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2020-07-31-accounts

Registered &Principal Office: Malvern
College		 Malvern
College
College Road
Malvern
Worcestershire
WR14 3DF
Auditors: Cooper Parry Group Limited
Park View
One, Central Boulevard
Solihull
B908BG
Accountants: Kendall Wadley LLP
Granta Lodge
71 Graham
Road
Malvern
Worcestershire
WR14 2JS
Bankers: Lloyds Bank pic
48 Belle Vue Terrace
Malvern
Worcestershire
WR14 4QG
CCLA Investment Management Ltd
Senator House
85 Queen Victoria Street
London
EC4V4ET
Solicitors: RJV Owen
Pinsent Masons LLP
30 Crown Place
Earl Street
London
EC2A 4ES
Investment advisors: Sarasin
& Partners		 LLP
Juxon House,
100St Paul's Churchyard,
London,
EC4M 8BU

Page
Trustees' report 1-8
Statement ofTrustees' responsibilities
Independent
auditor's		 report 10 - 12
Statement offinancial activities 13 - 14
Summary income and expenditure account 15
Balance sheet 16
Statement ofcash flows 17
Notes to the accounts 18-46

Current financial year Current financial year Current financial year Current financial year Current financial year
Unrestricted Unrestricted Restricted Endowment Total Total
funds funds funds funds
general designated
2020 2020 2020 2020 2020 2019
~fgfn;
Donations
and		 Notes
legacies
3		 6
277,036		 f 517,016 6
125		 6
794,177		 6
890,661
Other trading activities 4 1,371 1,371 13,104
Investments 5 109,298 87,018 44,014 240,330 195,662
Total income and
endowments 387,705 87,018 561,030 125 1,035,878 1,099,427
Raising funds 6 13,068 14,308 5,883 33,259 4,220
Charitable
activities		 7 234,537 488,195 722,732 486,613
Total resoul'ces
expended 247,605 14,308 494,078 755 991 490 833
Net gains on
investments 12 37,717 38,902 22,384 3,055 102,058 250,091
Net incoming resources 177,817 111,612 89,336 3,180 381,945 858,685
Other recognised gains and losses
Revaluation
of		 tangible
fixed assets 15 63,469 11,531 75,000 640,000
Net movement In funds 241,286 111,612 100,867 3,180 456,945 1,498,685
Fund balances at 1
August 2019 7,306,922 2,210,778 4,337,345 253,308 14,108,353 12,609,668
Fund balances at 31
July 2020 7,548,208 2,322,390 4,438,212 256,488 14,565,298 14,108,353

Prior financial year
Unrestricted
Unrestricted		 Restricted Endowment Total
funds funds funds funds
general designated
2019 2019 2019 2019 2019
Notes f E
IitgglittLItm.
Donations
and		 legacies 275,727 614,809 125 890,661
Other trading
activities		 13,104 13,104
Investments 90,650 53,836 51,176 195,662
Total Income and endowments 379,481 53,836 665,985 125 1,099,427
~Ex ~nl~lr
Raising funds 4,220 4,220
Charitable
activities		 7 378,948 107,665 486,613
Total resources expended 378,948 4,220 107,665 490,833
Net gains on investments 12 59,722 108,086 69,759 12,524 250,091
Net incoming resources before
transfers 60,255 157,702 628,079 12,649 858,685
Gross transfers between funds 13 (20,322) (59,075) 79,397
Net Income for the year/
Net incoming resources 39,933 98,627 707,476 12,649 858,685
Other recognised
gains		 and losses
Revaluation
of		 tangible
fixed
assets 15 541,601 98,399 640,000
Net movement In funds 581,534 98,627 805,875 12,649 1,498,685
Fund balances at 1 August 2018 6,725,388 2,112,151 3,531,470 240,659 12,609,668
Fund balances at 31July 2019 7,306,922 2,210,778 4,337,345 253,308 14,108,353

Att income funds
2020 2019
5
Gross income 1,038,965 1,099,302
Gains on investments 99,003 237,567
Total income
in		 the reporting period 1,137,968 1,336,869
Total expenditure from income funds 759,203 490,833
Net income for the year 378,765 846,036

2020 2019
Notes E
Fixed assets
Tangible assets 14 5,501,300 5,426,300
Investments 16 5,778,041 5,424,149
11,279,341 10,850,449
Current assets
Stocks 18 13,319 14,222
Debtors 19 16,121 5,449
Cash at bank and in hand 3,295,220 3,287,527
3,324,660 3,307,198
Creditors: amounts falling due within
one year 20 (38,703) (49,294)
Net current assets 3,285,957 3,257,904
Total assets less current liabilities 14,565,298 14,108,353
Capital funds
Endowment funds
22 256,488 253,308
Restricted funds
General
restricted		 funds 3,650,861 3,583,909
Revaluation reserve 15 787,351 753,436
23 4,438,212 4,337,345
I,lgffifi~r'
Designated funds 24 2,322,390 2,210,778
General
unrestricted		 funds 3,302,177 3,162,077
Revaluation reserve 15 4,246,031 4,144,845
9,870,598 9,517,700
14,565,298 14,108,353

2020 2019
Notes 6
Cash flows from operating activities
Cash generated
from operations		 27 15,986 451,247
Investing
activities
Purchase ofother investments (251,834) (991,529)
Investment
income and rental		 income received 243,541 195,643
Net cash used in investing activities (8,293) (795,886)
Net cash used In financing activities
Net Increase/(decrease)
in		 cash and cash
equivalents 7,693 (344,639)
Cash and cash equivalents at beginning ofyear 3,287,527 3,632,166
Cash and cash equivalents at end of year 3,295,220 3,287,527

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2020 2019
E
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2020f 2019
6
Staff costs 123,548 111,210
Postage 12,554 11,407
Printing
and		 stationery 20,226 15,737
Events 14,244 39,011
Donation 288
Marketing and media 2,386 5,843
172,958 183,496
Grant funding ofactivities (see note 8) 488,844 262,164
Share of support costs (see note 9) 15,277
Gift Aid not recovered 3,890
Share of governance costs (see note 9) 45,653 37,063
722,732 486,613
Analysis by fund
Unrestricted funds - general 234,537 378,948
Restricted funds
- grant funding		 expenditure 488,195 107,665
722,732 486,613

2020 2019
6
Grants to institutions
Unrestricted
Malvern
College
Malvern
College - Theatre		 141,500
Malvern
College - Outdoor		 Pursuits 14,456
Malvern
College - Cricket		 Covers 2,433
Restricted
Malvern
College Centenary		 Appeal Fund 42,235 19,064
Assisted Places 66,901 35,802
Marston-Riley
Scholarship		 1,660
CTM Dunn 19,778
Alan
Duff Memorial
Fund		 700 350
Theatre 20,000
Nieper Art Scholarship 23,210 10,000
House No.9 100
Prize Funds (number of small awards fro m the various prize funds) 3,000 3,000
Chesterton
Cricket Award		 2,000 2,000
George Sayer Fellow 831
Steinway 304,640
James Cox Scholarship 1,000
Assisted Places (Bowtell) 20,571 12,728
Blake Dunbar 1,400
Rachael Heyhoe-Flint 1,000
488,844 262,164

9 Support costs
Support Governance 2020 Support Governance 2019
costs costs costs costs
f
Staif costs 21,802 21,802 19,625 19,625
Audit fees 5,400 5,400 7,750 7,750
Legal and professional 13,939 13,939 180 180
Office expenses 13,628 13,628 3,274 3,274
Directors' expenses 1,512 1,512 430 430
Secretary's
expenses		 966 966
Accountancy
fees		 3,000 3,000 2,790 2,790
Bank charges 1,649 1,649 2,048 2,048
15,277 45,653 60,930 37,063 37,063
Analysed
between
Charitable
activities		 15,277 45,653 60,930 37,063 37,063

The average
 monthly
number
ofemployees
during
 the year was:
2020 2019
Number Number
Administrative
Employment costs 2020 2019
E 8
Wages and salaries 130,801 119,102
Social security costs 8,215 5,464
Pension costs 6,335 6,270
145,351 130,836
2020 2019
Number Number
860,000 —670,000 1 1

restricted funds to negate the deficit on res
Tangible fixe assets
tricted
funds theatre.
Freehold
land		 Collectables Total
and buildings
E E
Cost or valuation
At 1 August 2019 5,420,000 6,300 5,426,300
Revaluation 75,000 75,000
At 31 July 2020 5,495,000 6,300 5,501,300
Carrying
amount
At 31 July 2020 5,495,000 6,300 5,501,300
At 31 July 2019 5,420,000 6,300 5,426,300

Re valuatio n
offixed		 assets
Unrestricted Restricted Total
funds funds
general
E
At 1 August 2018 2,879,699 523,582 3,403,281
Revaluation in year 541,601 98,399 640,000
At 31 July 2019 3,421,300 621,981 4,043,281
Revaluation oftangible fixed assets 63,469 11,531 75,000
At 31 July 2020 3,484,769 633,512 4,118,281

Listed
investments
6
Cost or valuation
At 31 July 2019 5,424,149
Additions 251,834
Valuation
changes		 102,058
At 31 July 2020 5,778,041
Carrying
amount
At 31 July 2020 5,778,041
At 31 July 2019 5,424,149

17 Financial instruments instruments 2020 2019
6 6
Carrying amount offinancial assets
Debt instruments measured at amortised cost 15,732 5,263
Carrying amount offinancial liabilities
Measured at amortised
cost		 35,547 47,924

18 Stocks 2020 2019
6 6
Goods for resale 13,319 14,222
19 Debtors
2020 2019
Amounts
falling due		 within one year: 6 6
Trade debtors 12 567
Other debtors 15,720 2,077
Prepayments and accrued income 389 2,805
16,121 5,449
20 Creditors: amounts falling due within one year
2020 2019
6 6
Other taxation and social security 3,156
Trade creditors 369 15,051
Other creditors 22,648 20,310
Accruals and deferred income 12,530 13,933
38,703 49,294

Movement Movement In funds In funds
Balance at 1 Income Expenditure Investment Balance at 31
August
2019		 gains/
losses		 July 2020
6 6 6 6 6
Permanent
endowments
James Greenwood
Architecture
Prize 2,629 52 2,681
Shand-Kydd
Special Fund		 28,426 559 28,985
EH Moss Exhibition 10,755 212 10,967
Toovey Art Prize 656 13 669
Berridge Chemistry
Prize		 1,022 20 1,042
HW Smith Exhibition 1,880 37 1,917
Gwynne-Jones
Exhibition		 7,851 155
Wright
Ingle Exhibition		 16,441 324
Heath
Harrison
Exhibition		 21,106 415 46,292
Wheeler Bennett History Prize 1,476 29 1,505
AR Dulf Memorial
Fund		 27,286 537 27,823
James Cox Scholarship 101,488 533 102,021
Rackets Fund 32,292 125 169 32,586
253,308 125 3,055 256,488
Movement in funds prior year
Balance at 1 Income Expenditure Investment Balance at 31
August gains/ July 2019
2018 losses
6 E F 6
Permanent
endowments
James Greenwood
Architecture
Prize 2,403 226 2,629
Shand-Kydd
Special Fund		 25,984 2,442 28,426
EH Moss Exhibition 9,831 924 10,755
Toovey Art Pnze 600 56 656
Berridge Chemistry
Prize		 934 88 1,022
HW Smith Exhibition 1,719 161 1,880
Gwynne-Jones
Exhibition		 7,177 674 7,851
Wnght
Ingle Exhibition		 15,029 1,412 16,441
Heath
Harrison
Exhibition		 19,293 1,813 21,106
Wheeler Bennett History Prize 1,349 127 1,476
AR Duif Memorial
Fund		 24,942 2,344 27,286
James Cox Scholarship 99,774 1,714 101,488
Rackets Fund 31,624 125 543 32,292
240,659 125 12,524 253,308

The income funds of The income funds of the charity
include		 the charity
include		 restricted funds comprising funds comprising the following the following unexpended balances of
donations
and		 grants held on trust for specific purposes:
Movement in funds
Balance at 1 Incoming Resources Transfers Investments Balance at 31
August
2019		 resources expended gains/losses July 2020
f
Restricted
Endowments
(Permanent)
Centenary
Appeal
Fund 2,542,621 30,143 (46,531) 29,066 2,555,299
Capt. HL Grant 399,784 4,428 (727) 7,623 2,099 413,207
Chesterton
Cncket
Award 70,739 782 (2,128) 371 69,764
Bishop John &
Arthur
Mort Bursary		 74,366 823 (135) 390 75,444
Blake Dunbar Music
Scholarship 49,991 554 (1,491) 263 49,317
Marston
Riley
Scholarship 58,241 645 (1,766) 306 57,426
Restricted funds
Shand-Kydd
Special
Fund 29,066 870 29,936
EH Moss Exhibition 7,293 330 (7,623)
Gwynne Jones
Exhibition 5,343 241 (5,584)
Wright
Ingle
Exhibition 11,192 503 (11,695)
Heath
Harrison
Exhibition 12,865 646 17,279 30,790
AR Dutf Memorial
Fund 7,970 835 (700) 8,105
James Cox
Scholarship 20,130 1,349 (1,222) 106 20,363
CW Nicholls
Memorial
Fund		 12,078 681 12,759
Running
Track		 Fund 5,105 5,105
Bursaries/Assisted
Places 41,718 15,070 (37,003) 19,785
Assisted Places
(Bowtell) 12,505 18,440 (20,469) 10,476
Assisted Places
(Hayter) 150,614 32,127 (30,000) 152,741
Bridge Fund 1,365 1,365
House No.9 Fund 100 (100)
Chapel Sound
System 3,087 280 3,367
Chapel Organ 519 1,175 1,694
CTM Dunn 1,914 38,000 (19,778) 20,136
Music Department 502 502
Steinway 403,125 220,000 (304,640) 318,485

23 Restricted funds Restricted funds (Continued)
Theatre 2,034 2,034
Nieper Art
Scholarship 120,000 (23,211) 96,789
RKB Lecture Series 23,580 23,580
Golf Facilities 1,174 1,174
George Sayer
Fellow 7,501 7,501
Rackets Fund 1,329 358 (59) 1,628
House No.5 Fund 300 300
Clark Scholarship
Award 120,987 177,291 298,278
JMM Memorial Fund 11,375 238 11,613
Rachael Heyhoe
Flint Award 20,000 (5,000) (1,000) 14,000
Observatory 10,000 10,000
Cricket Nets 2,363 2,363
Hardship 5,000 5,000
Restricted
Endowments
(Permanent) Prize
Funds
Richard Smith
Physics Prize 2,934 71 46 3,051
Restricted
Prize
Funds
James Greenwood
Architecture
Prize		 1,739 81 1,820
Toovey Art Prize 269 20 (55) 234
Berridge Chemistry
Prize 664 31 (20) 675
HW Smith Exhibition 1,213 58 (20) 1,251
Wheeler Bennett
History Prize 1,039 1,085
James Richford
Cricket Prize 5,612 103 (20) 66 5,761
Photographic Prize 1,847 35 (20) 22 1,884
RH Farrar
Mathematical Prize 11,068 172 (20) 11,331
RWA Manly
Backstage Prize 953 11 (20) 7 951
Prize Funds 64,813 718 (2,868) 340 63,003
RK Blumenau
Philosophy
Prize		 4,335 68 4,403
Roger Short Pnze 1,175 28 1,203
R H Cobb
Mathematical Prize 3,410 63 (15) 41 3,499
Matthew
Hind		 Golf
Prize 195 (20) 175
Arvid Pardo Prize 7,600 (40) 7,560
4,337,345 561,030 (494,078) 33,915 4,438,212

Movement Movement in funds prior year in funds prior year in funds prior year
Balance at 1 Incoming Resources Transfers Investments Balance at 31
August
2018		 resources expended gains/losses July 2019
F 6 6 6 6 f
Restricted
Endowments
(Permanent)
Centenary
Appeal
Fund 2,373,731 35,027 (19,064) 152,927 2,542,621
Capt. HL Grant 387,625 5,498 6,661 399,784
Chesterton
Cricket
Award 70,527 1,000 (2,000) 1,212 70,739
Bishop John &
Arthur
Mort Bursary		 72,104 1,023 1,239 74,366
Blake Dunbar Music
Scholarship 48,470 688 833 49,991
Marston
Riley
Scholarship 56,470 801 970 58,241
Restricted funds
Shand-Kydd
Special
Fund 28,213 853 29,066
EH Moss Exhibition 6,971 322 7,293
Gwynne Jones
Exhibition 5,108 235 5,343
Wright
Ingle
Exhibition 10,699 493 11,192
Heath
Harrison
Exhibition 12,232 633 12,865
AR Duif Memorial
Fund 7,502 818 (350) 7,970
James Cox
Scholarship 18,146 1,672 312 20,130
CW Nicholls
Memorial
Fund		 10,578 1,500 12,078
Running
Track		 Fund 5,105 5,105
Bursaries/Assisted
Places 2,796 15,649 (35,802) 59,075 41,718
Assisted Places
(Bowtell) 6,483 18,750 (12,728) 12,505
Assisted Places
(Hayter) 120,000 30,614 150,614
Bridge Fund 1,365 1,365
House No.9 Fund 100 100
Chapel Sound
System 2,962 230 (105) 3,087
Chapel Organ 519 519
CTM Dunn 866 1,048 1,914
Music Department 427 75 502
Steinway 3,125 400,000 403,125

23 Restricted funds (Continued)
Theatre 15,226 2,612 (23,160) 5,322
Nieper Art
Scholarship 130,000 (10,000) 120,000
RKB Lecture Series 23,580 23,580
Golf Facilities 1,174 1,174
George Sayer
Fellow 8,957 (1,456) 7,501
Rackets Fund 881 448 1,329
House No.5 Fund 300 300
Clark Scholarsip
Award 120,987 120,987
JMM Memorial
Fund		 11,375 11,375
Rachael Heyhoe
Flint Award 5,000 15,000 20,000
Restricted
Endowments
(Permanent)
Prize
Funds
Richard Smith
Physics Prize 2,667 69 198 2,934
Restricted
Prize
Funds
James Greenwood
Architecture
Prize		 1,685 79 (25) 1,739
Toovey Art Prize 349 20 (100) 269
Berridge Chemistry
Pnze 658 31 (25) 664
HW Smith Exhibition 1,182 56 (25) 1,213
Wheeler Bennett
History Prize 995 1,039
James Richford
Cricket Prize 5,247 101 (25) 289 5,612
Photographic
Prize		 1,741 34 (25) 97 1,847
RH Farrar
Mathematical
Prize		 10,366 137 (25) 590 11,068
RWA Manly
Backstage Prize 963 10 (50) 30 953
Prize Funds 65,363 927 (2,600) 1,123 64,813
RK Blumenau
Philosophy
Pnze		 4,268 67 4,335
Roger Short Prize 1,147 28 1,175
R H Cobb
Mathematical
Prize		 3,196 62 (25) 3,410
Matthew
Hind Golf
Prize 220 (25) 195
Arvid Pardo Prize 7,650 (50) 7,600
3,531,470 665,985 (107,665) 79,397 168,158 4,337,345

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25 Analysis of net assets between of net assets between funds
Unrestricted Designated Restricted Endowment Total
funds funds funds funds
F E E E
Fund balances at 31 July 2020
are represented by:
Tangible assets 4,656,454 844,846 5,501,300
Investments 1,260,340 2,235,261 2,047,634 234,806 5,778,041
Current assets/(liabilities) 1,631,414 87,129 1,545,732 21,682 3,285,957
7,548,208 2,322,390 4,438,212 256,488 14,565,298
Analysis of net assets
between funds - prior year
Unrestricted Designated Restricted Endowment Total
funds funds funds funds
E F F
Fund balances at 31 July 2019
are represented by:
Tangible assets 4,592,985 833,315 5,426,300
Investments 1,048,970 2,196,359 1,950,302 228,518 5,424,149
Current assets/(liabilities) 1,664,967 14,419 1,553,728 24,790 3,257,904
Long term liabilities
7,306,922 2,210,778 4,337,345 253,308 14,108,353

2020 2019
E E
Aggregate remuneration 70,795 71,779

27 Cash generated
from		 Cash generated
from		 operations operations 2020 2019
6 6
Surplus for the year 381,945 858,685
Adjustments
for.
Investment
income		 recognised in profit or loss (243,542) (195,662)
Fair value gains and losses on investments (102,058) (250,091)
Movements
in working		 capital:
Decrease/(increase) in stocks 903 (1,373)
(Increase)/decrease in debtors (10,672) 67,030
(Decrease)
in creditors		 (10,590) (27,342)
Cash generated
from		 operations 15,986 451,247

2020 2019
5
Income
Life membership fees 722 8,500
Expenditure
OM Cricket Club 2,500
OM Football Club 2,500
OM Golfing Society 2,500
OM Rifle Club 1,700
OM Sailing Club 1,250
Sundry
items		 240 732
OM Netball
Club		 1,387 3,775
OM Hockey Club - Men 1,000
1,627 15,957
Net (deficit) (905) (7,457)
Balance Sheet as at 31 July 2020
Capital account
As at 1August 2019 20,310 27,767
Net surplus I (defidt) for the year (905) (7,457)
As at 31 July 2020 19,405 20,310
Represented
by:
Loan to The Malvernian Society 19,405 20,310