2023-03-31-accounts

Malvem Hills Trust Trustees, Report and Financial statements st for the year ended 31 March 2023 [e-mail] I www.malvernhills.org.uk101684 892002 Malvern HlllsTrusL ManorHouse.GrongeRoad. Molvem, Woroster5hlre WR14 3EY DHtl5Tri￿t&the￿Fk￿9￿tO1MafvqrnHlII$c0n￿e￿OtI￿s.Reg￿+othQrf1y￿0.*S80th. VatTr&).GB175880321

Malvern Hills Trust Trustees, Report and Financial statements For the year ended 31st March 2023 Contents Reference and administrative details Report of the trustees for the year ended 315t March 2023 Independent Auditor's Report to the trustees of Malvern Hills Trust Statement of Financial Activities for the year ended 315t March 2023 Balance Sheet as at 315E Maich 2023 Statement of cash flow5 for the year ended 315t March 2023 Notes to the financial Statements for the year ended 315t March 2023 22 25 26 27 28

Malvern Hills Trust Reference and administrative detalls Charity number: Principal office: 515804 IEngland and Wales) Manor House Grange Road Malvern Worcestershire WR14 3EY Our advisors Independent Auditor: Azets Audit Services Epsilon House The Square Gloucester Business Park Gloucester GL3 4AD Bankers: Lloyds Bank plc 48 Belle Vue Terra Malvern Worcestershire WR14 4QG Investment Managers: RBC Brewin Dolphin 9 Colmore Row Birmingham B3 2BI Key management personnel - Senior Manogers Chief Executlve OfPicer Duncan Bridges BSC (Hons) Susan Satchell Ll.B IHons) Jonathon Bills Msc Secretary to the Board Conservation Manager Operatlons Manager Finance and Administration Manoger Peter Kelsall BScFor, MICFor Cheryl Gentry Bsc ACA Ito 315t May 2023) Helen Barber Ifroffl 1st February to 1 Oth March 2023) Sarah Deacon BA {Hons) FCIPP MAAT AATQB Ifrom 30th May 2023)

Malvern Hills Trust Trustees FAR-*tson Flnonce,Administration ondReSour￿Sc0mMIttee LM- slts on Lond mar￿gernent Committ GC- 51ts on 5ovem(u￿e Cofflrnittee 5C-STts on Sioffin9 Commlttee hos servedformore thon 9years Elected trustees (Wards as at November 2019) Prlory Ward.. Chase Ward.. Wellsward.. West Ward.. Dyson Perrins Word= Malvem Link Ward.. David WatkinsFAR Mary Tumer LM loppointed 6th Moy 20221 Richard Fowler LM to IO¢h November2022. Scfrom 70" November2Q22 Char￿5 Penn FAR_ SC to 70th November2Q22 Trevor Parsons LM Rld)ard Bartholomew FAR & GC to 7(yh Novernber 2022. Lmcftorn 7 Novernber2022 Dovid Core FAR & GC Helen Stace LM, SC to 70th NovembeF2022. GC from 7{￿ November2022" Stephen 8roim LM & GC Dovid Fellows FAR & GC Christopher Rouse LM. PiCker￿eIgh Word.. Colwoll Parish.. GuaAford Parish: Mathon Porish.. Nomlnated trustees Malv£m Hills Oistrict Councll= Mlck Dovles FAR ondsc (Board Chalrl John Michael FAR Cynthia Polrner LM & SC (Board Vice Cholr 5 voconrie5 Colwall Parish Counal.. Puul Cltsyburn IM & Gcfrom 10th November2022 Mathon Parish Counal.. David Buldwin LM & SC. Churth Comrnissioner5-. Vocant Herefordshire Councll.. Helen I'An50n SC Ellie Chowns LM Iresigned 3rf December 20221 I voconry WOr￿st￿5h1re Countycouncil.. john RoitE FAR,5C& GC Lucy Hodgson FAR Worcestershire Countycouncll on behalf of the followlng parfsh￿- Casdemorton.. Newlaré: Powlck.. ChrisAtklns LAI & GC Duncan Westbury LM loppolnted 14th December 20221 Michelle ￿exander LM (appointed 12th April 20231 Staff Malvern Hills Trust employs 21 staff117 full time equivalentl during the year. Details of staff numbers are given in note 11 to the Pinonciol stcrtements. There were two changes to the stoff during the flnanclal year 2022123. Nlck Cowling left the Fleld Staff team in lanuary 2023. and Helen Barber joined as Financial and Administration Manager for o Short period, frorn Febfuory 1st to Morch 1 Oih After 1 April 2023. Katie McEvoy took up the vacancy in the Field Staff team on April 11 th. Cheryl Gentry left on 31" May after 20 years With the Trust and Sarah Deacon joined a5 the new Finance and Administration Manogeron 30 May 2023. Two new stoff joined os wardens In 2023, Angela Norton on 27 June and Michael Prlce on the 5 luly, replacing Conor Willmott and Ben Taylor.

Malvern Hills Trust Report of the trustees for the year ended 31st March 2023 The trustees are pleased to present their annual report together with the financial statements of the charity for the year ending 31st March 2023. The Board of Trustees resolved to adopt the working name of 'Malvem Hllls Trust, on 19th January 2017. This came into effect on 6th April 2017. This name is reglstered with the Charity Commission. The statutory name remains 'Malvern Hills Conservators.. Malvern Hills Trust was set up by Act of Parliament in 1884 and Is govemed by The Malve Hills Acts 1884. 1909, 1924, 1930 and 1995. It is an unincorporated charity registered with the Chaiity Commission for England and Wales, number 515804. The financial statements comply with the Charities Act 2011, the Commissioner5. Clauses Act 1847. the five Malvern Hills Acts and Accounting and Reporting by Charities.. Stotement of Recommended Practice (SORP) applicable to chorities preparing their financial stotements in accordonce with the Financial Reportlng Stondard applicable in the UK and Republic of Ireland IFRS 102) (effective lanuary 20191. Our purposes and activities Malvern Hills Trust was set up to protect the hills and common5 under its jurisdiction. in particular to.. Preserve the notural aspect, Protert and rnanage trees, shrubs, turf and other vegetation, Prevent unlawful digging and quorrying. Keep the land open, unenclosed and unbuilt on as open spaces for the recreation and enjoyment of the public. Malvern Hills Trust is also obliged under national leglslotion to conserye and enhance biodiversity. and to protect Sites of Special Scientific Interest and Scheduled Monuments on its land. In order to meet its purposes. each year Malvern Hills Trust carries Out a programme of consetvation and maintenance work as guided by the adopted Land Management Plan htt 5'./lwww.malvernhills.or .ukllookin -afterlland-mana This includes tree and woodland care, implementation of livestock grazing programmes, mowlng and pcrth mointenance to facilitate access, habitat restoration, litter picking and other general maintenance work across approxitrtately 1200 hectares (3000 acres) of multi-designated, nationally important landscape. Malvern Hills Trust provides and maintains a number of car parks for the public to use for easy access to the charity's land. Where parking charges apply. visitors can buy elther a day tlcket at a meter or an annual parking permit. In planning and delivering its activities, the trustees have referred to the Charity Commlssion's guidor7ce on publlc benefit. The trustees confirm they have complied with their duty in section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission for England and Woles.

Malvern Hills Trust Under section 29 of the Malvern Hills Act 1884, Malvern Hills Trust may acquire 'for the purpose of preserving unenclosed and free from building any lands within 9 miles of Great Malvern Abbey (Priory)........ which (they) may regard as proper to be so pie5erved as part of or in connettion with the range of the Malvern Hills or for the purpose of rnaintaining any common or commonable rights which may subsist over or offecting such lands,. Potential land acquisitions are considered by the trustees. in accordance with the charity's Land Acquisltlon Pollcy. The trustees will consider acquiring a plece of land where the acquisition is consistentwith the powers specified above and where acquisition would further the objectives of the organisation. The criteria in the policy are- To own and protect the ridge of the Hills and the steep slopes on either side, To own and protect land on the lower slopes which contributes to the landscape and setting of the Hills and Commons, To maintain common or commonable rights, To keep land open for the recreation and enjoyment of the publi To conserve habitats or species which are notionally or regionally scarce andlor are typical of the local area, To conserve features of archoeological OT geologicol interestlimportance. To improve access to the existing land holding foi monagement and To divert public pressureldamaging activities away from over-used or sensitive areas of the existing land holding. Achievements and performance The Molvern Hills are an iconic and much-loved landscape, receiving an estimated 1 million Visits each year. Malvern Hills Trust works closely with many user groups and through its Recreation Advisory Panel seeks to understand their needs and minimise potential conflict between different users of the hills and commons. Molvern Hills Trust has a responsibllity to conserve the Important features and speclal quallties of the hills and commons, including the geology, flora, fauna, landscape and archaeology. Keeping a balance between access and conservation is a major challenge for the charity. This is achieved through an active communications policy, using both local and sociol media and the charity's website. The Trust olso aims to wn a Series of free themed events each year for the public, to help infoim their use and enjoyment of the Hills and covering all aspects of the charity's conservation work. Unfortunately, during the COVID-19 pandemic, these did not take ploce but events have been restarted in 2023. A 5-year Business Plan was adopted by the Board of Trustees in March 2022 and this is reviewed annually. In particular. budgets have had to be adapted to take account of increases in prices (particularly fuel and energy) since February 2022. The Business Plon sets out the strategic priorities and plans for the charity. htt s.'Ilwww.malvernhills.or .ukllookin after/busiriess- lanl

Malvern Hills Trust Arrangements Post COVID_19 The frequency of Board and Committee meetings hos been altered post Covid. Details are given in the 'Struciure, Governance and Management, section of this repoTL Visitor numbers hove continued to be hlgher thon in the years before March 2020, although visitor number have decreased from their peak. a change that possibly reflects increased fuel prices. Management of visitors and their impact - litter collectlDn. prevention ond control of fire5 and impact on the physical features of the Hills, notably path erosion and habitat disturbance continue to be a challenge, Volunteers Before March 2020, Malvem Hills Trust received enormous support from the work of volunteers with activities such a5 wordening, littei picking, recording flora and fauna. habitat management, conservation, archiving and administrative support. This all but stopped during the helght of the pandemic. Regular conservation volunteer working parties have resumed. The input from volunteers continues to be lower than pre pandemic levels and the Trust looks forward to recruiting more volunteer wardens and office volunteers. The estimated volunteer contribution during the year was the equivalent of 307 working days (of 7.5 hours per day) spent on the hllls and commons and 20 working days on office work. The contribution of all volunteers is gratefully acknowledged. Use of Defra Stewardshlp Grants In 2022123 around 75 % of the charity's land was monaged under the Department for the Environment. Food and Rural Affairs (Defral Countryside Stewardship Scheme or Higher Level Stewardship Scheme. These schemes provide valuable funding for certain land management and conservation activities including grazing, which is the most effectlve woy to maintain significant parts of the hills and commons. The grazing programme is complemented by a ronge of other management work carried out by staff, contractors and a dedicated team of volunteers. Five separate agreements are held, and together they provide over £100,000 per annum toword MHT'S conservation attivitles. Key achievements During the year, the Trust has succe55fully undertaken maintenance work and ifflplemented the Lond Management Plan across its 1200 heciare (3000 acre) estate which includes open hills, woodlands and suburban green spaces. Local wildlife and heritage have been cared for and over a million visitors coming from far and wide have enjoyed the land. As part of this work, staff have maintained over 70km of public rights of woy and 22 car parks to help focilitote public occess.

Malvern Hills Trust Other key achievements were: 9.8 ha of the foothills hove been acquired by the Trust. Colwall Coppice and West Field totolling 4.9 ha were kindly bequeathed by the lote Mrs B Sealy. The Trust also purchosed two parcels of woodland and pasture adjoining Evendine Lane totalling 4.9 ha. Since acquisition, stoff have been researching and suNeying these sites to ensure a sound basi5 for future management. Meeting the challenges of managing budgets during a period of high inflation. The charity worked in partnership with two local organisations to restore Molvern's last remoining Victorian donkey shed- a key part of the town's history. The Trust is grateful for funding received from the AONB'S Farming In Protected Landscapes (FIPL) grant scheme and from Malvern Civic Society. The revitalised donkey shed will feature interpretation boards so that passing walkers can learn about its part in the history of the Hills. Restoration of the historic water trough on Guarlford Road wos successfully completed in July, with financial support from the Malvern Spo Associatlon. A new project was started at All Saints Wood with the clearance of invasive laurel. Later in 2023, a Forest School site will be developed for the neighbouring Wyche Primary School with the assistance of a grant from the Molvem Hllls AONB. Tree planting was carried out by volunteers and staff at various locations. Black poplors hove been sourced and planted to increase genetic diversity in the locol population. This work will expand our woodlonds and orchards, and help to maintain the charatteristic tree avenues. The Trust's efforts to maintain all the recently planted trees through the dry summer resulted in high survival rates. New interpretation and access signage wos installed in the Community Woodland in Townsend Way. and at Black Hill. Work was started to restore the stone bowl and pedestal at St Ann's Well. with the financial support from the Cadbury Foundation and Malvern Spa Association.

Mafvern Hilb Trust Structure, Governance ond Management The Malvern Hills Trust is a body corporate set up under the Malvern Hills Act 1884. subsequently modified by the Acts of 1909, 1924, 1930 and 1995. It is a registered chority. The Board of Trustees is the deci5ion-maklng body. The governing legislation currently provides for 29 trustees who are appointed for a four-year term. Eleven trustees are directly elected under the Local Elections (Principol Areas) Rules by the residents of the wards las at December 2022) and parishes listed below. who contribute to Malvem Hills Trust through a levy poid with their Council Tax. The Chief Executive Offlcer is the Electoral Returning Officer. Electorol orea Seats Priory Ward Chose Ward Wells Ward West Ward Dy50n Perrins Ward Molvern Link Ward Pickersleigh Word Guarlford Parish Colwall Parish Mathon Parish The rernaining 18 trustees are nominated by the following bodies: Herefordshire Council Worcestershire County Council Worcestershire County Council on behalf of the parishes of Castlemorton. Newland and Powick Malvern Hills District Council Colwall Parish Council Mathon Parish Council The Church Commi55i0ners Most of the current trustees took up Lheir seats on 1st November 2019150me trustee5 have been oppointed since then to fill vacancies which have arisen) and will remain in place until 31 October 2023. There were 7 vacancies (all for externally appointed trustees) at the time this report was approved. Following appointment. trustees are 05ked to attend training to ensure that they understond their duties and responsibilities under the Malvern Hills Acts, their responsibilities as charity trustees and their dLJties under other legislation which affects the lond which they manage. A short tour is also offered to view some of the key management sites and trustees are encouraged to attend land management Site visits throughout the year. Board and Committee meetings are open to the public and dates are published on the website. The Board now holds six scheduled Board meetings in January, March. May. July. September and November to make decisions and to receive reports from officers, committees and from representatives serving on outside bodies. There is also an opportunity for members

Malvern Hills Trust of the public to make statements. The number of scheduled committee meetings has been reduced but Special Meetings are held whenever required. The annual meeting at which the financial statements ore adopted and Auditor appointed wos held in September 2022. A small number of levy payers objected to the reappointment of the Trusts Auditor5 which resulted in that meeting being adjourned. Following a tender process, Azets were appointed as Auditors by the levy payers at a reconvened meeting in December. This appointment resulted in a £4,000 increase in the audit fee payable by the Trust. The Chair and Vice Choir are elected at the Board's annual meeting in November, at which committee members and representatives to serve on outside bodies ore also appointed. Chlef Executive Officer The Chief Executive Officer Ss responsible for the day-to-day management of the charity's affairs and for implementing strategies and policies agreed by the Board of Trustees. Committees There are four committees of the Board. Their funrtions are set out below. The Board of Trustees considers committee reports and odopts, declines or amends their recommendatlons at the following Board meeting. Land Management Commlttee This commlttee considers land management issues and strategy, including the statutory duty to maintain the noturol aspect. This indude Overseeing productlon of the Land Monagement Plan and monitoring progress against the plan. Recommending the annual land monogement budget to the Board and monitoring progress ogoinst the budget, Reviewing policies relating to the manogement of the charity's land holding. Consideration of some applications for easements ond wayleaves and making recommendations to the Board thereon, Considering appropriate levels of access infrastrurture, interpretotion and information Reviewing funding ogreements, licences etc relating to the management of the hills and commons. Considering ond moking recommendations to Board regarding policy and best practice relating to environmental and sustainable development practices, Isuch as management of osh in light of Ash Dieback disease). Finance. Administration and Resources Committee This committee has oversight of the following areas: Finance. including reviewing the adequacy of financial controls. annual financlal statements, budgets ond budget monitoring, Investments, including reviewing the Investment Manager's reports and performance, Overseeing production of the business plan and monitoring progress against the plan. Administration. induding legal matters and review and enforcement of the byelows, Rents and charges. 10

Malvern Hills Trust Reviewlng mojor contracts, Ensuring that Malvern Hills Trust ha5 appropriate levels of insurance cover, ond Fundraising. The commlttee also ha5 authority to approve unbudgeted expendlture within agreed limits. Governance Committee The Governance Committee has oversight of and advises the Board on the following orea5- Ensuring the organisation complies with the Molvern Hills Arts, charity legislotion and other relevant legislation relating to governance, Reviewing board and committee performance. Reviewing ond monitoring compliance with the Governance Handbook, Standing Orders and the Code of ConducL Ensuring that the charity has appropriate rlsk management systems in place and that risks ore reviewed and updated annually, and Approving training for trustees. Staffing Commlttee The Committee mokes recommendations to the Boord of Trustees regardlng: Staffing ond off ice requirements, Policy matters relating to staff solaries ond benef its, Budget allocation for personnel and health and safety, Policy matters relating to terms and conditions of employmentlengogement for all staff and volunteers. Matters orising from Molvern Hills Trust's Disciplinary ond Grievance procedures for stoff, Health and Safety and first aid motters in relation to staff, volunteer5 and members of the public, and Pension arrangements with the Flnance Admlnistration and Resources Comrnittee. The Committee also: Reviews all employment and human resources policies and procedures and ensures that Malvern Hills Trust acts as a good employer, Receives reports from the Chief Executive Officer on human resource matters, and Ensures thot Malvern Hills Trust has a Health and Sofety Policy and Health and Safety management systems in relation to staff, volunteers ond members of the public and that these are reviewed regularly, properly implemented and the Board of Trustees is kept fully informed. Charity Governance Code The Charity Governance Code was published in luly 2017 and revised in 2020 as a reference document to help charities work towards effective governance and the right leadership strurture. The Code Sets out principles ond recommended practice. All chorities and thelr trustees are encouraged to meet the principles and outcomes of the Code by either applying the recommended practice or explaining what they have done instead orwhy they have not applied it.

Malvern Hills Trust As a charity governed by statute, includlng legislatlon whlch is now over 175 years old, it is not P0S5ible for the Trust to follow many of the recommendations for good practlces set out in the Code but the Code has been used to formulate many of the proposals for modernisation of the Trust's constitution. During the past 18 months, the Trust has used the associated 'Governance Toolkit. a5 a means of assessing trustees, and Senior Staff's views on current governance arrongements with the aim of Identifying and ogreeing areas for improved governance. Ward boundary changes During the year, the Local Govemment Boundary Comrnission reviewed the warding arrangements for Malvern Hills District Council. Their recommendations resulted in the passing of the Malvern Hills (Elettoral Changes) Order 2023 in January 2023. As a result of this, the revised Molvern Hills District Council Ward boundaries no longer reflect the wording in the Malvern Hills Arts. Molvern Hills District Council, which runs elections on the Trust's behalf have confirmed that they will be able to run the 2023 elettions based on the old boundaries. This sltuation 15 not satisfactory and highlights the urgent need to modernise the Tru5t'S governing legislation to keep pace with change5 to public legi51otion over the years. The Trust requested that the Department of Levelling Up Housing and Communlties make an Order to effect consequential amendments to the 1924 Malvern Hills Act, without success. Modernisatlon of the Trust's constitution Following a public consultation in 2019 on proposols to update the Trust's governing Acts through a s73 Charities Art 2011 scheme, the Trust was advised in 2020 by the Charity Commission and Department of Digital Culture Medio ond Sport {DCMS) that such "changes to the charity's governing docLsments would now be best handled via a private bill." Before expendlng charlty funds on o private bill, the Trust must obtain conser)t from the Charity Commission under s74 Charities Act 2011. The Board agreed to make an application which was lodged with the Commission in May 2023. 12

Malvern Hills Trust Financial Review The financial results are set out on pages 25 to 53. There was a total net increase in funds of £1,419,60012021122 increase of £280.963). Net income before transfers on the unrestricted funds was a deficit of (E23,485)12021122 net income of £232,928). The net movement on the unrestricted funds aftertransfers and the FRS 102 pension adjustment was an increase of £1,539,79212021122 inflow of £294,011). In addition. there was o net outflow of funds on the restrlcted funds of £120.192 Inote 22) (2021122 net outflow £13,048). Total reserves at the financial year end were £ 3.596,67212022 £2,177,072), of which £2,999,397 is restricted land of which £1,346.835 is inalienable, see notes 1 g and 1 h to the financial statements). Principal sources of fund5 Under powers in the Malvern Hills Act5, Malvern Hills Trust charges a levy to Council Tax payers in the Parishes of Malvern, Guarlford, West Malvern, Malvern Wells, Colwall and Mathon. The overage band D levy payable in 2022123 was £44.76 (an increase of £3.42 on the previous year). The total levy recelved by the charity, was £595,300 (2021122 £566.9501. Malvern Hills Trust is very grateful to the levy payers, for this funding and recognises its importance in helping the Trust to maintain the hills and commons. Information fof levy payers can be found on the website www.malvernhill vin er Revenue from car parks is the second main funding source. The total received in 2022123 was £360,75312021122 £418,059). Car park takings are used to fund the charity's work generally including maintaining the car parks for public use. Agri-environment grants, most significant of which are those from Countryside Stewardship Scheme. are the third largest source of funds. £106,612 was received in 20221231£287,053 was received in 2021122). An additional sum of £51,172 wos recelved in relation to the CS Castlemorton Delivery Group which 15 accounted for as custodian funds os a result of the Countryside Stewardship. Donations and legacies received totalled £13,879 (2021122 - £11,939). l The maximum amount which the Trust could levy in 2022-23 was £680.921 13

Malvern Hills Trust Slgnificont financial impacts Slgnificont events (and their financial impact) during the year were: Land was purchased at Evendine Lone at a cost of £173,192. Car park takings dropped in the third quarter of the financial year. resulting in limitations being imposed on expenditure as a precaution. Takings returned to forecasted levels during the fourth quarter. The Trust has 0 5-year programme for managing Ash Dieback. Following the annual survey to identify infected trees which required work for safety reasons. the level of expenditure in 2022123 of £34,558 was below that anticipated. The Trust transferred a further £68,000 during this year to the designated fund which was created as a contingency to manage this disease. The Board maintained its policy of updatlng vehicles plant and machinery, spending £15.665. The c05t of legal advice in relation to the impact of the Malvern Hills (Electoral Changes) Order 2023 as at 5 luly 2023 was £17,723. The cost of legol advice related to the appointment of auditors and the Annual Meeting was £3,900. Acknowledgements: other grants and contributions Malvern Hills Trust gratefully acknowledges the financial support of Defra Rural Development Progromme for England, Worcestershire County Councll, Herefordshire Council, Malvern Hills District Council, Malvern Civic Society, Malvern Spa AsSQCiQtion, William Cadbury Charitable Trust, the Forestry Commission's Urban Tree Challenge Fund and the Farming in Protected Landscapes scheme run by the Malvern Hills Areo of Outstanding Natural Beauty IAONB) partnership. Investrnent powers and policy The trustees have wide powers of investment. The Trust has placed the Land Mointenance Fund. Parliamentary Fund (Parliamentary portFoliol and the majority of the Land Purchase (1992) Fund (formerly called the Land Acquisition Fund) (Land Purchase (1992) portfolio). under investment through RBC Brewin Dolphin. The trustees have provided RBC Brewin Dolphin with written investment policies for the portfolios, which are reviewed annually. In all cases, the Trust seeks to produce the best financial return with a moderate level of risk. The Finonce, Administration and Resources Committee. with the advice of the Trust's Investment Manager. 15 charged with recommending to the trustees a suitable asset allocation strategy. with the aim of achieving the charity's investment objertive5. RBC Brewin Dolphin's risk category 6 index was used for the structure of the above two portfolios lin place at the start of the yearl ond provides a ready measure of its performance. 14

Mafvern Hills Trust The Trust's investment policies provide that the asset classes which the trustees consider could be included within the portfolio are cash, fixed interest products, equities, commercial property, private equity, commodities and any other osset that may be agreed to be Suitable for the charity. Access to these asset classes can be achleved directly or via collective investment vehicles such as unit or Investment trus￿ No single direct equity investment should exceed 5 % of the total value of the portfolio and no single Investment in o collective fund should exceed 10 % of the value of the portfolio. Investments in negotiable Instruments known as 'derivatives' are not permitted without Pfior approval of the trustees. The trustee5 acknowledge that in order to manage longer term inflation risks, investments will partly be in assets such as equities and as a result, in the 5hort-term the capitol values could fluctuate. The Trust's investment objective for the Land Maintenance Fund and the Parliomentary Fund (Parliamentory portfolio) is to produce the best financial return Icapital growth and income) with a moderate level of risk. The Trust's principol objective for the investment of the Land Purchase (1992) Fund (Land Purchase {1992} portfoliol Is to generate a return (net of costs, Including reinvestment of earnings) sufflcient to maintain the purchasing value of the fund. The trustees propose funding the majority of the cost of pursulng the Trust's govemance hanges by way of a loon from the Land Purchase Fund. A similor rnechanism was used to fund the passing of the Malvem Hllls Act 1995. Anticipating drawing down part of the Fund, trustees voted in January 2023 to move that part to lower risk investments in order to avoid the risk of flurtuations in the volue of the investments at a time they were needed. The Board Tesolved to split the Land Puichase Fund into 3 parts, £150,000 to be invested as cash in FSCS assured interest bearing accounts ond £200,000 to be invested by the Trust's Investment Managers in a separate, risk category 4 portfolio (Land Purchose (1992) No2 portfolio). The balance remains invested in occordance wlth the original Investment Policy. Investment performance Investments over the 12 month peiiod faced a challenging environment. Russia's Invasion of Ukraine continued to create high levels of uncertainty in investment markets, and increased commodity ond energy prices. These have contributed to national and global inflatlon and concerns of recession in some economies. In addition the UK economy ond the bond market were briefly in turmoil as a result of t)olitical events in the autumn of 2022. The f irst quarter of 2023 saw some sectors start to recover, but overall the volue of the investment funds at the end of the financial year remained some 4 % below that of March 2022. Both original portfolios sow losses over the first two quarters of the financial year as the biggest impacts occurred in that period, befoie some partial recovery in the third quarteT. Whilst high inflation continued to be a factor, the value of some asset classes has increased at this late stage, partly as a result of energy costs starting to decline.

Malvern Hills Trust The annual yields (year ended 31$1 Morch 2023) were as follows: Land Purchase (1992) Fund (main portfolio) Return gross of fees-5.09 %. net retum -5.85% (benchmark-1.43 % ) Land Purchase (1992) no2 portfolio (established 20th February 2023) Return gross of fees.74 % %, net return .74 % (Benchmark not provided as the portfolio has not existed for long enough to make a volid comparison). Parliamentary and Land Maintenance portfolio Return gross of fees-2.24 %. net return -3 % Ibenchmark-1.43) The trustee5 receive o full report on the investment portfolios from RBC Brewin Dolphin in June and December and an Interim report in March and September. The Trust's assets are invested in line with the long-term interests of the charity. Malvern Hills Trust exists to protect the Malvern Hills and commons. Cllmate change poses a thFeat to the unique environment which is cared for by the Trust. Since 31st March 2021 the trustees have excluded all fossil fuel, mining and quarrying companies from the investment portfolios. The trustees also exclude individual investments which are perceived to conflitt with the charity's purpose. Reserves policy and golng concern Malvern Hills Trust's (MHT'S) free resetves are defined as those funds which the charity has available to spend on its charitable objectlves. The free reserves ore calculated by startlng wlth the total unrestritted funds value from the accounts. To comply with accounting rules the amount of the pension def icit is included os part of the unrestricted funds shown in the accounts, although it is a liobility that will not crystallise, as the deficit to be repaid is part of o different calculation under the trlennlal valuation of the scheme. This deficit value is therefore added back when calculating the free reserves. The net book value of fixed assets Inot available as cash) and the value of committed Idesignotedl funds are then deducted, to come to the free reserve total. In Summary. the calculation Is as follows.. Totol unrestricted funds" Less: The defined benefit penslon scheme surpluslldeficit) Net book value of fixed assets funded from the general fund Committed designated funds 'Unrestricted funds comprise the general fund, and free designated funds and surplusl(deficitl on the defined benefit pension scheme 16

Malvern Hills Trust The level of free reserves and cash balances are reviewed quarterly against the agreed policy. That policy is reassessed annually. The level of free reserves required will vary from time to time depending on MHT'S overall financial position, the economic climate. the security of income from grants ond other sources (in particular from parking revenue), the expected levels of planned expenditure and the risks of unplanned costs. In setting the policy, the trustees have ensured that the contributions required under the defined benefit pension scheme, including those to cover the actuarial deficit. can be met from projected cash flows. MHT'S trustees, policy is to aim to maintain the free reserves level above £350,000. Thls threshold has been Set by the trustees taking into account the following fattors". The need to hold funds to maintain the viability of MHT in case of unexpected events leading to uninsured costs. The need to provide protection against the risk of a significant drop in grant or other income Of unexpected delays in receipts. To fund everyday essential expenditure in the event that income streams are unexpectedly interrupted. To fund unplanned costs arising from tree diseases. The need to provide working capital for MHT, both for day to day work and for future (possibly gfant.funded) development, The need to provide a degree of protection against flurtuations in investrnent income. The policy was adopted in June 2018 and updated in July 2022. At 31st Morth 2023 total funds of the charity were £3.596,672. This included restricted funds of £2,999,397 and committed designated funds of £897.687. Detai15 of all the designated funds are given in note 20 to the financlal statements and restricted funds details are in note 22. The level of free reserves as defined above was E736,620, made up of the following: General fund excluding net book value of assets Free, designated funds £334,917 Gifts £383,102 Fundraising £10,000 Car park repaii £5.100 Dog campalgn £3.501 Total £736,620

Mafvem Hills Trust The total of the free reserve was down on the March 2022 figure (£778,829) in part due to expenditure on projects and funds being allocated to committed designated funds (Ash Dieback and Finance and Administration Manager replacement). The overall free reserve remoins higher thon the target minimum of £350.000. A proportion of the reserve may be needed for costs dealing with Ash Dieback over the next 2 to 3 years and to meet rising costs due to high inflation. The trustees have carried out a going concern review ond concluded that the Trust is a going concern and that they expect the organlsation to contlnue operating and paying liabilities as they fall due for ot least twelve months from when the accounts are signed. Penslon scheme FRS 102 Malvern Hills Trust is a member of the Worcestershire County Council Pension Fund IWCCPF), which is a defined benefit scheme. The costs and liobllities shown in these financial statements are accounted for under FRS 102, with details being given in note 26. The pension figures refletted in these financial statements have been provided by Mercer. the Artuary to the Fund. The FRS 102 accounting deflcit at the year-end has been calculated as £737,000 (202112022 £2.241 million). The employer's contribution rate during the year was 21.8 % (202112022 21.8%). Triennial valuation The most recent trienniol Actuorial valuation wa5 carried out at 31st March 2022. This valuation provides the basis for the calculation of future contributions to WCCPF. The Trust's deficit (that is the excess of pension liabilities over assets) in WCCPF as at 31 Sl March 2022 was £802.350 (74.8 % funding level). This was an improvement on the position at the105t two triennial valuations which showed o deficit in 2019 of £926,000 (69 % funding level) and £1,092,000157 Y funding) in 2016. The next Actuarial valuation will be carried out a5 Qt 3151 March 2025. with revised contribution rates coming into effect from 1st April 2026. The Trust receives a schedule of contribution rates from the Actuary following each triennial voluation, comprising o rote to 5UPFKIrt on.going benefits and a deficit recovery element. The Business Plan and budgets include provision for these payment5. The deficit recovery period following the 2022 Actuarial Valuation is 12 years. The deficit payments in 2022123 totolled £68,700 (2021122 £66,100). The amount due for 2023124 is £75,800. In July 2016 the Board closed WCCPF to new joiners, following a review of pension provision. In order to meet its obligotions under auto enrolment legislation, new employees are enrolled in the People's Pension, which is a defined contrlbution scheme. The employer's contribution rate to this Scheme is 10 % of pensionable salarie5. 18

Malvern Hills Trust Plans for future periods The Land Management Plan, which was updated in early 2021, sets out the Trust's plans for land management work in delivering its conseNation and public access objectives. The car parks and paths will continue to be maintained to facilitate public access to the charity's land. The cost of tree work is likely to increase signiflcantly in future years, particularly as a result of Ash Dieback and other tree di5eoses. This is a major financiol challenge to the organ isation. A designated fund was set up to cover the costs of dealing with Ash Dieback in 2022123. Work focuses on trees likely to pose a risk to the public, for example those close to properties. publlc highways and footpaths. Additional fund5 will need to be allocoted in future years from a comblnation of donations. contributions from the unrestricted gift fund and the general fund. In addition to the routine work, the following tasks are planned for the forthcoming year: The removal of diseased ash trees will contlnue across the Trust's estate. Fund-raislng opportunities will be pursued os outlined in the Business Plan, but are vulnerable to a shift in charitable giving, Habitat and access improvements will be undertaken in accordance with the Land Management Plan, Much needed refurbishment works will be carried out at the charlty's premises at the Lower Shed and Manor House. to include kitchen, washing facilities and orchive storage. Work on consolidotion and updating of the Trust's governing Acts. Remuneration policy and salary costs. Staff salaries are set in accordance with the Local Government pay scale (LGPS) with the exception of the Chief Executive Officer. Posts other than the Chief Executive Officer are allocated to a spinal column point depending upon the level of responsibility and qualificotions needed for the post. Salaries were last independently benthmarked in spring 2022. The salary of the Chief Executive Officer is set by the Board, following an annual appraisal. Salary costs saw a significant increase during the 2022123 f inancial year as a result of the benchmarking exercise and as a result of increase5 made to the LGPS whlch included a retrospective poyment for 2021122. Statement of trustees, responsibilities and corporate governance The trustees are responsible for preparing the Trustees. Annual Report ond the financial statements in accordance with opplicable law and United Kingdom Accountlng Standards (United Kingdom Generally Accepted Accountlng Practice). The low opplicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year 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 thot period. In preparing these financial statements, the trustees are required to: select suitable occountlng policies ond then apply them conslstently, 19

Malvem Hills Trust obserye the methods and principles in the Charities SORP 2019 (FRS 102), 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 stotementS and prepare the financial statement5 on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping proper accounting records that disclose with re050nable accuracy at any time the financial position of the chority ond enable them to ensure that the finoncial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the governing Acts. They are also responsible for safeguarding the asset5 of the chority and hence fortaking reasonable steps for the prevention and detection of fraud and other irregularities. Risk management The trustees have in place a formal risk management process to 05sess business risks and implement risk management strategies. The risk management process involves identifying the types of risks the charity faces, prioritising them in terms of potential impact and likelihood of occurrence and identifying woys of managing the risks. At each meeting of the board, trustees ore updated on any significant change5 to the level of risk, partlculorly any categories that ore gauged to be entering the highest risk category, and any appropriate attions considered. The key risks identified this year were: Potential of grant-moking bodies such 05 the Rurol Payment Agency making unilateral changes to existing grant schemes which might negatively impact on income levels. Uncertainty in regard of Trusts election arrangements following the Boundory Commission review of Malvern Hills District Council ward boundaries. Reputational impacts arising both from the above, and local campalgns (by Indlvlduals andlor groups) generoting misinformation that affects the reputation of the charity and generates adverse publiclty. as well as diverting the limited resource5 and focus of the organisation from its core objects. The impacis of additional workloads and limited delivery capacity arising from both expected and unexperted loss of staff from key roles within the small staff team. Some areas of financial operations previously identified as at hlgh risk in the f irst half of the year, had since moderated, but still warranted careful monitoring. These include the rlsks of: Continuing high inflation rates driving up direct costs for the orgonisation in Many areas- includlng fuel, contractors. costs and machinery and equipment- as well os potentially causing lower visitor number5 ond a drop in car park takings, Volatility in morkets lin part arising from the war in Ukroine) and domestic economy affetting investment returns. 20

Malvern Frills Trust Following the latest triennial valuation the Trust's pension liability laccounting deficit) has reduced las dlsclosed in detail in note 26 to the financial statements). Medium-term financlal plans are in place to ensure the charity can make the required contribution payments in the future. The scheme has been closed to new joiners. Statement as to disclosure to our audltors In so fai as the tTUStees are aware at the time of approving the Trustees. Annual Report, the trustees have each taken appropriate step5 to moke themselves aware of any infoimatlon relevant to the audit and to establSsh that the auditor is aware of that information. order ftheB f Trustees Mick Oavies (Chair) 19 October 2023 21

Malvem Hills Trust Independent Audltor's Report to the Trustees of Malvern Hills Trust Oplnlon We haveauditcd the financial statements ofmalyern Hi115 Tru5t(the'CharJ￿ fortheyearended 31 March 2023 which comprise the.%tstemÈnt of fjnancial activities. the balance sheet. the 5taternent of cash flows and notes to the financial statements, indudlngsigniftcantaccountin￿ policies. The financial reporting framework that has been applieLI in their preparatSon is applicable law and United Kingdorn Accountingstsndards, including Financial Reportin8Standard 102 The Financiol Reporting Sthndard applicable irt the UK and Republic of Irelond (United Kingdom Generally AC￿pted Accounting Practice). In our opinion. the financial statements: give a trueand fair view of the state of the Charl￿5 affalrs a5 at 31 March 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 PrdCtic*. and have been prepared in accordance with the requirements of the Charities Act 2011. B8sis for OPiDion We condurted our audit in accordance with International Standards on Auditing (UK) {ISAs (UK)) and applicable law. Our re5pon5ibilities under those standards <ire further ijescribeil in the Auditor's responsibilitiesfor the 17udit of the finonciol stotements section of our report. We are independent of the Charity in accordan￿ with the cthical requirements that are relevant to ouraudit of the financial ststeEnents in the UK Includlng the FRC'S Ethical Standar(L and we have fulfilled our other ethical responsibilitie5 in accordance with these requirements. We believe that the audit evidence we have obtained 15 5uffiLient and dppropriate to provide a basis lor our opinion. Concluslons relatlngto golngconcern In auditing the financial statements, we have cotlcluded that the Trustees. use ofthegoing concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfortned, we have not identified any material uncertainties relating to events or conditions thai individually or collectlvely, may cast slgnificant doubt on the Charl￿5 ability to continue as a going ¢ontern for a ptTLod ofatleast twelve months from when the financial statements are authorised for issue. Ourresponslbilitles and the responslbllities oftheTrustees with respectto goingconcern are described in the relevant sertlons ofth2s reporL Other inforrnation The other infortnation comprises the information induded in the annual report other than the financial stateffjents and ourauditoFs report thereon. The Trustees are responsible forthe other inforniation contsined within the annurfll report. Our opinion on the financial state]Thents does not cover the other Inforniation and we do not express any form nf assuTance conclusinn thereon. Our responsÈbility is to read the otherinformation and. in doing so. consider whether the other inFormation is materially inconsistent with the financial statements orourknowledge obtained in the course of the audit, orothermse appcars to b¢ materially misstated. If we identify5uch rnaterial inconsisteDLies or apparent material misstatemenrs, we are required to determine whether thi5 give5 rise to a material misStateTnent in the rinancial statements themselves. If, based on the work we have perfornied, we conclude that there 15 a material mSsstatement of thts other Snforniatton, we are required to report that fact We have nothing to report in thi5 regard. Matters on whlch we are requlTed to report by exception We have nothingto report in respect of the followingrnattets in relation to which the Charltles (Accounts and Reports) Regulations 2008 require us to reportto you if. in our opinion.. the information given in the financial statements is inconsistent in any tnaterial respect with the Trustees. reporL or sufficient accountlng records haye not been kept-, or the financial ststements are not in agreement with the accounting records.. or 22

Malvern Hills Trust we have not received all the informatlon and explanatiorts we require fur ouraudiL ResponsSblllties of Trustees A5 explained more fully in the ststetnentof Trustees, responsibllities. the Trustees are responslble forthe preparation of the financial strtements and for being satisfied that they give d trye and fair view, and for suth internal control a5 the Trustees deternilne is necessary to enable the preparatlon of financial ststements that are free from material misststement. whether due to fraud or error. In preparing the financial st2tements. the Trustees are responsible for a5sessingthe Charity's abilityto continue as a goin8 concern, disclosing as applicable, matter.$ related togoingconrern and using the going concern basis of accounting unless the Trustees either intend to cease operations. or have no real￿tIC alternatlve butto do so. Audltor's responsibllities for the audlt of the financial statements We have be&n appointed as auditor under section 144 ofthe CharldesAct 2011 and reporr in accordance with the Art and relevant regulations made or hawn8 effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial sraternents as a whole are free fro aterial misstatement. whether due to fraud or error. dnd to issue an auditor's reporr that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit condurted in accordance with ISAS (UK) will always deteLt a rnaterial misststernentwhen it exists. Misstatements can a￿se from fraud or em)r and are considered tnaterial il. individually ur In the aggregate. they could reasonably be expected to influence the economic decisions of users taken on the bèsis of these financial statements. A further description of our respoTJ5ibilities Ss available on the Fit]3ncial Reporbng Council's website at.. https.'// www.frc.org.uk/auditorsresponsibilities. This description forms part of ourauditor's report. Extent to whffich the audit w&% consldered capable of detecElngirregulaTities, tncludln8 fraud Irregularities, including fraud. are insrances of non-cotnpliance with laws and reguldtions. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council's website. io detect niaterial mis.ststements in respect of Irregularities, including fraud. We obtain and update our understanding of the entSty, its activities. its control environmenL and likely future dev¥lopments, induding in relation to the legal and re¥ulatory framework applicable and how the entity is complying with that framework. Based on this understsndin& we identify and assess the risk5 of material tnisstaretnent aFthe financial statements, whether due to fraud or error, design dnd perlorm audit procedures responsive to those risks. and obtain audit eviden￿ that is SU￿1c￿ent and dppropriate to provide a basi5 for our opinion. This include consideration of the risk of acts. by the entity that were contrary to applicable laws and regulations, including fraud. In response to the risk of irregularities and non-colnpliance with laws and regu]ations, Including fraud, we desl8ned procedure5 which included-. Enquiryof management and those charged with governance around actual and potential litigation and claims as well as artuaL susperted and alleged fraud.. Reviewing minutes of meetings ofthose charged with governaiice.. Assessing the extent of compliance with the laws and regulations considered to have a dirert material effect OR the finanthal statements or the operat5ons of the entity through enquiry and inspection,. Reviewing financial statement disc105ures and testing to supporting documentration to assess compliance with applicable laws and regulations.. Performing audit worft over the risk of managemenr bia5 dnd override of controls. including testing ofjournal entries and other adjustrnents for appropriateness, evaluating the business rationale of significant transactions outside the nomal course of business and reviewng accounting estitnates for indicators of potenttal bias. Because of the inherent Ilmitations of an audiL there is a risk that we will nor deteLt all irregularities. including those leadin8 ￿ a material misstatement In the Pinancial statements or non-compliance with regulation. This risk increases 23

Malvern Hllls Trust the more that compliance with a law or regulation is removed from the events and transartions reflerted in the finattLaalstatemenL¥-. ds we will beless likely to beLome aware of instsncesofnon-compliance. The riskof notdetecting amaterial mi55tsteTnenlresulting from fraudis higherthan forone resultingfrom error, as fraud may Involve collusS0n, forgery, intentional ornis5ions, Tnisrepre5entation5. orthe override of internal control. Other matters Yourattention is drdwn to the fart that the charity has prepaTed financial staternents in accordance with"Accountin8 and Reporting by Charities.. Statement of Recommended Prdctice applicable to dwities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (as 3mended) in preference to the Accountingand Reporting by Charities-. Statement of Recommended Pr3Ltice issued on l April 2005 whiLh is referred to in the extant regulations buthas now been withdrawn. This has been done in order for the financial statements to provide a true and fair view in accordance with current Cenerally Accepted Accountlng Prartlce. Use of our Teport This reportis made solely to the Charltys Trustees,as a body, In accordan￿ with part4 of the Charlties (Accounts and Reports) Regulation5 2008. Ourauditwork has been undertaken sothatwe mightstate to the Charity's Trustees those matters weare required to stale to them in an a￿ditorS, reportand foFnO Qtherpurpose.'I'o the fulle5textent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charity'5 Trustees as a body, for our audit work, for this report, or for the opinions we have fornied. Atov Azets Audit Services Date 8 November 2023 Cbartered Accountants Statutory Auditor Epsilon House The Square Gloucester Business P*irk Gloucester United Kingdom GL3 4AD 24

Malvern Hills Trust Statement of Financial Activities for the year ended 31st March 2023 Totol funds e5tricted Total funds 2022 (r￿te funds 2023 281 Unrestrfrted funds Note Inr(v7w ¢ir￿end0￿rnentsrrnrn.. DonatFons ond legocie5 Charitable activttle Manoganent of the hllls and commons Car parks ottr￿trod1￿g activities Investment* Bank deposlts Investment portfolio Other 6.421 7.458 13,879 11.939 721.068 360.753 58.407 35.122 756,7 90 360.753 78,407 877.577 418.059 38,81 S 20.CKIO 9.518 9.518 37,785 16,529 1,273.061 1,338 34,Tr)8 13.581 1.395,317 37.785 16.529 1,172.696 Totat irKome 100,365 Expendlture on." Chor￿ableQrtIVr￿Ie5 Other expenditure Total expenditure 1.193,535 2.646 1,196,181 94.362 13,291 107.653 1.287.897 15.937 1.303.834 1.185,789 19.290 1205.079 Net gains on Investments Net ￿Ome 16 190.6271 190.6271 197.9151 (121.4001 51,725 241,963 (23.4851 TronsfeJ5 bet￿￿n funds 22,277 122.2771 Otherreco9nisedgoln<(losses) Actuarial goin511105ses1 orTr defin￿ bffleflt pension scheme Net movement in funds 26 1.541,000 1,539,792 1.541,000 1.419,600 39.000 280.963 (120.192) Reconciliotlonof fund&" Total fund5 brought fo￿ard Total funds Carried foAYard {942.5171 597.275 3.119,589 1999,397 2.177.072 3,596.672 1.896.109 2.177,072 23 The statement of financial activltles indudes all gains and losses recogni5ed In the year. All income and expendtture delive from cor)tinuing activities. The notes on pages 28 to 53 form part of these Pinanclai statements. 25

Malvem Hills Trust Balance Sheet as at 31st March 2023 Note 2023 2022 Fi¥ed Assets Tanglble f Ixed assets Heyitage assets Investments 14 359,078 1,346.835 1,206,693 2,912,606 433,430 1.173.644 1,638,899 3.245.973 Totol flxed ossets Livestock Investments Debtors Short tetrn dep051t5 Cash at bank and in hond 31.452 84.788 116,932 1.334.180 166 1.567,518 25.320 133.474 1.167.462 222 1.326.478 Totol currert assets c￿dItOrS Amounts falling duewithin one year {146,4521 11 ￿.379) Net Current Assets excludlng pen51on Ilablllty 1.421.066 1,172,099 Net ussets 4.333,672 4.418.072 Penslon Fund Iloblllty 26 1737.CKIOI 11241,0001 Net Assets ￿ClUdIng pen51on Ilabllity 3.596.672 2.177.072 The fund5 of the tharfty Un1&5trlcted- General Fund Unrestricted. Designated Futids Unrestricted- P￿S1on Fund Restrlctal Funds 19 20 21 22 436,588 897.687 1737,000) 2,999.397 3.596.672 425,825 872.658 {2.241,0(K>l 3,119,589 2,177,072 Total charity funds The notes on pages 28 to 53 forrn part of these financial statements. Mick DavSes Chalr of Trustees on beholf of the Trustees DATE t % od-DTr 1012 26

Malvern Hills Trust Statement of cash flows for the year ended 31° March 2023 2023 la5 restated) Cash flow5 from operattng actfvitie5 NEt incomel(expenditure) Add back depreciation charge Profit on disposal of fixed assets Investment gainslllossesl Dlfference between penslon charge and cosh contrlbutlons Investment income Derrease I lincreasel In stock 1lncreosel1decre(￿e In debtor5 Increose in credltors Net cash Prn￿ded bynused Inl 4)peratlng attivities (121.4001 91,158 {1,0501 90,627 37.0 147.3031 16.1321 16,542 17,928) 51.514 247.963 91,251 19601 151,7251 24,0 135.3461 175.1751 37.128 231,136 Coshflow5 from Investlng artfvtties.. Proceeds f rom the sale of f ixed assets Purchase of fixL)J asset5 T￿r￿fer to current a55* Investments Purchase of Investment5 Proceal on dlsposal of investments Interest received Net ush wovlded by h)vestkng activities 1.053 960 1190,0051 {200.171) 184,7881 1523,7811 849,170 47.303 91952 152.4(K)I 166.842 35,346 149.423) Chon9e In ctssh and cash equlvolents kn the reportlng perlod 150,466 181,713 Cash at beginning of period Cosh at end of perlod Movement in portfolio cash Clwe in cash and cosh Équr￿le￿ts In reporting period 1,167,684 1,334,341 -16,191 150.466 992.828 1.167,684 6,857 181,713 The notes on pages 28 to 53 fotrn part of these financial statements. 27

Malvern Hills Trust Notes to the financial statements for the year ended 315t March 2023 1 Accounting policies The principol accounting policies adopted, judgernent5 and key Sour￿ of estimation ond uncertainty in the preparation of the financiol statements ale as follows: Bosis of preparation The flnanclal statements have been prepared in accordance with Accountlng and Reportlng by Charities.. Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Irelond IFRS 102) {effective Januory 2019)- Icharities SORP {FRS10211 and the Financial Reporting Standard opplicable in the UK ond Republic of Ireland IFRS 102). Malvern Hills Trust meets the definition of a public benefit entity under FRS 102. Assets and liabllities ore inltlally recognlsed ot hlstorlcal cost or tran50ctlon value unless Otherwise stated In the relevant accounting policy notes. The financial statements are prepared in steding. which is the funcLional currency of the company. Monetory amounts in these financial statements are rounded io the nearest £1. a) Preparation of the financiol stotements on o going concern basis The charity reported a cash inflow of £302.617 for the year. The charity hos cash resources and has no requirement for external funding. The trustee5 have a reasonable expectation that the charity has adequate resources to continue in operatlonal existence for the foreseeable future. They contlnue to believe the going concern basis of accounting to be appropriate in preparing the annual financial staternents. b) Income ncome is recognised when all of the followir)g criteria are meL' Entitlement- control over the rights or other access to the economic benePIt hos possed to the charity, Proboble- it is more likely than not that the economic benefit ossocioted with the transuciion or gift will flow to the charity, Measurement- the rnonetary value or arnount of the income can be measured reliably and the costs incurred for the tsansartion and the costs to complete the tronsoction con be measured reliobly. Incorne is deferred when the donor specifies the gront or donation must be used in o future occounting period. When donors specify that grant5 or donations, including capital grants, are for particular restricted purposes. this incorne is induded in the incoming resources of restritted funds when it 15 receivable. Grants that are subject to performance-related conditions are recognised when those condltions have been met. Legocies are recognised upon the eorlier of notification of probate being gronted or receipL 28

Malvem Hills Trust c) Operating leases Income from operotlng leases is recognised in the statement of financial activities on a straight-line basis over the lease term. dl Expenditure Expenditure is included in the statement of financial activities on on accruals basls. exclusive of VAT. Whilst Support C05t5 ore apportioned on a reasonable ba515. Salaries are allocated on on estimate of time spent on each ottivity. Depreciation is allocated by the use of the assets. Admlnlstration costs are allocoted by invoice where possible otherwlse an estimate has been fflade based on staff time. Governance cost5 include direct and indirect expenditure Involved in ensuring that the charity complies with its charitable and statutory obligations. e) Recognition of liabilities Liabilities are recogni5ed on an accruals LKSIS, and once there is a legal or constructive obligation that commits the charity to the obligQtion. n Taxation Malvern Hills Trust is a registered charity. and os such is entitled to taxation exemption5 on all its income ond gains, propedy applled for its charltable purposes. g) Tangible fixed assets and depreciation Tangible fixed assets are stated ot cost less depreclation. A capitalisotion limit of E500 has been set by the Trustees. It 15 Mafvem Hills Tfust's objertlve to preserve and manage the land. The land Is deemed to have an indefinite life and the Trustees do not therefore consider it appropriate to ch(Jrge depie(iatlon. Depreciation on other assets is provided ot rates calcvlated to write off the cost of fixed assets less their residual value on a stsaight-line basis over their expected useful lives on the following base5.' Vehicles and equipment Parking meter5 Office equipment CaT Park improvements lrnprovements to land ond buildings Offlce buildings 16.67% of cost 10% ofcost 25% of cost 20 % of cost 20 Yv of cost 2% ofcost h) Heritage Assets Part of the freehold land of the charity is held for conservation purposes to meet Its charitoble object5 ond is therefore considered to be a heritoge asset. A5 this land is central to the charitable objects and can only be sold in very limited circumstance5. it is also considered to be an inalienable asset. The lond held by Molvein Hills Trust is reported in the Balance Sheet at cosL The lond is Inalienoble. 50 the frustees do not believe the expense of having the land valued for the purposes of these accounts would be good use of the charity'5 funds, as the cost would exceed the benefit. Malvein H1115 Trust also hos some Small oreas of land which were donated to the charity which are not shown in the accounts. The Trustee5 believe thot the expense of having this land valued to include it In the accounts would exceed the benefits provided by the valuotion. as this land is also inalienable. 29

Mafvern Hills Trust l) Investments - Flxed Asset Inve5trnents are shown In the Balance Sheet ot market value. Chonges in the valuation of investments during the year are shown as gains or losses in the Statement of Financlol Artivities. J) Investments- Current Asset Current asset investments are long term deposits comprising fixed-term or notice Investments with a maturity of three months or more. k) Livestock Livestock is independently assessed and volued at the commencement and termination of qualifying Tenoncy Agreements. l) Pension scheme The charity participates in the Worcestershlre County Council Pension Fund which is o part of the Local Government Pension Scheme ILGPS), a multi-employer scheme. The LGPS Is a deflned benefit scheme. Contributions are accounted for In accordonce with FR5102. Further details ale given in note 26 to the financial statements. Membership of the LGP5 is closed to new Jolnets. In order to meet its obligation5 under auto-enrolment. the charlty enrols eligible new staff in the People's Pension Scheme. a defined cor)tribution stherne. m) Fund accountlng Funds (as defined by the SORP, which are not ne￿SSarIlY cash funds or available for expenditure) held by the trustees ale either'.- Unrestricted general funds- these are funds vthich con be used in accordance with the charitable objects at the discretion of the trustees. Unrestricled designated funds- these funds ore set aside by the tru5tee5 Out of unrestricted general funds for speafic future purposes or projects. Unrestricted pension fund- this represents the estimate of pension liabilities as required by FRS 102. Restricted funds- these are funds thot can only be used for particular iesiricted purpose5 Within the objects of the charity. RestTlCtions arlse when specified by the donor. when funds are raised for particular restricted purposes or when required by the Malvein Hills Acts. Further explanation of the nature and purpose of each fund Is included In notes 19-22 to the financial statements. n) Debtors Trade and other debtor5 are recogni5ed at the settlement date less any provlslon for bod debts. Prepayments are valued at the amount prepoid. o) Short term deposits and cash at bank and in hand Short term deposits comprise short-term highly liquid investrnent5 Wlth a Short rnaturity of three months or le55. Cash at bank and In hond Is the petty cash balance held. 30

Malvern Hills Trust p) Creditors and provlsions Creditors and provisions are recognised where the chorlty has o present obligation resulting from a past event that will probably result in the transfer of fund5 to a third patty and the omount due to settle the obligation can be measured or estlmated reliably. q) Financlal instruments The chorlty only has financial assets and finoncial liabilities of a kind thot quallfy 05 bosic financial Instrurnents. Basic financial instruments are Inltially recognised at transaction value and subsequently measured at thelr settlement value. Financial assets measured at fair value comprise quoted investments. Financial a55ets meo5ured at settlement value comprise cosh at bank and In hand, deposit financlal statements, trode debtors and accrued income. Financial liabilitie5 rneasured at settlement value comprise trade creditOf5 and accruals. Details of financlal instruments are given in note 27 to the financiol statements. r) Signlftcant estlmates ond judgements signif1cc￿t e5timate5 and jLrdgements are continually evaluated ond are based on historical experience and other factors. including expectations of future events that are believed to be reasonable under the circumstances. The items in the financial statements where these estimates and judgements have been mode include the useful econotnic lives of tangible fixed assets and bad debts. The annuol depreciation charge for the tangible flxed (Jssets is sensltive to change5 In the estimated useful economic lives and resldual value5 of the assets. The useful economic lives and residual values are amended where necessary to reflect the current estimates, based on technological advancemenL future investment. economic utilisatlon and the physical condition of the assets. Provision is made for bad debts if they remoin outstanding for more than three months. The present value of the Worcestershire County Council Pension Fund defined benePIt liability depends on a number Df fartor5 that are determined on an octuariol basis using a varlety of assumptions. The assurnptions used in determining the net cost or income for pensions include the discount rirte. Any changes in these assumptions. which are disclosed in note 26, will impact the carrying amount of the pension liability. Furthermore, a roll forward approach which projects results from the latest full octuarial valuation performed ot 31 Murch 2022 has been used by the actuary in valuing the pensions liability at 31 March 2023. Any differences between the figures derived from the roll forward approoch and a full actuaiial valuotion would impact on the carrying amount of the pension liability. 2 Legal status of the charity Malvern Hills Trust is registered with the Charity Commission for Englarbd and Woles, number 515804. The tharity is a body corporate constituted by 5 Acts of Porliarnent. the Malvern Hills Arts 1884. 1909, 1924. 1930 and 1995. The registered office is Manor House. Grange Road. Malvern, Worcestershire WR14 3EY. 31

Malvem Hills Trust 3 Analysls of income from donations and legacies 2023 2022 Gifts Legacies 13.379 S(X) 13,879 11,326 613 11.939 The income from donations and legacieswos £13.87812022 £11,939) of which E6,421 was unrestricted12022 £3,932) and £7,457 restrirted <2022 £8,007). The charity benefits greatly from the involvement and enthusiastic support of its many voluntoers, details of which are given in the Trustees, annual repoft. In accordance with FRS 102 and the Charities SORP (FRS 1021. the economic contrlbutlon of geneial volunteers is not recognised in the Financial statements. Analysis of income from other trading activities 2023 2022 R￿tal income Easements and wa￿eaveS Soles of books ond l￿flets 32,933 32,144 45.474 6,474 197 78,407 38,815 The fental income in both years was unrestricted. £20,000 of easements and wayleaves in 2023 was (estrirted12022 £nlll. None of the sales of books and leaflets12022 £1681 were restricted. 5 Analysls of other income 2023 2022 Employment allowan￿. Compensatlon for works Profit on di5posoI of Pixed assets Sundry Income 5,000 1,076 1.050 9,403 16,529 4,000 911 960 7,710 13,581 . HMRC EmploymentAllowancefor theyear 202212023 has been applied in full to the employer s national insuran contribution to o total value of £5,000. All of the above incornels unrestricted. 32

Malvern Hills Trust 6 Analysis of expenditure Estote Car manage't Wardenlng porks Governan O￿lCe ce costs Totd 2023 2022 Sthrte5 Inote 101 tEtt eXp￿S Ra*e5 and wot 345,846 255,941 4,610 3.213 25.666 3.757 88.451 13,381 18,612 759,477 138.502 4,145 13,225 25,576 4.812 1,254 1272 66,965 192.475 747,933 649,676 5,430 304.984 321,055 1299 8.163 6,378 3.589 9,074 6,868 1.067 29,357 28,494 4.558 8.315 5,460 2.707 91.158 91,251 13.381 9,493 1,213 29,648 41,997 91,470 86,404 151,727 34,460 4,812 99.237 254,122 1,303,834 1.205.079 Elwtrtclty& gtss Insurance 2,624 MointaiarKe of bulkJlng5 tlorétiotloTh InveStM￿t rnanQg￿nent Support Costs (note 81 Expenditure as stated on the SOFA wa5 £1.303.83412022 £1,205.0791 of which £1,196,181 was unre5tricied12022 £1,107,731) and £107.653 was re5trirted12022 £97,348). 7 Summary analysis of expenditure and related Income for charitable activities This table 5how5 the cost of the main charitable activltles and the sources of Income directly to support those activities. M'gt of hills and commcns Car Parks Total 2023 Totd 2022 Inceme Levyon CounolTax poyers in kYec4)ted parishes Ste%￿rdShIp9rQnts oth￿ grants Car park taking5 TDtal Incomefrom thoritobleacbviti Expenditure Netcontilbutlonllcostfunded byolher Inco￿￿} 595.3LK) 106,612 54,278 595,3CI) IC6,612 54,278 360,753 1,116,943 11,303,834) 1186,8921 566,950 287,053 23,574 418,059 1,295,636 11,205,079) 90.557 360.753 756,190 360,753 11,274,733) 129,1021 1518.5431 331.651 33

Malvem Hllls Trust 8 Analysis of support costs Estate m'tce Governan ce Office Cor parks costs Total 2023 Total 2022 Telephone5 Cleanlng Postage offi￿ equipment Piinting and stationery Travelling IT Legal fees 1.479 962 1,836 3.369 2.559 3,459 5.886 597 13.155 3,315 4,331 2,559 3.459 5,886 597 13.155 21.360 3,109 2,911 3,458 2,290 5.747 461 12.284 21.923 4,074 17,286 triillll Auditfee Land Agent Fees Other professional f&s Subscriptions NeY￿paper Ads Training Miscellaneous Recruitment Bank itharges 11.250 11.250 2.276 12.657 1.711 1.112 2,877 1.048 1.461 2.416 91.470 7.200 2,276 5,483 7,17 1.711 13.774 2,016 1,112 2,877 4,754 1,709 2.127 2.641 86.404 1,048 1.461 1.213 1.213 1,203 41,997 18.612 29,648 9 Net incomel{expendlture) for the year This is stated after charging= 2023 2022 Depreaation Auditor s remuneration: Audit fees 91.158 91,251 11.250 7.200 34

Malvern Hills Trust 10 Analysis of staff costs, trustee remuneration and expenses and the cost of key management personnel 2023 2022 Salaries and wages Soclal securlty Costs Penslon costs Group lifeassurance FRS 102- pension adjustment FRS 102 - short term compensated absence charge to SOFA 518,370 456,918 48.165 41,569 146.701 131.753 2.725 1.9146 37.000 24,(K)O 15,029) (6.510) 747.932 649.676 The number of employees whose annual remuneration was £60,C￿0 or more were.. 2023 2022 Number Number E70.(XJI-£80,000 Contributions totaling £6.309 (2022.. £nill were made to defined contribution schemes on behalf of employees whose emoluments exceed £60,000. The charity trustees were neither paid nor received any other benefits from employrnent wlth the charity in the year12022 Énil). No travelling expenses were reimbursed to trustees during the year 12022 £nill. No charity trustee Tecelved payment for professionul oi other services supplied to the charity12022 £nill. The key management personnel comprlse the Chief Executive Officer, the Conservation Monager. the Operation5 Manager. the Secretory to the Boord and the Finance and Administrotion Manager. The totol employee benefits of key management pefsonnel of the charity, induding employer'5 Nl and pension contributions, were £239,68512022 £212.9111. 11 Staff numbers The average monthly head count was 21 staff12022: 20 5taffl and the average monthly number of full-time equivalent employees {including part-time staffl during the year were as follows- 2023 2022 Wardens Field Staff Office based st(rff 17.3 17 35

Mafvern Hills Trust 12 Related party transactions Under the Chaiities SORP, trustees are required to disclose tr(Jnsuctions with related partie& During 2023 0 £600 donotion wa5 received from Richard Bartholomew. (In 2022. the trustees identified the following transactions: Matthew Rouse, son of Trustee Christopher Rouse, wa5 poid E490 for p05t- knocking services.) 13 Corporatlon tax The charity Is exempt from tox on incorne and gains falling within section 505 of the Taxes Act 1988 or sertion 252 of the taxatlon of Chargeable Galns Act 1992 to the extent that these are applied to its tharitable objective& 14 Tangible Fixed assets HerftDJe A￿t$. Lty & ￿l￿n95 {nott 15) Otherkind ements lo landand Jlldirys VeNcl¢s(md Carparks equI￿ent equ¥Thent buldkn9 Tot 1$1 wi 2022 Addltlons Di%posols At 310 March 23 1.173,643 173.192 102.733 13&770 929,432 160,460 472.033 15.665 19,95SI 60.978 1.149 3.038.049 190.C 1346.835 102.733 13&770 929.430 760.460 477,743 62,127 3,218,098 DePrech7t￿n At 1st April 2022 Chorgein theyear On th5PL>gJ15 At 31st Mor£h 2023 2ÉL974 2776 828.677 57.094 160.&60 360.968 28.583 19.948 55.896 2.705 1.430.975 91.1 19.9481 27.750 885.771 160.460 379.603 5B.601 I S12185 Net bookvdue 31st March 2023 315t Marth 2022 1.346,835 1.173,6&3 102.733 102,733 111.020 113.796 43.659 100.755 98.140 111,065 3.526 5,082 1.705,913 1,607,074 'Other land, Is In-bye land at Hollybed Common, purchased pursuant to an ordw made by the Charity Commission under S105 of the Charities Act 2011. 36

Malvern Hills Trust 15 Heritage Assets Lond and buildlngs (heritage asset51 are held for the purposes of the charity- Details of the Lands Acquisltion policy are given in the trustees. report. Under the Malvern Hills Acts, land can only be sold In very limited circumstances and so is considered inalienable. Year 1903 1925 1925 1925 H41 lond neor BILmd Lodge W. Benngton's miner(ll rIght& Lrtde Molvern Ec￿￿10St￿CoJ CoThmissioner5 min￿￿ and manDrld rlghts Fdey Manor Less soleof Bdle Vue Island and Edith Wolk 220 10.132 1.036 16,092 1851 1926 1927 1928 1931 1931 1937 1938 1955 1958 1958 1958 1958 1958 1958 1958 1959 1960 1960 1960 1960 16.007 999 687 517 24.6 1A97 25 Pnce & Lolrd's lond. Trtwyche IpDrtionl Mlss Cabiera s land Gnd mlneral rights Major Roper's lond ond mineral rl9hts West of England quarrles Thlrdswood. Jubllee Drlve Lar¥1 at IAdveiTrWells Land ot Malvern Wells Lar￿ near Cornbe LDdg2 Lond. port of The Shtub Land on North Hlll Land at WO(￿ 5treeL fjU(N1f￿fd Lond on Malvem ComrTron LLYJse of Pork cottage.west Mafvem Lond ot Oldwyche Land ut Hoppy Volley Ldnd ol Old Wy(he Lond at Biltlsh Comp Lttnd ut FtrJppy Valley lond at We5tMa¢vwn Land ot korQuatry 1960162 Providence Cotta9es The Wyche 1961 Ltsnd ot ￿¢1yweI1 1961 LondatThe Cxd Collets 1962 Land ot Holly Bush Roughs 1962 Hlll Top Cottage,Chose End 1962 Land ar Costlemorton 1963 Cotto9e5 ond lond at West Molvern 1964 F. 8. 8radley-Blrt n¥Jnorial rights at Ch(￿￿ Endond Rogged Stone Fllll 1964 land at Upperwyche 1966 Cosuernorton Common loTrd 1966 SL Ann's Wdl 1967 Lond ai Colwojl 1967 Lond at ma￿em W415 1967 LIMd Hills and Newland 1969 Land at 34 Wyche Road. Molvem 1970 Land ot Camp End 1971 Lond at Block Hlll 1972 Lond at EornsbY4 1976 The Motst Pond. Shernards fjree 1976 Thjrd5 WDod. Chose R￿d Iwrt 1977 Land ot Cosuemorton 1980 Loryj ot (hance5 Pltch 1980 Mount Pleasant, Jubilee Drive 1981 Lond al West Malvem 1982 fjullet Quarry 350 74 369 37 24 51 171 81 82 127 940 182 24 2b48 773 656 343 62 1,459 3.743 256 1.796 3500 771 206 86 59 1.057 2.061 100 2.700 8.000 4500 Su￿tOtal 94.907 37

Malvem Hills Trust 15 Herltage assets - continued Yetsr Sub totryl blfwd GJllet I￿a Less Countryde COMMI￿0￿ g￿nt 94,907 1984 15217 145001 10,717 1986 Eam5knw aro Wjrhe Quorries CountWde CommSs51on grant 25212 I12.5(￿> 12,712 1986 Gtundy's Meodow Less Countfysde COMMIS￿0￿ grant 6203 13.0581 3,145 1989 Bolb)rds Lond, Upper CoK¥a L￿5 Gift f￿>[n N. Hadfiai 15,OC(I 13,7501 11250 36000 15373 25370 3J67 5.600 5.(X)O 35,000 2,5(N) 52.0(X) 10,Ot 40,417 8,584 65,625 176.471 54.099 25,498 10.915 16,448 4,471 1.395 7.495 2229 4945 200 7,505 13,684 297.399 113382 173,192 1990 Poth Wood, West Mofvefft 1991 Fish Pool. le￿ Coppice 1993 Lodge Fiebjs 1993 Gordina5 Coltage 1993 pa￿ wood.west ma￿em 1994 Land at St. ArKlrew's Road 1995 Hlll lond llt West K4ofvern. Eoton Rooj ond HO￿ Wdl 1995 Mill Pond. (nstknorton 1998 WoodfO￿ s Meadow 1999 Meodow b]nd ot Pork Wood 1999 Cowull lan( 2(K12103 Land ot Pmomy Hill, Cosiknorton 2(M)2103 Lond at OW Holkm. WEsi 2Q03 Lond at The Fh]ckett Mfjthon 2003 Lond at Little Kkjfvem 2(X17108 Tank Quorry 7108 Lond at The Pudieu. Wert ma￿em Rood 2￿7108 Land at The Patch. (Ost￿MOrtOn 2￿8109 Smll FX)rce& of lond at Worctstershire Beocon ond a￿Ve luh'lee [￿"ve 2(KJ9110 Land on 4 QTEa5 on Eust side WoKe5te5hire Bfflcon. Bbck Hil ond 2￿9110 5rrvJll parce& of lond 2010111 sr(￿11 rorce& of lond 2011112 St￿11 parce& of lond 2012113 SrTKIll wice& of lond 2018119 Lond ot castl￿ort 2018119 Lond at Holywdl 2018119 Land at (astl￿0rtDn Ito be known ￿ B[￿k Meadow. Snooke5 Qoft und Plonts Pi, 2021122 Lond ot The Purfieu. W￿t MaTr4em Road 2022123 Two porcd5 of knnd at Evendine Totol to 31" March 2023 7 346035 This land is shown at cost and is not revalued. As the land is inalienable, the TTUStees do not consider the expense of having the ILMd valued would generate any benefit for the Charity. 38

Malvern Hills Trust 16 Investments Current Asset Investments 2023 2022 Platform Institution Term Flagstone Santander 185 day 84,788 84.788 Flxed Asset Investments ore held to provide capital growth and a return for the charity. There ore two investment poitfolios. One holds the Lond Purchase119921 Fund Iformerly natned the Londs Acquisition fund). the other the Lands Maintenance Fund and part of the Parliamentory Fund. Incorne earned on the Land Purchase11992) portfolio is retained within the fund and reinvested. Income on the Parliarnentary and Lands Maintenance portfolio 15 transferred to the Trust's current account each month. The rnovement on the funds during the year was: Combined 2023 LP1&LP2 Parl & LM 2022 OFening M(xket Value Additior Disp)sal woceed5 Equalisotlor Galnslllossesl CIKW)ge in c(sh CltsirKJ rnarket vdue 931,333 311.409 16192451 13231 {55.8991 16.7631 560,512 707.566 212,372 (229.9251 211 134.7281 19.3161 646.180 1.638B99 1,694,759 523.781 52,400 1849.1701 1166A421 11121 1901 190.6271 51,726 116.0791 6.946 1206.692 1,638399 The hi5toricol cost of investments at the balance Sheet date was £1.244,67312022 £1.322,5221. At the Balance Sheet date. the Land Purchase {1992) portfolio was invested in the following c1055es of investment- Overseas bonds UK equitie5 North American equltle5 Europwn equitie5 Japanese equities Asio poclflc equlties Emerging morket5 Ab501ute retLJm Global investments Properly Other investments Cash 11.6 15.8 30.2 41.677 57.027 108,711 27.9 11,247 22,150 3.836 21,544 13,196 86,637 222.700 249.161 64.298 32.569 58.535 13.263 43.623 33.740 23.9 26.8 ijij 8,458 21,310 8.785 360.310 22,606 39,886 33,999 931.333 £150.000 is held in short term cash deposlts via Flagstone 39

Malvern Hills Trust 16 Investments - continued Li￿d Purchase11992} Portfolio Two 2023 2022 UK Bonds erseas bonds UK equities North Amerlcan equities European equities lapon￿ equities Asla pacific equities Emerging markets Absolute return Gbbol investments Property Commodities Othei investments Cosh 13.048 0.0 50.562 0.0 16.907 o_o 27.762 0.0 6,467 0.0 3.084 0.0 7,600 0.0 1,952 0.0 28,413 0 6.276 0.0 11,002 0.0 6.231 0.0 6.668 0.0 14.230 0.0 200.202 25.3 13.9 14.2 At the Bolance Sheet dote, the Parliamentory and Lands Maintenonce portfolio was invested in the following classes of investment- 2023 2022 UK Bonds Ovet5eas bonds UK equities North Amerlcan equltles European equities Joponese equities A5io pacilic equitie5 Emerging markets Absolute retum Global investments Property Other investments Cash Product Cash 39.592 59.461 125,911 191,248 38.579 20.083 38,776 4.821 40.323 26.642 9,953 32,727 8,700 9.365 646.180 29,725 60.692 169.321 189,760 43,268 22.245 41,174 10,470 29,201 51.082 7.150 37.349 19.5 29.6 23.9 26.8 6.0 5.8 16.129 707,566 No single investment 15 cor15idered material in the context of the investment portfolio 40

Malvern Hllls Trust 17 Debtors 2023 2022 Trade debtors VAT repoyable other debtors Accrued income Prepoyments 10.610 5.029 16,379 4,350 895 49.267 63.240 52,026 48.610 116,932 133,474 Debtor5 are measuTed at the settlement volue less cmy provision fo[ bad debts. No bad debts were written off during the yeor12022 '. £nill. 18 Credltors: amounts falling due within one year 2023 2022 PAYE and National Insuran Wages VAT payable Trade ￿edItorS Accrued charges Other ueditors Deferred income FRS102 compensated absence provision 10.543 3,520 11,766 41.825 50,761 10.153 14.727 14,922 146,452 40.532 64,163 4,418 13.549 19,951 154.379 Credit015 are measured at involced value. Deferred income cornprises rents and mr pork pass payments T￿lved in advan￿. The movement on the deferred incorne account Wo5: Current year Balan￿at 1"April 2022 Releosed to theSOFAin theyear Received In the year Balanceat 31" March 2023 13.549 113.549) 14,727 14,727 Prlor year Balan￿ at 1"April 2021 Released to the SOFA in the year Received in the year Balan￿at 31 March 2022 13.800 (13.8001 13.549 13,549 41

Malvern Hills Trust 19 General fund 2023 2022 General fund - balance 1, April 2022 Incomlng resources Resource5 expended Transfers Balance 31 Morth 2023 425,825 439,722 1.052,088 1.046,622 11.012.231) 1929.2981 129.0941 (131.221 Y 436,588 425,825 Transfers made during the year were: Transfer details Reason From Pdi(wnentsYy fund From Londs Miintenonce fund To trwsfer in￿Stsllerrt inc(xne 13,614 5337 805 To tror￿fer in¥strnerrt inctxne From Tree Donation Scheme To cover projert Flcmting costs To cover materid (wd st(ff costs FrLYn Picnic bench dornbon5 2.550 1341 22272 To ComThunity w￿dI[￿d Net Itol from restrlrted funds To cover wrdK6e of moteriiJs Frcm Gift designated fur Frryn Stewardshlp desigr#)¢ed f￿d To Elertion EX￿rtse5 designated fund ToTree Diseaseose design0t￿ fund ToAsh Dlebgck deslgnated fund To Boundory Cornrnis5ion advice designed fund To Cor Park Rewd designtsted fund To FAM RerArJonert desl9nLrted fund Net Itol from deslgThrted funds ToA5h DlebcKk ond Comrnunlty W￿￿10r￿1 To cover 5toff costs 68,034 890 To cover costs OF electI￿S tothe B(ord 15,0001 112B901 168,0001 120,0001 11.9001 112,5001 To coltr costs orlslry from tree dlseo5e To(0￿r Ash Dieboth costs ori51rig To£over costs ori51ryJ Tocover costs orisiry To ccAr recr￿trnert and other costs arlslr 42

Malvern Hills Trurt 20 Designated funds Current year Balance 1st April Movement 2022 Incomlng Trtsnsfer5 Resources (to}/from Btsltsnre 31st outgolng Ot*￿T furKIs March 2023 Gift fund 452.450 HLS. BPS & grozlng reserve fun. 110.327 Countryslde Stewardshlp fund 127.069 Treedlsease fund 22.975 Ash Dlebtsck fund 96.031 Fundralslng support fund 10.000 Governtsnce Revlew- legal 34.010 Governan￿ Revlew- publlc consultotion ElertioTr expenses fund Do9 carnpolgn Car PoTk repalr fvnd Boundory Commission Advice FAM Replacement 7,560 13.657 99.395 (8.874) {1 6.221) (75.900} 168.0341 1890) 383.102 106.873 150.564 35.865 129.473 10.000 34.010 12.890 68.000 134.5581 889 17.207 3.501 5.100 8.603 12.500 897,687 12.207 3,5CM) 3.200 5,000 1.900 20.000 12.500 51.366 (11,397) 872.658 120.613 (146.950) Prior year Bttl(mce 1st Movement Resources T1(￿SferS Itollfrom other funds Bolonce 31st March 2022 April 2021 incomln9 outgoing Glft fund HLS.8PS & 9rozing reserve fund Countryside Stewardshlpfund Tree disease fund Ash Dieback Fund Fundroising 5uppori fund Governance Review- legal Governonce Review- publlc conwltotion Election expenses fund Dog c¢Jmpoign Car Park rewir fund 458,104 110,745 160.0761 10,085 653 16,409 276.939 11.7851 11 S,7641 189,7941 14.5221 11,0631 452,4SO 110.327 127.069 22.975 96,031 io,¢x)o 34,010 12,890 136.000 36 140.0051 10,000 34,010 889 7,493 3,500 5.0 579,750 15.2861 10.0(Y) 12.207 3,500 3.200 872.658 11.8001 294.037 1154,434 153.305 43

Malvem Hills Trust The Gift fund holds donatlons. legacles and glfts whlch were not restricted by the donoT and which have been designated for use in projects in accordance wlth the Tru5tees' policy. It is anticipated that a significant part of this fund will be needed in the next 2-10 years to cover the cost of managing Ash Dieback. The Stewardship funds are the grazing projects to secure consetvation of the Malverri Hi115 landscape as set out In the land rnanagement plan. The project receives funding from the Higher Level Stewardship and the new Countryside Stewardship Schemes. The Tree Disease fund is to cover costs arising fforn tree disea5e5. The Ash Dieback fsjnd was set up during the prevlous year to cover the c05t of managing Ash Dieback The current best estirnate of the cost over the next 2-10 years Is £320,000. The Fundraising support fund is to cover costs of future fundraising aciivities. The Govemance revlew funds are to cover the costs of any future work approved by the Board. The Elettion expenses fund is to cover the cost of the 4-yearly elections to the Board ond any by-elertions. The next planned elertlons will be held in Autumn 2023. The Dog campaign fur)d is to cover the costs of o campaign which wos started in 2019120. Work on the campalgn has been delayed by COVID-19. The car park repaii fund is to cover the cost of car park repairs to be completed in 2022123. Following the retlTement of Cheryl Gentry and the resignation of her replacement Helen Barber. the FAM replacement fund objective is to cover the cost of account(tn(y provision in preparing the Statutory Financial accounts in addition to recruitment expenses. Details of transfers made during the year are given in note 19. 21 Unrestricted pension fund Cwr•nty•ar BdarKe 1st Mty4ement IrKoml ResDLYces Ixrtgolry Tra￿￿er5 & other lows Balance 31st March 2023 2022 Pwskx) Fund 12.241.iXK)I 137.0(K>l 1,541,Tr 1737.0(M)I Prforyeur Bitlimce 1st Aprll 2021 Movement IncomlrAJ Resources cdrtgolng Tiansfers &other *)sses Balortt 31st Marth 2022 p￿S1On Fund 12256,0001 124.orh)) 39.CQO 12,241POO) The unrestrlcted pension fund balance arises from the FRS 102 disd05ures. rhe figure shown in 'Transfers and other Ios5e5' 15 the actuarial gainl(10551 a5 calculoted by the Actuary. Further information is given in note 26. 44

Malvem Hills Trust 22 Restricted funds CUr￿nt yetsr Balan 1st April 2022 Tmnsfers Itollfrom Net galnslogssesl Bttlunce 31st otherfvnds on knve5tments Murth 2023 Movement Sn(oming out9olng Larv* m￿ntenth(e fuTh SDF fuTrJ 193,588 453 5591 11.6321 15.3371 19.1881 183.022 453 lture rfj the Malverrs Gifts 2.901 6/31 821 2,901 8,166 1,044 4,604 2￿00 16651 13571 11,7191 1341 7r& ploitlng Ffjcnic Ltfirtl¢ybs Community W(xxlloTr8 8￿￿t4B[cd￿r5lty FIPL Fwthill cMCti￿ fund FIPLAII Saints Wooj Urbjn tree ch￿lengef￿nd DL￿keY Shed For All 1385 6,073 18051 125501 34 2.800 1,389 500 1389 500 2,409 11,257 19.456 12.403} 12971 127.2431 11,776 (7.1501 1971 4,4121 593681 182231 2,737 17,7871 11,7761 513081 200,108 485,392 1,604.757 2 999397 d Purcha5e119921 fLnd Land Pwchase 2 FUTh4 Porliotnentory fund Capitol OJtluy Ij5ch]r￿d fu 933249 16,943 135 1357.455 184.263 113,6141 173.187 122 77 171,7061 1 SA07 125.540 493042 1491.438 3119589 35.116 1107.653 90,627 Prlor year Boloncè Movement Resourre5 Transfers Net Balance 31Jt 1st April Incomlng Outgoing Itolmrom gainsllloss Murch 2022 2021 other esl on funds investmen Lond5 maintenan￿ Fund SDF fund Noture in Malvern book Gilts Tree planting Picnic bench donations Communlty Woodland Boost4Blodiversity FIPL Foothill Connection5 Fund 185.339 453 2.733 9.707 700 183 5.025 11,0881 15.0251 9.337 193.588 53 2.901 6.831 821 2AOO 168 12,1101 14441 11,7121 14.5221 18211 18.4361 17661 565 7,442 13.1131 4,522 12,0121 12,2961 2,979 1243 11,232 1,389 500 45

Malvern Hills Trust U￿an Tree Challenge Lund Purcho*119921 fund Parllomentory fund Capital Outlay Dischorged fund 18,2231 75,591 15,5271 1113,3821 13.393 12,8781 153,5931 0 161,5881 153,582 46.436 189,1261 122,0831 18,2231 14.953 933,249 27.435 493.842 0 1,491.438 51,725 3,119.589 1.021,614 509,485 1,399,444 3,132,637 The Lands Maintenance fund formed part of the consideration for the disposal of the land at Townsend Way for the purpose of providing incorne for the mointenance of the land forming the roadside verges. The SDF (Sustainable Development Fund) fund is for informatlon boards at North and Tank Quarries. The Nature of the Malverns book was a joint venture project to produce a high-quolity book showcasin9 the nature of the are￿ The book wos published in May 2018. The funds generated from the project ore to be used to support conservation projects. The Gifts fund comprises legacies and donation5 made for specified projerts to improve the omenities of the Malvern Hills. The Tree Planting fund received donations for plantin9 trees at Thlrds Wood. Picnlc bench donations are for benches at the Community Woodland. The Community Woodland fund is for Work at the woodland at Townsend Way, funded by an S106 grant from Malvern Hills District Council. Work on the proje(t wos completed during the 2022 financictl year. The B005t4Biodiversity fund is frorn Sevem Trent, to fund pond works. The FIPL fund (Famiing in Protected Land5copes) is a gront to Support conservation projects within the Malvern Hills AONB. The projects in operation during 2023 o Foothill Connection All Saints Wood Donkey Shed lolong with additional fvnding via the Malvern Civic Society} The UTCF fund (Urban Tree Chollenge Fund) is o grant from the Forestry Commlsslon to 5UPPQrt tree planting in urban areas. Access for All funding is supported vla the Malvern Hills AONB and funded by DEFRA. The scheme seeks to remove ixirriers for people to visit the AONB5 via capital improvements to the "countryside Inf¥astructure" Malvern Hllls Trust has beneflted with the provision of a variety of gates to newly acquired lond. The Land Purchase119921 fund IformeTly called the Lands Acquisition fund) was set up in 1992 from the proceeds of the dlsposol of lond for road works at Townsend Way. The use of the fund is restricted to the purchase of lond. The Land Purchase 2 Fund formed Following the Board of Trustees instruciion to redirect investment fund5 Ifbto a lower risk managed category. The Parliamentary fund was estoblished with a contsibution by W. Berington under Section 56151 of Malvern Hills Act 1924 to ieceive Capital Receipts and use of the capltol of the fundls restrirted to the purchase of land and irnprovements to capital assets. Investment incorne eorned on this fund may be used for the Trust's general purposes. During the year, £15,116 investment income was tronsferred to the Geneiol Fund12022 £13.3931. The Capital Outlay Dischorged fund is represented by the c05t of land ond the net book value of improvements to l(md and buildings, the origlnal cost of which was funded from the Lands Acquisition or Parliamentary Fund& These 055ets con only be sold in very limited ciicumstonces (that is. they are inalienable) and any proceeds must be used for the purchase of land, so this fund should be considered as inalienable. 46

Malvern Hills Trust 23 Analysls of net assets between funds Current year Tangible rixed Investments assets Heritage ossets Pension liability Other net ossets Total Restritted fLJnds Capltal Outlay Discharged Parliamentary fund Land Purthase (1992) fund Land Purthase 2 Fund Lands maintenan￿ fund Nature of the Malverns SDF fund Giftfund Tree planting Pionic benches FIPL Foothill ConnKtions fd FIPLAII Soints Wood Donkeyshed. A(￿S for All." Urban Tree Challengefund Boost4Biodiversity 1,346,835 0 257.413 471,712 360,310 200,202 174,469 513 1,604.761 13.679 485,391 153,571 513,881 -94 2CK).108 8.550 183,019 2,901 2,901 453 453 8,166 8,166 1.044 1.044 4.604 4,604 500 500 -7,787 -7,787 .1.776 -1.776 2,737 1737 1.389 1,389 188.456 2,999.397 1.346.835 1.206.693 257.413 Unrestricted funds G￿erOIfund Designated funds Pension fund 84.787 101.665 250.136 436,588 897,687 897,687 0 -737,000 .737.C(M) 84.787 101,665 -737,000 1.147.823 597,275 1,291.480 359,078 -737.000 1,336,279 3.596.672 1,346,835 "Donkey Shed awaits Interpretotion Boards. Any project shortfall will be met from Unrestricted Gift Fund. 'Access for Al awaits the5ubmission of the Malvern HlllsAONB grantclaimform. Any projeLt shortfall wll be met from the General Fund 47

Malvern Hills Trust 23 Analysls of net assets between funds . contlnued Prlor year T(YKJible fixed assets Herltage ossets Invest- ments Pension Other net liability assets Totai Restricted funds Capital Outlay Discharged Porliamentoryfund Lond Purchose119921 fund Lands maintenan￿ fund Nature in Mafvern book SDF fund Giftfund Tree planting Picnlc benches FIPL Foothill Connections Urban Tree Challenge Boost4Biodiversity 1.173,644 317,284 510 1,491,438 (20,1361 493.842 1,916 933.249 193,588 2,901 2,901 453 453 6,831 6.831 821 821 2,800 2,800 500 500 18.2231 18.2231 1,389 1,389 110.2381 3.119,589 513,978 931,333 193.588 1.173.644 1.638,899 317.284 Unrestricted funds General fund Designatd funds Pension fund 116,146 309,679 425.825 872,658 872.658 0 (2,241.¢￿0} 0 12.241.000) 116,146 {2,241,￿oI 1,182,337 1942,5171 1.173,644 1.638.899 433.430 {2.241.￿oI 1.172.099 2.177.072 24 Post balance sheet events financial and capital commitments At 31, March 2023, no capital expenditure had been contracted for12022 Enill. Capital expenditure which had been approved but not contrarted at the year-end wos £40.IXIO12022 £nill. Under the Higher Level and Countryside Stewardship schemes. the charity is contracted to make 6- monthly payrnents to graziers from the gronts recelved. Malvern Hills Trust's contracts with grazlers have an annLJal break clause. The anrbual payments committed at 31° March 2023 total £78,782 (2022 £92,657). This figure excludes £47.000 liable to graziers under the terms of the CS Costlemorton Delivery Group. 48

Malvern Hills Trust The two Hlgher Level Stewardship schemes end in 2023. The Countryside Stewardship schemes ole for a 10-yeov period and hove a s-ye￿ break clause. The Countryside Stewardship Scheme for the North & Central Hills ends in 2028, the scheme for the Southern Hills end5 in 2030 and the scheme for Castlemorton Cornrnon (see Costlemorton Delivery Group) ends in 2031. 49

Malvem Hills Trust 25 Operating leases The Charity has granted licenses and rental agreements over Some of its land. Rento15 receivable are recognised on a straight-line basis over the life of the agreemenL The future minirnum lease receipts under non-cancellable operating leases for each of the following periods i 2023 2022 Within the next 12 months Within 1-Syears 5 years plus 23,974 72.154 8,347 104.475 21,836 40.526 11,146 26 Defined benefit pension scheme Malvern Hills Trust participates in the Worcestershire County Council Pension Fund, which is part of the Local Government Pension Scherne (LGPSI, a multi-ernployer scheme. Contributions are chorged to the statement of financial activities so as to spiead the cost of pensions over employees. working lives with the charity. The contributions are determined by a qualified actuary on the basis of triennial valuation5 Using the projerted unit method. The scheme wa5 formally valued a5 at 315t March 2019 and wos updated by the actuary on cm FRS102 basis os at 31st March 2022. The employer's contribution (including the FRS102 adjustment) for the perioj was £118.00012022: £113,000). The amounts recognised in the Balance Sheet are os follows.. 2023 2022 Present volue of funded obligotions Falr value of plan assets 13,128,OCQI 14.473,OC4JI 2,391,000 2,232.000 {737,000112.241,0001 Amount5 recogni5ed a5.. Liubilities Assetg Net amount rerognised {737.W)112,241,OC(JI {737,OC()1{2,241.O￿l 50

Malvern Hills Trust 26 Defined beneflt pension Scheme - continued The amounts included within the Statefflent of Fin¢Jncial Activities are 05 follows: 2023 2022 Current seNlce cost Interest on pension Ilabl1￿les Past Service cost Administration costs Expected return on plan 055ets Contributions by employer Total pension cost chorgal wlthin net incorning re50urce5 Remeosurements (Actuarlal Igainlnossl Total amount Icredltedllcharged to SOFA 94.000 90.000 123.000 92.000 163,0001 146.0001 1118,0001 1113.0001 37,000 24,000 11.541.000) 139.0001 11,504,000) 115.0001 Changes in the present value of the defined benefit obligatlon are as follow5- 2023 2022 op￿ing defined benefit obligation Currenl seThice cost Interest on pension liabilities Member contributions Aciuarial Igains111055e$ Qn liabilitie5 Past service cost Benefitsltronsfers paiia Benefit obligation at ￿ of period 4,473,000 4.452,000 94.000 90,000 123,IXIO 92,000 35,01)0 15,0(X) 11.498.000) 122.0001 199.0001 1154,000) 3,128.￿0 4,473,000 Explanation of the"Interest" figure in the above table As part of the annual pension deficit calculation, the Artuary estimates the future benefit cashflows, and then reduces them in line with assumed future investment retums to get an estimate of the money needed now to pay the beneflts. The process of reducing the future cashflows is called discountin9, and the o5SUttbed future rate of return Is called the discount rate. When the Actuaries update the calculations for the following year, they need to remove one year's discoLJnting {as the benefit payments ore all now one year closer). and it is this removal of discounting that is referred to os "interest- on the benefit Dbligation in the accounting schedule. The Actuaries have to follow FRS 102 as Issued by the Finoncial Reporting Council in setting the dlscount rate, which must be based on high quality (typically taken to rne(￿ ot least AA rated) corporate bond yields at the accounting date. The'interest" figure for the year 2022123 uses the 3110312022 rote of 2.8°A 12021122 u5e5 the 3110312021 discount rate of 2.1 %) 51

Molvern Hllls Trust Changes In the plan ossets during the period to 31. March 2023 were as follows: 2023 2022 Fair value of plan ossetS at beglnnlng of perlod Exp&tted return on sch￿ne asset5 Administration exP￿seS Reme05urement5 las5etsl (Actuarial gainslllossesl on plan assGts1 Employer contributSons Member contribution5 Benefit51transfers paid Fair valueof pl(tn ossets at ènd of period 2,232.0￿ 2.196.000 63.OlY) 46,0(M) 11.0001 11,LX)01 43.OlX) 17.OCK) 118.000 113,000 35.000 15.000 199.0001 1154,0(N)I 1391.CrtY) 2.232.000 The weighted - aveiage 055et allocatlon at the period-end was as follows: Fulr valut Fttirvalue ttt at 315t 31st MaKh March 2023 2022 Assèt Cotegory Equitie5 Other bonds Property Cash Liquldlty Other 935.thJO 894.01)0 191.000 36,000 335.000 2.391.000 1.007.000 788,000 136.1)00 301,000 2.232,C 2023 2022 Actuarial goinslllosse51 on ossets Actuorlal gainsl{lossesl on liabilitles 43,000 1,498,000 17.000 22,000 Weighted overage a55UrnPtions used to detemiine benefit obllgatlons at: 2023 4.8% 4.2% 2.8% 2.7% 2022 2.8% 4.9% 3.5% 3.4% Discount rate Rateof incrLu5e in salarie5 Rote of incrtU5e in pension Rate of CPI Inflatlon 52

Malvem Hills Trust Weighted average assumption5 used to detennlne net pension cost for period ended 3151 March 2023: 2023 2022 480% 2.80% 2.80% 3.50% Discount fate Rate of pension Increase Assumed life expKtations on retirement age 65: R£tlrlng today. moles RetlrSng today- female5 Retlrlng in 20 years- males Retiring in 20 yeoTS. females 22.0 24.2 23.3 26.1 22.6 25 24.1 27.0 Contributlons The employer expects to contrfbute £ 127.000 in the period to 31" March 2024. The contributions poyable by the employers are reassessed at each triennlal valuation. The next actuarial valuation of the Worcestershire County Council Pension Fur￿ will be carried out wlth an effertive date of 31" March 2025. 27 Financial instruments 2023 2022 Financial a55ets measured at fair value Financial a55ets measured at setdementvalue Financial liabilities measured at settlement value 1.208,693 1.530.178 (92,587) 1,638,899 1,247,303 1104,6951 See note 1 (p) for details of what is induded in the (Jbove figures. 53

Malvern Hills Trust 28 Statement of Financial Activities for the year ended 31st March 2022 Unrestrfcted Restrtcted Total funds Total funds funds funds 2022 2021 Note Income and endosvments from.. Donations and le9acie5 Chorltable octlvltl Management of the hills and commons Cal porks Other trading ortivities Investments= Bank deposits Investment portfollo Other Total income 3,932 8,007 11.939 5,244 865,102 418.059 38.647 12.475 877,577 418,059 38.815 493.079 412.659 35.928 168 1.338 1.338 34.008 13.581 54.658 1.395.317 1.302 33.865 9,110 991.187 13,581 1,340,659 Expendlture on." Charitable activltles Other expenditure Total expendlture 1,097.934 9,797 1.107,731 87.855 1.185,789 1.167,879 9.493 19,290 15,161 97.348 1.205,079 1.183.040 Net gttlnsl{lossesl on investments Net incomellexpendtture) 51,725 9,035 51.725 241.963 333.269 141,416 232,928 Trarfe￿ between funds 22.083 122.0831 0therrecogn1sedgaln￿{lO5Sesj Actuarial gainslllossesl on def ined benefit penslon $ch￿e Net movement Sn funds 26 39,000 291J.011 39,000 1405.0001 280.963 (263.584) (13.048) Reconcllkitlon of funds.. Total f und5 brought forward Total funds carrfed foThvard 11.236.S28) 3,132,637 1,896.109 2,159,693 (942.517) 3.119.$89 2,177.072 1.896.11J9 23 54