2023-12-31-accounts

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THE FRIENDS OF MALVERN PRIORY

(Registered Charity Number 503383)

Financial Statements for the year ended

31 December 2023

KENDALL WADLEY LLP

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Chartered Accountants

MALVERN WORCESTER

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THE FRIENDS OF MALVERN PRIORY

Financial Statements for the year ended

31 December 2023

Contents

• Page 1 Reference and administration information

• 2-4 _Report of the Trustees

• 5-7 Auditors’ Report

• 8 Statement of Financial Activities

• 9 Balance Sheet

• 10 Statement of Cash Flows

• 11-18 Notes to the Financial Statements

Page 1

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THE FRIENDS OF MALVERN PRIORY

REFERENCE AND ADMINISTRATIVE INFORMATION

CHARITY NUMBER	503383
TRUSTEES:
Principal Officers	Mrs A.E. Eglington	Chairman	—
	M. Eglington	Secretary
	D.R. Valentine	Treasurer
Ex-Officio PCC Members	Rev'd R. Corke	Vicar
	Dr D.R.P. Guy	Churchwarden
	N.J. Paulley	Churchwarden
	Mrs H.M. Wall
	J.F. Wray
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Other Trustees	Mrs M.E. Campbell
	Mrs J.M.I. Hill
	F.A.R. Huntley	(to 15 May 2023)
	Mrs R.J. Nixon
	R.W.B. Sutton
	A. Vines	(from 14 June 2023)
	Mrs M.E. Weatherill
PRINCIPAL OFFICE	Church House
	Church Street
	Great Malvern
	WR14 2AY
AUDITORS	KendallWadleyLLP
	Granta Lodge
	71 Graham Road
	Great Malvern
	WR14 2JS
BANKERS	Barclays Bank Plc
	54 High Street
	Worcester
	WR1 2QQ
INVESTMENTMANAGERS	CCLAInvestmentManagement & C.0.i.F Charities Deposit Fund			,
	OneAngelLane London EC4R 3AB InvestecWealth&Investment(foMarch		March2023)
	2 Gresham Street
	London
	EC2V7QP

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THE FRIENDS OF MALVERN PRIORY

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STRUCTURE, GOVERNANCE AND MANAGEMENT

The Friends of Malvern Priory ("The Friends" or "the Charity") is operated under the rules of its Constitution dated 16th July 1949 and amended on 14th May 2014 and 9th December 2020. The Charity was registered with the Charity Commission under charity number 503383, on 13th November 1974.

The management of the Charity is the responsibility of the Council, which is presided over by a Chairman, Honorary Secretary and Honorary Treasurer who are elected annually by members at the Annual General Meeting (normally held in June).

Other members of the Council are (a) five ex-officio members of the Parochial Church Council of Malvern Priory ("the PCC") viz. the Vicar, the two Churchwardens plus two others and (b) a maximum of six and no fewer than four other members elected at an AGM to serve for four years. The ex-officio members are not entitled to vote on decisions on making grants to the PCC.

New trustees are formally advised of their responsibilities as trustees of a registered charity and to read in particular the Charity Commission's Trustee Welcome pack and CC3 and CC3a; their attention is also drawn to other Charity Commission publications, the Friends’ Constitution which highlights some of the main responsibilities of trustees, and to the Working Agreement between the Friends and the PCC.

The Friends has a close relationship with the PCC, to whom grants are made in accordance with the Charity's Objects.

REPORT OF THE TRUSTEES.

The Trustees present their Report and Accounts for the year ended 31 December 2023.

Objects

The Objects of the Friends are:

• To educate the public about the Priory and to foster public interest in the building and its grounds,

• • To support the maintenance, restoration and enhancement of the Priory's fabric, furnishings and adornments; * To promote the Priory's musical tradition for the public benefit.

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THE FRIENDS OF MALVERN PRIORY

REPORT OF THE TRUSTEES (Cont'd)

Public Benefit: Achievement & Performance

In furtherance of the charity's first object of educating the public about the Priory and fostering public Interest in the building, 2023 saw the continued provision of Saturday morning guided tours throughout the year as well as a tour guide to answer questions on an ad-hoc basis on one afternoon per week.

In pursuance of not only the first object of the charity, but also the third object of promoting the Priory's musical tradition for the public benefit, an audience of 190 at the annual Heritage and Faith lecture in October heard Piers Maxim, Director of Music at Malvern Priory, speak about A Thousand Years of Music and Worship at Great Malvern Priory. To illustrate the development of church music from early times through to one of his own compositions, he was accompanied by seven singers, mainly from the Priory choir. The Friends' Choral Evensong in June and Community Carol Service In December were again held to attract members of the local community into the Priory.

In pursuance of the charity's second object of supporting the maintenance, restoration and enhancement of the Priory's fabric, furnishings and adornments, a further payment was made to the PCC making a total of £101.9k paid towards the total cost of £145k of repairing the roof of St. Anne's Chapel. £66.6k was paid for the cleaning and conservation of the Creation Window in St. Anne's Chapel (with an estimated further £16.9k to pay in 2024).

The Friends’ Shop in the Priory made a record surplus of £13.0k (2022: £10.0k), which was granted to the PCC (see financlal note 7). Just as importantly, the Shop volunteers continued to provide a welcoming presence to visitors. Also, inter alla, the Shop offers information about the building and its origins.

Lunch Box's programme of 14 fortnightly lunch-time concerts and talks In the spring and autumn attracted over 100 at most events.

The number of visits to the Friends' website increased from 3,353 in 2022 to 5,599 In 2023. The number of followers of the Facebook page increased from 185 to 240. During 2023, the number of members of The Friends increased by four to a total of 324.

Financial Review

During the year expenditure exceeded income by £62,789 (2022 - expenditure exceeded income by £12,490) prior to investment gains of £68,447 (2022 - losses £120,835), This provided a positive movement in funds of £5,657 (2022 - negative movement £133,325), ;

The restricted funds made realised investment gains in the period of £9,097 (2022 - gain £531).

Dividends and treasury interest received in the period amounted to £22,350 (2022 - £24,595) and bank interest of £5,373 was received (2022 - £197).

At 31 December 2023, unrestricted (general) funds £96,561 (2022 - £77,424), Restricted funds £445,898 (2022 - £493,557). Endowment funds £376,438 (2022 - £342,259). Total resources £918,898 (2022 - £913,240).

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THE FRIENDS OF MALVERN PRIORY

REPORT OF THE TRUSTEES (Cont'd)

Reserves policy

It is the policy of the charity to maintain sufficient reserves within its unrestricted funds to fund its governance costs.

Investment policy

During the year Radford Bequest funds previously managed by stockbrokers [Investec Wealth and Investment were combined with the Eglington Bequest and invested in CCLA Charities Ethical Investment Fund and during the year surplus cash balances from other funds were also invested in these units. (see Note 14c).

Accounting Policies

The accounts have been prepared in accordance with the accounting policies set out in note 2 to the accounts and comply with the Church of England Measures (the Parochial Church Councils (Powers) Measure 1956 as amended and the Church Representation Rules (contained in Schedule 3 to the Synodical Government Measure 1969, as amended)), the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2019)

Principal risks and uncertainties

The Trustees have assessed the major strategic, business and operational risks to which the Charity is exposed, and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks.

Principal sources of funding

Funds are received from investments as well as from life and annual membership subscriptions and donations, including legacies. The Charity has also published two guidebooks which are sold through The Friends’ Shop in the Priory in order to raise funds.

PLANS FOR FUTURE PERIODS

Recent grants to the PCC of £101.9k for the roof of St. Anne's Chapel and £66.6k (plus a further c.£17k in 2024) for the Creation Window will together total more than the total of grants made to the PCC over the course of the previous 12 years.

In due course requests are expected to support the multi-million pound Priory Development Plan (PDP) activity alongside other grant funders, though nothing is yet formally under consideration. The Friends plans to work closely with the PCC in developing the PDP Funding Strategy.

in addition, the awaited Priory Quinquennial Review of the church's fabric is likely to identify additional works requiring maintenance and restoration which The Friends looks forward to discussing with PCC.

Disclosure of information to auditors

Each of the Trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditors are aware of such information.

Approved by the Trustees and signed on their behalf

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Nirs A.E, Eglington, Chairman
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D.R. Valentine, Hon. Treasurer

Date: 30 April 2024

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THE FRIENDS OF MALVERN PRIORY

Auditors’ Report to The Friends of Malvern Priory

Opinion

We have audited the accounts of The Friends of Malvern Priory for the year ended 31 December 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the notes to the accounts, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice)

In our opinion, the accounts:

• give a true and fair view of the state of the charity's affairs as at 31 December 2023 and of its incoming resources and application of resources, for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Charities Act 2011.

Basls for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the accounts section of our report. We are independent of The Friends of Malvern Priory in accordance with the ethical requirements that are relevant to our audit of the accounts in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are describedin the relevant sections of this report.

Other information

The Trustees are responsible for the other information.The other information comprises the information included in the annual report, other than the accounts and our auditor's report thereon. Our opinion on the accounts does not cover the other information and except to the extent otherwise explicitly stated in our report we do not express any form of assurance conclusion thereon. In connection with our audit of the accounts, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the accounts or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the accounts or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

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Paga O THE FRIENDS OF MALVERN RIORY Auditors. Rg ort to tho he Friènd8 of Malvern Matters on whlch w ulred to re exce lon We have nothlng lo re￿}rI In raspecl of the followlng malleis In relation lo whlch the Charllles (Accounts and Reports} Ragulallons 2008 require us to report lo you If, In our OFdnlon'. the Informallon glven In the accounts is Inconslslent In any materlal respect wllh the Twsle8s' Report. or - sufficlenl accounting records have not teen kept: or the accounts are not In agreement wlth the accounllng records,. or - we have not recelved all the Informallon and 8xplanatlons we requlra for our audit. Res nslbllltles of Tru ges As exrdalned more fully in the Statemenl of Trustees, Re8wnslbllS1ies, the Trustee8 are reswn8lble lor the preparatton of the account8 whlch glve a true and falr vl8w. and for such Internal control as the Trustees detamlne Is neoessary to enable the preparatlon of accounts thal are free from materlal mlsstatem8nl. whether due to fraud or error. In preparing the a¢¢ounts. the Trustees are responsible for asse88lng the charlty's ablllty to continue as a golng concern, dlsctoslng, as applIC8t￿6, matt￿S related to golng concern and uslng the golng con￿rn basls of accounting unl88s the Trustees either Intend lo liquldale the charlty or ￿a$a operallons, or have no reallstlG allernallve bul lo do so. udltors, res onslblllti he audlt of t rin nclal statoment Our oblecllves are to obtaln reasonable 298urance abciut whether the flnanclal statements as a whole are free from rnalerlal mlsslatsmenl. whether due lo fraud or error, and lo l$$ue an auditols report that Includes our oplnlon. Reasonable assur8r¢Ge Is a hlgh level of assurance, ￿t Is not a guarantee that an audit Conducted In aoGordance wlth ISAS {UK) wlll alway8 detect a malerlal ml88talemont when It exfsts. Mlsslalernonts can ar18e from fraud or error and are consklered malerlal If, Indlvidually or In the aggregate, Ihay could reasonably b8 expected lo Ir¢fluenc8 the eoonomlc daclslons of users taken on the b8sSs of these flnanclal statements. Irrogularltles, Includlng fraud, are Instan¢&s of non-oompllan¢e wlth laws and regulatlons. We deslgn wocedures In line wlth our rest(Jnslblllllos, otJtlln8d above, lo detect materlal mlsstalements In respect of Irregularltles, Induding fraud. The speGlfi¢ prO￿dureS for thls engagement and tha axtenl to which thes8 are capablo of delecllng Irregularltlas, Includlng fraud 1$ d8talled below: Our approach to Identlfylng and assesslng the rlsks of rnalerlal m188tatgmenl in r8SFeCt of Irregularltles, Includlrwd fraud and non¢OmF￿1anc8 wlth laws and regulatlons, was as follows: - an undorslanding of the rlsk assessment process {1ndud1￿j th8 as88ssmenl of Ihe rlsk of fraud) adopted by the Trustees Is obtaSned and thelr athtude lo rlsk asc6rtalned - an assessment of the suscepublllty to mgterl&l mls-stalement of the flnanclal statements as a result of management over- rlde or fraud Is made - It Is ensured that the engagement team have, collectlvely, lh6 approprtate Com￿lenCe, capabilitles and skllls lo be Involved In the asslgnment, 8r8 fully brlefed and understarKJ the rlsks speclfio lo the cha￿ty - procas8e8 to lest the outoomes of our assessment Include, a revlew of Board mlnutes, analyllcal revlew, substantlve lestlng of slgnfficanl Iransa¢llon8, work to idenllfy unusual or unexpected accountlng entrlas Includlng the lesllng of ￿uMa1 entries, Informatlon dis¢lo$ed In the finanGial statements Is traced to $upportlry documentallon. In all Instances It Is acknowledged that material mls-statements that arlse from fraud may Involve dellberate concealment or Golluslon and 8re. therefore, by Ihelr very natura harder lo dele¢t than those arlslng from error. - an understandlng of the legal a￿1 regulatory framework as appllcatle lo the charlty Is obtalned together wlth knowledge of the procedures put In place by th8 charity In order lo coMF￿Y with tha same - St Is estatrjlshed If there have been any Instances of nOrm￿mplIanCe wllh appll¢able laws and re9ulatlon8. none were Idenllfied for thls perlod Because of the Inherent Ilmltatlons of an audll, there Is a Tisk that we wlll not detect all Irreg￿arit1eS, Includlng those leadlng to a materlal misstatement In the flnanclal statements or nOn￿mplIanCe wllh regu1811on. Th18 rlsk Increases tha more that compliance wllh a law or regulallon is remov￿ from the events and transacllons reflected In the flnanclal statements, a8 we wlll be less Ilkely to b8eA)me aware of Instanc&$ of non-comtdian¢e. The rtsk Is also greater regardlng irregularltles occurring du810 fraud rather than error. as fraud Irwolves Intenllonal conGealment, forgery, colluslon, omlsslon or mtsrepresenlatlon. A further descrlptlon of our responslbllllies bs avallable on the Financlal Reporting Council's webslle at.. htlps:IAww.frc.org.uklOur- WorklAudlVAudltand-assurancelstsndard8-and%uldanc8lStaThJards-and￿u1danCe-f0raud1t0rsIAudIlOrS-r8sp0￿SIbi1ItIes-f0r- audiVDescriplion-of-audilor8r6spon$lblllties-for-audlt.aspx. This descriplson fom)$ part of our audllorfs report.

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THE FRIENDS OF MALVERN PRIORY

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Auditors' Report to the

The Friends of Malvern Priory

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. ;

To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Elizabeth Needham ACA CTA(VAT) (Senior Statutory Auditor)

for and on behalf of Kendall Wadley LLP

Chartered Accountants

Statutory Auditor

Granta Lodge 71 Graham Road Malvern Worcestershire

WR14 2JS

Date: 11 April 2024

Kendall Wadley LLP Is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

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||||||||||| |---|---|---|---|---|---|---|---|---|---| |Statement|of Financial|Activities|for the|year ended|31|December 2023| |Unrestricted|Restricted|Endowment| |Note|Funds|Funds|Funds|2023| |£|£|£| |INCOME|AND|ENDOWMENTS|FRON:| |Donations|and|legacies|3|8,989|1,207|-|10,196| |Other trading|activities| |Functions|4,292|-|.|4,292| |Guide|books,|CDs and|bookshop|sales|43,226|.||43,226| |Church|Tours|1,493|-|-|1,493| |Investment|income|4|2,069|25,654||27,723| |Total|60,069|26,861|-|86,930| |EXPENDITURE|ON:| |Raising funds|6|31,288|-|.|31,288| |Charitable|activities| |Grants|payable|7|13,000|101,932|-|114,932| |Governance|costs|8|1,789|1,710|.|3,499| |Total|46,077|103,642|-|149,719| |Net income/(expenditure)|prior to|investments|13,992|(76,781)|-|(62,789)| |Unrealised|gains/(losses)|on|revaluation|of invesiments|10|5,145|20,025|34,180|59,351| |Net|realised|gains/(losses)|on|investments|10|-|9,097|-|9,097| |Net|income/(expenditure)|19,137|(47,659)|34,180|5,659| |being|the|net movement|in|funds| |Total|funds|at|1|January 2023|77,424|493,557|342,259|913,240| |Total funds|at|31|December 2023|14|96,561|445,898|376,439|918,899| |Comparative|position|for|last|year| |Unrestricted|Restricted|Endowment| |Note|Funds|Funds|Funds|2022| |£|£|£|£| |INCOME AND|ENDOWMENTS|FROM:| |Donations|and|legacies|3|5,606|28,918|-|34,524| |Other trading|activities| |Functions|2,562|-|-|2,562| |Guide|books|and|bookshop|sales|34,253|-|-|34,253| |Church|Tours|618|~|-|618| |Investment income|4|1,631|23,161|-|24,792| |Total|44,670|52,079|.|96,749| |EXPENDITURE|ON:| |Raising|funds|6|24,635|-|-|24,635| |Charitable|activities|-| |Grants|payable|7|11,072|66,562|-|77,634| |Governance|costs|8|1,561|5,409|-|6,970| |Total|37,268|71,971|-|109,239| |Net Income/(expenditure)|prior to|Investments|7,402|(19,892)|-|(12,490)| |Unrealised|gains/(losses)|on|revaluation|of investments|40|{7,922)|(60,818)|(52,626)|(121,366)| |Net|realised|gains/{losses)|on|investments|10|-|531|-|534| |Nat income/(expenditure)|(520)|=|(80,179)|(52,626)|(133,325)| |being|the|net movement|in|funds| |Tota! funds|at|1|January 2022|77,944|573,736|394,885|1,046,565| |Total funds|at 31|December 2022|44|17,424|493,557|342,259|913,240|

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|||||||||| |---|---|---|---|---|---|---|---|---| |Balance|Sheet| |as|at|31|December|2023| |£|£| |Note|2023|2022| |FIXED|ASSETS| |Investments|10|787,247|878,094| |CURRENT|ASSETS| |Stock|12,847|11,921| |Debtors|11|1,509|1,710| |Investments|105,605|25,425| |Cash|at|Bank|and|In|Hand|20,797|37,356| |140,758|76,412| |Creditors:| |Amounts|falling|due|within|one|year|12|9,107|41,266| |’|NET CURRENT ASSETS|131,651|35,146| |NET ASSETS|918,898|913,240| |FUNDS|.| |Unrestricted|14a|96,564|77,424| |Restricted|14b|445,898|493,557| |Endowment|14c¢|376,439|342,259| |918,898|913,240| |Approved|by the Trustees|on|30|April|2024| |and|signed|on|their|behalf|by:| |HG|.| |nn enna|Mrs A.E.|Eglington,|Chairman of The Friends of Malvern Priory| |‘| |de|eascaenssesaecapeaasecestuunacnassesosnssnarsens| |D.R.Valentine,|Hon. Treasurer|

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CHARITY No. 503383

The notes on pages 11 to 18 form part of these financial statements.

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THE FRIENDS OF MALVERN PRIORY

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Statement of cash flows
for the year ended 31 December 2023
Note 2023 2022
Cash flows from operating activities £ £ £ £
Net cash used in operations 15 (123,395) 223
Cash flows from investing activities
Dividends and interest from investments 27,723 24,792
Proceeds from sale of investments 369,149 52,640
Purchase of investments (209,855) (48,722)
Net cash provided by investments 187,017 28,710
Change in cash and cash equivalents in the
reporting period 63,622 28,933
Cash and cash equivalents at the beginning of 62,781 33,848
the reporting period
Cash and cash equivalents at the end of the
reporting period 15 126,403 62,781
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THE FRIENDS OF MALVERN PRIORY

Notes to the Financial Statements for the year ended 31 December 2023

1. STATEMENT OF RESPONSIBILITIES OF THE TRUSTEES

The Trustees are responsible for preparing the Report of the Friends and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the trustees to prepare accounts for each financial period which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources of the Charity for that period.

• In preparing these accounts, the Trustees are required to:

select suitable accounting policies and then apply them consistently;

observe the methods and principles in the Charities SORP;

make judgements and estimates that are reasonable and prudent;

state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation.

The Trustees are responsible for keeping accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the accounts comply with the Charitles Act 2011, the Charity (Accounts Reports) Regulations 2008 and trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the Trustees are aware:

there is no relevant audit information of which the Charity’s auditors are unaware; and The Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that Information. ACCOUNTING POLICIES ;

2. ACCOUNTING POLICIES

CHARITY INFORMATION

The Friends of Malvern Priory is an unincorporated charity registered in England & Wales (charity number 503383). The principal address is Parish Office, Church Street, Great Malvern, WR14 2AY.

ACCOUNTING CONVENTION

The accounts have been prepared in accordance with the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2019). The Charity is a Public Benefit Entity as defined by FRS 102.

The accounts are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.

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The accounts have been prepared on the historical cost convention as modified to include the revaluation of investments at market value. The principal accounting policles adopted are set out below.

GOING CONCERN

At the time of approving the accounts, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees' continue to adopt the going concern basis of accounting in preparing the accounts.

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THE FRIENDS OF MALVERN PRIORY

Notes to the Financial Statements for the year ended 31 December 2023

CHARITABLE FUNDS

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the accounts.

DONATIONS, GIFTS and LEGACIES

Donations, gifts and legacies are included in the period in which they are receivable, which is when the Charity becomes entitled to the resource. Those items not received at the balance sheet date are included in debtors.

INVESTMENT INCOME

Income from investments is included in the Statement of Financial Activities (SOFA) in the period in which it is receivable.

RESOURCES EXPENDED

Resources expended are recognised in the period in which they are incurred. Resources expended include attributable VAT which cannot be recovered. Those items not settled at the balance sheet date are included in creditors. Grants are approved by the Trustees in principal but are not payable until the expenditure has been incurred by Malvern Priory PCC and are included in the SOFA at that point. Governance costs represent costs, attributable to the management of the Charity’s assets, organisational administration and compliance with constitutional and statutory requirements. They are allocated to funds by relevance of the underlying expense.

GRANT MAKING POLICIES

The Restricted Funds

Grants are only made for the preservation and beautification of the fabric of the building.

The Endowment Funds

Endowment funds are to be held as capital and the income generated from them to be used for purposes as specified by the donor. The Eglington Bequest funds may be used a) for the provision of glass doors at the Priory North West main entrance b) as a permanent endowment of the residual capital with any income allocated for the maintenance of Priory stonework and stained glass.

The General Funds

All grants paid out are requested by Malvern Priory PCC and approved by the Council of The Friends.

FIXED ASSET INVESTMENTS

Fixed asset investments are included at market value at the balance sheet date. Any gain or loss on revaluation is taken to the SOFA.

STOCK

Stock is valued at the lower of cost and net realisable value. ;

CASH AND CASH EQUIVALENTS

Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

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THE FRIENDS OF MALVERN PRIORY

Notes to the Financial Statements

for the year ended 31 December 2023

FINANCIAL INSTRUMENTS

The Charity has elected to apply the provisions of Section 11 ‘Basic Financial instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised when the Charity becomes party to the contractual provisions of the instrument.

Financial assets are offset, with the net amounts presented in the accounts when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic Financial Assets

Basic financlal assets, which include trade and other receivables and cash and bank balances, are Initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method.

Basic Financial Llabllities

Basic financial liabllities, including trade and other payables, are initially recognised at transaction price.

Derecognition of Financial Liabilities

Financial liabilities are derecognised when the Charity's contractual obligations expire or are discharged or cancelled.

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|||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---| |Notes|to|the|Financial|Statements| |for the year ended 31 December 2023|2023|2022| |3.|DONATIONS AND|LEGACIES|Unrestricted|Restricted|Endowment|Total|Total| |£|£|£|£|£| |Subscriptions|4,255|-|.|4,255|3,730| |Donations|3,341|1,085|-|4,426|29,084| |Gift Ald|on|Subscriptions|& Donations|4,393|122|:|4,645|1,710| |Legacies|;|-|-|:|-|-| |8,989|1,207|-|10,196|34,524| |31|December 2022|5,606|28,918|-|34,524| |2023|2022| |4,|\NVESTMENT INCOME|Unrestricted|Restricted|Endowment|Total|Total| |£|£|£|£|£| |Dividends|and|interest on|listed|investments|2,052|20,298|.|22,350|24,595| |Interest on cash|deposits|17|5,356|-|§,373|197| |2,069|25,654|-|27,723|24,792| |31|December 2022|1,631,|23,164|os|24,792| |2023|2022| |5.|EXPENDITURE|Unrestricted|Restricted|Endowment|Total|Total| |£|£|£|£|£| |Net|incoming|(resources|expended)/resources|are|stated|after| |charging:| |Audit|remuneration|216|986|-|4,182|985| |31|December 2022|180|805|-|985| |6.|RAISING|FUNDS|2023|2022| |Unrestricted|Restricted|Endowment|Total|Total| |£|£|£|£|£| |Function|costs|2,194|-|”|2,194|2,819| |Guide|books|4,900|-|-|4,900|748| |Shop cost|of sales|24,194|-|-|24,194|21,068| |31,288|-|:|31,288|24,636| |31|December 2022|24,635|-|-|24,635| |2023|2022| |7.|GRANTS PAYABLE|Unrestricted|Restricted|Total|Total| |All|grants are|payable to|Malvern|Priory PCC.|£|£|£|£| |Contribution|from|Shop Trading|13,000|-|13,000|10,000| |St Anne's Chapel|Roof|-|35,320|35,320|66,562| |Creation|Window|-|86,612|68,612| |Window Leaflets|-|-|-|210| |Candlestand|repair|-|-|-|176| |Noticeboard|-|-|“|686| |43,000|101,932|114,932|77,634| |34|December 2022|11,072|66,562|17,634| |Malvern|Priory PCC|is|a|related|party|as|described|in|the|report|of the|Trustees|

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Notes to the Financial Statements for the year ended 31 December 2023

the	year endedended 31 December 2023
				2023	2022
8.	GOVERNANCECOSTS	Unrestricted	Restricted	Total	Total
		£	£	£	£
	Secretarial expenses	299	“	299	550
	Auditors fees	216	966	1,182	985
	Fee charges (Investments)	-	734	734	4,388
	Shop Expenses	797	“	797	344
	Insurance	290	.	290	274
	Marketing Costs	187	10	197	429
		1,789	1,710	3,499	6,970
	31December2022	1,561	5,409	6,970

1. TRUSTEES AND RELATED PARTIES: None of the Trustees (or any person connected with them) recelved any remuneration. Trustees were reimbursed for expenses incurred on behalf of the Friends tn the total sum of £477 (2022 - £387). Donations totalling £80 (2022 - £40 ) were received from Trustees and Related Partles during the course of the year.

10.	LISTED INVESTMENTS ~INVESTEC MANAGED		2023				2022
			£				£
	Balance broughtforward 01.01.23 Additions Disposals Revaluations Profit (Loss) on Disposal		Restricted 350,197 9,855 (369,149) 9,097				Restricted 393,779 48,723 (52,639) (40,197) 531
	Balance carried forward 31.12.23		-				350,197
	Cost		-				334,118
	Fixed assetInvestments atmarketvaluecomprised:		2023				2022
	Book	Cost	Value	%		Book Cost	Value	%
	£		£			£	£
	UKfixed Interest securities	-	-		-	12,459	9,758	2.8%
	UKequities	-	-		-	42,986	49,954	14.3%
	Overseas Fixed Interest	-	.		-	20,519	17,256	4.9%
	North American equities	-	-		-	62,074	63,445	18.1%
	Far East&Australasian equities	-	.		-	32,753	27,527	7.8%
	International equities	.	.		.	86,802	100,815	28.8%
	UK Property	-	-		-	17,883	14,970	4.3%
	Alternative Assets Emerging Economies European equities	- . -	. - -		- - -	39,234 9,541 9,867	42,239 9,819 14,414	12.1% 2.8% 41%
		.	.		-	334,118	350,197	100%

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THE FRIENDS OF MALVERN PRIORY

Notes to the Financial Statemonts for the year ended 31 December 2023

:

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||||||||||| |---|---|---|---|---|---|---|---|---|---| |40.|LISTED INVESTMENTS -—CCLA|2023|2022| |cont'd|£|£|£|£|£| |Unrestricted|Restricted|Endowment|Total|Total| |Balance|brought forward|01.01.23|51,522|134,116|342,259|527,897|609,067| |Additions|-|200,000|-|200,000|-| |Disposals|.|-|.|-|-| |Revaluations|5,145|20,025|34,180|59,350|(81,170)| |Profit|(Loss)|on|Disposal|-|-|:|-|-| |Balance|carried|forward|31.12.23|56,667|354,141|376,439|787,247|527,897| |Cost|54,000|348,000|350,000|752,000|552,000| |CCLA|Investments|comprise COIF|Charities|Ethical|Investment|Fund|-|Income|Units| |Units|held|2023|18,826.39|117,654.87|125,062.53|261,543.79| |2022|18,826.39|49,006.55|125,062.53|192,895.47| |LISTED|INVESTMENTS — TOTAL|2023|2022| |£|£| |Balance|brought forward|01.01.23|878,004|1,002,845| |Additions|209,855|48,723| |Disposals|(369,149)|(52,639)| |Revaluations|59,350|(121,366)| |Profit|(Loss) on|Disposal|9,097|531| |Balance|carried|forward|31.12.23|787,247|878,094| |Cost|752,000|886,118| |2023|2022| |11.|DEBTORS|Unrestricted|Restricted|Total|Total| |£|£|£|£| |HMRC|Gift Ald|1,389|120|1,509|1,710| |1,389|120|1,509|1,710| |12,|CREDITORS:|AMOUNTS|FALLING|2023|2022| |DUE WITHIN|1 YEAR|Unrestricted|Restricted|Total|Total| |£|£|£|£| |Audit|accrual|198|885|1,083|985| |Grant to|Great Malvern|Priory PCC|8,000|-|8,000|39,930| |Expenses|24|“|24|351| |8,222|885|9,107|41,266| |43.|FINANCIAL INSTRUMENTS|2023|2022| |£|£| |Investmenis|measured|at|fair value| |through|the Statement of Financial|Activities|787,247|878,094|

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THE FRIENDS OF MALVERN PRIORY

Notes to the Financial Statements

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for the year ended 31 December 2023

14	ALLOCATION OF CHARITY NETASSETS	ALLOCATION OF CHARITY NETASSETS	ALLOCATION OF CHARITY NETASSETS
	The net assets held	for various funds are	as follows:-
			Fixed Asset	Net Current		2023
			Investments	Assets		Total
			£	£		£
	Restricted Funds:	Martin Radford Bequest	246,365	79,062		325,427
		Eglington Bequest	6,840	30,967		37,807
		Window	100,936	(18,272)		82,664
	Endowment Fund	Eglington Bequest	376,439	-		376,439
	Unrestricted Funds:-General Fund		56,667	39,894		96,561
			787,247	131,651		918,898
					,
			Fixed Asset	Net Current		2022
			Investments	Assets		Total
			£	£		£
	Restricted Funds:-	MartinRadford Bequest	386,322	(49,955)		336,367
		Eglington Bequest	6,219	15,710		21,929
		Window	91,771	43,490		135,261
	EndowmentFund	Eglington Bequest	342,259	-		342,259
	Unrestricted Funds:~ General Fund		51,523	25,901		77,424
			878,094	35,146		913,240

• 14a. UNRESTRICTED FUNDS

The Unrestricted Funds are retained as necessary to cover working capital.

14b. RESTRICTED FUNDS

RESTRICTED FUNDS
	Balance	Incoming	Resources	Galns (Loss)	Balance
	01.01.23	Resources	Expended	oninvestments	31.12.23
	bif				cif
	£	£	£	£	£
Martin Radford Bequest	336,366	6,745	(37,020)	19,336	325,427
Eglington Bequest	21,930	15,256	-	621	37,807
Window Fund	135,261	4,860	(66,622)	9,165	82,664
	493,557	26,861	(103,642)	29,122	445,898
	Balance	Incoming	Resources	Losson	Balance
	01.01.22	Resources	Expended	investments	31.12.22
	b/f				cif
	£	£	£	£	£
Martin Radford Bequest	444,040	9,304	(71,755)	(45,220)	336,366
Eglington Bequest	11,901	10,985	-	(956)	21,930
Window Fund	117,795	31,793	(216)	(14,111)	135,261
	573,736	52,079	(71,971)	(60,287)	493,557
The Friends ofMalvern Priorywasbequeathed a share ofthe residueoftheestateofMartin Radfordwhodiedon 30 January1982.Thefundsarerestricted inthattheycanonlybe usedforthepreservationand beautification ofthe fabricofthechurch.

For details of the Eglington Bequest see Note 14c.

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THE FRIENDS OF MALVERN PRIORY

Notes to the Financial Statements for the year ended 31 December 2023

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|||||||| |---|---|---|---|---|---|---| |14c.|ENDOWMENT|FUNDS| |Balance|Incoming|Resources|Gain(Loss)|Balance| |01.01.23|Resources|Expended|on|31.12.23| |bf|Revaluation|clf| |£|£|£|£|£| |Eglington|Bequest|342,259|-|-|34,180|376,439| |342,259|-|-|34,180|376,439| |Balance|incoming|Resources|Loss|on|Balance| |01.01.22|Resources|Expended|investments|31.12.22| |b/f|off| |£|£|£|£|£| |Eglington|Bequest|394,885|~|-|(52,626)|342,259| |394,885|-|-|(52,626)|342,259|

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In April 2019 the Charity received an Endowment legacy of £350,000 from the estate of Charles Eglington. The capital funds, known as The Eglington Bequest, remain invested in CCLA Charitles Ethical Investment Fund. The Bequest is to be used: a) for the provision of glass doors at the North West main entrance to Great Malvern Priory; and b) the residue of the total bequest is to be treated as permanent endowment in a fund whose Income is restricted for the maintenance of the stonework and stained glass of Great Malvern Priory.

15. RECONCILIATION OF NET (EXPENDITURE)INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

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||||||||| |---|---|---|---|---|---|---|---| |2023|2022| |Net Income for the reporting period (per SOFA)|5,659|(133,325)| |Adjustments|for:| |Unrealised|losses/(gains)|on|Investec managed|Investments|-|40,197| |Unrealised|losses/(gains)|on CCLA|managed|Investments|(59,350)|81,170| |Dividends,|interest and|rents from|investments|(27,723)|(24,792)| |Realised|losses/(gains)|on|the|sale|of investments|(9,097)|(531)| |(Increase)/decrease|in|stocks|(926)|(50)| |(Increase)/decrease|in|debtors|201|1,274| |Increase/(Decrease)|In|creditors|(32,158)|36,280| |Net cash used In operations|(123,395)|223| |Analysis|of cash and|cash|equivalents| |Cash|in|hand|and|realisable|investments|126,402|62,781| |Total|cash and cash|equivalents|126,402|62,781|

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The relevant circumstances requiring disclosure in accordance with the requirements of APB Ethical Standards — Provisions Available for Small Entitles are that, in common with many charities of our size and nature, we use our auditors to assist with the preparation of the accounts.

1. AUDITORS’ ETHICAL STANDARDS