2021-07-31-accounts - The Collegiate School Bristol

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Report ofthe	Governors	for the year	ended 31July 2021	ended 31July 2021	ended 31July 2021	ended 31July 2021	ended 31July 2021
Statement of	Trustees'	responsibilities		in respect		ofthe	report ofthe governors		and the financial statements	10
Independent	auditor's report tothe		members		of	Colston's School
Consolidated	statement	offinancial	activities		(including		income and expenditure		account)	15
Charity statement offinancial activities				(including		income and expenditure		account)		16
Consolidated	Balance Sheet
Charity Balance Sheet										18
Consolidated	Cash Flow	Statement								19
Notes										20

					General	Restricted	Expendable	Other	Total	Total
					Funds	Endowment	Endowment	Restricted	2021	2020
									f	f
Income
Donations and legacies				2	91,825		26,438	325,475	443,738	959,961
Income from charitable	activities:
School fees				3	8,864,538				8,864,538	8,050,415
Other ancillary income				4	105,734				105,734	126,224
Income from other trading activities:
Trading income					29,751				29,751	40,609
Investment income						63,596	144,838		208,434	231,795
Total income					9,091,848	63,596	171,276	325,475	9,652,195	9,409,004
Expenditure
Costs ofraising funds:
Trading costs				7	17,457				17,457	19,078
Fundraising costs				7			26,190		26,190	55,291
Expenditure an charitable		activities:
Education				7	8,587,196			304,498	8,891,694	8,740,095
Depreciation				7	142,194	514,139		3,216	659,549	702,574
Total expenditure				7	8,746,847	514,139	26,190	307,714	9,594,890	9,517,038
Net income/(expenditure)		before
transfers				6	345,001	(450,543)	145,086	17,761	57,305	(108,034)
Transfers				16	186,721	(63,596)	(123,125)
Net income/(expenditure)					531,722	(514,139)	21,961	17&761	57,305	(108,034)
Realised gain/(loss) on investment			assets				149,135		149,135	137,534
Unrealised gain/(loss) on	investment
assets				12			801,934	565	802,499	(559,561)
Net movement in funds					531,722	(514,139)	973,030	18,326	1,008,939	(530,061)
Fund balances brought forward					5,634,922	8,401,414	5,035,488	49,043	19,120,867	19,650,928
Fund balance carried forward					6,166,644	7,887,275	6,008,518	67,369	20,129,806	19,120,867

				Note	General	Restricted	Other	Total	Total
					Funds	Endowment	Restricted	2021	2020
						f	E	f.	E
income
Donations and legacies				2	91,825		459,350	551,175	953,876
Income on charitable	activities:
School fees				3(a)	8,998,413			8,998,413	8,209I290
Other ancillary income				4	105,734			105,734	126,224
Income fram other trading			activities:
Trading income					29,751			29,751	40,609
investment income						63,596		63,596	82,982
Total income					9,225,723	63,596	459,350	9,748,669	9,412,981
Expenditure
Costs ofraising funds:
Trading costs				7	17,457			17,457	19,078
Fundra ising costs				7
Expenditure on charitable			activities. '
Education (excluding	depreciation 5			7	8,597,945		438,373	9,036,318	8&904,904
refurbishment costs)
Depreciation				7	118,289	514,139	27,121	659,549	702,574
Total expenditure				7	8/733,691	514,139	465,494	9,713,324	9,626,556
Net income/(expenditure)			before	6	492,032	(450,543)	(6,144)	35,345	(213,575)
transfers
Transfers				16	63,596	(63,596)
Net income/(expenditure)			before other
recognised gains and losses					555,628	(514,139)	(6,144)	35,345	(213,575)
Gain on investment assets							565	565
Net movement in funds					555,628	(514,139)	(5,579)	35,910	(213,566)
Fund balances brought		forward			5,393,300	8,401,414	290,667	14,085,381	14,298,947
Fund balance carried	forward				5,948,928	7,887,275	285,088	14,121,291	14,085,381

				Note		2021		2020
Fixed assets
Permanent endowment						5,587,275		6,101,414
Other assets						8,376,790		8,273,106
Tangible assets				10		13,964,065		14,374,520
Investments:				11
Permanent endowment						2,300,000		2,300,000
Expendable endowment						5,253,343		4,231,072
						21,517,408		20,905,592
Current assets
Stocks				12	5,533		4,584
Debtors				13	408,487		476,076
Cash at bank and in	hand				2,488,799		1,601,679
					2,902,819		2,082,339
Creditors: amounts	falling due within one year			14	(2,909,795)		(2,621,516)
Net current (liabilities)						(6,976)		(539,177)
Total assets less current		liabilities				21,510,432		20,366,415
Creditors: amounts	falling due		after more than
one year				15		(1,380,626)		(1,245,548)
Total net assets						20,129,806		19,120,867
Represented by:
Unrestricted general	funds					6,166,644		5,634,922
Restricted funds				16a)		67,369		49,043
Restricted funds —permanent			endowment	16b)		7,887,275		8,401,414
Restricted funds —expendable			endowment	16c)		6,008,518		5,035,488
Total funds				17		20,129,806		19,120,867

					Note	2021		2020
Fixed assets
Permanent	endowment					5,586,920		6,101,414
Other assets						8,377,145		8,273,106
Tangible assets					10	13,964,065		14,374,520
Investments:					11
School						4,019		3,454
Investment	Property					2,300,000		2,300,000
						16,268,084		16,677,974
Current assets
Stocks					12	5,533	4,584
Debtors					13	351,944	439,185
Cash at bank and		in	hand			2,345,606	1,396,282
						2,703,083	1,840,051
Creditors: amounts			falling due within one year		14	(2,885,000)	(2,913,596)
Net current	(liabilities)					(181,917)		(1,073,545)
Total assets	less	current liabilities				16,086,167		15,604,429
Creditors: amounts			falling due after more than
one year					15	(1,964,876)		(1,519,048)
Total net assets						14,121,291		14,085,381
Represented	by:
Unrestricted	general		funds			5,948,928		5,393,300
Restricted funds						285,088		290,667
Restricted funds		- endowment				7,887,275		8,401,414
Total funds					17	14,121,291		14,085/381
These i	o	statements		were approved	by the Governors	on ~.....i/2. ..........and were	signed on its	behalf by:
N				C H Green
Gov or				Governor

		2021	2020
		f	f
Cash flows from operating activities
Net expenditure for the year		57,305	(108,034)
Adjustments for:
Depreciation, amortisation and impairment		659,549	702,474
Investment income		(238,430)	(231,795)
Interest payable and similar charges
		478,424	362,645
Decrease in trade and other debtors		67,589	15,116
(Increase) / decrease in stocks		(949)	(2,035)
(Decrease) / increase in trade and other creditors		155,613	92,381
(Decrease) in payment offees in advance
Increase / (decrease) in advance payment	offees	217,744	195,116
Net cash from operating activities		918,421	663,223
Cash flows from investing activities
Proceeds from sales of investments		760,986	807,124
Acquisition ofinvestments		(831,623)	(631,253)
Interest received		4	308
Investment income		174,830	148,505
Rentalincome		63,596	82,982
Acquisition oftangible fixed assets		(249,094)	(19,337)
Net cash from investing activities		(81,301)	388,329
Cash flows from financing activities
Interest paid
Increase in loan finance		50,000
Net cash from financing activities		50,000
Net increase / (decrease) in cash and cash	equivalents	887,120	1,051,552
Cash and cash equivalents at 1August		1,601,679	550,127
Cash and cash equivalents at 31July		2,488,799	1,601,679

Consolidated	Consolidated						2021	2020
							6	6
Individuals							26,543	165,165
Government		grants					81,395	420,492
Charitable	foundations						335,800	374,304
							443,738	959,961
School							2021 6	2020f
Individuals							100	205
Government		grants					81,395	420,492
Charitable	foundations						469,680	533,179
							551,175	953,876
Government		grants	received in the year related to		the Coronavirus	Job Retention Scheme.
(a) School	fee income
Consolidated							2021	2020
							f	6
Gross fees							10,719,291	10,100,606
Less:Total	bursaries,		grants and allowances				(2,144,018)	(2,371,272)
Add back:	Scholarships;			grants etc paid by restricted	funds		289,265	321,081
Net fee income							8,864,538	8,050,415
School							2021	2020
							6	f
Gross fees							10,719,291	10,100,606
Less:Total	bursaries,		grants and allowances				(2,144,018)	(2,371,272)
Add back:	Scholarships;			grants etc paid by restricted	funds		423,140	479,956
							8,998,413	8,209,290

	Consolidated							2021	2020
								f	f
	Scholarships, grants etc							289,265	321,081
	Prizes and leaving awards							6,528	4,868
	Net fee income							295,793	325,949
	School							2021	2020
								f	f
	Scholarships, grants etc							423,140	479,956
	Prizes and leaving awards							6,528	4,868
								429,668	484,824
	The above scholarships	and grants		were made to		72 individuals	(2020:72).
	Other ancillary income
	Consolidated and School							2021	2020
								f	f
	Other ancillary activities
	School bus							48,881	48,764
	Insurance commissions-								7,576
	Learning support							14,970	6,538
	Tuck and wrap around care							41,883	63,346
								105,734	126,224
5	Investment income
								2021	2020
								f	f
	Income from investments-		expendable		endowment	fund		144,834	148,505
	Income from investment	—restricted		fund				63,596	82,982
	Bank interest received							4	308
								208,434	231,795

Net income/(expenditure)
		2021f	2020 6
Net income is stated after charging:
Auditor's remuneration (excluding irrecoverable	VAT) for audit services-consolidated	16,500	16,500
Auditor's remuneration (excluding irrecoverable	VAT) for audit services- school only	14,500	14,500
Depreciation on tangible fixed assets		659,549	702,474
Payments to defined benefit pension schemes		851,773	802,994
Payments to defined contribution pension schemes		60,871	65,217

Resources	expended	expended	expended
Consolidated				Staff	Other
				Costs	Costs	Depreciation	2021	2020
				f	f	f	f	f
Cost ofgenerating			funds
Trading costs				17,457			17,457	19,078
Fundraising	costs				26,190		26,190	55,291
Expenditure	on Charitable
activities
Teaching				5,910,491	372,804		6,283,295	6,018,146
Welfare					404,508		404,508	516,343
Premises				337,067	742,637	529,283	1,608,987	1,510,510
Grants, awards		and	prizes		295,793		295,793	325,949
Support costs				381,939	446,455	130,266	958,660	1,071,721
2021				6,646,954	2,288,387	659,549	9,594,890	9,517,038
2020				6,422,465	2,391,999	702,574	9,517,038
School				staff	Other
				Costs	Costs	Depreciation	2021	2020
				f	f	f	f	f
Cost ofraising		funds
Trading costs				17,457			17,457	19,078
Fundraising	costs
Expenditure	on Charitable
activities
Teaching				5,910,491	372,804		6,283,295	6,018,146
Welfare					404,508		404,508	516,343
Premises				337,067	753,387	529,283	1,619,737	1,521,260
Grants, awards		and	prizes		429,668		429,668	484,824
Support costs				381,939	446,455	130,266	958,660	1,066,905
2021				6,646,954	2,406,822	659,549	9,713,325	9,626,556
2020				6,422,465	2,501,517	702,574	9,626,556

Employee information
Staff costs - School
	2021	2020
	E	E
Wages and salaries	SI147,918	4,974,771
Social security costs	504,519	467,248
Pension contributions	912,644	860,257
Agency staff costs	81,873	120,190
	6,646,954	6,422,466

he average n	umbe	r ofemployees during the year were:
			2021	2020
			E	E
Teaching			98	100
Administrative	and	support	43	30
Welfare			14	14
Premises			11	10
			166	154

2021	2020
f	E

					2021	2020
Interest payable	and	similar charges included	within educational support costs		f	6
On loans					35,750	35,750
Total interest payable					35,750	35,750
Bank charges					4,329	8,478
					40,079	44,228
Tangible fixed assets
		Long	Furniture
		leasehold land	and	Motor
		and buildings	equipment	Vehicles		Total
Cast or valuation
At 1August 2020		21,911,777	2,414,682	22,000		24,348,459
Additions		231,825	17,269			249,094
At 31July 2021		22,143,602	2,431,951	22,000		24,597,553
Accumulated
depreciation
At 1August 2020		7,870,043	2,081,896	22,000		9,973,939
Charge for the year		529,283	130,266			659,549
At 31July 2021		8,399,326	2,212,162	22,000		10,633,488
Net book value
At 31July 2021		13,744,276	219,789			13,964,065
At 31July 2020		14,041,734	332,786			14,374,520

Consolidated				2021			2020
			securitiesand			Securities
		Investment	other		Investment	and other
		properties	investments	Total	properties	investments	Total
At 1August		2,651,468	3,879,604	6,531,072	2,651,468	4,477,502	7,128,970
Additions			831,624	831,624		631,253	631,253
Disposals			(611,852)	(611,852)		(669,590)	(669,590)
Net revaluation	gain		802,499	802,499		(559,561)	(559,561)
At 31July		2,651,468	4,901,875	7,553,343	2,651,468	3,879,604	6,531,072
Charity				2021			2020
			Securitiesand			Securities
		Investment	other		Investment	and other
		properties	investments	Total	properties	investments	Total
					As restated		Asrestated
At 1August		2,300,000	3,454	2,303,454	2,300,000	3,445	2,303,445
Net revaluation	gain		565	565
At 31July		2,300,000	4,019	2,304,019	2,300,000	3,454	2,303,454

Investments (continued)	Investments (continued)
Investments with a market		value	of ES,017,649	(2020: E3,876,150) are managed	on behalf	of the	Hilborne
Foundation by Smith and	Williamson.		The portfolio	is spread across distinct classes of	investment	as follows:
					2021		2020
					E		E
UK Listed Equity					1,627,132	1,183,396
UK Alternative Investments	Market				787,412		543,655
UK Fixed interest					310,153		458,870
Overseas Listed Equity					1,918,979	1,539,340
UK Specialist Credit							63,000
Multi Asset					95,384		33,638
Overseas Fixed interest					158,793		54,251
Cash					119,796
Market value at 31luly					5,017,649	3,876,150

	2021	2020
	E	f
Consumables	5,533	4,584

Debtors
Consolidated
		2021	2020
		f
Fees receivable —Gross		288,078	291,526
Bad debt provision		(85,864)	(112,446)
Fees receivable —Net		202,214	179,080
Prepayments	and accrued income	177,371	268,144
Other debtors		28,902	28,852
		408,487	476,076
School
		2021	2020
		f	f
Fees receivable- Gross		288,078	291,526
Bad debt provision		(85,864)	(112,446)
Fees receivable	—Net	202,214	179,080
Prepayments and accrued income		126,141	235,357
Other debtors		23,589	24,748
		351,944	439,185

Creditors: amounts	falling due within one year	falling due within one year
Consolidated
			2021	2020
			6	6
Trade creditors			308,245	240,637
Taxation and social	security		131,230	214,908
Other creditors and	accruals		931,636	793,076
Refundable deposits			259,750	226,627
Advance fee payments		(see note 17)	1,278,934	1,146,268
			2,909,795	2,621,516
School
			2021	2020
			6	E
Trade creditors			308,245	240,638
Taxation and social	security		131,230	214,908
Other creditors and	accruals		906,841	785,155
Refundable deposits			259,750	226,627
Advance Fee payments			1,278,934	1,146,268
Loan from the Hilborne		Foundation		300,000
			2,885,000	2,913,596

Consolidated
			2021	2020
			6	6
Advance fee payments			830,626	745,548
Loan from Old Coistonian	Charitable	Trust	500,000	500,000
Bounce Back Loan			50,000
			1,380,626	1,245,548
School			2021	2020
			f	f
Advance fee payments			830,626	745,548
Loan from Qld Colstonian	Charitable	Trust	500,000	500,000
Loan from The Hiiborne	Foundation		584,250	273,500
Bounce Back Loan			50,000
			1,964,876	1,519,048

unsecured, interest free and d The total outstanding balance Advance fee payments	unsecured, interest free and d The total outstanding balance Advance fee payments	ue for repayment at the year-end	ue for repayment at the year-end	in 2031. related to these loans isf584,250(2020:f573,500).	in 2031. related to these loans isf584,250(2020:f573,500).
The School operates a scheme		where parents		may enter into a contract to pay to the School tuition fees		in advance
for the duration oftheir	education. The money			may be returned	subject to specific conditions on the receipt ofone
term's notice. Assuming	pupils	will remain	in the School, advance fees will be applied as shown below:
					2021
More than 5years					17,181	34,096
Within 2to 5years					328,134	274,799
Within 1to 2years					485,311	436,653
					830,626	745,548
Within 1year (note 14)					1,278,934	1,146,268
					2,109,560	1,891,816

Consolidated
			Balance at				Balance at
			1August			Gains, losses	31July
			2020 f	Incoming f	Outgoing f	and transfers f	2021
Bursaries and Scholarships				91,086	(89,551)		1,535
Society ofMerchant Venturers				24,000	(24,000)
Old Colstonian	Society			15,084	(15,084)
Old Colstonian	Charitable	Trust		76,539	(76,539)
John James Foundation				30,000	(30,000)
Roger Newport	Foundation			55,646	(55,646)
Prize Fund			3,199	6,524	(7,528)	565	2,760
Sundry donations			2,755	3,395	(6,150)
Moo donations			18,532		(3,216)		15,316
Parents Society	donations			23,201			23,201
Lawn Tennis Association			4,927				4,927
Theatre seats			19,630				19,630
			49,043	325,475	(307,714)	565	67,369

School
			Balance at				Balance at
			1August			Gains, losses	31July
			2020	Incoming	Outgoing	and transfers	2021
			f	6	f		6
Bursaries and Scholarships				91,086	(89,551)		1,535
Society ofMerchant Venturers				24,000	(24,000)
Old Colstonian Society				15,084	(15,084)
Old Colstonian Charitable		Trust		76,539	(76,539)
John James Foundation				30,000	(30,000)
Roger Newport Foundation				55,646	(55,646)
Colston's School Foundation —bursaries				16,875	(16,875)
Hilborne Foundation-	bursaries			117,000	(117,000)
Hilborne Foundation —Hilborne Garden			16,870		(11,405)		5,465
Prize fund			2,951	6,526	(7,528)	565	2,514
Sundry donations			2,757	3,393	(6,150)
MoD donation towards	CCF building		18,532		(3,216)		15,316
Parents Society donations				23,201			23,201
Lawn Tennis Association			4,927				4,927
Theatre seats			19,630				19,630
Hilborne Foundation			225,000		(12,500)		212,500
			290,667	459,350	(465,494)	565	285,088

Consolidated
			Movement	in reserves
	Balance at						Balance at
	1August				Investment	gains	31)uly
	2020	Incoming	Outgoing	Transfer			2021
	E	E	E	E			E
Colston's School Foundation	13,554	26,438		(16,875)			23,117
Hi(borne Foundation	5,021,934	144,838	(26,190)	(106,250)	951,069		5,985,401
	5,035,488	171,276	(26,190)	(123,125)	951,069		6,008,518

		Fixed	Net current
		assets	assets/	Long-term
Consolidated			(liabilities)	liabilities	Total
			E	E	E
Unrestricted	funds	8,412,587	(865,317)	(1,380,626)	6,166,644
Restricted funds —other		35,402	31,967		67,369
Permanent	endowment	7,887,275			7,887,275
Expendable	endowment	5,182,144	826,374		6,008,518
		21,517,408	(6,976)	(1,380,626)	20,129,806
		Fixed	Net current
		assets	assets/	Long-term
School			(liabilities)	liabilities	Total
			E	E	E
Unrestricted	funds	8,120,407	(506,603)	(1,664,876)	5,948,928
Restricted funds		260,402	24,686		285,088
Endowment	- Permanent	7,887,275			7,887,275
		16,268,084	(481,917)	(1,664,876)	14,121,291

46,484).The remain	ing lease payments un	der operating leases for equipm	ent is E58,097	(2020:f78,993)p
			2021	2020
				E
Less than one year			45,470	38,752
Two to five years			12,627	40,241
			58,097	78,993
nalysis of changes	in net debt
onsolidated
		At 1August 2020	Cash flow	At 31July 2021
Cash at bank and in hand		1,601,679	887,120	2,488,799
Debt due after one	year	(500,000)	(50,000)	(550,000)
		1,101,679	837,120	1,938,799