COMPANY NO: 04243510 CHARITY NO: 1087839 READING BLUE COAT SCHOOL IA COMPANY LIMITED BY GUARANTEE} REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 READING BLUE COAT SCHOOL IA COMPANY LIMITED BY GUARANTEEI CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Page Governors, Officers and Advisers Report of the Governors 3-15 Directors, Report Slralegic Report Statement of Governors, Responsibilities 16 Independenl Auditors, Report 17-20 Stalement of Financial Activities 21 Balance Sheets 22 Cash Flow Statement 23 Notes to the Financial Statements 24-42 READING BLUE COAT SCHOOL IA COMPANY LIMITED BY GUARANTEEI GOVERNORS, OFFICERS AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2024 REGISTERED OFFICE & PRINCIPAL ADDRESS: Holme Park Sonning-on-Thames Reading RG4 6SU DIRECTORS: H Williams L Hague P Etherington N BruGe M Smitho A Colpus M Rumbelow A Chandar 0 13 {Chair of Governors) (Chair of the Finance & General Purpose Committee) (Resigned, 17 June 2024) 023 (Health & Safety Governor} (Equality, Diversity & Inclusion Governor, Appointed 24 March 2023) {Chair of Safeguarding Committee, Appointed 9 January 2023) (Appoinled 9 October 2023) (Appoinled 9 October 2023) C Freeman H Roberts S Taylor Member ofthe Finance and General Purpose Committee Member of Safeguarding Committee Member of Education Committee Member of Remuneration Committee The Governors are also Directors of the Company and Trustees of the Charity. OFFICERS Headmaster: Bursar and Company Secretary.. Bursar and Company Secretary.. P Thomas A West (appointed 18 April 2024) T Tabrah (resigned 18 April 2024) BANKERS: Lloyds Bank plc Market Place Reading Berkshire RG12EQ SOLICITORS: Schofield Sweeney Church Bank House Bradford BD14DY AUDITORS: Crowe UK LLP R+ Building 2 Blagrave Slreet Reading RG1 1AZ Page 1 READING BLUE COAT SCHOOL IA COMPANY LIMITED BY GUARANTEEI GOVERNORS, OFFICERS AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 INSURANCE BROKERS: Marsh Limiled 4 Milton Road Haywards Heath Wesl Sussex RH16 1AH WEBSITE: www.rbcs.org.uk KEY MANAGEMENT: P Thomas A Wesl Headmaster Bursar and Clerk to the Governors {appointed 18 April 2024) Bursar and Clerk lo Ihe Governors (resigned 18 April 2024) Second Master Deputy Head (Staff) Depuly Head {Pastoral) Depuly Head (Academic) Deputy Head {Co-Curricular) Foundation Director Director of External Relations (Appointed 19 September 2023) Head of Human Resources T Tabrah E Trelinski K Magill G Williams R Tidbury K Richardson S Bunnell-Pyper F Robinson l Gregory Page 2 READING BLUE COAT SCHOOL IA COMPANY LIMITED BY GUARANTEE REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024 The Governors of the School present their annual report for Ihe year ended 31 August 2024 in accordance with Ihe Charities Act 2011 and the Companies Act 2006, thus including the Direclors, Report and SlralegiG Report under the 2006 Act, together with the audiled financial slatemenls for the year, and confirm that the latler 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 Company" the School" or'the Charity"), is a charitable company limited by guarantee, company regislration number 04243510 and charity registration number 1087839. In the event of Ihe Company being wound up, the liability of each member is limited to a maximum of £1. Reading Blue Coat School was 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 charily on 2 August 2001. The Governors, Officers, Key Addresses and Advisors are sel out on Pages 1 and 2. The Company has a wholly owned subsidiary, Reading Blue Coat School (Trading) Limited. The School is an active member of the Headmasters and Headmistresses Conference, the Society of Heads, the Association of the Governing Bodies of Independent Schools and the Independent Schools, Bursars Association. OBJECTS AND PRINCIPAL ACTIVITIES The main Object, as set out in the charitable company's Articles of Association, is the advancement of education by carrying on or managing schools for boys and girls under the age of 25 years, in which religious instruction, in accordance with the doctrines of the Church of England. shall be given. Reading Blue Coat School is a selective day school for boys and girls between the ages of 11-18. Shaped by its Chrislian Foundation, and its strong links lo the nearby city of Reading. The Governors, in consullation wilh the Headmaster and Senior Leadership Team regularly review the School, purpose and strategic aims to ensure that the School's principal activities are aligned to ils charilable objects. The School commits to offering fourteen fully funded places al any one time (Foundation Scholarships) to reflect the original intention of its founders and benefactors. These are awarded to pupils from low socio-economic backgrounds, living in, or in the vicinity of, Reading, with priority given to those from the most deprived areas. Page 3 READING BLUE COAT SCHOOL IA COMPANY LIMITED BY GUARANTEEI REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Governing Document The School is governed by its Memorandum and Articles of Association, last amended on 27 November 2023. Governing Body The Governors are all Directors of the Company and Trustees of the Charity. Governors are appoinled by a resolution oflhe Board of Governors. The number of Governors shall nol be subject to any maximum, but shall not be less than five (excluding any ex-officio Governors). There can be up to two ex-officio Governors (the priest of St Andrews Church, Sonning on Thames and the Chair of the Reading Blue Coat and Archbishop Laud Charitable Trust). One third ofGovernors must relire every year, but may offerlhemselves for re-election. No Governor shall serve for more than nine consecutive years, unless Governors consider it is in the best interests of the Charity. Those who held office during the year are listed on page 1. Recruitment and Training of Governors Potential Governors are idenlified by members of the Governing Body and considered against the Body's specifications concerning eligibility, competence, specialist skills and local availability. New Governors are inducted into the workings of the School as a Charity and a Company through a familiarisation day lo the School and at their altendanGe at lermly meetings. They are issued with the ABGIS (Association of Governing Bodies of Independent Schools) Guidelines for Governors and the Charity Commission's 'The Essential Trustee,, as well as all key School Policies. They are also provided with Safeguarding training before theyjoin the Board. Training is regularly offered to all Governors. Bespoke courses are held in conjunction with Governors, meetings to address particular areas. Governors are encouraged and expected to attend events during the School year {e.g. Open Days, Prize Giving, Sports fixtures, Performing Arts events), and to regularly undertake visits where Ihey observe daily School life. Corporate Governance The Governing Body is mindful ofthe principles and recommended practice set out in the Charity Governance Code for larger charities, and believes that it applies, much evidenced in this annual report, the specified principles of organisational purpose, leadership, integrity, decision making, risk and control, board effectiveness, diversity, openness and accountability. Organisational Management The members of the Governing Body are legally responsible for Ihe overall management and control of the School. The business of the Governing Body is carried out Ihrough meetings of the Board and its Committees. Details of the Committees is provided on page 1. The Governing Body meets a minimum offourlimes a year. The September meeting is a review and planning meeting at which Ihe Board considers progress made towards strategic objectives during the previous year. and identifies areas offocus for the coming year. The meetings in December, March and June are decision- making sessions, at which the Board receives reports and considers recommendations from the various Committees. The Committees are the Educalion Committee, the Finance and General-Purpose Committee, Ihe Safeguarding Committee and the Remuneration Committee. The Headmaster, Bursar and Second Master attend meetings of the Governing Body and its Committees (except Remuneration Committee) along with other members of Key Management where appropriate and invited. In addilion, the Senior Leadership Team holds a termly Heallh & Safety Committee meeting which is attended by the Governor with responsibilily for Health & Safely. In addition to the four Scheduled meetings per year, the Governors meet al a Strategy Day annually. Page 4 READING BLUE COAT SCHOOL IA COMPANY LIMITED BY GUARANTEEI REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024 The Bursar is also the Clerk to the Governors, and is supported by a Secretary lo the perform the duties of Clerk. The day-to-day running of the School is delegated by the Governors to the Senior Leadership Team of the School, as detailed on page 2 (key management personnel). The Senior Leadership Team is in turn supported by the Extended Leadership Team. The remuneration of key management personnel is set by the Remuneration Committee. wilh the policy objective of providing appropriate incentives to encourage enhanced performance and of rewarding them fairly and responsibly for their individual contribulions to Ihe School's success. The appropriateness and relevance of the remuneration policy is reviewed annually, including reference to comparisons wilh other independent schools lo ensure that Reading Blue Coat School remains sensitive to the broader issues of pay and employment condilions elsewhere. AUDITORS The Governors are responsible for ensuring that Ihe 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 Ihe report is approved- There is no relevant audil infonnation of which the charitable company's auditors are unaware. and Each Governor has taken all steps thal they ought to have laken to make themselves aware of any relevant audit information and to establish Ihat the auditors are aware of that information (s.234ZA(2}) In accordancewith Section 485 ofthe Companies Act 2006, a resolution proposing Ihe appointmentof Crowe UK. LLP as auditors of Ihe company will be put to the Annual General Meeting. Page 5 READING BLUE COAT SCHOOL IA COMPANY LIMITED BY GUARANTEEI REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024 STRATEGIC REPORT The School's purpose is lo.. Inspire in our sludenls a life-long love of learning and Ihe confidence to individually flourish,. Equip our sludents to thrive in a rapidly changing world., Cultivate a warm, kind, noliGing culture where students are happy, and inclusion is Ihe norm and diversity is celebrated., Develop grounded, socially responsible, outward looking students, ready to lead fulfilling lives and make a positive contribulion to the world., Nurture a values-based community, on our shared values of aspiration. compassion, courage, integrity and service. The School's strategic aims underpin its purpose, and are set by the Governors, in conjunction with the Senior Leadership Team, after careful consideration ofthe Charity Commission's general guidance on public benefit, and in particular of ils supplementary guidance on advancing education. The Headmasler and his Senior Leadership Team have a Development Plan lo support each strategic aim, and progress against Ihis plan is reviewed annually at the Senior Leadership Team Slrategy Day. Governors also review the Development Plan annually. The School's performance was examined by the Independent Schools. Inspectorate in February 2024, and the School was found lo be compliant with the standards specified in the Education {Independent School Standards) Regulations 2014. The report was highly complimentary of the School, noting "high-quality academic and personal oulcomes" for students and highlighting the "rich and varied learning environments" created on the School site, which allow pupils to be "active, creative, reflective, spiritual and sludious" OPERATIONAL PERFORMANCE OF THE SCHOOL The School's prtmary operational focus is on the education of its pupils. The average figure enrolled during the year was 790. Academic The 2024 A Level cohort attained 20 % A. grades, which is the highest percentage in full public exams (without a Covid influence), with over 52 % gaining A'.A and just over 780/0 achieving A'_B. At GCSE, an average grade of 7.2 was achieved by the pupils, with 470/0 of results at the top 8 or 9 mark. 990/0 of grades were al grade 4 or above- tremendous results of which both pupils and staff can be rightly very proud. The School's Futures programme ensures that every student is supported to make the right 'next step. for Ihem when they leave Reading Blue Coat. 900/0 of the School's leavers secured places at their first-choi university, with the majority winning places at Russel Group universilies. Six students were awarded places at Oxford and Cambridge, with others going to Bath, Bristol. Durham, Exeler, King's College London. Imperial College London and Noltingham. Student numbers remain healthy. but the School is very mindful of the economic and political pressures facing Independent Education. Reading Blue Coat remains foGused on ensuring that the offering on all fronts academic, pastoral. co-curricular is excellent value for money and of a very high quality, in order lo ensure Ihe School remains extremely attractive to families. The School welcomed the first cohort of Year 7 girls in September 2023, and their integration into the SGhool community was a resounding success. The School will be fully co-educational in all year groups by 2027. The Governing body made this decision from a position of financial strength, in recognition of the changing social landscape. Prudenl optimism, along with a laser focus on the quality of an outstanding all-round educalion is both justified and necessary as we move fo￿ard. Page 6 READING BLUE COAT SCHOOL IA COMPANY LIMITED BY GUARANTEEI REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Co-curricular The Co-curricular provision at Reading Blue Coat School is a vibranl aspect of school life that students and slaff engage with enlhusiastically. We are very proud of our 1 OOO/D participation rate at the school and the range of activities on offer demonslrates our commitment to a holistic education Ihat ￿lebrateS the whole person. Through co-curricular aclivities studenls are encouraged to explore the school values as well as preparing themselves for life beyond Blue Coat and developing a love of learning. Co-curricular.. Performing Arts The Performing Arts is a popular and dynamic aspecl of school life that enjoys high levels of school engagement. The Drama Department offers a diverse range of genres across each academic year allowing students to play to their strengths. Productions during the year included Punk Rock,, which demonstrated excellenl levels of dramatic maturity, 'Curtain Call, which was an excellent showcase of the talents of our studenls from Year 10 - 13, and the Lower School musical 'The Lion King,. which was performed by over 60 sludents to audiences of 300 each night. Dance has gone from strength to strength during its inaugural year at the School with a range of different genres on offerto studenls. They are able to participate on a recrealional basis as well as showcasing their work during perfOrman￿S. This year students represented the School at the Berkshire Independent Schools Dance Competition, where two of our dancers were awarded second place. The Music department has offered 12 differenl ensembles ranging from String Quartet to Jazz Bands. A full and busy schedule of music concerts takes plaGe over the course of each academic year and the highlight of every year is the Grand Concerl where all of the musicians in the school come togelher to celebrate their musical achievements. The finale of the School year is always the 'Swing into Summertime,. Public Speaking continues to be a hugely popular co-curricular activity with over 100 students attending sessions on a weekly basis. Every academic year, students from all year groups are given Ihe opportunity to showcase Iheir achievements at four different Public Speaking events. This year saw the School's inaugural Arts Gala, where the collaboration belween departments was demonstrated perfectly though an Art and DT exhibition, followed by a performance showcasing Drama, Dance, Music and Public Speaking. Co-curricular." Sport Sport has enjoyed incredible success, with over 90 different sports teams playing over 400 fixtures. In the year, bolh our U15 rugby team and 1st Xl Football team won national cups at their respective levels. The U12 Netball team represented the SGhool at a number ofnational tournaments with outstanding results. Over 80 % of students represent the School at fixtures. At Reading Blue Coat, we are very lucky to have direct aGcess to the river. The rowers enjoyed considerable success at the British Rowing Championships winning gold in the Open Eighls and J16 {Y11) coxed four events. The School has also supported a number ofathletes through trials for the Great Britain Rowing team this year. As a School we are committed to developing our alhletes at every level, offering an Athlete Development Programme for Year 8 - 13. Within this developmenl programme pupils are given a bespoke training programme, strength and conditioning training as well as one to one mentoring. Co-curricular.. Adventure Education Adventure Educalion is a key part of school life at Reading Blue Coat school. Students are actively engaged with the programme Ihrough Activilies in Year 7- 9 where they are given the opportunity to explore Climbing. Bouldering, Sailing, Paddle Sports, Mountain Biking and Bush Craft. Whilst enjoying the recrealional side of these activities, studenls are also encouraged to gain qualifications in these areas, wilh the aim of achieving leadershiplinstructor stalus. Page 7 READING BLUE COAT SCHOOL IA COMPANY LIMITED BY GUARANTEEI REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 In Yg, sludents are introduced to Ihe Combined Cadet Force {CCF) and have the opportunity to join either the Army, Navy and RAF sections where they altend parade on a weekly basis. Cadets also enjoy a range of exercises and camps where they are able lo meet and work with contingents from other schools and organisations. Duke of Edinburgh is very popular at Reading Blue Coal, wilh over 80 pupils currently completing their Bronze and Silver qualifications. Studenls are encouraged lo explore the School's fifth value of service through the Duke of Edinburgh award, and can do Ihis by engaging with the Aldworth Partnership. Co-curricular." Activities The Activities programme is al the heart of life at Reading Blue Coat. Each week. pupils in all year groups enjoy two lessons of timetabled activity sessions during the School day. Pupils in Y7 - 9 explore a variety of Adventure Education, Enterprise and Service sessions with increasingly more options to shape Iheir experience as they progress through the school. Pupils in years 10 to 13 come together every Thursday to participate in Senior Activilies. This is split into six categories and pupils are encouraged to choose a differenl strand each term. The sections are as follows: Adventure Creative Arts Leadership and Social Action Sport and Wellbeing Service Super Curriculum There are over 40 different sessions each Thursday which this year have included Disseclion, Jewellery Making, Music Production, Ice Skating and Meditation. Not only are these sessions a fantaslic opportunity to meet new friends and learn new skills, but they also encourage pupils to be outward looking and develop valuable personal skills. A full overview of the programme and Ihe choices on offer can be found here Activities Booklet 2024 ubluu.com Co-curricular.. Clubs, Societies and Trips Reading Blue Coat offers over 100 different clubs running every week at lunchtime and at the end of the School day. Nearly all of our clubs are included in the School fees. and students are welcome to participale in as many as they want. Our students are heavily involved in shaping the provision, and recently we have introduced Dungeons and Dragons Club, Photography Club and Craft Club at Iheir request. Our trip schedule is a busy one. and offers sludents a multitude of both educational and cultural experiences through Irips. Non-residential trips are offered lo all students as academic enrichment to enhance learning and ensure that all of our pupils are outward looking in their educational journey. We also offer a number of residential trips that range from academic to recreational. This year pupils have explored Iceland and New York on Ihe Geography trip, Barcelona wilh Ihe Spanish department, Italy with the Foolball team and participated in three different Ski trips. We are also very excited to launch our first post-covid long haul expedilion to Eswatini, where pupils will have the opportunity to fully immerse themselves in African culture, as well as active engage in service lo others. Page 8 READING BLUE COAT SCHOOL IA COMPANY LIMITED BY GUARANTEE) REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Pastoral & Wellbeing Pastoral care al the School is delivered primarily through a strong culture of positive relationships between sludents and staff. Each sludenl is assigned to a Tutor, who is in turn managed by a Head of Year who has an overview of the cohort. Students meet with Iheir Tulors most days, in groups and assemblies, and also meet fortnightly for one-lo-one meetings. This enables strong communication and understanding, so Ihat pastoral slaff can support students proactively. This also enables staff to build a picture of the students. understanding their unique persorlalities. skills and interests, likes and dislikes, so Ihat they can better advise them on how to make the most from Iheir Blue Coat experience. We continue to build this system each year, improving the way we record and monitor one-lo-one meetings, publishing a new Tutoring Manual for slaff, and providing a weallh of training opportunities such as Coaching or Mental Heallh First Aid. The School also promotes a strong ethos of inclusion and celebrating diversity. Established and student-led groups meet each week, covering key topics such as racial and cultural inclusion, LGBT+ gender quality, neuro-diversity. This provision also contributes to a significant evenls programme, such as celebrating Holi festival, Pride, and presentations from visiting speakers such as the author Laura Bates (January 2024). For cases when students need some additional support, the school continues to develop its provision in the new Monlgomery Wellbeing Centre, where medical care is provided alongside access to counsellors and mentors. The School also promotes peer-to-peer support, Ihrough a proaclive and approachable Pasloral Prefect team and through the development of inter-year group communication in 'House families, (groups of students in Houses who meet as a cross-section of all year groups). Reading Blue Coat promotes wellbeing and happiness through its caring slaff. excellent facilities and site, and exciting range of academic and co-curricular activilies. Pastoral care. like all aspects of the School, is thoroughly informed by the core values of the School: aspiration. compassion. courage, integrity and service. Page 9 READING BLUE COAT SCHOOL IA COMPANY LIMITED BY GUARANTEE) REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Premises, Infrastructure and Sustainability The School continues lo maintain and improve the quality of its estate and facilities, whilst strategically developing longer lerm projects as part of Ihe Estate Plan. The School is also seeking to become more sustainable by reducing its carbon foolprint. The School has undertaken the following development projects during the reporting period.. Converted the lighting in Ihe Sports Hall and Science Block lo LED,. Installed Solar Panels on the roof of the Sports Hall which will generale enough electricity to power the Sports Hall lighting. Installed a borehole which will provide for water from the River Thames to water the School's sports pitches., Installed a new kitchen into the Staff Welfare area., Continued the installalion of Smartboards into all teaching classrooms across the site. Inveslment continues lo be made in refurbishing exisling areas within the School. Fundraising performance During Ihis year the Foundation OffiGe has continued to engage with the community in order to raise funds in support of the Charity. The School's fundraising campaign, 'Defined by Vision, United by Ambilion,, has been running since March 2022 and is aiming to raise £4,000,000 by 2032, thus doubling the School's endowmenl which supports Foundation Scholars at the School. The School also has a legacy giving society (The Richard Aldworth Society) where the tolal number of known gifts pledged is in the region of £2.000,000. For Ihe year, donations tolalled £348,095 (2023.. £190,918). including unrestricted funds of £101.089 and restricted funds for the provision of bursaries of £238,476 (2023- £147,587). Of this, £149,000 12023- £139,000} was received from Reading Blue Coat and Archbishop Laud Charitable Trusl to fund means- tested bursaries to pupils. There is no change to how fundraising activilies for the School are conducted. These are currenlly only conducted by School slaff and all fundraising activities are managed by the Foundation Director wilh overall management by the Headmasterand oversight by the Governing Body. The Foundation Office conlinues to focus on developing a voluntary fundraising programme for the School in line with its Gharitable aims of managing a school for boys and girls under the age of 25. No complaints have been received relating to fundraising activities by the School during this reporting period. The School has a complaints procedure in place should any complaints arise from our fundraising activity. The School is registered with the Fundraising Regulalor and its logo is displayed on the School website website. The School continues to comply with Ihe Code of Fundraising Practice published by the Fundraising Regulalor and its own Fundraising Policy which is reviewed annually. The School continues to be a member of the Institute of Development Professionals in Education {1 DPE). The School upholds appropriate standards for the operation and management of ils fundraising activities. We continue to ensure vulnerable people and other member of the School's community are prolected and that no fundraising aclivily results in a member of the community being coerced into giving a gift against their Page 10 READING BLUE COAT SCHOOL IA COMPANY LIMITED BY GUARANTEEI REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024 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 assessmenl process. The School is an equal opportunities employer, and Ihis 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 consideralion is given to the training and employment needs of all staff who work at the School. The School will make reasonable adjustments to meet the needs of pupils or staff who are or who become disabled. Employee Engagement The Governing Body is kepl fully informed of any employee concerns through regular formal and informal briefings from the Headmaster and Bursar. The Governors are committed to promoting a posilive and healthy environment for all staff al the School for bolh 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 recruilment and developmenl strategies which seek lo attract and retain lalented staff. At intervals through the year, usually immedialely prior to the start ofa lerm, Professional Development Days are held during which briefings and staff Iraining lakes pla￿. Elements of these days will apply lo the whole school staff, both academic and operational, with other periods being applicable to specific roles, funclions or training requirements. Training on Ihese days will often include training on safeguarding, data protection. and heallh and safety. as well as briefings on the School's development and strategy. PUBLIC BENEFIT The Reading Blue Coat School Governors, as charity truslees. have complied with Iheir duty in s.17(5) of Ihe Charities Act 2011 lo have due regard to the Charily Commission's published general guidance concerning the operation of the public benefil requirement under that Acl. A summary of the public benefil offered is as follows: Principal activities The School's principal activity is to provide a high quality education to pupils aged 11 18. During Ihe course of the academic year there were an average of 790 pupils in the School. The School conlinues to have a strong number of applications for the places on offer. Means Tested financial support for pupils.. A total of £774,950 {2023.' £784,459) was spent on means- tested support which was 4.90/0 of the School's gross fee income. Assistan￿ was provided in the form of 34 bursaries and 13 Foundation Scholarships, i.e. a total of 47 (6 % ) of the pupils reGeived some support. Foundation Scholarships cover 1000/0 of school fees and also provide assistance with additional costs. The School receives a grant from the Reading Blue Coat and Archbishop Laud Charitable Trust in order to support the provision of Foundation Scholarships. Service to the Community and use of the School facllities by the Community.. 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 ofthe local community. The Aldworth Partnership is the umbrella temi for student led outreach work by the School in the local area and local community. This includes working with and in the local community as well as opening up the School's facililies loflen including aGcess lo our Staff l as well as fundraising for local charities. Much of the Aldworth Partnership activity is led by our Aldworth Partnership Prefects {students) and is overseen by our Page 11 READING BLUE COAT SCHOOL IA COMPANY LIMITED BY GUARANTEEI REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024 Director of Aldworth Partnership {staff). The Aldworth Partnership is a key part of School life and is directly linked to one of the School's core values of Service. Throughout the School's long history, Reading Blue Coat sludents have been encouraged to participate in serving others, particularly those in the local community and we are proud to continue with this vital and wide ranging work today. The activities of the Aldworth Partnership for local service in Ihe last year has included.. Opening up the School's Futures Convenlion to 350 students from The Piggott School and Waingels College, providing access to more than 25 Universities, and 10 employerslapprenticeship providers. Providing Oxbridge interview practice in partnership with The Piggotl School. Weekly visils to Highwood Primary School where RBC Sixth Form students work with pupils who have social, emotional andlor behavioural difficulties. Dance, Music and Drama workshops with 40 sludents from Highwood Primary School and St Mary's and All Sainls Primary School. Eleven RBC staff are Governors at local slate schools. Over 300 local primary school pupils attended a performance of the Lion King by RBC Lower School pupils, inlroducing some pupils to live thealre for the first time. Four local slate primary schools use RBC'S swimming pool free of charge in order to deliver Iheir swimming and water safety lessons. RBC loans ils fleet of minibuses to community organisations. Examples include the Boys Brigade, Scouts, primary school transport for extra-curricular aGlivities and church youth groups. RBC students work with The Cowshed Charily throughout the year, and collected 265kg of clean clothes to be given to those in need. RBC students collected sports equipmenl and kit from the School community. and delivered it to Ihe local charity First Days which helps provide sport equipment to vulnerable families. Partnering with Berkshire Women's Aid (BWA), RBC slaff and students recyGled beauty advent calendar by filling them with now toilelries and cosmetics which were donated by the School community. The boxes were distributed by BWA to women in need at Christmas. Every week, eighl RBC students and two members of slaff visit Willow Bank Infant School to run a reading club for Year 2 and 3 students. RBC hosted two local slate primary schools for Science, DT and Adventure Educalion sessions. and a third local primary School attended a Science Day at the School. students from Highwood Primary School enjoyed a two day aclivity course at the School. This was in lieu of a residential Activities Week for 20 students who were unable to join the rest of their year group on the trip. Contribution to the national and local economy The School evaluates its economic impact using the ISC Economic Impact tool. It is estimaled that: The School contributed £26m to national GDP, ofwhich £14m is within the Local Authority Area (0.150/0 of local GDP) The School supports 458 jobs nationally, of which 240 are in the Local Authority Areas {0.24 % of local jobs) The tolal amount ol UK tax supported by School's aclivities is £9m, and the School generated savings for the UK tax payer of £6m as a result of allendance by pupils who could otherwise take up a free state school place. Page 12 READING BLUE COAT SCHOOL IA COMPANY LIMITED BY GUARANTEEI REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 FINANCIAL REVIEW AND RESULTS FOR THE YEAR Financial Results The financial resulls for the year are shown in the statement of financial activilies on page 21 which shows a net deficit of £142,148) {2023'. surplus of £339,569). Included within the result is a pre-gift aid surplus of £71,241 (2023.. £123,478) atlribulable to the School's wholly owned trading subsidiary. Reading Blue Coat School (Trading) Limited. The level of deficit for the year generaled in the unrestricted funds was £(15,748) (2023.. surplus of £436,609). The unreslricled reserves carried forwards will be used to manage Ihe short-term turbulence Gaused by the imposition of VAT on Independent School fees, and finance future capital expenditure wilh the aim of continually improving Ihe School's facilities. In the opinion of the Governors the market value of the land and buildings of the School is not less than Ihe book value in the accounts. ReseThes The School's funds are held to mainlain the leasehold property and lo cover normal fluctuations in working capital. The School's assets are sufficient to meet its known and ongoing obligations. The School aims lo maintain the following.. Sufficient cash reserves to cover Ihe working capital requirements of the School. Further implementation of the campus development strategy taking into account the requirements of extending co-education across all year groups. At the end of the reporting period the Group holds total funds of £19,804,369 (2023.. £19,846,517). At the end of the reporting period the Group holds gross cash totalling £5.774,654 (2023.. £3,489,432) and net cash (after bank and olher loans) totalling £5,774,654 {2023.' £2,614,432). The amount of funds which are reslricted and not available for general purposes of the Charity at the end of the reporting period were £2,727,693 (2023.. £2,754,093). At the end of the reporting period there were designated funds of £2,260,690 (2023.. £2,029,597). This includes Ihe Development Capital Expenditure Fund which was introduced last year in order to fund the School's Estate Plan. At the end of the reporting period Ihe following fundslamounts can only be realised by disposing of tangible fixed assets or programme related inveslments: Tangible fixed assets £20,782,947 (2023.. £21,054,824). After making allowance for any restriGled funds, designations, commitments (not provided for as a liability in the accounts) and the carrying amount of functional assets which the School needs to deliver its objects, there are no free reserves. At the end of Ihe reporting period a comparison of the amount of rese￿eS held with the Charity's reserves policy was made. RISK MANAGEMENT Process The Governing Body is responsible for ensuring that the risks faced by the Charity are properly assessed. It is aware of Ihe importance of protecting the business as far as possible from operational and reputational damage, as well as from the risks of unprediclable crisis and disaster. Risks are examined each year when updating the Risk Register and in Ihe process of strategic planning. The key controls used by the School to manage risk inGlude'. Preparation and periodic review of tho Risk Register. Formal agendas and minutes to support decisions on all Commitlee and Governing Body activities. Comprehensive stralegic planning, budgeting, and management accounting. Established organisational and governance structure and lines of reporting. Formal written policies. Vetting procedures as required by law for the protection of vulnerable people. Page 13 READING BLUE COAT SCHOOL IA COMPANY LIMITED BY GUARANTEEI REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Clear hierarchical authorisation and approval levels. The above structure formalises the risk management processes established for the Charity. Through these processes, the Governors identify the major risks to which Ihe Charity is exposed and review the systems and procedures established to manage them. Nevertheless, it is recognised that such syslems can provide only reasonable but nol absolute assurance that major risks have been adequately addressed and can be managed. Principal Risks and Uncertainties 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. The risks Ihat the Governors identify are reviewed, and systems or procedures are put in place to manage those risks. The Governors, risk management policy is focussed on the following areas.. Ensuring an appropriate governance structure is in pla￿ for the School. The School has adequate and appropriale facilities and operational infraslruclure in order to support academic, co-curricular and pastoral objectives. To safeguard the wellbeing of all pupils. Compliance with all relevant legislation and regulalions, including Health and Safely. Educational standards are maintained at a high level. The Schools finances are managed in order lo mainlain long lerm viability. External threals to the activities, operations and finances of the School are identified and mitigated where possible. The Governing Body has invested significant lime and effort during the year to ensure the School is well prepared for the imposition of VAT on Independent School fees from 1 January 2025, and the removal of charitable relief on Business Rates from 1 April 2025. The School is working hard to control cosl in the face of financial headwinds. as well as identify new ways to generale addilional income through commercial aclivilies and fundraising. The Strategic risk register reflects the very challenging operating environment currently faced by Independent Schools, but the Govemors believe Reading Blue Coat is in a strong position. The Senior Leadership Team and Governing Body is working lo ensure that academic results are not only maintained bul improved, especially al A Level. FUTURE PLANS The School's strategic objectives out to 2027 are focused on the following areas.. 1. Delivering strong academic outcomes for students, with excellent academic enrichment and a strong Fulures programme. 2. Building on the breadth and excellence of the co-curricular provision. 3. Embedding a digilal culture in the School. 4. Focusing on a cullure where inclusion is the norm, diversily is celebrated and everyone belongs. 5. Providing personalised pastoral care and ensuring pupil wellbeing is at the heart of decision making. 6. Strengthening the School's partnership work in and wilh the local community, and engaging with the Blue Coat community to widen access through Fundraising. 7. Developing the Estate, with a new Performing Arts Centre as the first priority. 8. Embedding co-education throughout the School. 9. Operale on a suslainable basis- environmentally, socially and economically. 10. Attracting, developing and relaining the best staff to ensure the School remains an employer of choice. Page 14 READING BLUE COAT SCHOOL IA COMPANY LIMITED BY GUARANTEEI REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 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 2nd De￿mber 2024 including in their capacity as company directors approving the Strategic Report contained therein, and is signed as authorised on its behalf by: H Williams Chair of Governors 2 December 2024 Page 15 READING BLUE COAT SCHOOL IA COMPANY LIMITED BY GUARANTEEI STATEMENT OF GOVERNORS, RESPONSIBILITIES FOR THE YEAR ENDED 31 AUGUST 2024 The Governors (who are also directors of Reading Blue Coal 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 Practi￿ (United Kingdom Accounting standards). Company law requires the Governors to prepare financial statements for each financial year. Under company law the Governors must nol approve the financial statements unless they are satisfied that Ihey give a true and fair view of the stale of affairs of the charitable company and the Group and of Ihe incoming resources and application of resources, including the income and expenditure, of the Charitable Group for that period. In preparing these financial statemenls, the Governors are required to.. select suitable accounling policies and then apply them consistently., observe Ihe methods and principles in the Charilies SORP., make judgements and estimates that are reasonable and prudent. slate whether applicable UK accounting standards have been followed, subject to any malerial departures disclosed and explained in the financial statements., and prepare the financial statemenls on the going concern basis unless it is inappropriate to presume that Ihe charilable company will continue in business. The Governors are responsible for keeping adequate accounling records that are sufficient to show and explain the charilable company's transactions, disclose with reasonable accuracy at any time the financial position of Ihe charitable company and enable Ihem to ensure that the financial statemenls comply with the Companies Act 2006 and the provisions of the charily's constitution. They are also responsible for safeguarding the assets of the charity and the Group and hence for taking reasonable sleps for the prevention and detection of fraud and other irregularities. Page 16 A Crowe Crowe U.K. LLP CharteredAccountanls Member ol Ciowe Global R+ Building 2 Blagrave Street Reading Beikshire RG1 1AZ, UK Tel +44101118 959 7222 Fax +44101118 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 statemenls of Reading Blue Coat School for Ihe year ended 31 August 2024 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, inGluding Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounling Practice). In our opinion the financial statemenls- give a Irue and fair view of the state of the Group's and the charitable company's affairs as at 31 August 2024 and of the Group's incoming resources and application of resources for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with Ihe requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Audiling (UK) {ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in Ihe Auditor's responsibilities for the audit of the finanGial statements section of our report. We are independenl of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statemenls in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe Ihat 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 Ihat the Governorfs use ofthe going concern basis of accounting in the preparation of Ihe financial statements is appropriale. Based on the work we have performed. we have not identified any material unGertainties relating to events or conditions thal. individually or collectively, may cast significant doubt on the charilable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are aulhorised for issue. Our responsibililies and the responsibilities of the Governors with respect to going concern are described in the relevant sections of this report. Crow9 U.K. LLP is a IltrriiÈd Ilablllty parfnershlp ieg*lgred in England End W31es wfih r&glslered nurnberOC307043. Thg regis19red office is at 55 Ludgai8 Him. London EC4M 7JW. A list of lh8 LLP's mEmber3 is available Bl the rggi51918d office. Ml Insolvency pl8C￿ll0ners in Ihe ￿(M are Iicgnsed in thg UK by |nsolv8nw PractibonEts A$s￿la￿on. Crowe U.K. LLP is a mgTnbgrol ¢row8 Global, 8 Sthlssv&rein. Each membpr ffirffl of CtDwe Global Is a S&P8rale and Independenl legal entity. ¢fOWg U.K. LLP and its afffiliat8s are not rgsponsiblgorliawFfoT any Dromisslcrts of Crowe Global ry sny pth8rfflèmbèrofcrowe GbbAI. Page 17 A Crowe INDEPENDENT REPORT OF THE AUDITORS, TO THE MEMBERS OF READING BLUE COAT SCHOOL (CONTINUED) Other information The Governors are responsible for the olher information contained wilhin Ihe annual report. The other information comprises Ihe informalion included in the annual report, olher Ihan the financial slalemenls and our auditor's report thereon. Our opinion on the financial statements does nol Gover the other informalion and, except to Ihe extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion Ihereon. Our responsibility is to read the other informalion and, in doing so, consider whether the other information is materially inconsistent with the financial slatemenls or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we iderltify 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 Ihal there is a material misstalement of Ihis other information, we are required lo report Ihat 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 the information given in the governors, report, which includes the directors, report and the strategic report prepared for Ihe purposes of company law, for the financial year for which the financial stalemenls are prepared is consistent with the financial statements., and the strategic report and Ihe directors, report included within the governors, report have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In light ofthe knowledge and understanding of Ihe Group and the charitable company and their environment obtained in the course of the audil, we have not idenlified material misstatements in Ihe slrategic 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: the parent company has not kept adequate accounting records- or the parent company financial statements are not in agreement with the accounling records and relurns. or certain disclosures of governors, remuneration specified by law are not made., or we have not received all Ihe information and explanations we require for our audit. Responsibilities of governors As explained more fully in the governors, responsibilities statement on page 16, Ihe governors (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparalion of the financial statements and for being satisfied thal they give a true and fair view, and for such internal control as the governors detemiine is necessary lo enable the preparalion of financial statemenls thal 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 charilable company's ability to conlinue as a going concern, disclosing, as applicable, matters relaled to going concern and using Ihe going concern basis of accounling unless the governors either intend to liquidate the charitable company or to cease operations. or have no realistic alternative but to do so. Page 18 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 objeclives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misslalement, 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 thal an audit conducted in accordanGe with ISAS {UK) will always delect a material misstatement when it exists. Misslalements can arise from fraud or error and are considered malerial if, individually or in Ihe aggregate. they could reasonably be expecled to influence Ihe economic decisions of users taken on the basis ofthese 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.or .uklauditorsres onsibilities. This description forms part of our auditor's report. Extent to whiGh 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 statemenls from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive lo those risks, including obtaining audit eviden￿ sufficient and appropriate lo provide a basis for our opinion. We oblained 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, taxalion legislation, together wilh the Charities SORP (FRS 1021 and the Charities Act. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial slalement items. In addition, we considered provisions of other laws and regulations that do nol 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 penally. We also considered the opportunities and incentives that may exisl within the Group and charitable company for fraud. The laws and regulations we considered in this context for the School were The Education Ilndependent 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 laws and regulations to enquiry ofthe Governors and other management and inspection of regulatory and legal correspondence, if any. We idenlified the greatest risk of material impact on the financial slatements from irregularilies, including fraud, to be the override of conlrols by managemenl. Our audit procedures to respond to these risks included enquiries of management, and the Finance and General Purposes Committee about their own identificalion and assessment of the risks of irregularities, sample testing on Ihe posting of journals, reviewing aGcounling 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 nol have detecled some material misstalemenls in the financial statements, even though we have properly planned and performed our audil in accordance with auditing standards. For example, the further removed non- compliance with laws and regulalions (irregularities) is from the events and transactions reflected in the financial statemenls, 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, misrepresenlations, or the override of internal controls. We are not responsible for preventing non-compliance and cannol be expected to detect non- compliance with all laws and regulations. Page 19 ## **C[rowe] A** ## **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 R+ Building 2 Blagrave Street Reading RG11AZ Date: 4 December 2024 Page 20 READING BLUE COAT SCHOOL {A COMPANY LIMITED BY GUARANTEEI CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORA TING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2024 Unrestricted Restricted Total funds funds funds 2024 Tolal funds 2023 Note INCOME AND ENDOWMENTS FROM: Income from charitable activities School fees receivable Ancillary trading income 14,787,884 2.293,495 14,787,884 2,293,495 13,950, 791 2, 140,338 other tradlng actlvlties: Bank interest Non-ancillary trading income Trading income 109,406 10,348 148,705 109,406 10,348 148,705 60.208 40.679 153,929 Grants and donations 109 619 238 476 348 095 190 918 Total income 17 459 457 238 476 17 697933 16 536 863 EXPENDITURE ON: Charitabl8 activitles School operating costs (17,368,512) (264,876) (17,633,388) (16, 115, 777) Raising funds Trading expenditure Financing and other costs 161,084) (61,084) 45 609) (14, 776) Total expendlture 17475205 10 ￿ ￿264 876) 17 740 081) 16 197 294 NET MOVEMENT IN FUNDS {1 5,748) (26,400) (42,148) 339.569 Total funds brought forward 17 092 424 2 754 093 19 846 517 19 506 948 Total funds carrled forward 21 The notes on pages 24 to 42 fomi part of these financial stalements Page 21 ## **READING BLUE COAT SCHOOL** ## **(A COMPANY LIMITED BY GUARANTEE)** ## **CONSOLIDATED AND CHARITY BALANCE SHEETS AS AT 31 AUGUST 2024 COMPANY REGISTERED NUMBER: 04243510** |||**Group**|**Group**|**Charity**|**Charity**|**Charity**| |---|---|---|---|---|---|---| ||Note|**2024**|_2023_|**2024**||_2023_| |**FIXED ASSETS**||£|£|£||£| |Tangible assets|14|**20,782,947**|_21,054,824_|**20,782,947**|_21,054,824_|| |Investments|15|||**2**||_2_| |**CURRENT ASSETS**||||||| |Debtors|16|**408,152**|_425,352_|**373,614**||_512,607_| |Cash in hand||**5,774,654**|_3,489,432_|**5,681,592**||_3,270,954_| |||**6,182,806**|_3,914,784_|**6,055,206**||_3,783,561_| |**CURRENT LIABILITIES**||||||| |**CREDITORS:**Amounts falling
due within one year|17|**(5,465,425)**|_(4,457,425)_|**(5,409,068)**|_(4,449,682)_|| |**NET CURRENT ASSETS/**||||||| |**(LIABILITIES)**||**717,381**|_(542,641)_|**646,138**||_(666,121)_| |**TOT AL ASSETS LESS CURRENT**|**TOT AL ASSETS LESS CURRENT**|||||| |**ASSETS/ (LIABILITIES)**||**21,500,328**|_20,512,183_|**21,429,087**|_20,388,705_|| |**CREDITORS:**Amounts||||||| |falling due after more than||||||| |one year|18|**(1,695,959)**|_(665,666)_|**(1,695,959)**||_(665,666)_| |**TOTAL NET ASSETS**||**19,804.369**|_19 846 517_|**19.733.128**|~~_19 7_~~_2_~~_3 039_~~|| |**UNRESTRICTED FUNDS**||||||| |General Funds|22a|**14,815,986**|_15,062,827_|**14,744,745**|_14,939,349_|| |**DESIGNATED FUNDS**|22b|**2,260,690**|_2,029,597_|**2,260,690**||_2,029,597_| |**RESTRICTED FUNDS**|22c|**2,727,693**|_2,754,093_|**2,727,693**||_2,754,093_| |(includes a revaluation reserve||||||| |of £2,692,800)||||||| |**TOTAL FUNDS**|21|**19.804.369**|_19 846 517_|**19 733 128**|_19 723 039_|| The profit for the financial year dealt within the financial statements of the parent charity was £10,089 _(2023: £354,582)._ Approved by the Board of Governors on 2 December 2024: and signed on its behalf by: H Williams Governor The notes on pages 24 to 42 form part of these financial statements Page 22 READING BLUE COAT SCHOOL IA COMPANY LIMITED BY GUARANTEEI CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Cash flows from operating activities Net {loss)l income for the year (as per SOFA) Interesl receivable Depreciation Increase in debtors (Decreaseyincrease in credilors Interest paid {42,148) {109,406) 1,150,292 17,200 (310,365) 339, 569 (60,208) 1,036, 186 177 609,843 Cash generated by operating activities 717 639 1973 570 Cash flows from investing activities Purchase of tangible fixed assets Interest received (878,415) 109 406 (2,017,460) Cash flows used in investing activities 769 009 1957 252 Cash flows from financing activities Hire Purchase capital repayments Interest paid Advanced fees received Discounts allocated Advanced fees allocated Bank loan payments in the year (6, 841) (48, 003) 641,214 11,245 (783, 713) 335 625 (12,066) 3,560,928 3,851 (341,121) 875 000) Cash used in financing activities 2 336 592 521723 Change in cash and cash equivalents in the year 2,285,222 (505,405) Cash and cash equivalents at the beginning of the year 3 489 432 3 994 837 Total cash and cash equivalents at the end of the year The notes on pages 24 to 42 fomi part of these financial statements Page 23 READING BLUE COAT SCHOOL IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 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 {regislered number 04243510 and charity number 1087839), is incorporated and domiGiled in the UK. The address oflhe registered office is: Holme Park, Sonning-on-Thames, Reading, RG4 6SU ACCOUNTING POLICIES Accounting convention The financial statements have been prepared in accordance wilh 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 IFRS 102) {effeclive 1 January 2019) - 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 cosl or transaclion value unless olherwise stated in the relevanl accounting policy note(s). b) Going concern A budget for the year ending 31 August 2025, including cash flow projections, has been prepared on a consolidated basis for the School and the Trading Company. This budget, and the accompanying the assumptions on whiGh it is based, were agreed by Ihe Full Board of Governors at their meeting on 19 September 2024. The Board reviewed the School's strategic plan alongside detailed financial scenarios for the next five years at the Slrategy Day in June 2024. Care was taken to ensure the School has considered all the risks posed by the current uncertain operating environment, and is taking Ihe required steps to monitor financial performance and pupil numbers. 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 conlingency planning is adequate to ensure the ability of both entities to continue as a going concern for the foreseeable future. The Governors acknowledge that Ihe current operating environment is highly uncertain and are therefore regularly reviewing the impact on strategy, the School's risk register, as well as, in particular, the longer-term financial slability of the School. Accordingly, the Governors believe the School's financial resources are sufficient to ensure the School will Gontinue as a going concern for Ihe foreseeable future, being at least 12 months from the date of approval of the financial statements and have therefore prepared the financial statements on a going concern basis. Group financial statements These financial statements consolidate the resulls of the Charity and its subsidiary Reading Blue Coat School (Trading) Limited on a line-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 £10,089 (2023.- £354,582). Page 24 READING BLUE COAT SCHOOL IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 d) Income All incoming resources are included in the Statement of Financial Activities when Ihe Charity is legally entitled lo the income and Ihe amount can be quantified with reasonable accuracy. 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 deducling allowances, scholarships, bursaries and other remissions granted by the School. f) Donations policy Volunlary incoming resources are accounted for as and when entitlement arises, the amount can be reliably quanlified and the economic benefit to the School is considered probable. Volunlary income for the School's general purposes is accounted for as unrestricled and is credited to the General Fund. Where Ihe donor or an appeal has imposed trust law regulations, voluntary income is credited to the relevant reslricled fund. Gifts in kind are valued al estimated open markel value at the date of gift, in the case of assets for retenlion or consumption. or at Ihe value to the School in the case of donated services or facilities g) Expenditure Expenditure is accrued as soon as a 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 Ihe item of expenses to which it relales. h) Tangible fixed assets Tangible fixed assets are stated in the balance sheet at cost less accumulated depreciation. DepreGiation is calculated so as to write off the cost of an asset, less ils estimated residual value, over the useful economic life of that asset as follows.. Leasehold land and buildings New buildings (including mechanical and electrical fittings) Improvement to existing buildings Furniture and equipment Plant, machinery and equipment Motor vehicles Compuler equipment 125 years - 40 years - 20 years - 5 years - 5 years - 5 years - 3 years Assets under £1,000 are expensed to the Statement of Financial Activities. Lease commitments Operating leases are charged to the Statement of Financial Activities in the year in which they are incurred. Page 25 READING BLUE COAT SCHOOL IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 ACCOUNTING POLICIES (continued) Assets obtained under finance leases are capitalised within the balan￿ sheet and are depreciated over their useful economic lives. The inlerest element of Ihe 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. Pension i) The School conlributes to the Teachers, Pension Defined Benefils Scheme al rates set out by the Scheme Actuary and advised lo Ihe Board by the Scheme Administrator. The scheme is a mulli- employer pension scheme and it is nol 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 conlribution group personal pension scheme for teaching and non-teaGhing staff. This includes an auto enrolment arrangement. Contributions to the schemes are Gharged in Ihe SOFA as Ihey become payable, in accordance wilh the rules of the schemes. Cash and cash equivalents Cash is represented by cash in hand and deposits wilh financial inslitutions repayable withoul penalty on notice of not more than 24 hours. Cash equivalents are highly liquid inveslments thal mature in no more than three months from the date of acquisition and thal are readily convertible to known amounts of cash with insignificant risk of change in value. k} Unrestricted General Funds These are funds which can be used in accordance with the charitable objects at the discretion of the Directors. Designated Funds These are funds that have been set aside by the directors for particular purposes. The aim of the designated funds is sel out in the notes to the financial stalements. Restricted Funds These are funds Ihal Gan only be used for specific restricted purposes within the objecls of the charity as laid down by the donor. Expenditure which meets this criteria is Gharged to the fund. Further explanation of the nature and purpose of each fund is included in the noles to the financial statements. Financial instruments Basic financial instruments include cash, debtors and creditors. Debtors and creditors are initially recognised at Iransaction value and subsequently measured at amortised cost. Note 26 provides more information on financial instrumenls where future cash flows are anticipated, with financial assets referring to fixed asset inveslments and debtor balances excluding prepayments, and financial liabililios referring lo all creditor balances excluding deferred income p> Fees in Advance scheme creditors Amounts received under the School's Advance Fee Scheme contracts for education not yet used to settle school fees are recorded as deferred income and allocated as currenl liabilities where the education will be provided within 1 2 months from the reporting dale and as long-lerm liabililies where the education will be provided in subsequent years. Page 26 READING BLUE COAT SCHOOL IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 q) Pupil deposits Under normal circumstances pupil deposits will be repaid over fulure years when Ihe pupils complete their education at Ihe School, pupils can leave at earlier dales. The School does not Iherefore have an unconditional righl lo relain Ihe individual deposits for at leasl 12 months after Ihe balance sheet date and, in line wilh the requirements in FRS 102, Ihe balance of the deposits held at 31 August have been included within current liabililies. SIGNIFICANT JUDGEMENTS AND ESTIMATES In the applicalion of the Charity's accounting policies, which are described in note 2, Truslees are required to make judgemenls, eslimates and assumptions about the carrying values of assets and liabilities Ihat are not readily apparent from other sources. The estimates and underlying assumptions are based on hislorical 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 eslimate is revised if the revision affects only that period or in the period of Ihe revision and future periods if the revision affects the current and future periods. The Trustees consider that there are no material judgements in applying accounting policies or key sources of estimation uncertainty. SCHOOL FEES 2024 2023 The School's fee income comprised: Gross fees 15,821,554 14,985,214 Less.. Discounts Scholarships and bursaries (185,233) 848 437} (211,649) 822 774 14 787 884 13 950 791 2024 2023 ANCILLIARY TRADING INCOME School Irips and aclivities School lunches Registration fees Exam fees Pupil recharges School transport Mis￿lIaneOUS 561,836 649,322 54,200 131,573 138,610 712,068 521,093 579,519 51,300 137,023 101,118 634, 608 115677 NON.ANCILLIARY TRADING INCOME 2024 2023 Miscellaneous income Page 27 READING BLUE COAT SCHOOL IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 TRADING INCOME AND EXPENDITURE The School owns 100% of Reading Blue Coat School (Trading) Limited (company number 42426601- Ils regislered office is as per Note 1. This company manages the external lettings of the School's facilities. A summary of the results of Ihe subsidiary is shown below.. 2024 2023 Turnover 148 705 153 929 Gross Profit 148,705 153,929 Administration Expenses (77,464) (30,451) Tax Payable Surplus pre gift aid paid 123 478 Retained earnings for the beginning of Ihe period Profit for the year Gift aid donation 123,478 71,241 123 478 138,491 123,478 138 491 Retained earnings at the end of the year Administration costs include a management charge from the School of £16,380 {2023.' £15,675) and gift aid paid during the year of £123,478 (2023.. £138,491). both ofwhich are eliminated on consolidation. The aggregale amount of share capital and reserves of Reading Blue Coat School (Trading) Limited as at 31 August 2024 was £71,243 (2023.. £123,480). GRANTS AND DONATIONS A total of £348,095 (2023.. £190,918) was included in donalions. including a total of £238,476 reslricled for bursaries (2023.. £147, 587). FINANCING AND OTHER COSTS 2024 2023 Bank and loan interest other finance costs 12,066 48,003 Page 28 READING BLUE COAT SCHOOL IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 10. TOTAL RESOURCES EXPENDED-GROUP 2024 Total 2024 Total 2023 Staff costs Depreciation Other Charitable activities School operating cosls.. Teaching costs Welfare costs Premises costs Support costs of schooling 8,284,910 288,008 577,298 2,247,366 1,275,616 1,338,577 10,532,276 1,563,624 3,066,167 9, 740, 036 1,357,331 2, 793, 324 1,150,292 1 599 909 871412 2 471 321 2 225 086 10 750 125 1 150 292 5 732 971 17 633 388 16 115 777 Expenditure on raising funds Trading expenditure Financing and other costs (Note 9) 61,084 61,084 14, 776 106 693 106 693 Total resources expended 2022 Comparable Total 2023 Total 2022 staff Gosts Depreciation other Charilablg aGtiviÈies School operating costs.. Teaching costs Welfare cosls Premises Gosts Support costs of schooling 7, 622,369 258, 971 579,993 2,117,667 1, 098, 360 1,237, 145 9, 740.036 1,357,331 2, 793,324 7,733,871 1,501,646 2,523, 753 1,036, 186 1476 831 748 255 2 225 086 2 221 109 9 878 164 1036 186 5 201427 16 115 777 13 980 379 Expenditure on raising funds Trading expenditure Financing and other costs (Note 9) 14,776 14, 776 7, 822 Total resources expended NET INCOMEI(EXPENDITURE)- GROUP 11. 2024 2023 Net income is stated after charging: Depreciation - Owned assets - Assets on HP Audit Other seNices 1,150,292 1, 033,005 3,187 21,075 5, 595 Auditors, remuneration 22,950 4,750 Operating leases Included in su port costs are governance costs of £26,950 (2023.. £25, 995). Page 29 READING BLUE COAT SCHOOL IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 12. STAFF COSTS 2024 2023 Wages and salaries Social securily costs Other pension costs 8,202,572 854,506 1693 047 7,613,538 800, 544 1464 082 Included in wages and salaries are £nil settlement costs (2023.. £42,380) The average number of employees in the year was: Teaching Welfare Premises Support 102 17 15 82 97 16 17 78 21 2024 2023 The following number of employees exceeded £60,000 emoluments (including gross pay and taxable benefits): £60,000- £70,000 £70,000 - £80,000 £80,000 - £90,000 £90,000 - £100,000 £170,000 - £180,000 £200,000 - £210,000 £210,000 - £220,000 20 10 The number of higher paid employees in the Teachers, Pension scheme The number of higher paid employees in a Defined Conlribution scheme Total cost of Employer's contribulions in relation to the above None of the Governors received remuneralion, reimbursement of expenses or other benefits in the year (2023.. 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 £1,235,695 (2023.. £1,097,521). 13. TAXATION Reading Blue Coat School is a charity and entitled for Ihe current year to the exemptions provided by Section 505 Income and Corporation Tax Act 1988. Page 30 Q)rDI I (0￿c Lnff) I ) a) I U<