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 Pa￿la1 (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 fmenade. a*ltenham. GI¢￿Cest￿￿Ire. GL50 ILR CCiA: One Angel Lane. London. EC4R 3AB The PCC cé Malmesbury & Br0kenboro￿h-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 acc￿dan￿ V￿th 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 reC￿e 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 acco￿ti￿ 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 responsi1￿e for k￿p1[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 Pa￿Chial 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 Other1￿egUlar1tie& Tr Trustees oversee and supwt the Ministry Team. the staff and tr* members of Malmesbury Abbey and St John the BaptisL BT0kenbm￿h. 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 T￿￿ee$ 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 & Brokenb0r￿h- Annual Rep￿t & 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 reB￿ar reports on financial performano and Staffi￿ Key strategic towcs considered bythe Trustees duri￿ the year we￿. Approydl of 2023 Annual Accounts and l￿dget settingfor 2024 and 2025 Safeguarding and Health & Safety Chtldren and Youth acts￿￿es 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 inc￿ne c(smesfr(xn r￿jIarfi￿3nOal 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 saf￿rdIr￿ Pc4lcy and the Tnstee5 appointa s3fWrth￿ Officer vtho act a5the f)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. 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 Pa￿￿ent and pensions in payment in respect of Servi￿ prior to April 1997; and a bonu5 on per￿lOn5 in paymerrt ir* respect of post April 21￿16 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 ar￿ther 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