Charlty Ro9lstratlon No. 1128084
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF SAINT MARY AND SAINT
MICHAEL GREAT MALVERN
ANNUAL REPORT ANO HNANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OECEMBER 2023

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH
OF SAINT MARY AND SAINT MICHAEL GREAT MALVERN
LEGAL AND ADMINISTRATIVE INFORMATION
Tru5ts98
Th6 nam88 01 those who have 8erved as trustees from 1 January 2023 unul Ihe dat6 Ihls report wa8 approved
Ex offldo mpmbern oftho PCC
Licensed*y
Rov'd Rodedck C¢)rke IVk8r) ICh8hThan}
Re¢dAdam Whart(¥) (Curalel {from Sept8mbw 2023)
De•ntry Synod Men*)or8
Mrserner La Fonlal
Mrs Rathl Hunuey
Mrs Gilllan M8xlm
Mr Derek Valentln8
MrRichhrd W&athgrf1
Or D￿d GLry
Mf Nelll Paulloy
Ordlnary Al•mb•r8 ofth• PCC
PArs Judith Butler
Mr James Hall
Dr Thdsha John
DrMl8talr Sawor¥
Mr Robert Syk98
Mrs Hden Wo11
Mr J8remy Wr8y
Fmm May 2023
Mr8Clalre Dambor0￿h
tk Phwppo L(php
TS G￿lIan Munro
Prlnclpal Olllws
Rgv'd Roderlck Cthe {Chalmwi ofthe PCC>
Mrs Helen (Wcfrchalrman olthe PCC)
Mr Nell P8ulley IChurd)wardenl
Dr Davld Guy {Churchw8￿nI
DrThrl$h8 John (Treasurgr lo th8 PCCI
DrAJlstalr Sawars (Secretary to Ihe PCC)
Charlty nu
112
Prlnclpal addr••
Th$ Parlsh Offi¢8
Church14oy$e
Church Slig81
Mafvem
WR14 2AY

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH
OF SAINT MARY AND SAINT MICHAEL GREAT MALVERN
LEGAL AND ADMINISTRATIVE INFORMATION
Audtior
KendallW&Jley LLP
Granta LothJe
71 Graham Ro￿1
Mafvem
WR14 2JS
B￿korn
Lloyds Bank P
48 Belle VUB Torraoe
Mafvem
Worcestorshlro
WR14 4QG
HSBC Bank pk
I Chur¢h Stmt
WR14 2AB
CAF Bank Lkl
25 KSros Hlll Avenue
West MalHng
Kfjnl
ME1g4JQ
Invgstmgnt advl
CCLA Investment M$nag0mtnl Umltsd
85 Queen Vklorfa Stregt
EC4V 4ET

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH
OF SAINT MARY AND SAINT MICHAEL GREAT MALVERN
CONTENTS
Tru8tg98' report
1-10
Statement of Tiu8teg8' rèspon81￿1111&s
Indepandenl audltots repjrt
12-14
ststemenl of flnandal aL*vlU86
15-16
BdaThx
17
Statsmenl of cash Ih
18
Note810 th8 flnancial ststèmants
10-38

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH
OF SAINT MARY AND SAINT MICHAEL GREAT MALVERN
TRUSTEES, REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The Tru8le8s presenl Iheir rewt and accounts for the ygor endgd 31 Oecomber 2023.
and CoM￿Y wlth the Church of ErMJland Measure8 (Iho ParcthLal Churth CouncllB IPowor81 Moa8ure 1956 as
am8nded and tho Church Representation Rul88 Icontslned In Schedule 3 trj th& Synodlcal Govwnmenl M6asuro
1￿9, 8$ 8mend8d)l thè ChaTitleg Aci 2011 9nd 'Accountlng and Repo￿ng by Chgrlll&s'. St81&m&nl of
Recommended Practlce appllcabb to ch8Tibes pr&paring their accounts In accordance wllh th6 Flnanclal
Reportiro Standard 8ppllcabig In the UK and Republlc of Ireland IFRS 1021. la8 amended for accoLFnllng pertods
commendng from 1 January 20191.
Obl•ctlv•$ and A¢tlvltlg$
The objecUv￿ of thg PCC Bre 88 set out In Ihe chu￿ ofEngl8nd Measures datallgd obovg.
The PCC co.operates wlth thtr Incumberrt in 'promoUnp In Ihe ¢￿￿881￿$be￿I parfsh thtr whole ml83ion of the
Church" and Is re8ponsiNe for supwrting its clergy and staff In the organisation of religious servkes and olher
event8. as w81188 lh8 provlthn of pastoral care forth8 ￿n￿allOn and the parfsh In genernl.
Durlng 2023 th• Prbry's Vicar was the Revd Rcthrf¢k Corto. He was a￿st•d ty th& Revd Adgm Wharton,
MIM of retlr•J dwgy *4th p8rn￿￿ io offthle a￿1 by fow Lk8n80d L8y Mlnl8tsrB Ifc*m&ity kno￿ 88
Licensed Rea(Jer81.
Ms Anno Rkh contknu8d In the post of Church man￿Or r98pon8lblo for rnanaulng th8 8taff and davgloplng the
work of the Prlory, a8Bl8t8d by the Head VergerlCu8tQ8, Jam98 Walker.
Thg Priory18 a place of wor8hlp for both th6 parl8h and th8 ￿der o)mmunlty. Dmne Se￿¢98 ar8 nom)ally hekj
every day and al least three dm&g on Sunday8, wlth a regular mldweek servlce of Holy Communion on
Wedngsday momlngs. The Pth)ry18 open for prlvalg wayer every day. The priory hold8 cm¢ and also
acts as a venue for concerts and other events. It Is 6omotlm88 Used for men￿rtaI S0￿Ce6 for th080 deceased
h￿e chwche8 are 100 8mall to ￿￿ftMC¥ja1• th8 numbor ol moumers onwated, a8 ￿17 a8 lor Its (Ylvn
Th& Prkny Lq a Grade 1 L18t8d B￿ldIng of n8110n￿ 8¥JnOf*a￿e. Th& PCC prowde8 a paid fu1141mè Custos and
part-time Deputy and A8slstanl Custod8s lo ensur8 that th8 bulkJlng18 OWI a8 much as posdbl6', noThalty the
Priory is open every day frorn 9.00am to 4.45pm. Volunteer8 act as guKles and welcomers. The Frlends of
ma￿em Prfrmy rffovld8 guld&J tou￿ for knlmted groLP8. Thg Prlory attracts oround 40.0￿ VIS￿or9 8nnualty.
Promotlng tho Whol• Ml•8lon ofth• Chur¢h
In recognillon of N8 wider re8pon81billlies In ptomollr4J tha vtholo m1881on of the c￿[Ch, the PCC mak88 grent8 to
national Bnd Int&malonal m1861on and charltablg organl$alon8. The grant Ma￿ng polky gslAbll8hgd by the PCC
certlfi88 and rn8k￿ gr8nts lo th06e organ￿o￿on8 d8mon81r8tlng slmllar obl8cti¥88 and oulread) to Great
M8lvem Pw. Gr￿ts all0¢a￿ durlr¥J the year thown vAlhin acc¥￿nts, a￿1 are de8¢dbod later In IN¥
report.
In late 202W•*ty 2021 Iha Prkny eslablthad Its Vlsknn 8nd Stralfjgy Ihal Ihè b8$18 of thg PW$ Nthk)n
over the next f6W y&8rn. A bwkkt was that 8ets out sts81tyl¢ ￿¥￿tiveS, thg key alms and m1881on
action Pri￿l￿e&. These fomi a pathway to rna￿89 the Pri￿￿$ vlslon to re8tore, refre8h Insplre Ihe buNdin9
and communlty.
The Prfory D8v61Lwn￿l pl￿ to Sup[￿ th1818 to 8ee Great Malvem Prbry a8 wet¢xJmkng, ac¢e881bl8 lo all and
an Important part of th8 communliy of ma￿¥m 8TKI the wlder w(Yld. 1118 our de81re ihal11 Is & pl8c8 whore all,
regardless of background, can leam about our h8rilage and lh8 f8levance of the Chrfsllan falth today. 1118 our
deslre to see the Prlory and It8 hedtag8 (the bulldlng, wlndow8, m180rkord8. 11198 and other feeture81 lfjll Iho 810ry
of the Chrfsllan f81th and118 rol&v&nce tr) all.

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH
OF SAINT MARY AND SAINT MICHAEL GREAT MALVERN
TRUSTEES. REPORT (CONTINUED
FOR fHE YEAR ENDED 31 DECEMBER 2023
A ConsgNalior) Managemertl Plan ICMPI W88 produced, wllh the lTrllial encouragement and a8818t8nce of th8
Churth BUlk51￿S Cwndl in 2014. The plhn Ilnk8 the luture devgk4)ment of the Prlory buildlng tr> appropri810
addiyonal uses. whllst reS￿￿n9. wi88Nlng 8NI expldnlng118 hgrftage. Th8 flTrt18sue was publl¥h8d in Mar
2015 under the titl8 ol Priory Plan aryj ¢JJpies We￿ made avallatAe to relevant organisatN)ns In the town a8
well as being made aVala￿e to all through the PIiw'8 website. The Priory Devdopn￿nI Plan. as it is n
called, 18 an evofving proc888 and work ha8 conlnued ￿th a PCC Commlttee ovor8eglng Ihe proce88. A revised
8dlllon of the CMP vMs198ued In 2017, lo takg occount of the 61gnlfk8nt eon8elV8￿0n wot* (188crfb8(I later, and
further ro¥Askins wore undertaken In 2020, 20218nd 2023.
Th8 Trustees have p81d (hje rwJard to g￿lanc￿lS￿d by th8 I￿rIty Comml$6h)n In (kddlng vkngt athiMaB th8
P.C.C. sh￿1
A¢hlovom8nts and p•rfomianrg
Rogul¥r Publlr Worshlp and <)th•r ••rwlc•i
Eath Sunday thère arg iwo Bervk•8. A 6eMce of Hoty Communlcffl IBCPI al 8.00 am fOlkn￿d by Iho
m￿n service al 10.30 am. The 10.30 am thces 0)m[￿Se Communion s0￿CeS {based on Cunmon Worship)
generally on the 1st and 3rd Sunday8 of each month. Atog6thor Worshlp la I￿5 ftxmal seThKe for 811 ages) on
tha 2nd Sundays, MomlrKJ Worshlp on tha 4th Sunday8 and Communlon In the Round on Sund8y8. Evènl
s8rvlce$ 8t 6.30pm eomprfse InfomiBI Evenlng Wor8hSp or Th& Gath8rfng18 ¢8fe style church), Holy Communlon,
Ev8n80ng or Chor81 Evon80ng. Thore 1$ 8 mldwegk Communlon Servicg 8111.30 am on W8dne8day8.
88cause of the pandemlc Ihè ￿￿rago ètteThja￿ at wéekty So￿ In church kn 2020 and 2021 declined
Tha￿edly. However, attendance al 8￿CeS gradually inL¥ea8&J dvring 2022 and continued into 2023 so that
Octobor 2023 thwe was an avera99 weekly Bilendarth of 284 odth and 18 undw 1681th980 ¢￿P￿0 ￿ryth pr
pandemlc Bnnual w06￿Y 8verage$ of268 adults and 25 under 16$).
There were 9 funora18 In the ¢hurch In 2023110 in 2022). Thare were 9 weddlng818 In 20221 and 11 baptlsm814
In 2022).
Moming Prayer 1$ u8u81ty sak1 every wo&kday nUnl￿d. Many leave writt8n prayor requèsts, whith are
rom0mber￿j In w8yer on th& follo￿r￿j M(￿l[￿J. and thern 18 incroaslr¥J u89 of prnytrr c8ndle stand. St
Anne'B Chapgl 1$ al80 Sel aside for prfvale prayer and refiett￿ and was u8ed for ￿￿er minl8try to Indwidua
durfThJ Sunday 88NC88.
t￿lIng Lgnl and Advont g serles of mklweok evonlng corrythn& 8wvke8 wore hekj In church.
Mlnl8try of
Thi$ L8 led by a C*ector of Musk, PIw8 Maxlm. to publ* %*y6h¥), 9681th1 by other tywlsls
nec8888ry. W8 h8d an organ schoLqr for tha firnt dx month8 of 2023.
The Priory Cholf of lunéor clK)ri8ter8, lady BItOB and men slng al rNist Sunday momlng servlces, excèpt for the
mahN6ty of Allogeth81 Worshlp s6rvlc8s whth ar8 usually by th8 Prtory OttJ)eslra of 8dult and lunlor
muddans. Th& Prtsy SiThJers. a mlxed adurt (*￿Ir. 8trvJ 81 evenlng wvlc88 of Holy Communkn, Even80ng and
Choral Ey￿S0n￿. The Prirry SIng￿B 8nd Cholr tx¥nbln8 resource8 for the A(fvenl Chiislmas C8rt4
Servkns. An Inform￿ Prd5se Group of 81ng8rs and inslrumenta15sts siros before ￿me SuTrJay momlng wvl
ond durfro occa81c￿01 maln seMc88. A Worshlp pl8y8 01 The G8thgtlng.

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH
OF SAINT MARY AND SAINT MICHAEL GREAT MALVERN
TRUSTEES, REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
P88toral Worf(
Re81denllal and nursing home8 ¥￿thIn th8 parish COn￿n￿e lo be v181tsd ragularfy, and 80NIc68 are h81d for Ihe
den18. Both dergy aThl lay poople al80 undertalce regular pastoral vlsiting of the h¢xwbound and the slck.
A team of regular M￿berS of th8 congyegaoon called Prfory Arga Llnks (PALS) wel¢om8 Prtory newcomefs who
Ilve neor lo them and bok out for anyone who may neèd 80mo extra 8UPPOrt due lo illnes$, bewvemenl. movlr¥
house el¢. Tha PALS, vA)rk 8nd olhor Inlllallves are c¢Trordlnated by 8 8mall Pastoral Team. Tho PALS have had
an Important rde durirvJ the pandemic In keeriro in touch with church m8rnbers, lookJrvJ out for thelr neads and
ng to off-8el the 8en8e of lonelln888 aTrJ Iwlation Ihalwas fell In partkular by many of I￿ aldgrty.
Tuchlng ofchrlstlanlty thn>ugh •wmon8, eoursos and imall woups
As w81 a8 the regular Sunday tsachkng mln18ty {for all ages} the Prlory ha8 nlne Home Group8, vorying In 8ize.
These follow planned courses of 8ludy during the year and Hre co-ordlnal8d by Revd Tony and Mr8 Rosemary
Whallgy. Teachlng has also been provldgd to sm811 groups &nd l¢VJl￿d￿aIS through confimiatlon class95 and
bapllsm prep8raUon.
Provl•lon of Chlldr•n'$ & Youth Woth IC&Y) wlth a Chdsllan oth0•
Th8 ¢urnnt Pikny C&Y gr￿jp￿ arè: Junkf Ch￿r (&Jes 7-18)., FROG8 IF￿lY ReHant On G(*Jl {8988 3- 11)
Idgnuty lag88 11-181
2023 68w ¢on8011datton of the groups ao 98tabllshed In 2022. Numb8r8 of ¢hlldren 8n(l young people hav8 fallen
ighuy es Some of Ihg choir chlldren have 8loppgd back du6 to pr888urns of school and ex&m8. Catherine
Ponung 81epp8d down as C&Y admlni8trator 01 Ihe end of the summer tarm and a8 yel novone haB come forwaid
lo lake on th16 fol8. Thg PCC haB beén con81dering var*Ju6 opllon8 In¢ludkng a paid ChlhJTen and Famllles
Wo￿aT and a M1881on AccompaTrler.
Junlor C￿)Ir m88ts wogkty for Frklay Y8hgar$818 and to th8 u8U81 80ryk88. Tho Ix¥e
fflembern of Iho Junlor Choir have rem81ned dedlcaw aHho￿Jh some of the newer m8mb8rn h8ve com8 and
gone. They 8tsged the popular an￿￿￿ Chor(8ters' Concert ￿ Febn￿ry and a hwy weok8nd away ai
Ihe Vlney Hlll Chri6ti8n Affventurè Cbntro In Sbpt8mber.
Ma$8y Churth contlnue8 to fi￿rf¥h. Thera were e*Jht sesslon8 ovor th9 course of the year 8nd a tot81 of 91
thild￿n atttrnded at198St on& 8888lon. Th18 agaln Indudod 8 largo numbor of fam11688. Attandancé was on
aver8ge, hlgher than 2022.
Idenllty ha8 contlnued to ffourfsh, wllh 10.12 cholr chHdran attondlrvJ on e TegLdar b8sb8- we oro 8011 on
how lo encourBge attendance from iho non4holr childr6n.
FROGS attendanc8 ha8 VWi8d . 80mo wwk8 ￿ have elght or mor6 Mo& of lh8 tholr thlhknn
have rThi Th)ved up to Ider￿lty, ￿ now FROGS fo¢￿￿eS rnuch yoww Memb￿5. We pray frjr more
famNles tojoln us.
Lit*path 2023 In J￿0 w88 8nother highllght poyltive feedback from 8chotsl 8taff, pupHs and volunleeT8,' 80me
650 chlldren look part OV8f the week. Schoo18 have continued to face tha challenges of day-ttsday Ilfts followlng
th8 pandoml¢ and the effects on thalr pup118, 60 the Ume for rgfi8clJon w88 Partlcvlarfy valuablo to them.

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH
OF SAINT MARY AND SAINT MICHAEL GREAT MALVERN
TRUSTEES. REPORT (CONTINUED)
FOR ThIE YEAR ENDED 31 DECEMBER 2023
Promotlon of Chrlstlanlty through events, meoting¥. and th• dl¥trlbutlon of Iltsratura
Local 8clwols and other groups ￿UL9rty vtall the Prfcry for lalks and a tour of the bvikllNJ. Sp8cl81 Inter88t
group8 often iKx)k tour8.lgd ty v(Aurta8r by The FrieThJs of M￿Yem Prf￿.
Llnks with the I¢MI 8nd Irad8r8 hav6 remalned strong. The Prtory fftolned ¥￿th Malvgm Town Malv8m HIN
DIBlrfcl Councils lo brfng cheer to thg town through flower3 8nd Ilghts In Ihe 8pdng and around Chr18tmas Jma
respectSvely. We agaln hosted an Ea8tor Garden and 8 R8membrance Garden de8igngd and laid out by
Yambomb Great Malvem And hald a seNlce on Am)Istice Day and a Remembr8nce Day Serylce In collaborafjon
wlth M8lvwn Town Coundl. Wo hosted ewt Famiers, market8 In the groun<ls lon8 hBd to be cancelled ovAng to
weather forg¢8811. Wo 8180 hosted five Art8 8fKI Crnfts mor*èts. In athJI￿on lo th& Ma￿et and events (music
and actfvlt￿B for all 8gesl, 888ouate(I wlth the Malvem Chd8tsna8 F&stival.
Wa agoln hosted fivo very WCCOB8fv1 and well recelved organ ￿lta18 attractlng v181tors from far allekl 88 wou 88
from the local communlty.
In addilion, w& hosted 31 concert8 In 2023. Many ware frag lunchtlme conc•ts (free to mu81clan5 and
attendees), holplivj to make qU￿ty liv8 muulc avallablo 10 all. rnganless of Incon*.
New cc4Iaborat￿n8 Included Ihe hOs￿￿j of Ihe Mal￿ty of 8 5-day childrens. 8tory-telliThJ gvont In our grouThJ8
(run by Malvem Hlll8 Dlslrtt Councll In pothershSp with Bofy Arts Events),. free lunchume cor￿rtS glven by
an Itallan pianlgt of IniemBllonal ￿nown,. the h081Ing of g one-d8y creallv8 wddng course. and an exhibition of
8k8lches made by m8mb6r8 of 8 group Ingplred by a vlslt to the church.
Another fvll prc*J8mme of and ¢)3rt8rt8 as6od8t￿l wlth ow Pri(ry Lunchbox 8eri8s wo8 hdd., Ilwse can
typlcolty attract audknnce8 of 150 or morg.
wular Sunday lun¢he$ et 8 locol hold agaln 8UCC088ful ￿ around 50 pecyle attendlvvJ each lunth.
Thty enable mgmt*r8 of Ihe ¢ongrgg811on to get lo know 00th other bettw and wo most e￿oYable.
Th8 Prfory SW wa8 IransfeFred to The Frlends of Malvem Pdory In January 2017 and contlnue8 to 9ell trKKJk8,
cArd8. CDS of tha Prkny Cholr and organ. os wdl as a varfety of grft8 wlth local 8nd Chrf8U&n connections. A
team of vduniews Staffs the shop. whlch18 weil kn(Mn 88 a gocrfl wurco of greeungs canls 81 roa80nabtg pfK*8.
8upportlng othor Charttl￿ in th• UK and ovws•a8
The P￿ support8 15 char11188, bolh In Brftaln and ov8r8ea8, financlal￿ and by our prayor and Inleffjst. We
havg 8 number ol mlsslon portner Ilnk8 - mission8Tle8 working In ovar8e88 fiolds
and malntain rogular
cixnmuni(stiTh) vAth them.
Wo also have an Infomal Ink an Inner-city d)urch - St Luke's. Wifvethamplon - rgdrNrKal ¥￿Its
mèmbers of the tsyo congregattons. The day to the nofflialty occuirfng during Auw81 W8B not posslb
th18 year. SimllAty. ma￿￿rn'S regular wgloomo to L*ildren frorn an area of Belarus. in whlch fn8ny Prfory peopl8
arè Involvgd, w88 cancglled Ihls year.
Th8 Prkyy hBS kgpl clo8e Nnks wlth th9 rndrod Bithop of Mar8alil, ￿)rthern Kanya and w¢th that (Yoca80 wh8r6
8 grwp frwi the Priory had a$￿Sted In work to provxle a schoolrorffl, iwo water slowe tanks and In healthc8r
wort in October 2015. Thts PIKKY ha8 a180 mthloined it8 11th wilh Sl Kalhgrina's Churth kn Wc4mirsled(
Gemiany.

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH
OF SAINT MARY AND SAINT MICHAEL GREAT MALVERN
TRUSTEES. REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEAIBER 2023
Thè Friend8 of Malvern Prtory
The Frfends Is a separate charfty g$lablish8d by the PCC to asslsi wllh the malntenan¢e and gnhancement ofthe
P￿Ory 8nd with the ¢hurch's outreach lo the community. Its membership Is drawn from wlthin the congregation
and tho widor communlty, Indudlng ovgrsgas.
The Friends pn)vkJed grBnt8 to Ihe PCC durlng 21r23 to enablè work8 to be carried out on the slru¢ture. In
8UPPOrt of the conservauon of tho modleval Ci8allon Wlndow Idgscrfbad balowl the Frfonds embarked on 8
successfvl fundra191ng campaign, ryaisirvJ over £100k towards the requlred costs. Th& Friends also contslbuted
8lgnlflcanUy towards the replacement of the18ad roof of Sl Anne's chapel.
The Frfends now helps the Prfory communlc8t8 regularty wlh local businesses by offerlng A880ciate
Membership to buslnes88s whlch advortI88 In the Prlory magazlt)8. They run The Frfends Shop and regular
9ulded tours, and wth the PCC, run the regular Lunch Box events. Oihor events havo boon an annual oulSng.
Friends Choral Evensong, a Heritage and FBlth Lecture and 8 ¢ommunty carol serv1￿. 11 Is partleulèrty
encouraglng that organSsors of othor PiS(Ky &vonts ara starbng lo use The Frfends to he5p them reach more
people in the cornrnunity.
Fabrlc Mattars
The H181oTiC England Herlt8ge At Rlsk Reglster Icurrentl Include8 the following for the bulldlng:
Prlory Church of St Mary and St Michael. Church Stroo¢ Malv•m- Malvgm HIMS
L18t6d BulldlrFggTrde 7. 1082794
Lergg mfjdieval Ghurch of Ihe BenedlGtlng Prf(xy, found6d In 1085. 11 1$ now 8 large parfsh GhurGh that domln8(9s
th& ¢enlr8 of Malvgm. It has the largest dlsplay of C15 $l&ln8d gla88 in England as well as rIGh furnlshlngs 8nd
Ilnlshes. Overall, In falr condifion but there Is 8 Ma1￿ problom wllh the stsined glass whlch needs urgènt r8p&ir.
other problems are th6 high lev81 Stonework of thg lower and thg hlgh levol masonry to soulh wlndows. Thg
parish are undertaklng a plld proJ&¢t to repaK the stained glass and Su￿undIng fabrf¢ to Inform a maiLr projed
of ropalr8 and Improved faGllitles.
A Survey of the extemal and Intemal stonework by Sally Slra¢h8y Hl8torfc Con8ervation {SSHCI In 2016
Indlcated some 600 repaSr Items of verfous skzes and d8gr8e8 of urgency.
The wlnthw8 of Great Malvtrm Prfory contsln a remathable co1￿ctIon of flne 8181ned antj p8lnl8d gla85 dating
from the 15th to the 21st centuries. The unique and boautlful rnedlgval glass dales from c.1430.1502 and 18
regardeLt by experts a6 being of national srgnffi￿antt6. A report on the gla88 slates- 'The ma￿em win(knv$ are
generally r8gard8d as probably tha fjneBt ¢0118Ctl¢)n of Ellg118h 15th and &arfy 16th ￿nts1ry stslned g18S8 outsKle
York Minstel.
In 2015 York Glaii8rs Tntsl undertook a thorough Survey ol thtr Prior￿8 8laSned glas8 wlndows. Thelr report
identified that the Priory's medleval stalned glass was facing damage from corrosion of the glass due to ialn and
Inleinal condensation, ond was ¢overod w*th soot and other dirt. They recommonded 'lhe installation of
protgctivo glazing lo inhlbll ongoing 6ydes of corrosion tho1 ar8 damaglng Ihls hi8toric and unique c4Jllection' And
that, whi18 the leadwork was generally found to bè sound, the glass should be removed to be cleaned In th8
81udlo under a mlcroscop8.
A pllol prolè¢t for thè conservation of a slngle medieval I￿ndOw, thg Cfeation Window Isllll in St Anne's thapel,
wa8 g￿ntert a fa￿lty and was undertaken In 2022r2023. Thè objective was lo demonslrale and valldate the
t8chniques involved In the conservation of m&dleval gla88, Including the installallon of envlronmental prot￿tIVa
glazing. The en¥lronmental condltk)ns of th& window continue lo be monltored post-completlon In OTd8r to
8scertaln the effectiv6n&ss of th8 801ulion. The fundlng for the conseN8fjon of the Creallon Wlndow was attained
through Iho g9ne)D8ity of The Friends of Malvem Prfory, th8 He￿118Y Tntst and lh8 W0￿h¢PAI Company of
Glazler8 & Painters of Glass.

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH
OF SAINT MARY AND SAINT MICHAEL GREAT MALVERN
TRUSTEES, REPORT {CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Th8 lead on Ihe four 8lB18 Toors dal68 frDm 1W$. 11 was ol pcor ortglnal desi￿. has suffe￿1 movemont
Its. has be&n patched many tlmes and reqirire8 rwI3￿ment A fac(dty WA8 grant￿ to repL7co 80m8 decayed
limbers and Te4heet the load roofing to an impioved design on the srArth thoir als16 (St Anne's chap811. The
work wa8 compiel8d 8UC¢g8sfulty In e8rty 2023. The Friends of Malvem Prnry, th9 Garfiakl Weston Foundatknn.
the DrO1￿1¢h Preserv8lion Tru$1 and tha WorcestershlTe & Dudley Hlslorfc churc1￿8 Tr￿1 prO￿ded gr8nt8
towards the repair (rfthe roof and Iholr contrlbullon18 9ralefiJlty ￿knOw[8dged.
Lluring 2023 the deslgn and faculty Approval for the lowerfng of the Lwo nave pw pllnths lo c￿ats a flat ftoor wa
completed. Th18 Includ88 the In8tBIIBllon of undeffloor heaung whlch 18 hoped eventually to be connecled to
h981 pump. Ihus r8du¢4ThJ our ¢8rt)on foolprfnt. Worf( commenced In e&rty 2024 wtth expected ¢omplellon by
Ea8ter 2024.
The Hlstr>ric E￿￿land Herttage M Rlsk RwJistsr be upd8tsd p8fKxllcally to refl￿1 th8 varknu8 repalr8 and
conservthn as thgy aro compbthd. wlth ihe alm that evenkn8lly th6 bulk11rYJ V+lll abl& to b& removed from Ihe
Th8 Quinquenniaf ln8ptsdl¢￿ wa8 U￿18rtakBn durfng late 2023. tho Prlory thurch tNJikllr*J and thurch
Hous8. Tha ReP￿ts are ex¥eC￿l In eaity 2024.
Other Fabhc wod( durfng 2023..
A conlrn¢t io Improve flre 88fgty for the bellrfro8r8 Includhg a new fire e8co￿ r￿rt9 from tha
chamber onlo thè 80Uth chancel roof, Bnd Improved r88tralnl bar8 at the mu8ter polnl on the roof 18
underway.
Minor repalr8 Id8nllfled In the 2018 QI r8p(xt and vl8 wul8r Inspodons have been undertaken, and A180 t
planned cycle of m81ntenance and palntsng of gutter6 and downplpe&
Thè annual round of 8oNlclrKJ and Sn6pection8 has been u)mplgt8d.
Wixk k> addr888 furth8r m*r wglrs and con8orv*n fa118 under the publ8hed Prfory Davelopment Plan.
de￿l￿d below. The dellvwy of Iha full Pjan Is Ilkoty to 18k8 a perlod ofg)me 10-12 years, 8fKI VAII ￿ In 8t le88t
Iwo, FKJssbty three, pha888. There are a furtlw Ihlrteen medlov81 vkndrms to be rwBlred and con80rvwJ,' three
futhr alslè te&J roof8: aThJ nwnerous 8rea8 ofaxtemd 8tonth¥th. al￿ be kntemal re￿(￿rI￿.

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH
OF SAINT MARY AND SAINT MICHAEL GREAT MALVERN
TRUSTEES. REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Plans forth6 Futur•
elo
ment Plan
As well aB und8rtO￿ng m8fvr conservauon work to protect and enhBnc£ the Prfory bulldlng, thè PDP aims tr)
make the Prfory a focal point for the local communlty with improved facS111ie$ that will trn8bl&11 to be more wSd6
used. bolh for church service8 and for olhgr events. It Is an ongolng project the work being planned will take
Several ytsars lo come to frullion. The Plan has s&t a number of oblectlve8, developed from those previously
identified in the Priory's MSssion ActSon Plan 12012-141. its sub8equent updaung, and thg Priory Vlslon and
SlrBlegy {2021- 20251 dooument.
As get out In the Pl&n, the Priory building needs developmont to modem facilitles Includlng Improved
toll6t and baby changlng provlsSon. access for all, a seNery, level Iloor8, improved heal distributlon and g$neral-
purpose meeting rooms. As notsd abovo, extgn81vg ropair3 to thg slongwork are requlred, ond th8 Stalned glass
ndows and alde roofs also need attention. Th888 concems are b8ln9 addrgssed.
In January 2019 the PCC requested expresslons of Interfy81 from B nauonal 8rchlt8ctural pracuces for work lo
develop, repalr and conserve the building. A shorUS8l of thr88 pra¢lic88 was se5ected and each WBS givtrn an
honorarfum to makg proposals for how they wwld lak8 forward the Prfory Dgvelopment Plan. They pr￿ntsd
their detsiled proposals, conlalnlng orfglnal Idgas and designs, in November 2019. All lh& pro¢tlc8s calculated Ihe
cost of meellng Ihe full Plan as belng £10M £12M (now nearer £13MI- Usln9 thelr and other reports durfng
2022 and 2023 w¢ have Gonlinue() the process of reflnlng whal Is requlred undèr the Plan, reduclng Its scope lo
that whlch mlght b8 4¢higvable within an affordable budg&t. The 01omgnts of the Plan have been dlvldad into
Ihrge pha$88 for fund5ng purposes. In Decemb&r 2022 wo Igarnl that an EXp￿sSIon of Interest IEoll to tha
National Lottery Herttage Fund INLHFI for funding support for the first phase had bggn rel8c18d, bul Ihgy
suggested ways in which our Eol could b& Improvod to address their fundlng prfndples. An am8nd8d Eol was
submltted In Septembgr 2023. Th& NLHF responded favourably wtth an Invltallon to prepare a Development
Phase appllcallon. Thgy vl$it8d us In December to see our plans In mor& dotail and di8CU88 how we mkJht mov&
Duilng Ihts year we have COn￿nUed to dlscuss our plans wlh, inter alia, the Di0￿san Advlsory Council, H5storlc
Er¥Jland, Malvem Town Councll anil Mafvom Hllls DS8lrf¢t Councll. All are supportfve.
As part of our Blm In the Plan lo engagts more fvlly with the I(￿31 communlty, we have apt)ointed a votunleer
Communlty Eng8g&m8nl CooTdlnator. Shg Is worklro vAth tho local community to klentify opportunities to support
existing local groups, discover WBYS to enhanco the experfence of all vlsltOTS and to Inlllate and promote aC￿vItIeS
In support of the Prtory's outreach objectives. We have 8180 appointed a vollsnleer Communlcatlons Coordinator
to establish a'house style" and to lead ￿SponSIbility for content and upkeep of the wobslle antj soclal rnedla.
Flnanclal r6vl•w
At 31 December 2023. unreslri¢led {gen8ral} funds £142.873 {2022 - £101.1431; deslgnated tunds Mre
£290.25012022 - £315,061,. 8nd rasiricled fvnds We￿ £194,41712022 - £150,677). Following a reclasslfieadon
of some funlts prevlously Ihought lo be entknwed. andowment fund8 have reduced to £76.14812022 - £92,057).
Total resourc88 were £703,68812022- £658,938).
t￿rtng 2023 unro8lrf¢ted ￿neral Income exceth expendItU￿ by £4,41512022 - £18,372) prfor to Inve8bnent
galns 01 £31,00712022 - k)88es £28,954). After transf8rs botween fund8, this provlded a Po￿￿ve movgmont In
general funds of £41,73012022- negatlve movement £18,B571.
The VarIan￿ In Income and gxp8ndltur8 from 2022 Is prlinBrfly attrltwled lo ￿￿￿ellI9Ve18 of Income. The PCC
rgmalns focusad on Improvlng the levgl of Income recelved, both Ihrough Improving the levd of stewa¥dshlp
glvlng from chur¢h members a6 well as that Tece4vod from vlsilo¥8.

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH
OF SAINT MARY AND SAINT MICHAEL GREAT MALVERN
TRUSTEES, REPORT (CONTINUED
FOR THE YEAR ENDED 31 DECEMBER 2023
1118 the of the chath to m8lntaln unre8tri¢to(I funds. whtch thg fw resarves of Ihe charfty, at a16vel
vthlch118s In th8 ran￿ £ 110,000 to £130,000 {airnwng at an avorw 01 £120,OLY)l. Thls wovid68 fvnd8 to en&AB
thè charfty..
To be able to make Bhort end medlum 18mb exp8ndllurg commltThnts without tha of 8hcvt49rn1
fluduauons In Incom8 forclng roducllon In. or cancellallon of, planned aclivity.
To covar tho of unforo8gen émergency orolher unampecled need for ￿nds.
In the 8vent of a malertal and 8U8tsinèd fall In In¢ome lo p￿vId@ sufficlent reserve8 to enable the
charity to make Ihe changes In ils organisalon and a¢￿vIll￿8 nocgssary to respond to ih18 In an
orderfy and ￿anned way, over a reasonable p8rfod of mnth8.
To cover Ihe naed lo ftmd short4erni dgflcllB In cash budgot, e.g. ffK)ney may ng&1 to be 8k￿l
b8frxa a fundlrYJ grant16 receNWI.
The bala￿￿ 8131 December 2023 {our -re8eNe8') of £142,87312022 - £101.143} 18 ￿Martly
re8uIt of Imwoved Inves1m￿l rknrKe. The PCC wll rev￿ il is Ithv a￿e to ￿d￿gnate 80
fvnds to rest￿ funds requ1￿1 to support 10&8es resulung from the d08ures eX￿￿need durlry th8 Covkl
P￿rnI¢.
Al 31 December 2023, the PCC held unreslrfct8d lega¢l8s of £95.26512022 - £295.2651. The red￿16 due to
redesvJnaUon by th8 PCC to BUPPOrt the Priory Development Plan project and antScipated shortfa118 In fundlrvJ
necessary lo complete the floor levelling project In 2024. Legac￿& and other donatlon8 aro alway8 gr8lebJlty
Ived to support tha mlnlsty and m18slon of thg Prfory.
The Trusto8s have 86098wJ Iha major rlsks to which Iho P.C.C. ￿ exp)sed, and arn saU8fied tho18y8tem8 gro In
placg to mw axposurn to ￿ m81(K rlsks.
Note 25 sets out an analy818 ofthe assgts attriLNJtsbl8 to var￿$ ftmd8. These assetsare 8uffidort to meet
#)9 ¢harliy's oblvJatbon8 ryl o fvnd by fund basis.

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH
OF SAINT MARY AND SAINT MICHAEL GREAT MALVERN
TRUSTEES, REPORT {CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Structure, governan￿ 8nd manaoomont
The Parochial Church Counell IPCCI has two Approvèd Goveming Document&.
The Paro¢hlal Church Councll8 (Powers) Measure 1956, as amended
The Church Repres8ntstion Rules 20Z2
The method ol appciintment of PCC members Is 801 out In the Church Rtrpre8enlafjon Rule8. All Church
attendees ale encouraged to reglsleron the Electoral Roll arKI rnay stsnd for glecti(￿ lo the PCC. The electoral
roll had a 10181 of 314 8t the Ilmo of the Annual Parochial Ghurch Meeting IAPCMI on 3rd MBY 20231th& numbor
wa8 the same at tho practrding APCMI.
The Trustees who served during th8 y8ar are a8 de8ulbed In thg legal and admln1slm￿v& Infornia￿On 8ection of
these financlal slalefflenls.
In 2023 th8 PCC opgfa18d wlth five CommKtees rpportlng lo11: Bulldlngs and Grounds, Flnance. MlssS0n.
Worship and Priory Develop¥nent Plan Isle8ringl. PCC GTOUPS report to one of thasa flve Committges and th8
Cotnrnlttees In turn report lo the PCC. This enables Ihe PCC to spend tlme on p￿IeY and dlrathm rather than on
day-torflay Issues.
Th6 PCC nomalty mee18 fourtlmes a year, supplemènted by extra me81ing8 to Bddress speeAflc IS￿6$.
There is a ManaggmentTeam consisting of the Ptlndpal Officers Ivlcèr, Curnte, PCC Vlce Cheir, PCC Secretary,
PCC Treasurer, and Churchwardens}. an opllonBI addlllonal trlgcted momber of thg PCC and the Church
Manager. Also In attendancè Is the Parish Administrator, as minule-tak8r. The Team nom7ally meets every ihr89
weeks lo take day-to4Ay managwnont dgclslons, and lo make other decision8 which do not have slgnlficant
Impllcauons for govemanc& or wllcy. Rewrt8 from th& m8ellng8 are drculaled to th8 PCC.
A standi￿ Cornmlttee, con8181ing of the Prindpal Officers (Vicar. Curate. PCC Vlce Ch8lr. PCC SÈ¢rotary,
Treasurer and Churchwardens} meets when urgent dgolslons ar6 rfjqulrod and whldi ar6 8ub8equenily reported
to the PCC. The Princ4ial Officers I¥￿1h the exceptlon ofthe Vkar and Curnts} arg 8ubjecl lo repeleclion each
A PCC H8rKlbook $8ts out the remit and procedure8 to be followed foreach part ofthe organlsBllonal Slwcture.
The PCC recelves advlce and Snfomallon frnm Its r&prgsenlalivgS On other exiernal bodi88.' Malvem and Upton
DBanery Synod. Woroesler Dlo¢es8n Syn(Kl, The Fdends of M￿vern Priory, and the Lyttelton Well Ltd.

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH
OF SAINT MARY AND SAINT MICHAEL GREAT MALVERN
TRUSTEES, REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
S818W8rdlng
The PCC 1*8 ￿nplIed vAth the duty un(ler Sthn 5 ofthg S8f&3u8rdlng and Clgrgy Di$d￿ne Measure 2016 to
have due regard lo the Hou8e of Bishops, guidarrfx on saf8guardlng of ehldren and vuln￿ble adulls. Th
Church Manager, Ms Anne F￿Ch.18 the Appoinl8d Safeguardlng Offlcer repO￿l¥j to the PCC.
Scr&&nlng pro¢gdur8s regardlng th& prolgdon ofthlldren and vulnera￿9 adulls are empk)y8d. Dl8ck)8ur8 8nd
B8￿Ing SeN¢& IDBSI chock8 havo been obtalned as neceB8ary for both pald and volunte8r wort(er8. Durlng
2023, 57 DBS check8 were pfoc666ed. As from 1 January 2024 all DBS certiffcates oxplra after 3 y8ar8
Ipreylously 5 yew61 bringlng the ffjnewal process in linè w4th tho fr8quency of refreshor 8alegu8rdlng tr8lnlng.
The PCC pr8vIw￿Y odoplo(l a furthgr ofthe tXoce8an Safer Rocnjltkng Poky 2016 Iderfvad from that of
the Churth of England) and Ihg scopg of these d￿CkS extends to cover Bll volunteers worklng with chikI￿n and
many of th¢)86 w(x*lng ¥￿th Vulner8￿ 8dults.1118 8 wult9m8nt thal tho8& w(x*lng th chlldren and vulnerable
8dults. in a pald or vduniary capadty, undertake a Dioces8n B88t Saf&Juarding Awarenfyss Tr8lnlng ¢ouw8e
ovèry three years and durtng 2023 three ￿V￿S oftraining {CO- bas￿. C1- I￿￿lation. C2-188der8htpl worn
carrted <yJt onllne by vc4unte8rn and olThc6 hddefs as appToprLqte.
In 2023 th8 PCC con11n(￿ to tho Dlixesgn SBkguerdlng D88hl)oard lo monltor progress and a8 8 rn8on8 of
8elf-a8SO88menl to 8n8ur8 that11 fulfi18 that dity. An pL8n wa8 drawn up and Is IM￿•Ment￿d.
The PCC recognls8811s respon81blllty In relation lo h8allh and 881ety arKI d188bllity legi￿a￿On.
The rol8 of Par18h SBfeguardlng Officer Is to over88e the r8Grullmenl, manwJemenl and tralnlng of all
staff. pald Bnd voluntBry. Thls took effectfrom 31slAugu612017. She ensur8s that role dtsgcrfptlon8 8re
glven for all voSunlg8r8, 8ppll¢8tlM lom)s and r8farenc88 are Bought where requlrgd and thBI all
volUnts8￿ I￿11 roc8￿8 l8ttgTS of8pwinlmènl before slat￿ng work. Thls work continues.
TheAnnu81 PCC Revlew of SafeguardlNJ oc¢urs at the M8rch PCC meotlng In ordgrth81 any poll
upjate can b8 8dopt8d prlor lo ￿ Arc*dea¢xn'8 M$i18tbn In Mayljuno.
Th8 Trusta88' rokX)rtW88 aFVty￿I by thè 8c4¥d 0fTa￿le9&.
Reverend R Corke
D8ted: 2AFrfI ￿24
10-

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH
OF SAINT MARY AND SAINT MICHAEL GREAT MALVERN
STATEMENT OF TRUSTEES. RESPONSIBILITIES
FOR THE YEAR ENDED 31 DECEMBER 2023
The Trustees ar8 respons11￿8 for preparing the Tru8lees' Report and the accounts In aCc￿danCe wth applcable k7
aThJ Unlled Klng(knm Accounllng StaThJards lun1￿￿ KI￿OM G￿rallY Accepled Acwjntlng Praclke}.
L8W 8ppllcable to ch8rfU88 In E￿[and ond Wal88 wulre$ the Twstees to prepa￿ 8ccounlg for flnatyaal year
vthich glve a Ift￿ and falr vithw of th& 8tale of affalrs of Ihe ch8fity afKI of the IncomlThJ rn8Otf¢O8 and appllcalion of
re80urceg of th8 charfty kn that year.
In prnparfng th980 ac￿U￿tS, th& tru*es are Tgqulred to,.
- $81ecl 8uKabl8 accounung pollcle8 and then appty them eon818tenUy,
- ob88N8 Ihe method8 and prfnclples in the Charftle8 SORP:
- makg judgomenl8 and osumatas thatare rga80nab19 and [M￿laN.
- state %sthèther appllcatAe accountlng standard8 and 8t8t8ments of have beeft
sublect lo any departUTes dbBdosed and ewlalned In the acojunts: and
. kxgparo thg ￿1¥ ￿ tha corThm bafjl8 unl988 *18 Inapproprfate to that ts choffty contlnue
opwailon.
The Tfusle88 are respon8lble for keeping sufficlont accounllng r8cor(Is that dlsclo88 wllh rea8onabl8 accuracy al
any tlme the flnanclal p081tion of the P.C.C. and wh￿h enable them to ascertain the flnanclal FY)￿tIOn of the charfty
end whlch enBbl8 Ih8m lo ansura that the account8 comply wllh the Charities Act 2011, the Charity IAccounts and
R6POrtsl Regul8llons 2008 and the provlslons of tho Iw81 dead. They ara also reBponBlblo for 88f8guordlng tho
a3801g of th8 charlty and hence lor tBkSng r&8$On8b￿ 818p8 ft>r the wevenllon and dotec￿On of fraud and olhgr
regularfll88.
11

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH
OF SAINT MARY AND SAINT MICHAEL GREAT MALVERN
INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF THE PAROCHIAL CHURCH COUNCIL OF THE
ECCLESIASTICAL PARISH OF SAINT MARY AND SAINT MICHAEL GREAT MALVERN
Oplnlon
Wa have au1￿18￿ lh8 flnanc5818tsten*nts of The ParocNal Church COU￿1[ of tho Ecc1961as￿ca1 Parfsh of Salnt Mary
and Salnl Mlcha81 Greal Malvem {the'P.C.C.') forthe year ended 31 D6tsMtr￿ 2023 *•A)lth comtM18& Ihe 8t81emenl
of finandal actlwues. the basance sheet, the 8tslement of ca8h flcM8 and notes lo the flnan¢581 ststen￿1s, iNJudirvJ
significant a¢counfjng pollcEe8. The flnandal reportirvJ fr8mework that ha8 been applled in Iheir preparation
appllcable law and Unlled Klngdorn Accounllng Stsndards, Includlng Financlal Reporting Standard 102 Tho
FInan￿al ReportirftJ Slandard applicable In tlje UK Bnd Rapubllc of Ir618nd Iunllgd Klngdom Generally A¢¢optsd
AccoLmUro Practice).
In our opknion, the fin8n¢lal staiemert&'
glve a trug and fak vlew of the stale of the tharftys 8ffalr8 as at 31 D￿ember 2ff23 and ol K8 IrK#)rthg
r880urces Bnd appllcÈUon of re8ources, for th8 y8ar then ended,.
hBv& baen proparfy prepared In accordance ￿th Unltod Klngdom G8nernlly Accepted Aceountlng PiaclKg"
hov& been PT8pwed kn ot￿rd&n¢￿ ¥￿th Ihe wulrwnwt8 ofth& Charld88Act 2011.
8a81• for¢plnl¢)n
We (x)nducl8d our au(Jlt In 8¢cordance wlth Inlemalion81 Stsndar(ts on Audlung IUKI {ISA8 {UKII and app4kat48
law. Our r98pon$ltllllle8 under th086 8tanLl8rd8 are further de8Crtbed In the Audllors responslbllltles for the audit of
lh& Iln8nclal $18t8menls Secllon of our r9POrt. We are Independent ol the P.C.C. In accordBnce ￿th the ethlcal
requlrements that are relevant to our audit of ihe financJ81 slelements In tho UK. Snduding 11)e FRC'S Elhlcal
Sl8ndard. and we hav8 fvlft1￿d our Oth81 0th1¢g1 reS[KM)￿b1111189 In accthance th089 Trqulremgnts. W& bèllevtr
that outhE eVId￿ ￿ hov& obtslwl18 Wfficie￿ 8r•J ¥ppropriate to ￿0vId6 tt ba8iB ft*wr opknlon.
Con¢lusion8 r•lallng to golng con¢•rn
In auditing th6 flnanclal 8talèmanls, wa have conclude(I Ihbt the TnJ8te88' u8e of the go￿ ¢oncem baBi8 of
ceounling in the pr8p8raUon of the flnanclal 8tatemenls18 appropdate.
B880d on the we h￿8 perFrym8d, we have not klentlfied any mat8rlal ￿corta[nI108 fOlBllThJ lo events or
c￿nditionS that, indivldualty or colFectiv8ly. m8y casl signifi¢8nt doubt on thè P.C.C.'s abilty lo continue 8$ 8 gc*)g
conwn for a pgriod of al ￿￿￿tIw￿¥0 mffilh8 from V•tsn finwKi81 statements are wJlh)ri8ed for18SUO.
Our re8ponslbllllle8 And th8 rgsponslbllltleg of the TTU8te88 wllh reSp￿t to g(4ng concem 8rn d08olbed In Ihg
relevant sectlons of Ih18 report.
Thè other Inlom)8tion (x¥nffi tho Infom￿ the *￿￿al rep)rt olher than th8 fln￿al statements
8nd our audttovs f8POrt thereon. The T￿￿teeS are reSp0rffjl￿e for the olhar Infomath)n contalned w6thln the amual
report. opinion on the fina￿la1 statements doe8 not cover th8 olhar Snfom18don and we do not any f(
of aSSuratr￿ condu81on thBT8on. Our re8ponslblllty Is to md tho otlior Information and, In doing so, ¢ons4def
whethor th8 othBr Inlomatioft is maler5elly inconsi$l8nt wlth the fin8n¢lal 8tatsmeTrts or our knowlgdge obtaln8d In
the cour89 of the 8udll, or olheTwJse appew3 lo be ma18flally mi6slaled. If we Identify such rnalellal inconsislencles
or 8pparent matorial m65818temgnls, are requlfed to delemilne vA)8lh&r Ihl8 g￿VeS rise to B mgtodd n￿SstataMgnl
the [inat￿31 slaloments themsdv88. If. bos•J on the wryk we hav8 perforn￿. ￿ condude that there Is a
mat8rf81 mlsslate￿ oftims other Infomwlon, we aro requ1￿1 to re￿￿1hat fact
We havg nolhlng to report In thls regard.
12-

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH
OF SAINT MARY AND SAINT MICHAEL GREAT MALVERN
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF THE PAROCHIAL CHURCH COUNCIL OF THE
ECCLESIASTICAL PARISH OF SAINT MARY AND SAINT MICHAEL GREAT MALVERN
M8ttern on whl¢h w• are requlred to r•port by oxcopuon
We have nothlNJ lo rewrt in res￿ ol the followlng mattors In relatk)n to V•thlch lh& Charlllos {AccryJrtS oThJ
Reix¥tsl Regut8llons 21Y)8 require us to report io you If, in our opinlon:
thg Infomw¥on glven in the finandal statem8nt8 18 InCOn￿GI0nl In ony m8terl8F ro8p8cl vAth lh8 TTUStee8'
Teport; or
8uffiL4enl ac£ounUng rscoriJ8 have not been kept.. or
the finandal ststèmonts are not in agreornenl wllh th8 accLsuntlng record8', IX
Wg hova not rgcalvod the Infomiatlon and 8xplanaUon8 we require for our &u(NL
Respon8lbllltlo8 of Tru8tseB
As oxplalnod mor6 lulty In the ststemenl ol Trustees, ￿6Ponsibl1[￿as. lh8 Tw8ts88 are r88k￿n￿ble for the
preparalon ol the fflnand81 stalerngnls and for belng 8aU8fied that Ihey 8 Irue and falr vlew, and for s￿h
inlemal control a8 the Twstees delennlne Is nwssary to 6rtaN¥ the prepa￿tton of financlal 81alem8nt8 that a
freg from m8lerfo1 ml88tBtgment. whettw du8 to fr8ud or error. In preparirvJ the finandal statements. the Twsteos
are rosponslbla for a8sessln9 thè P.C.C.'8 8Nllty to conllnue a8 a golng corKem. disdoging. a8 apF4ublè, matters
rdated to corwn and uslrvJ the going o)ncem ba818 of ￿XI￿n￿￿j un*$ the Tw8to98 olihor Intend to cea8e
ow￿ljOn$, or Iwvo no r881181Jc att8matN8 bjl to do 80.
Audttorfs rn8pon81bl1￿•j for the audlt of th• Ilnancl81 $t¥t•mènl•
We have beon appointed as audSlor under se¢Uon 144 of the charl￿&9 A(a 2011 8nd rnport In accord8noe wllh th&
Act and rglovonl ragulolk)n8 made or havSng 8ff0Ct Iheroundar.
r obledlv98 aro to obtoln r8agonablo 888uranc6 aboul whelher the flnandal statement8 88 o vthole are free fmm
matertal m188lalemenl, whether due to fraud or error. and to 188u& an auditorfs rgport that in¢￿deB our opinlon.
Reasonable asBuranc818 a hlgh levgl of ossurance. bulls nol a gvaranlee th8t 8n 8udlt conducted In accordance
with ISAS IUKI vhll always detect a materlal misststén￿nI whon It exists. Misstatements can Irom fraud
error and arg C￿￿dered m8tsdal If. Indwually or In the atyJregat8, th8y could reason￿ly b8 expeded to Inftuerfe
th6 decl￿one of wr8 taken ￿ the ba818 of th880 ftnandal 6tatem8nts.
Tho extent to wthlch our procodure8 Ore cApabb of dot*Alng Irreg￿8￿. fraud, Is detaHed bkn.
Extent to ttthl¢h th• audltw4s ￿nsidered capable of dotectlng Irreularttles. Includlng fr8ud
an understandlng of the rf$k assessmfynt procfjss Ilncludlng the a88888ment of th8 risk of fraud} Bdopl8d by the
Bogrd Is obl81n￿ Ihelr attlludo to ri8k ascertalned
as6essmgnt of the su6cepllblllty to matedal m18-8t8temenl of the fln8nd81 statemènts 08 a raBuIt of
managemenl over-rfde or fraud is mada
- an underslandlng oflhe legal ond regulatory framework as appllcable to the charfty Is ctklned
- It Is ensurgd that Ihe engagtrm6nl loam, hav9 colSgcUv8ty. the approprfBte competence. cap8UlbUe8 and 8k1118 to be
Involved In Ihe a8donmenl, are lu1￿ br6ofe(l and Unde￿nd the rl8k$ 8pedllc to ts charlty
Audtt T•8pons•io rlsks Idontlfi•d
Havlr¥J coThJuclod tho a88888m8nl prrThluTes the follo￿r@ proce￿8 utll8wJ lo respcffld to delemilnod rfsks:
- uThJertake a revbw of Board mlnut6s. p&rf(Mm analyw rnvbthv, ¢on8kler the r81evance and o¢curncy of
81￿IfiCant wcounllThJ 08Umal68, undertakfj sub818nlive tssting of 8k3nlficanl accoLmling transactron8. (*n lesb to
lontify unuw81 or un8xpeciod ac¢wnUrvJ entrfes, Indudlro t￿liThJ of joumBls arml seek Cor￿b￿ra1Jvtt 8vld&nce to
pAIpp(￿t the Same, dlsdo8ure8 in the financial statements aro Iracgd to 8UPP(*tlng documentallon
-1118 ensured that th8 chailty h80 taken Bpproprla18 StgP8 tr• comply wSth le9al and stslulory obllgaUon$ 8nd wharo
Ih&r8 havg bg8n br8ach88, oblaln a full understndlng ol the evant and gather relevant do¢umontallon for
13-

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH
OF SAINT MARY AND SAINT MICHAEL GREAT MALVERN
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF THE PAROCHIAL CHURCH COUNCIL OF THE
ECCLESIASTICAL PARISH OF SAINT MARY AND SAINT MICHAEL GREAT MALVERN
It Should be r￿ted that Audlung Siartdard8 Ilmll IhB audlt procedures ￿qUired to hjenlify nDn-¢ompl*8ncg wfth law8
8nd fygubuons lo enq￿ry of thg TrLtth8 and other management and th& Inspecuon of rggulatory and 18g81
CoThes￿ndenC8. rfhny.
Becau88 of the Inherent IlmltaUon8 of an a￿lIt, Iher8 ￿ a rfsk that will d&tect 81 IrrwlarfUo8. hK4udkng tkn
18odlng lo a materfal ml8-8tatemenl in the finandal stslemenl3 or non-c￿npl14n¢a wlih reguwlon. The ￿sk Inueases
the more that compliance wSth law or re9ul8tkJn Is rgmoved from the even18 and transa¢tlon8 refleclgd Sn Ihe
fln8nd81 statemen18, as we ￿1[ be less Ilkely lo become aware of Inslance8 of nonrycompllance. The ri8k Is ¥180
greater regarding Irreg￿arftie8 ￿¢UM￿g dug to fraud ffjthgr th8n orror. as fr8ud Involvgs Sntsnuonal CLWbcealm8nl,
foTg8ry, Collu￿On or mI8.fèp¥B￿tsuO￿.
A furthèr description of our ￿$￿nSIbIlI1eS Is Available on the Flnancial Rewting CouncAt'8 web8lte al: #th￿..11
www.frc.org.uklaudltor8re8P(ffi8Ulllti8s. Th18 de8¢riPtlon fomis part ofour reporL
Yovr att&nUon Is drdwn to thg fact thBI th8 chorfty ha8 prepaT8d fina￿1 statements In accord8nc8 vrtth'kn￿m
and ReporUr4J ty Charttle$.' stat￿nent of Recommandod Pracllca ￿p￿ICable lo chariltes preparfng thelr aLXx￿nts In
8¢cord8nce wllh th8 Flnarthl Repor￿n9 Standard applicabl& In th8 UK and Re[￿lIe of Ireland IFRsf (as amended
lor accounting perfod8 commen¢ing from 1 January 20191 In twofeT9nce lo tha Am)untiThJ and Reporting by
ChBrlUe8: Slalemenl of Recommgnded Pracuce IB8ued on l Aprll 21)05 wNch18 refeffe(I to In the 8xtsnl rogulalon8
but h98 now been wllhdrawn.
Th1$ has been done In order for the flngnclal 8tatement8 to provklo a twe Bnd f8fr vlew in 8ccordane8 with cuNenl
U8• of our r•port
Th18 report is mode 8e4ely lo Iho comp8ny'8 mtrmbgrs, as 8 t￿￿y. In AC￿dAnC0 wlth section 391 of the Companles
Ad 2014. Our audll work has been undertaken so that we mlghl stale lo th8 company'$ Memb618 Ihose matters w8
are requ1￿1 to 6tato lo them In an audllorfs report and for no other purp08e. To the fulle8t extent p8mKted by law.
wo do not accept or a$¥umo resP)nsib￿lty to anyone other than the company and the c￿npanY'S member3 88 4
r audtt trthls rekrf or (or Ih& oplths we have ￿r￿1.
ElIz8￿th Noodham ACA CTAIVATI IS•nlorStalutoryAudltorl
forathd on bo1￿11 of K•ndall Wadl•y LLP
2 kxr24
Chwtsred A¢¢￿nt￿n(S
StatutNy Audltor
Gr8nla Lodgg
71 Gr8hamRoad
Malvem
Worco8tathke
WR14 2JS
K￿d&ll Wadley LLP f8 for wolnlrn8nt as gud61oT of Ihe P.C.C. ty ￿rtU9 of Its el13t￿lIty for apwntm8ni 88
audltor of a company under 88don 1212 ofthe Compan188 Act 2(￿.
14-

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH
OF SAINT MARY AND SAINT MICHAEL GREAT MALVERN
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2023
Curront flnancial year
Unrestrlctod Unrèstricted ReBtrlcled Endowm6nt
funds
fund$
nds
funds
gonoral de8lgnat8d
2023
2023
Totsl
Total
2023
2023
2023
2022
Not0&
come from:
Voluntary income
Incoming resources
from charitable activltles
Actlvilies forgeneraung
fvnds
Inv88trnent8
266,012
255
208,542
474,809
330,602
6,151
,805
177,439
4.699
16.812
6,045
12,475
14,326
2,486
Totsl Incomé
341.691
255
217,179
559,125
532,581
dlture on:
Ralslng fund6
3.124
3,124
3,765
Charltable 8¢UvlUe8
334,152
18,572
197,932
$50,656
549,144
Total rgsourc
oxpondod
337,276
18.572
197.932
553,780
S52,￿9
Nel gaSnsl{losses} on
Investments
14
31,007
2,137
6,281
39,405
{41,0351
Met
In¢omlngl{ouigolng}
resources bafor•
tran8for8
35,422
1183171
21J84
6,261
44,750
161,383}
Gross transfors betr￿￿n
funds
15
{6,494J
12Z,1701
Not movtrmènt in funds
41.7&)
124,811)
43,740
115.9091
44,750
{61,￿}
Fund balar￿￿S al 1
Jat)UBry 2023
101,143
315.061
150,677
92,057 658,938
720,Y21
Fund balances at31
December 2023
142,873
290,250
194,417
76,148
703.688
658,938
The statgmgnt of financlal actfvllJ88 Includes all galns and108896 r8cogni8ed In th8 year.
The statement of fln8nclel actlvltles Indud&8 811 gain8 and losses rwlsad In the year. All income and exp￿dItUr6
dedve from c0nllnul￿J activ￿les.
15-

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH
OF SAINT MARY AND SAINT MICHAEL GREAT MALVERN
STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED)
FOR THE YE4R ENDED 31 DECEMBER 2023
Prlor fln•ncl81 y
Unrestrlcted un￿trIcted Ro8trlct8d Endowmont
fund$
fund6
lund8
general do81￿)81ed
2022
2022
Total
2022
2022
>)22
Voluntsry irKome
Iwmlng resw¢08from
charitable achvrdes
Actlvlties forggner8Yng fuNJ8
Inv8Btm8nts
2￿,932
75,670
336,602
77,656
6,045
11,303
97.799
177,439
6.045
12,475
Total Incomo
355.936
1,984
174,841
532,561
Ralsin9 fuThJs
Ch8rtt8ble a￿VItieS
333,799
58.225
15r,120
549.144
Total resourc￿ •xp•nd•d
337￿64
S8,225
157.120
Net galn31{lowe81 on Inv68bnents
14
128,9541
12481
111.8351
141.035)
Not Incomlnglloutgolngl
rnsourcos befor6 tr8n8f•rs
110,582)
156241}
17,275
{11,8351
161,3B3)
Gn>ss travth be￿n ffiJnds
15
{82751
118.Wl
27.267
Nal movoment In fundo
118,8571
175,2331
44,￿2
111,835) (61.3831
FuThJ bJLgrvx8 al l J8nuHry 2￿22
120,OLTh)
3W.294
106,135
103,892
720,321
Fund at 310oc•mber
2022
101,143
315.061
I￿,6￿
92P57 658,938
The 8tat8ment of flnancl81 acUvlUe8 Includ08 dl galn8 and108sgs rac09￿Sed kn the ye¥.
Thg st8tWn￿I of finani?818thI0e8 Indth all ￿n3 and It￿888 twlBod yggr. All ￿0m9 and ex￿nd￿V
derhe from (Y)ndnu1￿ ￿tivi1188.
18-

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH
OF SAINT MARY AND SAINT MICHAEL GREAT MALVERN
BALANCE SHEET
ASA T31 DECEMBER 2023
2023
2022
Noto5
Flxod assets
Investments
18
513,534
474,130
Currènt 888et8
Debtors
Investments
Cash at bank and In hand
18
15,136
176,568
32,667
58,358
144.612
76,192
224,371
279,160
Cr•dltors.' amounts falllng (lue wlthln
on& year
{34,2171
{94,352}
Net current a85ets
1￿,154
184.808
Totsl 8$8•ts1•ss eurrnnt Ilabllltlos
703.688
658.938
C8plt81 funds
En(k)wmentfund8
Income funds
Restri¢ted furKI8
76,148
2,057
194,417
1S).677
Dgsignaled fvnds
G?n8ral unrestrlct8d fund6
2902
142.873
315,081
101.143
433,123
416,204
703,688
858.938
The accounts wèro approv8d by theT￿8t￿ ￿ 2 Aprfl 2024
Roverend R C(*ke
Trustsè
17-

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH
OF SAINT MARY AND SAINT MICHAEL GREAT MALVERN
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
2023
2022
Cash flows from operallng actlvltlos
Gash absorbod by op8rBtlons
{28,3811
14,5851
Investlng act5vltieg
Purchasè of Invesfrnents
Int&rosl ro¢wved
131.956)
16,812
12.475
Net cash (used Inllgenorated from
Inyestlng actlvltlos
{15,1441
12,475
Net ca6h usod In flnanclng a¢tlvltle6
Nat Idèera88•yln¢roasg In cash and cash
equlvalents
{43,5251
7,910
Cash aNI cash equivalents 81 beginning of ￿ar
76.192
66,282
Cash and cash oqulvalents at end of year
76,192
18-

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH
OF SAINT MARY AND SAINT MICHAEL GREAT MALVERN
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
AccountSng pollcles
Charlty Infmatlon
Th8 Parochlol Church Councll of the EcGleBlasllcol Parish of Salnl Mary and S8inl Mlch8è1 Great Malvern 18
an uni¢orporaled charfty rg91s¢gred wKh the Chaflty COMMIS￿On for En&land and Waioy. The PTindp&l
8(kJTesB18 The Parish Office, Church Str891, M8fvgm. WR14 2AY.
The account8 have begn prepared In accordance wlth the Church Of EnglBnd MeBsures lthe PBfocthlal
Church counc4￿ (Powers) Measur8 19556 as amended and the Church Repre8entaUon Rule8}. the Charlll98
Act 2011 and 'Aocounling and Reporting by Charbties.. Slalemenl of Ro¢orllmended Pi4¢tlce applicable lo
charibeB proparlng their account8 In occrxdanco wlth the FSnanclal R6p(KUng Standar(l applIcat￿e in the UK
and Republle of Irél8nd IFRS 1021.los amendéd for accounllng pertod8 commenclng from 1 January 2019).
The P.C.C. 18 8 Ban8fi1 Enuty as (leffinwj ty FRS 102.
Th6 ffin8r￿1 Stat￿nant8 havg departed from the Charttl8s {Accounts and Reports) Regulatlon8 2008 only lo
the extgnl wulre(I to provldo a true and falf ￿ew. Thls departure has Invofved followlng the Slalemenl of
Recommended Practice for charfJo8 applylng FRS 102 rather thon the ver8lon of the Statement of
Recommendad PrActice whlch18 raferred to in the Regulallons but wNch has sh￿0 bogn ￿th￿￿1.
The finondal 8tot8menis ore wopared In st￿￿3. wtrlch [8 thg fUr￿lIOns1 of Iho P.C.C.. Mmetsry
The accounts have been prepared under the h16torfc81 ¢onvonUon, modlfled lo Induda c&tsin financlob
In8tNm8nts Bl folr vBlue. The prfnclpal accountlng polbd86 adopt￿ are Bet out bglow.
12 Golng conc•rn
At the lime of ￿pI￿V￿g the financ181 st8tem8nts. the Tnjstees have a rnawnatde expectthn that the P.C.C.
has ad8quats resource8 to In oper8ti¢)nal oxlsten¢& for lh& foresaeable fulurg. Thu8 the Twst888
conUnu8 to adopt tha going concgm b8d8 of accounting In proparing th& fina￿[al statom9nts.
1.3 Charltable fund
UnTeslricted ￿n￿8 are avaikble for 81 the (18wlIC￿ of th8 Tru8te8B In ftNtherance of th* thaiilab
Designat￿ fund8 (>)mtNlse fiJrK18 hav8 88t 88kl8 at iho d18cnllon of tho Tru8te98 for sp8cIflc
purposes. Thg purposes and uees of the deslgnated fund6 are as d6sclbed In th& note8 10 tho ffinanclal
6tatements.
Ro8trtctgd furK18 8r8 to ba usgd for specfflc purrM)89s a$ labd do￿ by the dor4Jr. EX￿ndlIUr8 whlch meets
ih88e criterb818 to tho fund, I￿&￿er￿¥th a falr allocakn ol mgnagomeni and support
The income from pemianenl endowment81s used In accordan￿ vAih tho Inlgntton8 of the donor8, a8 far a8
thay can be ascertalned.
1.4 Incomlng mourcos
Income is recognlsed vhwi th8 P.C.C.181O￿ enllU8d tr) ￿ 8ft8r any oJxlitiO￿ have t*en mgL
the arr￿u￿13 can ba measured rellabty, it is probablè that kn1￿Me v4lN ￿ r￿fved.
Cash Lkn&llc￿8 rorx)gnlsed on rocelpt Cther donollon8 are recOg￿$t)d orKe the P.C.C. h48 ba8n nollhe(I
of th8 donallon, unless porform8n¢g condltion8 roqulro dgfeKTrl of th9 amount. IrKome tax recover8ble In
ralatton lo donaUon8 focL4fved und¥r Glft or deed8 of cov8nanl Is 18cognlsed at the ￿me of Iho donation.
19-

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH
OF SAINT MARY AND SAINT MICHAEL GREAT MALVERN
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
AccountSng poll¢lo1
(Contlnuedl
L￿adaS are recowi8ed on rec8lpt ¢X 01h8￿8$ 11 th8 P.C.C. h88 b8on n0vfi￿1 of on knpendlng dlstrlbution,
the am￿￿1 58 kn￿￿. ￿ receltrt l# expeded. If I￿ is not known. the legacy 18 trgat8d 08 a
t))nllngenl 8SSg1.
Re8lis&d g8lns or losses gre recognl88d when inveslmenlB are sold.
Un￿81￿88d galn8 or108808 are accounted for on revalu8tlon of inve8tm8nts at mld-mafket valu8 al the ygar
1.5 Rewur(¥8 oxp•nd•d
ExpendItU￿ 18 rgcogn18ed once there 18 a legal or construclive oNigallon to transfyr 8conomlc bonefft lo 8
Ihlrd party,1118 probable that 8 tran8fer of èconomlc ben8flts VAII be r8qulred In 89ttlemenL and the ary￿￿nI of
the obligation ¢an b& mtsasurod rellably.
Expandlture Is das￿lIad by activity. The c06t8 of each actlvlty ar8 made up of th8 lotsl of dlrect costs and
8h8r8d costs. Includlng gJprK)rt CO8ts Invo￿ In underta￿rI￿ each acuvlty. Dlrecl attslbutabl8 to a SI￿18
aclmty 8rfj 81th81ed dlredy to thal aclfvlty. Shared CA)sts contrlbule to mor8 th8n one acbvty and
8UPPOrt Costs whlch arg uot atlrfbutablg to a siryle fjdvlty are apportIon￿ betsveen those actmtles on a
consi8lent wlth th8 use of r880urce8. C8rilral staff costs oro allocated on the ba￿8 ol Ilm8 spent, and
depreclallon charge8 are allocated on the porlion of the a88¥t's use.
lo bo p81d to thè t￿0￿• In fJ)nne(JJon wlth Ihe parlsh shara arg awjjunted for 88 pakl.
1.0 Flxed asset Inv•8tmonts
FIx8d a8601 Investments InllBIty M￿sUred al transaction PTko oxdvdlNJ tran88Ctkin c08ts, aNI are
subsequ8nUy MeaSu￿d at falr value 81 each reportlng date. Chang96 In talr value are recognised In th&
Ststemenl of Flnanci91 Acllvlues for th8 year. Tran8acllon costs ara &xpèn80d as IneunBd.
1.7 Cash and ca8h equlvaknt8
Cash and ca8h oqufv8lerLts ¢88h in h￿. dopodb hekl al can vAth b￿ks. aTrJ 0th8r ShOrt4e￿ IKiuh
Investments wtth orfglnal m&bJrftle8 oflhre8 monlh8 or I￿.
1.8 Flnanelal In8trumonts
The P.C.C. h8$ alected to apply the provisions of Section 11 'Ba81¢ Flnanc6al In81rumènls' and Seotl(M) 12
'Olhei Finan¢lal InstrLtments l$su&8' of FRS 102 10 All of Its financial In6twm8nts.
FlnancLql Instruments are r8coJnlsed In th8 P.C.C.* bal￿ she&t th8 P.C.C. bOcWn￿ party to th
contractual pro￿8￿OnS of the instrument.
Flnanclal a888ts and IlabllKl&8 ar8 off891, th6 nol aM(￿nI6 pro8antgiJ In the Inanclal stalem8rts, when
there Is a legally enforceable rfght to 8el off the r6cogn188d amounts and thore Lg an Inl8nlk)n to settle on a nel
basls rx to re81188 the assgt and sallle ihe Ilatmllty slmultaneously.
Baslc flnanclal assets
Basic finandal a889ts, whlch Include debtors and cath and bank bal￿6. are In￿￿ty m8a8ured al
transaclion prfce Including IranBactlon costs and 8re subsequgnlty carded 818morllsBd c08t ￿￿n9 the effedlve
Interest. Flnanclal assets olasslfled as r8celvablo wlthln one year are not amortÉs8d.
-20-

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH
OF SAINT MARY AND SAINT MICHAEL GREAT MALVERN
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Ae¢ountSng ￿4￿cleS
(Contlnu•d}
Baslc Ilnanclal IlablllU•$
Baslc financlol Ilabllltlos. Includlng credltors are InlUolly recognlsed 91 transacuon. Flnanclal IlabllS1188 cla881118(1
as payab18 wllhln one y8ar ar8 not 8morU8ed.
Amount8 pay8blg are da891fi8d a8 current l8bllblieB ff payrrtht Is (kkg %￿lh1n one y&¥ tt leB8. If Th)1, aro
pr6$9nted 88 n￿￿¢)J[lOn1 Ilablllllo8.
Dor￿n1(10n of Ilnanclal I1￿￿11￿*&
Fln8nclal Ilab1111168 aro d8r8cogn18ed whèn Ihg P.C.C.'s ¢ontr8¢iual obligaflons oKplTg or are dlscharyod or
cancelled.
1.9 Enyloy•• b•n•llts
The cost of any unused hthjay antiuemenl is recognr6ed in the ￿rfod In whlch Iha émployeo's Se￿CeS arn
Nad.
Temilnatl¢Jn b8neffts afy re¢ogn18ed Immg¢Ytatply a8 an 8xpen89 when tho P.C.C. 18 demon8trably COMn￿tt8d
to temilnate the employment ofan employ06 or lo pmvldo 1emlnats￿7 beneffts.
1.10 Rotlr•m•nt b•n•fft8
Great Mafvem Prfcry PCC IPB2014} pathipates In th8 Pens￿ Bulld&r Sd)em8 88clk)n of CWPF for lay 8taff.
Tho Sch8mg 18 admSnlstered by th8 Chu¥ch of England Penslons Board, whlch holdB the assots of thg
schgm08 separatoly from Ihoso of the Employar and the other partlclpaung omployer8.
Th8 Church Workw8 P￿¥lon Fund h88 a S￿n known 08 the Deflned Benefflts Schwn8. a dgfetygd ann
Section knc￿￿ 88 Pension Bullder Cla8dc and a (￿Sh balwth 8eclk¥) krKJhm 88 P￿81(￿ Buwder 2014.
P•n$lon Bulld•r Sth
The Penslon Bulld8r Scheme of the Church Workers P8nsion Fund 16 mad8 vp of two 8ecllon8, Pen8lon
Builder ClaB8lc and Pen81on Bulld8r 2014, both of wh5ch are ¢la8s8d a8 d&flned 8chem66.
Pensk>n Bullder Classlc provld88 0 [￿nsIOn. acwmulaled from conlrfbuuons pald and Convort￿ Into 0
d8f8fred annulty durfng omploymont based on lem18 801 and revl6wad by the Church of EnglBThJ Pgnslons
Boar(S from time to ljrn. Dl8crellonary Incr8aso8 019) bo th1￿1. deF4ndlng urth tho In￿sIment rnlum8
and other factor8.
Penslon Bultder 2014 Is a c88h balance schgm8 thBt pro￿￿eS a lump 8um that membefB U8e to provlde
ben&flts al rellromonl. P8n81on contrlbutlons are recorded In an account for each membor. Dlsu8Uon8ry
b￿use8 may b6 Add￿ b8fDr8 rollremenL dependlng on Inv6stm￿rt I8￿m8 8nd fv faclor8. The
US 8ny bonuses declared. is payalAe, Unfyd￿d, from age 65.
Thern 1$ 8L*HIMslon ofasEets b9trwa￿ In oooh sectton oftha Pension Bulkl8r S(knna.
Th8 scherne Is consldered lo b& 8 mulll-ompl¢)yer 8cheme 88 describod In Sedon 28 of FRS 102. Th18 18
because11 Is nol p0861ble lo allrfbule the Penslon Builder Schem8'8 a88e18 8nd 11a￿libe8 10 8pedfK employer8
8nd th8t conlrtbutlons are accountad for as il the Schemg a definad contrlbthion 8th￿.
21

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH
OF SAINT MARY AND SAINT MICHAEL GREAT MALVERN
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
crftlcol accountlng 88tlmatas andludg•m&nts
In Ihe applKxtion ofthe P.C.C.'s accounUThJ polici86, Ihe TnJ819gs are requlrod to make ludgements, estimate
and assumption8 8tL)ut th8 anN)unt of asseis and Ilabilities that ar& not readlly appBrenl from other
8wrces. The esllmatss and assoc¢81ed assumpttons arg b88ed on hl8t0ric￿ 8xp9rfer￿ and other lathrs that
are consldered to be ￿leVant. Actual raBults may dlff8r from th&8& estimate8.
Tho e8timal86 and undgrtylng a88umpUon8 are revlewèd on ongolng b891s. RevlslonB to accounting
eBUmates aro recc*Jnl88d In tho podod In whlch tho e811mate Is revi88d wherg th6 r￿slon affects only that
. or In the pertod of r8v181on 8nd future periods vthere the revI￿On 8ff&cts both curronl and futuro

li Illlill li

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH
OF SAINT MARY AND SAINT MICHAEL GREAT MALVERN
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED
FOR THE YEAR ENDED 31 DECEMBER 2023
Incomlng reJourc•s from charltabh actlvlll•s
Coil•¢tlng
othpr
FaGinty
2023
Ch8r#able w¢al
Other i1￿)me
4,167
8,156
4.167
6,151
25,415
20,916
I71.￿7
6,151
25,415
20.916
10.323
62,805
1TT,439
Unresmcted fiJnd8-
g8nerdl
R881rfctsd fund8
25.415
20.918
10.323
8,151
6,151
6.151
25,415
20,916
10.323
2.805
For the year and•d 31 0￿0mb•r 2022
Unrestricted lund8-
general
Unreslri¢t8d kmd8.
des¥Jnated
ReBlriGted fvN18
25,848
15.015
77,656
97.793
97,799
97,799
25,848
38.777
15,015
177,439
Adetailed Ii8Ung of restrkled Income 18 glven In fh)te r3.
2023
2022
V¥lous
Offerings
Other donation8
w￿ldIng$ and funerals
Messy c1w￿h
247
2,270
612
3.144
3.915
61
3,337
Furtherancg of b811ri
Floor prol8cl
Vl(xr8 DL8crelk)nary
StAnn8'8 R￿rf
A￿0 v￿
16,585
125
6,151
97.799
-24-

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH
OF SAINT MARY AND SAINT MICHAEL GREAT MALVERN
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
ActsYitÉg$ for generatlng funds
Unrestrlctsd Unreslrfcted
fund8
funds
genéral
gOTwal
2023
2022
Malvern Prfory Magazln8
knveBknents
Unrnsttlctod Restslcted
fund$
fund8
general
2023
Totsl Unrestrfrted Re8trict8d
fund8
genèral
2022
TotBI
2023
2023
2022
2022
Incom8 from li51ed
Inveslmen18 and charfles
funds
Interest rec8fvat￿8
11,660
2.666
823
12,483
4.329
fO,415
873
11288
1.187
14.326
2,486
16,812
11,303
1,172
12,475
Ral8lng fvndB
2023
2022
Tradln
Magazlnè. dlrecl costs
3.124
3.765
3,124
3,765
25-

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH
OF SAINT MARY AND SAINT MICHAEL GREAT MALVERN
NOTES TO THE FINANCIAL STATEMEKfs (CONTINUED
FOR THE YEAR ENDED 31 DECEMBER 2023
Charltablo actlvlU08
CharftalAo Costs of
obloctlv
mlnl8tsy
2023
22
staff c¢)818
Various prol6cts Ibr&akdown on noxt pagel
Mlnlsty- dloceson parfsh share
Clergy o)sts
Chur(* running eyne88
Churth m**en
Cost of S￿￿e&S
MlscdlanecNJs {SnchJdlr¥J room lknl
Youth and Chlldren'8*
Promot1￿ and ()JIr8￿h
Mlnlsty support f￿d
Altar supplie8 and kn￿r8
Olhar cosis
115,142
115,142
216,639
73,77Y
238
69,498
21,395
109,0fj7
204,934
72,331
1,463
53,695
20,056
216,639
73,777
238
69,498
21,395
1￿75
1295
1.575
230
12711
(2711
1278
216,639
295.024
511,863
S)2,336
G￿l￿1ndIng of acOvll881908 note 9)
18,320
18,320
19.020
Surv)rt ¢¥J8ts {$89 n(A8 11}
Gov8manc8 cos18188a noto 111
14,778
14,778
23,208
216.839
334.017 ￿.65@
549,144
Analy818 by fvnd
Unreslrfcled funds- general
Unre8iricted fund8- destgnaled
Reslrlcted fundo
334.152
334.152
18,572
197.932
18.572
198,067
135}
216,63g
334,017
550,656
For tho y•arendod 31 December 2022
UnrBslrfctod funds- ￿er81
Unrestrlcted funds. fl8svJn*wJ
Restricted fuThJ8
51,625
153J)9
58225
157.120
3011
204.934
344,210
549.144

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH
OF SAINT MARY AND SAINT MICHAEL GREAT MALVERN
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Charttabl• actlvltla8
ICcAWnu•d)
anaW8 ofvarious ploi￿ts folcAY
Vwlou• woJoct•
2023
Offertng8brffted
Chrf81mB8 outreach Bnd welcx)me d8y8
Churth hou8e renovallon and r&purposlng co8t8
Church re81orailon costs
Other co818
Weddlngs and f￿raL8
Mo88y Chuwh
L￿8th
3,422
102
411
2.491
3,153
Pirory
18A48
13.120
119,298
$9,496
S0.(Y25
7.fft15
6,432
92,470
30.088
Cr88lbn Imndryw
stAnne'8 Roof
Audlo Vl8ual
Organ Tecltal8
216.639
EX￿n&e9 relotlrvJ to CTe8tlon Windrm St Anng'8 Roof have (x)Ve￿￿ by gMts recalved from Th8
FI1￿ of Malvem Pth 8NI oxtml gr￿.
Grants payabl•
2023
2022
Grants to ￿&t￿tIon￿.
cms
clos￿[n￿6
CPAS
Tearfvnd
BIb￿ S¢J*ty
ChrfsUansAgalnst Pov
Other grants <£1,000
2.000
2.OQO
1,185
1,185
1,185
iooo
$25
2.000
1.285
525
C8re for the F
Scripbjre Un
Cwe Tnjst
Open DL￿6
Fd8nd8 of Mar8*￿1
Mig$lonA￿atson Fellow8hlp
Mos&ic Middle E98t
1.185
1,185
1,285
1285
1,185
2000
1,185
1,285
2,000
18.320
19,ffJJ
-27-

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH
OF SAINT MARY AND SAINT MICHAEL GREAT MALVERN
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
10 TruBto
R6v'd R(Kl C￿e rncdved rB-imburwl oxp8nW. totsllkw £236 In the y8ar12022 - £nlll. other Trustogs
Imbur8ed exp￿￿86 totaw £2,35312tr22. £Th1).
In addillon, one employ8es Is a close famlly member of a Trustee. Thdr empkJym8nl rKeceded thelr lamlly
momber becomlng 8 Tnjstee. Other Trustees or person8 relat8d to them May recelve occa8lon81 pold work.
Amounts pBld Sn rogp6cl of 2023 were:
P6918 Mwffl, hu8b&rKI ofTruste6 Gllty Maxim £14,552
Nooth8rTnMt888 lor any par8on8 Ihem) any remur￿￿On thriTrJ Ihe yw.
The PCC has an agreod polky on Payments to TnJ8¢8e8 whèreby potenual c￿flICts of Int8YosI of8 kl￿fir￿d
an(1 managgd through a Reglsler of Intsr881s which18 comweted $a¢h year by all Tfustees.
11 Support co#ts
Support Governan
2023
2022 8aslB 01￿10¢￿n
staff cosis
Office c08t8
S￿)￿p
1.875
1,875
6.802
5,236
1,625 TIM8 spgnl
15,625 Charltable actlvmos
5.370
2213
6.6￿2
5236
Audit fe88
Accourrtancy
1&20
455 Govemar
14,778
5.895
20.673
27,788
Analysed b8fvM8n
Ch8ritsblo ￿tI¥ll1&S
14.778
27.788
Govemanca COBt6 Includes paymonlg to the audltor8 for audR fe88 a8 8h¢)wn above.
12 Enwloy•o#
2022
Number
Number
IAlnlsty and

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH
OF SAINT MARY AND SAINT MICHAEL GREAT MALVERN
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
12 Employ
(Contlrtuadl
Employmant Costs
2023
2022
Wage8 and 8alarie8
Soclal stscurlty costs
Otherpen￿On costs
104,547
3,135
9,335
99,￿1
2,420
8,671
117,017
110.692
The above numberof employaas r6pmsènts 512022- 51 fvll Ume equivalent poslllons. No12022- no}
gmploy908 are In iocelpl of remunarafjon In exce88 of £60,000.
13 T￿atron
The charity is exgmpl from taxaUon on118 a(alvitios be¢au88 all Its Income Is appllod for ch8rflable puryK)888.
14 Ngt galn$l{106so$} on Inv06tmgnts
Unrestrlctod Rothctod Endowment
funds
funds
funds
Total
2023
2022
Rgvaluatlon of Irtvestmnts
31,007
2,137
6261
39.405
(41,0351
Forlh• yoor
gndgd 31
De¢•mber 2022
128,954)
(246) 111,8351
141,035}
15 Transfgrs
The tran6feTS b&￿en Restrfded Funds onrl UnrB8tricted Funds repTesent support glven from the general
fund to tho gpo¢Jfic ￿tIVIties for which rethcted funds have ba￿ rg¢elve(J, together wllh a rele&8e of £6,494
prevlousty d8svJnateLI for us8 by the Minlsty Support Ful￿ whith is no longer required.
The charlly has bg8n advlsed by fhe Wor¢esl&r DI0(￿Se Board of Flnanc8 that tha beqts&8ts re¢elved from B.
Woodyatt a￿ not pem￿nent endowment fvnds and a transfer has been made to ro¢lassify the funds a8
restrlcted £22.170.

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH
OF SAINT MARY AND SAINT MICHAEL GREAT MALVERN
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR ThIE YEAR ENDED 31 DECEMBER 2023
16 FIX￿ 488•t Inv••tmont8
Ca6h In
P￿trollO
charl￿?8
Funds
Total
In￿•1M9nts
Cost or valuatlon
At 1 January 2023
V4uatbn chang88
418.140
39.282
474,130
39.404
122
At31 Deoembar 2023
320
55,792
457,422
513.534
Carrylng amount
At 31 D￿eMb#r2
55,7¥2
457.422
513,&84
At 31 De¢8mberklY22
55,
418,140
474.1￿)
17 Flnandal Instrum•nts
2022
C￿Ing •mount of finandal 45fj0ts
Insljuments m088ured al lalrvalue throivJh profft or Its
457,742
418.338
18 Delknr¥
2022
Amounts falllng duo wlthln one yw:
VAT recoverabl8
GKiMd
Other datlorn
10,547
4,593
43,216
3,975
11.161
15,136
19 Currn￿ as8•t InveB¢ments
2022
C88h thp08118
176,588
144.612
Xl Cr¥dltorn". ¥mounts falllng wlthln ya
IVA
Othertsxatlon and social 8ecurity
Accwal8 and deferred Income
1,591
32.628
1.823
92,529
34,217
04,352

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH
OF SAINT MARY AND SAINT MICHAEL GREAT MALVERN
NOTES TO THE FINANCIAL STATEMENTS {CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
21 Retirem•nt bonofrt schon*•
Dbfinod contrlbutlon $ch•m•$
The P.C.C. partlclpale8 In th8 Penslon Bullder 2014 Scheme 8eclton of Church Worl(er Penslon Fund
{CWPFI, delalls of whlch are glven In note 1.
The pon8bn ￿1818 1• 10 th8 St8t8merrt of FlnaFKagl ActivMleB In the year wo o)ntrkn F*yat48
In note 12.
A valu8Uon of Iha Penskjn Bullder Schem8 ts ¢arrf8d out once every Ihrge years. Tho mo8t recent wa8 C8rfed
out BS 8t 31 D&cemb6r 2019. The n9Xt valuouon 18 (lug 88 at 31 Docomber 2022, and Gakulati￿$ 8re
curranlly under way.
For the Penslon Bullder Clas* sectton, thè 2019 valuat5on rov8aled a defidt of t4.8m on the ongolng
assumptlons u88d. At Ihe mosl recent annual rov18w. effedve 1 January 2024, the Board Chose to granl 8
dSscretionary bonus of 6.7% to both pan￿on$ not yet In paymanl and penslons In payment In respect of
seryi¢o prior lo Aprf 1997; and a bonus on pgn81on8 In poym8nt In r88pe¢t of post Aprll 2006 serv5¢9 that
tha ptsnslon In¢r8a8e w88 6% Iwhere usually 11 would b8 cakulaled based on Inflallon up tr) 2.5%). Th18
followed Improvements In the fundlng posltion over 2023. There 18 no Tequlrement for daft¢lt payments at Ihe
current UMB.
For thg Pen8lon Bulklgr 2014 89clk)n. the valuatlon r8vealwJ a wrFdu8 of £5.5m on the assvmpuf
uwl. There18 no r8qulronwI for doflclt payme¢)ts at tho ￿ThnI dm&.
The 18gal 8lruclure of the Scheme 18 such that If Bnolher employer ts118, Malvèrn Prlory PCC could b8come
respon8ibl6 for paylng a share of that employerfs p8n85on lia￿11￿98.
End(rrnt lund•
Endowment fund8 repre8ent a88018 whlch must held parmanonuy by the P.C.C.. Income arflng on the
ondowmenl fund8 Can b6 used In 8¢cord8nce wllh the oblect8 of the P.C.C. 18 indudod 08 unrn8trfcted
Income. Any c8pltd g￿n8 or losses arf8iryJ on Ihe as8ets forn part ofthe lund.
1 JaNwy 2022 qalns11108wII1 JaThMry 2D23
In￿[0•••1) 31 December
2023
Pornian•nt •nd(Avm
FaEMi¢ 88FIow
B. W￿att beouo8t 1179
B. W￿dYatt bgquo811181
R.P. Pelly 11KS
H.W. Wllllam¥ fvnd 1366
19871
11,9711
16561
(8,2211
7,397
14,773
4,917
61.612
(7.3971
114,7731
16,744
5.573
69,833
5.380
67AIO
103OV2
111mS)
92.057
(22.1701
8.261
76,148
31

Ililiiiil!!Iig

5111-11
StJ¢n<o)¥5w>S-

Isik511

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH
OF SAINT MARY AND SAINT MICHAEL GREAT MALVERN
NOTES TO THE ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
28 Capltal comrrdlm•nts
At 31 Dgc8mber 2023 the P.C.C. had cornmanced WO￿ on Iwo major caplt81 protscl6, the rongwdl of Ihe rwf
of St Anne'8 Chap81 and the restoratlon work of the me(Ileval Creation Window. Expenditure in year on the
nKJfamounted to £56,CKN) plus VAT. with a release of ￿te￿I￿ ofcirca £3,0￿ due In 2024. Expgndliure
ye8rforthe cr&a0￿ WItMJow was £120.(K>O plu8 VAT, wilh a rdease of rat6nlJon ofclrca £4,0(Kl due in 2024.
The cost of the8e tsyo prol8¢ts h8$ b99n cov&rgd m8lniy by grants recelvable, pwlndp81ty Frfends of Malvem
Priory togethèr wlth funds from other 8ource8.
Additionally, a 8mallèr project to enhance fire Bafely fadllues fortho b8llrlngwB ￿11 rirca £6,000, howof
whlch Was payable In 2023, Bnd the remaind8r In 2024.
The design preparotlon for Ihe project lo remove ra18ed pew pllnlhs In tha nBve and Install unde￿00￿ heatlng,
due to commgnce con$lnJclkJn In 08Ay 2024, h88 CO81 drca £10,(K)O + VAT In 2023. Tha total cost for Ihls
projoct. the great malorlty of whi¢h wlll b6 Incurred durfng 2024, ts £275,000 + VAT. A numb&r of grBnt8 have
b88n recelved fr(Mn oxiem81 bc%li&¥, but the m8Joilty of thtr fundlrg wlll b& from church lund$.
It is antidpal8d th8l most oftho VAT Incurred on theBe Projects wil recov8rable from the Listeil Plaw of
Wixslwp Grant sth￿.
27 ROlat￿ party tr•n8acllon•
Ther8 wer6 no ijl8¢1058tle related party tran6B¢tlon8 durfrffj the year{2022- none).
Ca8h goneratod from op•r8tlon$
2023
sU￿￿181(d9￿CIl} lortho sw
44.79)
{61.383)
Adjust[T￿nts fijr..
Investm8nl Income recogn18ed In 8ts1gm8nt Off￿and21 aramues
Falrvalue g8lns and losses on Invesbnents
116,8121
139.4051
112,4751
41,035
Movements In wo￿ng capmal..
Dgcr6880lllw889&1 In dgbliKs
43220
ieAJ,1341
136.486)
64,724
12Q3811
{4,565)
Analy81s of chang•s In net debt
The P.C.C. had no matorlal debt durfng the yow.