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2024-07-31-accounts

For the Year Ended 31 July 2024 Registered Charity Number: 527578

Contents

Contents
Reference and Administrative Information 3
At a Glance 5
Chairman’s Statement 10
Headmaster’s Statement 12
Aims and Objectives 14
Strategies and Plans 15
ESG Environmental Report
ESG Social Report
ESG Governance Report
Achievements and Performance Review 44
Fundraising Donor Impact Report
Alumni Engagement 69
Treasurer’s Report 72
Chief Operating Offcer’s Report 76
Independent Auditor’s Report 79
Group Statement of Financial Activities 82
College Statement of Financial Activities 83
Group and College Balance Sheets 84
Group Statement of Cash Flows 85
Notes to the fnancial statements 86

Annual report and financial statements for the year ended 31 July 2024

Reference and Administrative Information

Charitable objects

President and visitor

Registered address

and principal office:

Elected Councillors: The Governors

The primary object of the College, as stated in the Royal Charter, is: “to carry on at Malvern or elsewhere a School for Boys and Girls or for children of either sex in which they may receive a sound religious, classical, mathematical, scientific and general education in conformity with the principles and doctrines of the Church of England.”

of the Corporation elect ten Councillors. The two longest-serving retire on rotation each year and can be re-elected.

Malvern College College Road Malvern Worcestershire WR14 3DF

Co-opted Councillors: The Council may appoint between six and ten Independent Auditor: Councillors for a five-year term.

Crowe U.K. LLP 4[th] Floor, St James House St James Square Cheltenham Gloucestershire GL50 3PR

The above is a summary. Full details of the Constitution are specified in the Bye-Laws in The Royal Charter.

The Right Rev’d Dr John Inge

The Lord Bishop of Worcester

Constitution of the Council

Nominated Councillors:

Officers & key management personnel:

the following may each nominate one Councillor for a five-year term:

Status and administration

Bankers:

Malvern College is incorporated under Royal Charter originally granted in 1929, together with a Supplemental Charter granted in 1992. It is registered with the Charity Commission in England and Wales under charity registration number 527578.

Headmaster – A K Metcalfe Esq Chief Operating Officer & Clerk to the Council – R A M Breare Esq

» The Lord Lieutenant for each of the Counties of Gloucestershire, Herefordshire and Worcestershire; » The Vice-Chancellors of each of the

Lloyds Banking Group PLC 48 Belle Vue Terrace Malvern Worcestershire WR14 4QG

Senior Deputy Head – Mrs S G Angus

Universities of Oxford, Cambridge and Birmingham;

Deputy COO & Group Director of Finance – Mrs N R Roberts Headmaster, The Downs Malvern – A Nuttall Esq

Lawyers:

Veale Wasbrough Vizards Narrow Quay House Narrow Quay Bristol BS1 4QA

MALVERN COLLEGE (INCORPORATED UNDER ROYAL CHARTER)

MALVERN COLLEGE (INCORPORATED UNDER ROYAL CHARTER)

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Reference and Administrative Information

Council membership during the 2023-24 financial year

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Council Member Appointed by Committees Joined/Resigned
Chairman Mr Robin Black Governors 1,4,5,7,10
Vice-chair Miss Sue Duff Governors 1,3,4,5,7,10,11,12
Treasurer Mrs Amy Yeo Council 1,2,4,5 17.06.24
Mr Charles Barwell OBE Council 6,13
Mr Roger Brierly Council 7,9
Mr Andy Collins Governors 3
Mrs Christine Fairchild Governors 13
Mr Kaspar Hartmann Governors
Mr Neil Jones Council 2,10
Mr Stuart King Governors 6,8
Mr Carey Leonard Council 1,8
Mr Paul Nicholls Governors 1,4,6
Mrs Louise Penrice Council 10
Dr Dominic Sandbrook Lord Lieut. of Worcestershire 7
Tim Straker KC Governors 1,4,6,7,13
Mr Ben Walker Council 10,11,12
Mr Tom Whittaker Governors 2
Resigned
Mr Andrew Trotman Governors 7 01.12.23
during 2023-24
Clerk to Council Mr Robert Breare Council
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Committees

Management Board

  2. Audit Risk & Compliance Committee 3. Safeguarding Committee 4. Nominations Committee 5. Remuneration Committee

  3. Foundation & Property Committee 7. Malvern College School Board 8. The Downs Malvern School Board 9. Abberley Hall School Board

  4. Malvern College International Ltd

  5. Malvern College Enterprises Ltd

  6. College Guardians Ltd

  7. The Malvernian Society

At a Glance

The Malvern College Family of Schools

What we do

Why we do it

So that they become happy, balanced and successful individuals who achieve personal fulfilment, determined and able to make a positive contribution to the world they go out into.

Where we do it

We are one family, in four countries:

Who we are

Malvern Qualities

MALVERN COLLEGE (INCORPORATED UNDER ROYAL CHARTER)

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At a Glance

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More than
4,400 pupils
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The Malvern College Family of Schools is made up of 8 different legal entities:

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Entities Pupils & Staff
1. Malvern College
(incorporating The Downs,
Malvern College Prep School)
Malvern College
2. Malvern College Enterprises Ltd Educating 840 pupils
Group accounts (consolidated)
3. Malvern College International Ltd Employing 590 staff
4. College Guardians Ltd
5. Abberley Hall Ltd
(CLOSED 30 June 2023)
Malvern College’s UK family The above 5 entities plus:
(not consolidated) 1. The Malvernian Society Ltd
Franchise international schools
Malvern College’s
operating in: Educating 3,600 pupils
International family
1. China (2), Japan (1) & Hong Kong (1) Employing 950 staff
(not consolidated)
2. Egypt (1)
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Taught by over
1,500
staff
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On 8 campuses

The Malvern College Family of Schools 2023-24 Year in Numbers

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Malvern College:
Pupils: 4,439 Staff: 1,535
» Boys: 345
» Malvern College: 649 » Malvern College & Preps: 588
» Girls: 304
» Prep Schools: 193 » International Schools: 947
» Boarders: 72%
» International schools: 3,597 * Headcount and approximate due to change in year
» Day: 28%
Alumni, past staff and past parents: 11,930 College Guardians care for:
On the database 1,680 pupils
Malvern College’s UK family
Contribution from trading subsidiaries (Enterprises, Donations received from
Total concessions: £4m
College Guardians and International): £2.3m Malvernian Society: £0.7m
Total Operating Costs: £33m Gross fee income: £31m Pupils with means-tested financial assistance: 112
Malvern College:
Meals catered: 773,064 IB Results: 35 average Bednight lets in the holidays: 10,495
A-levels: 73% A-B
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MALVERN COLLEGE (INCORPORATED UNDER ROYAL CHARTER)

MALVERN COLLEGE (INCORPORATED UNDER ROYAL CHARTER)

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At a Glance

2024 Academic Results

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IB and A levels
In 2024 pupils received an 147
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A A A , ,

In 2024 pupils received an average score of three As at A level. Combining IB and A level results.

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20%
achieved grade
62%
9 (A) achieved grade
9-7 73%
(A-A) achieved grade
9-6
GCSE/
(A-B)
IGCSE
GCSE results in core subjects
(Maths, English, Science, Humanities & MFL)
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20%
achieved grade
62%
9 (A)
9-7
GCSE/
IGCSE
In 2024, 25% of IB candidates
GCSE results in core subjects
achieved 40+ points (Maths, English, Science, Humanities & MFL)
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30.3/45
 world average
35/45
Malvern College
mean average
40/45
Malvern College
modal average
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HE UK Non-UK
DESTINATIONS UNIVERSITIES UNIVERSITIES

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64%

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80% took their first choice
university
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15% took up places at international universities Non-UK Universities

Group Universities

UK University Destinations 2024:

Of the Complete Universities Guide 2025, Malvern pupils are taking places at 8/10* top ranked UK universities.

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Top 10 • Exeter IE Madrid (Spain)
• King’s College London • Utrecht (Netherlands)
• Manchester
Malvern pupils from the 2024 4% have gone down have gone down
• Newcastle
other paths
• Nottingham
from or will be attending 4 out • UCL [+] • Drama School
of the top ten QS World Ranking • Warwick • Flight School
Universities. • Bath • Military/Forces (Army)
+ Top 10 QS World Ranking Universities. • St Andrews • Apprenticeships
English
Pharmacy Law
Cyber Security
Politics Beyond Malvern
16+ and 18+
102
A new Sixth Form Centre opened in
Classics Medicine graduates a transformational learning
environment.
pupils gained places at
UK universities.
Sciences Courses include: Film & Media Winner of the award for
Support Beyond the Classroom.
Talk Education Innovation in Education
Awards 2024
Sport Business Journalism
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MALVERN COLLEGE (INCORPORATED UNDER ROYAL CHARTER)

MALVERN COLLEGE (INCORPORATED UNDER ROYAL CHARTER)

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Chairman’s Statement

Next year, the College will celebrate its 160th anniversary, a testament to our founding motto, ‘Sapiens qui prospicit’, wise the one who looks ahead. Never has there been a greater need for this outlook than now, as the independent school sector faces some of the greatest challenges of its time, with the removal of a number of charitable tax benefits alongside a highly regrettable and burdensome increase in costs.

We believe that this is a time to be bold. At the end of the Autumn Term 2023 we concluded an eighteen-month strategic and estate master planning process and across the Spring and Summer terms, the academic and operations teams have worked apace to deliver those plans. At their heart is an ever-present imperative to deliver and enhance the outstanding education for pupils that The College and The Downs Malvern provide.

The Headmaster also details the extensive academic and super-curricular development taking place. Overarching this, the communication of our unique character and ethos will be central to differentiating ourselves in sector that is becoming ever more competitive. Our new ‘Role Models’ communication celebrates the outstanding achievements of past Malvernians whilst telling the story of how we shape future Malvernians through the Malvern Qualities: it is not just about what we achieve, but as importantly, it is how we go about it.

of our income over the last decade, with Malvern College International going from strength to strength, alongside the ongoing generosity of the Malvernian community and the Malvernian Society. Our flagship development projects this year, the Grub Café and the Mem Lib 6th Form Centre were funded largely by donations from the Malvernian community, as is a significant proportion of the extensive financial assistance that we provide to families through bursaries and scholarships.

Our plans include enhancing the infrastructure and facilities at both schools, as detailed in the following pages in the Headmaster’s report, and we are delighted that with the opening of a new nursery at The Downs Malvern, we now educate pupils from the age of 6 months all the way through to eighteen years.

Our Malvern College International schools now educate more than 3,400 pupils across six schools in China & Hong Kong, Egypt and most recently, Japan and have enjoyed another year of strong academic results and university entrances. We have a strong

At the same time, we must not ignore the very real challenge of affordability for our families as we face VAT being imposed on tuition fees. It is for this very reason that we have accelerated the diversification

pipeline of potential future schools and aim to

further diversify the geographies in which we operate. Malvern College Enterprises ensures we make best use of our home based facilities during the holiday periods and this year has been our busiest yet; and College Guardians provides children from families overseas, studying across the country, with essential support.

In September 2023 we were delighted to reach the

highest number of new starters in The College’s history, a level repeated in September 2024, and now augmented by the success of our new Mini

Malvern nursery, which will be full by the end of its first year of operation. Financially, The College and The Downs Malvern together delivered a robust EBITDA of £1.75m for the 2023-24 year, supplemented by £2.3m of contribution from our international schools and other commercial activities. The Malvernian Society generated a surplus of £0.7m. Subsequent to the year end, in October 2024, its Trustees resolved to gift its property, investments and cash reserves of £17m to The College in order to streamline the administration and financial management of the overall group. The College has a strong balance sheet with net assets of £25m and positive net cash, which will increase to over £43m following the recent gift of assets from the Malvernian Society.

These sources of income, together with the identification of sensible efficiency initiatives that are designed to reduce costs whilst enhancing our offer, allow us to invest in future growth whilst controlling fees for our families.

Looking ahead, our number one priority is to continue the high standard of execution of our strategic plans. In the face of external headwinds, the delivery of an exceptional education experience for our pupils remains paramount, providing the unique Malvern College education that shapes the role models of the future.

Finally, I would like to thank all those that work for the wider Malvern College Family of Schools for their dedication and hard work. In that context, I would like to record our immense gratitude to our President, The Right Rev’d Dr John Inge, who retires this year as The Lord Bishop of Worcester, and we look forward to welcoming his successor to The College in due course.

Robin Black

Chair, Malvern College Council

MALVERN COLLEGE (INCORPORATED UNDER ROYAL CHARTER)

MALVERN COLLEGE (INCORPORATED UNDER ROYAL CHARTER)

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Headmaster’s Statement

Much of the 2023-24 academic year focused on putting into action the 2025-35 masterplan, developed through the previous year by Trustees and Senior Leaders, in conjunction with a range of specialists and a full consultation with a broad array of stakeholders.

The work has fallen largely into three areas of focus that cover: the physical estate and sustainability, the educational curriculum and the clarity of communication of who Malvern College is and what it offers to its community and the wider world.

entirety, for example, the summer expedition from the Swiss Alps to Malvern UK by human power, where pupils planned, led and propelled themselves (with the help of bikes, kayaks, paddle boards and a yacht) the full 1400km. Their personal stories to the school assembly that followed, talked of great personal development in communication, in learning about collaboration and practical path-finding, as well as the determination to achieve their targets, all with the underlying message of the need to live in a more sustainable world.

Dedicated consultations at both the College and the Prep School (The Downs Malvern), revisited and re-grouped the Malvern Qualities and The Downs’ Values into bundles that focus on what our pupils are and aspire to be, and which espouse our holistic approach to education. Our aim to develop young people who are path-finders, communicators, free-thinkers, team-builders and/or change-makers already guides the various curricula and activities we provide. A vast array of clubs, events, hobbies and activities provide opportunities to develop these values, sometimes meeting all of these aims in their

Being able to tell stories like this through new websites at both the College and The Downs and an improved parent portal has made our communication more effective, authentic and inspiring, clearly stating what ‘only Malvern’ can provide for its students, and the central message of inspiring and preparing

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Commem Chapel Service
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role models of the future has been adopted across and forward-looking workspaces for pupils. At The our activities, our commercial entities and summer Downs, refurbishments of the Music Department schools, and our international schools. and the Old Library into a new Nursery, at either end

Downs, refurbishments of the Music Department and the Old Library into a new Nursery, at either end of the academic year, have provided similar boosts in provision and opportunity to the younger pupils in the Malvern family. Each project, along with the forthcoming plans to continue the rolling programme of House refurbishments, are set within the desire to be a far more sustainable site, with particular reference to energy efficiency and usage.

This core message has also been part of the estates in provision and opportunity to the younger pupils masterplan which has centred on optimising our use in the Malvern family. Each project, along with the of the beautiful school estates, that lie either side forthcoming plans to continue the rolling programme of the Malvern Hills, for the purposes of educating of House refurbishments, are set within the desire our pupils through 2035 and beyond. Focusing on to be a far more sustainable site, with particular utilising the excellent facilities we already have, we reference to energy efficiency and usage. have aimed to develop our heritage buildings as centres of true intellectual and creative inspiration, by Alongside the need for the schools’ physical re-imagining, repurposing and / or refurbishing them, environments to fit the demands of a modern sustainably and sympathetically. The refurbishment education, so we have also worked on the of the Grub started in the Lent Term and was opened educational offering. Following the central tenet of as the Summer Term began. Its success could easily delivering an holistic education tailored to help each be measured by a number of metrics: people’s first pupil achieve the qualifications they need, we have impressions as they entered the light and airy space further broadened the opportunities for each pupil that had been created, the number of pupils who to find their individual pathway. At the prep school, chose to use the varied meeting and flexible work The Downs Baccalaureate has bedded in, adding spaces throughout the day, even when the servery much more breadth and depth to pupil growth to section was not open, and much to some parents’ the more traditional Common Entrance approach. annoyance, the amount of money that their pupils At GCSE this has meant delivering an ‘8+2’ option were spending there. Over the summer and in where pupils can either continue to study 10 (i)GCSEs readiness for the start of the new year, projects to or limit the exams to 8 or 9, filling up the space with renovate the Memorial Library as a Sixth Form Centre, other stretch or support options. In the Sixth Form, exactly 100 years after it was built, a newly remodelled alongside the popular and globally-recognised A level reception area and a renovated multi-disciplinary and IB courses, we are introducing BTECs, initially workspace in the Gaunt Centre space within the in Sports Leadership and Coaching with additional library, have all hit the brief of creating collaborative courses planned to start in 2025. Not only does this

further allow pupils to follow the subjects that really engage them, but they can also better determine the approach to study and assessment that assists them in demonstrating their intelligence and ability. On the super-curricular front, the Innovation and Collaboration Committee continue to seek out and further develop opportunities for our pupils to benefit educationally from being part of a global family of schools.

As ever, it is the pupils we see leaving our schools, equipped and ready to make a positive difference in the next stage of their careers, whether that be as they join the College from The Downs, or go off to university and the wider world, that remind us of the value of the truly holistic education that Malvern provides. Malvernians tend to be ‘go anywhere, do anything’ people, no doubt encouraged and supported by the development of their cultural and emotional intelligence, as well as their intellectual growth, through being part of a boarding community with sister schools located, and pupils emanating from around the world.

Keith Metcalfe

Headmaster

MALVERN COLLEGE (INCORPORATED UNDER ROYAL CHARTER)

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Aims and Objectives

Objectives

Core objects

Aims

  1. To enhance Malvern College Family of School’s reputation as a leading role model of holistic ‘British’ education.

  2. To carry on at Malvern in the County of Worcester or elsewhere a School for Boys and Girls or for children of either sex in which they may receive a sound religious classical mathematical scientific and general education in conformity with the principles and doctrines of the Church of England.

  3. facilitate the attainment of the qualifications pupils need,

  4. For more pupils to benefit from a Malvern education in the UK and around the world.

  5. instil and nurture emotional and cultural intelligence

  6. To secure long term financial sustainability through scale and diversity of income streams at a UK and global level.

  7. develop core skills, qualities and intellectual curiosity.

  8. To create and administer and to assist in the creation and administration of scholarships exhibitions and prizes for the encouragement of study and learning and to act as trustees of any endowment legacy bequest or gift for educational purposes.

2035 2035 Goals

Exam
results:
IB average 38+,
A-Level A* B 70%,
GCSE 9-7 65%,
TDM Scholarships 40%		 70%
of pupils
attending Top 10
UK universities
Sl		 70%
of pupils
attending Top 10
UK universities
Sl		 70%
of pupils
attending Top 10
UK universities
Sl		 £12m
EBITDA:
70% from pupils
(incl. MCIL) and 30%
from commercial
and fundraising
Sl
cae:
Parent Net Promoter
Score (NPS) of
40+		 1000+ UK pupils
N-Y13, and 8000+
pupils across 11
International schools		 Value added analysis
(ALIS/Yellis) of
+0.4

Purpose:

Tomorrow’s role models, shaped today

For pupils to develop as happy, balanced and successful individuals who achieve personal fulfilment whilst at our schools, determined and able to make positive contributions as ‘role models’ at local, national and international scales.

Strategies and Plans

Strategies:

Where to play:

How to win:

1. Quintessentially British schools, global community:

1. Align Brand, Offer and Culture:

Clarity of who we are and what we stand for, attracting and retaining pupils, and inspiring staff in the development of our offer.

2. Drive efficiencies and operate at scale:

Extensive cost savings programme focused on moving to ‘house-inhub’ dining, restructuring domestic, implementing sustainability interventions and implementing systems that reduce payroll pressure.

2. Win at every point of entry:

Nursery, 11+, 13+, 6th Form: Extend

down to younger year groups and differentiate the offer at every point of entry to recruit and retain pupils.

3. Diversify value added courses & qualifications:

3. Financing extensive infrastructure development

Build on IB, A-Levels and GCSEs by introducing BTEC/CTECs and an 8+2 option for GCSEs, offering choice and driving results.

Bring in new sources of investment to bring the College campus up to Tier 1/world class standards: debt, asset disposal (Firs Estate) and fundraising.

MALVERN COLLEGE (INCORPORATED UNDER ROYAL CHARTER)

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Strategies and Plans

Staff planning reflects the value of diversity, inclusivity and equality

Plans: priorities and continuing activities to 2030

b. encourage reflection on existential questions of: identity and purpose, their own and others’ religious beliefs or world-views, and the dangers of extremism

Our Education Offer:

1. Academic and Intellectual

3. Co-Curricular and Personal Development

2. People, Pastoral Care and Boarding To provide secure, happy, attractive school environments, where the welfare and fulfilment of all pupils is promoted, and where pupils are prepared and able to make a positive contribution to their world

Delivery:

4. People, Communication and Systems

5. Business Planning and Finance

To achieve financial sustainability across the group at an overall surplus level, generating substantial non-fee income from fundraising, franchising and other commercial activities to invest in bursaries and campus developments

MALVERN COLLEGE (INCORPORATED UNDER ROYAL CHARTER)

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Strategies and Plans

6. International Schools, Commercial Activities

and Development

7. Marketing, Admissions and Communication

To attract, retain and satisfy the needs of customers who can afford to pay for a ‘Malvern’ education, and working with the Society to develop pathways into Malvern for those who can’t

8. Governance

Monitor, develop and improve governance, leadership and performance management across the Malvern Family to ensure coherence and consistency of excellence across all entities within the corporation

b. provide the resources required to enable the Schools to meet their educational, financial, legal and charitable objectives

c. ensure that the various Committees, Boards and Trustee memberships of all entities within the ‘Trust’ are structured and led optimally to develop effective

Governance and oversight.

The short-term plans that were enacted in the year to achieve these objectives were:

» Further development of a range of pupil-led societies that engage all pupils through a broader range of choices and effective communication.

The strategies, objectives and plans are reviewed and updated by the College Senior Leadership Team to ensure that the objectives are being achieved. The fundraising activities are undertaken by the College Development Office in conjunction with the Malvernian Society. The College Management Board and Council reviews the progress of fundraising and future strategies and targets.

Risks and uncertainties

The greatest risks currently facing the College are:

  1. The impact of the application of VAT to school fees alongside rising payroll taxes.

  2. Inflation and associated increases in Bank of England base rates together with an unstable economic climate.

  3. Further increases in employer contributions to the Teacher Pension Scheme (TPS).

  4. Geopolitical tensions and subsequent impact on International Schools and on wider inflation.

  5. Future ‘Green’ investments that will be needed to keep up with statutory requirements.

Please see page 38 for details of the mitigations and controls in place to address these risks.

MALVERN COLLEGE (INCORPORATED UNDER ROYAL CHARTER)

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| Environmental Report

Context

Our goal continues to be to reach Carbon Net Zero at the latest by 2050. Malvern College enjoys an exceptionally beautiful heritage estate, first founded in 1865, but the predominantly Victorian buildings are in need of significant upgrades to bring them closer to modern energy efficiency standards.

Addressing environmental sustainability at the College is driven by multiple imperatives:

  1. Playing our part to address climate change

  2. Providing an appropriate ‘environmental role model’ to pupils

  3. Reducing The College’s energy consumption costs (and exposure to fluctuations)

Carbon footprint

During the 2023-24 year, we engaged CBG Mechanical & Electrical Consultants to review our energy consumption, with the Sports Centre/CUP, main building and 7/Ellerslie clearly identified as the largest demand

(see above right image)

Existing sustainability initiatives

Biodiversity: Approximately 210 acres of the 235 acre estate is green.1,700 specimen trees and 80 new trees, along with 1,000 hedge whips, have been planted. The area known as ‘9 Acre’ is now largely meadow, with 4 acres of wildflowers. Across the College there are 3 sedum roof coverings.

Facilities: Daylight and motion sensitive LED lighting programme has been implemented. 70% of our 97 boilers are SEDBUK rated ‘C’ or above. Electric car charging points are in place, 51 bikes have been purchased in the Cycle-to-work-Scheme, and these along with our day pupil transport scheme and significant on-site accommodation for staff, notably reduces road transport.

Waste: All waste is streamed into three recycling stations and 100% of cementitious, arboricultural and land waste is reused on campus. Central catering production waste is turned into fertiliser pellets and cooking oil is recycled. We have removed waste by introducing re-usable water bottles across campus and providing recycling bins across all facilities. In 2023-24 we introduced ‘Chef’s Eye’, a technology to better track and so mitigate food waste in our catering offer.

Energy: 100% of electricity used at The College and The Downs is now from renewable sources.

Pupil engagement: A pupil ‘Environmental Action Group’ meets regularly to identify potential for waste reduction and to identify other potential initiatives for both pupils and staff to undertake.

Investments: The Malvernian Society’s £6m+ endowment investment portfolio are now in a ‘Climate

Active’ fund, where investments are aligned to the spirit, and content, of the 2016 Paris Agreement under the United Nations Framework Convention on Climate Change.

Major projects: Almost all of our major projects (recently The Grub and the Mem Lib 6th Form Centre) use existing infrastructure as a form of environmental efficiency rather than using resources for completely new buildings.

Our priority projects are:

  1. To re-commission the Combined Heat and Power (CHP) unit in the sports centre and introduce a new CHP unit in Main Building to replace an obsolete system, and over the long-term provide electricity to drive a Ground Source Heat Pump project.

  2. To ensure that all House refurbishments (one per annum) include sustainability measures: replacement of windows, LED lighting, insulation, two-pipe heating systems and boiler upgrades where appropriate.

  3. To ensure that our purchasing policy reflects sustainability at its core.

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| Social Report

Public Benefit Objectives

The College Council confirms that they have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission. The significant activities undertaken to carry out our aims for the Public Benefit and our achievements measured against those aims include the following projects and programmes.

Widening access to the College

The College Council is acutely conscious that the College must remain accessible to children irrespective of parental means. It is determined to ensure that the funds it has available are directed to cases of the greatest need. Bursaries are reviewed periodically based on a returned and completed bursary application form.

The Bursary Committee comprising the Headmaster of the College, the Headmaster of the Downs, Chief Operating Officer, Director of Marketing & Admissions and the Director of Finance considers all bursary applications on a case-by-case basis. Information about fee assistance through bursaries is provided on the College website and is contained within the College scholarship literature.

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Breakdown of Fee Concessions
£4,500,000
£4,000,000
£3,500,000
£3,000,000
£2,500,000
£2,000,000
£1,500,000
£1,000,000
£500,000
£0
2020-21 2021-22 2022-23 2023-24
Means-tested Awards (MC) Merit based Awards (MC) Eligability Concessions (MC)
Means-tested Awards (TDM) Merit based Awards (TDM) Eligability Concessions (TDM)
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The College and the Downs also offers fee concessions for academic, sporting, musical and artistic excellence in the form of Scholarships and Exhibitions; as well as to children whose parents are in the Armed Forces, to families with two or more children at the College, to former pupils of The Downs Malvern and Abberley Hall, to children of College employees and to children of Old Malvernians, Old Ellerslie Girls, Old Hillstonians, Old Downians and Old Abberlians. The College Council reviews the levels of these concessions annually and further details are provided on the College website.

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During the year the College and The Downs,
awarded £4.0m of scholarships, bursaries and other
awards; with approximately 112 pupils representing 81-100% 1-20%
14% of the total school roll being in receipt of some
means-tested bursarial support. It is the College’s 9
17
long-term goal to move as much of the Concessions
21-40%
investment as possible into means-tested financial 20
support. This will be of particular importance in the 112
context of the upcoming application of VAT on fees,
61-80% 26 means tested
increased funds will be made in 2024/25 available
awards
to ensure that we can support the continuity of
education for our pupils.
40
41-60%
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Community Partnerships and Services

Malvern College recognises its place in the local community and is always looking to do more to contribute to the area, for example by improving educational provision for all local students and working in partnership with local state schools. The pupils’ School Council and individual Houses have charitable fund-raising high on their lists of priorities for the year and all pupils are expected to do some form of service, whether that is internally within the school, or externally, supporting charities and events.

School Partnerships

Malvern College has a number of partnerships with local maintained schools. These include local Primary Schools, as well as The Chase and Dyson Perrins Secondary Schools. Several staff are Governors at local schools, enabling sharing of good practice and expertise on a collaborative and mutual basis. Local schools and other community activities use the College’s facilities for their events at either a reduced cost or freeof-charge, for example the running track for The Chase and Dyson Perrins’ school sports days, our theatre for local primary school productions (with technical support and assistance provided) and a local performing arts school, the swimming pool for swimming lessons for a number of primary schools, performance spaces for music concerts such as those run by the Malvern Civic Society, NADFAS exhibitions.

One particular thriving and long-standing initiative

has been our Magic of Science event with chemistry demonstrations by Nick Barker, the University of Warwick’s Outreach representative. These days have been run for several years and have strengthened our links with Malvern Parish School, Welland Primary School, Hanley Swan Primary School, the Wells Primary School, the Wyche Primary School, Hollymount Primary School, Our Lady Queen of Peace Primary School and Callow End Primary School. The event is always oversubscribed reflecting the level of interest generated by these scientific outreach days. For the past 4 years we have been working to support MRATHS. We continue to host a display showing the various technologies developed at Malvern College during WWII and within Malvern since the war and MRATHS have continued to use our lecture theatre and science centre for their meetings. MRATHS scientific experts gave a highly informative demonstration lecture on infra-red at the Physics Olympics event which local state schools were invited to and which our own pupils attended. Malvern Priory is our parish church, and we have strong links with them through the chaplaincy at the College. The vicar is a regular visitor to college and preaches termly in chapel. We support the young people at the Priory by offering opportunities for confirmation preparation with our own pupils. We are regular performers at and supporters of their lunchbox concert series. During Lent term 2024 the Priory was closed for a significant refurbishment and the parishioners were welcomed to our chapel for their Sunday services and worship.

Fund Raising

Lower sixth pupils are particularly active in their commitment to and support of a wide range of charities. Language leaders develop MFL lessons for locals schools, pupils support MIND and the OSCAR Foundation, British Red Cross, Plant Your Future and the Salaam Balaak charity and a number of individual pupils have set up their own non-profit organisations or work in school time to support charities that they and their families have a long standing relationship with.

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Other community activities supported by Malvern College:

Malvern College is also pleased to host, support and assist with a wide range of local community events including the use of our facilities (Sports centre, Theatre, lecture theatre and Chapel) by a range of local schools and organisations. The Priory relocated their services to our chapel during a period of refurbishment.

On a wider scale, pupil-led groups include an Environmental Action group, actively promoting sustainability, the Oscar Foundation and the Salaam Baalak Trust as well as a Black Student Union and Empower Her Voice support and promote equality, diversity and inclusion within and outside of the Malvern community.

Malvern College educates over 840 pupils from the UK and internationally, and employs around 590 members of staff, which puts it amongst the larger employers in the area. Recent research has shown that the College contributes around £28 million to the local economy through employment and through spending in its supply chain.

TDM Fundraising and Community Activities

This academic year has seen continued development of our interaction with a wide range of local schools, groups and stakeholders. We have hosted Science Days, and Maths Challenges as well as football and netball festivals for local primary schools. Our facilities continue to be available for other groups, specifically Colwall Cricket and Ledbury Rugby Clubs’ whose youth divisions use our Sportshall for training. We also hosted Supersports camps in the holidays which have welcomed hundreds of local children from a range of different schools to participate in sporting activities throughout each holiday. We have also liaised closely with Colwall Orchard Group, The Malvern Hills National Landscape, Malvern and Upton Beekeeping Society, and the local Wildlife Trusts to continue to develop our site and allow access for a wide range of stakeholders. Charitable giving and fundraising continue to be a feature of our school community and this year we have raised funds for Macmillan Cancer research, the Marine Conservation Society, St Michael’s Hospice, Jeans for Genes, Comic Relief, Children in Need, Malvern Hills Foodbank, Teams4U, and the World Wildlife Fund. Our overseas charities include sending surplus uniform to Romania and supporting the educational charities of HANDS (Thailand), and KIMTA (Kenya).

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Staff Gender Pay Gap Report

In April 2023, Malvern College’s Mean Pay Gap was 22.3%, an increase of 5.26% (was 17.04%) and the Median Pay Gap was 25.39%, a decrease of 7.16% (was 32.55%). The Pay Quartiles were:

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Male Female
% %
Upper Quartile 46.46 53.54
Upper Middle Quartile 31.5 68.5
Lower Middle Quartile 32.81 67.19
Lower Quartile 29.69 70.31
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In summary:

» Variance from 2022 was anticipated as this is the first year it has been calculated through our new payroll system. Additionally, the data now includes The Downs Malvern, which had previously not been included in this report.

» In line with cultural and national trends, there are more women who work in the lower paid, part time roles.

» All vacancies are advertised internally and externally and are open to both men and women. Where appropriate, gender-neutral job titles are used to reduce certain roles being unconsciously biased towards a gender. We provide equal pay for equal roles, regardless of gender.

The role of the governing Council

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Members of the College Council

Sue Duff (Vice-chair) Amy Yeo (Treasurer)

Robin Black (Chairman)

Tim Straker KC

An OM, Timothy is the nephew, brother and father of OMs. After Cambridge he read for the Bar and is head of chambers at 4-5 Gray’s Inn Square, where he practises. He has been in silk for more than 25 years. He is a bencher of Gray’s Inn, a deputy High Court Judge, a judge of the Court of Appeal of the Falklands, a Recorder of the Crown Court and an Election Commissioner. Although he achieved no distinction in the game at school he regularly plays rackets and follows Malvern rackets closely.

Amy is a Chartered Accountant having qualified with PricewaterhouseCoopers. She has thirty years of finance and strategy experience in a variety of industries, most recently in financial services at Barclays. She now owns her own consultancy business as well as supporting a number of educational institutions in a non-executive director capacity.

Robin, an OM and son of an OM, qualified as a chartered accountant with KPMG, and has over 35 years of private equity and banking experience. He has been the CFO and subsequently a NED and Chair of a number of quoted and unquoted companies in the fund management, media and leisure sectors. He is also a trustee of the Sports Council Trust Company.

Sue grew up in the College as her father was Housemaster and subsequently Second Master. She was educated at Ellerslie School before it merged with the College. Following an MA in Educational Management and 10 years in Commerce, she joined the independent school sector initially as a School Bursar and then on the academic side in a range of prep, GSA and HMC environments. Sue joined the Independent Schools Inspectorate in 2011 and is now a Lead Inspector and educational consultant.

Tom Whittaker Andy Collins A qualified accountant, Tom has Andy Collins is currently Second 30 years of experience in financial Master at Dauntsey’s school in services holding board positions at FTSE 100 companies, including 10 Head Pastoral and Designated years at the Prudential Group as Head of Audit for Prudential UK & Europe, Head of Audit for M&G Investments and Chief Risk Officer for Prudential Anthropology at Lincoln College, UK & Europe. He was previously Head of Audit of Willis Group, Head of Compliance & Risk of Charles Schwab and Group Compliance Officer of HBOS Clerical Medical. joined the College Council in 2022. » Audit, Risk & Compliance » Safeguarding Committee (Chair) Safeguarding Committee (Chair) Committee (Chair)

Charles Barwell OBE Roger Brierly

Andy Collins is currently Second Charles is an OM and the grandson of Roger joined the College in 1994 from Master at Dauntsey’s school in an OM. Following 23 years in wealth The Manchester Grammar School and Wiltshire, following his role as Assistant management with Albert E Sharp, became Housemaster of No7, Director Head Pastoral and Designated Gerrard and Barclays, in 2017 he of PE & Sports and Head of Football. Safeguarding Lead at Millfield School. founded a public affairs consultancy, He was Coach to Southern England’s Andy was educated at King Edward’s Facultas Associates. He serves or has Under 19 ISFA and Chairman of School, Bath and with a first degree served as a Trustee of: AGBIS, the Hereford & Worcester Schools Athletic Conservative Agents Superannuation in History, took a Diploma of Social Association. An ISI team inspector, he Fund, the English-Speaking Union and Anthropology at Lincoln College, was Headmaster of Heathfield School the City of Birmingham Symphony Oxford, where he held a Major Stanley for 10 years, a governor of Gosfield Orchestra (and sings in the CBSO Scholarship and was awarded two School, formed the partnership to Chorus). He is a Fellow of the BritishBlues, before spending seven years create the Heathfield International American Project, an elected member as a professional rugby player. Andy School, Bangkok and was ISA of the Board of the Conservative Party joined the College Council in 2022. National Ambassador for Sport. 2007-2011, chairman of the CCHQ Finance & Audit Committee 20092015 and was appointed an OBE for voluntary political service. » Safeguarding Committee (Chair) Safeguarding Committee (Chair) » Foundation & Property Committee » Malvern College School Board » Malvernian Society Trustee » Abberley Hall

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Members of the College Council

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Carey Leonard
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Christine Fairchild

Paul Nicholls

Louise Penrice

An OM and son of an OM, Paul graduated from Pembroke College, Cambridge in Classics, Archaeology and Anthropology. Paul has worked in the City since 1979 at various banks but principally at SG Warburg (later UBS Warburg). He has been the Chief Executive of Hoare Govett (owned variously by ABN Amro, RBS and now Jefferies) and since 2006 has been its Chair.

Christine is the Director of Alumni Relations at the University of Oxford. Before arriving at Oxford, she amassed more than 30 years of experience in alumni relations at Harvard University. Most recently, she worked at Harvard Business School where she oversaw the School’s alumni outreach and fundraising activities. Educated at Connecticut College in the US, Christine graduated with a BA in Asian Studies.

Louise has spent 30 years as an educator, living and working in Europe, the USA and Asia. A former Head of a bilingual school in Switzerland, she now has her own company offering leadership development and coaching. Originally trained as a teacher at Cambridge University, she has an MBA and has worked as a consultant developing leaders in larger organisations. Louise is married to an OM and is the parent of three OMs.

An international commercial banker, Carey worked for Standard Chartered Bank for 34 years in various countries including Hong Kong, Sri Lanka, Botswana and South Africa. He is currently an Independent NonExecutive Director in the City of London. He has been a Magistrate since 2007 and is the father of an OM.

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Stuart King
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Dr Dominic Sandbrook

Ben Walker

An OM, Dominic is one of Britain’s An OM, Ben read history at After reading law at University best-known historians. After Trinity College, Cambridge before College London, Stuart has been a studying at Oxford, St Andrews and qualifying as a solicitor in 2002. commercial property lawyer for nearly Cambridge, he became a lecturer in Having worked with law firms and 40 years, initially in the City of London history at Sheffield before pursuing and for many years as a partner and in the City of London and Milan, he a career as a freelance writer. He is now a consultant in two large Bristol currently practises corporate and the author of a series of bestselling law firms. His son and two daughters commercial law, specialising in the books on Britain from the 1950s to were educated at Malvern College, oil and gas sector. the 1980s, has written and presented his youngest daughter also at The numerous documentaries for the BBC Downs Malvern where Stuart has been and presents the podcast, The Rest is a Governor since 2011. He joined the Politics. He has been a Senior Fellow College Council in March 2022 and is at Oxford’s Rothermere American also a member of its Foundation and Institute and is now Visiting Professor Property Committee. at King’s College London. He is also a regular columnist for the Daily Mail and BBC History Magazine, and writes book reviews for the Sunday Times. » Malvern College School Board » Malvern College International » Foundation & Property Committee Ltd Board » The Downs Malvern (Vice Chair) » Malvern College Enterprises Ltd Board (Chair) » College Guardians Ltd Board (Chair)

After reading law at University College London, Stuart has been a commercial property lawyer for nearly 40 years, initially in the City of London and for many years as a partner and now a consultant in two large Bristol law firms. His son and two daughters were educated at Malvern College, his youngest daughter also at The Downs Malvern where Stuart has been a Governor since 2011. He joined the College Council in March 2022 and is also a member of its Foundation and Property Committee.

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Members of the College Council

Neil Jones

Kaspar Hartmann

Neil is a Vice Chairman of Deloitte Consulting and leads the firm’s relationship with several FTSE 100 organisations. A Chartered Accountant, he specializes in technology enabled finance transformation projects that embrace organisational, process and people related change. Neil’s industry experience is centred around travel, hospitality and services. Outside Deloitte, Neil is also a Governor of Birmingham City University.

An OM, Kaspar is a founder of KKA Partners, a Berlin-based private equity firm that invests in leading companies in Germany, Austria and Switzerland – the so-called “Mittelstand”. He started his career as a M&A banker at Citigroup in London and New York, gained his MBA in the US, and undergraduate degree in Scotland and California. He sits on the board of the HBS Alumni Association of Germany.

» Audit, Risk & Compliance Committee » Malvern College International Ltd Board (Chair)

Governance changes

From November 2022 The Downs Malvern fully merged into the Corporation of Malvern College. The Downs Malvern Board continues to have oversight of matters academic, pastoral and safeguarding. The Board meets once per term and reports through to the Corporation of Malvern College Management Board and Council. Bringing the governance of The College and The Downs closer together allows for greater agility and collaboration.

Please refer to Note 28 on page 114 for more details of transactions concerning The Malvernian Society and Abberley Hall after the year-end.

Committees and Boards

A small Council Management Board of up to 6 trustees provides executive, strategic and financial oversight.

There are separate boards accountable to the trustees as follows:

  1. The Malvern College, The Downs Malvern and formerly the Abberley Hall (now closed) School Boards primarily focus on education, pastoral and safeguarding matters.

There are separate Council sub-committees for: (i) Audit, Risk & Compliance (ARC); (ii) Foundation & Property (F&P); (iii) Nominations; (iv) Remuneration. The ARC, F&P and Nominations Committees meet termly, and the Remuneration Committee meets once per year.

  1. There are company boards for Malvern College International Limited, Malvern College Enterprises Limited and College Guardians Limited.

  2. There is an independent and separate board of trustees for The Malvernian Society.

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The Corporation
of Malvern
College Council
Audit, Risk &
Compliance
Committee
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Audit, Risk &
Compliance
Committee
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Management
Board
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MC International MC Enterprises College Guardians
Ltd Board of Ltd Board of Board of
Directors Directors Directors
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Remuneration Foundation Nominations
Committee and Property Committee
Committee
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Safeguarding Malvernian Malvern College The Downs Abberley Hall
Committee Society Board Board of Malvern Board Board of
of Trustees Governors of Governors Governors
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The formal line of contact from individual Council members to the College Head is normally via the Chair of Council or the Chair of the Malvern College Board, and to The Downs Malvern Head is normally via its Board Chair. The Chief Operating Officer (COO) and Clerk to Council is the Council members’ first point of contact for all matters relating to the governance of the College and each prep school, and for any queries about Council business.

A committee of Council, the Management Board, comprising up to 6 Trustees, the Headmaster, the Chief Operating Officer, the Senior Deputy Head, the Finance Director, the Director of Malvern College International and the Headmasters of The Downs Malvern (TDM) and Abberley Hall (AH) now closed, meets at least once per month in term time. All major developments and decisions are presented to the College Council having first been deliberated by the Management Board.

The Malvern College Board meets once per term, focusing on the DfE’s Independent School Standards (ISSR) and the Boarding Schools: National Minimum Standards (NMS) relating to academic, pastoral and safeguarding matters.

The Malvern Executive Team (MET), chaired by the Headmaster, meets every two weeks to review matters that affect all entities in the family, and wider strategic direction, drawing on other expertise throughout the College and Prep Schools as required. The Malvern College Senior Leadership Team (SLT, formally Senior Management Team), chaired by the Headmaster, meets most weeks. The Headmaster, who has overall day to day responsibility for the management of the College, consults with the SLT before making recommendations to the Management Board and ultimately to the College Council.

The Audit, Risk and Compliance Committee meets at least three times per year and consists of two members of Council and an independent member appointed by Council. This Committee scrutinises the College’s Annual Report and Financial Statements, its financial procedures and internal controls, and compliance (e.g. H&S and data protection). The Committee oversees the relationship of the College with its external auditors, formally reporting to the College Council. This Committee also reviews the Risk Register and management’s procedures for review of the Register.

The remuneration of the Key Management Personnel is discussed in detail each year by the Remuneration Committee, with awareness of industry standards, and is approved by the full College Council.

The appointment of Council members and membership of the Committees are both identified and reviewed by the Nominations Committee.

The Foundation and Property Committee meets three times per year to review investments and property holdings of both the College and the Malvernian Society.

Recruitment and training

of Trustees

When a Trustee vacancy arises, the criteria of skills required, availability and eligibility, as dictated by the Royal Charter, are identified and reviewed by the Nominations Committee. The College’s elected Trustees are appointed following the recommendations of both the Nominations Committee and the full Council. Trustees are appointed to serve typically for up to a 5-year term and typically retire after a maximum of three terms.

Induction for New Trustees is co-ordinated by the Clerk to the Council. All new Trustees receive an induction pack comprising Charity Commission Trustee information, DfE publications, Malvern College Annual Report and Accounts and extensive College information. Training is undertaken through the completion of on-line safeguarding training and attendance at College-organised Trustee training events as well as through attendance at Council meetings and by interaction with fellow Trustees. A record of training is maintained for each Trustee.

Statement on the Charity Governance Code

As the College is a not for profit organisation which aims to follow charity sector best practice, the Trustees, via the Audit Committee have familiarised themselves with the updated version of the Charity Governance Code (the “Code”) published in December 2021. The Committee considers that the College’s governance framework does align with many but not all aspects of the Code. A review of the Code was conducted in 2022 and no changes to the College’s governance and standards were deemed necessary.

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Malvern College Senior Management Team

Keith Metcalfe Sarah Angus Rob Breare Lewis Faulkner Stephen Holroyd Headmaster Senior Deputy Head COO Deputy Head Pastoral Deputy Head Curriculum Keith was educated at After working for four years in Rob graduated from St Lewis Faulkner studied Stephen Holroyd studied Monmouth School and the City of London in domestic Catherine’s College, Oxford and Biological Sciences at Lady Economics and Economic Downing College, Cambridge, and corporate banking during has built a wealth of experience Margaret Hall, Oxford before History at Leeds University where he read Geography, the late 1980s, Sarah went to through his early career at completing his PGCE at New before completing his PGCE at Cambridge University to read Procter & Gamble and WPP, College, Oxford. His first and came to Malvern College Warwick University. He joined Economics at Lucy Cavendish before moving to Kenya as teaching post was at Sale from Harrow School where he Malvern in 1990 and during his College. After graduation, she Commercial Director (Bursar) Grammar School where he served as the Deputy Head time at the College he has taken took her PGCE in Glasgow. of Pembroke House School helped to introduce the Duke Master. As well as overseeing on a variety of roles parallel Having been Head of and subsequently as Chief of Edinburgh Award Scheme. the day-to-day running of a to his Economics teaching Economics at Eltham College Operating Officer at Ol Pejeta He then taught at St Edward’s school, he has held a number from 1994-1998, as well Conservancy. Prior to joining Oxford for nearly fourteen including Deputy Housemaster, of positions in his career as being involved in school Malvern College, Rob spent five years where he was Head of Stage Manager, in charge including: Housemaster, expeditions to Iceland, Norway years on the Senior Leadership Biology and then Housemaster of Duke of Edinburgh’s Gold departmental head, ISI school and Nepal, Sarah then moved Team of Nord Anglia Education of a boys’ boarding house for Award, Head of Boys’ Hockey, inspector, coach of various as Housemistress to Trinity working with international seven years and, latterly, Senior Sixth Form tutor, IB Workshop sports, and Master in charge School in Teignmouth, Devon, schools across Europe and the Housemaster. He also has an Leader, Senior Examiner and of the Duke of Edinburgh’s where she became Head of Middle East. Rob is enjoying MA in Education at Oxford author. His most recent roles Sixth Form. She arrived at returning to boarding school Brookes University. Award programme. have been Head of Economics, Malvern College ten years life having had some happy Politics and Business, and IB later as Housemistress of the memories from his own Diploma Coordinator. He is also newly-built Ellerslie House and experiences in a British boarding an ISI School Inspector and was appointed Deputy Head school in his formative years. has held several Prep School (Pastoral) in 2011. In 2017 Sarah was appointed Senior Governing roles. Deputy Head.

Penny Bijl Natalie Roberts Kate Tripp Andrew Nuttall Head of Learning Enhancement / Director of Finance Director of Human Resources Headmaster, The Downs Malvern Designated Safeguarding Lead Penny trained originally as a teacher Natalie graduated from the University Kate joined Malvern College in 2011 Andy joined The Downs Malvern in May of English (1986) with undergraduate of York with a degree in Philosophy, as Head of Human Resources and 2022. Before taking over the Headship degrees from Reading and Cambridge. Politics and Economics. After beginning became Director of Human Resources at The Downs, he was Deputy Head at She then gained an M.Phil in her career at KPMG where she qualified in 2019. She is a Fellow of the CIPD, Windlesham House School in Sussex. Psychology of Education, also from as a chartered accountant, Natalie has a degree in Applied Social Studies Andy graduated from Imperial College Cambridge, in 1987 and took her MA has since worked in variety of finance from Sheffield Hallam University and an London with a degree in Zoology, in 1990. After completing management roles in the not-for-profit and local MA in Human Resources Management completed his PGCE at Bath University training with the NHS, she worked as government sectors. These include the from Oxford Brookes University. Prior and also holds an MEd in Educational a Contracts and Planning Manager Grammar School at Leeds and, latterly, to joining Malvern, Kate was Head Leadership and Management from at Kidderminster NHS Trust for 3 Westminster City Council where her of Organisational Development for a Buckingham University. Before joining years. She then returned to teaching, focus was on commercial, capital and Housing Association and prior to that Windlesham House, Andy taught at initially in the state sector, and joined strategic projects. held a variety of Human Resources roles Cheam School and spent four years at Malvern College in 2004 in the in the charity and banking sectors. The Banda School in Nairobi, where he Learning Enhancement department, met his wife Polly. Andy’s leisure time is subsequently also teaching English to focussed on the outdoors: he is a keen IB, GCSE and in the FY for several years cross country runner, enjoys fly fishing, and TOK for two years. looking after the family’s chickens and

Andy joined The Downs Malvern in May 2022. Before taking over the Headship at The Downs, he was Deputy Head at Windlesham House School in Sussex. Andy graduated from Imperial College London with a degree in Zoology, completed his PGCE at Bath University and also holds an MEd in Educational Leadership and Management from Buckingham University. Before joining Windlesham House, Andy taught at Cheam School and spent four years at The Banda School in Nairobi, where he met his wife Polly. Andy’s leisure time is focussed on the outdoors: he is a keen cross country runner, enjoys fly fishing, looking after the family’s chickens and quail and gardening with his two young children, to list a few of his interests.

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Statement on Fundraising

All fundraising activities for the College are carried out by highly professional College staff with assistance from the Malvernian Society, alongside the parents and pupils with the running of specific fundraising events. The College does not use external professional fundraisers or have any commercial participators. All fundraising activities report in to the Chief Operating Officer, are monitored by the Headmaster, and are overseen by the members of the College Council.

No complaints relating to fundraising activities have been received by the College during the financial period. However, the College has in place procedures that would be followed in the event of a complaint being received with the initial response being the responsibility of the Chief Operating Officer. Any continuing issues would then be passed to the College Council to determine what further action might be required.

The College does not currently subscribe to any specific fundraising standards or schemes for fundraising regulation but considers that it has set appropriate standards for the operation and management of its fundraising activities. In particular, the College considers that its processes and controls

ensure that vulnerable people and other members of the public are protected from any unreasonable intrusion of their privacy and that no fundraising activities would be unreasonably persistent or place undue pressure on a person to give money or property.

Risk Management

The Council, as Trustees of the Charity, has examined the principal areas of the College’s operations and considered the major risks faced in each of the risk areas by reviewing the Risk Register prepared by the College’s SLT. It is the opinion of the Council that the College has established resources and reviewed systems which, under normal operating conditions, should allow these risks to be mitigated to an acceptable level in its day-to-day operations.

Risks are recorded on the College’s Risk Register. The Council formally reviews the Risk Register on an annual basis. Changes to the College’s risk profile are monitored and controlled on an operational basis by the College’s SMT, the Operations Management Team and the Health and Safety Committee. These bodies report specific identified risks and the strategies for managing those risks to the Audit, Risk & Compliance Committee, the College Management Board and Council.

The key controls used by the College include:

The Trustees believe that the College’s financial resources and contingency planning is sufficient to ensure the ability of the College to continue as a going concern for the foreseeable future, being at least twelve months from the date of approval of these financial statements.

Related Parties

Malvern College Enterprises Limited (MCEL)

Malvern College Enterprises Limited is one of the College’s wholly owned trading subsidiaries and carries out non-charitable trading activities for the College. The results of MCEL are consolidated within the overall College results. Further details of MCEL’s activities and performance are given in the Financial Review and Note 5 and Note 26 of the Financial Statements.

College Guardians (CG)

In September 2021, the guardianship business was devolved from MCEL and was incorporated as College Guardians Limited. It has the same board of Directors as MCEL and is a wholly owned trading subsidiary of Malvern College. Further details of CG’s activities and performance are given in the Financial Review and Note 5 and Note 26 of the Financial Statements

Malvern College International Limited (MCIL)

Malvern College International Limited (MCIL) is one of the College’s wholly owned trading subsidiaries and carries out the trading activities of the International Schools. Further details of MCIL’s activities and performance are given in the Financial Review and Note 5 and Note 26 of the Financial Statements.

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The Downs Malvern

The Downs Malvern (TDM) is the trading name of The Downs, Malvern College Prep School. The merger of TDM into the Malvern College charitable company took place on 1st November 2022. From this date the results of The Downs Malvern were included within the overall College results.

Abberley Hall

The School closed at the end of the 2023 summer term.

The results of AH for the year to 31 July 2024 are consolidated into the 2024 results of Malvern College because, whilst the school is a separate charity, the College has control of the Board of Governors. Further details of AH’s activities and performance are given in the Financial Review and Note 5 and Note 26 of the Financial Statements.

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Giving back,
looking forward
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The Malvernian Society Limited

The Malvernian Society Limited is a company limited by guarantee, which promotes the work of, and education at Malvern College, assists in fund raising and in cases of need, assists pupils in providing bursarial and/or scholarship support. In the year to 31 July 2024, the Malvernian Society generated net income of c.£0.6m and held net assets of £17.4m. The results of The Malvernian Society Limited are not consolidated with the results of Malvern College because the Society is a separate charity with an independent Board of Directors. The College receives annual grants towards the cost of scholarships, exhibitions, bursaries alongside ad hoc grants for specific projects from The Malvernian Society. See Note 26 of the Financial Statements for further details.

In August 2021, the employees of the Malvernian Society were TUPED across to Malvern College in order to bring the fundraising and development office functions under the oversight of the Chief Operating Officer but remain accountable to the Trustees of the Society.

Following review of the overall strategy of the Malvern College Family of Schools, the Trustees of The Malvernian Society have approved the transfer by gift of the Society’s tangible assets and investments to the College. The transfer took place after the yearend. The Society will continue to accept donations and legacies.

Council Members

Council members do not receive any remuneration in the performance of their duties but are related parties of the College. See Note 9 of the Financial Statements for details of applicable transactions during the year.

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Our latest ISI Inspection rated Malvern College as excellent for both pupils’ academic achievement and for the quality of pupils’ personal development.

Safeguarding & Welfare

Safeguarding arrangements have embedded over In response to the rising pressure on our counselling the course of 2023/24 following a review in the service (and the increasing difficulty in getting referrals previous year. The Council delegates oversight for to CAMHS accepted), we have added further Safeguarding and Child Protection to the Malvern counselling resource to ensure we can support our College Board (the “Board”). One member of the pupils. This model of integrated counselling has Board is responsible for the oversight of safeguarding continued to be a success over the course of the arrangements, Mr Andy Collins, Safeguarding year. Our full-time counsellor and our new part-time Governor, and he regularly updates the Council on counsellor have been fully occupied supporting pupils its work. The Safeguarding and Child Protection subon a one to one basis over the course of the year committee has been meeting termly in 2023/24 to and have also provided a peer support and advice review the relevant policies, plans, and procedures space for House Assistants who carry a lot of pastoral in place. It is attended by the safeguarding Board responsibility. They are able to advise all staff on, for member for each of Malvern College, The Downs example, recognising and responding to self- harm, Malvern, MCIL, MCEL and College Guardians. Pupil and are valued members of the Pastoral Team, mental health concerns has remained a challenging supporting CAMHS and psychiatric referrals. aspect of safeguarding and pupil welfare.

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Boarding

Listening to pupil voice is a core part of our pastoral care. We carry out a regular pastoral survey for pupils and the Pupil Thrive group meets regularly for pupils to discuss issues with senior staff. Pupil feedback has encouraged us to replace weekly Sixth Form Life Skills lessons with a termly Sixth Form Life Skills Day. These have been a huge success, and we were delighted to win the Talk Education Award for ‘Support for Life Beyond School’. In June 2024, our Lower Sixth pupils took part in an action-packed life skills day. Pupils were able to choose from a wide breadth of activities including:

» Study Skills

This has been complemented by evening Life Skills talks and parent webinars, so that parents are kept informed of the Life Skills programme and they feel appropriately equipped to discuss these topics with their children.

We welcomed Bex Allport as a new part-time counsellor to support the work of Lucy Davies, our full-time counsellor. There has been continued focus on pupil wellbeing, with the embedding of the integrated counselling model and the use regular wellbeing screening questionnaires for all pupils. These questionnaires were designed by our College Counsellors and were adapted from the YP CORE questionnaire which is used as a screening tool by professionals. The results are seen by the College Counsellors and relevant information is acted upon by the Counsellor and the pastoral and safeguarding teams.

Pupils’ commitment to their community manifests itself in their respect for one another.

We have introduced ‘Leave In’ weekends for pupils who with pupil groups, staff input, and Parents’ Forum. wish to stay in school during the Leave Out weekends. Whilst developing the new uniform we focused on a Our ‘Leave-In’ provision is aimed at boarding pupils who modern uniform that offers quality, comfort, individuality, would like to spend a quiet weekend in school, rather choice and environmental credentials. We appointed than staying with host families or guardians. Pupils are Schoolblazer Ltd as our new uniform provider and accommodated in House 7A, The Lees, under the care the new uniform items are now available to purchase of Rebecca Carter (Head of Netball) with appropriate via their website. It brings together our heritage and support from other members of staff. The school is largely ambition, whilst also appropriately reflecting wider shut for the Leave Out weekend but pupils will have some societal changes. access to the school facilities. Approximately 20 pupils We have improved our process of risk assessment have remained in school during the ‘Leave In’ weekends.

We have improved our process of risk assessment have remained in school during the ‘Leave In’ weekends. across the boarding houses. External risk assessment We have encouraged more integration with The Downs consultants (Pearson Webb Consulting) visited each Malvern. Houseparents from The Downs have attended House and assessed the risks with the Housem. We College Housem meetings and we have organised have created a new template boarding house risk visits and sharing good practice, such as the CPOMS assessment and Housems have adapted this for software system for recording and sharing pastoral and their boarding house with input from Pearson Webb safeguarding information. Pupil leaders from The Downs Consulting. The updated risk assessments incorporate Malvern have attended lunchtime meetings with pupil all aspects of boarding house life. leaders from Malvern College to share their experiences We have continued our programme of leadership training and to support each other.

We have continued our programme of leadership training and to support each other. for all L6th pupils as they prepare for leadership positions A major project for the pastoral team was the in boarding houses and across the school. These consist introduction of a new school uniform in September of evening seminars which examine various case studies 2023, having gone through the final stages of and give pupils training on their roles and responsibilities, consultation with parents, pupils and staff with its including safeguarding. We have brought them forward design. The new school uniform was three years in the so they now take place earlier during the Lower Sixth making and from initial sketches and fabric samples to year. They are led by Lewis Faulkner (Deputy Head the final collection available today, collaboration with our Pastoral) and other senior members of pastoral staff. We community was at the centre of the project. Early ideas have also produced a new ‘Malvern College Prefect and came from pupil A-level Design and Technology textiles Pupil Leadership Handbook’ to support this training and projects, and from fashion designer Milly Wall (OM. No. preparation for leadership. 3). Ideas were refined through extensive consultation

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Academic

Context

2024 was the second year since 2019 where pupils sat public examinations without any special measures being applied to either the nature of the final examinations or what the pupils were expected to have learned. In previous years we have had the experience of CAGs (Centre Assessed Grades), TAGs (Teacher Assessed Grades), reductions in syllabus content and changes to the format of the final examinations. Nationally grades were down this year compared to previous years. This year’s cohort were the first to sit GCSE examinations after the pandemic.

All of the pupils who had offers from Oxbridge and those who had places to study Medicine got the grades that they needed and were accepted onto their courses.

IB

The IB cohort achieved an average score of 35.04 points which is well above the global average of 30.2 points. It is also above the UK National Average score of 34.67, which given that the IB is only done by highly academic independent and maintained schools, is a useful marker for us to judge ourselves against. 25% of the cohort scored 40 points or higher with 40 points generally being recognised as a marker for world-class performance. This year’s modal score was 40 points which, again, points to excellent performance at the top end of the cohort, though a long tail tends to lower the overall average.

Maybe more impressively this equates to an average UCAS Tariff of 206 points which is the equivalent of AAA B.

That average score of 35 points compares to our 5-year rolling average of 36.79 so does represent a dip when compared to previous years, though the rolling average is still being inflated by the years when examination results were inflated during the Covid pandemic and subsequent years.

There were 12 pupils who achieved the globally recognised benchmark of 40+ points which has allowed them to access highly competitive courses in prestigious universities.

PAN Shuaichu 44 – Oxford (PPE)
ALTENBURG Julinka 41 – St. Andrews (Geography)
GORYN Noah 41 – Durham (Social Sciences)
XU Bruno 41 – UCL (Mathematics)
CARVER Amelia 40 – Durham (English Literature)
GAGERN Theresa 40 – UCL (Urban Planning and Real Estate)
SCHMIDT-GARVE Caspar 42
AZIZ Aiza 41 – Warwick (Management)
PREISSL Marietta 41 – ESADE Spain
ALBER STROLZ Emilia 40 – University of Applied Arts Vienna
NISSEN Florian 40 – HSG Switzerland
OELBERMANN Carlotta 40

Six Year Analysis

Six Year Analysis
2024 2023 2022 2021** 2020* 2019
No. of candidates 49 50 50 53 64 63
IB points average 35.04 35 36.9 38.96 37.09 36
No. with ≥40 points 12 7 19 25 21 17
% with ≥40 points 24 14 38 47 33 27
(TAG *CAG)

Looking at the six-year analysis, the 2024 results represent an improvement on 2023 but are still lower than the pre-pandemic results achieved in 2019.

Six Year Analysis

A-Levels

A-Level Grades are broadly comparable
with pre-pandemic results, though are
slightly down on last year. At the top end
there were some fantastic results with
13 pupils scoring at least 3As and this
represented about 12% of the cohort.
There were also a very unusual number of
U grades.
The headline fgures are that 27% of the		 A Level 2024 2023 2022 2021** 2020* 2019
A* 8% 8% 12% 34% 18% 5%
A*-A 27% 29% 43% 65% 44% 29%
A*-B 56% 61% 73% 88% 71% 58%
A*-C 77% 82% 89% 98% 94% 84%
A*-D 92% 94% 98% 99% 100% 95%
A*-E 97% 100% 100% 100% 100% 99%

The headline figures are that 27% of the grades were at A or A which compares to the national average of 27.8%. The A-C Grades were 77% which was very similar to the national average of 76%.

The A-Level results always suffer as a result of our dual track Sixth Form. There is a tendency for the more academically able, and maybe more importantly the more academically driven, to opt for the IB Programme which can mean that the A-Level band is weaker by comparison. At the top end there are always pupils who achieve tremendous results, but there is often a long tail.

There are, however, a good number of pupils who achieved outstanding A-Level results including the following:

Top performers

Alex Green - AAA Tom Hilton - AAAA Isla Grammaticas - and A in EPQ – Oxford – University of Bath AAAA – University University (History) (natural Sciences) of Bath (Biology) Hannah Thomas - Leo Nguyen - Felix Day - AAA AAAA – University of AAA – UCL (PPE) Southampton (medicine) Emma Liang - AAA – Oxford University (Human Sciences)

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GCSE Highlights

Top performers

The GCSE grades this year were similar to
those achieved last year and in 2019. There
was a slight increase in the percentage of top
grades achieved with 55% being between 9
and 7(formerly A/A). 67% of grades were 9-6
(A-B) with 86% of grades being between 9 and
5 (A-C).
Academic Core Grades*
If we look at the grades achieved in the core
academic subjects we get a better picture of
what pupils are achieving. These core results
are from Maths, Science, English, Modern
Foreign Languages and Humanities. In these
core subjects 20% of grades are at 9, 62% are
9-7, and 73% between 9 and 6.		 Ben Evans 11 Grade 9s
Going to be doing A-Levels
in Mathematics, Further
Mathematics, Biology
and Chemistry.
Geoffrey Jin 7 Grade 9s
Going to be doing IB in Sixth
Form with Higher Levels in
Maths, Latin and History
Livia Machancoses De Gama Rose 10 Grade 9s
Will be studying IB in the
Sixth Form with Higher Levels
in Biology, Geography and
Chemistry
Rosie Winstanley 10 Grade 9s
Max Wilson 9 Grade 9s

Sixth Year Analysis

2024 2023 2022 2021** 2020* 2019
%A*-A or 9-7 55 52 60 72 67 57
%A*-B or 9-6 67 69 78 86 81 73

University Destinations

73% of our pupils were accepted at their first choice of university with a further 12% accepting their second choice. 15% of pupils pursued places at universities through clearing and have, therefore, decided not to take up their places at either their first choice nor their second choice. 67% of places are at Russell Group Universities which are seen as being the most prestigious. In addition 8 pupils have places at Lancaster, Bath and St. Andrew’s which are not Russell Group but are well regarded.

By far the most popular destination is Exeter with 11 pupils going there in October. Other popular choices include Newcastle (9), UCL (6), Durham (5) and Bath (5).

Pupils are going to 15 of the top 20 universities according to the Times Higher Education Rankings. Surprisingly, Durham, Exeter, Bath and St. Andrew’s have all dropped out of the top 20 ranking. Universities within the top 20 that have not got pupils going from Malvern include Imperial, KCL, Glasgow and Birmingham, though pupils did have offers from Imperial and Birmingham but chose to go to other Universities.

The picture with overseas universities is slightly less clear because it relies on pupils informing us of where they are going. Currently 13% of the 2024 cohort have taken up places at overseas universities.

Malvern pupils are going to 15 of the top 20 universities According to the Times Higher Education Rankings

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Senior Maths Challenge
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Super-curriculum

Beyond the core curriculum, we encourage pupils to broaden their intellectual horizons as well as their independence, collaborative research and engagement, through the pupil led super-curriculum that allows our pupils to individualise their own curriculum. Academic competitions, intellectual pursuits and pupil-led societies all provide opportunities for pupils to stretch themselves and challenge each other. There have been a number of achievements across the whole spectrum of subject areas:

In national level Olympiads across the Sciences and Maths there have been significant numbers being awarded medals and commendations for example in the Senior Maths Challenge Malvern pupils were awarded 9 Gold, 16 Silver and 34 Bronze awards and one pupil qualified for the British Maths Olympiad. With 24 sixth form girls entering the Maths Olympiad for Girls, three achieved distinctions and 5 achieved merits. In the IMC, two pupils qualifies for their year group Olympiads with a further 17 Gold, 12 Silver and 29 Bronze awards

Across the three science Olympiads and Challenges pupils were awarded 18 gold awards, with well over 100 awards in total. Olympiad Gold awards in Physics and Silver and Broze awards across all three sciences. Pupils also took part in the Information Olympiad with merits being awarded.

30 pupils competed in the annual UK Linguistics Olympiad, decoding various challenging translations.

Pupils were awarded Bronze and Silver awards at breakthrough and intermediate levels and one pupil was awarded Gold as advanced level.

As well as societies that link directly to the academic curriculum (e.g. Psychology, Economics/Business and History societies), a range of societies that have a broader focus or look forward to future careers (e.g. Politics and Foreign affairs, and Med/Vet Soc, Press and the Media, Law and Architecture) thrive. Pupil run groups that focus on wider society, human rights, responsibilities and identities including Black Students Union, LGBTQ+, Amnesty International and Empower Her Voice give pupils further platforms and opportunities to respond to and explore current affairs, issues and events.

The Aston Society (Lower School Academic Society) brought the year to a close with their series of lunchtime lectures. After taught sessions in the Winter term working on research and presentation skills, 16 year 9 to 11 pupils had spent the Lent term researching their self-chosen projects, and in the Summer term presented them to members of the society, parents, teaching staff and invited friends. As seen below, the variety of topics captivated the audience, from whom each speaker took 5-10 minutes of questioning on their topic after their

presentation. The level of background knowledge

students were not able to put into their time-limited presentations, and their ability to analyse that knowledge to answer some tricky questions on the spot was immensely impressive and showed the depth of their passion for their chosen area. A selection of the 15 talks:

The Wheeler-Bennet Society (Upper School CrossCurricular Academic Society) gives our Upper Sixth students an excellent opportunity to research and present on a passion project. The Society is run entirely by pupils, who give each other presentation and research advice, and organise the meetings. Each meeting sees two student speakers giving a 15-20 minute presentation, introduced by a member

of the committee who then chairs the 15 minute

Q & A session directly after the talk. Wheeler-Bennet is an extremely popular society amongst all our senior pupils, with U6th coming to support their coevals and the Lower 6th seeking to gain inspiration for the following year and keen to show they can ask thought-provoking questions of the speakers - a good way to make it on to the Society Committee in their U6th year. Recent talks have been:

A new academic scholars publication ‘Sapiens’ gave a number of scholars the opportunity to publish in depth academic research across and beyond our curriculum. Aston and Wheeler Bennet students are commonly contributors to this publication.

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Co-curricular and Personal Development

In Hockey , 6 students were selected for this year’s Talent Academy preparing them for potential tournaments in the England Hockey Pathway. Indoor was a huge success with our U16 Boys, U16 Girls and U18 Girls all qualifying and competing at Midlands Finals, with our U16 boys missing out narrowly on the final after losing 3-2 in the Semi Finals. The Girl’s 1st team have done well, reaching the last 16 in both the England Hockey plate and Independent School plate competitions. After Christmas, the Senior Girls recorded a great win over Millfield in a 6-5 thriller and a narrow lost to Worcester Hockey Ladies 1st team. The girls also played in the College summer league hosted at our pitches.

Boys’ Hockey has a strong season, with the 1st team boys leading the way, in several strong performances in the cup competitions. The squad beat Warwick School, Clifton College and Trent College to make their way to regional semi-final of the national plate against Scarborough College, where the team were unfortunate to lose in a penalty shootout. The U14 team made the Midlands regional finals, having a fantastic tournament at Rugby School.

In Rugby , 14 boys were involved with RFU academies, and 2 boys were awarded England Academy Player status (this is the highest accolade

that can be awarded at U18 level other than being capped). One boy was selected to play for the Independent Schools Lambs National team and a further two boys selected to play for The Barbarians Rugby Club U18 XV for their 200 years of rugby celebrations at Rugby School (they will now be inducted into the Barbarians Hall of Fame). 1st XV Captain received a Scholarship with Bath Rugby and Bath University and one boy received a Scholarship to Brunel University and Ealing Trailfinders Rugby. In Rugby 7s, the seniors won their group at Rosslyn Park and made it through to the knockout stage.

Our Football teams had a very positive season, particularly in the ISFA cup competitions. Our girls’ 1st XI reached the quarter final of the ISFA trophy, whilst the boys’ 1st XI had a good run, losing on penalties to the eventual winners. Two sixth formers spent the season playing for Worcester City U18 in the Midland Academy Youth League.

This year has seen a significant increase in interest in Rackets with a rapid influx of girls playing too. Both boys and girls have been well represented at Queen’s. The new FY boys have also proved that they can play to a very good level. The likes of Ed Taylor, Hugo Hardinges and Ed Queen have shown real promise but latterly there have been many newcomers who will in time challenge for their places.

Pupils’ commitment to their community manifests itself in their respect for one another.

The strongest pair were in the colts with one being 2nd seed at the National Schools tournament at Queen’s.

Netball highlights include U19’s getting through to the ‘Sisters in Sport’ National Bowl competition where we came 3rd overall. U14’s, U16’s and U18’s all progressed into the county competitions and produced solid performances as well as our 1st VII progressing though to the quarter finals at the Collegiate 7’s Festival.

The junior boys and girls Tennis teams enjoyed participating in the Hereford and Worcester LTA competition, winning multiple fixtures against a wide array of schools. In the County singles competitions, the boys and girls made it through to the semi-finals facing some stiff competition.

In Athletics , the College had over 30 pupils competing in the Malvern District Athletics Championships, with 15 of our students qualifying for the county championships. One pupil won both the inter boys’ hurdles and long jump, and another won the junior girls 300m. In the county championships, one pupil won the inter boy’s discus and placed third in the inter boys shot putt, and another was placing in his three events.

The girl’s cricket teams played the most fixtures in a season in 2024. Two girls represented their county sides, and the senior girls won 4 matches along the way. One of our U14 girls managed to score their first hundred for the school

The Boy’s cricket season was extremely successful. The 1st XI won 15 out of their 17 matches with notable wins including Bradfield, Wellington College, Bromsgrove and Harrow. Four boys made centuries across the season. One pupil from the U6th has gained his first professional contract with Somerset and two further pupils represented their counties for the Senior Men’s 2nd XI. One pupil was selected for the Bunbury U15 festival and two pupils played in the U17 Super 4 festival at Loughborough University, representing the Midlands. Overall, 19 boys represented their county at age group level.

Our Participation Sports Programme has expanded significantly, enabling more students to experience the benefits of physical activity, teamwork, and competition. We have prioritised specific sports for growth, enhancing both the frequency of events and the range of competitive opportunities. Cross Country remains one of our most popular options, with strong student participation.

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In 2024-25, we are working to expand our competitive offerings, integrating more focused races into our annual calendar to encourage greater student involvement and achievement. Notably, our flagship event, the Ledder, saw another successful year, with over 170 students participating. This year marks the introduction of competitive fixtures in our basketball programme. With a dedicated group of 12 students training more than three times a week, we are confident this sport will continue to grow and become a staple in our competitive lineup. Our badminton programme has expanded its fixtures, reflecting growing interest among students. Additionally, for the first time, we are participating in volleyball competitions against local independent schools, increasing opportunities for skill development and competition in these sports. The popularity of squash has led to the formation of our first-ever girls’ squash squad, which will soon represent the school in competitions. Rackets also continues to see a growth in interest, with an increasing number of girls participating this season. Our golf programme remains a significant success, with over 30 students receiving regular one-on-one lessons from our professional coach. The golf squad participates in fixtures almost weekly, and competition for squad spots is at an alltime high.

In Drama the Musical Theatre Society presented a memorable production of ‘We Will Rock You’, the Year 10 (Remove) performed Shakespeare’s classic comedy ‘Twelfth Night’ and Year 9 (FY) dramatists staged a wonderfully comic production of ‘Clue’, a play based on the board game, Cluedo. All productions featured powerful acting performances supported by impressive production values and were well received by appreciative audiences.

The much loved and fiercely contested House Drama Competition occurred over three performance evenings in February, offering a rich variety of theatrical experiences. Productions ranging from ‘Alice in Wonderland’ to ‘The Hobbit’ and ‘Only Fools and Horses’ were presented on the Rogers Theatre stage with category winners receiving their trophies at a special ‘Oscars’ Ceremony.

One of our outstanding dramatists successfully auditioned to become a member of the National Youth Theatre and another was accepted into the National Youth Music Theatre. An upper sixth leaver is now attending Drama school in London.

In Speech and Drama LAMDA examinations pupils attained 29 Merits and 14 Distinctions.

Three Remove Drama Scholars enjoyed performing in two plays at the Edinburgh Fringe Festival this summer.

The Music programme was centred on a variety of ensembles and performances. The College Choir (comprising approximately 70 pupils), Chamber Choir, Concert Band, Jazz Band, Enigma Sinfonia, String Orchestra as well as the smaller Brass and Percussion Ensembles all met every week, whilst we also introduced 2 new vocal groups for boys- and girls- only singing in order to encourage more singing in the College with more relaxed, contemporary repertoire. 190 pupils had weekly one-to-one lessons with our team of VMTs. The performance programme continued to be a range of solo concerts (both classical and popular genres) and the larger concerts showcasing the ensembles – this year we had in excess of 20 events where our musicians performed including, for the first time, a concert given by the College’s Music award holders to honour St. Cecilia – the patron saint of Music. As in the previous year, audiences continued to grow, with the student body increasingly engaging in the Music programme.

As ever, the Concerto Concert was, as ever, a real highlight of the year with repertoire, this year, from Handel to Star Trek and even included the beautiful 2nd movement from Rachmaninov’s Second Piano Concerto. It was very good to have had a good number of pupils from the Lower 6th and Hundred performing at this showcase event.

We also held our second Prep Schools Choral evensong in May, where our visiting singers were joined by members of the College Choir to sing a full choral evensong in our glorious chapel.

The two House music competitions – House Singing and House Music – were highlights of the year of course. The former was held, once again, in the Malvern Theatres, with more pupils (570 – 87% of the pupil body) than we have had for a very long time representing their houses. This is very much a pupilled event where the houses choose, arrange, rehearse and perform their song to an 800-strong audience. This year, House 6 won with a lovely performance of a song taken from the film Les Choristes. House Music was a very different competition to previous years involving larger numbers of pupils with the intention of showcasing the musical activity within the house much more, and this was done across 3 different categories. Ellerslie were the victors.

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Further Co-curriculum

The Combined Cadet Force has always been a significant feature of the co-curriculum and has over 180 pupils taking part in the full range of weekly activities and frequent camps and competitions. An Upper pupil is this year’s Worcestershire Lord Lieutenant’s Cadet.

A significant number of pupils take part in the Duke of Edinburgh’s Award scheme throughout the school with pupils walking as well as using bikes, canoes, kayaks, rafts and SUPs for their expeditions. We had over 160 pupils undertaking the Silver Award, with more than 62% of the pupils who had signed up for the Gold Award completing it before they left the College.

Outdoor Pursuits clubs and activities are a distinctive feature of the Malvern co-curriculum (white water kayaking, canoe polo, mountain biking, rock and indoor climbing and mountain scrambling) and all continue to increase in numbers and are fully subscribed. Ventures of note include paddlers running grade 4 waterfalls, bikers pushing their limits on black trails and bike touring trips seeing a significant uptake. ‘Hunted’ and ‘Lost’ continue to be phenomenally successful and popular events, with fierce competition amongst the pupils to take part and represent their houses in what are now both seen as regular annual events that are keenly followed by all pupils. The year was rounded off with a hugely successful pupil led, personal development expedition in July 2024. A team of pupils journeyed from The Alps back to Malvern College using bikes, SUPs and a sailing boat. Taking on all areas of responsibility for the planning and running of the expedition and this flag ship bi-annual expedition was again a huge success.

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©Photography – Norman Mays
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The Downs Malvern College Prep School

The community at The Downs Malvern have enjoyed a positive year with developments both inside and beyond the classroom reflecting the range of areas in which the school is making progress. Highlights include the opening of the re-furbished Music School in the Autumn term, developments to the Forest School provision with a new large shelter for classes and visiting groups, and within the classroom a focus on ‘Structural Learning’ giving the staff and pupils a framework on which to base their collaborative learning efforts. Work began on converting the Old Library and re-configuring the existing Pre-prep classrooms to make way for our new Nursery offering which extends the school’s age range downwards to children of 6 months.

Academic : The school has built on the successes of previous years with 17 of our Year 8 pupils achieving 27 scholarship awards between them. These once again reflect the breadth of the educational offering with awards being achieved in Academics, Sports, Art, Design and Technology, Drama and Music. In its inaugural year, the TDM Baccalaureate, an aspirational programme of study for senior pupils, designed to motivate, stretch, encourage growth and recognise the full breadth of talent amongst the pupils, proved very successful. Four pupils achieved the highest Platinum Award. Through detailed use of data and the underlying passion and dedication of the teaching staff to identify and adapt to the needs of each child’s profile, pupils continue to be appropriately challenged, motivated and prepared for their continued schooling and beyond. Additionally, the teaching staff have been introduced to Structural Learning as a method of developing children’s engagement in their learning and creating a whole school approach to the language of learning.

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Subject 2020-2021 2021-2022 2022-2023 2023-2024
Academic 6 scholarships, 1 exhibition 3 scholarships, 3 exhibitions 4 scholarships, 2 exhibitions 8 Scholarships, 1 Exhibition
Art 1 scholarship 1 exhibition 1 exhibition 2 Scholarships, 2 Exhibitions
Drama 1 scholarship, 1 exhibition 1 scholarship 3 scholarships, 3 exhibitions 1 Exhibition
DT 1 scholarship, 2 exhibitions 1 scholarship 1 exhibition -
Music 1 scholarship 2 scholarships, 2 exhibitions - 4 Scholarships, 1 Exhibition
Sport 2 scholarships, 2 exhibitions 9 scholarships, 1 exhibition 6 scholarships, 3 exhibitions 6 Scholarships, 1 Exhibition
All-Rounder - 1 award - 1 Award
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Pastoral: The academic year began with a new DSL in Caroline Ainsworth continuing the work that Lesley Hunter had begun and the increasing awareness of the importance of Safeguarding continues to be high on the agenda with the newly expanded team taking responsibility for Safeguarding in specific areas of the school. The team will be expanded with the new Nursery Manager overseeing Safeguarding in the youngest age-groups from September 2024.

We have consulted the school community on defining the school’s Values and these have been identified as Kindness, Respect and Courage which are now being embedded throughout the school. We have expanded the leadership programme for the pupils so there are now a wider team of Year 8 ambassadors taking on roles of responsibility across the different spheres of school life.

The school counsellor has been appointed and is working with specific children who require counselling support for a range of welfare issues. C-Poms has now been fully rolled out as a method of recording and communicating relevant safeguarding and behaviour issues.

Boarding: We start the new academic year with 23 full boarders in Y3-8. UK families are joined by children from China, America, Japan, Russia, Thailand and Spain. 4 of these are here for one term only, but we have success in converting some of these short stay pupils into a full year, and some have also made the transition as full boarders to Malvern College. Regular flexi boarding (1, 2 or 3 nights per week) remains popular for our local families with 12 children making up the consistent boarding community. These 35 children (27% of the Prep School) are joined by occasional flexi boarders: last term we had 40 children staying a total of 83 nights, and a total of 127 nights over the previous 2 terms. Theme nights add variety and extra interest to our midweek offering and 21 children have currently signed up for the first two of these nights this term (5 in total).

Charities Act 2011 and Public Benefit: The Governors have considered the Charities Act 2011 on public benefit and have had due regard for Charity Commission Guidance on the Subject.

The School was committed to funding the education of members of the local community who would not normally be in a position to afford the school fees but who demonstrate that they would benefit from the educational environment the School offers. More details are given on page 16.

As also detailed above, the School also raised funds for local, national and international charitable organisations. A number of local groups also made use of the School’s facilities at either a reduced cost or free of charge, both in term time and throughout the holiday periods.

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Malvern College Tokyo
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Malvern College International Schools

We were pleased to welcome proprietors, Heads and other senior representatives to the Malvern College Family of Schools Annual Leadership Conference, held over two days in March.

Highlights this year have included the opening of the College’s 6th international school campus, which opened in September 2023 in Tokyo. Malvern College Tokyo, based in the western suburbs of Tokyo, is an IB continuum day school catering for both a local and expatriate market, under the leadership of Mr Mike Spencer, Founding Headmaster.

Enrolment growth has now somewhat recovered from the impact of Covid in China and Hong Kong and we anticipate an improved growth trajectory over the coming years.

The formal opening of Malvern College Tokyo took place in December 2023 was attended by Professor Roger D. Kornberg, Nobel Laureate for Chemistry at the School of Medicine at Stanford University, and Julia Longbottom CMG, the British Ambassador to Japan.

We have been particularly pleased to see an increased level of educational collaboration between different schools in the group, with a number of projects, events and other initiatives in evidence involving pupils across the Malvern College Family of Schools.

Malvern College Qingdao

Malvern College Chengdu

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Malvern College Pre-School Hong Kong Malvern College Egypt
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Malvern College Hong Kong

Malvern College Tokyo

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Achievements and Performance Review

Commercial activities

This year has seen the business continue to grow, with record numbers of clients and visitors utilising the College’s facilities during the Easter and summer holidays. We were particularly pleased with the success of the relaunch of Malvern College Summer School, the College’s proprietary summer language course, with over 200 children attending a range of courses, a substantial increase on the previous year. The National Schools Symphony Orchestra and Malvern College Cricket Festivals, the College’s other proprietary courses, continue to thrive.

We are delighted also to have been able to continue to host a significant number of high-profile rugby and hockey events, including the RFU Academy Festival, England’s biggest gathering of pathway players with approximately 1,200 young players in attendance during the event. Our main strategic focus remains on the development of our proprietary courses, in particular Malvern College Summer School, and with a full team now in place we expect this area of the business to grow significantly over the next few years.

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RFU Academy Festival
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NSSO 2023
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Summer School 2023
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NSSO 2023
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Malvern Active Sports Complex
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Summer School 2023
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Fundraising | Donor Impact Report

Sustainability

Music School Project

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.

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

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.

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.

Looking ahead

Our fundraising priorities for the year ahead are as follows:

“

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

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; our Headmaster and senior management team’s vision goes much beyond that.

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Green Giving Day 2023
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Green Giving Day 2023
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“

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.

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Fundraising | Donor Impact Report

Alumni Engagement

Standards

Major gift fundraising during the year was carried out solely by the Development staff and no external fundraising individuals or companies were employed. The College and Society adhere to GDPR regulations. The Malvernian Society is registered with the Fundraising Regulator. There were no incidences of failure to comply with fundraising standards and no complaints recorded.

Malvern College’s Victorian campus belies the school’s modern outlook, but it is still astonishing to see quite how far and wide Old Malvernians and Ellerslie Old Girls have settled around the globe. It’s a story of heritage coupled with progress, and one of which Malvernians should be proud.

OM Highlights on the International Stage

1 OM winner of the World’s Toughest Row 2024 – Sam Glover (5.90-92) was the fastest solo competitor to cross the Atlantic

1 OM selected to represent Team GB at the Paris Olympics – Rose Harvey (6.08-10), women’s marathon

2 OMs with international cricket honours: Tom Kohler-Cadmore (5.09-13), England ODI squad, and Tommy Boorman (2.18-23), England Young Lions

Location of Old Malvernians and Ellerslie Old Girls: A truly global community

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Fundraising | Donor Impact Report

Events

The promise that Malvern College offers a community for life underpins our busy and varied programme of events designed to ensure Malvernians remain connected with each other and the school.

Over 1,500 OMs met face to face during the year as the Malvernian Society delivered over 30 events at Malvern College, elsewhere in Malvern, London, Milan, Hamburg and Munich, as well as a number of online meet ups. Another 59 OMs returned to visit the College for old times’ sake, often with family members.

Meanwhile our online opportunities to connect continued to grow with new online events and a continual stream of social media news.

Highlights of year included two House Reunions: School House in September and No.2 in June with both Houses boasting OMs as HouseMs: Mark Hardinges (1.91-96) at School House and Justin Major (8.86-91) at No.2. The format for both House reunions included a visit back to the House to revisit former study bedrooms and share stories with their House fellows before heading onto the Chapel for a rousing rendition of Jerusalem before lunch and tours of the campus. Happy memories were revived on both occasions.

A full programme of activities was enjoyed for returning OMs for the annual Commemoration Weekend, Friday 15 - Sunday 17 March, which included various OM Matches against College teams, and the newly instituted and popular 10 Year Reunion. On the Sunday, 14 OMs joined College pupils to take part in a very muddy Ledbury Run.

In May, two events were revived and met with popular support: first, the Blumenau Lecture which was delivered by historian and award-winning podcast host, Dominic Sandbrook (1.88-93). Dominic delivered a lecture on Britain’s Top Prime Ministers (his slightly controversial choice was Sir Robert Walpole).

Second, we welcomed back some of those who left in

1970 to 1975 for a 50 Year Reunion. Sunny weather and a view over a cricket tournament on The Senior ensured OMs enjoyed the campus at its best.

Our full programme of events is available at www.malverniansociety.org.uk

OM Club

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

Highlights included

Green Giving Day Awards

Our first Green Giving Day in June 2023 won two prestigious awards:

Looking ahead:

Engagement by numbers

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Financial Review | Treasurer’s Report

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The College delivered an
excellent £1.75m EBITDA
for the year, including
£0.7m of concession and
donation support from The
Malvernian Society
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It has been most encouraging to see the College post a resilient financial performance in 2023-24, despite continuing difficult conditions and much uncertainty both at home and abroad.

The continuing entities within the Malvern College Family of Schools (i.e. including The Malvernian

Society but excluding Abberley Hall) posted an excellent overall surplus for the year of £1.2m (2023: £0.5m).

The Malvern College Group overall deficit decreased, from £1.2m (not including the introduction of TDM assets accounted for as a donation) to £0.6m. The College itself delivered an excellent £1.75m EBITDA for the year, including £0.7m of concession and donation support from The Malvernian Society. Malvern College Enterprises and College Guardians collectively delivered a solid £0.7m net contribution with strong demand across their services. The Malvern College International Schools business delivered an outstanding £1.6m of net contribution to the Corporation as we see continued enrolment growth.

Following the closure of Abberley Hall at the end of the previous year, this was a year of keeping the site secure whilst marketing it for sale. The closure costs, particularly security and insurance, were significant, and despite a small amount of income from some of the rental properties that remained occupied for part of the year, the result was a deficit of £1.1m. However, the sale process concluded in August 2024 and the College was able to recover the capital amounts of its loans.

The financial position of The Downs is challenging, however we continue to invest in growth and have a strong future plan. Close to 65% of The Downs Year 8 pupils joined The College in September 2024, continuing its vital part of the Malvern journey for families.

Whilst the inflation pressures seen in the previous year have eased somewhat, the resulting levels of costs are a challenge for the whole sector. 54% of the Group’s operating expenditure is in payroll, and robust mechanisms are in place to control recruitment whilst remaining competitive based on external benchmarks. The remaining non-payroll operating expenditure is subject to continued review and communication with budget-holders.

The Group’s net debt position improved by £6.6m to a positive net cash position of £4.8m and we closed the 2023-24 year with a robust balance sheet. As described in Note 28 to the accounts, the balance sheet was further strengthened after the year-end by the gift of almost £17m of assets from the Malvernian Society. This helps even further to mitigate the external factors we are having to deal with, including those within the government’s October 2024 budget.

The detailed consolidated Group and College balance sheet follow in the coming pages.

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Financial Review | Treasurer’s Report

The diagram below shows the results and combined balance sheets of the ongoing consolidated group which includes The Downs Malvern but separates out Abberley Hall, plus the Malvernian Society, which together from the ‘Malvern College UK Family’:

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MC/TDM Malvern College Malvern College
£000 College Guardians Sub Total Malvernian Society MCFS total
continuing operations International Enterprises
Income/Gains 31,631 2,329 2,132 818 36,910 1,160 38,070
Expense (29,881) (747) (1,796) (411) (32,835) (1,162) (33,997)
EBITDA 1,750 1,582 336 407 4,075 (2) 4,073
Continuing (Deficit)/Surplus (1,806) 1,582 336 407 519 645 1,164
Abberley Hall Deficit (Exceptional) (1,122) (1,122)
Overall (Deficit)/Surplus (603) 645 42
Property & Equipment 29,438 29,438 13,697 43,135
Cash 15,162 612 1,009 945 17,728 3,598 21,326
Other current assets 8,599 1,580 282 160 10,621 127 10,748
Loans (13,033) (13,033) (13,033)
Other current liabilities (8,973) (2,192) (1,200) (1,105) (13,470) (26) (13,496)
Other liabilities (5,944) (5,944) (5,944)
Net assets of Continuing entities 25,249 0 91 0 25,340 17,396 42,736
Abberley Hall Net assets 173 173
Overall Net assets 25,513 17,396 42,909
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Statement of Council Members’ responsibilities

The Council members are responsible for preparing the Report of the Council and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards).

The law applicable to charities in England & Wales requires the Council members to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and the Group and of the incoming resources and application of resources, including the income and expenditure, of the Charitable Group for that period. In preparing these financial statements, the Council members are required to:

The Council members are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity’s transactions, disclose with reasonable accuracy at any time the financial position of the Charity and Group and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the Charity’s constitution, are also responsible for safeguarding the assets of the Charity and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Independent Auditor

Crowe U.K. LLP have indicated their willingness to continue in office and a resolution concerning their reappointment will be proposed at the Annual General Meeting.

On behalf of the Council on 30[th] November 2024

Amy Yeo

Treasurer

MALVERN COLLEGE (INCORPORATED UNDER ROYAL CHARTER)

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Financial Review | Chief Operating Officer’s Report

Financial statements for the year ended 31 July 2024

CORPORATION 2023-24 2022-23 2021-22 2020-21 2019-20 2018-19
(incl. AH as consolidated) £’000 £’000 £’000 £’000 £’000 £’000
College Operations (includes TDM
from 1/11/2022)		 1,750 864 989 841 (753) 1,683
Abberley Hall (discontinued) (858) (1,300) (838) (1,021) (392) -
MCEL Net Income / (Defcit) 336 209 42 (120) 349 1,129
CG Net Income 407 387 331 - - -
MCIL Net Income 1,582 1,584 1,802 1,672 1,430 -
Furlough scheme grant income - - - 268 933 -
EBITDA 3,217 1,744 2,326 1,640 1,567 2,812
Depreciation and impairment of assets (3,035) (2,820) (2,549) (2,356) (2,427) (2,245)
SWAP movement (122) 469 525 338 1 (83)
Interest & SWAP payments (939) (635) (402) (333) (345) (356)
Interest received 276 34 9 3 37 29
Net (Defcit)/Income* (603) (1,208) (91) (708) (1,167) 157

Note: the table above is the current situation and differs from the Treasurer report table which shows a future Malvern College Family of Schools outlook without Abberley Hall but including the Malvernian Society.

The College was, and is, well placed to handle the current financial challenges of a challenging environment. The Group recorded a net deficit of £0.6m (2023: net deficit £1.2m excluding the donation arising from the introduction of TDM’s assets). However the deficit was as a result of the ongoing costs of caring for the Abberley Hall site following its closure in the previous year.

Operationally, the College continued with its good financial management to reduce costs, increase income with a focus on pupil starter numbers and to adopt a prudent approach to capital expenditure.

The professional approach of the College to fundraising and the generosity of the College family resulted in donations from the Malvernian Society of £0.7m, including significant contributions to the Grub and MemLib Sixth Form Centre projects. The College continues to focus on fundraising to support its capital programme and increasingly to provide means tested bursaries - all funds are received by and held in the Malvernian Society Limited until released to the College (as set out in Note 20) and are not consolidated into the financial statements of the College. Over the last 10 years, funds of circa £14m have been raised through direct gifts and legacies from our alumni body for which we are most grateful.

The revenue and expenditure results are set out in the Group Statement of Financial Activities on page 82. The results of Abberley Hall Limited are consolidated, as are those of The Downs Malvern. The Group results are summarised on the left table.

Earnings before depreciation and interest were £3.2m (2023: £1.7m). The contribution from the Trading operations increased to £2.3m (2023: £2.2m). College and TDM operations generated an overall surplus of £1.75m (2023: £0.9m), this includes donations from the Malvernian Society. The results include the performance of Abberley Hall following closure which incurred a deficit of £0.9m (2022: £1.3m).

As a result of the broader economic uncertainties resulting from inflation and other political issues, which are likely to continue in the following years, the College continued to review its cost bases. Whilst the College remains committed to the ongoing development and enhancement of its facilities it is prudently conducting a detailed review of future capital programmes. Expenditure is being focused on the core repair and maintenance of the College alongside the on-going refurbishment of the boarding houses. The initiatives to create a Sixth Form Centre in the Memorial Library and a new community café in the Grub were delivered in the Summer of 2024.

On the balance sheet, total net assets for the Group, with all land and buildings stated at cost less depreciation, amount to £25.5m (2023: £26.1m). Net current assets at 31 July 2024 were £13.9m (2023: £12.6m). As a result of FRS 102, the valuation of the SWAP is reported on the balance sheet as at year end. The movement in the valuation, which is provided by Lloyds Banking Group PLC, is shown in the Statement of Financial Activities.

The loans to Abberley Hall have been classified as due within one year in the balance sheet, and following the sale of the Abberley Hall estate were repaid after the year-end.

In May 2007, the College arranged a loan facility of £13.5m with Lloyds Banking Group PLC. The final repayment date of the loan is 20 years after the Commitment Termination date, which was August 2011.

A loan of £3.0m was drawn down in December

  1. This loan is being repaid over 14 years and repayment commenced in December 2013.

In December 2021, the College arranged a loan facility of £1.0m with Lloyds Banking Group PLC. This loan is being repaid over 10 years and repayment commenced in December 2022.

In March 2023, the College arranged a loan drawdown of £7.5m. This loan is being repaid over 15 years and repayment commenced in May 2023.

The total combined amount of the drawdowns on all facilities at the year-end was £13.0m (2023: £14.2m). With cash and short-term deposits of £17.8m, the positive net cash position at 31 July 2024 was £4.8m (2023: net debt of £1.8m). This was partly due to the receipt of a large number of fees in advance, as detailed in note 18 on page 106. The College is fully compliant with all its banking covenants. The College places excess funds on deposit within Lloyds Banking Group plc and CCLA Investment Management Ltd.

Malvern College Enterprises Limited

The College has a majority shareholding (80,899 of 80,900 shares) in its trading subsidiary, which carries out non-charitable trading activities for the College. Malvern College Enterprises Limited (MCEL) made a profit of £336K for the year (2023: £209K) and made a gift aid payment to the College of £336K (2023: £180K). The trading operations of MCEL include membership and hiring of the Sports Complex, the letting of College and The Downs facilities for holiday sports camps, conferences and weddings and commission from uniform and book sales.

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Financial Review | Chief Operating Officer’s Report

Independent Auditor’s Report[*]

Malvern College International Limited

The College has a 100% shareholding in its trading subsidiary, which carries out non-charitable trading activities relating to overseas schools for the College. MCIL will make a gift aid payment of its trading surplus for the current year of £1.6m (2023: £1.6m) to the College, thereby transferring all of its taxable profits to the College. Since the launch of Malvern College Tokyo in September 2023, several new initiatives are being considered for the medium to long term.

College Guardians Limited

This company is a wholly owned subsidiary of the College and performs guardianship services to pupils of the College and other schools. College Guardians will make a gift aid payment of its trading surplus for the current year of £0.4m (2022: £0.4m) to the College, thereby transferring all of its taxable profits to the College.

Reserves

Unrestricted funds are needed:

(a) to provide funds which can be designated to specific rebuilding and refurbishment projects to enable the College to provide boarding accommodation that complies fully with the Boarding School: National Minimum Standards, and teaching accommodation that meets Independent Schools Inspection standards; and

(b) to provide a financial cushion that will enable the College to continue to function as an independent school in the event of a significant fall in pupil numbers (and thus fee income).

Free reserves are unrestricted funds (including designated) after deducting stocks and fixed assets net of borrowing. The financial reserves we aim to hold is equivalent to the three consecutive months with the highest net outgoings, c. £7m. Unrestricted funds are £20.9m (2023: £20.7m) which includes our current cash holding of £17.8m (2023: £12.4m). The level of reserves is considered sufficient to meet the identified needs.

The unrestricted College fund is £18.0m (2023: £17.2m) and the Group’s free reserves are £9.7m (2023: £10.2m).

In 2020-21, the College Council agreed to designate 25% of the MCIL gift aid payment to a designated fund. This year £0.47m has been transferred. The amount of this fund is £2.45m (2022: £1.98m) and is intended to help fund means-tested bursaries.

The College Council carefully and regularly monitors the College’s financial performance against budget including inter alia pupil numbers (gross fee income), operating costs and capital expenditure on the capital projects.

The College’s policy on restricted funds is to record separately donations, grants and other sources of fundraising where restrictions are imposed that are narrower than the College’s overall objectives. Restricted funds are £4.7m (2023: £5.4m). This includes the assets introduced from TDM, which are shown as restricted due to TDM’s objects being more limited than those of the College.

Opinion

We have audited the financial statements of Malvern

College for the year ended 31 July 2024 which comprise the Group Statement of Financial Activities, the College Statement of Financial Activities, the Group and College Balance Sheets, the Group 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 group 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 Council’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s or the group’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are

authorized for issue.

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

Other information

Council 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.

MALVERN COLLEGE (INCORPORATED UNDER ROYAL CHARTER)

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Financial Review | Independent Auditor’s Report*

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

» the information given in the financial statements is inconsistent in any material respect with Report of Council; or

Responsibilities of Council

As explained more fully in the Statement of Council’s Responsibilities statement, Council 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 Council 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, Council are responsible for assessing the group and the parent charity’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 Council either intend to liquidate the charity 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 151

of the Charities Act 2011 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 non-compliance 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.

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

Irregularities, including fraud, are instances of noncompliance 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 charity and group 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 Charities Act

2011, together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charity’s and the group’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charity and the group for fraud. The laws and regulations we considered in this context for the UK operations were The Education (Independent School Standards) Regulations 2014.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of Council 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 fee discounts, and the override of controls by management.

Our audit procedures to respond to these risks included enquiries of management, and the Audit and Risk Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, designing audit procedures over fee discounts, reviewing regulatory correspondence with the Charity Commission, Independent Schools Inspectorate and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an

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

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees 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 charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Crowe U.K. LLP

Statutory Auditor 4th Floor, St James House St James Square Cheltenham GL50 3PR

Date: 20 December 2024

Crowe U.K. LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

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Group Statement of Financial Activities for the year ended 31 July 2024

Unrestricted funds Year ended Year ended
Restricted 31 July 2024 31 July 2023
General Designated funds Total Total
Notes £ £ £ £ £
INCOME FROM:
Charitable activities:
College fees 2 27,509,630 - - 27,509,630 26,631,973
Ancillary trading income 3 2,258,921 - - 2,258,921 2,524,366
Other 3 9,078 - - 9,078 4,167
Trading activities:
Trading income 5 5,278,691 - - 5,278,691 4,300,782
Non-ancillary trading income 3 276,412 - - 276,412 681,224
Investments 6 275,618 - - 275,618 33,564
Donations and Grants 4 59,022 - 723,711 782,733 5,485,085
TOTAL 35,667,372 - 723,711 36,391,083 39,661,161
EXPENDITURE ON:
Raising funds:
Trading expenses 7 2,278,685 - - 2,278,685 1,658,741
Financing costs 7 939,695 - - 939,695 635,035
Charitable activities:
Provision of Education 7 33,434,312 - 219,467 33,653,779 33,845,700
Donation to TDMCP 7 - - - - 10,380
TOTAL 7 36,652,692 - 219,467 36,872,159 36,149,856
Net (expenditure)/income before fair value
movements on fnancial instruments (985,320) - 504,244 (481,076) 3,511,305
Movement of SWAP liability 19 (121,570) - - (121,570) 469,241
Net (expenditure)/ income (1,106,890) - 504,244 (602,646) 3,980,546
Transfers between funds 20 763,666 470,596 (1,234,262) - -
Net movement in funds (343,224) 470,596 (730,018) (602,646) 3,980,546
RECONCILIATION OF FUNDS
Fund balances b/f 1 August 20 18,746,530 1,984,338 5,384,621 26,115,489 22,134,943
Fund balances c/f 31 July 20 18,403,306 2,454,934 4,654,603 25,512,843 26,115,489

The notes on pages 86 to 115 form part of the financial statements.

College Statement of Financial Activities for the year ended 31 July 2024

Unrestricted funds Restricted Year ended 31 Year ended 31
General Designated funds July 2024 Total July 2023 Total
Notes £ £ £ £ £
Charitable activities:
College fees 2 27,637,018 - - 27,637,018 24,420,864
Ancillary trading income 3 2,258,921 - - 2,258,921 2,388,725
MCIL Gift Aid 5 1,582,381 - - 1,582,381 1,583,702
MCEL Gift Aid 5 336,060 - - 336,060 180,236
CG Gift Aid 5 406,929 - - 406,929 717,239
Trading activities:
Non-ancillary trading income 627,607 - - 627,607 791,554
Investments 454,550 - - 454,550 97,423
Donations and Grants 4 59,022 - 723,711 782,733 5,483,325
Other 3 9,078 - - 9,078 4,167
TOTAL 33,371,566 - 723,711 34,095,277 35,667,235
EXPENDITURE ON:
Raising funds:
Financing costs 7 939,396 - - 939,396 645,255
Charitable activities:
Provision of Education 32,432,518 - 219,467 32,651,985 29,689,688
Donation to TDMCP - - - - 10,380
Abberley Hall Investment impairment 12 1,157,826 - - 1,157,826 1,509,160
TOTAL 34,529,740 - 219,467 34,749,207 31,854,483
Net (expenditure)/income before fair value
movements on fnancial instruments (1,158,174) - 504,244 (653,930) 3,812,752
Movement of SWAP liability 19 (121,570) - - (121,570) 469,241
Net (expenditure)/income (1,279,744) - 504,244 (775,500) 4,281,993
Transfers between funds 20 763,666 470,596 (1,234,262) - -
Net movement in funds (516,078) 470,596 (730,018) (775,500) 4,281,993
RECONCILIATION OF FUNDS
Fund balances b/f 1 August 20 18,746,530 1,984,338 5,384,621 26,115,489 21,833,496
Fund balances c/f 31 July 20 18,230,452 2,454,934 4,654,603 25,339,989 26,115,489

The notes on pages 86 to 115 form part of the financial statements.

Year ended 31

MALVERN COLLEGE (INCORPORATED UNDER ROYAL CHARTER)

MALVERN COLLEGE (INCORPORATED UNDER ROYAL CHARTER)

82

83

Group and College Balance Sheets as at 31 July 2024

Group College
2024 2023 2024 2023
Notes £ £ £ £
Fixed assets
Tangible assets 10 29,303,502 29,508,914 29,303,502 29,508,914
Intangible assets 11 135,047 138,257 135,047 138,257
Investment in Abberley Hall Limited 12 - - - 1,157,826
Investments 12 - - 90,802 90,802
Total fxed assets 29,438,549 29,647,171 29,529,351 30,895,799
Current assets
Assets held for sale 13 5,120,000 5,383,969 - -
Stocks 14 147,783 188,013 142,574 171,797
Debtors 15 3,002,151 3,210,610 8,456,911 7,562,098
Cash at bank & in hand 24 17,794,753 12,364,062 15,161,637 10,240,820
Total current assets 26,064,687 21,146,654 23,761,122 17,974,715
Creditors:amounts falling due within one year 16 (12,201,999) (8,560,974) (10,162,090) (6,637,663)
Net current assets 13,862,688 12,585,680 13,599,032 11,337,052
Total assets less current liabilities 43,301,237 42,232,851 43,128,383 42,232,851
Creditors:amounts falling due after more than one year 17 (17,788,394) (16,117,362) (17,788,394) (16,117,362)
Total net assets 25,512,843 26,115,489 25,339,989 26,115,489
Total funds of the Group/College:
Restricted funds 20 4,654,603 5,384,621 4,654,603 5,384,621
Unrestricted funds
College fund 20 18,020,351 17,247,594 18,235,463 17,593,715
Abberley Hall fund 20 116,338 1,238,115 (5,011) 1,152,815
Designated fund 20 2,454,934 1,984,338 2,454,934 1,984,338
Non-charitable trading fund 20 266,617 260,821 - -
Total unrestricted funds 20,858,240 20,730,868 20,685,386 20,730,868
Total Group funds 25,512,843 26,115,489 25,339,989 26,115,489

The financial statements on pages 82 to 115 were approved and authorised for issue by the Council on 30[th] November 2024 and were signed on its behalf by:

Robin Black

Chair, Malvern College Council

The notes on pages 86 to 115 form

part of the financial statements.

Group Statement of Cash Flows for the year ended 31 July 2024

2024 2023
Notes £ £ £ £
Cash fows from operating activities:
Net cash provided by operating activities 23 9,783,502 2,278,464
Cash fows from investing activities:
Investment income 275,618 33,564
Payments to acquire tangible and intangible fxed assets (2,563,305) (792,970)
Receipts from sales of fxed assets 9,600 4,167
Introduction of The Downs Malvern (cash balance) - 887,659
Net cash (used in)/provided by investing activities (2,278,087) 132,420
Cash fows from fnancing activities:
Financing costs (939,695) (635,035)
Repayment of bank loans (1,135,029) (5,039,576)
Funds advanced by new bank loan - 7,500,000
Net cash (used in)/provided by fnancing activities (2,074,724) 1,825,389
Change in cash and cash equivalents in the
reporting period 5,430,691 4,236,273
Cash and cash equivalents at the beginning
of the reporting period 12,364,062 8,127,789
Cash and cash equivalents at the end of
the reporting period 24 17,794,753 12,364,062

The notes on pages 86 to 115 form part of the financial statements.

MALVERN COLLEGE (INCORPORATED UNDER ROYAL CHARTER)

MALVERN COLLEGE (INCORPORATED UNDER ROYAL CHARTER)

84

85

Notes to the financial statements for the year ended 31 July 2024

Charity information

Malvern College was incorporated in the United Kingdom under Royal Charter in 1929 and has no share capital. The College is registered as a charity with the Charity Commission England and Wales (registered no: 527578). Its registered and principal office is College Road, Malvern, Worcestershire, WR14 3DF. This is also the registered address of it’s trading subsidiaries. Abberley Hall Limited is a private company limited by guarantee, incorporated in England and Wales (company no: 00602279). Abberley Hall Limited is registered as a charity with the Charity Commission England and Wales (charity no: 527598). Its registered and principal office is College Road, Malvern, Worcestershire, WR14 3DF.

1. Principal accounting policies

The consolidated financial statements have been prepared in accordance with 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 2015) - (Charities SORP (FRS 102)) and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The College meets the definition of a public benefit entity under FRS 102.

The accounts (financial statements) have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Going Concern

The College Council have considered the College’s ten

year financial forecasts to consider its ability to meet its liabilities as they fall due. They have considered the expectations of pupil numbers, forecast operating costs and current assets and do not believe there are material uncertainties over its ability to continue as a going concern. Accordingly the financial statements have been prepared on a going concern basis.

In light of the current climate the Trustees have undertaken planning and forecasting and continue to closely monitor the developing situation. The balance sheet has also been strengthened since the yearend by the gift of almost £17m of assets from the Malvernian Society. Despite the current circumstances the Trustees believe that the College’s financial

resources and contingency planning is sufficient to ensure the ability of the College to continue as a going concern for the foreseeable future, being at least twelve months from the date of approval of these financial statements and therefore have prepared the financial statements on a going concern basis.

Basis of accounting

The financial statements are prepared in accordance with the historical cost convention, with the exception of the derivative financial instrument held at fair value.

Basis of consolidation

The Group Statement of Financial Activities, the Group Balance Sheet and the Consolidated Statement of Cash Flows include the financial statements of the College and its subsidiary undertakings made up to 31 July 2024, on a line-by-line basis. Intra group transactions and profits are eliminated fully on consolidation.

On 1 November 2022, The Downs Malvern College Prep School (TDMCP) was merged into the College and are consolidated from that date.

Donations

Donations are credited to revenue when the College has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably.

Other income

Non-fee but educational income is accounted for in the period in which the income is earned.

Investment income

Bank interest earned on funds on deposit is accounted for in the period in which the investment income is earned.

Advanced fees

The College and the School offers parents the opportunity to pay for tuition fees in advance in accordance with a written contract. The amount received is invested and interest is accrued to contracts. This is treated as deferred income until the pupil joins the College or School whereupon the fees for each term is charged against the remaining balance and taken to income.

Final term deposits

Final term deposits are deposits placed when pupils join the College or the School, which are offset against fees and disbursements due for the last term each pupil attends. All deposits are held as deferred revenue.

Grants receivable

Grants receivable are credited to the Statement of Financial Activities in the period in which they are receivable.

Expenditure

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. There are no costs which cannot be directly attributed to particular headings.

Termination payments

Termination payments are accounted for as soon as the College or School is aware of the obligation to make the payment.

Bursaries, grants and

allowances payable

Grants from restricted funds are included as expenditure in the period for which the award is given. Bursaries and allowances from unrestricted funds towards college or school fees at the College and School are treated as a reduction in those fees.

Support costs

Support costs comprise the direct costs, including staff, attributable to college or school activities, an appropriate apportionment of indirect costs and the school’s governance costs.

The College governance costs comprise the cost of external audit, the costs of Management Board and Council meetings and strategic salary costs. The strategic salary costs include the costs of preparing the statutory financial statements and the costs of senior staff involvement in the strategic management of the College.

Irrecoverable VAT

Any irrecoverable VAT is charged to the Statement of Financial Activities, or capitalised as part of the cost of the related asset, where appropriate.

MALVERN COLLEGE (INCORPORATED UNDER ROYAL CHARTER)

MALVERN COLLEGE (INCORPORATED UNDER ROYAL CHARTER)

86

87

Notes to the financial statements for the year ended 31 July 2024

continued 1. Principal accounting policies

Foreign currencies

Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities are retranslated at the rate of exchange ruling at the Balance Sheet date.

The functional and presentational currency of the College and School is considered to be GBP because that is the currency of the primary economic environment in which the College and School operates.

Recognition of liabilities

Liabilities are recognised when an obligation arises to transfer economic benefits as a result of past transactions or events.

Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Council in furtherance of the general objectives of the College and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Council for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the College or School for particular purposes. The aim and use of each restricted fund is set out in the notes to the financial statements.

Pension costs

The College and School contributes to the Teachers’ Superannuation Scheme at rates set by the Scheme Actuary and advised to the Council by the Scheme Administrator. The College and School contributes to one defined contribution scheme for non-teaching staff. Amounts paid in relation to these Schemes are charged to the Statement of Financial Activities when they fall due. All pension costs are allocated to unrestricted funds.

Finance leases

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the Charity. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Statement of Financial Activities so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Operating leases

Rentals applicable to operating leases are charged to the Statement of Financial Activities on a straight-line basis over the lease terms.

Tangible fixed assets

Assets with a cost below £1,000 are not capitalised.

Land is not depreciated. Depreciation of other assets is calculated so as to write off the cost of tangible fixed assets, less their estimated residual values, over the expected useful economic lives of the assets concerned. Assets in the course of construction are not depreciated until they are brought into use. The principal annual rates, applied on a straight line basis on other assets, used for this purpose are:

%
Buildings 1.8-10.0
Computer equipment 25.0-33.0
Motor vehicles 25.0
Equipment and furniture 10.0-25.0

Investments

Investments in subsidiary undertakings are stated at

cost, but are written down to their realisable value if it is considered that there has been a permanent diminution in their value.

Stocks

Stocks comprise uniform, books, stationery & food stores which are stated at the lower of cost and net realisable value.

Debtors

Short term debtors are initially measured at transaction price, less any impairment. Prepayments are measured at the amount prepaid.

Cash

Cash is represented by cash in hand and deposits with financial institutions.

Creditors

Creditors are initially measured at the transaction price.

Basic financial instruments

The College has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Derivative financial instruments

The College uses derivative financial instruments to reduce exposure to interest rate movements. The College does not hold or issue derivative financial instruments for speculative purposes.

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently re-measured to their fair value at each reporting date. The resulting gain or loss is recognised in the Statement of Financial Activities immediately.

Fair value measurement

The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique. The value of the interest rate swap has been provided by Lloyds Bank.

JUDGEMENTS IN APPLYING

ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The items in the financial statements where these estimates and judgements have been made include the following:

Useful economic lives of

intangible and tangible assets

The annual amortisation and depreciation charges for the intangible and tangible assets are sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See Note 10 for the tangible assets, Note 11 for the intangible assets and Note 1 for the useful lives for each class of assets.

Impairment of debtors

The Group makes an estimate of the recoverable value of trade, fee and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. See Note 15 for the net carrying amount of the debtors and associated impairment provision.

SWAP liability

The value of the SWAP obligation was established by Lloyds Banking Group PLC.

MALVERN COLLEGE (INCORPORATED UNDER ROYAL CHARTER)

MALVERN COLLEGE (INCORPORATED UNDER ROYAL CHARTER)

88

89

Notes to the financial statements for the year ended 31 July 2024

2. Fee income

2. Fee income
Group College
Tuition fee income comprised: Year ended Year ended Year ended Year ended
31 July 2024 31 July 2023 31 July 2024 31 July 2023
£ £ £ £
Gross fees 31,344,215 30,914,982 31,344,831 28,185,436
Less: allowances, grants (4,039,356) (4,528,244) (3,912,584) (4,009,807)
27,304,859 26,386,738 27,432,247 24,175,629
Add back: Allowances paid 204,771 245,235 204,771 245,235
for by restricted funds
27,509,630 26,631,973 27,637,018 24,420,864

4. Grants and donations

Group College
Year ended Year ended Year ended Year ended
31 July 2024 31 July 2023 31 July 2024 31 July 2023
£ £ £ £
Restricted donations and gifts 723,711 5,484,814 723,711 5,483,054
Unrestricted donations and gifts 59,022 271 59,022 271
782,733 5,485,085 782,733 5,483,325

3. Other income

3. Other income
Group Year ended Year ended
31 July 2024 31 July 2023
£ £
Non-ancillary trading income
Lettings and other income 276,412 681,224
276,412 681,224
Ancillary trading income
Music, speech and drama income 546,280 667,184
Book sales 96,271 86,237
Registration fees, trip income and other income 1,616,370 1,770,945
2,258,921 2,524,366
Other income
Gain on sale of fxed assets 9,078 4,167

MALVERN COLLEGE (INCORPORATED UNDER ROYAL CHARTER)

MALVERN COLLEGE (INCORPORATED UNDER ROYAL CHARTER)

90

91

Notes to the financial statements for the year ended 31 July 2024

5. Subsidiary undertakings

Results per subsidiary Consolidation Year ended Year ended
fnancial statements entries 31 July 2024 31 July 2023*
£ £ £ £
Turnover 2,075,765 - 2,075,765 1,188,810
Inter-group income 56,170 (56,170) - -
Cost of sales (468,555) 41,201 (427,354) (296,109)
Gross proft 1,663,380 (14,969) 1,648,411 892,701
Administration (1,327,320) 282,929 (1,044,391) (584,738)
Operating proft 336,060 267,960 604,020 307,963
Proft before tax and Gift Aid 336,060 267,960 604,020 307,963
Gift Aid (336,060) 336,060 - -
Retained proft for the year - 604,020 604,020 307,963

The assets and liabilities of the subsidiary, Malvern College Enterprises Limited were:

2024 2023
£ £
Current assets 1,291,499 773,760
Creditors: amounts falling due within one year (1,200,699) (682,960)
Net current assets 90,800 90,800
Representing:
Share capital 809 809
Share premium 89,991 89,991
Proft and loss account - -
Total shareholders funds 90,800 90,800

a. Malvern College Enterprises Limited

The College owns 80,900 of the total ordinary share capital, consisting of 80,900 ordinary shares of £0.01 each, of Malvern College Enterprises Limited (Company no: 02706656), which is engaged in the business of letting facilities at the College and supplying uniforms and sportswear to the College and its pupils via a third party. The remaining share is held by the Malvernian Society Ltd.

Its trading results for the year to 31 July 2024, as extracted from the audited financial statements, are summarised in the left table.

Results per subsidiary Consolidation Year ended Year ended
fnancial statements entries 31 July 2024 31 July 2023
£ £ £ £
Turnover 2,328,853 - 2,328,853 2,209,106
Inter-group income - - - -
Cost of sales (100,703) (35,405) (136,108) (80,039)
Gross proft 2,228,150 (35,405) 2,192,745 2,129,067
Administration (645,769) 335,407 (310,362) (393,050)
Operating proft 1,582,381 300,002 1,882,383 1,736,017
Proft before tax and Gift Aid 1,582,381 300,002 1,882,383 1,736,017
Gift Aid (1,582,381) 1,582,381 - -
Retained proft - 1,882,383 1,882,383 1,736,017

The assets and liabilities of the subsidiary, Malvern College International Limited were:

2024 2023
£ £
Current assets 2,192,359 2,085,600
Creditors: amounts falling due within one year (2,192,358) (2,085,599)
Net current assets 1 1
Representing:
Share capital 1 1
Proft and loss account - -
Total shareholders funds 1 1

b. Malvern College International Limited

The College owns 100% of the total ordinary share capital, consisting of 1 ordinary share of £1.00 each, of Malvern College International Limited (Company no: 10907441), which is engaged in the business of overseas franchised schools. The company commenced trading in August 2017. The subsidiary donates most or all of its taxable profits to the College each year. Its trading results for the year to 31 July 2024, as extracted from the audited financial statements, are summarised in the left table.

MALVERN COLLEGE (INCORPORATED UNDER ROYAL CHARTER)

MALVERN COLLEGE (INCORPORATED UNDER ROYAL CHARTER)

92

93

Notes to the financial statements for the year ended 31 July 2024

continued 5. Subsidiary undertakings

Results per subsidiary Consolidation Year ended Year ended
fnancial statements entries 31 July 2024 31 July 2023*
£ £ £ £
Turnover 817,626 - 817,626 701,376
Inter-group income - - - -
Cost of sales (57,762) - (57,762) (40,769)
Gross proft 759,864 - 759,864 660,607
Administration (352,935) 50,225 (302,710) (264,036)
Operating proft 406,929 50,225 457,154 396,571
Proft before tax and Gift Aid 406,929 50,225 457,154 396,571
Gift Aid (406,929) 406,929 - -
Retained proft - 457,154 457,154 396,571

The assets and liabilities of the subsidiary, College Guardians Limited were:

2024 2023
£ £
Current assets 1,105,726 951,835
Creditors: amounts falling due within one year (1,105,725) (951,834)
Net current assets 1 1
Representing:
Share capital 1 1
Proft and loss account - -
Total shareholders funds 1 1

c. College Guardians Limited

The College owns 100% of the total ordinary share capital, consisting of 1 ordinary share of £1.00 each, of College Guardians Limited (Company no: 13602217), which is engaged in the business of guardianship services. The subsidiary donates most or all of its taxable profits to the College each year. Its trading results for the year to 31 July 2024, as extracted from the audited financial statements, are summarised in the left table.

Results per subsidiary Consolidation Year ended Year ended
fnancial statements entries 31 July 2024 31 July 2023*
£ £ £ £
Income
Charitable activities (616) - (616) 2,353,564
Trading activities 56,447 - 56,447 288,343
Lettings and other income - - - (27)
Donations and grants 245,640 (245,640) - 1,760
Total income 301,471 (245,640) 55,831 2,643,640
Expenditure
Raising funds (179,231) 178,932 (299) 10,220
Charitable activities (1,177,309) - (1,177,309) (4,077,720)
Total Expenditure (1,356,540) 178,932 (1,177,608) (4,067,500)
Net expenditure (1,055,069) 178,932 (876,137) (1,423,860)
* After consolidation adjustments
2024 2023
£ £
Fixed assets - -
Current assets 5,274,952 5,489,212
Creditors: amounts falling due within one year (5,172,195) (4,331,386)
Net current assets/(liabilities) 102,757 1,157,826
Creditors: amounts falling due after more than one year - -
Total net assets 102,757 1,157,826
Representing:
Restricted funds 5,011 5,011
Unrestricted funds 97,746 1,152,815
Total shareholders funds 102,757 1,157,826

d. Abberley Hall Limited

In June 2019, an association between Malvern College and Abberley Hall Limited (Company Number: 00602279 Charity Number: 527598) was agreed. Malvern College appointed 50% of the Abberley Hall Governors and the Chair. The new Board was constituted in September 2019 and The College is therefore deemed to have control of Abberley Hall. The results are consolidated into the College’s results from 1 August 2019. Its results for the year to 31 July 2024, as extracted from the audited financial statements, are summarised in the above left table.

The assets and liabilities of the subsidiary, Abberley Hall Limited are summarised in the below left table.

The School closed at the end of the 2023 academic year. The estate was marketed and the sale concluded after the year-end. The sale proceeds covered the capital amounts of the loan obligations, and the charity is subsequently expected to be wound up.

MALVERN COLLEGE (INCORPORATED UNDER ROYAL CHARTER)

MALVERN COLLEGE (INCORPORATED UNDER ROYAL CHARTER)

94

95

Notes to the financial statements for the year ended 31 July 2024

6. Investment income

6. Investment income
Year ended Year ended
Group 31 July 2024 31 July 2023
£ £
Bank and building society interest 275,618 33,564

7. Expenditure

7. Expenditure
Depreciation Year ended Year ended
Group Staff costs Other costs and impairment 31 July 2024 31 July 2023
£ £ £ £ £
Raising funds
Trading expenses 864,681 1,414,004 - 2,278,685 1,658,741
Financing costs - 939,695 - 939,695 635,035
864,681 2,353,699 - 3,218,380 2,293,776
Charitable activities
Teaching 10,338,957 2,186,033 - 12,524,990 13,366,131
Welfare 2,991,803 3,751,912 - 6,743,715 6,193,745
Premises 997,512 4,155,457 3,035,374 8,188,343 7,725,232
Support costs of schooling 2,962,525 3,234,206 - 6,196,731 6,560,592
School’s operating costs 17,290,797 13,327,608 3,035,374 33,653,779 33,845,700
Donation to TDMCP - - - - 10,380
Total 18,155,478 15,681,307 3,035,374 36,872,159 36,149,856

Included within support costs are governance costs of £101,108 (2023: £94,594) which mainly comprise the costs of administering the charity, audit and tax fees and Council’s meeting expenses.

8. Net (expenditure)/income

Year ended Year ended
Group 31 July 2024 31 July 2023
£ £
Net (expenditure)/income is stated after charging/(crediting):
Depreciation, amortisation and impairment of assets 3,035,374 2,819,843
Operating lease rentals – equipment 71,460 62,834
Operating lease rentals – property 19,500 19,500
Fees payable to the College’s auditor for the audit of the 34,000 40,638
parent charity and the consolidated fnancial statements
Fees payable to the College’s auditor for the audit of the 19,020 39,015
College’s subsidiaries pursuant to legislation
Fees payable to the College’s auditor for non-audit services 7,850 6,412
Gain on disposal of fxed assets (9,078) (4,167)

9. Staff costs

Year ended Year ended
Group 31 July 2024 31 July 2023
Number Number
The monthly average headcount of persons employed by the Group during the year was:
Teaching 210 258
Pastoral 48 62
Domestic 77 79
Administration 103 103
Trading 70 65
508 567

MALVERN COLLEGE (INCORPORATED UNDER ROYAL CHARTER)

MALVERN COLLEGE (INCORPORATED UNDER ROYAL CHARTER)

96

97

Notes to the financial statements for the year ended 31 July 2024

continued 9. Staff costs

9. Staf costscontinued
Year ended Year ended
Group 31 July 2024 31 July 2023
£ £
Wages and salaries 14,760,839 15,850,466
Social security costs 1,443,313 1,463,233
Pension contributions (note 22) 1,901,523 1,940,828
Apprenticeship levy 49,803 45,438
18,155,478 19,299,965

The number of employees whose emoluments exceeded £60,000 was:

Year ended Year ended
Group 31 July 2024 31 July 2023
Number Number
£190,001 - £200,000 1 -
£170,001 - £180,000 - 1
£160,001 - £170,000 1 -
£140,001 - £150,000 - 1
£100,001 - £110,000 2 1
£90,001 - £100,000 3 2
£80,001 - £90,000 3 6
£70,001 - £80,000 10 2
£60,001 - £70,000 27 23
Year ended Year ended
Senior Management Team Remuneration 31 July 2024 31 July 2023
£ £
Senior Management Team Remuneration 962,650 962,822

The above amounts include employers’ National Insurance and pension contributions.

For those staff whose emoluments exceed £60,000, pension contributions amounting to £691,895 (2023: £518,325) were paid by the College. 27 (2023: 25) of the above staff members have benefits accruing under a defined benefit scheme and 17 (2023: 8) have benefits accruing under a money purchase scheme. In addition, 3 (2023: none) of the above staff members moved from a defined benefit scheme to a money purchase scheme during the year.

During the year, the Group made redundancy/ termination payments to 3 members of staff amounting to £42,500 (2023: 61 members of staff amounting to £393,883).

No Council members received remuneration in either accounting period. 4 Council members received reimbursements totalling £5,509 for travel expenses (2023: 3 Council members received £3,785).

10. Tangible fixed assets

Freehold land Computer Motor Equipment Assets under
Group & buildings equipment vehicles & furniture construction Total
£ £ £ £ £ £
Cost
Total at 31 July 2023 59,757,045 2,126,026 528,774 3,813,654 345,565 66,571,064
Additions 688,866 21,107 75,894 332,036 1,409,917 2,527,820
Transfers 517,760 - - - (517,760) -
Disposals (2,019) - (71,328) (45,978) - (119,325)
31 July 2024 60,961,652 2,147,133 533,340 4,099,712 1,237,722 68,979,559
Accumulated Depreciation
31 July 2023 32,387,480 1,763,993 411,211 2,499,466 - 37,062,150
Charge in year 2,273,995 114,913 53,676 290,126 - 2,732,710
Disposals (1,497) - (71,328) (45,978) - (118,803)
31 July 2024 34,659,978 1,878,906 393,559 2,743,614 - 39,676,057
Net book values
31 July 2024 26,301,674 268,227 139,781 1,356,098 1,237,722 29,303,502
31 July 2023 27,369,565 362,033 117,563 1,314,188 345,565 29,508,914

MALVERN COLLEGE (INCORPORATED UNDER ROYAL CHARTER)

MALVERN COLLEGE (INCORPORATED UNDER ROYAL CHARTER)

98

99

Notes to the financial statements for the year ended 31 July 2024

continued 10. Tangible fixed assets

Freehold land Computer Motor Equipment Assets under
College & buildings equipment vehicles & furniture construction Total
£ £ £ £ £ £
Cost
31 July 2023 59,757,045 1,792,779 528,774 4,146,901 345,553 66,571,052
Additions 688,866 21,107 75,894 332,036 1,409,917 2,527,820
Transfers 517,760 - - - (517,760) -
Disposals (2,019) - (71,328) (45,978) - (119,325)
31 July 2024 60,961,652 1,813,886 533,340 4,432,959 1,237,710 68,979,547
Accumulated Depreciation
31 July 2023 32,387,480 1,539,303 411,211 2,724,144 - 37,062,138
Charge in year 2,273,995 114,913 53,676 290,126 - 2,732,710
Disposals (1,497) - (71,328) (45,978) - (118,803)
31 July 2024 34,659,978 1,654,216 393,559 2,968,292 - 39,676,045
Net book values
31 July 2024 26,301,674 159,670 139,781 1,464,667 1,237,710 29,303,502
31 July 2023 27,369,565 253,476 117,563 1,422,757 345,553 29,508,914

11. Intangible fixed assets

Group College
Year ended Year ended Year ended Year ended
31 July 2024 31 July 2023 31 July 2024 31 July 2023
£ £ £ £
Cost at 31 July 2023 281,394 229,529 281,394 229,529
Additions 35,485 51,865 35,485 51,865
31 July 2024 316,879 281,394 316,879 281,394
Accumulated depreciation
31 July 2023 143,137 110,539 143,137 110,539
Charge in the year 38,695 32,598 38,695 32,598
31 July 2024 181,832 143,137 181,832 143,137
Net Book Value
31 July 2024 135,047 138,257 135,047 138,257
31 July 2023 138,257 118,990 138,257 118,990

MALVERN COLLEGE (INCORPORATED UNDER ROYAL CHARTER)

MALVERN COLLEGE (INCORPORATED UNDER ROYAL CHARTER)

100

101

Notes to the financial statements for the year ended 31 July 2024

12. Fixed asset investments

College 2024 2023
£ £
Investment in subsidiary companies 90,802 90,802
College 2024 2023
£ £
Investment in Abberley Hall at 1 August 1,157,826 2,666,986
Impairment during the year (1,157,826) (1,509,160)
Value at 31 July - 1,157,826
The College holds no shares in Abberley Hall Limited which is consolidated due to control, not share ownership.
13. Assets held for sale
Group College
2024 2023 2024 2023
£ £ £ £
Abberley Hall former fxed assets 5,120,000 5,383,969 - -

This represents assets previously used as fixed assets by Abberley Hall, held for sale following closure.

14. Stocks

14. Stocks
Group College
2024 2023 2024 2023
£ £ £ £
Stationery and consumables 147,783 188,013 142,574 171,797

Malvern College has a majority shareholding in Malvern College Enterprises Limited (see note 5). In July 2013, 80,000 shares of £0.01 were issued and allotted to Malvern College. Malvern College paid £0.01 per share and paid £800 in total. In January 2016, 900 shares of £0.01 were issued and allotted to Malvern College. Malvern College paid £100 per share and paid £90,000 in total. The transaction generated share premium of £89,991.

Malvern College has a 100% shareholding in Malvern College International Limited (see note 5). In August 2017, 1 share of £1.00 was issued and allotted to Malvern College. Malvern College paid £1 per share and paid £1 in total. The transaction generated share premium of £nil.

Malvern College has a 100% shareholding in College Guardians Limited (see note 5). In September 2022, 1 share of £1.00 was issued and allotted to Malvern College. Malvern College paid £1 per share and paid £1 in total. The transaction generated share premium of £nil.

15. Debtors

15. Debtors
Group College
2024 2023 2024 2023
£ £ £ £
Trade debtors 1,694,395 1,546,234 - -
Fee debtors 422,189 841,104 422,189 821,058
Amounts owed by Group undertakings - - 7,471,503 6,035,791
Other debtors 44,829 232,583 36,325 214,327
Prepayments 627,034 590,689 517,923 490,922
Accrued income 213,704 - 8,971 -
3,002,151 3,210,610 8,456,911 7,562,098

Included in the Amounts owed by group undertakings are loans totalling £4.99m made to Abberley Hall Limited. These loans were repayable on the sale of the Abberley Hall site, which completed in August 2024. Loans of £1.0m and £1.015m were drawn down in July and December 2020 respectively. Further loans of £15,000, £250,000 and £250,000 were drawn down in October, November and December 2022. The first £1.0m was interest free, with the interest rate associated with subsequent drawdowns being 2.32% (fixed rate).

A new loan facility of £2.0m was agreed between the College and Abberley Hall Limited in March 2023. Amounts totalling £700,000 were drawn down against this in the year to July 2023, and amounts totalling £1.26m were drawn down against this in the year to July 2024. The interest rate was 2.61% above the Bank of England base rate.

These loans were repaid on the sale of the Abberley Hall land and buildings after the year-end.

Included in other debtors is an amount of £25,939 (2023: £31,329) which represents loans to staff, of which £18,285 (2023: £21,019) is repayable after more than one year.

Trade, fee and other debtors are stated after impairment provisions totalling £541,405 (2023: £525,385).

MALVERN COLLEGE (INCORPORATED UNDER ROYAL CHARTER)

MALVERN COLLEGE (INCORPORATED UNDER ROYAL CHARTER)

102

103

Notes to the financial statements for the year ended 31 July 2024

16. Creditors: amounts falling due within one year

Group College
2024 2023 2024 2023
£ £ £ £
Bank loan (note 17) 1,187,984 1,155,455 1,187,984 1,155,455
Trade creditors 3,202,409 2,229,574 3,026,374 2,018,831
Amounts owed to Group undertakings - - 23,674 41,040
Entrance fee deposits 1,007,681 942,150 1,007,681 942,150
Advanced fees (note 18) 3,644,021 917,415 3,644,021 917,415
Taxation and social security 382,524 454,766 322,301 341,191
Other creditors 831,844 859,875 341,898 477,559
Accruals 1,264,766 1,529,662 524,878 573,659
Deferred income 680,770 472,077 83,279 170,363
12,201,999 8,560,974 10,162,090 6,637,663

17. Creditors: amounts falling due after more than one year

Group College
2024 2023 2024 2023
£ £ £ £
Bank Loan 11,844,872 13,012,430 11,844,872 13,012,430
SWAP obligation (note 19) (4,893) (126,463) (4,893) (126,463)
Entrance fee deposits 3,905,385 3,190,223 3,905,385 3,190,223
Advanced fees (note 18) 2,043,030 41,172 2,043,030 41,172
17,788,394 16,117,362 17,788,394 16,117,362
Bank loan maturity statement
Group and College 2024 2023
Bank loan maturity analysis £ £
In less than one year 1,187,984 1,155,455
In more than one year but not more than two years 1,230,547 1,172,450
In more than two years but not more than fve years 3,508,251 3,493,270
In more than fve years 7,106,074 8,346,710
13,032,856 14,167,885

Facility 1 – the bank loan is repayable in 80 consecutive quarterly instalments which commenced on 15 November 2011. Facility 2 – the bank loan is repayable in 168 consecutive monthly instalments which commenced on 5 December 2013. Facility 3 – the bank loan is repayable in 120 consecutive monthly instalments which commenced on 14 December 2023. Facility 4 – the bank loan is repayable in 180 consecutive monthly instalments which commenced on 2 May 2024. The Swap transaction originally fixed the interest rate for 75% of the total borrowing at 3.94%.

The College had total bank borrowings of £13,032,856 as at 31 July 2024 (2023: £14,167,885). In May 2007, the College arranged, with Lloyds Banking Group plc, bank borrowing consisting of a loan facility of £13,500,000. The final repayment date of the loan is 20 years after the Commitment Termination date which was August 2011 (Facility 1). A Swap transaction has also been entered into with Lloyds Banking Group plc to protect against adverse interest movements during the period of significant borrowing.

A loan of £3.0m (Facility 2) was drawn down in December 2012. This loan is being repaid over 14 years which commenced in December 2013.

A loan of £1.0m (Facility 3) was drawn down in December 2022. This loan is being repaid over 10 years which commenced in December 2023.

A loan of £7.5m (Facility 4) was drawn down in March 2024. This loan is being repaid over 15 years which commenced in May 2024.

The bank loan % to value of secured assets is 29% (2023: 33%).

Lloyds Banking Group plc has a first charge over the freehold land and buildings of Malvern College and a first charge over Other Assets known as negative pledge dated 28th April 1982.

MALVERN COLLEGE (INCORPORATED UNDER ROYAL CHARTER)

MALVERN COLLEGE (INCORPORATED UNDER ROYAL CHARTER)

104

105

Notes to the financial statements for the year ended 31 July 2024

18. Advanced fees

Group College
2024 2023 2024 2023
£ £ £ £
Over fve years 250,524 - 250,524 -
Within two to fve years 838,115 - 838,115 -
Within one to two years 954,391 41,172 954,391 41,172
Over one year 2,043,030 41,172 2,043,030 41,172
Within one year 3,644,021 917,415 3,644,021 917,415
5,687,051 958,587 5,687,051 958,587
Group Group College College
£ £ £ £
At 1 August 2023 94,573 94,573
New contracts 3,149,404 3,149,404
Amounts accrued to contracts 764 764
3,150,168 3,150,168
Amounts utilised in payment of fees (63,455) (63,455)
Amounts returned to parents - -
At 31 July 2024 3,181,286 3,181,286

19. Financial instruments

Group Group College College
2024 2023 2024 2023
£ £ £ £
Financial (assets) measured at fair value (4,893) (126,463) (4,893) (126,463)

Financial (assets) measured at fair value comprise the interest rate swap. The movement on the swap during the year was £121,570 (2023: £469,241).

Parents may pay to the College tuition fees in advance. Such payments may be returned, subject to specific conditions, on the receipt of one term’s notice. Assuming pupils remain in the advanced fees payment scheme, payments will be applied to offset fees as outlined in the above left table.

Also included in advanced fees in creditors due within one year (note 16) are credit balances, of £2,505,724 (2023: £864,014) within the fees ledger.

The advanced fees balance represents the accrued liability under the contracts. The capital movements during the year are outlined in the below left table.

20. Funds

20. Funds
Transfers,
At other recognised At
Group 1 August 2023 Income Expenditure gains/losses 31 July 2024
£ £ £ £ £
Restricted funds
The Downs Malvern 5,188,766 - - (734,262) 4,454,504
Restricted donations 159,329 723,711 (219,467) (500,000) 163,573
Restricted grants 31,515 - - - 31,515
Abberley Hall 5,011 - - - 5,011
5,384,621 723,711 (219,467) (1,234,262) 4,654,603
Unrestricted income funds
Designated fund 1,984,338 - - 470,596 2,454,934
College fund 17,247,594 30,333,127 (32,527,836) 2,967,466 18,020,351
Abberley Hall 1,238,115 55,831 (1,177,608) - 116,338
Trading companies 260,821 5,278,414 (2,947,248) (2,325,370) 266,617
Total General funds 18,746,530 35,667,372 (36,652,692) 642,096 18,403,306
(excluding Designated fund)
Total Group unrestricted funds 20,730,868 35,667,372 (36,652,692) 1,112,692 20,858,240
Total funds 26,115,489 36,391,083 (36,872,159) (121,570) 25,512,843

In reference to the below left ‘ Funds’ table:

Transfers –

Trading Companies – The profit before tax of Malvern College International Limited, Malvern College Enterprises Limited and College Guardians Limited. Further details are noted below. The Downs Malvern – The deficit relating only to the prep school. Further details are noted below.

Restricted donations – The contribution received towards capital works at The Grub and the Memorial Library.

Designated fund – The designated amount as noted further below.

College fund – The transfer includes those explained above. The negative SWAP movement for the period of £121,570 is also included within the College funds transfer column.

Restricted funds –

The Downs Malvern – The balance was created on the introduction of the net assets from The Downs Malvern (TDM) on 1 November 2022. As the objects of TDM are limited to prep school activities, these funds are restricted.

Restricted donations – The balance is represented by donations not yet spent which have specific restrictions imposed by donors, the majority of which relates to donations for the hardship fund and some fixed asset purchases.

Restricted grants – The balance is represented by grants not yet spent which have specific restrictions imposed by the donors, for example prize funds.

Designated Fund –

The Designated Fund has historically represented 10% of net income to provide funds to help fund bursaries and infrastructure projects over a ten year time span. The College Council has agreed that going forward 25% of the Gift Aid payment received from MCIL would be allocated to the designated fund, in order to build a fund for supporting means-tested bursaries in the future.

MALVERN COLLEGE (INCORPORATED UNDER ROYAL CHARTER)

MALVERN COLLEGE (INCORPORATED UNDER ROYAL CHARTER)

106

107

Notes to the financial statements for the year ended 31 July 2024

20a. Comparative Funds

Transfers,
At other recognised At
Group 1 August 2022 Income Expenditure gains/losses 31 July 2023
£ £ £ £ £
Restricted funds
The Downs Malvern - 5,188,766 - - 5,188,766
Restricted donations 110,276 294,288 (245,235) - 159,329
Restricted grants 31,515 - - - 31,515
Abberley Hall 3,787 1,760 (536) - 5,011
145,578 5,484,814 (245,771) - 5,384,621
Unrestricted income funds
Designated fund 1,550,334 - - 434,004 1,984,338
College fund 17,470,858 27,435,175 (30,178,380) 2,519,941 17,247,594
Abberley Hall 2,678,812 2,641,880 (4,066,964) (15,613) 1,238,115
Trading companies 289,361 4,099,292 (1,658,741) (2,469,091) 260,821
Total General funds (excluding 20,439,032 34,176,347 (35,904,085) 35,237 18,746,530
Designated fund)
Total Group unrestricted funds 21,989,365 34,176,347 (35,904,085) 469,241 20,730,868
Total funds 22,134,943 39,661,161 (36,149,856) 469,241 26,115,489

Transfers –

Trading Companies – The profit before tax and gift aid of Malvern College International Limited. Further details are noted below.

College fund – The transfer relates to the trading companies transfer. The positive SWAP movement for the period of £469,241 is also included within the College funds transfer column.

Restricted funds –

Restricted donations – The balance is represented by donations not yet spent which have specific restrictions imposed by donors, the majority of which relates to donations for the hardship fund and some smaller fixed asset purchases.

Restricted grants – The balance is represented by grants not yet spent which have specific restrictions imposed by the donors for example prize funds.

Designated Fund –

The Designated Fund has historically represented 10% of net income to provide funds to help fund bursaries and infrastructure projects over a ten year time span. The College Council have agreed that going forward 25% of the Gift Aid payment received from MCIL would be allocated to the designated fund, in order to build an endowment fund for supporting means-tested bursaries in the future.

21. Analysis of the net assets between funds

Group and College

Group and College
2024
Net assets/(liabilities) of the Group’s funds Fixed assets Net current assets Long term liabilities Fund balances
£ £ £ £
Restricted funds 5,389,621 (646,556) (88,462) 4,654,603
General funds:
College funds 24,048,928 11,671,355 (17,699,932) 18,020,351
Abberley Hall funds - 116,338 - 116,338
Designated funds - 2,454,934 - 2,454,934
Non-charitable trading funds - 266,617 - 266,617
29,438,549 13,862,688 (17,788,394) 25,512,843

21a Comparative analysis of the net assets between funds

Group and College

Group and College
2023
Net assets/(liabilities) of the Group’s funds Fixed assets Net current assets Long term liabilities Fund balances
£ £ £ £
Restricted funds 5,122,571 262,050 - 5,384,621
General funds:
College funds 24,524,600 8,840,356 (16,117,362) 17,247,594
Abberley Hall funds - 1,238,115 - 1,238,115
Designated funds - 1,984,338 - 1,984,338
Non-charitable trading funds - 260,821 - 260,821
29,647,171 12,585,680 (16,117,362) 26,115,489

The net assets are held for the various funds as outlined in the above left table.

The net assets are held for the various funds as outlined in the below left table.

MALVERN COLLEGE (INCORPORATED UNDER ROYAL CHARTER)

MALVERN COLLEGE (INCORPORATED UNDER ROYAL CHARTER)

108

109

Notes to the financial statements for the year ended 31 July 2024

22. Pensions

The College, AH and TDM contribute to a number of pension schemes. Following the completion of consultation for teachers in 2019, the College established a defined contribution scheme administered by ACTIS and has started the process of withdrawal from the Teachers Pension Scheme (the “TPS”). Existing teaching staff were offered the option of remaining within the TPS or joining the new ACTIS scheme.

Teachers’ Pension Scheme

The College participates in the Teachers’ Pension Scheme (“the TPS”) for the majority of its teaching staff. The pension charge for the year includes contributions payable to the TPS of £1,285,365 (2023: £1,333,383) and at the year-end £nil (2023 - £nil) was accrued in respect of contributions to this scheme.

The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers’ Pensions Regulations 2010 (as amended) and The Teachers’ Pension Scheme Regulations 2014 (as

amended). Members contribute on a “pay as you go” basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary’s Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2020 and the Valuation Report was published in October 2023.

Following the McCloud judgement, the remedy proposed that when benefits become payable, eligible members can select to receive them from either the reformed or legacy schemes for the period 1 April 2015 to 31 March 2022. The actuaries have assumed that members are likely to choose the option that provides them with the greater benefits, and in preparing the 2020 valuation have valued the ‘greater value’ benefits for groups of relevant members.

The employer contribution rate for the TPS is 28.6%, and employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 28.68%.

With effect from 31 January 2022, Abberley Hall withdrew from the Teachers’ Pension Scheme.

Other pension schemes

The College contributes to three defined contribution pension schemes on behalf of its employees. The cost to the College of these schemes is £604,874 (2023: £444,771).

Abberley Hall contributed to three defined contribution pension schemes on behalf of its employees. The cost to the School of these schemes for the year was £11,285 (2023: £162,674).

23. Reconciliation of cash flows from operating activities

Group 2024 2023
£ £
Net (expenditure)/income for the year (602,646) 3,980,546
Adjustments for:
Transfer of The Downs Malvern - (5,188,767)
Investment income (275,618) (33,564)
Depreciation and amortisation of tangible fxed assets 2,771,405 2,819,843
Impairment of assets 263,969 -
Financing costs 939,695 635,035
Surplus on disposal of current/fxed assets (9,078) (4,167)
Movement on SWAP liability 121,570 (469,241)
Decrease/(increase) in stocks 40,230 (56,819)
Decrease/(increase) in debtors 208.459 (235,590)
Increase in creditors 6,325,516 831,188
Net cash provided by operating activities 9,783,502 2,278,464
24. Analysis of net debt
31 July Cash 31 July
2023 fow 2024
£ £ £
Net cash:
Cash at bank and in hand 12,364,062 5,430,691 17,794,753
12,364,062 5,430,691 17,794,753
Loans falling due within one year (1,155,455) (32,529) (1,187,984)
Loans falling due after one year (13,012,430) 1,167,558 (11,844,872)
(14,167,885) 1,135,029 (13,032,856)
Net (debt) / cash (1,803,823) 6,565,720 4,761,897

All the movements from the opening to closing components above result from the cash flows of the Group.

MALVERN COLLEGE (INCORPORATED UNDER ROYAL CHARTER)

MALVERN COLLEGE (INCORPORATED UNDER ROYAL CHARTER)

110

111

Notes to the financial statements for the year ended 31 July 2024

25. Commitments

25. Commitments
Land & Buildings Other Land & Buildings Other
Group 2024 2024 2023 2023
£ £ £ £
Not later than one year 8,048 21,294 19,200 50,886
Later than one year and not later than fve years - 2,155 8,101 20,614
8,048 23,449 27,301 71,500
Land & Buildings Other Land & Buildings Other
College 2024 2024 2023 2023
£ £ £ £
Not later than one year 8,048 23,294 19,200 41,150
Later than one year and not later than fve years - 2,155 8,101 20,614
8,048 23,449 27,301 61,764

Operating leases

At 31 July 2024 the Group and the College had future total minimum lease payments under non-cancellable operating leases for each of the periods outlined on the left table.

Capital commitments

The Group and the College had capital commitments of £628,038 at 31 July 2024 (31 July 2023: none).

26. Related party transactions

The Malvernian Society Limited

The Malvernian Society Limited is a company limited by guarantee that promotes the work and education at the College, assists in the carrying on of a school or schools and in cases of need assists pupils in further training. A number of members of The Malvernian Society Limited’s Committee are also members of Malvern College’s Council.

During the year, the College received £742,775 from The Malvernian Society. £222,271 was received for Assisted Places, £250,000 for The Grub, £250,000 for the Memorial Library Sixth Form Centre, £14,829

for outdoor pursuits, £5,175 for cricket sight screens, and £500 for volunteering.

In the prior year, the College received £249,339 from The Malvernian Society. £245,735 was received for Assisted Places, £1,004 for the defibrillator, £500 for rackets, and £2,100 for sport, including tours.

At the year-end, £nil (2023: £1,176) was due to The Malvernian Society Limited.

The Malvernian Society Limited owns some of the land and buildings within the College grounds. In 2010-11, the College sold a property to the Malvernian Society Limited and leased back that property for College use. That arrangement continued in 2023-24 and the rent paid from the College to the Malvernian Society Limited in the year was £19,200 (2023: £19,200).

The results of The Malvernian Society Limited are not included in the consolidated financial statements. Whilst they are deemed to be “related” they do not meet the Charities SORP definition of “connected” and as such their results are not presented within these financial statements.

Following review of the overall strategy of the Malvern College Family of Schools, on 21 October 2024 the Trustees of the Malvernian 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 2024.

The Downs Malvern

The Downs Malvern (TDM) was the trading name of The Downs Malvern College Prep School (TDMCP).

In June 2007, the College contributed £5.5m to The Downs Malvern College Prep School on the merger of The Downs and Hillstone, at which point TDMCP became a separate registered charity. On 1 November 2022, TDM was merged into the College by way of a donation totalling £5,188,766, and the College results include this entity from that date forward.

Malvern College Enterprises Limited (MCEL)

The College invoiced £1,091,828 (2023: £491,987) to MCEL and MCEL invoiced £59,597 (2023: £110,281) to the College in the current year. The sales invoices from the College related to cost recharges, VAT transactions and commercial trading sales.

The College and MCEL have a licence and lease back agreement for the use of the current all-weather pitch. The College receives £30,900 for the licence fee and pays £40,169 for the lease costs.

At the year end, £394,097 (2023: £215,571) was owed by MCEL to the College and £nil (2023: £17,562) was owed by the College to MCEL.

Malvern College International Limited (MCIL)

The College invoiced £480,648 (2023: £178,802) to MCIL and MCIL invoiced £36,809 (2023: £60,696) to the College in the current year. The sales invoices from the College related to cost recharges, VAT transactions and commercial trading sales.

At the year end, £1,629,469 (2023: £1,617,031) was owed by MCIL to the College and £36,548 (2023: £20,886) was owed by the College to MCIL.

MALVERN COLLEGE (INCORPORATED UNDER ROYAL CHARTER)

MALVERN COLLEGE (INCORPORATED UNDER ROYAL CHARTER)

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Notes to the financial statements for the year ended 31 July 2024

26. Related party transactions

continued...

College Guardians Limited (CG)

The College invoiced £204,824 (2023: £50,480) to CG and CG invoiced £nil (2023: £2,592) to the College in the current year. The sales invoices from the College related to cost recharges, VAT transactions and commercial trading sales.

At the year end, £449,767 (2023: £400,590) was owed by CG to the College and £nil (2023: £2,592) was owed by the College to CG.

Abberley Hall

Abberley Hall (AH) is the trading name of Abberley Hall Limited.

In June 2019, as part of the agreement whereby AH (a separate registered charity) joined the Malvern College family of schools, the College agreed to contribute £1.0m to AH over the next four years, via a capital grant, with the right to appoint 50% of the AH Governors. As described in note 16, the College subsequently agreed to support AH with additional funding of £5.0m, of which a total of £4.99m (including the original £1.0m grant donation and £1.0m for closure costs – see note 28) has been advanced to date, which is all secured with a first fixed charge over the land and buildings of Abberley Hall.

During the year, amounts of £245,640 owed from AH to the College were written off as a gift in kind. At the year end, £5,011,046 (2023: £3,802,598) was owed by AH to the College and £nil (2023: £nil) was owed by the College to AH.

Following the closure of the school, the Abberley Hall estate was successfully marketed for sale, which completed in August 2024. As a result, the loans were repaid to the College.

27. Taxation

The College was a registered charity throughout the year and, as such, was not liable to corporation tax on the surplus of income over expenditure for the year, or to capital taxes on gains arising from the disposal of assets, carried out in the furtherance of the College’s primary obligations.

The College, Malvern College Enterprises Limited and Malvern College International Limited are registered together in a VAT group. Malvern College Enterprises Limited and Malvern College International Limited gifts most or all of their taxable profits to the College and are subject to corporation tax on any remainder of taxable profits.

28. Post balance sheet events

Following the closure of the school, the Abberley Hall estate was successfully marketed for sale, which completed in August 2024. As a result, the loans were repaid to the College.

Following review of the overall strategy of the Malvern College Family of Schools, on 21 October 2024 the Trustees of the Malvernian 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 2024.

The value of assets transferred in were as follows:

Fixed assets
(at 31 July 2024 valuation) £6.7m
Investments
(at 31 October 2024 valuation) £8.1m
Cash £1.9m
Total £16.7m

Comparative Consolidated Statement of Financial Activities

Unrestricted funds Restricted Year ended 31 July Year ended 31
General Designated funds 2023 Total July 2022 Total
Notes £ £ £ £ £
INCOME FROM:
Charitable activities:
College fees 2 26,631,973 - - 26,631,973 23,625,092
Ancillary trading income 3 2,524,366 - - 2,524,366 1,448,693
Other 3 4,167 - - 4,167 1,059
Trading activities:
Trading income 5 4,300,782 - - 4,300,782 3,729,568
Non-ancillary trading 3 681,224 - - 681,224 728,704
Investments 6 33,564 - - 33,564 8,792
Donations and Grants 4 271 - 5,484,814 5,485,085 394,940
TOTAL 34,176,347 - 5,484,814 39,661,161 29,936,848
EXPENDITURE ON:
Raising funds:
Trading expenses 7 1,658,741 - - 1,658,741 1,264,415
Financing costs 7 635,035 - - 635,035 401,576
Charitable activities:
Provision of Education 7 33,599,929 - 245,771 33,845,700 28,692,863
Donation to TDMCP 7 10,380 - - 10,380 194,286
TOTAL 7 35,904,085 - 245,771 36,149,856 30,553,140
Net (expenditure)/income before fair value movements on fnancial instruments (1,727,738) - 5,239,043 3,511,305 (616,292)
Movement of SWAP liability 19 469,241 - - 469,241 524,930
Net (expenditure)/ income (1,258,497) - 5,239,043 3,980,546 (91,362)
Transfers between funds 20 (434,004) 434,004 - - -
Net movement in funds (1,692,501) 434,004 5,239,043 3,980,546 (91,362)
RECONCILIATION OF FUNDS
Fund balances b/f 1 August 20 20,439,031 1,550,334 145,578 22,134,943 22,226,305
Fund balances c/f 31 July 20 18,746,530 1,984,338 5,384,621 26,115,489 22,134,943

MALVERN COLLEGE (INCORPORATED UNDER ROYAL CHARTER)

MALVERN COLLEGE (INCORPORATED UNDER ROYAL CHARTER)

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Malvern College, College Road, Malvern, Worcestershire WR14 3DF, UK www.malverncollege.org.uk Registered Charity No 527578