2022-08-31-accounts - Marlborough College

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INDEX	Page
Trustees, Officers and Advisers	2-4
CounciVs Report	5-19
Statement ofTrustees' Responsil&ilities	20
Independent Auditor's Report	21-22
Statements ofFinancial Activities	23
Balance sheets	24
Cash Flow Statement	25
Statement ofAccounting Policies	26-29
Notes to the Financial Statetnents	30&9

Council members during the year aad up tothe date the Snancial	statements	signed were:
Giles IHeadsmen CBE(Chairman ofCouncil, Chairman ofDevelopment, Nominations Committees)		Chairman ofMC (Overseas) Ltd and
Prof SirJohn Bell
Michael Birkin (appointed 19March 2022)
Pctmy Duneron Watt (Chairman ofHealth and Wellbeing Committee)
Piers Coleman
Peter Denton (Chairman ofthe Finance Committee)
BdElliott (appointed Chahrrum ofAcademic Committee 26	January 2022)
Tania Freeman
Revd Stephen Gray
Tim Martindenkins (appointed Chairman ofthe Foundation ProfCav Simon Mordant	Trust 19March	2022)
Rob Perrins (Chairman ofBuildings Committee)
Ros King (appointed 19Match 2022)
Sabine Reeves (appointed 19March 2022)
Revd Lindsay Yates (resigaed 18June 2022)

		Lloyds Bank
		Crest Way
		Bamwood
		Gloucester
		Gloucestembire
		GIA 3RL
Solicitors:		Fewer tk Co
		66Lincoht's Inn Fields
		London
		WC2A 3LH
Auditors:		Haysmacintyre LLP
		Statutory Auditors
		10Queen Street Place
		London BC' 1AG
Investment	Advisers:	Rathbones
		I Carson Street
		London
		W1JSFB
Insurance	Bmkers.	PIBInsurance Brokers
		Poppleton Lane
		Low Poppleton Lane
		York
		North Yorkshire
		YO26 6GZ

	Year 7gr 8 SAGSpupils visit the College once per fortaight on aWednesday afiemoon. This scheme has
	recently been reviewed. In place ofstudying Latin, which they cannot then take forGCSE, SApupils now participate in a carousel ofthe following activities: creative writing, computer science, research skills in the
	library, science experiments, classical civilisation, local history.
	The College supplies two teacher Governors at SA.Each ofthese Governors spends approximately 200 hours smff
	per year on Swindon Academy work. They also provide support with pupil disciplinary hearings, staff
	complaints and prize givings.
	The College's Guidance specialists provide support with university applications fium SApupils, including to the tnost competitive destinations. One member ofthe Guidance visit SAfortwo hours every Wednesday
	to help Sixth Formers apply to Higher Education and other courses (switched March 2020to online help and
	now in person fiom November 2021). The College continues to offer specialist help for university entrance
	exams, and pupils am invited to Oxbridge lessons and interview training.
(iv)	Year 11SApupils entered aresearch project competition at the College. This will, hopefully, be an annual
	event, with generous prizes supplied by the College.
(v)	Two pupils 0om SAjoined the College in September 2022 on full bursaries as part ofan ongoing bursary
	programme with the Academy (there are five former SApupils in the College's Sixth Foun m total).
(vi)	We continue to be involved in the Fitzwilliam Project, an access and mentoring pmj actorganised by Fitzwilliam College Cambridge for SApupils. Afier agood deal ofdisruption there was aresideatial stay at Fitzwilliam in September 2022, which the College helped to staff.
(vii)	The Year 10exchange for pupils fium the two schools has been reinstated, and agroup of12pupils from each
	will participate in this in November 2022.
(viii)	Since the start ofthe SAGS,the College has hosted afiee week-long academic Year 7 summer school, in
	conjunction with Imperial College London, for GS pupils. This resumed in Tune 2022 forboth Year 7 and Year
	8pupils; Imperial's outreach work in schools had not yet been resumed, but the College somued and financed
	an alternative pmvision, Whilst the course could not be residential (owing to the College's ongoing pmvision ofaccommodation for isolating pupils), the usual 'beyond-the-syllabus' pmvision was nonetheless possible
	with SApupils travelling in for whole days.
(ix)	An Open Morning for Year 6 pupils thinking about applying to the SAGSwas hosted atthe College in November 2021.
(x)	Members ofthe College's Management Team visited the SASixth Form, and hosted areciprocal visit to the
	College, with aview to helping SAreview their academic strategy for these year groups as their Sixth Foun
	continues to grow and improve.
(xi)	The Wednesday Aiteruoon Swindon Academy Prinuuy School Reading Pmgramme continues to be very wefi
	supported by Marlborough College pupils. Itresutned in person in September 2021 and 26pupils now visit SA
	each Wednesday, supported by three College teachers.
(xii)	The annual SA Carol Service took place m tbe College's Chapel in December 2021 and will again be an annual
	evalit.
(xiii)	The College provided on site visits for Year 9GS pupils in the summer term of2021,with afocus on scientific
	experiment and investigation. In addition, SApupils (and others fiom nearby primary schools) are invited to
	scientific talks and demonstrations at the College.
The College is currently working with SAto re-boot further partnership links, ofwhich the following are examples:
	Residential weekends atMarlborough College, with SApupils staying overnight and using the College
	facilities, with emphasis on a particular curriculum area each time. There are usually 12pupils and two SA
	teachers attending on each occasiim.

				Croup
			2022	2021	2022	2021
		Notes	6'000	8'000	8'000	f.'000
Tan@bio loves bnents		6 8	146344 133,894 16,40818,279		115446 16432	107~1 18,403
			162,652	152,173	132,078	125,644
DEBTORSDUEINMORE THAN
ONE YEAR
Deferred TaxAsset			2,130
CURRENT ASSETS
Listed investments			2,11$	10,275	2,11$	10375
Stock			553	535	93	53
Debtors			5,016	6,176	3,077	4,328
Cash atbank and in	hand		21,401	15,044	10,408	5369
			29,088	32,030	15,696	20,025
Less:Creditors - Amounts
gdling due within one year		i0	(23,797)	(19,196)	(13,649)	(9,704)
Net cununt assets			5,291	12,$34	2,047	10,321
			170,073	165,007	134,125	135,965
Creditors - Amounts	gdting
due atter one year			(64,127)	(59,147)	(31,304)	(31,597)
NETASSETS			f105,946	f105,861	f102,821	f104,368
REPRESENTED BY:
Umestricted Funds		13	94,000	92,097	90,$75	90,604
Restricted Funds		17	43	41	43	41
Endowed Funds		18	11,903	13,723	11,903	13,723
		12	f105,946	6105,$61	f.102,&21	6104,368

				2022		2021
				f'000	OOOO	f'000	f'000
Reconciliation ofnet income to nct cash flow from operating
acflvities
Net income per Statement ofFinancial Activities Depreciation charges tk Impairment				823 5,359		3,844 5,151
Amortisation cost for refundable deposits				(108)		243
Gain on sale oftangible fixed assets				(41)		(5)
Bank interest and investment income				(879)		(640)
Net gain on investments Interest payable Sncrcase/DDccrcme in stock				2,303 1,639 (3)		(2,676) 2,417 112
(tuctvase)DDecrease in debtors				1,374		(1,097)
Increase/(Decrease) in creditors				3,483		(1,756)
IncresscD(Decrease) ia lease creditors				1,345		2,324
Reversal ofimpairment loss				(2,703)
qbx charge for the year (MBast)				(1,940)
Tax paid in the year (MBast)				(54)
Nct cash provided by operating activities					1049$		7,917
Cash flows from investing activities Bank interest and investment iacome				879		640
Pmchase oftangible fixed assets				(12,266)		(5,961)
Pmceeds fiom sale oftangible fixed assets				43		5
Purchase ofinvestments				(5,202)		(5,567)
Proceeds &om sale ofinvestments				5,798		5,417
Purchase ofgovernment securities and corporate bonds Pmceeds Oom sale ofgovernment securities and corporate			bonds	(969) 1,848		4,000
Net cash used in investing activities					9469		(1,466)
Cash flows from financing activities Interest payable New entrance deposits received New fees in advance received				(1,639) 1,627 172		(2,417) 2,730 270
Release offees in advance				(349)		(787)
Entrance deposits repaid				(1,442)		(2,598)
Capital repayments on lease creditors				(56)
Net cash used in finandag activities					(1,687)
Change in cash and sash equivalents	ia tbe reporting	period			(958)		f3,649
Foreign exchange movements					911
Cash and cash equivalents at the beginning ofthe reporting			period		23,261		19,612
Cash snd cash equivalents atthe end	ofthe reporting	period			623414		f23461
'
Anal sisofcash aud cash a lents
Cash atbank and in hand					21,401		15,044
Uninvested cash included in invesnnents					1,813		8,217
Total cash and cash equivalents:					823414		f23461
An analysis ofnet debt is included in note 23.

El)	Fees and similar income Feesmceivable and charges for services are accounted for in tbe year in which the service ispmvided. Feesreceivable src stated after deducting allowances, scholarships and other remissions granted by the College, and include contributions received fiom
	Associated Funds fix Scholarships, Bursaries and other gmnts.
e)	Donations, gifis and legacies Donations received for tbe general purposes of the College arc ctudited to College funds. Whee the Council desigaates donations for specific purposes they are credited to designated funds, to distinguish them from direct school income. Donations subject to specific wishes of tbe donors are credited to relevant restricted funds, or to endowed funds, where the capital is
	pctiuallellt.
	Govemmeat grant income represents the total amount claimed &omHMRC under the CJRS.The income isaccounted for in the
	period in which the associated salary payments are made to furloughed sbdf.
	Expenditure Bxpecditure is allocated to expense headings either on a direct cost basis, or apportioned according to time spent. The irrecoverable element ofvalue added tsx is included with the item ofexpense to which itrelates.
	Leases
	The Schools' rentals paid under operating leases, in which substantially all the risks and rewards ofownership arc retained by
	the lessor, are charged to incoine on astnught line basis over the lease term.
	MCM's leases ofassets where they assume substantially all risks and rewmds incidental to ownership ofthe leased assets are classified ss finaace leases. The leased assets and the corresponding lease liabilifies (netoffinance charges) under finance leases sre recogaised on the balance sheet as plant and equipment and bormwings respectively, atthe inception ofthe leases based on the lower ofthe fair value ofthe leased assets and the present value ofthe minimum lease payments.
	Bach lease payment is apportioned between the finance expense and the reduction ofthe outstanding lease liability. The finance expense is recognised in the income statement on a basis that mfiects a constant periodic rate ofinterest on the finance lease
	liability.
	Financial instruments
	Only the College hns financial assets and financial liabiTities ofakind that qualify as basic fmancial instrmnents. Basicfinancial instruments, includmg trade aad other debtom and creditors are initially recognised at transaction value and subsequently
	measured attheir settlement value.
	Tangible fixed assets The College land and buildings in existence at 1July 1999were valued by the Council on the following basis;
	~ Specialised buildings were valued using depreciated replacement cost. Specialised buildings are buildings such as schools, "where there is no competing market demand &om other organisations using these types ofproperty in the locality" and are therefore rarely sold on the open market for single occupation for a continuation oftheir existing use, exoept as part ofa sale ofthe business in occupation. Acquisitions of specislised buildings subsequent to I July 1999are capitalised snd
	subsequently depreciated in accordance with the College's normal accounting policies.
	~ Non-specialised buildings were valued at existing use value. Non-specialised buildings include residential buildings outside
	the College campus and shops.
	~ Land related to speciahsed buildings were valued on sn agricultural value basis.
	~ Land relating to non-specialised buildings were valued atopen market value.
	The College does not intend to adopt apolicy ofrevaluation. Thus the buildings valuations at 1 July 1999are fiozen subject to
	any adjusnnents necessary resulting fiom an impairment review.

	FEESRECEIVABLE		2022				2021
		f'000			f'000		f'000
	Full fees for pupils atthe Schools			54,866			52,930
	Less:Fees paid by associated funds			(701)			(371)
				54,165			52,559
	Less:Deductions
	Scholarships	273				490
	Bunaries and other deductions	4,838				4,529
				(5,111)			(5,019)
				49,054			47,540
	Grants from Associated Funds			701			371
	Receivable by the Schools			K49,755			K47,911
2a,	OTHER TRADING ACTIVITIES					K'000	V000
	Registration and acceptance fees					412	417
	Commission received					49	39
	Rental income					119	121
	Miscellaneous					265	283
	Gain on disposal oftangible fixed assets					40	7
						f885	f867
2b.	DONATIONS AND LEGACIES
	Donations include Knil (2021:K677,000) received	in relation	to the Coronavirus Job Retention			Scheme implemented by
	the Government from March 2020 as a result ofthe	countrywide	lockdown	in relation to	the global pandemic.
	ANALYSIS OFTOTAL EXPENDITURE
				Staff	Other	direct	2022
	2022			Costs	Costs		Total
				P000	6'000		8'000
	Costs ofraisins funds
	Irading costs			280		683	963
	Finance costs					3,737	3737
	Marketing and fuadraising					436	1,028
	Investment management					70	70
	Charitable activities
	College operating costs:
	Teaching costs			19,049		2,203	21,252
	Summer School expenses			517		794	1,311
	Welfare costs			4,122		2,671	6,793
	Premises costs			2,694		8,497	11,191
	Support costs			1,468		3,898	5,366
	Grants, awards and prizes					76	76
	Depreciation and impairment					5,359	5,359
	Reversal ofimpairment charge				(2,703)		(2,703)
	Tax charge for the year (M				(2,103)		(2,103)
	East)
				K28,722	K23,618		K52,340

ANALYSIS OF	TOT	AL EXPENDITU	RE (continued)
			Stall	Other direct	2021
2021			Costs	Costs	Total
			0'000	8'000	$'000
Costs ofraisina	fuads
Trading costs			2$0	629	909
Finance costs				2,417	2,417
Marketing and	fundraising		514	23$	752
Investment management				66	66
Charitable activities
College operating costs:
Teaching costs			19,064	2,096	21,160
Summer School expenses			198	221	419
Welfare costs			3,813	2,021	5,834
Premises costs			2,670	6,$80	9,550
Support costs			2P37	2,316	4,553
Gnmts, awards	and prizes			74	74
Depreciation				5,151	5,151
			$28,776	$22,109	f50,$85
				2022	2021
				$'000	P000
Sugtmrt Costs
Administrative	salaries			2,463	2,237
OIScecosts				684	599
Professional fees				542	390
Other administrative		costs		1,550	1,205
Governance costs				127	122
				$5,366	f4,553

			2022	2021
			8'000	8'000
Expenditure includes:
Equipment rental			187	268
Depreciation			5,359	5,151
Auditors' remuneration			53	49
Fees paid to subsidimy auditors			14	13
Council members' expenses reimbursed			1
Council members' liability insurance			15	13
Staff Costs
Wages and salaries			23,885	24,108
Social security costs			IP54	1,788
Other pension costs			2,656	2,578
Redundancy costs			227	302
			828,722	828,776
The average number ofemployees ofthe during		the yrxu were:	Nos
Teaching staff			276	278
Teachmg Support staff			74	77
Non-teaching staff			357	366
Ttading activities			9	11
			716	732
The number ofhigher paid employees	was:
			Nos	Nos
qhxablc emoluments band:
f60,000 f.70,000			46	48
$70,000 f80,000			47	34
680,000 690,000			13	10
F90,000 - 6100,000			3
6100,000 - 6110,000				2
8110,000 - 8120,000				I
6120,000 - f.130,000				1
8140,000 - 8150,000				1
f150,000 - 6160,000				2
6180,000 - 6190,000
8190,000 - 8200,000
8220,000 - f230,000

TANGIBLE FIXEDASSETS	TANGIBLE FIXEDASSETS
		COLLEGE		SUBSIDARY COMPANIES			GROUP
	Land k,			Land dr
2022	Buildings	Equipment	Total	Buildings	Equipmeat	Total	Total
	8'000	8'000	8'000	f'000	8'000	f'000	8'000
COST
1 September 2021	130,438	11,411	141,849	34,175	4,616	38,791	180,640
Additions	10,22&	1,509	11,737	233	331	564	12,301
Disposals		(192)	(192)		(39)	(39)	(231)
Exchange effects				3,420	424	3,$44	3,844
31August 2022	140,666	12,728	153394	37,828	5,332	43,160	196,554
DEPRECIATION
1September 2021	25,265	9,344	34,609	9,655	2,4$2	12,137	46,746
Charge for the year	2,700	732	3,432	1,417	510	1,927	5,359
Disposal		(io3)	(193)		(34)	(34)	(227)
Reversal ofimpairment				(2,703)		(2,703)	(2,703)
Loss
Exchange effects				858	277	1,135	1,135
31August 2022	27,965	9,883	37,848	9,227	3,235	12,462	50,310
NET HOOK VALUES
	8112,701	82,845	6115,546	82&,601	f2,097	830,69&	&146,244
31August 2022
31August 2021	&105,173	f2,068	&107,241	f24,520	f2,134	&26,654	8133,894

were incomp	lete at31August 2022.
The amgible	Sxed assets are wholly used for the Group activities.
Capital commitmcnts:		?022	2021
		f'000	0'000
Contracted	for but not provided in these accounts	8125
Authorised	but not contracted for	K&,972	f3,478

he results ofth	e Co	llege's subsidiary compani	es are summa	rised	below:
		Enterprises			M East		Overseas
		2022	2021		2022	2021	2022	2021
		6'000	8'000		6'000	8'000	8'000	F000
Tlllllovcf		1,32$	1,065		14,407	15452
Costofsales		(939)	($66)
Gross pmfit		3$9	199		14,407	15352
Teaching					(6,189)	(7~2)
Welfare					(1,144)	(1,096)
Pacilities					(2,322)	(2270)
Administration		(213)	(200)		(4,1$3)	(3,$67)
Operating		176			569	817
(loss)/progt
Gig Aid donation/		(169)	80
adjustment to	the
College
Actuarial Movement (9)
Finance Costs					(3,743)	(1,443)
Reversal		of			2,703
impairment oharge
Tax charge	for	the			2,103
yem
		6(2)	687		$1,632	f(626)
ctions between the		College and its subsidiary	undertahngs	were as follows:
MCEL			f'000		M East			0'000
Payment	Som	the College to MCEL	(164)		Payments	&om MEast to the College:		687
Payment	&om	MCELto the College		17
				37

8. FIXEDAND CURRENT ASSETINVESTMENTS	8. FIXEDAND CURRENT ASSETINVESTMENTS	8. FIXEDAND CURRENT ASSETINVESTMENTS	Fixed Asset	Current Asset
			Investments	Investments
2022			8'000	8'000
Listed securities:
Market value at31August 2021			15,253	2,469
Additions			5,079	968
Disposal at opening market value			(6,918)	(1,945)
Revaluation			(700)	(99)
			12,714	1,393
Endovnnent property			7
Cash atbank for re-investment			1,088
Rare books			816
Investment properties	(revalued 31August 2022)		1,783
Investments in subsidiaries
Market value at 31August 2022			616,408	V.,I18
Historical costs oflisted securities			411,469	61,481
Listed secmtties are represented		by:
UK Government fixed	interest		202	189
UK fixed interest and	index linked		327	894
Foreign Fixed Interest				310
UK equities			5,416
Foreign Equities			6,072
property			697
			12,714	1,393

8. FIXEDAND CURRENT	ASSETINVESIMENTS	(continued)		Fixed Asset	Curreat Asset
				lavestm eats	Investmeuts
2021				8'000	8'000
Listed securities:
Market value at 31August 2020				12,265	6,687
Additions				5,567
Disposal at opening market value				(4,943)	(4,173)
Revaluation				2,364	(45)
				15353	2,469
Endowment property				7
Cash at bank for re-investment				411	7,806
Rare books				774
Iavestment properties (revalued	31August 2020)			1,834
Investments in subsidiaries
Market value st 31August 2021				$18,279	810,275
Historical costs oflisted securities				$10,903	62,482
Listed securities are represented by: VKfixed interest snd index linked				74	912
Foreign Fixed Interest				856	1,557
UK equities				6,078
Foreign Equities				7,604
Property				641
				615,253
9. DEBTORS —Amouats	falling due within	Group			College
one year		2022 8&000	2021 8'000	2022 8&000	2021 8'000
Fees in arrears and extras		654	1,349	654	1,349
Sundry debtors		14	29	14	29
Prepaymeats		4,321	3,535	306	378
Trade debtors		27	1463
Amomu due finm related	companies			2,103	2,572
		85&016	86,176	83,077	f4,328

2022		Balance			Transfers dt	Transfers dt	Balaace
		1September	Income	Expenditure	Other		31August
		2021			gains/Bosses)		2022
		8'000	8'000	8'000	8'000		8'000
College general funds		8$,8$1	40,405	(40,247)	488		$9,527
Malaysia general fund		1,363	14,407	(11,773)	(1,002)		2,995
College designated	funds (note 16)	1,853	95	(46)	(424)		1,47$
		892,097		(852,066)	($938)		f94,000
2021		Balance			Transfers	4$	Balaace
		ISeptember	Income	Expeaditure	Other		31Augast
		2020			gains/Passes)		2021
		8'000	F000	8'000	f'000		8'000
College general funds		86,910	36,412	(34,827)	386		88,$81
Malaysia general College designated	fund funds (note 16)	2,008 1,545	15,252 77	(15,853) (48)	(44) 279		1,363 1,$53
		$90,463	$5L741	($50,728)	$621		$92,097


TRANSFER OFFUNDS		2022	2021
		f 000	f'000
The transfers between funds	are listed below.
Unrestricted College
Revenue Fund		8391
Designated College
Master's Fund revenue
Master's Fund capital
Consolidated Trust Funds
Children ofClergy Fund		(46)	(28)
		(&l6)	f(28)
Restricted CoUege
Master's Fund revenue		76	(343)
Other Consolidated Funds tuvenue			(670)
Capital Projects tb Bursaries		(32)	(33)
		f44	(61.068)
Endowed Funds
Master's Fund capital		(227)	1,612
Other Consolidatel Funds capital			(1,901)
Cannon Diggle Scholarship	Fund	(18)	(11)
Elstob Scholarship Fund		(32)	(26)
Gabriel Scholarship Fund		(9)	(I)
SirGeorge AbeU Scholarship	Fund	(10)	(4)
Barton Scholarship Fund		(57)	1396
Bullock Sb Cbwcb Memorial	Scholarship	(16)	372
Consolidated Trust Funds Capital			(477)
		(f389)	f856

he Endowed	Funds investmen	ts and move	ments in the unapplied	total reuua am set out below	.
				Endowment	Unapplied	Total
					Total
					Return
					8'000	f.'000
As at I September 2021				11,513	2,210	13,723
Movemeuts	in the reporting	period
Investment	return: dividends	and interest			389	389
Investment	return: realised snd uarealised		gains/(losses)		(1,759)	(1,759)
Investment	management costs				(63)	(63)
Total					(1,433)	(1,433)
Extraction	ofincome hom total return				(387)	(387)
Net movement forthe reporting period					(1,$20)	(1,$20)
As at 31Augast 2022				$11,513	$390	$11,903

				Kndovrmeut	Unapplied	Total
					Total
					Return
				8'000		g&000
As at3December 2020					864	11,965
Movements	in the reportiug	period
Investment	retura: dividends	and interest			231
Investment	return: dividends	aud interest	reinvested	412	(242)	170
Investment	return: realised and unrealised		galas/(tosses)		1,647	1,647
Investment	management costs				(59)	(59)
				412	1,577	1,989
Extraction	ofincome &om total return (income balance forthe I"year)				(231)	(231)
Net movement for the reporting period				412	1,346	1&758
As at31August 2021				611&513	62,210	613,723

19.	FINANCE LEASE COMMITMENTS	FINANCE LEASE COMMITMENTS		Property and Equipment 2022 2021	Property and Equipment 2022 2021
	At31August 2022 the Gmup bad the following		total	f'000	f'000
	commitments under ncnwancefiable	finance leases:
	Within one year Two to five years More than five years			745 6,112 3$,222	678 4,031 36,236
				45,079	40,945
	Less: future finsnce charges			(18,854)	(18~9)
	Present value offinance lease liabilities			f26,225	f22,686
	Rcpreseudng: Within one year Two tofive years More than five years			109 1,031 25,085	54 484 22,148
				f26,225	f22,6&6
20.	OPERATING LEASECOMMITMENTS			Property and Equipment
				2022	2021
	At 31August 2022 the Group had the following		total	f'000	f'000
	commitments under non-cancefiable	operating	leases:
	Within one year Two to five years More than five years			2,319 9,275 34,272	2,115 8,459 33,289
				f45,$66	643,863

The Master, Pmf	Sir Jolm Bell,EE	fiiott, GIHenderson,	TMartin-Jenkins, PC	oleman and M Birkin wer	e Trustees.
Transactions with	the Marlbomugb	CoUege Foundation	included:	2022 UOOO	2021 f'000
Donations	to the College			$732	f537

ANALYSIS OFNETDEBT	ANALYSIS OFNETDEBT	At 1Sep 2021 8'000	Movements in Cash Flow 8'000	Elfects of foreign exchange 8'000	At31Aug 2022 8'000
Cash atbank and in hand Uninvested cash included	in investment	15,044 8/17	5367 (6,404)	990	21,401 1,813
		23,36]	(1,037)		23414
Loan Note —amount due	tdter 1year	(25,000)			(25,000)
		X(1,739)	(1,037)		8(1,786)

?4. COMPARATIVE	ST	ATEMENT	OFFINANCIAL A	CTIVITIES
			Uarestricted	Designated	Fuads	Endowed	Total
			Fends PDDD	Malaysia gr000	College 8'000	Funds 8'000	2021 8'000
Income and endmrments	from:
Chgdlgble activities School fees			34,100	14,601	(298)	(492)	47,911
d'
C~Cb Tmding Income Other			940 477	119 390			1,059 867
Donations ts and le acies			675		330	571	1,576
Investments				142	45	233	640
Total income			36,412	15,252	77	312	52,053
Expenditure on: a'i lbd
Trading costs Financing costs Iviarkegng and fund raising Investment management			795 992 697	114 1,416 55		59	909 2,417 752 66
			2,484	1,585	16		4,144
Charitable activities
College operating costs: Teachius costs Summer School expenses Welgtre costs Premises costs Support costs Grants, awards and prizes Depreciation and impairmeat			13,931 419 4,733 7,256 2,6$1 3,323	7,202 1,096 2,27D 1,872 1,82$	27	74	21,160 419 5,834 9,550 4,553 74 5,151
			32,343	14,268	32	98	46,741
Total expenditure			34,$27	15,853	48	157	50,8$5
Net income/(expenditure) investment gains		before	1,585	(601)	29	155	1,168
Net (losses)/gsins on investments			(167)		307	2,536	2,676
Net income/(expenditure)			1,418	(601)	336	2,691	3,844
Transfers between Smds Revaluation ofInvestment Properties Exchange losses Re-measurement ofPension Degcit			240 18 (33) 328	(44)	(28)	(212)	18 (77) 328
NET MOVEMENT IN FUNDS			1,971 686,910	(645) f2,008	308 $1,545	2,479 $11,285	4,113 f,101,748
			gggdt81	f1~	Kt,&53	$13,764	$105g61