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|20|
|ESG | Social Report|22|
|ESG | Governance Report|27|
|Achievements and Performance Review|44|
|Fundraising|Donor Impact Report|66|
|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
- » Each of the Boards of the Admiralty, the Army and the Royal Air Force; and
- » The Headmaster or Headmistress and Assistant Masters and Mistresses.
## **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
1.
2. Audit Risk & Compliance Committee 3. Safeguarding Committee 4. Nominations Committee 5. Remuneration Committee
6. Foundation & Property Committee 7. Malvern College School Board 8. The Downs Malvern School Board 9. Abberley Hall School Board
10. Malvern College International Ltd
11. Malvern College Enterprises Ltd
12. College Guardians Ltd
13. The Malvernian Society
## At a Glance
## **The Malvern College Family of Schools**
## **What we do**
- “We instil and nurture within our pupils emotional and cultural intelligence; to develop core skills, qualities and intellectual curiosity; and to facilitate the attainment of the qualifications our pupils need.”
## **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:
- » Malvern College is at the heart of our family, based in Great Malvern, UK.
- » Our UK prep school, The Downs Malvern is based close by.
- » The family includes franchise international schools in China (Chengdu and Qingdao), Japan, Hong Kong, and Egypt.
## **Who we are**
- A global community of more than 4,400 pupils, 1,500 staff, and almost 12,000 alumni.
## **Malvern Qualities**
MALVERN COLLEGE (INCORPORATED UNDER ROYAL CHARTER)
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)
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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.
- Massachusetts, Boston • New York University
- Oxford*[+]
- Guide 2025*, Malvern pupils are • Cambridge*[+] taking places at **8/10** top ranked • Bristol* UK universities. • Durham* *Complete Universities Guide 2025 rankings • Edinburgh Top 10 • Exeter
- Northeastern
- UC Santa Barbara
- Bocconi (Italy)
- IE Madrid (Spain) • Utrecht (Netherlands) **4% have gone down have gone down other paths**
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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)
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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)
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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.
1. 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.
1. facilitate the attainment of the qualifications pupils need,
2. For more pupils to benefit from a Malvern education in the UK and around the world.
2. instil and nurture emotional and cultural intelligence
3. To secure long term financial sustainability through scale and diversity of income streams at a UK and global level.
3. develop core skills, qualities and intellectual curiosity.
2. 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.
- (a) Accept a higher mix of international
- boarders in the UK, embracing diversity as a strength, whilst reinforcing our British heritage. (b) Expand our international schools network, leveraging educational scale.
## **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.
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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**
- To provide academic core and super-curriculums which encourage pupils to learn, challenge them to think, help them achieve the grades they need and foster a desire to transform themselves and their world
- c. through effective and relevant alumni engagement, promote life-long relationships and support between the Schools and with their former pupils and parents
- a. provide and further develop appropriately broad and rigorous curriculums delivering a coherent and consistent progression of education throughout a child’s Malvern education
- d. continued investment in our rolling House refurbishment programme.
## **3. Co-Curricular and Personal Development**
- b. ensure systems and facilities are in place for the effective enhancement of all pupils’ standards and intellectual curiosity
- To encourage creative and sporting endeavour, and
- a sense of self and responsibility towards others within and outside the College community; to develop core values and positive transferable skills that enable pupils to lead and to serve
- c. prepare pupils effectively for senior school, university or degree apprenticeships and future careers
- d. further develop staff and pupils’ academic and
- a. promote individual and collaborative participation as well as excellence in sport, art, music, drama, design technology, CCF and outdoor pursuits
- transferable skills through sharing good practice and collaboration across schools.
- b. promote and instil an understanding of physical and mental health and well-being, ensuring that emotional and cultural intelligence are developed alongside intellectual intelligence
**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
- c. provide opportunities for responsibility, service and leadership, and intentionally promote the development of the Skills to Thrive (TDM), Malvern Qualities (MC) or similar, equipping pupils to be role models, able to meet life’s challenges and take opportunities in the UK and internationally.
- a. enhance pupil and staff well-being, pastoral care and safeguarding awareness for all
## **Delivery:**
## **4. People, Communication and Systems**
- To create a fit-for-growth operations that adds value across the family of schools by providing services that are tailored to individual needs and identities
- a. structure and resource our teams to meet the needs of both the College and the wider family of schools, driving efficiencies through the sharing and application of best practice
- b. ensure effective and robust staff appraisal and CPD (Continuing Professional Development) systems are in place for all staff, and across the schools, complemented by an effective wellbeing programme
- c. develop effective communication mechanisms to engage staff around the vision and plans for the Family of Schools, leveraging the widest possible sources of ideas and improvements
- d. ensure our digital infrastructure (virtual and real) keeps pace with fast-changing technologies and needs, whilst maintaining the highest levels of cyber security and protection, including investment in purchasing, payroll, HR and admissions 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
- a. fee inflation to remain at or below CPI, and absolute fees to be in-line with the median for direct peers
- b. greater means-tested concessions, focused on securing families in the local and domestic market
- c. investment in forward-looking 10-30 year campus masterplans that (i) provide intellectual and creative inspiration (ii) are approaching carbon neutral and (iii) maximise opportunities for commercial income
- d. ensure Net Debt is kept within the range of £10m-£15m or lower.
## **6. International Schools, Commercial Activities**
## **and Development**
- To bring the benefit of a Malvern education to more pupils around the world, and to generate additional income from franchising, asset utilisation and donations.
- a. to seek out and develop further growth internationally, with existing partners and, where appropriate, with new educational partners, ensuring a greater spread of schools globally
- b. driving excellence in educational provision, providing ever-improving range and quality of central services to support Family of Schools
- c. develop further the College’s commercial activities with particular focus on proprietary courses
- d. renewed focus on fund-raising and investment management as an important income stream.
## **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
- a. to leverage the new ‘Role Models’ brand positioning and identity across all touch points (including fresh collateral), and to drive appropriate consistency across the family of schools
- b. to create a best-in-class family of schools admissions team that can access both domestic and international markets in support of TDM, MC and Summer Programmes (and where possible MCIL schools)
- c. to overhaul the MCFS approach to prep school engagement by providing greater value-addopportunities to those schools that bring role modelling and the Malvern offer to life
- d. to identify new breakthrough marketing tools that cut-through the noise in the sector
- e. to create a new Communications capability that drives parent advocacy through the generation and dissemination of content that brings to life day to day activities at the college for existing stakeholders
- f. to fully integrate admissions and marketing across both UK schools and commercial entities to drive efficiencies and take advantage of admissions opportunities.
## **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
- a. develop a new long-term strategic plan alongside
- a review of our corporate governance in general and the Royal Charter in particular
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:**
- » The development of balanced and meaningful enrichment & stretch opportunities for all year groups and increase participation.
- » Further development of the appraisal process, by following up findings and setting specific targets for both the department and the individuals within it, and by tying in ‘Role Models’ and the Malvern Quality bundles.
» Further development of a range of pupil-led societies that engage all pupils through a broader range of choices and effective communication.
- » The implementation of tight control on costs, particularly with staff recruitment processes.
- » Definition, refine and launch a new brand positioning: ‘Tomorrow’s role models, shaped today’.
- » New employer branding content to drive recruitment across functions.
- » Definition, refine and launch a new brand positioning:
- » The development and execution of a thorough and
- successful pupil recruitment strategy, including new websites for The College, The Downs Malvern and The Malvernian Society and new video content.
- » A review of bursary levels and other public benefit contributions by the College, looking ahead to the implementation of VAT.
- » The provision of resources required to enable the College to meet its educational, financial, legal and charitable objectives.
- » The creation of a new 8+2 GCSE programme and establish the basis of future BTEC offerings.
- » Development and communication to/alignment of ‘House in Hub’ dining plans to pupils, parents and staff for launch mid-Spring term 2025.
- » Delivery of place the Phase 1 building projects to enhance the College and The Downs facilities: The Grub, The Sixth Form Centre, Reception and Admissions Room, The Gaunt Classroom and the new Mini Malvern Nursery.
- » Expansion of our international school portfolio by launching and growing Malvern College Tokyo and by further growing our pipeline of potential future schools, with the aim of geographical diversification.
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)
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)
**----- End of picture text -----**
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%
**----- End of picture text -----**
## **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.
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**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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MALVERN COLLEGE (INCORPORATED UNDER ROYAL CHARTER)
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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.
- » Malvernian Society Trustee » Management Board » Management Board » The Downs Malvern (Chair) » Nominations Committee » Foundation & Property Committee
- » Malvern College International Ltd Board (Vice Chair)
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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.
2. There are company boards for Malvern College International Limited, Malvern College Enterprises Limited and College Guardians Limited.
3. 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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ESG | Governance Report
## **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:
- » Formal agendas and papers for all Committee, Management Board and Council meetings, with detailed minutes taken for each;
- » Clear and detailed terms of reference for each Committee;
- » Comprehensive strategic planning, budgeting and management accounting;
- » Established organisational structures and lines of reporting; and
- » Trustees who have designated responsibility for child protection and health and safety.
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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**----- Start of picture text -----**
Giving back,
looking forward
**----- End of picture text -----**
## **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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## Achievements and Performance Review
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:
- » Financial Skills (banking, taxes, pensions, ISAs, savings, mortgages and giving/caring)
- » Car Maintenance (checking oil, screen wash, coolant, replacing windscreen wipers and bulbs, spare tyres to fix a flat, jump starting a battery, checking tyre pressure)
- » Survival skills (terrorist situations, lost in the wilderness, coping in trauma)
- » Stress management
- » University life (a day spent at the University of Worcester and lectures from the Forensic Science team)
- » First Aid
- » Media Savvy (work with journalists)
- » Leadership and Communication Skills (art of negotiation, active listening, giving feedback)
- » Barista training (hosted by Coffee Masters. Earn a qualification and get the perfect summer job!)
- » Cooking and Nutrition
- » Self Defence
## » 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 A*A*A 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 - A*A*A* Tom Hilton - A*A*A*A Isla Grammaticas - and A* in EPQ – Oxford – University of Bath A*A*AA – University University (History) (natural Sciences) of Bath (Biology) Hannah Thomas - Leo Nguyen - Felix Day - A*A*A A*AAA – University of A*A*A – UCL (PPE) Southampton (medicine) Emma Liang - A*A*A – 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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**----- Start of picture text -----**
Senior Maths Challenge
**----- End of picture text -----**
## **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:
- » ‘Mum, the doctor said I’m a potential psycho’: the ethics of genetic testing for mental health conditions
- » How not to grow a potato
- » Let it go: How the aviation industry is melting away its carbon emissions
- » Pulling all-nighters: your biggest mistake? The importance of sleep in memory consolidation
- » Brick, blood and buboes: a look at Justinian’s journey
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:
- » Ghost limbs: unpacking the mystery of the phantom limb syndrome phenomenon
- » The macroeconomics of Artificial Intelligence
- » Criminal law and the Defence of Insanity
- » The Edo period of Japan
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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## **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.
- » Sound attenuation between practice rooms and other areas of the building
- » Easily controllable heating
- » A permanent home for our new Steinway pianos
- » ‘Zoned’ learning and practice areas for greatly optimised use by our pupils, teachers and visitors
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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## 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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## **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**
- » The OMCGC enjoyed the privilege of hosting the Rackets Professional Singles and Doubles in February at Malvern College. Ben Bomford (7.9297) and Ryan Tulley (2.95-00) progressed to the semi-final, with Ben taking the win this time to set up a final against the current world champion.
- » September saw the Real Tennis annual Ron Hughes Memorial Match at Moreton Morell Tennis Club.
- » Shinan Chang (8.09-14) competed in both the National and European Championships for Fives.
- » The OMCC team were the winners of the prestigious Nicholson Cricketer Cup when they took on historic rivals, Old Tonbridgians, in the final at Arundel Castle.
- » The OMFFC had a successful first year with Malvernians picking up their rods and getting involved in the newly established Fly-Fishing Club. To encourage the next generation of anglers, club members met with pupils for a day of fishing at a local trout lake.
- » The OMRC celebrated the 40th anniversary of Malvern’s shooting team winning the prestigious Ashburton Shield when the club met at Bisley for the annual Veterans’ Match.
- » The Women’s Hockey team were runners up in the Dean Close Sixes tournament.
- » The OMRFC are now going from strength to strength with an elite and social team and took part in the Bromsgrove and Oxford 7s.
- » The OMGS headed to London to attend the Halford Hewitt Centenary Dinner at the Grosvenor House Hotel with 798 golfers in attendance, representing 64 independent schools.
## **Green Giving Day Awards**
Our first Green Giving Day in June 2023 won two prestigious awards:
- » The Admissions, Marketing & Communications in Independent Schools Communications Impact Award
- » Institute of Development Professional in Education Development Awards Schools Fundraising Campaign of the Year
## **Looking ahead:**
- » The Malvernian Society new website will launch in October 2024
- » A second Green Giving Day is scheduled for June 2025
- » Continue the digitisation of the Archive
- » Visit OMs and EOGs in countries not previously visited
## **Engagement by numbers**
- » 8,985 Old Malvernians and Ellerslie Old Girls registered on database
- » 2,313 Facebook followers
- » 2,389 Instagram followers
- » 5,984 recipients receive a monthly e-newsletter
- » 1,201 LinkedIn group members
- » 120 page OM Newsletter received by over 9,000 OMs, EOGs, parents, former parents, members of staff, former members of staff and friends of Malvern College
- » 1 new OM club: OM Fly Fishing Club
- » 22 Alumni events
- » 2 Online alumni reunions (Hong Kong and Australia)
- » 7 Development events
- » 59 OMs visited the College for individual tours
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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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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).
- » state whether applicable UK accounting
- standards have been followed, subject to
- any material departures disclosed and explained in the financial statements; and
- » prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
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.
- » select suitable accounting policies and then apply them consistently;
- » observe the methods and principles in the Charities SORP;
- » make judgements and estimates that are reasonable and prudent;
## **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)
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 2022-23 balance does not agree to the Statement of Financial Activities as the introduction of The Downs Malvern assets is omitted from the above table The 2019-20 balance also did not agree to the Statement of Financial Activities as the introduction of the Abberley Hall assets was omitted from the above table.
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
2012. 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.
MALVERN COLLEGE (INCORPORATED UNDER ROYAL CHARTER)
MALVERN COLLEGE (INCORPORATED UNDER ROYAL CHARTER)
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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:
- » give a true and fair view of the state of the group’s and the parent charity’s affairs as at 31 July 2024 and of the group’s income and expenditure, for the year then ended;
- » have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- » have been prepared in accordance with the requirements of the Charities Act 2011.
## **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.
* to the Council members of Malvern College
MALVERN COLLEGE (INCORPORATED UNDER ROYAL CHARTER)
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
- » sufficient and proper accounting records have not been kept by the parent charity; or
- » the financial statements are not in agreement with the accounting records and returns; or
- » we have not received all the information and explanations we require for our audit.
## **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.
- to the Council members of Malvern College
MALVERN COLLEGE (INCORPORATED UNDER ROYAL CHARTER)
MALVERN COLLEGE (INCORPORATED UNDER ROYAL CHARTER)
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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|
* After consolidation adjustments
## **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|
- After consolidation adjustments
## **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|
* After consolidation adjustments
## **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 costs**continued|||
|---|---|---|
||**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)
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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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113
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