Charlty Reg15tration No. 295145 Company Registration No. 02035304 IEnKland and Wales) GOVERNORS, REPORT AND ACCOUNTS FOR GREENFIELD SCHOOL (LIMITED BY GUARANTEE) FOR THE YEAR ENDED 31 AUGUST 2024 GIILLPS l-'ILLL) .%LH()I)I. GREENFIELD SCHOOL (LIMITED BY GUARANTEE) LEGAL AND ADMINISTRATIVE INFORMATION Governors N Blagden (Chairman) C Beckett M Cook JDay N Phillips L Webster Moors Prineipal M Robinson Bursar and Company Secretary M Garéiner Charity Number 295145 Company Number 02035304 Registered Office & Prlnclpal Addres$ Old Woking Road Woking Surrey. GU22 8HY Auditors TC Group The Courtyard Shoreham Road Upper Beeding Steyning West Su55ex 8N44 3TN Bankers Barclays Bank PLC Town Gate House Church St Woking GU216AE CAF 25 King Hill Ave Kings Hill West Malling ME19 4TA SolKitors Moore Barlow LLP The Oriel Sydenham Road Guildford Surrey GUI 3SR GREENFIELD SCHOOL {LIMITED BY GUARANTEE) CONTENTS Page Governors, Report (incorporating the Strategic Report) Independent Audito¢5 Report Statement of Financial Activities 12 Balance Sheet 13 Cash Flow Statement 14 Notes to the Account5 15 GREENFIELD SCHOOL {LIMITED BY GUARANTEE} GOVERNORS, REPORT (INCORPORATING THE STRATEGIC REPORTI The Greenfteld School Governors Ithe 'Governors'l presEnt thEir annual report fTrr the year ended 31 August 2024 underthe Cornpanies Act 2006, logelherwith the audited accounts forthé year, and confirm thatthe latter comply with the requirements of the Act, the Trust Deed and the Ch3rities SORP FRS 102. REFERENCE AND ADMINISTRATIVE INFORMATION Greenfield ScPLooI is registered with the Charlty Commission under Charity Number 295145. The Governors, executive officers and principal address of the Charity together with details of the Ch3rity's professional advisors are given on the Legal and Administrative Information page above. The School The School, which is 51ted Èn a central location within Old Woking, 1.5 miles from the centre of thE built-up arEa of Woking, benefits from of extensive playing fields. In addition, it takes advantage of a local swimming pool to offer swlmmSng lessons, which is within close proximity to school. It is a fundamental policy of the School that Greenfield shou5d mainlain it5 unique position in the local community and cot)tinue its long-established history of invalvement with neighbourinB organisations and attivities. The Governors ensure that, whenever practical, School facilitles are made available to other institutions (either not for profit or for profit). STRUCTURE, GOVERNANCÈ AND MANAGEMENT Governin Document The company 15 limited by guarantee. operates a5 3 scho014nd is a registered charity. The charity is governed by the Memorandum and Articles of Association of Greenfield Schogl. Governin Bod During the 202312024 year, the governing body is comprised of the following individuals.. C Beckett N Blagden T Botting M Cook J Day (Chairl J Denyer Iresigned 7IOSI20241 L Moors A Russell Recruitment ènd Trainin of Governors The School and Governors have worked closely together to recruit Governor5 With relevant experience and Ènthusiasrn. The Governin8 Body 15 alway5 looking for volunteers with certain skill sets and engages with member5 of its community on this basis. All Govemors carry out mandatory annual training. Separatelyi Governors 51tting on specificsub-committees will also complete role specific training. Thi5 15 managed by the Clerk to the GDveming Body. Risk Mana The Govemors have reviewed, 3nd indeed continue to reassess the risks to which the charity is exposed, and have implemented policies to mitl8ate those risks. In order to best monitor the rn3n88ement and operation of the SchDoI, the Governors have created four sub-¢ommittees that meet to review process and issues and provide surnmary feedback to the full Govemor meetings held on a termly basi5. The sub-committees comprise.. Le8al. Compliance & Governance Education and Safeguarding Estates and Health & Safety Finance & Capit31 Requirements GREENFIELD SCHOOL (LIMITED BY GUARANTEEI GOVERNORS, REPORT {INCORPORATING THE STRATEGIC REPORT) All Policies and Risks identified are owned by the appropriate sub-committee and are constantly reviewed. One ol the biggest immediate risks the School may lace is the current and forecast future economic environment. The School is mitlgating th15 risk through ongoing review ol its resource5 and continue to engage wlth Its Public Benefit objectives. 08JECTS, AIMS AND OBJEcfivES Charitable Ob ects Greenfiold School fostery a culture of inclusion, acceptance and understanding, whilst malntalning excellence in all areas of school life. The School is academically non-selective and provided a warrr and compassionate environment. as our children develop thelr wider skllls and aca(Jemlc potential. We celebrate diversity and encourage pupils to become kind, empathetic children with a strong sense of their place in the world. Greenfielij offers an Inspiring education for pre-eminence in tomorrovls society. Aims and Intended Im act In partnership with Greenfield famllies, we airn to.. Inspire and motivate children, enabling them to achieve their acèdemie potential Discover and develop passion Identify and fostcr talent Encour3ge independence anil resilience in our children Develop critical thinking and problem-solvlng skllls Empower children to be 3ctive Membe￿ of the local and wid&r Community Create authentic, responslble empathetic chtldren who impart kindness, generosity and compassion The Trustees ￿COgnISe their responsibility to ensure the future stability of the School and. in this way. parents will recognise that the School will continue to provide an affordable, first clas5, fee payin8 primary education for children from all backgrounds within the locality and a150 an educatlDnally based Nursery and Pre-Preparatory Department for children from the age of six months to four year5. In accordance with the )ims ol the rnemorandum 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 z compelling need or a change ITh circumstance5. Fees are very carefully controlled and the School offers exceptional value for money, Greenfield remains highly tompetStive when tompared to other independent educational establishment5 Within the wider Woking area. It is a key pol¢cy of the School Greenfield always endeèvours to maximise the potential of each indiwdual child re8ardles5 Df their p8rticular batk8rtsund providing the School is ableto meetthe child's educational and physical needs. Transformative Free Places Poli Greenfield School wa5 founded on Christian values by cousins Ruth Hicks and Joyce Pearce, the latter a notable humanitarian, who dedicated their lives to the education ènd welfare of young people from all background5. For many years, the 5choDI offered free education tD ¢hildrÈn supported by Joyce Pearce's humanitarian work anfl the availability of bursary and hbrdship 5UPPOrt Continues to the present day. As an academlcally non-selective school, with a fully 8cce55ible 51te, G￿Ènf1e7d promotes inclusion ihrough various means. We are passionaie about Creat￿ng and maintainin8 a divo.rse student population,. one whlch reflects our society 3nd enables all children tts learn in a setting where they feel 5afE, seture and supported. Greenfield'5 CQtnbin8tion of pxcellent teachin8 and robust pastoral care ensures that every chil¢J 15 given the too15 to succeed, regardle55 of their relative starting point5. Greenfield recognises the Significant role it can play in adv3ncin8 sooal mobility. With the opportunity of a prep school edutation at è School like Greenfield, young people facing disadvantage and vulnerability can develop GREENFIELD SCHOOL (LIMITED BY GUARANTEE) GOVERNORS, REPORT (INCORPORATING THE STRATEGIC REPORTI inlo confident. independent and resourceful yojng people with the opportunities and aspirations needed to thrive at secondary school, university, in appr&ntice5hips. In the workplace and beyond. Through its Transformative Free P13C@s pro8ramme. Greenfield is lookin8 to work with local organisations such a5 Partnership Schools and community organisations lo id&ntify children and familiès that could best benefit from the opportunity of everything that a free Greenfield educatiDn has to olfer From Year 3 upwards. A ehild who is offered a Transformative Free Place will. not only. be 5UPPOrted through not payin8 school fee5 but theywill a150 receive an allocation of free uniforn) durinE theirtime at the School and free wrap 3round care (including breakfast and teal. As the child progresses through the School, we will engage in conversation5 W1th them and their f2mily about how else they can best be supportÈd-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 five football tournaments IU7 mixed, U9 and Ull Boy5 and U9 and Ull Girls) and two netball tournaments IU9 and Ulll. All the schools in the local area are invited and we include the offer of transport for any state schools who would otherwise rtot be aL7le to send a ieam. We also provide refreshments forthe teams and their supporters free of charge. These tournaments are really popular with local state schools, who have told u5 that there aren't many similar events for children of th15 a8e Iparticularly the U7 and U9 age 8roupsl for them to attend. Overall. 24 state school tEams were entered across all 7 toumaments, with approximately 150 children benefitting from the experience. Our PE Department continues to organise the annual District Athletics Competition lor children in Years 3, 4, 5 and 6. Our staff host the events at the local athletics track and dealt with all the communications and rran8ements to enable more th3n children to take part. On Saturday 9th December 2023, we h05ted the Silver friEnd5 Christmas lunch on our site and ourstaff provided support and drove the school minibuses to transport guests to and from the event. On Tuesday 19, September 2023, WÈ hosied a Senior School Fair. which was open to member5 of the public who may be interested in finding out more about independent schoolin8 Options for senior/5econdary school. In June 2024, we h05ted our annual child￿rn,$ Festival. Two state primary 5¢hools brought 81gng a Small group to participate in engaging activities centered around the UN Sustainability Goals. State schools who have benefitted.. Sythwood Primary Sthool West ByfleetJLJnior School Golthworth Primary School Pyrford Primary School 5t Dunstan'5 Catholic PrirnaTY School St Hugh of Lincoln Catholic Primary School The Marist Catholic Primary School The Hermitage Primary School 8isley C of E Primary School In addttion to the 3bove, the School collected money to be put towards charities that the children have chosen. These charities include Alzheimels Society, Britlsh Heart Foundation. The Gorilla Organization. The Lighthouse. Macmillan Cancer Support and The UK Sepsis Trust. STRATEGIC REPORT Review of Achievements and Performance for the Year Pupil Achievement In 2D24-2025. 27 of our 33 Year 6 pupils applied to independent senior schools and were offered places at 23 different 5chDo15. Some pupi15 chose to submit themselves for scholanhip examination t¢0, as wèll as the GREENFIELD SCHOOL {LIMITED BY GUARANTEE} GOVERNORS, REPORT (INCORPORATING THE STRATEGIC REPORTI automatic rankings for Academic scholars based on the entrance test results. Below is a breakdown ol their results, both in the scholarship examinations and the overall offers and final destinations of our pupils. Sub ect School Award Academic Scholarship Academic Honorary Award Academic Award Academic IAwafdFI Academic Scholarship (with Oromal Academic scholarship (with Music) Art Scholarship Art Honorary Award Ait scholarship Art Scholarship DT Hoiiorary Award Desien and Engineerin8 Honorary Award Drama scliolar511ip Drama Scliolarship Orarna Scholarship (will? Academic Music Award Taleiited Musician's PTO rvliisic Schol8rs11i MLISIC Exhibition Music Scholarship (with Academic) MLISEC Scholarship MLISIC Scholarship Talented Performer Programme St Teresa's King Edward's School Witley Si Catheriiie's Ttsrmeèd (r￿n1T)0re City of London Freemen's LVS Ascot Kin8 Edward's School Witley Halste3d St Andiew'5 Halliford School Kin8 Edward's SchocTrl Witley St John's Leatherhead Academia Art De5i8n & Teclino108V Lord Wandswortli College King Edword's Scliool Witley Cianmoie St Cètheriiie's Tormèad Farr>boroii8h Hill Prior's Field School .ity cTrf I nndon Freeinen s Cranniore Hoe Bridge School Tormead Drama ramme Music GREENFIELD SCHOOL (UMITED BY GUARANTEE) GOVERNORS, REPORT {INCORPORATING THE STRATEGIC REPORT) School Ardin ly Colle Claremont Fan Court aty of London Freemen's Cranmore Fariiborou8h Hill Guildford Hrdh School Halliford Halstead St Andre￿5 Hampton School Hoe 8rld8e School fing Edward'5 School Widey LVS Ascot LWC Prlorfs Field Reeds RGS Guildford St Cather¢ne'5 St Geor£e's College St John's Leathethead St Teresa's Off•r• Mad• Schol8rshl Exhibitior¢$ and Awards Off¢rs Acce li swps The M8rlst Torme8d SJB ISt8tel Woklng Hlgh Istatel Geor e Abbott Statel TBD TOTAL 71 22 33 The Demographics of Woking Residential development remains hlgh In the Woklng area as the town continues to attract new families with the lure of the fast and regular train service to central London. This development helps to rn3intain a high demand for place5 ill the School which has made substantial progress under Mrs Bottlng's headship. The Trustees continue to be alive of the challenge5 that the sector face and remain engagèd with the input from the organisations such as ISBA, AGBIS and IAPS. The Tru5tee5 understand their oblisation to ensure that thèy act in the best interests of the tharity and to manage its resources responsibly. Tru5teEs conlinue to keep under review the approach it will take to the introduction of VAT on school fees and any impact on the changing landscape on pupil numbers. The School BuilLling5 The School buildings remain up lo date and fit for purpose and are used extensively in order to facilitate pupils. learning. The Finance & Capital Requirements Committee continue5 to oversee and approve expenditure on key infrastructure projeets surroundlng refurblshments of the existing building las highli8hted by the Bursar and Estates and Health & Safety committee). The School's Edu£otionul Investment The School inve5t5 in quality staff who are able to 5vcces5fully add to the offerthatthe School can offer its pupils and its familie5. The School continues to support chlldren with special educational need5 as well as additional classroom teaching support and this recognises and benefits those chlldren wilh exceotional talents 35 well 35 those with less ability. The School continues to include any additional 5UPPOrt for SEND withiri the fees, as long GREENFIELD SCHOOL ILIMITED BY GUARANTEE) GOVERNORS, REPORT IINCORPORATING THE STRATEGIC REPORT) a5 the School ha5 the required specialism. The Learning Enrichment team Includes staff vrfith speci3lisms in play therapy and Emotional Literary Support. Thls has been extremely beneficial to the School's children 33 required support can be identified and deployed more quickly and with no addltional charge to the parents, Significant investment in staff training ha5 continued in the ye3r. 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 Pt7rents TheTru5tees are most appreciative of the ongoing support8iven èy the Parents and Friends of Greenfield School IFROGSI, both in financial as well as general support term5, FROGS ha5 Continued to provide financial help to the School, which is of a general nature, enablirng non routine items of exp&nditure to be incorporated into the normal school budget to the uliimate advantage and benefit of all the children. Th55 year the p3rents raised funds lor a complete suite ol computers in the new Multi Medla Suite. These are used extenssvely in School and a fantastic addition to the School's offer. Little School In lanuary 2021, Greenfield opened Little school a 50.6 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 io the Green(ield 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 thi5 settin8 has been a hu8e 5ucces5. The provision continues to be well received and, a83inst a backdrop of challen8in8 childcare industry, the settinB contlnues to flourlsh. Fin ncial Revi Income from Charitable activities this year increased by £404.366 to £5,754.631 [£5,350,265 in 20231. Investment income hès inc￿8$e￿ by £8,896 tsn 2023. The income generated continue5 to provide Transformative Free Placc5 OPPOrtunlties for pupils who would not ordin3rily be able to attend the School. Donations and legacies this year totalled £8,3271£6,329 in 20231 and other tradin8 income this year totalled E78.0031£48.651 in 20231. The income generated this year totalled £5,866,570 lan increase of £444,612 on 20231. All staff are paid in accordance with the Greenfield Pay Scale. whi¢h is set with reference to the Industry in gener31 and with due regard to specific Independent Schools Benchmarking Surveys, such as 'Baines Cutler,. IndSviduals 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 Payscale is revSewed annually by the Trustee5 to decide whether inflationary and/or performance increase5 are awarded. The Trustees set the Head's salary and the Head, In consultation with the Trustees, sets the salaries of the Senlor Leèder5hip Team. Costs rose year on year mainly from salaries, increased spendin8 on facillties up8rade5 and other one-off expenses. Along with salaries, the maln Increase has been the support from professional seNices which is helping tts support the 5chotsl. The School made a loss for the year of E157,13912023', loss of £502,562). This is shown after tsklng account of depreciation of buildings and equipment of £432,52112023.. £462.3241. Reserves Polic The 5chotsl's reserve polity is regu5arly monltored by the Trustees and 15 de5igff ed to ensure the on8oin8 future of the Schgol. These re5erve5 are held in the form of an investment prop&rty previously gifted to the School. together with short term liquid assets. The School reteives the bulk of its income in termly instalments and therefore to guard a8alnst short term cash flow problern5, the School has idenlifled that three rnonths of operational cot5 in liquid assets would be appropriate to 8vard against any delay5 in receiving income. GREENFIELD SCHOOL (LIMITED BY GUARANTEEI GOVERNORS, REPORT {INCORPORATING THE STRATEGIC REPORT) The true f￿e reserves posltion can be c31culated as follows.. 2024 2023 Unrestritted funds Less- Tan8ible fixed assets Add back Loans 1,928,657 14,881,487 13,257.756 2.Q185.796 15.273,474 13,316,871 Free reserves 304,926 129,193 ur During the 2023-2024 year, governors continued to review the future structure Of the School. In November 2024, the trustees be8un actively exploring a merger w1th Hoe Brldge School, with extensive conversatlons undertaken between these parties, and finanoal and legal due diligencE undertaken. In May 2025, the trustees announced the merger between the two Schools with effect from September 2025. confirrnin8 the VIEW that It Is In the best interests of the charity. recogni5ing the benefits for children. st3ff and families of being part of larger or8anisatlDn. As part of the merger. the net assets. operations and liabilities will be transterred in full to Hoe Brid8e. All staff employed at the date of the transfer will be transferred to the employment of Hoe Brid8e in accordance with TUPE requirements. AUDITORS Disclosure of information to the auditors So far as the Governors are aware. there 15 no relevant audit information la5 defined by Section 418 of the Companies Act 2CM)61 of which the company's auditors are unaware. and e2ch Governor has tsken all the steps that he or she oU8ht to have taken as a Govemor in order to make hlmself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that Snformation. The Gov2rnors have complSed with this requirement bydelegating this reportin8 re5PDn5ibility io memt)ers of the Fin2nc2 Committee who hav& the knowledge and experlence required. Statemen of Governors, Res The Governor5, who Bre also the Directors of Greenfield School foi the purpose of company law. are responsible for preparing the Governors, Report and the accourit5 in accordance with applicable law and United Kingdom AccountinE Standards (United Kingdom Generally Accepted AccDUnting Practice). Company law requires the Govèmors to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and tsf the incoming resources and application of resources, including the Income and expenditure. of the ¢haritsble tompany for that year. In preparin8 these accounts. the Gtsvemors are required to.. select suitable accounting prjlicies and then apply them consistEntlyp observe the methods 3nd principles in the Charities SORP,. make judgements and estimates that are rea50nable and prudent,. and prepare the accounts on the going concern basis unless it is inappropriate to presume th8t the charity will continue in operation lsee note 2.11 The Governors are responsible for keeping adequate accounting records that disclose with reascnable accuracv at any time the financial position of the charity and enable them to ensure that the accounts comply with the Companies Act 2006. Th@y 3re also responsible for safÉguardirtg the èssets of the charity and hen￿ for taking reasonable steps lor the prevention and detection of fraud and other irre8ularities. GREENFIELD SCHOOL {LIMITED BYGUARANTEE) GOVERNORS, REPORT (INCORPORATING THE STRATEGIC REPORT) Rea ointment A resolution proposing thatTC Group be reappointed auditors of the school will be put to the member5. Approved by the Board of G0vem0￿ of Greenfield School on 30 lune 2025 and slgned on Its beh81f by.. N Blagden Ichairmanl Governor GREENFIELD SCHOOL (LIMITED BY GUARANTEEI INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS We have audited the finarbcial 5t3tements of Greenfield School I'the charitable company'l for the year ended 31 August 2024 which compromisethe Statement of Financial Actlvities, thè Balance Sheet. the Cashflow Statement and notes to the financial 5tatemeNts. The financial reportins framework that ha5 been applied in their prepar3tion is applicable law and United Kingdum Accounting Standards, includin8 Finantial Reporting Standard 102 The Financial Reportin8 Standard applicable in the UK and Repukklic of Ireland (United Kingdom Generally AeceptedAccounting Practice). In our opinlon, the financial 5tatements'. give a true and fair view of the state of the charitable company's affairs as at 31 August 2024 and of its incoming resources and application of re50ur¢es. including its sncome and expenditure, for the year then ended.. have been prtsperly prepared in accordance with United Kingdom Generally Accepted Accounting PTactice,' and have beèn prepared in accordance with the requiTements of the Companies Act 2006. Basis of oplnlon We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and 8pplicakJle law. Our responsibilities under those standards are further descrlbed In the AudStor's responsibilities for the audit of the financial statements section of our report. We are independent of the charrtable company in accordante 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 oui ethical responsibilities in accordance with these requirements. We believe th3t the audit evidence we have obtained is 5uflicient and appropriate to provide basi5 for our oplnion. Conclusions relatlng to going concern We draw attention to Note 2.1 to the financial statements which explains that the school wlll be merging from I September 2025 with the net a55ets being transferred to Hoe bridge School Icgmpany number 02086298, charity number 2958081. The governors therefore do not consider it to be apprDpriate to adopt the goinE concern basi5 of accounting in preparing the flnancial statemen15. According1yTr the financial statements have been prepared on a break-up bèsls as descrlbed in Note 2.1. Our opinion is not modified in respect of this matter. Other information The governors are r?spunsible for the other information. The other information comprises the information Included in the annual report, including the governor'5 report, other than the financial statements and our uditor's report thereon. Our opinion on the financial 5tatement5 doès not cover the other information and, except to the extentotherwlse explitltlystated in our report, we do not express anyform of assurance conclusion thereon. In connection with our audit of the financial ststements. our resp¢nsibility is to read the other information and, in doing so, consider whether the other infoTmation is materially inconsistent with the finantial statements, Dr our knowledge obtained in the audit orotherwise appear5 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, basèd on the work we have performed. we ctsntlude that there is a material misstatement of this othei informatiC*n, we are required to reportthatfact. Wè have nC>thlng to report in this regard. GREENFIELD SCHOOL (LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORTTOTHE MEMBERS OpiniDns on other matter5 prp5crlbed by the Companies Act 2006 In our opinion, based CTrn the work undertaken in the course of the audit.. the information glven in the governors, report (incorporating the strategic rèport and the governors, reportl ftsr the financial year for which the flnancial statements are prepared is consSstent with the financial 5tatement5.'3nd the strategic report and the govemor5' rep¢Trrt have been prepared in accordance with applitable legal requ(rements. Matter5 on whl¢h we are ￿qUIred to report by exception In the light of our knowledge and understanding of the charitable company and its environment obtained irt ihe course of the audit, we have not identified material mi55tatements in the strategic report and the governors, report We have nothing to report in re5pert ¢f the following matters In relation to which the Companle5 Act 20C requires us to report tts you if, in our opinion.. adequate accounting records have not been kept by the charitable company. or return5 3dequate for Dur audit have not been received from branches not visited by us,. or the financial statemen15 are not in asreementwith the accountin8 rÈcords and returns. or certain disclosures of dir&ctors' remuneration specified by law are not made,. c*r we have not received all the information and explanation5 we require. Responsibilities of governors explained rn0￿ fully in the govefnors. responsibilities St3tement. the governor5lwho are also the directors of the charitable company for the purposes olcompany lawl are responsible forthe preparation of the financial statement5 and for being sat15fied that they 8ive a true and fair VIEW, and for Such intemal control as the governor5 determine is necessary to enable the preparation of financial 5talement5 that are free from material misstatemenL whether due to fraud orerror. In preparing the financial statements, the governors are responsible for a55e551llg the charitable company's ability to continue as a going concern. dlscloslng, as applicable, matters related to going concern and u5in8 the golng concern basis ol actounting unle$5 the goveinors either intend to Ilquldate the charitable company or to cease trperations, or have no realistic alternative to do so. Audltor's respon5ibllities for the audit of the finantral statements Our objectives are to obt3in reasonable assurance about whether the flnanclal staternent5 as a whole are free from material misstatement, whether due to fraud or e¥ror, and to issue an auditor's report that includes our opinion. Reasonable assurance is 3 high level of assurance. but is not a guarantee that an audit conducted in accordance with ISAS IUKI wi51 alway5 detect a material misstatement when it exist5. MIs5tatEments can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the econornic decisions of users taken an the basis of these financial statement5. Irregularltles. includlng fraud. are instances of non40mpliance with laws and regulations. The extent to which our procedures are capable of detertin8 irre8ularitlES, includlng fraud, Is detailed below. Extent to whlth the audlt was consldered capable of detecting Irregularltles. Includlftg fraud The objectives ol our audit, respect to fraud. are.. to Identify and assess the risks of material mi55tatement of the financial statemonts due to fraud,, to obtain sufficient appropriate audit evidence regarding the a5ses5ed risks of material misstatement due to fraud, through designing and implementing appropriate responses- and to respond appropriately to fraud or suspetted fraud ideniifled during the audit. However. the prlmary responsibility for the prevention and detection of fraud rests with both those charged with governance ol the entlty and its management. io GREENFIELD SCHOOL (LIMITED BY GUARANTEEI INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS Our approach was as follows.. We identified areas of laws and regulation5 that could reasonably be Expected to have a rnaterial effect on the financial statements from our general sector experience. and through discussion with the Bovernors and other rnanagemènt las required by auditlng standards), and discussed with the governors and other management the policies and procedures regarding compllance with laws alld regulations IsÉe below)., We identified the following areas as those rn05t likely to have such an effect., health and safety.. General Data Protertion Regulation IGDPRI. fr3ud., bribery 8nd corruption, school inspectlons. D85 checks. employment law 3nd KÈepin8 Children Safe in Education under section 175 of The Education Act 2002. Auditing standards limit the required audit procedures to identify nonents Los5 on disposal of fixed assets Interest paid Decrease/lincreasel in debto Increa5elldecrea5el in creditors Net cash provlded by operating activltles 1157,1391 1502,5621 432,521 125.6091 462,324 116,7131 588.849 108.597 ioi,ioi 540,Q26 181,1651 309.460 12 13 1.048,320 711.363 Cash flows from investlng activities Dividends, interest and rents from investments 1nterest paid Purchase ol tangible fixed assets Net ¢ash used in invesilng acil¥ltle5 25.609 1588,8491 140.5341 16,713 1540,0261 1510,9751 io 1603,7741 11,034,288) Cash flow5 from flnanclng activitles.. New108n In the year Loans repaid in the year Net cash used In fiThanting actlwties 15 15 249,536 159.1151 159,1151 249,S36 Change in cash and rash equfvalents In thè year Cash and cash equlvalents at the beginnin8 of the year Cash and cash equi¥alents at the end of the ar 385,431 503,413 173,3891 576.802 888,844 503,413 Analy51s ol tash and cash èqulvalents Cash at bank and in hand Total cash and c35h equivalents 888.844 888,844 503.413 503,413 Net Debt At 0110912023 Cash flowlother movements AI 3110812024 Cash Cash at bank and in hand 503.413 385,431 385.431 888,844 888,844 503,413 Debt DÈbts falling due within I year Debts falling due after l year 159,1151 113.257,7561 113,316.8711 112,813,4581 12,376.1071 2,435,222 59,115 1444,5461 12.435,2221 110.822.5341 113,257,756) (12,368.9121 Total net debt 14 GREENFIELD SCHOOL (LIMITED BY GUARANTEEI NOTES TO THE ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 AUGUST2024 STATUTORY INFORMAnON Greenfield School is a private charitable companyi lirnited byguarantEe, incorporated in England and Wales. The charitable companvs registered number and re8i5tered office address can be found on the legal and admlnistrative inlorrnation page. ACCOUNTING pouaES 2.1 Basis of preparation The financial statements have been prèpared under the Companies Act 2006 and in accordance with the Charities. Statement of Recommended Practice ISORP IFRS10211 and Financial Reporting Standard FRSIO2. The charitable company meets the definition of a public benefit entity under FRS102. Assets and Liabilities are initially recognised at cost or transaction value unless Otherwise stated in the relevant 3ccountinB policy. The financial Statements are prepared in Sterlin8 and rounded to the nearest £1. The school intends to merge from I September 2025 with the net assets being transferred to Hoe Brid8e School. The governors therefore do not consider it to be apprDpriate to adopt the goin8 concern basis of accounting in preparing the financial 5t3tements, instead preparing the accounts on a break-up basis. No adjustmènts have been made to the financial statements as a result of this. 2.2 In¢ome Fees receivable and ch8rges 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 fee5 are received for a future service period they are includEd in deferred income. includin8 those fee5 received under an advanee fee payment scheme. Int¢me from investment properties and interest on funds held on deposit ale included when receivable and the amount can be measured reliably by the charity. Rental Sneome is recosnised when its due and interest 15 recosnised when it is receivable. Donations, legacies, Erants and other voluntary income are accaunted for as and when entitlèment arises, the amount can be reliably me3sured and the ecDnornic benefit is considered probable. Where a donor or an appeal has imposed restrictions the income is credited to a restrictsd fund. Other incorne/olher trading income is accounted for on an actrua15 ba515. 2.3 Expenditure Expenditure is accounted for on an actr¥Ja15 basis. Overhead and Dther costs not directly attributablé to a particular functional activity are included within support Costs. The irrecoverable element ol VAT is included with the item of expenditure to which it relates. Costs of 8enerating funds are the costs directly attributable to raisin8 fund5. Governance costs comprise the costs of running the charity. induding C05t5 of legal and professional lees and audit fees. Support Costs intlude those costs connected with the management of the chariws assÈt5, or8anis3tional management and administrntion and compliance with constitutional and statutory requirement5. These include all expenditVTe not directly related to the charitable activity or fundraising venture5. Termination payments are recognised immediately as an expense when the charity is demonsirably committed to terminate the employmènt of an employee or to provide termination benelits. 15 GREENFIELD SCHOOL (LIMITED BY GUARANTEEI NOTES TO THE ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 AUGUST 2024 ACCOUNTING POLICIE5 (continued 2A Tangible flxed assets and depreclation Tangible fixed assets are stated at cost less accumulated depreciation. Depreciation is providÈd at rates calculated to write off each asset over its estimated useful life or, if held under a finance lease, overthe lease terms, whichever 15 shorter, as follows.. Freehold property Fixtures and fitting5 Computer equipment Str3ight line over 50 years 15% on reducing balance 33% on reducing balance Individual assets costing £750 or more are c3Pltalised and valued at historical cost. All other assets under this amount are expensed to the Statement of Financial Activities. At each reporting dat2. the tharity reviews the earrylng amounts of its tangible fixed assets to determine whether there Is any indicalion that those assels have suffered an irnpairmertt loss. Any suth loss would be recognised immediately a5 expenditure in that year. 2.5 Investments Investments are stated at market value as at the Balance Sheet date. Profits and losses on revaluatlon of the assets at the end of the year a￿ reflected in the accounts in the Statement of Financial Activities. 2.6 Leaslng and hire purchase commitments Assets purchased under finance leases are capitalised as fixed assets and depreciated over the term of the lease. Obligation5 under such agreements are included in creditors net ol the finance charges to future periods. Finance charge5 ?re written off to the SOFA over the period of the lease. Rentals paiil under operating lease5 are Charged against inttsme on a straight line bas15 over the period of ihe loase. 2.7 Pen51on5 The charity operates defined contrtbution pension scheme5 for both teachers and adrninistratlon and support staff. Contrlbutions payable to the scheme are charBed to the Statement of Financial Actlvities in the perlod to which they relate, Z.8 Accumulated funds Unrestricted lund5 comprise those fund5 which can be used irb accordance with the ¢haritable objects at the discretion of the Governor5. Restricted funds are those funds thar can only be used for restricted purposes in accordance with the wishes of the donor or when funds have been raised by the charity for particular restricted purposes. The c05t of rai51ng and administrating such funds are Charged against the specific funds. 2.9 Debtors Trade and other debtOT5 are re£ognised at the settlemeni amount due. 16 GREENFIELD SCHOOL (LIMITED BY GUARANTEEI NOTES TO THE ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 AUGUST2024 ACCOUNTING POLICIE5 Icontinuedl 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 medlum term deposits where possible to maximise the return on monies held at the bank and to manage cash flow. 2.11 Creditors and provislons Creditors and provisions are reco8nised where the charity ha5 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 È5tirnated reliably. 2.12 CrStlcal accounting estimates and judgements In the application ol the charity'5 accounting policies, the Governois are required to make judgements, estimates and assumptions about the carrying amount of assets and liabililie5 that are not readily apparent from other sources. The estimates and associated assumptions are basèd on historical experlence and other factors that are consiijéred to be relevant. Actual results may differ from these eslimates. Th& estimates and underlying as5UtHptions are reviewed on an ongtsing basis. Revision5 to accountin8 estimBtes are recogni5ed in the period in which the estimate is revised. The Gowernors do not consider that there are any critical e5timate5 or areas of judgement that need to be broughtto the attention of the readers f the financial statements. DONATION5 AND LEGACIES Total 2024 Total 2023 Donations 8,327 8,327 6,329 6,329 OTHER TRADING ACTIVITIES Total 2024 Total 2023 Sundry income 78,003 48,651 78￿03 48.651 INVES7MENT INCOME Total 2024 Tgtal 2023 Dep051t account interest Commissions 5.551 4,466 2325 17.733 55 Investment income 12,192 25,609 16,713 17 GREENFIELD SCHOOL ILIMITED BYGUARANTEE) NOTES TO THE ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 AUGUST2024 INCOME FROM CHARITABLE ACTIVITIES 2024 2023 Gr05s School fees 5,618,699 5,214,844 Less.. Bursaries and discounts I￿7,895) 5.470,804 1211.0761 5,003,768 Net School feE5 Add.. Registration lees School trips ènd clubs 14,400 269,427 13,300 333,197 5.754,631 5,350,265 ANALYSIS OF EXPENDITURE stsff costs Depreclatton Other ¢ost5 Total 2024 Total 2023 Charitable expenditure Education Teathin8 and Childcare Welfare Estates Support and Governance Total charitable expenditure 2.782.567 326,159 396,480 557,360 995,029 2.275,028 3.108,726 396,480 1.18Z.882 1,335,621 6,023.709 3,163,748 433,814 1,100,267 1.226.691 5.924.520 193.001 340,592 3.316,160 432,521 432.521 Total expendltuie 3,316,160 432.521 2,27S,028 6.023.709 5,924.520 ADalysis of SUPPQTt and governance costs: 2024 2023 Auditors, remuner3tion for audit services Total governance costs 21.600 21,600 13,600 13,600 Support ¢osts'. Auditors, remuneration lor non audit service5 Legal and professional lees relating to support Support staff wages, national Insurance and pension Loan interest Other support costs IiA60 67.826 340.592 588.849 326,894 14.40LI 128.636 324,159 540,026 205,870 1.335,621 1.226,691 8. TRU5TE£S REMUNERATION AND BENEFrrs None ol the governors lor any persons connected with them) received any remuneration during the current or prior year. There were reimbursed expenses to one governor in the year of El,88012023.' £Nill for advertlsin8 and membership fees. 18 GREENFIELD SCHOOL {LIMITED BY GUARANTEEI NOTES TO THE ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 AUGUST2024 STAFF COST5 The agg￿zate payroll costs for the year were as follaws.. 2024 2023 Wa8e5 and Salaries Social security costs Pension costs 2,677,871 244,015 394,274 3,316,160 2,573,387 244,114 409,800 3,227,301 2024 2023 Teaching Little School Adrnini5trative Estate 2,195,288 587,279 340,592 193.001 3316.160 2,192,010 556,D36 324,159 155,096 3,227,3Ql The average monthly number of EmployeE5 during the year was a5 folSow5'. 2024 2023 Teaching Little School Administrative Estate 51 19 58 20 91 Staff earning in excess of £60,LX)O per annum in the following bands are.. 2024 Number 2023 Number £60.000- £69,999 £70,000- E79,999 E80.000- £89.999 £90.000- 99,999 £110,000- £119,999 £120,000- £129,999 Defined benefit contributions payable by the School for higher paid employees were £60,06312Q23.. £69,2531. The school considers ils key man3gem&nt personnel to comprise the head teacher. senior members of teaching staff, the bu￿ar and the head of marketing and communications. The total employment benefits including employers, national insurance and pension contributions of the key management personnel were £781,185 12023.. £823.4811. Included within staff costs are redundancy costs of £33.32312023'. £6.7181. 19 GREENFIELD SCHOOL (LIMITED BY GUARANTEEI NOTES TO THE ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 AUGUST 2024 10. TANGIBLE FIXED ASSETS Freehold Property Improvement5 Flxture5 and Computer Equipment Totsl Property Flttlngs Cost At I September 2023 Additions 14,679,256 743,145 12,275 1,030.726 21,801 271.390 6.458 277.848 16,724,517 40,534 16.765,051 At 31 August 2024 14,679256 755.420 1.052,527 Depreclatlon At I September 2023 Charge for the year At 31 August 2024 608,718 253,585 862.303 251,155 381,658 94,292 209.512 IA51,043 432,521 75,031 9,613 326.186 475,950 219,125 1,883,564 Net book value At 31 August 2024 13,816.953 429,234 576.577 58,723 14,881.487 At 31 August 2023 14,070,538 491,990 649,068 61,878 15,273.474 11. INVESTMENT PROPERTY Falr value At I September 2023 and 31 August 2024 725,000 Net book value At 31 August 2024 725,C¥JO At 31 August 2023 725,000 In 1998 8 gift of 54-56 Chertsey Road. Woking was received, At the time it Wa5 received its e5titnates open market value was E164,OOD. That was the effective value of the gift and therefore the historical cost for Grepnlield School. In February 2023 Kempton Carr Croft revalued Chertsey Road at £725,OOD. In the opinion of the 8overnors there is no material difference to the value of the property at 31 August 2024. IZ. DEBTORS 2024 2023 Trade detr)tor5 Prepayrnent5 and accrued income Oiher debtors 26,544 22.417 13,057 62,018 125,CK18 32.3LK> 13,307 170.615 20 GREENFIELD SCHOOL (LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 AUGUST2024 13. CREDITORS: DUE WITHIN ONE YEAR 2024 2023 Trade creditors Other loans (see note 151 Social security and other taxes Other creditors 142,737 2,435,222 49.400 28.752 15,500 965,917 29,880 3.667,408 175.598 59,115 56,858 7,239 14,500 618.483 246,657 1,178,450 Deposits Fees rÈcefved in advance Accruals Fees received in advance represent lees received that relate to the Autumn term 2024. 14. CREDITORS- DUE AFTER ONE YEAR 20Z4 2023 Qther loan5 Isee note 151 Fee deposits held lo￿22,534 138,7SO 10,961.284 13,257,756 150,500 13.408,256 15. OTHER LOANS 2024 2023 Other loans aré wholly repayable in instalments as follows.. Les5 than one year In more than one year but less than five year5 In more than five years 2A35.222 277,905 59,115 2,568,819 10,688,937 10,544,629 13,257.7S6 12,316,871 Loans were obtained to purchase a new site forthe school. The loans are secured on property owned by the School and are lor 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 year5. The interest ratè applitablÈ will be 1% point above the 47 vear5 Public works Loan Board Annuity Rate. 21 GREENFIELD SCHOOL (LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 AUGUST2024 16. PENSION COMMITMENTS Teachers The school withdrew from the Teachers, Pension Scheme I'the TPS") on 31 August 2023 and launched a Royal London defined contributlon Scheme for teachers. Contributions payable in the year were £236,792 12023.. TPS contributions of £267,736) and at the year-end £Nil12023.. £Nill was accrued in re5pert of contributlons to this scheme. Other staff The school a150 contributes to deflned contribution pension 5cheme5 on beh3lf of it5 Other stsff. Employer contributions payable to these scherne5 were £157.48212023.. £142,063) and at the year-end £Nil12023.. £Nill was accrued in respect of contributions due to these Schemes. 17. TAXATION The charitable company is registered a5 8 charity and all Its Income falls within the exetnption5 under Part 11 of the Corporation Tax Act 2010. 18. RELATED PARTIES Two of the governors had a chlld èt the school durlng the year12023.' none). Four members of key mana82FllEnt pefsonnel had children at the school durin8 the year12023'. none). ￿1 school fees were charged at the advertised rates, however key management received staff discounts on the advertised r3tes, as part of their employment £ontract5. 20. LEASE COMMITMENT5 AND OTHER CAPITAL COMMITMENTS At 31 Augijst 2024 the school had total CDmmitments under non-cancellable operating le3sos a5 follows.. 2024 2023 Withln one year Between one and five years 14,350 7,566 21,916 16,035 21,916 37,951 The school is still negotiating with building contractors in relation to thg final settlement due forthe build process ef the school. No provision has been made for this 5ettlernent within these accounts. 21. SHARE CAPITALAND CONTROL The charitable company is limited by guèrèrttee and does not have a share capital. In the event of a winding up each member guarantees to contribute 3n amount rnore than £10 while they are 3 member or for one year after. 22. TMNSFER OF OPERATIONS, ASSETS AND LIABILITIES TO HOE BRIDGE SCHOOL From I September 2025 Greernfield School intend5 to merge with Hoe Bridge School, eompany number 02086298, charity number 295808. The net assets and operations of Greenfield School will be transferred in full to Hoe Brldge School. 22