Reglstered nufflber. 00133676 Charlty number: 309115 THE ABBEY SCHOOL, READING (A Company Limitsd by Guarnntee) ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 *ADTYXL13* 1010112025 COMPANIES HOUSE A11 #52 THE ABBEY SCHOOL. READING (A Company Llmlted by Guaranlee) CONTENTS Referen￿ and Admlnlslratlve Detslls of the Company Chalrnian's Slat•m•nt Gov•rnorn' Report Independent Audltors, R•port Con8olldat•d Stat•m•nl ol Flnanclal A¢llvltlo$ 5-15 16-19 20 Con8011dat•d and charfty balance she•t• Company Balance Sheet Consolldat•d Statement of Ca8h Flow• 21-22 23-24 25 Not•• fornilng part of th• Ilnanclal stat•m•nts 26-45 THE A88EY SCHOOL. READING IA Comp•ny Llmltod by Guaran1••) REFERENCE AND ADMINISTRAnvE DETAILS OF THE COMPANY, ITS GOVERNORS AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2024 Govérnors Mrs E A Hafrlson BA (Hons) MBA JPI.13,45.7 Mrs J 8uUer FCA1.3,S Ms S Burgess BA MA {r•slgn8d 4 December 2023) Mrs S Colebrook Bsc PGCEIB Mr S Dimmlck LL83.S.6 Mr M Emmanuell Ms R Field BA2 Ms J Jolly 2 Dr H Kemp BM 8Ch Msc PhD FRCA9 Mr A Peach4 Mr N Burrowg {appolnled 23 S•pt•mb•r 2024) Mr C Slnger Bsc FIAI.5 Mrn E We81 LL82 Mr R Brown Bsc {Hons} ACA (appointed 23 Septarnber 2024) Mr M Maclennan MA (appolnted 23 Sopternber 2024) Mr K ThlNppathy (apwntod 23 March 2024) l Member ol the Finance and General Purpos•s Commltte6 2 Member ol the Education Cornmittee 3 Member ol tha Govemance Commlttee Member of the Engagemenl and Development workln9 group 6 Member of ￿ Transitton worklng group Lead Govomor for Risk, Audil, and ComplFan Y Lead Governor for Human Resources Lead Govemor for Child Protedlon 9 Lead Govemor lor Health & Safety Nomlnm m•mb•rs ol thè Councll The 8ishop of Oxlord . Vacancy Tha Gov8mors af8 also Dlr•clors of Ihe Company and Trustees of ihe Charity. Page 1 THE ABBEY SCHOOL, READING (A Comp•ny Llmll•d by Guarnnt••) OFHCER8 Th• Ex•cuiiv• H￿d Mr Will le Flemlng BA, MA (Caml)rklge) H•ad of 8•nlor S¢hool Or Sarah Tulli8 MA, MLIK DPhll, PCGE Held of Junlor School Mrs Nlsha Kaura Bsc {Surroy). PGCE, MEd (Bucklngham) Head of Flnan¢o and Resour¢ Mrs Nadlne Doble 8Sc (Cardiffj, ACMA ADDRESSES Sonlor Sch¢)ol 17 Kendrick Road Reading RG15DZ Junior School (Y8ars >6) 30 Chrlstchurch Road Readlng RG2 7AR Juntor School (Years 1 and 2) 12 ChrlSlchu￿ Gardens Readlng RG2 7AH Junlor School (Nursery and Rg¢option) 2 Viurago Road Reading RG2 7AJ Cornpany ragl•l•r•d numbor 00133676 Ch•rlty rnglst•r•d number 30911S R•glst•r•d offl¢• 17 Kendrtck Road Reading Berkshlra RG150Z Ind•p•nd•nt audltor• Jam88 Cowpor Kreston Audil Chartered Ac(x)untants 8nd siatulory AudStor8 Readlng Brldge House George Street Reading RG18LS Bank•r• HSBC UK Bank plc 26 Broad Slrnet Readlng RG12BU 3ollcltors 81andy & Blandy LLP 1 Friar Strnat R8adlng RG110A Inv•slmont advlsors Charfes Stanley & Cornpany Ltd 55 Bishopsgate London EC2N 3AS Page 2 THE ABBEY SCHOO4 READING (A Company Llmlt•d by Guarant••) REFEReNCE AND ADMINISTRATIVE DETAILS OF THE COMPANY. ITS GOVERNORS AND ADVISERS (CONTINUEDI FOR THE YEAR ENOED 31 AUGUST 2024 Insurance brokers Marsh Brokers Ltd School Division Capitsl House 1-5 Pewount Road Haywards Heath. We81 Sussex RH16 3SY Page 3 THE ABBEY SCHOOL. READING (A Company Llmlt•d by Guafante¢) REPORT OF THE CHAIR OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024 One ol the tasks I nTht enjoy In my role as Chalr ol GovemorJ at The Abbey Sdwl Is reftectlng upon and sharing wthty our achlevernents durfng the preceding ￿h0o1 year. The year begins in Septembef. That mornenl Trs the culminatlon of muth acknty that has gone on in Ihe year belore: advertlsing, markeling. cxealing e￿nts, all designed lo en8ure thai we have reached out lo our community In Berkshire. Oxfordshlre, Hamp8hlre and Bucklnghafflshlre and attracted some *￿nderful students to Join our school. In our Junlor School glrfs can Join any year group. from our Llllle Knallles nursery. lo Year 6; In tha Senlor School mosl of our new enlrants begin In Year 7, Uppor Threg in Abbey speak. Ihough 8ome loln into other >ear groups. thdudlng Into ￿ Slxlh Fomi, AS th• y•or progrossed. we bogan to feel som• 8nxlety aboul events and dlscusslons boyond our school boundarfes that looked Ilke they would Impact slgnificanlly ￿ us. 8fKI Indeed they old. Discu88lon and debate ab¢)ut a p08sibl8 new govemménl'g pledge to Impo88 VAT on School fees resonated wilh parents of potontlal students and. like 81most every school In our sector. we have found our numbers falllng. Our response this year has been to see Ihls development very much as an opporturdty to r•thlnk vlhat we do and how we do tt, so thal by th¢ year end we werp ready wlth Imaglnatlve plans for ehango in many a8p8cls of our busin898. Whal has not, and wlll not change as we Implement th¢)so plans. Is Ihe wonderful experi8n(* that The Abbey glves tts slud•nls. And Ihat experience h8S been richly feward8d Ihi8 yoar In an oulslandlng set of publlc examinatiorb rnsults, partlculafly at A level. and complotely endorsed by unprecedented acknowledgmenl In exlemal awards - for Sport, for our communlty outreach through our ARCH Inftialive, for our Junior School, wlminatlng kn our be¢ornlng naiiorwlly r¢¢ognlzed as Indepond•nl Girts. School of the Year. Nono of these happen by chanco. W• ar• blessed In so many ways. We hav8 an outstanding Workforce: whalever their role. day after day. our staff bflng thelr besl sefves lo the sthool, and Ihat Is Infectious. li enables Ihe siudents 10 do the same. knowing they will be appreclated and supported for effort, for Imagination, for creatmty vth8l•ver Ihe outcome. Not eVer￿hIng wlll go well every Ilmo. and we Can, and do. all leam from unexpected lums of evenls. I see our siudents. In all year groups, delighllng In one another's trlumphs and standin9 by onè an01t￿ when something unanticlpated happens. And I see that same sense of mutual support and prldo In our staff too. We ore a strong and rnslliant communlty. A Wofd about our le•d8rshlp. W• hav8 many excellent le8ders throughoirt Ihe School. They are thoughtful. rigorous. INave and klnd; Ihey 6xempllty our Abbey values. QJtst8ndin9 amorysl that group 16 our Head arKJ our Genlor leaders. Mu¢h has baen asked ol Ihem Ihls year and thotr fe6pon$e has beon endlessly Impwpsgiv•. Behlnd Ihem sLqnd our Govemors who brlng 8 wormlerfulty diverse fjxperf•n￿ and inslghl, as ￿11 as a g•nerou8 aNocalion of their lime, to thelr unlque leadershlp role. In tho pages thal follow thls Introdudon w)u can read the detail that provldes the evidenc8 for èverylhlng I say above. Our buslnessls sound, our oulcomes are outslandin9 and, mosl lrnportanuy. our school is a loylul place ol leaming and growth. LSZ Harrlson Chalr of Govomor¥ The Abbey School Date: 2 EÈLéMkw a&a Pag& 4 THE ABBEY SCHOOL, READING (A Company Llrnlt•d by Guarantso) GOVERNORS. REPORT FOR THE YEAR ENDED 31 AUGUST 2024 The Govemors of The Abbay School. Reading pr&8ent ttwlr annual report for the year ended 31 August 2024 under the Compani8s Act 2006 and the Chaiilies Act 2011,. togelher wilh Ihe audited ac¢ounls for the year. and confimi that the latter ¢ompty ￿1h the requiremenls of the ACA. th• Trust Deed and tho Charllles Slalemant of Recommended Practlce (SORP). REFERENCE AND ADMINISTRATIVE INFORMATION Th8 Abbey School, Readlng is a Company Limhed by Guaranleo and was registered on 31 January 1914. The Company reglstrallon number is 00133676. It is a180 a Charlty. reg1strali(￿ numb•r 309115. The Governors, oificers, Key Addrésses and Advls6rs arè sèt out on P8968 2 and 3. The company has a wholly thyned gubsldlary, Abbey Commerclal Enterpdses Llmited, the SctrKJoI'8 tr8dlng ami. Tho school18 an a¢tiv8 member of the Headmaste￿ and Headmlslresses Conlerence {HMC), Ihe G1rf8' Schoo18 Association, Iho Independent Ass(xiation of Prep Schools (IAPSI, the Association ol Ihe Governing Bodies of Independent Schools and the Independent Schools, 8ursars Associatlon. STRUCTURE. GOVERNANCE AND MANAGEMEMr Governlng Do¢um•nt The School Is govwn•d by its Memorandum and Articlos of Assocl8tion, dated 4 Decom￿r 2006 as am•ndod by sped81 re$￿Ul10n dated 7 December 2015. Gov•rnlng Body The Govamors ara all Dlrectors of the company and appoint new Govemors eilher to fill a casual vacancy or by way of additions to the board. The total number of Governors shall be not less than twelve and nol more than Iwen￿10Ur. Of these. as lar as is praclicab18. one Governor shall b6 ihè nomlnoe of Tho Blshop ol Oxford, ono an alumna of the school, arKI one a parant of a child al ihe 8chool. The nornlnee posltions are ratified at a lull Governors. maetlng. Each Govemor, other than the nomlnees. Is elected for four years and rellring Govemors can stand for re4lectlon for one further lemi at Iho next Annual Gener81 Meetlng, and al the Govemors dlscretion when in Ihe Inlerests of the school. thls may be further exlended. Ttwa who hold offic• during Iho year are Ilsted on Page 2. Organlsatlonal management The members ol Ihe Goveming Body are legally respongible lar tho overall managernenl and ¢ontrol of the School. The Goveming Body rneets al least three limes a year. Much of tho prgparation for Ihese rneelings IS undertaken by the Flnance and General Purposes Comrnitte8 (F&GP Committee) which meets before each Govem¢rs' meetlng. The Chalmian of the F&GP Committee is Mrs J Buller. Tho other principal committees Education Commlttee chalred by Mrs S Colebrook. Govemancg Committee Chaired by Mr S Dimmick In addltion lo Ihese committees Ihere are Working groups on Engagement & Development and Leadership Transition, and Govemors support the school by taking the lead on Risk. Audit and Compliance ('RAC'), Child Prolection and Safeguardlng. Human Resowces and Health & Safety. Commllteo membws and Lead Govemors aro listed on Page 2. The day to day (urming of the School is delegaled to Ihe Head is assisled in this by other rnembers of tho Leadership Comrnittee, which comprises the Junior S(*wl. Seni(x Sthool and Business & Operations Leadership Tearn3. The Whole Scr￿1 Team. lod by the Head, is dravm from Ihase groups and ¢(￿OrdinateS Page 5 THE ABBEY SCHOOL, READING (A Cornpany Llmlted by Guarantso) GOVERNORS. REPORT (CONTINUED) FOR ThE YEAR ENDED 31 AUGUST 2024 matterJ relatlng to whole school development. R•crultm•nt and Tralnlng ol Govorn9rn The Govemance Commlttee considers potential new Govemors for ellglblllty. cmipetence, specialist skllls and availabtlty. New Govemofs are given an induction inlo the worklngs of the School, induding its pollcies and procedureg. and are given a tailored induction pack. Tralnlng and bespoke courses are regularfy offered to all Governor8. Corporate Gov•rnanc• Thé Govemlng Body Is mlndlul of the prfnclples and recommended practlce set out in the Charlty Governance Code lor larger charftles. arKI belleves thal it applles. rnuch evidenced In this annual report. the spethed Pflnclples ol or9anisallonal purpose, leader8bip, integrlty, (lewion making* risk and control, board effectSvenes8, dlverslly, openness and accountablllty. As part of an overall approach to managing potantlal conlllcts of inlerest, The Abbey has a Govemor conllict of Interest policy and 8t Ihe start ol each Governor meellng everyone in attendance is requlred to declare 8ny Interest that may be In c(￿￿1cl wlth an 89enda or d8clslon Item. Senlor members of st8ff responslble for declslon making. includlng the appointrnenl of staff or cMtraclors. are correspondlngly requlred to slgn an annual declaration regardlng potenlial conflict$ of Inteiest. Rl$k Managemenl The Governln9 Body18 responslble for gnlurlng Ihat Ihe rlsks faced by the Charfty arn property assessed. 1118 aware of tha Importance of piotecting the business as far as possiblo from operational and reputalional damage, as well as from the risks of unprodictable crisis and disastor. Risks are examined each year whon updating the Risk Register and in the proc•ss of strategic planning. The g•nerlc key controls used by the SclK)ol lo manage rlsk Include.. Annual r8v16w of the R18k R8g18tar, In deiall by the lead Govémor on R18k Aud51 and Compllance. and revlewed by Coundl Fomal agendas and mlnutes to support dedsions on all Commltt8e and Govemlng Body acllvllle8 Tenns ol Reference lor all Commlttees ComprehensNe strategk plannlng. budgetlng and management accountlng Establlshed organisational and govemance structure and Itnes ol reportlng F¢)fmal written policies Vettthg procedures as requlred by law ft)r the protectlon ol vulnerable people Clear hierarchlcal authorlsatlon and approval levels The above slw¢tur• fomiallses the risk managem•nt processes 051ablishod for Ihe Charity. Through thoso processes, the Govemors identify the major risks to whtch tho Charty is exposed and revlew Ihe systerns and procedures established to rnanage thern. Nevertheles8, It Is recognised that such systems can provide only rea80nable but not ab801ut8 assurance that major risks have been adequately addressed and be managed. Pay pollcy for ••nlor slaff The pay of senlor staff Is revlewed annualty, and Indudes comparlsDns wlth other Independenl schools. Being located in the South East. where there are slgnSficant costs in relatlon to houslng. The Abbey keeps abreast of pay and employTh•nt condltlons elsewhere. Page 6 THE A88EY SCHOOL, READING (A Company Llmlt¢d by Guarant••) GOVERNORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Volunteers There is no shortage of volunteer 8UPPOrt throughwt the Schoal. from parents assSsting 5n readlng classes in tho Junlor School. In Ihe Ilbrary and on sch¢)ol trlps to assisting In the second-hand unilorm shop. Former pupils, Govemors and other Inleresled adults have also given freely of their time. All of this 15 very much valued by the Schod. Governors tak8 this opportunlty to record how much they appreciate the continuing and valuable support of Voliffile￿ to tho School. OBJECTIVES ANO AIMS Charhabl• ObJ•ctlv•s The objec18 of thé School are set out in the Memorandum of A880claiion. The maln object 58 8umm8rlsed a8 the running of a School to provlde a general educatlon whlch Includes religlous Snstructbn In the doctrines and dutles of the Church of England. Th• school educat•s som• 900 glrls 41 no ¢08110 th0 8tat•. Tho Ch•rlty's Alms AS an educaiional charlty lor glrfs aged 3-18, The Abbey School provldes 8n outstandlng real-world educatlon for glds that equips thfjm io achieve academic excellence and to live with ￿nfIdence. purpose and joy. Worf(Ing In partnership with familles. the School supports each indivldu81 student lo expand Iheir horizons, discover thelr passions 8nd fuWII thelr potenlial. The School offer8 remarkable 8xtravcurricular OppO￿nty and pa8lor81 assurance withln an anvlronment prlorltlslng klndness and fellowshlp. The Sd)ool's objective over 130 years of lèadership. innovation and refomi has been lo provide a liboral, pra¢iical and general education: Uberal In thought, tolerance, and generosity. Praetl¢al in preparing Students to face a changing world on Ihair own tarms, oxciled by opportunty. resokrte towards uncertainty and committed to leadershlp and sarvlce. Goneral In Iho romarkable breadlh and range of experience and encouragemeni to partlclpale. Key ObJ•ctlv•• The School's 8tralegy s61s out seven key objectives in Ihree areas: sludent exporienc8, community and future devolopmenl. These objectlves span Ihe academic and all-round educatlon of sludenls: pastoral care; lh8 strenglh and dlvarsity of Iha communlty, connectlons wlth the wlder world: an outward.looking perspecllvo and innovative approach; and the highest standards In Ihe malntenance of Iha School's estatas. finance and complianca. All tho objectives seek to bllng about Ihe charitys overall alm as specif￿1 above. A particular focus wllhin the seven key oblectlves Is on partnershlps. ac¢ess to edu¢atk•n vla bursary support. and involvement In philanthropl¢ and ¢(K￿Munity Inttlatlves to ensuro the broadest P08slble publlc benefll boih localty 8fKI furthér afield. M•a8ur•m•nt of Obl•GIIv•s In fvrtherance of these objectives the Govemors. as charlty Irustees, have complied wilh their duty in seclion 17(5) of the Charities Act 2011 to have due regard lo the Charity Cornmission's published general guidance conceming Ihe operation of the public benefit requirement under that Acl. Strat•glc Report The Head and the Leadership Comnmttee continuo to lead the School and to fdltAY Ihe strategic plan a¢r￿$S all areas of the Schoofs operations laid out in 2021. This plan will receive final revlew during the acadernic year from 2024-2025. vthi¢h will determine renewed priorities looking ahead. Page 7 THE ABBEY SCHOOL, REAOING (A Company Llmlt•d by Guarant￿} GOVERNORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 The Sthool has reviewed fts use of space and has in plarA a ptan for all of its diverse sites. Thls plan seeks lo engure Iheir mo81 effecllve use as well 88 the best posslble contrhbution to Ihe local area and community. It also takes into account key environmental prlorities. This year saw the opening and first use of the new Sixlh Fomi Centre. an outstandiNJ and purposeful space for ¢ollaborative learning and study as well as acting as the base lor all Sixth Fomi students as they prepare fof life beyond sthool.. Al a tlmo when Ihe Independ8nt Education sector Is facing political and 9conomlcal challenges. The Abbe￿5 slrateglc plan remains resolutely focused on Ihe ac8demlc excellence and sense ol Joy that define this cornmunlty and Ihal make it one of Ihe countys foremost independent glrls, schools from >18. The School's wort( to athleve Ihese alms In the lives ol students and share them wllh Ihe wlder comrnunlty waj recognl$od wilh the award of Independenl Girts School of the Year 2024. As an Inlegral part of the strategic plan. Ihe School conlinuously looks to raise bursary funds to ensufa that glrfs can continue In the future to enjoy an Abbey Oducation whatever thelr financial clrcumstance8. ACHIEVEMENTS AND PERFORMANCE Summ•ry The Abbey at present educates around 900 glrls In a lfvely, vibranl leaming envlronment. As wo11 as our overall alm to equlp students lo achleve acadomic excellence and to live wllh confid6nce, purpose and joy, on Abbey education is built on Ihree values and three core prfnciples: Values Klndness Courage Honesty Prlnclpl•8 Every individual valued: Working with famili•$ to ensure that every indlvidual Is known and valued lor who thoy are Puttlng glrlG first.. glrfs laarnlng free from gend8r blas, free lo choosa any fulure Ihey vnnl, frae to play w4th Ideas 8rKI grow up ￿110 staying young Real-wortd opportunity. divérse and down-tO•earth students. lull of clty Sp1￿ arKI energy, r88dy to tak• up opportunities and tako on the Wofld: These valu•s arKI principles 8nsur• the School supports 88ch student lo bo motlvated by the ￿Y of what they do, and tho support of staff and peors, to achleva more than they would have imaglned posslble. In Ihe Slxlh Form ihe S¢hool offers Iwo windpal pathways.. Ihe A Level prograrnmé and the Intemational 8accalaureale Dipk)ma Programme. Resulls in both and in GCSES were again outstanding. At GCSE 89 % of rèsults were at 9-7 {A'_A>. In A Lev8ls almost 60°A of rosulls were al A".K In the IB Diploma more than 60% of sludents secured over 40 points and two studenls 8chleved Ihe maxlmum score of 45 polnls. Alkround education and porsonal development share equal Importance wlth a¢ad•mic succoss. The School offers eight principal streams of practical and creatlv8 actlvlty. muslc. art & des￿￿, drama. sport. textiles, food and nutrition. ouldoor education and a broad range ol club actlvttles. We regularly celebrate success end hlghllghts In all these areas. Abbey students routlnely a¢hleve tha highost levels In muslc examlnatlon and performance, play sport representatively for countSes and natlonally, and wln awards for treative and research work. This year The Abbey hosted the GSA'S Girls Go Gold conference. 550 students and PE staff from 40 schools came together to partlcipate in maslerdasses and to hear from Insplrallonal athletes. Dame Katherine Gralnger. Dame Denise Lowis. Sarah Hunter CBE and Fran Willlams were some of the Wofld dass alhletes sharlng their exp￿ances. In addltlon to Ihese streams of athlty, Abbey students embrace opportunlty for student leadershlp and to leam skllls Ihal wll help all students contrtt+ute lo their o)mmunlties. Thriving Duke of Edlnburgh, Abboy Award and Page 8 THE ABBEY SCHOOL. READING (A Company Llmlled by Guarants•) GOVERNORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Cfeativty, Aclivity and Service {CAS) programmes prepare students both for seThice and leadernhip in th• wlder worfd. Entire cohorts partlcSpate In voluntary programmes and charlty work and leam to collaborate and contribute. The School's core purpose is to develop o)nfidenc•. purpose and joy in students and this places personal development at the heart ol the educallon 11 offers. Students actfvely campaign in areas such 88 dlversity, Ihe envlronment. gender relallons and equallty. The desire to rnake a difference. the knowledgè and skills to do so effectlvely. and the reslllence and confldence lo see thlngs Ihrough are key elements In Ihe leadin9 educational eXperIen￿ the School provtdes. Bon•lklarlos of th• School's charltable WO￿ . partn•v$hlps wlth local schools and th• communlty The re¢8nlly crealèd ARCH programme was fvrther dev8lop6d Ihls y68f lo support and develop our communSty work. ARCH is a hub brlnglng together individuals and organlsations across Readlng to offer opportunilies and18aming experiences lo young people and to young women In p8rtlcular. ARCH events Include a range of activities to devew asplr8tlon 8nd sellrfllscovery 8nd tho programme has Involved worklng with 40 lo¢al organi58tions. 80 schools and thwsands of youn9 people to date. Hlghllghts thls year have Included: Girfs Advocacy evant hosted at Gfavs Inn, wlth student performances calobmting femal• pione•rs in t legal field, followed by a panel discusslon wllh women workln9 In low sharlng their perspecliv•s on loplcal Issues about oui ludiciary Explorfng Entrepreneurship wlth an arr8y of professlonal guesis from across Readlng, Includlng ke>Trole speaker Sir John Madejskl 08E, to Insplre new entrepreneurial JoumeyJ Explosivesl P8St, prnsenl and luture - a memorable 8xplor8tlon ol detonatlon with Prof•s6or Ja¢klo Akhaven Jo Trott Memor181 Lecture wilh Professor Russell Foster CBE explorlng circadian rh>thms and sleep. Dare lo be Different wilh keynote speaker Claro Balding. Readlng Fesuval ol sport hosled by The Abbey Junior School wlth rnorg than 100 students from 30 schools taking part In sport laster sessions and workshops. Tho Soclal Enterprlse wolect, where teams of siudents Irom indepandanl and mainlained schools came togolher to develop Ideas to improve their local communities, in collaboration with th• Henley Business School - a programme recelving natlonal iecognliion Sn Iho Finanthal fimes awards. ARCH will continue to transforrn our communty engagement, Identifying areas of shared mutual benefit to develop Ihe life chances ol a wld6 range of ￿n0 people across Readin9. Othèr b•neficlarf•$ ol lh• School's charltabl• work • charlty donaiions and olh•r Input Students and staff at the Abbey School remain keen to be involved In supporting outsldo charilies and other organi¥allons. Certaln members of slaff act as Gov•rnors al other s¢hool8. UrKler both the Intematlonal 8accalauroate Diploma Programme. which includes a 'Cr•ativity. Acllvlty and Servi¢o' componenl. and The Duke of Edinburgh's Award Scheme, which includes a volunteering strand - 6 months ol volunteering lor Sllver and 12 months for Gokl - our students have ampla opportunity to suppor1 local schools and the local community. Onco agaln. benefidaries have Included the Royal Berksh5re Hospltal and Macmlllan Cancer Support arnongst olh¢rs. In addition to much valued volunteer conlribulions. we collecled and made donations of over £6.000 lo a range of charities chosen by students, whith included Olversity Trust, Macmlllan, Pride, Jeans for Genes, Launchpad, Adventure Dolphin Pangboume, Young Minds, Children In Need, and Lakesld6 Care Horn8. Communlty Use of Fa¢llftl•s The Abbey SclM)018UPPOrts Its charllable objects wilhin Ihe commun￿/ by nmklng Its facllltles avallable for publlc benefil. We share our facilities. Including Ihe halls, the 811-weather sports pitches, Ihe gymnasium and the indoor swimming pool Wblh bcal sch¢x)Is and Community groups. Amongsl Ihe beneficLqries during Iho year were: GB Paralympic Rowlng T•am Page 9 THE ABBEY SCHOOL, READING IA Company Llmlted by Guarantee) GOVERNORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Hgnloy Symphony Orchestra No. 5 Charity Parenthesis Choir RAB8LE Theatre Reading Bowling Club Reading Half Maralhon Readlng Korean School Readlng Malg Vol¢e Cholr ReadSng Prayer Group Readlng School Readlng St Andrews Scottish Dancing Readlng Swlmmlng Club Readlng Tango Club Readlng Unlversity Hockey Club Readlng Univar¥ity Sub Aqua Club Readlng UnNerslty Swimming Club Reading University Water Polo Team Reading Wlldc8ts Lacrosse Club Royal 88rf(shlre H08pltal Paedkqtrlc Dlabelas Team Sc*ool of the Arts Dance wllh Sonia Brown South Chiltem Chor81 Ssxlety Swlm England West Forest Slnfonla En•rgy and Carf>on R•portlng 31 Augu8t 2024 En8rgy consumptlon In Kwh 3.879,910 Associated emlsslons In tonnes 767.26 Co28 Intenslty r8110 - tonnes 31 August 2023 3.373,835 648.88 0.76 0.65 Measures taken lo Improve energy eifidency Indude: Installation ol a number of new valvas and actuators on heallng systerns Ilnked to tho managlng Systern allowing groaler control over heallng throughoul ihe school Identifying. kxaling. and remedying water leaks identif￿d below ground Continuation of low •norgy and LED lighting inslallation prograrnme across the schod Installation of new, more efflclent. h•atlng circulation purnps In Ihe Science Block R￿aWa1 of two thlrty year old gas bollers. replaced with new cond6nslng bollers al Abbey Gardens, plus the installation of a new indired wal8r calorrfier. The sth¢ol has a¢hleved ESOS Slage 3 ¢ompllanc8 We have followed the 2019 HM Governmont Envlronmenlal Reportj'ng Guidelines. We have also used the GHG Reportlng Protocol - Corporate Standard and have used Ihe 2022 UK Government's Converslon Factors for Company Reportlng. The chosen inlensity measurernent ratio is lotal gross emissions In melric tonnes C02e per puFil. the recommended ralio for Ihe 8eGlor. Engagement whh omployeo4 The Sch¢￿1 is committed to regular and transparenl 8h8rlng of infomiatlon wlth all slaff and lo providing Page 10 ThE ABBEY SCHOOL, READING (A Company LIMIt￿ by Guarant••) GOVERNOR8, RepoRT (CONTINUED) FOR ThE YEAR ENDED 31 AUGUST 2024 opportunilies for ¢ollal)orative consultalion. Regular brtefings and meetings are held and tnforn)at¢on is also widdy dlssernlnated vla email. The School intranet ¢onlalns nows. policies. ar￿ other information, accesslblo to all slaff. Importanl updates affectlng employees are often shared In advance to allow for feedback and improvement belore final decisions are confirmed. With regard to dlsablllty tho 8d)ool's active pollGy is to prornole equal opportunitles and oppose discrimination on the grounds of disability. Engagem•nl wlth •uppll•r•. th• par•nt body, and other buslnM• r•latlon•hlp6 We recognise the need to maintain and foster good relationships wlth our suppllers, lh8 parénl body. end others. and we monitor closely our dlalogues wllh all of them. Our key bLJsiness markggers have all been in post for a number of years and have developed slrong and positive relationships wilh th08e wlth whom we deal. Payments duo lo us are by and large collected efficlantly and. when necessary, with s8nglllvlty, and wo pay staff and 8uppller8 promplly and 8￿rately, wlth supporting inlormation always provbded for darlty. On matter8 of schooling we engage positivèly wilh our pupils and their parents Ihrough a veri8ty ol activrties and communlcations. Many of these processes are two-way. we lislen carelully to the volces ol our highly articulate puplls and the valu•d feedback and opinK*ns of thelr parent8. The Abbey Parents, Sodety (TAPS) continues IQ go from Strength to strength to Improvè our $ens& of a shared cornrNnlty Stlll further. Promotlng Ihe su¢ce•s of th• 8¢hool Thé Gov8mor6 and ihe School's oxecutives seek successful oulcomes Irom all of th8 8¢livitl8s Ih8y pursue, In determinlng the most apprOp￿at8 way of achieving the desired results, Iholr declslons laka account ol Ihe interests of, arKI the impact ￿, the pupils, the paront body, staff, supp1lfj￿. Ihe environment, Ihe local Community, and all others Ilkely to be gffected. We strive continually not i)nly to malntain but also to enlwlce our hard-V￿n r•putallon for Int89rity and high standards of both conducl and 8chl8vement. FlnanGl•l AsslsLin The School ha8 a policy on finandal assislarKe, induding bursaries ol up 10 100%, and Ihls is adverfisod on its webslte, 8nd al opon day8. The Burs8ry Fund was estsbllsh6d over 30 y88rs ago wllh tho specific alm ol gener8llng lunds In order lo offer places to puplls WIK) wotsld otheThvlse not have accoss to educalion al th• school. The value of the fund 1$ £1million and will be maintalned al thls figuro. Academlc 8Gholar6hlp8 worth 10% of tulllon fees are offered (whlch bo supplemenled wlth a rn•an8*tosled 8ursary). Spo¢181161 scholarships are alrA) offered, Bupporfin9 ex¢ollen¢e In art. drnma, muslc and 8POrt. Parènts who rAnnot afford to pay the fees In full or In part can apply for a moarls-tesled Abbey School Finan¢lal Butsary. The Abbey School Scholarshlp and Buisary policy allows up to a lolal of 6% 01 the current level of annual gross 180 ineA)m8 for thesa award8. All awards are subject to sallsfactory allondanc•, conducl and progrèss. Temporary financlal assisiance May be available to parents who find thgmselves with short tonn financial diffi¢yltlgs. This is m8ans-test8d and offered at the discretion of Ihe Head. Wlder access lo Schooling was achlaved in 202312024 with a lotal of £350,000 (202212023 £294.000) awarded in scholarships. grants, prizes and olher awards. Some 53 hardship cases received finaneJal support amountin9 to £674,000 (202212023 £560,000) towaTds fees, equlvalent to 31 full senior feo places. 400kn ol tho puplls of Ihe Senior School {202212023 350A) rece4v8d sorng form of financial asslstance their fges. This figure does not Include staff discounts. Other pupll b•n•fllS The Child¢are Vouchers Scheme Is avallable. as is a third sibknng discounl. Incomo from Invoslm?nls Income from investsrnnts Is relnvested. whlle operatlng surplus is used to rnaintsin the scholarship and butsary Page11 THE ABBEY SCHOOL, READING (A Company Llmfted by Guaranl•el GOVERNORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 funds. Including terywrary flnancial asststance. The Investment fund is available lo support the bursary fund when required. FINANCIAL REVIEW Flnanclil Result• The consolldated Statemenl of Financlal Activltles on page 19 shows the Nel Movement In Funds for 2024 ag 8 surplus of £328,016 {2023 - 8 deficit of £391.775). Broadly speaking. thls represents the excess of incorne from temily lees and relaled actlvllle3. supplemented by don8llon8. fundrnlslng, and other Income. over the assoc18ted costs. The School had a 8urplus for the year of £326,301 (2023 deprgcialion arKI Interest is 12.4% (2023 6.2'/0). a defidt 01 £414.001). The surpkjs bofore Th• Balance Sheet on page 20 shows Net Current Llabllllle8 of £1.258,362 <2023 £7,363,593) but as Shown In Not8 22 and dlscussed below Ihe Govemors are satlslled that tho sthool generates positNe cash flow from lis operaling actlvlttes. has a strong asset base, and has consequently an assured future. At the close of 2022-2023 the school Completed 8 multi-year capital Investment projeet partly funded by bank finance. Al 31 August 2024 it has in place bank loans of £5.4rn ol whlch £4.9m falls due after more than year. In the oplnlon ol the Govemors tha market value of the land and buildings of the School18 nol lesg than the book value in Ihe accounts. InvMim•nl pollGy and p•rfonn4n¢• The overall Investment objeclives of th• School are lo create sufficient funds through income and capit81 in order to enable the School to carry out its purposes consistently. year by year, and with due and proper consideratlon for fulure needs. They indude tho m8lnl8n8nce of and, ff posslble, enhancoment of Ihe value of the Invesiod funds vthile they are retalned. The Schoofs Investrnenl perforni8n¢e 18 m888urad f•gulafly ag8ln8t 8 benchrnark, curr•ntly ftam￿ tha MSCI PIMFA Private Investor Balanced Index. For this ￿ar our total return of 8.1 % was poorer than the Index. which was 14.6%. The Schoofs Inveslmenls are man89ed by Charles Stanley and Company Llmlled under Ihe supervl8lon of Governors. Al 31 August 2024 Investments. of which the rnajority wore UK listed equitles. had a market value of £1,698.033 (2023 £1,570.829), of whith £1.000.0(10 represented designated funds. Thelr market valu• at 31 August 2024 contr5buled lo a net Investment galn of £101.013 {2023 a loss of £88,583). The Govemors are authorised by the Memorandum of Assodation lo Invest monies not immodi8tely required for the Sthool's purposes In Inveslments. 8oCUritlas or pr¢)perty a$ may be ihought fil. R•••rve8 Pollcy The Govemors, pollcy Is to bulld up fund$ ouiiof annual operating surplus68. sUb￿Ct lo Ihe prlor demands of fvrther capital expendlture. to equip tho School'wllh the up4￿date facllllies needed lo malntoin the standard of educatlonal servlces currenlly provided. The Govemors aim to maintain general reser￿6 equivalont lo at laast 3 months of operdting expenditure for the school. Exduding the designated Bursary Reserve of £1m. general reserves at 31 August 2024 were £15.6m thlch represents nine months of unreslrlcted operating expendlture. and provides additional Ilnanclal flexibility at a tlme of signlficanl capi101 Investment. These reseNes ensure the school can fulfU and complete its charitable obligations and cornmStments. Notes 20 and 21 show Ihe allocatlon of the rosep4es between th0￿ deslgnated for speejfic pu￿0$95 and those available for the day to day requirements of Ihe School. Page 12 THE ABBEY SCHOOL, READING (A Company Llmltsd by Guarantse) GOVERNORS. REPORT (CONTINUED) FOR THE YEAR eNDED 31 AUGUST 2024 GOING CONCERN The Governors review the School's financial performance and plans at each Councll meeting, usually 4 per year. along wlth our prfn*al financlal risks. In March, and again in Juno and September, Ihe Councll was satisf￿d that the School had suffldent rosources to ¢onllnue ongolng and future operallons. Worfd events and general economlc clrcumstances are regularfy Considered for how Ihey rnay affect the school by the Govemors. Flnance and General Purposes Comrnittee. Thls year partlcular attenllon has bean focused on the government's declslon lo apply VAT to independenl education, its conS￿U8nCeS lor the current year and the potential impact It could have on future period$. Al meoiings ihls auiumn in Oclober and November the Committee reviewed forecasts and projections lo ensure that the School remalns financially viablo. Wilh regard 10 the next 8ccountlng perlod. the year ending 31 August 2025, and Ihé year thereafter. the most slgnlflcanl mattar likoly 10 8ffecl the School's financial posits'on Is Studenl numbers. Th1$ key matric is closaly monltofed. as are njnnlng costs. both those within tha school's dlrect control and olher8 such as those associatod wlth ulllltles and borrowlng8. The School has a slrong asset base and gen•rates 8 posltlv6 cash llow Irom Its operatlons, and the Gov•mows WMI contlnue lo monllor 8nd rovlow flnancl81 and opera1￿￿ plans wlth the School's executive team io rnaint8in a robust financial looting as we move foTh¥ard. We ara of the opinion Ihat the charlty wlll continue to have suffici8nl resourcès to rnéet Ils Ilabilitles as they fall due and as such we fematn satisfied thal The Abbgy S(*ool can continue ¢)per8ilng for tho foreseeable future. Our accounts for the year ended 31 August 2024 have been prnparad in the knowtodge thal Ihe Sch¢)0158 8 flnanclally vlable organisgtion. RISKS AND UNCERTAINTIES As discussed above, the school depends on Income frorn Its sludent body, so any change in nurnbars brings wilh It financial consoquencas. Our regular revlew of currenl and projgcled pupil number6 provldes a check that our txjdgets for futuro yaar6 aro as realistic as p0661bl8. NoVOrtheloss. an unexpected fall in pupil numbers would represenl a signrfKanl risk lo the School. causing a failuTa to meel financial outcomes on ￿tCh future Investment and other expenditure decisions are based, so any significant reduction in actual or forecast numbers would prornpt immediate revlew and aclion. Economlc unc•rtalnty Is also nalurally a slgnillcani factor for parènts curranlty fundlng. or conslderfng for Ihe future, edu¢ation in the independenl school s8Ctor. Th8 future economic Impacl ol UK poliiGS and wodd events Is dlffi¢ult lo forecasl and th8 Goveming Body, with guidance from the load Govemor for Ris1(, Audll and Compllance, wlll continue to rnonitor this douly. Health and Safety, bearing In mlnd not least the potential Ihreal of a further pandemlc J3 oxpert8n¢ed with Covld- 19. also represenl slgnificant areas for rlsk management. So loo. physlcal rlsks from fire and other damage to infrastructure. and personal rfsks. partlcularfy away from the campus on trlps and expedlllons. There Is a ffjgular rlsk audil, and continuity plans afe in place io ensure the school contlnues to function effeclively In the event of a malor Incident such as fire or flood. FUTURE OBJECTIVES The Govemors and Ihe Leadershlp Commlttee onco agaln look forward posltlvely lo Ihe challenge8 Ihat lie ahead, and remaln commltted lo keeplng The Abboy at tho foiefront of thcatlon. Over Ihe a¢ademlc year 2024-2025, the Leadership Committee maintains two key slralegic priorlties. The firsl is a revlew of the Strategic Plan 2021. The plan defines seven goals ranging across the studenl experience, our communlty, and the luture: Sludont Exp•rl•n Acad•ml¢ •duc3tion. We seek to provlde excellence and curriculum breadlh. valulng and celebralwig each indlvidual's personal best endeavour and prloritising curiosity and the love ol leamlng. We aim lo ensure outstsnding results supportlng access to competilive out￿eS and encourage ambilion. rango and Page 13 THE ABBEY SCHOOL, READING (A Comp•ny Llmftod by Guarantee) GOVERNORS, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 indivlduallty In the next stage of our students, education. Allwround •ducatlon. We seek the wdesi range of actlvltigs and greatesi opp￿unlty for sludent leadership in the Covcurrlculum. strelchlng tha most 8ble and encouraglng tha partlclpallon of all. Pastoral care. We seek to help students build resllience and positive rnenlal health. understandiw how to look after themselves and others, and to provide the righl support qulckty when it is needed based on knowing and valuln9 each student as Indlvidu81s. Communlty P•opl•. We seek lo develop and ¢elebrale the experlence of leaming and worklng at The Abbey to ensure contlnued strong numbers of diverse and talented 8pplicaUons from Staff and students. supported by a far- reaching bursary programme. We fecognise that our slrangth as a school Is founded on the generous and wthole-hearted commitment of remarkable 8tudenls and slaff. Conn6ctloTrs. We seek to pr¢mote an Induslve sense ol comrnon purpose and belonging across Qur ovm communlty ol Students. sl8ff, famlli88 arKI alurnnae and to rnake connecllons both locally and globally. We encourage mèaningful participati¢)n In phllenthropic and wfder communlty initiativés to l)ring mutual benefit and enrichment to as wlde an audience as possiblo. Futur• Oulward4ooklng p•rnp•ctlv• and Innovatlon. We seek lo foslor an International ouilook that champlon8 dlversity and encourages engagemenl wllh the world. We look to play an actlve part in the wlder educational arena and commlt to a culture of open self-evaluation drlvlng innovatlon and lrnprovement. Estat•$, Ilnanc• and compllance. We seek to malnlaln and develop our estate. our financès and our bursary programme suslalnably. wilh confidence and good $8ns8 and to ensure finandal good hoalth based on appreciallon for Ihe support and commitmenl of our famill•s. Wo look to meet and exceed compllaDce standards in all areas ol our operalions. Over the couise of the year Ihe School wlll assoss Fyogress agalnsl these goats 8nd use Ihat assassmenl lo. renew prioritr'es looking ahoad. The ￿e0nd prlority is lo delSver an addilional, short-tefm set ol Immedlala slrateglc targets; The Abbey RE. IMAGINED. Togalher these targeis form our response to the change in conditions Ilnked to the inlroduction ol VAT on Independent educallon. Govemors and the Leadershlp Commltteo are delernilned to take Ihls opportunlty to adapt lo provide the gr8atest possible efllclency and valu8 in whal the School offér5. whlle maintainlng and In many araas Improvlng the quality of edu￿tiOn and axperlence. The RE-IMAGINED programme Is about ensuring the outstandln9 Abbey experlence Is smarter. bolder and stronger, long into Ihe lulur8. Measures Indude currlculum Ovefhaul, additional wovision In the Junior School, bettgr support for the studant loumey and fvrther enhancements to our leading syslom of pastoral care. STATEMENT OF RESPONSIBILITIES OF COUNCIL The Governors {%tho are also direclors of The Abbey School for the purposes of company law and trustee8 for the purpose of charily law) are responsible for preparing the Govemors, Annual Report {Incorpowating the strateglc Report) and the finandal statementg in accordance wllh applicabl• law and Unlted Klngdom Gonerally Accepted Accounting Practice (United Kingdom Accounting Standards). Company law r6quir8s the Governors to prepare financlal statements for each ffinancl81 year. Under company law Ihe Governors must not approve the financial statemenls unless they are satisfied It￿1 Ihey glve a tfue and falr vlew of Ihe slate of affairs of the charitable company and the gn)up erKI of Ihe incomlng resources and application of resource8, induding the income and expendlture. of the charitable group for that period. In preparing th&8e financial statements. the Govemors are required lo: select suitable a¢counling polkies and Ihgn apply them consistently; obsfjrve the meihods and prlnclples In the Charilles SORP: make Judgements and estlmat8S Ihat are reasonable and pNdent.' Page 14 THE A88EY SCHOOL, READING (A Company Llmlt•d by Guaranl•e) GOVERNORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 state whether applicable UK accountlng standard8 have bgon f￿10￿d, subiecl to any matsrfal dopartur•s disclosed and explained in the financial stalemenls: and prepare the financial slatements on Ihe going concem basis unless it is inapproprlate lo presume thal the charftable company will contlnue in busin&8s. The Govemors are responsiblo lor koeplng adequate accountin9 records thal are suffldent to $hr)w and explain tho Charitable companls transactions. disclose wlth reasonable accuracy at any time the finandal posltlon of the charitable cornpany and enable them to ensure Ihal Ihe financial statements comply with Ihe Companies Act 2006 and the provisions of th8 charity's constitulion. They are also responsible for safegu8rdlng the assets ol the charity and the group and hence lor iaking reasonable steps for the preventlon and detecllon ol fraud and other IrregularSlles. PROVISION OF INFORMATION TO AVOITOR Each of the persons who are Govemors al the time when this Governors Report is approved has confinned that: so far as that Governor Is aware, Ihara Is no ralavant audit inforrnation of whlch the School's audllor ar• unawarn; arKI that Governor has taken all steps Ihal ought to have been laken as a Governor in order lo be awaro ol any relevanl audlt Infomlation needed by Ihe School's auditors in conneGiion with weparin9 their report and to establish thal the School's audltors are aware of that tnfomialion. AUDITOR In accordance with Section 485 01 tha Companies Act 2006, a resolut4on proposing ihe re•appointment of Jarnes Cowper Kreston a8 audilors to Ihe company will be put to a Speclal Gèneral Me8tiThJ. Thb8 Annual Report, prepafod undor the Ch8rltle8 Act 2011 and the Companle6 Act 2006, was apprO￿d by tho Govemlng Body ol Th6 Abbey School at a Special General Meeling on 4 Decembor 2023. Including in tho capaclty as company directwJ approving the straiegic Report containod Ihereln, and Is s5gned as aulhorised on its behalf. Approved by ord6r of th? mombers of th• board of Govomors and signed on thelr bahalf by. Mrs E A Harrlson (Chair of Governors) Date: Mrs J Butler FCA (rrustee) Pag8 15 THE A88EY SCHOOL, REAOING (A Cornpany LImIl￿ by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE ABBEY SCHOOL, READING Oplnlon We have audited the financial slatements of The Abbey Schocl, Reading (the 'parenl charilable companl) and its subsldiarles (the 'group') for Ihe year ended 31 Augusi 2024 whlch comprfse the Consolldated Statement of Flnanclal Actlvttles, Ihe Conp•olldated Balance Sheet, the Company Balance Sheel, the Congolldaled Siatement of Cash Flow3 and the related fK)tes. Includlng a summary of significanl accountlng pollcles. The financial reporting framewowk that has been applked In thelr preparatlon Is applicable law and United Kingdom Accountlng Standards. Inc4LKling Financial Reportlng Standard 102 The Financial Reportwry Standard applicAble In the UK ar￿ Republic of Ireland. (Uniled Kingdom Generally Accepted Accounling Practica). In our oplnlon the Ilnandal stat8m9nts: glve a true and falr vlew of the state of the Group's and of Ihe p8r6ni Charitablè eompanYs affairs as al 31 August 2024 and ol Ihe Group's Incomlng resources and appllcallon ol resources. Includiry its income and expendlture lor the year then ended; have been property prepared In accordance wlth Unfted Klngdom Generally Accepled kMunllng Pr8ctlce: and have been prop8rod In accordance wlth the requlrements ol the Companles 2006. 8a818 for oplnlon W¢ conducled our audlt In accordance with Internatlonal Slandards on AudltSng (UK) (ISAS (UK)) and appllcablo law. Our responslbllllles under Ihose standards arg further described in the Auditors, responslbllities for the audit of the financlal slalements sectlon ol our report. W8 8r8 ind8pand8nt of tho Group In accordancè wlth ihe elhlcal fequlrernents that arn rolev8nl to our audit ol the fin8ncl81 $18lements in Ihe Unlled Klngdorn. Indudlng ltr Fln8ncl81 Reportlng Councll's Ethlcal Standard, and we have fulfilled our other ethlcal responslbllltles in accordance with these requlrements. We belleve that Ihe audit evidence we have obtalned Is sufficlent arKI approprlato to provkl• a basls lor our oplnion. Con¢luslon• r•l•iing to golng conc•rn In audrtlng the llnanclal staternenis. w8 IklV8 concluded Ihat th8 Govemors, use of the golng concem basls of accountlng In Ihe preparallon of Ihg Ilnanclal siatemonts 1$ 8ppfopflate. Based on the worf( we have performed. we have not Sdentified any mat•rfal uncertalntles relatSng lo events or condits'ons that, individually or collectively. may cast slgnificanl doubt on the Group's or the parent charilablo companls abillty to continue as a going conc*rn for a period of 81 leasl Iwelve monlhs from when Ihe financial slatements are aulhorlsed for Sssu8. Our rgsponslbilltles and the responslbllilies of the Govewnors wilh fespecl to going concom are descrlbed In the relevant s?cth)n$ of this ￿POrt. Page 16 THE ABBEY SCHOOQ READING (A Company Llffllt•d by Guarnnt••l INDEPENDENT AUDITORS. REPORT TO THÉ MEMBERS OF THE ABBEY SCHOOL. READING (CONTINUED) Olhor Informa15on The olher informalion comprises Ihe Information included In the Annual Report other than the financial statements and our Audilor5' Report thereon. The Govemors are responsible for Ihe other inforniation conlainod withln the Annual Report. Our opinion on the finanGSal Staternenls does nol cover Ihe olher informatlon and, except to the extent otheTh¥ise explicilly stated in our report, we do nol express any fomi ol assurance conclusion thereon. Our responsibility is to read tha olher infomialion and, In dolng so. conslder thther the other informallon is materially inconsislenl wilh the financial statements or our kr￿wledge obtained in th• course of the audit, or otherwise appears lo b8 materfally m5sslatsd. 11 we Identlfy such materlal Inconslslendos or apparent mat8Aal misstat•m•nls. we are rnqulred lo deterrnine whethef thls glves rf8e to a malerial misstal￿onI in Ihe finandal statements themselv8s. If, based on th8 V￿rk we have perfomied, we condude that Iharé is a material mlsstai8menl of thls other inlomialion. we are required to report thal fact. We have nothing lo report in thls rng•rd. Oplnlon on other matt•r8 pm￿rIbed by the Companlo• Act 2006 In our oplnk>n, ba88d on the work undertaken In Ihe courna of the audtt: the Informalion given In tho Governors, Report IncludltvJ the Strategic Report for the finandal year for wh5ch the fin8ncial st8ternents are propared is consistent with thè financial slatgments. Ihe Govemors, Report and the strateglc Report have been prepared In ac￿rdanC4 wllh appllcable le981 requlrements. Matters on whlch we ar• r•qulred to r•port by •xc•ptlon In the Ilghl ol our knob￿ge and underslandlng of the charftable company and ils environment obtained in th• course of the audll. we have not klontlfiéd m81erlal ml8ststomants In Ihe Gov•rnor4' Report Indudlng the Strateglc Report. We have nothlng to raport in respe￿ of the following matters Sn relatlon lo which Companles Act 2006 requlres us to report to >r>u If, In our cpinion: pargnt charitable company has nol kept adequale arNI suffi¢>ont 8¢¢￿1n11n9 records. or returns adequate for our audit have not been received from bwarKhes not visited by us: or the parent tharitable company financtal statements are not in agreement with tho accounting records and return6; or (wialn dlsclosures of Governor8. remunerati¢)n speclfiad by law are nol made: or we have rtot r8¢6￿ 811 lh• infomiatitih and éxplanations w• requiro for our audil. R•spon•lbllltl•s of trusleos As explained more fully in the Govern￿$, Responsibililies Statement, Ihe Govemors (*l)o are also the directo of the charitable company for the purposes of company law) are responsible for the prepaiation of the financial ststemenls and for being satisfied that they give a Irue and fair view, and for such Internal ￿ntrol as the GovemorJ delerrnine is necessary to enable the preparalion of financial statements that are free from malerial misstaiemont. whether due to fraud or error. In preparfng the financial ststements. the Govemorn are respl￿81b1e for assessing the Group's and the parent charitable companls abilty to contit)ue as a going concern. thlosing, as applicable, matters relaled lo go¥ concem and uslng the golng concem basis of accounting urtess the Governors intend to liquidate Ihe Group or the parent charitable company or to cea8e operalions. or have no reallsiic aiiomativo bul to do 80. Page 17 THE ABBEY SCHOOL, ReANNG IA Company Llmll•d by Guarantm) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE ABBEY SCHOO￿ READING (CONTINUED) Audltor•' r••ponslbllltl•8 for th• audlt of th• flnanGlal $tsl•m•nts Our obleGtives are lo obtain reasonable assurance about whelher the financial statements as a whole are free Irom material mlsstatement. vthelher due lo fraud or error. and to Issue an Audltors. Report that Indudes our oplnion. Reasonable assurance is a high level of assurance. but Is not a guafanlee th8l an au(lit conducted In a¢cordanco wlth ISAS (UK) will alwa>B detect a malerlal rnlsstatement when tt exists. Mlsstalemenls can arlse Irom fraud or error and ar• conslderad materlal If, Indlvrdually or In Ihe aggregate. they could rnasonably be expected lo Inlluence the economic declslons of users taken on the basis of these financial statements. Bacause of th• Inherent limitations of an audit, there Is a risk Ihat we will not detect all Irregularilies, Including Ihose leading 10 8 material misstatement in Iha financlal stalements or non-compliance with regulation. Thls risk Increases the more ih81 compllance wlth 8 law or regulafjon is rernov￿ from tho events and Iransacilons reflect￿ In the financial statement8. as we wlll be less likely to became aware of Instances of non-compliance. The rl8k Is also greater reg8Tding Irregularltles occurrlng due to fraud rathar than em)r. 88 fraud Invofvas intenth)nal concealmenl. lorgery. colluslon. omission or rnisrepresentatTron. The speclfic procedures for Ihls en9agernent th81 we designed and performed to de¢•ct rnalarlal rnlsstatements In respect of Irre9ularilSes. Including fraud, wewe as follows: Enqulry of rnanagement and those Gharged wilh govemance around actual arrfl potentlal Iltlgation and clalms: Enquiry of managemént and th088 charged v41th 90￿manCe to Identify any rnaiarlal Instsn￿9 of non- compliance wilh laws and regulatM)ns; Roviewlng fln8nclal statement disclosure8 and tsstlng lo supporting documentation to 8S8es8 Cornpllance wSth appllcable laws and regulatlons: Performing audit work lo address tha rlsk of Irregularili98 due lo management override of control8. 5nduding testlng of Iourn81 enlrles and olhar adlu8tmenls lor 8ppfopTiateness. evaluatlng the busln8ss ratlonale of slgnfflcant tran$action8 outside the normal course of bustness and revlewing accounting estlmates for ovldenca of bia8. A furthfrr description of our re8ponsibilitios for th6 audlt of Ihe financlal stalem•nts is l(Kaled on the Firon¢ial Reporting Council'8 webslte al: .frc.o audiiorsr itle This desulpiion lorms part of our Auditors. Report. Page 18 THE A88EY SCHOOL READING IA Company Llmh•d by Guarnnt••> INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE ABBEY SCHOOL, READING (CONTINUED) Use of our report This report is rnado solely io the charitable companl8 membern. as a b¢xly, In aco)rdanc8 Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so Ihat we mlght state to the charilable companls members Ih058 matters we are required to state to them In an Audltor6' Report and for no other PUfPOSe. To the fullest extent pemiitted by law, we do not accopt or assume responsibluty lo anyone Olher than the charltabl• company and its members, as a bodyi for our audll woik, lor thls report, or lor lh• oplnlons we have fomied. D•rr•n Iyconnor 8Sc (Hon•l FCCA ACA (S•rblor Statutory Audltor) foi and on behalf of James Cowp•r Kr•ston Audll Chartered Accountanls and Stalulory Audilo Reading Bridge House George Street Reading RG1 8LS Dale: 9 December 2024 Page 19 THE ABBEY SCHOOL, READING IA Company Llmlt•d by Guaranté•1 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITies (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2024 R•strlct•d Unr••trlclèd funds lunds 2024 2024 Total funds 2024 Total lunds 2023 Note Incom• from: Donations and legacies: Donallons Ch8rltable 8Ctlvttie8: School Fees Anclllary Income Other tradlng actlvSlles: Tradlng In¢omo Non•anclllary seTvIc86 Investments 2S2.$00 29,713 282,213 45,937 19,410,361 1,786.092 19A10.361 1,786.092 18,315,834 1,532.908 145.683 46.680 90,151 145,683 145,237 43,579 41.325 90,151 Total In¢om• 252.500 21,508.680 21,761,180 20,124,820 Exp•ndltur• on: Ralslng funds Charltabl8 8Ctlvltles 10 40.999 21.486.178 46,999 21.487,178 48,916 20.379,096 1,000 Total •xp•ndllur• 1,000 21,533,177 21,534,177 20.428,012 In¢om•l(•xpondltur•) b•for• n•t galnsl(108$es) on Inwstrnents Noi gainGI{108608) on investments 251.500 (24,497) 101.013 227,003 101,013 {303,192) (88,$83) N•t mov•m•nt In fi•nd$ 251.500 76.516 328.016 {391.775) R•con¢lllJtlon of lund•: Total funds broughl forward Net rnovement in funds 41.871 2S1.500 16.624,115 76,516 16.665.986 328.016 17,057,761 (391.775) Total fund• ¢arrlod forward 293.371 16,700,631 16.994.002 16,665,986 The Consolldated Slalement of Financial Activili6s Includes all galns and lo$$e$ r•cognlsad In the year. The noles on pages 2610 45 fom part of those Ilnanclal statements. Page 20 THE A88eY SCHOOL, READING (A Company Llmhed by Guaranle•) REGISTERED NUMBER.. 00133676 CONSOLIDATED BALANCE SHEEr AS AT 31 AUGUST 2924 2024 2023 Not• Flxed a$s•ts Tanglble assets Inveslments 14 22,692,339 1.698,033 23.891,550 1.570,829 24.390,372 25,462.379 Curr•nt asrAt• Deblor8 Cash al bank and Sn hand 16 438,755 2,984,675 569.391 638,845 3,423,430 1.208.236 Credltorn: amounts falllng due wllhln one 17 (4,681,792) (8,571,829) Net curr•nt Ilabllltl•• (1.258,362) (7.363,593) Total assots less curnnt Ilablllll•s 23.132.010 18.098,786 Credltors: amounts lalllng du'e after mora Ihan on• year 18 (6,138,008) (1,432,800) Total n•¢ a•8•ts 16,994.002 16,665.986 Chaylty funds Reslrlcted lund8 Unre8trlcted lund8 20 293.371 41,871 D•signated funds Gonoral funds 1.084.330 15.616,301 1,084.330 15,539,785 Totsl unrostricted funds 20 16.700.631 16.624,115 Totsl fund• 16.994,002 16.665,986 The Govemors acknowledge their responslbilities for complying with Ihg requlrements of ts Ath with respecl to accounting record5 and preparatlon of finandal statements. Page 21 THE ABBEY SCHOOL, READING (A Company Llmlted by Guarantee) REGISTERED NUMBER: 00133676 CONSOUDATEO BALANCE SHEET (CONnNUED) AS AT 31 AUGUST 2024 The flnanclal statwnents wwe approved and authort8ed for188ue by the Govemors and Signed on Ih•lr behall by. Mrs E A Harrfsoft BA (Honsj MBA JP (Chair of TnAtees) éir8 J Biid•r FCA Data: 2 O+ N•1 Currnnt Ilabllltl•s (1,380,866) (7,484.380> Total a8Mts108s cuffent Ilabllltl•8 23.009,508 17,978.001 Creditors". amounts falling due aftor more Ihan on• year 18 16,138,008) {1.432.800) Total net usets 16,871,500 16.545,201 Charlty funds Reslrlcted lund8 Uniestrkted funds 20 203,371 41,871 De8ignai•d lunds General funds 20 20 1.084,330 15.493,799 1,084.330 15.419,000 Total unrestricled funds 20 16,578,129 16,503.330 Total funds 16,871,500 16.545.201 The Companys net rnovement in fvnds for the year was £326,299 {2023 - £(413.660)). Page 23 THE ABBEY SCHOOL, READING (A Company Llmlted by Guarante•> REGISTERED NUM8ER: 00133676 COMPANY 8ALANCE SHEET (CONTINUED) AS AT 31 AUGUST2024 The Governors acknowledge Iheir responthllttl8s for C￿Mpl￿ng wlth the requlremenls of Ihe Act with respect to accountin9 reccfds and preparalion of financlal statements. The financial Siatements were approved and authorised for Issue ty Ihe Govemors and ￿gfted on their behalf by: ZOiKIthL +laxK Mrs E A H•rrl8on 8A (Hon8) fviBA JP (Chair of Tfustees) Oat•: Mrs J 8iitl•r FCA Thé notes on pages 26 to 45 form part ol thesè financlal 8lat&ment8. Page 24 THE A88EY SCHOOL, READING (A Company Llmlt•d ty Guaranto•) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Cash ffl0￿ from op•ratlng actlvltl•s N61 Cash used in oper￿Ing activities 3.949,094 3,287,323 Cash flow8 from Inv••tlng •¢tlvlll•s Dividends and interest on investment portfolio Purchase of langiblo fixod assots Purcha80 of inveslmenl8 Receipts from sale of investrnents 90.151 41,32S (655,477) (7,593,525) (397.231) 1355,355) 379.164 320.529 N•t G••h u8•d In Inv••tlng actlvlQl•8 {583,393) (7.587,026) Cash flovrd from IlnanGlno actlvltlos Recelpt ol new bank loan Repayinents ol bom>wing Interest pald 1,000,000 3,000,000 (232289) 1122,638) (434,672) 1140,393) N•t ca•h provld•d by flnanclng •cllvttl•8 333,039 2,736.969 Chang• In c••h •nd ¢••h •qulv•l•nl• In th• y••r Cash and cash equlvalents al the be9iniNng ol the year 3,698,740 (1.562,734) (714,065) 848,669 Cash and cash •qulvalert• at th• •nd ol th• y•ar 2,984.67S {714,065> The notes on pages 26 to 45 forni part of these financial statements Page 25 THE ABBEY SCHOOL, READING (A Company Llmlt•d by Guar•nt••l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Gonernl Inforni•llon The Abbey School. Reading Is a charfl8ble company limlted by guarantee (reglstered nurnber 00133676 and charlty number 309115), incorpofated In England and Wales under Ihe Companles Act 2006 and Ihe Chafttles A(a 2011. The addre8s ol Ihe regislered olfice is given within the Govemorn, Officers and Adv180rs Seciion on pagg 1 and 2. Ac¢ountln9 pollcl•• 2.1 Ba•18 of pr•pafatlf*n of Ilnan¢lal statements The Ilnanclal statements have been prepared In accordance with Ihe Charltles SORP (FRS 102) - Accounting and Reportlng by Charftles: Stalement of Recommended Practlce applicable to chaflties preparln9 Ihelr acLx)unts in accordance wlth Ihe Flnanclal Reportlng Stand8rd appllcable In the UK and Republtc of Ireland (FRS 102) (effective 1 January 2019). the Flnancial ReportSn9 Stsndafd applScAble In the UK and Republlc ol Ireland (FRS 102) and Iho Conwarde8 Act 2006. The Abbgy School. Readlng meets the definition of a public benefit entlty under FRS 102. Assets and liabililles are Inltially recognI￿d ot hlslorlcal cost or trnn88clion value unle88 otherwlse 81818d In Ihe relevant accounli'ng policy. The Cor•8olldatad Statement ol Flnan¢ial Acil￿e6 (SOFA> and Consolidated 8alance Shegt consolldate the financial statements of the Company arKI Ks subsidiary undertaking. The results of the subsldiory aro consolidated on a Ilne by line basis. The Company has taken advantage ol the exemption allowed under sectlon 408 of th8 Companles Act 2006 and has rK>I piesented Its owr• Stalement ol Financial Adlvttles in these financial 810tem8nl8. 22 Ba•l• of con•olldatlon The group accounls consolidate th• accounts of The Abbey Sthool, Readlng and its subsldlary undart8klng, Abbey Commerclal Enterprises Lirniled on a Ilne by Ilna basls. The ac¢ounts are made up lo 31 August 2024. No separale statemont of flnancl81 act5vities or income and expenditure has been presented for the (*arltable company alona as pemltt6d by the Companles Act 2006 and the. 2015 Charllles SORP. The results of the subsidiary undertaking for Ihe year are d13c1098d In note 1S of tha accounts. FRS102 allows quallfylng enlftles certaSn disck)sure exemptiork8. The tharlty, onty, has taken advantage of Ihe exemptions for the following disdosure requlrement: Secti(m 7 'Statement of Cash Flows. . presentatfon of an entity only Slatoment of Cash Flow and related notos and disclosures; and from the finandal Insiruments dlsdosur89, required under FRS 102 parn 11.40 10 11.48A and para 12.26 to 12.29, as th8 inf0m￿tIon is provided in the Group financial disdosures. 13 Golng ¢on¢¢rn The Governors have con8ldered the yearf8 net movamant kn funds. the prnlected gross operaiing surplus and cash flow proioctions ft)r future years, all sublected lo sensltivlty analy31s dependeni on studenl numbers. They condude that vritrmn. arKI without exceeding. the arrangements 8slablbSt wilh th•ir bankers Ihe Sthcx￿ will be able to rneel Its Ilabllitigs as Ihey f*1 due. Page 26 THE ABBEY SCHOOL. READING IA Company Umlt•d by Guarantee) NOTES TO ThE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounlln9 poll¢les (contlnued) 2.4 In¢omlng r••ourc•• All incoming resources are included in Ihe statement ol finanoal actfvities wthen the charitable company is iegaiiy entitled to the income and the amount can be quantified ￿ryth reasonable accuracy. 2.5 F•es and slmllar Incom• Fees receivable, charges for 8eNlce8 and u88 of premlses are accounled for In th• period in whith Ihe seryice is provided. Fees r8celvable are slated after dedu¢ting allowancag, gcholarships and other remissions granted by the school. Means tested butsaries whlch provide financial assistance to parents. are treated as expendllure from the designated fund withln the statement of financial actlvllles. Fees recelved lor educatlon lo be provided In future years are c8ffSed fornard as advance foe scharne payments and 188s recelved In advance in the balance shoot. Thaso fees are released to Ihe $taternent of financlal 8ciivitles over the period In whbch tho school provid•s the servlces In fijlure 2.6 Donatlon• Donaiions received ft)r the general pu￿•Se$ ol thè School are credlted lo unrestrlcted lunds. Donations subject to SP8cIf￿ wishes of the donors are creditod to the relevant restricted fund. 2.7 R•8ourc•s •xpend•d Rasources expended are accounted for on an 8cGrual bas18, Resources expended are allocaled 10 specific activities wilhout the need for apportionmfjnt. The Irrecoverable demenl of VAT Is Snduded withln the item of expense lo ￿lch It ralaies. Exponditure In roSPaCt of the other support cosls of the School indudos recfullm•nt costs and or81 offic8 c08ts includlng governar¢* costs. 2.8 Scholarnhlps and burnarf•• Scholarships and bursaries, along ternporary financlal asslstsnce arg tharged io tho staloment of financial activilies in the year in which they are granled. 2.9 T•nglbl• flx•d asMts and d•prncl8tlon Tangible )Ixed assels are inillally recognised at cost. After recognition, under the Gosl model. tanglble fixed assets arg moasured at cosl less accumulated deprecialion arHI any accumulaled impairment losses. All costs incuffed lo bring a tangible fixed asset inlo its inlended worklng condltk>n should be induded in the measurement of cost. Page 27 THE ABBEY SCHOOL, READING (A Company Llmll•d by Guarante•) NOTES TO THE FINANCIAL STATEMENTS FOR ThE YEAR ENDED 31 AUGUST 2024 ¢ountlng pollcl•s (¢ontlnued) 2.9 Tanglblq flxed as••ts and d•pr•¢latlon {¢onQlnu•d) Depreciation is provided on all tanglble fixed assets except land %thlch is considered lo be of negligible value. and Is charged so as to allocale th8 CQ8l of tangible fixed assetg less thelr residual value over thelr eslimatad uselul Ilvas. uslng the stralght41ne method. Depredatlon is provided on the followlng basis: Freehold building Freohold improvernents Motor vehldes (Xher equ5pment Computer equlpment 2% per annum on cost 10% per annum on cost 25Yo per annum on co$t 10% per annum on cosl 33% per annum on cost Items coslng less than £5,000 are wrltten off 8$ an expense as acqulred. 2.10 Inv•8tm•nts Flxed asset Inveslments aro 8 fom) of financial Inslrument and are Snlt1811y recognlsed at thoir Irans8¢tlon cost and subsequently measured 8t fair value at the Balance Sheet dale, unless the value cannol b8 measured reliably In wthlch cas8 it Is measured at cost less Impalrm8rit. Investment galns and losses. whetror realised or unreallsed. ale cornbined arrtl pro$ented as 'Galnsl(Losses) on Inveslfflents, in the Consalidated Statement of Financial Activiti8S. Investrn8ntg In sub$ldlarle8 aro valued al Cost le88 provlslon lor Imp8lmienl. 2.11 D•btor• Trade and other debtors are recognisod al the settlernent amount. Prapayinents are valued at amount prepaid. 2.12 Cash at b•nk and In hand Cash at bank and In hand Includes cash and short-terni hlghly Ilquld Inveslments wlth a short maturity ol three months or186s from ihe date ol acqulsltion OT opening ol tho deposil or slmilar account. 2.13 Llabllltl•• and provlslons Ll8bllitios are recogn18ed when there is an oblig8llon at Ihe Balenca Sheol date 8$ 8 resull of a past avant. It Is probablo that a transfor of economlc benefit wlll b8 required In settlemenl. and the amounl of the SettIen￿ni Can be estlmated reliably. Uablllttes are recognlsed at the amount that the Company ants'¢ipatés It will pay to settle the dgbl or the amouni tt has recelved as advanced payrnents for thé gocMYS or Sorvlces il must provide. Provlslons are measured at the best esllmate of Ihe amounts requlred to settle the obllgation. 2.14 Flnanclal In$trum•nts The GfOUP only has financial a&8ets and financial liabilities of a kind that qualify as bask financlal Instruments. Basic financlal instruments are inltially recognlsed al transaction value and subsequently measured at their settlement value wilh Ihe exception of bank loans which are subsequently measuRd at amortised cost uslng the effective interesl method. Pag8 28 THE ABBEY SCHOOL. READING IA Company Llrnll•d by Guarantse) NOTES TO ThE FINANCIAL STATeMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accountlng poll¢l¢s (¢ontlnu•d) 115 Op•rallng l•a••• Rentals paid under operaiing leases are charged to th• Consolkdated Statement of Flnanclal Actlvitles on a strawht4ine basis over Ihe lease term. 2.16 P•n$lons Thg charilablo o)rnpany contr1t￿teS into separate defined conlribulion schemes for leachSng and non-teaching staff for whlch Ihe contribulion8 are charged in the siatement of financial activities in th• yèar in which they are payable. 2.17 Advanc• f••s 8ch•ma Amounts raceivad under the schooY5 Advance Fe85 Scheme contracts for education rM)t yet utilised to settle sch of this £14,110 {2023: £16,752) relat lo deslgn8t•d fund8 and £32.889 <2023: £32,164) related lo unrestrictad fur￿$. 11. Audltorn. r•mun•ratlon 2024 2023 Féas payable to the companls audllor and Its associates - Audh - Other seNkes 17,850 3,570 17.000 3,400 12. Staff ¢ost• Group 2024 Group 2023 Company 2024 Company 2023 Wago8 and 8alarles Soclal security rA)Sts Penslon contrlbutlons Other non-payroll staff costs 10,048,316 984,437 1,120.137 175.528 9,915.920 10.Q48.316 953.927 98U37 1,107,979 1.120,137 164,525 175,528 9,915,920 953.927 1.107,979 164,525 11328.418 12,142,351 12,328,418 12,142,351 Page 33 THE ABBEY SCHOOL, READING (A Company Llmll•d by Guarant••) NOTES TO THE FINANCIAL STATEMENT8 FOR THE YEAR ENDED 31 AUGUST 2024 12. staff ¢o•ts (GOntlnu•d) The avefage number of persons employed by Ihe Company during tho year was as follows: Group 2024 Group 2023 Teaching Welfar• Premlse8 Support 225 224 30 21 43 313 318 Aggregate empkjyee o)st8 of the key management pe(sonnel of th• sthool. Including salary. beneflts, penslon contr1￿lIonS and nallonal Insurance in Ihe year totalled £366,832 {2023: £397,748). Th• govemors r•Mlved £Nll ramunerall¢)n or other ￿nefit fof th8 {2023: £NII). The emWs li8bilty insurance of the th8ritable cornpany Includes Sndemnlty Insurance for 11 governor8. The Split betwaen part time and full tlm8 818ff was a¥ ft)Ilows: Full tlme 2024 Full tlme 2023 No. Part tlm 2024 No. Part tlme 2023 No. Teaching Wellare Prernisos Support 104 107 23 23 12 15 27 16 166 167 152 Page 34 THE ABBEY SCHOOL READING (A Company Umtted by ¢3uarante•) NOTES TO THE FINANCIAL STATEMENTS FOR THE YeAR eNDED 31 AUGUST 2024 12. Staff costs {contlnued) The number of employees whose employee benefts (exdudlng employer pensw)n costs) exceeded £60.000 was: Group 2024 Group 2023 No. In the band £60.000 - £69,999 In the band £70,000 - £79,999 In the band £80,000 - £89,999 In the band £90,000 - £99.999 In the band £100,000- £109,999 In the band £160,000- £169,999 16 10 The total émployer ¢ontributions In Ihe year towards pension scheme contribulions for Ihe atx>ve (2023: 18) Staff m8mber3 VM8 £220,720 (2023: £160,632). During the year. severance pay was awaTded to 10 employees with payments for compensatlon and pay in lieu of notice totalling £82.357 (2023: 10 employees, £82,814). All of Ihls had been paid by Ihe reporting d8lo12023: AII). 13. T•x8tlon The charltable company is 8 registered charity, and as such Is enlided to lax exemplion8 on incorne and gains, properly applled lor its charltable purposes. Pag8 35 THE ABBEY SCHOOL. READING (A Company Llmlt•d by Guarants•) NOTES TO THE FINANCIAL 8TATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 14. Tanglble fixed a$s•ts Group •nd Company Assols Offlc• und•r equlpmenl constructlon Fr••hold property Motor v•hl¢l•$ Total Cost or valuatlon At 1 September 2023 Addltlon8 Transfers between classas 28A22.930 267,378 6,933,167 23,338 4981.259 388.099 6.933.167 40.360,694 655,477 16,933.167> At 31 Augu812024 35,623,475 23,338 5,369,3S8 41,016,171 D•pr•¢lallon At 1 Septarnb8r 2023 Charge for the year 12,255,740 1,422,$34 23,337 4,190.067 432,154 16,469,144 1154,688 At 31 Au9USt 2024 13,678,274 23.337 4622,221 18,323,832 Nat book valu• At 31 August 2024 21.945301 747.137 21692,339 At 31 August 2023 16,167.190 791,192 6.933.167 23,891,550 15. Flx•d a88•t Inv•$tmenl• Group 2024 Group 2023 Company 2024 Company 2023 Listéd investments (see below) Investrnenls in subsidiary companie¥ {se• balow) 1,69B.033 1,570.829 1,698,033 1.570,829 1.698,033 1.570.829 1.698,035 1.570,831 Sub$ldlary und•rtaklng: The Abbey School owns 100% of Ihe ordlnary share capital of Abbey Commercral Erllerprises Limited (company number 06334617). This company was Incorporated in England and Wales and was establlshed to carry out the non-educallonal actlvltles assoclated wllh the School. Trading results extracted from its audited financlal ststements are shown below: Page 36 THE ABBEY SCHOOL, READING IA Company Llmll•d ty Guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Turnover Administration oxpenses Managemenl Charge from the Abbgy School 145,682 (3,763) 119.000) 145,237 (5,454) (19.000) Nel profil 122,499 120.783 Nel a8S818 122.504 120,787 All activities have been consolidated on a Nne by Ilne basis In Ihe SOFA. Any tsxable net profit is gifted lo tho charity. The lotal exponses include a managemenl charge pald by Abbey Comrnerdal Enterprises of £19.000 (2023: £19,000), which is eliminated on consolidation. There was no outstanding balance with Abbey Commerclal Enterprises at the end of 2024 (2023.. D8blor of £19,000) U$l•d Inv•8tnwnts 2024 2023 At 1 Sepiember 2023 AddStSon8 DSwogal$ Unrealised (lossygain on revaluallon for the year At 31 August 2024 1,570,831 1,634.839 397,231 325.405 <379,164) (320.529) 101.013 (88.583) 1,689,911 1.551.132 Cash hekl by investment manager Total al 31 Augusl 2024 8,122 1.698.033 19,699 1,570,831 Historical cost of InvestThnls 1,484,390 1,434,601 Page 37 THE ABBEY SCHOOL, READING (A Company Llmll•d by Guaranta•) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 16. Deblors Group 2024 Group Comp•ny 2023 2024 Company 2023 Trade debtwJ Amounts due from own subskllary Oiher debtors Prepayments 102.566 10S,128 85.419 87,517 19,000 2,378 461,885 2,378 461.885 3.356 331743 332.743 438,755 569,391 421,518 570,780 Amounts due Irom owned subsldiary are Inlef•St free and r8p8y8ble on demand. Page 38 The ABBEY SCHOOL, READING (A Company Llmh•d by Guarant••) NOTES TO THE FINANCIAL STATEMENT8 FOR THE YEAR ENDED 31 AUGUST 2024 17. Cr¢dltors: knunts falllng du• wlthln one year Group 2024 Group 2023 Company 2024 Company 2023 Bank overdrafts 8ank loans Trad8 creditors Oaposils held Other tsxation and sodal Olher creditors Accruals and delerred income Fees receNad In advance 1,352,910 3,200,000 1,123.721 581,255 251.207 366,476 1.026,768 669,492 1,352,910 3,200.000 1.123.721 581,255 246.696 366.476 1,021.368 669,492 466,667 309,549 584,781 246,459 601.460 293,560 1279,316 466,667 309.549 584781 242.150 501.460 289,570 2,279.318 4.681,792 8,571,829 4,673,499 8.561.918 The bank overdraft, wlth HSBC. Is secured by legal charges ov•r two fr•ehold prop•rtl•s. Fees In advance comprlses fees pald early for Iho next academic tem) of, undei the Advance fees scheme, Ihe nexi academic year. Deposlts held relate to acceptance deposlts wthlch 8r• consldered as ow•d wilhin on• y•ar glven Ihat only on• temi's notlce Is required to bo given by pupils. During ihe year Ihé sch¢)ol rastrudured ona of Its bank loans, convertlng an obllgatlon to rapay £3m from 'wfthin one yeai. to 'across a p8rlod in axc8ss 015 years Page 39 ThE A88EY SCHOOL, READING (A Cofflpwy Llmlt¢d by Guaranle•) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 18. Cr•dltorn: Amount• lalllng due after mor• than on• year Group 2024 Gnx(p 2023 Company 2024 Company 2023 Bank loan8 Fees rwknived In advance 4933,844 1.204,164 1,432.8CM) 4.933,844 1,204.164 1,432,800 6.138.008 1,432.800 6,138,008 1,432.800 Fees in advance cornwises fees paid oarty ft)r fvturo academic term or. under the Advance fees stheme. tho next 8cademic year. The loan18 repayable as lollows: Group 2024 GroLtp 2023 Company 2024 Company 2023 Wlthln 110 2 y•ar$ Bank loans 466,667 Wlthln 3 to S y•ar• Bank loans 1,400.01)0 800,000 1.400,000 800,000 Morn than 5 y•ar• Bank loans 3.067.177 632.800 3.067,177 632.800 Bank loans with HSBC are rAcured by a chargo ov•r the Schooys propety. 19. Flnanclal In•trum•nts Group 2024 Group 2023 Company 2024 Company 2023 Flnanclal J$8•ts Financlal assets measured at lalr va￿• 1,698,033 1.570,829 1,698.033 1,570.829 Induded ￿thIn finandal Inslruments held at falr value is invesknents. Page 40 THE ABBEY SCHOOL, READING (A Company Llmfted by Guaran1••) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2024 Statement of funds Statemenl of funds • currnnt yoar Balanc• at 1 Septomboy 2023 B41anc• at Galnsl 31 August (Lo$¥•s) 2024 Trnnslers Inloul Income Expendlturn Unre$trlct•d funds D•slgnat•d lund6 Designatgd - The Bursary Fund Deslgnaled donatlon 1,000.000 40,300 (687,913) 546,600 101,013 1,000,000 84,330 84.330 1.084.330 40,300 (687,913) 646.600 101,013 1,084,330 G•n•r•l lund• G8ner81 unrosirfded 1 S,539,785 21,468.380 (20,84S,264) (546,6001 15.616.301 Total Unre8trlct•d fund• 16,624.115 21.508,680 (21,533.177) 101.013 16,700,631 R••tricl•d funds Reslricted Funds - all funds 41.871 252.500 11,000) 293,371 Total of funds 16,665.986 21.161,180 121,534,1771 101.013 16,994.002 Income Irorn The Bursary FufKI 1$ usad to offor Iln•ncial assistan￿ to indivldual pupi& wh•n necessary. The Governors have decided to make an annual transfer frorn the ￿restricted funds so that a balance of £1 milllon ramains earmarked for use on bursories w•lhin this furKI. Reslricted lunds are IhDse received lor specifjc purposes incluthg donations recelved for building appeals, various teaching depai1ments and fixed assels. Once the restriclion has been fulfilled then a Iransfer Irom restricted lo unreslricted funds Is made. Page 41 THE ABBEY SCHOOL, READING (A Cornpany Umlted by Guarant•• NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR eNDED 31 AUGUST 2024 8tst•m•nt of fvnd• (conllTru•d) Statem•ni of funds - prfor y•ar Balance at I Seplember 2022 Balance at 31 Augu81 2023 Tran¥fers inloul Galnsl (Losses) Income Expendilure Unrestrlct•d funds Deslgnated lund• Deslgnated - The Bursary Fund Designated donation 1.000,000 41.325 (576.693) 623.951 {88,583) 1.000,000 80.000 4.330 84.330 1,080.000 45,655 (576.693) 623.951 (88,5831 1,084.330 G•n•ral luftd• General unrestrlctèd 15,933.SSS 20,068,50S (19.836.914) {625.361) 15.539,785 Total Unr•$trlct•d funds 17.013.555 20,114.160 {20.413.607) 11,410) (88,583) 16,624,115 Restrlct lund• Restrlcted Fund 44.20fj 10.660 (14.405) 1.410 41,871 Totsi ol fvnql• 17.057,761 20.124,820 (20,428,012) (88,583> 16.665,986 Paga 42 The ABBEY SCH¢)OU READING (A Company Llmlt•d by Guarant•e) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 21. Analysls of net assets between fvnds Analy•l• of n•t as••ts bglwwn fund• * Gurr•nt wlod R•8trlGl•d Unre$tri¢tod funds funds 2024 2024 Total funds 2024 Tangible fixed assets Flxed asset Investments Current assets Creditors due wlihln one year Creditors due in more Ihan ￿ar 22.692.339 22.692,339 1,698.033 1.698,033 3.130.059 3A23,430 {4,681.792) (4.681.792) (6,138,008) (6,138,008) 293,371 Total 293,371 16,700,631 16,994,002 alysls of ft•t 888•18 b•lw••n lund• - prlar perlod Restricted Unrestricted funds funds 2023 2023 Tolal funds 2023 Tanglble fixed assets Fixed asset investrnènts Cuffont 85Sets Creditors due within one yaar Cr•dilors due In rnoT• Ihan on• &•ar 23.891.550 23,891,550 1,570.829 1,570,829 1,166,365 1,208,236 (8,571,829) (8,571.829) (1,432,800) (1,432,800) 41.871 Total 41,871 16.624,115 16,665.986 Page 43 THE ABBEY SCHOOL, READING (A Company Llml¢•d by Guarant••) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2024 R•conclllatlon of net fflov•m•nt In funds to net cash flow from operallng actlvltl•• Group 2024 Group 2023 Net in¢omelexpendlture for the perlod {a8 per Slalement ol Flnanclal Activitles} 328.016 1391,775) lJustment8 for: Deprecl8b'on (Gains)Ilosses on Investments Divldends and Inlere81 Intefest payable (Increasoy decrease In d8blovs Increase In cr•dllor& (Oecreaseyincre8se of cash at investmonl manager 1,854,688 1101,013) (90,151) 434.672 130.636 1,403,823 (11,5771 1,363,690 88,583 {41,325) 140.393 (52.531) 2,174,177 N•1 ￿•h provld•d by ap•r8tlng athlll•s 3.949,094 3,287,323 23. An•ly•l• of ¢a•h and e•8h •qulv4l•nt• Group 2024 Group 2023 Bank balances Induded In cash at bank 8nd In hand Bank overdrnft 2,984.67S 638,845 (1.352.910) Total eash and cash •qulval•nts 2.984.675 1714.065) 24. Analys1• of nat d•bt Oth•r non- ca•h At31 chang•3 August 2024 S•pt•mb•f 2023 Cash flow• Cash balances Overdraft Bank loans due In under one ytar Bank loans due In more Ihan ono year 638,845 2.345,830 (1.352.910) 1.352.910 (3,200.000) 2.733.333 (466.66n (1.431800> 1767.711) (2.733.333) {4,933.844) 2,984,675 (s,346,864 2.931,029 {141 &836) Page 44 THE A88EY SCHOOL, READING IA Company Umtt•d by Guarante• NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Capital cornmllm•nls Gmup 2024 Group 2023 Company 2024 Company 2023 At 31 August 2024 the School had the follt)win9 capiial commitments: 140,000 140.000 26. P•n•lon ¢ommllm•nt• The Company rnakes conlributlons for leachlng and norFteachlng staff. £1.120.137 {2023: £1,107.979) was payable for Ihe year. Conlribulions toialling £142,522 {2023: £143,619) were unpaid at the year end and are induded within creditors. 27. Op•ratlng l•a4• commltments At 31 August 2024 the Group and the Company had (x)mmltmenl8 to make lulure mlnimum lease payinents under non4ancellable operaling leases as lollows: Company 2024 Company 2023 Due wlthin one year Due belween Iwo and flve year8 10,302 37,n4 8.798 48.076 8.798 R•lated party Iransa¢tlon• Transacllons wllh Govornors vlng to the nalure of tho s¢hool's operalions and the composltion of tts governing body bolng drawn from local publ1¢ and prlvate sector organlsauons. It Is Inevltable that transactlons wlll take place wlth otganlsatlons with wh'ch a Governor may have an interest. All Iransaclions involvlng ihese organlzalions are in accwdanGe wilh tho school's nonnal proceduros. Pag6 45