RISHWORTH CHOOL RISHWORTH SCHOOL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020 A9L3A57V• 3111212020 COMPANIES HOUSE A12 #246 Charity registered number: 1115562 Registered Company number: 05855479 {England & Wales) CONTENTS Legal and Admlnistralive Inforniation Annual Report of the Govemors 14 Parent Statement of Financlal Artivities 1>16 Consolidated Statement of Financial Arti¥it*s 17-18 Parent Balance Sheet 19 Consolidated Balance Sheet Consolidated Cash Flow Statement 21 Notes forming part of the Finantial Statements 22-33 Independent Auditors. Report 36 RISHWORTH SCHOOL Legal and Administrative Information Relerente and Administralive Inf¢)miation Charity Name Charity Registration Number Company Registration Number Rishworth School 1115562 05855479 Registered Office and OperatK>nal Address Rishworth School Rishworth HX6 40A Operational address for Heathf*l(J School Heathfield School Rishworth HX6 4QF Web Addre55 VthW.rishworth.school.co.uk Governors The Governing Body consists of not fewer than fNe and not rnore than twelve members (the Governors). New Governors are co-opted by existing GoVerr￿r$. The Govemors have all served in office throughout the year. except where indicated. Reverend Canon H Barber Ichairl Mrs D M Whitaker Mr T M Wheelwright MrsJCSlim Mrs F J Ellam (professional name Or Woodhouse. joint Vice Chairl Mrs M Garbett (J'oint Vice Chairl Or A Gupta lappointed 17 March 20201 MrPJ Hudson Mrc Bell Mr8 H Moore Mr R Viney (appointed 17 March 20201 Mr D F A Wood lappoirhted 10 December 2019 and resigned 4 June 20201 Officers Head (until 31 October 20201 Dr P Srlverwood MA Icantabl. PhD, Cchem Deputy Head land Head of Heathfieldl luntil 31 October 20201 Head (from l November 20201 Bursar. Clerk to the Governors and Company Secretary {until 31 May 20201 Bursar, Clerk to the Governors and Company Secretary (from 2 May 20201 Mr Awilkins MA, BA M5 J Clague BA, FCA. CTA Mrs Cwalsh Paee 12 RISHWORTH SCHOOL Legal and AdmlnSstrative Information Banker5 Lloyds T58 Bank PIC 14116 High Street Hudder5field West Yorkshire HXI 2LE Solicitors 5chofield Sweeney Springfield House 76 Wellington Street Leeds West Yorkshire LS12AY Eaton Smith 14 High Street Huddersfield West Yorkshire HOI 2HA Auditors Sleigh & Story Ltd Chartered Certified Accountants and Statutory Auditors Thornhill Brigg Mills Thornhill Beck Lane 8righouse West Yorkshire HD64AH Investrnent Advisors Cardale Asset Management Limited 2 Greengate Cardale Park Harrogate HG3 IGY Page 13 RISHWORTH SCHOOL Annual Report of the Governors for the year ended 31d July 2020 The Governors are pleased to present theirAnnuèl Report forthe year ended 31"July 2020, together with the audited financial statements for the year. The Governors, report contains a group directorfs report relating to the company and the subsldiary. We confirm that the financial statements comply with the reqU1￿MentS of the ChaTlties Act 2011. the Trust Deed. the ChaTlties SORP IFRS 1021 and the Companies Act 2006. The Governors have complied with the duty in Section 4 of the 2011 Charities Act to have due regard to guidance published by the Charity Commission. including public benefit guidance. l. Accountlng Perlod The Company wa5 incorporated on 22 June 2006. Activity commenced through this Company on I" August 2LX)6. as explained below. 2. Relerence and Administrative Details The School was originally founded in 1724 and registered as a charity with the Charities Commission under a scheme dated 30 July 1928 and a5 amended by subsequent Schemes made on 13 November 1953, 28 August 1968 and 26 July 2CKJ6. On 31 July 2006 the expendable assets of the Rishworth School Trust 15291611 were transferred to Rishworth School. a company limited by guarantee Icompany Number 058554791 and re8lStered with the Charities Commission under Charity Number 1115562. Under direciion made by the Charities Commission on 26 July 2006. Rishworth School Trust and its remaining associated funds IRi5hworth School Trust, The Stocks Prize, Gaukrodger Scholarship, The Mabel and Dorothy Fielding Scholarship and The Cockcroft and Wadsworth Scholarship) are to be treated a5 forming part of the company for the purposes of Part Iv Iregistrationl and Part viii laccountingl of the Charities Act 2011. The RFshworth School Governors, executive officers and principal addresses of the Charity are as listed on page 2. Particulars of the Charitls profe55ional advisers are given on page 3. Rishworth School Trading Limited1066374651 is a wholly owned subsidiary of Rishworth School Limitèd 111155621. Their accounts for the year Ènded 31 July 2020 are consolidated into these financial statements. The principal activity of the Company during the period was the provision of sports facilities to the general public. Prior to the covenanted donation. the company made a profit of £21.056 for the year ended 31 July 2020. F0￿CastS for the year to 2021 show the cornpany should continue to make a similar positive contribution to the School's reserves. 3. Strurture. Governance and Management Governlnq Document Rishworth School. a company limited by guarantee. is governed by Memorandum and Articles of Association incorporated on 22 lune 2006 and registered as a Chartty on 25 July 21X)6. Rishworth School is the sole trustee of Rishworth School Trust which is governed by its Trust Deed constituted under a reviseil scheme made in 1928 lamended 1953, 1968 and 2W61. Structure of the Schools Rishworth School provides education for pupils between the a8es of 3 and 18 years. Pupils aged between 3 and 11 are educated at Heathfield, the Preparatory School to Rishworth School, (referred to as "Heathfield"). RISHWORTH SCHOOL Annual Roport of the Govomors for the yoar ended 31st July 2020 3. Structure, Governance and Management (Continued) Heathfield also incorporates a nursery for pupils aged between 3 and 4 years. The Senior School (referred to as"Rishworth"I caters for pupils between the age5 of li and 18. Governing Body The Charity is led by a Governing Body whose members are listed on Page 2 of thrs document. Recruitment and Tmining of Governors Our aim is to have and. as a vacancy arises. to recruit. responsible people who are actively interested in our charity and who can give the fiecessary time commitments. New Governors are indurted into the workings of the Charity, including board policy and procedures. On-going training is provided through external and internal trainin8 courses. through the observation of normal school operations and attendan￿ at school events. Orgonisotional Moftogement Governors are appointed for a tem of three years and are eligible for re-election at the end of that time. The Governor5, who Set the overall policy lor the running of the School Trn consultation with the Head, hold boafd meetings usually four times a year. A Finance and General Purposes Committee Iredesignated s the Businesscommittee from September 20201, whrch usually holds meetin85 a few weeks before each full board meeting, reports to the Board. The Business Committee is made up of six Governors. the Head, Deputy Head (Head of Heathfieldl and Bursar. Specialist committees of Governors and school staff meet termly and comprise the Pastoral Committee, EducatTron Commtttee and Development Committee. Other d hoc committees are formed from time to time actording to need to report to the full Boartl. The Governors delegate the educational running and development of the School to the Head who does so in con5uttation wrth the Deputy Head IHead of Heathfieldl, Deputy Head IAcademtcI, Deputy Head IPastorall and Bursar. The Bursar. in conjunction with the Head. is responsible to the Governors for the financial and non-academic administration of the Sthool. Risk Monogement The Board of Governors has overall responsibility for management of the risks faced by the School. The Board of Governors appoint executives to which da¥-t￿daY management of these risks is delegated. Risks have been identified and a5se55ed. The assessment considered possible consequences, existin8 controls, severity and risk reduction. This is reviewed regularly. Risk areas were identified under the followin8 headings= Governance and management Pupil attrartion and retention Finance Operation5 Through the risk management pro￿$Se5 established for the School, the Governors are satisfied that the major risks identified have been adequatety mitl8aied. It is retognised that systems can provide reasonable but not absolute assurance that major rrsks have been managed. RISHWORTH SCHOOL Annual Report of the Govemors for the year ended 318t July 2020 3. Strurture. Governance and Management {Continuedl Summary of theSchool- Oryanisational Chart" lfrom I September2020J Board of Governors Head Senior Leadership Team Pay and Remunerotion olKey Manoqement Personnel The review an(J setting of remuneration for key management personnel is undertaken annually by a committee of Governors which comprises the Chair and Vice Chair. Pay and remuneration is determined by reference to achievement of objectNes and independent benchmarking data that is available for the sector. The Board have agreed terms of ￿ference for a new Pay Committee. it is anticipated the first meeting will take place in January 2021. 4. Strat￿•C Report; Objectives, Artivities. Athievements and Performance Objectives & Activitie5 The objects of the Charity are to carry on a school or college or schools and colleges for the Provision of education. Rishworth School provides an educatK¥n provision for children from Nursery to Year 6 at Heathfield and from Year 7 to Sixth Fomi at Rishworth. Rishworth strrves to provide a first-class independent education, both through strong academic tuition, and through wider personal development. The School intends to deliver an environment where each pupil can develop and gain the personal skills. academic prowess and confidence to achreve their potential. The School's objects fall under the heading "advaftcement of education- (included wrthin the Charities Act 2011 as part of a list of recognised charitable purposes). The trustees also have regard to the Charity Commission's guidance on public benefrt. There is a clear national benefit to be gained from well*ducated members of gxiety and the maintenance of academic and social stsndards. A further, and perhaps more dirert benefit. lies in the savings made to the taxpayer by educating pupils in the independent settor. The number of pupils we educate relieves pressure on bcal state schools with no claim on the State for the subsidy provided for each place at a maintained school. The money saved by the State can be used across all sectors of society to universal benefrt. RISHWORTH SCHOOL Annual Report of the Govemors for the year ended 31SI July 2020 4. Strategic Report. Objertives. Artlvlties. Achievements and Performance {continued) At the beginning of the school year the School educated 420 pupiL4, with an in-year growth of io students.. Year Group Sept 2019 july 2020 13 li 18 21 13 18 20 17 131 37 45 io 18 19 li 16 19 16 118 38 48 Totsl Heathfield 55 si 55 38 17 io li 12 13 Totsl Rishworth Whole School Total 49 59 38 17 299 430 302 420 Added to this. the School is a rnajor local employer. with 115 members of staff, many of whom live in the immediate vicinity of the School. We are proud to have been able to safeguard our staff during the Covid. 19 pandemic ensuring all staff were paid one hundred percent of their salary and no ￿dundanCie5 were made. As an employer we have a diverse ran8e of fields, skills and qualifications. Employin8 both Teachin8 and Business Support Staff as follows-. 2019120 Salary Teaching Staff Business Sypport Staff 51 23% Number employed Yo of overall salary budget 7PA Rishworth's public benefrt extends well beyond the classroom allowing access to as wide a section of society as possible through Means Tested Bursaries, Scholarship Programmes, Clergy. Armed Fortes, and Sibling Discounts. Students within the Senior School are eligible to apply for scholarship discounts. The Scholarship pro8ramme allow5 chiklren to more readily access the provision Rishworth has to offer. During the year a total of 12% of Senior School fees were discounted through xholarships as follows: RISHWORTH SCHOOL Annual Report of the Governors for the year ended 3181 July 2020 4. Strategic Report: Objertives. Activities. Achievements and Performance (contlnuedl Scholarship Awarded Sport Music Sixth Form Ac3demic Academic PerformingArts Total /. Oiscount 12 In a¢Jdition to the Scholarship programme Rishworth operates a means-tested bursary scheme to provide access to as wide a section of society as possible. The public's attention is drawn to the scheme via press advertisements. the school webstte and directly to all those who make admissions enquiries. The scheme awards bursaries for senior tuition fees according to need. This year bursary distounts amounted to 4% of fees. The School also endeavours to cornplete charitable work for the benefit of parties outside of our immediate school community. In particular, during the onset of the Covid-19 pandemic. our students and our De5i8n Technology Department made face shields which were donated for use within the local tommunity. Achievemenls & Perforfflance Year 11 GC5E Examination Results The results for o¥Jr Year 11 cohort are èlso very pleasin& with significant increases in outcomes for andidates compared with previous years, making these also the school's best ever results. 100% pass rate 46% Grade$ 9-7 IA'IAI lincrease from 33% in 20191 66% Grades 9-6 IA'IBI (increase from 52% in 20191 94% Grades 94 IA"ICI lincreèse from in 20191 Grade % Obtained 9 IA'I 918 IA'I 917 IA'/AI 916 IA'/BI 915 914 IA'ICI 913 IA'IDI 912 IA'IEI 911 IA'IGI 12 25 46 66 88 96 99 loo RISHWORTH SCHOOL Annual Report of tho Govemors for the year ended 318t July 2020 4. Strategic Report: Objectives. Activities. Achievements and Perforniance {continuedl Year 13 A Level Emaminalion Results This yeals A Level and BTEC results are outstanding and the best results ever achieved at Rishworth. by a significant margin. This cohort of students, supported by theif teachers. responded to the challenges Covid-19 created, worked hard and delivered on their targets. We are very proud of thebr resilience and achievements and wish them every future success. 100% pass rate lincrease from 93% in 20191 57% A'IA (increase from 22% in 20191 76% A'IB lincrease from 50% in 20191 Grade % Obtained 20 57 76 93 98 These resufts constilute outstanding academic proeress for our cohort and has enabled all Rishworth students to achieve their unNersity ambitions. Covid-19 Pandemlc On the 21, March 2020 our business was forced to close following Government instTuctK)n for all schools in the UK to close to students. Immediately the school had to adapt to provide a remote learning facility for our students. As a result. a need for IT up8rade5 was identified and these upgrades have now been completed. An in-school Key Worker provision was established which required some staff to be retained in school on a rota basis while having to allow for their class remote learning to take place in addition to their in-school duties. This was a significant change to the daity operations of the school for both staff and Students. To account forthe change in provision a 30% discount was applied toall TrinityTerm invoices at significant detTiment to the planned financial budget for the year. Budgeted Trinity Term Fees Invoiced Fees (after Covid-lg Discount applied) Total Lost revet7ue £1,555,020 £979,401 E575,619 Pale 19 RISHWORTH SCHOOL Annual Report of the Govemors for th• year ended 31st July 2020 4. Strategic Report. Objectlves. Artivities. Achlevements and Perfomiance (contrnued) The only support scheme of which the school could take advantage to mitigate against the Significant immediate financial effect of Covid-19 was the Coronaviws Job Retention Stheme ICJRSI. However, the school was unable to tske fvll advantage of this scheme due to the restrictive deadline date5 issued by the Government. Social distancing guidelines were implemented for everyone coming into the school, meaning changes had to be applied immediately. Risk assessments were carried out to ensure the safety of our staff and students. We are fortunate that our spacious site, with plentiful outdoor areas and teaching spaces have allowed our students to move around the site without breaking social distancing guideline5. The financial implicattons of Covid-19 have also been felt by many of our families causing a sharp increase in OUT debtors provision for the year. A Covid-19 bursary fund has been set up to ensure families are able to remain at Rishworth School. Our Old Rishworthian communbty a￿ also supporting the school through scholarship, bursary and nominal donations. Pastoral Care 2020 brought huge pastoral challenges to the school. Having just launched the new Emotional and Mental Wellbeing Policy in the 2019 Michaelmas Term and the appointment of a Student Mentor, we could not have envisione(J the roller coaster that Covid-19 would bring, but thankfully, with this in place we were well prepared. The National lockdown in March invofved widespread staff and student upskilling as we moved to remote teachin& increasingly live as the year went on. The weekly pastoral check-ins were launched within a few weeks of the announced lockdown and this proved invaluable at 5LlPPOrting our more vulnerable students working at home. Some Students needed daily motNational and emotional support to get through the difficulties they faced, others the weekly contact sufficed. We identified those most at risk and brought a small handful into school during this time to ensure they maintained the routine that was essential for their mental hea￿h. Families in crisis were picked up on and appropriate referrals to services made. The preparations for reopening were vast, with close consideration of the return to sch¢)ol transttK)n, we have a number of students who even at the time of writing have still stnjggled to return to a fvlltime classroom environment. This last term has seen a huge spike in students presenting with social. emotional and mental health issues, the pastoral team have been running at absolute max capacity to support them as best as wssible. We are delighted to have formed a partnership with Noah'5 Ark in Halifax who will be providin8 a trained Counsellor in school from January to help those students who a￿ on lengthy CAMHS waiting lists and also adds capacity to offer sessions in house for staff who have been struggling too. Pastorally 2020 has demonstrated just how important the school community is and we are delighted to work with such a professional, caring group of adults who have gone above and beyond to ensure that every member of the community has had the relevant support. RISHWORTH SCHOOL Annual Report of the Governors for the year ended 31$1 July 2020 5. Strategic Report: Financial Review and Results for the Year School fees ￿rna1n the primary source of funding. The largest single rtem of expenditure is on staff salaries which are required to provide the requisite high quality of teaching and pastoral care to fulfil the charitable aims and for which the School is known. Going Concem This has been a difficult year not only for Rishworth School but for every business, the economy and the world as we faced the repercussions ol the Covid-19 pandemic. The response to Covid-19 this year has been reactive and has had a detrimental financbal effect. However. it has allowed us to prepare for any future 'wave' of the virus and to safeguard a8ain5t the implications felt this year. For example.. Remote Learning Provisrons are fully in place to provide a high level of education throvgh remote learning,- should a second education lockdown be imposed we do not feel a reduction of fees would be necessary. The only area of the business that cannot easily continue remotely 15 Key Stage l. Due to their a8e these children require a more hands-on adult assisted learning set up which ts not conducive to remote learning. We anticipate that should this area of the school be unable to attend a fee reduction could be considered, this is not budgeted. Vaccination The Government have made ittlear education i%their prK)rity and thatschools will remain open. A positive development is news of the vaccination, with plans to roll out early 2021 this will again lessen the possibilities of any further school lockdown. Cash Availability Alongside the remote learning provision Rishworth have ensured financial stabilitythrough an easy acce5S arrangement with Cardale Asset Management Ltd (the School's investment5 mana8ersl- Although there are no plans to release funds from our investment portfolio. we have safeguarded our cashflow position by arranging an easy access strategy with the agreement of the full Governing Body should this ever be require(J in the future. Cardale Accessible funds Main fund £499.634.47 Loan Rep £337,922.89 Total Cashflow £837.557.36 Support available Re¢rultment & Marketing Investments have been made in the Admissions. Marketin& Communications and Recruitment functions of the School. New personnel. a revived focus. strategic purpose and vision at both Board and Senior Management Levels are already making a tremendous impact. A strategy to strengthen short stay boarding within Trinity Term 2021 whilst breaking into new markets is already coming into fruf(ion with promising pipeline and a8reed short stay programme a5 follows- Pa8e 111 RISHWORTH SCHOOL Annual Report of the Govornors for the year ended 315t July 2020 5. Strategi¢ Report: Flnancial Revlew and Results for the Year (continued) Markei Anticipated No. Length ol Stay of students Forecast income South America Indonesia France 6 Weeks 4 Days 6 Weeks £22,500 £3.000 £22,500 15 The short stay programme p￿SentS the opportunity for participants to be tonverted to full time students from September 2021 for both GCSE and A Level courses. As a result of the explanations given. the Board of Govemors has a reasonable expectation that the school has adequate resources to continue in operational existence for the foreseeable future. For this reason. it continues to adopt the going concern basis in preparing the financial statements and believe there are no material uncertainties about the chari￿$ ability to continue. Reserves Pollcy In order to continue to fulfil Rishworth School's charitable objectNÈs, the Governors recognise the desirability of cash reserves to fund both unforeseen flUCtuat￿nS in income or out8oing5 and major development projects. The Governors aim to balance the nee(1 for cash reserve5 against the expenditure required continually to respond to Staffing needs and to upgrade the school premises. many of whTrch are buildings of historic inte￿$t. The retention of current pupils and ￿CruItMent of future students is dependent on the employment of the best staff available. attention to the facilities and fabric of the buildinB5 and the creation of new facilities. In order to maintain the necessary balance, it is the policy of the School to ensu￿ sufficient funds exist to satisfy the requirements above. Currently the reserves are lower than required for the School's longer-term capital-investment plans and our aim is to increase reserves once the short-term operational requirements have been satisfied. The current target is to reach E2million in unrestricted working capital net of knng-term liabilities. As a result of sustaining losses in the last few years and a significani loss this year, largely due to the Coronavirus pandemic, total funds held bv the charity at the end of the reporting period had reduced to £3,538,022. The School is actively restructuring to reverse this trend and improve business performance via efficiencies in operating rather than upward pressure on fees. The amount of any fund that can onty be realised by disposing of tangible fixed assets OT investments is detailed at note 14 and amounts to £4.265,910. Investment Policyand Objertives The day-to-day management of ihe investments has been delegated to Cardale Asset Management Limited who have been instructed to adopt a moderate-risk policy. The portfolio is invested in a mixture of gilts and equitie5 50 as to preserve capital value in real terms and to provide a gross yiekl of at least 3%. The performance of investments this financial year. has reflected the global downturn caused by the Coronavirus pandemic. The capital value of investments has decreased by £28,336. However, income generated ha5 remained at a similar rate to the prior year of I.￿Al2019.. 1.9%) on capital. Although below the target figure of 3% this is conside￿d reasonable considering the impatt of the pandemic. RISHWORTH SCHOOL Annual Report of the Governors for the year ended 3151 July 2020 6. Strategic Report: Future Plans In addition to the initiatNes outlined above. the year 2019120 ended with the following main focus a￿45 for the future- Finance To ensure plans a￿ in place through astute budgeting to recover financialty from the Covid-19 pandemic Teaching and learning - To raise standards and results and to ensure that students are equipped to learn in both an in school and remote learnin8 environment. Teaching and learning- To raise the profile and emphasise the importance of the all-round education by formalising the impart of Enrichment and Extension activities. clubs and trips. Pastoral focus- To clearly set OLtt. promote and deliver well rounded Health and Well-Being programme for both studerTrts and staff to access. Page 113 RISHWORTH SCHOOL Annual Report of the Governors for the year ended 31st July 2020 7. Responsibilities of the Governors Company Law ￿qUireS the Governors as Trustees of the Charity to prepare accounts for each financial vear which 8ive a true and fair view of the Charl￿$ financial actNities during the year and of its fi'nancial position at the end of the year. In p￿parIng the accounts the Governors should follow best practice. and: select suitable accountin8 policies and apply them consi5tently- make judgements and estimates that are reasonable and prudent: follow applicable accounting standards and the Charity SORP, disclosed and explained in the accounts; prepare the accounts on the'going Concern. basis unless it Is inappropriate to assume that the Charity will tontinue in operation,. Company law requires that they must noi approve the financial statements unless they are satisfied that they give a tnje and fair view of the stète of affairs of the charity and of the surplus or deficit of the charity for that period. The Governors are ￿spOnsible for maintaining proper accounting records which disclose with ￿asonable accuracy at any time the financial position of the Chartty and to enable them to ensure that the financial statements compty with the Companies Act 2(K16. The Govemors are responsible for preparing the directorf5 report and the financial statements in accordance wr¢h United Kingdom Generally Accepted Accounting Practice. They are also responsible for safeguariling the assets of the Charity, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularitie5 and are also responsible for the maintenance and integrity of the financial information included on the Charit￿5 website. Governors, who are D1￿ctOrS for the purpose of Company Law and Trustees for the purpose of Charity Law. who served during the year and up to the date of this report, are set out on Page 2. In accordance with Company Law, as the Company's Directors, we certify that= so far as we are aware, there is no relevant audit information of which the Companvs Auditors are unaware,. and we have taken all the steps that we ought to have taken in order to make ourselves aware of any relevant audit infom)ation and to.establish that the Charrvs Auditors are aware of that information. Approved and authorised by the Board of Governors on 23 December 2020 and signed on its behalf by: Revd Canon H Barber (Chairl RISHWORTH SCHOOL Statement of Financial Activities (including Income & Expenditure Account) for the year ended 31" July 2020 Notes Unresthrted Funds School Éndowed Restricted Fund5 Funds Sthool Scholarship Total 2020 INCQME AND ENDOWMEIITS FROM Charitable afflivitles Fees receivable Other educational incoff oiher ancillary income 4.368.758 6.804 71.892 4.368,758 71m2 In￿Stments 16.407 6.955 Earned from other artivttles Bank and other interest Oonotion from subsidiary Total incorning resources 3.876 21.056 4.472.386 I￿15 I1￿56 4A95,748 16.4107 6,955 RESOURCES EXPENDED Raisini lunds Invesrment management 5.551 3.012 8.$63 Charftable artlvltle5 Teachln8tosts Welfare Prernises fjrants and ￿holarShIpS Administration and SUPPDrt Total resources expefided 3.224.605 358.089 919.237 3,224.605 358.089 919,237 3.943 783,344 S297,781 3.943 783.344 5.285.275 516 5.551 6.95S NET INCOME I IEXPENDITUREI BEFORE TRAN5FER5 1812.8891 10.856 1802.0331 Trènsfefs between funds 1.942 11,9421 P4ET OPERATING SURPLUS I IDEFILin 1810,9471 8,914 1802,0331 Net Gains I Ilossesl on In¥e5tfflents 120,9431 19.6191 130,5621 Net In¢omel lexpendlturel 1810.9471 112.0291 19.6191 1812.5951 Reconrili•iion of funds Total funds brought forward 2.81M).612 1,046.820 523.185 4370.617 TOTAL FU14DSCARRIED FORWARD 1.989.665 1.034.791 513.566 3538.022 The statement of financial activities includes all gains and losses in the year. All incoming resource5 derive from continuing actrvities. Page 115 RISHWORTH SCHOOL Statement of Financial Activities {Includlng Income & Expenditure Account) for the year ended 31" July 2020 (2019 Comparative Figures) Notes Unrestfirled Funds School Endowed Restrirted Funds Funds Sthool S￿￿11¥shIP Totsl 2019 INCOME AND ENOOWMENTS FROM Charitable artithes Fees receivable Other edueational income Other ancillary income 4.989.994 6.505 142.484 4.989.994 142,484 Investrnents 17.293 24A77 Earned froffl other acti¥ltles Bank and other intefest tjonation from subsidvary Total Incomini resour 6.478 38,513 5.183.974 6.478 38,513 5.208.851 17.293 RESOURCES ÉXPENDEO Ralslw lunds Investment management 6.477 9.317 Charitable arti¥iti*s Teaching costs Welfare Premise5 Grants and 5tholarships Administration and suppor( Total resourw expended 3.237.370 532.051 9)9,561 3.237,370 532,051 909.$61 4,744 692.371 5,385,414 4.744 692.371 5.371,353 516 6.477 7,584 NET INCOME I IEXPENOITUREI BEFORE TRANSFERS 1187.3791 10.816 1176.5631 Transfers b￿ween funds i.yz 11.9421 NET OPERATING SURPLUSI IOEFICITr 1185.4371 8.874 {176,5631 N*t Gains I (losses} on Investments 16.132 4.915 I1￿7 Nèt In¢ome I {eXp￿d[l￿re) 1185.437) 25.(#J6 4.915 {155.5161 Rèconciliation of funds Total funds brought forward 2.986,049 1.021.814 518,270 4.526,133 TOTAL FUNDS CARRIED FORWARD 2.81KI.612 1.046,820 523,185 4.370.617 The statement of financial activities includes all gains and losses in the year. All incoming resources delive from continuing activities. Page 116 RISHWORTH SCHOOL Consolidated Statement of Financial Artivitles (including Income & Expenditure Account) for the year ended 31" July 2020 Ilote5 Unfe5trirted Ehdowed Restritted Funds Fund5 Funds S¢ho Sthool S(tholarshlp Total 2020 INCOME AIID ENDOWMENTS FROM Charltable artiwties Fees receivable Other educational in¢¢me Other ancillary income 4.368.758 6.804 71.892 4,368.758 6W4 71*92 Investments 16.407 6.955 23J62 Earhtd from other ￿tI¥l￿e$ Bank aThd other interest Trading in¢ome Totsl In￿mIng resour 22,364 4,473.706 22,364 4.497.06B 16.407 6,955 RESOURCES EXPENDED Cosi of RaIsm￿ fuhds Investment management Tiading le8èl and profesS￿n•1 fees 5.551 3,012 .563 1320 1.320 ChJrilakde activitres Teaching Costs Welfare Premises Gront5 •nd stholarships Administration and 5UPPOrt Tth•l res¢urtes exp￿ded 3.224.605 358,089 919.237 3,124,605 358,089 919,237 3,943 783344 5.299.101 3.943 783.344 5,286.S95 516 5,551 6,955 INCOME I IEXPENOMJAEI BEFORE TRANSFEAS 1812.8891 10.856 (802,0331 Trarbsfers between funds 1.942 11.9421 NET OPERATING SURPLUSI IOÉFIOTI 1810.9471 8.914 I￿2,0331 Net G•ins I Ilossesl ￿ Investments 120,9431 19,6191 130,5621 Net IhcrAne I lexpenditurel 1810.9471 112.0291 19.6191 1831.5951 Reconcinètion of funds Total Funds brought lorward 2.8(K¥,612 1.04G.820 523.185 4.370.617 TOTAL FUNDS CARRIED FORWARD 1.989.665 1,034.791 513,566 3,538,022 The Statement of financial activities includes all gain$ and losses in the year. All incoming resources derive from continuing actNities. RISHWORTH SCHOOL Consolidated Statement of Financial Activities (including Income & Expenditure Account) for the year ended 31" July 202012019 Comparative Figures) Notes Unrestrided Er*dowed Re5trirted F¥nd5 Fund5 Funds Stho Sthool Sthdarship Tot•1 2019 INCOME AND ENDOWMEpifs FROM Charitable xlivili Fees receivable Other edu¢atK)nal income Other ancillary irKorne 4.989.994 6.505 142.484 4.989.994 6.505 142,484 Investments 17.293 7.584 I4￿7 Eirned from thher actl¥ttles Bank and other interest Tradin8 income Total incornin8 vesour 6.494 39.817 5.185.294 6.494 39,817 5210,171 17.293 RESOURCE5 EXPENDED C05t of Aai51n8 funds Investment management Tradinl legal and professional fees 6.477 9317 1,32Q 1.320 Charltsbl• Kti¥itie5 Te4ching ¢0 Wdfare Prernises Grants and scholarshlps Adrnini5traticn ar￿ support Trtal resowttsevgended 3.237.370 532.OSI 909,561 3,237,370 532,051 909,561 4,744 692,371 5.386.734 4.744 692.371 5.372,673 Y6 6,477 7,584 ET INCOMÉ I IEXPENDMJREI WFORE TRAN5FER5 1187.3791 10.816 1176,5631 Transfers bdweeftfvnds 1.942 11.9421 NET OPERATIt4G SURPLUS I IDEFicir) 1185,4371 8.874 1176,5631 Net G4in51 IIvsxsI M InVes¢m￿S 16.132 4,915 21,047 Net Incorn•l l•xp*nditurel 1185.4371 25.￿6 4,915 1155.5161 Recon£lliation of fvod5 Total Funds brought forward 2.986.049 1.021.814 518.270 4.526.133 TOTAL FUNDS CARRIED FORWARD 2.8￿).612 1.046.820 523.185 4.370,617 The statement of financial activitie5 includes all gains and losses in the year. All incoming resources derive from continuing activities. RISHWORTH SCHOOL Company Number: 05855479 Balance Sheet as at 31" July 2020 2020 2019 FIXED A55ETS Tangible assets Inve5trnent5 1,978.058 l.Z87.851 4265,910 3,181,751 1,316,189 4.497,940 io CURRENT ASSETS Debtors and accrued intome Cash at bank and Fn hand li I37￿10 4S4,391 591111 207.651 850,143 1,057.794 LIABILITIES C￿dItorS due within one year 12 1905.7651 1823.4071 NET CURRENT A55ETsIIUABIUTIESI 1313.$541 234,387 TOTAL ASSEfs LESS CURRENT LIAQILITIES 3.952.356 4.732.327 CREDITORS Due after MO￿ ihan one year 12 14143341 1361.7101 TOTAL NET ASSErs 3.538,022 4,370.617 THE FUNDS OF THE CHARITY Unrestricted funds EndOW￿￿èTrt funds Restrited income funds IdesiRnated and generall TOTAL FUNDS 1.989,66S 1.034.791 513.S66 2.800.612 1,046,820 523.185 14 3,$38,022 4,370.617 Authorised and approved by the 8oard of Governors on 23 December 2020 and signed on behalf of the Board by: Revd Canon H Barber Ichair) RISHWORTH SCHOOL Company Number: 05855479 Consolidated Balance Sheet as at 31" July 2020 Note5 2020 2019 FIXED ASSETS Tangible assets Investments 2,978,058 1387,852 4265.910 3.181,751 1,316,189 4.497,940 io CURRENT ASSETS Debtors and accrued income Cash at bank and in hand li 116,764 477,334 $94,098 170,440 888.674 1,059,114 LIABILITIES Creditors due wlthin one year 12 1907.6521 1824,7271 NfT CURRENT ASSETSIIUABILmESi 1313.SS41 234.387 TOTALASSEts LESS CURRENT iIA8IUTIES 3.952.356 4.732,327 CREDITORS Due after more than one year 12 14143341 1361,710 TOTAL NET ASSETS 3.538,022 4,370,617 THE FUNDS OF THE CHARITY Unrestricted funds Endowment fund5 Restricted income lunds IrJesi8nared and generall 1,989.665 1,034,791 513.566 2,8￿.612 1,046.820 523.185 TOTAL FUNDS 14 3.538,022 4,370,617 Authorised and approved by the Board of Governors on 23 Detember 2020 and signed on behalf of the Board by- Revd Canon H Barber {Chairl Page 120 RISHWORTH SCHOOL Consolidated Cash Flow Statement for the year ended 31" July 2020 Notes 2020 2019 NET CASH INFLOW FROM OPERATING ACTIVITIES 17 1128A)11 37.722 RETUAPIS ON INVESTMEt4TSAND SERVICING OF FINANCE Investment income Interest receivab 24,877 6,494 3.876 NET CASH INFLOW FROM RETURNS ON INVESTMENTS AND SERVICING OF FINANCE 27338 31.371 CAPITAL EXPENLXTURE ANO FINANCIAL INVESTMENTS Purchase of tangible fi¥ed a55tts Purchase of investmerbts Proceeds from sale of fixed assets Proceeds from sale of investments 1135.076} 1489,590 1135,4501 1321,3141 6,646 432.397 414.690 NETtASN OUTFLOW FROM INVEsnNG ACTIVITIES INCREASE I IOECREASEI IN CASH AND CASH EQUNALENTS 1209.9761 117.7211 18 1411J401 51.372 RISHWORTH SCHOOL Notes to the Financial Statements for the year ended 31" July 2020 l. Accounting Policies Basis of Accounting The financial statements are prepared on historical cost convention except that.. Land and IK4ildings are included at their 1934 valuation, adjusted by the cost of additions and disposals sinte that date. This valuation has been adopted as the historical cost under the transitTronal provisions of the Financial Reporting Standard 15. Where property owned before 1934 has been sold. the cost is assumed to be immaterial and the enti￿ proceeds credited to the Foundation's capital account. Investments are rncluded at market value as at 31 July 2020. The financial statements have been prepared in accordance with applicable accounting Standards- Financial Reporting Standard 102, The Charities Statement of Recommended Practice IFR51021, the Companies Act 2006 and where applicable. the Charities Art 2011. In accordance wtth the requirements of the Statement of Recommended Prartice the School's scholarship funds are incorporated into the Statemenl of Financial Activities and the Balance Sheet as restricted funds. The School is a public benefit entity. The opening fund balances and reserves of the School are classified according to the assets held for each purpose as follows: Endowment funds Properties forming part of the original endowment together with investments purchased out of endowment capital. Investments and monies donated for scholarships and prizes. to the extent that they have not already been distributed for their intended purpose. Accumulated surpluses, principally represented by the property, equipment and working capital of the khool. Restricted funds Unrestricted funds Going concern The business activities of the School and the major risks it faces are set out in the Governors, Report on pages 4 to 14. Notwithstanding the Covid-19 pandemic and the Still uncertain economic environment, the Governors believe the preparationsthat have been made safeguard the School, and its finances, from any future 'waves' and will enable the School to continue operating effectively. The Governors therefore believe that the School will continue its business activities for the foreseeable fvture, that no material uncertainties exist and that the goine concern basis of preparation is tonsidered appropriate. Revenue recognitlon, Fees arrfl Similar Income Fees receivable and charges for seNices and forthe use of premises are accounted for in the year in which the seThice is provided. Fees recervable are stated after deducting allowances, scholarships and bursaries awarded by the School. Scholarships are provided in the same year as the Service. Where scholarships are provided by restricted scholarship funds the fee income is shown 8r055 in the School's accounts and the scholarships are shown as a deduction from the fund account. Fees receNed in advance of education, to be provitled in future years, are held as liabilities until either taken to income in the temi when used or else refunded. RISHWORTH SCHOOL Notes to the Financial Statements for the year ended 31 July 2020 Resources Expended and support cost apportlonment to arti¥ity Resources expended are accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headinES, they have been allocated to artivities on a basis consistent wfth the use of the resources. Costs in relation to operating leases are charged to the income and expenditure account on a straight line basis over the lease term. Governance costs comprise the costs of running the charity, including strategic planning for its future development. audit and legal advice for the Governors and all other costs of complying with constitutional and statutory requirements. Go¥ernance costs include audit fees and an allowance for the costs of support staff serrfing governors. meetings. Value Added Tam Any irrecoverable VAT is charged to the Statement of Financial Artivities or, capitalised as Part of the cost of the related asset, as is appropriate. Donations Donation5 are credited to revenue on a receivable basis. Donations receivable for the general purposes of the charlty are credited to unrestricted funds. Donations for purposes ￿$trIcted by the wishes of the donor a￿ taken into restrirted funds where these wishes are binding on the Govemors. Pension Schemes Retirement benefits to the efflpTroyees of the School are provided by the Teachers, Pension Defined Benefits Scheme, for teaching Staff, at rates set by the Scheme Actuary and advised to the Board by the Scheme Administrator and Flexiplan Number I (Capital for non-teaching stèff. These schemes are multi- employer pension scheme5 and it Is not possible to identify the assets and liabilities of the scheme which are ateounted for as a defined contribution scheme. The employerfs contributions to both schemes are charged in the Statement of Financial Activitie5 as they become payable and are shown as pension costs in note 5. Tan8ible Fixed Assets Depreciation is provided at the following rates: Freeholtl buildings Property improvementslrefurbishment Furniture and equipment 1%- 2% of cost 6%- 15% of cost 10% - 25% of cost Computer equipment The Governors have carried out an impairment review and have extended the period of depreciation from 10 to 15 year5 for long term projects. They believe the total net realisable value of fixed assets to be in excess of the carrying value at 31 July 2020. They believe the freehold buildings to have an estimated useful life in excess of 100 years. A valuation was carried out in 2018 which actorded an estimated value of £40,400.000 for insurance purposes. The indexed sum insured is £49,250.WO for insurance purposes. Foundation property, which comprises land and listed buildings. is not depreciated.. any depreciation chargeable would not be material. 15%- 25% of cost Page 123 RISHWORTH SCHOOL Notes to the Financial Statements for the year ended 31 July 2020 Investments Investments are valued in the Balance Sheet at their closing market value at the Balance Sheet date. Realised and unrealised changes in the market value of investments are deah with in the Statement of Financial Activities. Investment income is accounted for in the year in whith the Charity is entitled to receipt. Investment income management costs are charged as expenditure out of relevant funds. Recogniknoft of creditors and liabilities Liabilities are recognised when an obligation arises to transfer economic benefrts as a result of past tran5action5 or evenis. Basis of consolidation These financial statements consolidate the results of the charity and rfcs wholly owned subsidiary undertakin8 drawn up to 31 July 2020. The consolidation is carrietl out on a line-by-line basis. Inter-tompany transactions, balances and unrealised gains on transartions between the company and its subsidiary are eliminated in full. Accounting policies of the subsidiary have been changed where necessary to ensure consistenry with the policies adopted by the group. Paeè 124 RISHWORTH SCHOOL Notes to the Financial Statements for the year ended 31" July 2020 2. Fees Receivable S¢hool Fee In¢ome ¢ompiises: 2019 Gross Fees Less.. Total bursaries. grants and allowances Add back.. Scholarships. grants ett. paid for by restricted funds 4.971.065 16062501 3YJ 5,588.532 1603,2821 4.744 4.368,758 4,989.994 Included within fee income is £40,67012019: £44.8551 of Earty Years Education Funding including £261 12019= £1091 Deprivation Supplement and £2.18612019.. £2,465) Quality Supplement that is classified as restricted income. All of this Testrirted income was spent on qualifying restricted expenses in the period. 3. Other EdKatlonal Inc(xne 2020 2019 o¢her e￿￿tiOn41 irKom• Éntrance and re8i5tration fee5 6,SOS 6,505 4. In¥estrnents 2020 2019 Listed investmenis Common investrnent lunds J63 19,976 4,901 24.877 23.362 Investment income comprise5 of income from investment units held in the UK and the listed investments are quoted on the London StLKk Exchange. Pagt 125 RISHWORTH SCHOOL Notes to the Financial Statements for the year ended 31" July 2020 5. Total Resources Expended Consolldattd 2019 2020 2019 2020 Charltable aCtI￿ty eMpenditur• includes- Premises ￿PaI Depreciation 110,091 338,769 119.736 348.243 110.091 338.769 119.736 348.243 Governance expenditure in¢ludes- Auditors remuneration for.. Statutory audit Accounis preparation 6.CM)O 4.506 6.0 4.506 4.506 Governots. liabiltty insurance 4.037 4,037 Total staff costs comprlsi Wages and salaries Social security costs Pension £ontribvtions 3A170 315230 466.lJOI 3￿52,076 3.274.070 297.749 328.435 3.900.254 3A170,845 315,230 466.1101 3.B5Z.076 3,274.070 297,749 328,435 3.900,254 The average nurnber of fijll-time equivalent employees was 10112019- ICKJI of whom 6012019= 601 were teachrng staff. The number of employees whose emoluments (excluding pension contributions) exceeded £60,000 lon an annual basis) was.. 2019 £ith),000- £iio.o £90,000- £100.000 £80,000- £90,000 £70,OCKI- £80,OC £60,OCKI- £70,OCK) The number of employees whose emoluments exceeded £60.(m and who were atcruing pension benefits underthe two schemes were.. 2020 2019 No Tea¢hers' peThS￿n scheme S(h(x)I scheme support llaff 42327 7.749 50A176 25,298 8,868 34.166 The total value of key management personnel compensation during the year was £343.682 12019- £334,923). Key management personnel comprise senior management stsff as noied on page two. Pa8e 126 RISHWORTH SCHOOL Notes to the Financial Statements for the year ended 31 July 2020 6. Analysis of Totsl Resources Expended PARENT Staff costs other Deprnclotron Total Charitable artlvlues Teèching costs Well3re Pfemises Administration of the school 2.963.486 229.187 225,212 434,191 207.901 128.902 408.474 349.153 53.218 32Z4.605 3S8,089 919,237 783,344 285.551 Support rosts of s¢tr•)oli 3.852.076 L094.430 338.769 5285.275 Grant5. awards and prizes 3.943 3.943 Cost olflaisin¢ funds Investmenr management Total re50ur¢es expended 8,563 1,106.936 8.563 5297,781 3A52.076 338.769 CONSOLIDATION Slaff fosts Depreciation Total Charitablt èttivities Teaching eosts Welfare Premlses Administration of the school 2.963.486 229.187 225.212 434.191 207.901 128.902 408.474 349.153 53.218 3224,605 358.089 919.237 783,344 285.551 Support costs of Khoolit 3.852.076 1.094.430 338.769 5285.275 Grants. awards and prizes 3.943 3.943 Cost of Rèisingfvnds Investment management Trading costs Total resources expended 8.563 1.320 1.108.256 8,563 1,320 5299.101 3J52,076 338.769 7. Transler Between Funds Net Income from endowrnents Loan replaeemeot fund 11.604 19.6621 1,942 8. Net G•in51 (Losses) on In¥estments Realised Unrealised 6AZ6 136,981} 130,5621 Page 127 RISHWORTH SCHOOL Notes to the Financial Statements for the year ended 31 July 2020 9. Tangible fixed Assets (Parent & Consolldatedl Froehold foU￿1¥t10￿ ro F￿hold Pro rnlture Com uter iffl rovemtn bulldln Cost At I"August 2019 Adtlitions Disposals As at 31" July 1020 20.956 2.316.694 4.629,248 64,180 1.034,302 21.419 1,331.485 49,477 9.332.685 135,076 20.956 2.316.694 4.693.428 1.055.721 1.380,962 9.467.761 Oepreciatton At 1% August 2019 Charge for the year Éliminated on disposals As at 31" July 2020 590.649 23.167 3.330.695 244.511 977,132 17.873 1.252.458 53,Z18 6,150,934 338,769 613.816 3.57S.206 995.005 1.305.676 6.489.703 Net 8ook Value As at 311t July 2020 10.956 1,702A78 1.118.222 60,716 7S.286 2,978,058 As at 31X July 2019 20.956 1.726.045 1.298.553 57.170 79.027 3,181,751 10. Investment5 Unre5trkled Rotricted Endowrnent Total 8alance as at irt August 2019 Additions Oisposals at openln8 rnèrket Value Change in market value Increase/Decrease in cash Balance as J1* Juty 2020 460.672 195.276 1159.5801 19.6191 138.1811 855,517 294,314 1255,1101 120.9431 134,4941 839.284 1?16,189 489,590 1414,6901 130,5621 72,675 1.287,852 compr1s1￿.. Listed Investments Common investment funds Cash awaiting inve5tmefits 424.247 625,701 166.602 46.981 839.284 1.049.948 166,602 71,302 1.287A52 24.321 All above investments are held in the UK and are held as nominee by Cardale Asset Management Limited. All investments are held primarily to provide an investment return forthe charity and to fund scholarships and bursaries. The following investments were worth more than 5% of the portfolio value at 31st July 2020: COIF Charity Funds- 9,738.89 unrts £166.60212019- 9.738.89 units £162,4371- RISHWORTH SCHOOL st Notes to the Financial Statements for the year ended 31 July 2020 Subsidiary uThdertakI￿. Rishworth School owns Rishworth School Tradin8 Limited (Company no. 066374651, a company limited by shares. The subsidiary's main trading artivity is the letting of facilities owned by Rishworth School. At 31st July 2020 the sijbsidiary had cuirent assets of £22.94312019- £39.8331 and current liabilities of É22,943 12019: £39,8331. The results of the trading subsidiary afe included in the consolidated results on pages 17, 18 and 20. The principal address of the trading subsidiary bs the same a5 Rbshworth School as detailed at paBe 2. The company traded as follows.. 2020 2019 Turnover Administratlon Costs Interest recebvable Covenanted donation to Rishworth school Net Profit L055 forthè Year 22364 ii.jzoi 12 121.0561 39,817 11.3201 16 13B,5131 11. Debtors and accrued incorne Parent 2019 Con501idated 2019 20ZO Fees Other debtOf5 Rishworth School Trading Lid Prepayrnent5 and accrved incorne 26J49 2A83 21AI56 87.932 137120 13,436 5.429 38.513 150,273 207.651 26.149 2A83 14.738 5,429 87.932 116.764 150,273 170,440 12. Credltors Parent 2019 Con5011dattd 2019 1020 2020 Amounts lallln8 due within oneye¥ Fees received in advance Inote 131 Trade creditors Tèxation and Social securrty Final term deposits Accrvals and defer￿d income SOO277 81.978 74A64 384.258 107.448 116.267 I8.3(￿5 197.134 823.407 500,277 B2.978 74,464 54,980 194.953 907.652 384.258 107,448 116,267 18,300 198,454 824.727 193.066 905.76S Amounts lalllry4 due after Trire t￿n one year Final term deposits 414,334 414,334 361.710 361.710 414,334 414.334 361,710 361.710 Pa8e 129 RISHWORTH SCHOOL Notes to the Financial Statements for the year ended 31" July 2020 Flnal temi deposits: Fees in aifvance, include fees paid in full for the following academic year and future charges. f inal term deposits are paid when a pupil registers to join the School and are held until the pupil's last term when they are released against fees and other ¢har8es. 13. Fees Received in Advance 2020 2019 Withln l year Within I to 2 years WSthin 2 to S years ¢her 5 ye?rs 391,941 26,336 67.779 14.221 500277 249.852 26,070 80,078 28,2S8 384.258 The balance brought forward on fees reteTved in advance at the start of the year was £384,25812019- £505.6791. £249,85212019'. £335.0831 of this income was released during the year. Amounts deferred in the year totalled £365,87112019-. £213,6621. These amounts are experted to be ￿leaSed in the perrods as shown above. 14. Allocalion ¢f Net Assets Parent Tangible Itsb￿rnents fixed assets Net current assetsllliabilitle51 Lonq terrn Total 2020 UnrestrKted fund5 Endowmeni funds Restricted lunds 2.957.102 20.956 1553,1031 174,551 64.998 1313,5541 1414.3341 1,989.665 1.034.791 513,566 3.538.022 839.284 448.568 1.287.852 2.978.058 1414.3341 Consold•ied Tangible In%*stments fixed a55ets Net current Long term Total 2020 Unre5tri¢ted funds Endowment funds Restricted fund5 2.957,102 20.956 1553.1031 174.551 64,998 1313.5541 1414.3341 1.989.fj65 1.034.791 513,566 3.538.021 839,284 448.S68 1,287.852 2.978.058 1414.3341 Page 130 RISHWORTH SCHOOL Notes to the Financial Statements for the year ended 31 July 2020 Parent Tangible Investff*nts Net oJrrer¥t •ssetsllli•bditiesl LonKtsrm Total 2019 Unrestritted lunds Endowment funds Restrirted funds 3.160,79S 20.956 1.527 170.347 62,513 234,387 1361.7101 2.800.611 1,046A20 523.185 4,370,617 855.517 460,672 1.316.189 3.181.751 1361.7101 Consolld•ted Tarylble Investments ed assets Net