COLFE'S SCHOOL ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 Company Number. 5352523 Reglstered In England Charlty Reglstratlon Number. 1109650
COLFE'S SCHOOL ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2020 Contents Page Governors, Officers and Advisers Annual Report of the Governors Strntegic Report Sratement of Accounrins and R¢poning Responsibllltles 10 18 Independent Audltor's Report 19 Consolldated Statement of Financlal Actmties 22 Consolidated and Colfe's School Balance Sheets 23 Consolidated Statement of Cash Flows 24 Notes to the Finandal staments
COLFE'S SCHOOL GOVERNORS, OFFICERS AND ADVISERS YEAR ENDED 31 AUGUST 2020 GOVERNORS, DIRECTORS AND CHARITY TRUSTEES The Goyernors of Colfe's School C'the School'j are the School's charity trustees under charity law and the directors of the charitable company limited by guarantee. The members of the Governlng Body who served in office as Governors during the year and subsequently are detailed bek)w. Mr M P E Pellereau Mr S M G Willlam5 Dr D R E Abayasekarn Mr C Barrtyw {Chairn)an) (Deputy Chaiman (from 8 October 2019) (until 15 July 2020) {maSr of the Leather5eller5' Company (until 22 July 2020)) {Ma5¢er of the Leatherseller5' Company (from 23 July 2020)) Mrj A M Muirhead Mr$ J A Brndley Prof A B Brueggemann Mrs B W Canham Miss S H Cooke Mr D G Coulson Mrj B Guyatt Mr T N Lister Mr C D Ramsey Mr J P K Russell Mr D B Sheppard Mr M G Williams Member of the Finance and General Purposes Commlttee Member of the Estates Committee - Member of the Educatlon Committee - Member of the Risk Managemenc Committee - Member of the Health. Safety and Securlty Cornmittee During the year, the accivities of the Governing Body were carrled out through fve cornmitt¢e& The membershlp of these committees is shown above for each Governor. Except in the case of the Governors are appointed on an ex-offi¢io basis. servlce on the Board Is for a terni of three year5. Retyring Governors can be re-elected provided that no Governor serves for a period in èxcess of twelve years unless a resolution is passed by the Board of Governors granting a final three-yur orni.
COLFE'S SCHOOL GOVERNORS. OFFICERS AND ADVISERS (CONTINUED) YEAR ENDED 31 AUGUST 2020 OFFICERS (key management personnel currently and throughout the year) Mr R F Russell Headmaster Mr Max Adarnn Bursar. Company Secrettry and Clerk to the GoYern¢xs (from 15th July 2020) Mrs J E L¢rbeth Bursar. Company Secretsry and Clerk to the Governors (untll 3rt Juty 2020) Mrs D F Graham Depuw Head Mlis C M Madeod Head ofjunior School PRINCIPAL ADDRESS AND REGISTERED OFFice Horn Park Lane, London, SEI 2 8AW AUDITORS Crowe U.K. LLP, 55 Ludgate Hlll. London EC4M 7JW BANKERS HSBC Bank pl4 100 Old Broad Strex London. EQN I BG INSURANCE BROKERS Marsh Brokers Llml¢ed, Educatlon Pr•ctlc& Capltal HOUN 1-5 Perr>inount Road Hiylwdi Hfjath. W•x RH16 3SY SOLICITORS Farrer & Co, 66 Llncoln's Inn Fleld4 London. WCIA 3LH Lewls Sllkln. 5 Chancery Lan•. London. EC4A I BL Veale Wasbrough Vlzards Orchard COU Ordmrd Lan& Bristol. BS15WS WEBSITE Y.Colfes.c9ffl
COLFE'S SCHOOL ANNUAL REPORT OF THE GOVERNORS YEAR ENDED 31 AUGUST 2020 The members of Colfe'5 School Governing Body present thelr Annual Report for the year ended 31 Augux 2020 under the Charities Ac¢ 2011. includlng the Dlrectors. and Strnte8ic Repor¢& under the Companies Act 2006, together with the audited financial statements for the year. The financial statements consolldate the accounts of Colfe's School C'the School.), Co]fe'5 Educarlonal Foundatlon ("the Foundatyon,) and Colfe's Leisure Services Ltd C'CLS"), a wholty owned subsldiary of the School. The School Is the Corporare trustee of Colfe's Educatlonal Foundation. REFERENCE AND ADMINISTRATIVE INFORMATION Originally establlshed by John Glyn in I S74, Colfe's School revfounded in 1652 by Reverend Abraham Colfe. Vlcar of Lewisham. When Reverend Colfe died in 1657 he took the enlightened step ofentrustln8 the School ro the Worshlpful Company of Leathersellers. in the Ciry of London, Today the School principally provides coeducational day education for chlldren from a wlde range of background5 in it5 Junior (ages 3-11) and Senlor (ages 11-18) School$. Colfe's Leisure Services Limited, the trading subsldiary. offer5 Sports and leisure facilities for the benefit of the local communlty as well as the School. Derails ofthe Governlng Body. together with the School's officers and principal adylsers. are given on pages l and 2. STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng Documents The School is governed by its Artlcles of Associatlon last amended on 5 May 2015. The Ar¢icles of Association forbld the distribution of any income. which is to be applled solely toyéards the objects of the company. Governlng Body Under the Articles ofAssoclation. the members ofthe Board of Governors are the Dlreceors and Chancy Tru3tee5 of Colfe's School. When complete, this body comprises flfteen persons. belng the Master of the Leathersellers. Company (ex<fficio). eight others nomlnated by the Leathersellers. Company and six co-optarive governors. Each Governor is elected to hold office lor three years after which they may be consldered for relettion. Norma]ly the maximum period of servlce Is cwefve consecurive years although in a SP8cial circumstance a governor may Sen a final three-year tem) if approved by a resoluclon of the Governors. Recrultment and Trainlns of Governors When deterniining the appointment of Governors. the Board and the Leathersellers. Company look to ensure a mix of skills and selecc new Governors taklng Into account the knowledg qualifications and experlence of each candida. The Head. Bursar and vAder staff provide Governors wlth inducdon trdlnlng which introduce5 them to the workings of the School and the Company as a registered charity. They are encouraged to attend training Worksho run by a number of organlsaeions. Including AGBIS (the Assoclauon of Governlng Bodies of Independent Schools). Contlnulng Governor5 are also encournged to attend relevant training courses to keep them up to date on key issues, An annual governor trdlnlng day is held ac the Sch¢x*l. Organlsatlonal Management The members ofthe Governing Bodyi as the charity trustee& are legally responsible for the overall management and control of the School. They usually meet four tlmes a year a5 a full Board to determine the general policy of the School and review its overall management and control. An addityonal three Extraordlnary full Board meetlngs were convened to provlde overslght of the
COLFE'S SCHOOL ANNUAL REPORT OF THE GOVERNORS (CONTINUED) YEAR ENDED 31 AUGUST 2020 Sthool's response to the coronavirus pandemlc. The vmrk of Implementlng most of their policies is carrled out by the ft>llowing su&committe¢& The Educatlon Commlttel which is chaired by Mr S Imlliams. met three dmes In the year. The Educatk)n Committw reportlng dlreccly to the Governlnz Bodyi actfvely conslders educational and pastordl pollcy and performance. The Finance and Generdl Purposes Commlttee. whleh Is chaired by Mr M Williams, mgt seven tlme5 durlng the year, three more than usual. The Committee, which reports dlrectly to the Governlng Body, scrutlnls¢$ rvenue, the budget and capl¢al expendlture In addltlon to rerelvlng reports from the Estates commlttee and on any other non-educatlonai aspect of the School. The Commlttee also finall$es the audlced financlal 5(atemen(s and annual report for approval by the Governlng Body. The Estates Commltree. whlch Is chalred by Mrs J Bradley, met three tlme3 In the year. Reportlng w the Flnance and Genernl Purposes Commlctee, the Estate5 Commlctee supervlses and monltors capltal bulldlng prolects and the malntenanc• of th• School and Foundidon ertate. The Rlsk Management Commlttee, vthlch15 ¢halr•d by Mr J Ru$$ell. mec twlce In the aT. The C¢)mmltt•e monltors all strateglc rlsk5 facln8 tht School and rnports dlrecdy to the Govemlng Body. The Health. Safety and Securfty Commlttee, whlch Is chalred by Mr M Pell¢reau. rnet twlce In the year. The commlt¢e•, whlch reports dlre¢tly to the Governlnz Body, Is task wlth scrutlnlslng the health, safery and securlry pro¢edur¥s and mechanlsms wlthln the S¢hool. The Strateglc Plannlng Group, whlch 1$ chalred by Mr M Pellereau, and to whlch all governors are invlted to attend, met once In the year. Worklng closety wlth those In key managem¢n¢ posl¢lon5. the 8roup Is responslble for the development and monltorlng of the Sch¢)ol s¢rat•glc plan. The day to day management of ¢h¢ School Is delegated to th• Headmaster and key managem¢nt personnel. They are also supported by thelr Senlor Managemenr teams and wlder senlor sfaff. The Headmaster and th• Bursar attended all meetlngs of the Governing Body and subcommlttees. All Governing Body meetlngs are a150 Itthnded by the Deputy Head and Junlor Sch¢x*l Head. Varlous members of the Senlor Management T•4m attended governor and $ubcommlttee meetings durlng the year. The Chalrman recelves the mlnu¢¢s Of 5enlor Management Team meetings and attends in person regularly. The remuneratlon of the Headmaster and Bursar1$ Set by the Board, wlth other key rnanagement remunerntlon belng deterniined by the Headmaster. The overarching policy oblettive is ro provide approprlate incentyves to ¢nEourage enhanced perforniance and reward key management falrly and responslbly for their Indlvidual contrIbuOnS to th• School's success. The approprlateness and rel¢Tr¢e of the remunerntton policy 1$ revlewed annuallyi Including reference to comparisons with other independent schools through anonymous benchmarklng surveys. to ensure that the School remain5 sensitlve to the broader i5$ue of pay and employment conditions elsevthere. The School aim5 to offer competldY• salaries, subject to experienc ensurlng that there15 scope for rewarding excellence. Delivery of the School's charltable vision and purpose Is primarlly dependent on key management personnel, and Staff costs overall are the largest slngle element of charirable expenditure.
COLFE'S SCHOOL ANNUAL REPORT OF THE GOVERNORS (CONTINUED) YEAR ENDED 31 AUGUST 2020 Group Structure and relationships On I September 200S. all the ac¢ivitses and net assets of Colfe'$ Educational Foundation were transferred to ColFe's School. with the exception of permanent endovnnent fvnds. re5¢ricred fund5 and freehold land and buildingk On the sarne Colfe's School *7s appointed the sale trustee of Colfe's Education Foundation and ownership of Colfe'5 Leisure Services Lirnited (Company Regis¢rnoon No. 2586190 registered in England) transferred to Colfe's School from Cowe's Educaonat Foundation. On 24 Augus¢ 2006. Colfe's School and Colfe's Edutstional Foundation were granted a Unltlng Direction by the Chaiity Commission, diretting that Colfe's Educauonal Foundatlon be treated as forming a part of Colfe's School for the purposes of re8i5rration and accountlng. The sole member of Colfe's School is the Worshipful Company of Leatherselle Colfe's Lelsure Services Limited Is a wholly owned non<haritable trading subsidiary. The trading acriwries of Colfe's Leisure Services primarity comprise rnembership and hire revenue from letting the school campus and sports facilities when noc in use by the khool. Through it5 501e member. the Leather5ellers' Company. the School is associated indirecrty wlth many charftable bodies including the Leathersellers. Company Charitable Fund from which 1¢ receNed 8fdnts totslling £427.5(10 during the year ended 31 August 2020 P019: £300.000). Colfe's Charitable TrusL regtstered charity number 275447. is run independently of the school and by own Board of Trustee& donated £81717 during the year (2019.. £79.536). Other Relationshlps The Headrnaster is a member of the Headmasttts. and Headmls¢resses' Conknnce whilst the School 15 a member of the Independent Schools, Burw5' A5socfdtion. Both memberships pemilt the sharing of expertise and experience across the independent sector which ensures the School remains abreast of current developments and ideas in the independent sector. The School Is also a member of the Association of Governing Bodies of Independent Schools and the Independent Association of Prep Schools. Employment Pollcy The School is an equal opportunrties ttnployer and is committed to creating a diyerse and inclusive workplace. Full and fair considerduon is wen to job applicarions from disabled persons and due considerntion is given to their training and emPlOent needs. Investment policy and objectlves The School's inves¢ment objectives are to maximise tofal return at an accepoble level of which should maintain a percentage return higher than infia¢Tron. balancing the current and fuwre needs br. mainoining (at least) the value of the investments in real ternis. producing a consistenr and sustainable amount to support exPendire. and delivering these objectives within acceptable lerfels of risk To meet these objectives the School's investmenrs are manaFd to malntaln dlversrfieation across a r4nge of asset classes in order to produce an approprlate balance between rlsk and return. An investment property is also hdd from which income ren is received znd regularty reviewed. The investmenc strdtegy and policy are monitored by the Rnance and General Purpose Comrnittee. as is investsnent perfornwic& which is reported below. within the Strategic ReporL
COLFE'S SCHOOL ANNUAL REPORT OF THE GOVERNORS (CONTINUED) YEAR ENDED 31 AUGUST 2Q20 Charity Governan Code The Governing body take thelrgovernance responslblrie5 serioudy and to have a governance framework that is fit for Purpos compliant efficienc The Board reviews its st¢ture and prattices a8ain5t the Charicy Code of Governanee to ensure the Schoof5 goverywice framework Is robust and fit for purpo Fundralslng Practlce The Governlng Body Is avAre of the Code of Fundralslrtg Prnctlce and the advice and recommendations conrained therein. The Sthool is undenaknng an appeal to raise funds In support of i¢s means-teswl Scholarship programme. Alumni may at50 donate to the unrelated chartty. Colfe's Charitable TruK or choose to remember 1¢ in their wi115. The School has no fundrrising acuvi¢ies requiring disclosure under sl 62A of the CFArities Art 2011. OBJECTS. AIMS. OBJECTIVES AND AcnviTIES Charltable Oblects The Sthool's Objects. as srf in the Articles of Association are the advancement of education for the benefit of the public by the provision and conduct of a day school for boys and glrls In or near the London Borough of Levrisham and. in 50 far as it is incidental or anallary to the adydncement of education, such other purpose5 for the ben&rt of the local comwnICY a5 shall be exdusbvety charitablL In fvrtherdnce of these Objects for the benefic of The publlc the School has e5rabli5hed and adMinisr$ bursaries, scholarships and other benefac¢ion& and acts as the trustee and manager of property. endoYmien¢s. beques and gifts given or established in pursuance of these Object5. The Board 1$ mindful of the long-standing need to provide public beft and of the requirements of the Charitie5 Act 2011. In this connettlon the Board ha5 monitored closely the guidance on public benefft produced by the Charty Commission together with its supplemw guldance on fee-chargin& Intended Impact Within its charitable Oblert¥ the School alms to achieve irs obiectiyes in vftys thx are consisont th the Christian prlnclples of its founder Abraham Colf& ensuring the safegwding of all pupS14 malntalning the financial stabiliry of the SdKl providing public ben Aim$ The School's aim5 for the public benefft are." to promote excdlence in ail areas and to develop each P>11.5 abiliries and tharatter to the to proylde Innordiive academic teaching which adds value and fosters learning and scholarship of the highesc qlty together with a wide range of culra11 sporting and exrrn.currlcu acuvlties; to nurture an awareness of splrl¢ual and mor31 Yalues amongst rts pupils in accordance wlth the Christian prsnciples of the Founder. Abrtham Colfe: to mantain a balanced community of children from varled backgrounds within the contex of an acadernlcally selective school: aTKI to Promo a purposeful and disciplined aUTsphere in whlch boys and girls are encournged to achieve their full potentlaL staff can fir Vocation fulfilment In their careers and all can use their talenfs for the 8reaTrr good of the communi¢y and socw as a whol&
COLFE'S SCHOOL ANNUAL REPORT OF THE GOVERNORS (CONTINUED) YEAR ENDED 31 AUGUST 2020 Primary objertlves The key obIttYeS of the School to fulfil these alms to proyide an education experience which 15 conslstent wlth irs ted alm$ and philosophy and whlch Is reco8nlsed for irs excellence within a learning tulture In whlch puplls ¥¢ encournged to akn hl8h al work syStwnaCatIY towd$ the achievernent af their goals: • to mwntaln and improve the perforniance of its pupi15 in public examinatlons (especlally at A and GCSE levels) so as co enhance the aademic reputatlon of Colfe's whilst malnralning the Strength of the School's ojlwral. sportlng and COcurrlcukr actlvltie¥ • to ensure that all pupils vtho leave the Senior School are prepared and equipped to meet the Challeng¢$ and opporwnlcles whlth they YAII face on enterlng the vAder world; to ensure that the asplrdtlonal culwre of the sthool Is refflected In all pans of the School: • to develop a dlstinctive learnlng culwre within the whole school to promote mend xrength and resllience,. to attrdtt and retaSn key memkn of stttrTr. to contlnue our Improvement of the Fabrfc of the school estate In the ¢ont¢xr of pmvldlng enhCed fadIleS In whlch to dellver and achieve our educatlonal oblective5: to provlde a dear. slmple and effectlve governance and managemen¢ srruccur¢ apble of r3kln8 tirnely decislons and allocatlng IeSsary OUrCeS appropriately: to provlde the necessary admlnlstratlve and loglstlcal framework to m¢¢c th• needs of puplls and Staff allk¢: and • to b• the edUCatIonal Independent day sthool of thoke In South London. The alms and oblecthies set for Colle's Lelsure Serylces arn to fadlltate the achlevement of th¢ School's alms and oblectives a5 above. Strategles to achleve the prlmary oblxd To achleve these oblectlves the School contlnue5 to pursue Its strat•gy of Investlng In Its broad ducatlonal propositlon. ks xaffing and lu infrastructwe. In terms of the educarlonal proposkion. 4)ur oblecth• li to Improve the academlc perforn)an¢e of the school vAthout sacrificing Its inclusiveness, soclal MIK or Its broad educatlonal experlence or our commltment to pascoral care. The School cononues ro focus on strengthening our offer Sn the slxch forn) level. High perforniance In the slxth forrn wlll help strengthen the School's academlc standin& drfve Improved academlc perforrrADce through th• Sthool and Increase the a¢trac¢lveness of the S¢h¢ol to pvenrs. Thls strategy Is supported by our Yrk wlth state school$ ro$S Lewtsham and Ilnks wlth a ran8¢ of individual sch¢)ols Includlng the Leathersellers. Federation. The Leatherseller5' Schdarship Programme allo%Ys up to 16 students In each of the sixth forni Ye to benefit from free places and contributes to the learning environment and academlcalty srandard$ of the sixth-forni. To support thls broad education propo5irioft our Maffing scrdtegy is co recrult and retaln teachers of high calibr¢. In the Senior SclK>oI we will continue to recruit bright and capable gradLRtes and traln them through our successful Inthou5e teacher trdlnlng programme. We will Invest In the continuing professional development of our existin8 Staff to maintain and irnprove hlgh standards of teaching. We inrend ro remain competitiye in the market for artrdcting new teachers. Investrn¢nt in our irrfrasrructure is also a necessary parr of our strategy. A site masrer plan has been approved by governors for implernentxSon over the next decade. This exerdse has
COLFE'S SCHOOL ANNUAL REPORT OF THE GOVERNORS (CONTINUED) YEAR ENDED 31 AUGUST 2020 identified a number of areas for development or refurbishmenk subject to fundi over the next 10 year5, The firs¢ projecL involvlng Improvements to the entrance and faFade of the Senlor School, VRS completed in December 2016. The second projec4 involving the linking of the two lunior school bulldings and the creation of a new reception. classroom, offices and meering space vras completed In Sprlng 2019. In addirion. we will contynue to utilise our facilities commercialEy through Colfe's Lelsure ser1. Prlnclpal artlvlty The Sthool's principal actlvity. as specified In the Arricle5 of Associatlon. is the advancement of education. The School continues to fulfil its principal ac¢ivity with much success. The school roll for 2019120 avernged 1,162 (2018119 1.15T) pupils 729 in the senior school (2018119.. 714) and 433 in the lunlor school (2018119: 443). Thls is a record number for the school. The Sch¢)ol Contynues to gain in popularity with more than 1.200 puplls currently on roll. Waitlng lists for the Junlor School remaln strong and record number5 have registered to sit the I l + Senior Sthool entrnnee examlnatlon for each of the past three years. Public Benefit Colfe's School remalns commltted to the aim of providing publlc benefEt In accordance with Its founding principles. The gOverrr$ have complied with the duty prescrlbed In the Charities Act 201 I to have due regard to guidance publlshed by the Charfty Commission. induding publlc ber1£ guidance. As a former state grammar school, Colfe's atraches grear importance to widening particlpation and playing a full parr in the life of its local community. Abrdham Colk our Founder. was Wicar ofS¢ Mary's Church in Lewisham during the period ofthe English Civil War. The School maintains an actlye link with St Mary, Church in Lewisham and Father Hall is the school Chaplln. We still attach great value to our historic links wlth the Borough of Lewisham. as well as wlth Greenwich. 80th boroughs contain a high proportlon of low-lncome famllies. Colfe's Sch¢Jol is a charltable company and seeks ¢0 benefit the publlc through the pursuit of Its stated alms. Our fees are set at a level to ensure the flnancial Yiabillty of the School whilst being consistent wlth our aim of providing fir5t-class education to boys and gld5. of Edu In accordance with our objetts. we provide education to children'in or near the London Borough of Lewisham.. During the year, Colfe's Sthool educated an avernge of 1,162 chlldren between the ages of 3 to 18. All of these children reside in the UK and they experience an above averdge level of educational trdlning. The School has a broad curriculum and seeks to ensure that all children reach their acadernlc potentlal. We belleve Chat access w our educatlonal services is vital our success and that our successful outcomes must be shared by the local communittes that use our faclllties. olars The awarding of bursarles for the needy Is a measurable means of provldlng publlc benefiL The Governing Body ¢ake$ the view that bursarfes avrarded to those who would not otherwise be able to afford the fees are Importank but not to the excluslon of the much wider benefrt that the thool provides within the communl¢y. Those pupils who attend our school and who receive financial support eontribure ro the school communtly in a variety of ways. and $0 the benefit is not purely to these pupi15 but to the whole School and. In some case& ro the wider community. The Governors vlew means-tested bursaries and scholarshlps as an imporrant means of helplng chlldren from frdmllles who would otherNlse not be able to afford the fees to access the educawon
COLFE'S SCHOOL ANNUAL REPORT OF THE GOVERNORS (CONTINUED) YEAR ENDED 31 AUGUST 2020 we offer. As a matter of polity. Colfe's School provides access to children from less affluent backgrounds. Bursaries are ardilable to candidates who would otherwise be unable to attend the 5¢hool due to financial circumstance provided that such candldates pass the entrdnce examlnauon and demons¢rnte a high level of academlc potentlal. The 2Kdrds range from IO% to l 00% remisslon of fees. Our stholarshlps are avrdrded on the basis of the Indlvldual's educattonal and extra- curricular potential and are u5ualty awarded as a red remission amount (approximately IO% to 50%) and can be supplemenced further by a bursary. During the year. Colfe's School ha5 provided means tested bur5arie5 to 105 children. to the lue of £1.132.000 maintaining the increase In mean5 tested avrdrds In re¢en¢ years (2018119: 80 children to the lue of £921,000). 130 pupils received a bursary or Combined bursary and scholarshlp of 50% or more including 46 thildren who benefited from a fully funded place. Included In these figures are 19 Coyid-related hardship bursaries, totalling £32.500.14% of the senlor school puplls received a means tested avrtrd and $5% of the slxth forn) recelved elther a bursary or scholarship. It is important to note that a number of pupi15 who currently beneflt from academlc scholarships. which are awarded for up to five year5. would otherwise be prevented from attending the school for finanal reasons. Where possible new avrnrd5 are now made as means- tested scholarships. A limited number of non-means tested scholarships will continue to be awarded each year. The parents of puplls receiving these scholarships have the option of taklng an honorary $cholarshlp to release additional money for the means-tested funds. The School Is particularly grnteful to the Leathersellers, Company Charitable Fund whlch has grnnted the School a total of £1.820.000 to be spent on fully funded bursaries. The first of these bursaries were avArded to pupils joining the sixth forni in September 2014. Schools with which we have re8ular contact Include (percentage of secondary pupils eligible for free sch¢x)I mea15 ac any time during the past six years in brdckets - England average 27.7%): Conlsborough College (49.8%). Deptford Green School (46.5%). Trinity School (13.5%). Prendergast Ladywell School (42.9%) and Prenderga5¢ Vale School (43.1%). Our Yrk with these schools continues to evolve and includes: A member of sraff is responsible for outreach and has half of thelr tlmetable dedi¢ared ro thls work. A further member of sraff asslsts with outreach ac¢ivities as required. Colfe's teachers run regular enrlchment actlvities in tin. Modern Forelgn Languages. Science. Mathemarlts and debating whlch are attended by pupils and sraff from lo schools. Pupi15 frorn our partner school lolned our own year10 students for a lolnt trlps to Oxford and Cambridge Universities. Our Leathersellers, Scholarship Programme Is now In Its seventh year and we rurrently have 28 sixth forni pupils from local 11-16 5rare schools attending Colfe's on these fully funded places. Additlonally. Colfe'5 Slxth Forni swdents Visit St me$. primary school In Southvrark to provide support in key curriculum areas Including Maths and English. (52.8 % of St James. puplls have qualified for free school meals at any tlme durlng the past six years), The School also participates in the governance of a number of local State school5: The Headmasrer was appointed by the Secretary of State as a member of the Interlm Executlve Board of Deptford Green School to support It out of specnl measures (achieved in July 2014). In June 2015 he became Chair of the school's Teachlng and Learning Committee having previously chalred the ReurCeS Committee. The Deputy Head serves as a governor of Conisborough College.
COLFE'S SCHOOL ANNUAL REPORT OF THE GOVERNORS (CONTINUED) YEAR ENDED 31 AUGUST 2020 The Bursar seThes on the Local Academy Councll of Millennlum and Timbercroft Prlmary Schools. The Dlrector of Admlsslons and Communlcations serves on the Govemlng Board of the Leathersellers. Federddon whlch comprlses three State comprehensive school$. The School ac¢lvely seeks opportunlues ¢0 as51st Ifs wider communlty. Charitable events enloy hlgh profile throughout the school year and all puplls have numerous opportunitles to contribute to a wlde rdnge of prolects. Colfe's School has a longstandlng partnershlp wlth a school In The Garnbta. The oblectlves of the school partner5hlp are to further the development of Kotu Senlor S¢¢ondary School and to provlde a safe and responslble opportunlty for Colfe's puplls to Dln firrt.hand experlence of Ilfe In a devgloplng country. Where possible Colfe's School makes faclll¢les avallable to adults and chlldren In the communlty and there have been numerous examples of thls throughout the year. In partlcular. the School. Horn Park sports ground. In conlune¢lon wlth Colfelan Ground5 LtdTr provldes a communicy Sports club that Is I11#bre to young people and other m•mbers of the local eommunlry. A number of local prlmary $ehools $0 make use of our swlmmlng pool. Volunteer• The Parents and Frlends Assoclatlon (PAFA) and Old Colfelans help wlth fundralslng and soclal and culturnl a¢rivlt6e$, The Board ¢ontlnuos to be ¢xrremely grateful for PAFA'$ contlnulng and valuable support (o the khool. ACHIEVEMENTS AND PERFORMANCE R¢vlew of Khlevem¢nts And perf0miAn for the y¢Ar khool exarnlnatlons were unable to take place because of the Coronavlru$ pand¢ml¢. therefore grndes were avArded by appllcadon of the Department for Educatlon'5 8uldan<e for Centye Assessed Grades. In the context of standards r151ng naonallY1 A-level srudents recorded thelr beit-ever results wlth 89% of A level exams graded A to B (2019.. 84%). 66.5% at A or A {2019.. 52%) and 27% at A (2019.. 19%). Ar GCSE. 87% were grnded at 9-6 (A.B. 2019.. 76%) and 68% ai 9-7 (A*.& 2019.. 53%), more than double the national average. 20% of awards were grnded 9. The xhool vns pleased that four A-level students achleved thelr Oxbrldge offers. The School continued to bulld upon Its success In recrultlng puplls from a wlde r4nge of feeder school$ including both srate and indeptsndent Schools. Record numbers sat the I l + entrance examlnatlon In January 2020, Demand for places In the Junlor School remains strong. Opportunltles for ccurrICular artlvltles were rescrlcted due to the Government-enforced xhool closure In March 2020. However, the Autumn tern)S 4$ characteristlcally eventful wlth productlons rdnglng from che chamiln8 tradltlon of the EYFS Natlvlty play to the Senlor school productton of the Alan Ayckbourn play, A GIK+rus of DtstyProvaL A lolnt enterprlse spannlng chree generndons came together when choirs from the Junlor and Senlor schoo15 were joined by parents, grandparents and friends to perform Captaln No¢7h and Hts Floating Zoo at St Alfege's Church In Greenwlch. The sportlng year began well wl¢h successes Sn both boys, and girls, football. cr5cket and hockey, and the U13 mixed water polo team (a new sport to Colfe's) won their firs¢ competIVe tournamenL 10
COLFE'S SCHOOL ANNUAL REPORT OF THE GOVERNORS (CONTINUED) YEAR ENDED 31 AUGUST 2020 Investment Performan¢e Ar the year-end, the khool's long-tsmi Investtnenu. eomblnlng the liswl and property inves¢ments. totalled £3.1 mllllon. Thls represents a reduction in market value of £(0.4lmillion In the year to 31 August due to concerns over the Coronavirus pandemic. however, the unrealised losses were $ubsrantially recovered as asset prlces Improved subsequent to the year end. The Income yield on Investments Is 4.3% (2019: 4.1%). No Investments were reallsed and no new Investments were undertaken durlng the year. FINANCIAL REVIEW Results for the year- Colfe's School As a charity, the parents of the school have the reassLtrnnce that all of the Income of the School must be applled for educatbonal purpose$. As an educadonal charlty we currently benefit from t&x exemptlons on educadonal acdvldes and Investmenc Incame and recelve an 80% reductlon on our buslness rdtes for the property we occupy for our charltable purposes. The Ilnanclal beneflts recelve from these ux exemptlon$ are applled ¢x¢luslv¢ly for educatjonal purposes and Indlrectly help us to malntaln our bursary fundlng and communlty Ilnks. Th¢ Gov¢mors are followlng closely the renewed polltlcal dl$¢usslons on the taxatlon beneflcs afforded to charltable Independent schools and aro mlndful tha¢ Che extent of the above beneflts we re¢¢lve may change. The Inc¢Mne of the School and Its sub$ldlaryi Colf•'s L•lsurq S•rylces Ltd derlves from sthool fees and other Incom¢ 5tr•arns In the forni of fees pald for the publlc use of the sports centre and other facllltles, donattons, and from Investments. The funds generdted are for the unrescrl¢t¢d u by the Governors In the furtherance of the School's oblectlves, except for those fund$ g¢n¢rdc•d Irom certain Prlzes and Bequests Fund Investments whose applicatlon Is restrlcted to the uses speclfied by the orlglnal bequests, and donarlons and grants recelved for speclfic purpo$es. In 1Sne wlth the Government's guldance on Covl&19, the School closed for all puplls except thlldren of key-workers on 23rd March 2020 and remalned closed for the remalnder of the academlc year. The School successful In qulckly deyeloplng Ir5 dlsranc• learnlng provlslon, allowlng vlrtual lessons to contlnue for puplls. The Govornor5 weed f•e r•ductlons for che Summer Term 2020 and the loss of thls and anclllary commerclal Income has been MIted by careful financlal management and the use ofthe Gov¥rnment'5 Coronavlru$ Job Retentlon Scheme {CJRS) durln8 the School's closure. The nec expendlture of the School and Its subsldlary for the year amounted to £(286,000) after net reallsed and unreallsed Investment losses of £(387,000). The toral consolldared funds of the School thus decreased from £18.627,000 as at 31 Au8USt 2019 to £18.341.000 as at 31 Augux 2020. More details are provided In the Con501idated Statement of Flnanclal Actlvltles on page 22 and the Consolidated Balance Sheet on page 23. Golng concern Following the Surnm¢r rnI of fully remote learnlng. the school remalned open to pupll$ throughout th¢ Autumn terni. Addidonal IT Investment In Hybrld learnlng capablll¢y has enabled pupils w conrinue learning whether physically in lessons or at home self-lsoladnz. Thls has been cruclal in mlnlmlsing the porenual disruption from th¢ high incidence of coronavlrus seen throughout London in November and December 2020 and In the period of school closure from nuary 2021. The School has contlnued to see strong Interest from prospecrive parents and has Increased Its pupll roll In excess of 1200 for the 2020n021 academlc year. 11
COLFE'S SCHOOL ANNUAL REPORT OF THE GOVERNORS (CONTINUED) YEAR ENDED 31 AUGUST 2020 Governor5 are continuing to monltor admlsslons and the School's financFal posltlon carefvlty and consider the financlal position of the School and Its subsidiary to be $at15factory. Results for the year- Colfe'$ Lelwre Servl¢es Umlted Colfe's Lel$ur¢ S¢rvl¢¢$ Llmited {CLS)1s a wholly owned tradlng sub51dlary of Colfe's School. It contlnues to operate the Newwn Sports Centre provldlng sports and lelsure facllldes to puplls of Colfe's School and co th¢ general publlc through the Roebuck Club. The activities of CLS were curtailed by the enforced dosure of rn$ and leisure centres on 20th March 2020. The centre remalned closed un1 25thJuly. when It was able to open wlth restrlctlons on capaclty and the actlvltles It could offer. Thls has affected Inc¢)rne from membershlp subscrlptlons. the Swlm Academy. and lettlng of facllltles. The CJRS vns used to retaln SLiff meet some of the ¢osrJ of thelr employmenL The centre entered a further perlod of lockdown on 20th December and Is expected to remaln closed untll at least March 2021. Ics cash resems are strong, and Dlrectors are satlslled It Is a 801n8 concern. Irs In¢ome for rhe year Yo5 £540,000 (2019: £578,000) of whlch £138,0¢)O r¢late$ ¢0 CJRS grants clalmed, resultlng In a net loss of £2,000. A 81ft ald payment of £83,000 PO19:£157,000) was pald by the Company In rn5pect of the proffits of 2018119 showlng a toral loss of £(85.45S) In lu accounts. Net assets at 31 August 2020 amounted to £239.000 (2019: £324,000). A8r¥8$ Level and Pollcy and Flnanclal Vlablllty The School's reseThes pollcy Is to malntaln suffldent unrestrleted Income reserves to enable It to meet Its short.terni flnanclal obllgatlons In the event of an unexpected reY•nuo Shortfall. It Ss the poll¢y of th• Gov•rnln8 Body to r¢raln $ufflclent reserves to allovr. the contlnulng operdtlons of the School. equatlng to three monrhs. runnlng costs,. the replacement of Its rAn8Sble flxed assets as they end thelr useful worklng Ilyes: contlnuou5 a551s¢ance to pup115 of the School by awirdlng bursarles and scholarshlp5; and the enhancemenc and expanslon of the khool's faclllde5 from tlmo to tlme. The School rell¢$ on th¢ re*dlly reallsable Inv¢$tmonts (valu•d 1¢ Q.4mllllon at the year-end) adequate cover for the School's longer.terni caplral expendlture commltments and any longer. term flnanclal obllgadon5 Includlng the deficlc recovery ¢ontribution$ on th¢ School's defined benefit xaff penslon scheme that under FRS102 are accrued as a Ilablllty (£113.000). Unrestricted Income reserves, excluding lonz tem Ilabllitles. of the School amount to £2.7 milllon. Thls approximates to three months, essential runnlng costs for the School and Is broadly In Ilne wlth the reserves pollcy. Long tem) 51abllltles of £1.9 mllllon comprls¢ bank loan repayments and a provlslon for the penslon scheme deficlt recovery contrlbu¢lons. Vthllstthe School's reser¥¢s are dlmini5hed, they are adequate to wlthstand the flnancial pre$surns of the pandemiG Governors are closely moni(orlng the Ilquldlty posl¢lon of the school and th¢ level of reserve$ 1$ a key consideration in long-tern) financlal plannlng. 12
COLFE'S SCHOOL ANNUAL REPORT OF THE GOVERNORS (CONTINUED) YEAR ENDED 31 AUGUST 2020 PRINCIPAL RISKS AND UNCERTAINTIES The impor(ance of Health. Safety and Secury ts the principal concern for risk marAent and the School is ever mlndful of the need ro provide a safe environment for tcs pupils staff and visltors. Rlsks are wlde rnnging from educational v¢sks and OLrtdoor pursults to Infrastructure and fire. An enormou5 range of activities are offered and faclll(ated by the Sthool and the as50ciared risks of all ictSNiti¢s are minimised by thorou2h piannlng and risk assessmenL The Governlng Bo conslders the affOrdalIty of fe¢$ by parents aeross the Independent sector and the economic turbulence of recent years to be a $hIficant rl$k fa¢ed by the School. The Governing Body ts also mlndlul of the financial rlsks ¥isin8 frorn the economic uncerralnly around BrexlL Addltlonal costs may arise from increJse¥ in employer pension contrlbutions for teachlng staff. Continued threats to the independent secror Indude the potentlal for the abolltlon of the charltable bLFslness réce relief and the potentlal for the VAT to be applled to sthool fees. Although the School IJ curren¢Fy experlerKlng an unpr•cedented number of appllcatlons and pupll numbers are at an all.tlme hlah there Is no room for complacency. The Governlng Body Is mlndful of the ablllty of our parents to pay fees wthen d•(eMnIng the fee Increase eKh year. The Conronavlrus pandemlc ¢ontlnues ro be Is a key rl$k for the t)perntlonal and flnandal managemenc of th¢ $thool. A detwled rfsk assesent has been undertaken and the School Is now famlllar operdting In accordance with Governmen¢ guidance and dealing vth tracing and Isoladon of positlye cases. Risk management In respert of the pdeMIC h¥ been enhanced by a significant number of extraordlnary gover¢ merfiny provldnz oversht w th• S¢ho01's rnsponi¢ Th• Governlni Body of Colfe's School Is responslble for the mww•n¢ of th• rlths faced by th• School. Detailed conslderatlon of the rtsks faced by Colfe's School 1$ dele8a¢•d to th• Rlsk Management Commlt¢ee. vtho met rwlce durfng the year. Risks are Identlfied. wess¢d and controls establlshed. A reeW of Colfe's Sch¢)ol's rlsk management processes Is underraken on a bkannual basls. The key controls used by Colfe's School Indud&' FonrAI agendu for all meetlngs of the Governln8 Bo&/ and C4xnrnltt' b. Detalled tern)s Of referen¢e for all Commlttees: Comprehenslve $wategi¢ plannin& budg¢dng and m#na8ement xcountl d. Es¢abllshed and Identlfiable organlsadon315¢ructure and reportlng Ilnes,. Comprehensive forn)al wrltten pollcles and the monitoring of these pollcl•5; f. Clear authorlsatlon and apprts level g. Vettlng procedures as required by law for the protectl¢)n of the vulnerable. Through the rfsk manaymen¢ processe5 esrabli5hed for th¢ khool. the Govemlng Booy Is satisfied that the maior risks Identified have been adequately mitipted vthere necessary and to the extent reasorbably posslbie. It is recognised that systems can only provlde reasonable but not absolute assurnnce that the maior risks have been adequately managed. STREAMLINED ENERGY AND CARBON REPORTING (SECR) SECR is a mandatory reportin¥ requirement for large companles v•hlch Is designed to Incre¥e inrernal awneSS Qf energy usage cosr and drive adoption of energy efficiency mea5ure5. 13
COLFE'S SCHOOL ANNUAL REPORT OF THE GOVERNORS (CONTINUED) YEAR ENDED 31 AUGUST 2020 Y•ar to 31 Av¥ Y•ar ts 31 Aug 2020 2Q19 UK erly Uso kwh . dectrkity 823.794 1.003.848 1.921148 2.911990 ga5 .917.460 1741.254 Assoclated Greenh•us• ys w¥4Mlons tonnes CO2 wulvalene - electrlclty 208.S76 278,367 353,387 6J1.7$4 "8as 352,563 561.lJ .tst Intenslty rntlo omlsslons . per ffltsor ar4 . de£trlclty "gas 14.17 23.95 24.00 3&12 4191 Noees I. UK enew use covers educatlonal and related acuY6tles of Colfe's School and ts subsldlary Colfe's Letsur• Services L. l Associated Greenhouse gases ar• calculat•d on metered energy consum0. Energy u$¢ In commodated prop•rty and fu•1 for school vÈhitlès Ss excludtd as de mlnlmus. FUTURE PLANS The Sch¢)ol's Scrntegic Plan was approved by the Goyemors In Ocwber 2019 which Covered the 2019120 academic year. The key fuwre plan5 for the School are.. provlde an educatlonal experfence which is consisrent with its stated aims and phi1050phy and whlch Is recognlsed for its excellence within a learning culture In which pupi15 are encouraged to aim hlgh and work systematically towards the achlevement of their goals,. to maintain and improve the performance of its pupils in public examinations so as to enhance the academlc reputation of Colfe'& whi15( maintaining the wensth of the School's cultural, sportlng and co<urritular activities: to ensure that all pupils who leave the Senlor School are prepared and equlpped to meetthe challenges opportunldes which they will face on enterlng the wider world: to ensure that the aspirdtional culture of the School is refiected in all parts of the school. In athieving this objectbve, the Junior School also aims to become an Important source of academically able and y11-rounded pupS1s for Colfe's Senior School: to develop a distinctive learning culture withln the vthole school to prt)mote mental Strength and reslllence: to attract and retain key members of staffr, to continue our Improvement of the fabrlc of the school estate In the context of providing enhanced facilities In which to deliver and achleye our educational objectives. These aim5 underpln development ptans whlch have been developed for eath of the areas of the School so that the School continues to enhance Its abiliry to provide a first-class education to Its pupils. 14
COLFE'S SCHOOL ANNUAL REPORT OF THE GOVERNORS (CONTINUED) YEAR ENDED 31 AUGUST 2020 Vlhilst the School's ambltlons rernain unchanged, future plans have evolved in adapouon to the Covld-19 pandemlc. In particular, the development of Hybrld learnlng has accelerated the Sch¢)ol'$ dizital transforniation and the School is moving forward with a mobile device s¢rnte8y and increased used of Cloud-based software. 15
COLFE'S SCHOOL ANNUAL REPORT OF THE GOVERNORS (CONTINUED) YEAR ENDED 31 AUGUST 2020 Under the revlsed UK Corporate Governance Code, Governors are requlred to explaln how they haye considered the interests of key stakeholder5 and th¢ broader matteryJ set out in $ecrion 172(1) (A) to (F) of the Companles Act 2006 ('S172? when performlnz their duty to promots the success of the Company. Promotlon of the success of the oryanlsation to benefit its members The Governors confirrn that in accordance with Seccion I n (i) of the Companies Acr they acr in a Wdy chey consider would be most Ilkely to achleve the purposes of the Company. In maklng this assessment the Governors haye consldered the followln% S 172(1) A. The Ilkely consequences of any declslon In the long terni The long-(enn susrainabilicy of the operatlng model 1$ considered by the Governor5 as se¢ ouc in the Fuwre Plans and Going Concern settions of the Annual Report of the Governors. Speclflcalty, Governors consider both short- and longer-temi financial projecclons and the key risks that could nerdtlvely impart the su5tainability of the School. Governor5 revivN management Infomatlon. budgets. forecast& cashflow projections and progress again5¢ the financml recovery plan on a regular basls. Risk management 15 embedded a¢ all levels across the School. The most significant risks ¥e considered at the Risk Commit. See informatlon within the Principal Risks and Uncertaindes for further details. Governors are Involved In key declslons In relatlon to capltal expendlture and iestMent declslons. For example, the Board reviewed and approved IT Investment for Hybrid leami takin8 into account l>oth its effectivenes$ as an operntional risk mltl8ant durlng the coronavlrus pandernic and alignment to the long.*rni IT s¢rategy for the School. S 172(1) B. The interests of the company's employees Governors are kept appralsed of staff moral and engagementat Governors, meetlngs. through the ChainTHn's attendance at Senior Leadership meetings. and regular correspondence with the Headmaster and Bursar. Governors haye the opporwnity to meer 5raff during vlslts to the School for governance meetlngs and to participate in events such as prlzegiying and Founder's day. A particular focu5 for Governor5 has been understanding how employee wellbelng is being affected by the experlence of frontline work during the Coronavirus pandemic en$uring the School Is taking adequate measures to reco15¢ and addres5 any issues arising. The S¢hool has a strateglc oblective to recruit and retain teachers of high calibre. Governors receive annual salary benchmarklng reports to inform pay decisions and ensure the School remain competitlve In Its markeL Durlng the year. Governors consulted with elecred cornmon room representadves on reforn)ing the teachers. pension provision. Thls culminated in industrial actlon on 4th March 2020. It Is the Governors. stated position that the School will remain in the Teachers Pension Scheme until 31 Augu5¢ 2021 sublett to a rleW of eKernal factors and the School. finances. The Company has complied with the UK'S Equallty Aa 201 O Re8ulatJons 2017 that requlre the publicaoon of inforniation on the gender pay gap for UK employee5 annually. The 2019 report ts avallable on the Sch¢)ol's webslre.
COLFE'S SCHOOL ANNUAL REPORT OF THE GOVERNORS (CONTINUED) YEAR ENDED 31 AUGUST 2020 s 172(1) C. The need to foster the company's buslness relatlonshlps wlth suppllers, customers and others The Governors and knior Leadershlp are mlndful that parents are the key customers and artilters of the School'5 success. Admission to the school is contingent on signin8 the Sthoofs Tems & Condicions that are the basls of a legai contrdct for educational services. Most aspecr5 of the School's operations are governed by policies designed to ensure tts contractual obligatyons are fulty and consiscentty meL There ts regular communication with the Parent body by the School, and Senior leadership is infomed by parent31 feedbad¢ when mthng key decisions. Colfe'5 is an important employer and contrnctor of SeICe5 in the context of lo areL The School has a policy of Pan% suppliers prompcly and always seeks to re501Ye supplier disputes amicably and fairly. This VAS evidenced durinz the period of national lockdovm when it was not possible for supplier5 to provide a seThice and the School negoti4ted contr[ amendments that balanced athievins e with maintaining rdationships for the k)nger terrn. The khool is grnceful to its Parent5 and Friends A5s0tiation and Its alumnl network for the voluntary and charirable 5UPPOrt they provi S 172(1) D. The 5mpart of the compan5 operatlons on the community and the envlronment The School's puplls and sr2ff are highty aware of environmK issues and are enDged in running the School susrainably. The Estates Commitree has oversi8ht of the Schools sustainabiliry agenda and monltor its energy use. Steps taken this year Indude insratment of energy efficient Ih¢In$ improving facilities for recycling and eliminating the use of disposables In the Schools carering. The Company has completed the Enew Savings Opporwniw Scheme (ESOS) reporring requirements and has met obli8atSons for disdOsu under Streamlined Energy and Carbon Reporung (SECR). S 172(1) E. The dwlrability of the MpanY malntalnlng a reputation for high Standards of business condurt The School work5 with trnsted and reputable suppliers who are vetd and expected to comply with srhool procedures and risk assessments. The School ensures its procurement processes demonswate fairne$5 and integriry. cornply with relevant laws and reguiations and keep Information confidentil and 5ecur& The Bursary are avAre of Money Laundering risks in Independent Sthools undertake appr¢)priate vetring and screening of sources of fund S 172(1) F. The ne¢d to art falrly as between members of the company. The Sthool is a rnember ofAssociation of Governing Bodies of Independent Schoo15 (AGBIS) and seeks to comply with the Charity Code of GoYernanc& All Governors receive tralning on avoiding and disck*sing Potenti conllicts of interes¢ and these are declared at the start of commic meetings. Related Party Disclosures are compknd in preparation of the arn Report and Accounts. 17
COLFE'S SCHOOL ANNUAL REPORT OF THE GOVERNORS (CONTINUED) YEAR ENDED 31 AUGUST 2020 RES The members of the Governing Body (who are also the directors of G)Ife's Sthool for the purposes of company law) are responsible for preparing the Annual Report and the financlal 5¢atements in accordance wlth applicable law and Unired Kingdom Genernlty Accepted Accourring Pracuce (United Kingdorn Accounting Srandards) Company law requires the Governing Body to prepare financial Statements for eath financial year. Under that law the Governing Boay have elecred to wepare the finanaal statements in accordance with United Kingdom Generalty Accepced Accounting Praaice (United Kingdom Accounting Standards) and applicable Eaw. Under company law the Governing Body must not approye the flrnncAI statement unless they are satisfied thtt they we a true and (r view of the state of affalr5 of the charirable company and the group and of the income and expendtture. of the charitable group for that period. In Fryarin8 these firAnaal staternen the Governing Body are required selett sulrAble accouniins policies and then appty them conslstentlr. obseThe the methods and principles in the Chari¢ies' SORP. make judgernents and e5umares that are reasonable and prude State vthether applicable UK Aciounting Standards have been followed. subject to any rnater1 deparwres di5dosed and explained in the firAnclal s¢atemenrs' and prepare che financial statements on the going concern basis unle5$ if is inappropriate to presume that the charitable company will continue in busines& The members of the Governing Body are responsibte for keeping adequate accounting record5 thac are sufficlent to show and explain the charitable tompanls transactlons. disc105e with reasorRble accurncy at any time the financial posirion of the chari(able company and enable them to ensure that the financi statements compty with the Cornpanie5 Art 2Crf)6 and the provisions of the charirfs conStitIon. They are also responsibte for 5afegwding the assets of the chari and the group and hence for raking rea50nabfe Stsps for the prevention and detectlon of fraud and other Irregularitles. Relerant Audit Information Insofar as each of the Governors at the date of approv of this report is aNYare. there 1$ no relevanr audit inforniarion (information needed by the Comparfs audltor In connection wirh preparing the audit report) of vthlch the Companys auditor is unavRre. Each member of the Governing Body has taken 1 the steps that he or she should have taken as a member of the Governin8 Body in order to make hlmselfor herself aware of the relevant audit Inforffrttion and ro estsbli5h that the Company's auditor is avrare of that inforniation. Approved by the Governing Body of Colfe's School on 16 Marth 2021, includin& in their capacity as cornpany directors, approving the Director5. and Srrnte8ic reporrs contalned therein, and signed on its behalf by. M P E Pollèrwi Chairman of the Governln8 Body 18
COLFE'S SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED JI AUGUST 2020 Independent Auditor's Report to the Members of Colfe's School Oplnlon We have audtted the flnanclal scatements of Colfe's School for the year ended 31 August 2020 which comprise the consolidated statement of financlal actlvlties. the balance sheets. the consolidated Sfacement of cash flows and notes to the financlal statements. Includlng a summary of 51gnlficant accountlng pollcles. The flnanclal reponlng framework that has been applied In thelr prepardtlon Is 2ppllcable law and United Kingdom Accounting Standards, Includlng Flnanclal Reportln8 Standard 102. The Flnanclal Reportlng Standard appllcable In the UK and Republlc of Ireland (Unlced Klngdom Generdlty Accepted Accountlng Prnctlc¢). In our oplnlon che financlal statements: glve a true and fair vlew of the stats of the group's and the charltable company's affalrs as at 31 August 2020 and of the group's Incomlng resources and appllcatlon of re$our¢e$. Indudlng Its Income and •xpendl¢ure for the year then ended; have been properly prepared In accordance wlth Unlted Klngdom Generally A¢¢epted Accountlng Practlce; and ha b••n prepar•d In accordanc• vAth the requlrements pf the Companles Act 2006. Ba¥li for oplnlon We ¢¢)ndu¢ted our audlt In a¢cordan¢• wlth In¢ernatbonil Standards on Audldn8 (UK) (ISA5 (UK)) and appllcable law. Our responslblllties under tho$e standards are further descrlbed In the Audltor's responslbllltles for the audlt of the financlal sta¢emenu sectlon of our report. We are Independent of the group In accordance wlth the e¢hlcal requlrements that ¥e relevant t¢ our audlt of the financlal statements In th¢ UK. Includlng the FRC'S Ethlcal Standard. and we have fulfllled our other ¢thlcal re$ponslblll¢l¢$ In accordance wlth these requlrements. We belleve that rhe audlt evldence we have obtalned 1$ sufflclent and approprlate to proylde a bas15 for our oplnlon. Concluslons relatlng to golng concern We have nothlng ¢0 report In respec¢ of the followlng matters In relatlon to vthlch th• ISAS (UK) requlre us to report to you wher th¢ trustees, use of the golng concem basls of accountlng In the prepardtlon of the fflnan¢lal sratemenu 1$ not approprlate., or the rrustees have not disclosed In the financlal Statements any Idenrffied ma¢•rlal uncertalndes that may ea$¢ $lgnlficant doubt about the group'$ or the charltable companls ablliw to condnue to adopt th¢ golng concern basls of accounting for a perlod of at least twelv• month$ from th¢ daL¢ when the flnanclal 5¢at¢ments are authorlsed for Issue. Other Informatlon The trustees are responsible for the other information, Th¢ other Infornlatlon compr15es the informauon Included in the annual report orher than the flnancial statemen and our audltorfs report thereon. Our oplnlon on the financial sratement5 does not ¢over the other informatlon and, except to the extent othepNlse expllcidy stated in our reporo we do not express any forni of assurance conclusion thereon. 19
COLFES SCHOOL NOTES TO THE FINANCIAL STATEMENTS (coKnNUED) FOR THE YEAR ENDED J I AUGUST 2020 In connecuon viith our audit of the finanaal statemens our responsibility is to read the other InforntIOn and, in doing so. consider vthether the other Information is materially inconslstent with the financial stacements or our knowiedge obtained In the audic or otherwlse appears ro be materially missrated. If Y identyfy such materlal Inconsistencies or apparent material mlsstatements, are required to determine whether there 15 a material mi5sratement in the financial Staments or a wAter1 missotefflent of the other inforrnation. If. based on the work have perfornied. we condude ttAt there is a Materi mi5Statement of thi5 other informauon, we are required to report that facL We have nothing to report in thls reprd Oplnlons on other matters preKribed by the Companles Art 2006 In our OPInn based on the work undenakn in the course of our audit the inforniation &ven in the truscees. repo which indudes the dSrector5' report and the strategic report prepared for the purposes ofcompany law. for the financral year for whlch the finanaal statements ¥e prepared is consistMt with the finanaal statements: and the strateglc report and the directors. report induded Yiithin the tru5rees' report have been prepared in accordance applicable le8al requirements. Matters on which w¢ are required to report by exception In Ilght of the knowledge and unders¢anding of the group and the charitable company and their ¢nvironment obtsined in the course of the audik we Fraye r[ identified material misstatements In the s¢rategic report or the directors, report induded within the trustees, reporL We have nothing to report in respect ofthe followinz matters in relation to which the Companles Ac¢ 21X)6 requires us to report to you If. In our opinio the parent company has not kept adequate accountlng record&. or the parent company financlal statements are not in agreementwith the accounting re¢ords and returns; or certaln disdosures of trustees, remuner4tion specified by law are not mad&. or we have noc received the infOrno0n and explanations we require for our authL Responslbllltles of trustees As explained more fulty In the trustee5' respon%biNries statemenc Set r)ut on page 14. the trustees (who are 50 the directors of the tharitable company for the purposes of company law) are responsible for the preparntion of the financial Statements and for being satisfied that they give a true and fair view. and for such internal control as the trustees detern)ine is necessary to enable the preparation of financial s(atements that are free from material mi5Stacemenk whether due to fraud or error. In preparing the financial Maternent& the tn are responsible for assessing the group's or the charitable company's ability to continue as a going concern. disdosin& as applicable. matters related to going concern and u$ing the Fing concern i*sis ofaccounting unless the ¢rustee5 either
COLFE'S SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 irtend to liquidare the charitable company or to cease q>erntion& or FAve no reallslic alternattve but to do so. Audltorf$ respon$ibilities for the audlt of the financlaj statements Our oblecclves are to obtsin reasonable assurance about whether the financial statements as a whole are free from rnatwHI missratemenL whether due to fraud or error. and to Issue an audltorfs report that includes our opinion. Reasonable assurance is a hlgh level of assurdnw buc is noc a guarantee that an aud[¢ condutted in accordance with ISAS (UK) will aldy$ detect material missta¢wnent when 1¢ exists. Misstatements can arise from fraud or error and are considered material rf, Individly or in the aggregate. they could reasonab be expected to infiuence the economic declsions of users tkn on the Ixsis of these financial statements. A further description of our responsibllltles for the audle of the ffinanckl statements is iocated on RrAncial Reporting Counofs website * wwwJrLor&uWau¢ffforsresponsibiliiie¥. This description fonn$ parr of our auditor's reporL Use of our report This report 15 made solety ro the Charile ¢ompnY$ mernb¢ as a body. in accordance vAth Chapter 3 of Part 16 of the Companies kr 2(. Our audit Vrk has been undertaken so that we might state to the charitable companls members those matters we are required to srate ro them in an auditor's report and for no other purpose. To the fullest extent pemiltted by law, we do not accept or assurne responsibility to anyone other than the charioble company and the charitable compan$ members as a body. lor our autht for this reporo or for the opinions we have fornied. rina Alln Senior Statutory Auditor For and on behf of Crowe U.IL LLP Statutory Auditor London Date 30 March 2020 21
QLFES SCHOOL CONSOUDATED sfATEMEp¥f OF FINANCIAL ACTivmES FOR THE YEAR ENDED 31 AUGUST 2020 2019 INCOME AND Wb4DmiRE lTrcam¢frMI.' Sthool lo 141•4 1.470 14498 1.129 431 17.917 18J36 ExPdO0 i Inglu1$ 451 CharitAblAcd¥lll¥ 17.4Q 17.955 I71 17.W 14105 (438) J2 lfv•wnw¢ O•ssttl 1 1317> <J31) (434 4$7 471 457 11760 JJ14 14170 PUND BALAKESa¢Jl 2ffj• 74$ ?si 13.410 14427 (2019.. £446kl
COLFtS SCHOOL BALANCE SHEErs AS AT 31 AUGLIST 2020 30J9 2019 FIXED ASSETS 17.423 J.143 IF.937 3530 17.415 3J•l 17.934 3J54 21.467 Z•.797 21.n8 CURRENT AsseTS Debtors Cash at bvJÉ tvthtrthl 471 457 374 JAJO 1174 J.1 9P 1102 1190 IQ L4321 A432) NET CURRENT (UABILMES ) 1310) tV21J (12421 10546 U.241 20546 LONG TERM UA8ILmES (i.n 11.9191 11.9•7) (1.9191 18J21 l•J41 IU27 R•Prort by I ENDOWÉD FUNDS 3J14 FREEHQLD PRope8r( FUND lJ.42• 13.760 13.420 13.700 9S1 UNnESThIrn FUNDS GEThe fijnth 145 745 TOTAL FUNDS li IlJ41 IW7 14617 T•tyl rlff trthe Sdwl Iv theywr• 11 4 £A-
COLFES SCHOOL CONSOLIDATED ¥fATEMEKf OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2020 2020 2019 50 (rf (1153) Ji (s} 459 (I,a03) Cth ash a4th•ts at I s¥¢•?11 l174 3.977 L633 IIY4 457 Chv Ilncr•uel D•btorn 1095 (u) 130) 1557) 122 {170) 78 1321 850 ios iisj) 3•Y (5•1) 1S3 (428 PJJ) 170 1531 vilnt IrKom• N•¢ umd In In¥••thiactl ol borrty*4ry (231) (5061 N•¢ ¢th kn) I w•¥ld•d •¢tl¥ltl (5061 at i¥nk and lth trAnd 2,63) 1174 24
COLFE'S SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 ACCOUNTING POLICIES Basls of Accounting The financial sratements have been prepared in accordarbce V+ith the Financial Reportrng Standard applicable in the UK and Republic of Ireland (FRS 102). the Companies Act 2006 and the Statement of ReCnrnended PraCrI applkable to charldes preparing thelr accounts In accordance with the Rnanaal Reporring Sondard applicable in the UK and Republic of Ireland (FRS 102) effecuye I nUary 2015. In preparlng the finand 5tatementy the Governors PAve consldered whether the accounting polldes required by the stanoard require the reslatewt of informarion. The functional currency of the Sthool is consldered to be GBP because that Is the currency of the primary economlc environment ti) whkh the School opera The Sthool Ims Coned w operate 5u¢¢e5rfully thring the CoYi&19 pandemi¢ In th¢ 202012021 aeademic year. The School 7$ phy5icalty open to swdenrs and safely <Jpernting under the Deparcment for Education's Coronavirus guidance for mosc of the Auwmn term. Increased InfeCtn rares from new-variants resulted In nauonai school closures from the start ofsprlng temi 2021 and the School moved to dellyer Hybrld learnlng pupils and provide chlldcare for the chlldren of Crtrlcal Workers. HaNing reviewed the of Covid-19 on the Sthool's operation5 and finance4 and taking into consideration the funding faciltries available to the Sthool together the exprfced ongoing demand for places and the Schoofs projected cash Ilows the Governors have a reasonable expectation that the School has adequate resources to continue its acciyttses for the foreseeable fuwre and cThisider that there were no marerlal uncertainues over the School's fthancial viabillty. Accordingty, they also continue to adopt the going concern basi5 in prep¥lng the finandal statements as outllned kn the Statement olAccounting and Repor¢tng ReSnsibIlitieS on pa8e 14. On 24 August 2006 the Charity Commission issued a Uniung Direction directin8 thac Colfe's Educationd Foundauon should be treated as forniing part of Colfe's School for the purposes of registration and accounting. Rderences ro Colfe's School therefore refer to the aggregad results of Colfe's SdK)ol and Colfe's Educational Foundauon. The financial statements have been prepared under the hiswrical cost convention. as modlfied by the inclusion of investments at nwet Yaiu& and in accordance with the requirements of the Companles Act 2006 and the CPArities Att 2011. The accounrs present the consolidated sutemen( of financial actrvities (SOFA), the consolldated cash Ilow statement and the consolidated and Chariry balance sheets comprising the consolidauon of the School and wlth its wholty owned subsldiary Colfe's Leisure SeThices Lcd. No separnte SOFA has been presented for the Chariry alone. as pemiitced by Seuion 408 of the Companies Act 2006 as the results of its subsidiary are separntely Identffied In the Consolldared SOFA and the related Note 3. The School is a Public Benefic EntiLy re*stwed as a tharity In Engknd and Wales and a cornpany limited by guarantee. Ic was incorpornted on 4 February 200S (company number. 1109650) and registered as a cPArity on 24 May 21)1)5 (chariry number. 5352523)
COLFE'S SCHOOL NOTES TO THE FINANCIAL sfATEMENTS (coNnNUED) FOR THE YEAR ENDED 31 AUGUST 2020 ACCOUNTING POLICIES (continu> Crltlcal accounting judgements and key sourts5 of estimation uncertalnty In the application of the accounting policix Governors are required to make judgemenL esttmates. and assumptlons about the carrying tnlue of assets and liabllities that are not readiPy apparent from other sources. The estimates and underlying aumptIOnS are based on historical experience and other facEof5 that are considered to be relevanL Actyjat results may differ from these estima The estimates and underfyrynz assumptions are reviewed on an ongoing basls. Revlslons to accounung e5rimates are recognised in the period in which the esrimate Is revlsed If the rnwslon affeccs onty that perlod. or in the period of the revision and firture perlods If the slon affected current and fuwre perlod& In the view of the Governor4 no assumptions concerning the fvture or esthiatton uncertainw affecting assets of liabilrties at the balance sheet date are likely to result In a mateTrl adjustment to thetr carryng amounts in the next financAI year. The following accounting poliaes have been applied consistendy in deallng wlth items vlhlch are consldered material In rthtton to the School's financlal statemen Fees and similar earned inco Fee5 receivabk and charges for services and use of the Prefflts less any allovrdnces, scholarship. bursaries granted by the College against those fees. but induding contribuuons received from restric1 fund& are accounted for in the period in whith the serlice is prowded. Investment Income Income from Investme interest on deposlts and renral income are accounted for on an accruais basis. Membership subscriptions to the sports and leisure centre rela¢ing to future accountinz periods are carrÉed forward as deferred income Vithin creditnrk Donatlon4 legacle4 grants and other voluntary incomlng resources Voluntary incoming resources are accounted for as and when enrirlanent arfses. the amounc can be reliably qLMntified and the ectornIC benefit to the School is considered probable. Donation5 and leraues fi)r the School'5 gefte purposes are accounted for as unrestricced and are credlted to the genernl reser. V4here the donor has imposed trust law restricuons, Income is credited to the releY4nt restricted fund and endowments are accound for as pernianent tru5c capi1 or expendable trust capital. accordlng to whether the donor intend5 retention to be pemwtht or noL Gifts in klnd are trtlued at estlmated open market value at the date of gifo and in the case of assets for retenrjon or consumption. ar the Yalue to the SckKM)l in the case of donated services or facilitie&
COLFES SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 ACCOUNTING POUCIES (contlnued) Government grnnL% are recOlSed on the acmds basis. when there Is reasonable assurance that the Sthool VAII comply with the condltlons attachlng to the grant and the ant will be received. The Tdnt in connecrion to the job retention stheme. has been recolsed in the period to which the underlying furloughed staff costs relare fo. 1.4 Exwdlture Expenditure is accrued as soon as a liabsliry ts considered probable. discounted to present value for longer-temi liabilities. ExpendE¢ure attnbured to more than one cos¢ category in the SOFA is apportioned to them on the basis of the estimaced amount attributable to each actfviw In the year. either by reference to staff time or the use made ofthe underlying el as appropriat& The Ir0Ve element of VAT is Snduded with the itern of expense to which tc relate& Governance cosrs comprise the costs of running the thariry. indudlrg strdtegic plannin& for i¢s fuwre deveklpmeno internal and eTrrnal audit fe4 any legal advice for Colfe's School Govemors and the cosrs of ccmplylng with consriuffional and rtatutory requirements. suth as the cos¢s of Board and Cornmittee meetln8s and of preparing statutory financial statements and satisfying public accountability. Intrt-group income and expenses between the Sthool and irs 5ubsi&Aries are excluded from trading incorne and expen(rrture. 1.5 Tangible fixod ass•ts Tanwble ed assets are stated at cost less accurnulated deprecladon. Al assets cosung more than £500 and with an expecced usefvl Itfe exceeding one year are capltallsed In the School and Colfe's Leisure SeThices Limlte& Care however is taken to be conslstent In considerlng whether to capitalise sknilar iwns thx may fall below thls threshold. Depreciation Depreaation is provided ar the followlng rates in Order to wrire off the expendinre on eath asse¢ over its escimated useful Ilfe. No depreciation is provided on freehold Land. Buildings Temporary buildings & fmres Gynnasium and sports equipmenc Furniwre and equipmen¢ Motor vehicles Major refurblshmencs on cost at 2% to l 0% p.& on cost at 6.67% to 20% PA on cost at 20% to 33.3% p.& on cost at IifA to 33.3% PA on cox at 33.3% PA cost at 6.67% to l 0% p.&
COLFE'S SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 ACCOUNTING POLICIES (contlnued) 1.7 Investments Quoted Investments are stated in the Balance Sheet at market value. InstMent proper¢les are sfated In the Balance Sheet at market viluo a5 as¥essed by the Governor& havlng taken professlonal advlce. Reali5ed and unreali5ed galns and losses are Induded In the Statement of Flnanclal Actlvltles In the year to whlch they relate and are calculated by reference to the market value at the beglnnln8 of the year. Reall$ed and unreallsed r4lns and los$es on Investments are rellected In the funds w whl¢h th•y relate. The unquoted Investment In Colfe's Lelsurn SerYlee$ Umlted 1$ Included In the flnanclal statements at the value of ner asset& as shown by the financlal ststemenrs. Fund accountln8 These are funds whlch have 1n endowed ft*r a partlcular purpose whore the c¥ltal must remaln IntacL P•rmanent endowments are those where the capltal mu5¢ remaln Indennl¢ely. In ¢ertaSn C%. restrlcclon5 as to the use of Incom¢ ar¢ In place. The Freohold Property Fund represents the nec book Yalue of the land and bulldlngs of Colfe'$ Educatlonal Foundatlon Restrl¢t¢d Funds are sublett to donor-Impos•d condltlons or have been rdlsed for a partlcular purpose. Rescrlctlons my apply to the capltal sums alone or to the cawtal and Incom• generdted from them. The Governors are bound by the restrlctlons and may not vary them, G¢nernl Funds are avallable to the Governors for unre5trleted u$e. gublett to law, and the Artlcles of A5s0ciadon. Where 8enernl funds have been set aslde for a partlcular puTrose by the Governors they ¥e ternied 'desl8nated funds.. The de$ignatlon may be removed at any tlrn• #t the Governors, di5crerion. Pènslon costs Retlrement benefit5 to employees of the Sdiool are provlded throu8h two penslon stheme& on defined benefft and one defined contributlon. The pension co$rs charged In the Statemenr of Financlal Actlyltles are deterniined as f¢llow&' 28
coLFE SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 ACCOUNTING POLICIES (¢ontlnued) Thls scheme Is a mU1-emPloYer pension scheme. It is not possible to Identlfy the School's Share of rhe underlying assets and liabilities of the Teachers. Pension Scheme on a consistent and rwonable basis and therefore. as required by FRS 102, the School accounts for the $cheme as if it were a defined contribution scheme. The S¢hool'$ contrlbutlons, whlch are In accordance wlth the recommendatlons of the Government Actuary. are charged in the period in vA)lth the salarie$ to whlch they relate are payable. This is a defined contributlon group personal penslon plan with Retirement Solution$ (formerly The Pension's Trust). Employerf5 pension¥ cost5 are charged In the perlod In whlth the salarles to whlch they relate are payable. For defici¢ r¢¢overy wntrlbution$. the present Tnlue of the expected future contribu¢ions Is reco8nlsed as a Ilablllty at the balance sheet date. The amount Is reviewed annually raking into account any changes to the deficit conrribution rnte or the impllcit rdte of Interest used In dlscountlng the IlablS1ty. More detall is provided in note 15. 1.1 O Opernting leaxs Rentals under operndng leases are charged on a strawt-line basi5 over the lease terni, even if the paymenrs are not made on such a basls. Benefits recelved and receivable as an Incentive to slgn an operndng lease are sirnilarty spread on a stfdl8ht-Ilne basls over the lease terni. l. I l Taxatlon Colfe's Sthool is exempt from corporatton and income tax on Irs charitable activirie5 by viruje of its status as a registered charity. Colfe's Leisure Services Llmlted Is subject to corpornrion t&x and the charge for the year is based on the profit or105s for the perlod as adjusted for disallowable and non-taxable Items and after rakinz aceount of losses brought for•vard. 1.12 Flnandal Instruments Baslc financlal Instruments are inltlalty rec¢)gnised at transaction value and subsequently measured at amortised costs with the exception of invesunents which are held ac fair 4lue. Financial assets held at amortised cost comprlse cash at bank and in hand, together with trade and other debtors. A specific provisions is made for debts for whith recoverabiliry 1$ in doubc Cash at bank and in hand is defined as all cash held in instant access bank accounts and used as working capltal. Flnancial liabilities held at amortised cost comprise all credltors except soclal securfty and other raxes and provision5. At the baiance sheet date the School held financtal assets at fair *dlue of £3,143k (2019 £3.530k). 29
COLFES SCHOOL NOTES TO THE Accoutrlfs (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 SCHOOL FEES 2019 17J97 ri.493 Is.1 17.930 11432) 15,498 SUMMARY INFORMATION 2019 Tot•1 14008 (17162) (627) (141051 Nec Otss) I 14221 J07) 178) 32 181) 1106) 157 Tawble flx¢d 15.4n 677 17.423 3,143 17.937 3J30 1705 14149 2006 21.467 Currenrasmu 14.953 PJ51} 816 11196SJ 332 (IWJ {11998) 11998 3.103 (3.421) 1559 (3.48 Ner CurrwKAM4ul (LNI¢S) 1111521 (318) 21) Tod Assets les5 Current 20J46 {1.gJ7) (1.907) (1.919J Toral w¥e¢s 14J44 3.997 239 P39) 18J41 18.017 Indha knme fora& al£lJY as •xp•D £IZ687 QOI>. £1168TI d4ryv the vrfl Indude5 £Z9W QOI. £29.1)W th respect olfadmty durges pld to the Ad¢xth ol L83.418was F4ld ty CLS to th• sthDpI r&Ji*.. 157.1531 30
COLFE'S SCHOOL NOTES TO THE ACCOUNTS {CONTINUED> FOR THE YEAR ENDED 31 AUGUST 2020 2019 eooo OTHER INCOME Oth•r artltAtl EX4thon F¢e5 ft¢r•d h¢5 Outdoor Pvrnulty Oth¢r Incorn• 82 57 351 91 60 634 648 0th4p lIary actlvltl cnI Incom• Wnptround ar• Oth•r sthopl tylpi Oth•r Incom J73 145 216 102 836 575 214 276 210 1381 Tot•1 Oth•r ID¢om• 1,470 1.929 STAFF COSTS 2018 000 'ooo T•tl rt•ff torts c•mpylMdE W4 9,551 1,025 1,67e P4nilM contylbudons 12.575 Th• ivw numb•rof•mpJoy•th th th• yewwu., School Subsldlthry 291 62 J$3 278 55 333 Nithv Colf•'¥ S¢h•ol Gov•rnorA rbDr pqnoni conm•ttqd wkh thqm r•tofv•d mmun4non. ath•rb•n•fi¥ or relmbuN•rn•nrof exp•nsu from th• Sthopl or Any ¢onn*ued orpth11tsTh Ipirt frth re1mbN•d GOn•' ¢m¢lllry •nd tOModl0ft •xpehi•i Ol 3,48112019., Lejni. Th• fiumb•r dGov•rnorJ 4nd accom0dln S (2019; 6) Th• numb•r olh4h•r •mphy•ei 2020 2019 Tty4bl• •molwn•nu bthd.. £60.001 . £70,000 £70,001 . £80,000 £80.001- £90,000 o.001.£ioo,ooo 100.001 . <i10,oty) £110.001.£120,OCI) c0.001.l0.O 13 15 Th¢ ¢wmb¢r wlth r¢tIrernt btfitfits attrukn8 17 wepte emploree4enefits for key rnan4ement PErSlne1 Incluth¥ pDnilM Wtsl £1,115,779 In 2019-20 P019.. £98).1411 Thèst lmolllments also Inthde iccomothon knefirs. There wor¢ payn wtsllln8 £0 Irb 2019no po19.. £87k) 31
COLFE'S SCHOOL NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 ANALYSIS OF TOTAL EXPENDITURE Other Depredatlon costs 2020 Total £'ooo 2019 Totol £'ooo £'ooo (a) Costs of ralslnz funds Trddlnx costs of thè subsidiary 430 71 S02 454 (b) Charltable actlvltle5 Teachlng Other actmtles 8ulldln8s depreclarlon Premlses Support cosu of s¢hoollng Governan¢¢ ¢o$t 9.842 IX183 1573 11,331 l.S73 $04 2.459 2.051 28 10.084 1.720 452 2J25 2.224 31 504 861 1,441 1,414 610 28 School's costs Izi 4.708 1.094 17,946 17.636 Awards and prizes Is 17.051 12,144 4.717 1.094 17,955 Total ¢xpendltur¢ 12,574 4.788 1,095 18,457 1&105 Governance costs in¢lud •udltor's remuner4¢ion for audle seryl¢es of £23k (201. £23k). 32
COLFE'S SCHOOL NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 TANGIBLE FIXED ASSETS Frtehold Land and PIldIng$ A55et¥ und•r Motor Furnltur• & ConstnJcd¢)rt Vehlclw Equlpment School Totsl £'ooo Furnltur¢ & SUIdIry EquIPm¢ Totsi eooo 'ooo Group Totsl £'ooo Coit I Ptembr 2019 Additlons DlspoHIs 27,267 364 31,3S9 57S 173 17) 31J32 581 (7) 490 IT) (7) 31 Aulurt 2020 27.345 371 68 4,150 31,934 172 32.106 D•pr•datlon I September 2019 Chiry• for yr Dlsposlls 11,090 504 64 2,271 586 13,425 1,094 170 170 13.595 1,095 (7) In (7> 31 Au8us¢ 2020 11,594 18S7 14,519 104 14,683 N•t book nlu•i J l Auluit 2020 15.751 371 1,293 17.415 17,423 31 AUlE2019 10.177 364 1.389 17,934 IT.937 SBC uken a charg• ov•r th* land ind bulldln8s of th• Horn P4rk Lan• i•¢urty for the 10 yr loin hclll whlth us15¢8d In flnart¢ln8 th¢ 6th form c•ntr•. 33
COLFfs SCHOOL NOTES TO THE ACCOUNTS (coKfiNUED) FOR THE YEAR ENDED 31 AUGUST 2020 INVEsfMEp¥rs Z019 Market v41 2J93 750 3,143 1780 750 3J30 Group totsl At lalr ¥Jlu? 239 3J82 324 354 $¢hool totsl Mvke¢vkn It 15ep¢wv2019 Nrt¥nrealJs¢d lo Mket•ah at 31 Auyst 2020 Hi5rork costat 31 Ayx2020 <3•7) 93 1,704 750 Unreaknd Gwn on rkel¥tse tt 31 Awr 2020 750 Hls¢od¢ cos¢at JI Ayst 2020 413 8¢ In¥•¥¢ tfft Sub4dl•ry Far ¥J At I SeptembÈr 2019 Loss forthe >ar 31 Au•M 2020 314 (85) z39 Colle's SeTrkes rrAde a ort danakn ofof£A3k to Co¥e's Sdh)eA kn 2020 in re4)eet 01the 2018119. The ol 2019 Totsl To cooo 95 29 128 24 18 170 Bankdep05ks Totsl 2010 32 153 Tfrtd2019 13 32 170
COLFE'S SCHOOL NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 DEBTORS Group C•lf•'s Sthool 2Q20 £'ooo 1020 'ooo 2019 2019 Amoun¢s due from subildl•ry c•n4>iThy Sthool feel Trade dobto &Jndry dèbwrl PryaYMts 19 15 34 74 19$ 39 30 33 32 29$ 30 203 385 457 374 10 CREDITORS DUE WITHIN ONE YEAR Group Colf•'¥ S¢hool 2010 2019 eooo 2020 £'ooo 2019 £000 8mk1o•n Tr•d• credlrorA raxdM ind i¢curly Othw cr•dlton ind iccruali Pupll D•poilts Pamlon deficlr r•cmry piym•nts (not• ISI Fou rec¢fv¢d In ithan¢e 505 275 403 623 1,229 24 421 sos 274 392 587 1229 24 421 245 453 698 1,237 24 750 1,237 24 3.421 3.480 3,351 3,432 CREDITORS DUE APTER MORE THAN ONE YEAR Group Colfe's 2020 L'ooo 2019 X20 £'ooo 2019 P•Mlon deficlr raco¥•ry piym•nu (nor• I Sl Bank loan 89 1.818 1,810 1I09 1.809 1.907 1,919 1.9Q7 1.919 The bink ITr balanE• rohtu to i loin ¥ term of 10 yea. Thls surred In OEwb¢r 2014 ar lrtreresr Ata of4A4% 4nd Is secured by a Char oY•r the ld and bulldlrw of the Hom Park IAn¢ slte. 35
COLFE'S SCHOOL NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 12 NET ASSETS OF THE FUNDS OF COLFE'S SCHOOL AND GROUP Colfe's Sch¢gf$ n¢t betong to the Ydrious funth as folow Fund InVestn Net Currert Long Temi Balanee Assets I LSabllltles 2020 (Uabllltles) rooo £'ooo Endowment funds Freehold Property Restrlrt¢d funds Unrestrl¢¢¢d fvnd$ 1707 13.420 518 3.225 13.420 951 745 159 1705 792 {1.341) 1.288 (1.90T) Colfo'$ S¢hool 17.415 3J81 (549) (1.907) 18,341 Colfe'$ Lelwre Servl¢es Umlted Group 17.423 3.143 (318) (1,907) 18.341 Fund Net Cunent Lwg Temi 2019 eooo Endowrnent fv$ Freehald Property fvnd Restrirtd fvnL15 Unre5tsTCted fvnds 1773 13.760 3,314 13,760 186 3.127 762 Q.004) 1.401 {1.919) 605 Stho 17.934 3.854 (1242) (1.919) 18,627 (324) 321 17.937 3J30 (921) (1.919) 18,627 36
COLFE'S SCHOOL NOTES TO THE Accouwfs (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 12a ENDOWED FUNDS: MOVEMENTS IN THE YEAR I kpt•mbv 2019 Gdns JI Aulwt 201Q Propwty Prfzes and othqr bwuortfunth 17ll {66) 1707 518 (23) 3314 {66) 31ttAuoMt 2019 2018 {66) 1773 541 3Jl4 530 3J09 (éo) ol the F¢unda¥on. Th• tr •rlthi h ro lor y¢hl¢ yjrpow olth• F1th. ** th• •n¢lowmwu. 12b FREEHOLD PROPERTr FUND•. MOVEMENTS IN THE YEAR F¥nd B•lAnc• At J l Ayiurt 2020 'ooo I S•pt•mb•r Fr•thdd prgp•ry fiHKI 13.760 13,420 2018 2019 Fr•ehdd prop¢ry fvnd 12.458 (386) 1.688 13,760 tha ProPere$ held by th• ts th• VIM ofAbrkn Coh dKad 7 Swrknr 16S4 25 l¥nuary 1659. ThE frethold property ts a mlxvJr¢ ofthir rem*irMng wro1 thÈ OrryE er xySr•d from the Prted1 ofpan or all ofth¢ endowed land and ts<4¢qulred slh¢• 1659 w ol4efttr Th• G9rn •r• to the ld Ind lIdINg1 wutred oyr ofthè fvnd. 37
COLFES SCHOOL NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 Ik REsfRICTED FUND&. MOYEMEi¥fs IN THE YEAR Balance •¢ I Septembtr 2019 £'ooo In0 ExpdIre Fund lfvvwtm¢nt Bance at Galns JI Augurt 2020 cooo 00 £'ooo c•oo Grants DonarJon¥ UestIlS 578 1569) 930 933 609 15691 8) 9SI 2018 2019 toc (15) GrnA¢S ond Dwi and other bequert 18 901 431 32 1416) 18 930 pi 919 14161 948 Prttes and other NdS coryrlsl Aceumuknrd w>Jthuthured Incam from fimd¥ Where knds are u5¢d lor ¥dTShIPS or ITIeS these ue sho ¥ tranrfor5 Ir¢Jm the restrkthd fvndi ro unrewk 13 cOMmITMEtr UNDER OPEIL4TING LEAses At 31 2020 the Imd •llr¢g und¥ n0nrf•nttllib operathE leÉ•i as 5¢r ou¢ below. Group 2020 Yoo 2019 1019 £'ooo Amwts fvlllng di.. Withln one ytsr wlthln 2- 5 ye•ri Due In more S years 7• 82 82 151 247 158 247 38
COLFE'S SCHOOL
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 AUGUST 2019
14 CONSOLIDATED sfATEMÉNT OF FINANCIAL AcnvmES-COMPARATIVE FIGURE V4Y FUNDf(PE
Unr¢xrl¢ted Restrl¢¢¢d Fr•ehold Endowed
Totsl
Pperty Futhd• F4r#l•
Funds
£Tho
£'oo
00
£'ooo
rooo
INCOMeAND EXPENDITURE
I09 from."
Ch•rftablo acthTIt•5
15,498
1,929
15.491
1.929
Otheredu
COLFE'S SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 15 PENSION SCHEMES Teachln8 Staff The School partlclpates Sn the Teachers. Penslon Scheme {the 'TPS'? for it5 ¢eacFLlng staff. Th• penslon charge for the year Includes contrlbutlons pardble to the TPS of £2,044,653 {2019 £1552.621) and at th• yèar-end £169.263 was accrued In respect of the contrlbutlons to thls scheme. The Trs 15 an unfunded multi-employer deftned beneffts pen$lon scheme governed by the Teachers. Pertsn Regulauons 2010 (a5 amendodl and The Teach¢r$' Penslon Scheme Regulatlons 2014 las am•nd•dl. Members contribute on a'pay a5 you go" basis wh contributions from members and the employer bdng credknd tr• thé Exchequer. Retlrement and other penslon beneflts are paid by public funds provlded by ParllamenL The employer wntribulon rate Is set by the SecrerAry of Stao following scheme Ydluatlon5 undertaken by the Government Actuarf5 DeparunenL The mort recen¢ ac¢uarfal valuadon of the TPS was prepared as at 31 March 2016 and the Valuadon Repor¢ whlth was publLshed In March 2019. confimed that the employer contribution rate for the TPS would increase from 16.4% to 23.6% from I September 2019. Ernployers are also requlred to pay a scheme admlnlstrdtEon ley of 0.08% 8lvlng a totsl employer contrlbukn rate of 23.68%. The 31 March 2016 vuatIOn Report was prepared In accordance with th• beneflts set ou¢ in the scheme re8ulatlons and under the approo¢h sp¢ciflÉd In the Directlons, as they applied at 5 March 2019. However, th¢ assumptlon were consldered and Set by the Departm¢nt for EdUcaon prior tts th• rullng In the 'mlOudl5arSean¢ ¢4se" Thls case has requlred the courr5 to conslder cas¢$ regardlng the Implementadons of the 2015 reforni$ to Publ1¢ Servke Penslons Includln8 the Teacher5 Pensions. Support Staff TPT Retlrement Solutions (ft•m)erly the P¢nslons Trust)- The Growth Plan The company particlpaees In the stheme. a muld-ernployer sch¢me whkh prodeS beneflts to $ome 1.300 non- a55cTItÉd parCOpatIng employers. The schemè Is a deftned beneftt scheme In the UK. It Is not posslble for the company to obtain sufflclen¢ 5nformation tt) enable th to account for the scheme ts a defined benefi¢ scheme. Therefore. It accounrs far the scheme as a defined c¢Jntrlbutl¢)n scheme. C¢)ntrthiutlons pald Into the P]an up to and Including September 2001 were conY¢rted to defined arnounts of pen510Tr payable from Nornial Ketlrement Date. From Octob¥r 2001 contrlbutlons were Invested In personal funds whlch have a capiral guaranreo and which are converted ¢0 pension on rètiremen( either withln the Plan or by the purchase of an annuity. The rules of the Pl the Trustee the power to requlre empk>y¢rs w pay addlrlonal contributlons In order ta Énsure that the statutory fundlng objecthfè under the Penslon5 Acr 2004 Is meL The statutory fundlng oblectlve Is that a penslon 5d)•me should trAV• sufficlenr atr$ to meet Its pas¢ servlce Iiabllltles. known a5 Technlcal Prov551on The Group pald contrlbutlon$ at the rate of 14.1% or IO% dependen¢ on the empl¢)yee durtng the accountlnl period. Under CLrrrene servlce member5 P41d conirtbutlons at the optional rates of 6% or 7% durlng thé countyng period. Auto-enrolmen¢ wa5 Implemented on l Aprfl 2014. whith gave the addldonal option for members to pay a rate, which rose In 2018119 from 3% to 5% wlth a Group contrlbutlon r151ng In 2018119 from 2% to 3%. Support s¢aff are requlred to nOfy the Broup if they do not wlsh to loln thls penslon 5chtme. In Idditlon. the Sthool pald eontrlbudons totsllln8 £23,848 {2019.. £21918) In respett of the past sèrylcè deftdL 40
COLFE'S SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 As 8¢ the balanc• she•t dat• th•r• wère &cVe 95 members {201. 10 I l of the Plan employ¢d by the Group and ¢ontrlbutlon5 pald durlng tht y•ar r £367.70312019: £339,362). The Group conrinu¢$ oftor membershlp of the Pkn to Its employees, A full actuirfal valuatlon for the scheme wa¥ carrled out at 30 September 2017. Thls luatIon showed Assets of 94.9m, Iiabllld•s of £926.4m and a deflclt of £131.5m. To dlmlnite th1$ fundlng shortfall, the Tru$t•• hu ¥kod the partlclplng employ•r5 co pay addidonal c¢)ntrtbudons w the 5ch•m f¢llows'. D•llclt contrlbutlons From l Apr2019-31 Jin2025 £11,243.000 PA payab[• monthly and In¢r•ulng by 3% eKh on 1° Aprl Unl•$i i ¢¢nu$$lon hu b••n azreed wlth the Tru$c¢• th• ¢•rm t¢ 31 lan 202S ¥pll•$. Nott thit the $¢h•m•'$ pr•vlous ValtIOn Cared out with in •ff¢¢¢lv• date of 30 Sept 2014. Thli valuatlon Showed a8seu of m3.4m, Ilabllide¥ of £969.9m ind a deflclt of £176.5m. To ellmlnate thls fundln8 shortfall. th• Trustee has asked the parrl¢lpitln¥ •mployers to pay addltlonal contrtburlon$ ro the scheme as followj., D•fi¢lt eontrlbutloni From l Apr 2019- 30 S•pt 2025 £11945.440 p.a plbI• monthly and In¢r•aslni by 3% each On 1° From l April 2016- 30 S•pt 2028 £54,560 PA payable monthty and incr•ulng ty 3% •Kh on I" Apr51 Th• r•cov•ry plan contrlbudon$ ire allocated to each part1dpbn1 employ•r In Ilne wth thelr wrJmat•d shar• of thè S¢rlai l and S•rles 2 scheme Ilabllldu. Wheré tht scheme Is In deficlr and wh¢r• thè company has agreed ¢0 a d¢ficltfundln8 arrangemen¢ th• Company recogn15e$ a Ilablllty for th15 obllgarlon. Th¢ amount r•co8nlsed Is the net prèsent value of the deflclt r•ductlon con¢rlbudon3 payabh under the agreement that rola$ to th• d•ficlL The pre$¢nt value Is cal¢utsf¢d uslng th• dSscount detslled In these dl$closures. The unwlndlng of th• dlscoun¢ rdte b5 reco1$d 4 flnance ¢OSL 41
COLFE'S SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 31 Au8uM2020 31 Awsr2019 £000 31 A¥8usE 1018 Pre5efbtVthe ol Prov14 134 166 1020 2C19 000 Provljlon 4tartolpwlod iknindins ol th•dlKgvn¢h¢tor (Intrnexpqnsel OEficlt c¢Jntrthuthn pald 134 r141 i¢ndMts ro th• <¢nothvJkn s¢hedule lithe end d pth¢d 134 dltyre I act 2019 InIl•xP1fi Rwwrwu- tmpactolany chin8e 155umpiJo R¥)wawr¥iwTS. afflendmenu kntheCoThtr0Th Schedu 315tAu8ust2020 31xAu8usc2019 % w ann¥m 315¢Av£ust2118 t• of dts¢ouht OS5 0.97 1.68 Th éIKounrrnw Sh 1}¥¢ ir¢ th¢ I91¥>tlIe éIKount rnte5 wlthh. us¢d t• di¥ewTr¢the fiJ¢uve rocovery plan r¢I7buttOnl du< V4tsuld 8fve thè a hjll AA corporaty bmd yldd d1¥coTr¢the same ptsn Followlng a change Sn leg151¥rion In September 2005 there Is a potentlal deb¢ on the employer that could be levled by the Trustee of the Plan The Pen51on5 Act 2011 has more recently altered the definldon of Serles 3 of the Growth Plan so that a llabillty arlse5 to employers from memb¢rshFP of any Sertes excep¢ Serte$ 4. Tho debt Is due In the event of the employer ceaslng to partklpate In the Ilan or thè Plan wlndlng up. The Group has been no¢ified by The P¢n$ions Trust of the estlmated empk•yer debt on withdralrdl from the Pian based on the financial position of the Plan as at 30 September 2016. A5 of thls daw the eSMated employer deb¢ for the Group VAS £806.658130 September 2015: £716.577). 42
COLFE'S SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 16 CONTROLLING ENTITY AND CONNECTED PARTY TRANSACTIONS Th• School li controlled by Its sole member, The Lath¢nellers' Company whlch 15 entltl¢d to nomlnce •18ht af the tvteen Governors. Tht Mlster of the Company Is also a Governor {ex officlo). Colfe's Lelsure Centre (CLSI (company numb•r 02586190) 1$ i juldIary of Colfe's S¢hooL Durlry the year there were payments made from CLS of £40,529 to Colf¢'5 School in resp¢¢r of payroll r¢charyes and payments from Colfe'5 S¢h¢)ol to CLS of £5,534 In row¢ of goods and Mr¥lces pald for by CLS. At the year end there was an Intercompany debtor balance In the sthool of £29,490 (2019: £15.3111. A ald cash donitlon of £83.418 was pald durlng the year to 31 August 2019, by CLS, to the 5¢ho¢l In r•sp•rt of the financ1 yetr endlnl 31 August 201912019 . £157,153 In rnspecc of the yw ondkns 31 Au8Uit 2018) The School Is Indlrè¢dy •sso¢tst•d wlth a numb•r of charltles for whlch the L¢ith•rs•ll•rs' Company acts u i ¢rus¢e¢ or appolnts some olthe trustees. Oftheso, C¢lf¢'5 Charltsbl• Trus& whlch ralses monles for the b¢nefl¢ ofthe S¢hooL mad• Kr•nts t¢ th• S¢h¢)ol 01 £82.71712019: U9,536) In the yeir,. th• Léathersellers, Cornpany Chirlrable Fund mad• a grint ro tho School of £427.50012019.. £300.01101. A5 it 31 Auius¢ 1020, •n amount of £30.920 was due from Colfe's Charl¢able Trus¢12019,. £15,766). The School li not aw of any rn14t•d party tran#¢¢lons wlth Its Governor 17 CAPITAL COMMITMENTS At 31 Auluit 2020 th• group hid outsthndlni capbtal commltsn•nu of £186k nll (2019 . nu). 43