**REGISTERED COMPANY NUMBER: 02035304 (England and Wales) REGISTERED CHARITY NUMBER: 295145** ## **GREENFIELD SCHOOL** ## **FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 31 AUGUST 2020** HPCA Ltd Chartered Accountants and Statutory Auditors Station House Connaught Road Brookwood Woking Surrey GU24 0ER **GREENFIELD SCHOOL** ## **CONTENTS OF THE FINANCIAL STATEMENTS for the year ended 31 August 2020** ||**Page**| |---|---| |**Report of the Trustees**|1 to 8| |**Report of the Independent Auditors**|9 to 11| |**Statement of Financial Activities**|12| |**Balance Sheet**|13| |**Cash Flow Statement**|14| |**Notes to the Cash Flow Statement**|15| |**Notes to the Financial Statements**|16 to 28| |**Detailed Statement of Financial Activities**|29 to 30| **GREENFIELD SCHOOL** ## **REPORT OF THE TRUSTEES** ## **for the year ended 31 August 2020** The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 August 2020. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). Page 1 **GREENFIELD SCHOOL** ## **REPORT OF THE TRUSTEES** ## **for the year ended 31 August 2020** ## **OBJECTIVES AND ACTIVITIES** ## **Principal Aims** The Governors intend to ensure that the future of the School is assured and that the education and facilities provided over more than eighty-five years are continually improved and maintained at the highest possible level. In this way, parents will recognise that Greenfield will continue to provide an affordable, first class, fee paying primary education for children from all backgrounds within the locality and also an educationally based Pre-Preparatory Department for pre-school children from the age of three years. In accordance with the aims of the memorandum and articles the School provides bursaries and in addition there are hardship funds made available to support the financial needs of children who are already attending the School where there is a compelling need or a change in circumstance Bursary funding is provided in the main from rental income generated from the school's investment portfolio. This ensures that the burden of this provision does not fall upon the fees generated by other parents. Bursaries are 'means tested' and awarded in accordance with the school's Bursary and Hardship policy and are reviewed every three years Fees are very carefully controlled and the School offers exceptional value for money. Greenfield remains highly competitive when compared to other independent educational establishments within the Woking area. The School therefore offers a unique facility for parents whose children may not thrive in the state sector, or for parents who feel that the specialist teaching available at Greenfield will provide a more beneficial primary education on which secondary and subsequent education can be based. It is a key policy of the School that neither academic interview nor other entry qualification is ever imposed and Greenfield always endeavours to maximise the potential of each individual child regardless of their particular background providing the school is able to meet the child's educational and physical needs. ## Public Benefit The charitable status of the school is dependent on a certain level of activities related to Public Benefit. According to the charities commission, the Charities Bill requires organisations to pass two tests if they are to be charities. Firstly, that their objects are charitable, and secondly that they operate for the public benefit. The ongoing debate in Government may result in charities which advance education having to demonstrate in addition that they deliver public benefit. With no clear guidance on how or whether Public Benefit will be tested, Greenfield School would nevertheless highlight the following activities as evidence of its public benefit operations: **Bursaries** - as stated above we are able to support a number of children through a Greenfield education where parents would not ordinarily be able to afford the full fees. The Bursaries are means tested and the Governors are active in ensuring places are awarded in accordance with our policy which is designed to widen access to our school. **Links with the Community** - Greenfield continues to make good links with maintained sector schools, for instance, inviting them to workshops held at school. The PE department has been successfully running tournaments, of all sports, inviting many other schools in the local area, which have been enthusiastically supported by maintained schools. Greenfield hosts termly Teach Meets and schools and colleges from the maintained sector are frequent attenders and share ideas and best practice. Greenfield also hosts the Children’s Festival each year, which brings together children from local schools to discuss current and environmental matters. The school fund also raises money for local and national causes such as The Rainbow Trust, Woking Hospice, Great Ormond Street Hospital and the Salvation Army. We regularly utilise our rooms and facilities to help provide space for local community activities such as local Residents Association meetings and Trinity Music examinations and LAMDA Speech and Drama examinations. **Environmental** - From an environmental standpoint, the school has taken and continues to take steps to reduce its carbon footprint, by undertaking energy efficiency initiatives. LED lighting is installed throughout the school buildings, with sensors to cut energy consumption where rooms are empty. Increased waste recycling is encouraged and social responsibility is embedded in the curriculum using the UN Sustainability goals and the introduction of the Future World Team, which is a group of children of mixed age who decide which charities and what actions the school should be taking to protect the environment. We hope our actions will in turn help our pupils to understand the importance of these issues, as they will become the leaders in future, driving initiatives for public benefit. ## **SIGNIFICANT EVENTS** Page 2 **GREENFIELD SCHOOL** ## **REPORT OF THE TRUSTEES** ## **for the year ended 31 August 2020** ## **Location Move** In September 2019, we started the academic year in our new building and our new estate at Old Woking Road. The move is one that we have been looking to make for a number of years and one which will allow the school to move forward. Pupil numbers are growing at a rapid rate and the move has allowed us to grow to two form entry across the school with extensive grounds complementing our varied and rich curriculum. Considerable work was carried out to prepare for the successful move and we thank all of those involved. We have settled in well to our new location and investment is being made in securing the school’s future on this site. ## **COVID-19** In the Spring Term 2020, the school closed completely following the outbreak of COVID-19. The school was closed between March 2020 and May 2020 with the School offering extensive Remote Learning options. The school reopened from June 2020 on a staggered basis with all children returning to school at least two weeks before the end of the 20192020 academic year. Greenfield School’s provision of Remote Learning for children throughout the school was superb, with huge numbers of parents expressing their gratitude for the immense efforts being made. Where IT equipment in children’s homes were not able to cope with Remote Learning, laptops were loaned and this proved to be a very successful strategy. Greenfield School was also praised by parents throughout this period for its regular and clear communications with parents. Page 3 **GREENFIELD SCHOOL** ## **REPORT OF THE TRUSTEES** ## **for the year ended 31 August 2020** ## **ACHIEVEMENT AND PERFORMANCE** ## **Pupil Achievement** We are pleased to report that Governors, parents, staff and the children continue to enthusiastically support Mrs Botting. Pupil numbers remain high and the school is increasingly well known in the community for excellent standards and scholarship achievements. This year, 27 Year 6 pupils were offered 46 places at selective, independent senior schools and these included 10 scholarships for Sport, Drama, Music and Academic achievement. ## **Educational Standards** The school had an FCI ISI Inspection in March 2019 which concluded that Greenfield School was fully compliant in all areas and that the educational provision met the ISSR standards. The school was also subject to a successful Material Change inspection in October 2019 to ensure that the new site was appropriate and met DfE requirements. This was a fantastic achievement for the Headmistress and staff; an endorsement of the efforts made to ensure Greenfield School is a well maintained and safe environment for children. The work continues to ensure that standards remain as high as ever and the school continually adapts to new regulation and teaching practices. ## **The Demographics of Woking** Residential development remains high in the Woking area as the town continues to attract new families with the lure of the fast and regular train service to central London. This helps to maintain a high demand for places in the School which has made substantial progress under Mrs Botting's headship. We have been reassured by the increasing pupil numbers and the stable income has enabled the School to embark on a move programme along with a refurbishment of the new site. The Governors are confident that in the medium and longer term, with our current reputation and competitive fee structure, there will be a satisfactory demand for places at Greenfield to ensure the future of the School. The additional services offered to parents of extended wrap around care (which includes a cooked breakfast and tea) continues to be very popular and is vital with many busy working parents. ## **The School Buildings** The new site on the Old Woking Road needed significant refurbishment to bring it up to standard, including lighting, IT and furniture and additional temporary accommodation was leased from Portakabin while an extension is being built. Feedback from staff and pupils alike has been very positive and the school continues to look into reduced energy consumption initiatives. The Bursar continues to work with our IT contractor to ensure the resilience of our IT system are maintained. The Finance & Capital Requirements Committee continues to oversee and approve expenditure on key infrastructure projects surrounding refurbishments of the new building (as highlighted by the Bursar and Estates and Health & Safety committee). A subset of trustees is overseeing the preparation for the development of a new building on site and landscaping works to the grounds which it is hoped will start in May 2021. ## **The School's Educational Investment** The increased number of staff that the school now requires, by virtue of being two form entry, have been a welcome addition and they have been successful in school. The School continues to invest heavily in special educational needs as well as additional classroom teaching support and this recognises and benefits those children with exceptional talents as well as those with less ability. The school continues to include any additional support for SEND within the fees, as long as the school has the required specialism. The Learning Enrichment team includes staff with specialisms in play therapy and has grown to accommodate the increasing number of children it supports. This has been extremely beneficial to our children as required support can be identified and deployed more quickly and with no additional charge to the parents. Significant investment in staff training has continued in the year including the funding of a member of staff to complete the National Award for SEN coordination; the school's senior leadership regularly appraise the staff to understand their aspirations and identify the training needs. Focus will continue to be maintained on this. The School is looking to open a 50 week a year nursery from January 2021. ## **The Parents** Page 4 **GREENFIELD SCHOOL** ## **REPORT OF THE TRUSTEES** ## **for the year ended 31 August 2020** The Trustees are most appreciative of the ongoing support given by the Parents and Friends of Greenfield School (FROGS), both in financial as well as general support terms. FROGs has continued to provide financial help to the school, which is of a general nature, enabling non routine items of expenditure to be incorporated into the normal school budget to the ultimate advantage and benefit of all the children. This year the parents raised funds for a kiln for the Art Room, musical instruments, a microphone system and audio equipment for the new school hall and high jump stands and a crash mat for the new sports hall. ## **FINANCIAL REVIEW** ## **Overview** The school has had another successful year with increasing pupil numbers. The expansion of the school on the new site, has meant that there is availability in all year groups, but it has been very pleasing to see the number of registrations for September 2020 remain high. However, we would expect it to be several years before we are full again in every year group. Investment income has reduced by £7,000 on 2019, with no rent reviews due this year for our investment properties. The income generated continues to provide bursary opportunities for pupils who would not ordinarily be able to attend the school and these investments are also of vital importance to the school's long-term development plan. Donations this year totalled £16,880 (£11,739 in 2019) and these were primarily used to purchase a kiln and audio equipment. Deposit rates remain very low in the current climate. All staff are paid in accordance with the Greenfield Pay Scale, which is set with reference to the industry in general and with due regard to specific Independent Schools Benchmarking Surveys, such as 'Baines Cutler'. Individuals are therefore paid according to the job they do which is defined within specific pay point ranges in the Greenfield Pay Scale. This applies equally to the senior leadership roles. The Greenfield Pay Scale is reviewed annually by the Governors to decide whether inflationary and/or performance increases are awarded. The Governors set the Headmistress' salary and the Headmistress, in consultation with the Governors, sets the salaries of the Senior Leadership Team. Costs rose year on year mainly from salaries, increased spending on facilities upgrades and other one-off expenses. Salaries increased this year in order to reflect inflationary and merit increases. The main increase has been the installation of a set of modular buildings on the School’s new site which will help house the community until the build project has been completed. The Governors approved greater spend in March 2019 to invest in purchasing the new site and to refurbish the building. The details of areas improved and upgraded is reported above under 'School Buildings'. The school made a loss for the year of £242,136. (2019: loss of £100,384). This is shown after taking account of depreciation of buildings and equipment of £165,222. The school increased borrowings to refurbish the Old Woking Road Site and it increased cash assets by selling the old site on Brooklyn Road. It is envisaged that this cash will be used to pay for the extension that is scheduled to start work in May 2021. The school continues to generate strong inflows of cash; the closing position of £3,520,846 is an increase of £1,974,064 on 2019. The Governors remain confident to invest in the future of the School as it continues to expand in 2020/21. ## **Reserves policy** Our reserve policy is regularly monitored by the Trustees and is designed to ensure the ongoing future of the School. These reserves are mostly held in the form of investment property previously gifted to the School, together with short term liquid assets. The school receives the bulk of its income in termly instalments and therefore to guard against short term cash flow problems, the policy stipulates that we should keep funds equivalent to three months operational costs in liquid assets to guard against any delays in receiving fee income. This equates to £750,000, which is held in an interest bearing bank account. ## Summary The Governors consider that the financial affairs of the School are excellent. Fee Income remains strong, both from Core Education and from the extensive Wrap-Around Care that Greenfield offers. This is continually popular amongst our parents many of whom have both parents working full time. The cost of provision of the education is closely monitored, monthly budget reports are created and distributed for greater analysis and control. Any surplus of income over expense is utilised to upgrade the buildings and facilities to continuously improve the educational environment, whilst ensuring the aims of the long term development plan are also financially planned. Page 5 **GREENFIELD SCHOOL** ## **REPORT OF THE TRUSTEES** ## **for the year ended 31 August 2020** ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Governing document** The company is limited by guarantee, operates as a school and is a registered charity. The charity is governed by the Memorandum and Articles of Association of Greenfield School. ## **Structure, Governance and Management** The board of Governors, who are also trustees, has been established to provide the widest possible range of expertise, not only in the educational field but also in the area of business and finance generally. It remains the policy of the School that the Board continues to maintain this diversity, which ensures that the School has the benefit of a multi talented governing body and these skills can be drawn on for the benefit of the School, not only as an educational establishment but also as an organisation within the local community. The Governing body continues to have absolute authority in establishing the broad policies within which the School must operate, monitors the financial and budgetary controls, examines the policy concerning financial reserves and continually reviews the risk management strategies that are in place and ensures that the School fully complies with the requirements as set out in the charity memorandum and articles. The day to day management of the School however, remains the responsibility of the Headmistress, who is also an ex officio governor and as such reports to the board on a regular basis. ## The School The School, which is now sited in a central location within Old Woking, 1.5 miles from the centre of the built-up area of Woking, now has the benefit of extensive playing fields. In addition, it takes advantage of Woking's Pool in the Park to offer swimming lessons, which is within close proximity to school. It is a fundamental policy of the School that Greenfield should maintain its unique position in the local community and continue its long-established history of involvement with neighbouring organisations and activities. The Governors ensure that whenever practical, School facilities are made available to other institutions (either not for profit or for profit). ## **Risk management** The Governors have reviewed, and indeed continue to reassess the risks to which the charity is exposed, and have implemented policies to mitigate those risks. In order to best monitor the management and operation of the school, the Governors have created four sub-committees that meet to review process and issues and provide summary feedback to the full Governor meetings held on a termly basis. The subcommittees comprise: Legal Compliance & Governance Education and Safeguarding Estates and Health & Safety Finance & Capital Requirements All Policies and Risks identified are owned by the appropriate sub-committee and are constantly reviewed. One of the biggest immediate risks we may face is the impact from extended closure due to COVID-19. The School is mitigating this risk through extended provision and education which has been well received by parents. In addition, 'Loss of Charitable Status' is a further risk. There continues to be debate at Government level on the Charitable Status of Independent schools, based on whether the requirement to be of Public Benefit can be met. We firmly believe this to be the case. ## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number** 02035304 (England and Wales) ## **Registered Charity number** 295145 Page 6 **GREENFIELD SCHOOL** ## **REPORT OF THE TRUSTEES** **for the year ended 31 August 2020** ## **Registered office** Old Woking Road Woking Surrey GU22 8HY ## **Trustees** JR Day Chair N Phillips Deputy Chair K Tyson Deputy Chair C Beckett J Denyer M Hoskins T Botting (Ex Officio) M Wallace (resigned 25.6.20) M Cook I Latif (appointed 1.9.19) P Hutchinson (appointed 25.6.20) ## **Company Secretary** ## **Auditors** HPCA Ltd Chartered Accountants and Statutory Auditors Station House Connaught Road Brookwood Woking Surrey GU24 0ER ## **STATEMENT OF TRUSTEES' RESPONSIBILITIES** The trustees (who are also the directors of Greenfield School for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charity SORP; - make judgements and estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 7 **GREENFIELD SCHOOL** ## **REPORT OF THE TRUSTEES** ## **for the year ended 31 August 2020** ## **STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued** In so far as the trustees are aware: - there is no relevant audit information of which the charitable company's auditors are unaware; and - the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. ## **AUDITORS** The auditors, HPCA Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting. This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. Approved by order of the board of trustees on ............................................. and signed on its behalf by: ........................................................................ Mrs JR Day - Trustee Page 8 ## **REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF** ## **GREENFIELD SCHOOL** ## **Opinion** We have audited the financial statements of Greenfield School (the 'charitable company') for the year ended 31 August 2020 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). - In our opinion the financial statements: - give a true and fair view of the state of the charitable company's affairs as at 31 August 2020 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006. ## **Basis for opinion** We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ## **Conclusions relating to going concern** We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where: - the trustees' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or - the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charitable company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. ## **Other information** The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. ## **Opinions on other matters prescribed by the Companies Act 2006** In our opinion, based on the work undertaken in the course of the audit: - the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and - the Report of the Trustees has been prepared in accordance with applicable legal requirements. Page 9 ## **REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF** ## **GREENFIELD SCHOOL** ## **Matters on which we are required to report by exception** In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of trustees' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit; or - the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees. ## **Responsibilities of trustees** As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. ## **Our responsibilities for the audit of the financial statements** Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors. Page 10 ## **REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF** ## **GREENFIELD SCHOOL** ## **Use of our report** This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. Lance Redman (Senior Statutory Auditor) for and on behalf of HPCA Ltd Chartered Accountants and Statutory Auditors Station House Connaught Road Brookwood Woking Surrey GU24 0ER Date: ............................................. Page 11 **GREENFIELD SCHOOL** ## **STATEMENT OF FINANCIAL ACTIVITIES** ## **(INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) for the year ended 31 August 2020** |Notes
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
2
**Charitable activities**
5
Education
Other trading activities
3
Investment income
4
Other income
**Total**
**EXPENDITURE ON**
**Charitable activities**
6
Education
**NET INCOME/(EXPENDITURE)**
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
**TOTAL FUNDS CARRIED FORWARD**|2020
Unrestricted
fund
£
16,880
3,036,390
136,174
31,043
727,300
3,947,787
4,189,923
(242,136)
3,297,290
3,055,154|2019
Total
funds
£
11,739
2,600,196
24,975
38,032
-
2,674,942
2,775,326
(100,384)
3,397,674
3,297,290| |---|---|---| The notes form part of these financial statements Page 12 **GREENFIELD SCHOOL** ## **BALANCE SHEET** ## **31 August 2020** |Notes
**FIXED ASSETS**
Tangible assets
14
Investment property
15
**CURRENT ASSETS**
Debtors
16
Investments
17
Cash at bank and in hand
**CREDITORS**
Amounts falling due within one year
18
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**CREDITORS**
Amounts falling due after more than one year
19
**NET ASSETS**
**FUNDS**
22
Unrestricted funds
**TOTAL FUNDS**|2020
Total
funds
£
5,755,033
350,000
6,105,033
710,321
-
3,520,846
4,231,167
(588,034)
3,643,133
9,748,166
(6,693,012)
3,055,154
3,055,154
3,055,154|2019
Total
funds
£
5,600,056
690,000
6,290,056
204,117
1,669,797
1,546,782
3,420,696
(934,712)
2,485,984
8,776,040
(5,478,750)
3,297,290
3,297,290
3,297,290| |---|---|---| These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: ............................................. JR Day - Trustee The notes form part of these financial statements Page 13 **GREENFIELD SCHOOL** ## **CASH FLOW STATEMENT** |**for the year ended 31 August 2020**
2020
Notes
£
**Cash flows from operating activities**
Cash generated from operations
1
(1,577,307)
Interest paid
(155,985)
Net cash (used in)/provided by operating activities
(1,733,292)
**Cash flows from investing activities**
Purchase of tangible fixed assets
(320,199)
Sale of tangible fixed assets
2,800,000
Interest received
31,043
Net cash provided by/(used in) investing activities
2,510,844
**Cash flows from financing activities**
New loans in year
1,196,512
Capital repayments in year
-
Net cash provided by financing activities
1,196,512
**Change in cash and cash equivalents in**
**the reporting period**
1,974,064
**Cash and cash equivalents at the**
**beginning of the reporting period**
1,546,782
**Cash and cash equivalents at the end of**
**the reporting period**
3,520,846|2019
£
363,148
(20,527)
342,621
(5,549,326)
-
38,032
(5,511,294)
5,380,000
(15,408)
5,364,592
195,919
1,350,863
1,546,782| |---|---| The notes form part of these financial statements Page 14 **GREENFIELD SCHOOL** ## **NOTES TO THE CASH FLOW STATEMENT** ## **for the year ended 31 August 2020** ## **1. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES** |**Net expenditure for the reporting period (as per the Statement of**
**Financial Activities)**
**Adjustments for:**
Depreciation charges
(Profit)/loss on disposal of fixed assets
Interest received
Interest paid
cost of sale of property
Increase in debtors
(Decrease)/increase in creditors
**Net cash (used in)/provided by operations**
**ANALYSIS OF CHANGES IN NET DEBT**
At 1.9.19
£
**Net cash**
Cash at bank and in hand
1,546,782
**Liquid resources**
Current asset investments
1,669,797
**Debt**
Debts falling due after 1 year
(5,380,000)
**Total**
(2,163,421)|2020
£
(242,136)
165,223
(727,300)
(31,043)
155,985
(62,904)
(506,204)
(328,928)
(1,577,307)
Cash flow
£
1,974,064
(1,669,797)
(1,196,512)
(892,245)|2019
£
(100,384)
91,205
46,474
(38,032)
20,527
-
(134,951)
478,309
363,148
At 31.8.20
£
3,520,846
-
(6,576,512)
(3,055,666)| |---|---|---| 2. **ANALYSIS OF CHANGES IN NET DEBT** The notes form part of these financial statements Page 15 **GREENFIELD SCHOOL** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **for the year ended 31 August 2020** ## **1. ACCOUNTING POLICIES** ## **Basis of preparing the financial statements** The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. ## **Income** All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Fee income is stated net of scholarships and bursaries together with amounts charged for clubs, trips and other extras, net of the associated costs. ## **Deferred Income** Where income is received in advance of meeting any performance related conditions and there is not unconditional entitlement to the income, its recognition is deferred and included in creditors as deferred income until the performance conditions are met. ## **Donations and legacies** Donations and legacies receivable for the general purpose of the school are credited to unrestricted funds. ## **Investment income** Income from investment properties and interest on funds held on deposit are included when receivable and the amount can be measured reliably by the charity. Rental income is recognised when it is due and interest is recognised when it is received. ## **Expenditure and irrecoverable vat** Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Irrecoverable vat is charged as a cost against the activity for which the expenditure was incurred. ## **Allocation and apportionment of costs** Resources expended are included in the Statement of Financial Activities on an accruals basis and are allocated to a specific activity where costs relate directly to that activity. Costs of generating funds are the costs directly attributable to raising funds. Charitable expenditure includes all costs directly relating to the objective of the charity and the costs involved in supporting that work. Governance costs relate to the costs of legal and professional fees and audit fees. Support costs include those costs connected with the management of the charity's assets, organisational management and administration and compliance with constitutional and statutory requirements. These include all expenditure not directly related to the charitable activity or fundraising ventures. continued... Page 16 **GREENFIELD SCHOOL** ## **NOTES TO THE FINANCIAL STATEMENTS - continued** ## **for the year ended 31 August 2020** ## **1. ACCOUNTING POLICIES - continued** ## **Tangible fixed assets** Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter. |Freehold property|- Straight line over 50 years| |---|---| |Fixtures and fittings|- 15% on reducing balance| |Computer equipment|- 33% on reducing balance| Individual assets costing £750 or more are capitalised and valued at historical cost. All other assets under this amount are expended to the statement of financial activities. ## **Investment property** The investments are stated at market value at the Balance Sheet date. Profits and losses on revaluation of the assets at the end of the year are reflected in the accounts in the Statement of Financial Activities. ## **Taxation** The charity is exempt from corporation tax on its charitable activities. ## **Fund accounting** Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. ## **Hire purchase and leasing commitments** Assets purchased under finance leases are capitalised as fixed assets and depreciated over the term of the lease. Obligations under such agreements are included in creditors net of the finance charges to future periods. Finance charges are written off to the SOFA over the period of the lease. ## **Pension costs and other post-retirement benefits** The company operates a defined contribution pension scheme for administration and support staff. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. Teaching staff are included in the Government's teacher's pension scheme. Contribution rates are set by the Scheme Actuary and advised to the Board by the Scheme Administrator at the Department of Education and Employment. Pension benefits are based on final pensionable salary. Contributions payable for the year are charged to the Statement of Financial Activities. ## **2. DONATIONS AND LEGACIES** |**DONATIONS AND LEGACIES**||| |---|---|---| ||2020|2019| ||£|£| |Donations|16,880|11,739| continued... Page 17 **GREENFIELD SCHOOL** ## **NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 August 2020** |**3.**
**OTHER TRADING ACTIVITIES**
Fundraising events
Sundry income
Hire of Halls
Furlough Grant
**4.**
**INVESTMENT INCOME**
Deposit account interest
Investment income
**5.**
**INCOME FROM CHARITABLE ACTIVITIES**
Activity
School fees, net of bursary
Education
School trips and clubs
Education
Registration fees
Education
**6.**
**CHARITABLE ACTIVITIES COSTS**
Education|Direct
Costs (see
note 7)
£
3,409,740|2020
£
359
19,421
-
116,394
136,174
2020
£
1,431
29,612
31,043
2020
£
2,845,744
183,346
7,300
3,036,390
Support
costs (see
note 8)
£
780,183|2019
£
577
24,233
165
-
24,975
2019
£
1,232
36,800
38,032
2019
£
2,392,853
201,103
6,240
2,600,196
Totals
£
4,189,923| |---|---|---|---| continued... Page 18 **GREENFIELD SCHOOL** ## **NOTES TO THE FINANCIAL STATEMENTS - continued** ## **for the year ended 31 August 2020** ## **7. DIRECT COSTS OF CHARITABLE ACTIVITIES** |Staff costs
Leasing costs
Textbooks and technical information
Classroom replacement material
Hire of sports pitches/coaches
School trips and clubs
School concerts & prize giving
Food and milk
Lighting, heating and cooking
Cleaning
General costs
Legal & professional fees
General and water rates
Decoration and maintenance
Classroom equipment
Insurance
Modular building rental
Advertising
Bad Debts
Depreciation
Loss on sale of assets
**8.**
**SUPPORT COSTS**
Management
£
Education
767,066
Support costs, included in the above, are as follows:
**Management**
Administrative salaries
Social security
Pensions
Travelling expenses
Telephone
Printing, postage & stationery
Bank charges and interest paid
Sundry expenses
Subscriptions
Staff training
Carried forward|2020
£
2,017,458
23,321
10,470
8,869
10,532
124,803
621
187,321
57,316
51,608
4,191
21,113
88,467
155,364
30,789
52,294
364,744
35,236
-
165,223
-
3,409,740
Governance
costs
£
13,117
2020
Education
£
373,703
31,752
24,973
2,858
8,887
7,581
508
27,377
18,896
6,701
503,236|2019
£
1,536,490
13,729
9,309
11,041
31,180
125,211
5,306
167,861
18,109
9,409
5,391
60,641
11,165
113,371
37,461
33,873
-
39,169
1,300
91,205
46,474
2,367,695
Totals
£
780,183
2019
Total
activities
£
185,271
16,918
22,930
14,017
9,436
10,145
1,311
24,915
10,058
11,113
306,114| |---|---|---| |||| continued... Page 19 **GREENFIELD SCHOOL** ## **NOTES TO THE FINANCIAL STATEMENTS - continued** ## **for the year ended 31 August 2020** ## **8. SUPPORT COSTS - continued** ## **Management - continued** |2020
Education
£
Brought forward
503,236
Computer maintenance & support
90,878
Payroll management
5,313
Removals
11,654
Loan interest
155,985
767,066
**Governance costs**
2020
Education
£
Trustees' expenses
1,869
Auditors' remuneration
9,000
Auditors' remuneration for non audit work
2,248
13,117|2019
Total
activities
£
306,114
32,444
4,149
26,453
20,527
389,687
2019
Total
activities
£
2,349
10,100
5,495
17,944| |---|---| ## **Governance costs** ## **9. NET INCOME/(EXPENDITURE)** Net income/(expenditure) is stated after charging/(crediting): |Auditors' remuneration
Other non-audit services
Depreciation - owned assets
Depreciation - assets on hire purchase contracts and finance leases
Other operating leases
Surplus/(deficit) on disposal of fixed assets|2020
£
9,000
2,248
165,222
-
23,321
(727,300)|2019
£
10,100
5,495
87,842
3,364
13,729
46,474| |---|---|---| continued... Page 20 **GREENFIELD SCHOOL** ## **NOTES TO THE FINANCIAL STATEMENTS - continued** ## **for the year ended 31 August 2020** ## **10. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 31 August 2020 nor for the year ended 31 August 2019. ## **Trustees' expenses** |Trustees' expenses
**11.**
**STAFF COSTS**
Wages and salaries
Social security costs
Other pension costs|2020
£
1,869
2020
£
1,936,157
182,777
328,952
2,447,886|2019
£
2,349
2019
£
1,426,002
136,593
199,014
1,761,609| |---|---|---| Included in staff costs are wages and pension costs for teachers £1,919,054 (2019: £1,446,368), administration staff £430,428 (2019: £227,818) and estate staff £98,404 (2019: £87,424). The average monthly number of employees during the year was as follows: |Teachers
Administration and domestic|2020
53
17
70|2019
42
12
54| |---|---|---| The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was: |£60,001 - £70,000
£80,001 - £90,000|2020
1
1
2|2019
1
1
2| |---|---|---| The school considers its key management personnel comprise the directors, head teacher, senior members of staff and the bursar. The total employment benefits including employer pension contributions of key management personnel were £460,593 (2019 £391,991) continued... Page 21 **GREENFIELD SCHOOL** ## **NOTES TO THE FINANCIAL STATEMENTS - continued** ## **for the year ended 31 August 2020** ## **12. EXCEPTIONAL ITEMS** During the year the charitable company sold the old school buildings and one of it's investment properties for £2,800,000 realising a gain after professional fees of £727,300. ## **13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES** ||Unrestricted| |---|---| ||fund| ||£| |**INCOME AND ENDOWMENTS FROM**|| |Donations and legacies|11,739| |**Charitable activities**|| |Education|2,600,196| |Other trading activities|24,975| |Investment income|38,032| |**Total**|2,674,942| |**EXPENDITURE ON**|| |**Charitable activities**|| |Education|2,775,326| |**NET INCOME/(EXPENDITURE)**|(100,384)| |**RECONCILIATION OF FUNDS**|| |**Total funds brought forward**|3,397,674| |**TOTAL FUNDS CARRIED FORWARD**|3,297,290| continued... Page 22 **GREENFIELD SCHOOL** ## **NOTES TO THE FINANCIAL STATEMENTS - continued** ## **for the year ended 31 August 2020** ## **14. TANGIBLE FIXED ASSETS** |**COST**
At 1 September 2019
Additions
At 31 August 2020
**DEPRECIATION**
At 1 September 2019
Charge for year
At 31 August 2020
**NET BOOK VALUE**
At 31 August 2020
At 31 August 2019|Freehold
property
£
4,883,418
-
4,883,418
-
51,668
51,668
4,831,750
4,883,418|Property
Improvements
£
324,594
225,632
550,226
-
33,432
33,432
516,794
324,594|Fixtures
and

fittings
£
374,485
94,567
469,052
43,925
59,271
103,196
365,856
330,560|Computer
equipment
£
156,622
-
156,622
95,138
20,851
115,989
40,633
61,484|Totals
£
5,739,119
320,199
6,059,318
139,063
165,222
304,285
5,755,033
5,600,056| |---|---|---|---|---|---| Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows: |**COST**
At 1 September 2019
Transfer to ownership
At 31 August 2020
**DEPRECIATION**
At 1 September 2019
Transfer to ownership
At 31 August 2020
**NET BOOK VALUE**
At 31 August 2020
At 31 August 2019|Fixtures
and
fittings
£
50,532
(50,532)
-
31,474
(31,474)
-
-
19,058| |---|---| continued... Page 23 **GREENFIELD SCHOOL** ## **NOTES TO THE FINANCIAL STATEMENTS - continued** ## **for the year ended 31 August 2020** |**NOTES TO THE FINANCIAL STATEMENTS- continued**
**for the year ended 31 August 2020**|| |---|---| |**15.**
**INVESTMENT PROPERTY**
**FAIR VALUE**
At 1 September 2019
Disposals
At 31 August 2020
**NET BOOK VALUE**
At 31 August 2020
At 31 August 2019|£
690,000
(340,000)| ||350,000| ||350,000| ||690,000| An independent professional valuation of 1 Claremont Avenue was carried out by Savilles in July 2017. The unencumbered freehold interest subject to the existing lease was valued at £340,000. The historical cost of this property was £92,428. In 1998 a gift of 54-56 Chertsey Road, Woking was received. At the time it was received its estimated open market value was £164,000. That was the effective value of the gift and therefore the historical cost for Greenfield school. I July 2017 Savilles revalued Chertsey Road at £350,000. The bank holds a charge over one of the investment properties. |**16.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Trade debtors
Other debtors
Prepayments and accrued income|2020
£
2,825
33,294
674,202
710,321|2019
£
25,036
13,231
165,850| |---|---|---| |||204,117| Included in prepayments are professional fees which will be capitalised with the next stage of the school development totalling £574,874 (2019 - £95,218). ## **17. CURRENT ASSET INVESTMENTS** |Property for resale|2020
£
-|2019
£
1,669,797| |---|---|---| continued... Page 24 **GREENFIELD SCHOOL** ## **NOTES TO THE FINANCIAL STATEMENTS - continued** ## **for the year ended 31 August 2020** ## **18. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** |**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**||| |---|---|---| |Trade creditors
Social security and other taxes
Other creditors
Accruals and deferred income|2020
£
125,409
41,518
-
421,107
588,034|2019
£
38,963
41,292
21,617
832,840| |||934,712| Fees and childcare vouchers received in advance for September term are included in deferred income and amounted to £252,275 the amount released from the previous year was £298,607 ## **19. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR** |Other loans (see note 20)
Fee deposits held
**LOANS**
An analysis of the maturity of loans is given below:
Amounts falling due between two and five years:
Other loans - 2-5 years
Amounts falling due in more than five years:
Repayable by instalments:
Other loans more 5yrs instal|2020
£
6,576,512
116,500
6,693,012
2020
£
419,777
6,156,735|2019
£
5,380,000
98,750| |---|---|---| |||5,478,750| |||2019
£
215,200| |||5,164,800| ## **20. LOANS** A loan was obtained to purchase a new site for the school. The loan is secured on property belonging to the school and is for a total period of 50 years. During the first 3 years no payments will be made but interest will accrue and then it will be repaid over a the next 47 years. The interest rate applicable is the 47 year period will be 1 % points above the 47 years Public works Loan Board Annuity Rate. ## **21. LEASING AGREEMENTS** Minimum lease payments under non-cancellable operating leases fall due as follows: |Minimum lease payments under non-cancellable operating leases fall due as follows:||| |---|---|---| |Within one year
Between one and five years|2020
£
31,152
15,668
46,820|2019
£
13,730
24,737| |||38,467| continued... Page 25 **GREENFIELD SCHOOL** ## **NOTES TO THE FINANCIAL STATEMENTS - continued** ## **for the year ended 31 August 2020** ## **22. MOVEMENT IN FUNDS** |**Unrestricted funds**
General fund
**TOTAL FUNDS**
Net movement in funds, included in the above are as follows:
**Unrestricted funds**
General fund
**TOTAL FUNDS**
**Comparatives for movement in funds**
**Unrestricted funds**
General fund
**TOTAL FUNDS**
Comparative net movement in funds, included in the above are a
**Unrestricted funds**
General fund
**TOTAL FUNDS**|At 1.9.19
£
3,297,290
3,297,290
Incoming
resources
£
3,947,787
3,947,787
At 1.9.18
£
3,397,674
3,397,674
s follows:
Incoming
resources
£
2,674,942
2,674,942|Net
movement
in funds
£
(242,136)
(242,136)
Resources
expended
£
(4,189,923)
(4,189,923)
Net
movement
in funds
£
(100,384)
(100,384)
Resources
expended
£
(2,775,326)
(2,775,326)|At
31.8.20
£
3,055,154
3,055,154
Movement
in funds
£
(242,136)
(242,136)
At
31.8.19
£
3,297,290
3,297,290
Movement
in funds
£
(100,384)
(100,384)| |---|---|---|---| continued... Page 26 **GREENFIELD SCHOOL** ## **NOTES TO THE FINANCIAL STATEMENTS - continued** ## **for the year ended 31 August 2020** ## **22. MOVEMENT IN FUNDS - continued** A current year 12 months and prior year 12 months combined position is as follows: |**Unrestricted funds**
General fund
**TOTAL FUNDS**|At 1.9.18
£
3,397,674
3,397,674|Net
movement
in funds
£
(342,520)
(342,520)|At
31.8.20
£
3,055,154
3,055,154| |---|---|---|---| A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |**Unrestricted funds**
General fund
**TOTAL FUNDS**|Incoming
resources
£
6,622,729
6,622,729|Resources
expended
£
(6,965,249)
(6,965,249)|Movement
in funds
£
(342,520)
(342,520)| |---|---|---|---| ## **23. EMPLOYEE BENEFIT OBLIGATIONS** ## a) Teachers The teachers' superannuation scheme is a contributory scheme administered by the Department for Education and Employment. The scheme automatically covers teachers who have not elected to opt out of the scheme in order to make alternative pension provision. Greenfield School is unable to identify its share of the underlying assets and liabilities as each employer in the scheme pays a common contribution rate. The most recent valuation of the Scheme resulted in a revision to the contribution rate structure with employee rates varying between 7.4% and 11.7% from April 2015. Employer contributions will continue for the period at the recently increased rate of 23.68%. The scheme provides pension benefits based on pensionable salary. The superannuation cost charge represents contributions payable to the fund and amounted to £244,418 (2019: £172,640). ## b) Other Staff The school also operates defined contribution schemes for other staff members and those teachers who chose to opt out of the Department for Education and Employment scheme referred to above. The assets of the scheme are held separately from those of the school in funds administered by Insurance Companies. The pension cost charge represents contributions payable in respect of these scheme and amounted to £84,534 (2019: £66,832). continued... Page 27 **GREENFIELD SCHOOL** ## **NOTES TO THE FINANCIAL STATEMENTS - continued** ## **for the year ended 31 August 2020** ## **24. RELATED PARTY DISCLOSURES** There were no related party transactions for the year ended 31 August 2020. ## **25. MEMBERS LIABILITY** The liability of the members are limited. Members are liable to contribute to the assets of the company in the event of a wind up. They are liable while they are members and for a year after. The amount of this liability is restricted to £10 per member. Page 28 **GREENFIELD SCHOOL** ## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES** ## **for the year ended 31 August 2020** |**INCOME AND ENDOWMENTS**
**Donations and legacies**
Donations
**Other trading activities**
Fundraising events
Sundry income
Hire of Halls
Furlough Grant
**Investment income**
Deposit account interest
Investment income
**Charitable activities**
School fees, net of bursary
School trips and clubs
Registration fees
**Other income**
Gain on sale of tangible fixed assets
**Total incoming resources**
**EXPENDITURE**
**Charitable activities**
Wages
Social security
Pensions
Leasing costs
Textbooks and technical information
Classroom replacement material
Hire of sports pitches/coaches
School trips and clubs
School concerts & prize giving
Food and milk
Lighting, heating and cooking
Cleaning
Carried forward|2020
£
16,880
359
19,421
-
116,394
136,174
1,431
29,612
31,043
2,845,744
183,346
7,300
3,036,390
727,300
3,947,787
1,562,454
151,025
303,979
23,321
10,470
8,869
10,532
124,803
621
187,321
57,316
51,608
2,492,319|2019
£
11,739
577
24,233
165
-
24,975
1,232
36,800
38,032
2,392,853
201,103
6,240
2,600,196
-
2,674,942
1,240,731
119,675
176,084
13,729
9,309
11,041
31,180
125,211
5,306
167,861
18,109
9,409
1,927,645| |---|---|---| This page does not form part of the statutory financial statements Page 29 **GREENFIELD SCHOOL** ## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES** ## **for the year ended 31 August 2020** |**Charitable activities**
Brought forward
General costs
Legal & professional fees
General and water rates
Decoration and maintenance
Classroom equipment
Insurance
Modular building rental
Advertising
Bad Debts
Depreciation of freehold properties
Short leasehold
Depreciation of fixtures and fittings
Depreciation of computer equipment
Loss on sale of tangible fixed assets
**Support costs**
**Management**
Administrative salaries
Social security
Pensions
Travelling expenses
Telephone
Printing, postage & stationery
Bank charges and interest paid
Sundry expenses
Subscriptions
Staff training
Computer maintenance & support
Payroll management
Removals
Loan interest
**Governance costs**
Trustees' expenses
Auditors' remuneration
Auditors' remuneration for non audit work
Total resources expended
**Net expenditure**|2020
£
2,492,319
4,191
21,113
88,467
155,364
30,789
52,294
364,744
35,236
-
51,668
33,432
59,272
20,851
-
3,409,740
373,703
31,752
24,973
2,858
8,887
7,581
508
27,377
18,896
6,701
90,878
5,313
11,654
155,985
767,066
1,869
9,000
2,248
13,117
4,189,923
(242,136)|2019
£
1,927,645
5,391
60,641
11,165
113,371
37,461
33,873
-
39,169
1,300
46,116
6,862
22,461
15,766
46,474
2,367,695
185,271
16,918
22,930
14,017
9,436
10,145
1,311
24,915
10,058
11,113
32,444
4,149
26,453
20,527
389,687
2,349
10,100
5,495
17,944
2,775,326
(100,384)| |---|---|---| This page does not form part of the statutory financial statements Page 30