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|CONTENTS|CONTENTS||PAGES|
|---|---|---|---|
|Governors'|Report||1-13|
|Auditors'|Report||14-15|
|Statement|of Financial|Activities|16-17|
|Balance Sheet|||18|
|Cashf low|Statement|||
|Notes|||20-35|
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||||Unrestricted|Restricted|Endowed||
|---|---|---|---|---|---|---|
|||Notes|Funds|Funds|Funds|2020|
|INCOME FROM:|||f|E|E|E|
|Donations|||27,889|||27,889|
|Income from Charitable|Activities||||||
|School fees receivable|||2,249,044|||2,249,044|
|Other ancillary trading|income||64,213|||64,213|
|Investment
income||||650||650|
|Grants receivable|||148,525|||148,525|
|Total income|||2,489,671|650||2,490,321|
|EXPENDITURE ON:|||||||
|Charitable
activities|||||||
|School operating costs|||2,787,906|1,911|72,936|2,862,753|
|Costs ofgenerating
funds|||||||
|School financing costs|||935|||935|
|Total expenditure|||2,788,841|1,911|72,936|2,863,688|
|Net income / (expenditure)|||(299,170)|(1,261)|(72,936)|(373,367)|
|Transfers
between
funds||20|||||
|Other recognised
gains /|(losses)||||||
|Gains / (losses) on investments|||||||
|NET MOVEMENT
IN FUNDS|||(299,170)|(1,261)|(72,936)|(373,367)|
|RECONCILIATION
OF FUNDS|||||||
|Fund balances at 1September 2019|||(1,405,538)|44,554|1,635,416|274,432|
|FUND BALANCES AT31AUGUST 2020||16|(1,704,708)|43,293|1,562,480|(98,935)|
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||||Unrestricted|Restricted|Endowed||
|---|---|---|---|---|---|---|
|||Notes|Funds|Funds|Funds|2019|
|INCOME FROM:|||f|f|f|f|
|Donations|||39,483|||39,483|
|Income from Charitable|Activities||||||
|School fees receivable|||2,119,313|||2,119,313|
|Other ancillary trading|income||81,370|||81,370|
|Investment
income|||392|572||964|
|Total income|||2,240,558|572||2,241,130|
|EXPENDITURE ON:|||||||
|Charitable
activities|||||||
|School operating costs|||2,853,069|1,911|72,485|2,927,465|
|Costs ofgenerating
funds|||||||
|School financing costs|||1,047|||1,047|
|Total expenditure|||2,854,116|1,911|72,485|2,928,512|
|Net income / (expenditure)|||(613,558)|(1,339)|(72,485)|(687,382)|
|Transfers
between
funds||20|(23,350)|(82)|23,432||
|Other recognised
gains /|(losses)||||||
|Gains / (losses) on investments||||163|1,741|1,904|
|NET MOVEMENT
IN FUNDS|||(636,908)|(1,258)|(47,312)|(685,478)|
|RECONCILIATION
OF FUNDS|||||||
|Fund balances at 1September 2018|||(768,630)|45,812|1,682,728|959,910|
|FUND BALANCES AT31AUGUST 2019||16|(1,405,538)|44,554|1,635,416|274,432|
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|||||Notes|2020||2019|
|---|---|---|---|---|---|---|---|
|CASH FLOWS FROM OPERATING ACTIVITIES:||||||||
|NET CASH PROVIDED BY/ (USED IN) OPERATING ACTIVITIES||||||144,770|235,707|
|CASHFLOWS FROM INVESTING ACTIVITIES||||||||
|Investment
income received|||||650||964|
|Payments
for investments||||||||
|Payments
for tangible fixed assets|||||(3,403)||(144,442)|
|Proceeds from sale of investments||||||||
|Proceeds from sale offixed assets||||||||
|Net cash provided
by / (used in) investing|activities|||||(2,753)|(143,478)|
|CHANGE
IN CASH AND CASH EQUIVALENTS|IN THE|REPORTING PERIOD||||142,017|92,229|
|RECONCILIATION
OF NET CASH FLOW TO MOVEMENT|||IN NET FUNDS|||||
|Cash and cash equivalents
as at 1September 2019||||||213,895|121,666|
|Change
in cash and cash equivalents
in the|reporting|period||||142,017|92,229|
|Cash and cash equivalents
as at 31August 2020||||||355,912|213,895|
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|a.|Reconciliation
ofnet|income / (expenditure)|to net cash flow from operating|activities||||
|---|---|---|---|---|---|---|---|
||Net income / (expenditure)
for the reporting||period (as per the|||||
||statement
offinancial activities)||||(373,367)||(685,478)|
||Investment
income|||(650)||(964)||
||(Surplus)/Loss
on sale of investments|||||||
||Unrealised
(gain)/loss|on investments||||(1,904)||
||Depreciation
charge|||103,272||102,897||
||(Increase)/Decrease|in stock||||||
||(Increase)/Decrease|in debtors||(61,375)||(9,327)||
||Increase/(Decrease)|in creditors||480,751||828,121||
||Increase/(Decrease)|in provisions||(3,861)||2,362||
||||||518,137||921,185|
||Net cash provided
by / (used in) operations||||144,770||235,707|
|b.|Analysis ofcash and|cash equivalents||||||
||Cast at bank and in hand||||355,912||213,895|
||||||355,912||213,895|
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|School|fees receivable consist of:|fees receivable consist of:|||2020|2019|
|---|---|---|---|---|---|---|
||||||E|f|
|Gross|fees||||2,388,143|2,157,970|
|Less: Total bursaries|||||(192,103)|(68,255)|
||||||2,196,040|2,089,715|
|Add:|Extras recoverable,|examination|fee income, registration|fees,|||
||deposits forfeit and|medical services|||53,004|29,598|
||||||2,249,044|2,119,313|
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|OTHER ANCILLARY TRADING INCOME|OTHER ANCILLARY TRADING INCOME|OTHER ANCILLARY TRADING INCOME|OTHER ANCILLARY TRADING INCOME|OTHER ANCILLARY TRADING INCOME|||2020|2019|
|---|---|---|---|---|---|---|---|---|
||||||||f|f|
|UNRESTRICTED FUNDS|||||||||
|Transport|||||||48,141|53,477|
|Other sundry|income||||||16,072|27,893|
||||||||64,213|81,370|
|All other ancillary trading|||income|in the previous|year relates to unrestricted|funds.|||
|AUDITOR'5 REMUNERATION|||||||||
||||||||2020|2019|
||||||||f|f|
|Fees payable|for the audit||ofthe|financial statements|||7,950|7,750|
|DONATIONS|||||||2020|2019|
||||||||f|E|
|UNRESTRICTED FUNDS|||||||||
|Read School|Enterprises|Limited|||||8,661||
|Parents and|Friends Association|||8 Old Draxonians|Association||2,818|16,519|
|Others|||||||16,410|22,964|
||||||||27,889|39,483|
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||||2020|2020|2020||2019|2019||
|---|---|---|---|---|---|---|---|---|---|
||||Unrestricted|Restricted|Tota I||Tota|I||
||||f|f|f||E|||
|Active Saver Account Interest|||650|||650|||392|
|Charities|Official Investment|Income|||||||572|
||||650|||650|||964|
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|Total expenditure|||||||
|---|---|---|---|---|---|---|
||||Staff costs|Depreciation|Other|Total|
||||(note 8)|(note 11)||2020|
||||f|f|f|f|
|Charitable
activities|||||||
|Teaching costs|||1,701,650||52,851|1,754,501|
|Welfare costs|||||245,809|245,809|
|Premises||||103,272|211,224|314,496|
|Support and governance||costs|227,124||320,823|547,947|
|Total charitable
expenditure|||1,928,774|103,272|830,707|2,862,753|
|Costs ofgenerating|funds||||||
|Finance and other costs|||611||324|935|
|Total costs ofgenerating||funds|611||324|935|
|Total expended|||1,929,385|103,272|831,031|2,863,688|
||||Staff costs|Depreciation|Other|Total|
||||(note 8)|||2019|
||||E|f|E|E|
|Charitable
activities|||||||
|Teaching costs|||1,648,515||121,785|1,770,300|
|Welfare costs|||||105,345|105,345|
|Premises||||102,897|221,597|324,494|
|Support and governance||costs (note 6b)|467,981||259,345|727,326|
|Grant, awards and prizes||(note 6c)|||||
|Total charitable
expenditure|||2,116,496|102,897|708,072|2,927,465|
|Costs ofgenerating|funds||||||
|Finance and other costs|||||1,047|1,047|
|Total costs ofgenerating||funds|||1,047|1,047|
|Total expended|||2,116,496|102,897|709,119|2,928,512|
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|||||2020|2019|
|---|---|---|---|---|---|
|b.|Support costs include the following:|||f|f|
||Non-teaching
support
salaries|||40,964|467,078|
||Advertising
and publicity|||28,582|33,878|
||Telephone 8 Internet|||7,989|11,554|
||Printing,
copying, postage, stationery||and newspapers|38,193|24,874|
||Auditor's
remuneration|||7,950|7,750|
||Other professional
fees —restricted|funds|||903|
||Other professional
fees —endowed|funds|||8,556|
|C.|Grant, awards and prizes|||||
||From Unrestricted
Funds:|||||
||From Restricted
Funds:|||||
|STAFF COSTS||||||
|The aggregate
payroll costs for the year||were as follows:||||
|||||2020|2019|
|||||f|f|
|Wages and salaries||||1,627,822|1,761,733|
|Social security costs||||138,937|143,180|
|Pension contributions||||258,647|211,583|
|||||2,025,406|2,116,496|
||||2020|2019|
|---|---|---|---|---|
|f60,001|to|f70,000|||
|f70,001|to|f80,000|||
|f80,001|to|f90,000|||
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||2020|2019|
|---|---|---|
||No.|No.|
|Teaching|30|29|
|Teaching support|15|15|
|Domestic|9|9|
|Grounds / Driving|4|5|
|Administration|7|5|
||65|63|
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||Freehold|Property||||
|---|---|---|---|---|---|
||Land &|Improve-|Furniture
&|Motor||
||Buildings|ments|Equipment|Vehicles|Total|
||f||f|f|f|
|COST||||||
|At 1September 2019|1,001,501|3,264,012|538,444|9,036|4,812,993|
|Additions|||3,403||3,403|
|Disposals||||||
|At 31August 2020|1,001,501|3,264,012|541,847|9,036|4,816,396|
|DEPRECIATION||||||
|At 1September 2019|320,023|2,306,242|427,418|9,036|3,062,719|
|Charge for year|18,825|56,022|28,425||103,272|
|On disposals||||||
|At 31August 2020|338,848|2,362,264|455,843|9,036|3,165,991|
|NET BOOK VALUES||||||
|At 31August 2020|662,653|901,748|86,004||1,650,405|
|At 31August 2019|681,478|957,770|111,026||1,750,274|
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||||||2020|2019|
|---|---|---|---|---|---|---|
||||||E|E|
|Charities|Official Investment||Fund||20,118|20,119|
|Charinco|Common|Investment|Funds|-Adept|331|331|
|||||-Taylor|300|300|
||||||20,749|20,750|
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||||2020|2019|
|---|---|---|---|---|
||||Market|Market|
||||Value|Value|
||||f|f|
|Charities|Official Investment|Fund|20,118|20,119|
|DEBTORS|||||
||||2020|2019|
||||E|E|
|School Fees|||524,081|511,960|
|Other debtors|||22,057|3,611|
|Prepayments|||47,331|16,522|
||||593,469|532,093|
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|CREDIT|ORS: amo|unts|falling due within one year|||
|---|---|---|---|---|---|
|||||2020|2019|
|||||f|f|
|Fees invoiced
in||advance||674,787|687,499|
|Trade Creditors||||49,288|80,362|
|Social Security and Other Taxes||||185,451|35,429|
|Pensions||||106,395|22,588|
|Sundry creditors||and|accruals|69,585|46,562|
|||||1,085,506|872,440|
|Fees invoiced
in||advance reconciliation||||
|||||2020|2019|
|||||f|E|
|Balance|brought|forward||687,499|591,084|
|Amount|released|to|Statement of Financial Activities|(687,499)|(591,084)|
|Amount|deferred|in year||674,787|687,499|
|||||674,787|687,499|
|CREDITORS: amounts|||falling due after one year|||
|||||2020|2019|
|||||f|f|
|Loans||||1,484,743|1,225,417|
|Other Long Term||Creditors||94,894|86,535|
|||||1,579,637|1,311,952|
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|||Balance at|Incoming|Resources||Gains|/|Balance at|
|---|---|---|---|---|---|---|---|---|
|||31.08.2019|Resources|Expended|Transfers|(Losses)||31.08.2020|
|||f|f|f|f|f||f|
|Endowed
Funds|||||||||
|Foundation|Capital|1,635,416||(72,936)||||1,562,480|
|Restricted
Funds|||||||||
|Scholarships||39,381||||||39,381|
|Prize Funds||1,341|650|||||1,991|
|Gifts (Restricted)||3,832||(1,911)||||1,921|
|||44,554|650|(1,911)||||43,293|
|Unrestricted|Funds||||||||
|General Reserve||(1,405,538)|2,489,671|(2,788,841)||||(1,704,708)|
|||(1,405,538)|2,489,671|(2,788,841)||||(1,704,708)|
|Total Funds||274,432|2,490,321|(2,863,688)||||(98,935)|
|||Balance at|Incoming|Resources||Gains|/|Balance at|
|||31.08.2018|Resources|Expended|Transfers|(Losses)||31.08.2019|
|||f|f|f|f|f||f|
|Endowed
Funds|||||||||
|Foundation|Capital|1,682,728||(72,485)|23,432|1,741||1,635,416|
|Restricted
Funds|||||||||
|Scholarships||39,381||||||39,381|
|Prize Funds||688|572||(82)||163|1,341|
|Gifts (Restricted)||5,743||(1,911)||||3,832|
|||45,812|572|(1,911)|(82)||163|44,554|
|Unrestricted|Funds||||||||
|General Reserve||(768,630)|2,240,558|(2,854,116)|(23,350)|||(1,405,538)|
|||(768,630)|2,240,558|(2,854,116)|(23,350)|||(1,405,538)|
|Total Funds||959,910|2,241,130|(2,928,512)||1,904||274,432|
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|available for the general
purposes ofth|e School.||||
|---|---|---|---|---|
||Endowed|Restricted|Unrestricted|Total|
||2020|2020|2020||
|||f|f|f|
|Tangible fixed assets|1,562,480|1,921|86,004|1,650,405|
|Investments||631|20,118|20,749|
|Net current assets||40,741|(176,866)|(136,125)|
|Long term liabilities|||(1,579,637)|(1,579,637)|
|Provisions|||(54,327)|(54,327)|
||1,562,480|43,293|(1,704,708)|(98,935)|
||Endowed|Restricted|Unrestricted|Tota
I|
||2019|2019|2019|2019|
|||f|f|f|
|Tangible fixed assets|1,635,416|3,832|111,026|1,750,274|
|Investments||631|20,119|20,750|
|Net current assets / (liabilities)||40,091|(166,543)|(126,452)|
|Long term liabilities|||(1,311,952)|(1,311,952)|
|Provisions|||(58,188)|(58,188)|
||1,635,416|44,554|(1,405,538)|274,432|
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|RECONCILIATION|OF OPENING AND CLOSING PROVISIONS|OF OPENING AND CLOSING PROVISIONS|OF OPENING AND CLOSING PROVISIONS|OF OPENING AND CLOSING PROVISIONS|OF OPENING AND CLOSING PROVISIONS||||
|---|---|---|---|---|---|---|---|---|
||||||||2020|2019|
||||||||f|f|
|Provision at start of period|||||||58,188|55,826|
|Unwinding
ofthe||discount factor|(interest|expense)|||611|1,047|
|Deficit contribution||paid|||||(5,001)|(4,865)|
|Remeasurements||—impact of any|change|in assumptions|||529|2,614|
|Remeasurements||—amendments|to contribution||schedule||0|3,566|
|Provision at end|of period||||||54,327|58,188|
|STATEMENT OF FINANCIAL ACTIVITIES IMPACT|||||||||
||||||||2020|2019|
||||||||f|f|
|Interest expense|||||||611|1,047|
|Remeasurements||—impact of any|change|in assumptions|||529|2,614|
|Remeasurements||—amendments|to contribution||schedule|||3,566|
|Costs recognised|in the statement||offinancial activities||||1,140|7,227|
|ASSUMPTIONS|||||||||
|||||||31.08.2020|31.08.2019|31.08.2018|
|||||||%per annum|%per annum|%per annum|
|Rate of discount||||||0.90|1.10|1.96|
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|||31.08.2020|31.08.2019|31.08.2018|
|---|---|---|---|---|
|Year|1|5,151|5,010|4,865|
|Year|2|5,305|5,151|5,010|
|Year|3|5,465|5,305|5,161|
|Year|4|5,628|5,465|5,316|
|Year|5|5,797|5,628|5,475|
|Year|6|5,971|5,797|5,639|
|Year|7|6,150|5,971|5,808|
|Year|8|6,335|6,150|5,983|
|Year|9|6,525|6,335|6,162|
|Year|10|4,480|6,525|6,347|
|Year|11||4,480|6,538|
|Year|12||||
|Year|13||||
|Year|14||||
|Year|15||||
|Year|16||||
|Year|17||||
|Year|18||||
|Year|19||||
|Year|20||||
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