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• rtrovwém*nli. 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&rpc*I 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<y ouraudil.
Res
AS exploined more lully in Ihe Iru51tre's re5pon5ibililie5 51olemenl sel wl oll wge I l. Ih@ liuslee is re5ponsitA8 the
preporalion ol Ihe liiionciol slolemenls and lor being solisfied Ihol Ihey give o true and lair view. and lor such inleinal conlrol
0$ Ihe Iwslee del*3frnines is nece550ry lo enabl8 Ihe preporolion ol linoDciol slolement5 Ihol are ITee Irom molerKJI
mlsslolemenl. whelhei due lo froud c* effu.
In prewring Ihe liiionciol 51oltmen15. Ihe Iluslee is r&s￿￿51ble lof asseSs￿g the Chorily's obilily lo conlin5Je 05 a going
cone$rn. rjisclosing, 05 applicable. mollers rel¢led lo goin9 concern ond using Ihe going concfjrn btssis ol occounling unles>
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 non<omplianc8 with Iow5 on(1 regulation5. W8 d8sign procedvres in wilh trur
res￿nsibIlIt165. oullin&d obove. lo delecl maleriol misslulemen15 in res￿¢1 ol irregularolies. including fro￿j. The exleril lo
which (￿r procedures of8 copoble ol delecling iwulariolies. includiiig Ifaud. 15 deloiled below..
Our opprooch ID idenlifying and a$5esslng Ihe risks ol rnalerial ml>slolemenl in re5pecl ol iffeouloillies. Including Iraud tsnd no
cotnpllonce wllh1ows ond regulolion5. wos 0$ 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 055es5t*d 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$5 the risk ol liovd Ihtowh rnonogernenl and ov&riide oltonlrd5. we..
Peflom6d onotylitol we&dure510 ind&nlily tiny uniJ5utrI or vnexepecled ielolionship5,'
Tesledjcvnol enlries lo indenlily unusuol Ironsoclions..
8ss&d wh*lh8r judo@m8n15 (Jnd o55vmplK)n made in determining Ihe aCC￿n11ng eslirnales sel oul in nole I were
Ind￿alIve ol polenlial bia5'. and
Inve51igole Ihe iolionoltr behind significant orunusuot Iran5clion5.
In reswnse lo Ihe risk ol wreoulorilies on<J non<omplionce wilh lovdsonol regul011￿}5, %ve dgslgne(J proceclweswlilch included.
bul were nol limiled lo..
Agreeing linoncial sl(Jlemenl disclosures lo underlylng 5UPPOrtin9 dwumenlalion.,
Reoding Ihe tninule501 meetings ol Ihosg charged with goveinonce..
Enquiring of rnanogemenl lo acluol and polenliol lili£Jolion ond ¢loims,' and
Reviewittg corresp￿denCe wllh HMRC. rel$¥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
Recomm*nded 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￿11*S 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 Aclivill*s.
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 unUerltsk*n (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 con*ders Ihal the key fflonagemenl personnel c(Knprise IhÈ Goveinor5. Ihe Heod ond the Bursar.
Aggregale empbyeé benefils ol k*y 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
R*slriclè(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.