## **THE FRIENDS OF MALVERN PRIORY** **(Registered Charity Number 503383)** ## **Financial Statements for the year ended** **31 December 2025** ## **KENDALL WADLEY LLP** **Chartered Accountants** **MALVERN WORCESTER** **THE FRIENDS OF MALVERN PRIORY** ## **Financial Statements for the year ended** ## **31 December 2025** ## **Contents** - Page 1 Reference and administration information 2 Structure, Governance and Management - 3-4 Report of the Trustees - 5 Statement of Responsibilities of the Trustees - 6 Independent Examiner's Report 7 Statement of Financial Activities 8 Balance Sheet - 9-14 Notes to the Financial Statements **Page 1** ## **THE FRIENDS OF MALVERN PRIORY** ## **REFERENCE AND ADMINISTRATIVE INFORMATION** ## **CHARITY NUMBER** **CHARITY NUMBER** 503383 **WEBSITE:** www.friendsofmalvernpriory.uk **EMAIL ADDRESS:** friends.malvernpriory@gmail.com **TRUSTEES: Principal Officers** Mrs A.E. Eglington Chairman M. Eglington Secretary D.R. Valentine Treasurer **Ex-Officio PCC Members** Rev'd Dr R. Latham Vicar (from 23/2/2025) Dr D.R.P. Guy Churchwarden N.J. Paulley Churchwarden (to 7/5/2025) P. Renger Churchwarden (from 7/5/2025) Mrs H.M. Wall J.F. Wray **Other Trustees** Mrs M.E. Campbell (to 20/1/2025) Mrs J.M.I. Hill C.M. Hooper (from 10/6/25) Mrs R.J. Nixon R.W.B. Sutton (to 10/6/25) A. Vines Mrs M.E. Weatherill Mrs B.E. Wholey (from 10/6/25) **Principal and Registered Office** Church House Church Street Great Malvern WR14 2AY **Independent Examiner** Elizabeth Needham 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 & C.O.I.F Charities Deposit Fund 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, 9th December 2020, 17th June 2021 and 10th June 2025. 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. **Page 3** ## **THE FRIENDS OF MALVERN PRIORY** ## **REPORT OF THE TRUSTEES** The Trustees present their Report and Accounts for the year ended 31 December 2025. ## **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. ## **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, 2025 saw the continued provision of Saturday morning guided tours by a member of a small team of eight guides: during the year, 250 people came on Saturday tours. In addition, 200 people came on pre-booked group tours. There was also a tour guide available 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 160 at the annual Heritage and Faith lecture in September heard Katherine Little talk about _The Medieval Misericords of Malvern Priory_ . Earlier in the year, she had published another guide book for the Priory, _Tales in Oak: The Medieval Misericords of Malvern Priory._ In 2025, nearly 300 people purchased a copy of the main guide book _Tour of Great Malvern Priory_ (also authored by Katherine Little)- a very informative and readable publication with many pictures which skilfully melds information about the heritage of the Priory with the Christian ethos which inspired its building. 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 grant of £500 was made towards the cost of repairing the Albert Memorial window which had been damaged by a pigeon in flight. 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. Lunchbox's programme of 14 fortnightly lunch-time concerts and talks in the spring and autumn attracted over 100 at most events. The Friends aims to keep in touch with its members regularly. The Chairman sends a newsletter every month to all members of the Friends with an email address, to keep them informed of Friends’ activities and events in the Priory. ||**2023**|**2024**|**2025**| |---|---|---|---| |Visits to Friends’website|5,599|9,562|14,199| |Followers of Facebook page|240|271|320| |Numbers of Members|324|335|341| The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. **Page 4** ## **THE FRIENDS OF MALVERN PRIORY** ## **REPORT OF THE TRUSTEES (Cont'd)** ## **Financial Review** During the year income exceed expenditure by £42,139 (2024 - £40,346) prior to investment losses of £47,622 (2024 - gains of £23,882). This provided a negative movement in funds of £5,483 (2024 - positive movement of £64,228). The restricted funds made realised losses in the year of £22,675 (2024 - gains of £10,743). Dividends and treasury interest received in the year amounted to £21,518 (2024 - £19,985) and bank interest of £4,489 was received (2024 - £6,578). At 31 December 2025, the Charity had unrestricted (general) funds of £127,218 (2024 - £109,923), of which £26,896 (2024 - £nil) were designated, restricted funds of £483,912 (2024 - £485,344) and endowment funds of £366,513 (2024 - £387,859). Total reserves were £977,643 (2024 - £983,126). ## _**Reserves Policy**_ It is the policy of the Charity to maintain sufficient reserves within its unrestricted funds to fund its governance ## _**Investment Policy**_ The Charity invests surplus assets not envisaged to be required for at least 12 months in funds managed by CCLA. (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. ## **Plans for Future Periods** The grants made to the PCC in 2024 and 2025 have been less than in previous years, pending the needs of the Priory Development Plan and the PCC’s Project Light & Space. The Friends has pledged up to £50,000 towards the Development phase of this project. In support of the project, the Trustees are expecting to raise further funds in due course for the conservation of more medieval stained-glass windows and their surrounding stonework. Meanwhile, it is possible that the PCC may request assistance in funding the conservation of two more medieval windows in St. Anne’s Chapel. Approved by the Trustees and signed on their behalf **----- Start of picture text -----**
_________________________
Mrs A.E. Eglington, Chairman
_________________________
D.R. Valentine, Hon. Treasurer
**----- End of picture text -----**
**Date: 21 April 2026** **Page 5** ## **THE FRIENDS OF MALVERN PRIORY** ## **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. Page e THE FRIENDSOF LVERN PRIO Inde d8nt Examlnorf$' Re rt to the Tru8tee8 of Tho Frlends of Malvern Prio I rwoil to th& Charlty truste88 on my examinalwjn ofthe accoun15 orthe Charity for the yearended 31 De￿nber 2025 whith are 8el out on p8ges 7 to 14 Respon$lbllltlo8 and bagls of rèport A8 th& Charlly's trust￿ you are r&sponstrJl8 for th& preparatlon of th8 accounts in a¢eordance wllh th8 requirem8n15 of the Charittes Act 2011 I'the ACVI. I report In re8p8Ct of my examlnatbn ol the Chadty's xcounl$ carrkd out und8r 8ecUon 145 of the A¢t and in carrying out my &xamin81ion I have followed 811 the applicabb Dire¢tion8 gwen by the Charity Ccmmission under 8e(*on 1451Sllbl of the Act. Ind8P8nd8nt examlnèrfs statoment I havè cornplet8d my examSnatlon. I confirm thal no rnaterial matters have come to my Atten￿On ITh Mnn8CtDn Mth the aX￿1fta￿0n gi￿ng m8 ¢au$g lo bglleva th81 In mat8rial rtsp6ct 1. accountlng records w8Y8 not kept in reS￿cl ofth8 Charity as Nulred by sectlon 130 01 IhgAct,' er 2. th8 accounts do not aco)rd wlth those fecDrds,' or 3. tt)e accounts (lo not com with th8 applicable r8quirotnFnts con(emlng the fom and contsnt ol accwnts set out in t I have no eonceins gnd have come acr06$ no olh8r matt8r3 In ¢onnectk)n with thè 6xamlnaUon to whlch attentlon should diawn in thls report In order to enabl8 a pr(¥J8r understanding of the accounts to be reached. Ellzabett) Ne8dh8m ACA CTAIVAD for ond on bohalf of KerKlall WadJ8y LLP charter￿ Account8nts Slatutory Auditor Granta Ledge 71 Graham Road Mafvem Worc88t8r8hlra VVR14 2JS Date: 27 Ppml 2020 **Page 7** ## **THE FRIENDS OF MALVERN PRIORY** ## **Statement of Financial Activities for the year ended 31 December 2025** |**INCOME AND ENDOWMENTS FROM:**
Donations and legacies
Other trading activities
Functions
Guide books, CDs and bookshop sales
Church Tours
Investment income
**Total**
**EXPENDITURE ON:**
Raising funds
Charitable activities
Grants payable
Governance costs
**Total**
**Net income prior to investments**
Net (losses) on investments
**Net income/(expenditure)**
**being the net movement in funds**
Total funds at 1 January 2025
**Total funds at 31 December 2025**
**INCOME AND ENDOWMENTS FROM:**
Donations and legacies
Other trading activities
Functions
Guide books and bookshop sales
Church Tours
Investment income
**Total**
**EXPENDITURE ON:**
Raising funds
Charitable activities
Grants payable
Governance costs
**Total**
**Net income prior to investments**
Net gains on investments
**Net income**
**being the net movement in funds**
Total funds at 1 January 2024
**Total funds at 31 December 2024**|**Note**
**3**
**4**
**6**
**7**
**8**
**10**
**14**
**Comparative position**|**Unrestricted**
**Restricted**
**Endowment**
**Funds**
**Funds**
**Funds**
**2025**
**£**
**£**
**£**
**6,775**
**300**
**-**
**7,075**
**4,609**
**-**
**-**
**4,609**
**73,644**
**-**
**-**
**73,644**
**989**
**-**
**-**
**989**
**3,475**
**22,532**
**-**
**26,007**| |---|---|---| |||**89,492**
**22,832**
**-**
**112,324**| |||**37,121**
**-**
**-**
**37,121**
**30,000**
**500**
**-**
**30,500**
**1,475**
**1,089**
**-**
**2,564**| |||**68,596**
**1,589**
**-**
**70,185**| |||**20,896**
**21,243**
**-**
**42,139**
**(3,601)**
**(22,675)**
**(21,346)**
**(47,622)**| |||**17,295**
**(1,432)**
**(21,346)**
**(5,483)**
**109,923**
**485,344**
**387,859**
**983,126**| |||**127,218**
**483,912**
**366,513**
**977,643**| |||**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
**for last year**| ||**Note**
**3**
**4**
**6**
**7**
**8**
**10**
**14**
|| |||**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**| **Page 8** ## **THE FRIENDS OF MALVERN PRIORY** |**Balance Sheet**
**as at 31 December 2025**
**FIXED ASSETS**
Investments
**CURRENT ASSETS**
Stock
Debtors
Investments (CCLA Deposit Fund)
Cash at Bank and In Hand
Creditors:
Amounts falling due within one year
**NET CURRENT ASSETS**
**NET ASSETS**
**FUNDS**
Unrestricted
Restricted
Endowment|£
£
**Note**
**2025**
2024
**10**
**863,507**
811,129
14,897
14,728
**11**
9,713
8,751
108,176
162,168
12,550
545
**______**
______
**145,336**
186,192
**12**
**31,200**
14,195
**______**
______
**114,136**
171,997
**______**
______
**977,643**
983,126
**_______**
_______
**14a**
**127,218**
109,923
**14b**
**483,912**
485,344
**14c**
**366,513**
387,859
**_______**
_______
**977,643**
983,126

| |---|---| Approved by the Trustees on 21 April 2026 and signed on their behalf by: .................................................. Mrs A.E. Eglington, Chairman of The Friends of Malvern Priory .................................................. D.R.Valentine, Hon. Treasurer CHARITY No. 503383 The notes on pages 9 to 14 form part of these financial statements. **Page 9** ## **THE FRIENDS OF MALVERN PRIORY** ## **Notes to the Financial Statements for the year ended 31 December 2025** ## **1. ACCOUNTING POLICIES** ## **CHARITY INFORMATION** The Friends of Malvern Priory is an unincorporated charity registered in England & Wales (charity number 503383). The registered office address is Parish Office, Church Street, Great Malvern, WR14 2AY. ## **ACCOUNTING CONVENTION** The accounts have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland, 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. The Friends' Shop is managed through an Unrestricted Designated Fund 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. ## **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. **Page 10** ## **THE FRIENDS OF MALVERN PRIORY** ## **Notes to the Financial Statements for the year ended 31 December 2025** ## **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. ## **CURRENT ASSET INVESTMENTS** Current Asset investments are held in deposit funds, repayable on demand. ## **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. ## **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 ## _**2. 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 11** **`** **Notes to the Financial Statements for the year ended 31 December 2025** |**3.**
**DONATIONS AND LEGACIES**
**Unrestricted**
**Restricted**
**Endowment**
**£**
**£**
**£**
Subscriptions
**3,650**
**-**
**-**
Donations
**2,155**
**240**
**-**
Gift Aid on Subscriptions & Donations
**970**
**60**
**-**
Legacies
**-**
**-**
**-**
**_____**
**_______**
**_______**
**6,775**
**300**
**-**
_____
_______
_______
31 December 2024
7,358
3,613
-
_____
_____
_____|**2025**
2024
**Total**
Total
**£**
£
**3,650**
4,110
**2,395**
3,417
**1,030**
1,444
**-**
2,000

**_______**
_______
**7,075**
10,971
_______
_______
10,971
_____| |---|---| |**4.**
**INVESTMENT INCOME**
**Unrestricted**
**Restricted**
**Endowment**
**£**
**£**
**£**
Dividends and interest on listed investments
**1,657**
**19,861**
**-**
Interest on cash deposits
**1,818**
**2,671**
**-**
_____
______
______
**3,475**
**22,532**
**-**
_____
______
______
31 December 2024
1,927
24,636
-
_____
_____
_____
**5.**
**EXPENDITURE**
**Unrestricted**
**Restricted**
**Endowment**
**£**
**£**
**£**
Net income/(expenditure) is stated after charging:
Independent Examiner's Fees/Audit Remuneration
**220**
**1,089**
**-**
**___**
**___**
**___**
31 December 2024
198
885
-
____
____
____
**6.**
**RAISING FUNDS**
**Unrestricted**
**Restricted**
**Endowment**
**£**
**£**
**£**
Function costs
**2,796**
**-**
**-**
Guide books
**589**
**-**
**-**
Shop cost of sales
**33,736**
**-**
**-**

**_____**
**_____**
**_____**
**37,121**
**-**
**-**
**_____**
**_____**
**_____**
31 December 2024
28,462
-
-
_____
_____
_____
**7.**
**GRANTS PAYABLE**
**Unrestricted**
**Restricted**
All grants are payable to Malvern Priory PCC.
**£**
**£**
Contribution from Shop Trading
**30,000**
**-**
St Anne's Chapel Roof
**-**
**-**
St Giles' Chapel Window
**-**
**500**
Creation Window
**-**
**-**
______
______
**30,000**
**500**
______
______
31 December 2024
**20,000**
**(1,340)**
_____
______|**2025**
2024
**Total**
Total
**£**
£
**21,518**
19,985
**4,489**
6,578
______
______
**26,007**
26,563
______
______
26,563
_____
**2025**
2024
**Total**
Total
**£**
£
**1,309**
1,083
**___**
___
1,083
_____
**2025**
2024
**Total**
Total
**£**
£
**2,796**
2,050

**589**
865
**33,736**

25,547
**_____**
_____
**37,121**
28,462
**_____**
_____
28,462
_____
**2025**
2024
**Total**
Total
**£**
£
**30,000**
20,000
**-**
(7,307)
**500**
-
**-**
5,967
______
______
**30,500**
18,660
______
______
**18,660**
______| |---|---| Malvern Priory PCC is a related party as described in the Report of the Trustees. **Page 12** ## **THE FRIENDS OF MALVERN PRIORY** ## **Notes to the Financial Statements** **for the year ended 31 December 2025** |**8.**
**GOVERNANCE COSTS**
**Unrestricted**
**Restricted**
**Endowment**
**£**
**£**
**£**
Secretarial expenses
**630**
**-**
**-**
Independent Examiner's /Audit Fees
**220**
**1,089**
**-**
Shop Expenses
**279**
**-**
**-**
Insurance
**307**
**-**
**-**
Marketing Costs
**39**
**-**
**-**
**____**
**____**
**____**
**1,475**
**1,089**
**-**
____
____
____
2,156
886
-
_____
_____
_____
31 December 2024|**2025**
2024
**Total**
Total
**£**
£
**630**
459
**1,309**
1,084

**279**
842
**307**
307
**39**
350
**_____**
_____
**2,564**
3,042
_____
_____
3,042
_____| |---|---| ## **9. TRUSTEES AND RELATED PARTIES:** None of the Trustees (or any person connected with them) received any remuneration. Three trustees were reimbursed for governance expenses incurred on behalf of the Friends in the total sum of £1,295 (2024 - two trustees, £1,057). Donations totalling £255 (2024 - £245) 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 Charities Global Equity Fund - Income Units |**Global Equity Fund Units**
**Unrestricted**
**Restricted**
**£**
**£**
Balance brought forward 01.01.25
**58,387**
**364,884**
Additions
**13,000**
**87,000**
Disposals
**-**
**-**
Revaluations
**(3,601)**
**(22,675)**

Profit (Loss) on Disposal
**-**
**-**
**_______**
**_______**
Balance carried forward 31.12.25
**67,786**
**429,209**
**________**
**________**
Cost
**70,965**
**449,247**

**________**
**________**
**Units held**
**2025**
**24,339.52**
**154,114.49**
2024
19,810.85
123,807.23|**Global Equity Fund Units**
**Unrestricted**
**Restricted**
**£**
**£**
Balance brought forward 01.01.25
**58,387**
**364,884**
Additions
**13,000**
**87,000**
Disposals
**-**
**-**
Revaluations
**(3,601)**
**(22,675)**

Profit (Loss) on Disposal
**-**
**-**
**_______**
**_______**
Balance carried forward 31.12.25
**67,786**
**429,209**
**________**
**________**
Cost
**70,965**
**449,247**

**________**
**________**
**Units held**
**2025**
**24,339.52**
**154,114.49**
2024
19,810.85
123,807.23|**Endowment**
**£**
**387,858**
**-**
**-**
**(21,346)**
**-**
**_______**
**366,512**
**________**
**385,055**
**________**
**131,602.2501**|**2025**
**Total**
**£**
**811,129**
**100,000**
**-**
**(47,622)**
**-**
_______
**863,507**
_______
**905,267**
________
**310,056.2601**|**2025**
**Total**
**£**
**811,129**
**100,000**
**-**
**(47,622)**
**-**
_______
**863,507**
|2024
Total
£
787,247
-
-
5,862

18,020
_______
811,129
_______
805,267
_______
275,220.3356| |---|---|---|---|---|---| |||||_______
**905,267**|| ||123,807.23|131,602.2501|||| **Page 13** ## **THE FRIENDS OF MALVERN PRIORY** ## **Notes to the Financial Statements** **for the year ended 31 December 2025** |**11.**
**DEBTORS**
**Unrestricted**
**Restricted**
**£**
**£**
HMRC Gift Aid
**970**
**60**
December Shop Sales
**8,683**
**-**
Refund of Grant Overpayment
**-**
**-**
_____
_____
**9,653**
**60**
_____
_____
**12.**
**CREDITORS: AMOUNTS FALLING**
**DUE WITHIN 1 YEAR**
**Unrestricted**
**Restricted**
**£**
**£**
Accruals
**200**
**1,000**
Grant to Great Malvern Priory PCC
**30,000**
Expenses
**-**
**-**
_____
_____
**30,200**
**1,000**
____
_____
**13**
**FINANCIAL INSTRUMENTS**
Investments measured at fair value
through the Statement of Financial Activities|**2025**
**Total**
**£**
**1,030**
**8,683**
**-**
_____
**9,713**
_____
**2025**
**Total**
**£**
**1,200**
**30,000**
**-**
_____
**31,200**
_____
**2025**
**£**
**863,507**|2024
Total
£
1,444
-
7,307
_____
8,751
_____
2024
Total
£
1,083
12,967
144
_____
14,195
_____
2024
£
811,129| |---|---|---| ## **14 ALLOCATION OF CHARITY NET ASSETS** The net assets held for various funds are as follows:- |||**Fixed Asset**|**Net Current**|**2025**| |---|---|---|---|---| |||**Investments**|**Assets**|**Total**| |||**£**|**£**|**£**| |Restricted Funds:-|Martin Radford Bequest|**296,818**|**43,590**|**340,408**| ||Eglington Bequest|**45,467**|**13,211**|**58,678**| ||Window|**86,923**|**(3,220)**|**83,703**| ||Priory Music|**-**|**1,123**|**1,123**| |Endowment Fund|Eglington Bequest|**366,513**|**-**|**366,513**| |Unrestricted Funds:-|General Fund|**67,786**|**32,536**|**100,322**| ||Shop (Designated)|**-**|**26,896**|**26,896**| |||_______|______|_______| |||**863,507**|**114,135**|**977,643**| |||_______|______|_______| |||Fixed Asset|Net Current|2024| |||Investments|Assets|Total| |||£|£|£| |Restricted Funds:-|Martin Radford Bequest|303,837|45,598|349,435| ||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|387,859|-|387,859| |Unrestricted Funds:-|General Fund|58,386|51,537|109,923| |||_______|______|_______| |||811,129|171,997|983,126| |||_______|______|_______| ## **14a. UNRESTRICTED FUNDS** The Unrestricted Funds are retained as necessary to cover working capital. The Designated Fund is used to run the Friends' Shop, the trading surplus from which is granted to Great Malvern Priory PCC without restriction. **Page 14** **THE FRIENDS OF MALVERN PRIORY** ## **Notes to the Financial Statements for the year ended 31 December 2025** ## **14b. RESTRICTED FUNDS** ||**Balance**|**Incoming**|**Resources **|**Gains (Loss)**|**Balance**| |---|---|---|---|---|---| ||**01.01.25**|**Resources**|**Expended on investment**||**31.12.25**| ||**b/f**||||**c/f**| ||**£**|**£**|**£**|**£**|**£**| |Martin Radford Bequest|**349,435**|**9,082**|**(1,089)**|**(17,020)**|**340,408**| |Eglington Bequest|**49,553**|**10,705**|**-**|**(1,580)**|**58,678**| |Window Fund|**85,356**|**2,922**|**(500)**|**(4,075)**|**83,703**| |Music Fund|**1,000**|**123**|**-**|**-**|**1,123**| ||_______|______|______|______|_______| ||**485,344**|**22,832**|**(1,589)**|**(22,675)**|**483,912**| ||_______|______|______|______|_______| ||Balance|Incoming|Resources|Loss on|Balance| ||01.01.24|Resources|Expended|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| ||_______|______|______|______|_______| The Friends of Malvern Priory was bequeathed a share of the residue of the estate of Martin Radford who died on 30 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. ## **14c. ENDOWMENT FUNDS** |**ENDOWMENT FUNDS**|||||| |---|---|---|---|---|---| ||**Balance**|**Incoming**|**Resources**|**(Loss)**|**Balance**| ||**01.01.25**|**Resources**|**Expended**|**on**|**31.12.25**| ||**b/f**|||**Investments**|**c/f**| ||**£**|**£**|**£**|**£**|**£**| |Eglington Bequest|**387,859**|**-**|**-**|**(21,346)**|**366,513**| ||_______|______|______|______|_______| ||**387,859**|**-**|**-**|**(21,346)**|**366,513**| ||_______|______|______|______|_______| ||Balance|Incoming|Resources|Gain on|Balance| ||01.01.24|Resources|Expended|investments|31.12.24| ||b/f||||c/f| ||£|£|£|£|£| |Eglington Bequest|376,439|-|-|11,420|387,859| ||_______|______|______|______|_______| ||376,439|-|-|11,420|387,859| ||_______|______|______|______|_______| 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: 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 Related Party Transactions** The trustees Rev'd Dr R. Latham, Dr D Guy, C. Hooper, P. Renger, G. Valentine, Mrs H. Wall and J.Wray are also trustees of Malvern Priory PCC. During the year grants of £30,500 (2024: £25,967) were paid to Malvern Priory PCC.