**Registered number: 00232081 Charity number: 527513**
## **MALVERN ST JAMES LIMITED**
**(A company limited by guarantee)**
**GOVERNORS' REPORT AND CONSOLIDATED FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 AUGUST 2023**
## **MALVERN ST JAMES LIMITED**
## **(A company limited by guarantee)**
## **CONTENTS**
||Page|
|---|---|
|**Reference and administrative details of the School, its Governors and advisers**|1 - 2|
|**Governors' report**|3 - 21|
|**Independent auditor's report on the financial statements**|22 - 25|
|**Consolidated statement of financial activities**|26 - 27|
|**Consolidated balance sheet**|28|
|**School balance sheet**|29 - 30|
|**Consolidated statement of cash flows**|31|
|**Notes to the financial statements**|32 - 57|
## **MALVERN ST JAMES LIMITED**
## **(A company limited by guarantee)**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE SCHOOL, ITS GOVERNORS AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2023**
## **Governors**
Mrs G Bruce, Chair of Governors1,2,3,4,5,6 Mrs A Boulter (resigned 12 September 2023)1,2,5 Mrs A Coles3,5 Mrs W Ellis4 Mr M Hodges (appointed 7 December 2022)1,5 Miss C Kelly4,6 Ms S Palmer4 Mr R J Pearce, Vice Chair of Governors1,5 Mr R A Usher1,3 Mrs D Walton1,6 Miss A C Warne, Vice Chair of Governors2,4,5 Dr S J M Wynn (resigned 12 September 2023)4
Cdr S J Moran (appointed 13 October 2023)
- 1 Finance and Estates Committee
- 2 Remuneration Committee (Sub commitee of the Finance and Estates Committee)
- 3 Governance and Legal Committee
- 4 Education and Pastoral Committee
- 5 Strategy and Business Development Committee
- 6 Development Committee
## **Company registered number**
00232081
## **Charity registered number**
527513
## **Principal address and registered office**
15 Avenue Road Great Malvern WR14 3BA
Page 1
## **MALVERN ST JAMES LIMITED (A company limited by guarantee)**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE SCHOOL, ITS GOVERNORS AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023**
## **Company secretary**
Ms A C M Edward
## **Headmistress**
Mrs O Raraty
## **Independent auditor**
Crowe U.K. LLP Black Country House Rounds Green Road Oldbury West Midlands B69 2DG
## **Bankers**
HSBC Bank Plc 6 Broad Street Worcester WR1 2EJ
## **Solicitors**
Harrison Clark Rickerbys Solicitors LLP 5 Deansway Worcester WR1 2JG
Page 2
## **MALVERN ST JAMES LIMITED**
## **(A company limited by guarantee)**
## **GOVERNORS' REPORT FOR THE YEAR ENDED 31 AUGUST 2023**
The Governors present their annual report together with the audited financial statements of the School for the 1 September 2022 to 31 August 2023. The Annual report serves the purposes of both a Governors' report and a directors' report under company law. The Governors confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
## **Objectives and activities**
## **a. Policies and objectives**
The School’s Objects are as set out in the Memorandum of Association. In furtherance of these Objects for the public benefit the School has established and administers bursaries, grants, awards and other benefactions, and acts as the trustee and manager of property, endowments, bequests and gifts given or established in pursuance of these Objects.
## **Intended impact/vision**
Within its charitable Objectives, the School’s intention is to provide a first-class education through inspirational teaching, excellent pastoral care and by developing broader skills that enable every pupil to realise her potential to the full. This involves equipping every pupil with the skills required for the digital and technological age, fostering a global perspective and citizenship, and encouraging an appreciation of entrepreneurialism, as well as the arts, technologies, and sciences through a focus on the STEAM curriculum, underpinned by an emphasis at whole-school level on literacy and numeracy.
Pupils’ personal development is shaped by the emphasis on the co-curriculum through cerebral, sporting, creative, team building, leadership and social skills. This policy builds self-confidence and life skills in pupils who are inspired to follow their own unique path by building on their on their talents and passions. It inculcates a desire to be a lifelong and reflective learner, and a willingness to contribute to the wider community whilst at school and in later life.
The aim is for pupils to leave School with so much more than a strong set of qualifications which equip them well for the next stage of their educational or career journey. They leave with self-belief, a firm set of soft skills, social and intellectual confidence, and a ‘can do’ approach to life. They are networked, purposeful and committed young women who are not afraid of life’s challenges, who will blaze a trail, and the kind of person you want on your team.
## **Aims**
The aims of the School are:
- To provide a high quality, innovative and forward-looking all-round education for pupils which will enable them to discover their talents, maximise their potential and develop a lifelong love of learning.
- To encourage pupils to be open, independent and engaged learners who seek challenge and are curious about the world around them, equipping them to play an active part in global society.
- To promote the benefits of all-girls’ education to prepare girls for leadership roles and to instil a culture of achievement that sets no limits in order that girls pursue excellence, achieve success, acquire confidence and self-belief.
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## **MALVERN ST JAMES LIMITED**
## **(A company limited by guarantee)**
## **GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023**
## **Objectives and activities (continued)**
- To provide a caring and supportive boarding community where there is a strong sense of teamwork and collective responsibility and which promotes for the individual, good manners, empathy, fairness, tolerance, and honesty.
- To attract, train and retain high caliber teaching and non-teaching staff to support the School’s educational vision for providing a first-class education for girls.
- To provide the best possible physical environment and infrastructure to maximise the learning potential for pupils.
- To promote positive relationships with parents, the wider school community and local area for the benefit of the pupils’ personal development and their awareness of their place in the world.
- To be a well subscribed School with an excellent reputation locally, nationally and internationally that is financially sustainable and provides good public benefit.
## **b. Strategies for achieving objectives**
In keeping with this overarching vision and aims of the School, we are continuing to review the School’s strategic goals and have made significant progress towards meeting the targets set for the 2025 development programme. This is well underway and supports the continuing investment in six strategic areas which support the School’s aims:
1. First Class Teaching and Learning in a digital and technological age
2. Outstanding Pastoral Care with focus on pupil wellbeing, physical and mental health
3. A Modern Boarding Environment and Character Programme to develop the whole person
4. Sporting Excellence encouraging team skills and leadership both on and off the field
5. Enriching Community Partnerships
6. Fundraising, Growth and Sustainability
There has been significant ongoing investment in the School IT infrastructure, with further upgrades to the network and fibre optic broadband planned for 2023/4. The entire site will benefit from a brand-new Wi-Fi network which has been installed during the 2022/23 academic year.
The School aims to deliver a rich and varied learning experience through imaginative curriculum design and the provision of over 100 co-curricular clubs, the Head of STEAM has developed a pioneering multi-disciplinary approach to curriculum design to support the development of pupils’ creative, logical and entrepreneurial thinking. This is leading to the creation of further links with commerce and industry as well as universities, so the learning stays future focused.
Examples include: a joint Year 9 History, Physics and DT trip to the RAF Cosford museum in Shropshire. This included a tour of the museum hangars where pupils got to look at many different aircraft from the history of flight as well as testing and complete a workbook on aircraft design and engineering during their visit. They also enjoyed a look through the Cold War bunker after a briefing on the importance of the Cold War and were tasked with completing a worksheet about their learnings while on site.
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**(A company limited by guarantee)**
## **MALVERN ST JAMES LIMITED**
## **GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023**
## **Objectives and activities (continued)**
The School took pupils to West Midlands Safari Park as a joint Biology and Physics trip for GCSE pupils, where they got to enjoy the experience of a safari while being talked through the animals present by a knowledgeable safari ranger, followed by a learning session in the discovery centre on evolution and adaptations, and then some time experiencing forces in motion in the theme park. A great day out for all pupils!
British Science Week was celebrated in style with many opportunities for pupils to explore STEAM within and beyond the curriculum. Year 7 pupils worked through their science lessons to create posters to submit to the Royal Biology Society’s Poster competition. A guest speaker, George Dransfield, who had previously presented on BBC’s Sky at Night came in to talk to our academic scholars and other interested pupils after school, finishing up with a dinner in Lawnside for selected pupils. The Institute of Physics again hosted a lecture at our school, covering the topic of the risk of Tropical Cyclones and how these can be predicted. Furthermore, we also had an expert in Virology, Professor Malcolm McCrae, talk to our Year 12 pupils during enrichment about Virology and his career in research. We also invited in a team from the STEM Outreach project at Wolverhampton University, who spent a day covering CSI workshops with our Years 7, 8, 9 and 10 pupils. Additional workshops in Physics, Biology and Chemistry were put on during the week covering Glider building, Rainbow fizz and a rat dissection respectively. A Science Movie Afternoon was held on the Monday afternoon, allowing all Year 7, 8 and 9 pupils to celebrate science through watching ‘Back to The Future’. Years 7 and Year 8 were again taken off timetable to complete their Raspberry Pi Mission Zero competition and were able to have their messages transmitted to the International Space Station. Finally, the week was finished off with a merger of Red Nose Day and Science Week celebrations through our themed dress-down day. A great buzz was created in the school for Science, STEM and STEAM and showed our pupils how there are connections between all these subjects.
As a fantastic STEAM initiative, blending Sports Science, Engineering and Business, a trip was organised to take a group of girls to McLaren Head office. This was arranged with an old girl, Kate Ferry, who at the time was CFO of McLaren. The School took a group of Years 12 and 13 pupils with an interest in F1, from both the business and sport side of things, to have a tour of the Head Office. This included insights into the R&D departments (usually all behind closed-doors due to the risks of industrial espionage) and the F1 division. The pupils returned excited about the possibilities of a career in the field and inspired further to pursue their interests in F1. This has even culminated in one of our pupils attaining an apprenticeship position at Aston Martin. A truly worthwhile and once-in-a-lifetime experience for our girls.
Year 12 Drama pupils directed a production of The Domino Effect starring Year 10. This was a collaborative venture with the Physics and Design Technology (DT) departments where concepts of energy and force were explored. Pupils considered the impact of how actions fit together and can cause large changes across a person’s life. This was analogous to the operation of gears, where the teeth fit together and can cause a chain of events to unfold, and they worked with the DT department to design the sets and consider the engineering behind the operation of gears.
Overseas trips have resumed post pandemic and the GCSE Spanish trip to Malaga and the Key Stage 4 and 5 Geography fieldtrip to Iceland were well received and impactful from an educational and social point of view.
The School continues to invest in its boarding infrastructure, with a major refurbishment undertaken at Benhams, a middle school boarding house in 2021. The provision opened to pupils for the start of the September 2021 to much delight and Year 11 have continued to benefit from a bespoke boarding house. Further building work and consolidation has taken place with the move from an ageing boarding house to the main school building of one of the middle school Houses. Building infrastructure has been invested in Benhams boarding house gas and boiler repairs. Physical security has been invested in with new gates at the main building, access control works in the main building and Sports Centre, and enhanced CCTV at the Sports Centre. The School continues to employ nightwatchmen to enhance security especially for boarders.
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## **MALVERN ST JAMES LIMITED**
## **(A company limited by guarantee)**
## **GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023**
## **Objectives and activities (continued)**
Community service is well established in the Sixth Form with significant impact for both our pupils and the people they serve. This has included community work in local care homes for the elderly, the Malvern Foodbank and local primary schools. Progress continues to be made to develop state and independent school partnerships at both primary and secondary level in the local community. There has been a continuing focus on harnessing the power of alumnae, businesses, parent and past-parent networks to support future careers and opportunities for Malvern’s young people.
The School is committed to fundraising for an endowment fund for the means-tested Founders’ Award bursary scholarship programme to increase access for exceptional pupils who could otherwise not be at MSJ without financial assistance. Our ambition is to raise £2 million by 2025 which will allow wider and deeper bursary support, and in particular 100% bursary awards. We have our first such 100% bursary in place currently with a pupil who has come to us from a state secondary school. This bursary is called the Elmslie Award, which is part of the Founders’ Award suite. It is co-sponsored by a current family. We also have funds to support a music bursary scholar (day girl) in the Sixth Form on a 100% bursary. During this accounting period, the School presented it’s capital project ambitions with plans for a Library renovation and new Sixth Form Centre extension. The aim is to create greater functionality for modern teaching and learning as well as specific areas for Sixth Form and Year 11s. The Sixth Form Centre would be a lettable space outside of school time. Plans were launched at an event at the Houses of Parliament, sponsored by one of our Old Girls, Victoria Prentis MP.
The School is focused on its strategic future whilst maintaining regulatory compliance. The School had an RCI inspection by ISI in late summer 2021 and was found compliant in all eight areas relating to compliance in regulatory standards. There were no recommendations. Parent, pupil and staff surveys were highly complementary on the School providing a safe environment for its pupils who can learn, achieve highly and make progress across the curriculum and in their personal development. This result demonstrates the School’s ongoing commitment to providing the highest quality provision within the scope of its resources in all areas to support its overarching educational mission. This was further recognised in 2022 by The Times newspaper which listed the school as one of the top ten in the whole of the West Midlands., Muddy Stilettos (March 2023) endorsed the school after a visit:
“A rock-solid reputation for academics, stand-out facilities and an ‘achieve anything’ ethos make this all-through girls’ school a must-see”.
"... the school pushes itself out of its comfort zone to be unstuffy and down-to-earth, even priding itself on a selfconfessed ‘quirkiness’"
"... girls are most definitely nurtured to be more warrior than wallflower, encouraged to be unafraid to choose their own path"
" Teachers here champion sporting excellence, and healthy competitiveness is encouraged"
" Warm but not fluffy, friendly and nurturing, and for anyone who loves a quirky school with character"
## **c. Main activities undertaken to further the School's purposes for the public benefit**
The Governing Body confirms 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 Wales and have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
The School is committed to providing means-tested bursaries. Such awards are made to either enable pupils who would otherwise not be able to afford full fees to benefit from an independent education, or to enable pupils to remain where financial circumstances have changed. In general, bursaries range from 5% to 50% and during 22/23 72 pupils benefited (21/22: 83 pupils). Without such assistance, these pupils would not have been able to attend Malvern St James. The School is seeking to increase financial resources to fund bursaries through fundraising and has commenced its campaign to raise £2million by 2025 to create a bigger bursary pot and to enable 100% and 110% funded places.
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**MALVERN ST JAMES LIMITED**
**(A company limited by guarantee)**
## **GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023**
## **Objectives and activities (continued)**
## **Sports Outreach and Other Events**
We enjoyed many opportunities where we invited other schools to come and enjoy sport at MSJ. We hosted both a successful netball outreach event for local schools which was well attended and well supported by a team of MSJ sports leaders. A Dance outreach event also saw high levels of engagement from local schools, with a wonderful performance showcase performed at the end of the day. We also had the pleasure of hosting the ISA Midlands Netball where 18 schools participated in a wonderfully competitive tournament. We also hosted the ISA Midlands Cricket which was a great opportunity to share our ambitions for cricket with other schools, alongside winning the event! As ever we have continued to host a number of other events at MSJ such as District Netball tournaments and School Games Badminton tournaments, alongside many visiting schools enjoying our facilities for fixtures.
The School fosters strong relationships with local maintained schools and their pupils benefit in a variety of ways. Local primary and secondary schools regularly attend events at the School that are designed to give pupils the benefit of expertise and facilities that they may not otherwise be able to access. This includes events such as a local Junior Schools’ Art Exhibition, the Big Sing music event, Author Visits, lectures and workshops, and sports events such as the MSJ Olympics, lacrosse and hockey events. A Wellbeing Collective led by the School’s Director of Pastoral Care was launched in 2020 and has grown to now involve 24 local secondary and primary schools, both state and independent, in the region sharing ideas and best practice on mental health and wellbeing provision. Y13 Oxbridge candidates from several local secondary schools are able to engage in interview practice with members of our academic team.
Having signed up to an online school’s wellbeing support programme, The Wellbeing Hub, we were delighted to nominate Dyson Perrins C of E Academy as the recipient of free whole school membership worth around £500 and sponsored by MSJ, this being a feature of the Wellbeing Hub offer. The membership, provides links, resources, signposting and information for pupils, parents and staff across the setting.
The Chaplain attends an annual meeting of the School Chaplains in the Diocese of Worcester, convened by the Bishop of Dudley, for mutual support, reflection and for the sharing of good practice.
The Chaplain continues to attend local and national conferences for School Chaplains both online and in person which has been beneficial for networking, identifying resources and understanding the Spiritual climate nationally in schools. We also maintain membership with TISCA; The Independent School Chaplains Association.
Members of the School’s teaching staff also serve as governors to local maintained schools thus sharing insights and educational expertise.
Some of the local groups and charities making use of the facilities at the MSJ Sports Centre throughout the year are listed below:-
- Maintained schools who do not have the facilities to provide certain sports.
- A number of local football and netball teams
- A Dance School, Swim School, Junior Gym, Rugbytots, Little Kickers and a Taekwondo group use MSJ for their weekly sessions.
## **Raising Funds and Awareness**
This year we raised a total of £10,238.78 for the local, national and international charities we regularly support as well as causes suggested by pupils for a one-off donation.
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## **MALVERN ST JAMES LIMITED**
## **(A company limited by guarantee)**
## **GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023**
## **Objectives and activities (continued)**
Sixth formers travelled to The Gambia where they supported several rural communities with teaching, DIY and health related projects. The total raised beforehand and pledged to these causes on the 2023 trip was £3,300. In addition, the school raises and sends out a further £300 4-times a year for medical supplies.
In 2023 we worked closely with the Worcestershire NHS Charity, raising funds in Prep and the Senior School for those who offered so much during the pandemic. In addition, one of our Sixth Formers planned and produced a Talent Show in aid of Bowel Cancer Research which raised over £500.
The School’s Diversity Champions produce an annual EDI Calendar which each month focuses on raising awareness of a particular theme and ways individuals and the community can support this cause via fundraising or publicising.
## **Strategic report**
## **Achievements and performance**
## **a. Review of activities**
## **2023 GCSE results**
Attainment across many subjects in the top grades 9-7 at GCSE were up on 2019’s pre-Covid levels with an overall total of 54.8% of all grades awarded being these top marks which was above 2019 (the last year to benchmark against where examinations were sat and marked in the usual way) and bucks national trends and is significantly higher than the JCQ National Cumulative of 26% Grades 9-7. This is very impressive since the School is not highly selective.66% of Physics grades were 9-7 ,76% of Chemistry grades were 9-7, 59% of Biology grades were 9-7, 71% of Computer Science grades were 9-7, 50% of Maths grades were 9-7 (with this rising to 67% with Further Maths), 90% of History grades were 9-7, 80% of Latin grades were 9-7 ,70% of Art grades were 9-7, 78% of French grades were 9-7 ,69% of Drama grades were 9-7, and 68% of Geography grades were 9-7.
The Value Added to our pupils was also significant, with the overall Value Added across all subjects being +0.65 grade added. This means that most pupils will have achieved at least one grade higher on average than most pupils across two thirds of their subjects.
## **2023 GCE and Diploma Results**
Sixteen per cent of the cohort achieved a clean sweep of A*s and As. Across all A Levels and equivalent qualifications taken, grades show 31.7% of pupils achieving A*-A; 64.4% achieving A*-B and 84.2% achieving A*-C. This is a strong performance, and these grades are significantly higher than the national averages (10.9% higher with A*-B and 8.2% higher with A*-C). This was also impressive given that this was the first year of postcovid examinations, where grades were being adjusted back to 2019 levels. Subjects which have a particularly strong showing, in line with MSJ’s reputation for its excellence in STEAM (Science, Technology, Engineering, Arts and Maths) and its cross curricular approach to combining these disciplines, include Biology, Chemistry and Computer Science achieving 50% of grades at A*-A and Art achieving 67% at A*-A.
In addition, Pupils taking BTECs in Sport achieved a clean sweep of Distinction Star (D*), the top grade available; and those taking BTEC Food Science and Nutrition all achieved Distinction Star (D*) and Distinction (D), the top two grades, in this subject.
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## **MALVERN ST JAMES LIMITED**
## **(A company limited by guarantee)**
## **GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023**
## **Strategic report (continued)**
## **Achievements and performance (continued)**
## **University destinations**
These pupils have now taken up places at some of the most prestigious universities in the UK and across the globe, illustrating the breadth of our provision and excellence: Medicine at Bristol, Medicine at Brighton and Sussex Medical School, Psychology at Manchester, International Business Management at Exeter, Modern Languages and Culture at Durham, Graphic Design at Loughborough, and a full Sports Scholarship at Wingate University, North Carolina, USA Pupils have the freedom and confidence to pursue their own unique path.
## **Academic Competitions**
## **Biology**
This year, three teams were entered for the Imperial College Science in Medicine School Team Prize. One team focused on the lung disease of pneumonia and the potential for novel phage technology with nanorobot medicine delivery to sites of infection; one team on the interaction between heart disease and mental health, proposing a patch for delivery of neurotransmitters to regulate heart rate; and the third team developing their knowledge of Scleroderma and Raynaud’s Syndrome to contemplate novel approaches to diagnosis and treatment. All three teams worked to produce visually appealing and informative posters but unfortunately due to a lack of consideration of feasibility of their proposed methodologies, they were not selected for the national final for any of the three competitions. We continue to work with the pupils tirelessly to promote teamwork and scholarship and will continue to enter teams in this competition again, hoping to achieve our previous success. We entered all our Year 12 pupils into the prestigious British Biology Olympiad in March 2023, an international competition open to all pupils in the final years of study in Senior school. Two pupils were awarded Bronze certificates; one, Highly Commended’ and five, Commended, with the remainder receiving participation certificates.
## **Physics**
Four Year 12 pupils completed the prestigious Senior Physics Challenge, achieving Bronze and Silver awards.
## **Computing**
In the Autumn term 2022, all Key Stage 3 pupils practised and then pitted their computational skills against a timed set of online problems for Bebras, an online (inter)national challenge organised by Hertford College, University of Oxford. A good range of certificates from Distinction to Participation were awarded. During British Science Week, Years 7 and 8 pupils spent two lessons off-timetable completing the Astro Pi Mission Zero challenge. In teams of two, they followed an online tutorial to complete and submit a Python programme that, if accepted, would be run on the Raspberry Pi onboard the International Space Station. Certificates were awarded that included the date, time and position of the ISS when each programme was run.
The GCSE Year 11 pupils developed their coding experience and proficiency during a weekly Python programming activity to satisfy the Practical Programming requirement of the GCSE Specification.
Year 12 pupils were offered a weekly practical programming enrichment opportunity to develop programmes on the BBC microbit to control simple electronic circuits they built, such as a sound level meter using LEDs.
Pupils in Years 7-9 had a similar opportunity to programme the microbit in an after- school activity.
## **Modern Foreign Languages**
12 pupils entered the 2023 Chinese Bridge Mandarin Speaking Competition for UK Schools--Individual Beginners Finalists. A Year 10 pupil reached the final round.
19 pupils represented The 22 World Chinese Student Composition Competition, jointly sponsored by the AllChina Federation of Returned Overseas Chinese, and the School secured eight winners’ places.
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## **MALVERN ST JAMES LIMITED**
## **(A company limited by guarantee)**
## **GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023**
## **Strategic report (continued)**
## **Achievements and performance (continued)**
## **Prep Department**
Years 3 and 4 Prep took part in the MSJ Sing Out. This took part at MSJ, where three other schools attended, singing and raising awareness/supplies for the Malvern Food Bank. Pre-Prep and Year 3 went to sing Christmas Carols at Windsor Court Care House. Year 6 organised a fund-raising tea for the NHS. Prep also supported the Hearing Dogsby taking part in a sponsored silence to raise money and sponsor a dog for the charity.
## **Expressive Arts**
The Expressive Arts continue to flourish with large numbers of pupils participating in a range of activities throughout the year. Extra-curricular clubs such as Stage Management and Costume Club are growing in popularity. Around the World in 80 Days involved pupils from a number of year groups both on stage, and backstage in charge of lighting, sound and stage management; it was very well received, with pupils and audience thoroughly enjoying it. The School contributed to the Shakespeare Schools Festival at the Midlands Arts Centre and were the standout group of the evening with their performance of The Tempest. The School was re-awarded the status of Trinity Champion School for the third year running. The School continues to host the annual Junior Schools Art Exhibition in March for state and independent schools with a wonderful synergy of young artists being inspired by the work of older pupils at Malvern St James.
The School was awarded the prestigious Gold Artsmark, validating our extensive and inclusive provision across the Expressive Arts. Years 10 and 11 saw Grown Ups at Malvern Theatres and Year 9 saw The Play That Goes Wrong. Year 10 GCSE Art pupils had a residential visit to Cornwall, visiting local artists Michael and Suzie Chaikin, local landmarks and a variety of galleries including the Barbara Hepworth Gallery and Jackson Foundation Gallery. Year 9 artists visited the Pitt Rivers Museum to gain experience of Aboriginal art, and GCSE and A Level artists continue to benefit from specialist workshops in school: for example, with renowned textile artist Angie Hughes, exploring surface manipulation and freehand embroidery. Year 12 and 13 spent a weekend in a portrait workshop with artist Mike Bagshaw working directly from a sitter to produce portrait studies in oils, a very rewarding and skill-enhancing experience. Textile and print workshops were also offered to A Level pupils. Artwork at the School is highly ambitious and individual.
Arts Week saw the delivery of the Bronze Arts Award with all Years 7 and 8 taking part, working on Music, Art, Dance and Drama across a week in June and all achieving their Bronze Arts Award. A broad range of visiting practitioners delivered workshops from Bollywood dancing through to Photography. Some Year 10 scholars have put on Poetry, Prose and Performance Open Mic events for pupils to demonstrate their passions and academic interests to their peers.
Dance is growing in popularity and the Dance Teams have taken part in local festivals and run assemblies in School, encouraging uptake and developing the breadth of both our Expressive Arts and Sports curriculum.
We had a large number of pupils enter the Worcester Competitive Arts Festival and LAMDA examinations from Grade 1-Grade 8 in group and solo categories.
A wide range of pupils continue to be engaged with musical ensembles over the course of the year. MSJ Singers continues to flourish and gain members with regular attendees along with attendance at Orchestra rehearsals, String Ensemble, Piano Society and Senior Vocal Ensemble. There have been several opportunities for our musicians to perform in half-termly Young Performers’ Platform recitals, Evensong at Malvern Priory and the Winter and Spring Concerts. The tour to Italy and its Pre-Concert at Christ Church gave our musicians a new opportunity for performance to international audiences and in new and varied venues. The School Prizegiving and Commemoration events gave the School’s large ensembles a showcase for performance: once again we were able to perform an orchestral work written by an outgoing Year 13 musician. Pupils continue to be entered for ABRSM, Trinity and LCM practical music exams, maintaining a 100% pass rate, ranging from the Initial exams right through to ARSM diplomas. Two of our senior singers have continued as Worcester Cathedral
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**(A company limited by guarantee)**
## **MALVERN ST JAMES LIMITED**
## **GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023**
## **Strategic report (continued)**
## **Achievements and performance (continued)**
Choristers and both enjoyed residential courses with the National Youth Choir of Great Britain (15-18). One of our violinists continues to be involved with the National Schools Symphony Orchestra and enjoys holiday workshops in London with the London Philharmonic Orchestra.
## **Sport**
The PE Department has enjoyed a year of really encouraging development across both the Prep and Senior School. Throughout the year we have continued to review the PE curriculum to ensure that pupils experience a broad and balanced Physical Education Curriculum that allows them to develop a range of physical literacy skills and broadens their knowledge of sport and physical activity. Pupils enjoy an extensive clubs and fixtures programme that allows them to both develop and be challenged. Pupils are encouraged to participate in a variety of different activities regardless of their level of ability and they are supported and encouraged by a dedicated team of PE professionals. The growth of our cricket programme is exciting, and it has been wonderful to see so many girls enjoying cricket in various formats. We were thrilled to be selected as one of the Top 20 Girls Schools for Cricket by The Cricketer magazine, this reflects the progress that we have made in this sport and the ambitions that we hold for the future. We have also seen the introduction of Prep school swimming galas as part of our fixture programme which the girls have thoroughly enjoyed. We continue to enjoy close links with AKA Dance Academy that facilitates a large number of girls enjoying dance lessons and then going on to represent MSJ at a variety of different showcases.
A number of our pupils have been selected to achieve representative teams in a wide variety of activities including Hockey, Netball, Cricket, Football, Cross-Country and Athletics. We also saw two prep pupils reach the National Finals of the ISA Athletics with a Year 6 Pupil being crowned National Champion in the High Jump. A number of Prep teams were also successful in ISA and other local events in sports such as netball, hockey and cricket. A number of equestrian teams also qualified for National Finals in show jumping, arena eventing and dressage. Our scholars programme continues to provide both sport and equestrian scholars with bespoke support to help this group of busy pupils manage their workload and support them in achieving their future ambitions through both mentoring and Strength and Conditioning support from the specialist personal trainers in the Sports Centre.
## **Outdoor Pursuits**
The School is a Licenced Centre for the delivery of the Duke of Edinburgh programme. Enrolment in Bronze awards is steady, but Participants in Silver and Gold are increasing. The Summer 2023 Silver and Gold expeditions took place in appalling weather conditions in the Lake District, and it is a credit to the 30 pupils and staff that all completed their walks. The traditional Years 7, 9 and 11 Outdoor Pursuits residentials ran once more to facilitate team building at the start of the academic year. These visits set the tone for the start of the year and encourage teamwork, resilience and risk taking, all of which contribute towards successful academic as well as personal performance. Climbing and Kayaking have continued as extracurricular clubs with climbing becoming very popular. Outdoor Pursuits and Outdoor Education is now fully embedded into the Prep Department curriculum with Bushcraft, Climbing and Kayaking being delivered, making full use of the Prep Garden, facilities and grounds.
## **Academic Scholars and Library**
Academic Scholars are actively encouraged to take part in essay competitions and other competitions to develop their skills, both inside and outside of school. This year we entered the Teen Tech Awards and four of our teams made it through to the final at the IET London, which was an amazing achievement. Academic scholars from Year 10 made it through with their projects Liberandum (Safety & Security category) and Zermatt (Creative and Digital Media). We also had two Year 8 teams qualify with Shop with M-E (Food and Retail) and AVA (Health). All the teams came away with certificates, while team Liberandum won their category.
Somerville Academic Discussion suppers continued throughout the academic year for Years 9-13 and were
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## **MALVERN ST JAMES LIMITED**
## **(A company limited by guarantee)**
## **GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023**
## **Strategic report (continued)**
## **Achievements and performance (continued)**
supported by Academic members of the school alongside the Head of Learning and Enrichment and the Academic Prefects. Academic Scholars ran their own whole school assembly in November, hosted by the Academic Prefects. Speak out! assemblies also took place for Year 7/8. Every half term the Young Academic Platform is held in the Library where all pupils can join the Academic Scholars in discussing some challenging questions such as: Are the lessons we learn in school relevant to later life? What influences our concept of beauty and the beauty standard? and Does doing a ‘bad’ deed make someone a ‘bad’ person? Academic Scholars also had sessions with outside speakers including Professor McCrea, George Dransfield and Professor David Withers who talked about their specialist fields in research, medicine and astrophysics and had question and answer sessions with the pupils. Laura Ray, one of our members of staff who has won Best Screenplay at the Birmingham Film Festival and nominations at festivals all over the world, also gave a session on screen writing.
For National Poetry day, Birmingham Poet Laureate Jasmine Gardosi visited the school. She gave us a breathtaking performance of a poem that dealt with the anxiety of standing up and having a voice, using her own voice to include the sounds of a heartbeat getting progressively faster. She brought a really fresh energy to the assembly and helped the audience make the connection between Shakespeare and RAP. She led 3 workshops with our Year 7, 8, 5 & 6 where pupils played with the power of sounds, tried some beatboxing and created their own poems to share.
We celebrated World Book Day with children’s author Fleur Hitchcock. She gave an inspiring assembly with insights into her story-writing process. She delivered engaging workshops for Years 5 and 6, Year 7 and Year 8. She challenged everyone to use their senses to develop some rich details around place and to think about their own life experiences. Everyone then used this emotion bank as part of their own creative writing to create an authentic piece of mystery and suspense writing.
In October, MSJ hosted well-known author Thomas Taylor, facilitated by Authors Aloud UK. He talked to Prep pupils from Year 3-6 as well as Year 5 pupils invited from local primary school, Malvern Parish, about how he creates his characters and how his stories are inspired by his hobby of beachcombing. The Malvern Book Cooperative (a local independent, community-owned bookshop) supported the event by suppling books for pupils to buy and have signed. By the end of the event pupils were talking about the stories that they could write and creatures they could create from scribbles and doodles on a page.
**Pupil Wellbeing** remains a priority and the MSJ Hive – the wellbeing space – is a place for pupils to take time to replenish their emotional energies and gain support as relevant.
In June 2021, MSJ was awarded Gold Standard accreditation by the Carnegie Institute of Mental Health and Wellbeing in recognition of the work done to support wellbeing across the community. This has raised our profile as a flagship school in this area and recent Wellbeing Collective Meetings have been well attended with involvement from up to 24 local schools in any one session.
43 MSJ staff have been trained as Mental Health Youth First Aiders, in addition, Sixth Form pupils have been offered the opportunity to complete this training and to become accredited MHF Aiders.
## **OGA**
The Development Office runs the Old Girls’ Association office, providing day-to-day administration, communications, and organising a programme of events across the year for its members. This includes the annual OGA Summer Reunion in June, plus other ad-hoc reunions, an Honorary Members’ (former staff) Coffee Morning in December with Carols and an address from the Head, termly Book Club, ad hoc events (this year including a reunion at the Houses of Parliament and Drinks reception in Hong Kong), facilitating Old Girl-led reunions, plus invitations to school events including the Remembrance Service, Carol Service, Commemoration
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## **MALVERN ST JAMES LIMITED**
## **GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023**
## **Strategic report (continued)**
## **Achievements and performance (continued)**
and Prize Giving, concerts, plays, lectures, etc.
The Office organises two Committee meetings per annum and facilitates the AGM as part of the Summer Reunion. We have c4,500 ‘live’ contacts in the OGA and one of the biggest tasks is maintaining the database.
An 88-page annual magazine for all OGA members was created, covering news from all founding schools as well as MSJ, with a Development Report section at the front, focusing on fundraising activities and how Old Girls generously contribute to this.
OGA members also receive various digital news bulletins, averaging just over 3 per month (41 over the period of the year), and can keep up to speed with news, events, and historical/archives musings via the OGA social media feeds (LinkedIn, Instagram, FB and Twitter/X) where we post every day.
The School’s links with the alumnae association have benefited pupils as Old Girls continue to be invested in the School and the next generations of women coming through and are generous in volunteering their expertise. Last year, Old Girls came back to school to talk on a range of subjects including careers, and university application and experience. As an example, current pupils heard from a medical student at Edinburgh University, a mental health nursing student at Royal Holloway University, a Wealth Manager at Coutts banking, a theatre director/playwright and an actor. Our Guest Speaker at Prizegiving was Old Girl Imogen Edwards-Jones, a bestselling and award-wining radio broadcaster, author, journalist and podcaster. She is one of our Malvern Alumnae 100 campaign and was an inspiring and entertaining speaker. T
The annual OGA Summer Reunion took place with a particular focus on founding school, Malvern Girls’ College, but all Old Girls from all schools were invited. There were 154 attendees who enjoyed drinks, lunch, tours of MSJ by the Prefect team, an archives display for MGC and drop-in sessions to find out more about the Library and Sixth Form project and legacy giving. A second reunion for the Abbey School was held in May for 40 Old Girls.
An event was put on for Year 12 and Year 13s in the Summer Term – ‘Pizza and Prosecco’ – as a recruitment event for Year 13s who were about to become the youngest members of the Old Girls’ Association after finishing their A Levels. This is designed to explain what the Association can offer them in the future in terms of professional networking and social reunions, and the benefits of staying in touch with school to be mentors of the next generations of girls coming through.
Assemblies were held during the year to talk to all pupils about the school’s history, to provide greater understanding and engagement with the founding schools. These received positive feedback from pupils and staff.
## **b. Development**
The School’s aim is to extend access to its excellent educational provision through fundraising in support of our bursary programme, as well as for capital projects which will enhance the teaching and learning experiences at MSJ. The School has a live £2 million Bursary Fund appeal, in particular to create more fully funded places (100% and 110% bursaries). We have also been presenting plans for the Library renovation, potentially to include a roof extension for a Sixth Form centre and lettable space.
A specific Malvern Girls’ College Founders Award and Abbey Founders’ Award bursary fund was set up to coincide with the school’s founding anniversary and reunion to celebrate this. This will continue to act as a vehicle for MGCOGs and Honorary Members wishing to dedicate a gift or legacy in the name of their old school.
The Development Office is responsible for communicating and administrating all fundraising activity for school
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## **MALVERN ST JAMES LIMITED**
## **(A company limited by guarantee)**
## **GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023**
## **Strategic report (continued)**
## **Achievements and performance (continued)**
projects. This year, the focus was on bursaries and the Library/Sixth Form Centre project and to that end an event was held at the Houses of Parliament (sponsored by an Old Girl, Victoria Prentis MP), presentations were given at the OGA Reunion events and a series of information events for parents was hosted by the Head through the Summer Term 2023.
2022 saw our third Giving Day, and this was made into a community ‘event’, incorporating a Christmas Cracker Challenge (a Ships’ sports event) for the whole school on the Astro in the morning, followed by a Christmas light switch-on, and Carols around the Christmas tree in the early evening... Over £13,000 was raised through the Bursary Bauble appeal which saw sponsored baubles hung in York Hall as the centrepiece of our Christmas decorations. There is a range of baubles at different sponsorship values – from £20 for a blue blizzard bauble through to £500 for a giant gold glitter bauble. Each one is hung with a tag with the donor’s name and Christmas message.
The Development Office also acts as a liaison point for the Friends of MSJ, the parent body which raises funds to help provide additional items for pupil experience such as author talks, British Science Week activities, and equipment for the boarding houses or common rooms. The Friends were involved in the Summer Ball, at which they fundraised with a live auction. The association also aims to provide social opportunities for parents, and runs the second-hand uniform shop, from where it derives the majority of its income.
The Development Office organises events for all of our community (a hybrid of Old Girls, former staff, current staff, parents and families, and past parents and families). This includes a termly Book Club hosted in the Library with in-person and online attendees. This means that we can accommodate participants from all over the world, and have hosted Old Girls from the US, France and Asia. We also organise attendance at existing school events for external invitees, plus Head’ Drinks and other social occasions.
The Development Office administrates the MSJ Donor Society for anyone who donates £500 or more to MSJ. All donors received a Donor Society pin-badge, and all receive regular digital communications with news from School and about our appeals and bursary recipients. Once per year a hard copy thank you flyer is sent to all donors, communicating how their gift positively impacts girls and their families.
Philanthropy continues to be very much part of the School’s ethos and is included in the Head’ messaging at flagship events such as Prizegiving and the OGA Summer Reunion. The School is registered with the Fundraising Regulator, is a member of the Institute for Development Professionals in Education, and attends relevant conferences, workshops and training to ensure best practice is applied. The School takes seriously its obligations to its community and donors.
The School continues to invite Past Parents and Families to be part of its community when pupils leave school. The School sends out an annual OGA News magazine to Old Girls, with frequent e-News (digital) newsletters going out to OGA members (including former members of staff), MSJ Community (Past Parents and Families, and general supporters) and Donors. Social media for engagement is aimed at our audience across Facebook (1100 followers), Twitter (284 followers), Instagram (814 followers) and LinkedIn (819 followers).
The School contacts members of its community (parents, alumnae and past parents and families) regarding fundraising activities. The School does not contact general members of the public who are not identified as stakeholder groups of the School. All fundraising efforts make clear any donations are discretionary and no undue pressure is made on any individual. It is very easy for any of the School’s contacts to unsubscribe and stop receiving any form of communications from the Development Office. All emails contain an unsubscribe link. In the last financial year there have not been any breaches or failure to comply with fundraising regulatory standards or any regulatory body governing fundraising policies. There have not been any formal complaints against the School’s fundraising procedures.
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## **MALVERN ST JAMES LIMITED**
## **GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023**
## **Strategic report (continued)**
## **Financial review**
## **a. Results for the year**
The School made a consolidated deficit of £933k (2022: £936k deficit), which includes a deficit of £140k (2022: £92k deficit) relating to its subsidiary Malvern St James Enterprises Limited. The net funds as at 31 August 2023 were £8,203k.
The above deficit is after charging depreciation on tangible fixed assets of £675,469 (2022: £705,156).
## **b. Going concern**
The Governors have prepared the financial statements on a going concern basis as, in their opinion, the School is able to meet its obligations as they fall due.
In forming this conclusion, the Governors have undertaken an in-depth review of the financial model. The budget shows a significant deficit before depreciation, bad debt provision, bank interest and bank charges and the forecasts indicate there are shortfalls in the availability of cash. The Governors have therefore identified on a line by lane basis where costs can be reduced, people resources utilised more efficiently, commercial income maximised, and borrowing reduced. There is continued support from the bank and is an ongoing active plan to rationalise the property portfolio and generate positive cash flows from the sale of the sale of surplus property.
Furthermore, consideration has been given to the social, political and economic challenges facing the sector as a whole. This specifically relates to the impact of the anticipated imposition of VAT on school fees, which could have a significant impact on pupil recruitment and retention, and therefore pupil numbers and income.
The School is continuing to review the financial model and is considering restructuring models that will provide financial sustainability for the future.
As a result of the factors above, a material uncertainty exists that may cast doubt on the School’s ability to continue as a going concern.
Having considered the above, the Governors still consider that it is appropriate to adopt the going concern basis in preparing the financial statements as outlined in the Statement of Accounting and Reporting Responsibilities on page 32.
## **c. Reserves policy**
The Governors regularly review the level and nature of the total funds of the School. The School's total reserves of £8,203k at the year-end included £142k endowment funds and £1,217k of restricted funds. Due to the continued investment in fixed assets in the School, there are currently no free reserves in the School (2022: £Nil). However, the Governors are satisfied that external facilities provide an additional and adequate safety net if it should be required. Adequate arrangements are in place with the School bankers and meet the forecast Cash Flow needs of the School. Accordingly, they consider that the going concern basis remains appropriate for the preparation of the School's accounts.
## **d. Principal risks and uncertainties**
The Governing Body are responsible for overseeing of the risks faced by the School and its subsidiary. The Governing Body have assessed the major risks to which the School and its subsidiary are exposed. Through the
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## **MALVERN ST JAMES LIMITED**
## **(A company limited by guarantee)**
## **GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023**
risk management processes established for the School, the Governors are satisfied that the major risks identified have been adequately mitigated where necessary. It is recognised that systems can only provide reasonable, not absolute, assurance that major risks have been adequately managed.
The School’s Risk register identifies any major risks to the School, grading risks by likelihood and impact, including measures to mitigate them. The risk of VAT on school fees and the affordability consequences for some parents is perceived to have increased this year. Associated with this is the risk of the cost-of-living crisis and reduced income from a reduced pupil roll. This is being proactively addressed by the School’s retention and enrolment plans. As with many organisations, the risk of cyberattacks and the loss of personal data remains a high risk and the ongoing training of staff and the improved IT infrastructure are measures implemented to manage this. The risks from fire and the infrastructure of the estate are reviewed and identified as priorities for investment when funding permits.
Health and Safety is always a significant area for risk management. The risks range from fire and infrastructure to personal risks (most notably when away from the School site on trips and expeditions). The level and breadth of activity at the School is impressive and the risks associated with all activities are minimised by thorough planning, risk assessments and a culture of Safe Operating.
Detailed consideration of risk is delegated to the Governance and Legal Committee, which reports formally to the Governing Body at each meeting. The risk management process and the resulting Report identifies risks, assesses their impact and likelihood and, where necessary, recommends controls to mitigate and monitor those risks that are assessed as high. The key controls used by the School to minimise risk include:
- Detailed terms of reference together with formal agendas for Committee and Board activity.
- Strategic development planning, reviewed annually by the Strategy & Business Committee.
- Comprehensive budgeting and management accounting.
- Established organisational structures and lines of reporting.
- Formal written policies and plans, including clear authorisation and approval levels.
- Vetting procedures as required by law for the protection of the vulnerable.
The Governors regularly review the effectiveness of current plans and strategies for managing all identified major risks for both the School and its subsidiary.
## **Structure, governance and management**
## **a. Constitution**
Malvern St James Limited is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association.
Malvern St James Ltd (“the School”) is registered with the Charity Commission under Charity No. 527513 and constituted as a company registered in England No 00232081. Each of its member’s liability is limited to £1 by guarantee.
The School is governed by its Memorandum and Articles of Association.
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## **MALVERN ST JAMES LIMITED**
## **(A company limited by guarantee)**
## **GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023**
## **Structure, governance and management (continued)**
The principal object of the School is the advancement of education for the benefit of the public by:
- the provision and conduct of a pupils’ school to be known as "Malvern St James" established as an organisation with a Christian ethos to further the education of its pupils, such education to include social and physical training subject to any provision which may be made to meet the needs of pupils of different denominations or faiths: and
- such incidental or ancillary educational activities or other associated activities for the benefit of the community in Malvern and the wider community beyond as the Governors shall in their discretion determine from time to time.
## **b. Methods of appointment or election of Governors**
The Governing Body is self-appointing. Members are required to retire after five years but can be re-elected. The maximum term in office is ten years but can be extended by exception.
The Governing Body requires breadth and depth of experience to carry out its duties effectively and efficiently. New members of the Governing Body are elected on the basis of nominations from the Governors based on the candidates’ professional qualities, experience, personal competence and local availability.
The Governance and Legal Committee maintain a skills matrix and aim to recruit Governors to match the needs of the Governing Body, taking in to account any skills gaps and succession planning for retiring members.
## **c. Organisational structure and decision-making policies**
The members of the Governing Body, as the charity trustees, are legally responsible for the overall management and control of the School. The full board meets three times a year.
During the year the Governors appointed the Association of Governing Bodies of Independent Schools (AGBIS) to complete a review of Governance of Malvern St James, the outcome of which was extremely positive and reported that the School is very well governed and led by a strong Council which consists of a group of highly skilled Governors.
The work of implementing their policies is carried out by five Committees:
- 1 Finance and Estates Committee scrutinises revenue, the budget and capital expenditure. This Committee also supervises and finalises the audited financial statements and annual report for approval by the Governing Body. During the year, the Committee was jointly chaired by Mrs Alex Boulter and Mr Robert Pearce.
- 1.1 Remuneration Committee (a subcommittee of Finance) oversees the remuneration of the Headmistress and Senior Leadership Team. The Committee is chaired by Mrs Gemma Bruce.
- 2 Education and Pastoral Committee supports the Headmistress in executing the major function of the School, which is the education of its pupils. The Committee monitors and reviews the agreed academic, curricular, extra-curricular and pastoral provision of the School. The Committee is chaired by Miss Alison Warne.
- 3 Governance and Legal Committee co-ordinates all aspects of corporate governance, legal and regulatory compliance, and risk management. The Committee is chaired by Mrs Anne Coles.
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## **MALVERN ST JAMES LIMITED**
## **GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023**
## **Structure, governance and management (continued)**
- 4 Development Committee oversees the implementation of a strategic programme of fundraising, communication and relationship building aligned to the Communications strategy. The Committee is chaired by Mrs Gemma Bruce is Acting.
- 5 Strategy and Business Committee considers proposals for the development of the School and considers the strengths and weaknesses of strategic options with Senior Leadership. The Committee is chaired by Mrs Gemma Bruce.
The day-to-day running of the School is delegated to the Head, who is supported by the Senior Leadership Team and together this group are the key management personnel. The Head attends all meetings of the Governing Body’s Committees and the relevant members of the Senior Leadership Team attend where appropriate.
## **d. Policies adopted for the induction and training of Governors**
New Governors are given access to a comprehensive Induction Pack and Governance Manual which has links to other relevant documentation. Experienced Governors act as mentors for new Governors and new Governors also attend specialist external courses on the role and responsibilities of charity trustees. This preliminary information enables new Governors to understand the overall administration and governance structure of the School and helps them to play an active role.
Members of the Governing Body attend internal and external Governor training and information courses designed to keep them informed and updated on current issues in the sector and regulatory requirements.
## **e. Employment policy**
The School is an equal opportunities employer, and no employee or applicant is treated unfairly by reason of a protected characteristic as defined within the Equality Act 2010. Full and fair consideration is given to job applicants with disabilities and to their training and employment needs. A School has a Staff Consultation Group (SCG), SCG roles were created ensuring these provided fair representation of all employees. The SCG purpose is to enable the School to inform the SCG representatives about developments in the School by means of regular meetings; to allow SCG representatives to express the opinions and concerns of employees to the School and to provide an appropriate forum for Statutory consultation between the School and SCG representatives whenever the need arises. Communication with employees continues through normal management channels in a variety of forms.
## **f. Related party relationships**
The School has one wholly owned subsidiary, Malvern St James Enterprises Limited, registered number 5851583. The trading activities of Malvern St James Enterprises Limited primarily comprise revenue from letting of sports facilities when not in use by the School.
## **g. Pay policy for senior staff**
Key management personnel are remunerated in line with the School’s policy. Benchmark’s, parameters and criteria used for setting the pay of key management personnel are reviewed by the remuneration committee.
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## **MALVERN ST JAMES LIMITED**
## **(A company limited by guarantee)**
## **GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023**
## **Plans for future periods**
## **Future developments**
Within the context of the stated Strategic Objectives of the School Development Plan, agreed with the Governing Council in June 2019 and reviewed in September 2022, the School seeks to support future plans by further developing:
- Opportunities for curriculum innovation and links with industry and commerce within STEAM, to develop pupils’ independent learning, entrepreneurial thinking and risk-taking supported by an academic enrichment programme so that each pupil develops a spirit of enquiry and the intellectual toolkit for future success.
- Opportunities to underpin personal development and the emotional toolkit pupils need to thrive through the development of a formal Character programme and a Global Perspectives programme and through ongoing development of Mental Health and Wellbeing provision.
- Continuing investment in assisted technologies, resources and facilities to support e- learning, library provision and the development of critical literacy in pupils.
- Continuing investment in Sport’s provision to support a holistic education and pupils’ emotional, mental and physical health with particular focus on cricket.
- The further development of provision for Rising 4s following its introduction in September 2022
- Continuing investment in boarding accommodation to support a vibrant high quality boarding provision which meets the needs of full, weekly, flexi and day boarders.
- Investment in Sixth Form accommodation to provide enhanced study and leisure facilities via the Library
- and Sixth Form capital fundraising project.
- A strong sense of community and a partnerships programme with local schools, nurseries and charities where emphasis on the individual is complemented by teamwork, community service, charitable giving and a focus on public benefit and community engagement. The focus is on Sixth Form, Expressive Arts,
- Sporting and STEAM links capitalising and building on the School’s strengths in these areas.
- Effective communications and relationships within School, between School and home, past parents and alumnae in community events and developments to enrich and strengthen our community life through increased quality of engagement.
- Global opportunities, ethical leadership and awareness for students and staff.
- Growth in philanthropy and fundraising to support the School’s commitment to its educational objectives and public benefit.
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## **MALVERN ST JAMES LIMITED (A company limited by guarantee)**
## **GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023**
## **Charity Governance Code**
The Trustees are aware of the new charity governance code and a review has been undertaken to ensure that the charity is working in line with the code, in all ways where practicable to do so. The code aims to express best practice, core principles and governance goals of charity trustee boards.
During the previous year the Governors appointed the Association of Governing Bodies of Independent Schools (AGBIS) to complete a review of Governance of Malvern St James, the outcome of which was extremely positive and reported that the School is very well governed and led by a strong Council which consists of a group of highly skilled Governors.
## **Statement of Governors' responsibilities**
The Governors (who are also the directors of the School for the purposes of company law) are responsible for preparing the Governors' report including the Strategic report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Governors to prepare financial statements for each financial . Under company law, the Governors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the School and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Governors are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles of the Charities SORP (FRS 102);
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The Governors are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the School's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the School and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the School and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## **Disclosure of information to auditor**
Each of the persons who are Governors at the time when this Governors' report is approved has confirmed that:
- so far as that Governor is aware, there is no relevant audit information of which the charitable group's auditor is unaware, and
- that Governor has taken all the steps that ought to have been taken as a Governor in order to be aware of any relevant audit information and to establish that the charitable group's auditor is aware of that information.
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## **MALVERN ST JAMES LIMITED**
**(A company limited by guarantee)**
**GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023**
## **Auditor**
The auditor, Crowe U.K. LLP, has indicated their willingness to continue in office. The designated Governors will propose a motion reappointing the auditor at a meeting of the Governors.
Approved by order of the members of the board of Governors and signed on their behalf by:
Mrs G Bruce Chair Date: **23.07.24**
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**MALVERN ST JAMES LIMITED**
**(A company limited by guarantee)**
## **INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MALVERN ST JAMES LIMITED**
## **Opinion**
We have audited the financial statements of Malvern St James Limited (the 'parent charitable company') and its subsidiaries (the 'group') for the Year ended 31 August 2023 which comprise the Consolidated statement of financial activities, the Consolidated balance sheet, the School balance sheet, the Consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
## In our opinion the financial statements:
- give a true and fair view of the state of the Group's and of the parent charitable company's affairs as at 31 August 2023 and of the Group's incoming resources and application of resources, including its income and expenditure for the Year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Material Uncertainty Related to Going Concern**
We draw attention to note 2.2 in the financial statements, which indicates the conditions identified that may cast significant doubt on the Charity's ability to continue as a going concern. As stated in note 2.2, these events or conditions, along with the other matters as set forth in note 2.2, indicate that a material uncertainty exists that may cast significant doubt on the Charity's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
Our responsibilities and the responsibilities of the Governors with respect to going concern are described in the relevant sections of this report.
## **Other information**
The other information comprises the information included in the Annual report other than the financial statements and our Auditor's report thereon. The Governors are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material
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## **MALVERN ST JAMES LIMITED**
**INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MALVERN ST JAMES LIMITED (CONTINUED)**
misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## **Opinion on other matters prescribed by the Companies Act 2006**
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Governors' report including the Strategic report for the financial Year for which the financial statements are prepared is consistent with the financial statements.
- the Governors' report and the Strategic report have been prepared in accordance with applicable legal requirements.
## **Matters on which we are required to report by exception**
In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Governors' report including the Strategic report.
We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:
- the parent charitable company has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent charitable company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of Governors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of Trustees**
As explained more fully in the Governors' responsibilities statement, the Governors (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Governors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Governors are responsible for assessing the Group's and the parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Governors either intend to liquidate the Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.
Page 23
**(A company limited by guarantee)**
## **MALVERN ST JAMES LIMITED**
## **INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MALVERN ST JAMES LIMITED (CONTINUED)**
## **Auditor's responsibilities for the audit of the financial statements**
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We obtained an understanding of the legal and regulatory frameworks within which the charitable company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, taxation legislation, together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company for fraud. The laws and regulations we considered in this context were The Education (Independent School Standards) Regulations 2014, General Data Protection Regulation (GDPR), Health and Safety legislation and employment legislation.
Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any. We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, and the Finance & General Purpose Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, Independent Schools Inspectorate and reading minutes of meetings of those charged with governance.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing noncompliance and cannot be expected to detect non-compliance with all laws and regulations.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.
Page 24
## **MALVERN ST JAMES LIMITED**
## **(A company limited by guarantee)**
## **INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MALVERN ST JAMES LIMITED (CONTINUED)**
## **Use of our report**
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.
## **Kerry Brown (Senior statutory auditor)**
for and on behalf of
**Crowe U.K. LLP** Statutory Auditor Black Country House Rounds Green Road Oldbury West Midlands B69 2DG
Date: 05.08.2024
Page 25
## **MALVERN ST JAMES LIMITED**
## **(A company limited by guarantee)**
## **CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2023**
|**Note**
**Income and**
**endowments from:**
Donations and legacies
4
Charitable activities:
School fees
receivable
Registration fees
Ancillary trading
income
Non-ancillary trading
income
7
Other income
8
**Total income and**
**endowments**
**Expenditure on:**
Raising funds:
9
Trading activities
MSJE
Financing costs
Charitable activities:
Education and grant
making
11
**Total expenditure**
**Net movement in**
**funds**|**Unrestricted**
**funds**
**2023**
**£**
**10,050**
**9,237,408**
**26,542**
**221,543**
**369,184**
**876**
**9,865,603**
**527,637**
**349,312**
**10,477,942**
**11,354,891**
**(1,489,288)**|**Restricted**
**funds**
**2023**
**£**
**632,737**
**-**
**-**
**-**
**-**
**-**
**632,737**
**-**
**-**
**75,983**
**75,983**
**556,754**|**Endowment**
**funds**
**2023**
**£**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**|**Total**
**funds**
**2023**
**£**
**642,787**
**9,237,408**
**26,542**
**221,543**
**369,184**
**876**
**10,498,340**
**527,637**
**349,312**
**10,553,925**
**11,430,874**
**(932,534)**|_Total_
_funds_
_2022_
_£_
_75,377_
_8,640,261_
_35,395_
_212,072_
_293,484_
_1,770_
_9,258,359_
_460,367_
_344,562_
_9,389,165_
_10,194,094_
_(935,735)_|
|---|---|---|---|---|---|
Page 26
## **MALVERN ST JAMES LIMITED**
## **(A company limited by guarantee)**
## **CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023**
|**Note**
**Reconciliation of**
**funds:**
Total funds brought
forward
24
Net movement in funds
**Total funds carried**
**forward**
24|**Unrestricted**
**funds**
**2023**
**£**
**8,334,162**
**(1,489,288)**
**6,844,874**|**Restricted**
**funds**
**2023**
**£**
**659,875**
**556,754**
**1,216,629**|**Endowment**
**funds**
**2023**
**£**
**141,859**
**-**
**141,859**|**Total**
**funds**
**2023**
**£**
**9,135,896**
**(932,534)**
**8,203,362**|_Total_
_funds_
_2022_
_£_
_10,071,631_
_(935,735)_
_9,135,896_|
|---|---|---|---|---|---|
The notes on pages 32 to 57 form part of these financial statements.
Page 27
## **MALVERN ST JAMES LIMITED (A company limited by guarantee) REGISTERED NUMBER: 00232081**
## **CONSOLIDATED BALANCE SHEET AS AT 31 AUGUST 2023**
|**Note**
**Fixed assets**
Tangible assets
15
**Current assets**
Stocks
17
Debtors
18
Cash at bank and in hand
Creditors: amounts falling due within one
year
19
**Net current liabilities**
**Total assets less current liabilities**
Creditors: amounts falling due after more
than one year
20
**Total net assets**
**Charity funds**
Endowment funds
24
Restricted funds
24
Unrestricted funds
24
**Total funds**|**20,555**
**946,912**
**672,347**
**1,639,814**
**(4,254,175)**|**2023**
**£**
**11,915,002**
**(2,614,361)**
**9,300,641**
**(1,097,279)**
**8,203,362**
**141,859**
**1,216,629**
**6,844,874**
**8,203,362**|_17,225_
_618,863_
_2,663,623_
_3,299,711_
_(4,226,115)_|_2022_
_£_
_10,813,658_
_(926,404)_
_9,887,254_
_(751,358)_
_9,135,896_
_141,859_
_659,875_
_8,334,162_
_9,135,896_|
|---|---|---|---|---|
The Governors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements were approved and authorised for issue by the Governors and signed on their behalf by:
**Mrs G Bruce** (Chair of Trustees) Date: **23.07.24**
The notes on pages 32 to 57 form part of these financial statements.
Page 28
## **MALVERN ST JAMES LIMITED (A company limited by guarantee) REGISTERED NUMBER: 00232081**
## **SCHOOL BALANCE SHEET AS AT 31 AUGUST 2023**
|**Note**
**Fixed assets**
Tangible assets
15
Investments
16
**Current assets**
Stocks
17
Debtors
18
Cash at bank and in hand
Creditors: amounts falling due within one
year
19
**Net current liabilities**
**Total assets less current liabilities**
Creditors: amounts falling due after more
than one year
20
**Total net assets**|**20,099**
**1,280,333**
**614,885**
**1,915,317**
**(4,236,540)**|**2023**
**£**
**8,562,465**
**3,059,399**
**11,621,864**
**(2,321,223)**
**9,300,641**
**(1,097,279)**
**8,203,362**|_16,610_
_914,460_
_2,616,565_
_3,547,635_
_(4,214,060)_|_2022_
_£_
_7,354,176_
_3,199,503_
_10,553,679_
_(666,425)_
_9,887,254_
_(751,358)_
_9,135,896_|
|---|---|---|---|---|
Page 29
## **MALVERN ST JAMES LIMITED (A company limited by guarantee) REGISTERED NUMBER: 00232081**
## **SCHOOL BALANCE SHEET (CONTINUED) AS AT 31 AUGUST 2023**
|**Note**
**Charity funds**
Endowment funds
24
Restricted funds
24
Unrestricted funds
24
**Total funds**|**2023**
**£**
**141,859**
**1,216,629**
**6,844,874**
**8,203,362**|_2022_
_£_
_141,859_
_659,875_
_8,334,162_|
|---|---|---|
||||
|||_9,135,896_|
The School's net movement in funds for the Year was _£_ (932,534) _(2022 - £(935,735))_ .
The Governors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements were approved and authorised for issue by the Governors and signed on their behalf by:
**Mrs G Bruce** (Chair of Trustees) Date: **23.07.24**
The notes on pages 32 to 57 form part of these financial statements.
Page 30
## **MALVERN ST JAMES LIMITED**
## **(A company limited by guarantee)**
## **CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2023**
|**Note**
**Cash flows from operating activities**
Net cash used in operating activities
26
**Cash flows from investing activities**
Proceeds from the sale of tangible fixed assets
Purchase of tangible fixed assets
**Net cash used in investing activities**
**Cash flows from financing activities**
Cash inflows from new borrowing
Repayments of borrowing
Repayments of finance leases and hire purchase contracts
Interest paid on borrowings
**Net cash used in financing activities**
**Change in cash and cash equivalents in the Year**
Cash and cash equivalents at the beginning of the Year
**Cash and cash equivalents at the end of the Year**
27|**2023**
**£**
**(571,324)**
**876**
**(1,152,921)**
**(1,152,045)**
**127,400**
**(203,405)**
**(65,258)**
**(126,644)**
**(267,907)**
**(1,991,276)**
**2,663,623**
**672,347**|_2022_
_£_
_(250,135)_
_580_
_(304,976)_
**(304,396)**
_-_
_(137,143)_
_-_
_(57,050)_
**(194,193)**
**(748,724)**
_3,412,347_
_2,663,623_|
|---|---|---|
The notes on pages 32 to 57 form part of these financial statements
Page 31
**MALVERN ST JAMES LIMITED**
**(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023**
## **1. General information**
Malvern St James Limited is a Company limited by guarantee (registered number 00232081), which is incorporated and registered in England and Wales. It's charity registration number is 527513. The registered office and principal place of business is 15 Avenue Road, Malvern, Worcestershire, WR14 3BA.
It's principal activity is the provision of boarding and day schooling.
The members of the company are the Governors named on page 1. In the event of the School being wound up, the liability in respect of the guarantee is limited to £1 per member of the School.
## **2. Accounting policies**
## **2.1 Basis of preparation of financial statements**
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Malvern St James Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
The Consolidated statement of financial activities (SOFA) and Consolidated balance sheet consolidate the financial statements of the School and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.
The School has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of financial activities in these financial statements.
## **2.2 Going concern**
In assessing the going concern of the school, the governors have assessed the budgets and forecasts and identified challenges due to a significant projected deficit and shortfalls in the availability of cash. Governors have also considered the impact of social, political and economic factors as detailed in the governors’ report.
There is continued support from the bank and an ongoing active plan to identify property that is surplus to requirement by the school. The Governors have a strategy to release funds from these assets to support the school in the short term. The school is continuing to review the financial model and is considering restructuring models that will provide financial sustainability for the future.
As a result of the factors above, a material uncertainty exists that may cast doubt on the School’s ability to continue as a going concern.
Having considered the above, and the mitigating steps that the School is taking, the Governors consider that it is appropriate that the accounts are prepared on a going concern basis.
Page 32
**MALVERN ST JAMES LIMITED**
**(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023**
## **2. Accounting policies (continued)**
## **2.3 Fund accounting**
General funds are unrestricted funds which are available for use at the discretion of the Governors in furtherance of the general objectives of the Group and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
## **2.4 Income**
All income is recognised once the School has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the School has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the School, can be reliably measured.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.
## **2.5 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on raising funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds
Expenditure on charitable activities and governance costs are costs incurred on the School's educational operations, including support costs and costs relating to the governance of the School apportioned to charitable activities.
All expenditure is inclusive of irrecoverable VAT.
Page 33
**(A company limited by guarantee)**
## **MALVERN ST JAMES LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023**
## **2. Accounting policies (continued)**
## **2.6 Government grants**
Government grants are credited to the Consolidated statement of financial activities as the related expenditure is incurred.
## **2.7 Tangible fixed assets and depreciation**
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Assets in the course of construction are included at costs incurred to date. Depreciation on these assets is not charged until they are brought into use.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following bases:
- Freehold buildings 2% straight line House refurbishments - 2-10% straight line - Plant, fixtures, equipment & IT 5-33% straight line infrastructure
## **2.8 Investments**
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Consolidated statement of financial activities.
Investments in subsidiaries are valued at cost less provision for impairment.
## **2.9 Stocks**
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
## **2.10 Debtors**
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## **2.11 Cash at bank and in hand**
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
Page 34
**MALVERN ST JAMES LIMITED**
**(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023**
## **2. Accounting policies (continued)**
## **2.12 Liabilities and provisions**
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the School anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated statement of financial activities as a finance cost.
## **2.13 Financial instruments**
The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
## **2.14 Finance leases and hire purchase**
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the Group. Obligations under such agreements are included in creditors, net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Consolidated statement of financial activities so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
## **2.15 Pensions**
The School operates a defined contribution pension scheme and the pension charge represents the amounts payable by the School to the fund in respect of the Year.
The School also operates a defined benefits pension scheme. The scheme is a multi-employer scheme where it is not possible, in the normal course of events, to identify on a consistent and reasonable basis, the share of underlying assets and liabilities belonging to individual participating employers. Therefore, as required by FRS102, the School accounts for the scheme as if it was a defined contribution scheme. The amount charged to the Statement of financial activities represents contributions payable to the scheme in respect of the accounting period.
Page 35
## **MALVERN ST JAMES LIMITED**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023**
## **3. Critical accounting estimates and areas of judgement**
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Critical accounting estimates and assumptions:
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affected current and future periods.
In the view of the Governors, no assumptions concerning the future or estimation uncertainty affecting assets or liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year.
Page 36
## **MALVERN ST JAMES LIMITED**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023**
## **4. Income from donations and legacies**
|**Unrestricted**
**funds**
**2023**
**£**
Donations and gifts
10,050
Legacies
-
**Total 2023**
10,050
_Total 2022_
_-_|**Restricted**
**funds**
**2023**
**£**
42,733
590,004
632,737
_75,377_|**Total**
**funds**
**2023**
**£**
**52,783**
**590,004**
**642,787**
_75,377_|_Total_
_funds_
_2022_
_£_
_75,377_
_-_|
|---|---|---|---|
||||_75,377_|
|||||
## **5. Charitable activities - School fees receivable**
|Gross fees
Less: total scholarships, bursaries and awards
Add back: Bursaries and other awards paid for by restricted funds|**2023**
**£**
**10,343,253**
**(1,181,828)**
**9,161,425**
**75,983**
**9,237,408**|_2022_
_£_
_9,674,115_
_(1,068,414)_|
|---|---|---|
|||_8,605,701_
_34,530_|
|||_8,640,231_|
Scholarships and bursaries, and awards were paid for a total of 194 pupils _(2022: 206)_ .
Within this means tested bursaries totalling £483,205 were paid to 72 pupils _(2022: £496,652 to 83 pupils)._
In 2023 and 2022, of the total income from school fees receivable all were unrestricted.
Page 37
## **MALVERN ST JAMES LIMITED**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023**
## **6. Charitable activities - Ancillary trading income**
|Trips
Commission
Minibus income|**2023**
**£**
**135,473**
**8,978**
**77,092**
**221,543**|_2022_
_£_
_124,119_
_10,185_
_77,768_|
|---|---|---|
|||_212,072_|
In 2023 and 2022 all of the total income from ancillary trading income was to unrestricted funds.
## **7. Income from other trading activities**
## **Income from non charitable trading activities**
|**Unrestricted**
**funds**
**2023**
**£**
Rents and letting's
128,333
Trading income MSJE
240,851
**Total 2023**
369,184
_Total 2022_
_293,484_|**Total**
**funds**
**2023**
**£**
**128,333**
**240,851**
**369,184**
_293,484_|_Total_
_funds_
_2022_
_£_
_72,637_
_220,847_|
|---|---|---|
|||_293,484_|
||||
Page 38
**(A company limited by guarantee)**
## **MALVERN ST JAMES LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023**
## **8. Other incoming resources**
|Government grant
Profit on sale of fixed assets
**Total 2023**
_Total 2022_|**Unrestricted**
**funds**
**2023**
**£**
-
876
876
_1,770_|**Total**
**funds**
**2023**
**£**
**-**
**876**
**876**
_1,770_|_Total_
_funds_
_2022_
_£_
_1,190_
_580_|
|---|---|---|---|
||||_1,770_|
|||||
The government grant received related to the Coronavirus Job Retention Scheme & loan interest on a Coronavirus Business Interruption Loan.
## **9. Expenditure on raising funds - Financing costs**
|**Unrestricted**
**funds**
**2023**
**£**
Bad debts
222,668
Bank interest payable
126,644
**Total 2023**
349,312
_Total 2022_
_344,562_|**Total**
**funds**
**2023**
**£**
**222,668**
**126,644**
**349,312**
_344,562_|_Total_
_funds_
_2022_
_£_
_287,512_
_57,050_|
|---|---|---|
|||_344,562_|
||||
Page 39
## **MALVERN ST JAMES LIMITED**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023**
## **10. Expenditure on raising funds - Trading activities**
|**Unrestricted**
**funds**
**2023**
**£**
Staff costs
259,703
Depreciation
106,945
Other costs
160,989
**Total 2023**
527,637
_Total 2022_
_460,367_|**Total**
**funds**
**2023**
**£**
**259,703**
**106,945**
**160,989**
**527,637**
_460,367_|_Total_
_funds_
_2022_
_£_
_221,857_
_106,913_
_131,597_|
|---|---|---|
|||_460,367_|
||||
## **11. Analysis of expenditure on charitable activities**
## **Summary by fund type**
|**Unrestricted**
**funds**
**2023**
**£**
Teaching costs
4,646,112
Welfare costs
1,912,438
Premises
1,611,530
Support costs and governance
2,307,862
**Total 2023**
10,477,942
_Total 2022_
_9,354,635_|**Restricted**
**funds**
**2023**
**£**
-
-
-
75,983
75,983
_34,530_|**Total**
**2023**
**£**
**4,646,112**
**1,912,438**
**1,611,530**
**2,383,845**
**10,553,925**
_9,389,165_|_Total_
_2022_
_£_
_4,154,730_
_1,734,026_
_1,503,041_
_1,997,368_|
|---|---|---|---|
||||_9,389,165_|
|||||
Page 40
**(A company limited by guarantee)**
## **MALVERN ST JAMES LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023**
## **11. Analysis of expenditure on charitable activities (continued)**
## **Summary by expenditure type**
|Teaching costs
Welfare costs
Premises
Support costs and governance
**Total 2023**
_Total 2022_|**Staff costs**
**2023**
**Depreciation**
**2023**
**£**
**£**
4,091,658
284,262
1,399,353
28,426
489,582
227,410
880,820
28,426
6,861,413
568,524
_6,296,124_
_598,243_|**Other costs**
**2023**
**£**
270,192
484,659
894,538
1,474,599
3,123,988
_2,494,798_|**Total**
**2023**
**£**
**4,646,112**
**1,912,438**
**1,611,530**
**2,383,845**
**10,553,925**
_9,389,165_|_Total_
_2022_
_£_
_4,154,730_
_1,734,026_
_1,503,041_
_1,997,368_|
|---|---|---|---|---|
|||||_9,389,165_|
||||||
## **Governance included in support costs**
Support costs for schooling includes finance, HR, marketing, IT costs and governance costs of £18,000 _(2022: £18,000)_ which relate to auditors fees.
## **12. Auditor's remuneration**
||**2023**|_2022_|
|---|---|---|
||**£**|_£_|
|Fees payable to the School's auditor for the audit of the School's annual|||
|accounts|**16,700**|_14,550_|
|Fees payable to the School's auditor in respect of:|||
|The auditing of accounts of subsidiaries of the School|**3,100**|_2,700_|
|All non-audit services not included above|**5,650**|_2,250_|
Page 41
**(A company limited by guarantee)**
## **MALVERN ST JAMES LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023**
## **13. Staff costs**
|Wages and salaries
Social security costs
Pension costs|**Group**
**2023**
**£**
**5,860,323**
**511,068**
**749,725**
**7,121,116**|_Group_
_2022_
_£_
_5,335,711_
_468,733_
_713,537_
_6,517,981_|**School**
**2023**
**£**
**5,622,033**
**496,477**
**742,903**
**6,861,413**|_School_
_2022_
_£_
_5,131,534_
_456,882_
_707,708_|
|---|---|---|---|---|
|||||_6,296,124_|
During the year there were termination payments made totalling £9,823 to 1 employee _(2022: £20,400 to 2 employees)_ .
The average number of persons employed by the School during the Year was as follows:
|Teaching
Welfare and premises
Support and management and administration
Coaches
MSJE staff|**Group**
**2023**
**No.**
**103**
**94**
**27**
**22**
**17**
**263**|_Group_
_2022_
_No._
_99_
_94_
_29_
_29_
_17_|
|---|---|---|
||||
|||_268_|
The average headcount expressed as full-time equivalents was:
||**Group**|_Group_|
|---|---|---|
||**2023**|_2022_|
||**No.**|_No._|
|Total staff|**178**|_188_|
Page 42
**(A company limited by guarantee)**
## **MALVERN ST JAMES LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023**
## **13. Staff costs (continued)**
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
||**Group**|_Group_|
|---|---|---|
||**2023**|_2022_|
||**No.**|_No._|
|In the band £60,001 - £70,000|**3**|_3_|
|In the band £110,001 - £120,000|**-**|_1_|
|In the band £120,001 - £130,000|**1**|_-_|
The key management personnel of the charity comprise the Senior Leadership team which is formed of 8 _(2022:8)_ . The total employee benefits of the key management personnel were £694,099 _(2022: £680,105)_ .
## **14. Governors' remuneration and expenses**
During the Year, no Governors received any remuneration or other benefits _(2022 - £NIL)_ .
During the Year ended 31 August 2023, expenses totalling _£_ 1,530 were reimbursed or paid directly to 4 Governors _(2022 - £1,283 to 5 Governors)_ . The Governors reimbursement of expenses was for travel.
Page 43
## **MALVERN ST JAMES LIMITED**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023**
## **15. Tangible fixed assets Group**
|**Cost or valuation**
At 1 September 2022
Additions
At 31 August 2023
**Depreciation**
At 1 September 2022
Charge for the Year
At 31 August 2023
**Net book value**
At 31 August 2023
_At 31 August 2022_|**Freehold**
**property**
**£**
**12,839,667**
**-**
**12,839,667**
**5,363,557**
**233,851**
**5,597,408**
**7,242,259**
_7,476,110_|**House**
**refurbishments**
**£**
**4,178,068**
**480,017**
**4,658,085**
**1,951,559**
**229,553**
**2,181,112**
**2,476,973**
_2,226,509_|**Plant, fixtures,**
**equipment & IT**
**infrastructure**
**£**
**4,981,451**
**1,281,824**
**6,263,275**
**3,895,059**
**212,065**
**4,107,124**
**2,156,151**
_1,086,392_|**Assets under**
**construction**
**£**
**24,647**
**14,972**
**39,619**
**-**
**-**
**-**
**39,619**
_24,647_|**Total**
**£**
**22,023,833**
**1,776,813**|
|---|---|---|---|---|---|
||||||**23,800,646**|
||||||**11,210,175**
**675,469**|
||||||**11,885,644**|
||||||**11,915,002**|
||||||_10,813,658_|
Page 44
**(A company limited by guarantee)**
## **MALVERN ST JAMES LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023**
## **15. Tangible fixed assets (continued)**
## **Group (continued)**
## **School**
|**Cost or valuation**
At 1 September 2022
Additions
At 31 August 2023
**Depreciation**
At 1 September 2022
Charge for the Year
At 31 August 2023
**Net book value**
At 31 August 2023
_At 31 August 2022_|**Freehold**
**land and**
**buildings**
**House**
**refurbishments**
**£**
**£**
**8,110,058**
**4,178,068**
**-**
**480,017**
**8,110,058**
**4,658,085**
**4,064,326**
**1,951,559**
**139,259**
**229,553**
**4,203,585**
**2,181,112**
**3,906,473**
**2,476,973**
_4,045,732_
_2,226,509_|**Plant, fixtures,**
**equipment & IT**
**infrastructure**
**Assets**
**under**
**construction**
**£**
**£**
**4,640,551**
**24,647**
**1,281,824**
**14,972**
**5,922,375**
**39,619**
**3,583,263**
**-**
**199,712**
**-**
**3,782,975**
**-**
**2,139,400**
**39,619**
_1,057,288_
_24,647_|**Total**
**£**
**16,953,324**
**1,776,813**|
|---|---|---|---|
||||**18,730,137**|
||||**9,599,148**
**568,524**|
||||**10,167,672**|
||||**8,562,465**|
||||_7,354,176_|
The net book value of assets held under hire purchase at year end was £608,295 _(2022: £Nil)_ .
Page 45
**MALVERN ST JAMES LIMITED (A company limited by guarantee)**
|**NOTES TO THE FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 AUGUST 2023**||
|---|---|
|**16.**
**Fixed asset investments**
**School**
**Cost or valuation**
At 1 September 2022
At 31 August 2023
**Impairment**
At 1 September 2022
Charge for the Year
At 31 August 2023
**Net book value**
At 31 August 2023
_At 31 August 2022_|**Investments**
**in**
**subsidiary**
**companies**
**£**
**4,500,001**
**4,500,001**
**1,300,498**
**140,104**
**1,440,602**
**3,059,399**
_3,199,503_|
All the fixed asset investments are held in the UK and are valued at cost less impairment. The net book value of the investment has been written down to the net assets of the trading subsidiary.
## **Principal subsidiaries**
The following was a subsidiary undertaking of the School:
|**Name**|**Company**|**Registered office or principal**|**Class of**|**Holding**|
|---|---|---|---|---|
||**number**|**place of business**|**shares**||
|Malvern St James Enterprises|05851583|15 Avenue Road, Malvern,|£1 Ordinary|100%|
|Limited||Worcestershire, WR14 3BA|||
Page 46
**(A company limited by guarantee)**
## **MALVERN ST JAMES LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023**
## **16. Fixed asset investments (continued)**
The financial results of the subsidiary for the year were:
|**Name**|**Profit/(Loss)**|**Net assets**|
|---|---|---|
||**/ Surplus/**|**£**|
||**(Deficit) for**||
||**the year**||
||**£**||
|Malvern St James Enterprises Limited|**(140,104)**|**3,059,399**|
The licence fee charged by Malvern St James Enterprises Limited to the School was £139,932 _(2022: £139,932)_ .
## **17. Stocks**
|Goods for resale and consumables
**Debtors**
**Due within one year**
Trade debtors
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income|**Group**
**2023**
**£**
**20,555**
**Group**
**2023**
**£**
**479,991**
**-**
**83,287**
**383,634**
**946,912**|_Group_
_2022_
_£_
_17,225_
_Group_
_2022_
_£_
_399,582_
_-_
_59,963_
_159,318_
_618,863_|**School**
**2023**
**£**
**20,099**
**School**
**2023**
**£**
**479,991**
**358,768**
**72,299**
**369,275**
**1,280,333**|_Schoo_
_2022_
_£_
_16,610_|
|---|---|---|---|---|
|||||_Schoo_
_2022_
_£_
_399,582_
_318,502_
_50,387_
_145,989_|
||||||
|||||_914,460_|
## **18. Debtors**
An impairment loss of £413,373 _(2022: £287,512_ ) was recognised against trade debtors.
Page 47
**(A company limited by guarantee)**
## **MALVERN ST JAMES LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023**
## **19. Creditors: Amounts falling due within one year**
|Bank loans
Trade creditors
Other taxation and social security
Obligations under finance lease and hire
purchase contracts
Fee deposits (note 21)
Fees in advance (note 22)
Other creditors
Accruals and deferred income|**Group**
**2023**
**£**
**211,813**
**350,898**
**140,734**
**79,343**
**1,694,736**
**1,283,202**
**225,569**
**267,880**
**4,254,175**|_Group_
_2022_
_£_
_188,356_
_253,564_
_113,729_
_-_
_1,872,928_
_1,441,317_
_194,798_
_161,423_
_4,226,115_|**School**
**2023**
**£**
**211,813**
**343,655**
**140,734**
**79,343**
**1,694,736**
**1,283,202**
**215,177**
**267,880**
**4,236,540**|_School_
_2022_
_£_
_188,356_
_251,444_
_113,359_
_-_
_1,872,928_
_1,441,317_
_185,233_
_161,423_|
|---|---|---|---|---|
|||||_4,214,060_|
There are two bank loans in place at the year end.
One is secured by a legal charge over the freehold properties, Greenslade House and The Mount. The loan is repayable by April 2028 in monthly instalments. The interest rate is 3% per annum over the base rate.
The other loan is a CBIL loan which is secured by a legal charge as listed above. The loan is repayable by December 2027 in monthly instalments, which commenced in January 2022. The interest rate is 3.99% per annum, and for the first twelve months was funded under the CBIL loan scheme at no cost to the School.
Included within other creditors of the School and the Group are outstanding pension contributions of £71,850 (2022: £72,252).
Page 48
**(A company limited by guarantee)**
## **MALVERN ST JAMES LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023**
## **20. Creditors: Amounts falling due after more than one year**
|**Group**
**2023**
**£**
Bank loans
**583,095**
Net obligations under finance lease and hire
purchase contracts
**479,291**
Fees in advance (note 22)
**34,893**
**1,097,279**
Included within the above are amounts falling due as follows:
**Between two and five years**
Bank loans
**583,095**
**Over five years**
Bank loans
**-**|_Group_
_2022_
_£_
_682,557_
_-_
_68,801_
_751,358_
_665,570_
_16,987_|**School**
**2023**
**£**
**583,095**
**479,291**
**34,893**
**1,097,279**
**583,095**
**-**|_School_
_2022_
_£_
_682,557_
_-_
_68,801_|
|---|---|---|---|
|||||
||||_751,358_|
||||_665,570_|
||||_16,987_|
The aggregate amount of liabilities payable or repayable wholly or in part more than five years after the reporting date is:
||**Group**|_Group_|**School**|_School_|
|---|---|---|---|---|
||**2023**|_2022_|**2023**|_2022_|
||**£**|_£_|**£**|_£_|
|Payable or repayable by instalments|**105,835**|_16,987_|**105,835**|_16,987_|
## **21. Fee deposits**
In the normal course of business and based on the going concern basis, the profile of pupils leaving the school, and therefore having their fees deposits repaid, gives the expected repayment of acceptance fee deposits as follows:
|In one year or less
Between one and two years
Between two and five years
Over five years|**2023**
**£**
**595,740**
**305,830**
**662,978**
**130,188**
**1,694,736**|_2022_
_£_
_447,119_
_403,999_
_888,084_
_133,726_|
|---|---|---|
|||_1,872,928_|
Page 49
**(A company limited by guarantee)**
## **MALVERN ST JAMES LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023**
## **22. Advance fees**
Parents may enter into a contract with the School up to the equivalent of seven years' tuition fees in advance. The money may be returned subject to specific conditions. Assuming pupils remain at the School, advance fees will be discounted at varying rates.
Amounts fall due on advance fees as follows:
|Other creditors < 1 year
Other creditors > 1 year
**Balance at 31 August**|**2023**
**£**
**1,283,202**
**34,893**
**1,318,095**|_2022_
_£_
_1,441,317_
_68,801_|
|---|---|---|
|||_1,510,118_|
## **23. Financial instruments**
||**School**|_School_|
|---|---|---|
||**2023**|_2022_|
||**£**|_£_|
|**Financial assets**|||
|Financial assets measured at fair value through income and expenditure|**3,059,399**|_3,199,503_|
Financial assets measured at fair value through income and expenditure comprise investments.
Impairment losses charged on financial assets and liabilities measured at amortised cost in the year amounted to £140,103 _(2022: 191,109_ ) for the Group and the School.
Page 50
**(A company limited by guarantee)**
## **MALVERN ST JAMES LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023**
## **24. Statement of funds**
|**Statement of funds**|||||
|---|---|---|---|---|
|**Statement of funds - current Year**
**Unrestricted funds**
Unrestricted funds
**Endowment funds**
Endowment Funds
**Restricted funds**
M Warner Legacy
Professor Billing fund
Financial aid COVID-19 fund
Lynne Linder Bursary appeal
Smart classrooms and library fund
Mrs Croxton Legacy
Bursary Fundraising
H E Mammatt Legacy
Elmslie Fund
**Total of funds**|**Balance at 1**
**September**
**2022**
**£**
**8,334,162**
**141,859**
**497,708**
**6,436**
**27,693**
**30,116**
**3,960**
**15,400**
**78,562**
**-**
**-**
**659,875**
**9,135,896**|**Income**
**£**
**9,865,603**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**34,837**
**590,004**
**7,896**
**632,737**
**10,498,340**|**Expenditure**
**£**
**(11,354,891)**
**-**
**(1,229)**
**-**
**(27,693)**
**-**
**-**
**(13,473)**
**(28,324)**
**-**
**(5,264)**
**(75,983)**
**(11,430,874)**|**Balance at**
**31 August**
**2023**
**£**
**6,844,874**|
|||||**141,859**|
|||||**496,479**
**6,436**
**-**
**30,116**
**3,960**
**1,927**
**85,075**
**590,004**
**2,632**|
|||||**1,216,629**|
|||||**8,203,362**|
Page 51
**(A company limited by guarantee)**
## **MALVERN ST JAMES LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023**
## **24. Statement of funds (continued)**
|**Statement of funds (continued)**|||||
|---|---|---|---|---|
|**Statement of funds - prior year**
_Balance at_
_1 September_
_2021_
_£_
**Unrestricted funds**
Unrestricted funds
_9,292,894_
**Endowment funds**
Endowment Funds
_141,859_
**Restricted funds**
Development fund
_-_
M Warner Legacy
_501,470_
Professor Billing fund
_6,436_
Financial aid COVID-19 fund
_27,693_
Lynne Linder Bursary appeal
_5,066_
Smart classrooms and library
fund
_1,000_
Mrs Croxton Legacy
_15,400_
Bursary Fundraising
_79,813_
_636,878_
**Total of funds**
_10,071,631_|_Income_
_£_
_9,182,982_
_-_
_17,850_
_-_
_-_
_-_
_25,050_
_2,960_
_-_
_29,517_
_75,377_
_9,258,359_|_Expenditure_
_£_
_(10,159,564)_
_-_
_-_
_(3,762)_
_-_
_-_
_-_
_-_
_-_
_(30,768)_
_(34,530)_
_(10,194,094)_|_Transfers_
_in/out_
_£_
_17,850_
_-_
_(17,850)_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_(17,850)_
_-_|_Balance at_
_31 August_
_2022_
_£_
_8,334,162_|
|**Unrestricted funds**
Unrestricted funds
**Endowment funds**
Endowment Funds
**Restricted funds**
Development fund
M Warner Legacy
Professor Billing fund
Financial aid COVID-19 fund
Lynne Linder Bursary appeal
Smart classrooms and library
fund
Mrs Croxton Legacy
Bursary Fundraising
**Total of funds**|||||
|||||_141,859_|
|||||_-_
_497,708_
_6,436_
_27,693_
_30,116_
_3,960_
_15,400_
_78,562_|
|||||_659,875_|
|||||_9,135,896_|
Page 52
**(A company limited by guarantee)**
## **MALVERN ST JAMES LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023**
## **24. Statement of funds (continued)**
## **Summary of funds - current year**
|General funds
Endowment funds
Restricted funds|_Balance at_
_1 September_
_2021_
_£_
_9,292,894_
_141,859_
_636,878_
_10,071,631_|**Balance at 1**
**September**
**2022**
**£**
**8,334,162**
**141,859**
**659,875**
**9,135,896**
_Income_
_£_
_9,182,982_
_-_
_75,377_
_9,258,359_|**Income**
**£**
**9,865,603**
**-**
**632,737**
**10,498,340**
_Expenditure_
_£_
_(10,159,564)_
_-_
_(34,530)_
_(10,194,094)_|**Expenditure**
**£**
**(11,354,891)**
**-**
**(75,983)**
**(11,430,874)**
_Transfers_
_in/out_
_£_
_17,850_
_-_
_(17,850)_
_-_|**Balance at**
**31 August**
**2023**
**£**
**6,844,874**
**141,859**
**1,216,629**|
|---|---|---|---|---|---|
||||||**8,203,362**|
||||||_Balance at_
_31 August_
_2022_
_£_
_8,334,162_
_141,859_
_659,875_|
|**Summary of funds - prior year**||||||
|General funds
Endowment funds
Restricted funds||||||
||||||_9,135,896_|
The Endowment fund consists of current assets. It was originally established by a gift from Miss Edwards to assist a British girl to attend Malvern Girls' College. Additional funds have come from donations from the Old Girls' Association.
The Restricted Fund monies are gifts for express purposes as follows:
In 2022, Development donations of £17,850 were received from parents. This was fully spent in the year on IT and had therefore been transferred from restricted to unrestricted funds.
The Bursary fundraising fund consist of donations received from various events with the common aim to raise funds to support bursary pupils.
The Warner legacy is a bequest from a former pupil to be used to assist pupils who are the issue of former pupils of Malvern Girls College.
The Professor Billing fund was a donation towards the purchase of science books for the library.
The Financial aid COVID-19 fund was a bursary appeal following COVID-19 global pandemic, to support families experiencing financial hardship due to the pandemic.
Page 53
**(A company limited by guarantee)**
## **MALVERN ST JAMES LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023**
## **24. Statement of funds (continued)**
The Lynne Linder Bursary appeal was a fundraising appeal to support outstanding music scholars through Sixth Form.
The Smart Classroom and Library Fund is a fundraising appeal to support the redevelopment of the School Library and the roll out of Smart Classrooms.
The Mrs Croxton Legacy is a bequest to be used to support bursary pupils.
The H E Mammatt Legacy is a bequest to be used to support bursary pupils.
The Elmslie Fund is a donation to provide 40% of a 100% Founders’ Award for a Sixth Form day pupil.
## **25. Analysis of net assets between funds**
## **Analysis of net assets between funds - current year**
|**Unrestricted**
**funds**
**2023**
**£**
Tangible fixed assets
11,915,002
Current assets
281,326
Creditors due within one year
(4,254,175)
Creditors due in more than one year
(1,097,279)
**Total**
6,844,874|**Restricted**
**funds**
**2023**
**£**
-
1,216,629
-
-
1,216,629|**Endowment**
**funds**
**2023**
**£**
-
141,859
-
-
141,859|**Total**
**funds**
**2023**
**£**
**11,915,002**
**1,639,814**
**(4,254,175)**
**(1,097,279)**
**8,203,362**|
|---|---|---|---|
## **Analysis of net assets between funds - prior year**
|Tangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
**Total**|_Unrestricted_
_funds_
_2022_
_£_
_10,813,658_
_2,497,977_
_(4,226,115)_
_(751,358)_
_8,334,162_|_Restricted_
_funds_
_2022_
_£_
_-_
_659,875_
_-_
_-_
_659,875_|_Endowment_
_funds_
_2022_
_£_
_-_
_141,859_
_-_
_-_
_141,859_|_Total_
_funds_
_2022_
_£_
_10,813,658_
_3,299,711_
_(4,226,115)_
_(751,358)_
_9,135,896_|
|---|---|---|---|---|
Page 54
**(A company limited by guarantee)**
## **MALVERN ST JAMES LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023**
## **26. Reconciliation of net movement in funds to net cash flow from operating activities**
|Net expenditure for the year (as per Statement of Financial Activities)
**Adjustments for:**
Depreciation charges
Profit on the sale of fixed assets
Increase in stocks
Increase in debtors
Increase/(decrease) in creditors
Interest paid on borrowings
**Net cash used in operating activities**
**27.**
**Analysis of cash and cash equivalents**
Cash in hand
**28.**
**Analysis of changes in net debt**|**Group**
**2023**
**£**
**(932,534)**
**675,469**
**(876)**
**(3,330)**
**(328,049)**
**(108,648)**
**126,644**
**(571,324)**
**Group**
**2023**
**£**
**672,347**|_Group_
_2022_
_£_
_(935,735)_
_705,156_
_(580)_
_(1,248)_
_(249,206)_
_174,428_
_57,050_
_(250,135)_
_Group_
_2022_
_£_
_2,663,623_|
|---|---|---|
|Cash at bank and in hand
Debt due within 1 year
Debt due after 1 year
Finance leases|**At 1**
**September**
**2022**
**£**
**2,663,623**
**(188,356)**
**(682,557)**
**-**
**1,792,710**|**Cash flows**
**New finance**
**leases**
**£**
**£**
**(1,991,276)**
**-**
**76,005**
**-**
**-**
**-**
**65,258**
**(623,892)**
**(1,850,013)**
**(623,892)**|**Other non-**
**cash**
**changes**
**At 31**
**August 2023**
**£**
**£**
**-**
**672,347**
**(99,462)**
**(211,813)**
**99,462**
**(583,095)**
**-**
**(558,634)**
**-**
**(681,195)**|
|---|---|---|---|
Page 55
**MALVERN ST JAMES LIMITED**
**(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023**
## **29. Capital commitments**
||**Group**|_Group_|**School**|_School_|
|---|---|---|---|---|
||**2023**|_2022_|**2023**|_2022_|
||**£**|_£_|**£**|_£_|
|**Contracted for but not provided in these**|||||
|**financial statements**|||||
|Repairs, maintenance or enhancements to|||||
|property|**114,613**|_-_|**114,613**|_-_|
## **30. Pension commitments**
## **Teachers' Pension Scheme**
The School participates in the Teachers’ Pension Scheme (“the TPS”) for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £644,477 (2022: £601,859) and at the year-end £Nil _(2022 - £64,587)_ was accrued in respect of contributions to this scheme.
The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers’ Pensions Regulations 2010 (as amended) and The Teachers’ Pension Scheme Regulations 2014 (as amended). Members contribute on a “pay as you go” basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.
The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary’s Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2020 and the Valuation Report was published in October 2023.
Following the McCloud judgement, the remedy proposed that when benefits become payable, eligible members can select to receive them from either the reformed or legacy schemes for the period 1 April 2015 to 31 March 2022. The actuaries have assumed that members are likely to choose the option that provides them with the greater benefits, and in preparing the 2020 valuation have valued the ‘greater value’ benefits for groups of relevant members.
The valuation confirmed that the employer contribution rate for the TPS would increase from 23.6% to 28.6% from 1 April 2024. Employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 28.68%.
## **Scheme for non-teaching staff**
The School operates a defined contribution pension scheme for non-teaching staff which is managed by the Pensions Trust.
Contributions to the defined contribution pension scheme during the year included in the pension charge for the year amounted to £80,833 ( _2022 - £111,678)_ and at the year end £10,869 _(2022 - £7,665)_ was accrued in respect of contributions to this scheme.
Page 56
**(A company limited by guarantee)**
## **MALVERN ST JAMES LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023**
## **31. Operating lease commitments**
At 31 August 2023 the Group and the School had commitments to make future minimum lease payments under non-cancellable operating leases as follows:
|Not later than 1 year
Later than 1 year and not later than 5 years|**Group**
**2023**
**£**
**44,118**
**69,347**
**113,465**|_Group_
_2022_
_£_
_45,168_
_106,452_|
|---|---|---|
||||
|||_151,620_|
The following lease payments have been recognised as an expense in the Statement of financial activities:
||**Group**|_Group_|
|---|---|---|
||**2023**|_2022_|
||**£**|_£_|
|Operating lease rentals|**45,168**|_48,196_|
## **32. Related party transactions**
There were no related party transactions other than those disclosed in notes 13, 14 and 16.
## **33. Post balance sheet events**
During the year the school carried out a review of its property portfolio and following the year end, three surplus properties included in Land and Buildings in financial statements were sold for a total value of £2.8M. The net book value of these properties at 31 August 2023 was £23k.
Page 57