Malvern International : MIPLC Annual Report 2019

2019 Accounts and Report Annual InternationalPlc Malvern

Malvern International Plc

ANNUAL REPORT AND ACCOUNTS 2019

Malvern International is a global learning and skills development partner preparing learners to meet the demands of a professional life.

Visit our website for further information

https://www.malverninternational.com

	3
At a glance	4
Strategic Report
Chairman's statement	7
Business model	10
Strategic priorities and market	12
Operating review	14
Key performance indicators	16
Financial review	17
Risk management	19
Directors' section 172(1) statement	22
Corporate Governance
Board of Directors	24
Chairman's corporate governance statement	25
Corporate social responsibility	30
Directors' report	32
Nomination and Remuneration Committee report	36
Audit and Risk Committee report	40
Financial Statements
Auditor's report	41
Consolidated statement of comprehensive income	46
Statement of financial position	48
Consolidated statement of changes in equity	50
Consolidated statement of cash flows	51
Company statement of changes in equity	52
Company statement of cash flows	53
Notes to the financial statements	54

Overview

For the year ended 31 December 2019

Malvern International is a learning and language skills development partner. Courses are delivered on sites in London, Brighton, and Manchester, at partner campuses, and online through the Malvern Online Academy.

Continuing operations1

			TOTAL 2019	TOTAL 2018
	UK	SINGAPORE	(£)
	(£)	(£)	(£)	RESTATED
Revenue	4,703,864	1,802,451	6,506,315	6,337,321
Impairment of intangibles	2,211,471	664,786	2,876,257	-
Amortisation2	232,939	91,322	324,261	209,536
Operating loss	(3,413,621)	(1,859,887)	(5,273,508)	(340,673)
Loss for the year	(3,849,431)	(2,036,082)	(5,885,513)	(212,692)

• Loss from discontinued operation (Malaysia) £2.48m (2018: £0.35m).
• Loss for the year including discontinued operations £8.37m (2018: loss of £0.57m).
• Loss per share for the year of 3.26p (2018: 0.31p)3.
• Cash as at 31 December 2019 was £83,264 (2018: £105,380).

OVERVIEW

STATEMENTS FINANCIAL GOVERNANCE CORPORATE REPORT STRATEGIC

1. As at 31 December 2019, continuing operations included activities in the UK and Singapore, following the disposal of Malaysia operations during the year.
2. Of which £23,822 relates to the amortisation of the brand, licences and trademarks relating to SAA Singapore.
3. Calculated using weighted average number of shares in issue during the period 256,453,628 (2018: 185,344,459).

MALVERN INTERNATIONAL PLC ANNUAL REPORT AND ACCOUNTS 2019 3

At a glance

MALVERN INTERNATIONAL is a learning and language skills development partner. Courses are delivered on sites in London, Brighton, and Manchester, at partner campuses, and online through the Malvern Online Academy.

We focus on teaching English as a foreign language and preparing overseas students for university courses in the UK. Courses are delivered on five sites in the UK - London, Manchester, Brighton, University of East London and Wrexham Glyndwr University. Students have the option of studying across multiple campuses over the duration of the same course and online through the Malvern Online Academy.

Our mission is to support our students in

their journey to success

Our vision is to be a global learning and

skills development partner

+

Online	Language	50,000+	120+
		Experience
		Students Trained	Nationalities Taught
	MALVERN
	INTERNATIONAL	Professional and Higher Education
		Following the decision to close SAA Singapore in
		August 2020, the Company has agreed with the
Juniors	University	regulatory education board in Singapore that the
	Pathway	majority of existing students will continue to be

taught to the end of their course, or transferred to

other institutions.

4

Destinations

London

Manchester

Brighton

Online

4 MALVERN INTERNATIONAL PLC ANNUAL REPORT AND ACCOUNTS 2019