Company registration iiujnber.. 01720539 Charity tegistralion Trurnber.. 287037 Greenfields Educational Trust (A company limited by guarantee) Annual Report and Audited Con501idated Financial Statements for the Year Ended 31 August 2024 39 High Siieei Baiile East Siissex TN33 OEE
Greenfields Educational Trust Contents Reference and Adtninistrative Details Strategic Report 2to3 Tnisiees, Report 4t07 Independent Auditors, Report 8t0 11 Consolidated Statement of Financittl Activities 12to 13 Consolidated Balance Sheet 14 Balance Sheet 15 Consolidated Statement of Cash Flows 16 Staten)ent of Cash Flows 17 Notes to the Financial Statements 18to39
Greenfields Educational Trnsl Reference and Adniinistrative Details Chairni#tb P H¢)dkin Trustees P H(wJkin SLRush A C Calcioli Secretary V Tupholme Charily R¢gistralioM Nunib¢r 287037 Conipai)y Registrntion Number 01720539 The charity is incorporated in Engiatml and Wales. Greenfields Scliool PrÉory Road Forest Row Ea51 Sussex RH18 5JD Registered Office Auditor Manningion5 39 Higli Sireet Battle Easl Swsex TN33 OEE Solleltors Hodkin & Con1plY 4?44 Copthome Road Felbridge East Grtnslead Wesi Susse RH192NS B#iiker5 HSBC Bank plc 5&58 London Road East Grinsiead Wesi Siissex RH19 IBJ Page I
Greenfields Educational TThst Strategic Report for the Year Ended 31 August 2024 The Irus(¢es, Ivhts are directors for the putposes of company la.. presenl their strdtegit report for the year ¢nded 31 August 2024, in coinpliaTrce ivith s414C of the Companies Act 2006. Achieyenients and perfoTmanf¢ The aeademi¢ year, sepmber 2023 ttwough to Auqisi 2024. gIn i%rll. The official snjdent capacity figure for the school had been raised after a Material InstKclion RewTrn conducted by th¢ Independent Schools, Association toii'ards the end of the sumnier holida).. A iieiv Head Teacher had been apwinted for ihe Primary School and the Head of Senior science had been promoted to Head of Ihe Senior School_ Tog¢ther, Iviih ihe previous year's neiv Swdy Programme, Ihe conlinualion of in-house teacher ttaining for PGCE (Post Graduatt Ce]1ificate in Education) undcr the aiispices of Buckingham University, and ihe acquisition of two new Sl-written School buses with fa¢ilitie5 for smdents in iyheelcliairs. the signs iveie olposiiive. fonvard progr¢5S. Children5 Hoiise The Greenfields nursery in East Grinstead. continued io cope. as did so niany nurseries in tlie UK. with the lack of available trained stsff for emplo}ill¢nt folloiying Covid. Mandatory legal ratios of trained staff to children ld the age-related regulaiions. meant that eiirolrnenls rernained loiver than weviously, aiid inevitably lesseiied income. lil Sepietnber ?024 Ihis nursery wa5 merged with our Fotest Roiv nursery, and the Fasi Grinsiead property ivas subsequently sold. In March 2024 the school learnl that it ivill not be able to sponsor foreign students for 8 period of time. At the end of the academic year, August 31s12024, the issues created by this iTr¢re bciiig coiisisiei)tly ad(tressed and ongoing. The Effective Educat1021 Centr¢'. During this academic year. 2023 - 2024, the Education Cenlre in East Grinstead continued to ivelcome regular and iieiv stiidenis for tutoriiig in rnan). subjecls, (or siud) of English a5 an Additional Language and for charitable tiitoring delivered in the HELP ceiitre. The deliveri. of tyToriiig iv&% subsequently tyansferred to Trusted Tutors, and the property iii Ebst GriTrstead 501d. VAT aiid oth¢r new t&xes The subseqiieiit llllPOSition of VAT on scli(N)I fees. as ii'ell as changes to property rates and eftiployer's natioiial insuraiice. have placed enorTrous addiiional finan¢ial pressures on (he scliool. To address this the school has reduced it5 Staff numbets, 2nd sold ils properties in East Grin51ead. Il is also selling its property next to the school in Forest Roiv. It lias a150 ernbatked on fund raisin&. and ii'orked oui a new maJketiaJg strategy to bring in neiv students. Althoiigh the increase in school fees due to the iinposition of VAT has placed a coiisiderable biirden on our pareiiL5. the level of Oilr school fees remains ver). loiv conipared to most other in(kpendent schools, Ivhich provides sojne opportunity to attract neiv s(udents to the h0o] Ivho nY have been priced out elseivliere. Finaneial rei'iei Policy oil reserves Free reseives are funds ii,hich are nol restricied or represeiited by fixed assets Dr designated by tlie tr115te¢5 for a particular pikrpose. There are no free erVeS ihis year due to the capital i]nprovenieiits in the whole school duTing the year. Tlie trustees intend to build up this reserve as piipil iiumbers illcrease, to liave a realistic level of reseive5 for the fuliiie. We are 0ratIng Rt the moment on haviiig Ininimal reserves to cover any capital expe1¢5 that rnay aiise from lime io tinie. Page 2
Gre¢nfi¢lds Educational Trust Strategic Report for the Year Ended 31 August 2024 liivesliiieiilpolicy aiidobjeclives Under the memorandum and articles of assi)¢iation the charity has the poiver to inNest in any ivay the trustees ivis11 The trustees. having regard to the liquidity requitements of the charity's operation5 and to the reserve5 policy. have oper8ied a policy of keeping available fund5 iii inietest bearing deposit accourhts. The siralegic report ivas approved by the tr1stee5 of the charity om .. and signed on its behalf by.. P Hodkiii Chaimian and tnillee Page 3
GT¢enfields Educational Trust Trustees, Report The trugtees, i.hO are directors for the purposes ol ¢ompaii> laN, present tlie aiiniial report tog¢ther iviih the financial statements and auditors. report of ihe chariiable coinpany for the year ended 31 Augwst 2024. ObjettiTr'es and activities Objects oiid tTiiiiS The objects of the chariry are ihe establishment, maintenance and operation of schools and oiher educational e51ablishnients in the United Kingdom and ¢lseivher¢. Iii furtherance of the Trnsi's objectives. the charity oivns and operatrs the Greenfields School in Forest Roiv. At Railiiay Approach, East Grinstead the Trus¢ operates the Children'5 House Nursery, th¢ fr¢¢ lil¢Tacy HELP Centre, the Effective Education Centre and the Greenfields English Language College. iblic beiiefil The scl)ool h&% a policy of trying to provide for all of stt]dents from all kid$ of backgrounds regardless of race, ¢oloiir, creed or the inabilit}, to pay private school fees. To this end rhe amount of discounts alloived in this financial year total 12.25 % (?023 _ 110/0) of the full gr05s fees, in addiiion lo free trial daJ'5. The trnstees confimi that they liave complied iTriih ihe reqiiiremenrs of section 17 of ihe Charities Act 2011 to have due regard io the public beiiefit guidance published by the Charity Con1]ssion fot England and Wale5. Goiiig conetr The school is experienciiig considerable flnancial pressure due io ihe ¢urrent environn)ent for uidependent schools, and is liavllig to reorganhse and realise assels. As swnmarised above plans are being Kvorked on to address the effects of ihese matters. and the trust remains a going concern as a result. Ti'u5t¢es and Officers The ttustees and officers serving thiring the year and since the year eiid ivere 35 folloivs.. Tnistees.. P Hodkin J Scarfe Beckett (Resigned 22 September 2024) SLRush A C Calcioli M McEnt)Te (Resigned 7 January 2025) Chairnian.. P Hodki Secretary.. V Tupholme Structure, governance management Jvuiiire ofgoveriiiiig dociivieNI Greenfields Educational Trust is a company limiied by guarantee, governed by ils memorandujn and ar(i¢les of associaiion. It 15 r¢gist¢red as a charity Ii'iih the Charity C(Nnniissioii. Page 4
Greenfields Educational Trust Tru5tees' Report Recriiltiiieiit iid thppolAIMieiil Iru51ees Neiv lrnstees ate ap11¢d by the existing trusle¢s. IHdiictioN dndirniiiiiig of Iriuiees Neiw trustees undergo an orientation session to brief the on iheir legal obligations under ¢harity and compaiiy lam,, the ¢ontent of th¢ memorandum and articles of associalion. the decision making processes, the business plan and recent fman¢ial perfomiance of the charit),. They ivill be given a tour of the charÉWs operational sites and an oiitliiie of tlie iyork of the various sections. Artrtii¥eiiieiiitrforselliiig key iiiuK&genienlpersorynelrenuineralio KEY management reniuneration is sel on a sliding pay scale ivhich is kept in alignment ii'iih the rest of the staff. It alloivs for a 5rnail yearly bonu5 for added responsibility. This bonus has not changed significantly over ilie last 10 yeaTS. Orgaiilsolloiiftlstrucliire The ln[eeS nieet regularly to detennine the generdl policy of the tSt. The day ro day Inanageinent of the school ajid oiher facilities is delegated io an execulivc oifice. Relationships with related parties NeH'gale Farm Cottage5 Limited NeiTrgale Fann Cottages Liniited is a subsidiary of the Trust tstablished to manage rhe incoine frn tliese properties. All profits of this conipany are passed to the Trust. Finaneil instruments Objectives tiiidpolEcies Tlie group's activiiies expose it 10 a niimber of financial risks including credit risk, cash floiv risk aiid liquidity risk. Tlie iise of fmancial derivatives is govemed by the group's policie5 approi'ed by the board of Itees. Ivl)ich provide }Itte7] principles on tlie use of finaAcial derii'aiil'es io manage these risks. The group does not use derii'ative finaiicial instruiiients for speculative piirposes. Cuslifl&Jv risk The groiip's a¢livities expose il wimarily to the financial risks of cha]iges in forei} aurency exchange Tates and interest rates. liiteresi bearing assets and liabililies are held ai fixed rate its ensure certainty of cash floii's.
Greenfields Educational Trust Trustees, Report Credli risk The gtOiLP'S principal financial assets yr¢ bank balances and cash. trade wid other receivables, and invesin)ents. The gtoiip's credit risk is prim3ril)' attribLilable to ils Iiade receivables. The amou]its presented iii the balance sheet are nei of alloivances for doubtfiil receivable5. An alloiyance lor impairnient is made ivhere there is an idenlified loss event ivhich, based on prei'ious expetience, is evidence of a reduction the recoverabilitj, of ihe cash flom's. Tlie credit risk on liqiiid funds and derivali%e financial iiistsuiiients is limited because the COUEJleryarties are banks ¥viih high credit-ratings assigned b). inletnatioIial credii-raring agtncies. Tlie group has no sigk)ificant wncentration of credit risk. Ivith exposure spread over a large number of ColterpartICS and custon)ers. Liqiildity risk In order to niallltain liquidity to ensure Ihal suffi¢i¢ni fviids are available for ongoing operations and filture dei'elopineiits. the groiip uses a mixture of long-term and short-teDn debi fallCe. Further delails regarding liquidily risk can be found in th¢ Ststement of accounting p)licies in the fmantial stateinejits. Page 6
Greenfields Educational Trust Trnstees, Report Statemtiit of ti'ustees. responsibilities The trustces (Ivho arc also the dEre¢S of Grttnfields Educational Trusi for the putP05e5 of comyany lam,) aFe re.%ponsible for preparing the trnstees. report and Ihe fmancial siaiements in accoidance ivith applicable law and Unit¢d Kingdom Ac¢ounting Standards (United Kingdom Generall) Accepted Accounting Piaclice). incliiding FRS 102"The Financial Reporting Standard applicable in the UK and Republic ofEteland" co[nplY law requires the trustee5 lo prepare fanCial 5taternents for each financial year. Under company laiv the trustees must not xpprove the r]nancial staleinents unless the), are satisfied tliat ihey give a tnie aiid fair vieii, of tlie state of affairs of the pamt chaittable conipan). and the grollp and of the incoming resource5 and application of resourceg, including ils income and eXpendIre, of the charitable group for that perithl. In preparing these financial staienieiils, tlie trL)Stees are required to: select suiiable accounting policies and apply them con5isiently- observe the methods and principles in the Charilies SORP" niake jud8enitnts and estimates diat ar¢ reasoiiable and pnLdenL state ivhether applicable accounting standards, comprising FRS 102 have been followeiL subject to any material departures disclosed and explained in the flnancial statements," and prepare the fmancial statements on the going concern basis IleSS it is inappitsptiate to presume that the paient charitable company ivill continue in business. The trust£es are responsible for keeping proper accountiDg records thal can disclose wilh reasonable accuracy al any time tlit financial position of the parent chariiable coinpany and ihe group and enable iheni lo ensure thal tlie fin&n¢ial statements comply ii'ith the Coinpanies Acl 2006. They are also responsible for 5afEguarding the assets of tlie parent charitable compaiiy and the groiLP and hence foi taking reasonable s(EPS for the pVention and delectioii of fraiid and otlier irregularities. The tnistees are reSp1$1b1¢ for the maintenance and integrit), of the corporate and [ancIal inforn)atioii included oil tlie cliaritable con)paii} s iiebsile. Le¥islalion goveming ihe prepardiion and dissenitjiatioi) ol fmaiicial siatenients iiiay differ from legislation in otlier jurisdictions. Disclosllre of information to auditor Each tnistee lias lakeii steps thai they oughi to have iaken as a trnsiee in order to rnake theinselves awar¢ of aiiy relevant audit llifornialion and to esiAblish tliai the Charity's aiiditor is alvar¢ of tliat lilfontitsII. The trustees confirm that iliere is no televant inforniaiion that the). knoiy of and of ivhich the). knioiv tli¢ auditor is unaii'are, Til¢ annual report ivas approved by the trnsiees of the charity on ....... and signed 011 lis bel)alf by.. P Hodkin Chaiman and inisiee Page 7
Greenfields EducationAI Trust Independent Au(lilor'$ Report to the Members of Creenfield$ Edu¢ational Trust Opinioil We have audited the financial statements of Greenfields Educational Tnl (the 'clwitable parent compaii}'} aiid its subsidiary Iihe'gTOUP') for the year endcd 31 Aiigiist 2024. Ivhich conlprise the Consolidated Siaiemeiit of Fiiiancial Activilies, Consolidared Balance Sheet, Balance Sheei, Consolidated Siaienient of Cash Flows, Statement of Cash Flow5 and Notes io the Financial Statemenls, including a summar), olsignificant accounting policies. Tlie fll)an¢ial reporting framework thai ha5 been applied in their preparaiioii is Uiiited Kingdotn ACclntIng Standards, comprising Charities SORP FRS 102 'Tht Financial Reportitw Standard applicable in the UK and Republic of Iieland. aiid applicable law (Unit¢d Kingdoln Generall>. Accepted Accounting Practice). In oiir opinion th¢ financial statements= give a true and fait vieiv of the stat¢ of the group'5 and pattni chariry's affairs as at 31 August 2024 and of its iii¢omi]ig re50uice5 and applicaiion of resouwe5, including its income and expenditure. for the year then ended. have beeii properly prepared in accordance Ivith United Kingdom Generally Acc¢pt¢d Ac¢ounliii8 Prartice. aIid have been ppared iii accordance ivith the Trquirefflethts of the Companies Act 2006. Basi5 for opinio We condiicted our audit in a¢¢ordan¢¢ ivith Iiitetnational Standards on Auditing (UK} {ISAs (UK)) and applicable law. Our responsibiliiies under those standard5 are further described iii the auditor responsibilities for ihe aiidit of tlie financial slatements se¢tion of our rtport. We are independcnt of the group in accordance I1th tlie ¢thical requirements that are r¢levallt to our audit of the fo¢1a] stalem¢nls in tl)e UK, including the FRC'S Ethical Standard, and ive have fulfilled our other ethical responsibilities in ac¢ordance ivith these requirejneiils. We believe that ihe audit evidenc¢ iv¢ have obtained is sufficient and appropria1¢ to provid¢ a basis for our opinion. Conclusions relating to going eoncern In auditiiig Ilie financial slateineiits. Ive have concluded thai the trusiees use of the going concern basis ofaccouiitiiig iii the preparaiion of the fancial stateinents is appiopriaie. Based on th¢ iVOTk ive have perlornied. Ive l]ave iiot identified any rnateiial un¢ertainiies relatiiig to events or ¢onditions thaL individiially or collecli¥el)'. Inaj cast signific)1 doubt on the group's ability. to continue as a goiii con¢¢rii for a peri(Kl of at leasi tiieli'e iiionths froni ivhen t]ie original financial statenients were authori5¢d for issue. Our responsibilities and the r¢sponsi17ilities olthe truslees Iiiih respect to going coiicern are desCrid in the relevant sections of this reEMTrrt. Other information Tjie tmstees are responsible for the other inloTmalion. The oiher infomiation ¢omprises the infomiation included iii tl)e annual report, oiher thali the fiiiancial 5tateinen(5 and our audiior's port thcreoii. Our opinion on tlie financial statenienis does noi cover Ihe other inforniation and, ex£epl to the exteni othcrni'is¢ ¢xpliritly stated in our reporL we do iioi express any form of asstirance conclusion thereon. Page 8
Greenfields Educational Trust Independent Auditor's Report to the Members of Greenficlds Educational Trust In coiiii¢c¢ion i¥ith our audit of the financial statemeThts, our iesponsibility 15 to read the other inforn)aiion and, ui dOJ}g so. consid¢r ivhether the other infomiaiion is mxteriall) incon5lStent with the flnancial slalenienls 01 our kiioM,ledg¢ obtained it) ihe audit or oiheni'ise appears to be niaterially niisstared. If ive idenlif} such nTralerial in¢ollsistenci¢s or apparent maierial missiatefflents, ie are required to deterniijie Iheiher tliere is a tnaleiial isstateM}t in the fancial siatements or a material missiatemenl of the otlier infonnatioii. If, based 011 the ii'ork we have perfomied. Ive conclude ihat there is a maierial misstatement of this Other infomiation, Ive are required to report that fact. We have nothing io report in this regard. Opinion on other matter preseribtd by the Comptties Act 2006 In oui oplnion. based on the ivork widenaken in the course of ihe audir= the infornialion given in the Strategic Report and Trnstees. Rewrt for the [ancIal year for ivhich the finan¢ial slatemeiits are prepared is tonsisient ivith the fmancial staietiients- and the Sknt¢gi¢ Report and Trustees. Report have been ptepatEd in accordance ivith applicable legal reqUeInents. Matters o)h which ive are iequired to report by exceptio In the light of our knoM,ledge and understanding of ihe group and the ch8ritable parent company and its environment obtained in the course of the aiidit, Ive have not identified material niisslaten)ents in the Strategic Rew)rt and the Tnisl¢es' Report. We have nothing lo report in respect of the folloiying maitejs where th¢ Conipanies Act 2006 requires lis to report to you if, in our opiiiion.. adeqiiale accounting records have not been kept by the paft1 charitable company. or returns adequate for oiir audit have not been received froni btan¢lies not visited by us. or (he parent charitable company [ancial sLitements are not in agteement ivith the accounting rec4)rd5 and retiinis.. or certain disclosiires of tnjstees remuneration specified by laiv are iioi Inade. or ve have not received all the in10tallon and explanations ive r¢quir¢ for our audit. Resiioiisibilities of trustees As explained niore fiilly in tlie Stateiiient oltrusiees. responsibiliiies (set out on page 7), the trustee5 ale restx)iisible for the prepaLI0n of tli¢ financial stalen)enis and for being saiisfjed that t]iey give a true aiid fair Vie., aiid for such internal control as the ISte¢S deEem]ine is necessary, io enable the piepardtion of fijiancial statenieiits Iliat are free from niat¢rial niisstatement, Ivheiher due io fralid or error. In prepariiig the fiiiancial slatejncnts, the trusiees are respojisible for asse55ing the charity's ability lo contiiiiie as a going conceim, disclosin& as applicable. maiters relaied to going concern aiid using Éhe goiiig coiicerji basis of c¢ounting unless the trusi¢es either intend io liquidatr ihe charity or lo cease operations. or hav¢ no realistic alt¢niative but to do so. Page 9
Greenfields Educational Trust In(l¢pendent Auditor's Report lo the Member5 of Greenfields Educational Trust Auditor responsibilities for the audlt of the finao¢ial slal¢ments Oiir objectives ale to obtain reasonable assurance about i*heiher rhe r]nancial statements as a whole are free from Inaterial n)l551atement, Ivhether due to fraud or etror. and lo issue an auditor's report that includes our opinion. Reasonable as5uiance is a high level of ossurance, bul is noi a gUallIte that an audit conducted lli accordance ivith ISAS (UK) ii'ill alw'ays deteci a mai¢rial misst3tEmenl M'hen il exists. Misstatemeiits can arise fr fraud or etror and are considered material if, individually or in the tegaie, tlie}' could reasonably be expected to influence the economic decisions of users caken 011 the basis of these fancial sratemtnts. The extent to ivhich our procedures are capable of detecting irregularities, Including fraud 15 detailed below= The detection of fraud and irre(Tiilarities is a primary ¢on5ideration ofthe audit Pla[ing and is carried through to the audil coniplelign stage. A risk assessment ond pr¢limiiiary ana1ical revieiv is undertaken at tlie planning stag¢ and areas of conceni are then built into the audit 5tyai¢gi' and te5ling to eiEsure sutTicienl pr(Kedures and evidence is obiained to give comfort that material irregularities ld potenlial insiances of fraud ère detected ivhere possible. Boih the Pareni Greenfields Educational Ttwt and the sub5idary Neivgale Farni Cottages Limited are botli audit¢d seperately by us folloiving the same preSSeS tailored to each entity, Ihe coiisolidatioji is also attdited. The audit teani is briefed regarding any areas or concern, the potential audir risks and coiisequential inipact. The audii team reinained vigilant throughoLlt iheir Ivork and made enquiries of key nianagemenl ai)d fiCe personnel throughout. Greenfields aiid Newgale key managemenl and fanCe personnel ivere consul¢ed on #ny or suspec¢ed breaches iii lam's and regulations along wilh Ini58ppropriation of fuiids ar both the plarLning and complelioii stage5 of the aiIdii. DLie consideration il'as given lo the p055ible use Df managenieiii overyide and this ivas built iiilo oiir audit strategy. The iiiitial risk assessinent highlighted a potential show stopper being of non-compliance ivith Ihe ISI and Ofsted for Greenfi¢lds the Charit),. We ivere able to obtain a sufficicnt evidence that no poteiititil risk has arisen. Th¢ PiiTpose of the preliminary anal)'tiC31 revieii. of the fu)an¢ial stateinents is io highliglit aiiy possible areas of onccrn to invesiigate %vhether the variance is e.Npe¢ted or unexpected, based on the iiiformation obtained as part of tlie plaiiniiig process aiid the Current climate ihe charir5' is opernting uiider. Relevaiii audit tests had Ilien been planned to obtaii) supportiDg dociimentalion to ensure that rhe). are wiihin Ihe charitable objectives aiid iio misappropriation of fuDds by iyay of fraiid, or misstaiemenis. Laiest ac£ounls disclosure cliecklssts Available are also conipleted to ensiire tlie accounts comply i%'iih the latest r¢kx>rtiiig frdtnci¥otk (liat 15 applicable to the charitable company. There are aspects of the audit ii'hich ale deliberately unpredictable to assisl in the detection of irregularities, such as varyiiig hoiv ive lest items ivhich are more siisceptible to frau year on year ai)d by i1)TpordI1rtg sysieniaiic satnplins over the poplllatioTrs tested. A fllrther description of oiir responsibiliiies is available oil the Financial Reporting Council's ivebgite ai.. V.frc.o0.IlklSlIdiIor8reSp0]IsIb1]1lIes. This des¢riplioii fornis pavt o(our aiidiior's report. Page 10
Greenfields Educational Trust Independent Auditor's Report to th¢ Members of Greenfields Educational Trust Use of oiir report T]iis report is made solely to the charitable pami company's trustees. as a b, in accordaiice ivith Chaplei 3 of Part 16 of thE Cornpanies Act 2006. Our audii iliork has been undertaken so thai ive niight state to tlie group's tn15tees those matter5 we ar¢ reqiiired to stale to them in an auditor's report and for no oiher piirpose. To tlie fiille5t exteiit petmitted by la.. Ive do iiot accept or assume resTK>nsibility to an}'one oth£r than tlie charitable parent cornpany )d its trustees as a body. for our audii ivotk, for this report, or for the opinions ive liave foniled. Roivena T K Walsli {SEnior stattsry Auditor) For ajid on behalf of Manninglons, Siathtory AuditOT 39 Higli Street Battle East Siissex TN33 OEE Date.. 27.05.2025 Pagell
Gre¢nfields EducationY41 Trust Consolidated Statenient of FinY4ncial Actii'ities for the Year Ended 31 Aiigust 2024 (Including Consolidxted Ineome and Expencliture Account Stalenient of Total Recogni5ed Gains and Losses) unrtricted fuMd5 Total 2024 Other funds Note Incon)e and EndoiTrnJellts from.. DOall0S and legacies Charitabl¢ activilies Siibsidiary inconie Investment income Other income 18,139 1,893.994 24,600 18,139 1,893,994 24.600 2,247 34,800 34,800 Toial income 1,973,780 1,973.780 Expenditure on: Subsidiary Expenditure Charitable activities (12,617) {2.400,413) (12.617) 2,400,413) Total expenditure (2.413,030) (2,413,03DI Net exp¢nditur¢ (439.250) (439,250) Net inovemeiit in funds (439,250) {439,250) Reconciliation ol fiinds Toial fuiids brought fonvard 2.139,784 2,898.303 5,038,087 Total funds Caled fonvard 23 1,700.SJ4 2,898,303 4,598,837 The notes oil pages 18 10 39 fotm an iniegral part of these finaiicial staleniei)ts. Page 12
Greenfitlds Educational Trust Consolidated Statement of Finaneial Aetivities for th¢ Year Ended 31 August 2024 (Including Consolidated Income and Expenditure Account and Statement of Total Reeognised Gains and Losse5) Unres¢ricted funds Total 2023 Other funds NDI¢ IDconie and Endowments from: Donations and legacies Charitable activities Subsidiary i]i¢onie Investnient income Other income 20.577 2.152.656 27.300 1,989 33.875 20,577 2,152,650 27.300 1.989 33,875 Total iii¢orne 2.236.397 2,236,397 Expenditure on: Subsidiary Expenditure Charitable activities (8.251) (2,284,331) (8,251) (2.284.331) Total expenditure 2,292,582) (2,292,582) Net expendite {56,185 (56.185) Net movemeni in funds (56,1851 (56,185) Reconciliation of funds Total funds brought fotivard 2.195.969 2,898,303 5,094,272 Total fiiiids cattied fot¥vatd 23 2,139,784 2,898,303 5,038,087 All of the groiip's activities derive from ctsnlinuing 0ratiONS during the above Iwo periods. Th¢ funds breakdoivn for 2023 is shoi¥n in nol¢ 23. T])¢ iiote5 on pages 18 10 39 form an integral part of these financial stafenients. Pase 13
Greenfields Educational Trust (Registration number: 01720539) Consolidated Balance Sheet 45 at 31 August 2024 2024 2023 Note Fixed 2ssets Tangible assets 15 6,361.507 6.368,715 Current a55¢ts Stocks Debtors Cash ai bank and in hand 17 31,196 109.979 14,309 34.745 65,935 300,927 18 19 155,484 401,607 Cr¢ditors- Amounts falling due witbiD one year 20 620,729 (397.325 Net current (liabilitiesFas$els 465,245) 4,282 Total assets les5 current liabilities 5,896,262 6.372,997 Creditors: Amtsunts falling due after more thaTh one year 21 (1.297,425) {1,334,910) Nel a$s¢t$ 4.598.837 5,038,087 Funds of Ilie group- Unrestricted ineome funds UDr¢stricted funds Revaluation reserve 1,700,534 2,898.303 2.139.784 2,898,303 Total unrestricted ndS 4.598,837 5,038,087 Total funds 23 4.598,837 5,038,087 Th¢ financial stateinenis on pages 12 to 39 ivere approved by the truste¢5, and authotised for issue on . and shgned on their behaSfby= P Hodki Cliainiian aiid trnstee The nDtes 011 pag¢s 18 to 39 foTm an iniegral part of these fiiiancial statements. Page 14
Greenfields Edueation41 Trust (Registration number: 01720539) Balance Sheet as at 31 August 2024 2024 2023 Note Fixed a55ets Tajigible assets Iiivesimenis 15 6,361,507 6,368.715 6.361,508 6,368.716 Curr¢nt assets Siocks Debtors Cash ai bank and in hand 17 31,196 109,979 14,114 34.745 69.814 289,983 19 1 $5,289 394,542 Creditorg: Amounts falling due withiTh one year 20 (620,535) (390,261) Net current (liabilitiesya55ets (465,246) 4,281 Total a55¢t5 1¢5$ current liabilities 5.896.262 6,372,997 Creditor5: Amoiints falling due after more thaD one yt4r 21 1,297,425) (1,334,910 5.038,087 Net as5etS 4,598,837 Funds ofthe charity: Unreslricted income funds Unrestricted funds Revaluation Teserv¢ 1,700.534 2,898,303 2,139,784 2,898,303 Total unrestricted fimds 4,598,837 5,038,087 Total funds 23 4,598.837 5.038,087 Tlie fiiiancial stalenien15 pages 12 to 39 ivere approved by the trustees. and aiithorised for issue 01) aiid sigtled on tlieir behalf by.. ZJ Hodkin Chainmoll and thistee The not¢s oil pages 18 to 39 fonn an iniegral pan of ihese financial 51aienieiits. Page 15
Greenfields E(lueational Trust Consolidated Statement of Cash Floivs for the Year Ended 31 August 2024 2024 21123 Note Cas11 noiv5 from opernting a<tivities Net Cash expendi(ure (439,250) (56,185) Adj115tments to eA$h Ilows from noD-c*sh ittms Depreciation Investment inco]lle 14,061 (2.2471 12.517 1,989) (427.436) (45.657) Working capital adjustentS Decreasel(increas¢) in stocks (Increase)Idecrease debtors Increase in crediiors Decrease in dElerred income 17 18 20 21 3.549 (44,044) 21,435 9.278 (9,012) 1,184 36,879 18,762) Net ¢ash floivs from operating aclivitie5 {455,774 (35,368 Cash noivs from investing activities Interest re¢eivabl¢ and 5imilat income Purchase of iangible fixed asseis 2.247 6,852) 1,989 17,273 15 Net cash floivs froin investing aciiviiies {4,605) (15,284) Cash floivs from finaiiclng 2etivilies Repayment of loans and borroiyit Net decrease lli cash and cash equivalent5 20 173,761 {220,131 (286,618) (270,783) 571,710 Cash and c8sli equivalents at I Sepieiiiber 300,927 Casli ajid cash equivalents at 31 August 14,309 300.927 All of the cash floivs are derived from conlinuing operdii0115 duritvd the above Thvo period5. Tlie notes on pag¢s 18 10 39 form an iniegtal part of these financial statements. Page 16
Greenfields Eduealiollal Trust Statement of Cash Flows for the Year Ended 31 August 2024 2024 2023 Note Cash noivs from operating aelivitie5 Net Cash expenditiire {439,250) (66,270) Adju8tn)ents to cash tlows from item5 Depreciation Inyeslnient income 14,061 2.247 12,517 (1,989) (427,4361 (55,742) WorkinE capital adjiistments Decreasel{iiicrease) iii stork5 (Increaseydecrease in debtors Increase in creditors 17 18 20 3,549 (40.1651 28,306 9,278 (9,012) 20.264 35,900 18.762) tk¢reose in d¢frrred income Net casli floivs from operating aclivilies Cash t70.5 from inyesting #etii'ities Inierest receivable and sitnilar income Piirchase of ian¥ible fixed assets Acquisition of investinents iii subsidiary undertakit (445,024) (27,352) 2,247 (6.852) (i) 1,989 {17,273) Net Gash floiv5 froin invesiing aciiviiies (4,606) {15.285) Cash floiTrs froin finan¢iNg actiyities Repa)'nieiii of loans and bo01VIll¥S Net decrease tn cash and cash equivalents 20 173.761 {220,131) (275,869) (262,768) Cash and cash equivaleiits at I Septemr 289,983 552,751 Cash ah)d cash equivaleiits at 31 August 14.114 289,983 All of ihe cash floii's are derived from cltinuing operations during t]ie above Iivo periods. The note5 on page5 18 to 39 form an integrdl part of Iliese fiiiaiicial slatenieiits. Pag¢ 17
Greenfields Educational Trust Notes to the Financial Stalemenls for the Year Ended 31 August 2024 I Charity statlls The charity is IiTnited by guardnlee. incorporated in England and Wales. and consequentl}' does not have sliare capital. Each of the trustees is liable to contribute an aniount noi exceeding £ I toivards tlie a55ets of tlie ¢harity in the eveiit of liquidation. ll1¢ address of ics registered office is.. Greenfields School Priory Road Forest Row East Sussex RH18 5JD 2 Aecounting polici¢5 Summarv of significant accoting policies and ke). aeeounting estimate5 The priticipal accountujg policies applied in the preparation of these fujaiicial stst¢m¢nts ar¢ set out beloiv. These policies have bc£n consistently applied lo all the years PTe5eiited, unle55 oilieThiise stated. Statemtiil of ¢omplian¢¢ The fancial gtttiements have been prepared iii ordanCe ivith Accounting and Reporting by Chariiies.. Slalenient of Recoinn)ended Praciice {applicable to charhties preparin¥ their a¢couThts iii accordance iviili t]ie Fiiiancial Reporting Standard applicable in Ihe Uk and Republic of Ireland (FRS I 0?>) {issued in October 2019}- (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK )Tbd Republic of Ireland (FRS 1021 and th¢ Coinpanies Aci 2006. B9515 of pr¢p2ration Greenfieldb Educalioiial Trust nieets ihe definition of a public benefil entity under FRS 102. Assets and liabilities are initially recognised at historical tost or transaciion value unless OtheviSe staled in the relevaiit accoui)ting policy i)otes. Basis of ¢oDsolidation The consolidated finaIi¢ial staternents consolidate the financial 5tatenients of the charity ai)d its subsidiary underiakin85 diaiyii lip to 3 1 August 20?4. No stalenieIit of fitjaticial activities is presenced for ihe cliarit), as permitted by se¢lion 408 af th¢ Compaiiies Aci 2006. The cliarity niade a loss after tax for the [anCIal J'ear of £439,250 {2023 -loss of £66:2701 Page 18
Greenfields Edu¢alional Trust Notes to the Financial Statements for the Year Ended 31 August 2024 A siibsidiary is an entity controlled by tlie chariry,. Control is achi¢sed ivher¢ the charity has the power to govern the fiiiaiicial and operating policies of an eiitity $0 as to obtain beiiefils frojn its activities. Iiiter-con)pany transactions: balaiices aid uttrealised gains on transadions iKiween the charity and its subsidiaiies, Ivhich are related parties, are eliiTiinated in tull. Inlra.groiip losses are also eliminated but may iiidicaie an impairnieiit that requires recognition tn the coiisolidated rmancial slaienienis. Acc(wniing policies of subsidiaries have been changed ivhcte necessary to ensure consistency ivith the policies adopted by the group. Non-controlling interests in t] net assets of consolidated subsidiaries are identified separately from the groiip's equiry theieiii. Non-controlling interests COnSLSI of the aTllOUnt of t1105¢ inter¢sts at the dale ol-the original business combinatitsii a]id the non-controlltng sliareholder's share of clia]ig¢s in eqiiity since t]ie date of the coinbination. Total comprehensive in¢ome is allriixjted to non-controlling inter¢5ts even if this results in the non-controlling interests having a deficit bajonce. Going concern The trnslecs consider there are Do material uncertainties aboui the group's abiliry to contiiiue as a going coi)ceni nor any significant areas of uncertainty thal affect the cary)'ing value of assers held by the gioup. Th¢ school is ¢xperiencing considerable r]nancial pressure due to the current environment for indepeiident schools, and is Iiaving to reorganise and realise as5els. Plans are beli iTrorked on to address the effects of these matiei& and the tru51 rem3iE]s a 8OItI8 conceni as a resuli. Key sources of e51imation uncerlaint> Tangible fixed assets are depreciated over tlieir use1 lives thk'ing i]ito acc4)unt reSIdal values, Ivhere appropriale. The actiial lives of the a55ets and residLwI values assessed annually and ]nay vary depending oji a niiniber of factors. In re-assessing asset lives, fa¢lors such as iechnological innovation, product life c}'cles and niaintenance programines are tak-en into accoiiDI. Residual value assessmenrs consider issues such as futt)re IT18et ctsndit10115, the reThiaininB life of the a55et aiid projecled disposal values. The CaTrying amount is £6,361.507 {2023 -£6.368,715). The recoverability of book debts is T¢Vle.ed by Inanagemeni and a provision is made based on all the iiifom)aiioii available. The carrying atnount is £149.664 (2023-£86.756). Incoine and endoi%'ments All income 15 Tecognised oiice the charity has entitlement to the inconie. it is probable thal the inconie ivill be received )d the a]nount of the income receivable can be niea5ured reliabl).. Doiilliioiis &iidleg4el Doiithtions are recognised ivhen the Cliarity lias been notified in ivriting of both the amouiit and settlenient date. In the event that a donation is siibject to condiiions that reqiiiie a l¢vel of [rOMInCe by rhe charity befoie Ihe charity is entitled lo tli¢ fi]iid% tlie iii¢oii)e is deferred and not Ttcogn15ed until eiiher those coiidiiioiis are fully Inet, or the fuifilinent o( tliose conditiojis is ivliolly iviihiji the con1 of the Charity and li is probable that ihese conditions ivill be Fulfilled in ilie reporting peri(rtl. Page 19
Greenfields Educalional Trust Notes to the Financial Statenients for the Year Ended 31 August 2024 Deferred iiicoiiie DeleNed income represents amounis received for fulure peri(MJs and 15 released to inconiing r¢sources in tlie period for ivhich, it has been received. Such income is only deferted ithen.. The donor specifies thai the grdllt or donation tnusi onls. be used iii fviure accountiiig perio(Ls; or The donor has iniposed conditions which rnust be met before the charity has uncoiidiuonal entitlemeni. liivesliNeiil iiicoime Investsnent income comprises of bank inierest and is recogDised on a ieceivable basis. Chmriiuble aclivilies Charitable ii)com¢ is for the prok'isioii of pre school throutsh to sixth fonn ediication M'ith added support by ivay of tuloritkg available to all pupils and the geiierdl public to be itL¢liisive for all ivly) iTrould Like to learn. O¢her iMco•pie Other income is rents received from Childrens House and Effective Education to Greenfields 001 to cover the use of the premises own¢d by Greenfields Sch¢xTrl. Expeniliture All expenditiire 15 recognised on¢e th¢re is a legal or constructive obligation to that exp¢iiditure. it is probable seiilemeiit is irquired and Ihe amoullt can be measuted ieliabl}'. All costs are allocated to tlie applicable expenditure headuig thal aggregate similar costs lo that eategori.. Wliere costs cannot be directl) attributed to pariicular lieadings tliey have allocated on a basis conststent ii'ith (he use of resources, i%iih cen(ral staff wst5 allocated on the basis of time spent, and depreciaiioii chatges allocaied on the portioTh of the asset's u%. Other 5uppon costs are allocated based on ihe spread of 5tatrcosis. RftlslNgfiiii¢ts Tliese are costs incuTred in attracting volwitary in¢ome, the nialgent of ijivestmenis and those inCued iii trading activities that raise nds. Cliuri#nlplÉ ti1vIlleS Charltable expenditiire comprises those costs incurred by the charity in ilie delivery of its activities aiid servi¢es for its beiieficiaties. li includes both costs Ihal can be allwared d7clIY to sucli activitie5 )d thosE Costs of 011 indirect nature Trecessary io supsx)rt theni. Goyernance costs These include the costs aiiributable 10 the Charity s compliance Ki."id) con5tithtional and statutory reqiiiremeTrts. incliidiiig audit, Strategic Inanagernent and tn151ee5 meetings aiid reinibuised expenses. Page 20
Gr¢enfi¢lds Educalional Trust Note$ to the Financial stateents for the Year Ended 31 August 2024 Taxation The charity is considered to pass Ihe tesis set out in Paragrdph I Schedule 6 of the Financc Act 2010 and therefore li nieets the definition of a charilable company for UK COTporaiion tax purposes. Accordingl),, Ihe charity is poteiitially exempt frotn taxation in respect of incorne or capital gatns received within categories c0Cred by Cliapter 3 Part I I of the Corporation Tax A¢1 2010 or Section 256 of tlie Taxation of Chargeable Gains Act 1992, to tl)e exteiit iliat such iiicome or gains are applied exclusi%'ely to charitable PUTwises. Tangible fixed assets Individual fixed assets ¢osting £200.00 or more are initially recorded ai cosr, less any subsequent accwiiulated depie¢iation and subsequent accumulated impairment Ios5¢S_ The land and buildings iyas revaliled in 2016 f]nancial }ear by RH & RW Cluiton Cliartered Surve)ors, Laiid Agents, RICS Valuers, an independent valuer on I Sept¢Diber 2015. The revaluation ivas treated as deemed cosi in Ihe first y¢ar of adopting FRS 102. The land and building ii'ill reinain recorded at cost and iyill not be accounted for under tlie revaluation Inodel. Depreeii)tion and *mortisation D¢pr¢¢iation is provided on tangible red as5et5 50 as to i1[e off the cosl or valuaiion. less any ¢stirnat¢d residiial valu¢, over their ex¢ted useful ttonon]ic life as folloivs= Asset class FixNires and fittings Motor vehicles Depreciation method and rate 150/¢- 25 /0 Strniglit line 20 /¢ sliaiglLi liiie BusiDess combir]ations Biisiiiess ¢onibiiiatioiis are accounted for under the purchase method. Ivheie necessary, adjustmeiits are niade to (he finaiicial staleiiieiits of subsidiaries to bring thc ac£ountitig wlicies used into liiie iyiili those iL%ed by the group. All inira-groiip Iransaciions, balttn¢es, income ad ¢xpenses are eliminated on con501idation. In accordance with Section 35 of FRS 102, Section 19 of FRS 10? has not been applied iii tliese fUiCEal statemeiits in respect of business coinbinalions effecied prior io the dat¢ of iransilion. Siock Siock is valued at the loiver of cost and esiimaied selling price less costs lo coniplete aiid selL after due regard for obsolete and sloiv inoving stocks. Cosi is deiemlined using the fit5t-in. first-out (FIFO). Trade d¢biors Tiade debtor5 are amounts due from customers for nierchandise sold or service5 perfom)ed in ihe ordinary course of bLiness. Trad¢ debtors are recognised iniliall}' at tlie trdnsaction price. They are subsequenil} measuTed at aniortised cost Using the effective interesr meihod, les5 provisioii for in)wiiniieiii. A provisitsn for ihe inipainneiit of trade debtors is established ivlien there is objective evidence th the cliarilj ii'ill iiot bt able to collect all a]n(Truiits due according 10 the origiiial teni)s of tlie receivables. Page21
Greenfields Educational Trust Notes lo the Financial Statement5 for the Year Ended 31 August 2024 Cash 8iid cash equivalents Cash and cash equivalents comprise cash on hid and call dew)sil& and oiher short-tenn highly liquid inveslments (hat are readily convertible to a known amount of cash and ate subjeci ¢0 an insignificant risk of change in value. Trad¢ creditor5 Tiade crediiors are obligations to pay for go(¥ls or 5etvice5 thai hove been acquired in the ordinary CDiirse of biisiness from sllpplier5. Accounts pa}'able are ola55ified a5 ciirrent liabilities if the charits, does not have an unconditional right: at the end of the reporting period. to deter setiletiient of the creditor for at least twelve months after the reporting date. If there is an Ull¢QDdilional right to defer scttlemait for at leasi N'elve Inonths after the reporting date, they are presented as non-CllTf¢Dt liabilitie5. Tiade creditors are recoglhised initially ai Ihe lrnnwtion price and sub5equ¢ntly meaSUd at aniortised cosi using Ihc effective interest method. Borroivings Inleiest-bearing borroivings are initially recorded at fair value, net of transa¢tion costs. li)ierest-bearing bOOw111gS ale 511bseqiiently Caled at amortised cosi. iviih ¢h¢ difference betH'een the proc¢eds, net of transaction costs, and tlie atnount diie oil redemption bcing recognised as a cbarge to the Statement of Financial Activitie5 oler the period of the relevant borroiying. Interest expense is recognised on the basis of the effeclive interest Meth and is included iii llilerest payable and siniilar charge5. Borroivings aTe Classified as current liabilities uThless the charity Iw an wi¢oilditioiI riglil to defer settlenieni orihe liabiliry for at least ttvelve nionihs after the reporting date. Forei2n e%¢haiige Transa¢tioiis in foreign ciirrencies are recorded at ihe rate ofexchange at the date of tlie trJi)sa¢tion. Moneiary assets and liabilities denoinitlated in foreign currencies at ihe bal8Dce sheet date are reported at th¢ rates of exchange prevailiiig at ihat date. Fiind structure Uiwestricted income fid$ are gen¢ral fvnds thai are ayailable for use at the tnistees discretion in fvrthelaiice of tlie objettives olthe gioup. Designated fill)ds are utirestricted funds Sel aside for spe¢ifi¢ puttK)ses at the dhscretioii of the inistees. Financi31 in5trumeDts Clrfissificuliuii Financial assets and financial liabilities are recogni5ed ivhen the wup becomes a party to the contractupl provisioiis of Ilie instruEnenl. Fiii¢ill¢ial liabilities aiid eqiiiiy instrun)ents are classified according to the subsiance of the coiiirncliial aiTangeiiieiits ¢ntered iiito. kn eqiiity insirum¢nl is any conLraci ihat evideiices a residual iiiierest in the assets of the 8roiip after dediicting all of its liabilities. Page22
Greellfields Educationyl Trust Notes to the Financial Statements for the Year Ended 31 August 2024 All fancial assets and liabiliti¢s are inilio11)' niea$ud al Irathsaciioii price (including iransaciion costs), except for thos¢ rj1claI assels classifjed as at fair value through profi( or loss. Ivhith are initially measured at fair valut (ii'liich is nornially tlie traI15tIO]i price excluding Irdnsaclion costsx wiless the aTtangemeni constimtes a fiiiancing transaclioIi. If an arrangernent constitui¢s a financiilg Iraiisaction. Ihe fan¢181 assei or fancial liabllity is nieasured at the preseiit value olthe fvture paJ'nie41ts discouiited ai a iiiarket rate of interesi for a similar debi inslrunient. Fin&ncial assets and liabilities are only offsel iii the slatemeiit of financial position ivhen. and only ivhen there exists a legally enforceablE right to set off the recogiiised amouiits and the gioup inteJJds eithei to settle on a nei basis, or I realise the a55et 8nd settle the liability sirnulianeously. Fiiiancial assets are dere¢ogThi5ed when and onty ivhen a) the contractual riglils to tlie cash flows from Ihe [ancial asset expire or are settled, b) the group transfers to aiiother party substhiiiially all of die risks and reivards of oivnersl)ip of the fanCIal asset, or c) the group. despite having reiallied some. but not alL sigtiificanl risks and rewards of OlerShip, has transferred control of the asset to a]iother party. Financial liabilities are derecognised only ivhen the obligation spe£ified in the contract is discliarged. caiicelled or expires. Page 23
Greenfields Educational Trust Tr4otes to the Financial Siatements for the Year Ended 31 August 2024 Debi INsiriiiiieiils Debt instruments ivhi¢h m¢¢t the folloiving condiiions are subsequentls. Ineasured at atnortised cost using the effeclive interesl method.. (a) The contra¢iual tUrn to the hol(kr is (i) a flxed amount., {ii) a positive fLxed rate or a posiiive variable rate,. or (iii) a combination of a positive or a negative fixed ia and a positive variable rate. (b) The ¢ontra¢t may provide for Tepa>'menis olihe prÈncipal or the ietutn to the holder {but not both) to be link¢d to a sii)gle relevant observable index of generdl price iiiflatton of the cutrency in which the debt instrnTnent is denominated, proYid¢d such links are not levetaged. (cl The contrdct may provide lor a deiemiinable varialioii of the retum to the holder thiring the life of the instrwiienl proN'ided that (i) the n¢iv rate Satisfies condition la) atid the i'ariation is not contingent on future eveiils oiher than (l) a change of a contractiial variable rale- (2) 10 protect the holder against credit deterioration olthe issuer. (3) changes in levies applied by a central bank or ati5ing froffl changes in relevant taxation or law," or {ii) the neiv rate is a lliarket rate of interest and satisfies wndition (a). (d) There is no contracttial provi5Lon thai could. by its temix result in the holder losing the principal ainoiu)t or any iiiterest attribiitable to t]ie ¢UTrcnl period or prior peri(ds. (e) Coiitraciual provisions that perniit the issuer to piepay a debi instnlment or pcrniit tlie holder to put il back io ihe issuer before Inaturity are not contingeni on fuwre es'ents, other than to pre¢l ilie holder agaiiist the credit deierioratioii of the issuer or a change in control of the issuer. or to prote¢1 the holder or issuer agaijist chaiiges in levies applied by a central bank or arising from change5 in relevant t&xation or law. (D Contractiial provi5iOllS pemiii the extension of the term of the debt instThmen¢. provided that the retutn to tlie hold¢r and any other contractual provisions appli¢abl¢ during the &Ntended rni satisfy the conditions of paragt3pli% (a) tts {c). Debt Iiisttunients thai are classified as payabl¢ or receivable iviihin le year on inittal recoBnition and ivhicli iiieei the above condiiions are mvasured al the uiidiscounted aniount of the cash or otlier consideration expected 10 be paid or received. nei of impaim)ent. With the exception of sonie hedgith8 LnstiutnEnts. IAbEr debt iitsirnments not nieeting these coiidiiions are nleasured at fair value ihroiigh profit or10$5. Cotnmiimenls to make aiid re¢¢iv¢ loans iyhich rneet ihe condiiions mentioned above aTr measlired at cost {Ivhicl) niay be nil) less impainneilt. liiiiesliiieiits Iiivesttiients in subsidiaries and associaies are measured at cost less iinpainneiil. For iiivestinents in 5ub5idiaries acqiiired for coi)sideration including the issue olshares qualifi'ing for metgei relief. cost is nieasiired by referei)¢e to tlie nominal value of the shares issued plus fair value of otlier considerdtion. Any pteniiuin is iyjiored. Page 24
Greenfields Educational Trust Notes to the Financial Statements for the Year Ended 31 August 2024 Falr voliié iiieoswrevieiil The best evidence of fair vali is o qiioled piice lor a]i ideiitical asset in pn active n)8rkel. When quoted prices are iin8vailable, the price of a recent traitsaclion for an identical asset provides evidence of fair value as 10iig as there has not been a signifjcant change in economic circumstance5 or a 5igi?ifi¢ant lapse of time since the transaciion took place. If ihe niarket 15 not active aiid recent rraJisaciion5 oran identical a¢1 011 tlieiT are not a good estin)ate of fair valiie, the fair vallle is estimated by using a valuaiion Icchnique. 3 Income from donations legacies Unrestrieted fund5 GeDeral Total 2024 Total 2023 DoJiaÉions aI)d legacies., Donations to Major appeals 18.139 18.139 20.577 18,139 18.139 20.577 4 1come from charitable aclivities Uiirestricted ulld5 General Tot21 2024 Total 2023 Oreenfields School Children's House Nursery Effective Education C¢iitr¢ 1,695,092 105.995 92,907 1.695.092 105,995 92.907 .807,869 160,800 183,987 1.893.994 1,893,994 2,li2,656 5 Subsidiary lThcom Unrestricted fund5 Gtneral Total 2024 Total 2023 Tradiiig inconie; Neii'gale Fann rents received 24.600 24.600 27,300 27.300 Page 25
Greenfields Edueational Trust Notes to the Financial Statements for the Year Ellded 31 August 2024 6 Ini'¢stmeNt inconje Unrestricted fuDds General Total 2024 Total 2023 Interest receivable and similar income- Interest receivable on batjk deposits 2.247 2,247 1,989 7 Other income UnreslrÈ¢l¢d IndS General Total 2024 Total 2023 Rental income 34,800 34,8Tr) 33,875 8 Subsidiary Expenditure a) Costs of ¢rading actii'ities Unrestricted Total 2024 Total 2023 General Note Neivgal¢ Fami operIng costs 12,617 12,617 8,251 12,617 12,617 8,251 Page 26
Greenfi¢lds Educational Trust Notes lo the Financial Stat¢nients for th¢ Year Ended 31 August 2024 9 Expenditure on charitabl¢ 8cliYities urtricterI TndS General Total 2024 Total 2023 Note Gieenfields School Cliildr¢n's House Nursery Effective Education C¢iitre Depreciation. ainortisation and other similar costs Goveinan¢e Cosis 2.080.589 189,696 109.830 2.080.589 189.696 109.830 1,879,936 201,586 176,592 7,061 13,237 7,061 13.237 12,518 13.699 10 2,400,413 2,400,413 2,284,331 10 Ang]ysis ofgovernanfe and support eost5 Governanee $ts Unr¢strict¢d fund5 General Total 2024 Total 2023 Staff costs Wages and salaries Audit fees Audit of Ilie financlal staleinents Othej. fees paid to auditors 2.749 2,749 2,839 6,388 4.100 6,388 4,100 6,780 4,080 13,237 13.237 13.699 Page 27
Gr¢¢nfields Educational Trust Notes to the Financial Statements for the Year Ended 31 August 2024 I l Net in¢oming/outgoing resources Nei outgoing resources for the year include.. 2024 2023 Audit fees Other non-audit servic£s Loss oil disposal of fixed 0s5ets held for the group's OMI use Depreciation of fLxed assets 8,563 5,732 (7.000) 14,061 8,892 5,664 12 Trustees remuntralioll aDd eipeDses No trustees, nor ]Y persons connected Ivith them, have rcttived atiy remuneration from the group during th¢ year. No trusltes have received any reitnbutsed expenses or any other benefits frorn Ihe charity during the year. 13 Staff costs The aggregate payroll ¢osts iv¢re as folloivs." 2024 2023 Staff eosts during the )'ear were: Wages and salaries So¢ial setutity eosls Peiision costs 1,428,552 110,173 24.813 1.425.373 95.272 22,071 1,563,5J8 1,542,716 The inonthly averdge number of PeOnS (includin8 senior managemeThi I leadership tell) employed by the groiip duriiig the year expressed as 11 time equivalents ivas as folloivs.. 2024 No 2023 No ClTraritable activities Ne%vgale Fartn Cotla8e5 Litniied (subsidiaTJ) 72 83 73 84 No eiiiployee received emoluments of D)ore thaA £60,000 during the year. The iotal einployee benefits of the key managemeiit personnel ofihe groLiP iIEre £181,390 (2023 - £166,334). Page 28
Greenfields Educational Trust Notes to the Financial Statemenls for Ihe Year Ended 31 August 2024 14 Taxation The group is a r£gistered charity and is therefore exempt from thxaiiort. 15 Tangible fixed assets Group Land ad bthildines Furniture and equipment Motor vehicles Total Cost Al I Septeniber 2023 Additioiis 6.330,275 360,094 6,852 23,780 6,714,149 6,852 {23,780) Disposals (23.780) At 31 August 2024 6,330,275 366,946 6,697,221 Depreciation At I Septeinber 2023 Charge for the year Eliininai¢d on disposa15 321,653 14,061 23.780 345,433 14,061 {23,780) {23.780) At 31 August 2024 335,714 335,714 Net book value At 31 Aiigust 2024 6,330,275 31.232 6,361,507 Ai 31 August 2023 6.330.275 38.441 6,368,716 Page 29
Greenfiel(Is Educational Trust Notes to the Financial Statemenfs for Ihe Year Ended 31 Augll5t 2024 Charity Land buildings Furjhiture and equiprnent Motor vebicl¢s Total Cost At I S¢ptemb¢r 2023 Additioiis Disposals At 31 Aiigiisi 2024 6.330,275 360,094 6,852 23,780 6,714.149 6,852 (23.780) 23,780) 6.330.275 366,946 6,697.221 Depreeiation At I September 2023 Cliarg¢ for tl)¢ year Eliniiiiated on disposals 321,653 14,061 23,780 345.433 14,061 23,780 23,7801 At 31 Aiigust 2024 335,714 33S,714 Net book value At 31 Aiigllst 2024 6.330.275 3 1,232 6,361.507 At 31 August 2023 6,330.275 38,441 6,368.716 Page 30
Greenfields Educational Trust Notes to the Financial Statements for the Y¢ar Ended 31 August 2024 16 Fixed 8$5et Investm¢nts ChaTiIy Share$ in Eroup nder1#kIng5 aThd participating iTrter¢st$ Subsiili9ry undertakings Total 2024 Cost Additions At 31 August 2024 Net book Tr'alue At 31 August 2024 Delaiis of undertakiiigs Details of tlie inveslniellts ui which Ihe cllariry holds 20°A tt n)ore of the nomitlal value of èny class of sliare eapital are as folloivs.. Country oc incorporation Proportion olvoting rights Principal xnd shar¢s held actii'ity Undertaking Holdtng 2024 2023 Siibsidiary underlakings Other lettitig and operatiIig of oiwi or leased real ¢staie Neivgale Farni Cottages LiiniEed England and Wales Ordinary Share lo/ 1000 Page31
Creenfield5 Educational Trusl Notes to the FinallciAI stateents for tlie Year Ended 31 August 2024 Subsidiaries Neivgale Fann Cottages Ltd 20? l accounts and activities was considered imtnaierial to Consolidate iiito group accoun15. Froiii Ihe Isi March 2021 the year end il'as exiended to the 31st August 202! to ensure ¢ot¢rniinous year ends to la¢ililate tlie first year of conwlidated accounts in 2022 as the annual activity was considered material as all properties are Jioii, rent¢d OUL and still is. 17 Stock Group Charity 2024 2023 2024 2023 Stocks 31.196 34,745 31.196 34.745 18 Debtor5 Group Charity 21124 2023 2024 2023 Trade debtors Due froni group undertakiijgs Prepayments Accrued incotne 82.416 32.944 82,416 32,944 3,879 27,851 5,140 27.563 27,851 5,140 27.563 109.979 65.935 109,979 69.814 19 Cash cash ¢quiYalents Group Charity 2024 2023 2024 2023 Casli at bank Short-tenn deposi15 11,815 2,494 103,206 197,721 11,620 2.494 92,262 197,721 14,309 300.927 14,114 289,983 Page 32
Greenfields Educational Trus¢ Notes to the Financial Stalements for the Year Ended 31 August 2024 20 Creditors: amounts falling due within othe ve*r Group Charity 2024 2023 2024 2023 Bank loans Trade creditors other loans Due to group undertakings Other laxation and social sewrity Otli¢r cr¢ditor5 Accruals Deferred iiicome 46.239 185,428 220,000 54,993 289.121 46,239 185,427 220.000 10.034 58.118 90,829 9,888 54,993 289.120 58.118 93,104 17.391 449 22.128 7,417 13,939 9,T27 22,128 5, 142 9,600 9,278 620,729 397,325 620.535 390.261 Oiher borrowing Other Loaiis Witliiii Other loans J loan ivas received by the charity of £200,IMM) during the FanCial year and is secured by a legal liarge over the freehold business properts'- New'gale Farn), Priory Ro¥td.The loan is lo be repaid in full 6 montlis fron) Ilie orginal advance made ivith interesi charged daily of £27.39. Tlie repayment date lias subsequ)115, been extended to the end of ihe next fmancial )'ear 3 Isi Augit 2025. 21 Creditors: falling due after one year Group Charitv 2024 2023 2024 2023 Bank loan5 1,297.425 1,334,910 1.297.425 ,334,910 Cli#i'itv Included in the ¢reditors are the folloiying amoiinis diie after tnore than five yea= 2024 2023 After more than five years by instalmets (1,112.471) (1,103,184) Page 33
Greenfields Educational Trust Notes to the Financial Slgtem¢nts for the Year Ended 31 August 2024 Bank loans and overdrafts after fil'e year5 At the year end the Chatily has Ni'o loans iyith .0 seperaie banks. Loan l and L(wn 2 include security held on different prop¢rti¢s. The third loan ivas a govemment Covid19 related business iiileTUPtion loan which is unsecured and repaid in f11 l&%t fancial year. Loaii I tak¢D August 2019 to purchase Neii'gale Farm and is secured by a legal charge over the freehold business propertv,. Greeiifield5 SchDoI. Priory Road. The loan i5 ovcr 25 years ivith a small draiv do7) takeii in 3 Isi August 9019 financial year end. then the niajority of loan ¥vas drai%m in 2020 financial year ivhen the purchas¢ iwas completed. Inltre51 15 charged ai 2.5(P/• ab(Trve bas¢ rnte. with a total interest charge for the year amouniiiig to £95,429 {2023 - £77,734). Loan 2 is from 2018 over 10 years and 15 %¢vred by a legal charge over the freehold busiiies5 property,. 59 Railivay Approacli. Inteie51 is charged at 3.67010 abov¢ base rate, M'ith a toial interest charged for the year amouniing to £12.623 (?023 - £10,790). Loan 3 is the Coyid bounce back loan taken for £200,000 in October 2020 inleresl and repa)lent frtt for 12 11)onihs and ihen repaj'ble over 5 years, Ihe loan ivas repaid early ii) fvll in during last fuiancial year in Septeinber 2022. Interest ivas charged at 3.67t)/o above base race, 1th a total int¢r¢st charged for 2023 £798. 22 Obligations under IvAst5 Ilire purchase contracts The total value of future minirnum le8se payments iv&s as folloivs= Group 2024 Charity 2024 Withiii one year In ttvo to five years {25.707) {77,122) (25,707) (77,122 1102,829) (102,829) Page 34
Greenfields Educvdtional Trust Note5 lo the Financial Statements for the Year Ended 31 August 2024 23 Flind5 Group B#laRce at I Seplember 21123 Incoming resources Resources eypended Balanee at 31 August 2024 Unrestricted funds Geiierul General fillid 1,80? 106 1.973.780 (2.315.634) 1,460.252 De5igiillled Nonnan Lei¥is designated fund 337,678 197,396) 240,282 Total fulld5 2,139,784 1.973,780 (2.413,030) ,700,534 Balance at I September 2021 Incoining resources Resources expended Balante at 31 Augiist 2023 Unrestricled fiiiid5 Geiiernl General fund 1,778.553 2.236.397 (2,212,844) 1.802.106 De.figiifttefl ornian LViS designated fvnd 417,416 {79,738) 337,678 Total fiinds 2.195.969 2.236.397 {2,292,582) 2,139,784 Page 35
Greenfields Educalional Trust Notes lo the Finaneial Statemenls for ihe Year Ended 31 August 2024 Charity Balance al I September 202J lThcoming reurCeS Resour¢es expended Balance at 31 August 2024 Unrestricted (und5 Geiieral General Fiind 1.802.106 1,961.163 {2,303,017) 1,460,252 Deslgiialed NomiaTr Leivis designated fund 337,678 {97,396 240,282 Total funds 2.139,784 ,961,163 (2,400,413) 1,7(K),534 Balarbct at I September 2022 IncomiDg resollrees Resourc¢5 expended B#lan¢e at JI Augusl 2023 Unrestrieted funds G¢iieTfiI General Fund 1,788.637 2,218,061 (2,204,592) 1.802.106 Desigiiftted Nomian Lewis designated fid 417,416 {79,738 337,678 Total fund5 2 ?06.053 2,218,061 (2,284,330) 2,139,784 The specifle pllrposes for ii,hich the funds are to be applied are as follows: Noniiaii ViS de5ignaied ftind is 11)onies gifted to GTeenfields School for the genernl purposes of tlie charity aiid Ilie cliai'ity has decided to iise it io Ether develop the school's infastrudure rather Ihan the day to day Niiniiig of the sclJool Page 36
Greenfields Educational Trnst Notes to tbe Financial Statemenfs for Ihe Year Ended 31 August 2024 24 Analysis of net #$5e15 between fund5 Group Total funds at 31 August 2024 Unr¢slricled funils Ceneral Designated Tangible fixed assets CiiTrtiit as5els cUent liabilities Creditors over l ye 6,358,815 (82,106) (620.729) (1,297,425) 2,692 237.590 6,361,507 155,484 {620,729} {1,297,425) Total net assets 4.358,555 240,282 4,598,837 Total funds 91 31 Augu$l 2023 UDrestrict¢d funds Gener31 Desigllated Tangible fixed &ss¢iS Current assets 6,364.057 68.587 (397,325) (1,334,910 4,658 333,020 6,368,715 401.607 (397,325} (1.334,9101 Clie]it liabilities Creditors over l year Total nel agseis 4.700,4(19 337,678 5,038,087 Chaiit), Total fiinds at 3J Augu51 2024 Unr¢5tricted fiinds General Designaled T18lble fixed assets Fixed asset invesiments CuTheiil assels 6.358.815 2,692 6,361,507 (82.301) {6?0,535) (1,297.425) 237,590 155,289 (620,535) (1,297,425 Curreiil liabilities Cirditors over l year Total net a55ets 4,358,S55 240,282 4,598,837 Pa8e 37
Gr¢enfields Educalional Trust Notes ¢0 the Financial Statenients for the Year Ended 31 August 2024 Total fiiNds %t 31 August 2023 Unre51rict¢d funds General Designated Tangible fiKed asseis Fixed asset inveslrnenls CILtTent assets Cuen1 liabiliti¢s Creditors over l year 6.364,057 4.658 6,368,715 61.522 (390,2611 (1.334.910) 4,700,409 333.020 394,542 (390,261) 1,334.910 Total net asseis 337,678 5,038,087 25 Related party tran5XCtioDs Group During Ilie year the group made the folloiving related paTty transactions: Newgal¢ Farni Cottages Limittd (Neivgal¢ l.atm Cotiages I.td is a ivholly oiyned subsidiary of Greenfields Educational Trust Ltd. Both entities have a director iii common. Peter Hodkin. Neivggle FarTr Cottages rent Ollt the properties oiyiied by Greeiifields Educational Trust on licence whilst undertaking the tLiJ]ning and maillt¢nance in doing so. Any profits realised are to b¢ donaled to the Parent- Greenfields Ediicational Trust. 2023 ivas the [$1 tinie Neivgale Fam) Cottages Lid made a profil. iioil. properties are refiiibished ld reiited out $0 £8,964 11.as donaied back to Parent Greeiifields Educational TtU51 , along ivith £11.983 in 2024) At the balaiice sheet date the amount due 10 Neivgale Fami Coltages Liniited ivas £10,034 (2023- £3,879 due froin). Greeiifields Education Trnst emplo)'e¢s Tlie Headmaster of Greenfields School oc£upic5 olle of the properties ai NeIgale Fami rent free to enable l)ini to perforn) his diities onsite and niakes up part of his remunerdiion package. Anoiher einplo>'ee a150 receives reduced rent ii) recognition of administration of Neivgale Fami undertakeii. Both of these arrangements had ceased by the yearend, as einploj'ees had left Gr¢enfield5 sc111. Ai the bylan¢e sheei date ilie ain0nt due t&froin Greenfields Education Trugt eniployees was £Nil (2023- £Nil). Charit}, During Ilie year ihe charity Inade the folloiving related party trdnsactions.. School Fee5 Trustee5 Calcioli and M¢EJit)Te have childreii attending the schijol at agreed rale5 thal CDiiiply ivith the scliilol fee policy. At th¢ balance slieei date die ainount due to School Fees ivas £3.291 12023 £6,444 diie froin). Page 38
Greenfields Educational Trusl Notes to the Finan¢Aal Statements for th¢ Year Ended 31 August 2024 26 Off-balance sheet arrangeellI5 Greenfields Educatiojial Tnis¢ has a potenttal sTr for thf Nuygale Farn) Cottages properties. At the point of sigtiiiig the aG¢ounls for th Parent and Subsidiari N'¢%vgale Fami Coltages Limited a busier lias beeji seni contracts ai)d is Mndertaking th¢ir seyrches and iher¢fore no ¢ompletion date has beeii s¢t. 71iere is no derlIe dale the sale ivill go through. Wheii the sale does go through it is yet und¢¢id¢d ivhat ivill happened to th¢ Groups subsidiary ai the point of signing th¢ a¢counts. Due to the doivn turn in Childrens hollse and EEC profitablity and availability, of ttained staff both activities have ceased. As both premise5 they operated frorn are no longer needed theii ihesB iytre sold post balaIire sheet in Marcli 2025. Pa8e 39