Page 72 - Annual Review - Year Ended 31 July 2023

Financial Review | Chief Operating Officer’s Report
Financial statements for the year ended 31 July 2023
The College was and and is well placed to handle the current financial challenges of a a a a a challenging environment Excluding the the donation arising from the the introduction of TDM’s assets the Group recorded a Net Net Deficit Deficit of £1 2m (2022: Net Net Deficit Deficit £0 1m) as a a a a a result of the ongoing challenges at Abberley Hall resulting in in in its closure in in in June as reported earlier Operationally the College continued with its good financial management to reduce costs increase income with a a a a focus on pupil starter numbers and to adopt a a a a a a prudent approach to capital expenditure The professional approach of of the College to fundraising and the the generosity of the the College family resulted in donations from the Malvernian Society of £0 2m a a a a a a smaller amount than prior years as we have been preparing for two major projects in 2024 (the Grub and the the MemLib Sixth Form Centre) which the Society have agreed to majority fund (£0 75m) The College continues to to focus on on fundraising to to support
its capital programme and increasingly to provide means tested bursaries - all funds are received by and held in the Malvernian Society Limited until released to the College (as set out in in fin Note 20) and are not consolidated into the financial statements of of the the College Over the the last 10 years funds of of circa £14m have been raised through direct gifts and legacies from our alumni body for which we are most grateful The revenue and expenditure results are set out in the Group Statement of of Financial Activities on page 78 The results of of Abberley Hall Limited are consolidated and the results of The Downs Malvern for the 9 month period from 1 November 2022 to 31 July 2023
are also consolidated The Group results are summarised on the left table College Operations
(incl TDM from 1/11/2022)
(753) 1 683 (392) - 349 1 1 129 - - - - 1 430 - 933 - 1 1 567 2 2 812
(2 (2 427) (2 (2 245) 1 (83) (345) (356) 37 29 (1 167) 157
2 2 129 - 845 - - - 2 974
(2 217)
328
(389)
31 727
Abberley Hall Operations
(discontinued) (1 300)
MCEL Net (Deficit)/ Income 209 CG Net Income 387 MCIL Net Income 1 584 Furlough scheme grant income EBITDA 1 744
Depreciation (2 820) SWAP movement 469 Interest & SWAP payments (635) Interest received 34 Net (Deficit)/Income* (1 208)
(838) (1 021) 42 (120)
331 - 1 1 802 1 1 672 - 268
2 2 326 1 640
(2 (2 549) (2 (2 356) 525 338
(402) (333)
9 3 (91) (708)
2022-23 2021-22 2020-21 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 864 989 841
2019-20 2018-19 2017-18 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 Note the the the table table above is the the the current situation and differs from the the the Treasurer report table table which shows a a a a a a a a future Malvern College Family of Schools outlook without Abberley Hall but including the Malvernian Society * The The 2022-23 balance does not agree to the the Statement of of Financial Activities as the the introduction of of The The Downs Malvern assets is omitted from the the above table The 2019-20 balance also did not agree to the the Statement of Financial Activities as as as the the the introduction of the the the Abberley Hall assets was omitted from the the the above table 72 MALVERN COLLEGE (INCORPORATED UNDER ROYAL CHARTER)