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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||||||
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||||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|
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|||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|
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|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.|||
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|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|
##
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|a.|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|
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||||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:||||
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|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|
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||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|
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||||||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.|||
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||||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)|
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|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)|
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|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||||
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