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2023-08-31-accounts

Contents Page
Introduction by the President of Council 2-3
Council Members,
Officers and Advisors		 4-5
Annual
Report ofthe Council		 6-19
Statement of Trustees'
responsibilities		 20
Independent auditor's
Report to the		 Trustees of Cheltenham College 21-24
Consolidated Statement of Financial Activities 25-26
Consolidated and College Balance Sheets 27
Consolidated Cashflow Statement 28-29
Notes to the Financial Statements 30-54

'
(1); (S)
*
i Mr. W J Straker-Nesbit (President)
Mr. A H Monro (Retired 31 December 2023) * I'- *
*
Mr. D Stewart (Deputy President) I"
Mr. A Barr !
Mr. B Beardrnore-Gray
Mr. P Brettell
Mr. M Chicken (Resigned 18 April 2023)
Mr. C Cooper
Mrs. K Dallimore
Miss G Elwood ~ I
Dr. D Flower
Mrs. E Hattersley (Appointed 17 April 2023) 1'.',:;e@'
r
Ms. L Kalindawalo
Mrs. D Kelly
Ms. C Lehr
Mr. D McNiffe
Mr. N Roskilly
i Revd. Canon
K Wilkinson		 ~;.
Mrs. C Willgoss I ~ I
, Dr. P Wingfield , (Retired 31 December 2023)

Consolidated Stateme nt of Financial
Activitie		 nt of Financial
Activitie		 s for the yea r end 31Augu st
Unrestricted Restricted Endowed 2023 2022
Notes Funds
E'000		 Funds
E'000		 funds
E'000		 Total
E'000		 Total
f.'000
Income and endowments from:
Chadtable
activities
School fees receivable
Ancillary trading
income		 2
3		 32,700
3,030		 32,700
3,030		 30,132
2,121
Other trading
activities
Other activities		 4 25 25 33
Investments
Investment
income
Bank and other interest
Donations,
grants and legacies		 5
6
7		 54
92
118		 89
360		 143
92
478		 129
66
333
Total income 36,019 449 36,468 32,814
Expenditure
on:
Raising funds
Non-ancillary
trading
Financing costs
Investment
management
Fundraising
and development
Total deductible costs		 8
9
8		 (373)
(611)
04)
(362)
0,360)		 (2)
(2)		 (22)
(22)		 (373)
(611)
(38)
(362)
0,384)		 (294)
(400)
(41)
(291)
(1,026)
Charitable
activities
Education
and grant making		 8 (33,585) (66) (33,651) (30,210)
Total expenditure (34,945) (68) (22) (35,035) (31,236)
Net income/(expenditure) 1,074 381 (22) 1,433 1,578
before investment
gains
(Losses)/Gains
on investments		 13 (213) 02) (88) (313) (1,098)
Net income/
(expenditure)		 861 369 010) 1,120 480
Unrestricted Restricted Endowed 2023 2022
Notes Funds Funds Funds Total Total
f'000 f'000 f'000 f'000 f'000
Net
income/(expenditure) 861 369 010) 1,120 480
Transfers between funds 24 (91) 25 66
Net movement in funds 770 394 (44) 1,120 480
Reconciliation offunds
Fund balances brought forward at 1
September 2022 65,571 2,011 3,767 71,349 70,869
Fund balances carried forward at 31
August 2023 66,341 2,405 3,723 72,469 71,349

Balance Sheets as at 31August 2 023
Group College
Note 2023 2022 2023 2022
f'000 f.'000 f'000 f'000
Fixed assets
Tangible assets
Investment
in subsidiaries
Fees in Advance Scheme
Secudities investments		 invested 12
13
13
13		 88,541
2,318
4,363
95,222		 88,058
2,484
4,401
94,943		 88,771
736
2,318
3,041
94,866		 88,278
736
2,484
3,063
94,561
Current assets
Stock
Debtors
Cash and deposits		 14
15		 116
2/66
1,746
4,328		 111
1,531
1,100
2,742		 90
2,880
76
3,046		 90
1,519
55
1,664
Current
liabilities
Creditors
payable
within		 one year 16 (11,042) 02,383) 01,287) (12,611)
Net current
(liabilities)		 (6,714) (9,641) (8,241) (10,947)
Total assets less current liabilities 88,508 85,302 86,625 83,614
Long-term
liabilities
Creditors
payable after		 one year 17 06,039) (13,953) 06,039) (13,953)
Net assets 72,469 71,349 70,586 69,661
Represented
by.
Endowed
funds		 24 3,723 3,767 3,042 3,063
Restricted funds 24 2,405 2,011 1,203 1,121
Unrestricted
funds
General
and designated		 reserves 24 66,341 65,571 66,341 65,477
72,469 71,349 70,586 69,661

Consolidated
Cashflow		 Consolidated
Cashflow		 Consolidated
Cashflow		 Consolidated
Cashflow		 statement statement for the year ending 31August 2023
Note 2023 2022
f'000 f'000 6'000 f.'000
Cash flows from operating activities
Net cash provided
by operating
activities		 (a) 1,386 5,050
Cash flows provided
by/(used
in) investing		 activities:
Payments
for tangible
fixed		 assets 0,971) (9,125)
Proceeds on sale oftangible
fixed assets		 18 16
Additions to securities
investments		 porffolio (986) (968)
Withdrawals
from securities		 investments
portfolio 876 906
Net cash used
in investing		 activities (2,063) (9,171)
(4,121)
Cash flows provided
by/(used
in) financing
activwes:
New loans 3,250 2,690
Loan repayments (1,256) (1,666)
Finance income received 143 129
Bank interest
paid		 (529) (329)
Net cash used in financing activities 1,608 825
Fees in advance schemes
New fees in advance contracts 2,802 2,940
Refunded
fees		 (65)
Capital
utilised
in year		 (2,498) (2,144)
239 796
Change
in cash and cash equivalents		 1,170 (2,500)
Reconciliation ofnet cash flow to movement in net funds
Increase/
(Decrease)
in cash in the year		 (b) 1,170 (2,500)
Cash (outflow)/inflow
from
and hire purchase		 movement in debt (1,993) (1,057)
Net bank debt at 1September 2022 (9,889) (6,332)
Net bank debt at 31August 2023 (10,712) (9,889)
The notes on page 30to 5 form part ofthese financial statements.
(a) Reconciliation ofnet in com e t o net cash flow from o perating
activ		 ities
2023 2022
f'000 f'000 f'000 f'000
Net income before investment gains 1833 1,578
Elimination
ofnon-operating		 cash flows:
Finance income received 043) (129)
Bank interest paid 529 329
Fees in advance fair value adjustment (23) (30)
Depreciation
charge		 1,242 1,151
(Profit)/loss on sale of assets 227 (13)
Decrease/(Increase)
in stocks		 (5) 15
(increase)/decrease
in debtors		 (935) (424)
Increase/(decrease)
in creditors
(excluding
in advance scheme and bank loans)		 fees (939) 2,573
(47) 3,472
Net cash inflow from operations 1,386 5,050
(b) Analysis ofchanges
in		 net debt 1September
2022		 31
Cash flows		 August
2023
f'000 f'000 f'000
Cash at bank 1,100 646 1,746
Overdraft (1,709) 524 0,185)
Loans due within
1year		 0,178) 15 0,163)
Loans and overdraft
due		 (2,887) 539 (2,348)
within
1year
Loans due after 1 year (8,102) (2,008) (10,110)
Net bank debt including overdraft (9,889) (823) 00,712)

2023 2022
f'000 f'000
Fees receivable consist of:
School fees 36,896 34,261
Less: Total scholarships and bursaries (4,304) (4,195)
32,592 30,066
Add back: Bursaries and other awards paid for by restricted funds 108 66
32,700 30,132

3. Ancillary Trading income
2023 2022
f'000 f'000
Extras and trips 1,294 802
Lettings and other revenue 1,528 1,045
Entrance and registration fees 208 274
3,030 2,121
4. Other trading activities
2023 2022
f'000 f'000
Other activities
Profit on sale ofassets 21 16
Other income 4 17
25 33
5. Investment 5. Investment Income
Unrestricted Restricted Endowed Total Total
2023 2022
f'000 f'000 f'000 f'000 f'000
Equities 54 89 143 129
As at 31August 2022 45 84 129
6. Bank and other interest income
Unrestricted Restricted Endowed Total Total
2023 2022
f'000 f.'000 f'000 f'000 I'000
Interest on overdue fees and
other charges 92 92 66
7. Donations, grants and legacies
Unrestricted Restricted Endowed Total Total
2023 2022
f'000 f'000 f'000 f'000 f'000
Grants to Group for 8ursaries from:
College Lottery Scheme 108 108 99
Donations and legacies 10 370 234
118 360 478 333

(a) Total e pen d iture
Staff costs Depreciation Other Total Total
(note 11) (note 12) 2023 2022
f'000 E'000 E'000 E'000 f'000
Expenditure on raising funds
Non-ancillary trading 362 373 294
Financing costs (note 9) 611 611 400
Investment management 38 38 41
Fundraising and
development 208 154 362 291
Total costs of raising 208 11 1,165 1,384 1,026
funds
Charitable expenditure
Education and grant making
Teaching 14,664 225 3,976 18,865 16,568
Welfare 3,790 1,898 5,688 4,917
Premises 1,214 1,003 3,183 5,400 5,297
Support costs of schooling 2,090 3 1,209 3,302 3,106
Governance costs 159 59 218 195
Grants, awards and prizes
(note 178 178 127
8(b))
Total charitable expenditure 21,917 1.231 10,503 33,651 30,210
Totalexpended 22,125 1,242 11,668 35,035 31,236

(b) Grants, awards and prizes 2023 2022
E'000 E'000
From Restdicted
Funds:
Bursaries and other grants and awards 78 86
From Unrestricted
Funds:
Prizes and leaving awards 100 41
178 127
CHELTENHAM COLLEGE COLLEGE
Council's Report and Financial Statements
Year ended 31August 2023 C H E LTEN H A M
CL&l.l l.ar
8. Analysis ofExpenditure (continued) 2023 2022
f'000 f'000
(c) Other governance
included		 above:
Remuneration
paid		 to auditor:
23 21
for audit services
for taxation and VAT		 (included in Support costs of 6 9
Schooling) 2 2
for Teachers Pension returns 25 17
Council expenses
Reimbursement
of		 personal
expenses		 to Council 3 4
53

9Financing costs
. 2023 2022
f'000 f.'000
Fees in Advance debt-financing
Release offair value provision
Bank and loan interest		 cost
for Fees in Advance		 105
(23)
529		 101
(30)
329
611 400

11.Staff costs and related party transactions 11.Staff costs and related party transactions
2023 2022
The aggregate payroll costs for the year were as follows; f'000 E'000
Wages and salaries 17,847 16,336
Social security costs 1,622 1,477
Other pension costs (note 22) 2,618 2,377
Life assurance costs 38 66
22,125 20,256
CEC while employed
by Coll		 ege, in cluding
em		 ployers' National
I		 nsurance
and pensio		 ns costs, were:
2023 2022
E'000 E'000
Aggregate employee-benefits ofthe CEC: 961 874
2023 2022
Number of higher paid employees
including
the CEC, in bands of:		 (excluding National Insurance and Pension) number number
f60,001to E70,000 14
f70,001to f80,000 7
E80,001to E90,000 5
E90,001to f100,000 1
f120,001 to f130,000
f140,001 to f150,000
f160,001 to f170,000
f190,001 to f200,000
f220,001 to f230,000
30 18
11. Staff costs and related party costs and related party costs and related party transactions transactions (continued)
2023 2022
The number with retirement benefits accruing number number
- in Defined Contribution schemes: 5 4
of which the contdibutions amounted to (f000's) 63 54
- in Defined Benefit schemes: 25 10
ofwhich the contributions amounted to (f000's) 468 223
The average number ofCollege's employees during the year was as follows: 2023 2022
number number
Teaching 332 313
Welfare 120 114
Premises 50 50
Support 107 102
Other activities 16 11
590
The average
number ofCollege's
full time equival		 ent
employees
during the year was as follows:
2023 2022
number number
Teaching 215 211
Welfare 81 74
Premises 32 35
Support 70 68
398 388

Group
Freehold Assets under Furniture & Motor
Land & Construction Equipment Vehicles
Buildings
E'000 E'000 E'000 E'000 E'000
Cost
At 1 September 2022 92,148 368 9,220 211 101,947
Transfers 257 (257)
Additions 1,208 252 459 52 1,971
Disposals (157) (86) (62) (90) (395)
At 31August 2023 93,456 277 9,617 173 103,523
Depreciation
At 1 September 2022 7,611 6,096 182 13,889
Charge for the year 584 641 17 1,242
Disposals (13) (53) (83) (149)
At 31August 2023 8,182 6,684 116 14,982
Net book value
At 31August 2023 85,274 277 2,933 57 88,541
At 31August 2022 84,537 368 3,124 29 88,058

12. Tangible fixed assets (co ntinued)
Freehold Assets under Furniture
&		 Motor
College Land & Construction Equipment Vehicles
Buildings
E'000 E'000 E'000 E'000 E'000
Cost
At 1September 2022
Transfers
Additions
Disposals		 92,461
257
1,208
057)		 368
(257)
252
(86)		 8,747
458
(23)		 238
52
(90)		 101,814
1,970
(356)
At 31August 2023 93,769 277 9,182 200 103,428
Depreciation
At 1September 2022
Charge for the year
Disposals		 7,670
588
03)		 5,656
629
04)		 210
17
(86)		 13,536
1,234
013)
At 31August 2023 8,245 6,271 141 14,657
Net book value
At 31August 2023		 85,524 277 2,911 59 88,771
At 31August 2022 84,791 368 3,091 28 88,278

Fees in advance Scholarship and Trust
Investments investments
2023 2022 2023 2022
f'000 f'000 f'000 f'000
Group investments
At 1 September 2022 2,484 2,802 4M 5,092
Net dividends 54 45 95 89
Investment
management		 fees 04) (16) (26) (29)
Net losses in value of investments (206) (347) 007) (751)
Group investments at 31August 2023 2,318 2,484 4,363 4,401
Investments
comprise:
Listed investments
Fixed interest 1,454 1,404 936 590
Alternative
investments		 515 703 447 659
Equities 304 311 2,844 2,911
Cash 45 66 136 241
Group investments 2,318 2,484 4,363 4,401
College investments
At 1 September 2022 2,484 2,802 3,063 3,559
Net dividends 53 45 67 66
Investment
management		 fees (14) (16) 08) (20)
Net losses in value of investments (205) (347) (71) (542)
College investments at 31August 2023 2,318 2,484 3,041 3,063

16. Creditors : amoun ts falling due within o ne year
Group College
2023 2022 2023 2022
f'000 f'000 6'000 f'000
Bank loans and overdraft (note 20) 2,348 2,887 2,348 2,887
Deposits from parents 588 393 588 393
Fees received from parents in advance ofterm 3,458 3,226 3,458 3,226
Trade creditors 627 1,269 616 1,256
Taxation and social security 435 28 413 5
Other creditors 370 365 354 351
Fees in Advance Scheme (note 18) 2,371 2,256 2,371 2,256
Fees in Advance Scheme —Fair value (note 18) 17 26 17 26
Accruals 828 1,933 753 1,863
Amounts
due to		 subsidiary companies 369 348
11,042 12,383 11,287 12,611

College &Group College &Group
2023 2022
f'000 f'000
Deposits from parents 2,886 2,917
Fees in Advance Schemes (Note 18) 3,003 2,880
Fees in Advance Scheme - Fair value (Note 18) 40 54
Bank loans (Note 20) 10,110 8,102
16,039 13,953

Assuming
pupils
will rema		 in
in		 College, fees in advance
under both sche		 mes
will be applied
as oows:
2023 2022
f'000 f.'000
Due within one year
Adjustment
for fair value		 due in one year 2,371
17
2388		 2,256
26
2282
Within one to two years 1,130 1,265
Within two to five years
After five years
Adjustment
for fair value		 due in more than one year 1,654
219
40
3,043		 1,419
195
54
2,933
Balance at 31August 2023 5431 5215
Summary of movements in liability 2023 2022
f'000 f'000
Balance at 1 September 2022 5,215 4,449
New contracts 2802 2 940
Release offair value provision (23) (30)
Repayments (65)
Amounts
used to pay fees		 (2,498) (2,144)
Balance at 31August 2023 5,431 5,215

CHELTENHAM CHELTENHAM
col.l svs
19. Fees in Advance Scheme - Complex financial instrument
2023 2022
F.'000 E'000
Closed FIA scheme liability (opening
balance)		 225 366
Transfer to fee income before finance charge (38) (109)
Revenue foregone (finance charge) (20) (32)
Refunds to parents (39)
Closed FIA scheme liability before future finance charge 128 225
Present value of future finance charges
Due in one year 17 26
Due after one year 40 54
Fair value of full liability grossed up for future finance charges 185 305

An a nalysis of loans and ov erdrafts
is below:
College &Group
2023 2022
f'000 f'000
Bank Loans
Due within one year 2,348 2,887
Due between one and two years 1,151 1,112
Due between two and five years 2,176 2,276
Due after five years 6,783 4,714
Due after more than one year 10,110 8,102
Total bank loans (excluding cash) 12,458 10,989

24(a). Movement
in Funds		 —Current year
Consolidated 1September
2022
E'000		 Net
movement
E'000		 Investment
Transfers
gain/((osses)
E'000
E'000		 31August
2023
E'000
Endowed
funds
College (Scholarship)
CCCT		 3,065
702		 (18)
(4)		 (70)
(18		 3,043
680
Endowed 3,767 (22) 66
88		 3,723
Reshicted funds
College (Bursary)
CCCT		 1,168
843		 56
325		 25
(1)
(11		 1,248
1,157
Restricted 2,011 381 25
12		 2,405
Unrestricted
funds
General reserve
CCCT
Designated
(FIA 8 Lottery)		 64,711
394
466		 1,111
(84)
47		 (91)
(8)
(205		 65,731
302
308
Unrestricted 65,571 1,074 91
213		 66,341
Consolidated
reserves
movement		 71,349 1,433 (313 72,469
College
Endowed
funds
(Scholarship)		 3,063 16 66
71		 3042
Restricted funds
College (Bursary)		 1,121 57 25 1,203
Unrestricted
funds
General
Designated
(FIA &Lottery)		 64,869
608		 1,111
50		 (260)
169
(206)		 65,720
621
Unrestricted 65,477 1,161 (91)
(206)		 66,341
College reserves movement 69,661 1,202 277) 70,586

Marsh Bequest (f612,400) (2022:6616,900) Forthe benefit ofthe children ofmembers of the medical
profession
Victor Percival Bequest (6245,900) Forthe benefit ofthe children ofmembers of the medical
(2022:E247,600) profession
Unwin Bequest (f519,300)(2022:f523,100) Forthe benefit ofthe children and descendants of those
killed on active military
service
Cadbury
(E1,008000) (2022:f1,015,300)		 For the
benefit
of descendants
of Martin		 and Anne
Cadbury
24(b). Movement in Funds- Prior Year
31
Consolidated 1 September
2021
f'000		 Net movement
Transfers
f'000
f'000		 Investment
gain/(losses)
f'000		 August
2022
F.'000
Endowed
funds
College (Scholarship)
CCCT		 3,559
811		 (20)
(3)		 66 (540)
(106		 3,065
702
Endowed 4,370 (23) 66 646 3,767
Restricted funds
College (Bursary)
CCCT		 1,077
741		 52
163		 39 (61) 1,168
843
Restricted 1,818 215 39 61 2011
Unrestricted
funds
General
reserve
CCCT
Designated
(FIA 8 Lottery)		 63,531
422
728		 1,285
15
86		 (105) (43)
(348)		 64,711
394
466
Unrestricted 64,681 1,386 105 391 65,571
Consolidated
reserves
movement		 70,869 1,578 1,098 71,349
College
Endowed
funds
(Scholarship)		 3,558 21 66 540) 3,063
Restricted funds
College (Bursary)		 1,031 51 39 1,121
Unrestricted
funds
General
Designated
(FIA & Lottery)		 63,950
564		 1,329
87		 (410)
305		 (348) 64,869
608
Unrestricted 64,514 1,416 (105) (348) 65,477
College reserves 69,103 1,446 888) 69,661
Page[ 51

Unrestricted Restncted Endowed 2023
Funds Funds funds Total
E'000 E'000 f'000 E'000
Consolidated
(2023)
Tangible
Fixed assets		 88,541 88,541
Securities investments 683 3,680 4,363
FIA Scheme investments 2,318 2,318
Net Current
Assets/(Liabilities)		 excluding FIA (6,091) 1,722 43 (4,326)
FIA current
liabilities		 (2,371) (2,371)
FIA fair value adjustment (17) 07)
Long-Term
Liabilities excluding		 FIA (& 1 yr) 02,996) 02,996)
FIA long term liabilities (3,003) (3,003)
FIA fair value adjustment (& 1 yr) (40) (40)
Total funds 66,341 2,405 3,723 72,469
College (2023)
Tangible
Fixed assets		 88,771 88,771
Investment
in subsidiadies		 736 736
Securities investments 3,041 3,041
FIA Scheme investments 2,318 2,318
Net Current
Assets/(Liabilities)		 excluding FIA (7,057 1,203 1 (5,853)
Fees in Advance current liabilities (2,371) (2,371)
Fees in Advance
fair value adjustment		 (17) (17)
Long-Term
Liabilities excluding		 FIA (& 1 yr) (12,996) (12,996)
FIA long term liabilities (3,003) (3,003)
FIA fair value adjustment (& 1 yr) (40) (40)
Total funds 66,341 1,203 3,042 70,586
26(b). Allocation ofNet assets between funds —Prior year 26(b). Allocation ofNet assets between funds —Prior year 26(b). Allocation ofNet assets between funds —Prior year 26(b). Allocation ofNet assets between funds —Prior year 26(b). Allocation ofNet assets between funds —Prior year
Unrestricted Restricted Endowed 2022
Funds Funds funds Total
6'000 f.'000 6'000 f'000
Consolidated
(2022)
Tangible
Fixed assets		 88,059 88,059
Securities investments 676 3,725 4,401
FIA Scheme investments 2,484 2,484
Net Current
Assets/(Liabilities)
excluding		 FIA (8,737) 1,335 42 (7,360)
Fees in Advance
current		 liabilities (2,256) (2,256)
Fees in Advance
fair value adjustment		 (26) (26)
Long-Term
Liabilities excluding		 FIA (& 1 yr) (11,019) (11,019)
FIA long term liabilities (2,880) (2,880)
FIA fair value adjustment (& 1yr) (54) (54)
Total funds 65,571 2,011 3,767 71,349
College (2022)
Tangible
Fixed assets		 88,278 88,278
Investment
in subsidiaries		 736 736
Securities investments 3,063 3,063
FIA Scheme investments 2,484 2,484
Net Current(Liabilities)/Assets excluding FIA (9,786) 1,121 (8,665)
Fees in Advance current liabilities (2,256) (2,256)
Fees in Advance
fair value adjustment		 (26) (26)
Long-Term
Liabilities excluding		 FIA (& 1 yr) (11,019) (11,019)
FIA long term liabilities (2,880) (2,880)
FIA fair value adjustment (& 1 yr) (54) (54)
Total funds 65,477 1,121 3,063 69,661

College's own results for the year included
in the		 consolidated
Statement		 of Financial
Activities were:
2023 2022
Total Total
f'000 f'000
Income and endowments from:
Charitable
activities
School fees receivable 32701 30133
Ancillary trading
income		 1915 1360
Other trading
actMties
Non-ancillary
trading
income
Other activities		 533
(136)		 17
Investments
Investment
income		 121 111
Bank and other interest 92 66
Donations,
grants and legacies		 464 688
Total income 35,690 32,375
Expenditure
on:
Raising funds
Financing costs
Fundraising
and development
Total deductible
costs		 (632)
(362)
(994)		 (409)
(193)
(700)
Charitable
activities
Education
and grant making		 (33,495) (30,229)
Total expenditure (34,489) (30,929)
Net income before investment gains 1201 1446
(276) (888)
(Losses)/gains
on investments
Net income on funds 925 558
Reconciliation of Funds
Fund balances brought forward at1 September 2022 69,661 69,103
Fund balances carried forward at 31August 2023 70586 69661