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2020-08-31-accounts

Pages Pages
Chairman’s Statement 1
Governors’ Annual Report including Strategic Report 2 —20
Independent Auditor’s Report 21 —23
Consolidated Statement of Financial Activities 24
Consolidated Balance Sheet 25
Charity Balance Sheet 26
Consolidated Cash Flow Statement 27
Notes to the Financial Statements 28 - 48

(1) (2) (3) (3) (4) (5) (6)
David Halle (Chairman) . . . . .
Margaret Elizabeth Cross - - Chair Remuneration & SG
Sister MargaretAnne Banning OrderAppointed Rep . .
Susan Hilary Buckle (Vice Chair) . . . .
Julia Feeney OrderAppointed Rep Chair . . .
SLC
Jonathan Hennah Chair F&GP . . .
Giles Watson Chair Education . . .
Paul Barras - Bishop’s Representative
Justin Snoxall
Stephen Slack Appointed 16/01/2020 -
Prof FrancoiseLe Saux Appointed 16/01/2020 -- -- . -
Simon Wilson
-		 - Appointed 01/09/20 - . . -
Leo Ring - Appointed 01/09/20 . .
Charles D’Cruz Resigned 1 April 2320

ST. JOSEPH'S COLLEGE READING TRUST GOVERNORS' ANNUAL REPORT

FOR THE YEAR ENDED 31 AUGUST 2020

The Governors are responsible for keeping proper accounting records, which disclose with reasonable accuracy at any time the financial position of the charitable company, and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Governors are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Auditor

Crowe Audit LLP was auditor for the year 2019/20.

Statement as to Disclosure of Information to the Auditor

The Governors at the date of approval of this Governors' annual report confirm that so far as each of them is aware, there is no relevant audit information of which the charity's auditor is unaware, and the Governors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

The Governors report and Strategic report were approved by the Board of Governors on 24 March 2021, and were signed for and on behalf of the Board by

Ai� ......................................... Chair F&GP

Jonathan Hennah

Page 20

Crowe 1f...._

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ST. JOSEPH'S COLLEGE READING TRUST (CONTINUED)

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

Auditor's responsibilities for the audit of the financial statements

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

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

Use of our 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

Reading

Date 14 April 2021

Page 23

Notes Unrestricted Restricted Endowment 2020 2019
Funds Funds Funds Total Total
£ £ £ £ £
INCOME AND ENDOWMENTS
FROM:
Charitable activities:
College fees receivable 1 5,567,869 - - 5,567,869 5,416,759
Ancillarytrading income 2 818,832 - - 818,832 1,027,687
Othertrading activities: 3 60,512 - - 60,512 104,144
Grants and donations 4 99,117 12,400 111,517 9,579
TOTAL INCOME 6,546,330 12,400 - 6,558,730 6,558,169
College operating costs 6,546,411 - 50,000 6,596,411 6,658,729
Raising funds
Financing 116,951 - - 116,951 82,821
SJCR Enterprises Limited 18,430 - 18,430 12,736
TOTAL EXPENDITURE 5 6,681,792 - 50,000 6,731,792 6,754,286
NET INCOMEI(EXPENDITURE) (135,462) 12,400 (50,000) (173,062) (196,117)
NET MOVEMENT IN FUNDS (135,462) 12,400 (50,000) (173,062) (196,117)
Fund balances brought forward (282,291) - 4,583,333 4,301,042 4,497, 159
FUND BALANCES CARRIED
FORWARD (417,753) 12,400 4,533,333 4,301,042

ST. JOSEPH'S COLLEGE READING TRUST

CONSOLIDATED BALANCE SHEET FOR THE YEAR ENDED 31 AUGUST 2020 COMPANY NUMBER: 01400984

FIXED ASSETS
Tangible assets
CURRENT ASSETS
Debtors
Stock
Cash at bank and in hand
LIABILITIES
Notes
8
9
10
Creditors: Amounts falling due within one year
11
NET CURRENT LIABILITIES
TOTAL ASSETS LESS CURRENT
LIABILITIES
Creditors: Amounts falling due afer more than
one year
TOTAL NET ASSETS
THE FUNDS OF THECHARITY
Endowment Funds
Leasehold property donation
Restricted Funds
Unrestricted income funds
General fund
TOTAL FUNDS
12
8a
14a
14
15
The deficit for the year in relation to the College only was £173,062		 Group
2020
7,306.646
336,687
17,530
62,464
416,681
(1,966.201)
(1,59,520)
5,757,126
(1,629.146)
4,533,333
12,400
(417,753)
4.:21.980
2019
7,615,13
387,095
36,187
127,973
551,255
(2, 160,533)
(1,609,278)
6,006,135
(1,705,093)
4.301.042
4,583,333
(282,291}
~~4.~~3~~0~~1~~.04Z~~

The financial statements were approved by the board of governors and authorised for issue on 24 March 2021 and are signed on their behalf by:

... -��� ................. Chair F&GP

Jonathan Hennah

The notes on pages 28 to 48 form part of these financial statements.

Page 25

ST. JOSEPH'S COLLEGE READING TRUST BALANCE SHEET COLLEGE FOR THE YEAR ENDED31AUGUST2020 COMPANY NUMBER: 01400984

Notes
FIXED ASSETS
Tangible assets
8
Investments
8b
CURRENT ASSETS
Debtors
9
Stock
10
Cash at bank and in hand
LIABILITIES
Creditors: Amounts falling due within one year
11
NET CURRENT LIABILITIES
TOTAL ASSETS LESS CURRENT
LIABILITIES
Creditors: Amounts falling due after more than
one year
12
TOTAL NET ASSETS
THE FUNDS OF THE CHARITY
Endowment Funds
Leasehold propery donation
8a
Restricted Funds
14a
Unrestricted income funds
General fund
14
TOTAL CHARITY FUNDS
16		 College
2020
2019
7,306,646
7,615,413
1
1
7,306.647
7,615,14
367,423
442,843
17,530
36,187
28,971
69,668
413,924
548,698
(1,963.445)
(2, 157,977)
(1,59,521)
(1,609,279)
5,757,126
6,006,135
(1,629.146)
(1,705,093)
4.127.980
4,301.042
4,533,333
4,583,333
12,400
(417,753)
(282,291)
4.127.980
4,301.042		 College
2020
2019
7,306,646
7,615,413
1
1
7,306.647
7,615,14
367,423
442,843
17,530
36,187
28,971
69,668
413,924
548,698
(1,963.445)
(2, 157,977)
(1,59,521)
(1,609,279)
5,757,126
6,006,135
(1,629.146)
(1,705,093)
4.127.980
4,301.042
4,533,333
4,583,333
12,400
(417,753)
(282,291)
4.127.980
4,301.042
4,301.042
4,583,333
(282,291)
4,301.042

The financial statements were approved by the board of governors and authorised for issue on 24 March 2021 and are signed on their behalf by: ... Chair F&GP �}�.".".":'A:-................. Jonathan Hennah

The notes on pages 28 to 48 form part of these financial statements

Page 26

Notes 2020 2019
£ £
Cash flows from operating activities:
Net cash provided by operating activities 17 284,652 502,915
Cash flows from investing activities:
Interest income
Interest paid (76,953) (82,821)
Purchase oftangible fixed assets (193,166) (262,320)
Net cash used in investing activities (270,119) (345,141)
Cash flows from financing activities:
Repayment of borrowing (80,042) (126, 166)
Net cash (used in) financing activities (80,042) (126, 166)
(Decrease)Iincrease in cash and cash equivalents in 17a
the year (65,509) 31,608
Cash and cash equivalents at the beginning ofthe year
127,973 96,365
Total cash and cash equivalents at the end ofthe year 17b 62,464 127,973

2020 2019
£ £
Fees receivable consist of:
Gross School fees 6,006,170 5,829,628
Less: total scholarships, bursaries and discounts (438,301) (412869)
Net School Fees 5,416,759

2020 2019
£ £
Catering income 212,133 263,764
Music income 222,187 195,451
Extended Dayand Holiday Club income 184,626 278,485
Transport income 53,675 61,642
Otheroperating income 93,515 132,023
Trip income 52,696 96,302
818,832 1,027,687

OTHE R TRADING ACTIVITIES - NON A NCILLARY TRADING INCOME
2020 2019
£ £
Rental income 19,895 29,312
SJCR Enterprises Ltd 40,617 74,832
60,512 104,144

The summary financial performance ofthe subsidiary alone is:
2020 2019
£ £
TURNOVER 40,617 74,832
Cost of sales (13,063) (9,236)
GROSS PROFIT 27,554 65,596
Administrative expenses (2,868) (6,621)
OPERATING PROFIT 24,686 58,975
Gift Aid Payable (24,686) (58,975)
PROFIT ON ORDINARY ACTIVITIES
BEFORE TAXATION
Tax on profit on ordinary activities
RETAINED EARNINGS AT THE END OF THE YEAR
NET ASSETS 1
4. GRANTS AND DONATIONS
2020 2019
£ £
Coronavirus Job Retention Scheme Grant 88,253 -
Donations 23,264 9,579
111,517 9,579

5. COLLEGE OPERATING COSTS COLLEGE OPERATING COSTS
2020 Staff Other Depreciation 2020 2019
Costs Total Total
£ £ £ £ £
CharitableActivities
School Operating Costs:
Teaching costs 3,131435 144,501 - 3,275,936 3,061,883
Welfare costs 78,521 518,842 - 597,363 576,522
Premises 148,570 468,406 - 616,976 721,956
Support costs 1061,186 543,017 451933 2,056,136 2,248,368
4,419,712 1,674,766 451,933 6,546.411 6,608,729
Endowmentfund:
Long term lease - 50,000 50,000 50,000
Total charitable
expenditure 4,419,712 1,674,766 501,933 6,596,411 6,658,729
Cost ofgenerated funds
Finance costs 116,951 116,951 82,821
Total expenditure -
College 4,419,712 1,791,717 501,933 6,713,362 6,741,550
Trading expenditure 18,430 - 18,430 12,736
Total expenditure -
Group 4,419,712 1810.147 501.9 6,731,792 6,754,286

2019 Staff Other Depreciation 2019
Costs Total
£ £ £ £
CharitableActivities
School Operating Costs:
Teachingcosts 2,887,896 173,987 - 3,061,883
Welfare costs 97,922 478,600 - 576,522
Premises 158,675 563,281 - 721,956
Supportcosts 1,025,839 768,362 454, 167 2,248,368
4,170,332 1,984,230 454,167 6,608,729
Endowmentfund:
Long term lease 50,000 50,000
Totalcharitable
expenditure 4,170,332 1,984,230 504, 167 6,658,729
Costofgeneratedfunds
Interest paid 82,821 82,821
Totalexpenditure - College
4,170,332 2,067,051 504,167 6,741,550
Trading expenditure 12,736 12,736
Totalexpenditure - Group
4,170,332 2,079,787 504.167 6,754,286
NET EXPENDITURE F OR THE YEAR
2020 2019
£ £
Net income forthe year
This is stated after charging:
Operating leases
— equipment		 48,814 41,233
— land and buildings 40,000 120,000
Depreciation 501,933 504,167
Bank interest payable 76,953 82,821
Auditor’s remuneration —Audit services 12,460 12, 100
— Other services I,500 1, 185

STAFF COSTS
2020 2019
No. No.
No. No.
The average actual number of persons employed by
the College (excluding Governors) during the year was 137 123
The aggregate payroll costs for the year were as
follows:
Wages and salaries 3,513,672 3,441,563
Social Security costs 305,380 300,042
Pension costs 600,660 428,727
4,419.712 4,170,332
plus taxable benefits) for the year exceede
were.		 d £60,000,
£60,000-170,000 2
£70,000 - £80,000 j
£90,000-E100,000 i i
2 3
Total £ 10,074,710 10,074,710 193,166 - 10,267,876 2,459,297 2,459,297 2,459,297 501,933 501,933 - 2,961,230 7,306,646 7.615,413
Long Term Leasehold Property Improvements £ 3,742,267 125,937 - 3,868,204 1,140,722 320,546 - 1,461,268 2,406r936 2.601,545
Motor Vehicles £ 17,453 - - 17453 17,453 - - 17,453
Fixtures Fittings and Equipment £ 1,246,490 67,229 - 1,313,719 875,306 130,930 - 1,006,236 307,483 371.184
Freehold Land and Buildings £ 68,500 - - 68,500 9,149 457 - 9,606 58,894 59351
Long Term Leasehold Property £ 5,000,000 - - 5,000,000 416,667 50,000 - 466,667 4,533,333 4,583,333
Cost: 1 September 2019 Additions
Disposals		 31 August2020 Depreciation: 1 September2019 Chargeintheyear Disposals 31 August2020 Net BookValue 31 August 2020 31 August2019

2020 2019
£ £
1

2020 2019
£ £
Parental debt 231,313 216,669
Other debtors 44,866 55,204
Prepayments and accrued income 60,508 115,222
336,687 387.095

DEBTORS COLLEGE
2020 2019
£ £
Parental debt 231,313 216,669
Other debtors 42,860 29,341
Prepayments and accrued income 60,508 115,222
SJCR Enterprises Ltd 32,742 81,611
367,423 442,843

10. STOCK GROUP and COLLEGE
2020 2019
£ £
Catering supplies and Academic resources 17,530 36,187
11. CREDITORS GROUP
2020 2019
£ £
Bank loans (note 13) 127,787 131,882
Trade creditors 92,754 308,303
Fees fortuition received in advance 1,174,606 1,050,905
Other tax and social securitycosts 83,145 156,085
Other creditors 441,099 450,147
Accruals 46,810 63,211
1,966,201 2.160.533
CREDITORS COLLEGE
2020 2019
£ £
Bank loans (notel3) 127,787 131,882
Trade creditors 92,754 308,303
Fees fortuition received in advance 1,174,606 1,050,905
Other tax and social security costs 83,145 156,085
Other creditors 441,043 450,091
Accruals 44,110 60,711
1,963,445 2,157,977

CREDITORS GROUP and COLLEGE
2020 2019
£ £
Amounts falling due after one year:
Bank loans (note 13) 1,629,146 jjQ5Q9r3
ANALYSIS OF DEBT MATURITY
2020 2019
£ £
The principal amounts repayable:
Within one year
One to two years		 127,787
142,600		 131,882
137,490
Two to five years
Over five years		 464,129
1,022,417		 449,701
1, 117,902
1,756,933 1,836,975

14. UNRESTRICTED FUNDS
2020 31 August
2019		 Incoming Outgoing 31 August
2020
Total Resources Resources Total
£ £ £ £
GROUP
Unrestricted income funds
General fund (282,291) 6,546,330 (6,681,792) (417,753)
(282,291) 6.546,330 (6.681.792) (417,753)
SCHOOL
Unrestricted income funds
General fund (282,291) 6,527,900 (6,663,362) (417,753)
(282.291) 6.527.900 (6.663,362) (417.753)
2019 1 September 31 August
2018 Incoming Outgoing 2019
Total Resources Resources Total
£ £ £ £
GROUP
Unrestrictedincome funds
Generalfund (136,174) 6,558,169 (6.704,286) (282,291)
(136,174) 6,558,169 (6.704.286) _f282.291)
SCHOOL
Unrestrictedincome funds
Generalfund (136,174) 6,545,433 (6,691,550) (282,291)
(136.174) 6.545.433 (6.691,550) (282.291)

2020
Tangible Current Long-term 2020
Assets Investments Liabilities Liabilities Total
£ £ £ £ £
Unrestricted
incomefunds
General fund 2,773,313 - (1,561,920) (1,629,146) (417,753)
Restricted
Funds
Bursary Fund - - 12,400 - 12,400
Endowment
Funds
Leasehold 4,533,333 4,533,333
Netassets L304.446 Jj49,520) (1629.146) 4,127.980
2019
Tangible Current Long-term 2019
Assets Investments Liabilities Liabilities Total
£ £ £ £ £
Unrestricted
income funds
General fund 3,032,080 - (1,609,278) (1,705,093) (282,291)
Endowment
Funds
Leasehold 4,583,333 4,583,333
Netassets 7,61j413 (1.609,278) (1.705.093) 4.301,Q42

16. ANALYSIS OF NET ASSETS BETWEEN FUNDS - COLLEGE ANALYSIS OF NET ASSETS BETWEEN FUNDS - COLLEGE ANALYSIS OF NET ASSETS BETWEEN FUNDS - COLLEGE ANALYSIS OF NET ASSETS BETWEEN FUNDS - COLLEGE ANALYSIS OF NET ASSETS BETWEEN FUNDS - COLLEGE
2020 Tangible Net Current Long term 2020
Assets Investments Liabilities Liabilities Total
£ £ £ £ £
Unrestricted
incomefunds
General fund 2773,313 1 (1,561,921) (1,629,146) (417,753)
Restricted
Funds
Bursary Fund
Endowment		 - - 12,400 - 12,400
Funds
Leasehold 4,533,333 - 4533333
Netassets 21 (1.549.521) (1,629146) 4127,980
2019 Tangible Net Current Long term 2019
Assets Investments Liabilities Liabilities Total
£ £ £ £ £
Unrestricted
income funds
Generalfund 3,032,080 1 (1,609,279) (1,705,093) (282,291)
Endowment
Funds
Leasehold 4,583,333 4,583,333
Netassets 7,615.413 (1,609219) (1,705,093) _4,3_01,042
17. RECONCILIATION OF NET EXPENDITURE
TO NET CASH FLOW FROM OPERATING ACTIVITIES
2020 2019
£ £
Net (expenditure) (173,062) (196,117)
Adjustments for:
Depreciation charges 501,933 504,167
Interest income -
Interest paid 76,953 82,821
(Increase) /decrease in stock
Decrease/(increase) in debtors		 18,657
50,408		 (23,159)
27,664
Increase! (decrease) in creditors (190,237) 107,539
Net cash provided by operating activities 284,652 502,915

2020 2019
£ £
(Decrease)/Increase in cash during the year (65,509) 31,608
Loan repayments 80,042 126, 166
Change in net debt 14,533 157,774
Netfunds at 1 September (1,709,002 (1,866,776
Netdebt at 31 August (1,694,469) Ji.709.002)
17b. ANALYSIS OF DEBT
17b. ANALYSIS OF DEBT
Net debtas at Netfunds at
1 August Cash 31 August
2019 Change 2020
£ £ £
Cash at bank and in hand 127,973 (65,509) 62,464
Loans (1,836,975 80,042 (1,756,933)
(1.709,002 14.533 (1.694.469)
18. COMMITMENTS UNDER LEASES
At 31 August 2020, the charity had total future minimal lease payments under non cancellable
operating leases as follows:
At 31 August 2020, the charity had total future
operating leases as follows:		 minimal lease payments und er non cancella
2020 2019
£ £
Plant and machinery:
Expiring in one year 129,054 99,090
Expiring in the second to fifth year 124,637 66,382
253,691 165,472
Land and buildings:
Expiring in one year 80,000 120,000
Expiring in the second to fifth year 480,000 480,000
Expiring after five years 118,140,000 118,260,000
118,700,000 118,860,000
118,95391 119,025A72

2020 2019
£ £
Interest income and expense:
Total interest expense forfinancial liabilities held at amortised cost 76,953 82,821
Impairment loss (movement in bad debt provision) 14,681 2,835

25.
COMPARATIVE CONSOLIDATED		 STATEMENT OF FINANCIAL ACTIVITIES STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted Endowment 2019
Funds Funds Total
£ £ £
INCOMEAND ENDOWMENTS FROM:
Charitable activities: 5,416,759 - 5,416,759
College fees receivable 1,027,687 - 1,027,687
AndllIaiytrading income
104,144 104,144
Othertrading activities:
9,579 - 9,579
Donations andlegacies:
Income from investments:
6,558,169 - 6,558,169
TOTAL INCOMEAND ENDOWMENTS
6,608,729 50,000 6,658,729
College operating costs
Raising funds 82,821 - 82,821
Financing 12,736 - 12,736
SJCREnterprises Limited
6,704,286 50,000 6,754,286
TOTAL EXPENDITURE
(146,117) (50,000) (196,117)
NET(EXPENDITURE)
(146,117) (50,000) (196,117)
NETMOVEMENTIN FUNDS
(136,174) 4,633,333 4,497,159
Fundbalances broughtforward
FUND BALANCES CARRIED FORWARD (28229j) 4,583.333 4.301,042