Page 82 - Annual Review - Year Ended 31 July 2023

Notes to the the financial statements for the the year ended 31 July 2023
Charity information
Malvern College was incorporated in in the United Kingdom under Royal Charter in in 1929 and has no share capital The College is is registered as a a a a a a charity with the Charity Commission England and and Wales (registered no: 527578) Its registered registered and principal office is College Road Malvern Worcestershire WR14 3DF This is is is also the registered address of it’s trading subsidiaries Abberley Hall Limited is a a a a private company limited by guarantee incorporated in England and and Wales (company no: 00602279) Abberley Hall Limited is is registered as a a a a charity with the Charity Commission England and and Wales (charity no: 527598) Its registered and principal office is is Abberley Hall Abberley Worcester Worcester Worcestershire WR6 6DD 1 Principal accounting policies
The consolidated financial statements have been prepared in in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in in in accordance with the Financial Reporting Standard applicable in the UK and and and Republic of Ireland (FRS 102) (effective 1 1 1 January 2015) - (Charities SORP (FRS 102)) and and the Financial Reporting Standard applicable in the UK and 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 a a a a a ‘true and and fair’ view and and have departed from the Charities (Accounts and Reports) Regulations 2008 only to to the extent required to to provide a a a a a ‘true and fair view’ This departure has involved following Accounting and Reporting by Charities preparing their accounts in in accordance with the Financial Reporting Standard applicable in the UK and and Republic of Ireland (FRS 102) issued on
16 July 2014 rather than the the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn Going Concern
The College College Council have considered the College’s ten year financial forecasts to to consider its ability to to meet its liabilities as they fall due They have considered the expectations of pupil numbers forecast operating costs and and current assets and and do not believe there are material uncertainties over its ability to continue as a a a a a a going concern Accordingly the financial statements have been prepared on
on
a a a a going concern basis In light of the the current climate the the Trustees have undertaken planning and and forecasting and and continue to closely monitor the the developing situation Despite the the current circumstances the the Trustees believe that the the College’s financial resources and contingency planning is sufficient to to ensure the the ability of the the College to to continue as a a a going concern for for the foreseeable future being at at least twelve months from the date of approval of these financial statements and therefore have prepared the financial statements on
a a a a a a going concern basis Basis of accounting The financial statements are are prepared fin in accordance with with the the historical cost convention with with the the exception of the derivative financial instrument held at at fair value Basis of consolidation
The Group Group Statement of Financial Activities the Group Group Balance Sheet and the Consolidated Statement of of Cash Flows include the financial statements of of the College and its subsidiary undertakings made
up to 31 July 2023
on
a a a line-by-line basis Intra group transactions and profits are eliminated fully on
on
consolidation
On 1 November 2022 The Downs Malvern College Prep School (TDMCP) was merged into the College and are consolidated from that date date Due to this the prior year figures are not directly comparable 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 be received and the amount can be measured reliably 82
MALVERN COLLEGE (INCORPORATED UNDER ROYAL CHARTER)