use to provide benefits at retiremenL Pension contributions are recorded in an account for eath member. Discretionary bonuses may be added before retirement, dependin8 on investment return5 and otherfactors. The accounL plus any bonuse5 dedared ts payable. unreduced. from age 65. 17
The PCC of Malmesbury & Brokenborough-Annual Report & Financial Statements 2024 There is no sub4fwision of assets emplows in eath section ofthe Pension Builder Stheme. The scheme is considered to be a rnultirnployer stherne as described in Settion 28 of FRS 102. This is because it is not possible to attribute the Pension Builder Scheme's assets and liabilities to speclfic employers and means that contributions are accounted for as rfthe Scherne were a defined contribution scheme. The penslons costs charged to the SOFA in the year are the contributions payable {2024: £3.736. 2023: £4.741>. A Wdluation of the Pension Builder Scheme is carried out On every three years. The most recent valuation was carried out a5 at 31 December 2022. For the Pension BuildeT aassic section. the valuation revealed a surplus of £34Am on the ongoing assumptions Used. At the mostrecent annual review effective ljanuary 2025. the Board chose to grant a discretionary bonus of 6.7% to both pensions not yet in Paent and pensions in payment in respect of Servi prior to April 1997; and a bonu5 on perlOn5 in paymerrt ir respect of post April 2116 service so that the pension inuea5e was 2.7% (where usually it would be calculated based on inflation up to 15%). This followed improvements in the funding position over 2024. There is no requirement for deficit payments at the current time. The next valuation is due a5 at31 December 2025. For the Pension Builder 2014 section, the valuation revealed a surplus of £85m on the ongolng assumptions used. There is no requirement for defidt payments at the current time. The legal structure of the stheme is such that rf arther employer fails. Malmesbury Abbey PCC could become responsible for paytng a share of the failed employerfs pension liabiliti As ts nornial in thurches. the tntstee5 make voluntsry donations to the work of Malmesbury Abbey and St John the Baptist Brokenborough. The PCC holds the view that ead) tntstee's individual donations and those of PCC members a5 a whole are tonfidential (and a matter between the PCC mernber and God). and that there 15 no value in disclosing any detsils of these donations {or those made by spouses and related parties). There is no specific connection between any individual donation and any policy the PCC has adopted. 18