2023-08-31-accounts - Eltham College

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Key management	Key management	personnel	personnel
Headmaster:				Mr G Sanderson MA (Oxon) FRSA
Bursar:				Mr R Wilkinson OBE
Head ofthe	Junior	School:		Mrs V Meier
Head of Blackheath			Prep	Mr A Matthews
(which became part			ofthe
School following the			merger
on 1 September 2023)
Senior Deputy Head				MrJ Martin
Deputy Heads:				Mrs A Massey (Senior School)
				Ms K Nutbeem (Senior School)
				MrJWillatt (Senior	School)
				Mr A Taylor (Junior	School)
				Ms KCubley (Blackheath		Prep)
Registered	Office
				Eltham College
				Grove Park Road
				Mottingham
				London SE94QF
Advisers
Bankers:				Barclays Bank Pic 5e Floor Corinthian	House
				17 Lansdowne Road
				Croydon CRO 2BX
				Lloyds Bank Pic
				Level 5, 110St.Vincent Street
				Glasgow G25ER
Auditors:				Azets Audit Services
				2nd Floor, Regis House
				45 King William Street
				London EC4R 9AN
Solicitors:
				BDBPitmans
				One Bartholomew	Close
				London
				EC1A7BL
				Farrer &Co LLP
				66 Lincoln's Inn Fields
				London WC2A 3LH

GHG emissions and energy use data f	or period 1 September 2022 to	or period 1 September 2022 to	31August 2	023:
Breakdown ofenergy consumption	used to calculate emissions		(kWh):
Energy type				2021/22	2022/23
Mandatory requirements:
Natural gas				2,838,553	2,669,491
Purchased electricity				1,108,678	1,130,847
Transport fuel &grounds vehicles				84,226'	81,048
Total energy (mandatory)				4,031,457	3,881,387
NOTE: Figures msy not sum due to rounding I:Figures mvised for grounds vehicles due to error identified		(Value (8)	used Instead	ofLltrss (L)) In previous	report
Breakdown ofemissions associated	with the reported	energy use (tCOse):
Emission source				2021/22	2022/23
Mandatory requirements:
~Sco e1
Gas				510.9	488.3
Company owned vehicles				20 7'	20.3
~Sco e2
Purchased electricity (location-based)				214.4	234.2
~Sco e 3
Category 6:Business travel (grey fleet)				0.7	0.7
Total gross emissions (mandatory	8 voluntary)			746.7	743.4
NOTE: Figures may not sum due to rounding I:Figures revised for grounds vehicles due to error Identified		(value IE)	used instead	ofLitres (L))in previous	report
Intensity ratio:				2021/22	2022/23
Mandato emissions onl
Tonnes of CO2e per pupip				0.721'	0.718
1:Figures revised for grounds vehicles 2:Presented astonnes compared to kg	due toerror identified in 2021/22	(Value (8)	used instead	ofLitres (L))In previous	report

Eltham Collog8 Independent Auditor'$ Report to the Members of Eltham Colleg For The Yvr Endgd 31 August 2023 A fijrther description of our rgsptsnslbil.es is availabl8 on the Financial Reporting Coun41'$ w8bsit• at.. httpS'.Il%.frC.orQ.uk1our-worklAud1uAud1Inhs$uranCélstand3rdS-and-guIdance1standardsQAd-gUId#ncÈ-for -audf£orslAuditors-rèsponsibilities-for-audiVDescription-of-auditors-rgspon5ibilth"e5-for- audit.aspx. This description fonns part of our aL¥Jitorfs rw Uso of our R•port This report is made soielyto the Group and chartsble company's rngmhrs, as a body, in accordan wth Chapter 3 of Part 16 01tho Compani¥s A¢t2006. Our audfcwork has been undertaken so thatwè mightststè to thè charitab ¢ompany 8 membets thjse matters we are required to state to them in an auditorfs reportand for no other purpose. To the fullest extent permrtted by law, we do not acc8Pt 01 assumtr r•sponsibility to anyone other than the charitable company the charitable company's mÈrnbèrs as a body, lor our aLKlit wotl(, for this report, or for the opinions w• hav8 fomiad. John Howard FCA IS•nlor Statutory Audltorl Fof and on behalf of Azets Audit Services Staiutory Auditor 2tvJ Floor, Regis House 45 "n9 Williarn Straèt London EC4R 9AN Data: 3 May 2024

			Unrestricted	Funds	Restricted	Endowed	Total	Total
		Notes	School	Other	Funds	Funds	2023	2022
			5	6	5	6	6	6
INCOME
Income from charitable	activities:
School fees receivable		2	21,166,801				21,166,801	19,748,562
Less: awards		2	(2,464,865)		(91,881)		(2,556,746)	(2,429,161)
Other educational income		3	228,920				228,920	217,949
Other anc5la/7 trading	income	3	1,301,715				1,301,715	1,234,113
Income from other trading
activities:
FSSM Ltd income				614,456			614,456	551,969
Income from generated	funds:
Investment income			60,591	11,838	3,162	350	75,941	39,838
Donations and appeal	mceipts			15.977	299,498		315,475	448,841
Rents and Lemngs			115,137				115,137	98,931
Total			20,408,299642,271		210,779	350	21,261,6$9	19,911,042
EXPENDITURE
Costs of raising funds:
Fund-raising			59,464	15,977	139,785		215,226	191,991
Financing costs			533,320				533,326	502,926
FSSM Ltd costs				456,809			456,809	471,816
			592,790	472,786	139,785		1,205,361	1,166,733
Charitable Activities:
Schools and grant making			19,246,616		4,449		19,251,065	17,509,309
Pension scheme deficit	funding	22	(960)				(960)	(9,718)
arrangement
Total		5	19,838,448	472,786	144,234		20,455,466	18,666,324
NET INCOIHING/(OUTGOING)			ses,aas	16$,48S	66,545		806,233	1,244,718
RESOURCES
Transfers between funds		6	132,433	(103,410)	(28,673)	(350)
Investment gains/(losses)				(6,825)	(1,269)		(8,094)	(11,122)
			702,286	59,250	36,603		798,139	1,233,596
NET INCOME/(DEFICIT)			761,536		36,603		7$8,139	1,233,596
Fund Balances at 1 September 2022			11,271,047		485,268	32,55911,788,874		10,555,278
Fund Balances at 31August 2023			12,032,583		521,871	32,559	12,587,013	11,788,874
The notes on pages 27	to44 form part	ofthese	financial statements.

		Notes	Group	Group	School	School
			2023	2022	2023	2022
			6	6	6	6
Fixed assets
Intangible assets Tangible assets		7 8	6,285 31,806,505	6,285 30,537,757	31,766,989	30,496,373
Investment assets		9	511,330	519,424	511,332	519,426
			32,324,120	31,063,466	32,278,321	31,015,799
Current assets
Stocks			2,592	2,592
Debtors		10	1,111,883	806,294	1,067,738	764,595
Cash			2,590,236	4,045,857	2,556,801	4,037,896
			3,704,711	4,854,743	3,624,539	4,802,491
Creditors: Amounts	falling due
within one year		11	(5,139,337)	(4,907,060)	(5,166,863)	(4,901,388)
Net current assets/(liabilities)			(1,434,626)	(52,317)	(1,542,324)	(98,897)
Total assets less current
assetsl(liabilities)			30,889,494	31,011,149	30,735,997	30,916,902
Creditors: Amounts	falling due
after more than one	year	12	(18,301,082)	(19,219,916)	(18,301,082)	(19,219,916)
Provisions for liabilities		21	(1,399)	(2,359)	(1,399)	(2,359)
Net assets			12,587,013	11,788,874	12,433,516	11,694,627
Endowed funds		15s	32,559	32,559	32,559	32,559
Restricted funds		15b	521,871	485,268	521,871	485,268
Unrestricted funds
Designated and general funds		15c	12,032,583	11,271,047	11,879,086	11,176,800
Total funds		15	12,587,013	11,788,874	12,433,516	11,694,627

						2023		2022
					Notes
Cash flows from operating	activities				17		2,403,608		3,886,470
Cash flows from investing	activities:
Investment income received						15,350		14,620
Interest received						72,322		25,218
Interest paid						(533,326)		(502,927)
Sale offixed assets						450		1
Payment for tangible fixed assets						(2,701,461)		(3,096,533)
							(3,146,665)		(3,559,622)
Net cash flow before financing		activities					(743,057)		326,848
Cash flow from financing	activities				18
Repayment ofborrowing							(712,564)		(722,226)
Change in cash and cash	equivalents			in
the year					19		(1,455,621)		(395,378)
Cash and cash equivalents	brought		forward				4,045,857		4,441,235
Cash and cash equivalents
at 31August 2023					19		2,590,236		4,045,857

		2023	2022
		8	6
Gross charitable	income	21,360,096	19,911,042
Charitable expenditure		20,553,863	18,666,324
Net income for	the year	806,233	1,244,718

EXPENDITURE		2023	2022
		K	5
Governance expenditure	includes:
Auditors' remuneration:
For audit services		22,500	18,600
For other services		700	660
Total staff costs comprised:
Wages and salaries		10,461,114	9,467,108
Social security costs		1,134,952	1,035,651
Pension contributions		1,631,735	1,542,983
		13,227,801	12,046,742

The average	Number	Number
Academic	163	159
Administration	51	53
Other	64	65
	278	277

The number ofemployees whose emoluments exce	eded F60,000were:
F60,001 - 270,000	30	19
F70,001 - 580,000	10	10
580,001 - 890,000	2	1
F90,001 - 5100,000	1	2
5100,001-6110,000		1
F110,001 - F120,000		1
5150,001-F160,000
5240,001 - 5250,000
6250,001 - F260,000

ANALYSIS OF TOTAL RESOURCES EXPENDED	ANALYSIS OF TOTAL RESOURCES EXPENDED	ANALYSIS OF TOTAL RESOURCES EXPENDED
		Staffcosts	Other	Depreciation	Total	2022
		(note 4)
Costs ofraising funds:
Fund-raising		215,707	(481)		215,226	191,991
Finance costs			533,326		533,326	502,926
Trading costs of subsidiary			555,206		555,206	471,816
		215,707	1,088,051		1,303,758	1,166,733
Charitable activiTies:
Teaching costs		10,430,400	997,916		11,428,316	10,520,413
Welfare			930,364		930,364	800,351
Premises		1,081,227	883,361	1,403,816	3,368,404	3,117,747
Support costs		1,482,967	1,995,473		3,478,440	3,034,296
School's operating	costs	12,994,594	4,807,114	1,403,816	19,205,524	17,472,807
Grants Awards and	prizes					1,049
Governance costs		17,500	28,041		45,541	35,453
Total		13,012,094	4,835,155	1,403,816	19,251,065	17,509,309
Pension scheme deficit
arrangement			(960)		(960)	(9,718)
Total expenditure		13,227,801	5,922,246	1,403,816	20,553,863	18,666,324

7.	INTANGIBLE ASSETS
		Goodwill
	Group
	Coat
	At start ofyear	6,285
	Acquisition
	At end ofyear	6,285
	Amortiaation
	At start ofyear
	Charge for the year
	At end ofyear
	Net book value	6,285

TANGIBLE FIXEDASSETS
	Freehold		Furniture
	Land and	Leasehold	and	Motor
	Buildings	Land	Equipment	Vehicles	Total
	5	8	5	6	8
GROUP
Cost
At 1 September 2022	40,391,293	825,000	5,085,838	31,506	46,333,637
Additions	2,442,925		258,536		2,701,461
Disposals 8 write offs			(57,269)		(57,269)
At 31 August 2023	42,834,218	825,000	5,287,105	31,506	48,977,829
Depreciation
At 1 September 2022	11,440,386	320,375	4,003,613	31,506	15,795,880
Charge for year	1,073,560	16,500	330,923		1,420,983
Disposals &write offs			(45,538)		(45,538)
At 31 August 2023	12,513,946	336,875	4,288,998	31,506	17,171,325
Net book values
At 31August 2023	30,320,272	488,125	898,107		31,806,504
At 31August 2022	28,950,907	504,625	1,082,225		30,537,757
SCHOOL
Cost
At 1 September 2022	40,391,293	825,000	4,982,424	31,506	46,230,223
Additions	2,442,925		243,238		2,686,163
Disposals			(57,269)		(57,269)
At 31 August 2023	42,834,218	825,000	5,168,393	31,506	48,859,117
Depreciation
At 1 September 2022	11,440,386	320,375	3,941,583	31,506	15,733,850
Charge for year	1,073,560	16,500	313,756		1,403,816
Disposels			(45,538)		(45,538)
At 31 August 2023	12,513,946	336,875	4,209,801	31,506	17,092,128
Net book values
At 31 August 2023	30,320,272	488,125	958,592		31,756,989
At 31 August 2022	28,850,907	504,625	1,040,841		30,496,373

INVESTMENTS	INVESTMENTS	Unrestricted
		Designated	Restricted	Total
		6	6	6
Balance	at 1 September 2022 (shares)	407,480	111,944	519,424
Decrease in market value		(6,825)	(1,269)	(8,094)
Balance	at 31August 2023 (Group)	400,655	110,675	511,330
Shares	in subsidiary	2		2
Balance	at 31August 2023 (School)	400,657	110,675	511,332

Profit and loss account	Profit and loss account	2023f
Turnover		584,769
Cost ofsales		(16,121)
Gross profit		566,648
Other income		29,687
Administrative	and other expenses	(440,688)
Net profit (before Gia Aid)		157,647
Net assets as	at 31 August 2023	147,211

CREDITORS: Amounts	falling due within	Group			School
one year
		2023	2022	2023		2022
		6	6	6		6
Bank loans and overdraft (note 13)		739,771	713,760	739,771		713,760
Fees received in advance		1,564,992	1,597,958	1,564,992		1,597,958
Advance fee payments	under contract
(note 14) Other creditors		1,043,697 716,252	1,082,179 621,276	1,043,697 711,527		1,082,179 617,180
Inter-company creditor				50,719		16,825
Social security 8 other	taxes	305,355	285,772	295,917		268,121
Accruals		448,470	303,615	439,440		302,865
Fee deposits		320,800	302,500	320,800		302,500
		5.139,337	4,907,060	5,166,863		4,901,388
CREDITORS: Amounts	falling due after more	than one year
				2023		2022
Group and School				6
Bank loans (note 13)				13,824,259	14,562,833
Fee deposits				2,143,638	2,128,588
Advance fee payments	under contract (note 14)			2,333,185	2,528,495
				18,301,082	19,219,916
FINANCIAL INSTRUMENTS				2023		2022
						6
Group and School
The bank loans and overdraft are repayable		by instalments:
Between one and two years
Bank loan				767,232		739,771
Between two and five years
Bankloan				1,866,573	2,382,560
Due after more than five years
Bank loan				11,190,454	11,440,502
				13,824,259	14,562,833
Due within one year
Bank loan &overdrafi				739,771		713,760
Total borrowings				14,564,030	15,276,593

as follo	ws: yearn
		2023	2022
		6	6
Group	and School
After 5	years	410,700	577,053
Within	2to 5	1,228,506	1,331,536
Within	1 to 2	693,979	619,906
		2,333,185	2,528,495
Within	1 year	1,043,697	1,082,179
		3,376,882	3,610,674

Balance	at 1 September 2022	at 1 September 2022	3,610,674	2,857,387
New contracts			866,663	1,803,712
			4,477,337	4,661,099
Amounts	utilised in payment	offees	(1,100,455)	(1,050,425)
Balance	at 31 August 2023		3,376,882	3,610,674

	The net a	ss	ets a	re held f	or the various fund	s as follows:
					Tangible
					Fixed	Investments	Net Current	Long Term
	Group				Assets f	3 Goodwill f	Assets f	Liabilities f	Totalf
	Endowed	funds					32,559		32,559
	Restricted		funds			110,675	411,196		521,871
	Unrestricted		funds		31,806,505	406,940	(1,878,381)	(18,302,481)	12,032,583
					31,806,505	517,615	(1,434,626)	(18,302,481)	12,587,013
	School
	Endowed	funds					32,559		32,559
	Restricted		funds			110,675	411,196		521,871
	Unrestricted		funds		31,766,989	400,657	(1,986,079)	(18,302,481)	11,879,086
					31,766,989	511,332	(1,542,324)	(18,302,481)	12,433,516
15a.	ENDOWED FUNDS				Balance				Balance
					1September	Incoming	Resources		31 August
					2022 f	Resources f.	Expended f	Transfers f	2023 f
	Other Endowed			Funds	23,208	249		(249)	23,208
	Prize Trust		Fund		7,203	78		(78)	7,203
	ECPA (Neville Wood)
	Leaving Trust				2,148	23		(23)	2,148
					32,559	350		(350)	32,559

17.	RECONCILIATION OF NET	INCOMING RESOURCES TO NET
	CASH INFLOW FROM OPERATIONS
		2023		2022
		6	5	6	6
	Net Incoming Resources		806,233		1,244,718
	Depreciation charge	1,420,983		1,336,356
	Profit on sale offixed asset	(450)		(25,218)
	Fixed assets written off	11,731		(25,218)
	Investment income received	(15,350)		(14,620)
	Interest received	(72,322)		(25,218)
	Interest paid	533,326		502,927
	(Increase)in stock			(734)
	(Increase) in debtors	(305,590)		(161,884)
	Increase in creditors	26,007		1,014,643
	(Decrease) in provision	(960)		(9,718)
			1,597,375		2,641,752
	Net cash inflow from operations		2,403,608		3,886,470
18.	ANALYSIS OF CHANGES	IN FINANCING		2023	2022
	Loans:
	Balance 1 September2022			15,276,593	15,998,819
	New loans advanced
	Loan repayments			(712,564)	(722,226)
	Balance at 31August 2023			14,564,029	15,276,593

ANALYSIS OF CASH AND CASH	Balance	Cash flows	Other	Balance
EQUIVALENTS	1 September		changes	31August
	2022			2023
Cash at bank and in hand	4,045,857	(1,455,621)		2,590,236
Bank overdraft
	4,045,857	(1,455,621)		2,590,236