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2025-07-31-accounts

For the Year Ended 31 July 2025 Registered Charity Number: 527578

Contents

Contents
Reference and Administrative Information 3
At a Glance 5
Chairman’s Statement 10
Headmaster’s Statement 12
Aims and Objectives 14
Strategies and Plans 15
ESG Environmental Report
ESG Social Report
ESG Governance Report
Achievements and Performance Review 40
Fundraising Donor Impact Report
Alumni Engagement 63
Treasurer’s Report 66
Chief Operating Offcer’s Report 70
Independent Auditor’s Report 73
Group Statement of Financial Activities 76
College Statement of Financial Activities 77
Group and College Balance Sheets 78
Group Statement of Cash Flows 79
Notes to the fnancial statements 80

Annual report and financial statements for the year ended 31 July 2025

Reference and Administrative Information

Charitable objects

Elected Councillors: The Governors

President and visitor

Registered address and principal office:

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

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

Malvern College College Road Malvern Worcestershire WR14 3DF

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

Independent Auditor:

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

principles and doctrines of the Church of England.”

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

The Right Rev’d Martin Gorick

Constitution of the Council

Acting Lord Bishop of Worcester

Officers & key management personnel:

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

Status and administration

Headmaster – A K Metcalfe Esq Bankers: Chief Operating Officer & Clerk to the Lloyds Banking Group PLC Council – R A M Breare Esq 48 Belle Vue Terrace Malvern Senior Deputy Head – Worcestershire Mrs S G Angus WR14 4QG

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.

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 2024-25 financial year

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Council Member Appointed by Committees Joined/Resigned
Chairman Mr Robin Black Governors 1,5,8 31.07.2025
Vice-chair Miss Sue Duff Governors 1,3,5,8,9
Treasurer Mrs Amy Yeo Council 1,2,4
Mr Charles Barwell OBE Council 4,10
Mr Roger Brierly Council 5
Mr Andy Collins Governors 3
Mr Kaspar Hartmann Governors
Mr Neil Jones Council 1,2,8
Mr Stuart King Governors 4,6
Mr Paul Nicholls Governors 1,4
Dr Dominic Sandbrook Lord Lieut. of Worcestershire 5
Tim Straker KC Governors 1,4,5,10
Mr Ben Walker Council 8,9
Mr Tom Whittaker Governors 2
Mr Jonathan Penrice Governors 1,5,8 30.11.2024
Mrs Pennie Francis Council 3,4,6 30.11.2024
Mrs Saira Uppal Governors 25.03.2025
Mr Ayo Afolabi Council 10 02.06.2025
Mrs Christine Fairchild Governors 10 21.03.2025
Resigned
Mrs Louise Penrice Council 8 03.07.2025
during 2024-25
Mr Carey Leonard Council 1,6 30.11.2024
Clerk to Council Mr Robert Breare Council
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Committees

Management Board

  2. Audit Risk & Compliance Committee 3. Safeguarding Committee 4. Foundation & Property Committee 5. Malvern College School Board 6. The Downs Malvern School Board

  3. Abberley Hall School Board

  4. Malvern College International Ltd 9. Malvern College Enterprises Ltd

  5. The Malvernian Society

At a Glance

The Malvern College Family of Schools

What we do

Why we do it

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

Where we do it

We are one family, in four countries:

Who we are

A global community of more than 4,700 pupils 1,500 staff, and almost 12,000 alumni.

MALVERN COLLEGE (INCORPORATED UNDER ROYAL CHARTER)

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At a Glance

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More than
4,700 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)
2. Malvern College Enterprises Ltd
Malvern College 3. Malvern College International Ltd
Educating 802 pupils
Group accounts (consolidated) 4. College Guardians Ltd
Employing 552 staff
(disposed of after year-end)
5. Abberley Hall Ltd (application to strike
off submitted, following closure)
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 3,967 pupils
International family
1. China (2), Japan (1) & Hong Kong (1) Employing 958 staff
(not consolidated)
2. Egypt (1)
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Taught by over 1,500 staff

On 8 campuses

The Malvern College Family of Schools 2024-25 Year in Numbers

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Malvern College:
Pupils: 4,769 Staff: 1,510
» Boys: 331
» Malvern College: 638 » Malvern College & Prep: 552
» Girls: 307
» Prep School: 164 » International Schools: 958
» Boarders: 75%
» International schools: 3,967 * Headcount an approximate due to change in year
» Day: 25%
Alumni, past staff and past parents: 12,114 College Guardians cared for:
On the database 1,680 pupils
Malvern College’s UK family
Contribution from trading subsidiaries (Enterprises, Gifted assets received from Malvernian Society:
Total concessions: £3.6m
College Guardians and International): £2.8m £17.8m
Total Operating Costs: £35m Gross fee income: £33m Pupils with means-tested financial assistance: 107
Malvern College:
Meals catered: 613,578 IB Results: 36 average Bednight lets in the holidays: 9,983
GCSE: 75% A-B
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MALVERN COLLEGE (INCORPORATED UNDER ROYAL CHARTER)

MALVERN COLLEGE (INCORPORATED UNDER ROYAL CHARTER)

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At a Glance

2025 Academic Results

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Results & Destinations 2025
155
Combining the IB and A level results:
• gives an average UCAS tariff points of 155 UCAS points
• at A level, this is equivalent to A [★] AA
• 75% achieved A [★] -B (A levels)
• 90% achieved 7-5 (A [★] -B equiv) (IB)
★
IB results
• 100% AA A
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GCSE results

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HE UK Non-UK
DESTINATIONS UNIVERSITIES UNIVERSITIES

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67% took up places at elite UK

22% took up places at international universities

83% gained their chosen UK university place

universities

Non-UK Universities

Top UK University Destinations:

Of the Complete Universities • Bath Guide 2026, Malvern pupils are • Birmingham taking places at 8/10 top ranked • Bristol UK universities. • Durham Complete Universities Guide 2026: Top 10 • Edinburgh

• Exeter • Imperial College London • KCL: King’s College London • LSE: London School of Economics • Loughborough

5% have pursued alternative routes

Imperial College London and UCL both appear in the QS Top Ten World Ranking Universities.

• Manchester • Newcastle

Malvern pupils will once again be attending elite UK Russell Group and US Ivy League universities.

• St Andrews

• Warwick

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From Accounting
122 to Zoology 16+ and 18+
FOUR 40/
A [★] 45 Our modern
122 pupils gained places at
universities across the world.
FOUR 41/ 41/ 3 and 1
A [★] 45 45 A [★] A
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Beyond Malvern
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Our modern Sixth Form Centre opened in September 2024, offering our GCSE graduates a transformational learning environment.

Support Beyond the Classroom - WINNER Talk Education Innovation in Education Awards 2024

MALVERN COLLEGE (INCORPORATED UNDER ROYAL CHARTER)

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Chairman’s Statement

This year marks the 160th anniversary of Malvern College, a testament to the resilience, excellence, and enduring appeal of the education we provide for our pupils.

The past year has seen seismic shifts across the independent education landscape, with the introduction of VAT on school fees from January 2025, alongside significant cost increases driven by legislative change and inflation. Yet I am delighted to share that the College has enjoyed an outstanding year across all areas of its endeavours.

Our community is immeasurably grateful to Robin Black, who handed over the Chairmanship at the end of the 2024/25 academic year. Robin devoted 25 years of distinguished service on the Council, including 10 years as Chairman. The College’s robust position in the face of strong headwinds across the sector is due in no small part to Robin’s foresight, direction, and dedication. In the spirit of our founding motto, Sapiens qui prospicit, “wise is the one who looks ahead”, I would like, as the incoming Chairman, to provide an update on two areas: the outstanding initiatives delivered by our education and operations teams over the last year, and secondly, the exciting pipeline of developments still to come. This forward-looking mindset is what continues to make us role models of educational excellence.

Music School. In September, we announced the opening of Malvern College Riyadh in 2027, and we have a robust pipeline of further international schools currently undergoing detailed due diligence.

positive feedback from pupils and parents has been unprecedented in recent surveys, while the improved efficiency of operations has helped to mitigate some of the additional cost burdens arising from the loss of key charitable benefits. Overseas, we have been delighted by the continued growth of our international schools, with almost 5,000 pupils now receiving a Malvern College education in the UK and around the world. Malvern College Tokyo, our latest school, is going from strength to strength.

Our global scale and the diversification of our revenue base have been critical in enabling us to address the significant rise in costs across the sector, driven by the loss of business rates relief, inflation, and the ripple effects of minimum wage increases. The challenge of affordability for our families remains paramount, and our teams have worked tirelessly to mitigate the impact of VAT, while continuing to strengthen the educational experience at all our schools.

Looking ahead, we have a full and ambitious pipeline of initiatives. In June 2025, we announced the decision to move The Downs Malvern from its current site to a new location at The Lees, adjacent to the College. This will allow our prep school to access the exceptional facilities available at the College while retaining its distinctive identity and ethos. We anticipate significant educational and operational benefits from offering a seamless educational journey from nursery to Sixth Form on one site. We will also shortly be completing a full renovation of the College’s

Over the past five years, 100% of our IB pupils have passed the diploma, with an average score of 36 points. This year, 75% of our pupils achieved A-B across A-Levels and IB equivalents combined, and as a result, 83% of pupils secured places at their first-choice universities, more than two-thirds of these at elite institutions. At GCSE, 75% of grades were 9-6 (A-B). I would like to congratulate our pupils and staff for these

Over the past year, we successfully launched our Mini-Malvern nursery, which reached capacity in its first year. We are delighted by the number of families now signing up for Reception at The Downs Malvern. At the College, we implemented ‘House in Hub’ dining through the transformation of the Gryphon Room. The

together delivered a robust EBITDA of £0.8m, supplemented by £2.8m of contribution from our international schools and other commercial activities. The Malvernian Society generously transferred its £17m property and investment assets and cash to the College, while alumni and fundraising activity continue to grow under College management. The College now has a strong balance sheet, with net assets of £44m and positive net cash.

remarkable achievements. At Malvern, we believe in complementing intellectual intelligence with emotional and cultural intelligence, delivering not only excellent exam results but also the vital life skills and character needed to thrive beyond university. We are proud that this has been recognised by several awards this year: from being finalists in multiple Independent School of the Year categories, to inclusion in The Week’s “Best of the Best” list, through to our Headmaster being shortlisted by TES for Headmaster of the Year.

the plans agreed in 2023. The initial outcomes of this work will be shared in the 2025/26 Annual Report.

Finally, I would like to thank everyone across the wider Malvern College Family of Schools for their dedication and hard work. It is our exceptional community of pupils, parents, staff, alumni, trustees, and governors that make Malvern a Role Model.

Looking ahead, agility must remain at the heart of all we do. With the advent of AI, both our teaching practices and the skills required for pupils to thrive in life are evolving at an unprecedented rate. To that end, the College has begun an in-depth strategic planning process, building on the successful implementation of

All of this underpins a strong start to the 2025/26

academic year, with new pupil numbers holding in line with the last five-year average despite the impact of VAT. This builds on an exceptional financial year in 2024/25: the College and The Downs Malvern

Jonathan Penrice

Chair of The Malvern College Council

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Path Free Team Change Communicators
makers Self-aware/Humble/Kind
thinkers builders
fi nders
Risk-taking Curiosity Open-minded Ambitious Self-aware
Integrity Independence Collaborative Resilient Humble
Kind
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MALVERN COLLEGE (INCORPORATED UNDER ROYAL CHARTER)

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Headmaster’s Statement

Starting the academic year celebrating the success of the previous year’s Leavers who achieved some excellent results across their GCSEs, A levels and IB and between them attained places at all of the UK’s top ten universities as well as elite universities in Europe and the US, is always a great way to set the tone as the younger years complete their university applications, take on the leadership roles and set their sights on becoming this year’s role models.

On a similar theme, those who have recently visited the College will have noted the revamped reception area within Main Building including a new visitor’s room in what was the old prefects room, with a wall celebrating Malvern’s ‘Giants of Old’. The next big project is the Music Department including developing St Edmund’s as a multi-purpose performance and entertaining space - we look forward to another transformation of a much-loved heritage building into a centre of creative inspiration.

Academic research and modern ways of working have underlined that many people, and particularly pupils, prefer and work better in shared and collaborative environments rather than in study bedrooms. Therefore, it was great to see last year’s refurbishments of the Memorial Library, the Gaunt Centre and the Grub providing a range of varied and beautifully designed centres of intellectual inspiration put to good use from the very start of the year. Importantly, in a period of political and economic headwinds, the key driver of success has been that these important capital projects have been funded almost entirely by the funds raised and donated through the Malvernian Society team.

planned for improvements in food quality and variety, the reduction in food waste and costs, were also supported by a smooth and well laid out dining plan for the pupils.

A formal ISI Inspection was successfully completed in the Spring term, with the inspectors particularly highlighting our commitment to excellence, our culture of care and support, and the way we instil resilience, kindness, and independence in our pupils. For more information, the full report is available on our website! Their positive findings have been very much supported by some extremely encouraging surveys of pupils, staff and parents, both through the ISI process and through our own annual surveys, along with some useful feedback on areas that we can continue to work on in our relentless desire for continual

During the year, the house-in-hub dining model, has also been put into place. A huge amount of thought and work has gone in to retaining the value of in-house dining, the estates work to refurbish the hubs to host each of the houses and some intensive pilot studies in February to ensure that the

improvement. This focus has been fully supported by a ‘Kaizen’ review of our academic and pastoral provision, analysing and driving improvements in the quality, consistency and value of our educational offer.

In the Summer term we announced exciting plans to bring The Downs, Malvern College’s Prep School over the Hills in 2027 making use of the old No 7 (7 The Lees), which has recently served a number of purposes: as the home of Archives and OP; as the ‘quarantine house during Covid’; as an exam centre for access arrangements; as Leave-out accommodation and staff accommodation. Its location fits very neatly into the ideal co-located prep school opening as it does onto the Firs Estate and able to access many of the key College facilities.

Malvern has always offered an holistic education through its wide variety of subjects, activities and House competitions, and we have been determined to further shape and create opportunities that intentionally develop the skillsets and personal characteristics that help Malvernians find success, achieve fulfilment and make a positive difference in the world. This year’s ‘Race the Sun’ took the previous ‘Lost’ on another step and challenged our Removes to race the sun from the East coast back to the Beacon between sunrise and sunset, whilst

also raising money on the way (rather than spending it), using their initiative and garnering the support of strangers to achieve their goals. We look forward to seeing what the team do to the Lower Sixth’s ‘Hunted’ next year given that so many houses evaded capture through comprehensive planning, intelligent outwitting of the hunters and sniffer dogs, and some considerable teamwork from their Housemates.

It has been another very successful year in developing role models of the future. One of our existing role models has been Robin Black (8.71-76) who stands down after 10 very successful years as Chair - we thank him for all that he has done for the College and we look forward to Jonathan Penrice (5.77-82) taking the reins as we head into the new school year.

Keith Metcalfe

Headmaster

MALVERN COLLEGE (INCORPORATED UNDER ROYAL CHARTER)

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Aims and Objectives

Objectives

Core objects

Aims

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

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

  3. facilitate the attainment of the qualifications pupils need,

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

  5. instil and nurture emotional and cultural intelligence

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

  7. develop core skills, qualities and intellectual curiosity.

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

2035 2035 Goals

Exam 70% £12m results: of pupils EBITDA: IB average 38+, attending Top 10 70% from pupils A-Level A B 75%, universities (incl. MCIL) and 30% GCSE 9-7 65%, from commercial TDM Scholarships 40% and fundraising Scale: 1000+ UK pupils Parent Net Promoter N-Y13, and 8000+ Value added analysis Score (NPS) of (ALIS/Yellis) of pupils across 11 40+ International schools +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:

We are proud of the progress achieved in delivering the strategic plans set in 2023. Building on this success, we have launched a nine-month review to refresh and evolve our plans ahead of their next phase from September 2026.

Where to play:

How to win:

1. Quintessentially British

1. Align Brand, Offer and Culture:

schools, global community:

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

2. Drive efficiencies and operate at scale:

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

2. Win at every point of entry:

Nursery, 11+, 13+, 6th Form: Extend down to younger year groups and differentiate the offer at every point of entry to recruit and retain pupils.

3. Diversify value added courses & qualifications:

3. Financing extensive

infrastructure development:

Build on IB, A-Levels and GCSEs by introducing BTEC/CTECs and an 8+1 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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MALVERN COLLEGE (INCORPORATED UNDER ROYAL CHARTER)

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Strategies and Plans

Staff planning reflects the value of diversity, inclusivity and equality

Priorities and continuing activities to 2030

Our offer

2. People, Pastoral Care and Boarding

1. Academic and Intellectual

3. Co-Curricular and Personal Development

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Strategies and Plans

Delivery

4. People, Communication and Systems

To create a fit-for-growth operations that adds value

5. Business Planning and Finance

6. International Schools, Commercial Activities

and Development

7. Marketing, Admissions and Communication

To attract, retain and satisfy the needs of

customers who can afford to pay for a ‘Malvern’ education, and working with the Society to develop pathways into Malvern for those who can’t

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

8. Governance

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

» Further development of a range of pupil-led

Risks and uncertainties

These are mitigated as follows:

  1. Fees in advance scheme; lobbying measures;

  2. further loyalty discounts for through pupils; marketing campaigns; additional earmarked financial assistance.

  3. Consultations encouraging move out of TPS.

  4. Improved sanctions capability; diversification of planned locations; sustainability savings reducing energy price exposure.

  5. Recruitment of in-house expertise.

  6. Commissioning of Masterplan; analysis of legislative agenda; endowment funds moved into ‘Paris aligned’ fund.

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| Environmental Report

Context

Our commitment to 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)

  4. In the short term we have made a decision to be pragmatic in our investments, at a time where the governments interventions with VAT and loss of Business Rates Relief Loss have limited financial flexibility. This has led to a three-part approach:

  5. ‘The most sustainable building is one you never build’: enhancing and improving existing infrastructure rather than the construction of new buildings.

  6. » Achieved: Grub, Sixth Form Centre, Reception, Gaunt, Gryphon Room, Music

  7. » Planned: prep school move to occupy underutilized asset and drive energy and travel efficiencies.

  8. Supplier opportunities to drive sustainability:

  9. » Achieved: £8m Foundation investment funds into a ‘Climate Active’ portfolio aligned to the UN’s goals and moving to 100% renewable electricity contracts.

  10. A focus on catering, our single largest non-teaching cost: reducing CAPEX needs, energy consumption and food waste through consolidation.

  11. » Achieved: ‘House in Hub’ dining: reduced CAPEX requirements (refitting 3 kitchens instead of 10), reduced energy consumption, reduced food waste through scale efficiencies, unlocking increased boarding capacity without new buildings).

Carbon footprint

During 2024/25, an ESOS Phase 3 report was commissioned. The following measures were recommended:

Wider 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, 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. All Houses and buildings have recycling and Food waste bins. The 3 hubs catering production waste and all food waste from Houses is turned into fertiliser pellets and cooking oil is recycled. A system called ‘Chef’s Eye’ is utilised, a technology to better track and so mitigate food waste in our catering offer.

All water coolers are now plumbed having moved away from Bottles water coolers. We have removed waste by introducing re-usable water bottles across campus and providing recycling bins across all facilities.

We are currently replacing all of our carpets and flooring with a more sustainable solution and all of it is recyclable. We are on a 6-year cycle of mattress replacement across the boarding houses. All are UK manufactured and old mattresses are recycled with zero to landfill.

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.

Our priority projects are:

  1. To put in place air-source heat pumps for the Science building.

  2. For sustainability measures to be integrated into the upcoming House 9 refurbishment beginning September 2025: replacement of windows, LED lighting, insulation, two-pipe heating systems and boiler.

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

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| Social Report

The College Council remains firmly committed to ensuring that the College is accessible to children regardless of their family’s financial circumstances. It is focused on directing available funds toward those with the greatest need. Bursary awards are reviewed periodically, based on the submission of a completed bursary application form.

Bursary applications are assessed individually by the Bursary Committee, which includes the Headmaster of the College, the Headmaster of The Downs, the Chief Operating Officer, the Director of Marketing & Admissions, and the Director of Finance. Information regarding bursary support is available on the College website and within the scholarship literature.

In addition to bursaries, the College and The Downs offer fee concessions through Scholarships and Exhibitions for pupils demonstrating excellence in academics, sport, music, and the arts. Concessions are also available to children of Armed Forces personnel, families with multiple children at the College, alumni of The Downs Malvern and Abberley Hall,

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Breakdown of Fee Concessions
£4,000,000
£3,500,000
£3,000,000
£2,500,000
£2,000,000
£1,500,000
£1,000,000
£500,000
£0
2021-22 2022-23 2023-24 2024-25
Means-tested Awards (MC) Merit based Awards (MC) Eligibility Concessions (MC)
Means-tested Awards (TDM) Merit based Awards (TDM) Eligibility Concessions (TDM)
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children of College staff, and descendants

of Old Malvernians, Old Ellerslie Girls, Old Hillstonians, Old Downians, and Old Abberlians. These concession levels are reviewed annually by the College Council, with further details published on the College website.

Over the past year, the College and The Downs awarded c.£4.0 million in scholarships, bursaries, and other forms of financial support. Approximately 107 pupils—representing 14% of the total student body—received means-tested bursarial assistance.

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The College’s objective to transition
concession funding toward more means-
81-100%
tested support has taken on increased
1-20%
importance following the implementation
17
of VAT on school fees in January 2025.
26
To support continuity of education for our
pupils, additional funding was allocated,
resulting in 65 VAT awards being granted 61-80% 16 107
to help offset the impact of VAT and means tested
preserve affordability for families. awards
22
21-40%
26
41-60%
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Community Partnerships and Services

During the last academic year pupils raised significant amounts of money for charitable causes including over £10,000 by our Student Council. House Charities, Service Groups and Minority Affinity Groups have also raised funds and awareness, through various events, information campaigns and whole school assemblies. These cover a wide variety of causes, including mental health through Young Minds, Divali festival lanterns through the Salaam Baalak Trust and Help for Heroes.

very positive outcomes for the winners’ charities. Ellerslie House donated over £4500 from ‘Race the Sun’ to MacMillan Cancer Support and the Renton Unit, Hereford. Hunted was won by House 4 for the second year running. They raised £3000 for Cancer Research UK. Highlights from other Outdoor Pursuits related events included ‘Ride for Refugees’ where 40 bicycles were donated to The Gap, Wales, and the onsite Assassins whole school game raised £5500 for Guide Dogs for the Blind. House specific charity events include No1’s football competition kicking off the academic year, with their annual fund raising for Acorn Children’s Hospice. No5 organised ‘Iron Five’ for the fourth year, the House completing an Iron Man, with pupils and staff participating. They raised over £2000 for OM Callum Lea’s charity Sporting Wellness.

The money has been raised in a variety of creative ways, such as cake sales, wearing home clothes to school, car washing as well as the aforementioned Divali lantern decorating. Attending the CVS Ball also generates significant fundraising. Donations were made to a number of charities: Plant Your Future, Salaam Baalak Trust, Oddballs, Help for Heroes and the Oscar Foundation. The College also supports the Malvern Food Bank, 197kg of tinned food and toiletries every year.

On a wider scale, the excellent work of pupilled Minority Affinity Action groups continued. These include the Environmental Action group, an Amnesty International Group, Empower her Voice, LGBTQ+ and Pride Progress, with the Black Student Union, all supporting and promoting equality, diversity and inclusion within and outside the Malvern community as part of our new initiative Project Belonging.

In the Lower Sixth “Hunted” outdoor pursuits challenge on the Malvern Hills and in the Remove “Race the Sun” from Margate back to Malvern’s Beacon by sunset, not only prove to be great fun, excellent for personal development but also with

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Staff Gender Pay Gap Report

In April 2024, Malvern College’s Mean Pay Gap was 17.90%, a decrease of 2.4% (was 22.3.%) and the Median Pay Gap was 12.85%, a decrease of 12.54% (was 25.39%).

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Male Female
% %
Upper Quartile 45.90 54.10
Upper Middle Quartile 34.15 65.85
Lower Middle Quartile 31.71 68.29
Lower Quartile 33.33 66.67
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The role of the governing Council

Commentary:

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Members of the College Council

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

Jonathan Penrice (Chairman)

Tim Straker KC

Jonathan, an OM and father of three OM´s, is a business leader with extensive global experience, having lived and held executive positions with Unilever, Dupont and Dow in Europe, USA, and three times in Asia. He has experience of leading large organisations, business transformation and driving innovation-led growth. Jonathan has served on boards in Japan, Thailand and Saudi Arabia as well as on the board of the American Chamber of Commerce in Hong Kong and the advisory board of CEIBS business school in China. He read Natural Sciences at Cambridge.

Sue was brought up at the College as her father, Alan, was Housemaster of School House, Second Master and Master in charge of cricket. She was educated at Ellerslie School before it merged with the College, studying Business at University and later an MA in Educational Management. She was a School Bursar before spending 10 years in Commerce and then making the transition to teaching in the independent sector. Sue has taught in prep, GSA and HMC environments and been on their management teams. Sue joined the Independent Schools Inspectorate in 2011 and is now a Lead Inspector. Since 2015, Sue has worked with a wide variety of schools supporting them predominantly with their pastoral care, boarding and compliance aspects and training.

Amy is a Chartered Accountant An OM, Timothy is the nephew, having qualified with brother and father of OMs. After PricewaterhouseCoopers. Cambridge he read for the Bar and is She has thirty years of finance head of chambers at 4-5 Gray’s Inn and strategy experience in a Square, where he practises. He has variety of industries, most recently been in silk for more than 25 years. He in financial services at Barclays. is a bencher of Gray’s Inn, a deputy She now owns her own consultancy High Court Judge, a judge of the business as well as supporting a Court of Appeal of the Falklands, a number of educational institutions Recorder of the Crown Court and an in a non-executive director capacity. Election Commissioner. Although he achieved no distinction in the game at school he regularly plays rackets and follows Malvern rackets closely.

Tom Whittaker Andy Collins Charles Barwell OBE Roger Brierly A qualified accountant, Tom has Andy Collins is currently Second Charles is an OM and the grandson Roger joined the College in 1994 from 30 years of experience in financial Master at Dauntsey’s school in of an OM. For over 30 years Charles The Manchester Grammar School and services holding board positions at Wiltshire, following his role as Assistant has advised families with complex became Housemaster of No7, Director FTSE 100 companies, including 10 Head Pastoral and Designated financial needs. He is a Consultant of PE & Sports and Head of Football. Safeguarding Lead at Millfield School. with Tacit Investment Management, He was Coach to Southern England’s years at the Prudential Group as Head Andy was educated at King Edward’s and previously was a vice president Under 19 ISFA and Chairman of of Audit for Prudential UK & Europe, School, Bath and with a first degree with Albert E Sharp, Gerrard and Hereford & Worcester Schools Athletic Head of Audit for M&G Investments Barclays. A former trustee of the City in History, took a Diploma of Social Association. An ISI team inspector, he and Chief Risk Officer for Prudential of Birmingham Symphony Orchestra, Anthropology at Lincoln College, was Headmaster of Heathfield School UK & Europe. He was previously he sings in the CBSO Chorus. He Oxford, where he held a Major Stanley for 10 years, a governor of Gosfield Head of Audit of Willis Group, Head of Scholarship and was awarded two was a trustee of the English-Speaking School, formed the partnership to Union for ten years and is a Fellow of Compliance & Risk of Charles Schwab Blues, before spending seven years create the Heathfield International and Group Compliance Officer of as a professional rugby player. Andy the British-American Project. Charles School, Bangkok and was ISA was chairman of the Governors HBOS Clerical Medical. joined the College Council in 2022. National Ambassador for Sport. of Bilton Grange prep school, and following its merger was a member of the Governing Body of Rugby School until 2024. He was a trustee of AGBIS 2019- 2023. Charles was appointed an OBE in 2011 for voluntary political service. » Audit Risk & Compliance » Safeguarding Committee (Chair) » Foundation & Property Committee » Malvern College School Board Committee (Chair) » Malvernian Society Trustee

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Members of the College Council

Ayo Afolabi

Saira Uppal

Paul Nicholls

Pennie Francis Chair, The Downs

Pennie Francis joined the Governing Saira is the founding Director of Body in 2019. She sat on the Philanthropy at Blenheim Palace. Commercial Committee and latterly Before moving to the Heritage Sector, became the school’s Safeguarding she spent over 20 years successfully Governor. Pennie’s career has been in fundraising within Independent Schools Private Client Financial Management, and Higher Education, predominantly specialising in investments and at Oxford University where she was a pensions, Pennie has three children, Fellow, and Dragon School, Oxford. all of whom attended The Downs She sits as a Governor at St Clare’s, Malvern and Malvern College where Oxford and holds a degree from each played very active roles and Durham University. have moved on into further education. Pennie became a member of Malvern College Council in 2024.

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.

During his time at Malvern College (SH. 01-06), Ayo was Senior Chapel Prefect, continuing his involvement with Malvern’s Old Malvernian 1st XI, also serving as Captain, and now serving as Club Secretary. Ayo is a director at a leadership strategy consultancy with a specific focus on Executive Advisory. Working with a range of corporate clients across the UK and Europe, Ayo specialises in Board Effectiveness, Leadership Assessment, IDE Advisory, Executive Coaching, Team Coaching and Executive 360 Assessment.

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

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Members of the College Council

Neil Jones

Kaspar Hartmann

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.

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.

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

Governance changes

The Nominations Committee and the Remuneration Committee remits have now been merged into the Management Board. The Malvernian Society charity is now dormant following its gift of assets to the College, and this is planned to be closed by the middle of 2026.

Committees and Boards

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

  1. The Malvern College and The Downs Malvern School Boards primarily focus on education, pastoral and safeguarding matters.

There are separate Council sub-committees for:

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

  2. (i) Audit, Risk & Compliance (ARC); (ii) Foundation & Property (F&P). The ARC and F&P Committees meet termly.

  3. There is currently an independent and separate board of trustees for The Malvernian Society though this is expected to be merged into Malvern College by the end of the 2025-26 academic year.

There are separate boards accountable to the trustees as follows:

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The Corporation
of Malvern
College Council
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Audit, Risk & Management
Compliance Board
Committee
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Foundation Safeguarding Malvernian Malvern College The Downs MC International MC Enterprises
and Property Committee Society Board Board of Malvern Board Ltd Board of Ltd Board of
Committee of Trustees Governors of Governors Directors Directors
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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/CEO of International Schools, the Senior Deputy Head, the Senior Finance and Operations Director, and the Headmaster of The Downs Malvern (TDM), 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 remuneration of the Key Management Personnel and the appointment of Council members and membership of the Committees are included in the remit of 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.

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The Group Executive Team (GET), 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 Malvern Education Team (MET) oversees the development of the education offer and application of initiatives and standards across all schools in the UK and overseas.

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

Three subject matter experts support specific areas of

governance that do not have dedicated committees: Development, Alumni & Clubs, and Health & Safety respectively.

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 Management Board. 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.

Malvern College Senior Leadership Team

Keith Metcalfe Headmaster Keith was educated at Monmouth School and Downing College, Cambridge, where he read Geography, and came to Malvern College from Harrow School where he served as the Deputy Headmaster. As well as overseeing the day-today running of a school, he has held a number of positions in his career including Housemaster, departmental head, ISI school inspector, sports coach, and Master in charge of the Duke of Edinburgh’s Award programme. Keith has also recently become the Chair of the Membership & Professional Standards Committee, as well as joining the HMC Board. Keith is an active person with a love for all things co-curricular and is a passionate advocate of the opportunities afforded by a strong boarding ethos. He sees Malvern College as a school that affords the time and space in which to nurture the whole person, and where pastoral care is at the centre of all that it does. It is within this environment that young people will achieve their best, both in and out of the classroom. He moved to Malvern with his wife, Clare, and their three children.

Sarah Angus Rob Breare Senior Deputy Head Chief Operating Officer Sarah went to Cambridge Rob graduated from St University to read Catherine’s College, Oxford Economics at Lucy and has built a wealth of Cavendish College. After experience through his early graduation, she took career at Procter & Gamble her PGCE in Glasgow. and WPP, before moving Having been Head of to Kenya as Commercial Economics at Eltham Director (Bursar) of College from 1994Pembroke House School 1998, as well as being and subsequently as Chief involved in adventurous Operating Officer at Ol school expeditions, Pejeta Conservancy. Prior Sarah became the to joining Malvern College, Housemistress at Trinity Rob spent five years on the School in Teignmouth, Senior Leadership Team Devon, where she also of Nord Anglia Education became Head of Sixth working with international Form. She arrived at schools across Europe Malvern College ten years and the Middle East. Rob later as Housemistress is enjoying returning to of the newly built Ellerslie boarding school life having House. She was appointed had some happy memories Deputy Head (Pastoral) in from his own experiences in 2011 and Senior Deputy a British boarding school in Head in 2017. his formative years.

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Lewis Faulkner Giles Hopkirk Emma Brown Natalie Roberts Vanessa Young Senior Finance and Director of Pastoral Welfare & Deputy Head Pastoral Director of Studies Designated Safeguarding Lead Operations Director Mental Health Lead Lewis Faulkner studied Giles went to school at Gresham’s Emma graduated from Natalie graduated Following her study of Clothing Biological Sciences School in Norfolk and then studied University College London with a from the University of Management at the Nottingham Trent at Lady Margaret Geography at Sheffield University where BA in Modern European Studies York with a degree in University, Vanessa began her career on a Hall, Oxford before he also took a PGCE. Giles started and an MPhil in Philosophy. Philosophy, Politics graduate training scheme with Marks and completing his PGCE at She began her teaching career and Economics. After Spencer where she was a trainee store his teaching career in the state sector New College, Oxford. and taught for five years at Aston at Westminster School in beginning her career manager and buyer before returning home His first teaching post London by introducing three at KPMG where she to work in the family business. Vanessa is Comprehensive in Rotherham before was at Sale Grammar new A Level and AS subjects qualified as a chartered accredited as a Youth Mental Health First moving on to be Head of Geography School where he helped (Religious Studies, Philosophy accountant, Natalie Aid trainer and is passionate about young to introduce the Duke at Danum School in Doncaster. During and Critical Thinking). Emma has since worked in people being able to do their best when of Edinburgh Award his time at Danum he became the was Housemistress at St Mary’s variety of finance roles they feel fulfilled and understood. Vanessa Scheme. He then taught Gifted and Talented Co-ordinator and Calne for five years and in in the not-for-profit is an experienced Housemistress and at St Edward’s Oxford was certified as an Advanced Skills 2013 joined Malvern College and local government has successfully undertaken this role in for nearly fourteen years Teacher. In 2004 he moved to Peru as Housemistress of Ellerslie, sectors. These two boarding houses. As well as teaching where he was Head with his family and took up the post moving from that role in 2020 to include the Grammar Design Technology, Vanessa has had of Biology and then of Head of Geography and Director of join the safeguarding team. She School at Leeds and, key pastoral roles at Malvern, as E-Safety Housemaster of a boys’ Enquiry Based Learning at Markham is now Designated Safeguarding latterly, Westminster Co-ordinator and Deputy Designated boarding house for Lead and Head of Philosophy City Council. Natalie Safeguarding Lead and Head of Life College, Lima. He was later appointed seven years and, latterly, and Religious Studies. relocated from London Skills. Vanessa loves making clothes and as the Director of Studies at St George’s Senior Housemaster. to Malvern with her particularly enjoys spending her downtime College North in Buenos Aires where When not at work, Emma He also has an MA in young family in 2019 with her animals, Daisy the Labradoodle he worked for four years. On his return enjoys practising her German Education at Oxford and joined Malvern and Molly her cat. Vanessa is married to the UK, Giles was appointed as a skills while exploring Berlin or Brookes University. College in April 2022. to Rob who is the Sports Complex foraging on the Malvern hills for Geography teacher at Malvern where he Operations Manager at Malvern they ingredients for pestos, cordials is now Director of Studies. have three sons. and crumbles.

Emma Brown Justin Major Natalie Roberts Clair Ettinger Rebecca MerrettVanessa Young Andrew NuttallAndrew Nuttall Designated Safeguarding LeadDirector of Co-Curriculum & Character Admissions & CommunicationsDirector of Marketing, Operations DirectorSenior Finance and Director of Pastoral Welfare & Director of AdvancementMental Health Lead Headmaster, The Downs MalvernHeadmaster, The Downs Malvern Emma graduated from University After five happy years of school here Natalie graduated from the University Claire began her career working in Following her study of Clothing Rebecca began her career in journalism in Andy joined The Downs Malvern in May Andy joined The Downs Malvern in May College London with a BA in Modern at Malvern College, Justin went on to of York with a degree in Philosophy, media relations and communications in Management at the Nottingham Trent Lebanon, before moving to Hong Kong to 20220 2 2. Before taking over the Headship . Before taking over the Headship European Sgraduate wi h a degree i t udies and a n MPhil in French and Politics and Economics. After beginning the UK, before following opportunities University, Vanessa began her careework as the Press Attaché for the B itish r on a at The Downs, he was Deputy Head at at The Downs, he was Deputy Head at Philosophy. She began her teaching Spanish at the University of Leeds. A her career at KPMG where she qualified in Thailand. Eighteen years later, and graduate training scGovernment after t he 1997 Handover. me with Marks and Windlesham House SchoWindlesham House Sch o ol in Sul in Sus s ex. sex. career at Westminster School in London love of all things adventurous led to as a chartered accountant, Natalie following over ten years working in Spencer where she After several years w orking for the UK as a trainee store Andy graduated from Imperial College Andy graduated from Imperial College by introducing three new A Level a career in outdoor education based has since worked in variety of finance Marketing, Communications and manager and buyer before and then Hong Kong gove r eturning home nments, London with a degreLondon with a degr e in Zoe in Z o ology, logy, and AS subjects (Religious Studies, initially in the Lake District and Scotland, roles Adm ssions in international education, i n the not-for-profit and local to work in the family business. Vanessa is she was introduced to Nord Anglia completed his PGCE at Bath University completed his PGCE at Bath University Philosophy and Critical Thfollowed by many years liv in king). g and government sectors. These include the most recently as the founding Head of accrediEduca ion, via her role in attracting inward t ed as a Youth Mental Health First and also holds an MEd in Educational and also holds an MEd in Educational Emma was Housemistress at St Mary’s working in the French Pyrenees and Grammar School at Leeds and, latterly, Admissions and Marketing for Brighton Aid trainer and is passionate about young investment to the city. Fascinated by Leadership and Management from Leadership and Management from Cle a lne for five years and in 2013 joined ding expeditions in South America. Westminster City CCollege Prep Scho o l, Singapore, Claire uncil. Natalie people being able to do their best when education management, she went on to Buckingham University. Before joining Buckingham University. Before joining Malvern College as Housemistress of On moving back to the UK in 2008, relocated from London to Malvern with relocated with her family back to the they feel fbe the fo u lfilled and understood. Vanessa nding Head of Admissions and Windlesham House, Andy taught at Windlesham House, Andy taught at Ellerslie, moving from that role in 2020 Justin was appointed as head of her young family in 2019 aUK. She joined the Malver n d j C o llege ined is an experienced Housemistress and Marketing for their first school in the city. Cheam SchoCheam Sch o ol and spent four years at l and spent four years at to join the safeguarding team. She is Outdoor Pursuits and teacher of MFL Malvern Collfamily as Dir e ge in April 2022.ctor of Marketing and has succSince th e n, Rebecca has led start-up or ssfully undertaken this role in The Banda SchoThe Banda Sch o ol in Nairobi, where he l in Nairobi, where he now Designated Safeguardinhere at Malvern, before then oing on g Lead Admissions in April 2022. Claire’s real two boarding houses. As well as expansion projects for several in te rnat onal ach i ng met his wife Polly. Andy’s leisure time is met his wife, Polly. Andy’s leisure time is and Head of Philosophy and Religious to become Housemaster of House 2, passion is storytelling and shining a light Design Technology, Vanessa has had schools in southern China, before focusfocu s ed on the outdosed on the outd o ors: he is a krs: he is a ke e n en Studies.where he spent 11 very happy years. on the achievements, big and small, key pastoral roles at Malvern, as E-Safety relocating to the UK in early 2025. Outside croscro s country runs-country ru n er, enjoys fly fishing, ner, enjoys fly fishing, Justin is married to Jennifer Major, of Malvern College’s pupils, staff and Co-ordinher role s Director of the Malvernian a tor and Deputy Designated lol o oking after the family’s chickens and king after the family’s chickens and When not at work, Emma enjoys Head of Sixth Form, and has two alumni. In her downtime, you’ll mainly Safeguarding Lead and Head of Life Society, Rebecca is an obsessive rock quail and gardening with quail, and gardening wit h is two young his two young practising her German skills while daughters, Martha and Mabel, who are find her walking her Singapore rescue Skcl mber and keen advocate for girls’ i lls. Vanessa loves making clothes and children, to list a few of his interests.children. exploring Berlin or foraging on the now experiencing a home life without dog, Benny in the countryside around particularly enjoys spending her downtime cricket. Malvern hills for ingredients for pestos, sixty boys for the first time! Justin has Malvern. with her animals, Daisy the Labradoodle cordials and crumbles. recently been appointed Director of Coand Molly her cat. Vanessa is married curriculum and Character. to Rob who is the Sports Complex Operations Manager at Malvern they have three sons.

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Statement on Fundraising

All fundraising activities for the College are carried out by highly professional College staff, 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 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;

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 noncharitable 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. The company was acquired by an external party on 30 September 2025 and left the Group at that point. 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 consolidated within the overall College results.

The Malvernian Society Limited

The Malvernian Society Limited is a company limited by guarantee, which previously promoted the work of, and education at Malvern College, assisted in fund raising and in cases of need, assisted pupils in providing bursarial and/or scholarship support. In the year to 31 July 2025, the Malvernian Society gifted its assets, (comprising fixed assets, investments and cash), to the College, and it is the intention of the Society’s board to close the company and charity by mid 2026. 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. See Note 26 of the Financial Statements for further details.

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

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Our latest ISI Inspection
rated Malvern College as
excellent for both pupils’
academic achievement and
for the quality of pupils’
personal development.
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The model of integrated counselling has continued to be a success over the course of the year. Our full-time and part-time counsellors have been fully occupied supporting pupils on a one-to-one basis over the course of the year and have also provided a peer support and advice space for House Assistants who carry a lot of pastoral responsibility. Lucy Davies (counsellor) has been supported to undertake training in Eye Movement Desensitisation and Reprocessing therapy (EMDR) to further support our pupils in-house; Lucy is also a Trauma Informed practitioner which is proving invaluable in working with some of our pupils. The counsellors are also able to advise all staff on, for example, recognising and responding to mental health issues, and are valued members of the Pastoral Team, supporting CAMHS and psychiatric referrals. The threshold for referral to CAMHS has become increasingly difficult to attain, so their liaison with private psychiatrists is invaluable.

Safeguarding & Welfare

Safeguarding arrangements over the course of 2024/25 remained the same as the previous year. The Council delegates oversight for Safeguarding and Child Protection to the Malvern College Board (the “Board”). One member of the Board is responsible for the oversight of safeguarding arrangements, Mr Andy Collins, Safeguarding Governor, and he regularly updates the Council on its work. The Safeguarding and Child Protection sub-committee has been meeting termly in 2024/25 as in the previous year to review the relevant policies, plans, and procedures in place. It is attended by the safeguarding Board member for each of Malvern College, The Downs Malvern, MCIL, MCEL and College Guardians. Pupil mental health concerns and conditions which are undisclosed before arrival are a challenging aspect of safeguarding and pupil welfare.

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Achievements and Performance Review

Boarding and Pastoral

The Independent Schools Inspectorate visited the College in January 2025, with a particular focus on the National Minimum Standards for Boarding. In preparation, we carried out compliance visits across all Houses, ensuring consistency of procedures and sharing of good practice. We were delighted that the inspection recognised the strength of our pastoral care, highlighting that: “Leaders have created nurturing house communities in which pupils, including boarders, gain a sense of security and belonging. Relationships between staff and pupils are very positive and pupils benefit from consistent support and guidance. Teachers encourage pupils to form good relationships with each other, including across different year groups and between boarding and day pupils.” This external affirmation of our culture of care is testament to the commitment of House teams and the collaborative work across the College.

Coaching and Staff Development

Developing a culture of coaching has been a key objective this year. Fifteen members of staff successfully completed the Level 1 ‘The Anatomy’ Coaching course and a further twelve completed the Level 2 ‘The Journey’ Coaching course. Coaching approaches have also been introduced to pupils, with Year 10 completing a structured programme and future plans to extend this to Peer Mentors. Practical

tools such as “Who’s in my car?”, “My Gremlin” and “My Champion” have proved valuable in supporting reflection and self-awareness for both staff and pupils.

Leadership Training

We continue to invest in leadership training for the Lower Sixth, equipping pupils with the skills and confidence to assume responsibilities within Houses and across the College. These evening seminars, led by senior pastoral staff, are now delivered earlier in the Lower Sixth year to ensure pupils are well prepared. Training covers safeguarding, case studies, and the practicalities of leadership. A new Prefect and Pupil Leadership Handbook has also been published to guide pupils as they step into these roles.

Pupil Voice and Life Skills

Pupil voice remains central to our pastoral development. Regular pastoral surveys and the Pupil Thrive group provide forums for pupils to share views directly with senior staff. Responding to pupil feedback, we have restructured Sixth Form Life Skills: weekly lessons have been replaced by termly Life Skills Days, offering more engaging and impactful provision. These have been further enhanced under the leadership of Mrs Heidi Andrews, Head of Life Skills, whose expertise was recognised nationally when she featured on the PSHE Association Podcast discussing inspection readiness.

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

We were proud to receive the Oppidan Mentoring Silver Award, recognising excellence in our pastoral provision, including:

» Life Skills Programme

House staff and Induction

This year saw a significant number of new appointments to House teams: four new Housemasters/mistresses (three internal, one external), three new Deputies, and six new House Assistants. To support them, we enhanced our already robust boarding induction programme, adding regular meetings, mentoring, case studies, and practical assignments, with input from a wider range of colleagues. This has strengthened both confidence and consistency across our boarding community.

Dining and Community

A major development was the successful transition from in-House dining to the new “House in Hub” dining model. Three new hubs – in the Gryphon Room, House 8, and the House 7/Ellerslie dining room – were introduced and fully embedded during the Summer Term. The change was designed to improve quality, consistency, and choice of food while retaining the strengths of the old system. Staff continue to share meals with pupils at formal lunches, while supper now provides valuable opportunities for mixing across Houses.

Survey feedback has been overwhelmingly positive, with the most recent pastoral questionnaire recording the largest improvement in food satisfaction ever seen in our data – a significant achievement given the economic pressures faced by schools nationally.

Conclusion

This has been a year of consolidation and innovation. The ISI report affirmed the strength of our pastoral systems, while our focus on coaching, leadership, induction, and community dining has further enriched the experience of both boarders and day pupils. We remain committed to listening to pupil voice, supporting staff development, and ensuring that every pupil feels known, valued, and equipped to thrive in our community.

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Achievements and Performance Review

Academic

It has been another successful year at Malvern College on the academic side, both in terms of public exam results and university outcomes, but also in terms of curriculum development and pupil progress.

Sixth Form Results

With a 100% success rate in the IB Diploma and some excellent performances across A level entries, the 2025 cohort produced a combined A level / IB A*-B equivalent of 75%, which is in line with the College’s highest performances over recent years, not counting the Covid affected gradings. As an average, this works out to an average UCAS score of 155 per pupil.

In the IB, in a cohort that is our largest for over 10 years and approximately 50% of the year group, 90% of all grades were rated from 7-5 (A*-B) equivalent, and 23% of pupils achieved the highly prestigious Bilingual Diploma.

The overall value-added score for the cohort was +0.12 which means that on average pupils outperform the predictions of the baseline tests, and scored on average 0.12 of an IB point higher than expected.

At A level, results are in-line with previous years with 25% of the grades at A/A, and 58% between A and B.

Combined A level and IB results over last 5 years:

2025 2024 2023 2022 2021 (CAG)
A* / 7 12% 14% 18% 12% 39%
A / 6 40% 38% 43% 38% 71%
B / 5 75% 67% 71% 69% 91%

University Destinations

Unsurprisingly, therefore, university outcomes were very positive with the vast majority of pupils (83%) gaining places at their chosen universities, with over two thirds at institutions that rank in the top 25 in the UK, and with representatives at 8 universities out of the UK’s top 10.

An increasing number of pupils are applying to overseas universities with 22%% doing so this year. Malvern pupils have gained places at a wide range of top-ranked European and North American universities including Brown, IE Madrid, and Esade in Barcelona.

122 of the 2025 cohort are going off to study different courses at university with the most popular choices being Business Management, Economics, Engineering and Psychology.

5% of pupils are pursuing other routes including Drama School, Fashion School, Agriculture, Degree Apprenticeships and Employment.

Malvern has sent pupils off to 8 of the UK’s top 10 Universities

GCSE

This year’s GCSE exam results showed a slight improvement on last year’s and the best set of grades since the GCSE exams returned to normal post Covid. The headline figures are 56% of all grades being between 9 and 7 (The old A/A grade), with 75% 9-6 (A-B), and 87% between 9 and 5 (A*-C).

Cumulative grades 2025
% Grade 9 21
% Grade 9-8 39
% Grade 9-7 56
% Grade 9-6 75

With some strong cohorts coming through and a range of new initiatives implemented over the 2024-25 year that include a new weekly timetable that gives a daily enrichment time for pupils to explore further, lead the super-curriculum or access extra support, we expect academic results to continue to rise further over the coming years. This is supported by the increased use of data to make positive and individual interventions for pupils at whatever part of the spectrum they are on, ensuring those at the top are further stretched and those who need more support are given greater scaffolding.

But academic results are only one part of the academic programme at Malvern. Fitted around and above the core-curriculum is the supercurriculum which encourages and enables pupils to direct their own intellectual pathways. Further details of this can be found on the following pages.

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Model United Nations
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Super-curriculum

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

In national level Olympiads across the Sciences, Linguistics 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 and two pupils qualified for the British Maths Olympiad, achieving Merits in the latter competition. With 24 sixth form girls entering the Maths Olympiad for Girls, four achieved distinctions and 5 achieved merits. In the IMC, one pupil qualified for their year group Olympiads with a further 17 Gold, 12 Silver and 29 Bronze awards Particularly impressive was a FY pupil achieving high Silver despite being a year too young.

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 Biology with Silver and Broze awards across all three sciences.

Pupils also took part in the Information Olympiad with merits being awarded. 5 Computer Science pupils attained gold awards in the National Bebras competition. 3 pupils achieved Silver awards in the British Informatics Olympiad. One pupil made it through to Round 2 of the British Psychology Olympiad, the first student to do so for a number of years.

3 students were awarded a Gold Crest Award by the British Science Association, for their work with QinetiQ, to develop a system to monitor and report the fuel consumption of military vehicles, whilst involved in active duty in a war zone.

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

6 pupils were awarded Bronze awards.

The pupil-led MUN society hosted the inaugural Malvern MUN school conference. Malvern pupils were joined by pupils from five other schools, developing their skills of debate and diplomacy as they discussed a diverse range of current global issues that included the environment, disarmament and international security, human rights and economic and social policy.

As well as societies that link directly to the academic

curriculum (e.g. Psychology, Economics/Business, Art and Design 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, Printing Press, 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 Autumn 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. 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 demonstrated answering some tricky questions on the spot was immensely impressive and showed the depth of their

passion for their chosen area. Topics covered a range of disciplines, including Biology, Psychology, Physics, History and Linguistics.

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.

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

The 2024–25 academic year has been another exceptional period for co-curricular achievement at Malvern College. Across sports, music, drama, and personal development, pupils have demonstrated outstanding commitment, skill, and leadership. From national-level sporting representation and artistic excellence to adventurous expeditions and service in the Combined Cadet Force, the breadth and depth of participation continue to reflect the College’s ethos of nurturing well-rounded, resilient, and ambitious young people.

challenges ahead. Two of our boys are currently involved at Talent Academy level, gaining valuable experience in the England Hockey pathway, while another has been invited to train with Stourport’s National League squad. This exposure to higherlevel hockey is filtering back into school matches, where the boys have shown real growth in tactical understanding and resilience, laying down solid foundations for the coming year.

Cricket

Girls’ Cricket built on last year’s successes, with an expanded fixture list in 2025 that included the first block fixtures on Saturdays. The seniors played ten matches, winning four, and three players scored halfcenturies across the season. The captain stood out in particular, averaging an outstanding 111 with the bat. Three girls represented Worcestershire at county level, a reflection of the quality within the squad.

Hockey

Girls’ Hockey continues to thrive, with several of our senior players pushing their performance to the next level. Three girls have been training regularly with Stourport Hockey Club’s 1st XI at National League level, a fantastic achievement that reflects the strength of our pathway. The squad enjoyed a promising season, recording notable victories in the indoor competitions against Bromsgrove, Kings High Warwick and Dean Close. One of our players is also part of the England Hockey Talent Academy, highlighting the individual talent within the group and the exciting potential for the future.

Boys’ Cricket enjoyed another excellent season, winning 14 matches and recording memorable victories against Bradfield, Wellington College, Bromsgrove and Shrewsbury. Three boys scored centuries, while two produced five-wicket hauls in an innings. Over twenty boys represented Worcestershire and Herefordshire at county age-group level, with three featuring in men’s 2nd XI cricket for Worcestershire or Warwickshire. Four

Boys’ Hockey has also made strong progress, with the 1st XI training consistently in preparation for the

boys were selected for the U15 Bunbury Festival (two of whom played due to injuries), and one represented the Midlands at the ECB Super 4s. The season’s highlights were two senior boys achieving national selection – one for Canada U19 and one for England U19.

Netball

The 2025 Netball season has been a successful and encouraging one, with the 1st VII securing impressive victories against Dean Close, Wycliffe and Shrewsbury. The squad showed real progress in tactical play and cohesion, while players across all teams developed in skill, confidence and teamwork. Alongside regular fixtures, the College was well represented in the Sisters in Sport Plate competitions at U19 and U16 level, gaining valuable experience. At District and County tournaments (U19, U16, U14), our players displayed determination and commitment to raising their standard of play. The progress made this season has laid excellent foundations for the future of Netball at Malvern College.

Rugby

Rugby continues to go from strength to strength, with ten boys from our U15 and U16 squads involved in the Gloucester Academy and three boys selected for the Scottish Exiles programme. 1st XV captain Wilf Brocklehurst was offered a scholarship with the

Ealing Trailfinders and Brunel University programme, underlining the high level of talent being produced.

This year also saw the Border Shield lunch and match

hosted at Sixways Stadium, Worcester, for the first time – a fantastic occasion enjoyed by parents, pupils and staff alike. The senior 7s squad enjoyed a highly positive season, winning silverware at the Llandaff School Floodlit 7s, emerging as group winners at the North of England 7s, and qualifying for the top-tier competition for the first time in our history, where they reached the quarterfinals.

Football

Our football teams enjoyed a positive season, with plenty of highlights along the way. The girls’ 1st XI battled hard in the ISFA Cup but were edged out in their second-round match. The boys’ 1st XI reached the last 16, only losing in extra time after a spirited performance. Overall, the boys recorded a winning season, showcasing consistency and determination throughout. This year we were also delighted to welcome Mike Harris, an A Licence coach, who has been working with our footballers across all age groups to help raise performance standards even further.

Tennis

This year’s Tennis season was marked by outstanding performances, especially from the Junior Girls’ teams who dominated their fixtures with consistent wins. Malvern players also impressed at the Hereford and Worcester LTA tournaments, with representation across both Junior and Senior levels. A standout moment came when the Junior B, C, and D mixed doubles teams secured a clean sweep of victories against Shrewsbury, showcasing the squad’s strength in depth.

Other Sports

The College’s wider sports programme has continued to grow in 2025, offering a broad range of opportunities for pupils to develop and compete. Cross Country remains one of our most popular sports, with excellent participation levels and another successful staging of the Ledder, which saw over 180 pupils compete.

Basketball has built further momentum, with a dedicated squad training multiple times a week. Badminton continues to expand with an enlarged fixture list and boys and girls travelling to Dean Close for further professional coaching, while Volleyball enjoyed its first inter-school fixtures, giving pupils fresh competitive opportunities.

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Fives has seen renewed enthusiasm, with strong House competitions and fixtures added to the calendar against Radley and Bloxham. Players have shown real commitment, and with increased early exposure, the sport is well positioned for further development at the College.

Rackets also enjoyed a return to form, with the senior pairs winning the majority of their matches and younger players making progress in national competitions. The girls’ squad showed great enthusiasm and improvement, and with new players joining, the sport is building momentum for the future.

Squash at Malvern College has never been stronger. The programme involves numerous coaching sessions each week, led by OM Will Vanston, and both junior and girls’ teams have emerged from this provision. Our best teams now compete nationally, and some of our leading players also represent the College in local league teams.

Golf also continues to flourish, with over 30 pupils receiving professional coaching and competing regularly in matches, making places in the squad highly sought-after.

Music

Music at the College flourished in 2024–25, with strong participation, new performance platforms, expanded ensembles, and a clear trajectory of growth as we move into new premises.

» Teaching and Participation : 160 weekly oneto-one music lessons were delivered across the year – a slight decrease from last year, reflecting a national trend. Engagement and retention remain high, supported by a vibrant ensemble programme.

Concerts and Live Events

» Concerto Concert : The annual highlight of the classical calendar featured outstanding performances, including works by Debussy, Shostakovich, and Delibes, performed by pupils from Remove to Upper Sixth alongside a professional orchestra.

Ensembles and Orchestra

The number of ensembles has almost doubled to 18, while the College Orchestra has expanded from 17 to 34 members since January. These developments demonstrate both the enthusiasm of our musicians and the thriving health of the department.

Facilities and Forward Look

The department’s forthcoming move into new premises will provide enhanced facilities for lessons, rehearsals, and performances. A new youth development scheme is also being introduced for Year 5 pupils, offering free instrumental lessons and the goal of forming a Year 5 orchestra by summer 2026, with Sixth Form musicians supporting through mentoring and digital resources.

Drama

This year saw an outstanding range of dramatic activity across all year groups. Lower School dramatists were among the first UK pupils to perform Harry Potter and the Cursed Child when they staged an imaginative adaptation of JK Rowling’s West End hit in October. This was followed in November by a powerful and immersive production of West Side Story, presented in a Theatre-in-the-Round configuration that brought the world of the Jets and Sharks vividly to life. In May, Year 9 (FY) dramatists staged a haunting and viscerally thrilling production of Shakespeare’s Macbeth to great acclaim.

The much-loved and fiercely contested House Drama Competition once again took place over three performance evenings in February, offering a rich variety of theatrical experiences. Productions ranged from Despicable Me and Inside Out to Little Women and Romeo & Juliet, with category winners receiving their trophies at a special Oscars-style ceremony.

One of our outstanding dramatists successfully auditioned to attend Arts Educational Drama School, while an Upper Sixth leaver has taken up a place at a leading Musical Theatre school in London. In Speech and Drama, pupils achieved 29 Merits and 14 Distinctions in LAMDA examinations. Three Drama Scholars in Year 11 also performed in two productions at the Edinburgh Fringe Festival during the summer.

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Further co-curriculum

Combined Cadet Force (CCF)

The CCF continues to play a transformative role in developing leadership, resilience, and teamwork among our pupils. With a combined strength of 218 cadets across the Royal Marines, Army, and RAF sections, the CCF has enjoyed a highly active and successful year. Cadets attended camps at the Commando Training Centre Lympstone, Army exercises at Warcop Battle Camp, and RAF experiences including flying at RAF Cosford.

Cadets also excelled in external competitions, earning a Bronze in the prestigious Cambrian Patrol—the British Army’s premier patrolling challenge—and taking part in the Sir Stewart Pringle Competition, renowned for its exacting Royal Marines standards.

Duke of Edinburgh’s Award

Over 150 pupils undertook the Silver Award this year, while more than 60% of those who enrolled for Gold successfully completed the award before leaving Malvern. Expeditions took place on foot, by bike, and by canoe, kayak, raft, and SUP, reflecting the adventurous spirit of our pupils.

Outdoor Pursuits

Outdoor Pursuits remain a distinctive and much-loved feature of the Malvern experience. Activities such as white-water kayaking, canoe polo, mountain biking,

climbing and mountain scrambling continue to be fully subscribed. Pupils have pushed themselves to new levels, with paddlers tackling grade 4 waterfalls and bikers taking on challenging cross-country and trail routes.The annual events Hunted and Race the Sun (the successor to Lost) continue to generate fierce competition and huge enthusiasm, now firmly established as calendar highlights. Planning is well underway for the next flagship biannual expedition, Nordic 26, which will see twelve pupils journey across Denmark, Sweden, and Norway using only human power in July 2026.The department was delighted to be recognised with Best Outdoor Pursuits in The Week’s Best of the Best, ahead of several leading schools, including Gordonstoun – a fitting acknowledgment of Malvern’s adventurous ethos and outstanding outdoor education.

This year’s co-curricular programme has not only provided opportunities for pupils to excel individually and collectively but has also fostered a vibrant and supportive community within the College. With continued investment in facilities, coaching, and leadership development, alongside growing participation across all areas, the foundations have been firmly laid for further success in 2025–26 and beyond. The achievements of this year’s pupils serve as a testament to their talent, determination, and the dedication of staff who inspire and guide them.

Academic

The Downs Malvern College Prep School

The school has recorded a record number of scholarships and awards, with 23 of our Year 8 pupils achieving 37 Scholarship awards between them. Once again, these are reflective of the breadth of the educational offering with awards being achieved in Academics, Sports, Art, Music, Design and Technology and Drama. In its second year, the TDM Baccalaureate, continues to achieve what it set out to, namely encourage pupils to engage in all aspects of the curriculum and keep pupils motivated throughout the two-year course - in fact, the motivation has been greater than in previous Common Entrance years. The Baccalaureate continues to motivate, stretch, encourage growth and recognise the full breadth of talent amongst the pupils. Three pupils achieved the highest overall Platinum Award (including Personal Development) and five pupils achieved Platinum level for their academics. Teaching staff continue to evolve their delivery, identifying and adapting to the needs of each child’s profile through improved use of data. Pupils continue to be appropriately challenged, motivated and prepared for their continued educational life. This year, a focus has been on metacognition and getting pupils to understand their strengths and weaknesses; tools that have proved particularly useful in this have been the Progress Checker and Reflection sheets where pupils reflect on their own learning, identify strengths and weakness and are guided in setting individual SMART targets.

The School community has enjoyed another positive year with a number of

notable developments including the successful launch of the Mini Malvern Nursery, extending the age range of pupils down to 6 months of age. The Nursery opened in September 2024 and quickly reached capacity, with a core group of dedicated Nursery Staff providing a friendly and welcoming environment.

The school was recognised at the Independent School Awards and achieved the accolade of being awarded the title of ‘Best Small Independent School’ which was an encouraging achievement. The school also achieved ‘Brilliant Boarding School’ and ‘Excellence in STEM’ in the ‘Muddy Stilettoes’ Education awards.

Within the classroom the teaching staff have continued to develop the continuity of the school’s pedagogical approach and, with the continued refresh and refurb of the classroom accommodation the school’s focus on academic excellence underpinning an all-round education remains at the heart of the community’s ethos.

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Subject 2021-2022 2022-2023 2023-2024 2024-2025
Academic 3 scholarships, 3 exhibitions 4 scholarships, 2 exhibitions 8 Scholarships, 1 Exhibition 8 Scholarships, 3 Exhibitions
Art 1 exhibition 1 exhibition 2 Scholarships, 2 Exhibitions 4 Scholarships
Drama 1 scholarship 3 scholarships, 3 exhibitions 1 Exhibition 4 Exhibitions
DT 1 scholarship 1 exhibition - 1 Exhibition
Music 2 scholarships, 2 exhibitions - 4 Scholarships, 1 Exhibition 3 Scholarships, 1 Exhibition
Sport 9 scholarships, 1 exhibition 6 scholarships, 3 exhibitions 6 Scholarships, 1 Exhibition 8 Scholarships, 2 Exhibitions
All-Rounder 1 award - 1 Award 3 Awards
----- End of picture text -----

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Pastoral

This year has seen significant and positive developments in the school’s pastoral provision, with a number of new initiatives introduced to further strengthen the support available for pupils, staff and families.

A key development has been the successful introduction of The Wellbeing Hub, a comprehensive platform created by Alicia Drummond and TeenTips, now accessible to pupils, parents and staff. The Hub provides a wealth of expert advice and resources to support mental health and emotional wellbeing. It also offers high-quality CPD through a range of webinars and short courses, helping to upskill staff in supporting young people with the challenges they face in today’s world.

In addition, the school has implemented a revised sanctions and rewards system alongside a whole-school behavioural framework built around the TRAIN acronym (Tracking, Respect, Always engage, Improve posture, Never interrupt). This shared language and consistent approach has already contributed to improved behaviour across the school, with staff and pupils alike recognising the clarity and fairness the system brings to daily routines and classroom interactions.

We are also delighted to welcome Vanessa Youngs to the Governing Body as our new Safeguarding Governor. In her role as Director of Pastoral Welfare at Malvern

College, and with prior experience as Safeguarding Governor at Abberley Hall, Vanessa brings a wealth of pastoral knowledge and strategic insight. Her expertise will be of great benefit to the school.

The school’s values of Kindness, Courage and Respect remain central to all that we do and are increasingly evident in the day-to-day interactions across the community. The Year 8 ambassador programme continues to go from strength to strength, offering a range of meaningful leadership roles and responsibilities that help pupils model and reinforce these values for younger peers.

Boarding

We start the new academic year with 19 full boarders in Y4-8. UK families (several of whom are military) are joined by children from China, America, Japan, Hong Kong, Botswana 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 6 children making up the consistent boarding community at the beginning of term, though this number is likely to grow over the coming months. These 25 children (20% of the Prep School) are joined by occasional flexi boarders: last term we had 37 children staying a total of 97 nights, and a total

of 96 children staying 205 nights over the previous 2 terms. Theme nights add variety and extra interest to our midweek offering and we have three such nights planned this term, with two new events: a music festival and sushi making.

Charities Act 2011 and Public Benefit

The school community remains committed to supporting the local community and we have provided educational opportunities for pupils at local primary schools in the guise of Science mornings, Maths Challenges, Eco workshops, Football and Netball tournaments and outreach activities such as the provision of assemblies in local primary schools.

The school’s facilities continue to be available for local groups to use from NCT providing Parenting and First Aid workshops to local families, to local sports groups who use our facilities for Cricket and Rugby training. We continue to work alongside our local community groups such as Colwall Orchard Group, Worcestershire Wildlife Trust and the Malvern Hills National Landscape amongst other groups to ensure our premises are available to local groups where appropriate.

Our fundraising activities continue and this year we have raised approximately £20,000 for local and national charities including Macmillan Cancer Relief, Malvern Hills Food Bank, St Richard’s Hospice, Teams4U, Comic Relief, The Marine Conservation Society and the Cancer unit at Hereford County Hospital.

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Malvern College International Schools

The College’s international schools portfolio continues to thrive, with the total number of pupils enrolled at Malvern College branded schools overseas reaching 4000 for the first time this year. Highlights this year have included celebrations of the 10th anniversary of the opening of the College’s 2nd international school campus in Chengdu, south-west China. This event was held in Chengdu alongside the annual Malvern College Family of Schools Leadership Conference, hosted for the first time outside the UK. We are pleased to see a continued increase in the level of educational collaboration between different schools within the group, with a number of projects, events and other initiatives in evidence involving pupils across the Malvern College Family of Schools. The College has exciting plans to open further international schools over the coming years, including a project in Saudi Arabia recently approved by the College Council.

Malvern College Qingdao

Malvern College Chengdu

Malvern College Pre-School Hong Kong Malvern College Egypt

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 continued development of Malvern College Summer School, the College’s proprietary summer language course, relaunched in 2024. The application of VAT, following the Government’s new policy relating to independent schools, has had a dampening effect on the growth of Malvern College Summer School, and this impact has been felt in particular on the College’s proprietary music course, The National Schools Symphony Orchestra, where market conditions are much more price sensitive.

We are delighted also to have been able to continue to host a significant number of highprofile 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, with a fully integrated approach ensuring alignment with the College’s core educational purpose.

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RFU Academy Festival
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NSSO 2023
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Summer School 2025
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Cricket Festival
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Summer School 2025
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Malvern Active
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Fundraising | Donor Impact Report

Independent schools face increasing challenges, with economic and political pressures affecting families and tuition fees. Yet, in the face of uncertainty, the generosity of our Malvernian community continues to shine.

The generosity of our community in numbers

Each year, the advancement team proudly supports Malvern College in achieving its strategic goals through facilitating financial contributions and community engagement. In the last academic year, the generosity of the Old Malvernian community once again made a meaningful difference.

events, or offering career guidance, their involvement has helped pupils gain invaluable life skills and experiences.

We thank our donors for being an essential part of our journey.

Thanks to support from alumni and parents, we have expanded access, enhanced facilities and increased bursary provision, opening doors to talented pupils who might otherwise never have access to a Malvern College education. This year, our Bursary Fund has enabled us to welcome several remarkable pupils who are already making their mark, on the sports field, in the music school and through academic excellence. These young people bring energy, diversity and talent to the Malvern community and thrive in an environment that nurtures their potential.

1612 Gifts received

We are deeply grateful to all our supporters - their continued commitment empowers us to uphold the College’s mission: to nurture outstanding young people equipped with the skills, resilience and initiative to thrive in a rapidly evolving world.

£165,201 Value of gifts received

363 Total number of donors

We also delighted that contributions go beyond financial donations. Many of our alumni have given their time, expertise and resources to enrich the lives of pupils. Whether through mentoring, hosting

36 Age of youngest donor

It has also been a busy year for refurbishments and renovations, with amazing upgrades to the Memorial Library Sixth Form Centre, the Grundy, the Gryphon Room and our new Reception and Admissions Suite. Donor support has been instrumental in bringing these projects to life.

95 Age of oldest donor

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We are deeply grateful to all our supporters - their continued commitment empowers us to uphold the College’s mission

Beyond the bursaries and the bricks and mortar, these contributions reflect something far deeper: a shared belief in the power of education and a commitment to ensuring Malvern remains a place of opportunity, excellence, and belonging for generations to come.

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OMCC Lunch
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Music School
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OM Ambassadors
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Looking ahead

Bursaries: A lasting endowment is being established in support of our Transformational Bursaries programme. The initial target for the endowment is £15 million, aiming to secure 10 fully funded places in perpetuity by 2030, creating life-changing opportunities for a new cohort of pupils every year.

We collaborate with local primary schools and the Royal National Children’s SpringBoard Foundation to identify and offer places to children and young people facing challenging circumstances or who are from low-income households. Through our Transformational Bursaries, we provide fully funded school places, making a Malvern College education accessible to children for whom an education at Malvern would otherwise not be possible.

Sustainability: In 2023, we held our inaugural award-winning Green Giving Day to launch the Malvern College Green Fund – a bold initiative aimed at making our campus carbon neutral by 2050. Through our Green Fund, our heritage buildings will be protected, enabling us to retrofit our traditional boarding houses and Main Building to the highest ‘eco’ standards – reducing our carbon footprint and making our learning environments sustainable for future generations of pupils.

Standards

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

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Alumni Engagement

A community for life

As we mark 160 years since the founding of Malvern College, in today’s interconnected world, having a strong network that you can rely on is a privilege. Going to university? There is likely to have been an Old Malvernian (OM) who has walked that path before you. Seeking career advice? There may be an OM ready to share their experience. Relocating? There could be an OM already there to welcome you.

So, for our pupils - whether leaving Malvern College or one of our five international schools - becoming an OM is a significant milestone. It is the moment when a door opens to a vibrant global community offering lifelong connection, support and opportunity.

Connected everywhere:

Our global network of Old Malvernians and Ellerslie Old Girls*

Some of our top OM achievements this year

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Fundraising | Donor Impact Report

Keeping the connection alive

One of the Malvernian Society’s key aims is to keep our OMs and EOGs connected with each other and Malvern College – in person and online and wherever you might be in the world.

In person

2,000 OMs and EOGs attended 39 events organised by the Malvernian Society or Malvern College in the last financial year.

With so many OMs around the world, it is important to us that the global community feels a sense of belonging. Overseas, the Malvernian Society hosted evenings with OMs in Amsterdam, Brussels, Cologne, Paris, Madrid and Hong Kong. These evenings are a wonderful opportunity for OMs to come together and hear the Headmaster share the latest news and developments from the College, and for us to learn more about the remarkable journeys and experiences of our OMs.

Always a highlight, back at home, we were delighted to welcome old boys from No.1 and No.9 for House Reunions. They spent time in their Houses reminiscing with each other and talking to the current crop of pupils and then, after Chapel and lunch, revisited old haunts around the campus. Reunions have one thing in common – those who return are adamant that theirs was the ‘best House’.

Other reunions hosted at Malvern College included a 10-year reunion (now a tradition the evening before Commemoration), a 50-year reunion and a celebration of 30 years of girls in No.3. We were pleased to welcome two separate groups of Ellerslie Old Girls in the summer – Ellerslie House now being their spiritual home in the absence of their old school (the buildings now house a retirement village).

Commemoration Weekend was another standout. In addition to the 80 OMs returning for the 10-year reunion, the weekend included a social evening for our Upper Sixth joiners, a Commemoration lunch, campus tours and OM vs pupil sports matches. The finale was the OM Club Dinner – held for the first time at Malvern College and, this year, in memory of Paul Godsland who passed away in October 2024. It was wonderful to see OMs marking Commemoration around the world with gatherings in the US, Barbados, India and beyond.

Each year, we recognise the St George Society (former parents and members of staff, as well as ‘friends of’ Malvern College) with an afternoon tea hosted by the Headmaster - our way of saying thank you to the Society’s members for their ongoing support of and interest in the College.

Off campus, we introduced a new concept to support OMs at university and to bring OM students together. To that end, we enjoyed meet ups for OMs at university in both Bristol and Exeter and were delighted that OMs travelled from other universities to join us too.

Extending our informal ‘Malvern Ins’ in the UK beyond London and Malvern is an ongoing plan and following successful evenings in Cardiff and Oxford, we will be hosting more evenings further afield next year.

We are pleased to welcome OMs, EOGs and members of SGS to College events such as the Carol Service, Remembrance and performances. Those on our mailing list hear about these automatically. Our full programme of events is available at www.malverniansociety.org.uk

OM Club

The beauty of the 11 OM clubs within the OM Club is the comradery engendered by pursuing a common interest together. Highlights include:

Online

Online things have moved apace in the past year, culminating in the launch of a new website in October 2024.

The Malvernian Society’s vibrant new website is one of a suite of refreshed websites for Malvern College and The Downs Malvern - all unified under the theme of ‘Role Models’. News is now available to the community as soon as we are informed and readers can comment on articles so we can enjoy two-way communications.

Elsewhere online, our Instagram and Facebook reach has increased by 200% and interactions have doubled. Proof, if needed, that there is an insatiable appetite for news from the College and our alumni community.

Our digital archive is a mine of historical information, publications and photographs and continues to grow. Please visit it via our website.

Engagement by numbers

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Financial Review | Treasurer’s Report

The College itself delivered an excellent £0.8m EBITDA for the year. Malvern College Enterprises and College Guardians collectively delivered a solid £1.1m net contribution

Despite continuing difficult conditions and much uncertainty both at home and abroad, it has been most encouraging to see the College post a resilient financial performance in 2024-25.

The Malvern College Group recorded an overall surplus of £18.2m, including a £17.7m gift of assets from the Malvernian Society, the underlying overall surplus being an admirable £0.5m (2024: deficit of £0.6m). The College itself delivered an excellent £0.8m EBITDA for the year. Malvern College Enterprises and College Guardians collectively delivered a solid £1.1m net contribution (up from £0.7m in the previous year) and the Malvern College International Schools business delivered an outstanding £1.7m of net contribution to the Corporation as we see continued enrolment growth.

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 2025, 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 positive cash position improved by £7.6m to £12.4m and we closed the 2024-25 year with a robust balance sheet. The detailed consolidated Group and College balance sheet follow in the coming pages.

The diagram below shows the results and combined balance sheets of the ongoing consolidated group which includes The Downs Malvern but excludes Abberley Hall, plus the Malvernian Society, which together from the ‘Malvern College UK Family’. College Guardians is shown within the main table, but its activities are discontinued following the sale after the year-end.

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Financial Review | Treasurer’s Report

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

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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 31,450 2,448 2,623 855 37,376 209 37,585
Expense (30,696) (754) (1,980) (427) (33,857) (72) (33,929)
EBITDA 754 1,694 643 428 3,519 137 3,656
Surplus / (Deficit)* 15,566 1,694 643 428 18,331 (17,392) 939
Abberley Hall Deficit (Exceptional) (173) (173)
Overall Surplus / (Deficit) 18,158 (17,392) 766
Property & Equipment 36,685 - - - 36,685 16 36,701
Investments 7,210 - - - 7,210 - 7,210
Cash 21,227 838 1,140 1,179 24,384 - 24,384
Other current assets 2,589 1,704 503 92 4,888 11 4,899
Loans (11,973) - - - (11,973) - (11,973)
Other current liabilities (7,193) (2,542) (1,552) (1,271) (12,558) (24) (12,582)
Other liabilities (4,966) - - - (4,966) - (4,966)
Net assets 43,579 - 91 - 43,670 3 43,673
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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).

standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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

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

Independent Auditor

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

On behalf of the Council on 29[th] November 2025

Amy Yeo

Treasurer

** Discontinued after the year-end

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Financial Review | Chief Operating Officer’s Report

Financial statements for the year ended 31 July 2025

CORPORATION 2024-25 2023-24 2022-23 2021-22 2020-21 2019-20
(incl. AH as consolidated) £’000 £’000 £’000 £’000 £’000 £’000
College Operations (includes TDM
from 1/11/2022)		 754 1,750 864 989 841 (753)
Abberley Hall (discontinued) (173) (858) (1,300) (838) (1,021) (392)
MCEL Net Income / (Defcit) 643 336 209 42 (120) 349
CG Net Income (discontinued) 428 407 387 331 - -
MCIL Net Income 1,694 1,582 1,584 1,802 1,672 1,430
Furlough scheme grant income - - - - 268 933
EBITDA 3,346 3,217 1,744 2,326 1,640 1,567
Gifted assets from the
Malvernian Society 17,675 - - - - -
Depreciation (3,063) (3,035) (2,820) (2,549) (2,356) (2,427)
SWAP movement (24) (122) 469 525 338 1
Interest & SWAP payments (627) (939) (635) (402) (333) (345)
Interest received 681 276 34 9 3 37
Investment income and gains 170 - - - - -
Net (Defcit)/Income* 18,158 (603) (1,208) (91) (708) (1,167)
MEMO: Excluding gifted assets 483 (603) (1,208) (91) (708) (1,167)

Earnings before depreciation and interest were £3.3m (2024: £3.2m). The contribution from the Trading operations increased to £2.8m (2024: £2.3m). College and TDM operations generated an overall surplus of £0.8m (2024: £1.75m). The results for 2024-25 included £0.2m of costs relating to Abberley Hall following closure and before sale.

On the balance sheet, total net assets for the Group, with all land and buildings stated at cost less depreciation, amount to £43.7m after adding in the former Malvernian Society assets (2024: £25.5m). Net current assets at 31 July 2025 were £15.7m (2024: £13.9m). 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.

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 2024, the College arranged a loan drawdown of £7.5m and repayment commenced in May 2024. This loan was re-financed in January 2025 with a drawdown of £7m. Approximately 20% of this loan is being repaid over 10 years with repayments starting in February 2025, with a final payment due of £5.5m.

The total combined amount of the drawdowns on all facilities at the year-end was £12.0m (2024: £13.0m). With cash and short-term deposits of £24.4m, the positive net cash position at 31 July 2025 was £12.4m (2024: £4.8m). 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 £643K for the year (2024: £336K) and made a gift aid payment to the College of £643K (2024: £336K). 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 the operations of the Grub café and school shop.

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 £1.7m (2024: £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, including the launch of Malvern College Riyadh in September 2027, announced in September 2025.

College Guardians Limited

This company was previously a wholly owned subsidiary of the College and performed guardianship services to pupils of the College and other schools.

The company was purchased by an external party on 30 September 2025 and left the Group at that point.

College Guardians has made a gift aid payment of its trading surplus for the current year of £0.4m (2024: £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).

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.

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Financial Review | Chief Operating Officer’s Report

Independent Auditor’s Report[*]

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 £35.7m (2024: £20.9m) which includes our current cash holding of £24.4m (2024: £17.8m). The level of reserves is considered sufficient to meet the identified needs.

The unrestricted College fund is £28.5m (2024: £18.0m) and the Group’s free reserves are £8.9m (2024: £9.7m).

In 2020-21, the College Council agreed to designate 25% of the MCIL gift aid payment to a designated fund. This year £0.5m has been transferred. The amount of this fund is £2.95m (2024: £2.45m) 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 £8.0m (2024: £4.7m). 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, as well as the restricted funds transferred from the Malvernian Society.

Investment Policy

The College has adopted a cautious investment policy in order to preserve funds for both immediate and future use, as directed by donors. This is aimed to support important College initiatives and in future to increasingly support the Assisted Places Scheme. The majority of our funds are placed with the leading London Investment provider Sarasin & Partners, and within their generalised and cautious fund, named ‘Climate Active Endowments Fund Class Z’. This is a Paris-aligned fund supporting UN climate goals.

The Trustees are confident with the policy adopted and investments have increased in value since the transfer from the Malvernian Society by £83,538. The dividends and interest received amounted to £86,427. This is a net surplus position of £169,965. The College continues to work closely with the investment managers.

The Malvernian Society

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, investments and cash to the College. The amounts transferred were:

Tangible fxed assets at fair value
Fixed asset investments at fair value
Current asset investments at fair value
Cash		 6,665,000
7,160,920
1,017,406
2,953,429
17,796,755

Opinion

We have audited the financial statements of Malvern College for the year ended 31 July 2025 which comprise the Group Statement of Financial Activities, the College Statement of Financial Activities, the Group and College Balance Sheets, the Group Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that Council’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

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

Other information

Council are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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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:

Responsibilities 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 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 noncompliance 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: 22 December 2025

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

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74

75

Group Statement of Financial Activities for the year ended 31 July 2025

Unrestricted funds Year ended Year ended
Restricted Endowment 31 July 2025 31 July 2024
General Designated funds funds Total Total
Notes £ £ £ £ £ £
INCOME FROM:
Charitable activities:
College fees 2 29,407,295 - - - 29,407,295 27,509,630
Ancillary trading income 3 1,996,657 - - - 1,996,657 2,258,921
Other 3 - - - - - 9,078
Trading activities:
Trading income 5 5,876,200 - - - 5,876,200 5,278,691
Non-ancillary trading income 3 (43,737) - - - (43,737) 276,412
Investments 6 683,785 32,939 47,000 4,519 768,243 275,618
Donations and Grants 4 10,243,533 3,403,321 3,869,773 297,103 17,813,730 782,733
TOTAL 48,163,733 3,436,260 3,916,773 301,622 55,818,388 36,391,083
EXPENDITURE ON:
Raising funds:
Trading expenses 7 2,533,709 - - 2,533,709 2,278,685
Financing costs 7 627,136 - - 627,136 939,695
Charitable activities:
Provision of Education 7 34,366,226 - 192,147 758 34,559,131 33,653,779
TOTAL 7 37,527,071 - 192,147 758 37,719,976 36,872,159
Net income/(expenditure) before fair value
movements on fnancial instruments 10,636,662 3,436,260 3,724,626 300,864 18,098,412 (481,076)
Gains on investments 39,017 22,655 20,270 1,596 83,538 -
Movement of SWAP liability 19 (24,420) - - (24,420) (121,570)
Net income/(expenditure) 10,651,259 3,458,915 3,744,896 302,460 18,157,530 (602,646)
Transfers between funds 20 274,875 470,366 (745,241) - - -
Net movement in funds 10,926,134 3,929,281 2,999,655 302,460 18,157,530 (602,646)
RECONCILIATION OF FUNDS
Fund balances b/f 1 August 20 18,403,306 2,454,934 4,654,603 - 25,512,843 26,115,489
Fund balances c/f 31 July 20 29,329,440 6,384,215 7,654,258 302,460 43,670,373 25,512,843

The notes on pages 80 to 115 form part of the financial statements.

College Statement of Financial Activities for the year ended 31 July 2025

Unrestricted funds Restricted Endowment Year ended 31 Year ended 31
General Designated funds funds July 2025 Total July 2024 Total
Notes £ £ £ £ £ £
Charitable activities:
College fees 2 29,420,601 - - - 29,420,601 27,637,018
Ancillary trading income 1,998,212 - - - 1,998,212 2,258,921
MCEL Gift Aid 5 643,272 - - - 643,272 336,060
MCIL Gift Aid 5 1,694,524 - - - 1,694,524 1,582,381
CG Gift Aid 5 428,110 - - - 428,110 406,929
Trading activities:
Non-ancillary trading 372,461 - - - 372,461 627,607
Investments 683,785 32,939 47,000 4,519 768,243 454,550
Donations and Grants 4 10,243,533 3,403,321 3,869,773 297,103 17,813,730 782,733
Other - - - - - 9,078
TOTAL 45,484,498 3,436,260 3,916,773 301,622 53,139,153 34,095,277
EXPENDITURE ON:
Raising funds:
Financing costs 724,745 - - - 724,745 939,396
Charitable activities:
Provision of Education 33,859,160 - 192,147 758 34,052,065 32,651,985
Abberley Hall Investment impairment 12 - - - - - 1,157,826
TOTAL 34,583,905 - 192,147 758 34,776,810 34,749,207
Net income/(expenditure) before fair value
movements on fnancial instruments 10,900,593 3,436,260 3,724,626 300,864 18,362,343 (653,930)
Gains on investments 39,017 22,655 20,270 1,596 83,538 -
Movement of SWAP liability 19 (24,420) - - - (24,420) (121,570)
Net income/(expenditure) 10,915,190 3,458,915 3,744,896 302,460 18,421,461 (775,500)
Transfers between funds 20 274,875 470,366 (745,241) - - -
Net movement in funds 11,190,065 3,929,281 2,999,655 302,460 18,421,461 (775,500)
RECONCILIATION OF FUNDS
Fund balances b/f 1 August 20 18,230,452 2,454,934 4,654,603 - 25,339,989 26,115,489
Fund balances c/f 31 20 29,420,517 6,384,215 7,654,258 302,460 43,761,450 25,339,989

The notes on pages 80 to 115 form part of the financial statements.

Year ended 31

MALVERN COLLEGE (INCORPORATED UNDER ROYAL CHARTER)

MALVERN COLLEGE (INCORPORATED UNDER ROYAL CHARTER)

76

77

Group and College Balance Sheets as at 31 July 2025

Group College
2025 2024 2025 2024
Notes £ £ £ £
Fixed assets
Tangible assets 10 36,598,760 29,303,502 36,598,760 29,303,502
Intangible assets 11 85,907 135,047 85,907 135,047
Investments 12 7,209,550 - 7,300,352 90,802
Total fxed assets 43,894,217 29,438,549 43,985,019 29,529,351
Current assets
Assets held for sale 13 - 5,120,000 - -
Stocks 14 87,095 147,783 78,958 142,574
Debtors 15 4,801,315 3,002,151 6,066,008 8,456,911
Cash at bank & in hand 24 24,383,964 17,794,753 21,227,541 15,161,637
Total current assets 29,272,374 26,064,687 27,372,507 23,761,122
Creditors:amounts falling due within one year 16 (13,569,985) (12,201,999) (11,669,843) (10,162,090)
Net current assets 15,702,389 13,862,688 15,702,664 13,599,032
Total assets less current liabilities 59,596,606 43,301,237 59,687,683 43,128,383
Creditors:amounts falling due after more than one year 17 (15,926,233) (17,788,394) (15,926,233) (17,788,394)
Total net assets 43,670,373 25,512,843 43,761,450 25,339,989
Total funds of the Group/College:
Endowment funds 302,460 - 302,460 -
Restricted funds 20 7,654,258 4,654,603 7,654,258 4,654,603
Unrestricted funds
College fund 20 28,484,980 18,020,351 29,420,517 18,235,463
Abberley Hall fund 20 - 116,338 - (5,011)
Designated fund 20 6,384,215 2,454,934 6,384,215 2,454,934
Non-charitable trading fund 20 844,460 266,617 - -
Total unrestricted funds 35,713,655 20,858,240 35,804,732 20,685,386
Total Group funds 43,670,373 25,512,843 43,761,450 25,339,989

The financial statements on pages 76 to 115 were approved and authorised for issue by the Council on 29[th] November 2025 and were signed on its behalf by:

J Penrice

Chair, Malvern College Council

The notes on pages 80 to 115 form

part of the financial statements.

Group Statement of Cash Flows for the year ended 31 July 2025

2025 2024
Notes £ £ £ £
Cash fows from operating activities:
Net cash provided by operating activities 23 8,198,936 9,783,502
Cash fows from investing activities:
Investment income 768,243 275,618
Payments to acquire tangible and intangible fxed assets (3,648,583) (2,563,305)
Receipts from sales of fxed assets 4,470 9,600
Net cash used in investing activities (2,875,870) (2,278,087)
Cash fows from fnancing activities:
Financing costs (627,136) (939,695)
Repayment of bank loans (8,060,148) (1,135,029)
Funds advanced by new bank loan 7,000,000 -
Gift of cash from Malvernian Society 2,953,429 -
Net cash provided by/(used in) fnancing activities 1,266,145 (2,074,724)
Change in cash and cash equivalents in the
reporting period 6,589,211 5,430,691
Cash and cash equivalents at the beginning
of the reporting period 17,794,753 12,364,062
Cash and cash equivalents at the end of
the reporting period 24 24,383,964 17,794,753

The notes on pages 80 to 115 form part of the financial statements.

MALVERN COLLEGE (INCORPORATED UNDER ROYAL CHARTER)

MALVERN COLLEGE (INCORPORATED UNDER ROYAL CHARTER)

78

79

Notes to the financial statements for the year ended 31 July 2025

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 its trading subsidiaries.

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 transfer of assets in from the Malvernian Society was also carried out with a view to further strengthening the long-term position of the College.

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 2025, on a line-by-line basis. Intra group transactions and profits are eliminated fully on consolidation.

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.

Fees and similar income

Fees receivable and charges for services and use of premises are accounted for in the period in which the service is provided and it is probable that the income will be received. Fees receivable are stated after deducting allowances, scholarships, grants, bursaries and exhibitions allowed by the College and Abberley Hall Limited (the School).

Trading income

MCEL, MCIL and CG’s trading income is accounted for in the period in which the income is earned. The College’s ancillary and non-ancillary trading income is accounted for in the period in which the income is earned.

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)

80

81

Notes to the financial statements for the year ended 31 July 2025

continued 1. Principal accounting policies

Foreign currencies

or School for particular purposes. The aim and use of each restricted fund is set out in the notes to the financial statements.

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.

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.

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.

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.

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

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 £3,000 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)

82

83

Notes to the financial statements for the year ended 31 July 2025

2. Fee income

2. Fee income
Group College
Tuition fee income comprised: Year ended Year ended Year ended Year ended
31 July 2025 31 July 2024 31 July 2025 31 July 2024
£ £ £ £
Gross fees 32,823,895 31,344,215 32,823,983 31,344,831
Less: allowances, grants (3,609,505) (4,039,356) (3,596,287) (3,912,584)
29,214,390 27,304,859 29,227,696 27,432,247
Add back: Allowances paid 192,905 204,771 192,905 204,771
for by restricted funds
29,407,295 27,509,630 29,420,601 27,637,018

4. Grants and donations

Group College
Year ended Year ended Year ended Year ended
31 July 2025 31 July 2024 31 July 2025 31 July 2024
£ £ £ £
Restricted donations and gifts 3,869,773 723,711 3,869,773 723,711
Endowed donations and gifts 297,103 - 297,103 -
Unrestricted donations and gifts 13,646,854 59,022 13,646,854 59,022
17,813,730 782,733 17,813,730 782,733

Endowed and restricted donations and gifts include the investments, fixed assets and cash gifted from the Malvernian Society during the year. Unrestricted donations and gifts also include amounts gifted from the Malvernian Society, and include £3,403,321 of designated amounts.

3. Other income

3. Other income
Group Year ended Year ended
31 July 2025 31 July 2024
£ £
Non-ancillary trading income
Lettings and other income (43,737) 276,412
(43,737) 276,412
Ancillary trading income
Music, speech and drama income 535,551 546,280
Book sales 82,685 96,271
Registration fees, trip income and other income 1,378,421 1,616,370
1,996,657 2,258,921
Other income
Gain on sale of fxed assets - 9,078

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 2025

5. Subsidiary undertakings

Results per subsidiary Consolidation Year ended Year ended
fnancial statements entries 31 July 2025 31 July 2024*
£ £ £ £
Turnover 2,622,889 (15,738) 2,607,151 2,075,765
Cost of sales (576,732) - (576,732) (427,354)
Gross proft 2,046,157 (15,738) 2,030,419 1,648,411
Administration (1,402,885) 369,640 (1,033,245) (1,044,391)
Operating proft 643,272 353,902 997,174 604,020
Proft before tax and Gift Aid 643,272 353,902 997,174 604,020
Gift Aid (643,272) 643,272 - -
Retained proft for the year - 997,174 997,174 604,020

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

2025 2024
£ £
Current assets 1,642,592 1,291,499
Creditors: amounts falling due within one year (1,551,792) (1,200,699)
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 2025, 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 2025 31 July 2024*
£ £ £ £
Turnover 2,448,218 (34,198) 2,414,020 2,328,853
Cost of sales (84,139) - (84,139) (136,108)
Gross proft 2,364,079 (34,198) 2,329,881 2,192,745
Administration (670,269) 221,852 (448,417) (310,362)
Operating proft 1,693,810 187,654 1,881,464 1,882,383
Proft before tax and Gift Aid 1,693,810 187,654 1,881,464 1,882,383
Gift Aid (1,693,810) 1,693,810 - -
Retained proft - 1,881,464 1,881,464 1,882,383

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

2025 2024
£ £
Current assets 2,542,407 2,192,359
Creditors: amounts falling due within one year (2,542,406) (2,192,358)
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 2025, 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)

86

87

Notes to the financial statements for the year ended 31 July 2025

continued 5. Subsidiary undertakings

Results per subsidiary Consolidation Year ended Year ended
fnancial statements entries 31 July 2025 31 July 2024*
£ £ £ £
Turnover 855,029 - 855,029 817,626
Cost of sales (63,174) - (63,174) (57,762)
Gross proft 791,855 - 791,855 759,864
Administration (363,745) 36,287 (327,458) (302,710)
Operating proft 428,110 36,287 464,397 457,154
Proft before tax and Gift Aid 428,110 36,287 464,397 457,154
Gift Aid (428,110) 428,110 - -
Retained proft - 464,397 464,397 457,154

c. College Guardians Limited

The College previously owned 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 donated most or all of its taxable profits to the College each year. It was purchased by an external entity on 30 September 2025.

Its trading results for the year to 31 July 2025, as extracted from the audited financial statements, are summarised in the left table.

Year ended
31 July 2024*
£
Income
Charitable activities (616)
Trading activities 56,447
Lettings and other income -
Donations and grants -
Total income 55,831
Expenditure
Raising funds (299)
Charitable activities (1,177,309)
Total Expenditure (1,177,608)
Net expenditure (1,121,777)

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 was therefore deemed to have control of Abberley Hall. The results were consolidated into the College’s results from 1 August 2019.

The Company and charity are in the process of being closed.

The results for the prior year, as extracted from the audited financial statements, are summarised in the top left table.

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

2025 2024
£ £
Current assets 1,270,501 1,105,726
Creditors: amounts falling due within one year (1,270,500) (1,105,725)
Net current assets 1 1
Representing:
Share capital 1 1
Proft and loss account - -
Total shareholders funds 1 1

The assets and liabilities of the subsidiary, Abberley Hall Limited were:

The assets and liabilities of the subsidiary, Abberley Hall Limited were:
2024
£
Fixed assets -
Current assets 5,274,952
Creditors: amounts falling due within one year (5,172,195)
Net current assets/(liabilities) 102,757
Creditors: amounts falling due after more than one year -
Total net assets 102,757
Representing:
Restricted funds 5,011
Unrestricted funds 97,746
Total shareholders funds 102,757

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 2025

6. Investment income

6. Investment income
Year ended Year ended
Group 31 July 2025 31 July 2024
£ £
Bank and building society interest 681,816 275,618
Investment income 86,427 -
768,243 275,618

7. Expenditure

7. Expenditure
Depreciation Year ended Year ended
Group Staff costs Other costs and impairment 31 July 2025 31 July 2024
£ £ £ £ £
Raising funds
Trading expenses 1,028,955 1,504,754 - 2,533,709 2,278,685
Financing costs - 627,136 - 627,136 939,695
1,028,955 2,131,890 - 3,160,845 3,218,380
Charitable activities
Teaching 10,811,175 1,601,254 - 12,412,429 12,524,990
Welfare 3,065,591 3,891,285 - 6,956,876 6,743,715
Premises 1,135,695 4,338,306 3,062,995 8,536,996 8,188,343
Support costs of schooling 3,300,930 3,351,900 - 6,652,830 6,196,731
School’s operating costs 18,313,391 13,182,745 3,062,995 34,559,131 33,653,779
Total 19,342,346 15,314,635 3,062,995 37,719,976 36,872,159

Included within support costs are governance

costs of £85,425 (2024: £101,108) which mainly comprise the costs of administering the charity, audit and tax fees and Council’s meeting expenses.

8. Net income/(expenditure)

Year ended Year ended
Group 31 July 2025 31 July 2024
£ £
Net income/(expenditure) is stated after charging/(crediting):
Depreciation and amortisation 3,062,995 3,035,374
Operating lease rentals – equipment 47,904 71,460
Operating lease rentals – property - 19,500
Fees payable to the College’s auditor for the audit of the 36,750 34,000
parent charity and the consolidated fnancial statements
Fees payable to the College’s auditor for the audit of the 12,090 19,020
College’s subsidiaries pursuant to legislation
Fees payable to the College’s auditor for non-audit services 7,140 7,850
Gain on disposal of fxed assets - (9,078)

9. Staff costs

Year ended Year ended
Group 31 July 2025 31 July 2024
Number Number
The monthly average headcount of persons employed by the Group during the year was:
Teaching 219 210
Pastoral 43 48
Domestic 77 77
Administration 102 103
Trading 27 70
468 508

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 2025

continued 9. Staff costs

9. Staf costscontinued
Year ended Year ended
Group 31 July 2025 31 July 2024
£ £
Wages and salaries 15,457,105 14,760,839
Social security costs 1,626,742 1,443,313
Pension contributions (note 22) 2,197,076 1,901,523
Apprenticeship levy 61,423 49,803
19,342,346 18,155,478

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

Year ended Year ended
Group 31 July 2025 31 July 2024
Number Number
£230,000 - £240,000 1 -
£190,001 - £200,000 - 1
£170,000 - £180,000 1 -
£160,001 - £170,000 - 1
£110,000 - £120,000 1 -
£100,001 - £110,000 2 2
£90,001 - £100,000 5 3
£80,001 - £90,000 1 3
£70,001 - £80,000 8 10
£60,001 - £70,000 31 27
Year ended Year ended
Senior Management Team Remuneration 31 July 2025 31 July 2024
£ £
Senior Management Team Remuneration 1,013,332 962,650

For those staff whose emoluments exceed £60,000, pension contributions amounting to £706,411 (2024: £691,895) were paid by the College. 25 (2024: 27) of the above staff members have benefits accruing under a defined benefit scheme and 21 (2024: 17) have benefits accruing under a money purchase scheme. In addition, 4 (2024: 3) 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 amounting to £107,094 (2024: £42,500).

No Council members received remuneration in either accounting period. 5 Council members received reimbursements totalling £5,991 for travel expenses (2024: 4 Council members received £5,509).

10. Tangible fixed assets

Freehold land Computer Motor Equipment Assets under
Group & buildings equipment vehicles & furniture construction Total
£ £ £ £ £ £
Cost
Total at 31 July 2024 60,961,652 2,147,133 533,340 4,099,712 1,237,722 68,979,559
Additions 7,378,826 75,054 130,207 172,284 2,557,212 10,313,583
Transfers 1,745,881 - - 10,186 (1,756,067) -
Disposals - (6,731) - (3,105) (4,470) (14,306)
31 July 2025 70,086,359 2,215,456 663,547 4,279,077 2,034,397 79,278,836
Accumulated Depreciation
31 July 2024 34,659,978 1,878,906 393,559 2,743,614 - 39,676,057
Charge in year 2,541,220 87,248 68,440 316,947 - 3,013,855
Disposals - (6,731) - (3,105) - (9,836)
31 July 2025 37,201,198 1,959,423 461,999 3,057,456 - 42,680,076
Net book values
31 July 2025 32,885,161 256,033 201,548 1,221,621 2,034,397 36,598,760
31 July 2024 26,301,674 268,227 139,781 1,356,098 1,237,722 29,303,502

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

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 2025

continued 10. Tangible fixed assets

Freehold land Computer Motor Equipment Assets under
College & buildings equipment vehicles & furniture construction Total
£ £ £ £ £ £
Cost
31 July 2024 60,961,652 1,813,886 533,340 4,432,959 1,237,710 68,979,547
Additions 7,378,826 75,054 130,207 172,284 2,557,212 10,313,583
Transfers 1,745,881 - - 10,186 (1,756,067) -
Disposals - (6,731) - (3,105) (4,470) (14,306)
31 July 2025 70,086,359 1,882,209 663,547 4,612,324 2,034,385 79,278,824
Accumulated Depreciation
31 July 2024 34,659,978 1,654,216 393,559 2,968,292 - 39,676,045
Charge in year 2,541,220 87,248 68,440 316,947 - 3,013,855
Disposals - (6,731) - (3,105) - (9,836)
31 July 2025 37,201,198 1,734,733 461,999 3,282,134 - 42,680,064
Net book values
31 July 2025 32,885,161 147,476 201,548 1,330,190 2,034,385 36,598,760
31 July 2024 26,301,674 159,670 139,781 1,464,667 1,237,710 29,303,502

11. Intangible fixed assets

Group College
Year ended Year ended Year ended Year ended
31 July 2025 31 July 2024 31 July 2025 31 July 2024
£ £ £ £
Cost at 31 July 2024 316,879 281,394 316,879 281,394
Additions - 35,485 - 35,485
31 July 2025 316,879 316,879 316,879 316,879
Accumulated depreciation
31 July 2024 181,832 143,137 181,832 143,137
Charge in the year 49,140 38,695 49,140 38,695
31 July 2025 230,972 181,832 230,972 181,832
Net Book Value
31 July 2025 85,907 135,047 85,907 135,047
31 July 2024 135,047 138,257 135,047 138,257

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 2025

12. Fixed asset investments

College Investment in Quoted
subsidiary companies Investments Total
£ £ £
Cost or valuation
At 31 July 2024 90,802 - 90,802
Additions – Gift from Malvernian Society - 7,126,012 7,126,012
Valuation changes - 83,538 83,538
At 31 July 2025 90,802 7,209,550 7,300,352
Carrying amount
At 31 July 2025 90,802 7,209,550 7,300,352
At 31 July 2024 90,802 - 90,802

13. Assets held for sale

13. Assets held for sale
Group College
2025 2024 2025 2024
£ £ £ £
Abberley Hall former fxed assets - 5,120,000 - -

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

14. Stocks

Group College
2025 2024 2025 2024
£ £ £ £
Stationery and consumables 87,095 147,783 78,958 142,574

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 previously had 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.

College Guardians Limited was purchased by an external party on 30 September 2025.

Quoted investments represent those gifted to the College by the Malvernian Society. All quoted investment valuations were as provided by the Investment advisors, Sarasin & Partners.

15. Debtors

15. Debtors
Group College
2025 2024 2025 2024
£ £ £ £
Trade debtors 2,506,899 1,694,395 405,182 -
Fee debtors 1,311,709 422,189 1,311,709 422,189
Amounts owed by Group undertakings - - 3,077,773 7,471,503
Other debtors 80,984 44,829 395,040 36,325
Prepayments 780,446 627,034 760,167 517,923
Accrued income 121,277 213,704 116,137 8,971
4,801,315 3,002,151 6,066,008 8,456,911

16. Creditors: amounts falling due within one year

Group College
2025 2024 2025 2024
£ £ £ £
Bank loan (note 17) 1,012,663 1,187,984 1,012,663 1,187,984
Trade creditors 2,332,457 3,202,409 2,206,120 3,026,374
Amounts owed to Group undertakings - - 86,350 23,674
Entrance fee deposits 1,493,934 1,007,681 1,493,934 1,007,681
Advanced fees (note 18) 2,869,245 3,644,021 2,869,245 3,644,021
Taxation and social security 2,143,437 382,524 1,990,541 322,301
Other creditors 1,008,121 831,844 467,191 341,898
Accruals 2,276,558 1,264,766 1,543,784 524,878
Deferred income 433,570 680,770 15 83,279
13,569,985 12,201,999 11,669,843 10,162,090

Included in the Amounts owed by group undertakings in 2024 were loans totalling £4.99m made to Abberley Hall Limited. These loans were repaid on the sale of the Abberley Hall land and buildings in August 2024.

Included in other debtors is an amount of £25,850 (2024: £25,939) which represents loans to staff, of which £6,246 (2024: £18,285) is repayable after more than one year.

Trade, fee and other debtors are stated after impairment provisions totalling £655,272 (2024: £541,405).

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 2025

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

Group College
2025 2024 2025 2024
£ £ £ £
Bank Loan 10,960,045 11,844,872 10,960,045 11,844,872
SWAP obligation (note 19) 19,526 (4,893) 19,526 (4,893)
Entrance fee deposits 3,984,634 3,905,385 3,984,634 3,905,385
Advanced fees (note 18) 962,028 2,043,030 962,028 2,043,030
15,926,233 17,788,394 15,926,233 17,788,394
Bank loan maturity statement
Group and College 2025 2024
Bank loan maturity analysis £ £
In less than one year 1,012,663 1,187,984
In more than one year but not more than two years 1,038,332 1,230,547
In more than two years but not more than fve years 2,496,172 3,508,251
In more than fve years 7,425,541 7,106,074
11,972,708 13,032,856

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 2024. Facility 4 – the bank loan is repayable in 180 consecutive monthly instalments which commenced on 2 May 2024.

Facility 5 – Approximately 20% of the bank loan is repayable in 120 consecutive monthly instalments which commenced on 3 February 2025, followed by a final payment of c.£5.5m.

The Swap transaction originally fixed the interest rate for 75% of the total borrowing at 3.94%.

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.

The College had total bank borrowings of £11,972,708 as at 31 July 2025 (2024: £13,032,856).

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 2024.

A loan of £7.5m (Facility 4) was drawn down in

March 2024 with repayments starting in May 2024. This loan was re-financed in January 2025 with a drawdown of £7m.

Approximately 20% of this £7m loan (Facility 5) is being repaid over 10 years with repayments starting in February 2025, with a final payment due of c.£5.5m.

The bank loan % to value of secured assets is 20% (2024: 29%).

18. Advanced fees

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.

18. Advanced fees
Group College
2025 2024 2025 2024
£ £ £ £
Over fve years - 250,524 - 250,524
Within two to fve years 470,382 838,115 470,382 838,115
Within one to two years 491,647 954,391 491,647 954,391
Over one year 962,029 2,043,030 962,029 2,043,030
Within one year 2,869,244 3,644,021 2,869,244 3,644,021
3,831,273 5,687,051 3,831,273 5,687,051
Group Group College College
£ £ £ £
At 1 August 2024 3,181,286 3,181,286
New contracts - -
Amounts accrued to contracts - -
3,181,286 3,181,286
Amounts utilised in payment of fees (1,244,853) (1,244,853)
Amounts returned to parents 10,531 10,531
At 31 July 2025 1,946,964 1,946,964
19. Financial instruments
Group
2025		 Group
2024		 College
2025		 College
2024
£ £ £ £
Financial assets measured at fair value 7,190,024 4,893 7,190,024 4,893

Also included in advanced fees in creditors due within one year (note 15) are credit balances, of £1,884,309 (2024: £2,505,724) 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.

Financial liabilities/(assets) measured at fair value comprise listed investments net of the interest rate swap.

The movement on listed investments during the year was £7,209,550 (2024: £nil) and the swap during the year was £24,420 (2024: £121,570).

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 2025

20. Funds

20. Funds
Transfers,
At other recognised At
Group 1 August 2024 Income Expenditure gains/losses 31 July 2025
£ £ £ £ £
Endowment funds - 301,622 (758) 1,596 302,460
Restricted funds
The Downs Malvern 4,454,504 - - (740,230) 3,714,274
Restricted donations 163,573 3,916,773 (192,147) 20,270 3,908,469
Restricted grants 31,515 - - - 31,515
Abberley Hall 5,011 - - (5,011) -
4,654,603 3,916,773 (192,147) (724,971) 7,654,258
Unrestricted
income funds
Designated fund 2,454,934 3,436,260 - 493,021 6,384,215
College fund 18,020,351 42,287,533 (34,993,906) 3,171,002 28,484,980
Abberley Hall 116,338 - - (116,338) -
Trading companies 266,617 5,876,200 (2,533,165) (2,765,192) 844,460
Total General funds 18,403,306 48,163,733 (37,527,071) 289,472 29,329,440
(excluding Designated fund)
Total Group unrestricted 20,858,240 51,599,993 (37,527,071) 782,493 35,713,655
funds
Total funds 25,512,843 55,818,388 (37,719,976) 59,118 43,670,373

In reference to the 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.

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 £24,420 and the gain on the value of investments are also included within the College funds transfer column.

Endowment funds –

All Endowment Funds were gifted from the Malvernian Society. These are as listed below.

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 previously related to donations for the hardship fund and some fixed asset purchases. This also now includes the restricted funds which were part of the gift from the Malvernian Society. These are listed below.

Endowment funds

Gift from Income Expenditure Investment Balance at
Malvernian gains/losses 31 July
Society 2025
£ £ £ £ £
Permanent endowments
James Greenwood Architecture Prize 3,193 49 (8) 17 3,251
Shand-Kydd Special Fund 34,518 526 (88) 186 35,142
EH Moss Exhibition 13,068 199 (33) 70 13,304
Toovey Art Prize 797 12 (2) 4 811
Berridge Chemistry Prize 1,242 19 (3) 7 1,265
HW Smith Exhibition 2,284 35 (6) 12 2,325
Gwynne-Jones Exhibition 1,533 145 (24) 51 1,705
Wright Ingle Exhibition 3,211 304 (51) 108 3,572
Heath Harrison Exhibition 50,413 391 (66) 138 50,876
Wheeler Bennett History Prize 1,793 27 (5) 10 1,825
AR Duff Memorial Fund 32,956 502 (84) 177 33,551
James Cox Scholarship 116,073 1,764 (296) 623 118,164
Rackets Fund 36,022 547 (92) 193 36,670
297,103 4,520 (758) 1,596 302,461

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

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

The terms under which the rest of the endowment funds were established are detailed below.

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. Designated funds also include the Scholarship Fund which was gifted from the Malvernian Society, the purpose of which is to fully fund education at Malvern College where circumstances are deserving of the same.

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 2025

20. Funds continued

Restricted funds gifted from the Malvernian Society

Gift from Income Expenditure Investment Balance at
Malvernian Society £ £ gains/losses 31 July 2025
£ £ £
Restricted endowments
(permanent)
Centenary Appeal Fund 1,740,064 44,666 (103,685) 15,776 1,696,821
Capt. HL Grant 464,541 7,076 (12,438) 2,499 461,678
Chesterton Cricket Award 70,046 1,067 (2,179) 377 69,311
Bishop John & Arthur Mort Bursary 68,043 1,034 (174) 365 69,268
Blake Dunbar Music Scholarship 56,034 851 (143) 301 57,043
Marston Riley Scholarship 56,716 864 (145) 305 57,740
Restricted Funds
Shand-Kydd Special Fund 29,830 - - - 29,830
EH Moss Exhibition 1,473 - - - 1,473
Gwynne Jones Exhibition 1,075 - - - 1,075
Wright Ingle Exhibition 2,253 - - - 2,253
Heath Harrison Exhibition 33,682 - - - 33,682
AR Duff Memorial Fund 11,843 - - - 11,843
James Cox Scholarship 18,012 304 (1,051) 107 17,372
CW Nicholls Memorial Fund 17,480 281 (47) 99 17,813
Running Track Fund 5,105 - - - 5,105
Bursaries / Assisted Places 148,482 - - - 148,482
Assisted Places (Bowtell) 3,030 - - - 3,030
Assisted Places (Hayter) 127,616 - (32,730) - 94,886
Bridge Fund 1,365 - - - 1,365
Chapel Sound System 4,647 - - - 4,647

Restricted funds gifted from the Malvernian Society

Gift from Income Expenditure Investment Balance at
Malvernian Society £ £ gains/losses 31 July 2025
£ £ £
Restricted Fundscontinued...
Chapel Organ 3,130 - - - 3,130
Music Department 502 - - - 502
Theatre 2,284 - - - 2,284
Nieper Art Scholarship 112,512 - - - 112,512
RKB Lecture Series 23,580 - - - 23,580
Golf Facilities 1,174 - - - 1,174
George Sayer Fellow 7,501 - - - 7,501
Rackets Fund 14,253 - - - 14,253
House No 5 Fund 300 - - - 300
Clark Scholarship Award 212,671 - (47,738) - 164,933
Rachel Heyhoe Flint Award 6,000 - (2,000) - 4,000
Hardship 3,225 - - - 3,225
Music School 66,164 - - - 66,164
Digitalisation of Archive 13,617 - - - 13,617
Cricket - Girls 750 - - - 750
Green Fund 113,276 - - - 113,276
South Africa Rugby Tour 25 - - - 25
Lucy Shepherd 50 - - - 50
Outdoor Pursuits 171 - - - 171
Lord Ian MacLaurin Sports Fund 312,500 - - - 312,500
House 2 13 - - - 13

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 2025

20. Funds continued

Gift from
Malvernian Society
£
Income
£
Expenditure
£
Investment
gains/losses
£
Balance at
31 July 2025
£
Restricted endowments
(permanent) prize funds
Richard Smith Physics Prize
Restricted prize funds
James Greenwood Architecture Prize
Toovey Art Prize
Berridge Chemistry Prize
HW Smith Exhibition
Wheeler Bennett History Prize
James Richford Cricket Prize
Photographic Prize
RH Farrar Mathematical Prize
RWA Manly Backstage Prize
Prize Funds
RK Blumenau Philosophy Prize
Roger Short Prize
RH Cobb Mathematical Prize
Matthew Hind Gold Prize
Arvid Pardo Prize		 3,820
43
(7)
15
3,871
2,134
-
-
-
2,134
167
-
-
-
167
770
-
-
-
770
1,464
-
-
-
1,464
1,287
-
-
-
1,287
6,835
62
(10)
22
6,909
2,213
21
(4)
7
2,237
13,165
105
(18)
37
13,289
995
6
(1)
2
1,002
64,040
973
(163)
344
65,194
4,694
-
-
-
4,694
1,392
-
-
-
1,392
4,142
38
(6)
14
4,188
130
-
-
-
130
7,490
-
-
-
7,490
3,869,773
57,391
(202,539)
20,270
3,744,895

Restricted Endowments (Permanent)

The Centenary Appeal Fund was set up in 1965 to provide a maintenance & improvement fund for the College, with a reserve fund to endow scholarships. The Capt. H L Grant Fund was set up in 1955 for sons of regular officers in the Royal Artillery, or sons of regular army officers generally, whose circumstances were such that they could not, without assistance, be sent to Malvern. The Bursary must be awarded by the recommendation of the Headmaster and the Chairman of the Malvernian Society Committee. This fund was amalgamated with the EH Moss Exhibition fund, and the criteria widened to allow it to be awarded to children whose parents work in the public services.

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

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

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

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

The following Restricted Endowments (Permanent)

have associated restricted funds:

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

The EH Moss Exhibition was set up in 1946, as part of

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

The Gwynne-Jones Exhibition was set up in 1919 to fund awards to former pupils of Malvern College who have gone to the universities of Oxford, Cambridge or to the Royal Military Academy, Woolwich. A preference was made for the intellectual qualifications of the candidate, but also a preference for a No. 2 boy. In 2017 the fund was amalgamated with the

Wright-Ingle and Heath Harrison Funds to make awards to successful Oxbridge candidates. From 2024 the award was available to OMs from Malvern College UK or its sister schools abroad.

The Wright Ingle Exhibition was set up in 1918, to give non-recurring grants to candidates for the purpose of covering initial expenses at Brasenose College, Oxford, or Pembroke College, Cambridge. In 2017 the fund was amalgamated with the Gwynne Jones and Heath Harrison Funds to make awards to successful Oxbridge candidates. From 2024 the award was available to OMs from Malvern College UK or its sister schools abroad.

The Heath Harrison Exhibition was set up in 1898, to give non-recurring grants to candidates for the purpose of covering initial expenses at Brasenose College, Oxford or Pembroke College, Cambridge. In 2017 the fund was amalgamated with the GwynneJones and Wright-Ingle Funds to make awards to successful Oxbridge candidates. From 2024 the award was available to OMs from Malvern College UK or its sister schools abroad.

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

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

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 2025

20. Funds continued

The College also manages the following Restricted Funds:

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

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

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

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

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

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

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

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

The Richard Nieper Art Scholarship Fund is in memory of Richard Nieper (Old Malvernian) to support an Art Scholarship which is designed to enable Arts candidates to come to Malvern College who may

not otherwise be able to do so. To be awarded to pupils who show outstanding talent or potential talent, predominantly in Fine Art. The fund is envisaged to be spent down over a period of ten years.

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

The Golf Facilities Fund is to promote golf at the College.

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

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

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

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

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

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

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

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

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

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

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

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

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

The House 2 Fund is for improvements to the house.

Capital Restricted Prize Funds

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

Restricted Prize Funds

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

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

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

The Berridge Chemistry Prize is for proficiency in the study of Chemistry. From 2024 £60 is awarded to the candidate with the highest score at Chemistry A level or IB.

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

The Wheeler Bennett History Prize is awarded for the best essay(s) on European or General, but not English History. From 2024 £100 is awarded to the candidate with the highest score at History A level or 1B.

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

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

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

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

Prize Funds is an amalgamation of many small prize funds. These prizes are distributed annually.

The RK Blumenau Philosophy Prize is awarded to the most outstanding pupil in Philosophy.

The Roger Short Prize is awarded to pupils submitting the best IB Extended Essay.

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

The Matthew Hind Golf Prize is awarded to a pupil for outstanding achievement in Golf.

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

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 2025

20a. Comparative 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

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.

21. Analysis of the net assets between funds

Group and College

2025

Group and College 2025
Net assets/(liabilities) of the Group’s funds Fixed assets Net current assets Long term liabilities Fund balances
£ £ £ £
Endowment funds 302,460 - - 302,460
Restricted funds 4,928,270 2,822,364 (96,376) 7,654,258
General funds:
College funds 38,663,487 5,651,350 (15,829,857) 28,484,980
Abberley Hall funds - - - -
Designated funds - 6,384,215 - 6,384,215
Non-charitable trading funds - 844,460 - 844,460
43,894,217 15,702,389 (15,926,233) 43,670,373

21a Comparative analysis of the net assets between funds

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

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 2025

22. Pensions

The College 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 a number of its teaching staff. The pension charge for the year includes contributions payable to the TPS of £991,781 (2024: £1,285,365) and at the year-end £Nil (2024 - £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. The Valuation Report shows notional assets of £222.2bn and liabilities of £262bn, resulting in a scheme deficit of £39.8bn.

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%.

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 £1,634,331 (2024: £604,874).

23. Reconciliation of cash flows from operating activities

Group 2025 2024
£ £
Net (expenditure)/income for the year 18,157,530 (602,646)
Adjustments for:
Investment income (768,243) (275,618)
Depreciation and amortisation of tangible fxed assets 3,062,995 2,771,405
Impairment of assets - 263,969
Financing costs 627,136 939,695
Gift of tangible fxed assets (6,665,000) -
Gift of investments (7,126,012) -
Gift of cash (2,953,429) -
Surplus on disposal of current/fxed assets - (9,078)
Gains on investments (83,538) -
Movement on SWAP liability 24,420 121,570
Decrease in assets held for sale 5,120,000 -
Increase in stocks 60,688 40,230
Increase in debtors (1,799,164) 208.459
Decrease in creditors 541,553 6,325,516
Net cash provided by operating activities 8,198,936 9,783,502

24. Analysis of net debt

24. Analysis of net debt
31 July 2024 Cash fow 31 July 2025
£ £ £
Net cash:
Cash at bank and in hand 17,794,753 6,589,211 24,383,964
17,794,753 6,589,211 24,383,964
Loans falling due within one year (1,187,984) 175,321 (1,012,663)
Loans falling due after one year (11,844,872) 884,827 (10,960,045)
(13,032,856) 1,060,148 (11,972,708)
Net cash 4,761,897 7,649,359 12,411,256

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

MALVERN COLLEGE (INCORPORATED UNDER ROYAL CHARTER)

MALVERN COLLEGE (INCORPORATED UNDER ROYAL CHARTER)

110

111

Notes to the financial statements for the year ended 31 July 2025

25. Commitments

25. Commitments
Land & Buildings Other Land & Buildings Other
Group 2025 2025 2024 2024
£ £ £ £
Not later than one year - 792 8,048 21,294
Later than one year and not later than fve years - 1,363 - 2,155
- 2,155 8,048 23,449
Land & Buildings Other Land & Buildings Other
College 2025 2025 2024 2024
£ £ £ £
Not later than one year - 792 8,048 21,294
Later than one year and not later than fve years - 1,363 - 2,155
- 2,155 8,048 23,449

Operating leases

At 31 July 2025 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 £502,198 at 31 July 2025 (31 July 2024: £628,038).

26. Related party transactions

The Malvernian Society Limited

The Malvernian Society Limited is a company limited by guarantee that promoted the work and education at the College, assisted in the carrying on of a school or schools and in cases of need assisted 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 Malvernian Society gifted its fixed assets, investments and cash to the College. It is the intention of the Trustees of the Malvernian Society to close down the entity by mid 2026. Until then it acts

as agent for any amounts received, which are passed through to the College.

In the prior 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.

At the year-end, £nil (2024: £nil) was due to The Malvernian Society Limited.

The Malvernian Society Limited previously owned

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 until 2023-24 and the rent paid from the College to the Malvernian Society Limited in the prior year was £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.

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 £1,176,119 (2024: £1,091,828) to MCEL and MCEL invoiced £87,848 (2024: £59,597) 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, £921,520 (2024: £394,097) was owed by MCEL to the College and £40,658 (2024: £nil) was owed by the College to MCEL.

Malvern College International Limited (MCIL)

The College invoiced £331,063 (2024: £480,648) to MCIL and MCIL invoiced £36,859 (2024: £36,809) 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, £1,832,242 (2024: £1,629,469) was owed by MCIL to the College and £45,692 (2024: £36,548) was owed by the College to MCIL.

MALVERN COLLEGE (INCORPORATED UNDER ROYAL CHARTER)

MALVERN COLLEGE (INCORPORATED UNDER ROYAL CHARTER)

112

113

Notes to the financial statements for the year ended 31 July 2025

26. Related party

transactions continued...

College Guardians Limited (CG)

The College invoiced £156,168 (2024: £204,824) to CG and CG invoiced £nil (2024: £nil) 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, £573,209 (2024: £449,767) was owed by CG to the College and £nil (2024: £nil) 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. The College subsequently agreed to support AH with additional funding of £5.0m, of which a total of £4.99m was drawn down.

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. At the prior year end, £5,011,046 was owed by AH to the College.

Abberley Hall Limited is in the process of being struck off.

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

College Guardians Limited was purchased by an external company on 30 September 2025 and ceased to be a member of the Group at that point.

Comparative Consolidated Statement of Financial Activities

Unrestricted funds Restricted Year ended 31 July Year ended 31
General Designated funds 2024 Total July 2023 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 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

MALVERN COLLEGE (INCORPORATED UNDER ROYAL CHARTER)

MALVERN COLLEGE (INCORPORATED UNDER ROYAL CHARTER)

114

115

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