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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|||
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|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|
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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 ofemployees|in the year was:|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|
##
##
|8.|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|
|19.|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|
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