2021-08-31-accounts - Captain P C Thompson Memorial Prize

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CONTENTS	CONTENTS	PAGES
Governors'	Report	1-12
Auditors'	Report	13-16
Statement	of Financial Activities	17-18
Balance Sheet		19
Cashflow	Statement	20
Notes		21-36

					THE READ SCHOOL, DRAX	THE READ SCHOOL, DRAX	THE READ SCHOOL, DRAX
		REFERENCE			AND ADMINISTRATIVE		INFORMATION
			FOR THE YEAR ENDED 31AUGUST 2021
Bankers		Barclays Bank Pic
		1,2 and 3 Parliament		Street
		YORK
		North Yorkshire
		YO1 1XD
Solicitors		Bond Dickinson
		St Ann's Wharf
		112Quayside
		Newcastle upon	Tyne
		NE13DX
Stockbrokers		Investec
		Quayside House
		Canal Wharf
		LEEDS
		LS11SPU
Insurance	Brokers and Health &Safety			Advisors
		Hettle Andrews
		Eleven Brindleyplace
		2 Brunswick Square
		Brindleyplace
		Birmingham
		B12LP
Auditors		Townends Accountants			LLP
		Chartered Accountants			and Statutory	Auditors
		Carlisle Street
		GOOLE
		East Riding ofYorkshire
		DN14 SDX

			Unrestricted	Restricted	Endowed
		Notes	Funds	Funds	Funds	2021
INCOME FROM:			E	E		E
Donations			39,153	20,837		59,990
Income from Charitable Activities
School fees receivable			2,363,444			2,363,444
Other ancillary trading income			88,930			88,930
Investment income				320		320
Grants receivable			30,949			30,949
Total income			2,522,476	21,157		2,543,633
EXPENDITURE ON:
Charitable activities
School operating costs			2,614,334	3,892	84,802	2,703,028
Costs ofgenerating funds
School financing costs			2,339			2,339
Total expenditure			2,616,673	3,892	84,802	2,705,367
Net income / (expenditure)			(94,197)	17,265	(84,802)	(161,734)
Transfers between funds		20	(27,289)	-	27,289
Other recognised gains / (losses)
Gains / (losses) on investments				5,292		5,292
Gains/(losses) on revaluation	offixed assets				1,753,749	1,753,749
NET MOVEMENT IN FUNDS			(121,486)	22,557	1,696,236	1,597,307
RECONCILIATION OF FUNDS
Fund balances at 1September	2020		(1,704,708)	43,293	1,562,480	(98,935)
FUND BALANCES AT31AUGUST 2021		16	(1,826,194)	65,850	3,258,716	1,498,372

		Unrestricted	Restricted	Endowed
	Notes	Funds	Funds	Funds	2020
INCOME FROM:		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)

			THE READ SCHOOL, DRAX
			CASHFLOW STATEMENT
	FOR	THE YEAR ENDED 31AUGUST		2021
			Notes	2021		2020
CASH FLOWS FROM OPERATING ACTIVITIES:
NET CASH PROVIDED BY/ (USED IN) OPERATING ACTIVITIES					54,507		144,770
CASHFLOWS FROM INVESTING ACTIVITIES
Investment income received				320		650
Payments for tangible fixed assets				(47,391)		(3,403)
Net cash provided by / (used in) investing	activities				(47,071)		(2,753)
CHANGE IN CASH AND CASH EQUIVALENTS IN THE		REPORTING PERIOD			7,436		142,017
RECONCILIATION OF NET CASH FLOW TO MOVEMENT			IN NET FUNDS
Cash and cash equivalents as at 1September 2020					355,912		213,895
Change in cash and cash equivalents in the	reporting	period			7,436		142,017
Cash and cash equivalents as at 31August	2021				363,348		355,912

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)				1,597,307		(373,367)
	Investment income			(320)		(650)
	Unrealised (gain)/loss	on fixed assets		(1,753,749)
	Unrealised (gain)/loss	on investments		(5,292)
	Depreciation charge			115,991		103,272
	(Increase)/Decrease	in stock		(13,406)
	(Increase)/Decrease	in debtors		(139,674)		(61,375)
	Increase/(Decrease)	in creditors		258,748		480,751
	Increase/(Decrease)	in provisions		(5,098)		(3,861)
					(1,542,800)		518,137
	Net cash provided by / (used in) operations				54,507		144,770
b.	Analysis ofcash and	cash equivalents
	Cast at bank and in hand				363,34$		355,912
					363,348		355,912

School	fees receivable consist of:	fees receivable consist of:				2021	2020
						E	E
Gross	fees					2,527,011	2,388,143
Less: Total bursaries						(232,369)	(192,103)
						2,294,642	2,196,040
Add:	Extras recoverable,	examination	fee income, registration	fees,
	deposits forfeit and	medical services				68,802	53,004
						2,363,444	2,249,044
All school fees in the current and previous year related to unrestricted					funds.

OTHER ANCILlARY TRADING	OTHER ANCILlARY TRADING	INCOME	INCOME					2021	2020
								f	f
UNRESTRICTED FUNDS
Transport								46,933	48,141
Other sundry income								41,997	16,072
								88,930	64,213
All other ancillary trading	income		in the previous	year relates	to unrestricted		funds.
AUDITOR'S REMUNERATION
								2021	2020
								f	f
Fees payable forthe audit of		the	financial statements					8,000	7,950
Fees payable to the charity's		auditor and its associates for other services:
Other non-audit services								7,000	11,646
DONATIONS								2021	2020
								f	f
UNRESTRICTED FUNDS
Read School Enterprises	Limited							26,327	8,661
Parents and Friends Association			& Old Draxonians	Association					2,818
Others								12,826	16,410
								39,153	27,889
RESTRICTED FUNDS
Others								20,837
INVESTMENT INCOME
					2021		2021	2021	2020
				Unrestricted		Restricted		Total	Total
					f		f	f	f
Active Saver Account Interest					320			320	650
Charities Official Investment		Income
					320			320	650

Total expenditure
			Staff costs	Depreciation	Other	Total
			(note 8) f	(note 11) f	f	2021 f
Charitable activities
Teaching costs			1,568,314		45,679	1,613,993
Welfare costs					244,259	244,259
Premises				115,991	230,169	346,160
Support and governance		costs	336,498		162,118	498,616
Total charitable expenditure			1,904,812	115,991	682,225	2,703,028
Costs ofgenerating	funds
Finance and other costs					2,339	2,339
Total costs ofgenerating		funds			2,339	2,339
Total expended			1,904,812	115,991	684,564	2,705,367
			Staff costs	Depreciation	Other	Total
			(note 8)			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 (note 6b)	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

			2021	2020
b.	Support costs include the following:		E	f
	Non-teaching support salaries			40,964
	Advertising and publicity		33,811	28,582
	Telephone gt Internet		7,586	7,989
	Printing, copying, postage, stationery	and newspapers	39,700	38,193
	Auditor's remuneration		7,950	7,950
C.	Grant, awards and prizes
	From Unrestricted Funds:
	From Restricted Funds:

The aggregate payroll costs for the year were as follows:
	2021	2020
	E	E
Wages and salaries	1,445,385	1,627,822
Social security costs	130,035	138,937
Pension contributions	235,314	258,647
	1,810,734	2,025,406

	Freehold	Property
	Land &	Improve-	Furniture &	Motor
	Buildings	ments	Equipment	Vehicles	Total
	E	E	f	f	E
COST
At 1September 2020	1,001,501	3,264,012	541,847	9,036	4,816,396
Additions		27,289	20,102		47,391
Revaluations	1,753,749				1,753,749
Transfers	3,291,301	(3,291,301)			0
Disposals
At 31August 2021	6,046,551		561,949	9,036	6,617,536
DEPRECIATION
At 1September 2020	338,848	2,362,264	455,843	9,036	3,165,991
Charge for year	18,825	66,614	30,552		115,991
Transfers	2,428,878	(2,428,878)
On disposals
At 31August 2021	2,786,551		486,395	9,036	3,281,982
NET BOOK VALUES
At 31August 2021	3,260,000		75,554		3,335,554
At 31August 2020	662,653	901,748	86,004		1,650,405

					2021		2020
					E		f
Charities	Officialinvestment		Fund		25,717		20,118
Charinco	Common	Investment	Funds	-Adept		170	331
				-Taylor		154	300
					26,041		20,749

		2021	2020
		Market	Market
		Value	Value
		E	E
Charities Officialinvestment	Fund	25,717	20,118
DEBTORS
		2021	2020
		E	E
School Fees		659,280	524,081
Other debtors		52,394	22,057
Prepayments		21,469	47,331
		733,143	593,469
All debtors are due within	one year.

			2021	2020
			f	f
Fees invoiced in advance			817,384	674,787
Trade Creditors			170,611	49,288
Social Security	and Other Taxes		167,481	185,451
Pensions			133,006	106,395
Sundry creditors and accruals			37,136	69,585
Hire purchase	liabilities		2,229
Loans			20,000
			1,347,847	1,085,506
Fees invoiced	in advance reconciliation
			2021	2020
			f	f
Balance brought forward			674,787	687,499
Amount released to Statement of Financial Activities			(674,787)	(687,499)
Amount deferred in year			817,384	674,787
			817,384	674,787
CREDITORS: amounts		falling due after one year
			2021	2020
			f	f
Loans			1,464,743	1,484,743
Hire purchase	liabilities		3,723
Other Long Term Creditors			107,578	94,894
			1,576,044	1,579,637

		Balance at	Incoming	Resources		Gains/	Balance at
		31.08.2020	Resources	Expended	Transfers	(Losses)	31.08.2021
		f	f	f	f	f	f
Endowed Funds
Foundation	Capital	1,562,480		(84802)	27&289	1&753&749	3&258&716
Restricted Funds
Scholarships		39,381					39,381
Prize Funds		1,991				5,292	7,283
Gifts (Restricted)		1,921	21,157	(3,892)			19,186
		43,293	21,157	(3,892)		5,292	65,850
Unrestricted	Funds
General Reserve		(1,704,708)	2,522,476	(2,616,673)	(27,289)		(1,826,194)
		(1,704,708)	2,522,476	(2,616,673)	(27,289)		(1,826,194)
Total Funds		(98,935)	2,543,633	(2,705,367)		1,759,041	1,498,372
		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)

available for the general purposes ofth	e School.
	Endowed	Restricted	Unrestricted	Total
	2021	2021	2021
	E	E	E	E
Tangible fixed assets	3,260,000	1p284	74,270	3,335,554
Investments		324	25,717	26,041
Net current assets	(1,284)	64,242	(300,908)	(237,950)
Long term liabilities			(1,576,044)	(1p576,044)
Provisions			(49,229)	(49,229)
	3~258~716	65850	(1&826'194)	1,498,372
	Endowed	Restricted	Unrestricted	Total
	2020	2020	2020	2020
	E	E	E	E
Tangible fixed assets	1,562,480	1,921	86,004	1,650,405
Investments		631	20,118	20,749
Net current assets / (liabilities)		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)

RECONCILIATION	OF OPENING	OF OPENING	AND CLOSING PROVISIONS	AND CLOSING PROVISIONS	AND CLOSING PROVISIONS	AND CLOSING PROVISIONS
								2021	2020
								f	f
Provision at start of period								54,327	58,188
Unwinding ofthe		discount factor		(interest	expense)			463	611
Deficit contribution		paid						(5,151)	(5,001)
Remeasurements		-impact of	any	change	in assumptions			(410)	529
Provision at end	of period							49,229	54,327
STATEMENT OF FINANCIAL ACTIVITIES IMPACT
								2021	2020
								f	f
Interest expense								463	611
Remeasurements		-impact of	any	change	in assumptions			(410)	529
Costs recognised	in the statement			offinancial		activities			1,140
ASSUMPTIONS
							31.08.2021	31.08.2020	31.08.2019
							96per annum	Soper annum	% per annum
Rate ofdiscount							1.09	0.90	1.10

llowi :	ng schedule details the deficit co	ntributions agreed between the charity and	the scheme at	each year end
		31.08.2021	31.08.2020	31.08.2019
Year	1	5,305	5,151	5,010
Year	2	5,465	5,305	5,151
Year	3	5,628	5,465	5,305
Year	4	5,797	5,628	5,465
Year	5	5,971	5,797	5,628
Year	6	6,150	5,971	5,797
Year	7	6,335	6,150	5,971
Year	8	6,525	6,335	6,150
Year	9	4,480	6,525	6,335
Year	10		4,480	6,525
Year	11			4,480
Year	12
Year	13
Year	14
Year	15
Year	16
Year	17
Year	18
Year	19
Year	20