2024-08-31-accounts

THE READ SCHOOL, DRAX ACCOUNTS FOR THE YEAR ENDED 31 AIJGUST 2024 Registered Charity Number., 529675

THE READ SCHOOL, DRAX REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2024 CONTENTS PAGES Officers and Professionol Advisers Governor5. Report 3-15 Auditor's Report 16-18 Statement ol Financial Activities Balance Sheet 21 Cashflow Stotement 22 Note5 to the Accounts 23-37

Poge I THE READ SCHOOL. DRAX OFFICERS AND PROFESSIONAL ADVISERS FOR THE YEAR ENDED 31 AUGUST 2024 Ch(5rlty Number 529675 Reg151ered Office and OpeTollonul Addre$s ffte Read School Main Road Drox Selby Y088NL Governors and Charlty Trustee The Gov8rn015 ore the direclors ol the corpoiole Iru5tee. The Read School. Oiax. Tiuslee Limited (company numbei 072368841. Those in ollice during the year and subsèquèntly ole.. Mrs T Buller Mr G Campbell ' Mr5 L M Duke5 Mrs H C McLaughlan ' Mrs K O'Hara Mr D Prilchoid Mi. C Sunley Ire5igned 6 December 20241 Mr B Walt Mr R White Mi J Inglis. Mrs J Breoch Mrs S Dillon loppointed 27 September 20241 Ir&signed l F8biuary 20241 11 l Member ol the Audil Sub-commitlee 121 Member ol the Educolion, Teaching & Leaming Sub-commlltee 131 Member of the Finonee & Property Sub-commillee 141 fvlembei ol Ihe Moik8ling & Communicotion5 Sub-commillee 151 Membei ol the Soleguording. Heollh & Salely Sub<omrnittee 161 Member of the Foundation Sub-commillee Key Manogemenl Personnel Mr5 R A Ainley Mr bA Voi5ey Mrs A Hunter

Poge 2 IHE READ SCHOOI. DRAX OFFICERS AND PROFESSIONAL ADVISERS FOR THE YEAR ENDED 31 AUGUST 2024 Bankers Barclays Bonk PIC 1. 2 ond 3 Pailiamènl Street York Norlh Yoikshire YOI IXD Wombl& Bond Dickin50n IUKI Limiled No I Whilehall Rive15id8 Leeds LS14BN Insurance Brokers und Heullh & Salety Advlsors HelllB Andrews Eleven Brindleyploce 2 8runswick Squar Brindleyplace Biimingham 12LP Audllor5 Henton & Co LLP Chorlered Accountonts & SlcJlutory Audilor5 124 Acomb Road York North Yorkshi Y024 4EY

Page 3 YHE READ SCHOOL, DRAX GOVERNORS, REPORT YEAR ENDED 31 AUGUST 2024 The Boord ol Governors. as directors ol the c.orporate Iruslee ol the chorily. presenl their annvol report lor the year ended 31 Augu512024 under the Chorities Act 2011. logelher with the audited linanciol stolemenls lor Ihe yeor. Reference ar)d odminislrolive information sel oul on poges l ond 2 form parl ol this report. The linoncial stotemen15 comply with cutrenl slcjtvtory requirenients. the memorandum and orlicles ol ossocialion ond Ihe Stolemenl ol Recommended Practice Accounling and Reporting by Charities SORP applicable lo charilies preparing their accounts in occordanc with FRS 102. STRATEGIC AIM AND OBJECTIVES The objecl ol Ihe chority. in occordonce wilh ils Trust Deed. Is the education ol children up lo the oge 0118 years. In lurlhering this object. Ihe Governors, os directors ol the coiporate trustee ol the charity, hove complied with the duty in s. 17151 ol the Chorilies Act 2011 lo have due regord lo the Charity Commission's published guidance c.oncernin£J Ihe operolion ol the Public Benelil requirement under thal Act. Read School Strateglc Alm The Board's stralegic oim in order to achieve ils annual objeclive lor public benefit as a charitable independent school is 10.. mainlain o warm ond welcoming school with on inclusive eth05 lor pupils of oll abilities and bockground5.' enable all pupils to reolise their academic polenliol wlh o brood and rich curriculum that pronioles a lifelong love ol leorning., ensure public benefit, iecogni5ing our exlraordinory polenliol lo serve the loool communily. We are commilled lo shoring our resources and ski115 and embrace our 50cial responsibility to serve olhers ond develop well-rounded, resilient und ospirolional young people who hove the confidence, enablemenl. skills. olliludes ond values lo ochieve Iheir lull potential in their chosen careers ond lo moke a positive contribution lo society. Objecllves lor the Year 2023-24 The School's principol objectives lor the year were.. To moinloin and enhance Ihe School's ieputotion ond increase awarenes5 01 the School and our aiin to be the school ol choice lor parenls seeking an ovlslonding oll- round ond lull education lor Iheir child. To grow the pupil roll. while moinlaining o favourable sloll.'pupil ralio To build on colloborolive arrangeinenls with local schools lo widen access lo Ihe locililies and educolion opportunities available ol Reod School. To prepare lor the possible introduction ol Volue Added Tax on independent School lees

Poge 4 Slrulegies to Achleve the Year's Obleclives In order to mainlain ond enhonce Ihe ocademic ochievement5 01 our pupils and lo provide an outstanding all-round and lull educolion lor our pupils. we maintained o lavourable 51011.'pupil rolio and continued lo customise our leoching programme lo meet the individLJal needs ol our pupil5. Recrvilmenl ol new pupils remained o lop priority and morkeling ellorls conlinved lo build the profile of the school within the local area. A robust marketing progromme included Open Doys, local press coverage, advertising, a weekly new51elter and Social media. Principal Actlvlfy and Income Sources The Charily'5 principal oclivity continue5 to be the provision ol Day ond Boording schooling lor pupils aged 4 10 18 years with boarding pupi15 accepted Iiom 8 years old. As in previous yeors the charity's principol source ol income has been school lee5 and the ending pupil roll for the acodemic year 2023124 was 260 pupils. Read School Enterprises Limited, o subsidiary compony Ilhe profits from which are donaled lo the Chorilyl generated revenue from the letting ol the School's lacililies from which the profits were d8creased (around 37Y.I from the previous year. Our partnership with Kids, Corner. a local pre-school provider, continues lo provide a steady rental income stream lor the School os well 05 feeding Reception pupils lo the Lower Junior School. Additional funds were generaled from donations, the Read School Foundotion Committee, the Reod School PFA Committee. ond working in close cooperalion wifh the Draxonian5' Association, continuing lo cullivale alumni relations and potential benelaclor5. Grant Making and Acce55-widenlng Widening access lo the School and ensuring Ihol the Schoo1 exists lor Ihe public benelil remain key objective5 01 the Governors. This is in accordance wilh the hisloiical, allruislic aims ol Charles Reode with the loundalion ol Ihe School in 1667 and the School's period ol operation as a Voluntary Aided Boys, Grammar School until 1967. While the School has limiled lunds al ils disposal, the Governors continued lo oward scholarships, bur5ories, special owaid5 ond other discoun15 to deserving pupils. Bursorie5 are owarded on a means-lesled basis and scholarships are openly awarded on merit or special ieconimendotion. During the acodemic year 2023124 0 lolal 0188 were in receipt ol bursoiies, scholarships, CEA Ilorcesl ond / or olher special awards. A lurlher 66 pupils received sibling or stall discount5. The distribution ol funds 05 0 percei)tage ol gross lees before discounts 15.. 3.5fo scholarships and 6.6% staff I sibling discounls. Meons-lested bur5aries135 pupilsl occounl lor 5.5% 01 gross lees. Total fee remission as o percenlage ol gross lees 15 22.5%. The School ha5 Olso worked with a number ol exlemal bursary scheme5 inclvding the Emmoti Foundation, School Fees Charitable Trust and Thornlon-smith & Plevin5 Tru51 to ensure enhanced linanciol svpporl lor eligib5e pupil5. Read School ogoin made it5 sport5 facilities avoilable lo othei local schools. clubs ond orgonisalions. This is either al no cliorge 1schoo15101 at rates which are below otherwise commercially achievoble (local club5 ond organisationsl.

Page 5 Volvnteerlng und Charitable Outreach The School has an active Parents, and Friends Associolion IPFAI. which holds sociol, sporting ond luiidroising events for Ihe benefit ol pupils and parents. The Alumni A5$0cialion, the Draxonions, Associolion. is a major supporter ol the School. The School is also genei"ously suppoiled by Ihe Moloney Trust which provides funding lor music ond the arts and continues lo provide resource5 lor the deportmenl. The School again provided opportunities for individuals to goin work experience as port ol Iheir requirements loward5 completing quolificalions and a number ol volunteers have helped with in-school oclivilies. Read Scliool corilinued ils lff prograrnme, working with local univers11ies lo suppoil eight PGCE students. REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR Pupll Roll We slorled the year wilh o pupil roll 01248 in September and ended in July 2024 with 260, reflecting good ongoing growlh. particularly in the Senior School. Since 2018 pupil number5 hove groduo11y increosed from o low ol 160 pupils and we ore keeping the lorget 01300 firmly in our sights wilh parlicvlar focus on Lower Junior School, Sixth Form and Boarding. The Read School nelwork continues lo grow and we consider ourselves very lucky to hove such Supportive parents who are a constant source ol new parent referials. Throughout the year we olso welcomed several internalional sludenls lo Drax. some coming os port ol group educalionol visits and some individually lor longer-stoy imimersion programmes. All ol these visils provide Read pupi15 with o good oppoilunily lo pul laiiguoge learning inlo proclice. learn about dillerenl cu51ures and build friendships. Boardlng Our commvnily ol boarder5 continued lo grow with both lull time and weekly boardeis joinir)g Ihe crew. Mrs Sally Worren was appointed as the new Heod ol Boaiding, making a Iremendous impact Ihroughoul the course ol the yeai in further developing the boarding environment. Sally'5 husband. Greg also supported the sile leom with mony piojecls and following relurbi5hments to girfs, rooms the previou5 year. o number ol improvemenls were mode lo the boys. boarding accommodation including painting and re-corpeling ol boys, rooms and investing in new larger beds. The boarder5' common room and sick bcJy were a150 refurbished. We were very grateful lor Ihe parental donation ol a top-of-the-ronge pool and table leiinis table which was extremely well ulilised by boarders Ihroughoul the yeorl Lower Junloi School Tuining lo Ihe pupil accomplishinents 012023-2024, our pupils in Receplion another oclion-packed yeai. lull ol crealive leoining aiid lun. Yeor 2 had LJS pupils enjoy a very vibianl and rich curriculuin which includes enrichment subjects such as PE, Music and French alongside core 51Jbjecls and they benelil Iiom the experli5e ol Seriior School leuchers os well as their own wonderful leocher leom ol hArs Foirhursl and Mrs Burnsll. Noloble highlight5 01 the year were 'Owl odvenlures. la phenomenol biid of prey disployl, Hatvesl Feslivol, a December nalivily production ol Beep Beep Bellilehom. Mothers, Doy Allernoon Tea. Easter Concert ond o visit lo Ilie Street Life Museum in Hull.

Poge 6 A5 well as joining Inony oclivilies with the Upper Junior School, LJS pupils parlicipolecj in mosl ol our whole-school events, from Europeon Language5 Doy. the Moloney Trvsl competition, Tolenl Show and our special seivices ol Sl Peter and Paul Church, Drox. Upper Junlor School Pupils in Upper Junior School hod o calendar ciamtned with oclivities both inside and oulside the classroom.. a Iheimed history day, lomily workshops. Young Voices, Countryside Leorning Visil. World Book Day, a trip lo the Nalional Space Centre and Ivlurlon Park. Mr Hill ond Mrs Campbell ensured that the fixtures in rugby. loolboll, cricket ond hockey, netball and rounders al both U? and U I I level. gave every pupil an outing and pupils a150 competed in o number of cr055 country ond athletics compelilions with some oulslonding individual resul15. Particulor highlights ol the School yeai were the Junior School production ol Peler Pon Iwilh o set designed and built entirely by pupils), Ihe Junior School residential to Bewerley Pork. o Chinese Drogon donce lo celebrale the Chinese New Year and the Junior School Summer Concert in the last week ol term which showcased the incredible laler)t ol our younger pupil5. As with LJS. Upper Juniors pupils benelilled from having Senior teachers lor Science. Maths ond English IY61 os well os Music, making the evenluol Ironsilion to Senior School $0 much eosier. A generous donation by the PFA purchased additional Chromebooks os well os new play equipment lor the Junior School. Junior School - Acodemic Allainmenl Pupils in the Junior School coniplete lermly ossessmenls using the Hodder Rising Slors progromnie ond these are invaluoble lo leocher5 and porenls in Irocking pupil ocodemic piogress Ihroughoul Key Stages l & 2. Combined with our gmall clo55 sizes. this means thol every child can be supported. Stretched or chollenged accoiding lo their needs. Bolancing assiduous preporation with pupil wellbeing and enjoyment ol a lanlaslic exlra- cuiriculai progromme, Mr Hill's Year 6 cla55 look national SA TS lesls Ot the outset of the Summer Term and pleasingly, again iecorded excellenl results, with bolh Moths and English results OV8r 20% above nolionol SATS averoges. Senlor School 'The work of the School is not Subservient lo the mere passing of exomin(ylior)s' stoles the 1923 Draxonian magazine ond this cerloinly rellecls the School's eiiduring commitment to providing a brood ond rich education lor oui children and one which hopefully inspires a love ol learning for life. A snopshol ol the occomplishmenls of individual departments. coplured more lully in the Commtrmoralion Day Piogramme, is included below.. English.. Wor & remembrance poetry writing in November, Y9 poelry workshop with students entering a 'Thi5 is me, poetry compelition. Inlroduclion ol Funclionol Skills quolilicalion in English. Moths.. 30 students porticipaled in Ilie national Junior Moth5 challenge wiiining 8 bronze and 5 silver awards. As well os ollering Funclionol Skills qualilicolions lo develop essenlial maths skills oiid Lonlidence. the Maths depailmenl remained comimilted lo Ihe occelerolion ol our iiiosl gilled malliemoticions by suppoiling early exam entry lor severul pupils.

Page 7 Science.. In Morch the whole schoo5 celebrated British Science Week with the theme ol 'lime'. Pupi15 enjoyed many STEM oclivilies including o PFA-lund&d Go-Karling session and in-school lalks by o nuinber ol STEM aimbassodors from industry. usic.. With 71 pupils liaving inslrumenl or singing le550ns in scliool. music 15 reolly thriving ot Read. The annual Moloney Trust coinpetilion sow 50 musician5 01 cjll ages toking pail aiid our Chrislmos concert was held lor the first lime in the mojestlc selling ol Selby Abbey. We were a150 delighled lo see the inuvgurolion ol a chorister progromme for Read pupi15 with three Senior pupils joining this year. Our annual Tolent Show, summer concert and various church seivice5 Ihroughovt the year provided o window into the incredible and mulli-laceled musical lalenl in our Small school. Droma.. A Key Stage 4 trip to see Blood Brothers was much enjoyed by Droma 51udenls who are increasing in uplake al GCSE and now A-level. This yeor's Senior School production ol the 'Addoms Fomily, was an incredible accomplishment ond all our performers and bock-slage helper5 viere a credit lo Ihe School. Creotive Arts.. long a sland out slrenglh ol Read School. the Creolive Arts depailmenl provides students with the opporlunilies lor praclicol piojecls which allow bolh imogination ond skill lo Ilourisli. The Creative Art5 and MFL deportments slaged on unlorgelloble trip lo Barcelona while Arl students also had Ihe chance lo visit Londorn arl galleries. In FPN (Food Preporalion & Nutrilionj Year 7 completed posla workshops al Cadlon Towers while other year groups porlicipaled in Ihe Future Chel competition and enjoyed lots ol prijclicol sessions From learning how lo lillel a pheasant lo learning how lo make halloumil The DT deparlmenl was grateful lor the addition ol three new 3D piinlers ond continued lo moke lull use ol the new laser culler. Our new Enlerprise Club was inlrodvced ond pupils enjoyed making lundroiser ileims. frlurncJnities.' In October thirty two students had the oppoitunily ol o lifetime to travel lo Icelond while Year l O pupi15 Porticipated in a Susloinoble Cily compelilion in Yolk. Always a poignant parl ol the school co1endor. our history sludenls researched the lives ol past pupils who served or died in the World Wors and presenled their findings al our November 2023 Remembronce Service. ClcJssics.' Clossics students enjoyed a Februoiy trip to the 'Elernal City, Rome as well as a Sixth Form visil lo Wovmick University's Festival ol Drama. Languoges.. The MFL leom h051ed a lantoslic Languages Day in September and gave Sponish learning o boost with the culluially enriching Barcelona trip which included a visit lo one ol our Spanish partner schools, Agoro. CompLlting.' Read's IT department embraced the national '1 Belong, iriilialive. paving the way for more girls lo embark upon STEM careers. This was olso reinforced with a SheConEngineer STEM vi5il lo London in summer. The iiilernalionol Bebros competition was again run lor pupilg from Yeor 6 - Year 13 with IweSve students gaining prestigious gold awards Irepresenling the lop IO% in the couiilivl. Business & EconoTnics'. One ol the highligl)Is ol the year was cerloinly the Careers Fair which took ploce during National Careers Week in March. This leolvred oiound 40 local ond nalionol businesses who come into school to oller career5 advice and inspirolioii lo pupils ol all age5. The Business Studies deparlmenl ron onolher hugely succe551ul Grow A Pound campoign, raising £1.468 lor school projecls. Di Armstrong who leache5 our increasingly popular A-level Economics progromme, delivered o lascinaling evening lecture on the History of Money.

Page 8 Sixth Form.. The Read School Sixth Form grew considerably in 2023-2024 with 50% mole pupils elecling to renicjin al Read post GCSE thon the previous yeor. Small closs sizes ond a wide arroy ol SLJbjec15 (with BfEC Business Studies added) provide a rich and bespoke leoining environmenl with conliriued access lo Read'5 many exlrocurricular opporlunilies. Sixth Form also ran a series ol aller school lolks which exomined many subject oreas including Chemistry, Cl(Jssics and a visit Irom Oxford Univer511y. In November Sixth Form sludenls raised money lor Movember, Ihe men's menlal health chorily with a chafily loolball game and a bingo night. Senior School - Academic Allainmenl Al Read School we 51rive lo ensure thal all pupils achieve their lull academic potential, regardless ol their starling point and il was therefore very pleasing lo see the excellent results achieved in Senior School & Sixth Form Ihis year. A-level Resulls.. Al A-level we ochieved o l Oofo POSS role Iver5us 97.2% nalionol overage) lor the sixth conseculive year ond, while results notionally were on a par with pre-covid 2019 results, our own comparison showed o +20Y¢s in grode5 A°_C increose vs. 2019. Sludenl BTEC results Isporl and 8usinessl were exceptional. Our departing Yeor13 students this year were equolly divided belween universily and degree apprentice5hip5 with Ihree pupils opling lor o gap year. GCSE Re5ults.' We hod our best GCSE results since 2014 with an 8810 pass rate (versus nolionol average 0167.6% and 63.9Yo in Yorkshire/Humberl. 24% 01 all grades achieved were grades ?- / and favourable lo nolionol averages 0121.8% tsnd Yorkshire 18.3%). We celebrated some ou151anding individual outcome5.' Evelyn Crompton achieved 8 x grade 9.5 and I x grade 8., Moksym 8ondorchuk ochieved 5 x grade 9's and 3 x grade 8,5,. Year l O pupil Finley Woodrolle achieved 3 x grade 9's a year eorlyl Oveioll pupils achieved on overoge on overoge 'volue- odd, Iprogre5s versvs baseline MidYIS I YELLIS prediclionsl of +0.4. Sport Read School well and truly punches above ils weight in sporls-in bolh Junior and Senior School competing and ollen winning against much bigger schools wilh o considerably lorger pool ol players. Read pupils unfailingly undertake every match with possion, determination and great sporlsmon5hip while our sports stall admirably balance the need lo compete ogoinst larger schools with the desire lo give os mony pupils os possible the opporlunily lo play in lixlures. Throughout 202&2024 pupils enjoyed o buoyonl molch list with local independenl schools ond some local comprehensive schools. notching up 5ignilicanl sporting success in rugby, loolball and cricket 05 well os hockey ond netball. Our slrong hisloiic link5 Wlth Selby RUFC continued with sponsorship ol the 151 XV ond ol the annual Selby RUFC Minis Festival. Two crickel tours look place thi5 yeai with pupils in Year5 718 Iravelling to Great Yoimoulh and Y9110 51udent5 parlicipoling in o lour lo the Lake District. BTEC Sport was successfully introduced 05 a level 3 quolilicolion ond we have been delighted will) the impressive grades oblained so lar. The school year ended with a sport5-lilled final week which included spoils days lor Lower & Upper Juiiior5 Qnd Senior School as well os the pre-commemoralion Doy Droxonians v. School Cricket M(Jlch (won again by Ihe School) which w05 extremely well attended by parents, pupi15 and Draxoiiians alike.

Poge g Combined Cudel Force {CCFI The Combined Cadet Force ICCFI enjoyed onofher historic year which included becoming allilialed with the 4th Ballalion Royal Yorkshii"e Regimenl, following a rebadging ceremony in Moy. The CCF continued lo ploy o cenliol role al mony Reod School evenls, including Ihe poignanl porade loi Remembrance Day and our D-Day 80111 anniversory Commeinorolion Seivice in June 2024. Cadels were honoured lo commemorate this historic event in the presence ol D- Day veleron and Read School great grondporenl, Mr Ronald Dukes. In March twelve cadets parlicipaled in a Iwo-week trip lo Cyprus while both Amy and RAF cade15 had the opportunity lo allend summer comps in Strensall and Northern Ireland respectively ol the end ol the yeor. Throughout the yeor cadets achieved a oood mony awards. bodges, promolions ond recognitions including Head Boy Freddie Thomlinson who received the Lord Lieutenant's Award, an extremely prestigious aword given in recognition ol outstanding codel service. 11 was on honour lo be invited lo addres5 Ihe RFCA Annuol Conference in York and a wonderful opporlunily loi Head Boy & Girl land Senior cadelsl Freddie and Sophie lo speok oboul Iheii own personal developinenl through the CCF. Duke ol Edlnburgh (DofE} Read School is proud lo be o licensed organisolion lor the Duke ol Edinburgh Award Scheme ond Ihi5 year Ihirly-one pupils completed Ihe Bronze aword, and eighteen Year I I pupils completed the Silver Aword. These levels ol parlicipolion and completion roles ale lar obove nolional averages ond iellecl the excellence ol Ihe Read programme. DolE and CCF octivilies hove now been combined under o single 'advenlurovs activilies, banner al Reod School, led by Miss Rolhwell ond this aiea ol the School is going from strength to 51renglh. Neither progiamme could run wilhoul our many stall land paienl volunleeisl who give up their Iiee lime lo run weekend expeditions. In addition lo completing inlensive Iroining programmes. codels and DolE students 0150 undertook a good number of communily projects. amoi)g Ihem visiting local core home iesidenls, lundroising lor CCFA, ottending local Remembrance services and decorating Drox Church. Educallonal Vlslls and Trlps Educolional vi511s not only provide o greol opportunity lo leain outside the classroom bul olso help increase confidence and independence. In 2023-2024 our list of visils wos extremely impressive ond Inany have been noted above. Key overseas trips look place in Icelond Iocloberl, Rome (February). Barcelona Ilvlarchl. Cyprus IAprill and World Challenge Notwoy lJulyl while educalionol visi15 closer lo home were organised by deportments in all seclion5 01 Ihe Scliool. SluNlng As Reod porenls know, il 15 the dedication ol Ihe leaching and suppoit leom whose individual excellence, passion lor tlieir subject and commilinenl lo doing the be51 lor Iheii pupi15 throughout the yeor make everything possible. Al the outset ol the year, we welcomed Mrs Warren (Heod ol Girls Sporl ond Head ol Boarding) ond boarding 05sislanl. Mi55 Sowden lo the stall leom wliile Mis Prosser started a new role al Read os School Counsellor. In December. Mr

Paoe 10 Scoll Hunter also joined Ihe team os Bursor- o timely appoinlmenl given N4r Hunter'5 eKlensive experience as a Chartered Accountant and VAT advi50r. Al the eiid ol the yeor we said a sad goodbye lo Miss Hutchinson (Hisloryl and congratulated Head ol Sixth Form, Mrs Kavanagh in her new Business Developmenl role al Reod School. giving hei the chonce lo pul into practice whol she has been leaching Reod Business Studies students lor 12 yeorsl Bvslness Devèlopmenl Against the bockdrop ol the V AT challenges and other financial heodKYnds unleoshed on the independent sector la51 year, the School adopted a slralegic imperolive ol growing allernolive revenue slreoms in order lo slrenglhen Ihe linoncial stability ol the School. Incrernenlol non-lee revenues not only piovide additional funds lor School moinlenance and upgrade projects but also help subsidise school lees. Read School Enterprises, our subsidiory company which monages the rental ol school facilities aller hours and during school holiday5 had another very successful yeor with a steady slreom ol crickel and football teams letting the spoils holl and MIUGA. A highly successful Summer School progromme attracted over lorly Re(Jd pupils as well as a dozen inlemotional students ond will be further developed next summer. We also hosted 0 summer let in August, ensuring that we ore making lull Use ol the School land and buildings out ol term lime. Further lo Kids, Corner Pre-school moving lo the Read School-owned Drox Primary School in June 2022. in July thi5 yearwe were pleosed to welcome their evei-expanding Pre-school class back lo the Read School Lower Juniors Shipley Building. In addition lo providing renlol income. it is hoped that this will a150 Serve as a good feeder into Read'5 Reception class. We have some exiling business developinenl inilialives in Ihe pipeline lor 2024-2025. including goining Chartered Manageimenl Instilvle ICMII accredilalion which will enable us lo deliver leadership and manogement courses to local businesses. Watch this space lor lurlher newsl School Molnlenunee Considerable investment was ogain made this yeor in school mainlenonce and inlraslruclure, including Ihe relurbishmenl ol the Performing Arts sludio. inslallolion ol a new and upgraded go5 syslem lor the Read Block Science Icjboralories. the refurbishment ol our Norfolk House Sick Bay and renovalion ol the back field. We extended our bioluel heoling 5yslem to Molorney Hall and Coggrave lJunior Schooll and also expanded the CCTV system. The mommolh project of upgrading school chonging roonis was also slorled and will complele thi5 academic year. Charltoble Glvlng Reod School was sel up as a charity and altruism 15 central lo our ethos. In 2023-24 we roised over £3.500 for o number ol charitie5 ond supported many chorilable events. Slond out even15 were Roce for Life (June 20241, hlovember. Comic Relief, Europeon Day ol languages fundraising lor Concer Research and the Music departments ellorls lo raise over £IOC() lor the Yorkshire Ambulance Service.

Pogell Palenls and Friends Assoclalion (PFAI The PFA continued their stellar Support ol the School Ihioughoul the year. We ore lorlunole lo hove such o lolented group ol professionals in key posili0rn5 und the focu5 ond dynaniism ol the team ha5 delivered unprecedenled levels ol school Support iii lerm5 01 funding lor key projects. pupils experiences ond supporting iinporlonl scliool evenls. This yeai Read School pupils wei"e Ihe lucky recipients ol ploy equipment ILJSI. Chromebooks IUJSI. Drogon doncing (lull school) ond STEM Koil Racing Ilull school). A significant further acliievemenl iii 2023-2024 w(J5 the creation ol Ihe PFA gorden adjacent to the cor park and the doncilion ol beiiches ond planters oround school. Tl)e DecembeT 2023 Winter Ball al Corllon Towers was a real highlight bul the PFA a150 ran nunieious bars and 88Qs Ihioughoul the yeor os well as hosting events such as Chrislmcis Foyre. Arlis(Jn Market ond Fashion Show which hove now become o slople in the Read School calendar. As we enter on exciting new phose ol development for the School. il is exciling to see the PFA going Ironi strength to strength. STRATEGIC REPORT Rlsk Revlew The Board ol Governor5 is iesponsible lor the managemenl ol the risks loced by the School. Delailed exominolion ol risks surrounding the principol oreas ol the School's operations, ond consideration ol Ihe majoi iisks thol Imay arise in each ol these area5 is underlaken by the various sub-comniillees and by the Full Board whenever significant decisions are lo be mode. The principal risks and uncertoinlies lacing the School ore considered lo be.. Dillicully in recruiting and ielaining pupils as lees increose lo rellecl the imposition of V AT on school lees. the ieimoval ol roles I"elief ollorded lo chaiilable private schools. the increase in employers. national insuronce levy ond high inllalion. the possible impocl on numbers due lo competition from other independent schoolg ond slate sixlh forin college5', the increosing compelilion lor high-quality stall. especially in the CLJrriculum areas ol m(Jlh5 ond scier)ce. and the ellecls this can hove on the level ol remunerolion and on succe55ion planning- the risk lo repulolionol damage in the unlikely event ol high-prolile legal action alleging lock ol due care ol pupils 05 vulnerable beneficiaries. In the opinion ol the Governors. the School has eslobli5hed effective internal and external conlrols. procedures and review systems and elleclive safeguarding procedures ond Iroining which, under norryial conditions. should allow the risks identilied lo be miligaled lo an acceptable level in ils doy-lo-day operations. The appointment ol o new Bursar in December 2023 olso odded lo the depth ol knowledge and expeiience ol the Seiiior Leadership Team who are well placed lo be able lo review, plan and reocl lo risks and uncertainties. The School seeks ond ocls on advice Ironi qualified exlernal consullanls in Ihe areos ol Health and Solely, Fire Risk Asse5smenl ond Insurance,

Poge 12 FINANCIAL REVIEW AND RESULTS FOR THE YEAR The resvlls show on overall deci'ease in the level ol funds of £28,357 |2023- delicil ol £100.9871 due mainly lo chollenges laced Ihrough increased costs due lo rising inflation and inleresl rates exocerbaled by the ongoing War in Ukroine. The unreslricled fund accounting delicil loller Iran51e15 belween lundsl ol £47,636 12023 delicil ol £101,237) 15 in line with budget expeclalions. The Board ol Governors regulorly review5 the level and nature ol the reserve funds ol the School. They aim lo hove free reserves omoLJnling to Ihe averoge level ol one term's lees. However, given the need lo invest in the School'5 inlraslruclure ond refurbish or renew vilol services ond lacililies, this level ol resetyes is expected to be ochieved gradually over o number ol yeors, a5 described below. Nolwilhslanding the reduction in the unrestricled fund which represents the trading activilies ol the School. the financial re5ulls have been prepared on a going concern basis. In previous years. this basis wo5 adopted becouse ol Ihe open-ended loan support piovided by a major benelaclor lormolised in 2019 and refinanced in October 2022 through the generous support ol anolher benefactor. No interest is payable on the loon throughout its term. Future Plans Whilst the Governor5 and Senior Leadership Team ol Ihe School look back over Ihe yeor confident Ihol they achieved what was possible in Ihe dillicull financial climale, they uiiderslarnd Ihal strict budgelary manogemenl will continue lo be nece5sory whilst pupil numbers are being rebuill. Recruilmenl and admissions remoin a lop priority lor the School. STRUCTURE. GOVERNANCE AND MANAGEMENT Governlng Docvmenl The Scheme lor governing the chorily was appioved ond published by the Charity Commissior) on 17 August 2010 under the power ol the Charities Act 2011. The Read School. Drax. Trustee Limited Iregislered company 072368841, o company limited by guarantee, was incorporaled on 27 April 2010 and was appointed as the Trustee ol the School on I September 2010. The School was originolly formed in 1667 by Charles Reade. The Reod School 15 0 Registered Charity. Number 529675. The moin premises and oddress ol The Read School is Main Road, Drax, Selby. North Yorkshire, Y08 8NL. GoveTning Body The Board of Governors comprises Governors who serve lor a term of three years and who may be ie-oppointed lor two further term5 01 three years. Governors ore appointed by the Board ol Governors bosed on peisonal competencies and specialist skills. Al the end ol his or her third term in ollice and in subsequent year5, a Govemor may be re-appoinled lor o further period of one year bul only il there are exceptionol circumstances ond provided they ore invited to do so by the Chair of Governors. The Drax Parish Council may also appoint o Represenlolive Goveinor under Article 46 01 the Articles ol Association.

Page 13 The activity ol the Governing Body is carried oul through meetings of the Full Booid. In order lo ensure Ihol the increosingly complex mollers relaling lo legislation, regulolion and compliance are correctly oddie55ed ond lo ensure the ellicienl running ol the School. the Board is split into a number ol sub-commillees which may include 'ex-ollicio' members, 05 appropriate.. Finonce and Properly Soleguarding, Heollh ond Safely Education. Teaching and Learning Marketing and Comrnunicalions Foundation The Head and Bursor allends the Full Boord ond Committee meetings. The Designated SalegLJording leod and Head are in ollendonGe al the Soleguarding. Health and Sat61y. ond Education, Teaching and Learning CommSllees. Trustee Tralning All Governors ore Directors ol The Reod School, Drax. Trustee Limited Iregistered compony 072368841. which is a Corporate Trustee and Ihe sole Trustee. New Governors ale inducted inlo the Governing Body by the Chair ol Governors. In-house training is ongoing and external Iraining is undeiloken as oppropriole. The School 15 a membei ol AGBIS and training and supporl are provided through Ihis ossociation. Organlsallonal Management The Full Board ol Governors meets four times per year. All Commillees report and make recomimendolions lo tlie Full Board. The Finonce and Properly Committee examines proposed budge15. financial outcomes, inclvding the annual audited accounts for Ihe Chorily, and other linoncial planning data prior lo con5iderolion ond approvol by the Full Boord ol Governois. They also cor15ider the strategic development ol the School. The Sofeguording. Heollh and Sofety Committee, Education. Teoching and Learning Committee. Markeling ond Communicolions Committee and Foundation Commillees of the Governing Body meet cll least four limes per year lo consider relevonl maller5. From lime lo time, these Committees may nieet mole regularly, 05 circumslonces demond. Senior monogemenl meet with repre5eritalives ol the Parenls, ond Friends hssociolion on a regular bas15. The day to day running ol the School is delegoled lo the Heod supported by the Bursor and other management personnel. The Head and Bursar attend the meetings ol the voriovs committees along with Ihe Deputy Head as oppropriale. The remuneralion ol key manugemenl personnel is sel by the Board wilh Ihe policy objeclive ol rewarding their lairfy and responsibly lor Ilieir individual conlribvlions lo the School.

Poge 14 Group Structure und Relallonshlps The Charity hos o wholly owned non-choritable Subsidiary. The Reod School Enterprises Limited. coinpony registration number 03567217, incorporoled 18 May 1998, whose registered ollice oddre5s is The Read School. Drax, Selby. North Yoikshiie. Y08 8NL. The non-poid direclois ol The Reod School Enterprises Limited. who sep4ed during the yeor, ore all direclors ol The Read School. Drox. Trustee Limited during the yeor, namely.. Mr B Woll (Chaii ol Govem0151 Mr D Prilchard (Vice Chair of Governors) Mrs C McLaughlon (Chair. Finonce und Properly Committee.. Retired May 20241 Dr R While Mr C Sunley (Chair, Education, Teaching and Learning Commilleel MrG Campbell Mrs T Butler (Chair, Morkeling and Communication5 Commilleel Mrs K O'Hara (Chair, Saleguarding, Health and Solely Commilleel Mrs L M Dukes Ichair. Finance and Properly Commitlee, from May 20241 Ms J Breach Mr J Inglis The Read School Enlerpri5e5 Limited was sel up lo manage the leltings ol the School premi5e5 during holiday periods and the hiring ol facilitie5 to local groups, bolh culluial ond Sporting and all profits ore donaled to The Read School Iregi51ered charity number 5296751. STATEMENT OF GOVERNORS. RESPONSIBILITIES The Governors, os Diiectors ol the Corporole Trustee. ore responsible lor the preparolion of onnuol linancial 51oleinenls, in occordance with opplicoble law ond United Kingdom Accepted Accounting Proclice Iunited Kingdom Accounting Slondardsl. The law applicable lo chorilies in England and Wales reqLJires Governors to prepare linoncial 51alemenls loi each linonciol year which give a true ond loir view of the slole ol allairs ol the chorily and of the incoming resources ond opplicalion ol resources lor Ihol period. In preparing these finaiiciol slatemenls Ihey.. select the m051 suilable accounling policies and apply them consistently-. obsetve the methods and principle5 Sel out in the Charitie5 SORP.. make judgemen15 and estimates that ore reosonoble ond prudent- slate whether applicable occounling slondards hove been followed, subjecl to ony molerial depailures disclosed and explained in the linoncial slalemenls: prepare the linonciol 5talemenls on tlie going concern bosis unless it is inappropriate to ossume Ilial Ihe Chorily will continue in business. The Governors ore responsible lor keeping adequate accounting record5 Ihal are 5ullicienl lo Show and explain the chorily'5 Ironsoclions, disc105e with reasonable accijrocy al any lime the linoncial position ol Ihe chorily ond enable Ihem lo ensure that the financial slolemeiils coimply with Ihe Charities Act 2011. the Chorilie5 (Accounts and Reports) Regulalions 2015 and Ihe provisions ol the choiity'5 conslilulion. They ore also responsible lor suleguai.ding Ihe assets ol the chai'ity and ensuring their proper opplicolion under charity law ond Iience lor toking reasonable steps lor Ihe prevei)lion and defecliori ol Iruud and other irregularilie5.

Poge 15 In so lar as the Governors ore oware: There 15 no relevant audit inlormolion ol which the charity's uudilor is unaware. The Governors have token oll step5 that they ought lo have taken lo moke themselves owore ol any relevant audit information ond lo esloblish that the audilor is oware ol that inlormalion. This repoil was approved by the Boord ol Govemors on on behalf of the Board by: and signed David Prilchord Acting Chair ol Ihe Board

Poge 16 INDEPENOENT AUD1TOR'S REPOR T TO THE IRUSIEE OF IHE REAO SCHOOL DRAX 31 AUGUST 2024 O Inlon on ènls We have Ihe linonciol slolemfynls ol The School Drox Ilhe 'Chorily'l lor IP y60r ended 31 Augvsl 2024. whleh comprise the Slolemenl ol Finonciol Aelivilies. the Bolonce Sheel. Ihtr Cash Flow Slolemenl. ond no1tr5 lo linonciol sloleoion15, inclvding signiliconl occounling policies. Fhe h'nanciol reporting Iromework Ihol hos t)een oppmed in Iheii preporolion is opplicable and Unile<J Kingdom AccoDnling Slondord5 Including Flhonciol Reptyliw Sltsrtdord FRS102'fhe Finonciol RepcKllro 51ondoccl opplicoble In Ihe UK on(J ReputAic of kelund, IUDiled Kingdoni G8neiolly Accepl&d Accounting In our opinion the hnonciul slolemenls.. give ¢ Iije and loir view ol Ihe slate ol Ihe ChoiilV5 olloifs 0$ 0131 AJgvsl 2024 ond ol Ils in¢tyxing resource5 onrj oprAcolioft ol ie50urces lor Ihe yeor Ih8n ended., hove been propeily p￿pared in occordonce wllh Unlled Klngdom Gen8r01￿ Acceplod Aeeounling Proclice". or have been prepar8d in occordonce wilh requiremenls of Ihe Chorilies Acl 2011. We ¢onducled our oudil in o¢ctydonce with Inlernolionol SloTrdord5 on Audilino IUKI IISAs IUKII on(J opplicobl8 law. Our iespon5ibililies Und￿ th056 51ondards are further d@scribed in the Audilor'5 responsibililie5 lor Ihe oudil ol Ihe linonc￿l stolenienls seclion ol report. We ore independenl ol Ihe Charily in occordan¢& With the elhi¢ol (eouiremenls Ihol ore relevonl lo our OLKlil ol the Inonclol 51olemenls in Ihe UK. including Ihtr FRC'5 Elhicul Slondtsrd. ond w& hove lullilltd our olhtr elhicol re5tJoTrsibililie5 in occordonee witn the5• rtrovwémnli. We believe that Ihg oudil evidence we have obloined 15 sullicienl and appropriole lo provide 0 ￿515 lot ouropinion. Concluslons rdalln to oln concern In oudiling Ilie finonciol slolemenls. we hove contlvded Ihol the Iiu518e'5 U58 01 the going conc8rn ￿51S ol accounling in Ine prgparoiion ol Ihg linoncioi 51o18mènls is approp[￿le. 8a58cJ on Ihtr work we hove perlorm6d. vtye hovg nol idenlilitrd any fnoleTioI uncertoinlie5 reloling lo even15 or condilion5 Ihol. individually or colleclively, may ca510 5ignilicon1 doubl on Ihe choTil￿5 Obilily lo conlinve os CJ going concan foi a peri¢)d ol (]1 lea51 twelve nionll)5 From when Ihe linoncial ilolemenls oulhtyised lor issue. Our r&spon5ibililiei ond Ihe f85pon51bililie5 01 Ihe ITuslee with respect lo concein ore described in the relevonl ￿tIOnS 01 this r&porl. Olh21 Inlormalion The other inloFmalion comprises Ihe inlonnalion included in the orFnuiJl report. includiny the Iru51ees report. olher thon Ihe Iinoneial sloleinenls ond our oi)¢11￿$ report Ihereon. The Iruslee is respon￿01@ loi Ihe olher Inloimolion conloinecl wilhin the annuol iewl. Our oplnign on Ihe linonciol stolemenls does not cover Ihe Oth￿ inlormolion ond. eKcepl lo the exl8nl othe￿158 explicilly 51al&d in ourreporl. we do not txpre55 ttny form o105surance conclusion Ihereon. Our Esponsibilily Is lo reod Ilie ollier inlormolion ond. in doing $0. ¢on51der whelher Ihe olher Inlurnolion 15 mol61iolW inconsislenl with the Iinonciol slolemenls or our knovAedge obloiiied in the course ol the oudil ot ollierwi5e oppeof5 to b maltriolly mi5$1oled. 11 we idenlily such tDoleritsl inconyslencies tr opptjrtsnl rnoleriol mi55loiemtrn15. wè ortr ieouired to deleTmine whether Ihi5 gives lo a rnoleTial ffli551alemenl in Ihe linoncial slolernen15 Ihemselv8s. 11. based on Ihp work we hove pe(lo(med. we conclude that there 15 0 moleri(Jl mi551olemenl ol Ihi5 other inlormalion. we ore required Io ieporl Iliol We have nolhing lo report in Ihi5 Fefj(￿d.

Poge 17 INDEPENDENT AUDITOR'S REPORT YO THE TRUSTEE OF THE READ SCHOOL ORAX 31 AUGUST 202 hlollers on whlch we are T ortb exce In Ihe lighl ol the kri¢)wledge undet51onding ol the c￿rI￿ ond Ils envwonmenl obtained in the covr5e ol Ihe au(Jil. we hove nol idenlilied muler￿1 mi5slolemenls in the l(u51ee's reporl. We hav8 nothinq lo raporl in re5pecl ol Ihe lolltrwng mollers in r8lolitrn lo which Ihe Chorilies IAccounlS ond Reporlsj Regulolions ?tWiequire vs lo r&rpcI lo you il. iii our opinion.. lh8 inlormolion given in the IfU5198'5 ￿pO[l is Snconsislenl in any moleriol iespecl wilh Me financial 51ol&menls'. or sullicienl accounling record5 hove nol been kepl.. or the linancia151thltmenlsore nol in ogrggmenl with the accounting recoFds relwns.. CK we hove not received oll lh8 informol￿n on¢ explanolionswe requiie l the ItU51è8 8ilherinlend> lo Ikiuidule Ihe Chorfly or lo re05e opgralion5. Of hove no reoli51ic ollernolive bul lo do $0, he Ilnanclol slalemp We hove been oppoinled 05 audilor undèr Strclion 144 01 Ihe Chorilies A¢1 2011 rep(Kl in occordonc& with the Acl and relevanl [egU￿rIonS mode or ￿VIng eflecl Ihereon. Our objeclive5 are lo oblo￿Th reasonaNe a55uronce. oboul whether Ihe linonciol sltslenienls as a whole ore Ifetr Irom molerial misslolamenl. whtslhÉr du lo Iiovd or efror. and lo isgve on oudilor'5 rgporl Ihal Includes ow opinion. Rea50ngb16 Ossuronce is o high level ol 055uionce. bul 15 nol o guoronlee Ihol an oudil conducted in accordonce wilh ISA5 IUKI will alway5 delecl a mi5slolemenl when il exisls. mi5slolemenls can oristr from or etTor ond ore conldeted [naleT￿l il. Ir￿1VId￿m)I1¥ OF in the aggregolp. Iliey could reoosnably be expected lo influenc6 th& economic deci5ionsol v5er5 taken on Ihe tH)5iioI Ihgse Ilnonciol slalemgnls. Iwegulorilie5, including Iroud. are in51¢inces ol nonslolemenl in re5pecl ol iffeouloillies. Including Iraud tsnd no cotnpllonce wllh1ows ond regulolion5. wos 0$ lollows.. lh8 8ngogèm&nl porlner en5ur&d Ihal the engogemenl t6om colleclively hod the ￿p￿0P[lO18 compelence. capabilitU1&5 ond ski1151o laenlify (Y iecogni59 non-eomplionce wilh applicob1e lows ond regulolions. We id6nlified the Iow5 ond regulalion5 0ppli¢oble lo Ihe chority Ihrouoh discussions wlh governors ond other Ironagem&nl, and from ovr comrnercKJI knowledge ond experience ol Ihe yivnle s¢hod seclor. We Iocv5ed on specilic ltrws ond reguloliotF5 which we wnsideT moy hov8 0 direct molerlol ellecl on the linonciol slolenienls or Ihe operation5 01 Ihe cliorily. including Chorilies Acl 2011, heollh and soFely legi51alioii hygi8ne &lando(d5, ern￿OYmen1 law5. onli-bribery lows. dola proleclion. environmenlol reoulalion. relevonl lows and Lompliance wilh Ihe IDdependenl Sclioo15 In5peclorole regukilion5 oDd luiidru15ing regulolion5. We a55é55ed Ihe eKlenl ol coinplKJnce with Ilie I(￿S and iegulolio)s idenlilied obove Ihrough moking enquifES of monagemenl. inspecting legol ¢oire5pondÈnc8 and reading the mlnvles ol meeling5 01 Ihos& e*KJig8cl wllh goveniance.. ond IdenlilE4 bws iegvlalions weie comrnunicoled wSlhln the audit leom Iègulaily the leom Temoined olerl 10 in51onc&s ol non-compllonce Ihrov9houl the tsvdil.

PogFJ 18 INDEPENDENf AUOITOR'5 REPORT TO THE TRUSTEE OF THE REAO SCHOOL DRAX 31 AUGVS12024 Wtr 055es5td the su5ceplitylily ol Ihe chorily's nnon¢Eol slolemenls lo moleiiol misslolemenl. Includirl) oblolning on underslonding ol how Iroud might occui. by.. Making enquirie5 01 manogemenl a5 ￿ where Ihey Cons￿ered the￿ wos susceplibilily lo fro￿. Iheir knoNledge ol ¢Jcluol. suspecled ond 0116god Iroud. tsnd Con5iclerin9 Ihe inlernol conlrols in ploee lo miligol& risks of fvoud ttnd non-compl￿Jnc￿J with lows ond reouloliorts. To addie$5 the risk ol liovd Ihtowh rnonogernenl and ov&riide oltonlrd5. we.. Peflom6d onotylitol we&dure510 ind&nlily tiny uniJ5utrI or vnexepecled ielolionship5,' Tesledjcvnol enlries lo indenlily unusuol Ironsoclions.. 8ss&d whlh8r judo@m8n15 (Jnd o55vmplK)n made in determining Ihe aCC￿n11ng eslirnales sel oul in nole I were Ind￿alIve ol polenlial bia5'. and Inve51igole Ihe iolionoltr behind significant orunusuot Iran5clion5. In reswnse lo Ihe risk ol wreoulorilies on<J non<omplionce wilh lovdsonol regul011￿}5, %ve dgslgne(J proceclweswlilch included. bul were nol limiled lo.. Agreeing linoncial sl(Jlemenl disclosures lo underlylng 5UPPOrtin9 dwumenlalion., Reoding Ihe tninule501 meetings ol Ihosg charged with goveinonce.. Enquiring of rnanogemenl lo acluol and polenliol lili£Jolion ond ¢loims,' and Reviewittg corresp￿denCe wllh HMRC. rel$¥ont regulator5 Ilndep8nd6nl Schoo15 Insp8clorolel ond th• choiily'$18001 odvisor5. Ihere a￿ inherenl limitations in our oudil ￿0ced￿e5 0$ (Yescribed obove. The ￿<￿e remoyed Ih(Jl Iijws and regulolion5 are liom linonciol Ironso¢lions. Ilie less likely il is Ihol we WOLald become owore ol non.eomplton¢e. Audiling slondords olso limit the ovdil procedures reoulred lo identify non-complionce with law5 and r8gulolion5 to enquiry ol the governor5 and olh8r manogemenl ancj Ihg in5ptrclion ol regulal(xy and legal cowrespondence. if any. Molerial rni551olemenls Ihal orise dve lo IFaud can be hordeT lo delecl Ihan those Ihol oiise trorn emr as they moy inyote deliberale concealmenl (Kcollv5ion. A further descriplKin ol Ourresonsibililies for Ihe oudil ol Ihe linonciol slolemenls is locoled on Ihe Finonciol Reporting Councifs websile ol." WWw.lic.(wg.ukloudiliysreponsibililies. This description lorms port ol ouravdilc*s report. Henlon & Co LLP 15 eligible lor ttppoinlment a5 audilor ol Ihg chaTrfy by virtue ol iks eligibilily lor tspptsinlinenl as au(filor ol (J Company urKlerseclion 1212 01 Ihe Companies Acl 2(Kl6. Use ol ovrie This reporl is made solely lo the charity's Iruslee. os a body. iii acLcydance wilh Section 144 01 Ihe Chorilies Acl 2011 ond the regulolions mode unaer section 154 01 Ihol ACI. Our oudil wcKk hos been ￿nderPoken 50 Ihal we mighl sltsl& 10 the liuslee Ih05e mollfts we ore reoulred 10 51olp 10 Ihtsm on ¢)udilor's rep￿1 arKJ IOT no olhÈr pvrpts$8. fo lh& lu11851 fixlenl perniillgd b¥ low. we do nol occepl or 055ume re5p005ibilily lo anyone other Ihon Ihe chorily'5 I￿slee a5 0 body, lor our oU(j￿1 work. lor Ih15 report. IY lof Ilie q)inions we hove formed. Ueit/-On + IIP For on behall ol Henlon & Co LLP Charteied Accounlonls & Slolvlory Audllor 124 Acomb Rothd York. Y024 4EY 27 Jarte 202

Poge 19 THE READ SCHOOL, DRAX S¥ATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDEO 31 AUGUST 2024 Unreslrltled R&slrlct¢d Funds Fund5 Endowed Fund5 Notes 2024 INCOME FROM.. Dvntslivn5 Income From Chorltoble Acllvlties School lees recoivoble Other oncillory Iioding in¢ome In5urunce cloims Inve51menl income Gronls receivoble 74.047 47.333 121,380 3.467,883 154,745 30.ow 3.37S 3,467.883 154,745 30.000 3.375 Tolol Income 3.730,050 47.333 3,777,383 EXPENDITURE ON- Chorllob1e ucllvlt5es School operating c0515 Costs ol generallng lund5 School financing ¢0$15 3,793.503 3,793,503 12,256 12,2S6 Tgl¢Jl expendlture 3,805.759 3,805,759 Nel Inctsme I lèxpendSlvrel 175.7091 47.333 128,3761 Tronslers between lunds 23 28.073 131.6021 9.529 Olhei recogn15èd galns I Ilossesl Gains I11055e&l on IDveslmen15 Golns I Ilosse51 oli revoluolion of fixed a5set5 NET MOVEMENT IN FUNDS 147.6361 9,750 9.529 128.3571 RECONCILIATION OF FUNDS Filnd balances ol 1 Seplember 2023 11.970.4651 250 3.379,162 ,408.947 FUND BALANCES AT 31 AUGUST 2024 12,018,1011 10.000 3,388.691 1,380,590

Poge 20 IHE READ SCHOOL. DRAX STATEMENT OF FINANCIAL ACTIVITIE5 FOR THE YEAR ENDED 31 AUGusf 2023 Unreslrlcted Re51rl¢ted Funds Fvnds Endowed Fvnd¥ Notes 2023 INCOME FROM.. Donc]lions Income from Charlluble Actrlvllles School lees (eceivoble Other ort¢illoty Iroding income Inve51menl income Grori15 receivabl8 90.814 3.085.323 122,360 829 3.085.323 122.360 822 2.306 ?.306 Tolal Income 3,299.319 23,434 3.322.753 EXPENDI7URE ON.. Choritable act5vltle5 School opefaling costs Cosls of generollng fvnd5 S¢hool lifjancing costs 3.410.990 3,410,990 11,726 Totul expendlture 3,422,71 3,422,716 Net Income / lexpenditrvrel 1123,3971 23.434 199.9631 Tronsleis between funds 23 22,160 122.1601 other r*c¢gnlsed galn5 11105sesl Gains I1105sesl on inve51menls C?tJins I IIos5esl on revaluolion ol fixed 05sets 11,0241 NET MOVEMENT IN IUNDS 1101,2371 250 1100.9871 RECONCILIATION OF FUNDS Fund bolonce5 (511 Seplember 2022 11.869.228) 3.379.162 1,509.934 FUND bALANCES AT 31 AUGUST 2023 11.970.465) 250 3.379,162 1,408,947

Poge?I THE READ SCHOOL. DRAX BALANCE SHEET AS AI 31 AUGUST 2024 Nole5 2024 2023 FIXED ASSET5 Tongible lixed ossels Inve51fflenls 3.600.083 465 3.584036 446 3,61J),546 3.W.284 CURRENI ASSETS Stocks Debtors Bonk ond c05h bO￿nc*S )1.382 941,032 249.453 10.943 805.845 182.973 1.201.867 999,761 CREDITORS.. duewilhin one yeor 2.160.245 1,657.079 NE[ CURRENT ASSET5IILIABILITIESI 1958,3781 roiAL ASSETS LE$5 CURRENT LIAblllTIES 2,642.170 2.927.960 CREDITORS.. due dlei rnoY¢ Ihun one year 11.219.739) PROVISIONS Pension scheme delicil 143.8411 143.4621 TOTAL NET A5SET5 1.380.590 1.408.947 Endowed lund5 Reslricled lunds Unr8slrlcled funds 3.388.691 io.000 3379.162 TOTAL FUNDS 1.360.590 1.408.947 Ihestr linanciol slolemen15 wwa opprtrved bylhe board ol Governors ￿ 17 Jurt8 2025 and were Sign￿ on Ils beholl by D Prllchord AcllDg Chalrman Thf) notes on poges 2310 37 lorm txjrt ol thes8 occcx)nl5.

Poge 22 HE READSCHOOL. DRAX CASHFIQW STATEMENT FOR THE YEAR ENDE031 AUGUST 2024 Nole5 2024 2023 CASH IIOWS FROAI OPE￿AllNG ACTIVIIIES.. NFT CASH PROVIDED èy IIVSED 1141 OPERADWG &CTI¥ITIE5 CASHFLOWS FROM INVEsfiN¢ AcHV￿lES 360 ?4.28 125.7WI CASHFLOW5 FROM FINANCING ACTICITIE5 th)& Flel ffloyemenl Iinoct leoio abl￿￿150￿$ 78.456 ¢HANGE IN CASH AND CASH EQUIVAIÈNIS IN T￿E REPORTING PERIOD 51¢05 RECONCIIIATION OF NET CASH FLOWTO hlOVEMENfiN t4ET FUND5 129208 52105 Cliotys iThCo5h oTrdca5hequivolenli In th01&pr￿l￿g peikxj C0511 urtdc05h eq￿￿o￿nIS ate￿￿ olyooF 249.453 182.973 NOTESTO THE CASH FIOWSYAIÈK4ÈNr RÈGOnt1ll￿1o￿ ￿1 nellnromB I (0xp•n￿1￿r•I1￿ n•1 cuih Ikwlremo￿rOtSnllaeI1y1tIès Nel /lèxp•ndFuréllorthè p￿Illd (ol 11(Y).9811 |nve51nitsnl Inc(me 57 1.024 12.W Dèt)rgciQl1gD chorge 40.970 Ilncreo5ellOecie05e ￿debt015 30.272 1&09Y 441.5dg lQl.896 N•1 ca&h by Ilusèd Inl Dp¢[￿￿￿5 g(r b. An￿¥513 ol coshandcash •qulval•nls Ca51 ul bank andln hand 241.453 241.453 Att￿y&r5 01 Ch￿￿￿￿51￿￿￿1dvb1 NewElD￿nce L•osè OlheT coshchungès Coihllows 31.08.2024 249,453 I70.￿6 InortcÈ ktyg¢blEwlions IB5,T621 30.313 I1.438.￿5] 267.459

Poge 23 THE READ SCHOOL. DRAX NOIES TO THE ACCOUNYS FOR IHE YEAR ENDED 31 AUGusf 2024 GENERAL INFORMATION The enlily is ts Regislered Chorily in England ond Wules. Ihe address ol the regi51Èred ollice 15 The Reod School. Drox. Selby. N￿frh Yorkshire. YO8 8NI. ACCOUNTING POLICIES The principol occounling policies adopled. judgemen15 and key source5 01 eslSmolion uncerltsinly in Ihe epor(Jlion ol the linoncial slolemenls tsra (J5 follows.. a515 01 prepurotlon Yhe lintsnciol slolemenls have been prepored in oCc￿d￿nce with Ihe Slolement ol Recommnded PToclice.' Accounting and Reporling L>y Charilits prepoTing Ih8ii accounts in occorcloncE with Ihe Finon¢iol Rewrling Sloiidcird applicoblé in Ihe UK ond RÈpuhlic ol Irelond FR5 1021 elletlive l Jonuury 2019 ond the Financiol Rep￿l1Thg Slandafd opplir.oble in Ihe Ui)iled Kingdom ond Republic ol ITelond IFRS 1021 ond Ihe Chorilie5 Acl 201 l ond UK Geneially Accepled Proclice as il applied Irorn l Jonuary 2015. Th8 linoncial 51olem8nls hove depail&d Irom Ihe cha￿11S IAccoun15 Qnd Report51 Regvltrlions 2008 only lo Ihe exlenl required lo wovide a Irue and loii view. This deporlure has involved lollowing Ihe Slalemenl ol Recomtnended Pruclice loi chaiilie5 opplying FRS 102 rolher Ihtsn Ihe veision ol Ih Slolemenl ol Recommended Pfaclice which is reletred lo in the RegulolioTTS bul whih h05 since been wilhdrown. Tlie Chowily meels Ihe delinilion ol puL)lic benelil enlity Under FRS 102. Assels ond liabililEs ore iniliolly recud8d ul hislo(ictsl cost or Irunsac15on volue unles5 olh&rwise 51aled in 11)e felevonl accounling policy note5. The linonciol slolemen15 are prepored in sletfing. which is Ihe lunclionol currency of Ihe enlily. The following occounling policies hove been opplied con5151enlty in deoling wilh ilems wl)ich (Jre consideied molerial in ielolion lo the School's linonciol 51olemenls. Golng concern The linoneicAI slolemenls htsve been PTepared on the going tonc8rn bosis. nolwilhslonding the nel curienl liobililies p05ilion on 31 Augus12024. The Chorily 5 vnreslricled Ivnd5 were in delicil by £2.018.101 on 31 Augvsl ?024. The Govern(y5 nÈverlheles% considÈr Il cjppropiiole lo eonlinue lo odopl the going concern ba515 in preporing Ihe linancial sloletnenls b&couse ol Ihe ongoing lintsnciol &upporl of ts majoj bÈn&laelor. In o prÈYiou& yeor Ilitr Iruslee reporled Ihol a benefoelor had made ovoiltsble loan suppoil ol £1.225.417 lo svpporl ca5hllows dvring Ihal yeoi. This 5upporl was loinioli5ed durin9 0 previou5 yetsr. rhe loon Icjcilily omounls lo £1.5 million l£1.264.743 ot 31 Augusl 20241 wilh lavourLJble repaymenl lerms. over o live-yeor periocj slarling in SeplembeT 2021. Nts intere51 is poyoble on the loon Ihroughoul Ihi5 leiln. On 28 Oclober ?n2?. this loon w05 relinanced wilh a nibw lender. The lotsn bulonce oulilonding iefflains the same. bul Ihe lernis ol Ilie loan hove been chonged lo include even moTe lovourable repaymeiil lertns. over o liwe yeor period slorlincj in Januuiy 2024 willi no iiileresl payablp Ihroughoul Ihe term. Yhe new lo(In ugreenienl olso proYidÈs lof Ihe Iccl Ihal Ihe'linol insloltnenl. ol £611.408.55 will only be payob1e il ony port ol Ihe. land 01 buildings ore sold. or conlrocte(J lo bÈ sold. before 30 Seplember 2027. The Govprnors have corried out ts comprehsnsive slrolegic rtrvièw and the school hus eniboiked on on exlensive pro9f(Jnime ol revenue enhfjnteillenl ond c051 rÈduclion. Yhi5 hos resulled in o 5ignilicoiil improvÈmenl in the linai)ciol perlorniante ol the scliool.

Page 24 THE READ SCHOOL. DRAX NOTE5 TO THE ACCOUNTS Iconllnuedl FOR IHE YEAR ENDED 31 AUGUST 2024 Golng concern Iconllnuedl Recently. the UK economy h05 been impocled i)y rising inllolion, inlefesl ioles ond eriwgy c0515. xacpTbnled hy Ihe wur in Ukroine. All Ihe5e m¢Jllors have irnpacled the chorily's Iroding re5u115 10 eater ol le55er exlenl. Al Ihe dole ol signing Ihese linunciol slolernenls. Ihe directors hove considered Ihe ellecl ol Ihèse mollers on IhÈ charity with Ihe inloimolion available 10 il ond 0150 the impoLI of Ihe new Lobovr Govemmen15 policies on VAT on privole School lee5. removol ol choiilable roles feliel. Èmployer5 Nolionol In5uronce tsnd Ntslional Miniii)uni Wage ono do nol believe thol il will all&cl the obilily ol Ihe ¢horily lo conlinue lo Iiade lor Ihe l￿esee0ble lulwe. Hoving considered the funding locililies avoiloble lo the school logellier wilh expecled ongoing demond places and projecled ca5hllows. Ilie oovernors ¢onsidef thal the School hus adequate rÈ50uices lo conlinue ils oclivilies lor the foreseeable luluie. Accordingly. Ihey continue to adopt Ihe going concern bosis in prÈpttring Ilie linoncitsl Iltjlomenl5. Fees and Slrnllar Eorned Income FÈÈ5 receivoble ond chorges lor servlces ond use ol prenii5e5 are occounlÈd lor Ihe period in which Ihe setvice 15 provided. Fee5 receivoble orÈ sloled oller deducting ollowances. scholarships and other iernission5 gronled by the School. Fees feceived lor edvcolion lo be provided in lulure years c]re catried l(Kward 05 d2lerred income. Inve5tm2nt Incomè Inveslmenl Incorne (rom dividend5. bank bolonce5 ond Ikyed in18re5l se¢vrilie5 is oecounled lor on n accruols bos5. Donallon$. legucle5. grants und otherv¢lunlary Intome Volunlary income IS CT¢counled lor os ond when enlillemenl aTises, the cjmounl con bs rellably qutrnlilied and the èconornic bentrlil lo Ihe School is Considered probabltr. Donation5 recÈivÈd lor Ihe yenerol purposes ol Ihe choiily ore included 05 vnreslriclÈd funds. Donolion5 reslricted by Ihe wishe5 01 the donor ore token lo Veslricled tund5' where Ihe5e wi5he5 e legolly binding on the GoYÈrnor5. Dontslions requ￿ed lo be relained os copilol in oCC￿dOnCe with Ihe donor's wishe5 ore occounlèd 101 iJ5"endowmen15" petm¢Jn&nl OT expendable oecording 19 the nolvre ol Ihe reslriclion. Incoine Irom gronls. whether 'copil0l' giun15 OT 'revenue' granls. ore recogni5ed wl)Èn the cho(ily htss enlillÈment lo lunds. any performance rondilions ullached lo Ihe gronls hove been rnel. il is proboble Ihol Ihe income will be received and IlTre omounl con be me(Isured reliobly 1% nol delerred. Ren15 re¢elvuble Income from rents receivable 15 recognised in occordonce with Ihe agreed lerms ol Ihe rele¥onl lease ogreemenl. Expendllure Expendilure is recognised once IherÈ 15 0 legal or conslrvclive obligolion Its make o payment lo o Ihird porly. il 15 probable Iliol s&lllernenl will t>e leouired aiid Ihe ornounl ol Ihe obligolioii tun b me05ured reliably. Expeiidilufe includes ony VAT which connol be lully reeovered, ond is reporlEd a5 port ol the pxpendilijre lo which il reloles. All tsxpendilure is accounled lor on on accruals basis vncler Ilie lullowing heodings.. Expendilure on chariloue cJcliwlie5 includes the costs ol woviding o doy and bwrding 5cMol oiid olliei edvctrlionol oclivili8s underlthken lo lurlher Ihe pJrpose5 01 Ihe chorily ond Iheir ossocioled 5vpporl cosl5. Finoncing cost5 15 fflode up ol inleresl chcige5. liire purchase intere51 and Ihe vnwinijing ol thè

Pcjge 25 THE READ SCHOOL. DRAX NOIES TO THE ACCOUNTS Iconllnuedl FOR THE YEAR ENOED 31 AUGLJST 2024 Expertdlture Icontinvedl SUp￿rt cos15 comprise Ih05e costs which ore incurred dirÈclW in support ol expenditure on the objec15 01 Ihe charily ond iiiclude gtrvernonce coll. linonce tsnd ollice cosls. Grjverllance cos15 ore those cosls incurred in connection wilh Ihe con)plionce will) conslilulionol 51olulory reouiremenls ol the charilv. stocks Slock5 01 leoching M(]ter￿ls. cleoning moleriols. luel and olheT eon5uMoble5 ore recorded ol c051. Opeiatlng lease 09reetnenls Renlols opplicoblÈ lo operating leoses where 1ub510nl￿1IY oll ol the beneli15 risks ol OWnÈTship rernoin with the lossc￿ ore chorg&d agOID51 prolils on a 51(uiul)I line boils over Ihe period ol Ihe le05e. lunglble tlxed assets ExpendilurÈ on pioperly irnprovèmenls. furniture und equipmenl ond motor ¥ehlcle5 or¢ ctspiloli5ed ond coined on the bolcincÈ sheet al hi5101ical c051s. Freehold lond ond buildings or8 iniliully recorded ol eosl. wl)ich includes purchose kyice und uny directly thllribvlable expenclilur&. FrÈ&hold lond tsnd buildings is revolued lo 115 loir value ol eoch reF￿￿ting dole ond any chonges in loii value (Jie recoonised in profil und k>s5. Other expÈndilure on equipmenl incurred in the i)ormol doy-lo-doy rvnnin9 01 Ihe School is chorged lo the SILJlemenl ol Finuncial Aclivilie5 os incuried. Inveslment prope Inveslmenl properly 15 iniliolly recorded ol cost, whlch include5 purchuse pric& ancl any dyeclly oltiit)uloble experidilvre. Inveslmenl pioperly 15 revalued lo ils lair vcjlue ol euch reporling dole ond cjny chongel in Ioif Yolve ore recognised in Phe Slo18menl ol Finonciol Aclivills. Deprecltsllon Depreciolion 15 provlded lo wriltr oll the cosl ol all ielevonl longible lixed ossels less eslinioled re5bduol value b05ed on current market pfictrs. in equol inslalmenls ovtr Iheii ttxp8cled v5elul econoii)ic live5 05 lollows.. Fumilvre ond equipment Molorvehicl&s over 5 yeors over 5 years No dep￿ClOt10n 15 provided in fespecl ol building5 os the propÈrly 15 sloled tsl valu(Jlion. The Trv51ee hos unUerltskn (Jn impaiiinenl review on Ihe corrying volve ol property in the occounls ond hove toncludpd Iha11i0 impowmenl h05 arisen. InYe$lmenls Inve51mÉnls ore includ8d ol morkel volue gs lollow5'.- Listed Inveslmenls al mid morkel piices on yeor end dole. Common Investment and charilie5 Ollir.i(Jl Fund ol Unil Bid Value5 on yecjr end dale. Unrealiled goin5 loss on 11)e revolualioi) of inve51menl$ cire crecliled or cliorged lo Ilie Slolpmenl ol [.inanc￿l Aclivilies ond are a11ocaled lo Ilie appropriole Fund o)cr.ordino lo "owneiship'ol Ilie untleilying a55tr1.

Page 26 THE READ SCHOOL, DRAX NOTES ro rHE ACCOUNfs Iconllnuedl FOR THE YEAR ENDEO 31 AUGUST 2024 Deblois rrucle olher (leblor% tsre recognised tsl Ihe 5elllemenl omounl due aller ony discounls oflered. Piep(JymeTrls are volued Ilie oniounl r¥epaid nel ol ony discoun15 due. Cu$h al bonk ond In hand C05h ol bar)k c05h in hond include5 CQ5h ond short lerm hi9hly liquid inve51menls with a 5horl rnaturily or IhiÈe months ol le55 frorn Ihe dole trl tscqui5ilion or opening ol the déposil or similtrr occounl. Ciedllor$ Credilt*5 are recognised where Ihe chorily ha5 a PTe5enl oNigolion resulting Irom o posl evènl Ihol 11 probably result in the Iionslei ol lunds 10 o third parly on(J Ihe ornounl due 10 5ellle the obligation con bs rne05vred or eslimaled reliably. Credilors ore noimolly recognised al their selllemenl otrounl ofler ollowing lor any Erode discounts due. Conce5$1onary loan5 Conce5sionory loon5 ore accounléd lor or) the basis Of Ihe amount received. odjuslèd accfued inlerest (Jn(J repnymenl ol piincipol. Nnunclal Inslrumen15 The eharily only hLJS Ilnanciol assels ond finonciol liobililitrs of o kind Iliol qualify os basie linanciol instrumen15. Basie linonciol insliumÈn15 ore iniliolly re¢ognised ol Ironsaclion volue oncl subsequently mett5ured ol Ihe selllenienl volue. Fund oc¢ovntlng The clioriltsble Irusl lunds ol the School or8 occovnted l(K 05 unre51ricled ori'esliiclÈd incom&. or os endowment copilol. in accordance wilh the terms ol Ihe Irusl imposed by Ihe donors or ony opp801 lo which they moy have responded. Endowment lunds tsre permanenl lund5. Unre51ricled income belong5 lo Ihe School's chorilable reserve%. spendoble ol the di5cielion ol Ihe Governois Èither lo lurlhef lo School's objecls or lo benelil the School ilsell. Where Ilie Governors decide 10 Sel oside ony pttrl ol Ihese Ivndl lo be u5ecl in lulvre for some sp8tilic pvtP05e. Ihis Is occounled lor by Ironiler lo the oppropriole de5ignoled fund. Restricled income comKKiStr5 gi115. legacie5 and grcint5 wliere IhÈre is no copilal relenlion otsligalion or power bul only D Iru51 law reslriclion 10 Some 5pecilic purpose iiilend6d by Ihe donor. Perinunenl Èndowmenl ailses vAiere a don(x Inl&nd5 the gill lo be rèloined p￿m￿nen1lY for use by the School or loi 115 linanciol benefit. Penslon cosls The chaiily conlrit)u1È5 to the TeoJcheis' Ptrn5ion Defined Bpneli15 Sclieme thi5 scheme is o multi- employer pension scherne 11 15 not possible lo idenlily Ihe School's shore ol the underlying a55e15 and liabilities ol rhe Feocher5 Pension Defined Seiielils Scheme on o con%i%lonl ond retssonoblé bosi5 and Ihereloits. as requiied by FRS 102. occounls lor Ihe scheme 05 il il were a delined conlribulion scl)eme. Yhe School'5 conlrilJulion5. which are in occordonc& wilh recommendations ol the Governinenl Aclutsry. ore charged in Ihe pwiod in which Ihe sularies lo which they relate ore pOVa￿e. Th& School also operole5 Q scheme lor non-teoching 51011 Ihrough Ihe Independenl School5. P6nsioTr Scheme. Conlfibulions paicl in the yeut ore chor9ed in the 51oleinÈnl ol Fiiionciol AcliYilie5 os they beiome poyable.

Pogp 27 THE READ SCHOOt. DRAX NOTE5 TO THE ACCOUNT5 Iconllnvedl FOR THE YEAR ENDED 31 AUGUST 2024 SCHOOI FEES School lee5 receivoble consi5101". 2024 2Q23 Gross fèfjs .' folal burs(Yies ond olh*r discounls 4.115.683 192S,8071 3.732.1?3 3,189.876 2.973,462 Extra5 t8coveroble. exotninolion lee ir)come. reg551ralion 1&8S. doposils lorleil. mpdicul services shorl lerffl 51ays 2Y8.007 3.467.883 3.CB5.323 All school lee5 in Ihe current previous yeorfeloled lo unreihicted Ivnds. OTHER ANCILLARY YRADING INCOME 2024 2023 UNREsfRICTED FUNDS TrcJn5porl Olher5undry incorn8 83.905 70,840 82.oai 4D.279 154.Y45 t￿.2&0 All olheF ancilknry Iroding incom& in Iht rKevK>US yeor r81olei lo unreslricled lund%. AUDITOI'S REMUNERATION 202 Ftses poytsble lor the ovdil of th& Iinonciol slolem@n15 14.400 14. F985 otsyob18 to ltte chorily'5 fjudil￿ ond ils O5sociales for olhei Se￿￿0$.. Other non.aud￿l setViCe5 DONATION5 2024 UNRESTRICTFD FUNOS Read School Enlerprises Llmiltsd Others 56.207 17,840 90.526 74.047 90.814 RESTRICTED FUNOS 0lher5 47.333 21.12B

Page 28 THE IiEAD SCHOOL. DRAX NOTES TO THE ACCOVNIS Iconllnuedl FOR THE YEAR ENDED 31 AUGUSI 2024 INVESTMENT INCOME 2024 UnreslTlcled 2024 2024 2023 Tolol AeliY& Sover Accovnl Inle1ts51 3.375 3.375 822 3.375 3.375 822 All inveslmenls ore wilhin the UK. ANALYSIS OF EXPENDITURE Tol01 expendmure 5taH costs Oepreclollon Inole Pl Inole 121 Olhei 2024 Ch•rfloble acllvllles Teoching cos15 Wellore c0515 Premises Support oniJ goveinonce cosls 2.074.587 307,979 452.545 95B.393 305 307.674 3YI.575 238.063 60.970 720.330 Total chailtoble expend￿vre 2.683,751 0.970 1.048.783 3,793.5Q4 Cosls ol genoiollng lunds Finonce and olhey rosls 12.256 12,256 rotol c0515 ol geneiallny funds 12.256 12.256 lolol expended 2.683,151 1.061.039 3,BQS.760 Slall cosls Dewe¢iolion Irole 91 Olhet 2023 Teochiiig co&ls Wtrllof@ costs Premises Supp￿1 ond governance c051s Inole 6bl 1.877,978 ?62,970 416,7 853.313 ?62.970 344.160 219.657 72.569 633.656 Totol chorIla￿e expand&luie 72,569 916.904 3.410.990 Cosls ol generollng Flnance ond oth81 co$Is lolal cosls ol gen*rttKng funds Tolol expendod 2.421,517 72.569 928.6&) 3.422.116 01 Ihe lolal expendilure in IhB yeor£nil wos reslricled12023 s￿11] and £nil ielaled lo en¢Yowinenl lund512023 Ei)111.

Pagg 29 TIIE READ SCHOOL, DRAX NOIES TO THE ACCOUNTS lconllnuedl FOR TIIE YEAR ENi)ED 31 AUGUSI 2024 ANALYSIS OF EXPENDITURE Iconllnuedl 2024 Support cos15 Include Ihe lollowlng.. Non.18oching supwrl ￿lOries Adver1151ng and lelephorhe & Inlemel Prinling. copying, p051ug&. slolion8ry ond newspthp Audilor'>remunérolion 25,947 28.379 43.715 14.400 36.052 8.4LY) STAFF COSTS The oggr8gtste poyro11 eosls lor lh8 y&oi were lollow5.' 202tl Woge5 and sdotie5 Sociol security costs Pension ￿nIributiOnS 2.071.229 196.715 386.834 1,906.868 17Y,899 2.654.778 2.401.641 None ol Ihg Governors rÈc61wed ony remunerolion. eypense5 or olhef benelils fTom the School or ony connected tK)dy. Ihe Sch￿1 conders Ihal the key fflonagemenl personnel c(Knprise IhÈ Goveinor5. Ihe Heod ond the Bursar. Aggregale empbyeé benefils ol ky manoggm&nl peT50nnel 104,Tr8 Ihe number ol employet5 whose lotol employee b¢)nefils exclvding pension contribuli￿5 t¢irning ovei £60.(W. ¢￿ssi11ed ilhin bonds 01 £10.[￿ 1$ 0$ lollow5-. 2024 23 go0.￿7 lo £70.( £FO.00110 £80,Otx) £W.00110 £90.0 £90.(K)I lo£lW.WD Penslon conlribulions reloling lo Ih05e stoll eoining over £60.(KK) lotolled £37.219 in Ihe curf6nl yecY12023.' £310831. The averoge numbei ol the School'5 employees dvTing Ihe yeof. W05 7912023.. 82 2024 2023 lo. Teoching & leoching SUPPO Domestic Grounds l Diiving Adminislralion 44 14 10 79 PROFE5$10NAL INDEIAINITY AND GOVERNER5' LIAIILITY INSURANCE The School 15 insured ogoinsl cloiirs for 18oa1 liobilily made in re5p&cI ol ony negligenl ocl, e(i¢xs 01 omi55ion comniilled in good lailh by Irusle8. Joyernors and sloll. The premivm lor this li £1.59912023 £1.5991. TAXAnON Tlie School is o regilleied charity ond as such is exempl ttom loxolion on ils incom8 ond goin5 lolling wilhin seelion 524 536 01 the Income foxe5 Acl ?007 or 58cllon 256 01 Ihe Toxalion ol Choige(Jb1e Guins Act 1992 to th8 exlènl Ihol Ihese applied loi chcylloblp puip05es.

Poge 30 THE REAO SCHOOL, DRAX NOIES io fHE ACCOUNTS Iconllnuedl FOR THE YEAR ENDED 31 AUGUST 2024 TANGI8LE FIXED A$5ETS Freehold Land L PropeTty Improve- men1$ FurnHuYe & Equlpmenl Moloi Vehlcle5 cosv At 1 September 2023 Ad(Jilions Di5postsIs 6.046.069 133.029 9.529 666,428 66.744 11.8801 6.982.666 76.273 Al 31 Augvll 2024 6.046.069 142.558 731.292 7.057.061 DEPRECIAfioN Al l Seplember2023 Chttrge f(K yeor Oil disposols 2.783.621 576.170 .646 18.040 27.324 3.397.831 60,Y70 AI 31 Avousl ￿24 2.783.621 607.993 65.364 3.456.978 NET BOOK VALUES Al 31 Augv512024 3.262.448 142.558 123.299 3.600.083 Al 31 Augvsl 2023 3.?62.448 132.029 90.258 99.102 3.584,837 The chorivs Ire&hold piwerties hove been volued by Lhris Clubley & Co Limiled. on independ&nl vulyer Wilh recogni5ed c.lnd reltryonl prolessitynol quolilicalion ond with iecenl experienre in the loculion oncl colegory of the propefly being volue(l. on 8 September 2021 on the bosis ol open market value in uccord(Jnce With the Ar)pioi5al and Voluotion Monutsl ol the Royol In%lilulK>n ol Chcwlered Survtryors. Hlie pVIch￿se agieement5 Included within the nel book volve ol ￿.6(K).(￿ is £77.186 I2￿3.. £107.0661 reloling lo oss815 hel¢ under linonce leostr arrongemen15. The (jeplec￿￿k1tsn chorged lo the fin(Incial slalemenls in th& yeai in respecl of suth osse15 omounled lo £29,88012023'. £26,1(K)i. ¥onglble a55e15 held ol volutstlon In iespecl of lanoible a5591s held tsl valuolion. the oooregole c051. depreclallon ond comporobie ctsrying amount Ihol hove been iectsJni58d il the ossel% had been c(uried undet the hi51oricol cosl model are ￿5 follows:. Freehold ?ropety At 31 Avgus12024 Aggiegale cost Aggregole depr&cialion tI.552.802 12.783.6211 Al 31 Augusl 2023 A99regole cosl Aggregolp detyeciolion 4.552E02

Page 31 THE READ SCHOOL. DRAX NOTES TO THE ACCOUNT5 Iconllnvedl FOR IHE YEAR ENDED 31 AUGUST 20241 INVESTMENTS 2024 23 ChoTIIEs Olliclal Investment Fvnd Charinco Common Inveslrnenl Fund5 - Adepl lov￿r 244 221 257 233 465 490 Inveslmenls ore 51aled ol Morkel Volue. The coil ol the invp51menls oi ts131 Avgusl 2024 was £5￿12028 .. £5(X)l. There were no ocqui511ioni during the yeoi ond no disposol proceed5 Wtre received. The lollowSng moletial inveslm&nls afe ovei 5% by valv8 01 Ihe Inve51menl hekj:. 2024 Markel Vglug 2023 Matkel Volve Chorinco Common Inveilmenl Fur￿$ - Adept Toylor 244 221 257 233 DEBTORS 2024 2023 School Fees Other deblus Prepoymen15 863.150 726063 55.144 23.838 44.770 941.032 5.845 A11 deblor5 ￿e du8 wilhin one yeof. 15. CREDITORS.. omounls lrylllng due wllhln orto yoai 2024 2(r23 Fees invoKeO in odvance Trode credilors Sociol seeurily ollier loxes Pensions Sundry cieailors and accruals 1,540.190 152.842 45.144 49.152 100.720 23.743 227.654 995.778 128.870 155.429 40.130 23.049 249.912 Loon5 2,16D.245 1.657,079 Yhe loon is secured by mean5 01 o legol chorge ov8[ lh¥ lond oiid Liuildings Fotming The Read Schod. Moin Rood, Dr(L¥. The loon ￿ inlgre51 Ire& ond is repoyoble in annutsl inslolmenl5. In Ihe evenl Ihol Peo¢ School closes the 055815 cjre liovi¢aled belort Ilie loon 1$ lully repaid. then repoyfflei)l ol ony oulsl¢Jn(ling loon woul¢J be reqUI￿d piioi lo linol dislribvlion ol lh• femoining eslolg.

Poge 32 THE READ SCHOOL. DRAX NOTES TO IHE ACCOUNTS Iconllnvedl FOR THE YEAR ENDED 31 AUGUST 2024 CREDITQR5'. fsmounli lalllng due wllh5n one year leonllnuedl Fees Invol¢*d In advance reconclllallon 2024 2023 Bolonce brought loTrvord Amounl releose(I 10 Slolemenl ol Fin0nc￿l Aclivilie5 Amount dèfÈired in ygor P9S.778 1195.7781 1.560.190 923.192 1923.192 995.718 I,S60.190 995.778 CREDITORS.. amovnl$ lalllng tsve otler one yeof 202 2023 Loons 7.057.087 38.970 123.682 1.285.594 62.713 127.250 Olherlgng term credi1ors 1.219.739 1.475.557 The loon is secwed tjy methns ol a legol choTge over Ihe lond ond bulldings lormiw rhe Reod School, Muin Rood. Drox. Ihe loan is inleresl Irep ond is repoyable in onnual inslalmenls. In Ihe evenl Ihol Sehool cb585 ond Ihe ossels ore liquidalfrd b8fore the loon 15 lully repoi¢J, then repoymenl ol ony oulslanding loon WOU￿ be reovlred prior lo linol di51ribvlion ol Ihe femolnSno 65101è. ANALYSIS OF MOVEMENT 01 FUNDS Bulan¢È ol 31.06.2023 Incoming Resource$ Resources Expended Golns / Balunce al 31.08.2024 Transfers Endowed Funds Fovndolion Copil 3.379.162 9.521 3,388,691 Reslrtcled Fund$ Priz8 Funds 250 47.333 137.5031 io.000 250 47.333 137.6021 io.000 Unie51rlcted Funds Genefol Reserve 11.970,4fj51 3.730.050 13.805.759) 29.073 12.018.101) 11.Y70.4651 3.730.050 13.805.759) 28.073 12.018.101) rotal Funds 1.406.?47 3.777.383 13.805.759) 1,380,510

Paoe 33 THE READ SCHOOI. DRAX NOIES TO T AE ACCOUNTS Iconllnu•dl FOR THE YEAR ENDED 31 AUGUST 2024 ANALYSIS OF MOVEMENT OF FUNOS Iconllnuedl Buloi)ce ul I￿oming Pesourees Re50urc@% Expanded Goln5 1 Bolonce ol 31.08.2023 31.08.2￿? Endowtrd Funds Foundolion Copllol 3.379.162 3.379.162 R251ileled Funds Prize Fvnds 1.024 23.434 250 23,434 250 UnT&$lrlcled Fund$ Geneial ReSe￿e IIB69.2281 3.299.319 22.160 11.970.4651 11.869.2281 3.299DIg 13.4227161 22,160 11.970.4651 10101 Fund5 I.￿9.?34 3,3Y1753 1.408.947 Fovndullcn Copllol The loundolion capital retKesenls the originol endowment os ouumenle(J by poymenls mode lowoids IM[￿veMen151o land ond buildings. oul ol unre51ricled lund5. RESTRICTED FUND5 Prize Fvnds There ai8 Iwts lund5,' Ih& Adept Award ond the Jonolh(Jn fayltr Aword. Bolh L)woid5 have designoled inve51fflenls. the income from which is used lo ryovide loran onnual prize. Gmt lYÈslrfctedl Funds were receiv@d in Ihe 2023124 year lor the school lo spend on ts oouipmgFIl lor certoin 5UtiEcl&. the t￿0vIsion ol a CCF meal, o memwial 51one lu ¢J retired GoveTnor, relurbishm8nl ol Ihe boy5 boording room5. expansion ol Ihe biomoss healing sysletn ond on oward l(w our Commemor01￿[7 (joy. The balance cair￿d fcwrd in rtrilricled funds represents expenditure lo be in¢urr&d post yeor end.

Page 34 IHE READ SCHOOL DRAX NOTES 10 THE ACCOUNTS Iconllnuedl FOR THE YEAR ENOED 31 AUGUST 2024 UNRESTRICTED FUNDS General Re$erye The General Reswe represenls occurnulaled income Fr(￿ Ihe School's cjclivilies and other source% that ore ovoiloble loi the generol pvrwses ol rhe Scliool. Endowed 2024 Unreslrl¢ltd 2024 Totryl 2024 2024 rongible fixed assels Inve$1rn8n15 Nel curr8nl ossetr£ Long leim liobililh?s Provisions 3,388.691 211.392 465 1968.3781 3.6ao,083 465 1958.3781 ?0.000 3.388,691 10.000 12,018.1011 ).380.59Q Endowerj 2023 Rslriclè(J 2023 Unreslricl8d 2023 2023 Tangible fixed ass815 Inveslinenls 3.379.162 5,676 446 1657.5681 3.584.838 446 1657.3181 250 Lofvj lerm liobililie5 Provi510ns 3.379.162 250 11,?70.4651 1.408,947 Undtsr Ihe requ¥emen15 01 Phe Chorilie5 IAecovnls ond Reporlsl Regvlolion5 1995 th@ Governors or requiied lo onolyse Ihe voriovs type5 01 Funds. The main Tposon loi Ili15 1£ lo ensvre Ihol funds donoled lor o Specific purpose are earmaiLed williin Ihe occovnls. Fun45 hove been donoled ond geneioled ov&1 a peipod ol yBC￿5 piior lo Ihis uccvunling ieouirernenl which wos Inlrodvced In 1997. rhe Governors have Iherelore hod to loke the vitrw a5 lo Ihe PTU(lenl allocolion ol lolal lund5 hel¢J ts131 Augvsl 1996. FINANCE LEASES The tolol fulure minimum le058 paymetils poyoble under llntsiicts leoses ore 05 follows:_ 2024 2023 Not loler thon i Yeor Later thon l yeoi and nc>l laler Ihon 5 years 23.743 38.970 23.049 62.713 62,713 .762 Finonce chorg65 on linonce leose ojgreemenls In Ihe year lololled £7.33612023.. £7.3661.

Paoe 35 THE READ SCHOOL. PRAX NOTES TO IHE ACCOUNTS Iconllnuedl FOR THÉ YEAR ENDED 31 AUGUST 2024 OPERATIIIG LEASES The lola1 Inininium1&05& poymen15 under non-conc8llobl& opefaling leasès ai8 os lolk)wg'.- 2022 Ntrl loler Ihon l ye Loler Ihon l y&tsr not lolei than SyeoTS 7.431 17.958 7.431 25.389 25.389 32.8 Operoling leoses paym&nls recogni58d 05 on expense in Ihe yeor lolalLgd £7.431 I￿23.. £13.1481 PENSION SCHEMES DEFICIV The School porllcipole5 in Ihe Teocher5' P8nsion Scheme (Englond & Walesl I'the TPS,) for ils leochlng siall, and Thg Indtrptrncjenl khoo15' Penyon Scheffle I'lhe ISPS'I IOT ils non-leoching 51ofl. These ore mulli-employer delinecj ben&lils pension schetnes in the UK. 11 is not p0551ble l(K lh6 Chorily lo obloin sullicienl inlormalion lo efi0￿e il lo occounl lor the 5chetne a% o defined benelil pension schem$. Trereloie il accovnls lor the scheme$ 05 defined conlwibvlion schemes The 15P5 5cIEmE is sut)jecl lo funding legi510lion outlined in Ihe Penirons Acl 2￿4 which come into Force on 30 DecembeF 2(K)S. This. Io0811)er wilh documents issugs by Ihe Pension& Regvlolot and T8chnicol Actuarial SlondoTds i55ued by the Fincjnclol Reporling Councll, sel out the fromework lor funding defined benefit occupolionol ￿nSIOn sch8m85 in lh8 UK. The schemé is c1055iligd a5 a 'losl-Inon slo>nding orrongemenl.. ffterelore Ihe Cholily is polenliolly liable ￿r other parlicipo1ing employèrfs oblioalions il those emplov8rs ore vnoble lo mtel Iheir shore ol the Scheme dtllcil wilhdrowol from th8 scheme. Podicipoling employ&ri cjre legolly r8qulr&d lo meel Ihoir shore of Ihe gch&me delicii on on onnuily purchtrse t￿$13 on wlhdrowol from the scheme. A lu11 oclvorial va1ualion for lh8 scheme wtJ5 corried oul wilh an èfleclive clole of 30 Seplembei >)20. This ocluuiol volualion wal eerlilied on 22 0ecembeT %)21 on(J showed assels ol &?.01.Im. liabilities ol £256.kn and o delicil 01 £55.2m. lo eiiminole this funding shorlloll. the Iru%l&es ond the porticipoling etnployers hove ogre8d Ihal addilionol conlribulion5 will poid. in combi1￿110n from tsll ernployers. lo the schem8 as lolk)w5'. £2.0$7.￿ peronnvm Ipoyoble rnonlhly on(J increa5ino by 3% on each I SeplembeTI From l September 2022 lo ￿ June 2032.. Nole Ihol Ihe scheme'5 previous valualion w05 C.otried out Wilh on ellecllve dole 0130 StrplembeT 2017. Tlils voluolion showecl o5se15 01 £149.4ni. liobililies of £187.6m and o delicil 01 £38.2rn. To eliminale Ihii funding 5hotllall. Ihe Trus188 05keU the porlielpoling employers lo poy addilional conlribulions lo Ihe ￿hem& as lollows.. £2,387.357 ptrr onnum Ipoyab1e monthly ond incfeosing by 3% on each I Seplpmber from l Sepleinber 2019 lo ￿ Apri1203)'. Th& recovery plon conliibulions are tsllocole¢ lo each porticipoling 8mployer in line wilh Iheir estimated shore ol lh8 scheme Irabililies. Wh8ie the scheme is in d8licil cjnd where the chorily hos ageed lo o (Jelicil luncling orrong8m&nl Ihe chaTily reeognises a liabi1ily lor Iliis obligalion. The aniounl recogni5ed 15 Ihe nel PTesenl volve ol Ihe delicil rtrdvclion contiibulions poyoblè under the ogrsemenl Ihol rela165 to the delicil. The present valu8 15 colculolgd using Ihe di5covnl rtrle deloiled in these ¢isc105ur8s. The unwiiiding ol Ihe (Ji5counl rule Is iecogni5trd 0$ o linonce CD51.

Poge 36 THE READ SCHOOL. DRAX NOTES TO THE ACCOUNT5 Iconllnuè￿l FOR IHE YEAR ENDED 31 AUGUST 2024 PENSION SCHEMES DEFICIT Iconllnuodl PRE EN V ALUE F PR vi 24 J)23 2022 Pre5enl volve tsl provi5ron 41.842 43.462 49.560 NCILIAfioN ENING AND G PROVISI 2024 2023 ProvNon ol slorl of peiiod Unwinding ol the discount locl¢x linl&re51 expensel Da￿til conlribulion wid Reme05UT&menls- impocl ol ony cliowe in assuniplions Remeasuremenls- ornendmenls lo conlribulion sch&dulo 43,462 2.342 49,560 2,W9 15.4281 12,679 1.62? Provision ol end ol peTiod 41.842 43.462 SIATElvl F FINAN IAL vrtlES IMPA 2024 2023 Inl&r851 expense Reme05UTemenfrs. impocl ol ony chonge In oilufnplions Remp05uieir&nls- ainendmen15 lo conliibulion schedule Contribution5 poid In r8spgcI ol P￿ture 5wvice' 2.342 1.629 IZ6791 288.416 251385 C051s recogni5ed in Ihe slolemtrnl ol linonciol ocliyilkgs 292,387 252.715 Includes delined conlribulion schem61 ond lulure servicp conlribulions li_e. excluding otTry delicil redUct￿n payrnen151 lo dellned b&nelil schemes which are Ireoled 0> d@lin£d conlribvllons scheFng5. 31.08.2024 per onnum % p81 onnvm 4.6 31.08.2023 31.08.2 % per onnuffl Rale ol discounl 5.79 The discount roles shown above ore the equivol8nl single LliscoJnl rottrs which, when used lo discovnl Ihe lulvre fÈCOVOry plon contributions due. would give the some results as using o lull AA C￿￿0[ale boryj yield cufve lo di5covnl the stsme recovery pl(yn contribut￿n5. me following schedule deloi15 the delicil conlrlbulions ogreed befvéeen compony and the scheme ol eoch yetsr &nd peTlQd. 31.08.2024 5.759 5.932 31.08.2023 5.5?1 5.759 5.932 31.CiI.2022 5.4 5.591 5.759 5.932 Yetti I Year2 Yeai 3 Y80r 4 Yeor S Year 6 Ytt¢K 7 Yeor8 Year9 Yeor 10 6.293 6.482 6.676 6.877 5,902 6,293 6,482 6.676 6.877 5.902 6.293 6.482 6.676 6.877 5.902 Tli8 charity mvsl recoonise (J liobilily me¢J5vrÈd os the presenl vtrlue ol rhe conlrit)ulions poyoble Ihol oli58 Iroffl the elicit recovay ogreemenl and Ilie resulting expanse in the 51oleinenl of finonciol ocliYili*s i.è. vnwindino of Ihe discoun1 role5 as o linonc.e cost In the period in which il orises.

Poge 37 IHE READ SCHOOL. DRAX NOTES TO THE ACCOUNIS Iconllnuedl FOR THE YEAR ÉNDÉD 31 AifGUST 2024 PEN510N SCHEMES DEFICIT Iconllnupdl 11 Is these conlribulions Ihol hove been us8d lo dwive the choll1￿5 bolonce sheel liobilily. REIATELJ PARIY TRANSACMONS Reod School Enl6rorises Limiled. o ¢ompony controlled by the director5 01 Ihe cor￿ale Irustee ol the School. £56.207 I￿3". £90.5261 lo the School during Ihe y&or. During Ihe year a number ol dweclors ol the corporole Iru51eg Olso mode donolions lo Ihe School lololling £22,2¢Y)12fft3-. £7.7461. A Trustee olso mad& avallobie o short lerm loon focllily of £nil12023.. £Pn.(KX)l. There was no balonce oulslonding ol Ihg yearen(Y dote arbcl nc> inlere51 wo5 Charged on Ihe loon On ?8 October 2021 lÈuol poperw¢yk wo5 exchanged lor Ihe novolion ol Ihe loon Irotn Arinve Limile¢ lo one of Ihe dlieelus ol the corp(wcJle Iruslee ol Ihe Charity. In the omounl ot£l,424,743 On the same dole. a deed ol vcjrlalion ond conditional wolver ood release fegording Ihe loon ogreement WQ5 Ogreecl between Ihe Charity ond Ihe diieclor ol th6 cofpofole trustee lo whom Ihe loon wo5 novaled. The impacl of the cleed ol variolion wos lo chonge th@ repcjymenl leTms ol lh8 lotsn. s￿￿ Ihal no repciymenl wos due 1¢> mod& in Ihe linonclcjl yeor. 5vbsequenl lo this. on 19 Decembfjr 2023. cj seconcj deed ol voriolion regarclng Ihe loon Ogreemenl w05 agreed behve*n Phe Chorily and lh8 dlreclor ol the corporate Irvslee. The impucl ol the second deed of Yoriolion w05 lo lthher chonge the rgpaymenl lerms of Ihe loon. wch Ihoi no repaymfjnl wos (lue lo made until 31 Jonuory 2024. Poymen15 will Ihen be mode monlhly150Ye loi Ihe period luty ond August 2024 where no p()ymenls ore lo be model. Ihe lotol afflounls lo k)8 poid in each linonciol yeoi rnoviiio loiword are Iherelore ogreed os lollow5:_ Re I date Arnoun 31 Augusl 2(K4 31 Aiigusl 2025 31 Augu512026 31 August ￿21 31 Avgvsl 2027 160.ffl2 217.777 Ipoyoble in 6 in51a1mEnls 01 £26.667 eoch Ipaytsble in 12 Inslolment5 01 £18.148.1 l eachl Ipoyoble In l? inslolmenls ol £18.148.1 l eachl Iptsyoble in 12 insiolmenls ol £18.148.1 l each 'The Fi￿1 In51a1meTbl' 'The Final Inslalmenl. rnéons lh8 lower ol:. ol Ihe 5urn loi suinsl oclually rec8iv&d by the Borrowef lil anyl lor u sole lor 5rth surns which or& Ogreed lo k)e paid lo lh8 BoFrowei pvr5uanl lo ony conlrocl for sa181 enlered inlo prioi lo th& Flnol Inslolmenl Dole ol ony parl ol Ihts ltsn ond business chaTged 05 security lo the Lender fty the Borrow&¢% obligolion5 undei the loan ogreemenl". bl the sum Of£611.￿￿5 The bolonce on Ihe loan os 0131 Aujusl 2024 wos £1,264.743. The bon 15 secuied by means of a Igjoal chorge over th& Ireehdd lond building5 01 Ihe Chofily. 22. CONIINGENT LIABILITY Ihè Reod School hts5 been nolilied by th& Penslon5 Trvsl ol Iht &s1imaled employer debt on wilhdrawol Ironi Ihe Independ8nl Schoo15 Penyon Scheme bosed ort the linanciol posilion ol Ihe scheme 0$ 0130 Seplémber 2021. A5 01 IhL% ole Ihtr pslimoled eniployer debl wos £61.050. TRANSFtRS During the yeof Ihe chtsrily expen(Jed on improvements lo Ilie labTit ol Ihe school £9.529 I￿23. Snill ol unle511￿le￿ ￿nds. Thls sum 15 r&llecl8d with Icon51er5 befvts&n lund5 in Ihe Sltsiemenl of Finoncial Aeliviliss on poge 16.