Page 83 - Annual Review - Year Ended 31 July 2023

Fees and similar income Fees receivable and and charges for services and and use of premises are accounted for in in the the period in in which the the service is is provided and it is is probable that the income will be received Fees receivable are stated after deducting allowances scholarships grants bursaries and and exhibitions allowed by the College and and Abberley Hall Limited (the School) Trading income MCEL MCIL and CG’s trading income is accounted for in in in the the period in in in which the the income is earned The College and and Abberley Hall’s ancillary ancillary and and non-ancillary trading income is accounted for in in in in the period in in in in which the income is earned Other income Non-fee but educational income is accounted for in in the the period in in which the the income is earned Investment income Bank interest earned on
on
funds on
on
deposit is accounted for in in in the the period in in in which the the investment income is earned Advanced fees
The College and the the School offers parents the the opportunity to pay for tuition fees
in in advance in in accordance with a a a a a written contract The amount received is is invested and interest is is accrued to contracts This is is treated as deferred income until the the the pupil joins the the the College or School whereupon the the the fees
for each term is charged against the remaining balance and taken to income Final term deposits
Final term deposits
deposits
are deposits
deposits
placed when pupils join the the College or the 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 in in the the period in in 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 no costs which cannot be directly attributed to particular headings Termination payments
Termination payments
are accounted for as as soon as as the the College or School is aware of the the obligation to make the payment Bursaries grants and allowances payable
Grants from restricted funds are included as expenditure in the the period for which the the award is given Bursaries and allowances from unrestricted funds towards college or school fees
at the College and School are treated as a a a a reduction in those fees
Support costs Support costs costs comprise the direct costs 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 cost of external audit the costs of Management Board and Council meetings and strategic salary costs The strategic salary costs costs include the costs costs of preparing the the statutory financial statements and the the costs of senior staff involvement in 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 of the cost of of the related asset where appropriate MALVERN COLLEGE (INCORPORATED UNDER ROYAL CHARTER)
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