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2021-08-31-accounts

COMPANY NO: 04243510 CHARITY NO: 1087839

READING BLUE COAT SCHOOL

(A COMPANY LIMITED BY GUARANTEE) REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

READING BLUE COAT SCHOOL

{A COMPANY LIMITED BY GUARANTEE) CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 202%

Page
Governors, Officers and Advisers 1-2
Report ofthe Governors 3-11
Directors’ Report 3
Strategic Report 5
StatementofGovernors’ Responsibilities 12
Independent Auditors’ Report 13-16
Statement of Financial Activities 17
Balance Sheets 18
Cash Flow Statement 19
NotestotheFinancialStatements 20=38

READING BLUE COAT SCHOOL

(A COMPANY LIMITED BY GUARANTEE)

GOVERNORS, OFFICERS AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2021

REGISTERED OFFICE &
PRINCIPAL ADDRESS: Holme Park
Sonning-on-Thames
Reading
RG4 6SU
DIRECTORS: P Bertram *
D Few		 (Chairman)
Partner of Blandy &		 Blandy LLP
P Gillibrand
Cc Green
L Hague
C Hubbard *
C Litten * (Retired 31 August2021}
P Smith * (Retired 15 July 2021)
Revd J Taylor* Ex-officio, Vicar ofSonning
S Mount *
L Hyde (Resigned 31 August 2021)
AWorrall (Resigned 20 September2021)
H Williams * (Chair ofthe F&GP)
P Etherington (Appointed 21 June2021) 2021)
N Bruce (Appointed 21 June 2021)
M Smith (Appointed 1 September 2021)
A Colpus {Appointed 6 December 2021)
* Member ofthe Financeand General Purpose Committee
* Ex officio appointments
The directors are also the Charity Trustees and Governors ofReading Blue Coat School.
OFFICERS Headmaster:
PThomas
Bursarand Company Secretary:
S Jackson (resigned 12 March 2021)
TTabrah (appointed 16August 2021)
BANKERS: LioydsTSB plc
Market Place
Reading
Berkshire
RG1 2EQ
SOLICITORS: Blandy & Blandy LLP
4 Friar Street
Reading
RG1 1DA
AUDITORS: Crowe U.K. LLP
Aquis House
49— 51 Blagrave Street
Reading
RG11PL

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READING BLUE COAT SCHOOL

{A COMPANY LIMITED BY GUARANTEE) GOVERNORS, OFFICERS AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

INSURANCE BROKERS: Marsh 4 Milton Road Haywards Heath West Sussex RH16 7AH

WEBSITE: www. rbcs.org.uk

KEY MANAGEMENT: P Thomas Headmaster E Trelinski Second Master K Magill Deputy Head (Staff) G Williams Deputy Head (Pastoral) R Tidbury Deputy Head (Academic) S Jackson Bursar (resigned 12 March 2021) T Tabrah Bursar (appointed 16 August 2021) J Jarrett Director of Admissions & Marketing V Fangen Hall Foundation Director (resigned 30 July 2021) S Bunnell-Pyper Foundation Director (appointed 1 September 2021)

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READING BLUE COAT SCHOOL {A COMPANY LIMITED BY GUARANTEE) REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2021

The Governors present their annual report for the year ended 31 August 2021, in accordance with the Charities Act 2011 and the Companies Act 2006, thus including the Directors’ Report and Strategic Report under the 2006 Act, together with the audited financial statements for the year, and confirm that the latter comply with the requirements of the Companies Act 2006, the Company's Memorandum & Articles of Association and the Charities SORP 2015.

DIRECTORS’ REPORT

REFERENCE AND ADMINISTRATIVE INFORMATION

Reading Blue Coat School (the “Trust”, the “Schoo!” or the "Charity”), is a charitable company limited by guarantee, company registration number 04243510 and charity registration number 1087839. In the event of the company being wound up, the liability of each member is limited to a maximum of £1.

Reading Blue Coat School was originally founded in 1646 by Richard Aldworth, to provide “education and upbringing” to children. The charitable company was incorporated on 29 June 2001 and registered as a charity on 2 August 2001,

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

The School is governed by its Memorandum and Articles of Association, last amended on 2 August 2001. Governing Body

The members of the Governing Body are detailed on page 1. Two of the Governors are ex officio appointments, (one being vacant at this time). Other Governors are appointed initially by the Governing Body. They are then subject to election by members of the Company for a three year period at an Annual General Meeting. Retiring Governors are able to stand for re-election by the members.

Recruitment and Training of Governors

Potential Governors are identified by members of the Governing Body and considered against the Body's specifications concerning eligibility, competence, specialist skills and local availability. Training is regularly offered to all Governors. Bespoke courses are held in conjunction with Governors’ meetings to address particular areas.

Organisational Management

The members of the Governing Body are legally responsibie for the overall management and control of the School. The Governing Body meets a minimum of three times a year. Much of the preparation for these meetings is undertaken by sub-committees ahead of each Governors' meeting. Mr Bertram (Chairman) chaired the Executive Committee, dealing with legal, personnel and policy issues. The other principal committees are the Education Committee, chaired by the Headmaster and the Finance and General Purpose Committee, chaired by Mr Smith. Mr Williams replaced Mr Smith as Chair of the Finance and General Purpose Committee on 1 September 2021.

The day to day running of the School is delegated to the Headmaster, who is assisted in this by the Bursar and other members of the Senior Management Team. The Headmaster and Bursar attend meetings of the Governing Body and its Committees.

Group structure

The School has a wholly owned non-charitable subsidiary, Reading Blue Coat School (Trading) Limited.

Local community relationships and other charitable activities

The School is proud of its historic links with the town of Reading and the Ancient Parish of Sonning, as well as its more recent links with the Borough of Wokingham, and strives to build on and strengthen those links, so as to be recognised as an important member of the local community. The Aldworth Partnership is an umbrella term that covers all outreach and charitable work of the School, and it includes:

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READING BLUE COAT SCHOOL

(A COMPANY LIMITED BY GUARANTEE) REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

STRUCTURE, GOVERNANCE AND MANAGEMENT (Continued)

The School has a partnership with Ankwanda Government School in Ghana. Blue Coat pupils have visited this school to work on a number of educational and development projects. The Schoo! also works closely with the charity Brass for Africa, and has organised trips to Uganda with this charity.

The School offers 14 (two per year group) fuli bursaries called Foundation Scholarships, as well as providing additional funds for other means-tested bursaries. The Reading Blue Coat Schoo! Charitable Trust provides additional funds for bursaries at Reading Blue Coat School.

PROVISION OF INFORMATION TO AUDITORS

The Governors are responsible for ensuring that the Governors’ Report and other information included in the annual report is prepared in accordance with company law in the United Kingdom.

So far as each of the Governors is aware at the time the report is approved:

AUDITORS

In accordance with Section 485 of the Companies Act 2006, a resolution proposing the appointment of Crowe U.K. LLP as auditors of the company will be put to the Annual General Meeting.

KEY MANAGEMENT PERSONNEL

The School’s key management personnel are listed on page 2.

The remuneration of key management personnel is set by the Chairman and the Board, with the policy objective of providing appropriate incentives to encourage enhanced performance and of rewarding them fairly and responsibly for their individual contributions to the School's success.

The appropriateness and relevance of the remuneration policy is reviewed annually, including reference to comparisons with other independent schools to ensure that Reading Blue Coat School remains sensitive to the broader issues of pay and employment conditions elsewhere.

The School aims to recruit, subject to experience, at the lower to medium point within a salary band, providing scope for rewarding excellence. Delivery of the School's charitable vision and purpose is primarily dependent on our key management personnel and staff costs are the largest single element of our charitable expenditure.

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READING BLUE COAT SCHOOL

(A COMPANY LIMITED BY GUARANTEE)

REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

STRATEGIC REPORT

OBJECTS, AIMS, OBJECTIVES AND ACTIVITIES

Charitable objects

The main object, as set out in the charitable company's Memorandum of Association, is the advancement of education by carrying on or managing schools for boys and girls under the age of 19 years, in which religious instruction, in accordance with the doctrines of the Church of England, shail be given.

The School's policy is to provide an all-round education enabling pupils to achieve high academic standards and, through co-curricular activities, to develop character, the self-confidence and self-discipline to make them valued members of society. It is the long-term policy of the School to maintain the number of free means-tested places (Foundation Scholarships) to reflect the original intention of its founders and benefactors.

STRATEGIES TO ACHIEVE THE PRIMARY OBJECTIVES

Objectives for the year

Strategies to achieve the year’s objectives

ACHIEVEMENTS AND PERFORMANCE

Academic Staff

12 replacement teaching staff have been recruited.

Development of the Facilities

The School has undertaken the following during the reporting period:

Grant-making

This year, the value of academic scholarships made, based on individuals’ academic ability, was £65,000 (2020: £57,000). The value of means-tested bursaries made to the School's pupils amounted to £763,612 (2020: £778,497). A maximum of 14 full Foundation Scholarships are available at the School. The Governors’ policy is to make these awards on the basis of the individual’s educational ability, subject to means testing.

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READING BLUE COAT SCHOOL

(A COMPANY LIMITED BY GUARANTEE) REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

Fundraising performance

During this year the Foundation Office has continued to make progress in establishing the office in preparation for a more concerted effort with regards to fundraising through the Campaign. Victoria FangenHall left the School and Sarah Bunnell-Pyper (previously the Foundation Manager at the School) was promoted to the position of Foundation Director. A Foundation Manager has been recruited who will start in January 2022.

The Foundation office continues to focus on developing a voluntary fundraising programme for the School in line with its charitable aims of managing a School for boys and girls under the age of 19.

For the year, donations totalled £247,810 (2020: £461,736); including Unrestricted funds of £6k and Restricted funds for the provision of bursaries of £196k. Of this, £125,000 (2020: £138,000) was received from Reading Blue Coat School Charitable Trust to fund means-tested bursaries to pupils.

There is no change to how fundraising activities for the School are conducted. These are currently only conducted by School staff and all fundraising activities are managed by the Foundation Director with overall management by the Headmaster and oversight by the Governing Body.

The School has a complaints procedure in place should any complaints arise from our fundraising activity.

No complaints relating to fundraising activities have been received by the School during this reporting period.

The School is registered with the Fundraising Regulator. This will be renewed in December 2021 and the logo will be added to our website and fundraising collateral in due to course to indicate we are compliant. The School was due to launch a fundraising campaign in May 2020, but due to the COVID-19 pandemic it was delayed unti! 2021. However, due to the uncertain nature of the pandemic over the winter months, it was decided to postpone again until 2022. The School continues to comply with the Code of Fundraising Practice published by the Fundraising Regulator and its own Fundraising Policy. The School continues to be a member of the Institute of Development Professionals in Education (IDPE) and the newly appointed Foundation Director is about to undertake a Fundraising Diploma and as such is now a member of the Chartered Institute of Fundraising and receives updates on best practice as a result.

The School continues to uphold appropriate standards for the operation and management of its fundraising activities. We continue to ensure vulnerable people and other members of the School's community are protected and that no fundraising activity results in a member of the community being coerced into giving a gift against their will.

OPERATIONAL PERFORMANCE OF THE SCHOOL

The school year of 2020-2021 was, understandably, dominated by Coronavirus and the various restrictions and challenges it brought. Thanks to a huge amount of hard work from the staff, along with tremendous parental support and resilient pupils, we enjoyed the highs, rode the lows of the year and emerged with superb — and thoroughly well deserved — Teacher Assessed Grades (TAGs). Even more so, we emerged with a hunger for a more normal year as we entered the 2021 academic cycle! Despite the restrictions of bubbles, mask wearing, weeks of online learning, a lack of competitive sport and having to keep visitors from the site (including parents), we were very proud of ail the music, drama, art and activities that still continued during last year which, whilst it meant a lot of effort from staff, benefitted the pupils enormously. As the year drew to a close we were even enabled to hold smaller, but live Prize Giving events and even a Leavers’ party to bid them a fond farewell — a glimmer of normality!

As we progress into this academic year, with numbers at an all-time high of 820, restrictions have been lifted but Coronavirus remains as a very palpable threat to the running of the School, with a close eye being kept on cases that, as a result of looser restrictions in society, have been higher than at any point in the previous 12 months. Vaccination programmes are expected to positively impact on cases and enable school life here to flourish in the months ahead. Pupils have certainly benefitted from the ability to compete hard again in various sports, to perform in live concerts and theatre, and to enjoy the sense of a more ‘normal school’.

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READING BLUE COAT SCHOOL

(A COMPANY LIMITED BY GUARANTEE)

REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

In the early Autumn, the School announced its intention to begin extending co-education throughout the School from September 2023, with girls joining in Year 7 and then moving through the years until 2027 when it will be fully co-ed. Much preparation is now ongoing to ensure that as well as the pastoral, academic and co-curricular elements of Biue Coat that need to be ready for the extension, so too will the physical infrastructure. One new initiative that combines infrastructure and co-curricular is the new Adventure Education programme in which pupils can enjoy progressive, exciting challenge in the fields of sailing, mountaineering and water sports, gaining qualifications and, as they grow in expertise and age, are able to help train younger pupils.

There is a great deal going on but, at the heart of all we do as a school, is the expectation that each member of the community will be engaged and kind and that our values - aspiration, courage, compassion, integrity and service ~ will be evident in us and the decisions and direction we take.

FINANCIAL REVIEW AND RESULTS FOR THE YEAR

The financial results for the year are shown in the statement of financial activities on page 17 which shows net income before transfers of £817,155 (2020: £559,493). Included within the result is a gain of £7,449 (2020; £79,390) attributable to the School's wholly owned trading subsidiary, Reading Biue Coat School (Trading) Limited.

Although the School has been impacted by COVID-19 during the year, including a period of shutdown where pupils remained at home, the financial impact on the School was reduced compared to prior year as there was no reduction in School fees (as there was in 2020) as a result of delivering education remotely. [n addition, the School utilised grants made available from the government in relation to the impact of Coronavirus that allowed it to support employees who were unable to work during the lockdown. During 2020, the School borrowed £1.5 million under the Government's Coronavirus Business Interruption Loan Scheme (CBILS) in order to help manage the potential financial risks arising as a result of the pandemic and provide additional liquidity. Repayments for the CBILS loan have now commenced.

The level of surplus for the year generated in the unrestricted funds was £668,792 (2020: £543,429). Some of the surplus generated is required to fund repayments of outstanding bank loans and some will be used to finance future capital expenditure projects with the aim of continually improving the School's facilities.

RESERVES LEVEL AND POLICY

The School's funds are held to maintain the leasehold property and to cover normal fluctuations in working capital. The School's assets, including the CBIL, are sufficient to meet its known and ongoing obligations. The Schoo! aims to maintain the following:

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READING BLUE COAT SCHOOL

(A COMPANY LIMITED BY GUARANTEE)

REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

PUBLIC BENEFIT

In furtherance of these objectives Reading Blue Coat School Governors, as charity trustees, have complied with their duty in s.17(5) of the Charities Act 2011 to have due regard to the Charity Commission's published general guidance concerning the operation of the public benefit requirement under that Act. A summary of the public benefit offered is as follows:

Means Tested Assistance: A total of £763,612 (2020: £778,497) was spent on means-tested support which was 5.5% of the School's gross fee income. Assistance was provided in the form of 42 bursaries and 13 Foundation Scholarships, i.e. a total of 55 or 7% of the pupils received some support. Foundation Scholarships cover 100% of school fees and also provide some additional assistance with costs.

Aldworth Partnership: The Aldworth Partnership is the umbrella term for student led outreach work by RBC in the local area and local community. Pupils participate in local service by teaching in local primary schools and running on site visits to benefit from our facilities at Blue Coat. Pupils are also active in the international community through the RBC partnership school in Ghana, links with the charity Brass for Africa, and also through Wilderness Expertise trips. Currently pupil participation is strong and the aim is for all pupils to be involved in some sort of service or outreach work during their time at Blue Coat. All pupils fundraise through their houses and all proceeds go into the Aldworth Partnership Fund, which provides equipment to be used in the partnership schools. A student-led committee, led by Aldworth Partnership prefects, help oversee fundraising activities.

The activities of the Aldworth Partnership have been adversely impacted by restrictions due to the spread of Coronavirus, however local service in the last year has included:

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READING BLUE COAT SCHOOL

(A COMPANY LIMITED BY GUARANTEE) REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

Use of the Facilities by State Schools:

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The ability to host State Schools on the School site was limited during the year as a result of the restrictions caused by Coronavirus. However, prior to Coronavirus the School has helped with the following events and activities and is keen to continue with them when restrictions allow:

Equal Opportunities

The School welcomes pupils from all backgrounds. To admit a prospective pupil, the School needs to be satisfied that it will be able to educate and develop a prospective pupil to the best of their potential. An individual's economic status, gender, race, sexuality, religion or disability do not form part of our assessment process.

The School is an equal opportunities employer, and this is laid out in the Employee Handbook. Full and fair consideration is given to job applications from candidates of all backgrounds whatever their economic status, gender, race, sexuality, religion or disability. Due consideration is given to the training and employment needs of all staff who work at the School. The Schooi will make reasonable adjustments to meet the needs of pupils or staff who are or who become disabled.

Employee Engagement

The Board of Governors is kept fully informed of any employee concerns through regular formal and informal briefings from the Headmaster and Bursar. The Governors are committed to promoting a positive and healthy environment for al! staff at the Schoo! for both their physical and mental wellbeing. The Governors promote inclusion in the workplace and provide resources for training and development opportunities for all staff. The Governors encourage recruitment and development strategies which seek to attract and retain talented staff.

At intervals through the year, usually immediately prior to the start of a term, Professional Development Days are held during which briefings and staff training takes place. Elements of these days will apply to the whole school staff, both academic and operational, with other periods being applicable to specific roles, functions or training requirements. Training on these days will often include training on safeguarding, data protection, and health and safety, as well as briefings on the School's development and strategy.

FUTURE PLANS

The Board's current five-year strategic plan, reviewed on an annual basis, has the following key objectives:

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READING BLUE COAT SCHOOL (A COMPANY LIMITED BY GUARANTEE) REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

7) To build up the leve! of ancillary activities on site to generate income and encourage educational

RISK MANAGEMENT

The Governing Body continue to keep the School's activities under review, particularly with regard to any major risks that may arise from time to time. Apart from the risks associated with COVID-19 which are dealt with below, the risks that the Governors identify are reviewed, and systems or procedures are put in place to manage those risks. The principal threats that the Governors have considered and met are as follows:

The Schoo! has managed to finance the required increase in contributions to the Teacher's Pension Scheme during the previous academic year, The Finance and General Purpose Committee continues to monitor the situation and affordability of the Teacher's Pension Scheme.

COVID-19

The School continues to respond to the COVID-19 pandemic in accordance with the Government's advice, including, but not limited to, taking the following actions;

e Ensuring that co-curricular activities have taken place where safe to do so to ensure that pupils continue to benefit from the rounded education that the School offers. The Governors have also conducted and maintained a robust assessment of the risks facing the School in light of the COVID-19 pandemic. The Finance and General Purpose Committee meet and communicate regularly to assess the risks faced by the School as a result of the pandemic. The Bursar prepares a cash flow forecast which allows a detailed view of the impact of Coronavirus on the School's finances and liquidity, including extra costs incurred as a result of the pandemic.

Overall, the Governors believe that the School's financial resources and contingency planning is sufficient to ensure the ability of the School to continue as a going concern for the foreseeable future.

Principai risks and uncertainties

The School has worked hard to maintain the academic provision and a safe and healthy workplace in the face of the COVID-19 pandemic.

The Senior Leadership Team and Governing Body is working (largely through the Education Sub-committee) to ensure that academic results are not only maintained but improved, especially at A Level. The School is working hard to control increases in costs in order to maintain its financial flexibility. In addition, new ways to maintain the surplus will be developed, such as additional ancillary educational activities, iettings and fund raising.

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READING BLUE COAT SCHOOL

(A COMPANY LIMITED BY GUARANTEE)

REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

The decision to extend co-education across all year groups was supported by a detailed long term financial model that considered various scenarios and sensitivities in relation to both pupil numbers and the extra costs that are likely to be incurred.

The Governing Body is satisfied that for all major risks identified for the Group appropriate controls have been put in place and maintained to mitigate those risks adequately. It is recognised that systems can provide only reasonable but not absolute assurance that major risks have been managed.

On behalf of the Governors, | would like to thank both the Teaching and Operational staff for their hard work and incredible resu'ts which were achieved during the real difficulties and hardships imposed by the COVID19 pandemic.

This Annual Report, prepared under the Charities Act 2011 and the Companies Act 2006, was approved by the Governing Body of the Reading Blue Coat School on 6 December 2021 including in their capacity as company directors approving the Strategic Report contained therein, and is signed as authorised on its behalf by:

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READING BLUE COAT SCHOOL

(A COMPANY LIMITED BY GUARANTEE) STATEMENT OF GOVERNORS’ RESPONSIBILITIES FOR THE YEAR ENDED 31 AUGUST 2021

The Governors (who are also directors of Reading Blue Coat School for the purposes of company law) are responsible for preparing the Governors’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards).

Company law requires the Governors to prepare financial statements for each financial year. Under company law the Governors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and the Group and of the incoming resources and application of resources, including the income and expenditure, of the Charitable Group for that period. In preparing these financial statements, the Governors are required to:

The Governors are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions, disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006 and the provisions of the charity's constitution. They are also responsible for safeguarding the assets of the charity and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities

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JA‘ Crowe

CroweCharteredMemberU.K,ofAccountants CroweLLP Global Aquis House 49-51 Blagrave Street Reading Berkshire RG1 1PL. UK Tel +44 (0)118 959 7222 Fax +44 (0)118 958 4640 www.crowe.co.uk

INDEPENDENT REPORT OF THE AUDITORS’ TO THE MEMBERS OF READING BLUE COAT SCHOOL

Opinion

We have audited the financial statements of Reading Blue Coat School for the year ended 31 August 2021 which comprise the Group Statement of Financial Activities, the Group and Company Balance Sheets, the Group Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable faw. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethicat Standard, and we have fulfilled our other ethical! responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern in auditing the financial statements, we have concluded that the Governor's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Governors with respect to going concern are described in the relevant sections of this report.

Crowe U.K LIP is a limited liability partnership registered in England and Wales with registered number 0C307043_ The registered office is at $5 Ludgate Hill, London EC4M 7J\, A list of the LLP’s members 1s avaifable at the registered office. Authorised and regulated by the Financial Conduct Authority All insolvency practitioners in the finn are licensed in the UK by the Insolvency Practitioners Association. Crowe U.K. LLP is a member of Crowe Global, a Swiss verein. Each member firm of Crowe Global is a separate and independent legal entity, Crowe U K LLP and its affiliates are nat responsible ot liable for any acts or omissions of Crowe Global or any other member of Crowe Global

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J Crowe INDEPENDENT REPORT OF THE AUDITORS’ TO THE MEMBERS OF READING BLUE COAT SCHOOL (CONTINUED)

Other information

The Governors are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard

Opinions on other matters prescribed by the Companies Act 2006

In our opinion based on the work undertaken in the course of our audit

Matters on which we are required to report by exception

in light of the knowledge and understanding of the Group and the charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report included within the governors’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of governors

As explained more fully in the governors’ responsibilities statement on page 12, the governors (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the governors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the governors are responsible for assessing the Group's or the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the governors either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

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A» Crowe

INDEPENDENT REPORT OF THE AUDITORS’ TO THE MEMBERS OF READING BLUE COAT SCHOOL (CONTINUED)

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected fo influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory frameworks within which the Group and charitable company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, taxation legislation, together with the Charities SORP (FRS 102) and the Charities Act. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the Group and charitable company’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the Group and charitable company for fraud. The laws and regulations we considered in this context for the School were The Education (Independent School Standards) Regulations 2014, Safeguarding regulations, Health & Safety legislation, General Data Protection Regulations and Food Hygiene Standards. Auditing standards limit the required audit procedures to identify non-compliance with these jaws and regulations to enquiry of the Governors and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing of recognition of non fee income, and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, and the Finance and General Purposes Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, Independent Schools Inspectorate and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed noncompliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect noncompliance with all laws and regulations.

Page 15

Crowe "'

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF READING BLUE COAT SCHOOL (CONTINUED)

Use of report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Janette Joyce Senior Statutory Auditor For and on behalf of Crowe U.K. LLP Statutory Auditor

Aquis House 49-51 Blagrave Street Reading RG11PL

Date: 8 December 2021

Page 16

READING BLUE COAT SCHOOL

(A COMPANY LIMITED BY GUARANTEE)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2021

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|||||||||| |---|---|---|---|---|---|---|---|---| |Unrestricted|Restricted|Total|funds|Total funds| |funds|funds|2021|2020| |Note|£|£|£|£| |INCOME|AND|ENDOWMENTS| |FROM:| |income|from|charitable|activities| |School|fees|receivable|4|12,788,306|-|12,788,306|11,363,667| |Ancillary|trading|income|5|728,453|-|728,453|692|377| |Other|trading|activities:| |Bank|interest|487|-|487|6,547| |Non-ancillary|trading|income|6|40,716|-|40,716|41,127| |Trading|income|7|20,464|-|20,464|88,742| |Grants|and|donations|8|§3,525|194,285|247,810|461,736| |Total income|13,631,951|194,285|13,826,236|—12,654,196| |EXPENDITURE|ON:| |Charitable|activities| |School|operating|costs|12,874,276|45,922|12,920,198|11,972,276| |Raising|funds| |Trading|expenditure|7|10,515|-|10,515|6,952| |Financing|and|other|costs|9|78,368|-|78,368|115,475| |Total expenditure|10|12,963,159|45,922|13,009,081|12,094,703| |NET|(NCOME/(EXPENDITURE)|668,792|148,363|817,155|559,493| |Transfer|184,393|(184,393)|-|-| |NET|MOVEMENT|IN|FUNDS|853,185|(36,030)|817,155|§59,493| |Total|funds|brought forward|14,108,430|_|2,954,156|17,062,586|16,503,093| |Total funds|carried|forward|21|=£.14,961,615|£2,918.126|£17,879,741|£|[17,062,586]|

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The notes on pages 20 to 38 form part of these financial statements

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.

——— Page 17

READING BLUE COAT SCHOOL

(A COMPANY LIMITED BY GUARANTEE)

CONSOLIDATED AND CHARITY BALANCE SHEETS AS AT 31 AUGUST 2021 COMPANY REGISTERED NUMBER: 04243510

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|||||||| |---|---|---|---|---|---|---| |Group|Charity| |Note|2021|2020|2021|2020| |FIXED ASSETS|£|£|£|£| |Tangible assets|14|19,649,804|20,235,183|19,649,804|20,235,183| |investments|15|.|-|2|2| |CURRENT|ASSETS| |Debtors|16|222,937|363,691|302,846|423,294| |Cash|in|hand|3,888,232|2,507,784|3,795,032|2,353,122| |4,111,169|2,861,475|4,097,878|2,776,416| |CURRENT|LIABILITIES| |CREDITORS:|Amounts|falling| |due within one year|17|(4,377,833)|(3,839,890)|(4,374,993)|(3,834,223)| |NET CURRENT|LIABILITIES|(266,664)|(978,415)|(274,115)|(1,057,807}| |TOTAL|ASSETS|LESS|CURRENT| |LIABILITIES|19,383,140|19,256, 768|19,375,691|19,177,378| |CREDITORS:|Amounts| |falling|due|after more than| |one year|48|(1,503,399)|(2,194, 182)|(1,503,399)|(2,194,182)| |TOTAL NET ASSETS|£17,879,741|£17,062586|£17,872,292|£16,983,196| |UNRESTRICTED|FUNDS| |General|Funds|22a|14,921,957|14,067,284|14,914,508|13,987,894| |DESIGNATED|FUNDS|22b|39,658|41,146|39,658|41,146| |RESTRICTED FUNDS|22c¢|2,918,126|2,954,156|2,918,126|2,954,156| |(includes|a|revaluation|reserve| |of|£2,772,000)| |TOTAL FUNDS|21|£47,879.741|£17,062.586|£47,872,292|£16,993,196|

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The profit for the financial year dealt within the financial statements of the parent charity was £889,096 (2020: £583, 736).

Approved by the Board of Governors on: 6 December 2021 and signed on its behalf by:

HWiliats— ss

Governor

The notes on pages 20 to 38 form part of these financial statements

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READING BLUE COAT SCHOOL

{A COMPANY LIMITED BY GUARANTEE)

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2021

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||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |2021|2020| |£|£| |Cash|flows|from|operating|activities| |Net|income|for the|year|(as|per|Statement|of|Financial| |Activities)|817,155|559,493| |Interest|receivable|(487)|(6,547)| |Depreciation|989,963|948 838| |Impairment|of|fixed|assets|283,712|23,016| |Decrease/|(increase)|in|debtors|130,754|78,571| |Deferred|purchase|release|(67,120)|(67,120)| |(Decrease)/increase|in|creditors|193,189|(95,362)| |Interest|paid|48,560|72,048| |Cash|generated|by|operating|activities|2,395,726|1,512,937| |Cash|flows|from|investing|activities| |Purchase|of tangible|fixed|assets|(540,767)|(1,740,514)| |Interest|received|487|6,547| |Cash|flows|used|in|investing|activities|(540,280)|(1,733,967)| |Cash|flows|from|financing|activities| |Hire|Purchase|capital|repayments|(21,126)|(27,793)| |Interest|paid|(48,560)|(72,048)| |Net|movement|of advance|fee|contracts|46,863|211,270| |New|bank|loans|in|the|year|-|1,500,000| |Bank|loan|payments|in|the year|(452,175)|(400,502)| |Cash|used|in|financing|activities|{474,998)|1,210,927| |Change|in|cash|and|cash|equivalents|in|the|year|1,380,448|989, 897| |Cash|and|cash|equivalents|at the|beginning|of the year|2,507,784|1,517,887| |Total cash|and|cash|equivalents|at the|end|of the|year|£|3,888,232|£|2,507,784|

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The notes on pages 20 to 38 form part of these financial statements

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READING BLUE COAT SCHOOL

(A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

Uc COMPANY INFORMATION

The School's principal activity in the year under review was the advancement of education by carrying on or managing schools for boys and girls under the age of 19 years. The incorporated charity (registered number 04243510 and charity number 1087839), is incorporated and domiciled in the UK. The address of the registered office is: Holme Park, Sonning-on-Thames, Reading, RG4 6SU

  1. ACCOUNTING POLICIES a) Accounting convention

The financia! statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) — Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Reading Blue Coat School meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

b) Going concern

A budget for the year ending 31 August 2022, including cash fiow projections, has been prepared on a consolidated basis for the School and the Trading Company. This budget, and the assumptions on which it is based, were agreed by the Finance Committee at their meeting on 20 September 2021 together with financial projections for the School for the next 10 years. After careful review of the forecasts, and their underlying assumptions, the Governors agree that both the School and the Trading Company have sufficient financial resources, and contingency planning is adequate to ensure the ability of both entities to continue as a going concern for the foreseeable future. The Governors acknowledge that the current operating environment is highly uncertain and are therefore regularly reviewing the impact on strategy as well as, in particular, the longer-term financial stability of the School.

COVID-19

At the time of approval of the Annual Report, the COVID-19 pandemic continues to impact both the operations and finances of the School. The Governors are satisfied with the framework the School has in place fo manage Coronavirus but the longer-term impact remains unknown, in common with many other businesses. The Governors have reviewed the School's position carefully with a view to ensuring the ongoing provision of schooling for the pupils as well as the employment of staff. Cash flow modelling together with sensitivity scenarios indicate that the cash reserves of the School are adequate to meet its obligations as they falf due. Accordingly, the Governors believe the School's financial resources are sufficient to ensure the School will continue as a going concern for the foreseeable future, being at least 12 months from the date of approval of the financial statements and have therefore prepared the financiai statements on a going concern basis.

c) Group financial statements

These financial statements consolidate the results of the Charity and its subsidiary Reading Blue Coat School (Trading) Limited on a tine-by-line basis.

No separate Statement of Financial Activities has been presented for the Charity as permitted by Section 408 of the Companies Act 2006, The surplus of income and expenditure for the charity (excluding Trading) for the year was £889,096 (2020: £583,736).

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pba 00

READING BLUE COAT SCHOOL

(A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

d) Income

All incoming resources are included in the Statement of Financial Activities when the charity is legaily entitled to the income and the amount can be quantified with reasonable accuracy.

a) Fees and similar income

Fees receivable and similar income are accounted for in the period in which the service is provided. Fees receivable are stated after deducting allowances, scholarships, bursaries and other remissions granted by the School.

f} Donations policy

Voluntary incoming resources are accounted for as and when entitlement arises, the amount can be reliably quantified and the economic benefit to the School is considered probable. Voluntary income for the School's general purposes is accounted for as unrestricted and is credited to the General Fund. Where the donor or an appeal has imposed trust law regulations, voluntary income is credited to the relevant restricted fund. Gifts in kind are valued at estimated open market value at the date of gift, in the case of assets for retention or consumption, or at the value to the School in the case of donated services or facilities

Grants (and in particular the CJRS grant) are accounted for under the performance model as permitted by the Charity SORP. CJRS grant income is therefore recognised ona straight line basis over the furlough period for each relevant employee.

g) Expenditure Expenditure is accrued as soon asa liability is considered probable, discounted to present value for longer term liabilities.

Expenditure is allocated to expense headings either on a direct cost basis or apportioned according to time spent. The irrecoverable element of VAT is included with the item of expenses to which it relates.

h) Tangible fixed assets

Tangible fixed assets are stated in the balance sheet at cost less accumulated depreciation. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:-

Leasehold land and buildings - 125 years New buildings (including mechanical and electrical fittings)- 40 years Improvement to existing buildings - 20 years Furniture and equipment - 5 years Plant, machinery and equipment - 5 years Motor vehicles - 5 years Computer equipment ~ 3 years

Assets under £1,000 are expensed to the Statement of Financial Activities.

i} Lease commitments

Operating leases are charged to the Statement of Financial Activities in the year in which they are incurred.

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READING BLUE COAT SCHOOL

(A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

  1. ACCOUNTING POLICIES (continued)

Assets obtained under finance leases are capitalised within the balance sheet and are depreciated over their useful economic lives. The interest element of the lease is normally charged to the statement of financial activities account over the lease period. The capital element of the future payments is treated as a liability.

The School contributes to the Teachers’ Pension Defined Benefits Scheme at rates set out by the Scheme Actuary and advised to the Board by the Scheme Administrator. The scheme is a multiemployer pension scheme and it is not possible to identify the assets and liabilities of the scheme which are attributable to the School. In accordance with FRS102 therefore, the scheme is accounted for as a defined contribution scheme.

The School also operates defined contribution group personal pension scheme for non-teaching staff. This includes an auto enrolment arrangement. Contributions to the schemes are charged in the SOFA as they become payable, in accordance with the rules of the schemes.

k) Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insigniftcant risk of change in value.

I) Unrestricted General Funds These are funds which can be used in accordance with the charitable objects at the discretion of the Directors.

m) Designated Funds These are funds that have been set aside by the directors for particular purposes. The aim of the designated funds is set out in the notes to the financial statements.

n) Restricted Funds

These are funds that can only be used for specific restricted purposes within the objects of the charity as laid down by the donor. Expenditure which meets this criteria is charged to the fund. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

o) Financial instruments

Basic financial instruments include cash, debtors and creditors. Debtors and creditors are initially recognised at transaction value and subsequently measured at amortised cost. Note 26 provides more information on financial instruments where future cash flows are anticipated, with financial assets referring to fixed asset investments and debtor balances excluding prepayments, and financial liabilities referring to all creditor balances excluding deferred income

p) Advance Fee Scheme creditors

Amounts received under the School’s Advance Fee Scheme contracts for education not yet utilised to settle school fees are recorded as deferred income and allocated as current liabilities where the education will be provided within 12 months from the reporting date and as long-term liabilities where the education will be provided in subsequent years.

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READING BLUE COAT SCHOOL

(A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

q)

Pupil deposits

The Governors have reviewed the contract terms under which Pupil fee deposits are held by the School. Although under normal circumstances these will be repaid over future years when the pupils complete their education at the School, pupils can leave at earlier dates. The Schoo! does not therefore have an unconditional right to retain the individual deposits for at least 12 months after the balance sheet date and, in line with the requirements in FRS 102, the balance of the deposits held at 31 August have been included within current fiabilities.

SIGNIFICANT JUDGEMENTS AND ESTIMATES

in the application of the charity's accounting policies, which are described in note 2, Trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects the current and future periods.

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||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |The Trustees|consider that|there|are|no|material judgements|in|applying|accounting|policies|or|key| |sources|of estimation|uncertainty.| |4,|SCHOOL|FEES| |2021|2020| |£|£| |The|Schoo!'s|fee|income|comprised:| |Gross|fees|13,751,315|12,320,114| |Less:|Discounts|(169,435)|(154,067)| |Scholarships|and|bursaries|793,574|802,380| |£12,788,306|£11,363,667| |5.|ANCILLIARY|TRADING|INCOME| |School|trips|121,455|119,643| |School|lunches|340,496|381,448| |Registration|fees|45,200|42,700| |Insurance|claims|for|school|trips|97,900|-| |Exam|fees|104,451|91,892| |Miscellaneous|18,951|56,694| |£728,453|£|[692,377]| |6.|NON-ANCILLIARY|TRADING|INCOME| |2021|2020| |£|£| |Rents|and|lettings|10,605|5,363| |OFGEM|payment|2,094|11,720| |GMAC|substation|refund|15,623|~| |Miscellaneous|12,394|5,946| |£40,716|£|[41,127]| |i|Ss ———Fage aa|

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4,

READING BLUE COAT SCHOOL (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

7. TRADING INCOME AND EXPENDITURE

The School owns 100% of Reading Blue Coat School (Trading) Limited (company number 4242660). It's registered office is as per Note 1. This company manages the external lettings of the School's facilities. A summary of the results of the subsidiary is shown below:

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||||||||| |---|---|---|---|---|---|---|---| |2021|2020| |£|£| |Turnover|20,464|88,742| |Cost of sales|:|(118)| |Gross|Profit|20,464|88,624| |Administration|Expenses|(13,015)|(9,234)| |Tax|Payable|-|:| |Surplus|pre|gift aid|paid|—_ 1,449|79,390| |Retained earnings|at|the|beginning|of the|year|79,390|103,633| |Profit|for the year|7,449|79,390| |Gift|aid|donation|(79,390)|(103,633)| |Retained|earnings|at the end|of the year|£__7,449|£79,390|

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Administration costs include a management charge from the School of £2,500 (2020: £2,400) which is eliminated on consolidation.

The aggregate amount of share capital and reserves of Reading Blue Coat Schoo! (Trading) Limited as at 31 August 2021 was £7,451 (2020: £79,392).

8. GRANTS AND DONATIONS

A total of £247,810 (2020: £461,736) was included in donations, including a total of £194,285 restricted for bursaries (2020: £212,474). £45,641 (2020: £237,861) was received as part of the Coronavirus Job Retention Scheme Government Grant.

9.

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FINANCING AND OTHER COSTS
2021 2020
£ £
Bank and loan interest 48,560 72,048
Other finance costs 29,808 43,427
£78,368 £ [115,475]
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READING BLUE COAT SCHOOL

(A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

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|||||||||| |---|---|---|---|---|---|---|---|---| |10.|TOTAL|RESOURCES|EXPENDED-GROUP|2021| |Total|Total| |£|£|£|£|£| |Charitable|Staff costs|| Depreciation|Other|2021|2020| |activities| |School|operating| |costs:| |Teaching|costs|6,495,147|-|436,513|6,931,660|6,775,763| |Weifare|costs|244,331|189,231|684,038|1,114,600|1,027,582| |Premises|costs|447,629|800,732|1,459,046|2,707,407|2,243,969| |Support costs|of| |schooling|1,292,240|-|874,291|2,166,531|1,924,962| |8,476,347|989,963|3,453,888|12,920,198|—11,972.276| |Expenditure|on| |ralsing|funds| |Trading|expenditure|-|-|10,515|10,515|6,952| |Financing|and|other| |costs|(Note|9)|-|-|78,368|78,368|115,475| |-||88,883|88,883|122,427| |Total|resources| |expended|£8,476,347|£989,963|£3,542,771|£13,009,084|£12,094|703| |2020|COMPARATIVE|Total|Total| |Staff costs|| Depreciation|Other|2020|2079| |£|£|£|£|£| |Schoo!|operating| |costs:| |Teaching|costs|6,242,148|-|533,615|6,775,763|6,519,915| |Welfare|costs|177,365|180,241|669,976|1,027,582|1,187,947| |Premises|costs|432,290|768,597|1,043,082|2,243,969|2,233,898| |Support costs|of| |schooling|1,341,341|-|583,621|1,924,962|2,089,971| |8,193,144|948 838|2,830,294|11,972,276||12,031,725| |Expenditure on| |raising|funds| |Trading|expenditure|-|-|6,952|6,952|43,272| |Financing|and other| |costs|(Note|9}|-|-|115,475|115,475|115,259| |See|eee|ees|122,427|122,427|158,531| |Total|resources| |expended|£8,193.144|£..948838|£2,952.721|£12,094,703|£12,190,256| |11.|NET|INCOMEEXPENDITURE)|- GROUP| |2021|2020| |Net income|Is|stated|after charging:|£|£| |Depreciation|~ Owned|assets|964,840|923,715| |-|Assets|on|HP|25,123|25,123| |Auditors’|remuneration|- Audit|and|accountancy|services|16,950|16,600| |-|Other|services|2,825|2,080| |Operating|leases|130,109|133,090| |Included|in|support|costs|are governance|costs|of £19,171|(2020:|£78,948).|

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Page 25

READING BLUE COAT SCHOOL

(A COMPANY LIMITED BY GUARANTEE} NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

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|||||||||| |---|---|---|---|---|---|---|---|---| |12.|STAFF|COSTS| |2021|2020| |£|£| |Wages|and|salaries|6,574,047|6,322,152| |Social|security costs|660,352|646,267| |Other pension costs|1,241,948|1,224,731| |£8,476,347|£8,193,144| |Included|in wages and|salaries|is £23,981|of settlement costs|(2020:|£11,720).| |No.|No.| |The|average|number|of employees|in|the|year was:| |Teaching|91|84| |Welfare|16|15| |Premises|13|12| |Support|71|69| |——|194|_180| |2021|2020| |The|following|number|of|employees|exceeded|£60,000|emojiuments| |(including|gross|pay and|taxable|benefits):| |£60,000|- £70,000|3|2| |£70,000|- £80,000|3|z| |£80,000|-|£90,000|1|7| |£90,000|- £100,000|-|1| |£100,000|- £110,000|-|7| |£130,000|- £140,000|1|-| |£160,000|- £170,000|ees?|a|| |The|number of|higher paid|employees|in|the Teachers’| |Superannuation scheme| 6|6| |The|number of higher|paid|employees|in|a|Defined| |Contribution|scheme|a|4|2| |Total|cost|of Employer's contributions|in|relation|to|the above|156,018|151,284|

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None of the Governors received remuneration, reimbursement of expenses or other benefits in the year (2020: Nil).

Key management personnel comprise the Governors (Directors) and the key management personnel listed on page 2. They received aggregate remuneration (including employer’s pension and employer's national insurance) of £842,415 (2020: £965,910).

  1. TAXATION

Reading Blue Coat School is a charity and entitled for the current year to the exemptions provided by Section 505 Income and Corporation Tax Act 1988. ee ——— a a es Se Bacarel

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READING BLUE COAT SCHOOL

(A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

15. INVESTMENTS
Group Group Charity Charity
2021 2020 2021 2020
£ £ £ £
Reading Blue Coat School
(Trading) Limited _ _- _ 2 _
16. DEBTORS
Group Group Charity Charity
2021 2020 2021 2020
£ £ £ £
Fees receivable 8,733 75,574 8,733 75,574
Other debtors 10,025 168,226 3,740 154,148
Prepayments and accrued income 204,179 109,891 204,179 109,891
Amounts due from subsidiary
undertakings - : 86,194 83,681
£222,937 £.353691 £302,846 £423,204
47. CREDITORS: Amounts falling duewithin oneyear
Group Group Charity Charity
2021 2020 2021 2020
£ £ £ £
Bank loan (note 18) 754,669 477,175 754,669 477,175
Trade creditors 235,659 143,143 235,659 143,143
Fees in advance 1,569,751 1,319,117 1,569,751 1,319,117
Deposits repayable 537,350 503,350 537,350 503,350
Deferred
income		 - Advanced 629,991 562,731 629,991 562,731
fees (note 19)
Hire Purchase Leases 21,126 21,126 21,126 21,126
Other creditors 216,957 211,199 216,957 211,199
Social security & othertaxes 164,906 168,835 164,906 168,835
Accruals and deferred income 180,304 366,094 174,464 360,427
Deferred purchase creditor 67,120 67,120 67,120 67,120
£4,377,833 £3,839.890 £4,371993 £3,834.223

SS = 58

READING BLUE COAT SCHOOL

{A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

  1. CREDITORS: Amounts falling due after more than one year
Group
2021		 Group
2020		 Charity
2021		 Charity
2020
£ £ £ £
Bank loan (see below)
Advanced fees (see Note 19)
Hire Purchase Lease
Deferred purchase creditor		 1,211,535
137,491
6,841
147,532		 1,941,204
157,888
27,967
67,123		 41,211,535
137,491
6,841
147,532		 1,941,204
157,888
27,967
67,123
£.1,503,399 £2194.182 £4,503399 £2194182

The School has two bank loans with Lloyds TSB. Both loans are secured by a legal charge over the leasehold properties.

The balance of the first loan at the 348 August 2021 is £491,203 (2020: £918,379). This loan has interest charged at a fixed rate of 6.3% and it is due for repayment in September 2022.

In July 2020, a CBILS loan of £1.5 million was drawn down. The balance of the toan at the 31 August 2021 is £1,475,000 (2020: £1,500,000). This loan has interest charged at a rate of base plus 1.06% and is due for final repayment in July 2026.

The maturity of the bank loans are analysed as follows:

2021 2020
£ £
Withinoneyear
Between one andtwoyears
Between twoand fiveyears		 754,669
336,535
875,000		 477,175
791,204
1,150,000
1,966,204 _2,418,379

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Page 30

READING BLUE COAT SCHOOL

(A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

19.

DEFERRED INCOME - ADVANCED FEES

Parents may pay lump sums to the School as advance payment of future fees. Assuming pupils remain in the School, advance fees received will be applied as follows:

2021 2020
£ £
Within one year
Within 2 to 5 years		 629,991
137,491		 562,737
157,888
£767,482 £720.619
The balance represents the accrued liability.
The movements in the period were:
£
Balance at
1 September 2020
Receiptsfrom contracts
Discounts allocated		 720,619
633,699
10,116
Advance fees utilised (596,952)
Balanceat31August2021 £767,482

PENSION COSTS

There are two pension schemes available to certain employees of the School, the Teachers’ Pension Scheme, and a Group personal pension scheme.

Teaching Staff — Defined Benefit Scheme

The School participates in the Teachers’ Pension Scheme (“the TPS") for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £1,002,055 (2020: £971,319) and at the year-end £119,191 (2020: £115,099) was accrued in respect of contributions fo this scheme.

The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers’ Pensions Regulations 2010 (as amended) and The Teachers’ Pension Scheme Regulations 2014 (as amended). Members contribute on a “pay as you go” basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary's Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2016 and the Valuation Report, which was published in March 2019, confirmed that the employer contribution rate for the TPS would increase from 16.4% to 23.6% from 1 September 2019. Employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 23.68%.

The 31 March 2016 Valuation Report was prepared in accordance with the benefits set out in the scheme regulations and under the approach specified in the Directions, as they applied at 5 March 2019. However, the assumptions were considered and set by the Department for Education prior to the ruling in the ‘McCloud/Sargeant case’. This case has required the courts to consider cases regarding the implementation of the 2015 reforms to Public Service Pensions including the Teachers’ Pensions.

a ste er eae

paje3t

READING BLUE COAT SCHOOL (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

On 27 June 2019 the Supreme Court denied the government permission to appeal the Court of Appeat's judgment that transitional provisions introduced to the reformed pension schemes in 2015 gave rise to unlawful age discrimination. The government is respecting the Court's decision and has said it will engage fully with the Employment Tribunal as well as employer and member representatives to agree how the discriminations will be remedied. The government announced on 4 February 2021 that it intends to proceed with a deferred choice underpin under which members will be able to choose either legacy or reformed scheme benefits in respect of their service during the period between 1 April 2015 and 31 March 2022 at the point they become payable.

The TPS is subject to a cost cap mechanism which was put in place to protect taxpayers against unforeseen changes in scheme costs. The Chief Secretary to the Treasury, having in 2018 announced that there would be a review of this cost cap mechanism, in January 2019 announced a pause to the cost cap mechanism following the Court of Appeal’s ruling in the McCloud/Sargeant case and until there is certainty about the value of pensions to employees from April 2015 onwards. The pause was lifted in July 2020, and a consultation was launched on 24 June on proposed changes to the cost control mechanism following a review by the Gavernment Actuary. Following the public consultation, the Government have accepted three key proposals recommended by the Government Actuary, and are aiming to implement these changes in time for the 2020 valuations.

In view of the above rulings and decisions the assumptions used in the 31 March 2016 Actuariat Valuation may become inappropriate. In this scenario, a valuation prepared in accordance with revised benefits and suitably revised assumptions would yield different results than those contained in the Actuarial Valuation.

Until the cost cap mechanism revision is completed it is not possible to conclude on any financial impact or future changes to the contribution rates of the TPS. Accordingly, no provision for any additional past benefit pension costs is included in these financial statements.

Non-Teaching Staff

The Company contributes on a money purchase basis to a Group personal pension scheme. Contributions totalling £239,893 (2020: £253,412) were payable to this scheme for the year. Contributions totalling £24,603 (2020: £27,071) were unpaid at the year end.

21. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Fixed Net Current Long Term Total
Assets
£		 Liabilities
£		 Liabilities
£		 2021
£
Restricted Funds 2,772,000 146,126 - 2,918,126
Unrestricted Funds 16,877,804 (412,790) (1,503,399) 14,961,615
19,649,804 _(266.664) _(1,503.399) 17,879,744
2020 COMPARATIVE-ANALYSISOF NET ASSETS BETWEENFUNDS
Fixed Net Current Long Term Total
Assets
£		 Liabilities
£		 Liabilities
£		 2020
£
RestrictedFunds 2,798,400 155,756 - 2,954,156
UnrestrictedFunds 17,436,783 (1,134,171) (2,194,182) 14,108,430
20,235,183 (978,415) 4,182) 17,062,586
ee
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READING BLUE COAT SCHOOL

{A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

22a. UNRESTRICTED FUNDS —- MOVEMENT IN THE YEAR

Balance at Balance at
1 September Incoming Resources Transfer 31 August
2020 Resources Expended 2021
£ £ £ £ £
General Funds— School 13,987,894 13,602,552 (12,860,331) 184,393 14,914,508
Trading Company 79,390 20,464 (92,405) - 7,449
£14,067,.284 £13,623.016 £(12,952,736) £184,393 £14,921,957
The School funds are held to maintain the teasehold properties and to cover normal fluctuations in working
capital, future development costs and general reserves.
2020 COMPARATIVE- UNRESTRICTED FUNDS- MOVEMENT IN THE YEAR
Balance at Balance at
4 September Incoming Resources Transfer 31 August
2019 Resources Expended 2020
£ £ £ £ £
GeneralFunds— School 13,427,017 12,339,913 (11,781,796) 2,760 13,987,894
Trading Company 103,633 88,742 (112,985) : 79,390
£13,530,650 £12.428.655 £/(11,894.781) £2760 £14,067,284
22b.
DESIGNATED FUNDS —-		 MOVEMENT IN THE YEAR
Balance at Balance at
1 September
2020		 Incoming
Resources		 Resources
Expended		 Transfer 31 August
2021
£ £ £ £ £
Charities Fund 18,453 2,462 (2,342) - 18,573
Muir Prize Fund 200 - - - 200
Old Blues Fund 11,193 408 (373) - 11,228
Roger Johnson Fund 1,228 972 (1,696) - 504
DrFopp Public Speaking Fund 2,780 1,700 (150) - 4,330
StaffFund 878 728 (965) - 641
Headmaster’s Scholarship Fund 870 - - - 870
Allotment Fund - 892 (779) - 113
Aldworth Partnership Fund 5,544 1,773 (4,118) - 3,199
£41,146 £8,935 £(10423) £._- £39,658

The School funds are held to maintain the teasehold properties and to cover normal fluctuations in working capital, future development costs and general reserves.

2020 COMPARATIVE- UNRESTRICTED FUNDS - MOVEMENT IN THE YEAR

22b. DESIGNATED FUNDS —- MOVEMENT IN THE YEAR

Designated funds are in respect of donations received, which are set aside, at the discretion of the Governors for particular purposes.

Page 33

READING BLUE COAT SCHOOL

(A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

2020 COMPARATIVE- DESIGNATED FUNDS - MOVEMENT IN THE YEAR

Balance at Balance at Balance at
1 September —Incoming
2019
Resources		 Resources
Transfer
Expended		 31August
2020
£ £ £ £
CharitiesFund 14,846 7,755 (4,148) - 18,453
MuirPrizeFund 200 - - - 200
OldBiuesFund 10,238 1,376 (421) - 11,193
RogerJohnsonFund
DrFopp PublicSpeaking Fund
StaffFund		 2,954
-
598		 250
1,700
644		 (1,976)
(320)
(364)		 1,400
-		 1,228
2,780
878
Headmaster's Scholarship Fund
Aldworth PartnershipFund		 870
4,645		 -
1,092		 5
(193)
22		 -
-		 870
5,544
£34.351
£12817		 £(7.422) £__1400 £41,146
22c.
RESTRICTED FUNDS—MOVEMENT INTHE		 YEAR
Balance at Balance at
1 Sept Incoming Resource Transfer 31 Aug 2021
2020 Resources s
Expended
£ £ £ £ £
Sundry Funds
ArthurNewbury Prize
Embling Memorial Fund
Summer Ball Fund		 100
100
5,000		 -
-
-		 -
-
(1,000)		 -
-
-		 100
100
4,000
Edwards Bequest
Melrose Prize
Ali Driver Sonning Grant
Helen Wells Donation		 2,000
200
6,458
-		 -
-
-
500		 -
-
(6,458)
(100)		 -
-
-
-		 2,000
200
-
400
El Downey Donation toChess Club
Performing Arts Centre
Rowing Fund		 -
15,250
4,766		 20
-
12,469		 -
-
(11,964)		 -
-
-		 20
15,250
§,271
33,874 12,989 (19,522) - 27,341
Bursary Fund 121,882 181,296 - (184,393) 118,785
Property Revaluation Surplus Fund 2,798,400 (26,400) - _2,772,000
£2,954.156 £194,285 £(45,922) £(184,393) £2,918,126

22c. RESTRICTED FUNDS — MOVEMENT IN THE YEAR

Sundry Funds

These are various donations given with a specific request that they be used for prizes or other specified purposes.

Bursary Fund This is a fund for donations given with a specific request that they are awarded as bursaries.

Property Revaluation Surplus Fund This has been set up to cover the net book value of the leasehold property. — —_ Oo )

Page 34

READING BLUE COAT SCHOOL (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

2020 COMPARATIVE- RESTRICTED FUNDS — MOVEMENT IN THE YEAR

Balance at Balance at
1 Sept Incoming Resources Transfer 31Aug
2019 Resources Expended 2020
£ £ £ £ £
SundryFunds
ArthurNewburyPrize
Embling MemorialFund
SummerBallFund		 100
100
5,000		 -
-
-		 -
-
-		 -
-
-		 100
100
5,000
EdwardsBequest
Melrose Prize		 2,000
200		 -
-		 -
-		 -
-		 2,000
200
AliDriverSonning Grant
PerformingArts Centre
RowingFund		 6,658
15,000
13,690		 -
250		 (200)
-
(6,164)		 -
-
(2,760)		 6,458
15,250
4,766
42,748 250 (6,364) (2,760) 33,874
BursaryFund 70,544 212,474 (159,736) (1,400) 121,882
PropertyRevaluation SurplusFund 2,824,800 - (26,400) - _2,798,400
£2,938.092 £212724 £.(192,500) £_{4,160) £2,954,196
  1. CAPITAL COMMITMENTS

At 31 August 2021 the School had capital commitments amounting to £292,843 (2020: £Nil).

24, RELATED PARTIES

There were the following transactions in the year with Reading Blue Coat School (Trading) Limited:

The year-end balance owed by Reading Blue Coat School (Trading) Limited is £86,194 (2020: £83,681).

Mr D J Few, one of the School Governors, is a partner at Blandy & Blandy LLP, the School's solicitors. During the year Blandy & Blandy LLP invoiced the School for services amounting to £5,633 (2020: £4,118) and at the year end there wasa creditor of ENi! (2020: ENil) owing to them.

atae a ieee at ean Te Page 35

READING BLUE COAT SCHOOL {A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

25. OPERATING LEASE COMMITMENTS

At 31 August 2021 the School had future minimum lease payments under non-canceltable operating teases as follows:

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |Land|and|buildings|Other| |2021|2020|2021|2020| |£|£|£|£| |Leases|expiring:| |In|less than|one|year|64,519|63,000|76,777|67,109| |Between|one and|two|years|64,519|63,000|22,148|28,928| |Between|two|and|five|years|181,715|189,000|52,714|23,132| |Greater than|five|years|5,108,400|5,160,950|2,409|-| |£5,419,154|475,950|£154,048|£|[119,169]|

----- End of picture text -----

26. FINANCIAL INSTRUMENTS

Financial instruments held at amortised cost are fees receivable, other debtors, prepayments and accrued income, amounts due from subsidiary and cash in hand.

Financial liabilities held at amortised cost are bank loans, trade creditors, deposits repayable, other creditors, accruals and net obligations under finance leases, less deferred income.

----- Start of picture text -----
||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |2021|2020| |£|£| |GROUP| |Financial|assets|measured|at|amortised|cost|3,906,990|2,751,584| |Financial|liabilities|measured|at|amortised|cost|3,357,803|3,796,176| |The|Group's|income,|expense,|gains|and|losses|in|respect|of financial|instruments|are summarised| |below:| |GROUP|&|COMPANY|2021|2020| |£|£| |Interest|income|and|expense:| |Total|interest|income|for financial|assets|held|at|amortised|cost|487|6,547| |Total|interest expense|for financial|liabilities|held|at amortised|cost|____46,755|72,048| |2021|2020| |£|£| |CHARITY| |Financial|assets|measured|at amortised|cost|3,893,699|2,666,535| |Financial|liabilities|measured|at amortised|cost|3,351,963|3,790,509|

----- End of picture text -----

—— oo ——EEEEE =="

page 36

READING BLUE COAT SCHOOL

(A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

27. RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDSKDEBT)

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |2021|2020| |£|£| |Increase|in|cash|in|the|year|1,380,448|989,897| |Net|movement|in|Advanced|Fee|Scheme|(46,863)|(211,270)| |New|loan|issued|in|year|-|(1,500,000)| |Loan|repayments|452,175|400,502| |New|HP|agreement|in|year|-|(68,570)| |HP|repayments|21,126|27,793| |Change|in|net funds/(debt)|1,806,886|(361,648)| |Net|debt|at|1|September|{680,307)|(318,659)| |NET FUNDS/(DEBT) AT 31|AUGUST|1,126,579|(680,307)|

----- End of picture text -----

28. ANALYSIS OF CHANGE IN NET FUNDSDEBT)

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |Net debt|as|at|Net|funds|as| |1|September|Cash|at|31|August| |2020|Change|2021| |£|£|£| |Cash|at bank|and|in|hand|2,507,784|1,380,448|3,888,232| |Advanced|Fee|Scheme|(720,679)|(46,863)|(767,482)| |HP|(49,093)|21,126|{27,967}| |Loans|(2,418,379)|452,175|(1,966,204)| |£_(680,307)|£14,806886|£.1,126,579|

----- End of picture text -----

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READING BLUE COAT SCHOOL

(A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

29. COMPARATIVE 2020 STATEMENT OF FINANCIAL ACTIVITIES

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |Unrestricted|Restricted|Total|funds| |funds|funds|2020| |£|£|£| |INCOME AND ENDOWMENTS| |FROM:| |income|from|charitable|activities| |School fees|receivable|11,363,667|-|11,363,667| |Ancillary|trading|income|692,377|-|692,377| |Other trading|activities:| |Bank|interest|6,547|-|6,547| |Non-ancillary trading|income|41,127|-|41,127| |Trading|income|88,742|-|88,742| |Donations|249,012|212,724|461,736| |Total|12,441,472|212,724|12,654,196| |EXPENDITURE|ON:| |Charitable|activities| |School operating|costs|11,779,776|192,500|11,972,276| |Raising|funds| |Trading|expenditure|6,952|-|6,952| |Financing|and other costs|115,475|:|115,475| |Total|11,902,203|192,500|12,094,703| |Net income/expenditure)|539,269|20,224|559,493| |Transfer between|funds|4,160|(4,160)|-| |Net income|after transfer|543,429|16,064|559,493| |Total funds|brought|forward|13,565,001|2,938,092|16,503,093| |Total funds|carried forward|£14.108,430|£2,954.092|£|[17,062,586]|

----- End of picture text -----

Rage38

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