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2021-07-31-accounts

Registered Charity Number: 527573

Registered Company Number: 00213672

MALVERNIAN SOCIETY LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

MALVERNIAN SOCIETY LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

The organisation is a charitable company limited by guarantee, incorporated on 30 April 1926 and registered as a charity on 1 November 1963.

Directors:

Trustees who are Directors for the purpose of company law and Trustees for the purpose of charity law, are as follows:

President: RI. Hon Sir Stephen Brown PC, GBE (Elected 06/15 - 09/24) Chairman: T D Straker (Elected 09/21) J P Foxall (Resigned 06/21) Elected: A S Afolabi (11/20 - resigned 09/21) J C F Barwell (11/20 – 11/23) C N Boyd (06/18 – resigned 02/21) A M Edwards-Clark (06/18 - 06/24) N C S Engert (06/15 – 09/24) C Fairchild (06/18 -09/24) R J Harris (06/17 - 06/23) J P Foxall (Chairman) (06/15 - resigned 06/21) J M J Havard (06/14 - 06/23) AR Higgins (06/20 – 06/23) PE Lambert (06/14 – resigned 03/21) J Mueller (06/17 – resigned 03/21) J A Staniforth (06/15 – resigned 11/20) B S Walker (06/17 – resigned 03/21) Ex-Officio: AK Metcalfe (Headmaster from 01/04/19) Nominated: S C Holroyd (nominated by Common Room 06/15 - 06/21) Vice-Presidents: H CK Carson P J Cartwright AR Clark R de C Chapman MC Frayn PC U Jagger B T D M Laidlaw Lord Maclaurin of Knebworth DL HM Robinson Operations Director: P Godsland (resigned 10/21) Charity number: 527573 Company number: 002113672 HM Revenue & Customs Ref: X25620 Other names: The Society reserves the right to use the title “The Malvern College Foundation”

(nominated by Common Room 06/15 - 06/21)

MALVERNIAN SOCIETY LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION (CONTINUED)

Registered & Principal Office: Malvern College
College Road
Malvern
Worcestershire
WR14 3DF
Auditors: Cooper Parry Group Limited
Sky View
Argosy Road
East Midlands Airport
Castle Donington
Derby
DE74 2SA
Bankers: Lloyds Bank
48 Belle Vue Terrace
Malvern
Worcestershire
WR14 4QG
CCLA Investment Management Ltd
Senator House
85 Queen Victoria Street
London
EC4V 4ET
Solicitors: Pinsent Masons LLP
30 Crown Place
Earl Street
London
EC2A 4ES
Investment advisors: Sarasin & Partners LLP
Juxon House
11 St. Paul’s Churchyard
London
EC4M 8BU

MALVERNIAN SOCIETY LIMITED

CONTENTS

ONTENTS
Page
Trustees’ report ………………………………………………………………………………………… 1 – 6
Statement of Trustees’ responsibilities ……………………………………………………………… 7
Independent auditor’s report ………………………………………………………………………….. 8 – 10
Statement of financial activities ………………………………………………………………………. 11 – 12
Summary income and expenditure account ………………………………………………………… 13
Balance sheet ………………………………………………………………………………………….. 14
Statement of cash flows ………………………………………………………………………………. 15
Notes to the accounts …………………………………………………………………………………. 16 – 34

MALVERNIAN SOCIETY LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 JULY 2021

The Board of Trustees is pleased to present its report together with the audited Financial Statements of the charitable company for the year ended 31 July 2021.

The Malvernian Society Limited is a charitable company limited by guarantee. The charity number, company number, present Trustees (being Directors of the Company) and advisors are provided on the Legal and Administrative Information page.

The Trustees are also Directors for the purpose of company law.

Objectives and activities

The charitable company's objects are primarily to:

  1. Promote the work, and assist in the carrying on, of education at the Senior School of Malvern College and,

  2. Assist, in cases of need, former pupils of Malvern College in further training.

In furtherance of these objectives, income received from capital projects, investments and donations is applied in making grants mainly to Malvern College for Scholarships, Exhibitions, Bursaries/Assisted Places, Sports Awards and items of educational equipment, and to a very minor degree to individual pupils and former pupils undertaking training projects.

On an exceptional basis, the proceeds of asset sales may be granted to Malvern College from Unrestricted Funds for building purposes. The Society aims to assist the College in the short, medium and long term.

In setting out to achieve our aims, the Society carries out two primary activities in close co-operation with the staff at Malvern College:

  1. Developing alumni events, communications, and contact plans, which are intended to broaden and deepen the understanding of the benefits of Malvern College UK and its sister schools abroad to previous and existing pupils, and to increase the affinity to Malvern College and the Malvernian Society of Old Malvernians and other constituents.

  2. Supporting fundraising activities in support of the College with special focus on alumni and other Friends of Malvern College, such as current parents and parents of former pupils.

Principal funding sources

Income sources include regular and single gifts and legacies, sale of merchandise, rental income and income generated from investments. These are all clearly laid out in the accompanying accounts.

Public Benefit

The Trustees of the Malvernian Society confirm that they have complied with the duty of Section 17 of the Charities Act 2011 to have due regard to the most recent public benefit guidance published by the Charity Commission. The significant activities undertaken to carry out our aims for the public benefit are detailed below.

The principal object of the Malvernian Society is to support Malvern College and its alumni. As such the Society makes a significant annual financial contribution to all the areas of public benefit undertaken by the College, a separate charity. In this regard the Society contributes regularly to Malvern College capital building projects. These facilities are then made available, on occasion, for public use and for the College's outreach services. An example of this is the Science Centre, which has been used to hold 'science exhibition and practical experience' days for local schools. Similarly, the Sports Complex provides much needed indoor sports, fitness and leisure facilities for the local Malvern community. The most recent project, the refurbished Rogers Theatre is also available to local schools and organisations.

1

MALVERNIAN SOCIETY LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

Public Benefit (continued)

The Society cites the following examples of direct public benefit from its activities:

  1. The Trustees of the Society manage its Restricted and Unrestricted Funds, accumulated since the Society's foundation in 1895, to provide Scholarships, Bursaries and Assisted Places at Malvern College for talented boys and girls, who the College decides would benefit considerably from a College education, and whose parents would not otherwise be able to afford the school fees. In this way the Society encourages wider access to the outstanding educational opportunities provided by Malvern College to children from a broad spectrum of society. Information about the use of the Society's Funds is contained in its Annual Report and Accounts.

  2. The Society offers its Club Room in the College, at no cost, to local organisations in need of a meeting place for their organising Committees. Examples are the 'Malvern Association for the Visually Impaired' and the Malvern Hills branch of the Fine Arts Society.

  3. The Society welcomes Friends and members of the public to attend Malvernian Society lectures at the College.

The Society underwrites and subsidises many events throughout the year and throughout the world for the benefit of Old Malvernians and 'Friends' of Malvern College (see below).

Achievements and performance

During the 2020-21 financial year, Society events were greatly affected by the impact of Covid and associated restrictions. However, the Society, focused on remote OM engagement activities and launched a specialist channel for promoting the achievements of our Under 30s OMs called OM Stories. With the lifting of restrictions in July 2021, the Society was well placed to re-start our events programme with a reunion and benefactors lunch being held early in the new financial year.

In April 2021 we published the 43rd edition of the OM Newsletter, which provided a detailed review of the limited global events and activities encouraged and supported by the Society, as well as providing an update on news from OMs around the world. The OM Newsletter also includes a section on Development, demonstrating to donors the impact of their gifts. Our current fundraising focus is the exciting refurbishment of the Music School, which is due to commence in 2022. We continue to improve our social media presence with successful engagement on Facebook, lnstagram and Twitter. We continue to develop the very career-mentoring platform, OM Connect.

Fundraising

The Malvernian Society is registered with the Fundraising Regulator. There have been no issues of noncompliance nor any complaints in 2020-21. The Society has an Ethical Fundraising Policy and complies with the Fundraising Code 1.2 General Principles e)ii) relating to vulnerable people and with the 'Treating Donors' Fairly' Guidance issued by the Institute of Fundraising. We monitor our fundraising activity by making 'Legitimate Interest Assessment' in terms of GDPR and using, for example Due Diligence intermediaries.

2

MALVERNIAN SOCIETY LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

Financial review

The Trustees have a reasonable expectation that the charity will continue in existence for the foreseeable future and have, therefore, used the going concern basis in preparing the financial statements.

Income during the year was £1,707,363 (2020 - £1,035,878). Total expenditure was £1,274,511 (2020 - £755,991), of which grants awarded to the College amounted to £951,098 (2020 - £488,844); thereby continuing our support to the College. Furthermore, the gain on investments during the year was £699,201 (2020 - £102,058). This policy of support resulted in net income of £1,132,053 in 2020-21 (2019-20 - £381,945).

In this year, overall funds were increased by a property revaluation, we follow accounting guidelines on present market value, which resulted in an increase of £555,000 (2020 - £75,000). Secondly, there was a return on funds invested of £699,201 (2020 - £102,058). Therefore, total funds increased to £16,252,351 (2020 - £14,565,298).

We have continued to support the College in other areas of fundraising, such as with the Malvernian Society Assisted Places Scheme, to help attract talented students who otherwise would not be able to come to the College. A specific allocation of £2,651,449 (2020 - £2,322,390) is held in a designated fund for this purpose. The Society has been able to use some long-standing restricted funds to support students in taking full advantage of the opportunities offered at Malvern College, such as help towards the cost of sports tours, expeditions and voluntary work overseas. Our financial protocols have continued to improve with the College’s finance team now carrying out the financial operations on behalf of the Society. This has further improved the Society’s ability to identify suitable applicants for certain funds.

In 2021-22 we are planning to review our funds and consolidate where possible, to facilitate a modernisation of the support criteria. In some cases we have found it increasingly challenging to make awards from specific funds due to the onerous, historic criteria. It is intended that this will enable the Society to expand the level of support to a wider demographic.

Total reserves at 31 July 2021 amount to £16,252,351 (2020 - £14,565,298). Of this £281,577 (2020 - £256,488) is permanently endowed, £4,297,551 (2020 - £4,438,212) is restricted in nature, £2,651,449 (2020 - £2,322,390) has been designated by the trustees for specific purposes (as described in the notes to the accounts) leaving £9,021,774 (2020 - £7,548,208) as general reserves. Of the general reserves, after making due allowance for that amount that could only be realised upon the sale of tangible fixed assets or investments, £1,092,756 (2020 - £1,631,414) is freely available for use by the Society.

Reserves Policy

The Society is committed to maintaining a practical working balance of Free Reserves consistent with the operating costs of the Society and our ability to have available funds to support shorter term College requirements. The Reserves Policy allows us to achieve a minimum balance as required by current accounting regulations. The Trustees have determined a policy of maintaining one year of salary and everyday expenses plus £50,000, representing one year of Designated and Committed Funds to the College, as being a sensible level of reserves to keep readily available to maintain ongoing operations without causing interference to our aims The level of reserves required is £340,000.

Following a policy review in 2018, the Trustees have determined that, if required, Unrestricted Funds from bequests would be allocated to cash reserves annually as required in order to maintain the current cash balances required to satisfy the stated policy.

3

MALVERNIAN SOCIETY LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

An analysis of reserves is given in the Financial Review section of this report and at 31 July 2021, free reserves (that is those reserves not represented by restricted funds or tangible fixed assets) were £5,616,923 (this includes designated funds of £2,651,449). The level of free reserves is in excess of the reserves policy of £340,000 and, as a grant making charity, the Society relies on its investments (which are unrestricted in nature) to generate investment income which allows it to fulfil its charitable aims.

Investment Policy

The Society adopts a cautious investment policy in order to preserve funds for both immediate and future use, as directed by donors. Our annual disbursement plan is aimed to support important College initiatives and in future to increasingly support the Assisted Places Scheme. The majority of our funds are placed with the leading London Investment provider Sarasin & Partners, and within their generalised and cautious fund, named 'The Alpha Common Investment Fund'.

The trustees are pleased with the success of the policy adopted. The investments have again increased in value this year with gains of £699,201 (2020 - £102,058) being reported. The dividends and interest received amounted to £181,352 (2020 - £184,359), with investment additions of £405,887 (2020 - £251,834) during the year. These two items account for 78.1% (2020 – 75.0%) of the net incoming resources before the revaluation of tangible fixed assets, and enhances the ability of the Society to pursue the principal objectives.

COVID -19

As a result of the COVID-19 pandemic, office staff have continued to work remotely from home. Communications between the Operations Director and the trustees continued on a regular and routine basis; digital meetings have enabled more frequent contact than usual about specific issues (such as properties, funds management and grants to the College, as well as operational matters). In brief, governance and trustee oversight were and remain robust and sufficient, unaffected by the pandemic.

As a grant making charity reliant on investments, we have continued to receive sufficient income from the charity's investments, the performance of which at 31 July 2021 was reflected in net revaluation gains which is reassuring for the charity. The charity holds sufficient reserves (see reserves policy), has sufficient cash balances and has not needed to utilise any government support during the pandemic. Additional information is provided in accounting policy 1.2.

Plans for Future Periods

(a) 2021-22

With the continuing impact of COVID-19, the society is planning to re-launch a number of events postponed from 2020-21. These will include informal gatherings, Club dinners and reunions.

We will continue to develop our career-mentoring and professional support programme for the benefit of OMs, and respond to the evolving needs of the constituency.

We will continue to develop our social media platforms to improve alumni engagement, and our websites to improve event registrations, purchase of merchandise and for online giving.

The ongoing priority is to fund additional Assisted Places to broaden the access to the College.

The College's next large-scale capital project focus is the refurbishment of the Music School, which the Society are hoping to raise financial support for.

4

MALVERNIAN SOCIETY LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

( b) Future Years

The Trustees will continue to consider how best to raise the profile of the College amongst the alumni, parents and Friends, while allocating resources for the future advantage of the College.

Structure, governance and management

The Society is a company limited by guarantee. It was incorporated on 30 April 1926 and is governed by its Memorandum and Articles of Association. It was registered as a charity on 1 November 1963.

The Board of Trustees is responsible for directing the business of the Society. Day-to-day business is managed by the Operations Director. From October 2021, this falls under the remit of the College’s Chief Operating Officer, who reports directly to the Board of Trustees.

All Trustees must be members of the Society. Members are elected by the Board of Trustees. Former pupils and members of staff of Malvern College and others associated with Malvern College are eligible for election to the Society by the Board of Trustees.

All the elected and nominated Trustees of the Board serve a three-year term unless otherwise indicated below. Most Trustees are elected at the Annual General meeting but others are nominated by other groups associated with Malvern College. The categories and method of appointment of Trustees are:

1. The President

  1. Up to nine Trustees who retire on a rotational basis, except that the Board of Trustees may co-opt a member of the Society to fill a casual vacancy until the next AGM

  2. Two Trustees nominated by the Council of Malvern College

  3. The Head of Malvern College, who is a member ex-officio

  4. One Trustee nominated by the Common Room of the Senior School of Malvern College

  5. Up to two Trustees who are parents of pupils in the Senior School of Malvern College, who are nominated by the Parents' Forum

  6. Vice-Presidents who, once elected, hold office for life but are non-voting Trustees

The Chairman of the Board of Trustees is one of the nine elected Trustees.

Once elected the trustees receive training and guidance on the role and responsibility of a trustee from the Board through a prepared Trustee Briefing Pack which includes information about the Society (legal form, history and current material) and guidance from the Charity Commission on the role of at trustee and other best practice issues. At other times regular updates are provided for all trustees.

Responsibilities of the Trustees

The Trustees carry out regular reviews of Malvernian Society plans and activities through official Trustee meetings held in March, June and November each year. and through informal contact between meetings, usually either in Malvern or London. Since March 2020 Trustees have become used to meeting via Zoom or Teams. It is the aim of Trustees to add comments and direction to the Operations Director and Chairman of Trustees, with a view to ensuring good practice and effective fund management and disbursement, according to our aims and objectives.

Where a subject of particular focus needs attention, such as the Property Portfolio or our Investment oversight, then a sub-committee is typically formed which can spend additional time to research and propose action to the Trustees as a whole.

Responsibilities of the Malvernian Society Staff

The Malvernian Society staff carry out all day-to-day activities according to the priorities for the year, and in close association with the senior personnel of the College, such as the Headmaster, the Chief Operating Officer, the Finance Director, the Director of Marketing & Admissions and the Chairman of College Council.

5

MALVERNIAN SOCIETY LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

Remuneration policy

The remuneration of personnel is set by the Board having due regard to the roles and responsibilities of the individuals concerned; due consideration is also paid to the rates prevailing for similar posts in the charitable sector.

Related Parties and Conflicts of Interests

The Board of Trustees has adopted an appropriate and comprehensive policy to identify all transactions with related parties or other transactions which might involve any conflict of interest. These are documented and reported annually to the auditors.

Risk Management Statement

The Board of Trustees has identified the major risks facing the Society. A Risk Management Register is maintained and the risks highlighted are reviewed regularly by the Operations Director to ensure that they do not pose a threat to the Society. The Register is reviewed at least annually by Trustees.

Risks are categorised as either strategic, operational, financial or compliance. The key risks identified under these headings are the impact on fundraising of economic factors, loss of key personnel and stock market volatility. Steps are taken to mitigate these risks through establishing clear roles, responsibilities and reporting lines within the Society, effective communication and through on-going monitoring.

Auditor

Cooper Parry Group Limited is the appointed auditor for the year ended 31 July 2021.

Disclosure of information to auditor

Each Trustee has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditors are aware of such information.

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

T D Straker (Chairman of the Malvernian Society)

on behalf of the Trustees Dated:

6

MALVERNIAN SOCIETY LIMITED

STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 JULY 2021

The Trustees, who are also the directors of Malvernian Society Limited for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Society and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Society 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 Society and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

7

MALVERNIAN SOCIETY LIMITED

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF MALVERNIAN SOCIETY LIMITED

Opinion

We have audited the financial statements of Malvernian Society Limited (the “charitable company”) for the year ended 31 July 2021 which comprise the Statement of Financial Activities, the Balance Sheets, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, 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 charitable company’s ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Trustees Annual Report, other than the financial statements and our auditor’s report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

8

MALVERNIAN SOCIETY LIMITED

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF MALVERNIAN SOCIETY LIMITED (CONTINUED)

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Annual Report (incorporating the directors’ report).

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the Statement of Trustees' Responsibilities, the Trustees 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 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the group’s and 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 company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under the Companies Act 2006 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below:

Our assessment focussed on key laws and regulations the charitable company has to comply with and areas of the financial statements we assessed as being more susceptible to misstatement. These key laws and regulations included

9

MALVERNIAN SOCIETY LIMITED

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF MALVERNIAN SOCIETY

LIMITED (CONTINUED)

but were not limited to compliance with the Companies Act 2006, Charities Act 2011, Trustee Act 2000, Charities (Protection and Social Investment) Act 2016, taxation legislation, data protection and employment legislation.

We are not responsible for preventing irregularities. Our approach to detecting irregularities included, but was not limited to, the following:

Whilst considering how our audit work addressed the detection of irregularities, we also considered the likelihood of detection based on our approach. Irregularities arising from fraud are inherently more difficult to detect than those arising from error.

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 at the Financial Reporting Council’s (“FRC’s”) website at: hiips://www.frc.org.uk/auditorsresponsibilities . This description forms part of our auditor’s report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the 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 company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Glen Bott FCA

Senior Statutory Auditor for and on behalf of:

Cooper Parry Group Limited

Chartered Accountants and Statutory Auditor

Sky View Argosy Road East Midlands Airport Castle Donington Derby DE74 2SA

Date: 20 April 2022

10

MALVERNIAN SOCIETY LIMITED

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2021

Notes
Income from:
Donations & legacies
3
Other trading activities
4
Investments
5
Total income and endowments
Expenditure on:
Raising funds
6
Charitable activities
7
Total resources expended
Net gains on investments
12
Net incoming resources before
transfers
Gross transfers between funds
13
Net incoming resources
Other recognized gains and losses
Revaluation of tangible fixed assets
15
Net movement in funds
Fund balances at 1 August 2020
Fund balances at 31 July 2021		 Unrestricted
Unrestricted
Restricted
Endowment
Total
Total
funds
funds
funds
funds
general
designated
2021
2021
2021
2021
2021
2020
£
£
£
£
£
£
1,262,020
-
181,895
-
1,443,915
794,177
11,976
-
-
-
11,976
1,371
72,407
90,816
87,930
319
251,472
240,330
1,346,403
90,816
269,825
319
1,707,363
1,035,878
17,324
14,928
5,857
237
38,346
33,259
471,534
-
764,631
-
1,236,165
722,732
488,858
14,928
770,488
237
1,274,511
755,991
206,491
253,171
214,532
25,007
699,201
102,058
1,064,036
329,059
(286,131)
25,089
1,132,053
381,945
(145,470)
-
145,470
-
-
-
918,566
329,059
(140,661)
25,089
1,132,053
381,945
555,000
-
-
-
555,000
75,000
1,473,566
329,059
(140,661)
25,089
1,687,053
456,945
7,548,208
2,322,390
4,438,212
256,488
14,565,298
14,108,353
9,021,774
2,651,449
4,297,551
281,577
16,252,351
14,565,298

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

11

MALVERNIAN SOCIETY LIMITED

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

Prior financial year

Notes
Income from:
Donations & legacies
3
Other trading activities
4
Investments
5
Total income and endowments
Expenditure on:
Raising funds
6
Charitable activities
7
Total resources expended
Net gains on investments
12
Net incoming resources
Other recognized gains and losses
Revaluation of tangible fixed assets
15
Net movement in funds
Fund balances at 1 August 2019
Fund balances at 31 July 2020		 Unrestricted
Unrestricted
Restricted
Endowment
Total
funds
funds
funds
funds
general
designated
2020
2020
2020
2020
2020
£
£
£
£
£
277,036
-
517,016
125
794,177
1,371
-
-
-
1,371
109,298
87,018
44,014
-
240,330
387,705
87,018
561,030
125
1,035,878
13,068
14,308
5,883
-
33,259
234,537
-
488,195
-
722,732
247,605
14,308
494,078
-
755,991
37,717
38,902
22,384
3,055
102,058
177,817
111,612
89,336
3,180
381,945
63,469
-
11,531
-
75,000
241,286
111,612
100,867
3,180
456,945
7,306,922
2,210,778
4,337,345
253,308
14,108,353
7,548,208
2,322,390
4,438,212
256,488
14,565,298

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

12

MALVERNIAN SOCIETY LIMITED

SUMMARY INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JULY 2021

SUMMARY INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 JULY 2021
Gross income
Gains on investments
Total income in the reporting period
Total expenditure from income funds
Net income for the year		 All income funds
2021
2020
£
£
1,707,044
1,038,965
674,194
99,003
2,381,238
1,137,968
1,274,274
759,203
1,106,964
378,765

13

MALVERNIAN SOCIETY LIMITED

BALANCE SHEET AS AT 31 JULY 2021

Notes
Fixed assets
Tangible assets
14
Investments
16
Current assets
Stocks
18
Debtors
19
Cash at bank and in hand
Creditors: amounts falling due within one year
20
Net current assets
Total assets less current liabilities
Capital funds
Endowment funds
22
Restricted funds
General restricted funds
Revaluation reserve
23
Unrestricted funds
Designated funds
24
General unrestricted funds
Revaluation reserve
25		 2021
£
£
6,056,300
6,883,129
12,939,429
13,455
3,391
3,335,275
3,352,121
(39,199)
3,312,922
16,252,351
281,577
3,295,668
1,001,883
4,297,551
2,651,449
4,014,252
5,007,522
11,673,223
16,252,351		 2021
£
£
6,056,300
6,883,129
12,939,429
13,455
3,391
3,335,275
3,352,121
(39,199)
3,312,922
16,252,351
281,577
3,295,668
1,001,883
4,297,551
2,651,449
4,014,252
5,007,522
11,673,223
16,252,351		 2020
£
£
5,501,300
5,778,041
11,279,341
13,319
16,121
3,295,220
3,324,660
(38,703)
3,285,957
14,565,298
256,488
3,650,861
787,351
4,438,212
2,322,390
3,302,177
4,246,031
9,870,598
14,565,298		 2020
£
£
5,501,300
5,778,041
11,279,341
13,319
16,121
3,295,220
3,324,660
(38,703)
3,285,957
14,565,298
256,488
3,650,861
787,351
4,438,212
2,322,390
3,302,177
4,246,031
9,870,598
14,565,298
12,939,429
3,312,922		 11,279,341
3,285,957
3,352,121
(39,199)		 3,324,660
(38,703)
3,295,668
1,001,883		 3,650,861
787,351
16,252,351 14,565,298
281,577
4,297,551
11,673,223		 256,488
4,438,212
9,870,598
2,651,449
4,014,252
5,007,522		 2,322,390
3,302,177
4,246,031
16,252,351 14,565,298

The Trustees acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on ………………

T D Straker, Chairman

Company Registration No. 00213672

14

MALVERNIAN SOCIETY LIMITED

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2021

Notes
Cash flows from operating activities
Cash generated from operations
27
Investing activities
Purchase of other investments
Investment income and rental income received
Net cash used in investing activities
Net cash used in financing activities
Net increase in cash and cashequivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2021
£
£
194,470
(405,887)
251,472
(154,415)
-
40,055
3,295,220
3,335,275		 2021
£
£
194,470
(405,887)
251,472
(154,415)
-
40,055
3,295,220
3,335,275		 2020
£
£
15,986
(251,834)
243,541
(8,293)
-
7,693
3,287,527
3,295,220		 2020
£
£
15,986
(251,834)
243,541
(8,293)
-
7,693
3,287,527
3,295,220
40,055
3,295,220
3,335,275		 7,693
3,287,527
3,295,220

15

MALVERNIAN SOCIETY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

1 Accounting policies

Company information

Malvernian Society Limited, company number 00213672, is a private company limited by guarantee incorporated in England and Wales. The company is registered in England and its registered office is Malvernian Society, Malvern College, Malvern, Worcestershire, WR14 3DF.

Accounting convention

The financial statements have been prepared in accordance with the Society's Memorandum and Articles of Association, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The Society is a Public Benefit Entity as defined by FRS 102.

The accounts are prepared in sterling, which is the functional currency of the Society. Monetary amounts in these financial statements are rounded to the nearest £1.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the Society has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

As a result of government restrictions and medical guidelines our events programme (i.e. expenses) was substantially curtailed. At the same time, investment income has been and continues to be rather robust. Both investment valuations and cash balances continue to be monitored, have performed well during the pandemic and are deemed sufficient. The charity has taken to remote methods of working, and has not utilised any government support during the pandemic.

Charitable funds

Unrestricted funds can be used in accordance with the charitable objects of the Society at the discretion of the Trustees.

Restricted funds are to be used for specific purposes as specified by the donors.

Endowment funds are to be held as capital and the income generated from them to be used for purposes as specified by the donors.

Incoming resources

Income is recognised when the Society is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the Society has been notified of the donation unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Incoming resources except donations and legacies, are included on a receivable basis, ie they are recognised in the period in which they are receivable.

Income from listed investments are included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the income being payable.

16

MALVERNIAN SOCIETY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

1 Accounting policies (continued)

Resources expended

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at valuation.

Freehold land and buildings are revalued to market value annually and any revaluation surplus or deficit is recognised in the statement of financial activities

Donated assets classified as collectables are held at valuation. The value is reviewed on an annual basis. As a consequence of the regular revaluation policy, depreciation is not charged on tangible fixed assets.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.

Investments

Fixed asset investments are re-measured to market value at each Balance Sheet date. Gains and losses on remeasurement are recognised in the statement of financial activities for the period.

Impairment of fixed assets

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash fiows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in income/ (expenditure for the year, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately, unless the relevant asset is carried in at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Stocks

Stocks are stated at the lower of cost and net realisable value. Cost comprises purchase price and net realisable value is the estimated selling price.

Net realisable value is the estimated selling price less all estimated to be incurred in marketing, selling and distribution.

Debtors

Short term debtors are measured at transaction price, less any impairment.

17

MALVERNIAN SOCIETY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

1 Accounting policies (continued)

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.

Financial instruments

The Society has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Society's balance sheet when the Society becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade debtors, other debtors, accrued income and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including trade creditors, other creditors and accruals are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Society's contractual obligations expire or are discharged or cancelled.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Pension costs

The Society makes payments to a pension schemes operated by Malvern college with fixed contributions being paid into these schemes by the society. Once the payments have been made the society has no further payment obligations.

The contributions are recognised as an expense in the Statement of Financial Activities when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Society in independently administered funds.

2 Critical accounting estimate and judgements

In the application of the Society's accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

18

MALVERNIAN SOCIETY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

3 Donations and legacies

Donations and gifts
Legacies receivable
Donations and gifts
Life membership fees
Donations
Tax recoverable
Event ticket income
Year ended 31 July 2020		 Unrestricted
Restricted
Endowment
Total
Total
funds
funds
funds
general
2021
2021
2021
2021
2020
£
£
£
£
£
1,262,020
181,895
-
1,443,915
775,534
-
-
-
-
18,643
1,262,020
181,895
-
1,443,915
794,177
132,000
-
-
132,000
131,000
1,120,086
172,027
-
1,292,113
616,350
9,934
9,868
-
19,802
18,923
-
-
-
-
9,261
1,262,020
181,895
-
1,443,915
775,534
258,393
517,016
125
775,534

4 Other trading activities

OM Trading UnrestrictedUnrestricted
funds
funds
General
General
2021
2020
£
£
11,976
1,371

5 Investments

Rental income
Income from listed investments
Investment management credits
Interest receivable
Year ended 31 July 2020		 Unrestricted Unrestricted
Restricted
Endowment
Total
Total
funds
funds
funds
funds
general
designated
2021
2021
2021
2021
2021
2020
£
£
£
£
£
£
19,500
-
-
-
19,500
19,500
26,206
71,734
80,042
-
177,982
174,126
23,331
19,082
7,888
319
50,620
36,471
3,370
-
-
-
3,370
10,233
72,407
90,816
87,930
319
251,472
240,330
109,298
87,018
44,014
-
240,330

6 Raising funds

Investment management
Year ended 31 July 2020		 Unrestricted Unrestricted
Restricted
Endowment
Total
Total
funds
funds
funds
funds
general
designated
2021
2021
2021
2021
2021
2020
£
£
£
£
£
£
17,324
14,928
5,857
237
38,346
33,259
13,068
14,308
5,883
-
33,259

19

MALVERNIAN SOCIETY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

7 Charitable activities

Staff costs
Postage
Printing and stationery
Events
Marketing and media
Grant funding of activities (see note 8)
Share of support costs (see note 9)
Share of governance costs (see note 9)
Analysis by fund
Unrestricted funds - general
Restricted funds - grant funding expenditure
Endowment funds
8
Grants payable
Grants to institutions:
Unrestricted
Malvern College
Malvern College - Outdoor Pursuits
Malvern College - Covid
Malvern College - Sport
OM Clubs
Restricted
Malvern College Centenary Appeal Fund
Assisted Places
Assisted Places (Hayter)
Marston-Riley Scholarship
CTM Dunn
Alan Duff Memorial Fund
Nieper Art Scholarship
House No.9
Prize Funds (number of small awards from the various prize funds)
Chesterton Cricket Award
Steinway
James Cox Scholarship
Assisted Places (Bowtell)
Blake Dunbar
Rachael Heyhoe-Flint
Hardship fund
Clark Scholarship
Observatory Fund
Cricket nets		 2021
2020
£
£
243,186
123,548
606
12,554
12,154
20,226
-
14,244
6,248
2,386
262,194
172,958
951,098
488,844
14,561
15,277
8,312
45,653
1,236,165
722,732
471,534
234,537
764,631
488,195
-
-
1,236,165
722,732
2021
2020
£
£
5,750
-
-
649
151,717
-
19,003
-
9,998
-
42,445
42,235
37,167
36,901
30,000
30,000
1,660
1,660
19,875
19,778
-
700
13,277
23,210
-
100
3,000
3,000
2,000
2,000
317,215
304,640
1,000
1,000
20,571
20,571
1,400
1,400
2,000
1,000
157,950
-
34,970
-
10,100
-
70,000
-
951,098
488,844

8 Grants payable

20

MALVERNIAN SOCIETY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

9 Support costs

Staff costs
Audit fees
Legal and professional
Office expenses
Directors' expenses
Accountancy fees
Bank charges
Year ended 31 July 2020
Analysed between
Charitable activities		 Support
Governance
2021
2020
costs
costs
£
£
£
£
-
-
-
21,802
-
5,090
5,090
5,400
-
2,040
2,040
13,939
13,203
-
13,203
13,628
-
942
942
1,512
-
240
240
3,000
1,358
-
1,358
1,649
14,561
8,312
22,873
60,930
15,277
45,653
60,930
14,561
8,312
22,873
60,930

10 Trustees

None of the Trustees (or any persons connected with them) received any remuneration during the year. No expenses were reimbursed to trustees during the year (2020 - £Nil).

11 Employees

Number of employees

The average monthly number of employees during the year was:

Administrative
Employment costs
Wages and salaries
Social security costs
Pension costs		 2021
2020
No.
No.
6
4
2021
2020
£
£
215,877
130,801
17,774
8,215
9,535
6,335
243,186
145,351

The amount shown above in respect of pension costs represents the total amount payable by the charitable company for the year.

The number of employees whose annual remuneration was £60,000 or more was:

£60,000 - £70,000 2021
2020
No.
No.
1
1

21

MALVERNIAN SOCIETY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

12 Net gains / (losses) on investments

Revaluation of investments
Year ended 31 July 2020		 Unrestricted Unrestricted
Restricted
Endowment
Total
Total
funds
funds
funds
Funds
general
designated
2021
2021
2021
2021
2021
2020
£
£
£
£
£
£
206,491
253,171
214,532
25,007
699,201
102,058
37,717
38,902
22,384
3,055
102,058

13 Transfers

A transfer of £145,470 (2020 - £0) was made between unrestricted and restricted funds, to negate the deficit on the Hardship, Cricket nets, Bursaries/Assisted Places and Observatory funds.

14 Tangible fixed assets

Cost or valuation
At 1 August 2020
Revaluation
Al 31 July 2021
Carrying amount
Al 31 July 2021
At 31 July 2020		 Freehold land
Collectables
Total
And buildings
£
£
£
5,495,000
6,300
5,501,300
555,000
-
555,000
6,050,000
6,300
6,056,300
6,050,000
6,300
6,056,300
5,495,000
6,300
5,501,300

The freehold land and buildings were valued at £6,050,000, by Colin Townsend MRICS of John Goodwin, at 31 July 2021. The Society has adopted the policy of revaluing its freehold land and buildings in accordance with current Financial Reporting Standards.

At 31 July 2021, had the revalued assets been carried at historic cost less accumulated depreciation and accumulated impairment losses, their carrying amount would have been approximately £521,719 (2020 - £521,719).

In 2010 Timothy Straker donated the Wisden's Almanac and Cabinet which is shown under collectables. The Trustees have assessed the collection and in their opinion the worth of the collection remains unchanged at £6,300 at the balance sheet date.

22

MALVERNIAN SOCIETY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

15 Revaluation of fixed assets

Revaluation in year to 31 July 2020
Revaluation in year to 31 July 2021		 Unrestricted
Restricted
Total
Funds
funds
general
£
£
£
63,469
11,531
75,000
555,000
-
555,000

16 Fixed asset investment

Cost or valuation
At 31 July 2020
Additions
Valuation changes
At 31 July 2021
Carrying amount
At 31 July 2021
At 31 July 2020		 Listed
Investments
£
5,778,041
405,887
699,201
6,883,129
6,883,129
5,778,041

Fixed asset investments revalued

All quoted investment valuations are as provided by the Investment advisors. Charities Official Investment Fund valuation is as provided by CCLA Investment Management Limited.

The following investments have a market value greater than 5% of the investment portfolio (excluding cash):-

55.81% - Sarasin Alpha Common Investment Fund for Endowments (2020 – 55.47%) 36.17% - Sarasin Alpha Common Investment Fund for Scholarships (2020 – 38.69%)

17 Financial instruments

Carrying amount of financial assets
Debt instruments measured at amortised cost
Carrying amount of financial liabilities
Measured at amortised cost		 2021
2020
£
£
26
15,732
28,402
35,547

Debt instruments measured at amortised cost consist of trade debtors, other debtors and accrued income.

Financial assets measured at fair value through the profit and loss comprise of cash balances held on fixed term (greater than three months) deposit accounts.

Financial liabilities measured at amortised cost comprise of trade creditors, other creditors and accruals.

23

MALVERNIAN SOCIETY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

18 Stocks

Goods for resale
19 Debtors
Trade debtors
Other debtors
Prepayments and accrued income
20 Creditors: amount falling due within one year
Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income		 2021
2020
£
£
13,455
13,319
2021
2020
£
£
26
12
-
15,720
3,365
389
3,391
16,121
2021
2020
£
£
5,972
3,156
-
369
23,252
22,648
9,975
12,530
39,199
38,703

21 Retirement benefit schemes

Defined contribution schemes

The Society operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Society in an independently administered fund.

The charge to profit or loss in respect of defined contribution schemes was £9,535 (2020 - £6,335).

22 Endowment funds

Endowment funds represent assets which must be held permanently by the Society. Income arising on the endowment funds can be used in accordance with the objects of the Society and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund.

24

MALVERNIAN SOCIETY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

22 Endowment funds (continued)

Permanent endowments
James Greenwood Architecture
Prize
Shand-Kydd Special Fund
EH Moss Exhibition
Toovey Art Prize
Berridge Chemistry Prize
HW Smith Exhibition
Gwynne-Jones Exhibition
Wright Ingle Exhibition
Heath Harrison Exhibition
Wheeler Bennett History Prize
AR Duff Memorial Fund
James Cox Scholarship
Rackets Fund		 Balance at
Income
Expenditure
Investment
Balance at
1 August
Gains/losses
31 July
2020
2021
£
£
£
£
£
2,681
-
-
377
3,058
28,985
-
-
4,063
33,048
10,967
-
-
1,544
12,511
669
-
-
94
763
1,042
-
-
147
1,189
1,917
-
-
270
2,187
-
-
-
1,127
1,127
-
-
-
2,360
2,360
46,292
-
-
3,029
49,321
1,505
-
-
212
1,717
27,823
-
-
3,916
31,739
102,021
242
(180)
5,963
108,047
32,586
77
(57)
1,905
34,511
256,488
319
(237)
25,007
281,577

Prior year

Permanent endowments
James Greenwood Architecture
Prize
Shand-Kydd Special Fund
EH Moss Exhibition
Toovey Art Prize
Berridge Chemistry Prize
HW Smith Exhibition
Gwynne-Jones Exhibition
Wright Ingle Exhibition
Heath Harrison Exhibition
Wheeler Bennett History Prize
AR Duff Memorial Fund
James Cox Scholarship
Rackets Fund		 Balance at
Income
Expenditure
Investment
Balance at
1 August
Gains/losses
31 July
2019
2020
£
£
£
£
£
2,629
-
-
52
2,681
28,426
-
-
559
28,985
10,755
-
-
212
10,967
656
-
-
13
669
1,022
-
-
20
1,042
1,880
-
-
37
1,917
7,851
-
-
155
-
16,441
-
-
324
-
21,106
-
-
415
46,292
1,476
-
-
29
1,505
27,286
-
-
537
27,823
101,488
-
-
533
102,021
32,292
125
-
169
32,586
253,308
125
-
3,055
256,488

The Rackets Endowment Fund is to be used to help boys and girls play rackets and compete at Queen's, (whether this is in the form of providing rackets to boys and girls of particular talent or funding the costs of accommodation for selected boys and girls competing at Queen's). The income can also be used to fund the travel expenses of the occasional tour to North America.

The terms under which the rest of the endowment funds were established are detailed in note 23.

Income earned on the permanent endowment funds is taken to restricted funds and distributed as described in note 23.

25

MALVERNIAN SOCIETY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

23 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Balance Income Expenditure Transfers Investment Balance
at 1 August Gains/ at 31 July
2020 losses 2021
£ £ £ £ £ £
Restricted endowments
(permanent)
Centenary Appeal
Fund 2,555,299 10,124 (46,967) - 166,250 2,684,706
Capt. HL Grant 413,207 995 (739) - 24,153 437,616
Chesterton Cricket
Award 69,764 174 (2,129) - 4,078 71,887
Bishop John &
Arthur Mort Bursary 75,444 182 (135) - 4,410 79,901
Blake Dunbar Music
Scholarship 49,317 116 (1,486) - 2,883 50,830
Marston Riley
Scholarship 57,426 135 (1,760) - 3,357 59,158
Restricted funds
Shand-Kydd Special
Fund 29,936 884 - - - 30,820
EH Moss Exhibition - 334 - - - 334
Gwynne Jones
Exhibition - 244 - - - 244
Wright Ingle
Exhibition - 511 - - - 511
Heath Harrison
Exhibition 30,790 656 - - - 31,446
AR Duff Memorial
Fund 8,105 849 - - - 8,954
James Cox
Scholarship 20,363 51 (1,038) - 1,190 20,566
CW Nicholls
Memorial Fund 12,759 - - - 2,387 15,146
Running Track Fund 5,105 - - - - 5,105
Bursaries/Assisted
Places 19,785 14,387 (37,167) 2,995 - -
Assisted Places
(Bowtell) 10,476 18,750 (20,571) - - 8,655
Assisted Places
(Hayter) 152,741 29,885 (30,000) - - 152,626
Bridge Fund 1,365 - - - - 1,365
Chapel Sound
System 3,367 280 - - - 3,647
Chapel Organ 1,694 1,436 - - - 3,130
CTM Dunn 20,136 - (19,875) - - 261
Music Department 502 - - - - 502
Steinway 318,485 - (317,215) - - 1,270
Theatre 2,034 - - - - 2,034
Nieper Art Scholarship 96,789 - (13,277) - - 83,512
RKB Lecture Series 23,580 - - - - 23,580
Golf Facilities 1,174 - - - - 1,174
George Sayer
Fellow 7,501 - - - - 7,501
Rackets Fund 1,628 125 - - - 1,753
House No.5 Fund 300 - - - - 300

26

MALVERNIAN SOCIETY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

23 Restricted funds (continued)

Clark Scholarship Award
JMM Memorial Fund
Rachael Heyhoe Flint Award
Observatory
Cricket Nets
Hardship
Restricted endowments
(Permanent) prize funds
Richard Smith
Physics Prize
Restricted prize funds
James Greenwood
Architecture Prize
Toovey Art Prize
Berridge Chemistry Prize
HW Smith Exhibition
Wheeler Bennett
History Prize
James Richford Cricket Prize
Photographic Prize
RH Farrar
Mathematical Prize
RWA Manly
Backstage Prize
Prize Funds
RK Blumenau Philosophy Prize
Roger Short Prize
RH Cobb Mathematical Prize
Matthew Hind Golf
Prize
Arvid Pardo Prize		 Balance at
Income
Expenditure
Transfers
Investment
Balance at
1 August
Gains/
31 July
2020
Losses
2021
£
£
£
£
£
£
298,278
110,556
(34,971)
-
-
373,863
11,613
-
-
-
-
11,613
14,000
-
(2,000)
-
-
12,000
10,000
-
(10,100)
100
-
-
2,363
22,962
(70,000)
44,675
-
-
5,000
55,250
(157,950)
97,700
-
-
3,051
72
-
-
332
3,455
1,820
81
(20)
-
-
1,881
234
20
(55)
-
-
199
675
32
(20)
-
-
687
1,251
58
(20)
-
-
1,289
1,085
45
-
-
-
1,130
5,761
105
(20)
-
484
6,330
1,884
35
(20)
-
162
2,061
11,331
176
(20)
-
811
12,298
951
11
(20)
-
50
992
63,003
146
(2,858)
-
3,682
63,973
4,403
47
-
-
6
4,456
1,203
47
-
-
2
1,252
3,499
64
(15)
-
295
3,843
175
-
(20)
-
-
155
7,560
-
(20)
-
-
7,540
4,438,212
269,825
(770,488)
145,470
214,532
4,297,551

27

MALVERNIAN SOCIETY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

23 Restricted funds (continued)

Prior year

Balance Income Expenditure Transfers Investment Balance
at 1 August Gains/ at 31 July
2019 losses 2020
£ £ £ £ £ £
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 Cricket
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 Duff 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
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

28

MALVERNIAN SOCIETY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

23 Restricted funds (continued)

Clark Scholarship Award
JMM Memorial Fund
Rachael Heyhoe Flint Award
Observatory
Cricket Nets
Hardship
Restricted endowments
(Permanent) prize funds
Richard Smith
Physics Prize
Restricted prize funds
James Greenwood
Architecture Prize
Toovey Art Prize
Berridge Chemistry Prize
HW Smith Exhibition
Wheeler Bennett
History Prize
James Richford Cricket Prize
Photographic Prize
RH Farrar
Mathematical Prize
RWA Manly
Backstage Prize
Prize Funds
RK Blumenau Philosophy Prize
Roger Short Prize
RH Cobb Mathematical Prize
Matthew Hind Golf
Prize
Arvid Pardo Prize		 Balance at
Income
Expenditure
Transfers
Investment
Balance at
1 August
Gains/
31 July
2019
losses
2020
£
£
£
£
£
£
120,987
177,291
-
-
-
298,278
11,375
238
-
-
-
11,613
20,000
(5,000)
(1,000)
-
-
14,000
-
10,000
-
-
-
10,000
-
2,363
-
-
-
2,363
-
5,000
-
-
-
5,000
2,934
71
-
-
46
3,051
1,739
81
-
-
-
1,820
269
20
(55)
-
-
234
664
31
(20)
-
-
675
1,213
58
(20)
-
-
1,251
1,039
46
-
-
-
1,085
5,612
103
(20)
-
66
5,761
1,847
35
(20)
-
22
1,884
11,068
172
(20)
-
111
11,331
953
11
(20)
-
7
951
64,813
718
(2,868)
-
340
63,003
4,335
68
-
-
-
4,403
1,175
28
-
-
-
1,203
3,410
63
(15)
-
41
3,499
195
-
(20)
-
-
175
7,600
-
(40)
-
-
7,560
4,337,345
561,030
(494,078)
-
33,915
4,438,212

Restricted Endowments (Permanent)

The Centenary Appeal Fund was set up in 1965 to provide a maintenance & improvement fund for the College, with a reserve fund to endow scholarships.

The Capt. H L Grant Fund was set up in 1955 for sons of regular officers in the Royal Artillery, or sons of regular army officers generally, whose circumstances were such that they could not, without assistance, be sent to Malvern. The Bursary must be awarded by the recommendation of the Headmaster and the Chairman of the Malvernian Society Committee. This fund was amalgamated with the EH Moss Exhibition fund, and the criteria widened to allow it to be awarded to children whose parents work in the public services.

The Chesterton Cricket Awards' income from the principal sum is to be used to provide an award to a senior school student of Malvern College who is not only a cricketer with outstanding prospects but also has shown acceptable academic standards.

The Bishop John & Arthur Mort Bursary was set up in 1998 to provide a bursary to fee-paying parents unable to continue paying fees owing to an unforeseen change of circumstances.

29

MALVERNIAN SOCIETY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

23 Restricted funds (continued)

The Blake Dunbar Music Scholarship is to be used to encourage a pupil to join the college who has a particular interest in music.

The Marston Riley Scholarship is a general scholarship to be awarded to a pupil as agreed by the Headmaster and Trustees of the Malvernian Society.

The following Restricted Endowments (Permanent) have associated restricted funds:

The Shand-Kydd Special Fund was set up in 1977 to apply grants to Malvern College not related to bricks and mortar or scholarships. Initially grants were made to assist the Malvern Schools and Industry project. Nowadays it is used to support pupils, at the Society's discretion, to participate in overseas language trips and work experiences. From 2020 the College careers department is asked to recommend a pupil to be supported on STEM-based work experience to the value of £300 each year.

The EH Moss Exhibition was set up in 1946, as part of the 'War Memorial Fund'; the parameters for making an award were in order of preference: 1. To the son of an OM, killed in the 2nd World War, with preference for the RAF. 2. To the son of any other deceased OM. 3. To the son of any other OM. 4. Any other boy (sic), who wouldn't otherwise be able to come to the College. This fund was amalgamated with the Capt. HL Grant Fund, and the criteria widened to allow it to be awarded to children whose parents work in the public services.

The Gwynne-Jones Exhibition was set up in 1919 to fund awards to former pupils of Malvern College who have gone to the universities of Oxford, Cambridge or to the Royal Military Academy, Woolwich. A preference was made for the intellectual qualifications of the candidate, but also a preference for a No. 2 boy. In 2017 the fund was amalgamated with the Wright-Ingle and Heath Harrison Funds to make awards to successful Oxbridge candidates. From 2021 the award will be available to OMs from Malvern College UK or its sister schools abroad.

The Wright Ingle Exhibition was set up in 1918, to give non-recurring grants to candidates for the purpose of covering initial expenses at Brasenose College, Oxford, or Pembroke College, Cambridge. In 2017 the fund was amalgamated with the Gwynne Jones and Heath Harrison Funds to make awards to successful Oxbridge candidates. From 2021 the award will be available to OMs from Malvern College UK or its sister schools abroad.

The Heath Harrison Exhibition was set up in 1898, to give non-recurring grants to candidates for the purpose of covering initial expenses at Brasenose College, Oxford or Pembroke College, Cambridge. In 2017 the fund was amalgamated with the Gwynne-Jones and Wright-Ingle Funds to make awards to successful Oxbridge candidates. From 2021 the award will be available to OMs from Malvern College UK or its sister schools abroad.

The Alan Duff Memorial Fund was set up in 1989 to help pupils to take part in sporting or other worthwhile scientific or educational activities which they would not otherwise be able to afford.

The James Cox Scholarship was set up in 2003 to fund an award made for all-round excellence (not just academic) to a pupil on entry to The Downs (ex-Hillstone) year 7 (whether from within the Downs or not) tenable for seven years through to the U6.

The Society also manages the following Restricted Funds:

The Colin Nicholls Memorial Fund was set up in 1988 to help pupils to take part in educational trips.

The Running Track Fund is a project not pursued by the College in recent years. The funds are being held until such time as Malvern College wishes to move ahead with the project.

Bursaries/ Assisted Places is income received from the Gryphon Fund that is granted to the college on an annual basis.

The Bridge Fund is in support of Bridge activities at the College, to promote the game of Bridge amongst pupils and staff.

30

MALVERNIAN SOCIETY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

23 Restricted funds (continued)

House No. 9 Fund is in support of small projects in House No. 9, to be used at the Housemaster’s discretion.

The Chapel Sound System Fund is to enhance the College Chapel Sound System. This project was part of the 2015 Annual Fund campaign.

The Chapel Organ Fund is to be used for the Chapel organ.

The CTM Dunn Fund is an Assisted Places scheme which aims to provide financial support to pupils, who might not otherwise be able to come to Malvern.

The Music Department Fund is in support of the Music Department to be used at the discretion of the Head of Department.

The Steinway Fund is to support the College in purchasing instruments to become an "All Steinway School".

Theatre Funds are held for the renovation of Malvern College's Rogers Theatre.

The Richard Nieper Art Scholarship Fund is in memory of Richard Nieper (Old Malvernian) to support an Art Scholarship which is designed to enable Arts candidates to come to Malvern College who may not otherwise be able to do so. To be awarded to pupils who show outstanding talent or potential talent, predominantly in Fine Art. The fund is envisaged to be spent down over a period of ten years.

The Blumenau Lecture Series Fund is to support an annual lecture on European History at the College.

The George Sayer Fellow Fund was established to recognise George Sayer's inspirational teaching. The Fund is used to allow the English Department to invite writers to the College on an annual basis to work with the pupils.

Outdoor Pursuits - a fund received and full disbursed in the year to further outdoor pursuits at the College.

The Clark Scholarship Award was created in 2019 in honour of the former Headmaster, Antony Clark. From 2020 the award will be given to an academically strong Sixth Form candidate from a family whose financial circumstances would not normally allow them to consider Malvern. A boarder and a day pupil are chosen in alternate years.

The Michael McNevin Memorial Fund was created in 2019 in honour of Michael McNevin, former Housemaster of No.2. The Fund is to support improvements to No.2. and Cwm Llwch.

The Rachael Heyhoe Flint Award was created by Ben Flint in memory of his mother. The fund is awarded annually to promising girl cricketers on entry to the College.

Observatory: The College already has a good telescope; however, because it has no permanent 'home', it needs setting up, i.e. aligning with the stars and dismantling every time it is used. As this takes a good hour at the start and end of a session, it is used only infrequently. The College has decided to house the telescope within a refurbished observatory, so it will be set up permanently and left in place, allowing our pupils and staff to use it much more frequently. Astronomy in school is introduced in the Foundation Year. II is part of the IGCSE syllabus for the Hundred as well as an option in the IB syllabus.

Cricket Nets: Malvern College has a distinguished record in cricket providing county and national teams with quality players since the early years of the 20th century. In recent years, Malvern cricket has seen the benefits of a partnership with Worcestershire County Cricket Club whereby the county coaches seek to draw talented young cricketers into their academy, and the growth of girls' cricket has further enriched Malvern's reputation as a crucible of cricketing talent. The College has commissioned ELS to provide four new practice nets and Durantcricket to install their industry-leading 'Dream Netting System' replacing the temporary nets with 10 retractable nets.

31

MALVERNIAN SOCIETY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

23 Restricted funds (continued)

The Golf Facilities Fund is to be used for improvements to the College's golf facilities.

Hardship Fund: The Covid-19 pandemic is affecting us all, and there are Malvern families who have fallen on hard limes financially as a direct result of the current crisis. The Society has promised to support the College as much as possible by raising funds for the Hardship Fund through our generous donors, so that we can assist those families whose children would otherwise have to leave Malvern College.

Capital Restricted Prize Funds

The Richard Smith Physics Prize is to be awarded annually to the top Physics student in the U6.

Restricted Prize Funds

The following Restricted Endowments (Permanent) Prize Funds have associated Restricted Funds:

The James Greenwood Architecture Prize is a prize for a piece of work by a pupil showing study and understanding of some aspect of Architecture. The work should be concerned with the aesthetics of Architecture and not primarily with social or technical aspects. From 2020 a £300 grant will be offered every two years to a pupil nominated by the Headd of Art to travel to study architecture (classical or modern).

The Toovey Art Prize is an annual prize for the best sketch or drawing from nature by an art student. In 2020 a one-off £300 grant will be awarded to a pupil nominated by the Head of Art to travel to study art (classical or modern).

The Berridge Chemistry Prize is for proficiency in the study of Chemistry. From 2021 £60 is to be awarded to the candidate with the highest score at Chemistry A level or 1B.

The HW Smith Exhibition is awarded by examination or otherwise to a pupil or pupils in the Classical Fifth Form at the College for excellence in Classical Studies or English Literature, excluding History. To be means-tested at the Headmaster's discretion. Any unspent income to be added to the capital.

The Wheeler Bennett History Prize is awarded for the best essay(s) on European or General, but not English History. From 2021 £100 will be awarded to the candidate with the highest score at History A level or 1B.

The James Richford Cricket Prize is awarded to the pupil who has shown the greatest improvement in cricket in the course of the season.

The Photographic Prize is awarded to a pupil for outstanding achievement in Photography.

The RH Farrar Mathematical Prize is awarded to a pupil for outstanding achievement in Mathematics.

The RW Manly Backstage Prize is awarded to the pupil who has made an outstanding contribution to backstage theatre work.

Prize Funds is an amalgamation of many small prize funds. These prizes are distributed annually. The RK Blumenau Philosophy Prize is awarded to the most outstanding pupil in ~Philosophy. The Roger Short Prize is awarded to pupils submitting the best IB Extended Essay.

The R H Cobb Mathematical Prize is awarded to a pupil for outstanding achievement in Mathematics. The Matthew Hind Golf Prize is awarded to a pupil for outstanding achievement in Golf.

The Arvid Pardo Statistics Prize is awarded to one A level and one IB pupil for outstanding achievement in Statistics.

32

MALVERNIAN SOCIETY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

24 Designated funds

The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:

Scholarship
Prior year
Scholarship		 Balance at
Income
Expenditure
Transfers
Investment
Balance at
1 August
Gains/
31 July
2020
losses
2021
£
£
£
£
£
£
2,322,390
90,816
(14,928)
-
253,171
2,651,449
Balance at
Income
Expenditure
Transfers
Investment
Balance at
1 August
Gains/
31 July
2019
losses
2020
£
£
£
£
£
£
2,210,778
87,018
(14,308)
-
38,902
2,322,390

The Scholarship Fund fulfils the purpose of providing grants to Malvern College. It is viewed as a permanent investment, the income from which will be used to fully fund education at Malvern College where circumstances are deserving of the same

25 Analysis of net assets between funds

Fund balances at 31 July 2021
Tangible assets
Investments
Current assets / (liabilities)
Prior year
Fund balances at 31 July 2020
Tangible assets
Investments
Current assets / (liabilities)		 Unrestricted
Designated
Restricted
Endowment
Total
funds
funds
funds
funds
£
£
£
£
£
6,056,300
-
-
-
6,056,300
1,872,718
2,488,432
2,262,166
259,813
6,883,129
1,092,756
163,017
2,035,385
21,764
3,312,922
9,021,774
2,651,449
4,297,551
281,577
16,252,351
Unrestricted
Designated
Restricted
Endowment
Total
funds
funds
funds
funds
£
£
£
£
£
4,656,454
-
844,846
-
5,501,300
1,260,340
2,235,261
2,047,634
234,806
5,778,041
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

26 Related party transactions

Remuneration of key management personnel The remuneration of key management personnel is as follows:

Aggregate remuneration 2021
2020
£
£
70,196
70,795

During the year the Charitable Company received services to the value of £6,000 (2020 - £6,500) from Social Bubble, an entity in which S Godsland, wife of the Operations Director has an interest.

33

MALVERNIAN SOCIETY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

27 Cash generated from operation

Surplus for the year
Adjustments for:
Investment income recognised in profit or loss
Fair value gains and losses on investments
Movements in working capital:
(Increase)/decrease in stocks
Decrease/(increase) in debtors
Increase/(decrease) in creditors
Cash generated from operations		 2021
2020
£
£
1,132,053
381,945
(251,472)
(243,542)
(699,201)
(102,058)
(136)
903
12,730
(10,672)
496
(10,590)
194,470
15,986

28 Analysis of changes in net funds

The Society had no debt during the year.

34