Charlty r•glstratlon numbèr 1099295 Company r8g15tratlon numb•r 04786973 IEn¥and and Walo81 THE PRAYER BOOK SOCIETY ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 THE PRAYER BOOK SOCIETY CONTENTS Pag• Tw8tee8' report 4-10 ststement oftruste88' respon8lbikns Independenl audrttrs report Statement of finanryal activit BaLqn¢e Sheet 12 No18S to Ihe Ihanaal stalem8nts 13-24 THE PRAYER BOOK SOCIETY LEGAL AND ADMINISTRATIVE INFORMATION The Revd Dr S Edmond$ The Revd A Gaunt The Revd CM J Hancock Tho R•vd Canon The￿$a Kukn Law¢on Mr P J Meither MrlRJMilne The Rev¢ Llr D R Ngwrnan Mr J D Riding Mr8 F RA Rosen Mr B F Smith Th8 Re¥d Canon RJ Swyar Charlty n￿ber 1099295 Company numbèr 04786973 Ro91stsr•d offi¢• The Studio CopYho￿a Fam Lady Grov8 Goring Heath Reading RG8 7RT Aud￿Or Richardson$ 30 Upper Hiqh Streel Th8me Oxfordshire OX9 3EZ Bankers Lloyd5 Bank Broad St￿t Readlng Berkshire RGI 2BT Solicitors Coltyer Bristow LLP 10 Patemoster Court Lo￿lon EC4M 7EJ Invmlmont &dvl8ors Charfès St8nl•y & Co Ltd Wind3or House 10 Mount Ephrairn Roa¢J TunbrNlge ￿ts115 Kent TN1 1EE THE PRAYER BOOK SOCIETY STATEMEfrTf OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2023 trustees, who are 8180 th• dir8ctor8 of The Prayer Book Sod8ty for the wrpose of eompany law. A responsible for prnparing the Trustses, R8P¢Jrt and the finanoal 51atemeTrts In aceordance wrth applKable law Unrtod Kingdom A¢￿￿ntIng Standards lunit￿ Kingdcrn Generally Accepted AccoL*nts"ng Practic81. Company L4w requires Ihe tntstees to PT8pare financial slatern8nts for each fin8nc+al year whlch gi%* a true and fair of the stste of affair5 of the chaltsblo company and of thè incornirrfj resotjrces and applicatvin of resou￿5. Ir￿luding Iha incomg and expenditure, of the charitabk ccrnpany for that year. In preparing these finanaal staternents, Ihe trust0￿ are required to". -seK9Ct suitable a¢countlng policBs 8TrJ then appty them con6is*nUy'. - e&s8rve Ihe methods and prinCIpk￿ in the CharitN8s SORP,. - make jud00￿ntS and estimates that are reasonabb and prudent.. state whether appli¢aWo UK Accountlng Standard5 have been folknv*J, ¥ubject to any material departure8 discbsed and explained in th9 finandal statements., an p￿pare th• financial ststements tsn Ihe g9in9 conc•m ba518 unbss tt Is Inapproprlate to pr•sume that the eharitsbk company will eontinu8 in opgratS0n. The trustee8 are responsible for keeping adequate accounllng records Ihat with rgasonab￿ accuracy at any time Ihe finanaal po$rt￿n ol Ihe charitable company and 8nabb them to ensure that the finan￿81 ststernents comply with the Compan￿5 Act 2006. They aro also responslNe fer 5af8guarding Ihe assets of the charitab Company and hènce for taking reasonab￿ steps for the preventien 8nd delection of fraud and olhgr irreguIarft￿. THE PRAYER BOOK SOCIETY INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE PRAYER BOOK SOCIETY Oplnlon è have audited the financial ststsments of The Pray8r Book Society1th8'charitablè company'l fsx tha yaar andèd 31 D8C8mb8r 2023 which comprise the statement of financSal actNitr"es. the balan￿ sheet and notes lo the financial statements. indudirg signfficant accounting policies. The financial rep)riing trarrthork that ha5 been applied in their prepar8tb?n is applicab￿ L4w and Unitad Koigdom Accounting Standards. SncludSng Financial Reporting Stsndard 102 Fin8n¢i81 Ropryfr'ng St8nd8rd 8ppfyc8ble lh& UK &nd Republtc ol lrnl&nd Iunilwj KiNJdom GeneraltyAccepled Accountiffj Practice). In our opinion. the finandal statewents.. gwe a true and fair vw of the stste of IIE tharitable ccrnpany's aflairs 85 at 31 D￿ernber 2023 and of ts incoming resourc8s and aWKation of rt50urces. forthe year then ended.. have been property pr8pared in acccrdanco wth Unitod Kingdom Generally A(upted A￿Oun1Th3 Pra¢Uce' and have been prepared kn ac￿r￿an¢￿ with the requirem&nts ofthe Cornpanie5Act 2￿6. Basls for oplnlon We conducted our 8udit in accordance with International Standarils on Audltlng IUKI (ISA6 IUKII and applicable law. Our ￿spOnSibl11t￿ under those $t8ndards are further described in the Auditor's responsibilitie5 tr the èudit of the finanGialst81emenls seCt￿n of our r8porL ¥Aè 8r8 independent of tho Charitab￿ wnpany in acctsrdan￿ with Ihe tthKal requiffjments that are rebvanl to our audll of the finan¢ial $¢atements in the UK, including the FRC'S Ethical Stsndard. 8nd we have fuffilled our other ethical responsibilities in attordance wrth these requirements. ￿ belleve that th• audrt WKlen¢e we ha¥t obtained i8 suffiC￿￿t appropriate to W0v￿e a basiB for our opinion. oncluslons rela¢lng to golng ¢onc•m In audlln9 the frnancial $tsternents, we ha¥e conclud8d that the tNst•ès' uss of thè going conc8rn basis of countiry in thè p￿parati¢)n of the finan¢k91 statements Ss appropnate. Based on the work w8 hav8 perform8d, wo have not KJentffj*d any material uncertaint￿$ relab.ng ¢0 events or ndftions that. 1ndW￿va1ty or collectiV91y, may ￿$t &gnifKant doubt on the Charitab￿ company'5 ability to continue going eon¢Èm for a perk)d of at kast rronths from when Ihe financial st8tem8nts are authorised for issue. Our reswnslbillties and the r9$pon$bilits"es of the tru8ts88 With rè5P8Ct to goiNJ eont*m affj dgscfibad In th• relevant sections of thi5 report. othor Informatlon Thg other inlomation Comprises Ihe Infomiation included in the annual report other than the finanaal 5taternents and our auditorfs r8POrt Ihèrèon. trust80s a￿ responsible lor th6 other Inforn)alK)n Contained within the annual report. Our opinion on the fin8n¢Jal ststements dogs not cover the other Inforniation and we do not express any form of assuran￿ conclusion thereon. Our responsibilrty to read the other informatK)n ané. in doing $0. conS￿er wh81her other infom)ation 1$ materially in¢gn$istent with the financial statements or our knwledge obtsined in the cour$9 of Ihe audrt, or oth8Wi8e app8ars to be materialty misstatèd. If we Sdenlfy such materfal Inci￿$b$ten￿es or apparent material mks$tstements. we are required to determine whelh8r this gN85 rise to a material mi5Statement in the finanual statements themselves. If, based on the wotk we have perform￿. we conclude that there is 8 material mlsstatement of thi$ other infomiatbn, wg are required to r8POrt thalfact. have nothing to report In this re9ard. Alatt•r8 whl¢h we arg rgqulrgd to report by 8xc8PtSon Vve have nothing to report in re5peci of th8 folk￿ing matters in relation to whKh Ihe Charfties IA*xounts R8POrt51 Regulal'cns 2008 require us to report to you if. in our oplnton.. the informati)n 9lven In Ihe financial 8tstements i& inconsi8t8nt in any mat8ri81 rBSFecI with th? trustees, report.. or sufficvènl accounting records hav8 not been kèpt". or the financial staiem8nts are Mt in agreement with the accounthg records.. or we have nol rec*ve(l all the inYom)alion and expl8natk?n3 we require for our audrt. THE PRAYER BOOK SOCIETY INDEPENDEKf AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE PRAYER BOOK SOCIETY Rè8ponslbllltl89 of twsteeg As ewained more fully In the ststement of tru$tets' respon$ibilitE8. the trustees. who are aLBO the dire¢tors of the cha￿￿b* c(xnpany for the purpc6e of company law. a￿ responsib￿ for the prep8r8tson of th& fi'nanerdl slalements and for being satisfied that they give a true and fair view, and for $vch Intemal control as the tN8tees determine 1$ ne￿$Sary to enab￿ th8 pr8parat.on of finanryal Stat￿ents that 8re free frorn Material misstatement, whether due tts fraud or error. In preparing the f￿an¢￿1 staternents, Ihe tnjstees 8re ￿SponsIble for as5e55ing Ihe charitable C￿panY'S 8bility to continue a5 a going concern, di8doslng. as applKabl8, rnatt8rs relatsd Io gdng COn￿M and Using the going eoneern basis of accounbng Un￿58 the trustees either Intend to11guidste the charitatle company or to cease operations. or no r881i5bc altsmalwe but to do so. Audltor's responslbJlltl•s lorthè audlt of the flnanclal Stat￿0￿￿ We ha%* been apwnted a$ auditor unikr section 144 of Ihe Ch8rities Act 2011 arnj repDrt in accor(lance th8 AGI and relevant r¥gulatiDns rnade or having gffect theround•r. Our obi?ctive8 are ¢0 rtitsin reasonab￿ a$$uranee about whelher the finan¢ial staternents a5 8 whole are tre• from material mi$$tatement, whether due to fraud or enor, and to issue an audit¢Y$ report that includes our otynk)n. Reasonable assurance is a hvjh lèvèl of assurance bul B not a 9uarantee that an audit conducted in acxord$nt8 wrth ISAS IUKI will a￿ayS detect a rnalerial mlsstatement when rt exists. M1&8tstements can ari58 frcffl fraud ly error and are con$KJe￿ material rf, indwhlualty or in the 899wate, th•y could re250nabty be expected to influ8nc8 the economie decisions ol usern taken on t￿ basis of th859 financk?I sta¢¢m?nts. Irregukqrfles. including fravj. are in5tance$ of ￿n-cOmplIanCe with laws and regulations. desKJn procedures in line with our respon5ibililies, outlined above. to detect material rni88t8tements in r8sp8d of iTregularib"e8. indudir fraud. The exlentto wh￿h ¢)Uf proC￿ureS are wabb of ¢etecting irr8guLqriti•s. induding fra￿J. Is detaI￿d bebw. Enquiry of management and those eharged wrth govemance around adual and potentigl liligats.on and cL8Th5. Enquiry of the charity's staff in tax and COM￿lane• lunclion5 to ￿entIfy any ir6lanc8s ol nDnk of Common Pr8y•r'. After questions and discu55ion, Evening Prayer rounded off a memorable day. In èldition to tho National Comrnemoration. our Branches In Salisbury, TNro, and Man¢he$t•r $ucc85sfulty 8rran9ed special events to mark thts sothn d8y. 2023 Peter Tc*)n Memorial Lecture was given al Pu8ey Hou58 on 10 May by Msgr. Jèffrey St8wson, Ordinary E￿￿nIuS of Ihe Ptrtsonal OrdiTraraats of *he Chair of St Pe¢er. Msgr. Steanson had been n(xnSnated by vrta Toon, of th8 late Revd Dr Pètèr Tcon, in whose memory the annu81 ￿Cture is held. HK8 title wa$ '7h• Recovery of the Arehal& Ag8pe (anclent lovej of the Apostolk ChuKh'. Th8 preacher at Even$ong was the Re￿ Dr Benjamin Sargent. Pne$t in Charge of 8ransgore aThJ Hinlon Admiral in the Dioc6sè of ￿nCheSter. We 3r8 grateful for Ihe Strong r8latV)r￿hlP that exbts batsveen the Prayer Book Seci8ty, Pusey House, and St m￿hae1-at-lhO-NtsrIh-Gat9, Oxtord. Later in the same month, and jus¢ days after tha CorOnat￿)Tr, the Bemtsotors of th? Socw wer• trpated to a very $p6cKql s8rvKe of Choral Mattins in th8 Chapel Royal at st Jamess Palace. The seTwce was condu¢t8(I by th8 Revd C8non Paul ￿Ight CVO, Sub-Dean of Hi5 Majesty'$ Chapels Royal and Domeslc Chaplain to t King. shared his first-hand ex￿ri￿nCe of the CoronatK)n during lunch atthe RoyalAut0mcbi￿ Club. In June. members were once again invtsd lo Chornl Mattins at the Chapel of Sl Peter ad VinfAJla at ￿ Tower of Le￿don. Th8 ChapLqiTh. the Revd Canon Rcger Hall MBE. offi¢k4t￿, and the Revd Rlchard Small, Chaplain lo th Oxford Branch of thè PBS. preach￿. Tre must was, a5 ever. magn￿leen1. A drink8 receptK)n wa5 eryoyed by PBS m6mbers, reguk8r Members of thè Chapel uJngregab"on. and v*5itors on an exeeptionally hot d8y. 'Llvely S&¢rlfi¢•." Th• Prayer Book and tho Voea*on to Ilolln•ss' w8S the theme of the Soci8Ws annual confer•nc* h8hl at Liverpool Hope UnNersty from 17 to 19 August. 'Godly, Rl9hteou5, and Sober Lmo.. Th• Prnyer Book. Penit•ne•, thnd the C•ll to Holin8ss'_ T Rtvd Dr Catherjne Re￿. Anglican Chaplain, Universty of Yo￿,. 'Blrthday and Dally Bre8d.. The $￿a￿ents1 Lme of Ihe BCP,. Th8 Revd Merk Broadway, AssocSatè Viar of Porthwl. DI￿Se of Uand8ff., 'Ha¢es wh•r• ihey Slng.. Tbo Choral Tr8dhlon and Contempor•ry ChrI8t1￿ Outreach'_ Th8 Revd Canon Dr Phi1SpAnders¢n, Precentor ol Liverpool.. 'The Pr8yw Book and th• Voo&Uon to Hollness'_ R￿￿ Luke Aykn, Assi5tsnt Curate of St Peter and St James. Hereford. The Re￿ Jonathan Btswidl, IfKar ol St Pelerfs, London D(Kks, gav• a ser￿8 of thoughtlul devotionol add￿5585 during the confe￿n¢t seMc*s, and Ihe Revd Canon Kale Wharton, v￿ar of St Bartholomew's. Roby, in D￿￿Se of Liverpool, was the after4inn8r sp8ak8r. On th? Frfday aftamts)n, dgkgales enloyad a guid*J tQUT ol Li%*rpoDI Calhedral follry•￿d by Choral Evgnson9. v¥t reco￿ our sincere thanks to 811 who played a part in making th¢ Conference such an ex¢ellent occasion, Thot asl our Conferance organisar. Mrs Rosemary Hall. who worked tirdtssly behind Ihe seene5 to ensure that every aspect of the confe￿nCe went wrthout hrtch Thank5 10 the generosity of our members, we wero oncè again able to offer conferenr* bursarie5 fcr licensed ckr9y. ordinaThls, and under-30s. AL%0 in AugusL the Soo8ty was one of the $pon50r5 for the Rgyal School of Church Mu$K's Bath Course. Thanks lo the eff¢rts of Tru$tso$ Jon R￿1[¥￿ and Adam Gaunt, a rwi Strat?J￿ ￿lat￿nShip with RSCM 1$ being forged, and we look fothard tts furthor paFlnershlp in the fubjre. The Society'5 Annual General Meeting ioc4( pi8¢e ¢urJng the cenf8ren¢e. The Revd Christcpher Hanco(* and Mr5 Fi Rosen were reelected a5 Tru$tee$ for a fvrther term of four years. The R8vd Dr Daniel Newman began a nv*4 ministry in the United States in August 2022, bul ¢ontinu8S to make an important contribution to the Board's WO￿￿, attending mo0ts'ng5 remotsly vkq Zo(m in tha 8ady hours of the moming. In wew of his comrnitment to a number of current prqects, Daniel was r8-8lected lo seNe as a Trustee until such tr'me as a suit8bb ¢andidal• from Ihe Conservative Evang81ical tradit￿n couhy te h4entified. Membets 5UPPOrt8d a motk)n lo arnend th8 Society5 ArtiC￿S by redu¢ing tht AGM quoNm from 40 to 15. Trustee, Jon R￿JIng, b￿8fed mgmbers on a r*w partn8rship with tho Royal School of Chur(* MUSK, as w811 a3 exdtlw devebpments in the Cr8nrn8rAward5. In September. forty peopk took part in the Sociely's first ever ptbrknag• to thè Hoty Land under th• •x•mpLqry Spiritual kader5hip of 8ishop$ Mlchael Langrish and John Ford. THE PRAYER BOOK SOCIETY TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Each day, th8re was a e¢l8br8tion of Holy Communion accordiig to the Prayer Book dte. a shortened lomi of Morning Prayer. and toaching grounded in Prayer Book texts. Pilgrims were atye lo rediscover less48miliar parts of the Prayer Btwk, including the Baptism of those of Riper Years, which was used at the River Jordan," the Cornmin8Ion". and the Liiany. About a third of the p[￿rIm$ have since ioir*d the PBS, and the group Temain$ in contact. It is hoped that another Pl￿rimage, eitherto the Holy Land or ebewhere, be armn9eO in the future. Our national celobration$ to rnark th8 fiftielh annNèr5ary ef tha Soc4•ty's foundgts'1)n waro hèkl at st Margarets. lthstminster, on Saturday, 7 October. by kiThJ pemiis8ion of the Dean and Chaptsr of W98kninster. Our Ec¢le$ia$tiral Patron. Lord Chartres. ¢*￿tsra1ed and preached at a SFrfial cdebration of Hoty CorrfflunK)n attended by ovgl 8wJht hundrad mombors and supporters. Th¥ Episle was read by senlor Cranrner Award$ winrer. Brendan Rrt¢h￿. and the Gospel proclai￿￿d by the Dean of ￿*t￿inster, the V8ry Rèvd David Hoy MBE. The m￿lC induded woths by Me￿e¢ke. Stsnford. Elgar. a￿1 J8d< O8(*s Ib 19941. whose Settin9 of the Colbct for th& Sixteenlh Sunday after frinity was specially composed for this 0cLas￿n. Overfour hundred Frfp then gathered at Church House fo¥ lunch for1￿4*￿ by a SlirriNJ speoch by the B6hop of Oswestry. the Rt. Rev¢S Paul T￿m8$, a fonner Deputy Chairn8n of th8 PBS. The day of c8￿bratIOn dosed with Choral Evensong al the nother Qu￿t Day was h8kJ 8t St James., Garfickhythe, In A(Ivent. when the Rt Rev¢ Mich8el Langrish took 86 hL8 text 'This is Ihe WJY, wolk IV I18aiah 30..211. The day induded Moming Prayer. by the Archdeacon of London,. Ihree thoughtful addre55es by the bishop." a c81etxaiion of Holy Communion. anLI Evenson9. conOu¢ted by the Revd Chrlstopher Hancod<. Th08e unabk lo be pre$ent in person were ab￿ to participate livestre￿. 'The Arn￿ur of Light, was the therne of OUT online Advent Seminar. duriw whlch the Rt Revd John Ford enabled participants from all parts of the country arn1 beyond to explore the r￿heS of the Collect appointed for d8ily use durirvJ Advent. This movir& and well4ttended s8rninar conduded, appropriately, witti the Litany. We record our thank5 to our CommunKation5 Con5ullanl, Nick Clarte." Web Support Technidan. Sarah Blackbum". and Honorary ￿Vert￿SIng Manager, Sarah Tripp, for Iheir work during the year. The Societys u58 of dbjital communicab'ons ha5 expanded, enabling us to rèach a wider, and generally younger. a￿llenc*.. and our prtnted PLknlications have gone trom strenglh ¢0 stren9th. Tne Revd Jonathan Beswick's first kssue of Falth & Worship was published in Lent 2023,. and th8 Revd Or Michael Brydon produced 8 commemorativ8 Coronats'on tssue at Trinity. Latèr in the year, the Revd Canon ndrew Hawes stepped down after ￿e1ve years as edrtor of The Prnyer Book Tfytsy. During hi$ editorship, Canon Hawes o¥er8aw a number of charrfJes and deveknpments in the magazine, not ￿a$1 its redesign. and Iped to make il such a lively and readable publi¢ats"¢n. After the Mlchaelmas issue went to pres5, the edrtorial b8ton was handed to Ihe R8vd Simon an exÈ*rienced edttor a￿4 loumalist, and non-sb"pendiary pr￿$1 in th DitKese ol London. whose fjTBt issue appeared in Lent 2tr24. The Soclety continues to expand ils inveslment in ￿SearCh pertaining to the Bwk of Comrnon Prayer IhroLuh t&￿ JDhn Cosin Stholarship. 11 now wekome5 applications for funding for Lambeth PhD$. During 2023. il agreed to fund rgsearch into Japanese ¥ersK>n$ of Ihe 80th of Common Prayer and the place of the Prayer Book in Anglo£atholi¢ refle¢lion on the rnonarchy. Our dirEctory of C£¥pora￿ Members has expanded. w￿h almost foty churthe$ and other institutions 8vJning up for [￿MberShIp during 2023. 202 individuals joined the Scci8ty during tha ￿#r. making a total of 2,342 members at the year end. It 15 èxtremely encouraging 10 note that many of our new members are aged under lorty. Engagwnent wrth ygunger people, including ordinands, remains a high pfiorty, and OUT Churche5 and C￿rgY Co- Ord￿nator, John SoNco, 1)nce again presented Prayer Books to ordlnand$ in theobgicAI colleges the ￿n9th aTrd breadth of country. Thi8 18 8 vital part of our cutr8ach. 2023 saw a maFked increase in trading inccm8, driven in krge part by sak5 of updated Pwer Books containing thè naw Royal Prayers. and by broadenlng t￿ range of books and r8source8 available from the Swiety's online shop. In order to further develop lh* are8 of Ihe Society's mi5sron, fuffilment of orders Ks now ha￿￿d by Sl Olatrs Bookshop in Chithe51er la corpofate member of the P8S1. It should be not&1 Ih8t whik the Ch8imian of the S*xiety 1$ employed by Ihe St Olav Trust, he does Mt personally benefit from thi4 arrary￿rnI, nor did he participat8 in the process by which tho cnntract between the oryanisab"on$ was agree(l. THE PRAYER BOOK SOCIETY TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 It wa$ 8 joy to ￿ the ffouri$hirwJ of Branch a¢bvty during Ih8 year. The of Br8n¢h oftters Sn organffjing Se￿CeS and •vont5, and keepin9 ￿n contact with local members. is grea￿Y valued". and we are delighted to repjrt that our ￿chfield and WThnd)e$ter & Portsmouth branchts ￿re relauncheLI during the year. Many br8nthe5 and corporate memb•r Ch￿r￿88 organlsod $￿CIal 8¥8nts to cdebrat8 Hi¥ Majesty's Corofiol￿n. number of them using lh8 resources compibd by the PBS forthe ¢)ceasion. N9[￿ of the Society's aetwitkgs and outreach would be po8siWe wilhoul the loyal and dwJicat8d work ol ils Staff and rnany volunteers who a55iSt across the whole Spadrurn of PBS activity on ￿￿1. dioces8n, and natsonal levds. The cnntribution of 80th and every one IS truty valued and appreck8ted. During our ffifbeth anniversary ¢e*biatv)ns, the Kilmisler Award was yesentsd to Ihe fol¥xing member5 in r￿n￿on of their dislinguish8d vclvntary Service to th8 sOc￿ty.. Jonathan Baldwin. for long And dedKated sefyice to the Chester Branch," Georye and Joanna Comer, for servic8S to Ihe Rochèstèr Branch and wjpport of 8V the Society¥ activit￿$., John Dearing, for swvres lo the Oxford Bran¢h and PBS Trading.. Ro8em8ry Hall, of the Dutham & Newca5tb Branth. who has rxganrd•J th8 SOC￿ty8 Annual Conf&r•nc8 for Over￿enty years", Dr John Verlty, forfaiti)ful servKe as Secretary of Ih8 Guildford Braneh. The Awards were presented by Christine Klknislor. of the lats C. A Anthony Kilmister, in whos8 honourth• Award is narn8d. M8rriel Hal$alkWlliam$, National AdmlnLgtratcr of thg Cranmer Awards from 2007 to 2019, rec•vèd h8r Award during the N8Jonal Finals 8t bverpool HoFe University." Salty Tipplng TFL¥wed hers during an Exeter Branch rneets.ng at Bo¥ey Tracey in Juty. Th8 Hon. Di8na Makgill CVO, PresKl&ni of Ih8 Salisbury Brar￿h. w8$ nominated during 2023. but roctiv￿ ￿rAwer1 trom Mrs Kilmi5t¢r durkng the 2024 Fina￿. Since th8 AGM of 2023. four of the Socie￿8 most prominent champions have diod.. Vice Presklent, Th8 Revd Dr Roger Beckwith 125 October 20231". foryner Trustee, and erstwhrf8 8ditor of Farfh & Worshp, John Scrive￿rI9 December 20231.. President ol the PBS, the Lord Comlack 115 February 20241,. and Vilx pres￿ent, Lord Fiekj 123 Aprfl 20241. Wa raeord our sincere gratitvje for ts distinguisW contribution that each of thern made to the lrfè of thg Prayer Book Socilty o¥er rn8ny years. Looklng to the fuluro 2023 saw imprBs8ive growth in PBS membeTrhp. 8Cttwty and cutreach. There are rn8ny posttlve d6vèloprrents for which to be thanktul. Th8 Trustees wish to ￿Cord their $inc*re thanks for all Ihe lime. skil, prayer and financial gener051ty that merntsrs contribute to making Ihe Socretys 8cINi*"e8 and outreach PDssible. They 8180 reccgnise that the￿ is 8 great deal of woth to be done in Ihe future rf the Prayer Book i% to rescugd from thè margins and r8Stored to ils proper place at the heart of the Church of Ergland. Recognising the rnagnitude of this chaI￿r0e, our Trustees and staff have been working in 8 numbar of focus groups to develop a strategie plan for firture growth of th8 Society. Growth covers MUGI mor8 than increasing membership figurB5, though that Is obvicusty part of L It also eficompasses grtr*4th in a¢ts"vty. growth in influence, growlh in personal discip18ship and more. Thèy have spent b.me noth'ng strength8 weaknesses in the Socwty's current adv￿0$, ha8ntfySng key areas for future devebpment. and settiru realistlc 8trats9lc obiècbvès for the next r￿& years, together wilh the necessary reSourCe￿hUfflsn and fInanda￿t0 achiev8 those goa￿. under the headings of.. engagement with the National Church,. theoWJkal training.. rrtsmbership.. d)ikdr8n and young p8¢P￿., 8￿Trts., resources anot cemmunication,. and finanoal sustainability. Clarity abo￿ our ImrMdiat• and fvture prlorft￿$. togthr with the slNcture8 8nd pmcesses no￿8$ary for a￿1r￿1￿ thoso priorit￿8, e88entyal rfw• w8 to effectively luifil ow ains and aspirations in the years ahèad. THE PRAYER BOOK SOCIETY TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 following joined as cO￿rats rn8rnbers during 2023. St Michael's, Badd8$￿Y cl￿￿10￿ (BI￿nIN4haM>". Saints,, Notting Hlll ILondonl.' St Andw 8. Kirkanttrews-on- Esk Icadisbl.. St Dunstan and All Saints.. Stspney (London),. St Jamgs,, Lanang, with Coornb88 parish church Ichithesterl,. The East London Evensong Ch¢ir (London), All Saints.. Oarton (Leedsl." St Leonard's. Oownham w¢lh Twiston (Blackbuml. St Pete¢$, Chilk$ford ISI Edmundsbury & Ispwthl,. St Mary Abbots, Kensington ILondonl'. AJI Saints., Margaret Street ILcndonl', St Tirnothy's Epi$ccp81 Church. Wnston Sa￿rn IUSAI". SI NiehoL4s'. Hul¢ote (St Abansl, The Hospttal of St Cross. VVThnchester (Wncheslerl,. Littk St Marys. Cambndge IEWI.. Al Saints.. Northampton IPeterboroughl', St M8ry Steps, Exeter IExelerl". Great st Bartholomew, Smrthfie (Londonl, St Catherine's, Swell (Bath & ￿*119}.. St Lawren￿.$, York (Yorkl,. St Paul's Anglican Church, Monie Carfo (Europel,. St Marys, Henley-on-Thames IOxf¢rdl', Sl Mary's, Mi151on Isalisburyl,. St Mary & St Thtsrn8s of Canlerbury, Knebworth (St Alban$l." The Parish ol Thomton. Marton & Broughton ILee(Isl.' St Anne's. Dertyy IDerbyl.' The Minster Church of St Cuthburga. Wrnborne IS81i5buryl". St James.. Somerton (Oxfordl.. The College of St 8arnabas, Lingr￿a￿,. Thè H(4yford Mission Communlty IExeterl.' St Mir*8el'$, St Aban$ with St Mary's. Chlkywick Green ISI Albansl., AJI Saints,, Coddinglon IH8relordl', St Leonard's, 86wdley & RiL*)6sford 1￿￿reester1', All Sa￿ts,. Pavement Iyorti. FSnanclal rovl Th8 Statement of Finandal Acti￿￿e8 shows total incoming resourees of £332,130 12022.. £235,353) and total rgsources 8xpended of £407,8e6 12022". £362,617). rosulting in net outgolng resourcès of £75.636 12022.. £127.2641. The net gain In the value ol our Investments was £102,913 12022.. kn85 of £269,218). The Board fx>n$Klers the 2023 results to te acceptab￿. The defKit on centralty controlled activthes was £199.669 lagainst a budgèted defiot of £159.6501- the overwn against budget was largely the result of th8 Costs of the 501h anniversary 8v8nL The Board fell ab18 to Sèt 8 defitsi budget of £157.050 lexcludlng bgades and investrmnl gain5 and Ios5esl fer 2024. As at 31 DaL¥rnber2023 th& Soc*ty's unrestricted reserves stood at£1,486,20912022.. £1,470,6201. Reserves Polky Certain sources of incom8, notably legacies and donations are not. by their nature. predictsble and so re8er¥e8 are na¢*ssary to albw the charity to conlnue rt6 work shotsloj these Sou￿¢$ fall signfficanly. Furthermore. rt SJ the policy of th8 Sock?ty that. g8neraly and in most years. fixed overheads are intènded to be rn81 out of otdinary i￿ome Extraordinary irKome i8 lo be used to accumulate re8er¥es and to bjnd s￿181 projects as de￿rmir￿[l from lime lo time 8xpr8ssty by the Board to fUrt￿r thg obigcts of th* soc￿. It is lh8 Tru$tees' intèntion 10 both the res•rvos policy aThJ ￿¥815 ol unrestrtted resems on an annual basis. In¥￿trnant Pollcy From time to Ihne. when the Sodety has Surplus monw availab￿, Investment may b8 made in accordan￿ with the following general guideline5. The TNstees ￿CognIse that the imiestment process wlll be In keeping wlth the Objects of the charty and Ihe Christs'an wilness and values of its wembers. In detemining risk, the Trustees accept the dicturn of ther8 being no reward without rtsk and a￿ further mindlul that market conditions di¢tate the prudent ￿¥01 of risk that is appropriats a¢ a given point in bm8. Grant Maklw Pdlcy The Society from time to tim? aw8rds 9rants and bursar￿5 for clearty defined spe¢thed purposes. ￿￿l￿jing attendanc* at theAnnual Conference arn1 luitK)n lees for organists-in-training who ar8 ￿arnIng to play for Prayer Book services, on th8 basi5 that such gran15 help to promote the understaThJing and use of the Book of Common Prayer. Grants are awarded through open applub"on, an¢ are not restri¢t￿ to members of Ihe Society. THE PRAYER BOOK SOCIETY TRUSTEES, REPORT {INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 I￿￿k managemgnt Diractors of the chartslje crynpany. who 8r• 8150 thè chari￿8 Tru8tees. ackno*ledge t￿1r ￿SPOnsibl11¢Y for rewewing the nsk$ to which the Charitab18 Company Is exposed induding finarrial, operational. and reputation risks and for est8bli5hing Pro￿dureS to monitor and control these risks. At the year end, lh8 Trustea5 had in hand a rovbw of p(4lcb6. Struthre. goveman¢e and managom•nt Th8 Pray8r Book 1$ establkshed for Iha advancemenl of the chr￿lIan relvaion As Set forlh in Ihe Book ol Common Prayer, and. in furth8ranc8 of Ihis Object. for promotKtin of lh8 worship arnl doctrine en$hri￿d in the Book of Common Prayer and 115 Use for services. teachin9 and trainiNJ throughout the Church of England and other Churtha5 in lh8 Anglican tradition. The Society 18 8 Cr*np8ny wisteTEd in England, and a Charity reglstered in England and in the l$le of Man. 11 wa$ fomietl in 2003 to tske over Ihe net assets of thè unincorporatsd trust "The Prayer Boc* Soci8ty' IR8gistered ¢hari¢y number 10017831. SOc￿ty is ￿rrentty govemed by Artidè5 apyove(l al the Annual General ￿tting hèld on 28 September 2020. Honorary Offl¢•rs The Prayer Book Society is privileged to have His Majesty the Kwig as ts Patron Iconfimied in May 2024, following a ￿ngthY revivw of Royal Palr4)nagesl and the Rl Revd and Rt Hon Rkhard Chartr85 as it5 Ecc￿$10$￿caI Patron. In addrtton. we a￿ gratefvl to th• following Honorary Officers for lendiNJ U*ir name and their $upport ¢0 lh• sOc￿ty.. PMld•nt.' The L￿d Cormack DL, FSA (died 25 February 20241 VkgwPresl(1gnts.' The Revd Dr R.T. Beckwrth (died 21 October 20231 Mi88 Prudence Daiky MBE The Rt. Hon. Lord Field of Birkenhead DL PC (died fdApril 20241 Prof Roger Homan The Rt. Hon. Lord Hurd of ￿$￿Ve11 CH. CBE, PC Mr Neil J. Inkley. Mr David RKh8rdson Tru$t¢•s The folJDwlng h8ld offica fort￿ whoK8 ygareThYed 31 Dec*rnber 2022.. IAr Brad￿Y Srnith Ichairmanl Mr Paul Meitner ID8puty Chalrnian and Honorary Tr8asur8rl Mrs F R ARo8en (Company Secrètaryl The Revd Or Stephen Edmonds The RevdAdam Gaunt Trtr R8vd ChriSt￿her Han¢xk (Honorary Dlmctor of Fundraiskng} The Revd Canon Theresa Kuin Lawton Mr18in Milne The Rev¢ Dr Dani&l Nowman Mr Jon Rkding Th8 Revd Canon Rebec￿ Swyer There we￿ no appointsnents or rasignat*Jns during year. THE PRAYER BOOK SOCIETY TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 The Prayw Book Souety eryloys k￿rStaff. bawl at Il* 8orAetys cffte at Copyhold Par￿¥ Gorth9 Heath, n Reading. It is gr818fiJl forlhek d•Skatic￿ 8nd ￿thuS￿$rr[ . Gemma Thatthw1fjn￿c0 admI￿sITatIC￿l', . Geri Brnoksb￿k (gewal finanual thMtwstralp￿I'. . Sarnh Cthry (general administr8tM)nl . John SeMc8 IChurc*es & Clergy Cor¥dirwl J855Ka Wray1￿￿J bae In Jur* 2023 and reslfv n OL*c&er2023. Thank$ Are also duo mernbar ￿Staff. Ckth. ts her vol￿18ry 8S&Starth durfw the year. and p8t￿￿J1￿IY Inlhe run up to Chr￿tr[w. 808rd h88 as￿l$hedthefdI￿ng o)mwitt86S." an durln 2023 nu81 CoTrfew urc*e5 & Mini rnnwnications r8nmerAk%*td5 inanca & Ftsndr￿￿n ominabon i* nid Nv*4m8n nM￿r Ridin aul MeitneT ain M4n& ul M¢ilner so. the 8o8fd hes the aS￿st￿r￿0fthtr Exeulti￿ Grwp Icorfwsin9 th& Chaiman, Deputy Charmn, Horxyary Treasur8r. Company Seerètary. ch￿ & Clargy Cwdlnats¥oNJ OffK8 118n8ger). Att￿ end of2023. thÈ Sooety h#d ￿tsve t*rtained in 8edion 477 oflha CrAnpanie8A 2008, lor Ihe year 31 c￿￿m￿r 2023. 81tI*)L¥Jh on audtt has b¢en carrf￿1 L￿der 144 of Iho Charfl1gsArt2011. Th ￿r8th￿ lh￿r resp￿8￿5￿#$ for wrry)tying with r8qulrem8nts of the Ccmpw*5 AL* 2C with res1￿￿ to eccountlftg r*ct¥ds aThJ th¢ prtparthn ollrwrrtkql ststenwts. m* members have ¢￿t r8qui￿a th¢ Co￿nY to fA*8in an aLKItt ol ts fina￿1 5tstèments undor tho rwutremrts oflhe CryniesAct21th, for￿ yw In qLwtion in 8C£4Yd4n￿ ¥rith 8ethon 470. These flnenci81 Stateme￿ have teen prep8red ift acrf¥d8nr* wjth th8 ￿￿On$ aPF￿£*ts￿ kn C•rnF4n* subied lo the smell CorrPan￿ regin*. Mr P J Mdtner Trusl•o ￿rBFs￿ coM￿Y rwjstrauL￿ fAo7knr04786973 (Engknd 8r*I￿￿85) 12- THE PRAYER BOOK SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 A￿UntI￿ polki•s Charlty Informa¢1 The Prayer Beok sO￿ty Ss a privat8 cornpany limrtod by gu8rant88 IrKorpgratthl In Engl&nd and Wales. 7he re9i$tsreil olfic0 is Thè Studio, Copyhokl Farm. Lady Grovg, Goring Heath, Reading, RG8 7RT. 1.1 Accountlng ¢onventlon Tha accounts have been prepared kn Aeeordance wth the chantab￿ companls ArtKks, the Companies A¢t 20C6 and 'Attountir#J and Reporbng by Charit￿S.. Statement of R￿￿rnended Prathc8 applicable lo Charit￿8 preparing their account5 in accordan￿ with Iho Finanual Repgrtsng Standard appl￿￿￿ in the UK and Republic of Ireland IFRS 1021. las amendèd for accounting periods cemmenur%J from 1 January 20181. The charitable clynpany Is a Publ￿ B8n8fit Entrty 88 defined by FRS 102. The charitabk company has takon advantage of the provisKJns in the SORP for charfles aFptyiThJ FRS 102 Update Bulletin 1 not to prepar8 a Statement of Cash Flows. The financi81 $¢atements are prepared in sterfiThJ. which ts th8 fijnctional currency of tha tharitsbb company. Monetary amounts in thesg flnandal statèmnts sr8 rountsl to thè n•Br8St £. Th8 finanryal siatements hav8 b8er> p￿par￿1 under Ihè historical w8t conventien. Th8 pri[￿lP81 accountir¥J pol'ae5 adopted are set out telLJW. 1.2 Golng cone•rn At the time of approving th8 financ1¥ statements. thè tru$te88 have a rgasonBbk ¢xpeclallon that the ¢haritab18 company has aJ8quats resourc8s lo conbnue in operational existen￿ for thè foreseeab￿ future. Thus the trustees eon*'nue lo adopt the 90ing concern basis of accounting in preparln9 thg financial 5tsternent5. 1.3 Charllable funds Unr8Stricted fund$ are aval￿b￿ for use at the dlscretlon of tsu8tee8 In furtl*r8neè of Iheir charrtabl objectlves. Restricted funds are 5ubi8Ct to specrfSc cL)NJ￿on5 by doncn or grantors a5 to how they may be u59d. The purp¢￿ an(1 uses of thè r•strk*ed fund$ are set out In thè notsj to fin￿tial $lalemeThls. Endowment fund$ a￿ subjoct to SP8cffic c4ndthons by ¢Jonors Ihal thg caprtal must ￿ m¥intslned by thè charitsb￿ Company. IA In¢om• Incomo is r•cogni8ed when Ihe charilable company B kg81ty entrtkd to it after any perfomiarK8 conditions hase bgen mel the amounts ean ￿ rneasured relM8bly. and it is probable that Incomè will ￿ received. Cash donations are fecognisad on receipt. Other donaticns are r8￿gnised once the Charrtab￿ fX)mpany ha5 notffied of the don8ts"on. unkss performance rA)ndits"on$ WU1￿ deferral of the amount. Incorne tax recoverab￿ in ￿lation to donatx*n5 recei¥*d under Gift Akl cr deed$ of covenant is recogni8ed at thè lime of the donation. Legaues ar8 recogni8ed on rerkipl or 0th8rwi8e if the charitabl• company has been notified of an impending distributKin. th? ￿oUnt kfi￿n, and re￿Ipl is expected. If the amount Is not known, th8 b3acy Is treated as a eontingènt ass8t. 13- THE PRAYER BOOK SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounllng poll¢tes Icontlnu 1.5 E¥pondllur• Expenditu￿ is recogniwl once the￿ is a legal or constructwe obligatson lo transfer econom￿ benefit to third ￿rty, it is Probab￿ that a transfer of economic b8n8fits will b8 r8quir8d in settK*m8nt, and thè amount of the oblvjation can be m8asuTed mliably. Expenditure is dassified by actNity The costs of ear* activty are made up of the total of direct costs and shared costs, including support Costs involv8d in undertaking oach acbwty. Direcl rJ)sts attributable to a $iryJ acbwty are allccated directty 10 that &tivity. sha￿(1 costs which contribute to more than one acbvity and support wsl$ whi¢h are not attributable lo a siThJ￿ acliwty are apportioned be￿een those activib'es on a bask% COn515tenl with the use of ￿$OU￿0$. ¢&ntral staff ¢osts are allo¢aled on the basi8 of time spent, and dewedalon charges a￿ allocatsd on Ihe ports"oTr of ￿ a¥sgt'S U8e. Re50urcos expended are anatysed bets¥een the costs of raising funds and charitable activities, Costs are allocated b8th88n these c8tsgori8s oft an adual basig where Possible. Ot￿r costs are apportk)ned uslr#J sullabk bases. 1.6 Tanglblo flx•d assots Tangible r￿ed assets are initially measured al cost 8TrJ sub8equ8nUy ￿asUr￿l at cc6t or Valuat￿￿, net of depreciation and any impairr￿nll055eS. Depreciation 1$ re¢ogni8ed 80 as to write off the cost orvaluab'on ol assets ￿5$ th*'r re*du81 value5 over their ful livas on tho folkxving bas￿". Compuiers 33% perannum 8trai9ht lirE basis The gain or1088 ar￿1[¥j on lh8 disposal of an assei Is determined as Ihe diiference befy¥oen sab pror￿￿$ and the earying value of the asset. and Is re(tynlsett the ststement offinan¢ial 8¢tMtie$. 1.7 FIx8d asset Investments Fixed asset inveslment$ are tr1￿81ty rneasu￿ at Iransaction price exduding trar￿aC1￿Jn DJSt5, and are $ubsequently measured al fair value at each reportirtq dat8. Chang8s in fair value aro racognisod in nat incomellexpenditurel foi the year. TransactK)n costs are expensed a8 incurred. 1.8 Impalnnent of flxed assets At each reptsrting end date. the charrtabk company ￿￿ewS the ￿ffyIng arn￿nts of it5 tangib￿ a5S8ts to ¢Jetemiine whether Ihere is any indication that th058 a550ts have suffe￿1 an impairment ki￿. If any such Indica￿'on èxists, the ￿￿¥¥rabb amount of Ihe a$3et is estimated in order to det8rmin8 Ihe 8Xtent of th8 impaim)ent loss Irf any). 1.9 stocks Stocks are slated at the Iow8r of cost and estinated strlling prKe ￿$$ costs to wmpkte and sell. Cost COmPriS85 direct mat6rrdls and, wher& appI￿ab￿. dI￿¢t labour ¢ost$ aTrJ thosg overhead$ that have been incurred In brirvJing the sto￿8 to their pr858nl bcation and condition. Items held for distribu￿On at no or [￿MInal consideration are Measu￿ the l(wer of replaf*rnent cost and cosl. Net re81iBablè valuè Vd tt)è eslrnated sdln9 less all e6¢lmaled c08ts of compWion and to bg In￿rred in mwketiNJ. selling and distributy.on 1.10 Ca$h cash oqulval8rts Cash ar￿ cash 8quivak8nts indude cash ITh hand, deposfts hekj al ¢all wilh banks. other short-tem liquid investrnents wfth ￿gInal maturities of lh￿ months or less, and bank overdraft5. Bank ov8rdrgfts are shtrwfi within borrowings in eurrènt liabilit*s. 14- THE PRAYER BOOK SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 A¢¢ountlng pollel•s IContlnu•dl 1.11 Flnanclal Instrumonls The Charitab￿ company has electe¢ to aFpty the provIs￿n$ of Section 11 Flnan¢lal Instrumonts, and SectbTh 12'0th8r ￿nanCIal lftstnj￿nts Issue8, of FRS 102 to all ol rts fln8ncfjal Snstrumeftt$. Finan￿81 Instruments are rtcognised in th8 charitable company'$ balance sheet wh&n th• charitabb compar L*coffle5 paty to th8 contracbjal pro￿$￿)n$ of the instwment. Financial assets and &abilrt*s are offset, vthh the net amounts presentsd in thg finanual statem•nts. when there 1$ a le9alty enforceab￿ rwJht10 Set off the recognis￿ amounts arnl ther* is an intèntion to settk on a Tret b8*s or to r8alise th8 asset and set￿ the liablty simultane(yJsly. Basfj¢ fiMn¢l*l •s¥ets easic financial assets. which indkhle d8blor5 and c88h and b8nk bal8n¢es, are iniliaw Measu￿ at transaCt￿n price including transaction Costs and are $ubsequ8ntty carried at arnorbsed cost u$lng the effocti¥e interest method unless the arrangament constitutes a financin9 transactlon, wl*r• th8 trans8Cti?n 18 m885ur8d al the present value of the ftrture receipts dseountéd at a Ma￿et rate ol interest. Finanual a558ts dassffjed as receivabk within one year8r8 not amoitised. Bas1¢ finJn¢lal Ilabllltkns BasK financial liabi1rt￿s, includin9 creditors aThJ bank loans ar8 initially reccgnised al transaclon pric8 unl•$s the arrangement ¢on$titutsS a finarKing transaction, where the debt instrument is rrÈa8ured at the p￿sent Val￿ of the fvture payment$ dB¢ounled at a market rale of intsrest. Financial Ik8trMIit*8 Classrf￿ a5 payab within one year a￿ not amortised. Debt instruments are subseqL*ntty fAr￿￿ èt ￿Orti￿ed cost, Using Ihe effe￿ve Interest rat• rn&thc#J. Trade creditors are obligab.ons to pay lor good5 or service5 Ihat have been a(¥4ulred in the ordinary course of ¢)P8ralion5 from suOier8. Amounts payabb are cla$sthed as eurr8nt liabilities rf payment Is due wrthin one year or less. If not. they are presented a5 non-curr8nt liabili*"es. Trade creditors are ￿COgnised initk81ty at tran5actK)n pru and suèwuentty measured at amtytised ¢ost using the effective interest Method. Dw•¢ognlUon ol Ilnan¢lal Ilabl1￿•S Finanoal liabilities are derncogni%ad when the charitabk company's contractual oblKJations expir¢ or are Ili$th8rgèd or canc8lk8d. 1.12 Taxatlon The Prayer Book Society k8 8 fegist•r•d charity and k8 therefo￿ exempt frith liability to taxation on its income and capital gains. Cr￿GaI xcountlng ••tlmit81 and ludgemonts In the application of Ihe ¢h8ritable company's accounting pdiue5, the tru8tses ￿ reouirod io Make judgemènts. ¢$timal85 and assumptions about the carrying amount of assets and liabililvas that are not reajity apparent from other sources. The estimates arKI associated a5surnptions a￿ based on historical exp8ri8n and other fadors that gre conshlered to b8 relevant. Acbjal re$utts may drfer from th858 esknates. The estimates anL1 underlying assumptions are rewewed on an ongolng basis. Rewsions to accounting e5tirnates are recognised in th8 period in which the esbmate is revised where the rewsion affects onty that period. or In the peri￿ ol the re*ision and fijture periods wherg the revi$ion aif•tts both curr8nt ar*J fvlure 1s- THE PRAYER BOOK SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Inwme from donatlon& and legacle5 Unr82trlcted fund8 2023 Unr8strkted 2022 D)not￿n3 and grfts Leg8ae5 rec8ivab Benefactor5 Gift 102,808 124.033 8.633 2.e 92,128 10,975 27,3CK) 238.170 165.467 Donatlons and gffts Membershlp conkn"bution$ Sundry donations Other 78,096 24,526 2,188 78,304 13,822 102,808 92,128 CharStsblo actSvStleJ CL*rftrrenc• Mit¢•llan•ou¥ Incom• com• 2023 Totsl 2023 2022 2023 Charttsble in¢omg. mijc811ar￿ou8 8.244 2,051 10.295 9,960 In¢om• fmm othor tradlng actlvltles Unr•strfctsd Unr•strlct•d funds funds 2023 2022 Trading activty inrL)ma.' othgr 38,397 14,762 TrAding ActNity comprises sa￿S ol books and other publKation$. 16- THE PRAYER BOOK SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 IrKome from inv•stment# Unrestrl¢t•fJ R8strlcted funds fund$ 2023 2023 Total Unrestricted R￿trIcI#d f￿d¥ funds 2022 2022 Totsl 2023 2022 Invesknent m￿rne Interèst ￿te￿able 35,088 1,598 43.870 1.598 35.796 734 8,634 44,430 734 36,686 8,582 45,268 36,530 8,634 45.184 Expgb)dlturè on r•iJing fvnds Unre8trfjct•d Restricted fvnds 2023 Totsl UnrOStiicted Rostric fund# funds 2022 2022 Total 2023 2023 2022 Fvndral$lng anil publlclty Staging fundrai$lng events Advertl$in9 Other fundral$Sn9 Costs 17.809 35.519 9.579 17.809 35,519 9,579 1,876 35,613 11.156 1,878 35,813 11,156 82,907 62,907 48.645 48,845 Trnthng costs t*precistion and irnpairmenl 740 740 1,236 1,236 Investmgn¢ man•Jement 12,083 2.510 14,593 13,021 2,612 15,633 Total e05LB 75.730 2,510 78,240 62,902 2.612 65,514 17- THE PRAYER BOOK SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Charltable actlvltle8 Cost of Outr•ach Confer•n¢e. p￿￿kot10r Mee￿ng51 •nts 2023 T¢)lal 2022 2023 2023 2023 The Pr8￿r Book T¢>Jay Faith & Worship Advertising & Ma￿￿ting IAtrking with Ordinands Churches & C￿rgY Co-ordinator CranrnerAwaTds Confererte & events 14.246 16.580 3.561 4,140 23.531 5.017 43,057 17,807 20,700 23,531 5,017 43,057 8,582 40.526 18,943 18,887 22,753 8,724 35,452 11,933 5.099 8,582 40.528 30,8(k8 79.306 49,108 159,220 119.501 Share ol sypport ￿lS Is88 not8 91 Share of governanc8 costs (see note 91 119,825 50.581 119,825 50,581 139,642 37,870 201,212 49.108 329,626 297.103 Analysls by luNI Unrestricted funds Restr￿ted lunds 201.212 40.528 321,044 8,582 285,170 11,933 201,212 49,108 329,626 297,103 Forthe year èndèd 31 O•e•mber 2022 unrestri￿ funds Restricted fuTrJ¥ 208,016 74.055 5,099 11,933 285,170 11,933 2C6,016 74,055 17.032 297,103 18- THE PRAYER BOOK SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Support costs Support Gov•rnanc• ¢o$ts 2023 Support GoY•manc• co$ts 2022 Travel & $ubsi$terte Sundry ¢08ts Admini$trats"on costs Printing, postage and stationery Legal & professk•nal OJ8ts Offic8 Costs Rent Trading pur¢ha*$ 8,524 615 55,081 6,524 615 55,081 5,069 12.000 ,859 5,069 12,000 56,859 9,275 9.275 14,527 14.527 827 7,368 15,350 24,785 7.875 11,336 9,840 22.336 7,675 11.336 9.840 22,336 15.350 24.785 Audtt fe consultancy fees Other costs AGM costs 9,990 31,390 6,201 9,990 31,3 8,201 3,000 9.480 25,658 2.732 2,732 119,825 $0,581 170.406 139,642 37,870 177.512 Gov¢rnance ￿Sts indvde payments to th8 auditets of £9,99012022- £9,4801 lor 8udltfees. 10 TN*••s The trustees undertake thè day to ¢Jay opera)on and rnan8gement of the charFty. with assistance provthd. on full time ba$i8, from the churches and dergy co-ordinator and from three p8rt time administrative rnember5 of staff. No charge is madE for the servKe5 of tsustees. No trustee. or persons related to or conrwled by business io them, has recewed any remuneration from thè 50CVdty durng th8 year. The total èxp8n588 relrrbursed to eleven trusto8s amountad to £6,328, in re18b.on to travel and ￿￿$L*tÈnC8 12022.. ebven trustees amounting to £4.8171. 11 Galns and I(￿•8 on Snv8stsnonl8 Unrestrlcted Rostrleted lunds fund8 2023 2023 Total Unregtrlcted Restfld•d funds funds 2022 2022 Totsl 2023 2022 Gainsllk)5sesl arBing on.. RevalUat￿ft ol investrnents 88.815 14.098 102,913 1227,1241 142.11941 1269,2181 19- THE PRAYER BOOK SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 12 Employ• Numl)er of•mployo9s The average monthly number ofern￿Oyee5 during the year wa5.. 20rJ Number 2022 Number Employment costs 2023 2022 Wages and sakr*s Soual $8eurity Costs Other pension costs 92.542 1.859 1.300 84.487 1,003 2.012 95,709 87,502 There were no employees whose annual remuneTrtion was £60,0)O or mo￿. 13 Taxatlon The charty 1$ exempt from tax on and gains falling ￿thIn se¢tioTr $05 of the Taxes Act 1988 or sectson 252 of the TaXat￿n of char￿able GairtsAcl 1992 to the oxt•nt that these are appl*d to its d)aritable objects. 14 Tangiblo ffix•d ass•t8 Cornputer• Cost At 1 January 2023 Addthons Disposals 11.709 2.094 19211 At 31 Decemtrftr 2023 12,882 Depreclatlon and Smp3lTm8nt At 1 January 2023 Depreciation charged Sn Ihe year Eliminatwj in resFrft of dlsposa 10,929 740 19211 Al 31 December 2023 10.748 ¢arrylng amoLtrt At 31 De¢ern￿r 2023 2,134 At 31 Decemter 2022 780 THE PRAYER BOOK SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 15 Fixed asset Investments Mortln Charter Cash in portlollo Total Cost ¢x Valuation At 1 January 2023 Addits"ons Valuation changes Management fe88 Tran5ferto cash al bank Dispe*a15 1,406,501 105,154 88,814 289,156 25.668 14.098 10,529 1130,8221 1.706.186 102,912 114,603) 124,4671 114.6031 124,4871 205,228 1177.1891 128,OYJI At 31 De¢•rnb8r 2023 1,423,280 300.883 45.865 1.770,028 Carrylng amount At 31 Decern￿rZ023 1.423,280 300.883 45,865 1,710.028 At 31 t>ecemter 2022 1.406.501 289,156 10,529 1,706,186 16 Stocks 2023 2022 Finished go￿￿$ and goods for rg¥a 6,636 17 D•bt 2023 2022 Amounts fallln9 duewltNn year.. Othord8btor5 Pr•payments and acc¥ued incorr 18,138 1,755 27,293 615 17.891 27,908 18 Cr•dltors: amounts falllNJ duo T*lthin one yoar 2023 2022 Trade cr&litors Other ¢redltors CfU81s and deferred iTrcor 30,789 476 11,396 10,630 2,943 9,480 42.e61 23.053 21 THE PRAYER BOOK SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 19 Retirement b•n•fft schèm•$ Th• Charilab￿ company operates a defI￿d contribution p8n5ion scheme for all qualfying employees. The 0$8ets of the sch8rn8 ar8 hèkl sèparatety trom those of the charltsbb company In an ind8P8nd8nly administered fund. UnMtrfjctg1I funds The unreslricted funds of the charity comprise the unexpended balanf*S of donations and grants whKh are t subject to spe￿1￿ Conditions by donors and grantors as to how they may be wed. These include desvJnate¢l fuTrJ¥ whl¢h have b88n sèt ashla oui of unw61ricled funds tsy the Irustee$ for purposes. At 1 January 2023 In¢oml r850urc81 Resources •xponiJ•d Galn8 and At31 loss•s D•¢am￿r 2023 General luThls 1.470,620 323,548 1396,7741 88.815 1.486.209 Prwlous yw. At 1 January 2022 In¢omlng Resources resources •XPond•d Galr48 and At31 2022 Gen8r81 fund5 1.819,097 226,719 1348,0721 1227.1241 1,470.620 -22- THE PRAYER 800K SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 21 Restrlcted fund# The restrfcted lunds of eharity compri8e the unexpendèd balanr*8 of donalk)n$ and grants held on tswst subpct to SP8afic Cond￿"0n$ by t1oners as to how they may be used. Mo¥¢mont In furKlb mlng Rewuwcx &lrff4 an¢1 8•l•rt• at loJ•M 31 D•¢•mb•r 2023 lance at l J8nwry 2023 Martin Charteris Momori81 FuThJ Tho Organ Scholarship Fund Edrth Matthi45 Prayer Book TnJ8t Eileen Freeman Bequest Praygr BotJ<8 ForAfrirA Peier Toon Memorial Fund 244.414 2,044 4,455 98,718 2.514 9.923 6,431 37 81 1,805 111.0921 14,098 253,851 2,081 100,523 2.560 10.1 182 362,￿8 8,582 111,0921 14.098 373,656 The Ma￿'n ChBrt8ri5 M8morkql Fund prinopally 8xisI8 to support the Cram)arAwards Comp8OUon. Thè Organ SchoL8r5hip Funol assists trainee organists, who are kaming to accompany Prayer Bock servKe$, with thdr tuits.on le85 and togNe bursaries to trainee organists. Th8 Edilh Matthias Prayer Book Trust provbjes grants to churehes to ac¥uire co￿8 of the Book of Conmion Prayer. The Eiknn Freeman Bequest 1$ to be speni on aetivitks underlaken by th• Blad(￿rn Branch of Ihe Society. Prayer Books forAfri¢è is an appeal fiJnd whlch enaNos copiès of thg Book ol CoftThon Prayer to be purchasod and shipped loAfrkan Churches. The Peter Toon Memorial Fund fin8n¢es the Potèr Toon Memorfal Lecturo which aims to promots, d8f8nd, expound the Reformed Anglican Way a$ expressod in the Fomularies of the Church of En9land. the Book of cC￿MOn Prayw, the Thirty-NlneArt￿K?¥ and the Ordinal. 22 Anatysi8 of ngt ossets belwe•n funds Un￿$tr￿ted RestrScted 2023 2023 Total 2023 Total 2022 Fund balances at 31 Clec8mÈer 2￿23 are represented by.. Tanglbk assets Investrnents Current assetsllliabihtwsl 2,134 1,467,119 16,9$6 2.134 780 1,770,028 1,706,186 87,703 125.722 302,909 70.747 1,488,2￿￿ 373.656 1,859,865 1.832.688 -23- THE PRAYER BOOK SOCIETY NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 23 Relale¢l party tramactions Payments of £20,671 12022 - nongl wèr8 lo St Olav Chr*tian Bookshop for trading purchases. St Olavs employs as 8 rnansger Bradley Smilh. Ihe Chairman a Trustee of The Prayer Book Sou8ty. -24.