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2023-08-31-accounts

Charity Registration No. 295145 Company Registration No. 02035304 (England and Wales)

GOVERNORS' REPORT AND ACCOUNTS FOR

GREENFIELD SCHOOL (LIMITED BY GUARANTEE) FOR THE YEAR ENDED 31 AUGUST 2023

GREENFIELD SCHOOL (LIMITED BY GUARANTEE) LEGAL AND ADMINISTRATIVE INFORMATION

Governors C Beckett
N Blagden
T Botting
M Cook
J Day (Chair)
N Hutchinson
I Latif
L Moors
N Phillips
A Russell
Principal T Botting
Bursar and Company Secretary M Gardiner
Charity Number 295145
Company Number 02035304
Registered Office & Principal Address Old Woking Road
Woking
Surrey
GU22 8HY
Auditors TC Group
The Courtyard
Shoreham Road
Upper Beeding
Steyning
West Sussex
BN44 3TN
Bankers Barclays Bank PLC
Town Gate House
Church St E
Woking
GU21 6AE
CAF
25 King Hill Ave
Kings Hill
West Malling
ME19 4TA

GREENFIELD SCHOOL (LIMITED BY GUARANTEE)

LEGAL AND ADMINISTRATIVE INFORMATION

Solicitors

Moore Barlow LLP The Oriel Sydenham Road Guildford Surrey GU1 3SR

GREENFIELD SCHOOL (LIMITED BY GUARANTEE) CONTENTS

Page
Governors’ Report (incorporating the Strategic Report) 1
Statement of Governors’ Responsibilities 8
Independent Auditor’s Report 9
Statement of Financial Activities 13
Balance Sheet 14
Cash Flow Statement 15
Notes to the Accounts 16

GREENFIELD SCHOOL (LIMITED BY GUARANTEE) GOVERNORS’ REPORT (INCORPORATING THE STRATEGIC REPORT)

The Greenfield School Governors (the ‘Governors’) present their annual report for the year ended 31 August 2023 under the Companies Act 2006, together with the audited accounts for the year, and confirm that the latter comply with the requirements of the Act, the Trust Deed and the Charities SORP FRS 102.

REFERENCE AND ADMINISTRATIVE INFORMATION

Greenfield School is registered with the Charity Commission under Charity Number 295145. The Governors, executive officers and principal address of the Charity together with details of the Charity’s professional advisors are given on the Legal and Administrative Information page above.

The School

The School, which is 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).

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.

Governing Body

The governing body is comprised of the following individuals:

C Beckett

N Blagden

T Botting

M Cook

J Day (Chair)

J Denyer – resigned 30 April 2024

N Hutchinson

I Latif L Moors N Phillips A Russell

Recruitment and Training of Governors

The School and Governors have worked closely together over the last two years to recruit Governors with relevant experience and enthusiasm. The Governing Body is always looking for volunteers with certain skill sets and engages with members of its community on this basis.

All Governors carry out mandatory annual training. Separately, Governors sitting on specific sub-committees will also complete role specific training. This is managed by the Clerk to the Governing Body.

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GREENFIELD SCHOOL (LIMITED BY GUARANTEE) GOVERNORS’ REPORT (INCORPORATING THE STRATEGIC REPORT)

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 sub-committees 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 the School may face is the current and forecast future economic environment. The School is mitigating this risk through ongoing review of its resources and continue to engage with its Public Benefit objectives.

OBJECTS, AIMS AND OBJECTIVES

Charitable Objects

Greenfield School fosters a culture of inclusion, acceptance and understanding, whilst maintaining excellence in all areas of school life. We pride ourselves on being academically non-selective and providing a warm and compassionate environment, as our children develop their wider skills and academic potential. We celebrate our diversity and encourage our pupils to become kind, empathetic children with a strong sense of their place in the world. Greenfield offers an inspiring education for pre-eminence in tomorrow’s society.

Aims and Intended Impact

In partnership with Greenfield families, we aim to:

The Trustees 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 the School 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 Nursery and Pre-Preparatory Department for children from the age of six months to four years. In accordance with the aims of the memorandum and articles, the School provides Transformative Free Places 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 circumstances.

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 wider 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.

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GREENFIELD SCHOOL (LIMITED BY GUARANTEE) GOVERNORS’ REPORT (INCORPORATING THE STRATEGIC REPORT)

Transformative Free Places Policy

Greenfield School was founded on Christian values by cousins Ruth Hicks and Joyce Pearce, the latter a notable humanitarian, who dedicated their lives to the education and welfare of young people from all backgrounds. For many years, the School offered free education to children supported by Joyce Pearce’s humanitarian work and the availability of bursary and hardship support continues to the present day.

As an academically non-selective school, with a fully accessible site, Greenfield promotes inclusion through various means. We are passionate about creating and maintaining a diverse student population; one which reflects our society and enables all children to learn in a setting where they feel safe, secure and supported.

Greenfield’s combination of excellent teaching and robust pastoral care ensures that every child is given the tools to succeed, regardless of their relative starting points.

Greenfield recognises the significant role it can play in advancing social mobility. With the opportunity of a prep school education at a School like Greenfield, young people facing disadvantage and vulnerability can develop into confident, independent and resourceful young people with the opportunities and aspirations needed to thrive at secondary school, university, in apprenticeships, in the workplace and beyond.

Through its new Transformative Free Places programme, Greenfield is looking to work with local organisations such as partnership schools and community organisations to identify children and families that could best benefit from the opportunity of everything that a free Greenfield education has to offer from Year 3 upwards.

A child who is offered a Transformative Free Place will, not only, be supported through not paying school fees but they will also receive an allocation of free uniform during their time at the School and free wrap around care (including breakfast and tea). As the child progresses through the School, we will engage in conversations with them and their family about how else they can best be supported – this could be through the loaning of a musical instrument and payment of fees for music lessons or the assistance with transport to school.

Public Benefit

Each year, we host separate Mathematics and English Challenges. Each event involves around 30 children from a variety of local state and private schools and runs over one afternoon. The children are given the opportunity to compete against other schools in a safe and friendly environment. This benefits all schools by providing challenge for their more able pupils. The staffing, resources and planning is provided by us and we also offer transportation to local state schools to enable them to attend. All the children receive hot refreshments after the competition.

In 2023, we hosted a full day of anti-bullying training. Hosted by The Diana Award, the Anti-Bullying Campaign is supported by HRH The Prince of Wales and aims to engage young people, parents, and teachers to change their attitudes, behaviour, and culture of bullying by building skills and confidence to address different situations, both online and offline (AntiBullyingPro.com). More than 70 children from a range of local schools (5 state primary schools and 2 independent prep schools) benefited from this training, which was hosted and catered free of charge to all attendees.

Each year, we host five football tournaments (U7 mixed, U9 and U11 Boys and U9 and U11 Girls). All the schools in the local area are invited and we include the offer of transport for any state schools who would otherwise not be able to send a team. We also provide refreshments for the teams and their supporters free of charge. These tournaments are really popular with local state schools, who have told us that there aren’t many similar events for children of this age (particularly the U7 and U9 age groups) for them to attend. In November 2022, the U11 boys’ tournament saw 9 state schools attend, meaning more than 70 children benefitted from the opportunity to compete in a tournament against some challenging opposition.

Our partnership with Sythwood Primary School creates opportunities for children and staff from both schools to work together to achieve better outcomes for the children. Throughout March, April and May 2022 we hosted Enterprise Days, where children from Sythwood School are collected in a Greenfield minibus and brought to Greenfield for a day of activities. Often encompassing subjects and facilities that the Sythwood children would not have access to at their own school, the Enterprise Days create opportunities for the children from both schools to work together and tackle

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GREENFIELD SCHOOL (LIMITED BY GUARANTEE) GOVERNORS’ REPORT (INCORPORATING THE STRATEGIC REPORT)

challenging topics or problem-solving tasks. Sometimes, the activities are hosted by an external company which Greenfield supplies free of charge to all the participants. Lunch for our visitors is also provided.

Off the back of these Enrichment Days, our specialist sports staff have invited Sythwood pupils to attend some of our after-school sports training clubs. We have had two children join our gymnastics training sessions, providing them with the opportunity to improve their technique and build upon their natural ability.

In 2022 and 2023, our PE Department took on the organisation of the annual District Athletics Competition for children in Years 3, 4, 5 and 6. Our staff hosted the events at the local athletics track and dealt with all the communications and arrangements to enable more than 500 children to take part. In 2023, we also offered transport to those schools who could not otherwise get their children to the venue.

Greenfield staff have worked with the Bourne Education Trust (Sythwood, Brookwood, New Monument and Broadmere Primary Schools) to share best practise when considering the inclusivity of their curriculum content. Greenfield has also linked with these schools in pursuit of suitable candidates for their Transformative Free Places scheme.

In February 2023, West Byfleet School brought 25 children to Greenfield for an entire morning of choral singing.

In the Summer Term 2023, Greenfield invited several state schools to join Greenfield children during their Arts Week, based around the theme of illustration.

State schools who have benefitted:

School Name Anti-bullying
Workshop		 Football
Tournament(s)		 Enrichment
Day(s)		 Clubs
Provision		 District
Sports		 TFP Referrer
Sythwood
Primary
School		 X X X X X
Byfleet
Primary
School		 X
South
Farnborough
Junior School		 X
Chennestone Primary
School		 X
Steephill School X
Skinners’
Kent
Primaryschool		 X
Brookwood Primary
School		 X X
West Byfleet Junior
School		 X
Horsell Junior School X
Knaphill Junior School X
New
Monument
PrimarySchool		 X
Broadmere
Primary
School		 X X
Goldsworth Primary
School		 X
New Haw Primary
School		 X
Pyrford
Primary
School		 X
St Dunstan’s Catholic
PrimarySchool		 X
The Marist Catholic
PrimarySchool		 X

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GREENFIELD SCHOOL (LIMITED BY GUARANTEE) GOVERNORS’ REPORT (INCORPORATING THE STRATEGIC REPORT)

In addition to the above, the School collected money to be put towards charities that the children have chosen. These charities include Auditory Verbal UK, The Children’s Trust, Greenpeace UK, Help for Heroes, MIND, MS Society UK, Sport in Mind, Unicef, WaterAid UK and WWF.

STRATEGIC REPORT

Review of Achievements and Performance for the Year

Pupil Achievement

Trustees are pleased to report that, along with parents, staff and the children, enthusiastic support continues for Mrs Botting and her Senior Leadership Team. Pupil numbers remain high and the School is increasingly well known in the community for excellent standards and scholarship achievements. This year, 35 Year 6 children achieved the following results:

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. The impact of COVID-19 has seen the influx of families to the area grow even more. This development helps to maintain a high demand for places in the School which has made substantial progress under Mrs Botting's headship. Trustees have been reassured by the increasing pupil numbers and the stable income has enabled Trustees to support the large-scale expansion project.

The Trustees are confident that in the medium and longer term, with the School’s 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

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GREENFIELD SCHOOL (LIMITED BY GUARANTEE) GOVERNORS’ REPORT (INCORPORATING THE STRATEGIC REPORT)

services offered to parents of Little School and 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 site on Old Woking Road needed significant refurbishment to bring it up to standard, including lighting, IT and furniture and additional temporary accommodation.

In April 2022, the School opened its new building and associated external ground work and development. Feedback from staff and pupils of their new surroundings has been very positive and the School continues to look into reduced energy consumption initiatives. The Bursar continues to work with the School’s IT contractor to ensure the resilience of the School’s IT system are maintained. The Finance & Capital Requirements Committee continues to oversee and approve expenditure on key infrastructure projects surrounding refurbishments of the existing building (as highlighted by the Bursar and Estates and Health & Safety committee).

To compliment the extension project, pupil numbers are growing and the School is nearing being full. The two-form entry model complements the School’s varied and rich curriculum. Considerable work continues to bring the extension project to a succession completion and Trustees thank all of those involved.

The School's Educational Investment

The increased number of staff that is now required to run the School have been a welcome addition and they have been successful in role. 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 Emotional Literary Support. This has been extremely beneficial to the School’s 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. 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 Parents

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 complete suite of computers in the new Multi Media Suite. These are used extensively in School and a fantastic addition to the School’s offer.

Little School

In January 2021, Greenfield opened Little School – a 50.4 week a year day care provision for children from 6 months to 4 years. The investment work that was carried out to create the first-class facility was significant and the addition to the Greenfield offer has been well received by current parents and the wider Greenfield community. The staff that were involved in this development worked exceptionally hard and this setting has been a huge success. Whilst primarily being a day care setting, children in Little School have access to the similar opportunities as the rest of the School: they are taught music by specialist teachers for music, dance, PE, art and forest school; they have access to all areas of the School’s extensive estate; and their deliciously hearty meals are prepared by our Chef and their team.

The provision continues to be well received and, against a backdrop of challenging childcare industry, the setting continues to flourish.

Financial Review

As set out above, pupil numbers continue to grow at a rapid rate and the School is nearing towards becoming full. Income from Charitable activities this year increased by £582,037 to £5,350,265 (£4,768,228 in 2022). Investment income has increased by £3,049 on 2022. The income generated continues to provide Transformative Free Places 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 and legacies this year totalled £4,792 (£11,121 in 2022) and other trading income this year totalled £48,651 (£174,952 in 2022). The income generated this year totalled £5,421,958 (an increase of £453,993 on 2022).

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GREENFIELD SCHOOL (LIMITED BY GUARANTEE) GOVERNORS’ REPORT (INCORPORATING THE STRATEGIC REPORT)

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 Trustees to decide whether inflationary and/or performance increases are awarded. The Trustees set the Headmistress' salary and the Headmistress, in consultation with the Trustees, 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. Along with salaries, the main increase has been the support from professional services which is helping to support the growing nature of the School.

The School made a loss for the year of £502,562 (2022: loss of £17,780). This is shown after taking account of depreciation of buildings and equipment of £462,326 (2022: £470,294).

Reserves Policy

The School’s reserve policy is regularly monitored by the Trustees and is designed to ensure the ongoing future of the School. These reserves are held in the form of an 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 School is working towards keeping funds equivalent to three months operational costs in liquid assets to guard against any delays in receiving fee income..

The true free reserves position can be calculated as follows:

Unrestricted funds
Less - Tangible fixed assets
Add back Loans
Free reserves		 2023
2022
£
£
2,085,796
2,588,358
(15,273,474)
(15,224,818)
13,316,871
13,067,335
129,193
430,875

Plans for the Future

Fee Income remains strong, both from Core Education and from the extensive Wrap-Around Care that Greenfield offers. This is continually popular amongst the School’s parents many of whom have both parents working full time. The cost of provision of the education is closely monitored, monthly budget reports and termly management accounts 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.

AUDITORS

Disclosure of information to the auditors

So far as the Governors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each Governor has taken all the steps that he or she ought to have taken as a Governor in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. The Governors have complied with this requirement by delegating this reporting responsibility to members of the Finance Committee who have the knowledge and experience required.

Reappointment

A resolution proposing that TC Group be reappointed auditors of the Charity will be put to the members.

Approved by the Board of Governors of Greenfield School on and signed on its behalf by:

J R Day (Chairman) Governor

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GREENFIELD SCHOOL (LIMITED BY GUARANTEE) STATEMENT OF GOVERNORS’ RESPONSIBILITIES

The Governors, who are also the Directors of Greenfield School for the purpose of company law, are responsible for preparing the Governors' Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Governors to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these accounts, the Governors are required to:

The Governors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

8

GREENFIELD SCHOOL (LIMITED BY GUARANTEE) INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS

We have audited the financial statements of Greenfield School for the year ended 31 August 2023 which compromise the Statement of Financial Activities, the Balance Sheet, the Cashflow Statement and notes to the financial statements. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis of 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 Auditor's 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 the provisions available for small entities, and we have fulfilled our 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

In auditing the financial statements, we have concluded that the governor’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorized for issue.

Our responsibilities and the responsibilities of the governor’s with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, including the governor’s report, other than the financial statements and our auditor's report thereon. The governors are responsible for the other information. 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.

9

GREENFIELD SCHOOL (LIMITED BY GUARANTEE) INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS

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:

Matters on which we are required to report by exception

In the light of our 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 strategic report and the directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of governors

As explained more fully in the governors' responsibilities statement, the governors (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 governors 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 governors 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 governors either intend to liquidate the charitable company or to cease operations, or have no realistic alternative to do so.

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GREENFIELD SCHOOL (LIMITED BY GUARANTEE) INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS

Auditor's 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 an auditor's report 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Extent to which the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.

Our approach was as follows:

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GREENFIELD SCHOOL (LIMITED BY GUARANTEE) INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed noncompliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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 the 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, or for the opinions we have formed.

Mark Cummins FCCA (Senior Statutory Auditor) for and on behalf of TC Group Statutory Auditors Office: Steyning, West Sussex

Dated: 28 August 2024

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GREENFIELD SCHOOL (LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME & EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2023

Notes
INCOME FROM:
Donations and legacies
3
Other trading income
4
Investments
5
Charitable activities
6
Total income
EXPENDITURE ON:
Charitable activities
7
Total expenditure
Net income / (expenditure)
Gain on revaluation of
investment property
12
Net movement in funds
Fund balances brought forward
Fund balances at carried forward		 Total 2023
£
6,329
48,651
16,713
5,350,265
5,421,958
5,923,250
5,923,250
(502,562)
-
(502,562)
2,588,358
2,085,796		 Total 2022
£
11,121
174,952
13,664
4,768,228
4,967,965
5,360,745
5,360,745
(392,780)
375,000
(17,780)
2,606,138
2,588,358

All income and gains for the period are recognised above. All of the company's activities are classified as continuing.

All income and expenditure in the current year was unrestricted.

There are no recognised gains or losses other than those reported on the Statement of Financial Activities.

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GREENFIELD SCHOOL IUMITEO BY GUARANTEE) BALANCE SHEEr ASA T31 AUGUST2023 2022 Tangible assets In¥estment property li 15273N74 725MMI IS.224,818 725,(KKI Is￿8￿74 15.949,818 CURREKf ASSErs Debtors Cash at bank and in hand 170.615 503,413 6741128 89.450 576,802 666.252 CURRENT LIA81LmES Credltors due wthin one year 14 11.178,4501 1876.3461 NÉT CURRENT UABIUTIES IS04A221 1210,0941 TOTALASSEfs LESS CURRENT UABIUTIES 15.494,052 15,739.724 LONG TERM LIA8ILmES Creditor5 due after one year Is 113AO8256) 113.151,3661 2.085,796 2.588.358 REPRESENTED BY: Unrertricted funds 21185.796 2,588.358 2085.796 2.588,358 The accounts were approved by the 8oard on .... JRDayl imianl Governor Company Retstratfon No. 02035304 14

GREENFIELD SCHOOL (LIMITED BY GUARANTEE) CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2023

Notes
Cash flows from operating activities:
Net income for the year
Adjustments for:
Depreciation charges
11
Dividends, interest and rents from investments
5
Investment gain
12
Profit / (loss) on disposal of fixed assets
Interest paid
7
Decrease/(increase) in debtors
13
Increase/(decrease) in creditors
14
Net cash provided by operating activities
Cash flows from investing activities
Dividends, interest and rents from investments
5
Interest paid
7
Purchase of tangible fixed assets
11
Net cash used in investing activities
Cash flows from financing activities:
New loan in the year
16
Net cash used in financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the
year
Analysis of cash and cash equivalents
Cash at bank and in hand
Total cash and cash equivalents
Net Debt
Cash
Cash at bank and in hand
Debt
Debts falling due within 1 year
Debts falling due after 1 year
Total net debt		 2023
£
£
(502,562)
462,324
(16,713)
-
(7)
540,026
(81,165)
309,460
711,363
16,713
(540,026)
(510,975)
(1,034,288)
249,536
249,536
(73,389)
576,802
503,413
503,413
503,413
At 01/09/22
£
576,802
576,802
(56,469)
(13,010,866)
(13,067,335)
(12,490,533)		 2022
£
£
(17,780)
470,814
(13,664)
(375,000)
4,526
208,086
(46,880)
(561,583)
(331,481)
13,664
(208,086)
(6,732,257)
(6,926,679)
6,357,617
6,357,617
(900,543)
1,477,345
576,802
576,802
576,802
Cash flow
At 31/08/23
£
£
(73,389)
503,413
(73,389)
503,413
(2,646)
(59,115)
(246,890)
(13,257,756)
(249,536)
(13,316,871)
(322,925)
(12,813,458)		 2022
£
£
(17,780)
470,814
(13,664)
(375,000)
4,526
208,086
(46,880)
(561,583)
(331,481)
13,664
(208,086)
(6,732,257)
(6,926,679)
6,357,617
6,357,617
(900,543)
1,477,345
576,802
576,802
576,802
Cash flow
At 31/08/23
£
£
(73,389)
503,413
(73,389)
503,413
(2,646)
(59,115)
(246,890)
(13,257,756)
(249,536)
(13,316,871)
(322,925)
(12,813,458)
16,713
(540,026)
(510,975)
249,536
(900,543)
1,477,345
576,802
576,802
576,802
At 31/08/23
£
503,413
503,413
(59,115)
(13,257,756)
(13,316,871)
(12,813,458)

15

GREENFIELD SCHOOL (LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2023

1. STATUTORY INFORMATION

Greenfield School is a charitable company, limited by guarantee, registered in England and Wales. The charitable company’s registered number and registered office address can be found on the legal and administrative information page.

2. ACCOUNTING POLICIES

2.1 Basis of preparation

The financial statements have been prepared in accordance with 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 (FRS102) (effective 1 January 2015) – Charities SORP (FRS102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Companies Act 2006.

Greenfield School meets the definition of a public benefit entity under FRS102. Assets and Liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

There are no material uncertainties about the School’s ability to continue as a going concern.

After reviewing the School's forecasts and projections and taking into consideration the upcoming loan repayment and proposal to introduce VAT on school fees from January 2025, the Governors have a reasonable expectation that the School has adequate resources to continue in operational existence for the foreseeable future. The School therefore continues to adopt the going concern basis in preparing its financial statements.

The financial statements are prepared in sterling, which is the functional currency of the charitable company. Monetary amounts in these financial statements are rounded to the nearest pound.

2.2 Income

Fees receivable and charges for services, less any allowances, scholarships and bursaries granted by the School against those fees are accounted for in the period in which the service is provided. Where fees are received for a future service period they are included in deferred income, including those fees received under an advance fee payment scheme.

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 its due and interest is recognised when it is receivable.

Donations, legacies, grants and other voluntary income are accounted for as and when entitlement arises, the amount can be reliably measured and the economic benefit is considered probable. Where a donor or an appeal has imposed restrictions the income is credited to a restricted fund.

Other income/other trading income is accounted for on an accruals basis.

2.3 Expenditure

Expenditure is accounted for on an accruals basis. Overhead and other costs not directly attributable to a particular functional activity are included within support costs. The irrecoverable element of VAT is included with the item of expenses to which it relates.

Costs of generating funds are the costs directly attributable to raising funds.

Governance costs comprise the costs of running the charity, including costs of legal and professional fees ad 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.

16

GREENFIELD SCHOOL (LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 AUGUST 2023

2. ACCOUNTING POLICIES (continued)

2.4 Tangible fixed assets and depreciation

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 terms, whichever is 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 kore are capitalised and valued at historical cost. All other assets under this amount are expended to the Statement of Financial Activities.

2.5 Investments

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.

2.6 Leasing and hire purchase 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.

2.7 Pensions

The school 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 Governments teachers’ 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.

2.8 Accumulated funds

Unrestricted funds - these are funds which can be used in accordance with the charitable objects at the discretion of the governors.

Restricted funds – these are funds which are to be used in accordance with specific restrictions imposed by the donors or which have been raised by the charity for particular purposes. The cost of raising and administrating such funds are charged against the specific funds. The aim and use of each restricted fund is set out in note 18 to the financial statements.

2.9 Debtors

Trade and other debtors are recognised at the settlement amount due.

2.10 Cash at bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments. The Governors seek to use short and medium term deposits where possible to maximise the return on monies held at the bank and to manage cash flow.

2.10 Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.

17

GREENFIELD SCHOOL (LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 AUGUST 2023

2. ACCOUNTING POLICIES (continued)

2.11 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the Governors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised. The Governors do not consider that there are any critical estimates or areas of judgement that need to be brought to the attention of the readers of the financial statements

3. DONATIONS AND LEGACIES

Donations Total
2023
£
6,329
6,329		 Total
2022
£
11,121
11,121

4. OTHER TRADING ACTIVITIES

Fundraising events
Sundry income		 Total
2023
£
-
48,651
48,651		 Total
2022
£
23,152
151,800
174,592

In the prior year £23,152 of fundraising events income was restricted.

5. INVESTMENT INCOME

Deposit account interest
Commissions
Investment income		 Total
2023
£
4,466
55
12,192
16,713		 Total
2022
£
364
-
13,300
13,664

18

GREENFIELD SCHOOL (LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 AUGUST 2023

6. INCOME FROM CHARITABLE ACTIVITIES

Gross School fees
Less:
Bursaries and discounts
Net School fees
Add:
Registration fees
School trips and clubs		 2023
£
5,214,844
(211,076)
5,003,768
13,300
333,197
5,350,265		 2022
£
4,665,119
(244,034)
4,421,085
14,200
332,943
4,768,228

7. ANALYSIS OF EXPENDITURE

Charitable expenditure
Education
Teaching and Childcare
Welfare
Estates
Support and Governance
Total charitable expenditure
Total expenditure		 Staff costs
£
2,748,046
-
155,096
324,159
3,227,301
3,227,301		 Depreciation
£
-
-
462,324
-
462,324
462,324		 Other costs
£
415,702
433,814
482,847
902,532
2,234,895
2,234,895		 Total 2023
£
3,163,748
433,814
1,100,267
1,226,691
5,924,520
5,924,520		 Total 2022
£
2,908,613
386,565
1,267,954
797,093
5,360,745
5,360,745

Analysis of support and governance costs:

Auditors’ remuneration for audit services
Total governance costs
Support costs:
Auditors’ remuneration for non audit services
Legal and professional fees relating to support
Support staff wages, national insurance and pension
Loan interest
Other support costs		 2023
£
13,600
13,600
14,400
128,636
324,159
540,026
205,870
1,226,691		 2022
£
9,540
9,540
180
68,182
301,891
208,086
209,214
797,093

19

GREENFIELD SCHOOL (LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 AUGUST 2023

8. TRUSTEES REMUNERATION AND BENEFITS

None of the governors (or any persons connected with them) received any remuneration during the current or prior year. There were reimbursed expenses in the year of £nil (2022: £nil).

9. STAFF COSTS

The aggregate payroll costs for the year were as follows:

Wages and salaries
Social security costs
Pension costs
Teachers
Little school
Administration
Estate		 2023
£
2,573,387
244,114
409,800
3,227,301
2023
£
2,192,010
556,036
324,159
155,096
3,227,301		 2022
£
2,400,813
228,332
397,613
3,026,758
2022
£
2,144,001
435,979
301,891
144,887
3,026,758

The average monthly number of employees during the year was as follows:

Teaching
Little School
Administrative
Estate		 2023
£
58
20
8
5
91		 2022
£
57
16
8
4
85

Staff earning in excess of £60,000 per annum in the following bands are:

2023 2022
Number Number
£60,000 - £69,999 - 1
£70,000 - £79,999 2 1
£80,000 - £89,999 1 -
£100,000 - £109,999 - 1
£110,000 - £119,999 1 -

Defined benefit contributions payable by the School for higher paid employees were £69,253 (2022: £50,295).

The school considers its key management personnel to comprise the head teacher, senior members of staff and the bursar. The total employment benefits including employers national insurance and pension contributions of the key management personnel were £823,481 (2022: £636,818). The 2023 figures includes additional posts now included as part of key management personnel.

20

GREENFIELD SCHOOL (LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 AUGUST 2023

10. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES – YEAR ENDED 31 AUGUST 2022

Notes
INCOME FROM:
Donations and legacies
3
Investments
5
Charitable activities
6
Other trading income
4
Total income
EXPENDITURE ON:
Charitable activities
7
Total expenditure
Net income / (expenditure)
Transfers between funds
18
Gain on revaluation of investment property
12
Net movement in funds
Fund balances brought forward
Fund balances at carried forward
11. TANGIBLE FIXED ASSETS
Freehold
Property
Property
Improvements
£
£
Cost
At 1 September 2022
14,335,862
719,410
Additions
343,394
23,735
Disposals
-
-
At 31 August 2023
14,679,256
743,145
Depreciation
At 1 September 2022
356,054
177,314
Charge for the year
252,664
73,841
Disposals
-
-
At 31 August 2023
608,718
251,155
Net book value
At 31 August 2023
14,070,538
491,990
At 31 August 2022
13,979,808
542,096		 Unrestricted
£
11,121
13,664
4,768,228
151,800
4,944,813
5,360,745
5,360,745
(415,932)
23,152
375,000
(17,780)
2,606,138
2,588,358
Fixtures and
Fittings
£
892,330
138,764
(368)
1,030,726
276,311
105,354
(7)
381,658
649,068
616,019		 Restricted
£
-
-
-
23,152
23,152
-
-
23,152
(23,152)
-
-
-
-
Computer
Equipment
£
265,940
5,450
-
271,390
179,045
30,467
-
209,512
61,878
86,895		 Total 2022
£
11,121
13,664
4,768,228
174,952
4,967,965
5,360,745
5,360,745
(392,780)
-
375,000
(17,780)
2,606,138
2,588,358
Total
£
16,213,542
511,343
(368)
16,724,517
988,724
462,326
(7)
1,451,043
15,273,474
15,224,818

21

GREENFIELD SCHOOL (LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 AUGUST 2023

12. INVESTMENT PROPERTY

Fair value
At 1 September 2022 and 31 August 2023
Net book value
At 31 August 2023
At 31 August 2022		 £
725,000
725,000
725,000

In 1998 a gift of 54 -56 Chertsey Road, Woking was received. At the time it was received its estimates open market value was £164,000. That was the effective value of the gift and therefore the historical cost for Greenfield School. In February 2023 Kempton Carr Croft revalued Chertsey Road at £725,000.

13. DEBTORS

Trade debtors
Prepayments and accrued income
Other debtors		 2023
£
125,008
13,307
32,300
170,615		 2022
£
23,619
49,524
16,307
89,450

14. CREDITORS: DUE WITHIN ONE YEAR

Trade creditors
Other loans (see note 16)
Social security and other taxes
Other creditors
Deposits
Fees received in advance
Accruals		 2023
£
175,598
59,115
56,858
7,239
14,500
618,483
246,657
1,178,450		 2022
£
221,322
56,469
60,681
15,084
14,500
481,573
26,717
876,346

Fees received in advance represent fees received that relate to the Autumn term 2023.

15. CREDITORS: DUE AFTER ONE YEAR

Other loans (see note 16)
Fee deposits held		 2023
£
13,257,756
150,500
13,408,256		 2022
£
13,010,866
140,500
13,151,366

22

GREENFIELD SCHOOL (LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 AUGUST 2023

16. OTHER LOANS

Other loans are wholly repayable in instalments as follows:
Less than one year
In more than one year but less than five years
In more than five years		 2023
£
59,115
2,568,819
10,688,937
13,316,871		 2022
£
56,469
2,319,929
10,960,938
13,067,335

Loans were obtained to purchase a new site for the school. The loans are secured on property owned by the school and are for a total period of up to 50 years. During the first 3 years no repayments will be made but interest will accrue and then it will be repaid over the next 47 years. The interest rate applicable will be 1% point above the 47 years Public works Loan Board Annuity Rate.

17. PENSION COMMITMENTS

Teachers

The School participates in the Teachers’ Pension Scheme (“the TPS”) for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £267,736 (2022: £251,797) and at the year-end £nil (2022 - £nil) was accrued in respect of contributions to this scheme.

The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers’ Pensions Regulations 2010 (as amended) and The Teachers’ Pension Scheme Regulations 2014 (as amended). Members contribute on a “pay as you go” basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary’s Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2016 and the Valuation Report, which was published in March 2019, confirmed that the employer contribution rate for the TPS would increase from 16.4% to 23.6% from 1 September 2019. Employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 23.68%.

The 31 March 2016 Valuation Report was prepared in accordance with the benefits set out in the scheme regulations and under the approach specified in the Directions, as they applied at 5 March 2019. However, the assumptions were considered and set by the Department for Education prior to the ruling in the ‘McCloud/Sargeant case’. This case has required the courts to consider cases regarding the implementation of the 2015 reforms to Public Service Pensions including the Teachers’ Pensions.

The TPS is subject to a cost cap mechanism which was put in place to protect taxpayers against unforeseen changes in scheme costs. The Chief Secretary to the Treasury, having in 2018 announced that there would be a review of this cost cap mechanism, in January 2019 announced a pause to the cost cap mechanism following the Court of Appeal’s ruling in the McCloud/Sargeant case and until there is certainty about the value of pensions to employees from April 2015 onwards. The pause was lifted in July 2020, and following a public consultation in 2021 the Government have accepted three key proposals recommended by the Government Actuary, and are aiming to implement these changes in time for the 2020 valuations.

The 2016 cost control valuations were completed in January 2022, and the results indicated that there would be no changes to benefits or member contributions required. The results of the cost cap valuation are not used to set the employer contribution rate, and HM Treasury has indicated that any changes to the employer contribution rate resulting from the 2020 valuations will take effect in April 2024.

23

GREENFIELD SCHOOL (LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 AUGUST 2023

17. PENSION COMMITMENTS (continued)

Until the 2020 valuation is completed it is not possible to conclude on any financial impact or future changes to the contribution rates of the TPS. Accordingly no provision for any additional past benefit pension costs is included in these financial statements.

Other staff

The school also contributes to defined contribution schemes on behalf of its other staff. Employer contributions payable to these schemes were £142,063 (2022: £145,816) and at the year end £nil (2022: £nil) was accrued in respect of contributions due to these schemes.

18. TAXATION

The charitable company is registered as a charity and all of its income falls within the exemptions under Part 11 of the Corporation Tax Act 2010.

19. RELATED PARTIES

There were no related party transactions for the year ended 31 August 2023 or 2022.

20. LEASE COMMITMENTS

At 31 August 2023 the school had total commitments under non-cancellable operating leases as follows:

Within one year
Between one and five years		 2023
£
16,035
21,916
37,951		 2022
£
18,584
28,646
47,230

21. CAPITAL COMMITMENTS

At the balance sheet date the school had no capital commitments. In the prior year there were capital commitments in respect of the building works at the school totalling £1,084,584.

22. SHARE CAPITAL AND CONTROL

The charitable company is limited by guarantee and does not have a share capital. In the event of a winding up each member guarantees to contribute an amount of no more than £10 while they are a member or for one year after.

24