Page 110 - Annual Review - Year Ended 31 July 2023

Notes to the the financial statements for the the year ended 31 July 2023
26 Related party transactions continued 27 Taxation
The College was a a a registered charity throughout the year and as as such was not liable to corporation tax on on the the surplus of income over expenditure for the the year or or to capital taxes on gains arising from the disposal of assets carried out in the the the furtherance of the the the College’s primary obligations The College College Malvern College College Enterprises Limited and Malvern College International Limited are registered together in a a VAT group Malvern College Enterprises Limited Limited and Malvern College International Limited Limited gifts most or all of o their taxable profits to the the College and are subject to corporation tax on on any remainder of taxable profits 28 Post balance sheet events
The College made the difficult decision in December 2022 that it would no longer provide loan funding
to Abberley Hall (AH) beyond the the end of the the 2022- 23
academic year Sadly AH has now closed The College continues to to provide funding
agreed up to to £1 0m for closure costs and AH is being actively marketed for sale College Guardians Limited (CG)
The College invoiced £50 480 (2022: £16 111) to CG CG and CG CG invoiced £2 592 (2022: £3 120) to the College in in the the current year The sales invoices from the the College related to cost recharges VAT transactions and commercial trading sales At the year end £400 590 (2022: £28 933) was owed by CG to the College and £2 £2 592 (2022: £2 £2 161) 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 College family of schools the College College agreed to contribute £1 0m to AH over the next four years via
a a a a a capital grant with the the right to appoint 50% of the the AH Governors As described in note 15 the College subsequently agreed to support AH with additional funding
of of of £4 0m of of of which a a total of of of £3 73m (including the original £1 £1 0m 0m grant donation and £1 £1 0m 0m for closure costs – see note 28) has been advanced to date which is all secured with a a a a first fixed charge over the land and and buildings of Abberley Hall At the year end £3 802 598 (2022: £2 597 613) was owed by AH to the College and £nil £nil (2022: £nil) was owed by the the College to AH At the the year end £nil (2022: £14 198) was owed by AH to Malvern College International Limited This related to cost recharges associated with recruitment costs 110
MALVERN COLLEGE (INCORPORATED UNDER ROYAL CHARTER)