Registered number: 00232081
Charity number: 527513
MALVERN HILLS EDUCATION TRUST
(FORMERLY MALVERN ST JAMES LIMITED)
(A company limited by guarantee)
TRUSTEES. REPORT AND CONSOLIDATED FINANCIAL STATEMENTS
FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED)
IA company limited by guarantee)
CONTENTS
Page
Reference and admlnlstratlve detalls of the Charlty, Its Trustees and advlsers
Trustees. report
Independent auditor's report on the flnanclal statements
Consolidated statement of financial activitigs
3-22
23-26
27-31
Consolidated balance sheet
32-33
Charity balance sheet
Consolidated statement of cash flows
34-35
36
Notes to the financial ststomgnts
37-64

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED)
IA company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS
FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025
Trustees
Mrs N M Alkins lappoinled 19 June 20241
Mrs G Bruce, Chair of Truslees1.2.3.4.5.6
Mrs A M Capper (appointed 16 August 20241
Mrs S Doyle lappoinled 19 June 20241
Mrs A Coles3.5
Mrs W Ellis4
Mr M Hodgesi,5
Mrs M Hughes lappoinled 18 March 20251
Mrs H Lealhart18ppoinled 4 October 20241
Mrs J Thomas (appointed 29 April 20251
Miss C Kelly4,6
Ms S Palmer4
Mr R J Pearce, Vice Chair of Trusteesi,5
Mr R A Usher1.3
Mrs D Waltoni,6
Miss A C Warne, Vice Chair of Truslees2.4.5
Cdr S J Moran lappoinled 13 October 20231
Ms A C M Edward (resigned 20 May 20241
Mrs C L Freeman Iresigned 12 September 20231
Mr A Bouller Iresiqned 12 September 20231
Ms H M M Nicol (resigned 18 M8reh 20251
Mrs S J M Wynn Iresigned 12 September 20231
Finance and Estates Committee
Remuneration Committee (Sub committee of the Finance and Estates Committee)
Governance and Legal Committee
Education and Pastoral Committee
Strategy and Business Development Committee
Development Committee
Company registered number
00232081
Charity registered number
527513
Principal address and registered office
15 Avenue Road
Great Malvem
WR14 3BA
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MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED)
IA company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS
ICONTINUEDI
FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025
Company secretsry
Mrs L Glover
Head
Dr Gareth Lloyd
Independent auditor
Crowe U.K. LLP
Fourth Floor
St James House
St James Square
Cheltenham
GL50 3PR
Bankers
HSBC Bank PIC
6 Broad Street
wor￿Ster
WR1 2EJ
Solicitors
Harrison Clark Rickerbys Solicitors LLP
5 Deansway
wor￿Ster
WR1 2JG
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MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED)
IA company limited by guarantee)
TRUSTEES. REPORT
FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025
The Trustees present their annual report together with the audited financial statements of the school for the 1
September 2023 to 31 January 2025 lan extended accounting period). At the 3151 January 2025 the charity
completed a sale of the business and associated assets. This report has been formulated on the basis that the
operational activities of the charitable company ceased al the point of sale. Beyond this dale the school's
operational activities became the responsibility of the purchasing entity, Malvern Education Limited.
This report therefore serves the purposes of both a Trustees, report reflecting the nature of the school's
operational activities up until the point of sale and a directors, report under company law. The Trustees confirm
that the report and financial statements of the charitable company comply with the current stalulory
requirements, the requirements of the charitable company's governing document and the provisions of the
Statement of Recommended Practice ISORPI applicable to charities preparing their accounts in accordance with
the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 leffeclive 1 January
20191.
Objectives and activities
a. Policies and objectives
The school's Objects up to the 31st January 2025 are as set out in the Memorandum of Association. In
furtherance of these Objects and for the public benefit, the school had established and administered bursaries,
grants, awards and other benefactions, and acted as the Iruslee and manager of property, endowments,
bequests and gifts given or established in pursuanTr of these Objects.
Following the sale of the school, an application has been made lo the Charity Commission to modify the object to
reflect the charity's changed circumstances from operational school lo grant making trust with a focus on the
distribution of educational bursaries. Once confirmed revised policies and objectives will be established.
Intended impacvvision
Within ils charitable Obieclives, the school's intention has been to provide a first-class education through
Inspirational teaching, ex￿lIent pastoral care and by developing broader skills that enable every pupil to realise
her potential lo 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 curriculum,
underpinned by an emphasis at whole-school level on literacy and numeracy.
Pupils, personal development has thus far been shaped by the emphasis on the co-curriculum through Cerebral,
sporting, creative, team building, leadership and social skills. This poli￿ builds Self-confiden￿ and life skills in
pupils who are inspired to follow their own unique path by building on their on their talents and passions. It seeks
lo embed a desire to be a lifelong and reflective leamer, and a willingness lo contribute to the wider community
while al school and in later life.
The aim has been for pupils to leave school with so much more than a strong sel of qualifications which equip
them well for the next stage of their educational or career journey. They also leave with self-belief, a firm set of
soft skills. social and intellectual Confiden￿, and a 'can do. approach lo life. They are networked, purposeful and
committed young women who embrace life's challenges, who will blaze a trail, and the kind of person you want
on your team.
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MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED)
IA company limited by guarantee)
TRUSTEES. REPORT {CONTINUED)
FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025
Objectives and activities {continuedl
Aims
The aims of the School have been to..
Provide a high quality, innovative and forward-looking all-round education for pupils which will enable them
lo discover their talents, maximise their potential and develop a lifelong love of learning.
Encourage pupils lo be open, independent and engaged learners who seek challenge and are curious
about the world around them, equipping them lo play an active part in global society.
Promote the benefits of all%ids' education to prepare girls for leadership roles and lo instill a culture of
achievement that sets no limits in order that girls pursue excellence, achieve success, acquire confidence
and self-belief.
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,
toleran￿, and honesty.
Attract, train and relain high caliber teaching and non-leaching stsff to support the school's educational
vision for providing a first<lass education for girls.
Provide the best possible physical environment and infrastructure to maximise the learning potential for
pupils.
Promote p0511ive 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.
Be a well subscribed school with an excellent reputstion locally, nationally and inlernab"onally that is
financially sustainable and provides good public benefit.
Following the sale of the school, the aims, objectives and activities of the charity are to be confirmed after our
consultation with the Charity Commission has concluded.
b. Strategies for achieving objectives
In keeping with this overarching vision and aims of the school, we continued lo review the curriculum and made
significant progress towards meeting the targets set for the latest development programme. The programme
supports the continuing investment In six strategic areas which support the school's aims..
First Class Teaching and Learning in a digital and technological age
Outstanding Pastoral Care with focus on pupil wellbeing, physical and mental health
A Modern Boarding Environment and Character Programme lo develop the whole person
Sporting Excellence encouraging team skills and leadership both on and off the field
Enriching Community Partnerships
Fundraising, Growth and Sustainability
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MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED)
IA company limited by guarantee)
TRUSTEES. REPORT {CONTINUED)
FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025
Objectives and activities {continuedl
There has been significant ongoing investment in the school IT infrastructure, with significant upgrades to the
network and fibre optic broadband environment completed and commissioned during the accounting period. The
entire site benefits from a secure high speed WIFI network.
The school aims to deliver a rich and varied learning experience through imaginative curriculum design and the
provision of over 100 co-curricular Clubs. A pioneering mulli4isciplinary approach lo ¢urri¢ulum design to support
the development of pupils, creative, logical and entrepreneurial thinking has been created. This is leading to the
establishment of strong links with commerce and industry as well as universities, so the leaming stays future
focused.
The school took pupils to activities, including..
British Science Week 2024, which was celebrated in style with many opportunities for pupils to explore STEAM
within and beyond the curriculum. This included hosting a guest speaker, George Dransfield, who had previously
presented on B8C's Sky al Night, who talked to the school about her wide and varied career and how she is now
studying exoplanets. The Institute of Physics again hosted a lecture al our school, and the topic was Explosives..
The Past, Present and Future. We also hosted guest speaker Dr Hannah Urbanski, an Old Girl who works as a
Clinical Trials Director and who spoke lo Year 12 about pharmacology, pharmaceuticals and drug trial delivery.
We invited over 90 pupils from Years 5 and 6 from local primary schools to join us for a day of Design
Technology activities and followed up with a Year 7 STEM Workshop. Additional workshops in Physics, Biology
and Chemistry were held during the week, covering respectively telescope building, chemistry magic and the
dissection of a rat. We also ran a Science movie afternoon for Years 7 10 9, commemorating the role of
Bletchley Park in World War Two through the film 'The Imitation Game,. Years 7 and 8 were also able to
complete a Raspberry Pi Mission Zero challenge and have their messages transmitted to the International Space
Stslion.
The Art Department took Year 9 to the Ashmolean Museum to gain inspiration across history and multiple artisb"c
genre5, the Malhemalics Department ran a Malhemalics Inspiration trip lo Bristol for Year 12 and Year 11 to
listen lo a range of fascinating lectures that showed how Mathematics can be applied to daily life, and Year 8
competed in a STEM challenge day, working towards allaining a STEM Discovery Award. British Science Week
2024 ended with a merger of Red Nose Day and scien￿ Week celebrations through a themed dress-down day.
A great buzz was created in the school for Science, STEM and STEAM and showed our pupils there are
connections be￿een all their subjects.
Years 7, 8 and 9 went on a science trip to RAF Cosford Museum, which included a lour of the hangars lo view
different aircraft spanning the history of flight while also completing a workbook on aircraft design and
engineering. The students also enjoyed competing in a challenge lo design a rocket that could fly the furthest.
Year 10 GCSE Biology and Physics students took a trip to the West Midlands Safari Park where they enjoyed
the safari as well as a discussion about animals from a safari ranger, followed by a leaming session in the
Discovery Centre on evolution and adaptations. Additionally, the students were able to experience forces in
motion in the theme park, while completing a worksheet on energy transfer and Newton's Laws of Motion. A
great day out for all pupilsl
Year 12 A-level Drama students directed the Year 10 GCSE Drama pupils in a production of 'The Play That
Goes Wrong, a project unique lo MSJ. Having studied 'The Play That Goes Wrong, as part of the curriculum in
Year 9, and seeing a production of the play, they were keen to create their own version, focusing on hilarious
comedy created through the art of 'poor acting, and the slapstick use of a disintegrating sel. The Year 1 Os were
highly committed to the rehearsal proTrss, learning much from their Year 12 role models, challenging
themselves with the learning of a long script and the creation of physical theatre. Year 12 pupils found the
process of directing much more complex than they had imagined,. the prO￿$S was intense and detailed, giving
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MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED)
IA company limited by guarantee)
TRUSTEES. REPORT {CONTINUED)
FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025
Objectives and activities {continuedl
them a much greater understanding of the requirements of directing for the A-level Drama examination.
The Sports Department ran a very successful Ski Trip lo Austria in February 2024. 48 pupils had the opportunity
lo experien￿ the beauty of the Austrian mountains whilst being challenged lo develop their skiing skills. It was a
wonderful opportunity for pupils to challenge themselves In a completely different way from anything they had
previously experienced.
Community service is well established in the Sixth Form, with Year 12 allending placements weekly from
November lo February, including local care homes, primary schools and also organising and hosting the Malvem
Special Families paty which takes place in January. All pupils benefit hugely from this lime spent working In the
community, and many ulilise the experience to support their UCAS applications. The community service also
contributes toward the Sixth Form Diploma.
The school has focused on Ils strategic future whilst maintaining regulatory complian￿. The school had an RCI
Inspection by ISI In January 2025. The inspection highlighted the exceptional quality of teaching and learning at
MSJ and recognised the dedication of staff and the enthusiasm of pupils, noting the engaging and supportive
learning environment we provide. A summary of the inspection findings were that..
leaders provide a well-rounded Curriculum and extensive co<urricular opportunities that foster
academic progress, creativity and personal development.,
the Early Years provides a stimulating environment that meets children's physical, mental and
emotional needs.,
boarding provision is well slruclured and prioritises pupils, wellbeing.,
leaders ensure that pupils are provided with pastoral guidance and support.
The results of the staff, parent and pupil surveys were impressive and highly complementary at)out
the school providing a safe environment for ils 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.
All the relevant stsndards of the ISI Inspection were met, except for one standard in relation to risk management
and fire safety, whereby a separate, external check on fire extinguishers had not been fully completed. This was
rectified at the time of the inspection, and the outcome of a follow-up ISI progress monitoring and material
change inspection report In June 2025 was that the school mel all relevant standards.
c. Main activities undertaken to further the Charity's purposes ft>r the public benefit
The Trustees can confirm that 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 guidan￿ published by the Charity Commission relating lo public benefit,
including the guidance 'Public benefit.. running a charity IPB21'.
The school has been committed lo providing means-tested bursaries. Such awards have been 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 lo remain where financial circumstances have changed. In general, bursaries have been ranging
from 50/0 10 500/0 and during 23124.. 82 pupils benefilled122123.' 72 pupils). Without such assistan￿, these pupils
would not have been able lo attend Malvern St James.
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MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED)
IA company limited by guarantee)
TRUSTEES. REPORT {CONTINUED)
FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025
Objectives and activities {continuedl
Sports Outreach and Other Events
During the relevant reporting period the school enjoyed many opportunities where the school invited other
schools lo come and enjoy sport at MSJ. The school hosted a number of events where schoo15 from both
wOr￿stershIre and the Midlands were able lo come and visit MSJ. These events included.. U16 District Netball
Tournament, District School Games Badminton competition, U11 Midlands ISA Tournament (attended by 24
schools), U11 ISA Midlands Cricket competition.
In addition lo these events, the school hosted many local schools for fixtures in a variety of sport5 across a range
of age groups including.. Hockey, Netball, Badminton and Cricket
The school has been f051ering 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. These have been
designed lo give pupils the benefit of expertise and facilities that they may not otherwise be able to access.
Members of the school's leaching staff have also served as governors to local maintsined ￿h0o18, thus sharing
Insights and educational expertise.
Some of the local groups and charities which have made use of the facilities al the MSJ Sports Centre
throughout the year are listed below'.-
Maintained schools who do not have the facilities lo provide ￿rtain sports.
A number of local football and netball teams
A Dan￿ School, Swim School, Junior Gym, Rugbylots, Little Kickers and a Taekwondo group.
Raising Funds and Awareness
During the reporting period the school raised a total of £7,911 funds for charities including Breathe la wellbeing
charity), the NSPCC, Comic Relief, Birmingham Children's Hospital, Down Syndrome, Lupus UK, Cancer
Research, Macmillian and the school's affiliated school in the Gambia,
The school's Diversity Champions produce an annual EDI Calendar which each month focuses on raising
awareness of a particular theme and ways in which individuals and the community can support this cause via
fundraising or publicising.
Strategic report
Achievements and performance
a. Review of activities
2024 GCSE and Level 2 Results
The school reports that attainment across many subjects in the top grades 9-7 at GCSE was high, with 58°k of
grades achieved al this level 12023.. 55 /ol. This is significantly higher than the JCQ National Cumulative of 220/.
Grades 9-7. This Is very impressive since the school Is not highly selective. 81°k of Physics grades were 9-7,
58,/0 of Chemistry grades were 9-7, 65,/0 of Biology grades were 9-7, 63°A of Computer scien￿ grades were 9-
7, 600/9 of Mathematics grades were 9-7, 70°A of Drama grades were 9-7, and 78.￿ of Food and Nutrition grades
were 9-7.
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MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED)
IA company limited by guarantee)
TRUSTEES. REPORT {CONTINUED)
FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025
Strategic report Icontinuedl
Achievements and performance lcontinuedl
The Value Added lo the school's pupils was also significant, with the overall Value Added across all subjects
being +0.64 grade added. This means that most pupils will have achieved at least one grade higher on average
than most pupils across Iwo thirds of their subjects.
2024 GCE and Diploma Results
A. grades were up on 2023 at 8'/o 12023.. 3'/ol, with 39/0 Grade A"IA, 73°k Grade A"_8, 91'/o Grade A"_C and
1000/0 Grade A'_D. This is a strong performance with notable sucTrsses in Art1100'/o Grade A"IAI. DT Product
Design 1100 /0 Grade A"IAI and German 11 OOO/D Grade A"). In addition, pupils tsking B TECS in Sport achieved
100 /0 Distinction. lo Merit.
University destinations
The school reports that 41 applications were submitted to UCAS in the 2024 cycle, which also included 4 former
pupils re-applying. On results day, 35 candidates achieved offers and only five students were in clearing. Of
those remaining, one withdrew for a confirmed place at Penn In the USA, one gained an offer for nursing In HK,
and the others secured plaTrs in the UK through clearing.
The range of courses was once again impressive.. Medicine al Sheffield, Veterinary Science at Bristol as well as
Biomedical ScienTrs, and Psychology at the same institution, Biological ScienTrs at Leeds as well as Theatre
Performance and Enterprise, Fashion Design Innovation and Computer Scien￿. Durham was also a popular
destination for Geography, Accounting and Management and Biological Sciences. The breadth and depth of
places across multiple disciplines was Impressive, and a testament to the hard work of the students and all the
staff who have supported these girls.
The cycle was successful in enabling MSJ students to progress beyond school.
Academic Competitions
Biology
The school entered all Year 12 pupils into the prestigious British Biology Olympiad in March 2024, an
International competition open to all pupils in the final years of study in Senior schools. One pupil was awarded a
silver medal, one pupil was awarded a bronze medal and one was Commended, with the remainder re￿Iving
participation certificates.
During the academic year commencing September 2024 teams were entered for the Imperial College
Science in Medicine School Team Prize. One team focused on the topic of Giant Cell Arteritis and the potential
for developing an accurate and swift diagnosis kit targeting this at the al-risk population for the condition,. the
other team focused on using Al with CT scans lo improve detection and diagnosis of arteriosclerosis which also
using a nano-drug delivery system lo enhance treatment and patient outcomes. Both teams produced visually
appealing and informative posters but unfortunately were not selected for the national final in either competition.
They did, however, develop their research and collaboration skills and we understand that the school will
continue to promote this competition as a very effective tool for developing scientific literacy and interest beyond
the curriculum.
Chemistry
In January 2025, the school reports that eight Sixth Fomi pupils Ibolh Year 12 and Year 131 entered the
prestigious Royal Society of Chemistry Olympiad. This is a rigorous assessment designed to test deeper
understanding and problem-solving skills beyond the standard curriculum. One pupil achieved a silver award,
and three pupils achieved bronze awards. This was good preparation for a similar challenge, the C3L6
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MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED)
IA company limited by guarantee)
TRUSTEES. REPORT {CONTINUED)
FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025
Strategic report Icontinuedl
Achievements and performance lcontinuedl
Cambridge Chemistry Challenge which they sat later in the year.
Physics
In March 2024 the school entered Year 12 pupils into the prestigious Senior Physics Challenge, hosted by
Oxford University. The school's contenders performed very well, achieving Bronze and Silver awards. In
November 2024 the school's Y13 students entered Round 1 of the British Physics Olympiad. This is a
challenging competition designed lo stretch and challenge pupils beyond the scope of the specification and a
pleasing Bronze award was achieved.
Computing
In Computer scien￿ belween September 2024 and January 2025, pupils completed a range of challenges. In
September, the school launched Code Club to Year 7 and Year 8 students, along with a new curriculum. Pupils
completed CyberFirst Girfs Competition in November and throughout the academic year, the iDea Programme.
Notable successes in Year 8 were seen with one Year 8 pupil achieving a Silver Award within the first couple of
months, followed by two other Bronze Award achievers in the months after.
Mathematics
In Malhemalics, pupils from Year 7 to Year 13 have enjoyed the opportunity lo test their problem-solving skills
and Ingenuity in mathematics challenges and competitions throughout the year.
Highlights include the
Malhemalical Olympiad for Girls where the school entered 6 girfs and were thrilled that be￿een them they
collected 2 merits and 2 dislinclions. A pupil in Year 12 scored in the top 1°k of the country and went on to
participate In the British Maths Olympiad. There was more success In the Senior Maths Challenge, including a
pupil In Year 10 who attained a Gold certificate and went on to gain a merit in the Senior Kangaroo. In totsl,
pupils of all ages have been awarded over 58 certificates at Gold, Silver and Bronze. There were also
opportunities lo enjoy mathematics and celebrate its many applications including a visit lo Maths in Action at
Warwick University. Years 7 and 8 also enjoyed a themed event with festive Merry Malhsmas held in school.
Modern Foreign Languages
In February and March 2025, pupils will take part in the Anthea Bell Prvze for Young Translators. This
competition, run by Queen's College University of Oxford, aims lo promote language learning across the UK and
Inspire creativity in the classroom. Pupils are required to translate poetry, fiction and literary non-fiction texts that
a team of Oxford undergraduates and professional translators then judge.
The MFL Department has continued lo encourage pupils to study extra-curricular languages in addition to their
academic commitments and il is pleasing that pupils have embraced the challenge. Students studying Chinese
as a foreign language or as native speakers take part in a myriad of competitions. The school's native Chinese
students took part in the 24 World Chinese Composition Contest that attracted more than 3 million participants
from 45 countries. The school is extremely proud of four Year 10 and Sixth Form students who achieved first
and second prizes.
6 native pupils and non-native pupils also look part in the 14th Annual Calligraphy Competition run by the UK
Association for the Promotion of Chinese Education.
MSJ Pre-Prep lage 341
The Prep Department covers pupils from MSJ Minis lage 34 years) to Year 6 and Is comprised of 6 classes,
each with a Classroom Teacher and Teaching Assistant support.
Be￿een January 2024 and January 2025, Pre-Prep and Minis at Malvem St James delivered a rich and
purposeful programme of learning and enrichment. Pupils made strong progress In early phonics and literacy
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Strategic report Icontinuedl
Achievements and performance lcontinuedl
skills, developed mathematical understanding through the White Rose scheme, and benefited from creative and
STEM-based aclivilies. Highlights included performing in the Nativity. welcoming family members for
Grandparents, Day, and memorable trips such as a visit lo Thinktsnk Birmingham Science Museum.
Community engagement was strengthened through visits lo Mowbray Nursing Home, fostering inler-generalional
connections. The pupils experienced lots of outdoor learning for cross curricular activities and leam-building
experiences that supported resilience and collaboration, including their weekly trips lo Woodland School. Strong
partnerships with parents were maintained through daily written and photo updates on Tapestry for Minis and
regular updates on Teams for Pre-Prep. A broad range of co-curricular opportunities for Pre-Prep ensured a
stimulating environment that nurtures curiosity, confidence and personal development.
Prep Department
The academic year commencing September 2024 has been a truly vibrant and inspiring one for the pupils at
MSJ Prep. From the magical world of books lo unforgettable adventures beyond the classroom, the school's
children have been fully immersed in opportunities lo read, write, explore, perform. and most Importantly, thrive.
In the Upper Prep, pupils have increasing numbers of lessons with subject specialist teachers and at the lop end,
a wealth of opportunity lo develop leadership skills In line with the school's MSJ values. The co-¢urricular
programme afforded opportunity for pupils to play sports matches against other ￿hoolS and lo engage with older
MSJ students collaboratively.
English continues lo be a cornerstone of creativity, with pupils demonslraling a genuine love of language and
storytelling. The Scholastic Book Fair proved to be a resounding success, Igniting excitement across all year
group5. The buzz around the fair was electric, and thanks to the enthusiastic support of pupils, parents, and
staff, the school raised an impressive sum which has been reinvested slraighl back into enriching our very own
Prep Library.
World Book Day was, as ever, a highlight of the year, filled with joy, creativity and imagination. Pupils designed
and proudly wore their own personalised T-shirts, each one a unique reflection of their favourile books and
characters. The day was filled with engaging activities that celebrated not only the fun of reading, but also the
key literacy skills that underpin lifelong learning.
The Creative Writing Club has continued to flourish, giving pupils the opportunity lo express their imagination
and originality through storytelling. The school is immensely proud that several of Ils budding authors entered
national writing competitions, with many having their work published in printl What a tremendous achievement
for the school's young writers, who displayed true recognition of their tslenl, effort, and enthusiasm for creative
writing.
Rising Stsrs Assessments have once again reflected the high standards of leaching and learning at MSJ Prep.
Results were particularly strong in Reading and Grammar, Punctuation and Spelling IGAPSI, showcasing the
depth of understanding and progress being made across all key stsges.
The school reports that mathematics curriculum in Prep provides a coherent, Well-sequen￿d foundation for
learning from Early Years through to Year 6. The introduction of the new White Rose Maths booklets has been a
particularfy valuable enhanTrment this year.
Enrichment activities have played a key role in deepening pupils, engagement and enjoyment of the subjecL The
Maths Immersion Day was a resounding success, with pupils across the school designing and creating their own
mathematical games. This creative and practical approach helped pupils lo apply their mathematical
understanding in a hands-on way, developing problem-solving, collaboration and reasoning skills.
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IA company limited by guarantee)
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Strategic report Icontinuedl
Achievements and performance lcontinuedl
On Wodd Maths Day in March, pupils look part in a combined Mathematics and Music Day, exploring the natural
connections between rhythm, pallern, structure and number. This cross-¢urricular approach enabled pupils to
appreciate mathematics in a creative context and demonstrated the strong links between the two disciplines.
The school also ￿lebrated NSPCC Number Day, where Year 6 pupils took on leadership roles by designing and
running mathematics games for the younger Year groups. This initiative fostered a strong sense of responsibility
and mentorship, while also providing an engaging way for pupils across the school to enjoy mathematics
together.
Online learning plaffomis continue to enhance the curriculum. Mathseeds supports the school's younger
learners, while Mathletics provides a structured and Interactive leaming experience for Key Stage 2 pupils. Both
programmes reinforce skills in fluency, reasoning and problem-solving. Pupils enjoy these platforms both at
school and al home, benefitting from personalised feedback and opportunities for independent learning.
Overall, mathematics leaching and leaming remain strong, combining academic rigour with creativity and
engagement and this was reflected in strong end of year assessment results.
Educational visits and residential experiences remain a vital part of the school's curriculum, offering pupils
memorable, hands-on opportunities lo extend their learning and build confiden￿.
In the 2024 Autumn Term, Years 3 and 4 travelled lo the Shropshire Hills Discovery Centre to enrich their Stone
Age studies. Pupils took part in a range of exciting, practical activities that deepened their understanding of early
human history In fun and meaningful ways.
The 2024 Spring Term trip to Chedworth Roman Villa was equally Impressive, providing the perfect link to their
topic on the Romans. The children enjoyed a guided tour of the ancient sile, marvelling at the mosaics and
artefacls, before donning tunics and 'becoming Romans, for the day - a truly Immersive experience that brought
history vividly lo life.
In June 2024, Years 3 - 6 went on a 3-day residential visit to PGL at Osminglon Bay. The children took part in a
wide range of adventurous activib.es Induding climbing, abseiling, ziplines, giant swing and orienteering. They
also had the opportunity to explore rocks and fossils, in a session led by a Geology expert.
The charity tea organised and led by the Year 6 pupils was a great success. The pupils used their PSHEEC
lessons to plan and prepare for the event and on the day they sold baked goods lo raise money for the Support
Dogs Charity.
In November the school celebrated its annual Winter Warmer. The children displayed great entrepreneurial
finesse making their own products lo sell lo help raise money. There was an Auction of Promises, which was a
huge success, with some of the favourile promises being Head of the School for a day, choosing school lunch
on your birthday and a free pass to be late to schooll After the event, we walked into Malvern to take part in the
turning on of the Christmas lights, singing on the steps to get everyone in the Christmas spirit.
Throughout the year, each class has taken centre stage lo share their learning and creativity with parents, peers
and staff through their class assemblies. These delightful showcases offered a wonderful window into the
classroom, featuring expressive acting, joyful singing, and confident public speaking. The assemblies not only
celebrated academic leaming, but also highlighted each child's personality, teamwork, and enthusiasm.
The school reports that the performing arts highlight of the year was the end-of-year production of All￿ in
Wonderland. Every pupil contributed to this joyful performance, which showcased a high standard of acting,
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MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED)
IA company limited by guarantee)
TRUSTEES. REPORT {CONTINUED)
FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025
Strategic report Icontinuedl
Achievements and performance lcontinuedl
singing and movement. The production reflected the pupils, commitment, creativity, and ability lo work together,
and was a testament to the hard work of staff and the continued importance placed on performance across the
school.
Throughout the year the school reports that pupils also participated in a variety of concerts and choir
performances, Including the Whole School Winter Con￿rt, which brought together the entire school community
In a celebration of music and collaboration. The Young Performers, Platform IYPPI events provided valuable
opportunities for solo and small-group performances, encouraging pupils lo lake ownership of their musical
development and share their individual talents in a supportive environment.
The Mini Sing event was another highlight, welcoming external nurseries to join our pupils for a morning of
shared
singing and musical fun. This outreach Initiative was an excellent way lo build relationships with the wider
community and lo introduce younger children to the joy of singing t￿ether. Similarly, the Spring Sing outreach
concert allowed our pupils to perform alongside other local schools, strengthening community Connections and
broadening pupils, musical experiences.
Across all these experiences, the school reports that pupils have continued to develop vitsl communication skills,
creativity, and confidence - qualities that underpin the broader aims of the school. The Performing Arts remain
an integral and much-valued part of school life.
Expressive Arts
Expressive Arts Week gave Year 7 and Year 8 students the opportunity to gain their Trinity Bronze Arts Award.
The two Year groups stepped away from their normal curriculum lessons lo focus on a brand-new timetable,
filled with opportunities to meet practitioners across the combined arts of Drama, Music, Art and Dance. They
worked with 'Vamos Theatre Company,, the leading masked theatre company In the country, with Bollywood
Dreams, experiencing the full Bollywood experience from costume lo dancing, with Drumlove for a Samba
drumming experience and with Miss Amelia's Dance Academy for Contemporary Dance.
Alongside the visitors, this year the school called on a range of homegrown practitioners Induding the school's
very own Marketing Manager, who worked with the students on creating photographs and video content for the
website, the school Stsge Manager who taught them how to use the lighting and sound equipment, the school's
Drama Graduate and old girl, who tsught them stage fighting and current sixth formers with extensive
experience in Musical Theatre, who worked on s￿neS from 'Malilda' and 'Six'.
As part of the Bronze Award students are required to be members of an audience, and so the school took them
lo Compton Verney to experien￿ a broad range of art work and to Worcester Art Gallery.
The week ended with the Years 7 and 8 Drama Club performing their production of 'Jungle Book,, followed by an
opportunity for parents and staff lo view the beautiful Bronze Arts portfolios created during the week.
Sport
The Physical Education Department continued lo offer a broad range of sporting opportunities. The extensive
co<urricular sport programme provided many opportunities for pupils to pursue their passions and develop a
lifelong love of physical activity. The school offered a comprehensive range of activib.es from both team to
Individual activities. This programme was complimented by a busy fixture programme with fixtures happening
most Saturdays and also mid-week. In addition to fixtures, pupils had many opportunities lo participate in the
following lournamenls and competitions..
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MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED)
IA company limited by guarantee)
TRUSTEES. REPORT {CONTINUED)
FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025
Strategic report Icontinuedl
Achievements and performance lcontinuedl
Hockey - U11, U13 and U15 ISA National Tournaments, U18 Tier 3 Midlands finals, U12 Tier 2 County finals
12nd pla￿)
Netball - U9 ISA Midlands Netball Tournament (3rd place) U11 & U13 ISA netball tournaments, U13 & U14
District netball tournaments
Cri¢ket- U11 ISA Midlands Tournament11 sl place), Internal Cricket Festival
Athletics
Junior, Intermediate and Senior Dislri¢l Athletics Championships (many pupils selected lo attend
county championships), County Alhlelics Championships 12 silver and 1 bronze medall ISA Junior and Senior
Athletics Championship$11 gold medal, 1 silver medal, 1 bronze medal- 1 pupil ISA National Champion)
Swimming Junior and Senior ISA Championships11 pupil reached National finals)
Cro$s-Country- District Championships, ISA Junior and Senior Championships
Dance- School Games Dance, Gotta Dance, Ignite Festival
The MSJ riding team have enjoyed considerable success, particularly in National Schools Equestrian
Competitions INSEAI. A number of riders qualified for National Finals at both Hi¢kstead and Addinglon with the
school's dressage team enjoying suuess by finishing In 8th place. Individual riders also enjoyed considerable
success al European level and 3 pupils were selected to represent England.
The school's senior Lacrosse team participated in the National Championships for the final lime in March 2024.
Lacrosse has been phased out of the curriculum and competitive programme to ensure no conflicts with other
sports and to maintsin easier access lo a range of more local fixtures.
Pupils have also ex￿lled In sports that the school doe5 not offer on the Curriculum. These pupils have benefited
from the support of the Performance Athlete Programme, where Identified pupils have a bespoke programme of
strength and conditioning and mentoring lo help them achieve their future aspirations. These pupils have
excelled in Football, competing in the Gotha Cup in Sweden. One pupil is also a member of the GB Luge
programme competing in the European League and Championships and has aspirations lo represent Team GB
at the Winter Olympics in Milan Cortina in 2026.
In addition to the extensive programme of sports clubs and competitions, the school aims to provide pupils with
as many opportunities to experience the wider world of elite sport. The Department ran trips to.. Wimbledon,
International One Day cricket match and a super league netball match.
Outdoor Education
The Outdoor Education Department continues lo deliver the Duke of Edinburgh Award and a high-quality
programme.
The department maintains its ￿ntral role in the school culture and remains highly valued by pupils and parents.
Academic Scholars and Library
In October 2024, a group of Years 7 and 8 pupils visited the Cheltenham Literature festival for a session with 4
writers that specialize In writing tense thrillers - Simon Fox, Cynthia Murphy, Melinda Salisbury and Sharna
Jackson who shared their tips on how lo create a story that is filled with suspense. We also welcomed seven
local preplprimary schools to MSJ in November for a highly entertaining and interactive talk given by the
comedian Russell Kane, on his first book for children
Pel Selector. Pupils could then meet the author and get
their book signed.
On National Poetry Day, the school had the privilege of hosting Amerah Saleh, a Birmingham born and bred
poet, with Muslim Yemeni roots. Amerah led an awe-lnspiring assembly in which pupils had the chance to hear
some of her work and also more about the influences behind it such as her heritage and experiences as a
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MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED)
IA company limited by guarantee)
TRUSTEES. REPORT {CONTINUED)
FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025
Strategic report Icontinuedl
Achievements and performance lcontinuedl
Muslim. Her visit allowed students to learn more about her culture and life eXperien￿S. She also led writing
workshops throughout the day with pupils from Years 7-9.
The school were fortunate to welcome Chie Kulsuwada lo MSJ for World Book Day. Chie studied Fine Art at
Central St Martin's College of Art and Design and then printmaking at the Royal College of Art in London. She
now works as a professional Manga artist, writing and illustrating her own stories as well as Illustrating the work
of other author5. Chie gave the whole school an insight Into the life and craft of a Manga artist during her
assembly. She shared examples of her collaborations, the development of her style and how she builds her
Ideas. During the morning Chie ran workshops for Year 8, Year 7, Year 6 and Year 5 pupi15 where everyone had
the opportunity lo take part In a draw-a-long lo create their own standard character. This included opportunities
for more experienced artists to add in greater detail and depth of expression. Overall, it was an excellent
opportunity to learn a new style of story-telling, and lo develop different skills from an expert.
Academic Scholars are actively encouraged lo lake part In essay, innovation and subject Competitions lo develop
their skills, both inside and outside of school. A group of aspiralional Year 12s and Year 1 Os attended Oxford
University open day in July 2024, to talk to admissions tutors and current students and lo visit the departments to
gel a first-hand experience of life at the university. In addition, Somerville Academic Discussion suppers
continued throughout the academic year for Years 9-13 and were supported by Academic members of the
school alongside the Head of Learning and Enrichment and the Academic Prefects. Attendees had the
opportunity to explore Oxbridge style questions including 'Everything Al. and 'Life is beautiful. Discuss, and
develop their thinking and questioning skills. Academic Scholars ran their own whole school assembly in
November, hosted by the Academic Prefects. Every half term a Young Academic Platform is held where all
pupils can join the Academic Scholars in discussing challenging questions.
During the academic year commencing September 2024 the school entered the Teen Tech Awards and Iwo of
the school's teams progressed to the final al the IET London, In July 2025. In Year 10 the project that made it
through was Medi-Trace in the 'Patienl Safety, category and in Year 8 it was Symp Trac in the category 'Best
Use Of Al,. Both projects won In their categories, which was an amazing result, especially as the Year 10 student
had further developed her project from the previous year as she was determined to win In her category. A group
of Year 9 pupils allended the Wildhearts Global Youth Summit In November, in London al the head Offi￿ of BNP
Paribas. The group spent an amazing day completing business tasks that had an environmental and
sustainability focus that were presented by managers and project leaders from the Wildhearts global partners,
BNP Parabi5, Nestle, Zurich and Linklalers.
A team of Year g's also took part in the finals of the Wildhearts Micro-Tyco competition, as part of the London
Hub with their product 'Fruitea.' where they had been challenged to develop an Idea that aligned with the UN
sustainable goals and was relevant lo the school. Their innovation was a sustainable fruit tea brand that turns
leftover fruit parts into eco-friendly lea blends. Part of their pitch was lo develop kits that include reusable tea
bags, biodegradable packaging, simple recipes and infusers so people Can make their own teas at home while
reducing food waste. This was along with the development of their own sustainable Fruitea blends made from
local ingredients or food that would olhenNise go lo waste. The team had a professional mentor who supported
them during the day and guided them through putting together a solid pitch. The team gave a confident
presentation and secured a well-deserved 3rd place on the day.
Student wellbeing remains the underpinning priority of all that the school does at MSJ. Mindful that a happy
schoolchild will get the most out of all that the environment has to offer, staff work hard to ensure that every
student is seen, heard and valued within the school's Inclusive community.
Alongside the Gold Standard Mental Health and Wellbeing Award that was awarded to the school in 2021, the
school now has over 30 Mentsl Health First Aiders on the staff and offer this useful qualification opportunity to
Page 14

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED)
IA company limited by guarantee)
TRUSTEES. REPORT {CONTINUED)
FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025
Strategic report Icontinuedl
Achievements and performance lcontinuedl
Sixth Form students too.
A student body of Pastoral Champions, led by the Pastoral Prefect and their Prep equivalent, Wellbeing Captain,
ensured opportunities for peer support in both lessons and the boarding environment.
The Hive, the school's bespoke wellbeing space, plays host to a number of health and wellbeing related clubs
and opportunities for students of all ages. The school is committed to helping young people develop their own
bank of wellbeing tools ready for life beyond school and promote the six school values - honesty, kindness,
Integrity, courtesy, respect and toleran￿ - in lessons and wider school activities al all limes
OGA
The Development Office runs the Old Girls, Association office, providing day-to-day adminislralion,
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 slaffl Coffee
Morning in December with Carols, an address from the Head, a termly Book Club and facilitsling Old Girf-led
reunions.
Page 15

## **MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED) (A company limited by guarantee)** 

## **TRUSTEES' REPORT (CONTINUED) FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025** 

## **Strategic report (continued)** 

## **Financial review** 

## **a. Results for the year** 

The School made a consolidated deficit of £7.183m _(2023_ - _£933k),_ which includes a deficit of £Nil _(2023: £140k)_ relating to its subsidiary Malvern St James Enterprises Limited. The net funds as at 31 January 2025 were £1,019k. 

The above deficit is after charging depreciation on tangible fixed assets of £1,228,407 _(2023_ - _£675,469)._ 

The school thrives on its excellent admissions performance. Recruitment of a new Head with significant experience during the accounting period enabled a review and subsequent implementation of an international admissions strategy to further raise the profile of the school in international markets. Coupled with this approach, the new Head was encouraged to build relationships with parents of pupils at local schools to ensure that the school continued to enjoy a positive profile in Worcestershire and beyond. At the point of sale, the Trustees were pleased to be able to identify positive results from these activities. 

The implementation of a judicious surplus asset disposal programme which, during the accounting period, saw the sale of the Mount, Ryall and Batsford boarding houses contributing significantly to these results. Net total sale proceeds during the accounting period amounted to £2.7m for these three sales. Sale income was 100% invested in the school - especially in the remaining boarding facilities. 

At the point of sale, the Trustees were able to share a potential ongoing asset improvement and disposal programme with the new owners. This programme has the potential to enable the school to continue to rationalise its property holdings. Planning consents for surplus land adjacent to Greenslade Boarding House and at the music department at Avenue House were obtained during the accounting period and a strategy for the disposal of Hatfield House had also been formulated. 

Following the sale of the school which was sold for £4.2m at the end of the reporting period, 31st January 2025, surplus funds generated are to be invested by the charity and, subject to receipt of approval to a change in the charity's object, restricted to the approved use. 

Page 16 



MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED)
IA company limited by guarantee)
TRUSTEES. REPORT {CONTINUED)
FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025
b. Going concem
The Trustees have prepared the financial statements on a going concern basis, as defined by FRS 102 and the
Charities Statement of Recommended Practice ISORPI, having concluded that the Charity will be able lo
continue in operational existence and meet its liabilities as they fall due for a period of at least twelve months
from the date of approval of the financial stalemenls.
In forming this assessment, the Trustees have undertaken a thorough review of the Charity's financial position
given the sale which has significantly reduced ils obligations and commitments. The charity moving forwards has
minimum overhead expenditure forecasted, the charity will work within its working capital requirements lo
provide charitable activities in line with new charitable objects. It is anticipated that the future overheads of the
charity will reflect those of a grant making trust reliant on direction from volunteer Iruslees as before and with a
small requirement for professional (legal, financial, accounting and administralivel support as required. Approval
of amended objects by the Charity Commission will be required lo inform and facilitate the Charity's future
activities.
Based on this assessment, the Trustees believe that there are reasonable grounds to conclude that the Charity
will, with appropriate management, continue in operation for the foreseeable future. Accordingly, the Trustees
consider Il appropriate to prepare the financial statements on the going concern basis. The Trustees do not
consider that any material uncertainties exist that would cast significant doubt on the Charity's ability to continue
as a going COn￿rn.
c. Reserves policy
During the reporting period, the Trustees regulady reviewed the level and nature of the total funds of the School.
The Charity's lotsl reserves of £1,019,948 at the period-end Included £1,019,948 of unrestricted funds. Due to
the Continued Investment in fixed assets in the School, there were no free reserves in the School at the end of
the reporting period (2024. £NNI). However, during the accounting period the Trustees were satisfied that external
facilities provided an additional and adequate safety nel If Il were required. During the reporting period adequate
arrangements were In pla￿ with the School's bankers to meet the forecast Cash Flow needs of the School.
Awordingly, il was considered that the going con￿rn basis remains appropriate for the preparation of the
School's accounts. Beyond the reporting period and following the sale of the school, the Trust's activities are now
those of holding Investments. Looking lo the future, the Trustees will discuss and determine a new minimum
reserves policy based on the likely future operational costs of the charity.
d. Principal risks and uncertainties
Up until the point of sale, the Goveming Body were responsible for overseeing the risks faced by the school and
Ils subsidiary MSJ Enterprises Ltd.
Up until the point of sale of 31st January 2025, the Governing Body had been continually assessing the major
risks lo which the school and its subsidiary have been exposed. Through the risk management processes
established for the school, the Trustees were, at the point of sale, satisfied that the major risks Identified were
adequately miligaled where necessary. It is recognised that systems can only provide reasonable, not absolute,
assuranTr that major risks have been adequately managed.
At the point of sale, the school's risk register identified all major foreseeable risks lo the school, grading risks by
likelihood and impact, including measures lo mitigate them. The risk of VAT on school fees and the affordability
cOnsequen￿S for some parents were perceived lo have been on the increase. Associated with this is the risk of
the cost-of4iving crisis and reduTrd Income from a reduTrd pupil roll. This Is being proactively addressed by the
school's retention and enrolmenl plans. As with many organisations, the risk of cyberallacks 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
Page 17

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED)
IA company limited by guarantee)
TRUSTEES. REPORT {CONTINUED)
FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025
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
lo personal risks (most notably when away from the school sile on trips and expeditions). The level and breadth
of activity at the school is impressive and the risks associated with all activibes 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 al 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.
Fomial written policies and plans, including clear aulhorisation and approval levels.
Vetting procedures as required by law for the protection of the vulnerable.
Up to the point of sale of the school, the Trustees had regularly been reviewing the effectiveness of plans and
strategies for managing all identified major risks for both the school and ils subsidiary.
Beyond the point of sale of the school, the Charity finds itself released from the benefits and burdens of
administering the running of a school and is able to focus on its transition into a grant-making trust. Once
approval for Ils future activities has been approved by the Charity Commission, the Charity will be able to
properfy assess all principal risks and uncertainties. 11 is anticipated that these will Include r￿ulatOry reslriclions
lo be imposed by the Charity Commission. Uncertainties In relation to future sources of income will be regularly
monitored by the Trustees. Uncertainties in relation to investment income will also be monitored closely by the
Trustees.
Structure, governance and management
a. Constitution
Malvern Hills Education Trust is a charitable company limited by guarantee and was setup by a Memorandum of
Association.
Mafvern St James Limited was registered as a charitable company limited by guarantee and was set up by a
Memorandum of Association.
ma￿em St James Ltd I'the school'l was 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 was limited lo £1 by
guarantee
The School was govemed by ils Memorandum and Articles of Association.
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MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED)
IA company limited by guarantee)
TRUSTEES. REPORT {CONTINUED)
FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025
Structure, governance and management Icontinuedl
The principal object of the school was 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 lo further the education of ils pupils, such education lo 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 Trustees shall in their discretion
determine from lime to time.
Following the sale of the school, an application has been made lo the Charity Commission to modify the object to
reflect the charity's changed circumstances from operational school to grant making trust with a focus on the
distribution of educational bursaries.
Subject to receipt of approval from the Charity Commission, the Trustees aim, within the constraints likely to be
confirmed by the Charity Commission, to pursue a policy of financial investment disp05als lo fund a bursarial
programme aimed al benefitting those students who would not otherwise have an opportunity to access the
educational facilities they can demonstrate that they require to enable them to flourish.
b. Methods of appointment or election of Trustees
The Trustee Body of the charity is a self-appoinling group of trustees. Members are required lo retire after five
years bul can be re-elected. The maximum term in office is ten years but can be extended by exception.
Whilst the Governing Body of trustees has hitherto required breadth and depth of experience lo carry out ils
duties effectively and efficiently, il Is anticipated that, in the future a new set of skills, such as fund raising and
fund management may also be required. New members of the Trustees Body are elected based on nominations
from the Trustees based on the candidates, professional qualities, experience, personal competence and local
availability.
The method of appointment or election of Trustees remains unchanged beyond point of sale.
Oryanisational structure and decision-making policies
Until the point of sale of the school, the members of the Governing Body, as the charity trustees, were legally
responsible for the overall management and control of the school. Whilst the full board's requirement was lo
meet a minimum of three limes a year, in fact during the period leading to the sale of the school a financial
working group of trustees met weekly to monitor the financial requirements of the school and lo manage the sale
procedure.
During the year leading up to the point of sale, the Trustees appointed the Association of Governing Bodies of
Independent Schools IAGBISI lo complete a review of G0Veman￿ of Malvern Sl James, the outcome of which
was extremely positive and reported that the school is very well govemed and led by a strong Council which
consists of a group of highly skilled Trustees.
The work of implementing their policies was carried out by five Committees..
Finance and Estates Committee scrutinised revenue, the budget and capital expenditure. This Committee
also supervised and finalised the audited financial stslemenls and annual report for approval by the
Governing Body. During the year, the Committee was chaired by Mr Robert Pearce.
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MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED)
IA company limited by guarantee)
TRUSTEES. REPORT {CONTINUED)
FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025
Structure, governance and management Icontinuedl
Remuneration Committee la subcommillee of Finance) oversees the remuneration of the Head and
Senior Leadership Team. The Committee was chaired by Mrs Gemma Bruce.
Education and Pastoral Committee supported the Head in executing the major function which is the
education of ils pupils. The Committee monitored and reviewed the agreed academic, curricular, extra-
curricular and pastoral provision of the school. The Committee was chaired by Miss Alison Warne.
Governance and Legal Committee co-ordinated all aspects of corporate govemanTr, legal and regulatory
compliance, and risk management. The Committee was chaired by Mrs Anne Coles.
Development Committee oversaw the implementation of a strategic programme of fundraising,
communication and relationship building aligned lo the Communications strategy. The Committee was
chaired by Mrs Gemma Bruce.
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 was chaired by
Mr Roger Usher.
Until the point of sale, the day-to-day running of the school has been delegated lo the Head, who was supported
by the Senior Leadership Team and together this group were the key management personnel. The Head
attended all meetings of the Governing Body's Commillees, and the relevant member5 of the Senior Leadership
Team attended where appropriate.
As previously mentioned, in addition to the above commillees, during the accounting period a more dynamic
body was formed by the Trustees. This financial working group was formed to allow the committee structure lo
remain undislurbed whilst the prO￿s$ of securing the long-term future of the school could be run efficiently and
with the full participation of the Head and Committee Chairs. Under the chairmanship of Michael Hodges, who
became Chair of Trustees in the Summer of 2024, this group met weekly.
Following the successful completion of the sale, the Trustees continue to meet on a regular basis as determined
by the Board.
d. Policies adopted for the induction and training of Trustees
It has been the practice of the Trustees to provide new Trustees with a comprehensive Induction Pack and
Governance Manual which has links to other relevant documentation. Experienced Trustees acted as mentors
for new Trustees and new Trustees have been offered the opportunity to attend specialist external courses on
the role and responsibilities of charity trustees. This preliminary inft)rmation has hitherto enabled new Trustees to
understand the overall administration and governance structure of the school and has helped them to play an
active role.
During the reporting year, members of the Trustees Body attended internal and external Trustees training and
Information courses designed lo keep them informed and updated on current issues in the sector and regulatory
requirements.
In future, following the sale of the school, trustees will adopt and pursue those policies appropriate for a fund-
raising and grant making trust. Trustees will receive training appropriate for this type of activity.
Page 20

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED)
IA company limited by guarantee)
TRUSTEES. REPORT {CONTINUED)
FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025
Structure, governance and management Icontinuedl
e. Employment policy
Until the point of sale, the school has been an equal opportunities employer, and no employee or applicant has
been treated unfairly by reason of a protected characteristic as defined within the Equality Act 2010. Full and fair
consideration was given to job appli¢anls with disabilib.es and to their training and employment needs. The
school ran a Staff Consultslion Group ISCGI, SCG roles were created ensuring these provided fair
representation of all employees. The SCG purpose was lo enable the school to Inform the SCG representatives
about developments in the school by means of regular meetings,. to allow SCG represenlalives lo 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 arose. Communication with employees
continued through normal management channels in a variety of forms.
Following the sale of the school and in the absence of direct employees, it is anticipated that no specific
employment policies will be required.
f. Related party relationships
During the reporting period, the school had one wholly owned subsidiary, Malvern St James Enterprises Limited,
registered number 5851583. The trading activities of Malvem St James Enterprises Limited primarily comprised
revenue from letting of sports facilities when not In use by the school.
Following completion of the sale of the school, the Charity continues lo enjoy a warm relationship with the new
owners of Malvern St James School and, subject to the approval of new charitable objects by the Charity
Commission, the charity will seek to support the school lo the exlenl permitted.
g. Pay policy for senior staff
During the reporting period key management personnel were remunerated in line with the school's policy.
Benchmarks, parameters and criteria used for setting the pay of key management personnel were reviewed by
the remuneration committee.
Following the sale of the school and the transfer of all staff employment commitments to the new owners, the
charity retsins no employees. Senior staff pay policies are therefore no longer required.
Plans for future periods
Future developments
Following receipt of approval by the Charity Commission regarding the new charitable objects reflecting the
charity's changed circumstances from operational school to grant making trust with a focus on the distribution of
educational bursaries, the former Trustees of the school shall, as Trustees of the charity, commit lime and
resource to the fulfilmenl of the new objects.
Charity Governance Code
The Iruslees are constsntly reviewing their performance in relation to the charity governance code. The code
ensures best practice, core principles and governance goals of charity trustee boards.
Page 21

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED)
IA company limited by guarantee)
TRUSTEES. REPORT {CONTINUED)
FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025
ststement of Trustees. responsibilities
Up until the point of sale, the Trustees (who were also the directors of the school for the purposes of company
lawl and the Trustees beyond the point of sale. have been responsible for preparing the Trustees. report
Including the Strategic report and the financial statements in accordance with applicable law and United Kingdom
Awounting Standards (United Kingdom Generally AcTrpted Accounting Practi￿1.
Company law requires the Trustees to prepare financial stslements for each financial . Under company law. the
Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of
the slate of affairs of the Group and the Charity and of their incoming resources and application of resour￿$,
Including their income and expenditure, for that period. In preparing these financial stalemenls, the Trustees are
required lo..
select suitable accounting policies and then apply them consistently.,
observe the methods and principles of the Charities SORP IFRS 1021.,
make judgements and accounting estimates that are reasonable and prudent.,
state whether applicable UK Accounting Standards IFRS 1021 have been followed, subject lo 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 Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain
the Group and the Charity's transactions and disclose with reasonable accuracy al any time the financial position
of the Group and the Charity 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 Charity and
hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Dlsclosure of Infomiatlon to audltor
Each of the persons who are Trustees al the time when this Trustees, report is approved has confirmed that..
so far as that Trustee is aware, there is no relevant audit information of which the charitable group's
auditor is unaware, and
that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of
any relevant audit information and lo establish that the charitable group's auditor is aware of that
information.
Auditor
The auditor, Crowe U.K. LLP, has indicated their willingness lo continue in office. The designated Trustees will
propose a motion reappointing the auditor al a meeting of the Trustees.
Approved by order of the members of the board of Trustees and signed on their behalf by..
Mr M Hodges
Ichair of Trusleesl
Dale.. 0112912026
Page 22

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED)
IA company limited by guarantee)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MALVERN HILLS EDUCATION TRUST
(FORMERLY MALVERN ST JAMES LIMITED)
Oplnlon
We have audited the financial statements of Malvern Hills Education Trust (Formerly Malvem St James Limited)
Ilhe 'parent charitable company'l and ils subsidiaries Ithe 'group'l for the Year ended 31 January 2025 which
comprise the Consolidated statement of financial activities, the Consolidated balance sheet, the Charity 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, Iunited Kingdom Generally Accepted Accounting
Practice).
In our opinion the financial statements..
give a true and fair view of the slate of the Group's and of the parent charitable company's affairs as at 31
January 2025 and of the Group's incoming resources and application of resources, including its income
and expenditure for the Year then ended.,
have been properfy 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 accordan￿ with International Standards on Auditing IUKI IISAS IUKII and applicable
law. Our responsibilities under those standards are further described in the Audilorfs responsibilities for the audit
of the financial slalemenls 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 eviden￿ we have obtained is sufficient and
appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial slalements, we have concluded that the Trustees. use of the going concern basis of
accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or
conditions that, individually or collectively, may cast significant doubt on the Charity's or the parent charitable
company's ability to continue as a going concern for a period of al least ￿e1ve months from when the financial
slalements are aulhorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect lo going con￿rn are described in the
relevant sections of this report.
Page 23

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED)
IA company limited by guarantee)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MALVERN HILLS EDUCATION TRUST
(FORMERLY MALVERN ST JAMES LIMITED} ICONTINUEDI
Other Informatlon
The other infomialion comprises the information included in the Annual report other than the financial statements
and our Auditor's report thereon. The Trustees are responsible for the other information contsined within the
Annual report. Our opinion on the financial statements does not cover the other information and, except lo the
extent otherwise explicitly slated in our report, we do not express any form of assurance conclusion Ihereon. Our
responsibility is lo 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 misststemenl in the financial
statements themselves. If, based on the work we have performed, we conclude that there is a material
misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Oplnlon on other matters prescrlbed by the Companles Act 2006
In our opinion, based on the work undertaken in the course of the audit..
the information given in the Trustees, report including the Strategic ￿port for the financial Year for which
the financial statements are prepared is consistent with the financial stalemenls.
the Trustees. report and the Strategic report have been prepared in accordan￿ with applicable legal
requirements.
Matters on whlch we are requlred to report by exceptlon
In the light of our knowledge and understanding of the charitsble company and its environment obtsined in the
course of the audit, we have not idents'fied material misstatements in the Trustees, 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 lo 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 Trustees, remuneration specified by law are not made., or
we have not received all the information and explanations we require for our audit.
Page 24

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED)
IA company limited by guarantee)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MALVERN HILLS EDUCATION TRUST
(FORMERLY MALVERN ST JAMES LIMITED} ICONTINUEDI
Responslbllltles of Trustees
As explained more fully in the Trustees, responsibilities statement, the Trustees (who are also the directors of the
charitable company for the purposes of company lawl 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
Trustees determine is ne￿SSary lo enable the preparation of financial statements that are free from material
misstatement, whether due lo fraud or error.
In preparing the financial statements, the Trustees 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 Trustees either intend to liquidate the Group
or the parent charitable company or to cease operations, or have no realistic alternative but to do so.
Audltorfs responslbllltles for the audlt of the flnanclal statements
Our objectives are to obtain reasonable assurance about whether the financial ststemenls as a whole are free
from material misstatement, whether due to fraud or error, and to issue an Audilovs 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 IUKI will always detect a material misststemenl 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 lo influence the economic decisions of users taken on the basis of these financial ststemenls.
Irregularities, including fraud, are InStan￿S of non-compliance with laws and regulations. We design procedures
in line with our responsibilities, oudined above, lo delect material misstalemenls in respect of irregularities,
including fraud. The extent to which our procedures are capable of delecling irregularities, including fraud is
detailed below..
We obtsined 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. 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 lo avoid a material penalty. We also considered the opportunities and incentives that may exist within
the charitable company for fraud.
Auditing standards limit the required audit procedures lo identify non-compliance with these laws and regulations
lo 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,
lo be within the override of controls by management. Our audit procedures to respond lo these risks included
enquiries of management, and the Finance & General Purpose Committee about their own identification and
assessment of the risks of irregularities, sample lesling on the posting of journals, reviewing accounting
estimates for biases, reviewing regulatory correspondence with the Charity Commission, Independent Schools
Inspeclorale and reading minutes of meetings of those charged with governance.
Page 25

**MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED) (A company limited by guarantee)** 

**INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED) (CONTINUED)** 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. 

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.orq.uk/auditorsresponsibilities. This description forms part of our Auditor's report. 

## **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. 


**Guy Biggin (Senior statutory auditor)** for and on behalf of **Crowe U.K. LLP** Statutory Auditor Fourth Floor St James House St James Square Cheltenham GL50 3PR 

Date: 30 January 2026 

Page 26 



MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST
JAMES LIMITED)
(Acompany limitg(l ty guaranteel
CONSOLIDATED STATEMENT OF FIPJANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDinJRE ACCOUNTI
FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025
Unrestrfcted
Restrlcted Endowment
Conunulng Dlscontlnued
Total
funds
funds
funds
owhtlons
opèrAtlon$
funds
17 month
17 tnonth
17 motth
17 rnonth
17 month
17 month
ppriod eDded period ended period ended period ended perioxl eniled p8riod ende¢l
31 January
31 January
31 January
31 January
31 January
31 January
2025
2025
2025
2025
202$
2025
Continuing ￿6¢¢￿tinued
opwaiws
OP*¥lions
Ye3rended
Ygar&nded
JI August
31 August
2023
2023
Tot81
fvnds
Yearfnc18d
31 August
2023
Note
Income and
èndr>wmèn
Donations and
a￿e5
31,214
25,260
56,474
56rt74
642.787
642.787
Charitsble
ivities.
Scnool feès
eivab
Registration
lees
11,892.152
11,892,152
11,892,152
9,23T,408
9.237,408
20,299
20,299
20,2
26,542
26.542
trading In￿rne
192,439
192N39
192,439
221,543
221.543
trading
Profil on saleof
fixed assetA
506,70
s￿.706
506.7
369,154
369, 184
2,361,84S
2,361,845
2,361,845
876
876
Page 27

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST
JAMES LIMITED)
(Acompany limitg(l ty guaranteel
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES IINCORPORATING INCOME AND EXPENDITURE ACCOUNTI ICONTINUEDI
FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025
Unrèst￿cted
Réstrlcièd Endowmènt
Conunulng Dlscontintsed
TotAI
fund$
fund¥
fvnd$
oF￿ationS
opor$tiOrt8
fund$
17 month
17 rnonth
17 motrth
17 rnonth
17 month
17 month
ppriod ended periLxI ended period ended period ended perioKI ended ppriod ende(I
31 January
31 January
31 January
31 January
31 January
31 January
2025
2025
2025
2025
202$
2025
Total
fvnds
Yearent18
31 January
2023
op9rat￿n5
Ye3rend8d
31 August
2023
Y8ar8nded
31 January
2023
Note
Totsl Incom
and
endowments
arried for¢+ar
15.004,655
25.260
56,474
14,973A41
15,029,915
fj42,787
9,555,553
10.498,340
Page 28

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST
JAMES LIMITED)
(Acompany limitg(l ty guaranteel
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES IINCORPORATING INCOME AND EXPENDITURE ACCOUNTI ICONTINUEDI
FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025
Unrèst￿cted
Réstrlcièd Endowmènt
Conunulng Dlscontintsed
TotAI
fund$
fund¥
fvnd$
oF￿ationS
opor$tiOrt8
fund$
17 month
17 rnonth
17 motrth
17 rnonth
17 month
17 month
ppriod ended periLxI ended period ended period ended perioKI ended ppriod ende(I
31 January
31 January
31 January
31 January
31 January
31 January
2025
2025
2025
2025
202$
2025
Total
fvnds
Yearent18
31 January
2023
op9rat￿n5
Ye3rend8d
31 August
2023
Y8ar8nded
31 January
2023
Note
Totsl Incom
and
endowments
brought
forward
15,004,65S
25,260
56,474
14,973N41
15,029,915
642.787
9,855,553
10.498,340
ExF)wWituro
Trading
tivibes MSJE 10
675,1eo
675,180
675,180
52T,637
527,637
costs
CP￿ritable
CliVrtIèa'
Edu¢¥11￿ 8nd
grant rnaking
Totsi
expenditure
143,20S
143,205
143,205
349,312
349,312
15,868.219
n,000
1,036,204
14,9D5,015
15,941,219
614,518
9,939,407
10.553,925
16.686,604
73.000
1.036,204
15,723.400
16.759,604
614,518
10,815.356
11.430,874
Page 2

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST
JAMES LIMITED)
(Acompany limitg(l ty guaranteel
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES IINCORPORATING INCOME AND EXPENDITURE ACCOUNTI ICONTINUEDI
FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025
Unrèst￿cted
Réstrlcièd Endowmènt
Conunulng Dlscontintsed
TotAI
fund$
fund¥
fvnd$
oF￿ationS
opor$tiOrt8
fund$
17 month
17 rnonth
17 motrth
17 rnonth
17 month
17 month
ppriod ended periLxI ended period ended period ended perioKI ended ppriod ende(I
31 January
31 January
31 January
31 January
31 January
31 January
2025
2025
2025
2025
202$
2025
Total
fvnds
Yearent18
31 January
2023
op9rat￿n5
Ye3rend8d
31 August
2023
Y8ar8nded
31 January
2023
Note
Nèt léxpondlturèl
lin¢om• b•for8 not
10sse8 on
investments
Loss resulbn9 Irth
dis(oniinv8d
OF*f¥iion¥
Net
lexpendlturewn
comè
11,681,949]
147,7401
{979,7301
1749.9591
11,729,689>
2&269
(960,803J
(932,534)
31
15,453,725>
1s.4S3,7251 15,453,72$1
17,135,674>
147,7401
1979,7301 16,203,£841 17,183,414>
28.269
1960.8031
1932,5341
Transfers
betr￿een funds
23
1,310,748
11,188,889)
Net movement In
nds
16,824,9261 11,216,629) 1141,8691
1979,7301 I6,203,￿4)
17,183,414>
28.269
1960.8031
1932.5341
Page 30

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST
JAMES LIMITED)
(Acompany limitg(l ty guaranteel
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES IINCORPORATING INCOME AND EXPENDITURE ACCOUNTI ICONTINUEDI
FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025
Unrèst￿cted
Réstrlcièd Endowmènt
Conunulng Dlscontintsed
TotAI
fund$
fund¥
fvnd$
oF￿ationS
opor$tiOrt8
fund$
17 month
17 rnonth
17 motrth
17 rnonth
17 month
17 month
ppriod ended periLxI ended period ended period ended perioKI ended ppriod ende(I
31 January
31 January
31 January
31 January
31 January
31 January
2025
2025
2025
2025
202$
2025
Total
fvnds
Yearent18
31 January
2023
op9rat￿n5
Ye3rend8d
31 August
2023
Y8ar8nded
31 January
2023
Note
R￿Onell13￿0n of
fvnds..
Total fU￿S brought
forward
6,844,874
1,216,629
141,8S9
9,164,16S
1960,8031
8,203,362
9.t35.896
9,135.896
Net movement i
fuDds
15,824.9161 11,Z16,6291
1979,7301
16,2W.6841
17,183,414}
28.269
1960,8031
(932,534J
Total funds carried
forward
1,019.948
8.184,435
17,1M4871
1,019,948
9 164.165
I960.￿}
8 203.362
The notes on pages 37 10 $4 form partof these finanoal stalemenls.
Page 31

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED)
IA company limited by guarantee)
REGISTERED NUMBER: 00232081
CONSOLIDATED BALANCE SHEET
AS AT 31 JANUARY 2025
31 January
2025
31 August
2023
Note
Fixed assets
Tangible assets
14
11,975,002
Current assets
Stocks
Debtors
Cash al bank and in hand
16
17
20,555
946,912
672,347
1.813.032
64,009
1,877,041
1,639,814
Current liabilities
Creditors.. amounts falling due within one
year
18
1857,093)
(4,254, 175J
Net current assets I liabilites
1,019,948
(2,614,361)
Total assets less current liabilities
1,019.948
9,300,641
Creditors.. amounts falling due after more
than one year
19
(1,097,279)
Total net assets
1,019,948
8,203,362
Charity funds
Endowment funds
23
141,859
7,216,629
Reslricled funds
Unrestricted funds
23
General funds
23
1,019,948
6,844,874
Total unrestricted funds
23
1,019.948
6,844,874
Totsl funds
1.019,948
8,203,362
Page 32

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED)
IA company limited by guarantee)
REGISTERED NUMBER: 00232081
CONSOLIDATED BALANCE SHEET ICONTINUEDI
AS AT 31 JANUARY 2025
The Trustees 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 Trustees and signed on their behalf by..
Mr M Hodges
(Chair of Trustees)
Dale.. 0112912026
The notes on pages 37 to 64 form part of these financial statements.
Page 33

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED)
IA company limited by guarantee)
REGISTERED NUMBER: 00232081
CHARITY BALANCE SHEET
AS AT 31 JANUARY 2025
31 January
2025
31 August
2023
Note
Fixed assets
Tangible assets
Investments
14
15
8,562,465
3,059,399
11,621,864
Current assets
Stocks
16
20,099
1,280,333
614.885
Debtors
Cash al bank and in hand
17
1,813,032
64,009
1.877.041
1,915,37 7
Current liabilities
Creditors.. amounts falling due within one
year
18
1857,093)
(4.236,540)
Net current assets I liabilites
1.019,948
(2,321,223)
Total assets less current liabilities
1,019,948
9,300,641
Creditors.. amounts falling due after more
than one year
19
(1,097,279)
Total net assets
1.019,948
8,203,362
Page 34

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED)
IA company limited by guarantee)
REGISTERED NUMBER: 00232081
CHARITY BALANCE SHEET ICONTINUED}
AS AT 31 JANUARY 2025
31 January
2025
31 August
2023
Note
Charity funds
Endowment funds
Reslricled funds
Unrestricted funds
23
23
141,859
1,216,629
General funds
23
1.019.948
6,844,874
Totsl unrestricted funds
23
1,019,948
6,844,874
Total funds
1,019,948
8,203,362
The Charity's nel movement in funds for the Year was £17,183,414) (2023- £(932,534)).
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect lo
accounting records and preparation of financial statements.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by..
Mr M Hodges
Ichair of Trustees)
Dale.. 01129/2026
The notes on pages 37 to 64 form part of these financial statements.
Page 35

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED)
IA company limited by guarantee)
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025
17 month
period
ended Year ended
31 January
31 August
2025
2023
Note
Cash flovts from operating activities
Nel cash used in operating activities
25
15.746.734}
(571,324)
Cash flows from investing activities
Proceeds from the sale of tangible fixed assets
Purchase of tangible fixed assets
Proceeds from disposal of operations
2.762.590
876
1326,753} (1, 152,921)
4,200,000
Net cash provided byllused inl investing activities
6.635.837
11,152.0451
Cash flows from flnanclng actlvltles
Cash inflows from new borrowing
Repayments of borrowing
Repayments of finance leases and hire purchase contracts
Interest Paid on borrowings
127.400
(203,405)
(65,258)
{126,644)
1794.908}
1558,634}
1143,899)
Net cash used in financing activities
11.497,441}
{267.9071
Change in cash and cash equivalents in the Year
Cash and cash equivalents at the beginning of the Year
1608.338} 11.991.276)
672,347
2,663,623
Cash and cash equivalents at the end of the Year
26
64,009
672.347
The notes on pages 37 to 64 form part of these financial statements
Page 36

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED)
IA company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025
General Infomiatlon
Malvern Sl James Limited is a Company limited by guarantee Iregislered number 002320811, which is
incorporated and registered in England and Wales. Il's charity registration number is 527513. The
registered office and principal pla￿ 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 Trustees named on page 1. In the event of the School being wound
up, the liability in respect of the guarantee is limited lo £1 per member of the School.
Accountlng pollcles
2.1 Basis of preparation of financial statements
The financial slalements have been prepared in accordan￿ with the Charities SORP IFRS 1021
Accounting and Reporting by Charities.. Slalement of Recommended Practice applicable lo charities
preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK
and Republic of Ireland IFRS 1021 leffeclive 1 January 20191, the Financial Reporting Standard
applicable In the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006.
Malvern Hills EducationTrusl IFormedy ma￿em Sl James Limiledl 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 staled in the relevant accounting policy.
The Consolidated statement of financial activities ISOFAI and Consolidated balan￿ sheet
consolidate the financial statements of the Charity and ils subsidiary undertaking. The results of the
subsidiary are consolidated on a line by line basis.
The Charity has taken advantage of the exemption allowed under section 408 of the Companies Act
2006 and has not presented ils own Statement of financial activities in these financial statements.
Page 37

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED)
IA company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025
Accountlng pollcles Icontlnuedl
2.2 Going concern
The Trustees have prepared the financial stslemenls on a going concern basis, as defined by FRS
102 and the Charities Statement of Recommended Practice ISORPI, having concluded that the
Charity will be able to continue in operational existence and meet its liabilities as they fall due for a
period of at least twelve months from the dale of approval of the financial statements.
In forming this assessment, the Trustees have undertaken a thorough review of the Charity's
financial position given the sale which has significantly reduced its obligations and commitments. The
Charity moving forwards has minimum overhead expenditure forecasted, the charity will work within
its working capitsl requirements to provide charitable activities in line with new charitable objects. 11 is
anticipated that the future overheads of the charity will reflect those of a grant making trust reliant on
direction from volunteer Iruslees as before and with a small requirement for professional (legal,
financial, accounting and administralivel support as required. Approval of amended objects by the
Charity Commission will be required to inform and facilitate the Charity's future activities.
Based on this assessment, the Trustees believe that there are reasonable grounds to conclude that
the Charity will, with appropriate management, continue in operation for the foreseeable future.
Accordingly, the Trustees consider il appropriate lo prepare the financial statements on the going
concern basis. The Trustees do not consider that any material uncertainties exist that would cast
signifi'cant doubt on the Charity's ability to continue as a going concern.
2.3 Fund accountlng
General funds are unreslricled funds which are available for use at the discretion of the Trustees in
furtherance of the general objectives of the Charity and which have not been designated for other
purposes.
Restricted funds are funds which are to be used in accordan￿ with specific reslriclions 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 lo the financial statements.
Page 38

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED)
IA company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025
Accountlng pollcles Icontlnuedl
2.4 Income
All income is recognised once the Charity has entillemenl lo the income, il is probable that the
income will be received and the amount of income receivable can be measured reliably.
The rec￿nitIon of income from legacies is dependent on establishing entitlement, the probability of
re￿Ipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of
entitlement to a legacy exists when the Charity has sufficient evidence that a gift has been left to
them Ilhrough knowledge of the existence of a valid will and the death of the benefaclorl and the
executor is satisfied that the property in question will not be required to satisfy claims in the estate.
Receipt of a legacy musl 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 lo be distributed to the
Charity, can be reliably measured.
Income lax recoverable in relation to investment income is recognised at the time the investment
income is re￿1Vable.
Other income is recognised in the period in which il is receivable and to the extent the goods have
been provided or on completion of the Se￿1￿.
2.5 Expendlture
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit
to a third paty, 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 aclivily. 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 lo a single activity are allocated directly
to that aclivily. Shared costs which contribute to more than one activity and support costs which are
not attributable lo 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.
2.6 Government grants
Government grants are credited to the Consolidated statement of financial activities as the related
expenditure is incurred.
Page 39

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED)
IA company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025
Accountlng pollcles Icontlnuedl
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 al cost less accumulated depreciation and any accumulated impairment
losses. All costs incurred lo bring a tsngible fixed asset into its intended working condition should be
included in the measurement of cost.
Assets in the course of construction are included al 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 straighl-line method.
Depreciation is provided on the following bases..
Freehold buildings
20A straight line
House refurbishments
2_10Q/o Straight line
Plant, fixtures, equipment & IT 5-33Q/o Straight line
infrastructure
2.8 Investments
Fixed asset investments are a form of financial instrument and are initially recognised al their
transaction cost and subsequently measured al fair value al the Balance sheet date, unless the value
cannot be measured reliably in which case it is measured al cost less impaimient. Investment gains
and losses, whether realised or unrealised, are combined and presented as 'GainsllLossesl 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 al 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 al the settlement amount after any trade discount offered.
Prepayments are valued al 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 dale of acquisition or opening of the deposit or similar account.
Page 40

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED)
IA company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025
Accountlng pollcles Icontlnuedl
2.12 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balan￿ sheet dale as a result of a past
event, it is probable that a transfer of economic benefit will be required in selllemenl, and the amount
of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the
amount it has re￿iVed as advanced payments for the goods or setvices it musl provide.
Provisions are measured at the best estimate of the amounts required lo 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 Flnanclal 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 al their settlement value with the exception of bank loans which are subsequently
measured al amortised cost using the effective interest method.
2.14 Flnance leases and hlre purchase
Assets obtained under hire purchase contracts and finance leases are capilalised 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 lo the Consolidated statement
of financial activities so as to produce a constant periodic rate of charye on the net obligation
outstsnding in each period.
2.15 Penslons
The Charity operates a defined contribution pension scheme and the pension charge represents the
amounts payable by the Charity to the fund in respect of the Year.
The Charity 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 consislenl and
reasonable basis, the share of underlying assets and liabilities belonging to individual participating
employers. Therefore, as required by FRS102, the Charity accounts for the scheme as if it was a
defined contribution scheme. The amount charged to the Statement of financial activib'es represents
contributions payable lo the scheme in respect of the accounting period.
Page 41

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED)
IA company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025
Crltlcal accountlng estlmates and areas of judgement
Estimates and judgements are continually evaluated and are based on historical experience and other
factors, including expectstions 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 Trustees, no assumptions con￿MIng the future or estimation uncertainty affecting
assets or liabilities at the balan￿ sheet date are likely lo result in a material adjustment to their carrying
amounts in the next financial year.
Income from donatlons and legacles
Unrestrlcted Restrlcted
Total
funds
funds
funds
17 month
17 month
17 month
Total
period
period
period
funds
ended
ended
ended Year ended
31 January 31 January 31 January
31 August
2025
2025
2025
2023
Donations and gifts
Leg8cies
31,214
25,260
56,474
52, 783
590,004
Total 2025
31,214
25,260
56.474
642, 78T
Tol812023
10,050
632, 737
642. 787
Page 42

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED)
IA company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025
Charltable actlvltles - School fees recelvable
Perlod
ended 31 Year ended
January
31 August
2025
2023
Gross fees
Less.. total scholarships, bursaries and awards
13.966.580 10,343,253
12,128,631) (1, 181,828)
11,837,949
9, 161,425
Add back.. Bursaries and other awards paid for by restricted funds
54,203
75,983
11,892,152
9,237,408
Scholarships and bursaries, and awards were paid for a total of 197 pupils (2023- 194).
Within this means tested bursaries lotalling £635,476 were paid to 86 pupils (2023 - £483,205 to 72
pupils).
In both periods the total income from school fees receivable all were unreslricled.
Charitable activities - Ancillary trading income
Period
ended 31 Year ended
January
31 August
2025
2023
Trips
Commission
Minibus income
61.469
10.478
120,492
135,473
8,978
77,092
192,439
221.543
In both periods the total income from ancillary trading income was to unreslricled funds.
Page 43

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED)
IA company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025
Income from other tradlng actlvltles
Income from non charltable tradlng actlvltles
Unrestrlcted
Total
funds
funds
17 month
17 month
Total
period
period
funds
ended
ended Year ended
31 January 31 January
31 August
2025
2025
2023
Rents and letting's
Trading income MSJE
384,169
122,537
384,169
122.537
128,333
240,851
Total 2025
506,706
506,706
369, 184
Total 2023
369, 784
369, 184
Expendlture on ralslng funds Flnanclng costs
Unrestricted
Total
funds
funds
17 month
17 month
Total
period
period
funds
ended
ended Year ended
31 January 31 January
31 August
2025
2025
2023
Bad debts
16941
143,899
(694)
143.899
222,668
126,644
Bank interest payable
Total 2025
143,205
143,205
349,312
Total 2023
349,312
349,312
Page 44

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED)
IA company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025
Expendlture on ralslng funds - Tradlng actlvltles
Unrestricted
Total
funds
funds
17 month
17 month
Total
period
period
funds
ended
ended Year ended
31 January 31 January
31 August
2025
2025
2023
staff costs
Depreciation
Other costs
271,684
146,894
256,602
271.684
146,894
256,602
259, 703
106,945
160,989
Total 2025
675,180
675.180
527,63T
Tol812023
527.63T
527.637
10.
Analysis of expenditure on charitable activities
Summary by fund type
Unrestricted Restricted
funds
funds
Total
17 month
17 month
17 month
period
period
period
Total
ended
ended
ended Year ended
31 January 31 January 31 January
31 August
2025
2025
2025
2023
Teaching costs
Welfare Costs
6,790,819
3,193,482
2,348,496
3,535,422
6,790,819
3,193,482
2.348,496
3.608.422
4,646, 112
1,972,438
1,611,530
2,383,845
Premises
Support costs and governance
73,000
Total 2025
15,868,219
73,000 15,941,219 10,553,925
Total 2023
10,477,942
75,983 10,553,925
Page 45

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED)
IA company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025
10. Analysls of expendlture on charltable actlvltles Icontlnuedl
Summary by expendlture type
Staff costs Depreclatlon Other costs
Total
17 month
17 month
17 month
17 month
period
period
period
period
Total
ended
ended
ended
ended Year ended
31 January 31 January 31 January 31 January
31 August
2025
2025
2025
2025
2023
Teaching costs
Welfare costs
Premises
Support costs and governance
6,080,076
2,007,957
706,147
1,434,676
540,756
432,605
54,076
54,076
189,987
752,920
1,588,273
2,119,670
6,790,819
3.193.482
2.348.496
3,608,422
4,646, 112
1,912.438
1,611,530
2,383,845
Total 2025
10,228,856
1,081,513
4,630,850 15.941.219 10,553.925
Total 2023
6,861,413
568,524
3, 123,988 10,553,925
Govornancg included in support costs
Support costs for schooling includes finance, HR, marketing, IT costs and governance costs of £28,250
(2023- £18,(K)OJ which relate to auditors fees.
11.
Auditorfs remungration
17 month
period
ended Year ended
31 January
31 August
2025
2023
Fees payable to the Charity's auditor for the audit of the Charity's annual
accounts
28,250
16,700
Fees payable lo the Charitys auditor in respect of.
The auditing of accounts of subsidiaries of the School
All non-audil services not included above
3.250
18,350
3,100
5,650
Page 46

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED)
IA company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025
12. Staff costs
Group
Charity
17 month
17 month
period
Group
period
Charity
ended Year ended
ended Year ended
31 January
31 August 31 January
31 August
2025
2023
2025
2023
Wages and salaries
Social security costs
Pension costs
8.551.835
759,255
1,189,450
5,860,323
511,068
749, 725
8.298.714
744,955
1,185,187
5,622,033
496,477
742,903
10.500.540
7, 121. 116 10.228.856
6,861.413
Remuneration as noted above for the period ended 2025 reflects 17 months of remuneration, and the
year ended 2024 remuneration reflects 12 months.
During the period there were termination payments made lotslling £15,188 10 2 employees (2023
£9, 823 10 f employge).
The average number of persons employed by the Charity during the Year was as follows..
Group
17 month
period
Group
ended Year ended
31 January
31 August
2025
2023
No.
No.
Teaching
Welfare and premises
Support and management and administration
Coaches
MSJE staff
67
703
102
94
56
27
24
22
11
IT
260
263
Page 47

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED)
IA company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025
12. Staff costs {contlnued}
The average headcounl expressed as full-lime equivalents was..
Group
17 month
period
Group
ended Year ended
31 January
31 August
2025
2023
No.
No.
Total staff
168
778
The number of employees whose employee benefits (excluding employer pension costs) exceeded
£60,000 was..
Group
17 month
period
Group
ended Year ended
31 January
31 August
2025
2023
No.
No.
In the band £60,001- £70,000
In the band £70,001- £80,000
In the band £80,001 £90.000
In the band £90,001 - £100,000
In the band £120,001- £130,000
In the band £170,001- £180,000
The key management personnel of the Charity comprise the Senior Leadership team which is formed of
10 (2023 - 8). The total employee benefits of the key management personnel were £1,086,054 (2023 -
£694,099J.
13.
Trustees. remuneration and expenses
No Trustees were paid ￿Muneration during the period (2023." £Nil).
During the period ended 31 January 2025, expenses totalling £5,405 were reimbursed or paid directly lo
5 Trustees (2023- £1,530 to 4 Tmslees). The Trustees reimbursement of expenses was for travel.
Page 48

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED)
IA company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025
14. Tanglble flxed assets
Group
Plant, fixtures,
Freehold
House equipment & IT Assets under
property refurbishments
infrastructure construction
Total
Cost or valuation
At 1 September 2023
Additions
Disposals
On disposal of tr8de and
assets
12.839.667
4,658.085
29.819
(453,5081
6.263,275
293,662
15,6891
39.619 23,800,646
3.272
326,753
{39,617} {919,7161
(420,9021
17,689,156>
14,234,3961
{6,203,3641
13,274) 118,130,190)
On disposal of
subsidiary
14.729.609)
1347,8841
15,077.4931
At 31 January 2025
Depreciation
At 1 September 2023
Charge for the Year
On disposals
On disposal of trade and
assets
5,597.408
347,217
{166.0621
2,181.112
318,889
1321.9161
4,107,124
562,301
12,7491
11,885,644
1,228,407
{490.7271
14,250.733)
12,178.085)
{4.329.6401
110.758.4581
On disposal of
subsidiary
11,527,830)
1337,0361
11,864,866)
At 31 January 2025
Net book value
At 31 January 2025
At31 August 2023
7,242,259
2,476,973
2, 156, 151
39,619 11,915,002
Page 49

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED)
IA company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025
14. Tanglble flxed assets Icontlnuedl
Group Icontlnuedl
Charlty
Freehold
Plant, fixtures,
Assets
land and
House equipment & IT
under
buildings refurbishments
infrastructure construction
Total
Cost or valuation
At 1 September 2023
Additions
Disposals
On disposal of trade and
assets
8,110,058
4.658,085
29,819
1453.5081
5,922,375
286,678
15.6891
39,619 18,730,137
3,272
319,769
{39,617)
{919.7161
{420.9021
17.689.156)
{4.234.3961
{6.203.3641
13.274} {18.130.1901
At 31 January 2025
Depreclatlon
At 1 September 2023
Charge for the Year
On disposals
On disposal of trade and
assets
4,203,585
213.210
{166.0621
2,181,112
318,889
1321.9161
3,782,975
549,414
12.7491
10,167,672
1,081.513
{490.7271
14,250,733)
{2,178,0851
{4,329,6401
{10,758,4581
At 31 January 2025
Net book value
At 31 January 2025
At31 August 2023
3,906,473
2,476,973
2, 139,400
39,619
8,562,465
The nel book value of assets held under hire purchase at year end was £Nil (2023.. £608,295J.
Page 50

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED)
IA company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025
15.
Flxed asset Investments
Investments
subsidiary
companies
Charity
Cost or valuation
At 1 September 2023
Disposals
4,500,001
14.500.001)
At 31 January 2025
Impaimient
At 1 September 2023
Impairment on disposals
1,440,602
11.440.602)
At 31 January 2025
Net book value
At 31 January 2025
At31 August 2023
3,059,399
Malvem Sl James Enterprises Limited was disposed of at the balance sheet date.
16.
Stocks
Group
31 January
2025
Gmup
Charity
31 August 31 January
2023
2025
Charity
31 August
2023
Goods for resale and consumables
20,555
20,099
Page 51

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED)
IA company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025
17. Debtors
Group
31 January
2025
Group
Charity
31 August 31 January
2023
2025
Charity
31 August
2023
Due within one year
Trade debtors
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income
243,005
479,991
243,005
479,991
358, 768
72.299
1.570.027
83.287
1.570.027
383,634
369,275
1,813,032
946,912
1,813,032
1,280,333
An impairment loss of £50,573 f2023- £413.3T3) was recognised against trade debtors.
Included within Other debtors is £1.49m relating lo the net cash transfer on sale of trade and assets.
Page 52

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED)
IA company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025
18. Credltors: Amounts falllng due wlthln one year
Group
31 January
2025
Group
Charity
31 August 31 January
2023
2025
Charity
31 August
2023
Bank loans
Trade creditors
Other t8xalion and social security
Obligations under finance lease and hire
purchase contracts
Fee deposits Inole 211
Fees in advance (note 221
Other creditors
Accruals and deferred income
271,813
350,898
140, 734
271,813
343,655
140, 734
381,531
57,309
381,531
57,309
79.343
1,694, 736
1,283,202
225,569
267.880
79.343
1,694, 736
1,283,202
215,177
267.880
371,653
46.600
371,653
46.600
857.093
4,254, 175
857.093
4,236,540
There were two bank loans in place al year end however note these balances were cleared as of 4th
February 2025 utilising sale consideration.
One was secured by a legal charge over the freehold properties, G￿enslade House and The Mount. The
loan was repayable by April 2028 in monthly inslalments. The interest ote is 30/0 per annum over the base
rate.
The other loan was a CBIL loan which is secured by a legal charge as listed above. The loan was
repayable by December 2027 in monthly instalments, which commenced in January 2022. The interest
rate was 3.990/0 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 Charity and the Group were outstanding pension contributions of £Nil
(2023- £71,850).
Page 53

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED)
IA company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025
19. Credltors: Amounts falllng due after more than one year
Group
31 January
2025
Group
Charity
31 August 31 January
2023
2025
Charity
31 August
2023
Bank loans
Nel obligations under finance lease and hire
purchase contracts
Fees in advanee (note 221
583,095
583,095
479,291
34,893
479,291
34,893
1,097.279
1,097.279
Included within the above are amounts falling due as follows..
Between two and flve years
Bank loans
583,095
583,095
Over flve years
The aggregate amount of liabilities payable or repayable wholly or in part more than five years after the
reporting dale is..
Group
31 January
2025
Group
Charity
31 August 31 January
2023
2025
Charity
31 August
2023
Payable or repayable by instalments
105,835
105,835
Page 54

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED)
IA company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025
20. Fee deposlts
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 acceptsnce fee
deposits as follows..
31 January
2025
31 August
2023
In one year or less
Between one and tso year5
Be￿een and five years
Over five years
595, 740
305. 830
662,978
130, 188
1,694, 736
21.
Advance fegs
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 lo specific conditions. Assuming pupils remain at the
School, advance fees will be discounted at varying rates.
Amounts fall due on advan￿ fees as follows..
31 January
2025
31 August
2023
other creditors < 1 year
Other creditors > 1 year
1,283,202
34,893
Balance at 31 August
7.378,095
Page 55

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED)
IA company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025
22. Flnanclal Instruments
Group
Charity
31 January 31 January
2025
2025
Charity
31 August
2023
Financial assets
Financial assets measured al fair value through income and
expenditure
64,009
64.009
3,059,399
Financial assets measured at fair value through income and expenditure comprise investments.
Impairment losses charged on financial assets and liabilities measured al amortised cost in the period
amounted lo £145,157 (2023- £349,312) for the Group and the Charity.
Page 56

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED)
IA company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025
23. Statement of funds
Statement of funds - current perlod
Balance at 1
September
2023
Balance at
Galnsl 31 January
(Losses)
2025
Transfers
Inlout
Income Expendlture
Unrestricted
funds
Unrestricted funds
Bursaries
6,844,874 15,004,655 116,686,604)
290,800
1,019,948
15,453,725)
1,019,948
6.844.874 15.004,655 116.686.604} 1.310,748
15.453.725} 1.019,948
Endowment
funds
Endowment Funds
141,859
{141,8591
Restricted funds
M Wamer Legacy
Professor Billing
fund
Lynne Linder
Bursary appeal
Smart classrooms
and library fund
Mrs Croxton
Legacy
Bursary
Fundraising
H E Mammatt
Legacy
Elmslie Fund
496,479
110,1361 1486,3431
6.436
16.4361
30.116
{30.1161
3.960
1528)
13,4321
1,927
11,9271
85.075
144.0671
{41.0081
590.004
2.632
260
{5.022)
1585.2421
12,6321
(11,7531
Unuigbe Fund
25,000
113,2471
1,216.629
25,260
173.000) {1.168,8891
Totsl offunds
8,203.362 15.029,915 {16,759.604)
15,453.725)
1.019,948
Page 57

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED)
IA company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025
23. Statement of funds (contlnuedl
The unrestricted fund held as at 31 January 2025 is in relation lo all carried funds which, subject lo
approval of amended objects by the Charity Commission required to inform and facilitate the Charity's
future aclivilies, will be held for the provision of bursaries which is the general object of the Charity and
therefore unrestricted and in line with the sale agreement.
Transfers be￿een funds reflect the sale of trade and assets and the subsidiary held during the period.
The loss of £5.4m is denoted within the SOFA as a loss made as a result of discontinued operations.
Further details are noted in note 31.
Statement of funds - prlor year
Balance al
I September
2022
Balance at
31 August
2023
Income Expenditure
Unrestricted funds
Unrestricted funds
8,334, 162
9,865,603 (11,354,891J
6,844,874
Endowment funds
Endowment Funds
141,859
141,859
Restrlcted funds
M Wamer 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
497, 708
6,436
27,693
30,176
3,960
15,400
78,562
(1,229J
496,479
6,436
{27,693J
30,116
3,960
1,927
85,075
590,004
2,632
(13,473J
{28,324J
34,837
590,004
7,896
(5,264J
659,875
632, 737
{75,983J
1,216,629
Total of funds
9, 135,896 10,498,340 (11,430,874J
8,203,362
Page 58

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED)
IA company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025
23. Statement of funds (contlnuedl
Summary of funds - current perlod
Balance at 1
September
2023
Balance at
Galnsl 31 January
(Losses)
2025
Transfers
Inlout
Income Expendlture
General funds
Endowment
funds
Reslricled funds
6.844.874 15.004.655 116.686.604)
1.310.748
15.453.725)
1.019.948
141.859
1,216,629
{141.8591
{73,000) 11,168,889)
25,260
8.203.362 15,029.915 116.759,604)
15.453,725)
1,019,948
Summary offunds - prior year
Balance al
I September
2022
Balance at
31 August
2023
Income Expenditurg
General funds
Endowment funds
Reslricled funds
8,334, 162
141,859
659,875
9,865,603 (71,354,891) 6,844,874
141,859
1,216,629
632, 737
(75,983J
9, 135,896 10,498,340 (7 1,430,874) 8,203,362
The Endowment fund consists of current assets. 11 was originally established by a gift from Miss Edwards
lo assist a British girl to attend Malvem Girls, College. Additional funds have come from donations from
the Old Girls. Association.
The Restricted Fund monies are gifts for express purposes as follows..
The Bursary fundraising fund consist of donations re￿iVed from various events with the common aim lo
raise funds to support bursary pupils.
The Warner legacy is a bequest from a former pupil lo be used to assist pupils who are the issue of
former pupils of Malvem 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, lo support
families experiencing financial hardship due to the pandemic.
The Lynne Linder Bursary appeal was a fundraising appeal to support outstanding music scholars
through Sixth Fomi.
Page 59

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED)
IA company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025
23. Statement of funds (contlnuedl
The Smart Classroom and Library Fund is a fundraising appeal lo support the redevelopment of the
School Library and the roll out of Smart Classrooms.
The Mrs Croxlon Legacy is a bequest lo be used to support bursary pupils.
The H E Mammall Legacy is a bequest lo be used to support bursary pupils.
The Elmslie Fund is a donation lo provide 400/0 of a 1000/0 Founders, Award for a Sixth Fomi day pupil.
24. Analysls of net assets between funds
Analysls of net assets between funds - current perlod
Unrestricted
Total
funds
funds
31 January 31 January
2025
2025
Current assets
Creditors due within one year
1,877,041
1,877,041
1857,0931 {857,0931
Total
1,019,948
1.019,948
Anatysls of net assets between funds - prlor perlod
Unrestricted
funds
31 August
2023
Restricted Endowment
funds
funds
31 August
31 August
2023
2023
Tot81
funds
31 August
2023
Tangible fixed assets
Current assets
11,915,002
281,326
(4,254, 175)
{1,097,279J
11,915,002
7,639,814
(4,254, 175)
(1,097,279)
1,276,629
141,859
Creditors due within one year
Creditors due in more than one year
Totsl
6.844.874
1,216.629
141.859
8.203.362
Page 60

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED)
IA company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025
25. Reconclllatlon of net movement In funds to net cash flow from operatlng actlvltles
Group
17 month
period
Group
ended Year ended
31 January
31 August
2025
2023
Nel expenditure for the period las per Stslemenl of Financial Acliviliesl
17.183,414)
(932,534)
Adjustments for:
Depreciation charges
Profit on the sale of fixed assets
Decreasellincreasel in stocks
Increase in debtors
1,228,407
4.050.758
20.555
1866,120}
13,140,819)
143.899
675,469
(876)
(3,330)
(328,049)
{108,648)
126.844
Decrease in creditors
Interest paid on borrowings
Net cash used in operating activities
15.746.734}
(571,324)
26. Anatysls ofcash and cash equlvalents
Group
31 January
2025
Group
31 August
2023
Cash in hand
64.009
672,347
Page 61

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED)
IA company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025
27. Analysls of changes In net debt
At1
September
2023 Cash flows
At31
January
2025
Cash al bank and in hand
Debt due within 1 year
Debt due after 1 year
Finance leases
672,347
{211,8131
{583,0951
{558.6341
1608.338}
211,813
583,095
558.634
64,009
{681,1951
745,204
64,009
28.
Capitsl commitments
Group
31 January
2025
Group
Charity
31 August 31 January
2023
2025
Charity
31 August
2023
Contracted for but not provided in these
financial statements
Repairs, maintenance or enhancements lo
property
114,613
114,613
29.
Pension commitments
Teachers. Pension Scheme
The School participates In the Teachers, Pension Scheme I the TPS I for its teaching staff. The pension
charge for the period Includes contributions payable to the TPS of £1,049,700 (2023 - £644,477J and at
the periodend £NIl (2023- £Nil) was accrued in respect of contributions lo this scheme.
The TPS is an unfunded mulliemployer defined benefits pension scheme govemed by The Teachers,
Pensions Regulations 2010 las amended) and The Teachers, Pension Scheme Regulations 2014 las
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 sel by the Secretary of Stale 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. The Valuation Report shows
notional assets of £222.2bn and liabilities of £262bn. resulting in a ￿heme deficit of £39.8bn.
The employer contribution rale for the TPS Is 28.6'A, and employers are also required to pay a scheme
adminislralion levy of 0.08,￿ giving a total employer contribution rate of 28.68'/o.
Page 62

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED)
IA company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025
29. Penslon commltments Icontlnuedl
Scheme for non-teachlng stsff
The School operates a defined contribution pension scheme for non-teaching staff which is managed by
the Pensions Trust.
Contributions lo the defined contribution pension scheme during the period included in the pension charge
for the period amounted lo £124,721 12023 - £80, 833) and at the period-end £Nil (2023 - £10, 869) was
accrued in respect of contributions to this scheme.
30. Operatlng lease commltments
At 31 January 2025 the Group and the Charity had commitments lo make future minimum lease
payments under non-cancellable operating leases as follows..
Group
31 January
2025
Group
31 August
2023
Not later than 1 year
Later than 1 year and not later than 5 years
44.118
69,34T
113,465
The following lease payments have been recognised as an expense in the Statement of financial
activities..
Group
31 January
2025
Group
31 August
2023
Operating lease rentals
45,168
31.
Discontinued oporations
On the 2nd January 2025 the Charity signed a sale of trade and assets agreement with Malvern Education
Limited in which the trade and assets of the School and the entirety of Ils subsidiary Malvern Sl James
Enterprises Limited would be transferred. The only balances not transferred as part of this agreement
were the funds held or owed in bank accounts and book debts which remained In the name of Malvem
Hills Education Trust Limited.
The result of this transaction was a loss of £5,453,725. Of this amount, the portion attributable to the loss
on the sale of trade and assets is £2,381,575. The remaining loss of £3,072, 150 is the investment element
relating to the disposal of Malvern Sl James Enterprises Limited.
Page 63

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED)
IA company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025
32. Related party transactlons
There were no related paty transactions other than those disclosed in notes 12 and 13.
Page 64

MALVERN HILLS EDUCATION TRUST
(Formerly Malvern St James) 2025 - Final
290126 v2
Final Audit Report
2026-01-29
Creal&J'.
2026￿1-29
By..
Lauren Northwood llauren.ncrthwwd@crowe.co.ukl
Status..
Sign8d
Transaction ID".
CWCHBCA4BAA84Ma3gZgMQiMLNMTkOHVGaHkoFWd4Asl
"MALVERN HILLS EDUCATION TRUST (Formerly Malvern St J
ames) 2025 - Final 290126 v2" History
DocLJment cxealed by Lauren Northwood 1lauren.northwood@crowe.co.uk}
2026-01-29- 11..31..00 AM GMT
. Document emailed to michaeldelmerday@icloud.com for signature
2026-01-29- 11."35."44 AM GMT
Email viewed by michaeldelmerday@idoud.com
2026-01-29- 12.'05.'09 PM GMT
Signer michaeldelmerday@idoud.com entered name at signing as M. J. Hodges
2026-01-29- 12..07..44 PM GMT
Document e-signed by M. J. Hodges lmichaeldelmerday@icloud.coml
Signature Date.. 202&01-29- 12'.07."46 PM GMT- Tim8 Sourcts". s8N8r
Agreement completed.
2026-01-29- 12..07..46 PM GMT
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