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2022-08-31-accounts

Officers and Professional Officers and Professional Advisers 1-2
Governors'
Report		 3-12
Auditor's
Report		 13-15
Statement
of Financial		 Activities 16-17
Balance Sheet 18
Cashf low Statement
Notes to the Accounts 20-34

Unrestricted Restricted Endowed
Notes Funds Funds Funds 2022
E E E
INCOME FROM:
Donations 69,313 55,677 124,990
income from Charitable Activities
School fees receivable 2,802,176 2,802,176
Other ancillary
trading		 income 110.789 110,789
Investment
income		 31 31
Grants receivable 25,000 25,000
Total income 2,982,309 80,677 3,062,986
EXPENDITURE ON:
Charitable
activities
School operating
costs		 3,029,914 13,956 3,043,870
Costs of generating
funds
School financing
costs		 7,267 7,267
Total expenditure 3,037,181 13,956 3,051,137
Net income / (expenditure) (54,872) 66,721 11,849
Transfers between
funds		 22 (28,002) (92,444) 120,446
Other recognised
gains /		 (losses)
Gains / (losses) on investments (287) (287)
Gains / (losses) on revaluation of fixed assets
NET MOVEMENT
IN FUNDS		 (82,874) (26,O1O) 120,446»,562
RECONCILIATION
OF FUNDS
Fund balances at I September 2021 (1,786,354) 26,010 3,258,716 1,498,372
FUND BALANCES AT 31 AUGUST 2022 16 (1,869,228) 3,379,162 1,509,934
Unrestricted Restricted Endowed
Notes Funds Funds Funds 2021
(restated) (restated) (restated) (restated)
E E E
INCOME FROM:
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		 22 (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
1 September		 2020 (1,664,868) 3,453 1,562,480 (98,935)
FUND BALANCES AT 31 AUGUST 2021 16 (1,786,354) 26,010 3,258,716 1,498,372
THE READ SCHOOL, DRAX THE READ SCHOOL, DRAX
BALANCE SHEET AS AT 31 AUGUST 2022
Notes 2022 2021 (restated)
K
FIXED ASSETS
Tangible
fixed assefs		 11 3,579,432 3,335,554
Investments 12 25,753 26,041
3,605,185 3,361,595
CURRENT ASSETS
Stocks 16,873 13,406
Debtors 13 804,973 733,143
Bank and cash balances 129,368 363,348
951,214 1,109,897
CREDITORS: due within one year 1,353,382 1,347,847
NET CURRENT ASSETS/(LIABILITIES) (402,168) (237,950)
1'OTAL ASSETS LESS CURRENT LIABILITIES 3,203,017 3,123,645
CREDITORS."due after more than one year 15 (1,643,523) (1,576,044)
PROVISIONS
Pension scheme deficit 19 (49,560) (49,229)
TOTAL NET ASSETS 1,509,934 1,498,372
Endowed
funds		 16 3,379,162 3,232,706
Restricted
funds		 16 26,010
Unrestricted
funds		 16 (1,869,228) (1,760,344)
TOTAL FUNDS 1,509,934 1,498,372

Notes 2022 2021 (restated)
E E
CASH FLOWS FROM OPERATING ACTIVITIES:
NET CASH PROVIDED BY/ (USED IN) OPERATING ACTIVITIES 63,621 54,507
CASHFLOWS FROM INVESTING ACTIVITIES
Investment
income received		 31 320
Payments
for tangible
fixed assets		 (298,632) (47,391)
Proceeds on sale oftangible
fixed assets		 1,000
Net cash provided
by / (used in) investing		 activities (297,601) (47,071)
CHANGE
IN CASH AND CASH EQUIVALENTS		 IN THE REPORTING PERIOD (233,980) 7436
RECONCILIATION
OF NET CASH FLOW TO MOVEMENT		 IN NET FUNDS
Cash and cash equivalents at beginning of year 363,348 355,912
Change
in cash and cash		 equivalents
in the		 reporting period (233,980) 7,436
Cash and cash equivalents at end ofyear 129,368 363,348
NOTES TO THE CASH FLOW STATEMENT
a.
Reconciliation
of net		 income /(expenditure) to net cash flow from operating activities
Net income / (expenditure)
for the reporting		 period (as per the
statement
of financial		 activities) 11,562 1,597,307
Investment
income		 (31) (320)
Profit on disposals of fixed assets (1,000)
Unrealised
(gain)/loss		 on fixed assets (1,753,749)
Unreafised
(gain)/loss		 on investments 287 (5,292)
Depreciation
charge		 54,754 115,991
(Increase)/decrease in stock (3,466) (13,406)
(Increase)/decrease in debtors (71,830) (139,674)
Increase/(decrease) in creditors 73,014 258,748
Increase/(decrease) in provisions 331 (5,098)
52,059 (1,542,800)
Net cash provided
by / (used In) operations		 63,621 54,507
b.
Analysis ofcash and		 cash equivalents
Cast at bank and in hand 12'9,368 363,348
129,368 363,348

Schoo l fees receivable consist of: 2022 2021
(restated)
E
Gross fees 3,387,230 2,976,547
Less: Total bursaries and other discounts (697,210) (681,905)
2,690,020 2,294,642
Add: Extras recoverable,
examination		 fee income, registration fees,
deposits forfeit and medical services 112,156 68,802
2,802,176 2,363,444
All school fees in the current and previous year related to unrestricted funds.

'
01HER ANCILLARY TRADING INCOME 2022 2021
(restated)
E
UNRESTRICTED FUNDS
Transport 66,428 46,933
Other sundry income 44,361 41,997
110,789 88,930

2022 2021
(restated)
E
Fees payable for the audit ofthe financial statements 8,400 8,000
Fees payable to the charity's auditor and its associates for other services:
Other non-audit services 32,832 7,000
DONATIONS 2022 2021
(restated)
UNRESTRICTED FUNDS
Read School Enterprises Limited 43,566 26,327
Parents and Friends Association 5, Old Draxonians Association 60
Others 25,687 12,826
69,313 39,153
RESTRICTED FUNDS
Others 55,677 20,837
INVESTMENT INCOME
2022 2022 2022 2021
(restated)
Unrestricted Restricted Total Total
E E E E
Active Saver Account Interest 31 31 320
Charities
Official		 investment
Income
31 31 320

Total expenditure
Staff costs Depreciation Other Total
(note 8) (note 11) 2022
E E 8
Charitable
activities
Teaching costs 1,630,126 90,723 1,720,849
Welfare costs 241,849 241,849
Premises 54,754 322,218 376,972
Support and governance costs 493,634 210,566 704,200
Total charitable
expenditure		 2,123,760 54,754 865,356 3,043,870
Costs ofgenerating funds
Finance and other costs 7,267 7,267
Total costs ofgenerating funds 7,267 7,267
Total expended 2,123,760 54,754 872,623 3,051,137
Staff costs Depreciation Other Total
(note 8) 2021
(restated)
Charifable
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 (note 6b) 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
Of the total expenditure in the year R13,956was restricted (2021:Z3,892) and fnil related to endowment funds
(2021
:E84,802).
2022 2021
(restated)
Support costs include the following:
Non-teaching
support		 salaries 335
Advertising
and publicity		 29,037 33,811
Telephone
8, Internet		 8,720 7,586
Printing, copying, postage, stationery and newspapers 28,199 39,700
Auditor's
remuneration		 8,400 8,000

The aggregate
payroll costs for the year were as follows:
2022 2021
(restated)
F.
Wages and salaries 1,680,070 1,445,385
Social security costs 154,503 130,035
Pension contdbutions 279,375 235,314
2,113,948 1,810,734
2022 2021
(restated)
270,001 tof80,000 1
The aver age number ofthe School's employees
during the ye		 ar, was 77(2021:61)
2022 2021
No. No.
Teaching 8,teaching support 47 36
Domestic 11 12
Grounds / Ddving 8 6
Administration ll 7
77 61

Freehold Property
Land 8, Improve- Furniture
8,		 Motor
Buildings ments Equipment Vehicles Total
E E E E E
COST
At
I September		 2021 6,046,551 561,949 9,036 &,&17,53&
Additions 119,162 75,328 104,142 298,&32
Disposals (1,449) (8,436) (9,885)
At 31 August 2022 6,045,102 119,162 637,277 104,742 &,90&,283
DEPRECIATION
At
1 September		 2021 2,786,551 486,395 9,036 3,281,982
Charge for year 40,858 13,896 54,754
On disposals (1,449) (8,436) (9,885)
At 31 August 2022 2,785, 102 527,253 14,496 3,32&,851
NET BOOK VALUES
At 31 August 2022 3,260,000 119,162 110,024 90,246 3,579,432
At 31 August 2021 3,260,000 75,554 3,335,554

would have been recognised
ifthe assets had been carried under		 the historical cost model are as follows:—
Freehold
Properly
E
At 3T August 2022
Aggregate cost 4,552,802
Aggregate depreciation (2,785,102)
1,7&7,700
At 31 August 2021
Aggregate cost 4,552,802
Aggregate depreciation (2,785,102)
1,767,700

2022 2021
(restated)
E
Charities Official Investment Fund 25,263 25.717
Charinco Common Investment Funds —Adept 257 170
—Taylor 233 154
25,753 26,041
2022 2021
Market Market
Value Value
E E
Charities Official Investment Fund 25,263 25,717
13. DEBTORS
2022 2021
(restated)
E
School Fees 713,379 659,280
Other debtors 62,647 52,394
Prepayments 28,947 21,469
804,973 733,143
All debtors are due within one year.
14. CREDITORS: amounts falling due within one year
CREDITORS: am ounts
falling due within one year
2022 2021
(restated)
E
Fees invoiced in advance 923,192 817,384
Trade creditors 205,686 170,611
Social security and other taxes 101,466 167,481
Pensions 30,102 133,006
Sundry creditors and accruals 66,546 37,136
Hire purchase liabilities 16,826 2,229
Loans 9,564 20,000
1,353,382 1,347,847
14. CREDITORS: a mo unfs
falling due within one		 unfs
falling due within one		 year (continued)
Fees invoiced in advance reconciliation
2022 2021
(restated)
E
Balance brought forward 817,384 674,787
Amount released to Statement of Financial Activities (817,384) (674,787)
Amount deferred in year 923,192 817,384
923,192 817,384
15. CREDITORS: amounts falling due after one year
2022 2021
(restated)
E 8
Loans 1,455,936 1,464,743
Hire purchase liabilities 60,486 3,723
Other long term creditors 127,101 107,578
1,643,523 1,576,044

Balance at Incoming Resources Gains /. Balance at
31.08.2021 Resources Expended Transfers (Losses) 31.08.2022
K E E E E
Endowed Funds
Foundation Capital 3,258,716 120,446 3,379,162
Restricted Funds
Scholarships
Prize Funds 287 (287)
Giffs (Restricted) 26,010 80,677 (13,956) (92,731)
26,010 80,677 (13,956) (92,444) (287)
Unrestricted Funds
General Reserve (1,786,354) 2,982,309 (3,037,181) (28,002) (1,869,228)
(1,786,354) 2,982,309 (3,037,181) (28,002) (1,869,228)
Total Funds 1,498,372 3,062,986 (3,051,137) (287) 1,509,934

ANALYSIS OF MOVEMENT OF FUNDS (continue d)
Balance at Incoming Resources Gains / Balance at
31.08.2020 Resources Expended Transfers (Losses) 31.08.2021
(restated)
E
Endowed Funds
Foundation Capital 1,562,480 (84,802) 27,289 1,753,749 3,258,716
Restricted Funds
Scholarships
Prize Funds
Gifts (Restricted) 3,453 21,157 (3,892) 5,292 26,010
3.453 21,157 (3,892) 5,292 26,010
Unrestricted Funds
General Reserve (1,664,868) 2,522,476 (2,616,673) (27,289) (1,786,354)
(1,664,868) 2,522,476 (2,616,673) (27,289) (1,786,354)
Total Funds (98,935) 2,543,633 (2,705,367) 1,759,041 1,498,372

Endowed Restricted Unrestricted Total
2022 2022 2022 2022
E E K E
Tangible fixed assets 3,379,1&2 200,270 3,579,432
Investments 25,753 25,753
Net current assets (402,168) (402,168)
Long term liabilities (1,643,523) (1,643,523)
Provisions (49,560) (49,560)
3,379,162 (1,869,228) 1,509,934
Endowed Restricted Unrestricted Total
2021 2021 2021 2021
(restated)
E
Tangible fixed assets 3,260,000 75,554 3,335,554
Investments 26,041 26,041
Net current assets / (liabilities) (1,284) (236,666) (237,950)
Long term liabilities (1,576,044) (1,576,044)
Provisions (49,229) (49,229)
3,258,716 (1,760,344) 1,498,372

The total f uture minimum
lease payments
payable
under finance leas		 es are as follows:-
2022 2021
(restated)
E E
Not later than 1 year 23,167 1,330
Later than 1 year and not later than 5years 70,899
94,066 1,330

The total m inim um
lease payments
under non-cancellable
operating
 leases are as follows:- leases are as follows:-
2022 2021
(restated)
E E
Not later than I year 8,813 13,219
Later than I year and not later than 5years 8,813
8,813 22,032

PRESENT VALUE OF PROVISION PRESENT VALUE OF PROVISION PRESENT VALUE OF PROVISION
2022 2021 2020
E
Present value of provision 49,560 49,229 54,327
RECONCILIATION OF OPENING AND CLOSING PROVISIONS
2022 2021
(restated)
E
Provision at start ofperiod 49,229 54,327
Unwinding
ofthe		 discount factor (interest expense) 508 463
Deficit contribution paid (5,305) (5,151)
Remeasurements —impact ofany change in assumptions (8,227) (410)
Remeasurements -amendments to contribution
schedule		 13,355
Provision at end ofperiod 49,560 49,229
STATEMENT OF FINANCIAL
ACTIVITIES IMPACT
2022 2021
(restated)
E E
Interest expense 508 463
Remeasurements -impact ofany change in assumptions (8,227) (410)
Remeasurements
Contributions
paid		 —amendments
to contribution
respect of future service *		 schedule 13,355
35&,dOd		 308,081
Costs recognised in the statement of financial activities 3d4,242 308,134
*Includes defined contribution schemese and future service contributions (i.e.excluding any deficit reduction payments)
to defined benefit schemes which are treated as defined contributions schemes.
ASSUMPTIONS

31.08.2022 31.08.2021 31.08.2020
Year I 5,428 5,305 5,151
Year 2 5,591 5,465 5,305
Year 3 5,759 5,628 5,465
Year 4 5,932 5,797 5,628
Year 5 6,110 5,971 5,797
Year 6 6,293 6,150 5,971
Year 7 6,482 6,335 6,150
Year 8 6,676 6,525 6,335
Year 9 6,877 4,480 6,525
Year 10 5,902 4,480