|Contents||||Page|
|---|---|---|---|---|
|Introduction|by the President of Council|||2-3|
|Council Members,<br>Officers and Advisors||||4-5|
|Annual<br>Report ofthe Council||||6-19|
|Statement of|Trustees'<br>responsibilities|||20|
|Independent|auditor's<br>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|





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|||||||||||||'|
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|||||||(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@'<br>r||||
|||Ms. L Kalindawalo|||||||||||
|||Mrs. D Kelly|||||||||||
|||Ms. C Lehr|||||||||||
|||Mr. D McNiffe|||||||||||
|||Mr. N Roskilly|||||||||||
||i|Revd. Canon<br>K Wilkinson||||||||~;.|||
|||Mrs. C Willgoss||||||I ~|I||||
||,|Dr. P Wingfield||, (Retired 31 December 2023)|||||||||






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|Consolidated|Stateme|nt of Financial<br>Activitie|nt of Financial<br>Activitie|s for the yea|r end 31Augu|st||
|---|---|---|---|---|---|---|---|
|||Unrestricted||Restricted|Endowed|2023|2022|
|||Notes|Funds<br>E'000|Funds<br>E'000|funds<br>E'000|Total<br>E'000|Total<br>f.'000|
|Income and endowments|from:|||||||
|Chadtable<br>activities<br>School fees receivable<br>Ancillary trading<br>income||2<br>3|32,700<br>3,030|||32,700<br>3,030|30,132<br>2,121|
|Other trading<br>activities<br>Other activities||4|25|||25|33|
|Investments<br>Investment<br>income<br>Bank and other interest<br>Donations,<br>grants and legacies||5<br>6<br>7|54<br>92<br>118|89<br>360||143<br>92<br>478|129<br>66<br>333|
|Total income|||36,019|449||36,468|32,814|
|Expenditure<br>on:||||||||
|Raising funds<br>Non-ancillary<br>trading<br>Financing costs<br>Investment<br>management<br>Fundraising<br>and development<br>Total deductible costs||8<br>9<br>8|(373)<br>(611)<br>04)<br>(362)<br>0,360)|(2)<br>(2)|(22)<br>(22)|(373)<br>(611)<br>(38)<br>(362)<br>0,384)|(294)<br>(400)<br>(41)<br>(291)<br>(1,026)|
|Charitable<br>activities<br>Education<br>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<br>gains||||||||
|(Losses)/Gains<br>on investments||13|(213)|02)|(88)|(313)|(1,098)|
|Net income/<br>(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<br>Tangible assets<br>Investment<br>in subsidiaries<br>Fees in Advance Scheme <br>Secudities investments|invested|12<br>13<br>13<br>13|88,541<br>2,318<br>4,363<br>95,222|88,058<br>2,484<br>4,401<br>94,943|88,771<br>736<br>2,318<br>3,041<br>94,866|88,278<br>736<br>2,484<br>3,063<br>94,561|
|Current assets<br>Stock<br>Debtors<br>Cash and deposits||14<br>15|116<br>2/66<br>1,746<br>4,328|111<br>1,531<br>1,100<br>2,742|90<br>2,880<br>76<br>3,046|90<br>1,519<br>55<br>1,664|
|Current<br>liabilities<br>Creditors<br>payable<br>within|one year|16|(11,042)|02,383)|01,287)|(12,611)|
|Net current<br>(liabilities)|||(6,714)|(9,641)|(8,241)|(10,947)|
|Total assets less current|liabilities||88,508|85,302|86,625|83,614|
|Long-term<br>liabilities<br>Creditors<br>payable after|one year|17|06,039)|(13,953)|06,039)|(13,953)|
|Net assets|||72,469|71,349|70,586|69,661|
|Represented<br>by.<br>Endowed<br>funds||24|3,723|3,767|3,042|3,063|
|Restricted funds||24|2,405|2,011|1,203|1,121|
|Unrestricted<br>funds<br>General<br>and designated|reserves|24|66,341|65,571|66,341|65,477|
||||72,469|71,349|70,586|69,661|





## 

|Consolidated<br>Cashflow|Consolidated<br>Cashflow|Consolidated<br>Cashflow|Consolidated<br>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<br>by operating<br>activities||||||(a)||1,386|||5,050|
|Cash flows provided<br>by/(used<br>in) investing||||activities:||||||||
|Payments<br>for tangible<br>fixed|assets||||||0,971)|||(9,125)||
|Proceeds on sale oftangible<br>fixed assets|||||||18|||16||
|Additions to securities<br>investments||porffolio|||||(986)|||(968)||
|Withdrawals<br>from securities|investments|||||||||||
|portfolio|||||||876|||906||
|Net cash used<br>in investing|activities|||||||(2,063)|||(9,171)|
||||||||||||(4,121)|
|Cash flows provided<br>by/(used<br>in) financing||||||||||||
|activwes:||||||||||||
|New loans|||||||3,250|||2,690||
|Loan repayments|||||||(1,256)|||(1,666)||
|Finance income received|||||||143|||129||
|Bank interest<br>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<br>fees|||||||(65)|||||
|Capital<br>utilised<br>in year|||||||(2,498)|||(2,144)||
||||||||||239||796|
|Change<br>in cash and cash equivalents||||||||1,170|||(2,500)|
|Reconciliation ofnet cash flow to movement|||||in net funds|||||||
|Increase/<br>(Decrease)<br>in cash in the year|||||(b)||||1,170||(2,500)|
|Cash (outflow)/inflow<br>from <br>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<br>activ|ities|||
|---|---|---|---|---|---|---|---|---|---|
||||||||2023|2022||
|||||||f'000|f'000|f'000|f'000|
|Net income before investment|||gains||||1833||1,578|
|Elimination<br>ofnon-operating||cash flows:||||||||
|Finance income received||||||043)||(129)||
|Bank interest paid||||||529||329||
|Fees in advance fair value|adjustment|||||(23)||(30)||
|Depreciation<br>charge||||||1,242||1,151||
|(Profit)/loss on sale of assets||||||227||(13)||
|Decrease/(Increase)<br>in stocks||||||(5)||15||
|(increase)/decrease<br>in debtors||||||(935)||(424)||
|Increase/(decrease)<br>in creditors<br>(excluding<br>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<br>in|net||debt||||1September<br>2022|31 <br>Cash flows|August<br>2023|
||||||||f'000|f'000|f'000|
|Cash at bank|||||||1,100|646|1,746|
|Overdraft|||||||(1,709)|524|0,185)|
|Loans due within<br>1year|||||||0,178)|15|0,163)|
|Loans and overdraft<br>due|||||||(2,887)|539|(2,348)|
|within<br>1year||||||||||
|Loans due after 1 year|||||||(8,102)|(2,008)|(10,110)|
|Net bank debt including|overdraft||||||(9,889)|(823)|00,712)|






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|||||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<br>Funds:|||
|Bursaries and other grants and awards|78|86|
|From Unrestricted<br>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<br>included||above:|||||
|Remuneration<br>paid|to auditor:||||||
||||||23|21|
|for audit services<br>for taxation and VAT||(included||in Support costs of|6|9|
|Schooling)|||||2|2|
|for Teachers Pension||returns|||25|17|
|Council expenses<br>Reimbursement<br>of|personal<br>expenses|||to Council|3|4|
|||||||53|



## 

|9Financing costs||||
|---|---|---|---|
|.||2023|2022|
|||f'000|f.'000|
|Fees in Advance debt-financing<br>Release offair value provision<br>Bank and loan interest|cost<br>for Fees in Advance|105<br>(23)<br>529|101<br>(30)<br>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<br>by Coll|ege, in|cluding<br>em|ployers'|National<br>I|nsurance<br>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<br>including<br>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<br>number ofCollege's<br>full time equival|ent<br>employees<br>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<br>&|Motor||
|College|Land &|Construction|Equipment|Vehicles||
||Buildings|||||
||E'000|E'000|E'000|E'000|E'000|
|Cost<br>At 1September 2022<br>Transfers<br>Additions<br>Disposals|92,461<br>257<br>1,208<br>057)|368<br>(257)<br>252<br>(86)|8,747<br>458<br>(23)|238<br>52<br>(90)|101,814<br>1,970<br>(356)|
|At 31August 2023|93,769|277|9,182|200|103,428|
|Depreciation<br>At 1September 2022<br>Charge for the year<br>Disposals|7,670<br>588<br>03)||5,656<br>629<br>04)|210<br>17<br>(86)|13,536<br>1,234<br>013)|
|At 31August 2023|8,245||6,271|141|14,657|
|Net book value<br>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<br>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<br>comprise:||||||||
|Listed investments||||||||
|Fixed interest|||1,454|1,404|936||590|
|Alternative<br>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<br>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|





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|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<br>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<br>pupils<br>will rema|in<br>in|College, fees in advance<br>under both sche|mes<br>will be applied<br>as oows:||
|---|---|---|---|---|
||||2023|2022|
||||f'000|f.'000|
|Due within one year<br>Adjustment<br>for fair value|due|in one year|2,371<br>17<br>2388|2,256<br>26<br>2282|
|Within one to two years|||1,130|1,265|
|Within two to five years<br>After five years<br>Adjustment<br>for fair value|due|in more than one year|1,654<br>219<br>40<br>3,043|1,419<br>195<br>54<br>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<br>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<br>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<br>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<br>in Funds|—Current year||||
|---|---|---|---|---|
|Consolidated|1September<br>2022<br>E'000|Net<br>movement<br>E'000|Investment<br>Transfers<br>gain/((osses)<br>E'000<br>E'000|31August<br>2023<br>E'000|
|Endowed<br>funds<br>College (Scholarship)<br>CCCT|3,065<br>702|(18)<br>(4)|(70)<br>(18|3,043<br>680|
|Endowed|3,767|(22)|66<br>88|3,723|
|Reshicted funds<br>College (Bursary)<br>CCCT|1,168<br>843|56<br>325|25<br>(1)<br>(11|1,248<br>1,157|
|Restricted|2,011|381|25<br>12|2,405|
|Unrestricted<br>funds<br>General reserve<br>CCCT<br>Designated<br>(FIA 8 Lottery)|64,711<br>394<br>466|1,111<br>(84)<br>47|(91)<br>(8)<br>(205|65,731<br>302<br>308|
|Unrestricted|65,571|1,074|91<br>213|66,341|
|Consolidated<br>reserves<br>movement|71,349|1,433|(313|72,469|
|College|||||
|Endowed<br>funds<br>(Scholarship)|3,063|16|66<br>71|3042|
|Restricted funds<br>College (Bursary)|1,121|57|25|1,203|
|Unrestricted<br>funds<br>General<br>Designated<br>(FIA &Lottery)|64,869<br>608|1,111<br>50|(260)<br>169<br>(206)|65,720<br>621|
|Unrestricted|65,477|1,161|(91)<br>(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<br>service|||||
|Cadbury<br>(E1,008000) (2022:f1,015,300)|For the<br>benefit<br>of descendants<br>of Martin||and||Anne|
||Cadbury|||||





|24(b). Movement in Funds-|Prior Year|||||||
|---|---|---|---|---|---|---|---|
||||||||31|
|Consolidated|1 September<br>2021<br>f'000|Net movement<br>Transfers<br>f'000<br>f'000|||Investment<br>gain/(losses)<br>f'000||August<br>2022<br>F.'000|
|Endowed<br>funds<br>College (Scholarship)<br>CCCT|3,559<br>811||(20)<br>(3)|66|(540)<br>(106||3,065<br>702|
|Endowed|4,370||(23)|66||646|3,767|
|Restricted funds<br>College (Bursary)<br>CCCT|1,077<br>741||52<br>163|39||(61)|1,168<br>843|
|Restricted|1,818||215|39||61|2011|
|Unrestricted<br>funds<br>General<br>reserve<br>CCCT<br>Designated<br>(FIA 8 Lottery)|63,531<br>422<br>728||1,285<br>15<br>86|(105)||(43)<br>(348)|64,711<br>394<br>466|
|Unrestricted|64,681||1,386|105||391|65,571|
|Consolidated<br>reserves<br>movement|70,869||1,578|||1,098|71,349|
|College||||||||
|Endowed<br>funds<br>(Scholarship)|3,558||21|66||540)|3,063|
|Restricted funds<br>College (Bursary)|1,031||51|39|||1,121|
|Unrestricted<br>funds<br>General<br>Designated<br>(FIA & Lottery)|63,950<br>564||1,329<br>87|(410)<br>305||(348)|64,869<br>608|
|Unrestricted|64,514||1,416|(105)||(348)|65,477|
|College reserves|69,103||1,446|||888)|69,661<br>Page[ 51|





## 

## 

|||||Unrestricted|Restncted|Endowed|2023|
|---|---|---|---|---|---|---|---|
|||||Funds|Funds|funds|Total|
|||||E'000|E'000|f'000|E'000|
|Consolidated<br>(2023)||||||||
|Tangible<br>Fixed assets||||88,541|||88,541|
|Securities investments|||||683|3,680|4,363|
|FIA Scheme investments||||2,318|||2,318|
|Net Current<br>Assets/(Liabilities)||excluding|FIA|(6,091)|1,722|43|(4,326)|
|FIA current<br>liabilities||||(2,371)|||(2,371)|
|FIA fair value adjustment||||(17)|||07)|
|Long-Term<br>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<br>Fixed assets||||88,771|||88,771|
|Investment<br>in subsidiadies||||736|||736|
|Securities investments||||||3,041|3,041|
|FIA Scheme investments||||2,318|||2,318|
|Net Current<br>Assets/(Liabilities)||excluding|FIA|(7,057|1,203|1|(5,853)|
|Fees in Advance current|liabilities|||(2,371)|||(2,371)|
|Fees in Advance<br>fair value adjustment||||(17)|||(17)|
|Long-Term<br>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<br>(2022)<br>Tangible<br>Fixed assets||||88,059|||88,059|
|Securities investments|||||676|3,725|4,401|
|FIA Scheme investments||||2,484|||2,484|
|Net Current<br>Assets/(Liabilities)<br>excluding|||FIA|(8,737)|1,335|42|(7,360)|
|Fees in Advance<br>current|liabilities|||(2,256)|||(2,256)|
|Fees in Advance<br>fair value adjustment||||(26)|||(26)|
|Long-Term<br>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<br>Fixed assets||||88,278|||88,278|
|Investment<br>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<br>fair value adjustment||||(26)|||(26)|
|Long-Term<br>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<br>in the|consolidated<br>Statement|of Financial<br>Activities were:||
|---|---|---|---|---|---|
|||||2023|2022|
|||||Total|Total|
|||||f'000|f'000|
|Income and endowments|from:|||||
|Charitable<br>activities||||||
|School fees receivable||||32701|30133|
|Ancillary trading<br>income||||1915|1360|
|Other trading<br>actMties<br>Non-ancillary<br>trading<br>income<br>Other activities||||533<br>(136)|17|
|Investments||||||
|Investment<br>income||||121|111|
|Bank and other interest||||92|66|
|Donations,<br>grants and legacies||||464|688|
|Total income||||35,690|32,375|
|Expenditure<br>on:||||||
|Raising funds<br>Financing costs<br>Fundraising<br>and development<br>Total deductible<br>costs||||(632)<br>(362)<br>(994)|(409)<br>(193)<br>(700)|
|Charitable<br>activities||||||
|Education<br>and grant making||||(33,495)|(30,229)|
|Total expenditure||||(34,489)|(30,929)|
|Net income before investment||gains||1201|1446|
|||||(276)|(888)|
|(Losses)/gains<br>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|