COLFE'S SCHOOL
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
Compwry Numb•r. 05352523
Reglrtertd In Enzland
Charlty Re8lstr•tlon Number. 1109650

COLFE'S SCHOOL
ANNUAL REPORT AND FINANCIAL sfATEMENTS
YEAR ENDED 31 AUGUST 2023
Contents
Ann￿1 Report ofthe Governo
Stratezlc R4)orr
Statemen¢ cf AcC￿n￿g *MI Reportlng Re5pW￿lIities
18
Ind¢p¢ndent Awknr's Report
19
23
24
Consolidated Statemert af Cash Flows
25
Notes to the Flnandal Statemw¢s

COLFE'S SCHOOL
ANNUAL REPORT AND FINANCIAL STATEMENTS
YEAR ENDED 31 AUGUST 2023
GOVERNORS. DIRECTORS AND CHARITY TRUSTEES
The Governors of Colfe's S¢h¢ol C'the Schooll are the SCI￿01.$ chariy mistees under chari
law and the dIre￿Or$ of the charitable company Ilmlted by guarantee. The members of the
Governtng Bo* who seried In office as Governors durlng the year and subsequently are detalled
below.
Mr M P E Pellereau
Mr D G Coulson
Mr M G WlSllams
{Chalrrnan)
(Depury Chalrn)an)
(Master of the Leathersellers, Cempany (from 19th
July 2023)
<Ma5ter of the Leather5eller5' Company (untll 19th
Juty 2023))
Mrs C Lemon
Mrs J A Bradley
Prof A B Brue88emann
Mrs B W Canham
Mlss S H Cooke
Mr E Dave
Mrj 8 Guyatc
Dr N K Jones
Mr T N Llster
MrJOMafe
MrCDRam
Mr M Russell
Mr J P K tiussell
Prof L Tunbrldg¢
Mr N Hedley
(un￿1 6th December 2022)
(from 20th Septemb¢r 2022)
(until 16th May 1023)
(from 20th sePt￿ber 2022)
(from 6th De¢ember 2022)
(from 10th October 2023)
- Member of the Flnance and Generdl Purposes C¢rMni
- Member of the Esrates Commk¢ee
- Member of the Educarlon Comrniuee
- Member of the Rlsk Management Commthe
5 . Member of the Health. Safe¢y and Securlty CommlLta•
- Member gfthe Dwmlopment Commlttee
Dur1￿ the year. the actlvSdes of th• Gevernlng Boay were carrfed out thr(wh flve commlttees.
The membershlp of these commltte•s 1$ shown above for Governor.
Excepc In the case of th• Ggvernors who are appolnted on an ex-offi¢lo basls. servlce on the
Board Is for a term of three year5. Retlrln8 G¢)vernors can be re4lected provlded that no

Governor serves for i perlod In excess of V4¥el¥e years unles$ a resolurion ts passed by th• Board
of Governors Iran￿n8 i final three-y¢ar term.
OFFICERS (kny man•sem¢nt per￿nnel curr•ntly and throughout the y•ar)
Mr R F RUS￿71
Mr M&K Adamson Bursar. Company Secre¢ary and Clerk rts the Governors
Mr5 D F Gnham
Depucy Held
H•ad of Junlor Schaal
Mrs M-C
Glldfedd•r&•nn
PRINCIPAL ADDRESS AND REGISTERED OFFICE
Horn P￿k Lan•. London, SE12 8AW
AUDITOR
Crow• U.K LLP, 55 Ludrdt• Hlll, London EC4M 7JW
BANKERS
HSBC Bank plc, lfy) Old Broad Str••< London. EC2N 18G
INSURANCE 8ROKERS
Marsh 8rok•rs Umlc•d, Eduatlon Prac¢l¢¢. Capltsl HOUS￿ I-S Perrymount Road, Hiywards
Helth, W•sr RH16 3SY
SOLICITORS
Farr•r & Co, 66 Llncoln's Inn Fldds, London. WC2A 3LH
L•wls SlSkln, 5 Ch3ne•ry Lan•, London, EC4A I BL
V•al• Wasbrou8h Vlzards, Orchard COU￿ Orchard Lan•, Brlstol. BSI SWS
WEBSITE
wwwxolf•s.￿rn

COLFE'S SCHOOL
ANNUAL REPORT OF THE GOVERNORS
YEAR ENDED 31 AUGUST 1023
The members of Colfe's Sthool Body presenr their Afinual Report tr the year errfled
31 AuyJst 2023 under the CFArities Ac¢ 2011. Indudww the Directors. and Srategle Report&
under the Companles Act 2(M)6, togrfhtr with the audired firAncial statements for the year. Th¢
financi￿ sratements con501idate the aCc￿lS of Colfe's Sthool Sthoory Colfe's EdKatlon
Fowdatlon fthe Foundarion.? arrfl Cok's Ldswe Ser¥lces Ltd C'CLS?. a wholly owned
subsldlary of the Sthool. The Sthool is th¢ corpornte trustee of Colfe's EdU￿rIonal Foundation.
REFERENCE AND ADMINisfRATIVE INFORMATION
or181n￿lY estsb115h8d by Glyn In 1574. Coife's Sthool VAS Trfo￿ded In 1652 by Reverend
Abraham CO1￿ Vlar of Lthkn. When Reverend Colfe dkd in 1657 he taok the ¢nllghten
s¢¢p ofentyus¢tn8 the Sthool to theW¢)rship￿I Company of Leathersellers, In the Gty ofLondon.
Tad&y the School prIn¢lp￿TrY provides coeducational day educatlon for chlldr¢n frcm a wlde ran
of backgrounds In ks Junlor (ap 3-11) arrfl S￿[or (ages 11-18) Sthool& Colfe's Le15ure Serylc¢s
Umlred the trndlng sub$Id1￿, Off￿ sports and Iwsure fa¢iUtles for the benefft of the local
communlty as well as the School.
Details of the Governlng Body. tozethwiMth th¢ S&￿)r$ officers and wlndpal advlser& are 8lven
on pa8e5 1 and I
STRUCTURE. GOVERNANCE AND 14ANAGEMENT
The School Is governed by its Artides of Assogatic*n last amended on 5 May 2015. The Artkles
of Assoeiatlon k*rbld the dls¢ribudon of any ineom4 whKh Is tc be applled solely towar& the
obleers of the company.
Governlng Body
Under the Arwdes ofAsscdatiorn the rn￿bers of the Board of Governors are the Directors and
Charly Truscees of Cdfe's Sthool. Whw cornpler4 th15 body coffylse5 frfr¢￿ person& belng
the Master of the Leatherselers. C￿￿panY (ex￿). etzht others n¢)minated by the
Leathersellers, Company and SSX CwPtttr￿ goywnors.
Each Governor Is elected to hdd office for three years afeer vknlch they may be consldered for
re4elecuon. Nornially the maxlmLm p¢rlod of service is twehe consxutlve years although in a
speclal clrcumstance a governor may a final thretry¢ar tem If approved by a resolutlon of
th¢ Governors.
Re¢rultmert and Trnlthz of Governors
When determthlrq the appolntment of Governors the Board and the Leathet%elkn' Company
look to ensure a mlx of skllks al￿ seiert new Governors uking inro account the krthyledg
Irications and experience of each rnTrthd￿ The Herf Bursar and wlder stsff provlde r*ew
Governws wlth induttlon cr*ing whkh introduces to the workiny of the khool and the
Cofflpany as a reglstered cPAriy. They are eneourw to attend rralnlng workshops run ty a
nw)ther of orrdnisatlons induthg AGBIS (th¢ Associauon of Governln8 Both¢s of Independent
Schools). CortlrNing Govern￿$ are *0 eneouraFd to attend r¢leYanc rnknlng courses to keep
them up to date on key Issue& Gaven￿ an arnU￿ tninkn8 day.
The members ofthe Governln8 Body. as the d>rirytruS¢e￿ are lezally responslble for the overall
ManwM￿ and ¢ontrol of the Stho¢A They f(wr tlme$ a yw as a full Board to

COLFE'S SCHOOL
ANNUAL REPORT OF THE GOVERNORS (CONTINUED)
YEAR ENDED 31 AUGUST 2023
deternilne the 8enernl pollcy of the School and revlew Its ovetall manwent and control. The
work of hrylemenclng most of their policie5 is carried guc by the follovAng $￿eMmIttee￿.
The Edueatlon Comfflittee. whith is chaired by Mrs B W Canham, mec three trmes In the
year. The Education Comrnictx reportlng direcdy to the Gov•rnin% Body. ac¢iv* wnslders
educatlonal and pastoral policy and performanc&
The Flnance and Gener41 Pwp¢>ses Commlttee (F&GF). whkh is chaired by Mrs J A Brndley.
met four tlmes durlng the year. The Committe4 which reports dlrectly to the Governing
Body, $¢rutlnlses revenu4 the t¥Jdpt and capltal expendkur< and conslders any other r)on
educatlonal aspettofthe School, In addldon to recemng reports from the Estates commlttee.
the Developrn*nt Cofflmittrt and Colf¢'s Lelsure ser￿CeS. The Committee alx> finallses
the audited financial statements and annual report for appr¢yAI by the Governlng Body.
The Jolnt Consultative Committee, whlth Is a $￿CommIttee under the delepdon of the
F&GP and 1$ chalred by Mrs J A Brddley, comryned for the flnt aftnu￿ process to conslder
the employm¢n¢ matcers agreed In the khool's Yolunory recognltlon a8reement with the
NEU NASUWr.
The Estates Ccmrnittee, whlch Is thalred by Mr D G C￿lsOn. met thr¢¢ times In the year.
Reporttng to the Flnance and Genernl Purpo$¢s Comrnitt* the Esrntes Comm1¢
$upervlses and monltors capltal bulldlns prole￿ and the malnt¢nan¢¢ of the School and
Foundadon estate
The Rlsk Management Committee, vthlch Is chalred by Mr J Russell. met tsYl¢¢ In the year.
The Commlrree monitors all strateglc rlsks faclng the khool and reporrs dlrectly to the
Governlng Body.
The Health, Safe¢y and Securfty Commlttee. whkhls thalr¢d by Mr M Pell¢r¢au. met twlce
In the year. The ¢r)mmitw whlch reports diree¢ly w the Governing Body. Is tasked wlth
xrutlnlslng the health. 5afe¢y and securlty procethJr•$ and methanisms within the SchooL
The D¢velopment Commitrw. which is chalred by Dr N KJone4 met twice in the year. The
C¢rnmlttee Reports to the F&GP provldes t)ver￿¢ for the S¢h¢ol's Develo￿•n( srategy
and fwdralsmw efforrs.
The 5trdtegtc Planning Groupi whith Is chaired by Mr M Pellerew and w which governor5
ar¢ Invlted to attend. a8reed the Sth¢x*l's strdte8y in the Summer term 2021 WorkSng closely
with those In key management ptssluons, the group Is r¢5ponslble for the d¢velopmenc and
monltorlng of the School strateOc plan.
Tho day404ay manwment of the School is deleDt•d to the Headmaster and key mana8ement
personnel. They are also supported by thelr Senlor Management teams and wlder senlor staff.
The Heidmaster and the Bursar attended all cemmlttees. All Governing B¢)dy meeclngs are also
attended by the Deputy Head and Junior School Head. Various members of the Senlor
Management Team attended governor wd gubcommlttee meetkngs durfns the year. The
Chalrman racqlvw th¢ mlnutes of Senky Management Team meetln8s and att¢nds lfi petion
rezulèrfy.
The remun•rauon of the Headmaster and Bursar is set by the Boird. wlth other key management
rernuneratlon belng determlned by the H¢admas¢er. The oyerarchlng policy objecrjve ts to
Providè approprlate Incentives to encourage enhanced perfomllnce and reY4rd key management
falrty and responslbly for th•ir Individu￿ contrlbutlons ro the School's $uceess.

COLFE'S SCHOOL
ANNUAL REPORT OF THE GOVERNORS (CONTINUED)
YEAR ENDED 31 AUGUST 2023
The approprtateness and relvnnce of the remuneration pollq Is r¢vlewed annually. Indudlng
reference to comparlsons with other independent schools through anonymous benchmarklng
survey4 to ensure that the Sthool remalns sensltfve to the broad•r IMu• of pay and employment
condltlons elsevAiere. The Sthool alms to offer competldve Jalarles. subject to experfence,
¢nsurlng that there Is scope for rewardlng excellence. Dellvery of the School's th¥ioble vlslon
and purpase Is prlmarlly dependent on key mana8ement personnel, and Maff eosts overdll are the
I￿•$£ ￿ngle dem•nt of chrltable exp•ndltrJrn
Group Structurn and relatlonshlps
On I Sept•mbor 2005. all the actlvitles and nec assets of Colf•'s EducarlOn￿ Foundatlon w•re
trnnsferred to Col(e's School, wlth the exceptlon of permanent endowment fund5. rns¢rl¢ted
fvndi and freehold l•nd ind bulldlngk On th• sarn• dat•, Colfe's School appointed thé sol•
truite• of Colfe's Edu¢atlonal Founditlon ind ownershlp of Colh's Lelsure SeThlces Limlted
(Company Relstratton No. 02586190 rnzlx4r•d In knland) was tr4nsferred ro Colf•'$ 5th001
from Colf•'s Eduutlonal Founda￿0￿.
On 24 Au8u5c 2006. Colfe's School and Colfe's Educadonal Foundatlon were grnnt•d a Unlthg
Dlr•ctlon by th• Chart¢y ConMnSsslon. dlr•aln8 that Colfe's Educarlonil Foundatlon be treaud as
forn)Ing a part ofColf•'s Sthool for th¢ purposes of r•£lstratlon and I¢￿untSn& The soh m•mb•r
of Colh'i Schoolls the Wonhlpfvl Company of Leatherndl•rn.
Cowe's L•liur• S•Thlc¢i Umlted Is * wholly own•d non<hwlfabh tradlnz subsIdl￿. Th• tradlnz
actlvlttes of Colfe's Lelsure S•rvl¢¢$ ylmarlty compr15e m•mbershlp and hlr• r¢Y•N¢ from l•ttlng
th• sthool Campus and sports fael1lf1￿ when not In use by thé S¢hooL
Throuth tts lol• memb•r, the Lethersellers. Company, th• S¢hool14 assodat•d Indir•rtty wSch
many Charltable bodles Indudlng the L¢•thersellers' Foundarlon from whlch It recelv•d 8rants
totallln8 a40,000 f¢r the y•ar anded 31 Auzurt 20231202Z. £3110,000). Colfe's Charitable TNI
reosternd charlty number 275447, Is run Independentty of th• sch¢)ol and by lu own 8¢4rd of
TruK•w, £50,000 durin8 th• y•ir12021. £50,IJOO).
Oth•r R•latlon•hl
The Headmaster li a member of the Headrnast¢rs' H9￿mIstreSs•1' Conference whilrt the
School Is a m•mber of the Independent Schools. 8ursar5' As$o¢l•tlon. 80th membershlps permlc
the $h4rlng af expertlse and exp•rl•nc• acro$s the Ind•p•nd•n¢ sector vthlch qrnures the School
r•malns abrtsst ol current developments and Ideas In the Independent $ec¢or. Th• khool Is also
a member of th• hssocladon of Governin8 Bodles ol Ind•p•nd¢nt Schoo15 and the Independent
Assoclauon ol Prep School
Employment Pollcy
The Sthool Is an equal opportufiltles empbyer and 1$ commlcted tc creatlnga dlvwse and induslve
workplac& Full and falr CQDsideratlon Is 8lY•n ¢0 lob appllcatlons from dlsabled persons and due
conslderatlon 1$ glven to thelr ts71n1￿ ¢mploym•n¢ naeds.
Investffl•nt pollcy and oblo¢tlves
The School's Invesrment oblectlyes are to fflaxlml￿ total return a¢ an acceptable I￿¢1 of rf5
whlth $hould malntaln a perc•nta80 r¢turn h￿er than Inflarlon. balarrtlng the current and future
need$ br.
malntalnlng (at l¢ax) the value of the investrnents kn r•al terms;
produclng • conslstent and susfalnable amount to support ryendltu￿ and
dellverlng those oblectlves wlthln acc¢ptable levels of ri$k.

COLFE'S SCHOOL
ANNUAL REPORT OF THE GOVERNORS (CONTINUED)
YEAR ENDED 31 AUGUST 2023
To meet these objectyves the Sehool'$ investmenu are managed to maintaln dlverslficatlon across
a rnnge of assec ¢lass¢s In order to produce an approprrdt¢ balance between risk and rewm. An
investment propercy Is ￿$0 held from whlch Income rental Is recelyed and regularly revlew
Th• Inv•son•nc $￿te￿I and pomry are monitored by the Flnance and General Purposes
Commlrtee, a515 Invesrmenc performance, vknlch 1$ reported below. wlthln the Stratelc ReporL
Charlty Governance Code
The Governlng body take th8ir gov¢rnIn￿ respon51bllltl•s %•rtou$ly and to hav• a govern*nc•
frwnework th*t Is Ilt far purpose, compllant and effldenL Th¢ Board revlews lu structure and
pra¢dce$ agalnst th• Charity Cod• of GoY¢rrAnc• to •nsure the School's goVern*￿t fr*m•work
Is robusi and flt for purpose.
Fundralslng Prartlc•
Th• Governlng Body Is awve of the Code of Funth?Islni Practk• Ind the athil¢• ind
r¢commendatlon$ conta1n￿ thereln. Th• School Is underrakSngfundralslng actlvltles to ralse funds
In support of Its fflean5-t•st•d scholarshlp pro8ramm• In the forn) of donatlons or l•gacy lylnz
to the Colfe's Charltable TN$L Th• Schaol hu no (undrnI￿ng a¢tlvldes r•qulrfn8 dlsclosur• under
5162A of th• Charftles Act 2011.
QBJecTS, AIMS, OBJecTIVeS AND ACTIVITIES
Chwltabl• Oblects
The School's Oblecrs. as set out In th• Arrldes of Assoclatk>n ar• th• adYancun•nt of educatlpn
fw th• ben•fit of th• publlc by the proYlslr)n and conduct of a thy school for and 8lrls In or
near the London 8orou8h of Lewlsharn and, In so far ￿ li Is Inddental or anc111￿ to the
advancemert of•duudon, such oth•r purpoms for th• bIn￿l ￿ the local ¢+￿￿UnIty as thall b•
exduslvely charltabl•.
In further4nc• of these Objects for the benefit of the publlc th• Stheol has establl$h•d and
Admlnlsterj bursarles, scholarshlp$ and ￿hfjr b•nefactlon& and ac¢s a5 th¢ trustee and manager
of propery, •ndowments. bequests, and glfts glven or esrabllshed In pursuanc• of these Obj¢cts.
Th• Board Is rnlndfvl of the lontstandin8 n•ed to provlde publlc beneflt and of the requlrements
of the Charltles Ac¢ 201 l. In thls connecrlon the Board has monltornd clomly the guklanc• on
publlc b•n•fi¢ produced by th• Charfty Commlsslon together wlth Its supplementary yldanc• on
fee<hargln&
Intended Impart
Wlthln Its ¢harlrable objec￿ the School alm$ to achleve Its oble¢¢lv¢s In vAys tha¢ are consixent
wlth thè prlnclph$ of Its founder Abraham Colfe. ensurlnz the nfeguardlng of all pupll5.
mainrainlng the finaTrci￿ sublllty of the School provldlng publlc benefflL
Almj
The School'5 alms for the publlc benefit Ar&.
To pr<>mote excellence In all area5 of school Ilfe to d¢vel¢)p eath PWI'S abl1h1￿
cha17tt0r to th¢ fdl, whllst ensuring that each thlld Ss happy and developlnz thelr unlque
potentlal:
to provlde Snnovattve academlc teachln8 *thlch adds %?lue and ft)sters leafflinz and
s¢h¢larshlp of the h￿hett qu￿5￿ together wlth a wlde rdn8e of cultural, sport1￿ and cc-
eurrlcular attlvldes:

COLFE'S SCHOOL
ANNUAL REPORT OF THE GOVERNORS {coKfiNUED)
YEAR ENDED 31 AUGUST 2023
to nurtwe an awaren￿ of swrlttul arml mtsral vthes amongst ks puplls In acCOrd￿Ce wlth
the princlples of the Fowmler. Abraham co1￿.
to malntsln a balan¢ed and dlverse conThiW of chlldr•n from Y4rl¢d b￿k￿ndS wlthln
the context of an aodemIcal￿ selettive sthool;
to promote a purposelul, disc¥tined, swordve and respecthil atmosphern In whkh all
puplls are encouraged to achleY• th•ir full pot¢nd¥( staff can tknd v<¥cadonal I￿lment In
their cveers and all use theirt41enr4 for the bTex¢r good of the comm￿llY and s¢d•y
as a whole.
Prlmary oblertl
Th• k•y obi•ctivw of th• Sthool to thes• akns arn
to provtde an educatlonal exp•rkn￿ whlch Is conslstentwlth Irs stared a5ms and phllosophy
and Tfithlch ￿ rncognised for Its excellen¢¢ withln a l¢arnlnz culture In wthlch pupils are
•ncouryd to akn hlgh and wark syst•ma* towarth th• ￿le¥0m0nf of th￿r goal
to malntaln and kyov¢ the perfornwK• of b Mlls In publlc •xamlnxlon% r•hdv• to
th•ir potentlal $0 u to enhance th• xademlc repuudon of Colfe'& v•hllst malntalnthz th•
Str•n￿h of the School's cthiraL sportknz and Mrrlcular activides:
¢• ensurn that all puplls leave the S•nlor School arn pr•par•d and equlpp•d to m¢ee
the dHII•D8•5 and opportunltles *thlch th¢y wlll {￿e on en¢•rlng the wlder worl¢
to ensurn that the culture of th• Khogl Is refiected In all p¥u of the 5th001.
In achlevlng thls obEe¢tfv¢ the J￿10r Sthool also •kn¥ ro b¢come ￿ knpO￿nC sourc• of
aCad•m1￿1lY able and well-r0￿ded puplls for Colfe's Senlor Sthool.
to deyelop a di¥¢wK¢ive levnSnz cultur¢ ￿1Th the xhoal to prcffloM m•n¢al
to contlnue our h¥y0ven￿ of th• the sdMx•l estar• In th¢ contex¢ of provldl
•nhanc•d f￿lts1￿ In v•l*h to and achleve our ethKatiorMI •)blecrlves:
to provld• a d•ar. smnple arKI effeaiv• governance and manazement strucwre apable ol
taklng tirnety de¢lsSons and allocatknz he¢•ssary r¢sources appropriatety;
to pravlde the necessary thlnlstr*tfv• and bosdcal fr•m•work w m••tth• neeth ofpuplls
to b• th¢ coe&KatkxHI indewdent thy sthopl of thoke in South Eart London.
The ths and ablecd￿$ srf for C¢lf•'s Ldwr• S•rYios ar• to (Kiliw• the xhleYem¢rt af the
SthcoS's aims and oblertlves as above.
Strategles to athleve the PrIm￿ oblecth
To achleye th•w objecuves the Sthool contlnues to ks sratw of Inv•sdng kn ks broad
In ternis clthe •th[aiion￿ Prop0th￿ our oblectl¥e15 to wnprove the %ademl¢ pwlorm•nc•
the school Witho￿ saerlfieing Its Inthislvene5& socAI or br￿d educational expvlenc• or
our commltment to pa5tornl The Sthool corrtlnues to focus on strenzthenlng our offer In
the slxth forni level. perfrn In the slxth fom wlll help strengthen the Sthoof$ academlc
stsndin& drlye irwved *eademlc Perf￿M￿¢t ttrn8h th• Sthool and InCr¢￿e th•

COLFE'S SCHOOL
ANNUAL REPORT OF THE GOVERNORS (CONTINUED)
YEAR ENDED 31 AUGUST 2023
Thls Jtratw ts supported ty the SdK>ofs I￿ru￿1P prograrnrne wlth S￿￿￿1$ acro
Gr¢¢nwleh and Lthvish¥n ￿¢1￿&n8 the Leathersellers. Federdthn ofsdK>o15. Th• Leatherselers.
Scholarshlp Programme Is altowlnl up to 12 svjdents Sn each of the slxth forni years to benefit
from free places and contrllxrtes to the learw en%lronment and academlcally standards of the
To swort thls broad •thKational propoNuon ow Is ro r¢cruk Ind rafaln
t¢3chers of hlzh allbre. In the Senior sth￿l we will contynue to recrult brt8ht and
graduates and tratn them 4)ur successfid teacher uaininz pror4mme. We VAII
Invest In th¢ conthulng profess1on￿ dlvelownent of our exlsttnz staff to malntaln Improve
hlzh sttndards of teachln& W• to r•mln comp•ddv• In th• marknt for •ttraalry n
In￿￿1¢nE In ¢)ur knlrnsmKwre Ss also a necessary part of our s¢rat•y. Tho Estates Commltt••
Is re5pon$lbl¢ lor provldlng oveTrWt of fac511tl¢s dmlopment ac Colf•'i. Th• n••r-twm
Imperatlve Is to Improve facilltles In th• Senior Sehool.
In addklon, w• wdl c¢ndnu• ro udlkn• our ￿lItIeS throuth Colf•'i L•lswe Servlc•¥.
Prln¢W •rtlvlty
The Schoofi prln¢lp•l xthrfcy. ￿ spttlfied In th• Artkl•s of Assodatlw Is th• advancem¢nr of
•duatlon. The School condnuu to fulfil princlp•l Xtsvity wlth much $utt•M. Th¢ school roll
for 202ZQ3 av•ra8ed 1,281 (202 In2 1,255) puplls 840 In the S￿l0r xhool (2021121. 813)
•nd 441 In the lunlor sdK•oI (202 Ir21. 442).
Publlc Benefft
Colf•'s Sthool rwnalni comrnltt•d to th• alm of providiry benefi¢ h) Kcordance wlth Its
foundln£ prlnclples. The goyerrws FAYe compN•d wlth prtKrth•d In the Charltl•s
2011 to hav• th• r•Drd to 8uldaTrce publshed by th• Chariry Commlsslon, Incluthg P￿lIC beneftr
a forni•r $ut• sthool, Colf•'s attathes Impomn¢• to wldenlng panl¢*tlon
and pknylng a full part In the lffe d Irs loul communlty. Abraham Colf4 ¢yr Foundor, Vlc¥
ofS¢ m￿.$ Church In Lewhham thri￿th• perkjd ofthe En8llsh Clvtl War. The School WAlnrnlns
an ac¢lYe Ilnk wlth St Marf Chjrch In LeYA5ham and Father Hall Is the 5ch¢)ol Chaplln, We stlll
attach 8r#t value to our hLK4ri¢ wlth the BoroLEh of Lv•AIh￿￿, as well as wlth Greenwlth.
Colf•'s Sth¢)ol ts a clHrftable corrpany and seeks to the pjbllc through the pursulc of
stated alm& As 4 ¢h¥lw. th• parents of the school hav• th• r•aMurnnce thar of the lTrcom• of
the School must be applled fer ethKatlorAI purpose& Ow fees are sot ac a l•v•l to ￿sure th•
finandal vlablllty of the Sthool beinz cons15thnt with our alm of pn)vlthg firstschss
edueatlon to boys and Irls.
The Promotlon of Ethati
In accordance wlth our obieery we PrO￿de eduatlon to chlldren In or near the London Borouzh
of Lewisham.. Durlng the year. Colfe's Sthool educated an aY¢ry of1,280 chlldren berween the
of 3 to l& All of these thlldren r¢*d¢ in the Ll( they w¢rience an abm avernse level
of educational tralnlng. The School has a broad curriculwn and seth ro ensure thèc all thlldren
reKh thelr academlc potentlai. We b¢li¢Ye tPAt access to *yJr educarMxMI ser¥lces 1$ viral to our
success and that cur Outco￿ murt be 51Mred ty the lo¢al cofflmunk1￿ use our
fa￿11￿e￿

COLFE'S SCHOOL
ANNUAL REPORT OF THE GOVERNORS (CONTINUED)
YEAR ENDED 31 AUGusf 2023
Ukralnlan rdugees
Th# Sehaol mad• fourteen P￿CeS avallable to the chldren of Ukrainr4n r¢fugee p4xb •8ed 6- 16
In the Sprlng terni 2022 ar￿ continues to ethrate 13 of them at the end of the current aC￿eMk
y•ar. The Sch<￿1,$ cornmuimty is supportxy this inirlative by donarkng ro Colfe's Charltable Trust's
Ukralnlan Rellef Fund. vthlth covers irKldental costs such as unlft>rm& xhool rrips and p¢rsonal
laptop& ￿ well as essenthl En8llsh lafftzw tultlon. These puplls are wdl intezrated inw Sthool
Ilfe and thdr pr¢sM¢t at Colfe'$ is of great ben¢ft¢ to lis Com￿1￿.
8ursarles and Schalarshlps
The awlrdlng of meani.teMd I￿r$arleS measurable means of wovkkng publlc benefiL The
GoY•rnlng Body takes the vl•w thx bwwlts awarded to thos• th would nor othetrwls• be
able w afford the arn b¢Trth￿ w thos• f4ml11￿ w well u the wld•r Sthool communty In a
l•ty of VAy&
A$ 1 rn4tter of pollcy. Colfe's Sthool Provid￿ acce55 to thlldren from less affluent back8roundk
r#rf•s ar¢ *¥•ll•bl¢ to canth￿te$ would otherwis• b• unable to attend the school duo to
finandal clrcmtanc•, ￿0VId•d that suth ondldates pu5 th¢ entrnnce examlnadon and
d•monstrnt• a hlth level of academk potendal. The awards r4n8t from IOX to IOOX remlMIw gf
fees. Our xholarshlps ar• awd•d on th¢ b￿1$ ofthe indMdLHI's educatIon￿ extra•currieular
potentlai and are u¥￿ty WArded as a fixéd r•mlsslon amount (appro¥imt¢ly IO% to 50%) and
can be supplernented further by a Iwjrsary.
Durkng th• y•ar. C¢We's Sthaot hs m•ans t•st¢d bursvl•s to 88 thlldr•n. to th• value
of £1,394,IY)O malntalnlng the Incr•aw in M••n￿￿t¢d I￿rdS In rK¢nt Ye￿ f2021n2 81
chlldr•n to the value of £1.253.CW). p￿11$ rnc¢lved a bursary or cowknln¢d bursary •nd
Kholarjhlp of 50% cr m¢)r• induding 55 d￿ldren tho b•n•lked from a fully fundod p*¢. It Is
Important to not• that * number of puptls who cwrendy ben•fi¢ from academlc Kholarthlp4
thlch are avnrded for ￿ to fiv• yw& would oth•rwth• b• Pr￿n(ed from att•ndln¥ th• sthool
for financbal r•asons.
Th• S¢hogl Is parti¢ularty y7tefil to the L•athttwlkns' Foundatlon (previously Leathersell¢rs'
Cornpany CharSrable Fund) whlch has 8Anted th• S¢h•d a total of a097.5QO to be spent on
fidty funded bursari•5 in th¢ Leatherselers. Schol¥sl* Progrart¥n& The Ikst ef these bursarles
vMr• awarded to puplls loTr* th• slxth form In S•ptwnb•r 2014.
Th• Sth¢ol r•¢elv•d a zen•rw l•8xy of £485mO from th• Exate of Derek Wyles In the year.
Gov¢mcws approved Its tramfer to the Independent Colfe'$ Chariubl¢ Tru¢ whos• Trus¢ees
¥>ply th• fund$ to thwjce education at Colfe's by the provlslon ofstholarshlps or other eharluble
purposes In eonn•¢rlon wlth the School. Thls grant Is a¢ th¢ discretlon of GoY•rnors and wholly
d¢pendent on thelr being Satisf￿ tht It h In the b•$¢ Interests of the School'$ obleets.
Relatlon5h* Local Schools
Non-selectlve <omprqh•Tr5iv¢ Sthoo15 wlth whlch w• have regular conurt Include Conlsborou8h
College, Dlpdord Green sth￿ Addey Ind SE•nW Bonu5 Pastor. St Pwl's Acadeffly. S¢
Thomas More, St Lksula'& Tiini¢y Sd￿( Prendergast Ladywell School, 3fid Prenderyast Vale
School. These Khools tend ro have a h￿her of dmldren eligible for free school meals
than Is avernge fer the boroughs they are lotsced kn. C￿r work wkh thes¢ gchooks contlnuls
eYolv• and Indud¢*
A member of suff is responslble for sdb¢)oh' p¥￿tr￿1p$ and has a S￿[fi￿rt proportlon
of theSr dmetable de¢kated (o this work They arn aided by other M￿berS of the staff

COLFE'S SCHOOL
ANNUAL REPORT OF THE GOVERNORS (CONTINUED)
YEAR ENDED 31 AUGUST 2023
Colfe's teachers run ￿level taster sesslons and regular GCSE enrlchm•nt aalVi￿o¥ In
Ladn. Modern Foreign Language4 S¢l¢nc4 CompurI￿ Mathematlcs and debatlng whlch
are attended by puplls and staff from local sthools.
Puplls from our partner school loln our own year 10 studenrs for lolnt trlp$ tg Oxford
and Cwnbrldg¢ Vnlv¢rsltS¢s. Puplls kn Y#r 8. 10 12 ￿1ft In wlth The Caralysc- a ￿1Th(
program wlth seven state schools, Colfe's and St Catheriné'$ College, Oxford. We also
Inylte itate $chao15 to loln our unlverslty Infr•rniatlon eYenln&
The Leathersellers. Scholarshlp Progrnmme has bo•n runnlni $lnce 2014 and li
nowfundlng ¥proxlmatoly ¢lgh¢ places per year In the Slxth Forni. 24 slxth fomi PU￿1$
from local 11.16 state schools at¢endlni Colfe's Ire In recelpt of a full or parttsl
Sthglarshlp fund•d throu8h thls programme or from fvndlng obtaln¢d through Other
rneans.
The School tho partldpates In th• zoYwnanc• of * Nmhr of local stat• ithool&
Th• D•puw H•*d a gov¢rnor cf Conlsborouzh College untll 17th July 2023.
The Bursw serves on the Local Aad•my C¢uncll of Mlllennlum and Trrnb•rtrolt Prlmvy
sthools.
Th• Head of Slxth forni h a Trust•• and Vlc• Ch￿r of Shoot•rfs Hlll Slxth fomi ￿118•
frw J￿• 2023.
The Dlrector of Studl•s Is a Gov•rnor *¢ AOJ•y and Sranh¢p• School.
Othtr Ar￿ of Publ1¢ Bendlt
The School actlvely seeks opportunltl•s Eo ￿111¢ b vAder communlty. Ch•rltable events i
h profile throughout the school year all pupll$ hav• numwous opponunl¢lw to contrlbut•
to a wld• ran8• of projects, Cowe's School has a lonytandln8 partnershlp vlth A school In The
Gambla. The oblecdves ef th• Partn•1￿1P are to funh•r th• developrnent of Kotu S•nlor
Secondary School and to provid• a safe and responslble opportunlry for Colfo's puplls to
lIr￿h4nd •xperlence of Ilfé In a d￿loPIng coun¢ry, Thls frlendship was re•fflrnied In s￿￿MIr
2023 ￿•n 17 mff pwls vtslted th• Kotu School, Includlnz i Leathersdl•rs' scholar.
Wher• pomlble Colf•'s Sthool Mak￿ hcllldes avallthl• co adults and chlldr•n In the c¢ynmunly.
Thls 1$ facllltated through both Colfe'$ Lelsur• s¢r¥I¢￿ Ind In conlunaion wlth Colfelan Grounds
Ltd. the latter uslnz the SCI￿01,$ Hom hrk sports ground to provlde a communlty spons dub
that 1$ avallabl• ro younz people and other m•mbers of the local community.
Volunt••rs
The Parenu and Frl¢nd$ Aw¢tstlon {PAFA} and Old Colfekns help with ￿n*￿51n£ and w¢1
and cultural act1viti￿. The Board contlnues to be extremely lrnteful for PAFA'S Contlnul￿
luable support to tho School.
10

COLFE'S SCHOOL
ANNUAL REPORT OF THE GOVERNORS (CONTINUED)
YEAR ENDED 31 AUGUST 2023
STRATEGIC REPORT
ACHIEVEMENTS AND PERFORMANCE
Revlew ofachlevements and p¢rfonw¢¢ for the year
In the context of na¢lonal swidards r•pJrning to prtyandernlc 2019 l¢v¢l& Colh's puplls excelled
at both A-level and GCSE 87.5% of A level exams f4ded A* to B (2022: 89.2%) and 57.8% at A*
or A (2022: 71.7%). Ac GCS& 93.5% were 8rtd¢d at 94 (2021. 94.6%) and 80.0% ar 9.7 (2021"
83￿%1. 37.3% of aYf4rd5 V￿re graded 912021. 37S%).
Nearly all s¢uden¢s secured Plac￿ at their chosen univenltl¢s. ofwhlch 73% were acceptsd onto
Russell Group 'Plus' unfversirles. Three students are readlng medlclne and two Dined Oxbrldge
places.
The kh(H)I contlnued to bulld upon its siiccess In recruitlng puplls from a wlde range of feeder
xhoc13 Includlng both s¢a* and Independent sEhool& Fiecord numb¢rs sat the I l + en¢rdnc•
examlnatlon In January 2023. Demand for places In the Junlor School remalns healthy.
The bIenn1￿ Careers Falr was attended by 300 pupils and 100 Industry represenrArlve& John Glyn
lecwres covered toplcs Indudin8 Llfe on Mars, plastic-free oceans, truth In flc¢lon. and how art
¢ly the world. For the fourth cMsecu£fve year. Colfe's won the CV+llZZ South Book Quiz
trophy and a team of readers trfumphed In the National Reading Charnplons QUIL Year 12
linguists competed in the final of the fvutes Orntolre$ Lyeéennes debatlng competld¢)n. and four
Year 13 rnathematlclan5 achleved rnerlts In the Andrew fvbblngs Senlor Kanwo ¢omp¢¢ltlon.
The sthgol saw $porthig success in many dlsclpllnes. partlcularly In f4)orball. tennls. athletlcs
swimmlng and fencln& The Senlor ruzby and nerball teams had a successful sports tour In South
Afrl
P¢rfom)Ing Arts hlghllghts Induded producdon5 of The Real Inspector Hound and Bug5y Malofie
and muslcal perforniances throughouc the year. Year 6 puplls recorded a special verslon of the
tradI￿OrAl Ukralnlan Carol Shchedryk Shchedryk wlth Young Volces, leadlng to an appearance on
ITV News. Senlor School puplls organtsed a Cclfe's Euroylslon Song Contesc In support of tho
Ukralnlan R¢11￿ Fund. wth a guest appeardnce from presencer Graham Norton. Norable rrfps
Induded a week In Sldly for Geo8rnphers and Classidst& I CCF deployment to Glbrnlr2r and a
vlslt co the CERN HQ In Geneva for Year 12 physlclst&
Inv•rtm•nt Perfonnan
A¢ the year4rf th¢ School's long-terni invwunenL% c¢)mblnlng the Ilsced and property
in￿$￿￿*n￿. rotalled £3.6 mllllon. Thls represents a decrease in market value of £{I10,000) In the
year to 31 Ausux 2023. Th4 incom¢ yi¢ld on 5nvestments15 3.3%12022: 4.1%). No Inves¢ments
were reallsed. 2nd r•0 new Investments v￿e undertaken durfnz the year.
The Governorfs powers of Investment are widety d•fin¢d accordance wKh the T￿stee
2000, Investrnents miy be in stocks. shares and other Investments as they consider
approprlat& The inyesunont assers of the sthool are invesred In managed tharltable funds. The
prlmary oblectlves of the management of InV￿￿￿ents is ¢0 Presen￿ che capiral Wdlue o( the fund
In real ternis and to provide income and eapittl growth rf posslble. The performance of the
managed funds and the Investm8nr strdt•8y ar¢ r¢viowed regularfy by the Rnance and General
Purposes Commlt
11

COLFES SCHOOL
ANNUAL REPORT OF THE GOVERNORS (CONTINUED)
YEAR ENDED 31 AUGUST 2023
FINANCIAL REVIEW
The Income ef the Sd)ool and Its sthithry. Cdfe's L•isw• Services Ltd deriv￿ from sth•ol fees
and oth¢r In¢om¢ Kr•ams In tho forni of pakj for th• public use of th• sporrs ￿ntrO and
other faclllde& donatlons, and from inve5tment& The funds %￿erated are for the ￿testrItted use
by the Governors In the fvrthernnee of th¢ Sch¢x+l's oblecth& except for those funds g•Mrn¢ed
from ¢ert22aln Prlu5 and 8eques¢5 FWMI 1Dveth￿￿ whose application li rettrlcted to the uses
ipedfl•d by th• origlnal b•qu•sty and donat1(￿$ and grants r•thived for spKIIIc pwpos•k
Ov•rall, th• cons011dat￿ &Youp's fimth Incr•as•d ty £767,0(Kl In th• y•ar (2021n2 DI5,or￿)).
Thls Is prlywty
A strong operatlonal perfOr￿e wlth n•t Sthool fe•s incrwinz by £lm to £19.Sm and
•n¢llknry kKome increasinz by £905k ro £Z998k- thls h malrty attrlbutabh to a hlzher
n￿rnber ol sthool tr*s alon8sld• Incr•ased r•venue from sthool lunche4 wraparound
A hll In th• unr•all¥•d valu• of Inv•stsnents of £ 110.000 (2021m kns of £{119.ry)0) ).
Trndlng frthn the ¢)perntlons of CoK•'i L•lwr• Ser￿¢•% of £491,000 (2021122
£358,0(M)).
Caplui expendlture on the Sthool's estate of am ab¢m th• l•v¢l of recent years (2021r22
£lm) prlmarlly due ta the developrnent of th• Bulldln8• whkh provId￿ four n•w
dassro¢ms for the Senior S¢hool.
The ¢otal conso16dated funds of the School t1￿$ kncreued frem £20.671,000 as at 31 Auzus¢ 2022
£21.43&tXIO ￿ at 31 Au8Urt 2023. Mw• de￿1¥ are provided in th• Conwllthted Statemenr of
Rnandal Actlvkie5 on page 23 and th• Consoll&ted BalwKe She•t on p4e 24.
Golng concern
The pupll roll Increued to a hlgh for th• 2023n4 leaden* and the School ￿nIknu
ro M• h•althy Intw•rt at all l•Yels and at I l+ and 16+ In partiollr.
Gov•rnors a¢knowl•d8• th• rlsks from pwslswrt infiaiion •Thd Interest rates on tho School's
cost bu• Ind ire monltorlng them dwou8h 17n￿d￿ reporrjng and rovl•w of Key P•rfomMnc•
Indlcatcrs. Carefijl considerdtion to th* potentlal impx¢ on parental affordknlllcy.
gether wlth the very presenc eoncern of VAT b¢ing impgsed on fees. Th• Khr)ol ts preparlng
k+r thh swllrlo and ad¥tlng Irs finandal pkns a¢cordl￿.
The Sthool h cor41d¥kng m4xlert bcKrowlry to rewlred facllltles *)v¢r the nexc (wo yoars,
as, Swlm Afadw and Membevs. lelwre are COMPttk￿ and populw offerlry In the
context of the local markeL k5 Dire¢rorn are confmlent that the curren¢ level of contribudon ¢0
the Schod can be sustaine
Govern¢)rs contknue to monltor athlssl¢ns and the Schoofs and c￿ financlal posklon car•fulty.
They conslder th• financral po*tion of the SdKJoI and Its subsidi¥y to be satlsfactory theref¢r¢
12

COLFE% SCHOOL
ANNUAL REPORT OF THE GOVERNORS (CONTINUED)
YEAR ENDED 31 AUGUST 2023
Results for the y•tr. Coffels LelJur¢ Ser¥lces Umlted
Colle's Lelsure Servlces Umlted (CLS) Is a VA￿lY owned rradlng $￿sEd* of Colffe'$ 5chooL It
provldes sports and le15ure facllltles to the Colfe'i communl¢y and the genenl publlc through
operndon of the CLS membership and le￿inZ of the School's fa¢li¢ie
The Colfe's Swim Acad￿ is popular wlth lool famifies arrfl 1¢$ sessions are nearly fully
subscrfbed. The number of membershlps to Colf•'s Lelsure S•r¥lc•$ increas• In th• year due ¢0
succesrful m•rketln8 actlvltles and an Imwoyement In customer servke levels.
In¢om• for th• year w4$ £1.131.ofxi (plus Q&O(M) ￿ter￿4 (2021" £92ZOOO). r•ithlry In *
￿￿t profit of £491.000 befere Irbterttc and gift ald payM￿ts Q022; £358,000). Net assets a¢
31 August 2023 to £2410￿ poll. a411YY)).
erv•s L•v•l Pollcy and Fkn•ndal Vlabllky
Th• Sthool's ￿trieS poliey Is to ffAlnuln sufflcknt ￿reStrI￿￿ Income reserves tts •nabl• It to
mt•t Its sh¢rt-t¢rni flnanclal ¢)bllgatlons In the evenc of an •Jnexpected revenue shordal. It Is the
p¢lly of the Govérn1￿ Bady to retsln suffid•nt remrves to allw.
th• ￿n￿nuIng oper*tlons of the Sthool. 49￿￿1 fo thr¢¢ months. runnlng cosu:
the replacement of Its ￿ed auets as th¢y end thelr worklng I￿$.
conrlnuous us1sT￿te to pwls of the Sthool by avArdln% i￿r$ar￿¢S and stholirsh*s; Ind
the enhancqrn•nt and expwth of th• 5¢horfs *llltles from tlme to
Th• s￿￿rI Rw•rvw Policy Is to hold wnKrlcr•d hicome res•rY•s to cov•r thr••
month's essenrJ•l runnkng ￿#$. r¢s•rrt h defined #. rndily rn111a￿e In¥￿￿￿•n￿
(unrestrt<ted stoth and th¥w). l¢n N¢¢ Current Ass•ts (excl￿11Th1 entrance d•posks held).
Cwren¢ unrestrlcted reserves at £S.Im v• In Une ￿ the poky tsrpt of ￿.2rn. Th• 8oard ts
allyys mkndful gfth• Iml of reserves when Con￿ fin￿¢￿1 and mt4ak d•thbThs •ffecdnz
th• school.
PRINCIPAL RISKS AND UNCERTAINTIES
Th¢ IffpOrtan￿ of Heald4 Safety and Securlcy (HSS) Is the wlndpal eoncern for rtsk m￿11ement
and th• S¢h¢ol Is ever mlndful of the need to PrO￿de • safe thronmenr for Its puplls, staff
vlslwn. Rl$ks ¥e wlde rnn8ln8 from educatlonaj vlslu and outdoor pursd¢s to Infraxru¢¢ure and
nr•. An •ngm)ous r•n8e of actM¢les are offered Ind f4clll#ted by the SdKxJI and the assodatad
rlsks of all adv1￿•9 ar• mlnimlsed by thorou8h pknnlrw and dsk asse5srn•nL Th•se rlsks are
monltored and man*yd through the owatlonal HSS ￿kn1￿. Governors 0venI￿t ts at
th• HSS C¢mmltte&
The Gov•rnin8 Boty conslders the afforda￿1￿ of fees by prents acrom the Independent
to be a rnalor risk fa¢¢d by th• school and on• is hin¥ exacert>ated byth¢ th•llenglnz outlook
for the UK economy and hl8h Infiatlon and Interest The rdorm of th¢ dHritsble b•nrfiEs
Independent schools recel¥e Is now considored probthle kn the next 1-2 ye*rs and the loss of
Buslnets rnt¢ relief Is Incorporated Into finanml pkn> The IIkell￿d of VAT belng1ry051d on
sthool fees has Increa*l SIS￿ondY and pkns are belrq wepared for th1$ contynry.
13

COLFE'S SCHOOL
ANNUAL REPORT OF THE GOVERNORS (CONTINUED)
YEAR ENDED 31 AUGUST 2023
The principal finanoal rbsks arislng from these factor5 are that fee Income cannot be $unalned at
levels needed to support necessary operatlonal and capltal expenditure. and Inflatlonary pr￿￿re
on the cost base• parri¢ul¥ly suff Costs and faeilities expendlture. The potentially severfcy and
pxe at whkh the effects of VAT on fw ￿Uld be fdt by the khool. and thereforn the scale and
rate af ￿JUstment to its busir*$ model. present P￿cUlar challeng
The operatlon, flnan¢tal and reputatlorral r15ks from ¢yber-at¢acks agalnst s¢ho¢l$ are reCO￿lSed
as a very slgnlficant rf5ks for School$. Colfe's und¢rtak•$ annual penetrationrfestlng of Its network
and Is undertaklng remediatlon to ￿1n Cyber Ess¢ntkls certlflcat40n.
The Governln¥ Bgdy of Colfe's Sthool Is responslble for the managemert of the risks fa¢ed by
the School. Detailed Considera￿an af the rlsks faced by Colfe's School Is delesat¢d to the R15k
Management Committee. who met twlce thring the year. Rlsks are identlfied, assessed and
controls establl$hed. The key controls used by Colfe's Stht)ol Inclu
& Fornwl a8endas for all meerlnzs of the GoY•rnlng Body and Commi¢r¢e%
b. Detalled ￿MIS of referenee for all Commlttees:
Comprehensive stratebc planning, budgetlng and marllgement accountln
d. &tablished and Identlfiable orDnisatlonal strutture and reporting Ilnes:
¢, Comprehensivo fornial wrltten polic1￿ and the monitoring of these polleles:
f. Clear authorfSa￿0n and approval levels:
Vettlng procedures as required by law for the pratecdon of the Yulnerabk,
Through the risk management processes esfabllshed for the Schpol, the Governlng Body 1$
Sat05fied that the malgr rfsks Idendfled have been adequately mltirdted where necessary and to
the extent reasonably posslble. It is recognlsed that systems can only provlde reasonable buc no¢
absplut¢ wurance that th• major risks have been adequat* managed.
STREAMLINED ENERGY AND CARBON REPORTING {SECR)
SECK is a mandatory reporting requlrement for large ¢ompanle5 whith Is deslgned ro Increase
Internal avrdreness of enew usage and cost afid drive adoption of eneryy efflclency measure&
The Sch¢￿1 has developed an Enylronmental Sustalnablllty Poliq and Is receiving expert advlce on
adaptatlons to operate the School's estates m¢)re sustalnably.
14

COLFE'S SCHOOL
ANNUAL REPORT OF THE GOVERNORS (CONTINUED)
YEAR ENDED 31 AUGUST 2023
Y•vto 31 Aui Y•wtsJl
- doctrlclty
92171S
2.033J82
1,204.737
.tat
- •l•etrkl¢y
100
366
397
. qlxtrlEIty
OMI
0.01
om
0.03
. tatsl
1rtt•n￿ty rttl• •xl••l•M o•thM• pw h••dewn¢ <•tsd•rt & •t*ff FTfJ
. •l•¢¥kly
0.14
0.13
0.24
.tat
IX
•X3•
Not•1
I. UK ￿er￿￿t0>y•r$ •dyo¢lwAI and r•lat•d alC¢lf•'s School lu CoW•'i L•lwr•
FUTURE PLANS
The S¢hoofi key Ob￿ as repmd In the Strate8lc pl￿ ar• broathy unchw•
Th•M obl•cths underpln d•Vd0￿ plans vthlch are In pkn for eath of th¢ ara¥ of th•
School $0 that th• Schwl condnues ro •Thh￿¢e Its *llty to provide a firsc•da55 edu¢atlon and
pastornl care to Its pupls. The Sthool 1$ de¥elopln8 new c￿r￿rn th￿81ft8 room fadlltl•s
Al pwls In th• S•nior sdwl have a Pernon￿ dwol de¥lce arrtl the use of tethnololy be
further Inte8ratod knto and learnln&
Th• Sthg01 h cornrnltted w b•¢omiry mor• susuthable and has adopred ￿ Envlronmen¢al
Sustslnabbllty Polcy. Sustalnabllly m¢asur¢s arn In¢orpor*r¢d Into any n•w wis¢ruttlon and
mlor r4fwblshment ofth¢ e#ate bu#dlth
15

COLFE'S SCHOOL
ANNUAL REPORT OF THE GOVERNORS (CONTINUED)
YEAR ENDED 31 AUGUST 2023
Under the revlsed UK Corwdte Govern￿ Cth Governm are requlred to explalTh
how they have consldered the Interests of k•y St￿¢hOlderS and the broader matters stt eut In
secdon In(i) (A) to (F) of the Act (51 n.) when perfornilng thetr duty to
promote the success of the Company.
Promotlon of th¢ su¢¢eM ofthe rylsatlon to benefit Its members
Th• Governors confirni tlAt In ac¢ord•n¢• wlth S¢¢rioD In ( i) of th¢ C￿￿PanIeS Art they att
In a way comlder would be mosc Ilkety ro athleye the purposes of the C¢mpany. In mlklng
thls ass•ssffl•n¢ th• Governor5 have Cons1￿ the lollowlnF
172(1) A Th• Ilk•ly conwuenc•s of any d•thI¢￿ In th• long t•mi
The lo￿ternI sustalnablllry of th• op•rndn8 model Is ¢onsldered by the G¢)vernors as set out In
the Future Plans and Golng Con¢ern se¢dons ofthe Amual Repon of the G¢)vernors. Spedflcally,
Governor¥ ¢Msl*J•r both shor¢- and Iw8•r-t¢rni IkHndal prol•cflons and the key rlsks that could
n•pthidy Impxr th¢ iusralnabllFw of thè 5kho01. Gtsvemors manlwr a8alnst fin￿da1
plans by r•vl8w of rnanagwnent Inforrnatlon and IkAndal Mnsldvldek The yln¢lpal flnanclat rlsks
ar• eyyored throuth the prnparatlon of rfsk scenarlo lorecasts and rnanazemenc ac¢ton plans for
svuckny by th• Flnanc• and G•nqral Purposts Cornmltt••.
Rlsk manyThnt li •mb•dd•d at all l•Y•ls aeross th• Sthool. The most s￿￿le￿r rlsks ar•
consldered it the Rhk CommltteL See Infornmtlon wthln the Prlncipal Riskn and Un¢er#lntles
for firth•r d•uk
Gov•rnors *r• lfivolved In kty dedd¢￿ kn r•ladon ro wl¢al •xp•ndl¢ur• and Invesunent
dedslom, for ex*nph apwthl al Estate mut¢rpkn the Indmthal Pha￿ of d•v•lopmenL
17211) B. Th• Interests of th• •nyloyM•
Gov•rnors kw wralmd of ttaff moral• •npzemwK 1¢ Governors, m•etlny, throu
the Chalrnwi's attendance at Senk•r Leldershlp meetlrwS1 ind r•8dtr correspondence wlth the
Headmascer Ind Bursar. Governors have the ¢wortrJn* to m•rf staff on vhks to the School and
at ev•n¢s suth as pdze8fvlng and Founderfs thy.
The School hs a stratrye +Jbleetlve to recrutt and reraln teachers of hlzh callbre. Governors
receh annual salary benchrnathg report5 to Inlomi pay d￿l￿on$ and ensure the School r•malns
comwltlve In Ics markec The School has areed a voluntary re¢oKnltlon a8rettnent wlth th• two
main r•achin¥ unlo￿ this establlsh¢d a Jolnt Consultad%* Commict8e as the forum for
¢n84lng wlth staff on matt¢rs ptrtatnlnz w pay, hours and holldays and P￿1￿10n*
The Company has ¢￿￿led vrfth th• UK'S E4wall¢y Act 2010 R¢8ul¥ions 2017 thit requlre th•
publlcatlon of Infornudon on the ge￿Ier py pp for UK employ￿ annually. The report Is
ardllable on the School's websk
s 172<1) C. The need to foster the comp•ny's bU￿ne# rel￿10￿1h1PS wlth Jupplhrs,
¢ustom•rs and oth•rs
The Governors Senior Leadership are mlndlul that paren¢s are the ky atswmers and arblters
of the School's success. A<knlsslon to the school 15 contingent on $I￿1Th8 the School's Terms &
C¢nth¢ions that are the of a l¢pl contract for e(bxadonal servicek Mosr aspects of the
16

COLFE'S SCHOOL
ANNUAL REPORT OF THE GOVERNORS (CONTINUED)
YEAR ENDED 31 AUGUST 2023
fully and conslstently meL There Is regular communlcatlon with the Parent body by the School,
and Senlor ludershlp Is Infomied by parentsl f••dback when maklng key dKlsloN.
Colfe's 1$ an irnpor¢ant eryloyer and conrraceor of service5 in the Context of irs local area. The
School has a polky of paylng $uppllers prompdy and always seeks to resofve Suppller dlsputes
amlcabty and f¥lrly.
The School is grateful to Its Parents and Frienth Al￿¢[￿tIon and Its alumnl n•twork for tht
vcluntsry th¥lrabl• support th*y provld¢.
S 172(1) D. The Impart of th• ¢ompany's op•r•¢lon• on the communlty and th•
•nvlronmont
The Sehool'$ P￿1$ and staff show concern for tho envlronment and dwnonsrrnte • c¢mmlun•n¢
to sustalnable Ilvlng. 'Sustaln*blllty' Is a prlorlty oblecdve of th• School D•velopmenc Plan. The
strateKY Is supported by th¢ Envlronmentsl Sustalnablllty Pollcy and the Esrates Commltt•• h
ov•rslght of how th• School Is d•llverlng Its sus¢alnabS11ry 8g•nda. There 1$ an ¢stabllsed Ecalo
group and suxalnablllty ar• Incorporated Into estace dev•loprn•nL
The CompThy hu completed the Enerzy Savlngs Opportunlty Scheme (ESOS) r•portlTri
r•qulr•m•nu and m•t obll84tloni for d1ic1csu￿ under Streamlln•d En•r8y and Cw*on
R•portkng (SECR).
S 172(1) E. The d••lrablllty of th• comp•ny m￿n￿lnINg a reputatlon for hl¥h
•t•ndardi of builnus conduct
Th• School workn wlth ¢ru$t•d and reputabl• ¥uppll•r5 who ar• v•tt•d and eyetted to conwy
wlth Khool procedures and rlik •$w$men￿ The School ensures lu procurement proc￿$e5
d¢mons¢r4U falrn¢ss and Integrlry, compty with r•l•Yant l*ws •nd rngulatlon4 and keep
Inforniadon ￿nfidentIal and Secure. The Bursary irn avrdre af Mon•y Launderlng rlsks In
Ind•pend•nt Sthogh und•thk• approprlate vettlng and screenlnz of sour¢•i ¢f funds.
172(1) F. The need to act fAlrty * b•tr••n m•mb•rs of the company.
The Sthool Is a m•rnb¢r of Assodarlon of Gov•rnlng Bodles of Independ•nc Schools (AGBIS) and
seeks to complv wlth the Charlty Code ofGovernance. All Governors reeelve trdlnln8 on avoldlnz
and dlscloslnz poten¢lal conflicts of int•rw¢ and these are declared ac tht stsrt of commltree
meedny. Related Pary Dlsdosures Ire completed In preprndcn ef the annual K•por¢ and
Accoun(s.
17

COLFES SCHOOL
ANNUAL REPORT OF THE GOVERNORS (coNllNUED)
YEAR ENDED 31 AUGUST 2023
The members ¢f the Go%trn￿ Body ar¢ aEw th¢ dlrectors of Colfe's School for th¢
purposes cf company law) are r¢spon5ble for Preparin￿ the Annuat Report and the flnandal
sutements In accordance vitth applicabk law and Lknted Kingkn GenerallyAcc•ptod Ar¢oundng
Prnctiee (United Kingdom Accountkng Sfandarth)
Company law requlres the Governlnz Body to prepare firrancAI statements for eath finan¢ial year.
Under that law the Governkng Body have elecfed to prepare the financial statements in aceordance
with United Kingdom Genernlly Acce￿￿ Accountlng Pracrice (Unit¢d Klngdom Accounting
Standards) and applicable law. Under cryy law the Governing Body n￿sE not aFprove the
fi￿an(la1 sratemenc unles5 they are sarisfied thtt they give a true and falr Ylew ofthe state of affalrs
of the th¥itable Company the ryp and of the income and expendltyre. of the tharltable
group for that p•riod. In pr•par1r￿ th•w finanthl statem￿ts, the G¢)v•rning Body are requtred
selett suitalde accounoftg polid# and then apply them ccnslscerrtlr,
obseThe the methoth and prkndple5 in the Charltles, SORP.
make iudgemenLS arNJ ¢Stim#￿ that are reasonable and pnthn¢
state whether applkthe UK Accounting Srandarth have been followed, $ub]ecr to any
material departrjres dlsdosed and e¥pknined In the statemen¢s and
prepare the financi￿ 5ratemen(s r)n the golng corKern basi5 unless ir is Inapproprixe to
presume that the charluble company will ￿tirtUe in buslne
The members of the Governlnz Body are r¢sponsibl¢ for keeplng adequate accounting record5
that are $ufficient to shew and explain the ehrioble eonyany's trdnsxdon4 d55d05e wlth
reasonable accuracy ar any lime the financlal position of the tharitabk company and enable them
to ensure that the lknancial sucwnents compty vrfth the Companle5 Att 2(KJ6 and the provisions
of the charlrls constltsjtlon. They are also resPor￿1ble for the assets of the eh¥iry
and the group and hence for reasonable steps for the Freven¢lon and dtt¢ction cf fraud
and other Irregukrltle&
Relevant Audlt InfonTht
Insofar as each of the Gov￿￿ at the dare of approyal of thls report 15 awar< there Is no
relwnnt audit inforrnarion (h)fornMtk>n needed by the Con¥>arfs audrtor In connertion wlth
pr¢paring th¢ wdlt report) of vthlch the Comparfs audltor Is unaware. Ea£h member of the
Governlng Body has taken all the sty that he or she should faken a¥ a member of the
Governing Body in order to hlmself ¢x herselt avAre of the relevant wdlt Infarn￿ and
Approved by the Governing Body of C¢)We's Sthool on 12 March 2024, InclvLkn& in thar capacity
coffpny direetor& *pproYln8 the D*Tcttirs' •nd Strarw ryorts contalned thor¢ln, and
Si8ned on irs behalf by:
M P E Pellereau
Chalmwi of the Goyernlng Body
18

COLFE'S SCHOOL
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
Independent Audltorfs Report to th• of Colh's S¢hool
Oplnlon
We have au¢*ed the fln**lal stateMW￿ of Colfe'$ Sthool fthe th•rirable compwrf) ft>r the
yw ended 31 August 2023 whKh cornprlse th• con￿lId￿ed Statement of Rnandal Ac(Ivldu,
the Consolldated and Cryy Bknce Shrt the Con5011dited Sunmary Income and
Expendlwre AttounL th• Con501ithted Cash Staternent and not•s to the finandal
statem•nts, Includlry $18nlficant accOu￿n8 pollcle5. The fiTran￿ reportlnz frwnthvork tha¢ h
b••n applled In thelr WePara￿ Is •pplkabk law and Unlted KIng￿ Accoth Standards,
Includlng FlnancFal R¢porting Sondard 102 The Flmnthl R¢PO￿n8 St￿dard 4>pllcthe In th• UK
and Republlc of Ireland (Llnlted Klngdun Genernlly Accepted Accounting Practice).
In our ¢Jplnlon th• flnanclal xat•m•nt&
a trne and f* VI￿ a(th• s¢at• of th• grow>'s the charlfable comparrfi aff*s u it
31 Auyst 2023 and of the zroup's thcoTh exwthrfft for th¢ yar then ended;
have b•en properly prepared In accordance whh Lknlred Generally Acc•pt•d
¢ountlni and
for oplnlon
W• condutted our audlt In xcorthnc• *4th Interrndonal Sundirds on Audldnz (UK) (I
IUK)) and appllcable Faw. Our responslbllltles ￿der those standlrds are further d•ScrIb￿ In th•
Audltor's rnspons*llltl•$ f¢r the auth of th• fin•ndl sratements secrion of our r•porL We v•
Ind•pend¢n¢ of the group kn ￿cOrd￿Ce vAth the ethleal re¢wlrements that arè rnl•Yani ta our
audk of th• Ilnan¢kl stat￿￿lts In the UK Inthdlni th• FRC'S Ethlal Standard. and w• hve
fvmlled our other ethld responslblltltt In attordance wlth these r•qulrwnents. We bell•v•
that the •uth •vldenc• w• kHv• obukn•d is suffldent WKI •pprwiat• to provlde a buls for our
oplnlon.
Conduslons r•l•tlng to goln8 ¢4WK•rn
In au¢ltlng the fin1nd￿ statements, have conduded that the trusta's of the za
concern basls of a¢cowEiry ￿ the preparatlon of th• finandal statemen¢s ts apprvpriite.
Bu•d on th¢ vffjrk we have Perf￿ne< we h•ve not Identified any mat¢rW un¢trukntles
rdatlng to ev¢nu or cwditigns Indivldually pr coll•aiv¢ly. may cast s18nifKanr doubt on
the charltable comparf$ ar the group's ablllry to tt4ntlnue as a golnz concern for a period of at
l•ast rwelve mornhs fr<xn vAwn the financknl statements ar• wthorlsed for Issue.
Jr respomlbllltles and the resp￿5￿￿ of the trurttts wtth respece to concwn are
Oth•r Infornmtlon
The trustees are responstble for th¢ oth¢r Inlormathn conuined withln the annual rnporL The
other informatyan comprfses the lnfornutlon Induded In the anrnAI reporL other than the
financial sucemerts and our kn's report thereon. Our cplnion on the finw)dal statements
does noe cover the other InfornHtlon ex¢¢pt Eo the extent oth•ryrn¢ ¢xpliatly stat•d In
our reporL we do not any form of assurance conthsion thereon.
Ow r¢S￿bIty Is t¢ read th other kn dolry s4 consid•r vAxther the other
19

COLFE¥S SCHOOL
NOTES TO THE HNANCIAL STATEMEKf5 (coKnNUED)
FOR THE YEAR ENDED 31 AUGusf 2023
Inforn)arlon is macerlalty knconsistent with the ftnan¢lal sratements or our knowledze obtalned In
the audlt or otherwise appears to be rrAterolly missrated. If we identify such material
InconslK¢n¢ies or apparenr Mater1￿ ftMsstatern&)￿ we are required to de¢ermine vthether th15
O¥es ris¢ w a mawlal mlsstatement Ni the fmanclal sutanents themselves. E( based on the
work we have perforn)e4 we conckmle that there Is a misstarernenc of this other
Info￿allOn. we are req￿red to repw¢ thar facL
We have r￿Ing to repert in thii reDr
Oplnlons on other mftttws Prescrib￿ by th• Conwiles Art 2006
In cur based on the work In thi ￿￿1$¢ of our audlt
the Infornxdon •¥en in the trwtee¥' rep•% vknkh indud•s th dreccors, report and the
#rd¢e8lc report wepred for the purpose5 of cory4ny kw. for the financial )w fty whkh
the strategie report and the ¢*ectors' report kKluded w£d￿n the trustees. report hve been
prepared In accordance wtth appllcable leDI requlrernent&
In Nzht of the knowledge and underS￿d￿¥ of the group and thariuble coff•afy and thelr
Ironment obtalned In the course of the we PAve no¢ idenrified ma¢erial mlM¢atemerts
In the strat¢*c report or the dlrectots. report inclwled wSthin the ￿￿￿e$. ryx)rL
We hive nothing to report in respect of the follovllng m*rters kn relation to whleh the
Companles Att 2006 re9L￿re$ us to report to you rf. In ow opiM)n:
the firAnCI￿ statements are not in agrewnent wlth the accountin8 record5 afftd rety￿ ¢r
we have not rKelvqd all th¢ irfOrm￿l￿ and eXPlanath￿ we requir¢ ft*r ow audlt
As explalned morn fully in the tntstee£ rew)nslbilitles s¢atement srf <>n py 19, the
trustees (*tho are also the directQf3 of th¢ charltable company for the purposes of company
law) are responslble for the prepar4rlon of the finandal statements and for being satlsfted thac
they alve a true and fair Niew. and for s￿h incerrAI cor•trol as the trustees decemiine Is
rttessary to enable the pr•paraiion of firnKlal Ststem￿ that are fre¢ from material
misstatemen4 whether the to fraud ar error.
In prnparing the finandal Statem￿1% the trustees arn res• for assessing the d￿rIrable
e¢mpan*s abllly to conttnue as a concern. dlsdosln& as applkabl& wAt(ers rela¢ed
golng ¢on¢¢rn and usSng the golng concern b¥ls of ae¢ounting unless the tntstees elther hrtend
to Ilqulda¢¢ the tharftabk company or to cease 0pw4tl0￿ or have no realisu¢ aIreM￿ye buc
to do $0.
Audltorfs ye4￿nsIbl&tIes for th• audlt of the kndal rtatememts
whole are free fram rnaterial mi5llacemrt vthether ¢kn to fraud or error. and to1s511e an

COLFE'S SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
is not a guardntee that ￿ audlt conducted In accordance with ISAS {UK) wlll a1*7y5 detrft a
materlal mlsstatement when it exists. Misstatements can arise from fraud or error and are
consldered macertal If. Indlvldually or In th¢ aw¢Sa￿ they could reasonably be expected to
In￿enCe the economlc dedslons of users taken on the ba*s of these financial statements.
Detalls of the &xtent to whlch the audlt was consldered ¢apaWe of deteaing Irre8ularfth5.
Indudlnz fraud and non-compllance wlth laws and rezulatlons are set our below.
A further description of our respon5ibillrie5 for the audlt of the financlal statements Is located
on the Flnanclal Reportlng Coundl's vMbslte aL
Thts
descriprion fom$ part of our auditorfs reporL
Extent to whlch th¢ audlt was consldered capable of detectlng Irregularftlei,
Includlng fraud
Irregularities, includlng fraud, are instances of non<ompliance with laws and regularlons. We
]den￿ed and assessed tho rlsks of materlal mlsstatement of the flnandal 5tatwnents from
Irre￿larIfle$, whether due to fraud or error. and dlseussed these between our aud1¢ team
member5. We then desl8ned and perfornied audit procedures responsive to those rfsks,
lrtluding obtalnlnz audit evldence sufficlent and approprlate to provlde a basls for our oplnlon.
We obralned an understandlng of the l¢xal and regulatory frameworks wlthln vthich the
tharltable company and group operates, focuslng on those lavls and re8ulatlon5 that have
dlrert effett on the determlnatlon of materlal arnount5 and dlsclowres in the ffinandal
statements. The laws and re8ulatlons we con51dered In thls context w¢r¢ th¢ C¢mpanles Acc
2006 and taxadon le8i$ladon, together wlth the Chariues SORP (FRS 102). We assemed the
requlred compllance wlth these law5 and re8ul•clons as par¢ of our audlc prncedures on th¢
related finanelal statement keff*.
In addltion. w¢ ¢onsldered provlslons of other law￿ and re8ulatson5 that do not have a dlrect
effett on the finandal statements but compliance wEth whlch rn18ht be fundamental to the
tharltable company's and the group's abili¢y (o operne or to avoid a macerlal penalty. We also
consldered the opporvjnldes and Incentfves that may ex15¢ wlthln the ¢h¥itable company and
the group for fraud. The laws and regulations considered in thi$ context for the UK
operdtlons were The Edu¢adon (Indep¢ndent School Standard5) Re8ulatson$ 2014. health and
safery le8Èslation and employmen¢ le8lslatlon.
Audir4n¥ srandards limlr the r¢qulr¢d audlt procedures to idwufy non-compllance wlth these
laws and rezulation$ ro efiqulry ef the Trustees and other management and in5pectlon of
rezulatory and legal correspondence. rf any.
We Identrfled the greatest rlsk of material impact on the finart￿ ststements from Irregular1d￿.
irfluding frnud. to be wthln the tlmlng of recogni¢ion of income and the override of controls by
managemenL Our audlt procedures to respond to these rfsks Induded enqulrles of managem•nc
and the Finance & Genernl Purposes Cornmlttee about their own identificarjon and assessment
of the rl$ks of Irregularf¢S¢% sample testlng on the poxing of journal& revtewlng accountlng
e1tlrna￿ far blases, revlewlng regulatory correspondence wlth the Charity Commlsslon.
Indepw)den¢ Sch¢ob Inspectordte, Ofsted and reading minutes of meetlngs ol those charg¢d
vAth zovernance.
Owing to th• knherent Iwnlutions of an aud1¢ there Is an unavoithble rtsk that we may not have
detetted xjme ma¢¢rlal ml$sutem¢nts In the finandal statements. even thou¥h we have pro￿rIY
planned and pèrfornied our audlt In accordance with audiung standards. For example. the
fvrther removed non-compllance wlth laws ar￿ regulations (irregularities) is from the evenrs
and trnnsacdons rellected In the financlal stacemencs. the le55 likely the Inherently Ilml(ed
procedures required by audltlng Standards would Identify IL In addirion. as with any aud14 there
21

COLFE'S SCHOOL
NOTÉS TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR TrIE YEAR ENDED 31 AUGUST 2023
remalned a hl8her rlth of non.detection of irregularitf4 as these may Involve Colusio￿ fcrpy.
Intentional omlsslons mlsrepresentation& or the overrid• of int¢rnal conrro15. Wè are noc
responslble for preventlnz non<¢￿1P11an(e and canno¢ be expec(ed to detect non4omplianc•
with ￿1 la￿ *KI mg￿tiO
ofour r•port
Thls repor¢ Is mad¢ solety to the cFArltaN¢ companys member% u i body, In accordance wlth
Chapter 3 af Pv¢ 16 of the Companles kn 2006. Our audlt work Iw been undertaken so th
w• mlghc state to the charltable comparfs Members those matters ￿ ar• r•qulred ro srate to
them In an audltorfs report and for no other purpos•. To the fullert ext•ne pernil¢ted by law.
we do nor K¢ept or usume respMslbli¢y to ￿yOne the charltabl• company and the
chrltabl¢ mffj)bers a¥ a body. for our audic work for thls repo￿ or for the oplnlons
we have fornied.
Tlna AIIIMn
S•nlor Statutory Audltor
For and on behalf of
Cr¢)we U.K. LLP
Sutuwry Audltor
London
Dat• 19 April 2024

COLFfs SCHOOL
CONSOLIDATED STATEMENT OF FINANCIAL Acrivm6s
FOR THE YEAR ENDED 31 AUGUST 102J
P¥n
ID¢om• i
l•J19
IV29
ij
CONI LolpJv•Srtw
153
Jr4
•2
21,10•
Rthlry
CoK•l Ldi¥r•Srt# Ltyl
In
.447
4n
i*J
71
974
12
(I
pjn
Ji
&ii•
1141$
1717 l•h71
PUMD ULAWCFS a¢ 31 Aw2
12
iJJJ4
IihJ•

AS AT 31 AUGusf 2023
2022
FI￿0 AsseTS
17J44
i0JP7
3J07
17J31
ioJ
01 31.119 2
D•br4r¥
Cuh *tbMk¥d
l J24
41
1.776
JJ61
975
£154
4JTO
4434
4137
10
(410S1 14JSSI (4719) 143891
21J4Y
21J43
21 J47
21J43
LONG TWI UABIUTIES
(109)
Ion)
(109)
(on)
21.4J•
24OYi
21,431
2A671
R¢y•4ent¢d by I
ÉMDOWED FUIKIS
12a
In7
pAeeHOLD pftopmry FIN>
IX> IVJ4
1141$ 14334
11415
RESTW¢TfD FUP
12¢
361
301
GIN￿
W2
TOTAL FUP
12
21.4J•
Tl
d￿￿￿ts￿116r.
M#th•wP E PdlEr

CQLFES SCHOOL
CONSOUDATED sfATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2013
2023
rooo
2022
Nttc*h prthrfdld byop•radrq athld
I.￿7
un
(1,662)
20)
(58T)
{559)
Ch•y ln cath •wl¥thnts lft thè y•ar
(441>
807
•nd cwh 44th￿￿nts A¢ I S*pt*mb•p 2fj22
4.7
3N3
4.120
4.770
A RO¢•￿0￿10￿ ￿n•t mmm•nts lthtsnd#t•fi•t¢th prth4d•d by ¢••r*thw •¢thhl•s
767
1,265
(660)
4JJ
915
1,410
(225)
289
78
(1531
D4wethdon thary4
Oncrwel l D¢¢r•Mg In D•trto
1350)
(71)
2J72
1.607
B Ca•h knAfrom Inyutlni xtmtl
<uii)
350
{1th62)
(1￿79}
153
(0331
{587)
(559)
C*shln1o￿ from borr¢thl
(58
(559)
D Cuh *nd •gutrnl•nts
4,121
4,770
Not•
Therths on py 26 to 44 fomi

COLFE'S SCHOOL
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
AccouKnNG POLICIES
Basls olA¢uwntlng
The finandal MatemenL% have been prwed In accordance with the Flnanclal Rwrting
Standard applicable in tho UK and Republic of Ireknd (FRS 102). the Companies Att 2006
and the Staternent of Reeommended Pr￿cite ¥plicable to charldes prepthn8 thelr
accounu in accordanco with the financAI R¢pw¢ing Sundard appllcable In the UK and
R¢public of IrelarKI {FRS 102) - effecuve I ￿nUary 2015. In preparlng the flnandal
sratornefi4 the Governors FAV¢ ¢onsNlered YAther the accOUnd￿ pollcles required by
The functloThal currw of the SdKJol Is con51dered to be GBP because that Is th¢
currew af the prhmry ecanomk emironment in which the School operat
Governors PAve a reasonth expec¢ati)Th that the School has adequate reS￿rCeS to
continue its actsYiERs for the fw¢s¢¢able fuwre and that there w•re no materlal
un¢enainues over the Schoofs fthand Viabllty.
Accordingly, thty also continue to adopt the golng concern basi5 in preparlng the Ilnandal
Statem￿¢$ as audln¢d kn the statem￿ of Accounthq and Rew¢ing Re4Jwlbllitles on
page 14.
On 24 Augusc 2(X)6 the c￿lty Commission issued a Direcrion (firerting that
Colfe's Educational Foundathn should be treated as forn¥ng part of Colfe's School for
the purposes of reOs(rdiion and accountin& References ro Colfe's School thereftjre refer
to the 4greDted results of Colfe's Schaol and CcVe'$ Educatkjnal Fcwndatlon. Th¢
finarKlal sotements PAve been prwed under the historKal cost Conventio￿ as modified
by the indu&on of Inves￿ at marktt valu4 and In accordance with th¢ r¢qulrements
of the Conwies Att 2l￿ and the Charldes Acc 2011.
con9￿[dated cash llow Su(fflne￿ and the c¢nsolldated and Charity balance sheets
comprising the consotsdation of the Sdw*l and wtth Irs oNYned subs1d1￿ Colfe's
L¢isur¢ S¢Thic¢s No seFArare SOFA has been presented for the Chthty alon4 as
pern*ted by Sectlon 408 d the Cenwies Art 2•￿ as the resul¢s of k¥ 3ub5idwy are
separdtdy Id￿tsfi￿ in the Consolida￿d SOFA and the related Note 3.
The Sthool o a Pubk Behefit regtsttted as a durity in Enland and Wakn and a
crnpany limiwl by guaran￿ It was IrKorporated on 4 Febnjary 2005 (company
number. 110%50) and r4&tered as a ckrity on 24 May 2005 (charlty number 5352523)
Critical a¢eounting iudgem•nts and key wurces of estlmatk•n uncertalnty
In the appllcatlon of the accountlng policie% Governor5 ar¢ required to make I￿em￿
es¢wnate4 and aSsLry0￿ abrArt the carrylng ¥xlue of assec8 and hablltles that are n¢x

COLFFS SCHOOL
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGusf 2023
AccouKnNG POUCIES (eonthiued)
to attounthg es¢knates are reCO￿lSed kn the period in thith the estimare is revised if
the revlslon affects Mly thar p¢rio& or in the pwlod of the rev151on and fuwre perlod$ ff
the revision affected current and fLKure periodk
In the ￿e￿ of the Governor& no aswnyions concerning the firture or estlmatton
uncertalnty affectkng assers of hbkles ￿ the bthnce $heer date ar¢ likely to result In a
materlal adfvstyn¢nt w th¢r carrying *Th)un¢s in the neyr financial year.
The followlng accowthig polldes have been 3FWted conthenty In deallng wlth Items
whlch are considered material in relation to the Schoofs frAncial ststements.
Fees and $lmMar earned Income
Fees recelvable and charge5 for 5erYlces and use of premts# less any &lowance4
$thol¥shlp. bursaries zranted bythe School aDintthose fe￿ but Incluthng ConrrIbu￿cnS
recdved from restr￿ fur￿ are accounted for In the period In whlch the service 1$
ovlded.
1.2 Investment hKom¢
Income from Investyn￿ Interest on depodts and rental kncome are accounted for on
an ac¢ru* bas1& sth¢rfpdws to the sports and kisure centye relatlng to
DOTrad￿ legael4 £r*nts and other voluntary Incomlnt resOu￿e¥
Volunwi IrK¢mMy rewr¢es are accounted for as and when entldement arw the
amount can be rellably qu￿tI￿ed and the econonx benefit to the Sthool is consldered
prebabl
independent Colfe's Chari(th TrusL Fb5coric le8acies received fw th¢ School's general
Where the donor has iry￿Sed tru5c law reStrIab￿ income 15 crndit¢d to the reler4nt
resrricted fund and endorn ￿ a¢counred for as p¢rnwi¢rt trux capltal cr
expendable rrusr attorthg to whether the dorK)r intends retendon co be
permanent or noL Glfrs In kknd are ￿Ued at esrknated open market Yalue at the thte of
assurance that the School wlll c¢xnpty ￿ the condldons attachlng to the grant and the
zrant wll bo re¢ffid.

COLFE'S SCHOOL
NOTES TO THE FINANCIAL STATEMENrs
Foft THE YEAR ENDED 31 AUGUST 2023
ACCOUNTING POUCIES (contlnuod)
Exp¢ndlture
endlrJJre Is accrued as saon as a Ilabllity Is consldered probabl4 dlseounted to present
value for lon8erwcerni Ilabiliues. Expendlture attyibuted to more than one cost category
In the SOFA is apportloned to them oft the basls of the estlmated amount awibutsble ro
each actlvlty In the year. either by reference w staff tlme or the use mad• ofthe und¢rlylng
asse4 as appropriate. The Irrecoverable element of VAT is induded with the Item of
expon5e tc whlch It relateL
Govemanc¢ cosu comprise the c05rs of runnlng the charlty, Includlng strategi¢ plannlng*
for its future developmen¢ Int¢rnal and &xrernal audlt fees. any legal advlce for Colfe's
School Governors and the costs of comptyln8 wlth constItU￿Onal and stawtory
requlrementy such as the costs of Board and Comrnlttee meetlngs and of preparlng
statutory flnanclal s¢ac¢menu and $atlsfylng publk accountabllky.
Intrd-group Income and expenses between the Sth¢ol and Its subsldSarEes are exduded
from rAdlng ineome and expenditur
Grants awarded are recognlsed when a firm commltment to wovlde fundlng15 made and
there Is ¢vld¢nc¢ Of a ￿nsrru￿lYQ obliKauon to the ben¢fidary.
1.5 Tanglble Ilxed assets
Tan8ible fixed assets are srated at cost 1¢$$ accumulated depredatlon. All assers c05tJng
more than £SOO and wlth an expected useful Ilfe exceeding one year are capltallsed In the
Sthool and Colfe's Lelsure Serviees Llmlted. Care however is taken to be consEscenc In
conSideru￿ whether to capitalise similar i¢•n￿ that may fall below thls threshold.
D¢preclatlgTr
Deprecladon Is provlded at the following raths In ord•r to wr1¢¢ off the expendlture on
eath as5ec over Its es¢hnated useful lif4 No d•preclatlon Is provlded on freehold lan
8ulldln8S
Temporary buildings & f￿tureS
Gymnasium and sporfs equlpment
Fumlture and equipment
Motor vehicl¢$
Major refurbishments
on coscat2% to IO% PA
en cott at 6.67% to 20% PA.
on cost at 20% to 33.3% p.a.
n cosc at IO% to 33.3% PA
on cost at 33.3% p.&
on cosc at 6.67% to IO% p.&
Investments
Qu¢)ted inYes¢ments and Inves¢ment propertles are stated In the Balance Shee¢ *¢ m¥ket
value. Investment propertles are stated In the Balance Shq•t a¢ mark¢¢ r4lu¢ as assessed
by the G¢)vernor& havlng taken profeyJional advlce.
Realised and unreali$ed gains and losses are Induded in the Stacement of Rnanclal
Acclvltles In the year to whlch they relate and are calculared by reference to the market
28

COLFFS SCHOOL
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
AccouNnNG POUCIES (condnued)
Yalu¢ at the bwninz of the year. Realised and ￿realised Dins and1055es on invesunents
are rellerted In the fimds to *thkh ¢ly relx
xatements ac the th of net 5hoMI by the financial sratemen
1.8 Fund accountlftg
These are furth which have been efftdo￿￿ fix a rAnlcMlar purpose where the capltal
The Free￿Id Prop¥ty Fund r¢￿e$￿its the net book vabje of the lar￿ and ixadlngs of
Restrfcted Funds ar¢ sul4ec¢ to d0rKr4ry￿Sed condirions or ha￿ been raLsed for a
Income generated from than. The Gover￿￿ ar¢ by the restrtcdons and may not
Geneftl Fun& are to the Govern￿ for ￿re$￿icted us& subi¢ec fo law. and
are r¢m)ed 'th*Mted fiwth.. The designation May be reM(W￿ at any tkne at the
1.9 Penslon costs
Retlrement beneffts to UbTrloyees of the Sthool are tThlded throu0) penslon
schwn4 on dethed benefit and one defmed conrrlbutlon. The pension eosrs charyed In
Thls stheme15 a p¢nsloTh schem& It Is not possible to id￿ufythe School's
$har¢ vf th¢ wd¢rlylng assets and habilltle5 of the Teachers. Pen4on Scheme on a
¢onsls¢en¢ and r¢asonabl¢ basis and therefor4 as required by FRS 101 the School
accowts for the $d￿rne as If k vrtre a defA*d contr*¥Jtlon 5them& Th• S¢h¢)ol's
contrlbu¢lons whkh are In accorthnce with th¢ r¢cuJrndatlons of th• Gov¢rnment
Actuary, are charged In the perlod kn vthlth the saknes to vkni¢h relate are pardbh.

COLFES SCHOOL
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
Thls Is a defined contrlbutlon group personal penslon plan with TPT Re￿rernenc Soluttons
{fornierly The Penslon'$ Trust). Employer's pen$ion5 C05¢s are tharged In the perlod In
whlch the salariu to whlch they relate are payabl•.
For deficlt recovory contr11￿ClOn$, th• prexnt vth• of th8 expect￿ future cantrtbutlons
Is re¢ognls•d as a ￿bIlIty at th• balan¢• sheet date. Th¢ am¢un¢ 1$ r¢V1•w￿ annually
¢aklng Into account any chany$ to the defidt contrlbudon rdte or the Impllclc rnte of
Int•rest used In dl$countln8 the l￿bIlIty. More detall Is provlded In not¢ 15.
1.10 Operatln81••1
R¢nrals under operatln8 leases are charged on a srrdt8ht-Ilne basls ov*r the lease terni,
even If the pa￿ents are not made on such i basls. B•nefits recelyed and recelvabl¢ as
an Incentlv• to sign an operntlng leas• are slmlllrly spread on * $trnlzht-Iln• bas1$ oY•r the
l•as• térni.
1.1 l Taxatlon
Colf•'s School Is exempe from corporntl¢n In¢ome tAx on Its thirltAbl• actmtles by
vlrtue of Its status as a r•8lst•r•d ¢hvlty. Colf•'¥ L•lsur• S•rvl¢•s Uml¢•d Is sublett to
¢orporntlon tax and the charye for th• year Is byed on the or k>si for th• p•rlod
as adltsst￿ for d15allowabl• and fion.t￿bI• It•ms and 4ft•r uklng 4¢c•un¢ of loss
brought forward.
1.12 Flnan¢ial In*trum•nts
Baslc finandal Instruments ar• Inltlally recolnlsed it trnn#¢tk>n ¥alu• subs•qu•ntly
meuured a¢ wn¢rtls¢d cos¢$ wlth the exceptlon of Invesun•nu whlch ir• held at falr
value. Flnanclal asseu held a¢ amortlsed cost comprlse cash at bank and In hand. wyth•r
wlth trnde other debtors. A 5pe¢ific proviJlon$ is made for debts for whSth
rncovernblllty Ss In dI￿bL Cash at bank and In hand Is deflned as all cuh h•ld In In$rant
access bank accounts ind used u worklng c¥ltal. Flnanclal Ilabllltles held at wnortlsod
¢Ol¢ Com￿1$1 all (r￿ltorS •xwt 1oclal sQ￿rI￿ Ind other w•s and provlilons.
At the balance sheet dato the School h•ld financial at falr v•lue 01 £3,556k r1022
,667k).

NOTES TO THE ACCOUNTS (copinNUED)
FOR M YEAR ENDK) JI AUGUST 2023
SCH(￿L RES
2022
21,Xll
(1772
14429
rJ,134
SUMMARY INFORMATION
2023
11197
21,
11.15
(24,•13)
(7•
<11
(119)
n sth•m
71
167)
717
*is
13
17J44
3.556
iéJ97
1067
1059
&*)>)
13
20264
Cvry•n¢ w•¢#
17274
(<710J
(11653)
5.452
5.434
11653 (4J55J
Ii&in)
NE¢OJrrw¢Au¢tyl (LWde¥)
Iiii
447
IO79
21J4Y
21J43
(I
(i•
(072J
17,4TI
21.43•
20J71
ThDr• wasadornkn patd ty CLS to the thi y•ar daSI.*53 kn r¢l*lonw 202lnz(ttl¥W￿ ￿¢r￿d th 20211n)
)1

COLFes SCHOOL
NOYES TO THE ACCOUNTS (CONTINUED)
FOR YEAR ENDED 31 AUGusf 2023
vnr•rtrI¢t￿ Funds
292>
2022
e•oo
OTHER INCOME
114
92
Io
745
391
1,316
487
118
yoo
Oth•r
fj75
2n
5x1
016
202
227
lJ33
T•MI Oth•r l*e4Nn•
2,999
Z,•9J
srAqk p cosrs
202J
2022
IOJ62
1,138
I,T44
1,237
14MIJ
13.4H
Th• n¥rnb•r Li th• ythr *i&
Stho
291
Jso
th• Sthool or Wby (￿N<t•d Wrtfr•m r1hr4￿ fjmrnorf
Th•upJrnbwol Nkn•r
2>
2021
T￿thI• •molLY*m b￿lfr
19
7aQOI .
£80.QOI . £gOA
cioo,001 . £1 ioJ
£llQ.001 . aJO.f#
aJo.001 . a40W*
Q40.001. asol
Th¢ ruJmbqrt#rfth v•drqfflw¢ Iré
3J
24
￿1&Y4￿b￿lItt for taul £ 1.174J13 kn 2022QJ Q021n2 £1.145,282)
Tkn• AIM¥ In&d• Th•r• w•r•t•rmtyAthN £19.$57 In 202IAJ (2011ni. £iN6SO)
32

COLFe's SCHOOL
NOTES TO THE ACCOUNTS (CONTINUED)
FOR THe YEAR ENDED 31 AUGUST 2023
ANALYSIS OF TOTAL EXPENDITURE
2022
ts Awarthd
T•tsJ
(•) C•th ofr•kknzfiM
olth• l￿d
521
i(vJ
624
525
Ob) Clwlt*bl• a¢thltlqs
T•achln8
11.597
1.356
13.419
JJg2
542
3.020
2,182
i•
11129
1078
710
35S2
1.959
35
497
gulldw d•precl#J¢)n
Pr•mls
254
1,713
10
14.291
497
7J13
2U05
20.469
24
7.337
24
,319
14.292
497
1.263
20.480
T•f*l *xp•ndl(UM
14I13
497
7h37
24,013
21AOS
Go¥ernwKe Indud•au¢lt•ls rYrnun•raflan foraudk xrAcu of£35k (2021nz. Ulk).
2023 ¢0 b¢ payable to cdf•A Cl*lrabl• Trurt In furthgwarK¢ dth• sd￿￿1
De￿￿&1￿￿ 29ZI
2Q21
T•td
{a) Cow
Yrtthi¢o• rfthe
453
525
425
IOJ97
340
11129
2.OT8
716
JJ52
1.959
35
11.046
1.193
022
1078
716
350
1233
528
35
1.431
1.911
iiff I
060
1.418
20.449
14205
10
18215
12.991
071
1,418
20,480
Tot*1 wendltsw•
13.444
&141
1,420
21,fjOS
ie.6rfJ
Govern￿¢¢ ¢OJfS h￿Ude iudit•rfs for4udh al Ulk IX+30ni: £2N.

COLFES SCHOOL
NOTES TO THE ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGusf 2023
TANGIBLE FIXED ASSErs
Fwthxe& f•thog1 FwnlvJre& Sub%ldlary Group
Vdklts Equ*M￿l Total
Equ*ment
Tot*1
Totsl
£'ooo
ctyjo
I sePt￿r 2022
Tnr4krs
Addl*ir
Dl4wIs
27NI7
49
SP15
33.070
136
136
33300
{49)
317
(624)
13
13
2,012
(024)
(624)
31 2023
29598
51
4.71e
34,445
149
34￿94
Dopredatlon
I September 2022
Trnr
Ctr4r8e lor year
11932
61
16N76
133
133
10.609
542
13
707
(624)
lJ62
(424)
1,265
(624)
31 2023
13.474
74
3566
136
136
17.250
Net book vahKs
31 Auzurt 2023
1&124
51
14
1.142
17JJl
13
13
17.344
31 2022
14.93S
27
lJ32
16394
16597
HSBC h•n oken a d4rge overthe land and Imthjtres of Horn Pwk L•n¢ 51¢¢ ¥¢a•riw for th• 10 y•ar h)an faclky
4¥hieh wisted the 6th forni

COLFE'S SCHOOL
NOTES TO THE ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
INVESTMENTS
2023
2022
Mwrk•t ¥atu&'
2,611
1792
075
),607
InY¢mqAt Propwty
3J56
Atfthtrth
InYem•n¢ Ih Sub*/
School t•tsl
242
3.79•
242
Group unr•alli•d yln• on hw•th•hts Indud•d ￿0¥•1
Mvk•¢nlu• at l S•pt•mb•r 2022
N•tunrnalMd
rk•tYduA rf )1 Ayrt 1023
rtorlc ¢•rt tt 31 A&yrt2023
(Iio
eooo
mlpk•tv￿￿ # I 2021
Unr*alvd On
31 Z021
071
175
tarlc co# at JI A¥yrt 2023
rnl
l Sqo•nb•r2012
Gth for th ytsr
At 31 Ayt2023
242
142
ATh a¢vwl •f£4Th1v pr¢fv tyC•lf•'i tsknur• Indwl•d th•M a¢¢•M¢& th• yym•nt ol*thkh
411 b• m￿1 kn 2023n4. Th• •mourt ac•K•d th 2021m and p￿d Ip 2011QJ *i¥ £JS
2023
2022
Unr•wktsd
F￿dI
T¢)tsl
T•tsl
Quottd Irwe5UMn¢s
123
12
18
153
201
Propwty In¥•Mn
T￿1 1023
319
3S•
Trfo12022
27
131
35

NOTES TO THE AccouKfs (CONTINUED)
FOR THE YEAR ENDED 31 AUGipsf 2023
DEBTOIIS
Coifq'i Sdmbol
2022
2021
32
TAth dkn
d•btMJ
41
124
4n
124
461
Im5
064
1.716
975
coffe￿ Sch￿1
23
cooo
2022
knkk
é37
662
sn
497
917
iJ45
Puwl D•p
iJiJ
iJiJ
lJ45
337
337
4JS5
4711
2022
i•
063
klo* 1.2y
10*2.SyeuJ
106
109
on
i•*
on
Th•b￿k l¢)w b*ffjc¢ r¢lK¢s to al￿ Thlth 4 ¢trrn ¢f lOye￿ xvr¢d kn Oaober2014 Itkn IM¢rtArn•d4.ft4%
Arod bya *J%*rth¢ knd dthe L*e

COLFE'S SCHOOL
NOTES TO THE ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
12 NET ASSETS OF THE FUNDS OF COLFE'S SCHOOL AND GROUP
Colfe's Sth¢ofs th¢¢ assets belo￿ to thè varlous funds as follo
Fund
Flx¢d In￿1*M￿nts Net Current Lon8 Terni Bal￿¢•
Assets I
Uabllltl
2023
(Uabllltles)
£'ooo
£'ooo
'•oo
£woo
cooo
End¢)wment funds
Freehold Prwrty fund
Restrlrted ￿ndS
Unrestrlctsd fvnds
1682
13,332
392
5,032
13,332
385
33
1.488
3.620
(109)
Cdfe's SCI￿01
17.331
3,798
418
(109) 21,438
Colfe's Lthure S•rvlc•s Umlt•d
13
(242)
229
Group
17.344
3￿56
647
(109) 21,438
Fund
Balance4
Flxed In￿ents Net C4rnt
Long Term
2022
fvnds
Frethdd Propenyfund
U75
11415
1777
12,415
361
S.118
354
475
1.004
3.711
(672)
16594
3,909
840
(672)
20.671
(242J
239
16597
3,667
1.079
(672)
20.671
37

NOTES TO THE AccouKfs (CONTINUED)
FOR THE YEAR ENDED 31 AUGusf 2013
12* ENDOWED FUND& 14OVEMEpifs IN THE YEAR
GalTrs111giMI) Tw4gr J l A¥8Wt
2023
DD
20
(64)
Asii
149
1331
13Jl
T¢X
(64)
31ttP•Jp
2022
2021
(66)
2J75
102
1777
619
{061
I Ib FREEHOLD PROPEATY FUNtr. MOVEMEKfs IN ￿ YEAR
TMMlw¥ J l Auiurt
2023
£'•oo
2022
11415
13J32
FYeEW prfynyknd
11507
25lww 1659.
Th• Ir•eholJ prtyvty kn * olthitrwr*y olth• a2Wrod from th¢ ofF￿OrItI dth•
Indo￿[ knd and tfrAtwdrqd 1659 Go¥￿ar$ ar• Jdmt¥y th• W It￿ b*atwk•d
fimd.

NOTES TO ThE ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGusf 2023
12¢ AESTAICTED FUK)&. 140VIMeNTS IMThQ YEAR
Z02J
£*0•
937)
374
301
(337)
3*2
1114
(359)
18
(1.03
361
13 COMMmiEtrrn UIK>ER OPERATING LEASE5
2012
2022
22
41
41
148

COLFfs SCHOOL
CONSOLIDATED STATEMENT OF FINANCIAL ACTivrriES
FOR THE YeAft ENDED JI AUGUST 2021
14 C01450UDATED STATEMeNT OF FINAI4CIALACTMTIES.COMPAftATNE HQUAE ay FUNDTYpe
Furth Pvwrty Fund• Funth
2022
eo•o
£'oo•
h4rft4bl• Kd¥l¢
kho#l f
1&429
lQ9J
Il429
LO93
r14
914
tsj
319
149
21.570
J98
21.H8
Rthlnithnth
$25
525
ChDritabl•Kllvll
19.754
io
66
20.279
i•
a6
31.005
Not In¢•m• l(•xpthéltsw•l b•for• Iiiwiwrt
*nd•marS•184ln¥l
16X*}
(66)
913
Is
yi
71
Q4)
In¢ml(gwna¢w•)
{1
12
(Im61
No¢ mo¥•rnwtth f¥n
048
{4PJI
?15
Fwd br•¥**f4r*wdtt I SeytMbv2ty11
I￿0?
11907
3.260
19,756
12
5.118
13.41S
1777
20hYI

COLFE'S SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
15
PENSION SCHEMES
Tea<hln8 StAff
Thè Toach•es P•nilon Seh•m• (rps)
Th• Sthool ts ITh Phs•d Wlthdrnwdl from th• T•Kh•rs' P•nilort S¢h•m• {th• YPSJ. Stth*ppolnt•d
from September 2022 onwardi •r• off¢r4d * defin•d contrlb4rt1on s¢h•mo. Th• ch*ry• for th• y•v
Includu contrlbutk>ni pAyabl• ra th• TP5 of £1011799 (2021nz £ii1,798) •¢ th• y•v-•nd £165.845 w
Kcrued In ￿pIct of th• ¢¢ntrIbu￿oni ro thii Kh•m•.
Th• Trs 55 In unfund•d mUld￿mPloY•r d•lkn•d b•neAts p•ndon Kh•me gov•rn•d by the Teachers. Pensl
R+￿Ilt10￿$ 2010 amended) and Th• T•ath•N' P•nslon Sthem• R•8ul•rloni 20141as amended). M•mb•
cantrlbut• on 4'Py io" hsls wlth contrlbu¢lons from m•mb•rn th• •mploy•r bel￿ crndlt•d to the
Exch•qu*r. R•tlr•m•n¢ Ind other pensbon beTrofirs ar• p￿d by publk funds provSded by ParI￿rn•￿
The emphyer contrlburJan r•t• by th• S•¢r•ury of Sfat• followlni sch•me y￿Ul¢ll7￿ undertak•n by th•
GoY•rnm•n¢ Acumrfi D•p4rtm•nL Th• m￿¢ r•c•n¢ irtuirtsl nIu1￿On oftha TPS prepAred u tt31 Mar¢h
2020 th• v￿u&ll0n R•port publtshed In OcMb•r 2023.
Followlry th• Mecloud ludi•m•n4 th• r•m•Oy propomd that wh•n th• b•n•fits bKome pythle, olwbla
memben ckn selert tt¥ r•colve them from •lther the refomed or lep¢y $eh•M￿ for the p•rt¢d l Aprll 2015
to 31 Mvch 2021 The actuarlu hi¥• aswmed that the mombern irn Ilkely to cl￿01• th• opdon th•t provld
them wlth th• grtht•r b•neAts. And In pr•ParI￿ tho 2020 valuidon hav• nhjtd the.yu￿r ￿lUe. b•n•fits for
oupj of r•[•￿ m•mb•r&
The Yalu*lon conflmied that the employer eontrlbutlon rnte for the TPS would Incr•ue from 23A% to 28.6%
from hprll 2024. Employers tre re4ulred to ply a ithem• ￿mInI￿r•dOn of 0.08% total
¢mployer ¢ontrlbutlon rth of 28.68%
Th• Avlva P•n•lon kh•m•
Tuchlnz iraff who w•r• appolnt•d fn>m S•pwnb•r 2022 omvvth ir• off•r•d th• AFllS defin•d
ntrlbutl¢n pensl¢n sth•m•. Th• p•nslon <hiry• for th• y•ar Includu contrtbudons to th• A¥lv4 Panslon
Schorn• of £194,612 and at th• y•ar4nd £1 8,795 *cGnJ•d In rn$P•tt￿￿n¢r1bYd0M to thli schqrn
Support Staff
Tivf R•tlr•m•n¢ Solutlgnl (fomi•rfy ¢h• P•nslon• Yrurt)- Thé Grow¢h Plan
¢4Jmp4ny ￿rtICl￿¢￿ kn th• sch•M￿ 4 mul¥-wnploy•r sch•m• vthlch provldei benefftl to 5om• 1.300 non
assotht4d pard¢lpatln¥ ¢mpk>yers. The s¢heme Is a dgfinqd bgngflt sth•m• In the UIL It ts not P055lble for th4
¢¢>M￿nY to ¢buln lufflcl￿C Infomi￿Ort to *nibl• 1¢ ¢0 9￿gun( for th• sch•m• as a denned benefit schem•.
Th•r•foN 1¢ for th• Kh•m• u a ddnqd wntrlbutlon sthqm•.
ConEdbU￿On5 p￿d Into th• Pl￿ up to and In¢ludlnK S•ptqM￿r 2001 w•r• converted to defined amounts of
p•nslon piyabh from Normd Rrflr¢fflent DI￿ From Ocr•bv XQI ￿ntrIbutIOnS worn knvuted In personaL
41

COLFE'S SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
funth whkh hvt i auardntee and whlth ar• ¢onv•rt•d to pIn￿on on r•drnm•nk •lth•r vllthln th• Plan
or by the purchase of an annulty.
Th• rul￿ of the Plth Blve the Trustee the pow•r to requlr• wmploygrs to pay addW¢nil contrlbukns In ord•r
to •nsur• that the Mavatory fundlng obhKdv• undar th• Pgnilons ￿¢ Z004 Is m4L Th• statutory fundl
oblectlve Ss that a penilon xh•m• sh¢uld hi￿ suffld•nt to m••t 1¢$ pas¢ s•rvk• I1￿11t1* known
Technlal Provliloni.
Th• Group ￿ld contrlbudoni •¢ th• rn¢• of14.1% Qr IO% d•p•nd•n¢ on th• •mployo• durfni tho •ccwnd
p•rlod. Und•r curr•n¢ i•rvlc• memb*rs pald contrI￿AtIOnS at th• opdo•MI ratss of 6X or 7% dur0￿ th•
acceuntlni perbod. AutMnrolment VA% Implem•nced l Aprfl 2014. whlch rave the addltlond oP￿0n for
memben ¢0 pay a rate. Ythkh ros• In 2018119 fram 3% to 5% wlth • Gr￿JP C+3ntrlbutlon r151n8 In 2018119 from
2% to 3* Support itaff ar• requlr•d to th• iroup K th•y do not wlsh w ￿￿n thls pon¥lon sthem& In
th• kht)o1 p•ld wntylbU￿Qn¥ tots11￿8 £16.238 (2021. al.31)6) In rosp•tt ofth• PA•t MThlc• defidL
it th• balanc• ih••¢ dat• th•r• w•r• 99 ath• m•mb•r¥12022: 90) afthe pl￿ employed by the Group Ind
contrlbudoni pald dur]￿ th• y•r w•r• C396M3012021. £379.787). Th• Group ￿ntInUeS ¢0 offer rnemb•rthlp
ofth• PIM to Its •nyloy••i.
A fvll let￿rIal valuatlon for th• ieh•m• e•rrl•d out 4t 30 S•pt•mb¢r 2017, Thts frtluatlon ihow•d ￿$1￿ Qf
£794.9m. 1lablllt1￿ 01 £926.4m • d•fid¢ of £1313m. To •llmlnat• thls fundln8 shorrfall. tho Tru$t•• has uk•d
th• prtJ¢lptln8 •mploy•rJ to pay •ddltlond eontrlbuthni to th• Kh•m• u followL'
D•ficlt <ontrlbutlon•
From l Apr 20222- 31 ￿n 2025
£3,3 iit)CQ p.1 pyabh monthly
Unl•u 4 wnwslon hu b••n aff••d vllth th• Trvrtel tho terni to 31 Jin 202S •pplE•L
Note thi¢ th• Kh*ne's Pr￿1¢￿¥ v•luatAon urrfed out wlth In effeeth thto of 30 S•pt 2014. Thls Taluatlon
Showed ajsets of £794.9m, Ilablllde5 of £926.4m ind • d•fidt of £131.5Th To ellrnlnite thls fund1￿ $hortlall, th•
Truste• hu uked the ￿rIk1p￿tIng ewW¢)yer5 to ￿Y •dd1tlon￿ contr**udons to the xheme as foll¢)￿.
D•fi¢lt ¢ontrlbutlon•
From l 2019~ 30 Sepr 2025
11.243,(rfIO p.1 pl￿bIl monthty In¢r•I￿￿ by 3% •ach on IA
Aprfl.
The r•co¥ery plm contrlbutlom are ￿lO￿ted to lich partlclp¢knt emplo￿r In In• thdr •sdmited shar•
of the l and Serfw 2 sch•m• Ilabllltl
l*Vhere the i¢heme 1$ kn defi<lt and th• Company has a8reed to • deilthfvndlng irran8¢men¢ the wmpany
rn¢0￿1￿ * Il•bility for thls obllpdon. Th• amount recosnlsed Is the n•1 presen¢ value of the d¢fkk reducrlon
¢ontriburlons py4bl• undèr thé ayéement th&r relat￿ to the deflclL Tht Pr￿nt ts ￿1￿lat¢d uslry th•
dlscount det*lled In these The mwkndlA8 ofthe dlicount rate Is rocoy*ed •8 • flnance
42

COLFES SCHOOL
NOTES TO THE FINANCIAL STATEMEKfs (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
31 A•w2023
31 A￿¥￿2￿21
JI W2011
10
ifj
£000
i•
oa)
(53)
10
2023
2￿1
OD
(531
31qA¥DtttlOIJ JIMAuw*2021
% pw
%ptr an￿￿
31RW2021
% pw annwfft
4.46
OAJ
¢￿trI￿d¢ll drt #•ethe •su* • ljl AA b¢od fvld
Follo￿￿nI a ththge In le8tslatton kn September 2005 there Is a potenthl deb¢ On th• •mphyer that could be
levEed by the Trusoe ofthe Plan. The Perthkn￿ Act 2011 has fflore recendy kned the d•fiMlon ofserles 3 of
the Grov*th Plan so that a Mabllty artsts to unployers fr4Jm mern￿￿ ofany Series exeept Serie$4. Th• deb¢
43

COLFE'S SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
Thé Group has been n¢iified by The P•nsknn5 Trus¢ of th• estlmated employer debt an wjthdrawal from the
Pl•n kned on th• financ1￿ pDsltlon ofthe Pkn a5 at 30 Sept8mber 201& As ofthts date, the esttmtted •))ploy
debt for th• Group was £80&658 (30 September 2015: C116.5rn.
16 CONTROLUNG ENfiTY AND CONNEcfED PARTY TRANSACTIONS
Th• Sthool ts controlled by Its sok m¢mbor, The Leather5ellers' Company whlch ts endd•d t¢ nomlnlu ¢lth¢
of thé tV¢•en Governor& The Master of the Company Is also a Governor (ex offido).
Colfe's Lelsure Centye (CLS) (¢¢mpany number 02586190) ts a subsldlary of Colf*'s S¢hool, Durlni the y
ther• wer• paymen¢¥ made from CLS of £41,183 ¢0 Coife's School In rnspect of payr¢ll rtth￿¢s payments
from Colf¢'s Stht)¢l to CLS 01 £29.IXIO In respect of 8aods and Mr¥l¢es paid f¢r by CL& At the ytatsend there
NYd5 an Intercampany debtor balance In the sthool of £357.953 (2021. debcor balafic• of £357,9S3). A altl
ash d¢nad¢n ¢f £357.953 (accrued at the end of August 2022) w•$ p￿d durlni th¢ year to 31 Au•u¢ 2023,
wlth • fvrther £490.947 bel￿ accrued as It 31# Auwst 2023 In reve¢ ol the profi¢$ for 202ZQ3.
The School ts Indlrecdy asso¢ht•d wlth i number of tharitles for whlch the Leathersellers, C4xnpany acts as
trustee or app¢lnrs some of the trnseeek Of these, Colfe's Charitable Tru$L whlth ralsu monles for the benelk
af the Sehool madewknts to the Sthool of£50.000 P021. £50.000) in the year, and the Leathersellers, Company
Chthttble Fund mad• a zrnnt ro the School of£240,0¢)0 (2021. £300.000). As at 31 Augus¢ 2023, an amounr of
£494550 was due to Coffe's Charl¢able Tru5L Thls Includ￿ a leDCy ￿yMent referr￿ to Fn thts ￿￿Unf$ of
£484,530 plus Interesl xcrued (2021. Debror £1.140).
School14 not awar• ofany rela¢ed party transath5 YAth Irs GDvqrnors.
17 CAPITAL COMMITMENTS
At 31 Awx 2023 thg group had ouLKandln8 capltal GommJm)ents of £68k Q022: £lnk).