## **THE FRIENDS OF MALVERN PRIORY** ## **(Registered Charity Number 503383)** ## **Financial Statements for the year ended** ## **31 December 2024** **KENDALL WADLEY LLP Chartered Accountants MALVERN WORCESTER** ## **THE FRIENDS OF MALVERN PRIORY** ## **Financial Statements for the year ended** ## **31 December 2024** ## **Contents** Page 1 Reference and administration information - 2-5 Report of the Trustees - 6-9 Auditors' Report - 10 Statement of Financial Activities 11 Balance Sheet - 12 Statement of Cash Flows - 13-21 Notes to the Financial Statements **Page 1** **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 (retired June 2024) Dr D.R.P. Guy Churchwarden N.J. Paulley Churchwarden Mrs H.M. Wall J.F. Wray **Other Trustees** Mrs M.E. Campbell Mrs J.M.I. Hill Mrs R.J. Nixon R.W.B. Sutton A. Vines Mrs M.E. Weatherill **PRINCIPAL OFFICE** Church House Church Street Great Malvern WR14 2AY **AUDITORS** Kendall Wadley LLP Granta Lodge 71 Graham Road Great Malvern WR14 2JS **BANKERS** Barclays Bank Plc 54 High Street Worcester WR1 2QQ **INVESTMENT MANAGERS** CCLA Investment Management One Angel Lane London EC4R 3AB **Page 2** ## **THE FRIENDS OF MALVERN PRIORY** ## **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 2024. ## 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. **Page 3** ## **THE FRIENDS OF MALVERN PRIORY** ## **REPORT OF THE TRUSTEES (Cont'd)** ## Public Benefit: Achievement & Performance For the first three months of 2024, visitors were limited to looking around only the east end of the Priory building because the west end was closed whilst the nave floor was levelled. In furtherance of the charity's first object of educating the public about the Priory and fostering public interest in the building, 2024 again saw the continued provision of Saturday morning guided tours throughout the last nine months of the year as well as a tour guide to answer questions on an ad-hoc basis on at least one afternoon per week. Also in pursuance of the first object of the charity, an audience of 180 at the annual Heritage and Faith lecture in October heard Karen Slade talk about The Medieval Tiles at Malvern Priory. 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 final payment of £6.0k was made to the PCC making a final total of £72.6k paid by the Friends towards the total cost of £112.4k for the cleaning and conservation of the Creation Window in St. Anne’s Chapel. There was a refund of £7.3k relating to the cost of repairing the roof of St. Anne's Chapel, making a final total of £94.6k paid by the Friends towards the total cost of £125.6k. The PCC did not make any new maintenance grant requests in 2024 as a result of the quinquennial inspection carried out in November 2023. The Friends' Shop in the Priory made a record surplus of £20.0k (2023: £13.0k), which was granted to the PCC (see financial note 7); this was achieved in just nine months due to the church being closed from January to March. This significant increase in activity was due to the Shop having been open for perhaps as much as 30% more hours per week due to an increase in the number of volunteers; also pricing had generally been bolder; and there had been more stock on display and it had been well displayed; and customers were probably more likely to spend more when paying by card rather than with cash. Just as importantly as the financial success, the Shop volunteers continued to provide a welcoming presence to visitors. Also, inter alia, 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, and to 9,562 in 2024; and the average number of pages viewed per visit increased from 2.8 to 3.5 over this period. The number of followers of the Facebook page increased from 240 to 271 in 2024. During 2024, the number of members of The Friends increased from 324 to 335. **Page 4** ## **THE FRIENDS OF MALVERN PRIORY** ## **REPORT OF THE TRUSTEES (Cont'd)** ## Financial Review During the year income exceeded expenditure by £40,346 (2023 - expenditure exceeded income by £62,789) prior to investment gains of £23,882 (2023 -£68,448). This provided a positive movement in funds of £64,228 (2023 - positive movement £5,659). The restricted funds made realised investment gains in the period of £8,106 (2023 - gain £9,097). Dividends and treasury interest received in the period amounted to £19,985 (2023 - £22,350) and bank interest of £6,578 was received (2023 - £5,373). At 31 December 2024, unrestricted (general) funds £109,923 (2023 - £96,561). Restricted funds £485,344 (2023 - £445,898). Endowment funds £387,859 (2023 - £376,439). Total resources £983,126 (2023 - £918,898). ## 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 the Fixed Asset Investments managed by CCLA, were switched from the COIF Ethical Investment Fund to the COIF Global Equities Fund, past performance suggesting that a better long term total return could be expected. (see Note 10). ## 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. **Page 5** **THE FRIENDS OF MALVERN PRIORY** ## **REPORT OF THE TRUSTEES (Cont'd)** ## Plans for Future Periods It is expected that the PCC will be looking to the Friends to make a significant grant in support of the current Priory Development Plan; and as this evolves, the Trustees are expecting to raise further funds in due course for the conservation of more medieval stainedglass windows and their surrounding stonework. ## 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 Mrs A.E. Eglington, Chairman D.R. Valentine, Hon. Treasurer Date: 29 April 2025 **Page 6** **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 2024 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 2024 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. ## Basis 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 described in 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. **Page 7** ## **THE FRIENDS OF MALVERN PRIORY** ## **Auditors' Report to The Friends of Malvern Priory** 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. ## Matters on which we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion: - the information given in the accounts is inconsistent in any material respect with the Trustees' Report; or - sufficient accounting records have not been kept; or - the accounts are not in agreement with the accounting records; or - we have not received all the information and explanations we require for our audit. ## Responsibilities of Trustees As explained more fully in the Statement of Trustees' Responsibilities, the Trustees are responsible for the preparation of the accounts which give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of accounts that are free from material misstatement, whether due to fraud or error. In preparing the accounts, the Trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or cease operations, or have no realistic alternative but to do so. ## Auditors' responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. **Page 8** **THE FRIENDS OF MALVERN PRIORY** ## **Auditors' Report to The Friends of Malvern Priory** Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below: Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, was as follows: - an understanding of the risk assessment process (including the assessment of the risk of fraud) adopted by the Trustees is obtained and their attitude to risk ascertained. - an assessment of the susceptibility to material mis-statement of the financial statements as a result of management over- ride or fraud is made. - it is ensured that the engagement team have, collectively, the appropriate competence, capabilities and skills to be involved in the assignment, are fully briefed and understand the risks specific to the charity. - processes to test the outcomes of our assessment include, a review of Board minutes, analytical review, substantive testing of significant transactions, work to identify unusual or unexpected accounting entries including the testing of journal entries, information disclosed in the financial statements is traced to supporting documentation. In all instances it is acknowledged that material mis-statements that arise from fraud may involve deliberate concealment or collusion and are, therefore, by their very nature harder to detect than those arising from error. - an understanding of the legal and regulatory framework as applicable to the charity is obtained together with knowledge of the procedures put in place by the charity in order to comply with the same. - it is established if there have been any instances of non-compliance with applicable laws and regulations, none were identified for this period. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/Our- Work/Audit/Auditand-assurance/Standards-andguidance/Standards-and-guidance-forauditors/Auditors-responsibilities-foraudit/Description-of-auditorsresponsibilities-for-audit.aspx. This description forms part of our auditor’s report. **Page 9** ## **THE FRIENDS OF MALVERN PRIORY** ## **Auditors' Report to 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: 30 April 2025 Kendall Wadley LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006. **Page 10** ## **THE FRIENDS OF MALVERN PRIORY** ## **Statement of Financial Activities for the year ended 31 December 2024** |**Note**
**INCOME AND ENDOWMENTS FROM:**
Donations and legacies
**3**
Other trading activities
Functions
Guide books, CDs and bookshop sales
Church Tours
Investment income
**4**
**Total**
**EXPENDITURE ON:**
Raising funds
**6**
Charitable activities
Grants payable
**7**
Governance costs
**8**
**Total**
**Net income/(expenditure) prior to investments**
Net gains/(losses) on investments
**10**
**Net income/(expenditure)**
**being the net movement in funds**
Total funds at 1 January 2024
**Total funds at 31 December 2024**
**14**
**Note**
**INCOME AND ENDOWMENTS FROM:**
Donations and legacies
**3**
Other trading activities
Functions
Guide books and bookshop sales
Church Tours
Investment income
**4**
**Total**
**EXPENDITURE ON:**
Raising funds
**6**
Charitable activities
Grants payable
**7**
Governance costs
**8**
**Total**
**Net income/(expenditure) prior to investments**
Net gains/(losses) on investments
**10**
**Net income/(expenditure)**
**being the net movement in funds**
Total funds at 1 January 2023
**Total funds at 31 December 2023**
**14**
**Comparative position**|**Unrestricted**
**Restricted**
**Endowment**
**Funds**
**Funds**
**Funds**
**2024**
**£**
**£**
**£**
**7,358**
**3,613**
**-**
**10,971**
**4,035**
**-**
**-**
**4,035**
**47,741**
**-**
**-**
**47,741**
**1,200**
**-**
**-**
**1,200**
**1,927**
**24,636**
**-**
**26,563**| |---|---| ||**62,261**
**28,249**
**-**
**90,510**| ||**28,462**
**-**
**-**
**28,462**
**20,000**
**(1,340)**
**-**
**18,660**
**2,156**
**886**
**-**
**3,042**| ||**50,618**
**(454)**
**-**
**50,164**| ||**11,643**
**28,703**
**-**
**40,346**
**1,719**
**10,743**
**11,420**
**23,882**| ||**13,362**
**39,446**
**11,420**
**64,228**
**96,561**
**445,898**
**376,439**
**918,898**| ||**109,923**
**485,344**
**387,859**
**983,126**| ||**Unrestricted**
**Restricted**
**Endowment**
**Funds**
**Funds**
**Funds**
**2023**
**£**
**£**
**£**
8,989
1,207
-
10,196
4,292
-
-
4,292
43,226
-
-
43,226
1,493
-
-
1,493
2,069
25,654
-
27,723
**for last year**| ||**60,069**
**26,861**
**-**
**86,930**| ||31,288
-
-
31,288
13,000
101,932
-
114,932
1,789
1,710
-
3,499| ||**46,077**
**103,642**
**-**
**149,719**| ||13,992
(76,781)
-
(62,789)
5,145
29,122
34,180
68,448| ||**19,137**
**(47,659)**
**34,180**
**5,659**
77,424
493,557
342,259
913,240| ||**96,561**
**445,898**
**376,439**
**918,898**| **Page 11** ## **THE FRIENDS OF MALVERN PRIORY** |**THE FRIENDS OF MALVERN PRIORY**|||||**Page 11**| |---|---|---|---|---|---| |**Balance Sheet**|||||| |**as at 31 December 2024**|||||| ||||£||£| ||**Note**||**2024**||2023| |**FIXED ASSETS**|||||| |Investments|**10**||**811,129**||787,247| |**CURRENT ASSETS**|||||| |Stock||14,728||12,847|| |Debtors|**11**|8,751||1,509|| |Investments (CCLA Deposit Fund)||162,168||105,605|| |Cash at Bank and In Hand||545||20,797|| |||**______**||______|| |||**186,192**||140,758
|| |Creditors:|||||| |Amounts falling due within one year|**12**|**14,195**||9,107|| |||**______**||______|| |**NET CURRENT ASSETS**|||**171,997**||131,651| ||||**______**||______| |**NET ASSETS**|||**983,126**||918,898| ||||**_______**||_______| |**FUNDS**|||||| |Unrestricted|**14a**||**109,923**||96,561| |Restricted|**14b**||**485,344**||445,899| |Endowment|**14c**||**387,859**||376,438| ||||**_______**||_______| ||||**983,126**||918,898| ||||**_______**
~~-~~||_______
~~-~~| Approved by the Trustees on 29 April 2025 and signed on their behalf by: .................................................. Mrs A.E. Eglington, Chairman of The Friends of Malvern Priory ou .................................................. D.R.Valentine, Hon. Treasurer ## CHARITY No. 503383 The notes on pages 13 to 20 form part of these financial statements. **Page 12** ## **THE FRIENDS OF MALVERN PRIORY** |**THE FRIENDS OF MALVERN PRIORY**|||**Page 12**|**Page 12**| |---|---|---|---|---| |**Statement of cash flows**
**for the year ended 31 December 2024**
**Cash flows from operating activities**
**_Net cash used in operations_**
**Cash flows from investing activities**
Dividends and interest from investments
Proceeds from sale of investments
Purchase of investments
**_Net cash provided by investments_**
**_Change in cash and cash equivalents in the_**
**_reporting period_**
**Cash and cash equivalents at the beginning of**
**the reporting period**
**_Cash and cash equivalents at the end of the_**
**_reporting period_**|**Note**
**15**
**15**|**£**
**£**
**9,748**
**26,563**
**805,267**
**(805,267)**
**26,563**
**36,311**
**126,402**
**162,713**
**2024**|£
£
(123,395)
27,723
369,149
(209,855)
187,017
63,622
62,781
126,402
2023|| |||||| |||||63,622
62,781| |||||126,402| **Page 13** ## **THE FRIENDS OF MALVERN PRIORY** ## **Notes to the Financial Statements for the year ended 31 December 2024** ## **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 Charities 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. **Page 14** **THE FRIENDS OF MALVERN PRIORY** ## **Notes to the Financial Statements for the year ended 31 December 2024** ## **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 £1. The accounts have been prepared on the historical cost convention as modified to include the revaluation of investments at market value. The principal accounting policies 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 and that there are no material uncertainties about its ability to continue. Thus the Trustees' continue to adopt the going concern basis of accounting in preparing the accounts. ## 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. 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. 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. **Page 15** ## **THE FRIENDS OF MALVERN PRIORY** ## **Notes to the Financial Statements for the year ended 31 December 2024** ## INVESTMENT INCOME Income from investments is included in the Statement of Financial Activities (SOFA) in the period in which it is receivable. ## EXPENDITURE Expenditure is recognised in the period in which it is incurred. Expenditure includes 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 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. The Friends has a policy to invest surplus current account funds with CCLA, either in a Deposit Investment Fund (cash investment fund - Current Asset) or in a Fixed Asset Investment Fund if the funds are not expected to be required in the short/medium term. Notes to the Financial Statements for the year ended 31 December 2024 **Page 16** ## **THE FRIENDS OF MALVERN PRIORY** ## **Notes to the Financial Statements for the year ended 31 December 2024** ## 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 financial 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 Liabilities_ Basic financial liabilities, 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. ## _Critical Accounting Estimates and Judgements_ In the application of the charity's accounting policies, the Trustees are required to make judgement estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. **Page 17** ## **THE FRIENDS OF MALVERN PRIORY** **Notes to the Financial Statements for the year ended 31 December 2024** |**3.**
**DONATIONS AND LEGACIES**
**Unrestricted**
**Restricted**
**Endowment**
**£**
**£**
**£**
Subscriptions
**4,110**
**-**
**-**
Donations
**2,116**
**1,301**
**-**
Gift Aid on Subscriptions & Donations
**1,132**
**312**
**-**
Legacies
**-**
**2,000**
**-**
**_____**
**_______**
**_______**
**7,358**
**3,613**
**-**
_____
_______
_______
31 December 2023
8,989
1,207
-
_____
_____
_____
**4.**
**INVESTMENT INCOME**
**Unrestricted**
**Restricted**
**Endowment**
**£**
**£**
**£**
Dividends and interest on listed investments
**1,439**
**18,546**
**-**
Interest on cash deposits
**488**
**6,090**
**-**
_____
______
______
**1,927**
**24,636**
**-**
_____
______
______
31 December 2023
2,069
25,654
-
_____
_____
_____
**5.**
**EXPENDITURE**
**Unrestricted**
**Restricted**
**Endowment**
**£**
**£**
**£**
Net incoming (resources expended)/resources are stated after
charging:
Audit remuneration
**198**
**885**
**-**
**___**
**___**
**___**
31 December 2023
216
966
-
____
____
____
**6.**
**RAISING FUNDS**
**Unrestricted**
**Restricted**
**Endowment**
**£**
**£**
**£**
Function costs
**2,050**
**-**
**-**
Guide books
**865**
**-**
**-**
Shop cost of sales
**25,547**
**-**
**-**
**_____**
**_____**
**_____**
**28,462**
**-**
**-**
**_____**
**_____**
**_____**
31 December 2023
31,288
-
-
_____
_____
**7.**
**GRANTS PAYABLE**
**Unrestricted**
**Restricted**
All grants are payable to Malvern Priory PCC.
**£**
**£**
Contribution from Shop Trading
**20,000**
**-**
St Anne's Chapel Roof
**-**
**(7,307)**
Creation Window
**-**
Window Leaflets
**-**
**5,967**
______
______
**20,000**
**(1,340)**
______
______
**13,000**
**101,932**
_____
______
Legacies were received from the estate of Liz Adams in the sums of £1,000 for the use of the choir
and £1,000 for the window restoration project.|**2024**
2023
**Total**
Total
**£**
£
**4,110**
4,255
**3,417**
4,426
**1,444**
1,515
**2,000**
-
**_______**
_______
**10,971**
10,196
_______
_______
10,196
_____
**2024**
2023
**Total**
Total
**£**
£
**19,985**
22,350
**6,578**
5,373
______
______
**26,563**
27,723
______
______
27,723
_____
**2024**
2023
**Total**
Total
**£**
£
**1,083**
1,182
**___**
___
1,182
_____
**2024**
2023
**Total**
Total
**£**
£
**2,050**
2,194
**865**
4,900
**25,547**
24,194
**_____**
_____
**28,462**
31,288
**_____**
_____
31,288
_____
**2024**
2023
**Total**
Total
**£**
£
**20,000**
13,000
**(7,307)**
35,320
**-**
66,612
**5,967**
-
______
______
**18,660**
114,932
______
______
**114,932**
______| |---|---| Malvern Priory PCC is a related party as described in the report of the Trustees. **Page 18** ## **THE FRIENDS OF MALVERN PRIORY** ## **Notes to the Financial Statements** **for the year ended 31 December 2024** |**8.**
**GOVERNANCE COSTS**
**Unrestricted**
**Restricted**
**Endowment**
**£**
**£**
**£**
Secretarial expenses
**459**
**-**
**-**
Auditors fees
**198**
**886**
**-**
Fee charges (Investments)
**-**
**-**
**-**
Shop Expenses
**842**
**-**
**-**
Insurance
**307**
**-**
**-**
Marketing Costs
**350**
**-**
**-**
**____**
**____**
**____**
**2,156**
**886**
**-**
____
____
____
31 December 2023
1,789
1,710
-
_____
_____
_____|**2024**
2023
**Total**
Total
**£**
£
**459**
299
**1,084**
1,182
**-**
734
**842**
797
**307**
290
**350**
197
**_____**
_____
**3,042**
3,499
_____
_____
3,499
_____| |---|---| ## **9. TRUSTEES AND RELATED PARTIES:** None of the Trustees (or any person connected with them) received any remuneration. Two trustees were reimbursed for governance expenses incurred on behalf of the Friends in the total sum of £1,057 (2023 - £477). Donations totalling £245 (2023 - £80 ) were received from Trustees and Related Parties during the course of the year. ## **10. LISTED INVESTMENTS – CCLA** Investments are held and managed by CCLA. Until 7 March 2024 comprised COIF Charities Ethical Investment Fund - Income Units when they were switched to comprise COIF CharitiesGlobal Equity Fund - Income Units |**Ethical Investment Fund Units**
**£**
**Unrestricted**
Balance brought forward 01.01.24
**56,667**
Additions
**-**
Disposals
**-**
Revaluations
**-**
Profit (Loss) on Disposal
**1,297**
**_______**
Balance carried forward 07.03.24
**57,965**
**________**
Original Cost
**54,000**
**________**
**Units held**
**2024**
**18,826.39**
2023
18,826.39
**Global Equity Fund Units**
**£**
**Unrestricted**
Balance brought forward 07.03.24
**57,965**
Additions
**-**
Disposals
**-**
Revaluations
**422**
Profit (Loss) on Disposal
**-**
**_______**
Balance carried forward 31.12.24
**58,387**
**________**
Cost
**57,965**
**________**
CCLA Investments
**Units held**
**2024**
**19,810.8521**|**£**
**£**
**Restricted**
**Endowment**
**354,141**
**376,438**
**-**
**-**
**-**
**-**
**-**
**8,106**
**8,617**
**_______**
**_______**
**362,248**
**385,055**
**________**
**________**
**348,000**
**350,000**
**________**
**________**
**117,654.87**
**125,062.53**
117,654.87
125,062.53
**£**
**£**
**Restricted**
**Endowment**
**362,248**
**385,055**
**-**
**-**
**-**
**2,637**
**2,803**
**-**
**-**
**_______**
**_______**
**364,885**
**387,858**
**________**
**________**
**362,248**
**385,055**
**________**
**________**
**123,807.2334**
**131,602.2501**|**2024**
**£**
**Total**
**787,247**
**-**
**-**
**-**
**18,020**
**_______**
**805,267**
**_______**
**752,000**
**_______**
**261,543.79**
**2024**
**£**
**Total**
**805,267**
**-**
**-**
**5,862**
**-**
**_______**
**811,129**
**_______**
**805,267**
**_______**
**275,220.3356**|2023
£
Total
527,897
200,000
-
59,350
-
_______
787,247
_______
752,000
________
261,543.79| |---|---|---|---| ||||| **Page 19** ## **THE FRIENDS OF MALVERN PRIORY** **Notes to the Financial Statements for the year ended 31 December 2024** ## **10. LISTED INVESTMENTS – CCLA cont'd** |**10.**
**LISTED INVESTMENTS – CCLA**
**nt'd**|||| |---|---|---|---| |**LISTED INVESTMENTS – SUMMARY TOTAL**
Balance brought forward 01.01.24
Additions
Disposals
Revaluations
Profit (Loss) on Disposal
Balance carried forward 31.12.24
Cost
**11.**
**DEBTORS**
**Unrestricted**
**Restricted**
**£**
**£**
HMRC Gift Aid
**1,124**
**320**
Refund of Grant Overpayment
**-**
**7,307**
_____
_____
**1,124**
**7,627**
_____
_____
**12.**
**CREDITORS: AMOUNTS FALLING**
**DUE WITHIN 1 YEAR**
**Unrestricted**
**Restricted**
**£**
**£**
Audit accrual
**198**
**885**
Grant to Great Malvern Priory PCC
**7,000**
**5,967**
Expenses
**144**
**-**
_____
_____
**7,342**
**6,853**
____
_____
**13**
**FINANCIAL INSTRUMENTS**
Investments measured at fair value
through the Statement of Financial Activities|**2024**
**Total**
**£**
**1,444**
**7,307**
_____
**8,751**
_____
**2024**
**Total**
**£**
**1,083**
**12,967**
**144**
_____
**14,195**
_____
**2024**
**£**
**811,129**|**2024**
**£**
**787,247**
**-**
**-**
**5,862**
**18,020**
**_______**
**811,129**
**________**
**805,267**
**________**|2023
£
878,094
209,855
(369,149)
59,350
9,097
_______
787,247
________
752,000
________
2023
Total
£
1,509
-
_____
1,509
_____
2023
Total
£
1,083
8,000
24
_____
9,107
_____
2023
£
787,247| ||||| **Page 20** **THE FRIENDS OF MALVERN PRIORY** ## **Notes to the Financial Statements** ## **for the year ended 31 December 2024** ## **14 ALLOCATION OF CHARITY NET ASSETS** The net assets held for various funds are as follows:- |||**Fixed Asset**|**Net Current**|**2024**| |---|---|---|---|---| |||**Investments**|**Assets**|**Total**| |||**£**|**£**|**£**| |Restricted Funds:-|Martin Radford
Bequest|**303,837**|**45,600**|**349,437**| ||Eglington Bequest|**7,048**|**42,505**|**49,553**| ||Window|**53,999**|**31,357**|**85,356**| ||Priory Music||**1,000**|**1,000**| |Endowment Fund|Eglington Bequest|**387,858**|**-**|**387,859**| |Unrestricted Funds:-|General Fund|**58,387**|**51,536**|**109,923**| |||_______|______|_______| |||**811,129**|**171,997**|**983,126**| |||_______|______|_______| |||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| |||_______|______|_______| |||787,248|131,651|918,898| |||_______|______|_______| ## **14a. UNRESTRICTED FUNDS** The Unrestricted Funds are retained as necessary to cover working capital. ## **14b. RESTRICTED FUNDS** |**RESTRICTED FUNDS**|||||| |---|---|---|---|---|---| ||**Balance**|**Incoming**|**Resources**|**Gains (Loss)**|**Balance**| ||**01.01.24**|**Resources**|**Expended**|**on investments**|**31.12.24**| ||**b/f**||||**c/f**| ||**£**|**£**|**£**|**£**|**£**| |Martin Radford Bequest|**325,427**|**10,114**|**6,421**|**7,473**|**349,435**| |Eglington Bequest|**37,807**|**11,538**|**-**|**208**|**49,553**| |Window Fund|**82,664**|**5,597**|**(5,967)**|**3,062**|**85,356**| |Music Fund|**-**|**1,000**|**-**|**-**|**1,000**| ||_______|______|______|______|_______| ||**445,898**|**28,249**|**454**|**10,743**|**485,344**| ||_______|______|______|______|_______| ||Balance|Incoming|Resources|Loss on|Balance| ||01.01.23|Resources|Expended|investments|31.12.23| ||b/f||||c/f| ||£|£|£|£|£| |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| ||_______|______|______|______|_______| The Friends of Malvern Priory was bequeathed a share of the residue of the estate of Martin Radford who died on 30 January 1982. The funds are restricted in that they can only be used for the preservation and beautification of the fabric of the church. For details of the Eglington Bequest see Note 14c. Window Fund contains the funds donated for the purpose of restoring the Priory's stained glass windows. Music Fund contains funds donated for the purpose of expenditure for the Priory Choir. **Page 21** ## **THE FRIENDS OF MALVERN PRIORY** ## **Notes to the Financial Statements for the year ended 31 December 2024** ## **14c. ENDOWMENT FUNDS** |**ENDOWMENT FUNDS**|||||| |---|---|---|---|---|---| ||**Balance**|**Incoming**|**Resources **|**Gain (Loss)**|**Balance**| ||**01.01.24**|**Resources**|**Expended**|**on**|**31.12.24**| ||**b/f**|||**Revaluation**|**c/f**| ||**£**|**£**|**£**|**£**|**£**| |Eglington Bequest|**376,439**|**-**|**-**|**11,420**|**387,859**| ||_______|______|______|______|_______| ||**376,439**|**-**|**-**|**11,420**|**387,859**| ||_______|______|______|______|_______| ||Balance|Incoming|Resources|Loss on|Balance| ||01.01.23|Resources|Expended|investments|31.12.23| ||b/f||||c/f| ||£|£|£|£|£| |Eglington Bequest|342,259|-|-|34,180|376,439| ||_______|______|______|______|_______| ||342,259
_______|-
______|-
______|34,180
______|376,439
_______| 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 Charities Ethical Investment Fund. The Bequest is to be used: - for the provision of glass doors at the North West main entrance to Great Malvern Priory; and - 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** |**_Net Income for the reporting period (per SOFA)_**
**Adjustments for:**
Unrealised losses/(gains) on CCLA managed investments
Dividends, interest and rents from investments
Realised losses/(gains) on the sale of investments
(Increase)/decrease in stocks
(Increase)/decrease in debtors
Increase/(Decrease) in creditors
**_Net cash used in operations_**
**Analysis of cash and cash equivalents**
Cash in hand and realisable investments
**Total cash and cash equivalents**||**2024**
**64,228**
**(5,862)**
**(26,563)**
**(18,020)**
**(1,879)**
**(7,243)**
**5,087**
**9,748**
**162,714**
**162,714**|2023
5,659
(59,350)
(27,723)
(9,097)
(926)
201
(32,158)| |---|---|---|---| ||||(123,393)| ||||126,403| ||||126,403|