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2024-07-31-accounts

Registered Charity Number: 527573

Registered Company Number: 00213672

MALVERNIAN SOCIETY LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

MALVERNIAN SOCIETY LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 JULY 2024

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: T D Straker KC (Elected 03/24)
Chairman: T D Straker KC (03/24 – 03/27)
Elected: A S Afolabi (03/23 – 03/26)
J C F Barwell (03/23 – 03/26)
M Edwards (03/24 – 03/27)
C Fairchild (06/18 – 06/24)
J M J Havard (03/24 – 03/27)
A R Higgins (03/24 – 03/27)
W Maguire (11/21 – 02/25)
R Connell (03/23 – 03/26)
S Hooper (03/23 – 03/26)
Ex-Officio: A K Metcalfe (Headmaster from 01/04/19)
Nominated: J J W E Major (nominated by Common Room 03/23)
Vice-Presidents: H C K Carson
P J Cartwright
A R Clark
R de C Chapman
M C Frayn
P C U Jagger
Lord Maclaurin of Knebworth DL
H M Robinson
J A Staniforth
Clerk to the Trustees: R A M Breare
Secretary: R A M Breare
Charity number: 527573
Company number: 00213672
Other names: The Society reserves the right to use the title “The Malvern College
Foundation”

MALVERNIAN SOCIETY LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

Registered & Principal Office: Malvern College
College Road
Malvern
Worcestershire
WR14 3DF
Independent Auditor: Crowe U.K. LLP
4th Floor, St James House
St James Square
Cheltenham
Gloucestershire
GL50 3PR
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 – 7
Independent auditor’s report ………………………………………………………………………….. 8 – 10
Statement of financial activities ………………………………………………………………………. 11 – 12
Balance sheet ………………………………………………………………………………………….. 13
Statement of cash flows ………………………………………………………………………………. 14
Notes to the accounts …………………………………………………………………………………. 15 – 33

MALVERNIAN SOCIETY LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 JULY 2024

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 2024.

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:

Promote the work, and assist in the carrying on, of education at Malvern College or similar establishments, and,

Assist in cases of need, for training, entry into any profession or trade, or to pursue research work or take postgraduate courses.

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 international schools 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.

Following review of the overall strategy of the Malvern College Family of Schools, on 21 October 2024 the Trustees of the Society approved the transfer by gift of the Society’s tangible assets and investments to the College. The transfers took place within October and November. The Society will continue to accept donations and legacies.

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

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MALVERNIAN SOCIETY LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

the local Malvern community. The most recent project, the refurbished Rogers Theatre is also available to local schools and organisations for free or at a reduced rate.

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

The Malvernian Society, Malvern College’s philanthropy arm, is fortunate to receive ongoing financial support from a range of donors, including Old Malvernians/Alumni, current and former parents, and other Friends of Malvern College. These philanthropic gifts enable the Society to fulfil its charitable objects and to support Malvern College with its strategic plans.

We continue to be in touch with ‘cornerstone’ prospective donors, who we believe have the capacity to support the Malvernian Society in a substantial way. Planned legacy giving also remains a crucial part of our work, resulting in an all-time high of legacies under management.

As the Engagement arm of the Malvernian Society continues to deliver on our promise that a relationship with Malvern College is for life, a vibrant events programme was delivered with some new initiatives.

We are proud of our truly international community, with Old Malvernians and Ellerslie Old Girls living in 92 countries, across six continents. The Society is continually working to create opportunities for our global alumni and the Headmaster and Malvernian Society team visited Milan in November 2023 where they hosted 33 OMs and parents at a reception. The aim is to ensure our overseas alumni continue to feel connected to the College wherever they are located and, to that end, the Society also encourages in-country gatherings.

We keep connected with our alumni through digital communications – social media channels, website, and email – as well as events and reunions, and our professional networking website, OM Connect.

This year has seen a fantastic selection of events delivered by the Malvernian Society. There was a good show for reunions including School House, 10 Years, 50 Years and No.2. Commemoration entered its third year in its new format with the AGM, Chapel, Lunch and fiercely fought OM matches against the College.

A particularly enjoyable highlight was the return of Dominic Sandbrook (1.88-93) who delivered the Ralph Blumenau Lecture in May. His subject was ‘Britain’s Top 10 Prime Ministers’, choosing Sir Robert Walpole as his number one.

In addition to our social events, OMs continue to give their time to Malvern College, with 12 OMs returning to inspire pupils at the annual Careers Evening. Many more OMs have offered their time to support pupils with careers advice outside the Careers Evening.

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MALVERNIAN SOCIETY LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

We remain grateful for the help and support OMs, EOGs and parents give to the Society and College. What is clear through our engagement efforts, is the affiliation alumni feel with the College; their warmth and affection is all-encompassing and something the Society seeks to capitalise on through its fundraising efforts.

The 12 clubs and societies within the Malvernian Society have had a busy year.

Highlights included

A calendar highlight was the second OM Club Dinner, held at the Caledonian Club in London in February. The evening was attended by nearly 100 OMs, with several OM Clubs represented. Our Guest Speaker for the occasion was David Nash (7.94-96) former professional cricketer and entrepreneur who gave a highly entertaining after dinner speech.

Fundraising

The Malvernian Society is registered with the Fundraising Regulator. There have been no issues of noncompliance nor any complaints in 2023-24. 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.

Financial review

As noted within the Future Plans section below, the Trustees of the Society have approved the transfer by gift of the Society’s tangible assets and investments to the College, which took place after the year-end. The Society will continue to operate and accept donations and legacies. 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 £1,160,108 (2023 - £1,089,888), including gifts in kind from Malvern College amounting to £350,000 (2023: £350,000), in respect of staff time and other resources used by the Society for the benefit of the College. Total expenditure was £1,162,319 (2023 - £663,540), of which grants awarded to the College amounted to £742,275 (2023 - £249,339); thereby continuing our support to the College. There was a profit on investments during the year of £586,885 (2023 – loss of £135,147). This resulted in net income of £584,674 in 2023-24 (2022-23 – £291,201).

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MALVERNIAN SOCIETY LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

The company follows accounting guidelines on the present market value of property, which resulted in an increase of £60,000 (2023 – decrease of £70,000). Including the profit on investments of £586,885 (2023 – loss of £135,147), total funds increased to £17,395,761 (2023 - £16,751,087).

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 £3,311,145 (2023 - £3,024,510) 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 and expeditions.

As noted elsewhere, in 2024-25 the funds currently within the Society will be held within Malvern College. The College will continue to review the 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 College to expand the level of support to a wider demographic.

Total reserves at 31 July 2024 amounted to £17,395,761 (2023 - £16,751,087). Of this, £293,906 (2023 - £271,051) is permanently endowed, £3,691,622 (2023 - £3,137,309) is restricted in nature, £3,311,145 (2023 - £3,024,510) has been designated by the trustees for specific purposes (as described in the notes to the accounts) leaving £10,099,088 (2023 - £10,318,217) 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, £1,608,640 (2023 - £1,936,670) is freely available for use by the Society.

Reserves Policy

Although operating costs, including staffing requirements, are now borne by Malvern College, recently as a Gift in Kind to the Society, we have still been committed to maintaining a practical working balance of Free Reserves consistent with these operating costs and our ability to have available funds to support shorter term College requirements. The Reserves Policy has allowed us to achieve a minimum balance as required by current accounting regulations. The Trustees determined a policy of maintaining one year’s equivalent of operating costs, as referred to above, 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 without causing interference to our aims. The level of reserves required was £400,000. Following the transfer of assets to the College after the year-end, the required level of reserves will be reviewed by the College as part of its own policy.

An analysis of reserves is given in the Financial Review section of this report and at 31 July 2024, free reserves (that is those reserves not represented by restricted funds or tangible fixed assets) were £6,728,933 (this includes designated funds of £3,311,145). The level of free reserves was in excess of the reserves policy of £400,000, which was therefore available for the fulfilment of the Society’s charitable aims. As a grant making charity, the Society relies on its investments (which are unrestricted in nature) to generate investment income which allows this.

Investment Policy

The Society has adopted a cautious investment policy in order to preserve funds for both immediate and future use, as directed by donors. Our annual disbursement plan was 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'. These funds were transferred to Malvern College after the year-end.

The trustees are confident with the policy adopted and investments have increased in value this year by £586,885 (2023 – decreased by £135,147). The dividends and interest received amounted to £234,751 (2023 - £194,679). This is a net surplus position of £821,636 (2023 – £59,532). Following the transfer to the College after the yearend, the College will continue to work closely with the investment managers.

Plans for Future Periods

Our fundraising priorities for the year ahead are as follows:

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MALVERNIAN SOCIETY LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

Transformational Bursaries (formerly Assisted Places)

Our goal is to raise an endowment fund capable of funding 10 pupils on 110% support in perpetuity and therefore to raise at least £15 million for 10 new, fully-funded Transformational Bursaries over the next 10 years. This is just our immediate ambition; the vision of the College’s Headmaster and Senior Management Team goes much beyond that.

Long-term, we want Malvern College to be a place where any able and talented pupil can come, regardless of their financial background.

Sustainability

A recent new fundraising focus has been the creation of a new ‘Green Fund’, to assist the College with various new sustainability initiatives going forwards. We believe that the fund will attract a considerable amount of support, also given that a substantial number of our Alumni and other stakeholders work in the field of sustainability.

Music School Project

We continue to fundraise for the College’s Music School project which will aim to create:

The Music School Project is the second phase of our overall ‘Music @ Malvern’ initiative – the first one being the acquisition of our ‘All-Steinway School’ status.

Both the Society and Malvern College are extremely grateful to all Old Malvernians, parents and Friends of the College who support the Society financially, whether through immediate philanthropic gifts or through their legacy planning.

Looking ahead:

  1. Continue to develop face-to-face events so more OMs and EOGs wherever they are in the world are encouraged to meet in person, whether formally or informally

  2. Complete the work to improve our digital presence including new website and transfer the professional networking platform to LinkedIn

  3. Complete the updating of OM merchandise offer

  4. Complete digitisation of the Archive which will allow us to celebrate the heritage of Malvern College more widely across the community

Following review of the overall strategy of the Malvern College Family of Schools, on 21 October 2024 the Trustees of the Society approved the transfer by gift of the Society’s tangible assets and investments to the College. The transfers took place within October and November. The Society will continue to accept donations and legacies.

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. This falls under the remit of the College’s Chief Operating Officer, who reports directly to the Board of Trustees.

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MALVERNIAN SOCIETY LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

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

As at 31 July 2021, 5 members of staff TUPE transferred from the Malvernian Society to Malvern College. Associated costs are incurred by the College as a gift in kind.

These 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.

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. See note 25 for more details on related party transactions.

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 those key personnel employed by Malvern College that work on the Society’s activities, 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

Crowe U.K. LLP is the appointed auditor for the year ended 31 July 2024.

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MALVERNIAN SOCIETY LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

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.

Statement of Trustees’ Responsibilities

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.

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

9 November 2024

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MALVERNIAN SOCIETY LIMITED

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

Opinion

We have audited the financial statements of the Malvernian Society Limited for the year ended 31 July 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including 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 twelve 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 trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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 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.

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MALVERNIAN SOCIETY LIMITED

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE 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 our audit:

Matters on which we are required to report by exception

In light of the knowledge and understanding of the charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report included within the trustees’ 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 trustees’ responsibilities statement set out on page 7, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the 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 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 charitable 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 section 144 of the Charities Act 2011 and under the Companies Act 2006 and report in accordance with the Acts 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.

Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and noncompliance with laws and regulations are set out below.

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

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MALVERNIAN SOCIETY LIMITED

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

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory frameworks within which the charitable company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, the Charities Act 2011 with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company for fraud. The laws and regulations we considered in this context were General Data Protection Regulation (GDPR), Anti-Fraud, Bribery and Corruption Legislation.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the override of controls by management. Our audit procedures to respond to these risks included enquiries of management and the Board about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing noncompliance and cannot be expected to detect non-compliance with all laws and regulations.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body and the charitable company’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Guy Biggin (Senior Statutory Auditor) for and on behalf of

Crowe U.K. LLP

Statutory Auditor

4[th] Floor, St James’ House, St James’ Square, Cheltenham, Gloucestershire GL50 3PR

Date: 17 December 2024

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MALVERNIAN SOCIETY LIMITED

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING THE INCOME AND EXPENDITURE STATEMENT) FOR THE YEAR ENDED 31 JULY 2024

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 expenditure
Net gains / (losses) on investments
12
Net income before transfers
Gross transfers between funds
13
Net (expenditure) / income
Other recognised gains and losses
Revaluation of tangible fixed assets
15
Net movement in funds
Fund balances at 1 August 2023
24
Fund balances at 31 July 2024
24		 Unrestricted
Unrestricted
Restricted
Endowment
Total
Total
funds
funds
funds
funds
general
designated
2024
2024
2024
2024
2024
2023
£
£
£
£
£
£
407,483
-
444,633
-
852,116
822,636
11,391
-
-
-
11,391
11,075
175,217
87,812
32,545
1,027
296,601
256,177
594,091
87,812
477,178
1,027
1,160,108
1,089,888
1,883
15,064
20,476
883
38,306
38,090
381,738
499,500
242,775
-
1,124,013
625,450
383,621
514,564
263,251
883
1,162,319
663,540
38,901
213,887
311,386
22,711
586,885
(135,147)
249,371
(212,865)
525,313
22,855
584,674
291,201
(528,500)
499,500
29,000
-
-
-
(279,129)
286,635
554,313
22,855
584,674
291,201
60,000
-
-
-
60,000
(70,000)
(219,129)
286,635
554,313
22,855
644,674
221,201
10,318,217
3,024,510
3,137,309
271,051
16,751,087
16,529,886
10,099,088
3,311,145
3,691,622
293,906
17,395,761
16,751,087

The statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 15 to 33 form part of these financial statements.

11

MALVERNIAN SOCIETY LIMITED

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING THE INCOME AND EXPENDITURE STATEMENT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

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 expenditure
Net gains on investments
12
Net income / (expenditure)
before transfers
Gross transfers between funds
13
Net income / (expenditure)
Other recognised gains and losses
Revaluation of tangible fixed assets
15
Net movement in funds
Fund balances at 1 August 2022
Fund balances at 31 July 2023
24		 Unrestricted
Unrestricted
Restricted
Endowment
Total
funds
funds
funds
funds
general
designated
2023
2023
2023
2023
2023
£
£
£
£
£
388,902
-
433,734
-
822,636
11,075
-
-
-
11,075
138,995
83,879
32,285
1,018
256,177
538,972
83,879
466,019
1,018
1,089,888
1,873
14,979
20,360
878
38,090
378,115
-
247,335
-
625,450
379,988
14,979
267,695
878
663,540
(11,471)
(49,793)
(68,479)
(5,404)
(135,147)
147,513
19,107
129,845
(5,264)
291,201
-
-
-
-
-
147,513
19,107
129,845
(5,264)
291,201
(70,000)
-
-
-
(70,000)
77,513
19,107
129,845
(5,264)
221,201
10,240,704
3,005,403
3,007,464
276,315
16,529,886
10,318,217
3,024,510
3,137,309
271,051
16,751,087

The statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 15 to 33 form part of these financial statements.

12

MALVERNIAN SOCIETY LIMITED

BALANCE SHEET AS AT 31 JULY 2024

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
21
Restricted funds
General restricted funds
22
Unrestricted funds
Designated funds
23
General unrestricted funds
Revaluation reserve
15
24		 2024
£
£
6,681,300
7,015,299
13,696,599
20,823
106,033
3,598,231
3,725,087
(25,925)
3,699,162
17,395,761
293,906
3,691,622
3,311,145
3,474,683
6,624,405
13,410,233
17,395,761		 2024
£
£
6,681,300
7,015,299
13,696,599
20,823
106,033
3,598,231
3,725,087
(25,925)
3,699,162
17,395,761
293,906
3,691,622
3,311,145
3,474,683
6,624,405
13,410,233
17,395,761		 2023
£
£
6,611,300
6,428,414
13,039,714
13,998
195,761
3,526,187
3,735,946
(24,573)
3,711,373
16,751,087
271,051
3,137,309
3,024,510
3,753,812
6,564,405
13,342,727
16,751,087		 2023
£
£
6,611,300
6,428,414
13,039,714
13,998
195,761
3,526,187
3,735,946
(24,573)
3,711,373
16,751,087
271,051
3,137,309
3,024,510
3,753,812
6,564,405
13,342,727
16,751,087
13,696,599
3,699,162		 13,039,714
3,711,373
3,725,087
(25,925)		 3,735,946
(24,573)
3,311,145
3,474,683
6,624,405		 3,024,510
3,753,812
6,564,405
17,395,761 16,751,087
293,906
3,691,622
13,410,233		 271,051
3,137,309
13,342,727
17,395,761 16,751,087

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 and authorised for issue by the Trustees on 9 November 2024.

T D Straker, Chairman Company Registration No. 00213672

The notes on pages 15 to 33 form part of these financial statements.

13

MALVERNIAN SOCIETY LIMITED

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2024

Notes
Cash flows from operating activities
Cash used in operations
26
Investing activities
Donation of tangible fixed assets
Investment income and rental income received
Net cash provided by investing activities
Net increase in cash and cashequivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2024
£
£
(214,557)
(10,000)
296,601
286,601
72,044
3,526,187
3,598,231		 2024
£
£
(214,557)
(10,000)
296,601
286,601
72,044
3,526,187
3,598,231		 2023
£
£
(35,092)
-
256,177
256,177
221,085
3,305,102
3,526,187		 2023
£
£
(35,092)
-
256,177
256,177
221,085
3,305,102
3,526,187
72,044
3,526,187		 221,085
3,305,102
3,598,231 3,526,187

The notes on pages 15 to 33 form part of these financial statements.

14

MALVERNIAN SOCIETY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

1 Accounting policies

Company information

The Malvernian Society Limited, charity number 527573 and company number 00213672, is a charity and private company limited by guarantee incorporated in England and Wales. The company is registered in England and its registered office is 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, the Charities Act 2011 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 £.

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

Going concern

As noted above, the Trustees of the Society have approved the transfer by gift of the Society’s tangible assets and investments to the College, which took place after the year-end. The Society will continue to operate and accept donations and legacies. At the time of approving the financial statements, 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.

Charitable funds

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

Designated funds comprise unrestricted funds that have been set aside by the Trustees for scholarships.

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.

Income

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.

Income except donations and legacies, are included on a receivable basis, i.e. they are recognised in the period in which they are receivable, e.g. rental income.

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.

The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Society has sufficient evidence that a gift has been left to it (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy is recognised when it is probable that it will be

15

MALVERNIAN SOCIETY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

1 Accounting policies (continued)

received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Society, can be reliably measured. Recognition is therefore made on the production of estate accounts.

In a small number of cases, for small legacies, estate accounts cannot be obtained. In this situation recognition is made when the receipt of the income is certain.

Expenditure

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 flows 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.

16

MALVERNIAN SOCIETY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

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 measured at transaction price including transaction costs 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.

Basic financial liabilities

Basic financial liabilities, including trade creditors, other creditors and accruals are initially recognised at transaction price.

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 at transaction price and settlement amount.

Pension costs

In the prior year the Society made payments to pension schemes operated by Malvern College with fixed contributions being paid into these schemes by the Society. Once the payments had been made the Society had no further payment obligations.

The contributions were recognised as an expense in the Statement of Financial Activities when they fell due. Amounts not paid were 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 estimates 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.

The Society carries its freehold land and buildings at fair value, with changes in fair value being recognised in the SOFA. Fair value is determined by independent valuation specialists as stated in note 14.

17

MALVERNIAN SOCIETY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

3 Donations and legacies

Donations and gifts
Legacies receivable
Donations and gifts
Donations
Tax recoverable
Year ended 31 July 2023		 Unrestricted
Restricted
Endowment
Total
Total
funds
funds
funds
general
2024
2024
2024
2024
2023
£
£
£
£
£
404,983
517,112
-
922,095
592,331
2,500
(72,479)
-
(69,979)
230,305
407,483
444,633
-
852,116
822,636
395,358
445,904
-
841,262
570,108
9,625
71,208
-
80,833
22,223
404,983
517,112
-
922,095
592,331
374,576
217,755
-
592,331

In 2023 a legacy was accounted for on the basis of estate accounts prepared by solicitors, which were subsequently found to be incorrect. The reduction based on the correct estate accounts has resulted in a negative legacies amount within the year. 4 Other trading activities

OM Trading UnrestrictedUnrestricted
funds
funds
general
general
2024
2023
£
£
11,391
11,075

5 Investments

Rental income
Income from listed investments
Investment management credits
Interest receivable
Year ended 31 July 2023		 Unrestricted Unrestricted
Restricted
Endowment
Total
Total
funds
funds
funds
funds
general
designated
2024
2024
2024
2024
2024
2023
£
£
£
£
£
£
19,500
-
-
-
19,500
19,500
113,184
70,296
8,738
-
192,218
178,542
-
17,516
23,807
1,027
42,350
41,998
42,533
-
-
-
42,533
16,137
175,217
87,812
32,545
1,027
296,601
256,177
138,995
83,879
32,285
1,018
256,177

6 Raising funds

Investment management
Year ended 31 July 2023		 Unrestricted Unrestricted
Restricted
Endowment
Total
Total
funds
funds
funds
funds
general
designated
2024
2024
2024
2024
2024
2023
£
£
£
£
£
£
1,883
15,064
20,476
883
38,306
38,090
1,873
14,979
20,360
878
38,090

18

MALVERNIAN SOCIETY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

7 Charitable activities

Postage
Printing and stationery
Events
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
Unrestricted funds - designated - grant funding expenditure
Restricted funds - grant funding expenditure
8
Grants payable
Grants to institutions:
Unrestricted
Malvern College - Defribrillator
Malvern College - Sport
Malvern College - Volunteering
OM Clubs
Restricted
Malvern College Centenary Appeal Fund
Assisted Places
Assisted Places (Hayter)
The Capt. H L Grant Fund
Marston-Riley Scholarship
CTM Dunn
Shand-Kydd Special Fund
Chesterton Cricket Award
Steinway
James Cox Scholarship
Assisted Places (Bowtell)
Rachael Heyhoe-Flint
Rackets
Clark Scholarship
Dubai Cricket Tour
South Africa Rugby Tour
Cricket Sight Screens
Outdoor Pursuits
Memorial Library Sixth Form Centre
The Grub		 2024
2023
£
£
23
(23)
762
(6)
22,000
22,003
22,785
21,974
747,155
249,339
343,903
339,969
10,170
14,168
1,124,013
625,450
381,738
378,115
499,500
-
242,775
247,335
1,124,013
625,450
2024
2023
£
£
1,004
1,000
500
-
4,380
-
91,800
83,850
4,799
8,402
31,650
30,000
3,750
-
1,660
1,660
23,325
21,480
500
500
4,000
2,000
17,000
-
1,000
1,000
-
20,000
2,000
2,000
-
500
40,787
74,843
-
1,000
-
100
5,175
-
14,829
-
250,000
-
250,000
-
747,155
249,339

8 Grants payable

19

MALVERNIAN SOCIETY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

9 Support costs

Staff costs
Audit fees
Office expenses
Bank charges
Year ended 31 July 2023
Analysed between
Charitable activities		 Support
Governance
2024
2023
costs
costs
£
£
£
£
295,000
-
295,000
295,000
-
10,170
10,170
14,168
47,269
-
47,269
42,358
1,634
-
1,634
2,611
343,903
10,170
354,073
354,137
339,969
14,168
354,137
343,903
10,170
354,073
354,137

10 Trustees

None of the Trustees (or any persons connected with them) received any remuneration during the year or prior year. No expenses were reimbursed to trustees during the year (2023 - £Nil).

11 Employees

Employment costs (gift in kind from Malvern College)

Wages and salaries 2024
2023
£
£
295,000
295,000
295,000
295,000

As described in the Trustees’ Report, the staff previously employed by the Society were transferred to Malvern College, and are paid through that entity.

There was one employee included within the above gift in kind whose annual remuneration was between £60,001 and £70,000 (2023: Nil).

20

MALVERNIAN SOCIETY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

12 Net gains / (losses) on investments

Revaluation of investments
Year ended 31 July 2023		 Unrestricted Unrestricted
Restricted
Endowment
Total
Total
funds
funds
funds
funds
general
designated
2024
2024
2024
2024
2024
2023
£
£
£
£
£
£
38,901
213,887
311,386
22,711
586,885
(135,147)
(11,471)
(49,793)
(68,479)
(5,404)
(135,147)

13 Transfers

£499,500 was transferred from general unrestricted funds into designated unrestricted funds, for the Memorial Library and The Grub projects, as a total of £500,000 had been pledged for this from the Society.

£29,000 was transferred from unrestricted funds into the restricted fund for the Nieper Art Scholarship, equating to an estimate of the return that would have been earned had the funds been invested. (2023 – no transfers).

14 Tangible fixed assets

Cost or valuation
At 1 August 2023
Additions
Revaluation
Al 31 July 2024
Carrying amount
Al 31 July 2024
At 31 July 2023		 Freehold
land
Collectables
Organ
Total
And
buildings
£
£
£
£
6,605,000
6,300
-
6,611,300
-
-
10,000
10,000
60,000
-
-
60,000
6,665,000
6,300
10,000
6,681,300
6,665,000
6,300
10,000
6,681,300
6,605,000
6,300
-
6,611,300

The freehold land and buildings were valued at £6,665,000, by Colin Townsend MRICS of John Goodwin Chartered Surveyors, as at 31 July 2024. The Society has adopted the policy of revaluing its freehold land and buildings in accordance with current Financial Reporting Standards.

At 31 July 2024, had the revalued assets been carried at historic cost less accumulated depreciation and accumulated impairment losses, their carrying amount would have been approximately £350,000 (2023 - £360,000).

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.

In 2023 an organ was received via a legacy from the estate of Ben Crick. This was specified to be held by the Society and to be used for the benefit of Malvern College.

21

MALVERNIAN SOCIETY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

15 Revaluation of fixed assets

Revaluation in year to 31 July 2023
Revaluation in year to 31 July 2024		 Unrestricted
Restricted
Total
funds
funds
general
£
£
£
(70,000)
-
(70,000)
60,000
-
60,000

16 Fixed asset investments

Cost or valuation
At 31 July 2023
Additions
Valuation changes
At 31 July 2024
Carrying amount
At 31 July 2024
At 31 July 2023		 Listed
Investments
£
6,428,414
-
586,885
7,015,299
7,015,299
6,428,414

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.

17 Financial instruments

2024 2023
£ £
Carrying amount of financial assets
Measured at fair value 7,015,299 6,428,414

Financial assets measured at fair value through the profit and loss comprise fixed asset investments.

22

MALVERNIAN SOCIETY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

18 Stocks
Goods for resale
19 Debtors
Trade debtors
Prepayments and accrued income
20 Creditors: amounts falling due within one year
Trade creditors
Other creditors
Accruals and deferred income		 2024
2023
£
£
20,823
13,998
2024
2023
£
£
310
1,501
105,723
194,260
106,033
195,761
2024
2023
£
£
-
1,278
-
8,851
25,925
14,444
25,925
24,573

21 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.

23

MALVERNIAN SOCIETY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

21 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
2023
2024
£
£
£
£
£
2,973
-
-
224
3,197
32,133
-
-
2,419
34,552
12,165
-
-
915
13,080
742
-
-
56
798
1,156
-
-
87
1,243
2,126
-
-
160
2,286
874
-
-
668
1,542
1,831
-
-
1,399
3,230
48,642
-
-
1,796
50,438
1,669
-
-
126
1,795
30,861
-
-
2,322
33,183
103,697
784
(674)
9,570
113,377
32,182
243
(209)
2,969
35,185
271,051
1,027
(883)
22,711
293,906

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
2021
2023
£
£
£
£
£
3,033
-
-
(60)
2,973
32,781
-
-
(648)
32,133
12,410
-
-
(245)
12,165
757
-
-
(15)
742
1,179
-
-
(23)
1,156
2,169
-
-
(43)
2,126
1,053
-
-
(179)
874
2,206
-
-
(375)
1,831
49,123
-
-
(481)
48,642
1,703
-
-
(34)
1,669
31,483
-
-
(622)
30,861
104,909
777
(670)
(1,319)
103,697
33,509
241
(208)
(1,360)
32,182
276,315
1,018
(878)
(5,404)
271,051

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.

24

MALVERNIAN SOCIETY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

22 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
2023 losses 2024
£ £ £ £ £ £
Restricted endowments
(permanent)
Centenary Appeal
Fund 1,593,461 (49,910) (107,558) - 241,390 1,677,383
Capt. HL Grant 418,363 3,162 (6,469) - 38,609 453,665
Chesterton Cricket
Award 65,939 513 (4,442) - 6,270 68,280
Bishop John &
Arthur Mort Bursary 60,788 459 (395) - 5,610 66,462
Blake Dunbar Music
Scholarship 50,060 378 (325) - 4,620 54,733
Marston Riley
Scholarship 51,976 405 (2,009) - 4,950 55,322
Restricted funds
Shand-Kydd Special
Fund 29,163 929 (500) - - 29,592
EH Moss Exhibition 1,031 352 - - - 1,383
Gwynne Jones
Exhibition 753 257 - - - 1,010
Wright Ingle
Exhibition 1,577 538 - - - 2,115
Heath Harrison
Exhibition 32,814 691 - - - 33,505
AR Duff Memorial
Fund 10,722 893 - - - 11,615
James Cox
Scholarship 16,878 135 (1,116) - 1,650 17,547
CW Nicholls
Memorial Fund 15,622 - - - 1,749 17,371
Running Track Fund 5,105 - - - - 5,105
Bursaries/Assisted
Places 60,333 71,494 (4,799) - - 127,028
Assisted Places
(Bowtell) 3,030 - - - - 3,030
Assisted Places
(Hayter) 92,626 31,211 (31,650) - - 92,187
Bridge Fund 1,365 - - - - 1,365
Chapel Sound
System 4,147 250 - - - 4,397
Chapel Organ 3,130 - - - - 3,130
CTM Dunn - 23,325 (23,325) - - -
Music Department 502 - - - - 502
Theatre 2,284 - - - - 2,284
Nieper Art Scholarship 83,512 - - 29,000 - 112,512
RKB Lecture Series 23,580 - - - - 23,580
Golf Facilities 1,174 - - - - 1,174
George Sayer
Fellow 7,501 - - - - 7,501
Rackets Fund 1,503 12,625 - - - 14,128
House No.5 Fund 300 - - - - 300

25

MALVERNIAN SOCIETY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

22 Restricted funds (continued)

Clark Scholarship Award
Rachael Heyhoe Flint Award
Hardship
Music School
Digitalisation of Archive
Cricket Sight Screens
Green Fund
South Africa Rugby Tour
Lucy Shepherd
Steinway
Outdoor Pursuits
Lord Ian MacLaurin Sports Fund
House 2
Memorial Library Sixth Form Centre
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
2023
Losses
2024
£
£
£
£
£
£
242,964
5,500
(40,787)
-
-
207,677
8,000
-
(2,000)
-
-
6,000
2,525
-
-
-
-
2,525
20,927
15,014
-
-
-
35,941
6,348
6,630
-
-
-
12,978
175
5,000
(5,175)
-
-
-
111,501
1,050
-
-
-
112,551
25
-
-
-
-
25
50
-
-
-
-
50
-
17,000
(17,000)
-
-
-
-
15,000
(14,829)
-
-
171
-
312,500
-
-
-
312,500
-
13
-
-
-
13
-
500
(500)
-
-
-
3,530
76
-
-
197
3,803
2,026
86
-
-
-
2,112
141
21
-
-
-
162
728
34
-
-
-
762
1,386
62
-
-
-
1,448
1,226
48
-
-
-
1,274
6,414
110
-
-
287
6,811
2,072
37
-
-
96
2,205
12,458
185
-
-
481
13,124
953
11
-
-
29
993
57,212
432
(372)
-
5,280
62,552
4,554
95
-
-
(2)
4,647
1,350
-
-
-
(5)
1,345
3,885
67
-
-
175
4,127
130
-
-
-
-
130
7,490
-
-
-
-
7,490
3,137,309
477,178
(263,251)
29,000
311,386
3,691,622

26

MALVERNIAN SOCIETY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

22 Restricted funds (continued)

Prior year

Balance Income Expenditure Transfers Investment Balance
at 1 August Gains/ at 31 July
2021 losses 2023
£ £ £ £ £ £
Restricted endowments
(permanent)
Centenary Appeal
Fund 1,533,055 213,365 (99,518) - (53,441) 1,593,461
Capt. HL Grant 424,909 3,136 (2,704) - (6,978) 418,363
Chesterton Cricket
Award 67,798 509 (2,439) - 71 65,939
Bishop John &
Arthur Mort Bursary 63,663 456 (393) - (2,938) 60,788
Blake Dunbar Music
Scholarship 49,354 375 (324) - 655 50,060
Marston Riley
Scholarship 55,778 402 (2,007) - (2,197) 51,976
Restricted funds
Shand-Kydd Special
Fund 28,740 923 (500) - - 29,163
EH Moss Exhibition 682 349 - - - 1,031
Gwynne Jones
Exhibition 498 255 - - - 753
Wright Ingle
Exhibition 1,043 534 - - - 1,577
Heath Harrison
Exhibition 32,129 685 - - - 32,814
AR Duff Memorial
Fund 9,836 886 - - - 10,722
James Cox
Scholarship 18,968 134 (1,116) - (1,108) 16,878
CW Nicholls
Memorial Fund 15,466 - - - 156 15,622
Running Track Fund 5,105 - - - - 5,105
Bursaries/Assisted
Places - 68,735 (8,402) - - 60,333
Assisted Places
(Bowtell) 7,405 15,625 (20,000) - - 3,030
Assisted Places
(Hayter) 122,626 - (30,000) - - 92,626
Bridge Fund 1,365 - - - - 1,365
Chapel Sound
System 3,897 250 - - - 4,147
Chapel Organ 3,130 - - - - 3,130
CTM Dunn 2,284 19,195 (21,479) - - -
Music Department 502 - - - - 502
Theatre 2,284 - - - - 2,284
Nieper Art Scholarship 83,512 - - - - 83,512
RKB Lecture Series 23,580 - - - - 23,580
Golf Facilities 1,174 - - - - 1,174
George Sayer
Fellow 7,501 - - - - 7,501
Rackets Fund 1,878 125 (500) - - 1,503
House No.5 Fund 300 - - - - 300

27

MALVERNIAN SOCIETY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

22 Restricted funds (continued)

Clark Scholarship Award
Rachael Heyhoe Flint Award
Hardship
Music School
Dubai Cricket Tour
Digitalisation of Archive
Cricket Sight Screens
Green Fund
South Africa Rugby Tour
Lucy Shepherd
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
2021
losses
2023
£
£
£
£
£
£
312,107
5,700
(74,843)
-
-
242,964
10,000
-
(2,000)
-
-
8,000
2,025
500
-
-
-
2,525
1,500
19,427
-
-
-
20,927
1,000
-
(1,000)
-
-
-
5,000
1,348
-
-
-
6,348
-
175
-
-
-
175
-
111,501
-
-
-
111,501
-
125
(100)
-
-
25
-
50
-
-
-
50
3,508
75
-
-
(53)
3,530
1,941
85
-
-
-
2,026
120
21
-
-
-
141
695
33
-
-
-
728
1,325
61
-
-
-
1,386
1,178
48
-
-
-
1,226
6,382
109
-
-
(77)
6,414
2,061
37
-
-
(26)
2,072
12,403
184
-
-
(129)
12,458
950
11
-
-
(8)
953
59,512
429
(370)
-
(2,359)
57,212
4,507
47
-
-
-
4,554
1,303
47
-
-
-
1,350
3,865
67
-
-
(47)
3,885
130
-
-
-
-
130
7,490
-
-
-
-
7,490
3,007,464
466,019
(267,695)
-
(68,479)
3,137,309

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.

28

MALVERNIAN SOCIETY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

22 Restricted funds (continued)

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.

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 2023 the award was 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 2023 the award was 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 2023 the award was 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.

29

MALVERNIAN SOCIETY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

22 Restricted funds (continued)

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

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.

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 Golf Facilities Fund is to promote golf 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.

The Rackets Fund is to promote the playing of rackets at the College.

The House No.5 Fund is for improvements to the house.

The Clark Scholarship Award was created in 2019 in honour of the former Headmaster, Antony Clark. From 2020 the award has been 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 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.

Hardship Fund: The Malvernian Society is committed to support parents who have unexpectedly fallen on hard times through no fault of their own and to assist those families whose children would otherwise have to leave Malvern College.

Music School: The Society is supporting the redevelopment of the College’s Music School in what is the second phase of the College’s Music@Malvern drive – the first one being to become an All-Steinway School.

Digitalisation of Archive: We continue the digitisation of the Malvernian Society archives and are currently in the process of digitising our printed photo materials so that these will be available to OMs and others in the future, via a searchable digital catalogue.

Cricket Sight Screens: The Society supported the purchase of new revolving ‘flipper’ sight screens for the College’s cricket activities. The screens are based on an innovative technology that quickly ‘flips’ vertical slats from traditional white panels to black, for white-ball matches. This creates a screen that can be used for both limited over and conventional matches, without the need for panels having to be replaced or for the whole screen

30

MALVERNIAN SOCIETY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

22 Restricted funds (continued)

to be moved.

Green Fund In June 2024, the Malvernian Society launched a new Green Fund through our first ever Green Giving Day, kickstarting Malvern College’s journey to carbon net zero by 2050 and driving sustainability initiatives at the College.

South Africa Rugby Tour: A one off donation by an OM to support the tour.

Lucy Shepherd: Prize fund in memory of Ellerslie Old Girl Lucy Shepherd, who sadly died young from a brain aneurysm in 2006, given by her family to establish the annual Lucy Shepherd-Welch Memorial Prize.

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

The Outdoor Pursuits Fund is to further outdoor pursuits at the College.

The Lord Ian MacLaurin Sports Fund is to support sport at the College, particularly cricket, and to enable a strong cricket performer to come to Malvern College who may not otherwise be able to do so.

The House 2 Fund is for improvements to the house.

The Memorial Library Sixth Form Centre Fund is to support the work in converting the Memorial Library into a new Sixth Form Centre.

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 is 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 is 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 2023 £60 is 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 2023 £100 is 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.

31

MALVERNIAN SOCIETY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

22 Restricted funds (continued)

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.

23 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
Memorial Library
The Grub
Scholarship
Prior year
Scholarship		 Balance at
Income
Expenditure
Transfers
Investment
Balance at
1 August
Gains/
31 July
2023
losses
2024
£
£
£
£
£
£
3,024,510
87,812
(15,064)
-
213,887
3,311,145
-
-
(249,500)
249,500
-
-
-
-
(250,000)
250,000
-
-
3,024,510
87,812
(514,564)
499,500
213,887
3,311,145
Balance at
Income
Expenditure
Transfers
Investment
Balance at
1 August
Gains/
31 July
2021
losses
2023
£
£
£
£
£
£
3,005,403
83,879
(14,979)
-
(49,793)
3,024,510

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

The Memorial Library and The Grub designated funds related to the Society’s pledged contribution towards those major projects at Malvern College during the summer of 2024.

24 Analysis of net assets between funds

Fund balances at 31 July 2024
Tangible assets
Investments
Current assets / (liabilities)		 Unrestricted
Designated
Restricted
Endowment
Total
funds
funds
funds
funds
£
£
£
£
£
6,681,300
-
-
-
6,681,300
1,809,148
2,527,766
2,406,701
271,684
7,015,299
1,608,640
783,379
1,284,921
22,222
3,699,162
10,099,088
3,311,145
3,691,622
293,906
17,395,761

32

MALVERNIAN SOCIETY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

Prior year

Fund balances at 31 July 2023
Tangible assets
Investments
Current assets / (liabilities)		 Unrestricted
Designated
Restricted
Endowment
Total
funds
funds
funds
funds
£
£
£
£
£
6,611,300
-
-
-
6,611,300
1,770,247
2,313,879
2,095,315
248,973
6,428,414
1,936,670
710,631
1,041,994
22,078
3,711,373
10,318,217
3,024,510
3,137,309
271,051
16,751,087

25 Related party transactions

Malvern College

At the end of July 2024, £nil was owed to the Society by Malvern College for amounts paid by the Society on behalf of the College (2023: £1,176 owed to the Society from the College).

Costs incurred by the College in relation to the Society (including those in relation to staff) were £350,000 (2023: £350,000). This represents a gift in kind from the College.

Donations of £747,655 (2023: £249,339) were made by the Society to the School during the year – see note 8 for more details.

26 Cash used in operations

Net income for the year
Adjustments for:
Investment income recognised in profit or loss
Fair value (gains)/losses on investments
Movements in working capital:
(Increase) in stocks
Decrease/(increase) in debtors
Increase/(decrease) in creditors
Cash used in operations		 2024
2023
£
£
584,674
291.201
(296,601)
(256,177)
(586,885)
135,147
(6,825)
(3,023)
89,728
(190,889)
1,352
(11,351)
(214,557)
(35,092)

27 Analysis of changes in net funds

The Society had no debt during the year.

28 Post balance sheet event

Following review of the overall strategy of the Malvern College Family of Schools, on 21 October 2024 the Trustees of the Society approved the transfer by gift of the Society’s tangible assets and investments to the College. The transfers took place within October and November. The Society will continue to accept donations and legacies.

33