## ## |**Contents**|**Page**| |---|---| |Governors, Officers and Advisers|| |AnnualReportoftheGovernors|3| |Strategic Report|10| |StatementofAccounting and Reporting Responsibilities|17| |Independent Auditor's Report|18| |Consolidated StatementofFinancial Activities|22| |Consolidated and Colfe's School Balance Sheets|23| |Consolidated StatementofCash Flows|24| |NotestotheFinancial Statements|| ||25-43| ## |
below.||||||| |---|---|---|---|---|---|---| |||I|2|3|4|**5**| |MrM P E Pellereau|(ChairofGovernors)|~~• • ~~||~~• ~~|~~• •~~|| |MrS M G Williams|(Deputy ChairofGovernors) (until31 stAugust
2022))|~~•~~||~~•~~|~~•~~|| |MrsC Lennon|(MasteroftheLeathersellers' Company (from 20th
July 2022))|||||| |MrG G Bacon|(MasteroftheLeathersellers' Company (until 19th
July2022))|||||| |MrsJ A Bradley||~~• ~~|~~•~~||~~•~~|| |ProfABBrueggemann||||~~•~~||| |MrsB W Canham||||~~• •~~||| |MissS HCooke|||~~•~~|||~~•~~| |MrD G Coulson|(Deputy ChairofGovernors) (from IstSeptember
2022))||~~•~~|||~~•~~| |Mr~~J~~B Guyatt||||~~• ~~|~~•~~|| |DrNKjones||||~~•~~||| |MrTNLister
||~~•~~|||~~•~~|| |Mr~~JO~~Mafe||~~•~~||||| |MrCDRamsey||||~~•~~||| |Mr~~J~~PKRussell||~~•~~|||~~•~~|| |MrM G Williams|(until31 stAugust 2022)|~~•~~||||| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ||**Yearto31**|**Aug**|**Yearto31**|**Aug**| |---|---|---|---|---| ||**2022**||**2021**|| |**UKenergyusekwh**1||||| |- electricity|948,811||900,715|| |-**gas**|2,204,737||2,610,441|| |·**total**|**3,153,548**||**3,511,156**|| |**AssociatedGreenhousegas emissionstonnesCO2equivalent2**||||| |- electricity||200||208| |-**gas**||397||478| |·**total**||**597**||**686**| |**Intensity ratio emissions**-**tonnesperm3 floor area**||||| |- electricity||0.01||0.01| |-**gas**||**0.03**||0.03| |·**total**||**0.04**||**o.os**| |**Intensity ratio emissionstonnesperheadcount(student**&**staff**|**FTE)**|||| |- electricity||0.13||0.14| |-**gas**||**0.26**||0.33| |•**total**||**0.39**||**0.47**| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## 2 May 2023 ## |Notes
**INCOME AND EXPENDITURE**
Income from :
Charitable activites
Schoolfees
2
Othereducational&anciliiaryactivities
4
Othertrading activities
Colfe'sLeisureServicesLtd
3
OtherIncome
Investments
**8d**
Grants and Donations
Total Income
Expenditure on :
Raising funds
Colfe'sLeisureServicesLtd
6a
Charitable activities
Provisionofeducation
6b
Totalexpenditure
Netincome/(expenditure) beforeinvestment
and actuarial gains / (losses)
Pensionschemeactuarialgains
IS
NetInvestment(losses)/gains
8
Netincome_I_(expenditure)
Transfersbetweenfunds
12
Netmovementinfunds
Fundbalancesat I September2021
**FUND BALANCES at31August 2022**
12|Unrestricted
Funds
**£'000**
18.429
2,093
924
124
21,570
525
19,754
20,279
1,291
71
(85)
1,277
1,261
2,538
2,580
**5,118**|Restricted
Funds
**£'000**
29
369|Freehold
**Property**
Funds
**£'000**|**Endowed**
Funds
**£'000**|Total
Funds
**2022**
**£'000**
**'18,429**
**2,093**
**924**
**153**
**369**
**21,968**
**525**
**20,480**
21,005
**963**
71
(119)
**915**
**915**
**19,756**
**20,671**
_Total_
_Funds_
_2021_
_cooo_
_16,904_
_1,173_
_403_
_288_
_133_
_488_
_19,389_
_425_
_18,215_
18,640
_749_
23
643
1,415
1,415
_18,341_
_19,756_| |---|---|---|---|---|---| |||**398**|||| |||10|6S0
**650**
(650)
(6S0)
1S8
(492)
12,907
**12,415**|**66**|| |||10||**66**|| |||388
388
(1,036)
(648)
1,009
**361**||(66)
(34)|| |||||(100)
(383)|| |||||(483)
3,260|| |||||**2,777**|| ## COLFE'S SCHOOL BALANCE SHEETS AS AT 31 AUGUST 2022 |||**Group**|**Group**|**Colfe's**|**School**| |---|---|---|---|---|---| ||**Notes**|**2022**|**_202/_**|**2022**|**_2021_**| |||**£'000**|**_£000_**|**£'000**|**_£000_**| |**FIXED ASSETS**|||||| |**Tangible Fixed Asset**|7|**16,597**|**_16,938_**|**16,594**|**_16,933_**| |**Investment asset**|8|**3,667**|**_3,786_**|**3,909**|**_4,077_**| |||**20,264**|**_20,724_**|**20,503**|**_21,010_**| |**CURRENT ASSES**|||||| |**Debtors**|**_9_**|**664**|**_439_**|**975**|**_411_**| |**Cash at bank and in hand**||**4,770**|**_3,883_**|**4,154**|**_3,554_**| |||**5,434**|**_4,322_**|**5,129**|**_3,965_**| |**CREDITORS: due within one year**|**10**|**(4,355)**|**_(4,005)_**|**(4,289)**|**_(3,934)_**| |**NET CURRENT ASSETS**||**1,079**|**_317_**|**840**|**_31_**| |**TOTAL ASSETS LESS CURRENT LIABILITLES**||**21,343**|**_21,041_**|**21,343**|**_21,041_**| |**LONG TERM LIABILITIES**|||||| |**Creditors due afer one year**|**II**|**(672)**|**_(I.285)_**|**(672)**|**_(1,285)_**| |**TOTAL NET ASSETS**||**20,671**|**_19.756_**|**20,671**|**_19,756_**| |**Represented by :**|||||| |**ENDOWED FUNDS**|**12a**|**2,777**|**_3,260_**|**2,777**|**_3,260_**| |**FREEHOLD PROPERTY FUND**|**12b**|**12,415**|**_12,907_**|**12,415**|**_12,907_**| |**RESTRICTED FUNDS**|**12c**|**361**|**_1,009_**|**361**|**_1,009_**| |**UNRESTRICTED FUNDS**|||||| |**General funds**||**5,118**|**_2,580_**|**5,118**|**_2,580_**| |**TOTAL FUNDS**|**12**|**20,671**|**_19,76_**|**20,671**|**_19,756_**| **Approved by the Board of Governors of Colfe's School on l"l[,d,,_ ] fv/""'vk-** _wu_ **and signed on Its behalf by:** **Chair of Governors Matthew P E Pellereau** **Deputy Chair of Governors Daniel Coulson** **The notes on pages 2S to 43 form part of these accounts.** 23 ## |||**2022**|_2021_| |---|---|---|---| |||**£'000**|£000| |**Netcash flow from operating activities**|||| |Netcashprovidedbyoperatingactivities|A|2,372|2.207| |**Cash flows from investing activities**|**B**|**(926)**|_(633)_| |Cash flowsfromfinancing activities|C|**(559)**|_(324)_| |Changeincashandcash equivalents intheyear||**887**|_1,250_| |Reconciliationofnetcash flowtomovementinnetfunds :|||| |Cash and cash equivalentsatISeptember2022||**l,883**|**_2,633_**| |Cash and cash equivalentsattheendoftheyear|D|**4,770**|**_3,883_**| |**A Reconciliationofnetmovementsinfundstonetcash provided**|**byoperating activities**||| |Net movementinfunds(asper the statement offinancialactivities)||**915**|_1,415_| |Depreciation·charge||**1,420**|_1,250_| |(Increase)_I_DecreaseinDebtors||**(225)**|_32_| |IncreaseinCreditors||**289**|210| |Loaninterest||**78**|**_99_**| |Investment income||**(153)**|_(133)_| |Net investment losses_I_(gains)||**119**|_(643)_| |Pensionschemegains||(71)|_(23)_| |**Netcash providedbyoperating activities**||**'2,372**|2,207| |**B Cash flows from investing activities**|||| |Purchaseoftangiblefixedassets||(1,079)|_(766)_| |Investment income||153|_133_| |**Netcash used**In**Investing activities**||**(926)**|_(633)_| |**CCash flows from financing activities**|||| |Repaymentsof borrowing||**(559)**|_(324)_| |Cashinflowsfromnewborrowing|||| |**Netcash usedinfinancing activities**||**(559)**|_(324)_| |**D Cash and cash equivalents**|||| |Cashatbankandinhand||**4,770**|_3,883_| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## |**TheSchool'sfeeincomecomprised:**
Grossfees
Less:Total bursaries, grantsandallowances|**Unrestricted Funds**
**2022**
**£'000**
**21,201**
**(2,772)**
**18,429**
_2021_
£'000
_19,550_
**_(2,646)_**
**_/6,904_**| |---|---| ## |Income
Expenditure
Net investment (losses) /gains
Pensionschemegains
Net movementinfunds
Tangiblefixedassets
Investments
TotalFixedAssets
Current assets
Currentliabilities
Net Current Assets/(Liabilities)
TotalAssetslessCurrent
Liabilities
Longterm creditors
Total net assets|School
£'000
21,433
(20,389)
(134)
71
981
2,212
3,133
5,345
16,258
(4,288)
11,970
17,315
(672)
16,643|Foundation
£'000
**585**
(617)
(34)
**(66)**
14,382
774
15,156
933
(12,062)
(11,129)
4,027
4,027|CLS
£'000
924
(973)
(49)
3
3
664
(426)
238
241
241|Adjustments
£'000
(974)
974
49
49
(240)
(240)
(12,421)
12,421
(240)
(240)|**2022**
**Total**
**£'000**
**21,968**
**(21,005)**
**(119)**
71
**915**
**16,597**
**3,667**
**20,264**
**5,434**
**(4,355)**
**1,079**
**21,343**
**(672)**
**20,671**|_2021_
_Total_
_£'000_
_19,389_
_(18,640)_
_643_
_23_| |---|---|---|---|---|---|---| |||||||_1,415_| |||||||_16,938_
_3,786_| |||||||_20,724_| |||||||_4,322_
_(4,005)_| |||||||_317_| |||||||_21,041_
_(1,285)_| |||||||**_19,756_**| |**4**
**OTHERINCOME**
**Other educational activities**
ExaminationFees
Registrationfees
OutdoorPursuitsandEducationalvisits
OtherIncome
**Other ancillary activities**
CateringIncome
Wraparoundcare
Otherschooltrips
OtherIncome
**Total Other Income**
**5**
**STAFFCOSTS**
**Total staff costs comprised:**
**Wages**andsalaries
Socialsecuritycosts
Pensioncontributions
Theaveragenumberofemployeesintheyearwas:
School
Subsidiary|**Unrestricted Funds**
**2022**
202/
**£'000**
_cooo_
92
_82_
63
_66_
487
_215_
118
_75_
**760**
_438_
618
_423_
206
_117_
282
_62_
227
_/33_
1,333
**735**
**2,093**
1,173
**2022**
202/
**£'000**
_£'000_
10,562
/0,/23
1,138
_1,062_
1,744
_1,716_
**13,444**
_12,901_
298
_290_
**58**
_52_
**356**
_342_|**Unrestricted Funds**
**2022**
202/
**£'000**
_cooo_
92
_82_
63
_66_
487
_215_
118
_75_
**760**
_438_
618
_423_
206
_117_
282
_62_
227
_/33_
1,333
**735**
**2,093**
1,173
**2022**
202/
**£'000**
_£'000_
10,562
/0,/23
1,138
_1,062_
1,744
_1,716_
**13,444**
_12,901_
298
_290_
**58**
_52_
**356**
_342_|**Unrestricted Funds**
**2022**
202/
**£'000**
_cooo_
92
_82_
63
_66_
487
_215_
118
_75_
**760**
_438_
618
_423_
206
_117_
282
_62_
227
_/33_
1,333
**735**
**2,093**
1,173
**2022**
202/
**£'000**
_£'000_
10,562
/0,/23
1,138
_1,062_
1,744
_1,716_
**13,444**
_12,901_
298
_290_
**58**
_52_
**356**
_342_| |---|---|---|---| ||||_438_| ||||_423_
_117_
_62_
_/33_| ||||**735**| ||||| ||||1,173| ||||202/
_£'000_
/0,/23
_1,062_
_1,716_| ||||_12,901_| ||||_290_
_52_
_342_| |Thenumberofhigherpaidemployeeswas:
Taxableemolumentsband:
£60,00I - £70,000
£70,00I - £80,000
£80,00I - £90,000
£90,001-£I00,000
£100,001- £110,000
£220,00I - £230,000
£230,00I - £240,000
Thenumberwith retirementbenefitsaccruingin
•DefinedBenefitSchemes|**2022**
**No.**
19
4
2
2
_202I_
_No._
_16_
_6_
_I_
_I_
_2_
_I_| |---|---| ||24
_23_| ## ## ## |**(a) Costsofraising funds**
Trading costs ofthesubsidiary
**(b) Charitable activities**
Teaching
Otheractivities
Buildingsdepreciation
Premises
Support costsofschooling
Governancecost
School's operating costs
Awards and prizes
Totalexpenditure|**Staff**
**Other**
**Depreciation**
**costs**
**costs**
**£'000**
**£'000**
**£'000**
453
70
2
10,597
1,186
346
2,078
716
963
2,233
356
1.431
528
35
12,991
6,060
1,418
11
12,991
6,071
1,418
13,444
6,141
1,420
**2022**
202/
**Total**
_Total_
**£'000**
£'000
**525**
_425_
**12,129**
_11,646_
**2,078**
_1,/93_
**716**
622
**3,552**
2,808
**1,959**
_I,911_
**35**
25
**20,469**
_18,205_
11
_/0_
**20,480**
_18,215_
21,005
18,640| |---|---| ## ## ## |**Cost**
I September2021
Transfers
Additions
Disposals
3 I August 2022
Depreciation
I September2021
Transfers
Charge for year
Disposals
3 IAugust2022
Netbookvalues
**3**I**August 2022**
3 I August2021|Freehold
Assets
Landand
under
Motor
Furniture&
**School**
Furniture&
Buildings
Construction
Vehicles
Equipment
**Total**
Equipment
£'000
£'000
£'000
£'000
**£'000**
£'000
27,381
378
71
4,870
**32,700**
154
327
(327)
159
**49**
37
**834**
**1,079**
(20)
**(689)**
**(709)**
**(18)**
27,867
100
88
5,015
**33,070**
136
12,100
116
68
3,483
**15,767**
149
116
(116)
716
13
**689**
**1,418**
2
(20)
(689)
**(709)**
(18)
12,932
61
3,483
**16,476**
133
14,935
100
27
1,532
**16,594**
3
/5,28/
262
_3_
_1,387_
_16,933_
_5_
**Subsidiary**
**Total**
**£'000**
**154**
**(18)**
**136**
**149**
2
**(18)**
133
3
_5_
**Group**
**Total**
**£'000**
**32,854**
**1,079**
**(727)**
**33,206**
**15,916**
**1,420**
(727)
**16,609**
**16,597**
_16,938_| |---|---| ## |Market value:
Listedinvestments
Investment Property
Grouptotal
Atfair value
InvestmentinSubsidiary
Schooltotal
GroupunreaJised gainsoninvestmentsincluded above:
**Sa**
**Sb**
**Sc**
**2022**
**£!000**
**2,792**
**875**
**3,667**
**242**
**3,909**
**Sa Listed**Investments
**Sb**
**Sc**
Marketvalueat I September2021
Netunrealisedgain
Marketvalueat 3 I August2022
Historic cost at31August2022
Alllistedinvestments areheldinunit trusts or common investmentfunds.
**Investment Property**
Marketvalueat I September2021
UnrealisedGainoninvestment
Marketvalueat 3 IAugust2022
Historic cost at 3 I August2022
**Investment**in**Subsidiary**
Fairvalue
At I September2021
Gainforthe year
At31August2022|_202I_
_£000_
_2,911_
_875_
_3,786_
_291_
_4,077_
**£**
**1000**
**2,911**
**(119)**| |---|---| ||**2,792**| ||**1,704**| ||**£**
**1000**
**875**
**875**
**413**
**£'000**
**291**
**(49)**
**242**| |Quoted investments
Bankdeposits
Property Investment
**Total 2022**
_Totol202I _|**2022**
_2021_
Unrestricted
Restricted
Funds
Funds
**Total**
Total
**£'000**
£000
94
**29**
**123**
_110_
12
**12**
_5_
18
**18**
_18_
**124**
**29**
**153**
_133_
_106_
_27_
_133_| |---|---| ## ## |Amounts due from subsidiary company
School fees
Stock
Trade debtors
Sundry debtors
Prepayments&Accrued Income|**Group**
**2022**
**£'000**
**32**
**4**
**32**
**124**
**472**
**664**
_2021_
_£000_
76
_13_
_75_
_275_
_439_
**Colfe's School**
**2022**
**£'000**
**358**
**32**
**124**
**461**
**975**
_202I_
£000
76
_75_
_260_
_411_| |---|---| |Bankloan
Trade creditors
Taxation and social security
Othercreditors and accruals
PupilDeposits
Pension deficit recovery payments(note15)
Fees receivedinadvance|**Group**
**2022**
**£'000**
**637**
**607**
**504**
**917**
**1,345**
**8**
**337**
**4,355**
_2021_
_£000_
_637_
_531_
_486_
_728_
/,292
_25_
_306_
_4,005_
**Colfe's School**
**2022**
**£'000**
**637**
**602**
**486**
**874**
**1,345**
**8**
**337**
**4,289**
_202/_
_£000_
_637_
_528_
_475_
_671_
_1,292_
_25_
_306_
_3,934_| |---|---| ## |Pension deficit recovery payments(note15)
Bankloan1-2years
Bankloan 2 - 5 years|**Group**
**2022**
**£'000**
10
**662**
**672**
_2021_
_£000_
_64_
_637_
_584_
_1,285_
Colfe's School
**2022**
**£'000**
**10**
**662**
**672**
_202/_
_£000_
_64_
_637_
_584_
_1,285_| |---|---| ## ## |Endowmentfunds
FreeholdPropertyfund
Restrictedfunds
Unrestrictedfunds
Colfe's School
**Colfe's Leisure Services Limited**
**Group**
_Endowmentfunds_
_FreeholdPropertyfund_
_Restrictedfunds_
_Unrestrictedfunds_
_Coife'sSchool_
_Colfe'sLeisureServicesLimited_
_Group_|**Fixed**
**Assets**
**£'000**
2,575
12,415
1,604
**16,594**
3
**16,597**
_Fixed_
_Assets_
_£'000_
_2,641_
_12.907_
_1,385_
_16,933_
_5_
_16,938_|**InvestmentsNetCurrent**
**Assets/**
**(Liabilities)**
**£'000**
**£'000**
191
11
7
354
3,711
475
**3,909**
**840**
(242)
239
**3,667**
**1,079**
_Investments_
_NetCurrent_
_Assets_
_£'000_
£'000
**6/9**
_20/_
_808_
_3.257_
_(777)_
_4,077_
_3/_
_(291)_
**_286_**
_3,786_
_3/7_|**LongTerm**
**Liabilities**
**£'000**
(672)
**(672)**
**(672)**
_Long_Term
_Liabilities_
£'000
_(l.285)_
(1,285)
_(1,285)_
**Fund**
**Balance**
**2022**
**£'000**
2,777
12,415
**361**
**5,118**
**20,671**
**20,671**
_Fund_
_Balances_
_2021_
£'000
_3,260_
_12,907_
_1,009_
_2.580_
_19,756_
_19,756_| |---|---|---|---| ## ## ## |Endowments:
Property
Prizes andotherbequest funds
Total
_Propeny_
_Prizesandotherbequestfunds_
_Total_|Balanceat
Expenditure
**Investment**
ISeptember
Gains/(losses)
**2021**
**£'000**
**£'000**
**£'000**
2,641
**(66)**
619
(34)
3,260
**(66)**
(34)
_I_st_September_
2020
_£000_
_£000_
_£000_
2,707
**(66)**
_518_
IOI
_3,225_
_(66)_
IOI
**Funds**
**Transfer**
(383)
(383)
_£000_
Balanceat
31August
**2022**
**£'000**
2,575
202
2,777
_31stAugust_
2021
_£000_
_2,641_
_619_
3,260| |---|---| ## |Freehold property fund
Freehold property fund|Balanceat
ISeptember
2021
£'000
12,907
2020
£000
_13,420_
Income
**£'000**
Expenditure
**£'000**
**(650)**
_(556)_
Fund
Transfers
**£'000**
158
_43_
Balanceat
31August
**2022**
**£'000**
**12,415**
202/
_£000_
_12,907_| |---|---| ## ## |GranesandDonadons
Prizesandother bequestfunds
_GrantsandDonations_
_Prizesandotherbequestfunds_|**Balanceat**
**Income Expenditure**
**Fund**
I**September**
**Transfers**
**2021**
**£'000**
**£'000**
**£'000**
**£'000**
18
369
(10)
(359)
991
29
(677)
1,009
398
(10)
(1,036)
2020
£'000
_£'000_
£'000
£'000
_18_
_488_
_(10)_
_(478)_
_933_
27
_951_
_515_
(10)
_(478)_
**Investment**
**Balance at**
**Gains/(Losses)**
**31August**
**2022**
**£'000**
**£'000**
**18**
**343**
0
**361**
202/
_£'000_
_£'000_
_18_
31
_99I_
31
_1,009_| |---|---| ## ||**Group**||**Colfe's School**|| |---|---|---|---|---| ||**2022**|202/|**2022**|202/| ||**£'000**|£'000|**£'000**|£'000| |Amountsfallingdue:||||| |Withinone year|**22**|_43_|**22**|_43_| |Duewithin2 - 5 years|**41**|_43_|**41**|_43_| |Dueinmore than 5 years||_10_||/0| ||**63**|**_96_**|**63**|**_96_**| ## ## |Notes
**INCOMEANDEXPENDITURE**
Incomefrom:
Charitableactivites
Schoolfees
2
Other educational&anciliiaryactivities
4
Othertradingactivities
Colfe's Leisure ServicesLtd
3
Other Income
Investments
8d
Donations&Legacies(restricted)
TotalIncome
Expenditureon:
Raising funds
Colfe's Leisure ServicesLtd
6a
Charitableactivities
Provision of education
6b
Totalexpenditure
Netincome/(expenditure)beforeinvestment
andactuarialgains / (losses)
Pension scheme actuarialgains/ (losses)
15
NetInvestmentgains
8
Netincome/(expenditure)
Transfers betweenfunds
12
Netmovementin funds
FundBalancebrought forwardatI September 2019
aspreviously stated
FUND**BALANCES**at31August2020
12|Unrestricted
Restricted
Freehold
**Endowed**
Total
Funds
Funds
**Property**
Funds
Funds
Funds
2021
£'000
**£'000**
**£'000**
£'000
**£'000**
16,904
**16,904**
1,173
1,173
403
403
288
**288**
106
27
133
488
**488**
18,874
**SIS**
**19,389**
425
**425**
17,583
10
556
66
18,215
18,008
10
**556**
**66**
**18,640**
866
505
(556)
(66)
**749**
23
23
511
31
IOI
**643**
1,400
536
(556)
35
**1,415**
435
(478)
43
1,835
58
(513)
35
1,415
745
951
13,420
3,225
18,341
2,580
1,009
12,907
3,260
19,756| |---|---| ## ## ## ## ## # ## ## ## # ## ##