Docusign En¥ÈlopÈ ID". FCC246B6-1FBC480&A8D5-D68909174162 Financial Statements CJreenacre Trust Limited (formerly Rushmoor School I.imited) For the year ended 31 August 2020 Company Number 00856842 Charity Registration Number 307530
Docusign En¥ÈlopÈ ID". FCC246B6-1FBC480&A8D5-D68909174162 Greenacre Trust Llmlt8d {lormorly Rushmoor School Llmit•dl Financlal $tat8mertts for the yoar •nded 31 August 2020 Contents Page Charltabl• cornp•ny Inlormatlon Roport of th• Coun¢ll 3-14 Ind•p•nd•nt audltorfs r•port 15-18 Consolldatod st•t•m•nt of flnanclal aGtlvltl•8 19 Con¥olldat•d balanc• sh••t 20 Balanc• h••t 21 Consolldat•d cash tlow •tat•m•nt 22 Prlnclpal accountlng pollcl•• 23-26 Not• to th• flnanclal •tat•m•nt$ 24-36
Docusign En¥ÈlopÈ ID". FCC246B6-1FBC480&A8D5-D68909174162 Greenacre Trust Limlted Ifornierly Rushmtsor School Llmltedl Finan¢lal 5tatem•nt5 for th8 year ended 31 August 2020 Charitable company information Company registratlon number. 00856842 Charlty reglstratlon number. 307530 R•glstored offlce: 58- 60 8lixkespeAre Road BLDI,'oiir) BL(Ifordsliirc MK4a 2DL Dlr•ctors (Council) Mt C) M 13ates OJ3E IC.hairman) Mr S J Willi¢1ms0 Mr (' Simmoi)d8 Mr 111 I,'li* ck Mr 11 I I'l'h(Iinps(> Mr l) l yt()ii-WillitiJn8 Mr M ] CFrafti)ii Iresiglicd i)n 25 Novcmber 2020) Mr% M.1 ljiirt Mr J J l iycl(In Mrs D l) l.cniiie Mr A 'I' JKniglil Mr¥ I;, l) C(Ilcy (41PPI)intcd 10 %eptcmber 2112n) Prlnclpal Offic•rs: Mt l F)¢inicl- Ptii)cipAI Mr.4 % 1)iffLy- ljii%ine8% manAt Mt l R l.'lack- ("()mi)#Jiy.4L'crctAry Bank•r8: I1$11(" 11a1)k i)Ic 12 Allhall()w¥ iiJ,:i)I,'()iii) 13L,dfordshire MK411 IIJ Audltors: CJrant'fh()rnton UK LLP Chartcrcd AccoiintRnts Vietnria Fluiise 191J Avebury BoulevAtd MII.1'0N Kf,INFS M1<9 IAU
Docusign En¥ÈlopÈ ID". FCC246B6-1FBC480&A8D5-D68909174162 Greenacre Trust Llmlted Iform8Tly Ryshmooy School Llmltedl Flnan¢lal statements tor the year ond•d 31 Au9llSt 2020 Report of the Council The Ditectorb present their report and financial statements for the year ended 31 August 20?0 and conftrm they compl}, t the requiremenis of the I'harities Act ?011 #nd the Chatitie5 SORI) 2019. Reforenc• and Adminlstratlv• Inforniatlon GreenRcrc'frust Limited (Fnrmerly Rushinoor School I.imircd) is a company limited by gUatte (niimber 008568421 and a re£ibt¢red chariry (number 3075301. "L'he school wa% founded privately owned independenr school in London but maved to irs present site in Bedford in 1918. In l(J65 the exibutig eliatitable btnjcture wa$ created ro acquire the School 8nd since that time tlie sch(K)I has expanded considerably. Structur•, Gov•rnan¢• and Manag•m•nt Governing Document The CompAlly is wvcmed by its Articles nf A550ciftuon which provide for the compRny to up¢raie as ii n educau()nAI chariry. 'L'hey 81so pr()vide Eor thL income xnd propetti, of Ilie cc)mp2Jly t() be applied solL.Iy t()wArds Its ()bjc'ctive% and tio a&4ets or Eiinds %11811 be pxid ar th'stribiitecl to members vf the associarion. Governing Body 'IlIL ( yl)vL'ni()rs Are the Direcrors of the Company and comprise the Governing Body oFRiishmo(Jr Schi)ol C'th¢ Li)uncil j. 'I'lie %chool 1% %ovcnied by rhe CJ(Ivemiiig Ilody wliicli uperAtcs tIl the %uppi)rt (>f niiinbc'r UF c()mmiitLLS. I)irector% 4Ltve for 42 PLriod of 3 yeArs but ArL L,hgible fr)r rL'_eli'crii)11 At Ilii. JIC. M. "I'IIL. CJ()VLriiing 14c)dy mettt% rc'gu12rly - xt ILA%t iermly. witli morL frcyueiit mLL'ungs, rLquAr¢d, fri)m ume to ume. The Council memberB who 8erved the compAny during the year were as follow8: Mr G M Bxtes OBL". JP (chairman Mr 4 J Williftmyon Mr (" %imm()nds Mr l R I,'lack Mr B 11 Thomp4on Mr J IVilkiJison, dccLased 19 December 2019 Mr l) b.yt()n-Willi2m Mr M J Cjrxfton, resigned 25 November 2020 Mrs MJ Burt Mrj J l },dnn Mrb D l) Lciinie Mr A'l. Knight Council members $erving on Committees: Educauon Messrs SirxJffiond$ (chairman), Thompson, Bate5, Grafton, Mr5 Iknnie Finance & Re%ource5 MLSbrs k";lack (chairm74nl. Batcs, Kni%lit, Wilbams()n Marketing & Development Mr% Burt (chair), Me5sr5 Ivakinson, Bates, W1.M¥0 Health & SaEery - Messr% Thomp50n (chairman), B2tes Development Messrs Eyton-Willi2ms Ichairm%nl, Fia¢K Grafton, Bate5, Willim8on. Leydon Govemance - Messr5 Flack (chairman), Batcs, w1.%m80n The COEllmlttLes also benefit Irom the %upport of Senior membvrs of the schuul SLaflai)d thc CRJC ol the Lducation Committee, selected sttident5 attend the comtnittee by invitation.
Docusign En¥ÈlopÈ ID". FCC246B6-1FBC480&A8D5-D68909174162
Green#cre Trust Limlted Iformerly Rushmoor School Llmitedl
F4Trancial statements for the year enrfed 31 Auyust 2020
Recruitment and Trainiog of Governor8
The Govcrtiing Body seeks to ensure a mix of Skills 11nd exp¢riet]ce and includes Governor8 from tlic le1,
financial prnperty profe.4ion8 R5 well a5 CJuvernOr. witli education ai)d seniot managerial or biisincss
experAcnce. Th¢. Governing tlody strives to ensure borh genders arc represented and welcomes expericnce
nf equal opportunities and di%ability need.%. They %elcct new Cjovernors the basi8 c)f background.
competence, botli gcneral ancl spcciali8t. Governor5 ar¢ provided lt[l inductirjn training bc)th in-liouse
and by sub.8¢ription to cour5¢8 provided by proEes%ional bodies.
Organi8ational Management
Whilst tlie Coitncil i8 ultimitcly re8POt]%il)le fnr %AfeLyuarding the ASSCL% OE the School, the governing body
dLlegatC5 wnrk tr) A iiumbcr nF committec8, uiirlincd beluw,. ift addition tlic day to dAy orgnni5ation OF the
8clionl ]% delLxated to the l)rincipAI And 1Subiiie85 ManAger. SLlPP()tted by other member8 OE thL. Sct)iur
MAllI?gemcnt.'I'he general pohcy is detcrmllied by the CJnvernntslDirectors, with clay tc) day Adminitr2tion
IILlJ)g underti2Lcn witliin tlic pohcie8 and procedures Appraved by the Guvcrnors.
tIJlClPi21 ovLr.4oe8 the re¢ruitmLnt (>FIll educ41tionRI staff, wliilit iinclLr delL'ted aiithotity the IIu8ines8
MAJlI?gei' uversccs tliL recruitincnt of 7¢ dinini%trRrivL xn£l n()n-teAcliing support 5t1& E6. .1 lie l)
Buincss ManR&ycr iitend (J()vorni)r5' mLLUnLY41)y invitiu()11.
rincipal and
I laiication Committee_ this c()mtnittee is rc8P()11sible fnr oversiglit OF thc ac1¢ dcmic pctformi?l)ce ()F the
.%clii)al Rjicl f()r L,diic41tionRI palicy. A% well (Ivcr%¢cing i)A%torRI matter. It makLS Rl)l)t(Tri)riAto
rL'c
Docusign En¥ÈlopÈ ID". FCC246B6-1FBC480&A8D5-D68909174162 GTe¢nacre Trust Llmlted Iform¢rly Rushmoor School Llmltodl Flnancial $tatemènts for the year ondèd 31 August 2020 Group Struciure In SLPteinber 2013 it WAS agreed that Rushm()or School Limited and St Andrew's School (Bedford) Limited should work in close a8$ociatinn, with a view thaL in due coiirse the two schoo15 shollld merge to form a SitL%le school on a new site. Ilie bchools hAve been working closely together; there 1$ increasing intercliange of teaching siaff nd mnY joint student actilTitie8. it] addLtioTh, tlie two schc)ols are headcd by a single Principal. Mr lan D211iel. The schnals hiive benefitted Erom a common governing body and since Ihe yvxr et]d, the two schoo15 have formally Tnerged their activities and details of these arrangements Are provided larer ITL this repvrt. These fin#ncinl statements relaie to the Lliaritable Gr()up, Greena£re Trust Limited, which compri%¢s the Eortn¢r Ruslimoor Schc)ol LiETJited Aiid St Andrew's S£honl (Bedford) Limited. Kxlherv informAti<)n in rlie Report ()f the Council refer8 iu a specific schaol, the %cliool's nnme is given. further detail regNrclin% the subsidiary schoal'g perfr)mAnce and financial p()%iuon is £iveii in their iTLdividuAI 5tawrory financial 8titements. which arv available from the Registrar at Companies 14ouse. Othet Relatioll8hips 'L'hL %cho()I hA4 devLI()ped links witli a rAng¢ of f)rganisation$ to ensiire the Mrydest PO84ible ACCC%S to our fACitIeS fiiid bclir)oliiig. Ily membersl)ip ()f l%¢1, ISI and ISBA. and throu£h netw(Jrknng 1th peer kTrr(Jui)s, tlie %clioi)I cn%ures thftt li is able to Attfiin the liigl)e&t %tAndArd% of qu14 lity at)d perfi)nri¢1nce ii)%icle and outbide thL' clfisbraom. We cnci)urage our piipi15 to dLvelop an ¢llre[IL44 OF the s(KiAI c()ntLXt of tliL 1¢ ll- r(ILlI)d LdLLClltion they reeeil'e At thL %cli()ol xnd iliLy are ¢'nwLgLd in 41 lac, rAnge of Rctivitits to L'n112 nce tli¢ir iit)dLr%t#i)dJ'iig. We 215Q c(PetrAte with local chdlrities in our onping endeavours to widen public acccss to the schooling we can pr(>vide, t() optimi4e tliL educxuon2i l u%e ()E out culturLI And spnrung fftcilitie% and ri) wxklii in ()ur pupils. in the public inierest, an aw8rcness of the s()cial context OE the all-round educatioii tliey rLcLIiVC. ObJ•¢tlv•• ond Actlvltl•8 Principal Activities 'I'IIL' %chf)c)l ih priiicipally en%Rged in educaung boy8 From No to sixte¢n, as well a5 girls up to agL tL'n (Year 5) Ilirf)u%li lib rvlv ali indL'PLndLDr school. l.rom Sepiember 21116, jolliily urytli St AndrLW'S. tIIc 4chool wc liave ()EfLrLd a widc rnnge OF subj¢cts For Sixth Form ttidY in tlie new cn-cducaiional, further cdiication exrenbion c)n the Ru4hmoor site. Acr045 thc scliool we film to enc()uragc tlie devclopment i)f livL,Iy, cn4uiring minds, to enRble piipil% to ACClLiir¢' tl)c knuwl¢,dge, wi4d(Trtll aiid 8L,If-dibcipline needed fnr life-l()n8 learninx. L'mployment and xdult life. It ls0 cndeavoiirs tv affcr tlir hiLII)est p()%%iblL level uf i)21 bti)rRI cAre. 50 thAt pupilb devclup 3% yr)ung penple ltI7 rt%i)cct For Ihemselve$ 2nd for nthcrs, and who uphi)Id motal principles, especially honesty, integtiry And compR4SlOn. Charitable Object8 The company is ebtablished as an ediicattonxl charity, bi wiy of a not for profit company, limited by iatanrec. The ('liatity'¥ objects for the rncourngement 41ncl prnmotion OE educati()n iL rc bet (iut in its Arucles of Associati(In. Publxc Benefit In setting our aims and planning our activities Governors have given careful considerallon to thc Cliatiti, Coinmi%sion's genL'ral guidance on public benefit and in parllci)Ixr to it5 supplementary pubhc benefit guid2ncc on advai)cing educ%u011 and oli fee-charging. Rushmoor School Limited provides up to 375 pupjls with good, sound cducari()n xt no co%t to the pubhc purse. our fces ate set at a level to ensute thc finan¢i21 Viabl. i)E the Schonl and fLr i I,eL Ihai iè consistvnt (1] our auTJ5 ()[ providins a rst clR¥¥ ¢ducAuon to all piipilb ind good value ro PRtents.
Docusign En¥ÈlopÈ ID". FCC246B6-1FBC480&A8D5-D68909174162 Groenacre Trust Lomlted (formerly Rushmotsr School Limltèdl Flnancial $tatefftents for the y¢ar ended 31 Auyust 2020 Tlie Sclioi)I welcome.4 piipi15 from all bAck£round5. To admit a prospective pupil we need to be satisfied thAt our Sclioul 11 be ablc tc) educatc and develop that yoiing pers(In to the best OF their potential and in iit]e Mth tlie general staAdArds achieved by their peers. r,ntrAnce interviews and i& $8essments are uiidertAken tts $2ti8 . fy our5elvcs aiid ents thAt prjtenllal pupils can cope with tlie PAce OF Icarning and benefit Fri)m the education wc pruvide. An inth'vidual's ecnnomic status, gender, ethtticity. race. tellOn or disxbiiity do Jiot form part OE our asses%ment pro¢esse.8. The School, being i)art of a lder commiinity, 18 kecn thxt oiit staff aiid pupil8 participate in tli%t cc)tnmiinity. Tliii.% tlie School provide5 a range ()f 511pport wliich coJitribLltc% both to the schuol ii%LIF but also ptovidcs a wider i)ubhc benefit. A numbct OF ehiidten llth a Statcment of Educatinnal Needs/f,ducxtion. Health & C'ate Plan or wh() reqiiirc sui)port with their educ1 Uiin &?re prnviclod witli help ftum a deth'cated ,£pcciil Need Testm t(Tr eJisutL rhLy arc ¥ven tlie be.st POS8ihlc as5istAnce to achieve tlicir pi)tLntif¢l. 'n)i8 18 P11 ruculi& rly hclpful to PRrents wha havc iiot b¢'LIil blc to fiiid tlii% level of support in tl)e Inainixined scctot. 'I'he %clii)iJl IIAS rcviewvd 1¢ Lxtencled iti own provi.8ion UF bLif52ries which are linked ti) i)arcntRI iiici)mL. '1licy will inL'Vltxbly bc limirLIl. as the only s<)iircc of flind.8 is pr(Ivicled by fLe incc)Ine fri)m nthcr i)f¢i'Llit8. tliL. %clin()I not i)()%%c¥%ing tliL benLfit ¢)f LJid()wcd flind8 1)n whicli ti) (IrRW. 'I'hc CJ(JVLtn(>rs Iir¢vL, h()wever ci)InJnittcd t() pr¢)vicl¢' Ilur%iry I'Lincl wliich is cqual to 5./0 of itli fec income. 'I'lie .%ch()i)l alq(I minagL's ihc IlriAn Jamcs Ablc 13ursii ry I,und, a scpatatc cliarity, which pr(>vidc8 inRII %li()rt tcrm biir%RriLs f()r childrL'n wli()¥e fAmilic.4 cxpcricncc unfnrL'8CCtt fJnaiiciAI cliffJcLIIty ai)Il L'111¢ IIlL% tIIc)%L cliilclrLt) tu CC)l)iiiIUL tlicir education without intcrrupti<)n and conunuc t() take R Full PAtt in the lifc ()F tlic.%ch()i)l. Iliislimi)or.%chool Jimite<l ha.% link8 With k l(Ical iinivoi'%ity Ajicl iir()viclL'% pI?f CL'% iftil m¢nti)ring fi)r niiml)Lr ()F¥tLicltnts wli¢) arc trniiiin£ to b¢'ci)me tcAchLrs. '11)c Schc)ol Al%() pr()vidcs ()pp()rtUllltie8 tn year $tudents to dcvelop skills in ordcr to pvrsuc A tcRcliing cRrccr in thc filttire. 'I'hL. .%port l)cpArtmont lias for mRny years bcen seen is a sttength of tlie .%cl)ool. Wo organi8e cvcnt4 f(Ir 11lL Indc'pcnilcnt %chi)ols A.4%OCjRtion and i)r(?vidc tl)cir rcprcxLntiitivc, For the Lnnclon N()rtli arLft. WL Atc vc'ry succcssfiil kt Inc&il, c()Illlty Rncl t11¢ tioinal ILWCI. Ivc regLiIArly tikc pArt in the Schi)ol g8mc.% Ivcally which 1% Pi?rt i)f the IcgAcy OF thL ()lympic Game4, ejicoiirage 4ports fur all, wl?ItLvcr thc 11 bility aiiLI Rl%r) provide SLlPP()rt For s1)ortiiig evcnr%, uch ambA%saclors For the Scliool CJamLb £2n(l youtig Icaders itt local ¢itlilctics cvcnt%. 'fiic .8choiTrl hai a strotig reputati()n Fot nigby xnd Atl)Ictic¥. mal<ii)g %ure viir pupil% iindcr%tand tlic nilL'.4 ai)d fair play. Thc Art DcpRrtinent has hAd success diiring 2019/20 #th winncrs in regional compotitions and winiicr%/highly commcnded it iiauon21 Icvcl. In DramR the School lias a Rood reputAtion and wnn it) vA¢ioiiq cAteg()tics at thc BcdfoLd.%liirc Music, Speech Rnd l)ramR r,c5tivai hcld in Pebruary 2020. I'hc Scljool coiisider5 Inu8i¢. dnma art and dLsign to be important in a cliilcl's edLICi£ ll()tRal expcriences and we welcome 211 chtldren thmijghnut the %chonl to partiCiP2te in productiuns tn yin exporiencc OF pcrf()rming in Front OE 74uth'encc%' ¢hi.% Stt5 Erom the EYP.% and ci)ntillue5 thrt)iighout the schnnl. We invite guesLs to these i)erformanccs..%uch loc CAre hninc re4idenL8 and i)upit grnup5 visit residential homcs to pri)vide pLrEormanccs for the residents. We use (iur Lcatning Rc50urce Centre to invitc children from locAI Nurserics to texd books and p2rtiCiP2L te in craft activitics. The School pr¢)vide% a rtprcsentative (Prinapal as vice chair) fot the committec (consisung oEI(Ical stste maintRiiicd And indepciident scliDol.%) that organises tlie LOC Scliool Games, wlu.ch ts k legacy OE the 2012 Olympic Games.
Docusign En¥ÈlopÈ ID". FCC246B6-1FBC480&A8D5-D68909174162 Greenacre T¥u$t Limlted (tormerly Rushmoor School Llmltod> Flnaoclal $tatemont$ for th8 y•ar 8nded 31 August 2020 The schnol hosis events far the Independent Schools ilssociation, Loiidon, such as 2thleuc5, rugby
nd cross-country. providing the e()al representatii'e for the ISA Sp()rts Cummittee. The school
also hosts ISA staff training seminar4 in academic matters such as Speci educallonal needs support. The school Worl the highly presugious ISA Nallonal Award for Jxarning Support Provision duting the year ?019/20. The Cyovernors are committed tt) developing our prOgrmMe of cnoperauon and joitit working with local maintained se¢torJunior and Secondary Schooh. Equal Opportunitie8 We are An equal opportunity organAs41rii)n and Are committed to a workiTLg environment that 1% free from n}, form of discrimination on tlie grounds of colour. rAce. cthniciry, religion. %ex, sexual orient%tiun or disAI)iliry. We will m41ke reasonAble adjustmvnts to meet the iieeds of brafF or piipils who #re or become di%Abled. Poll¢l•s Supportlng th• Charlt•blo Objects Aeces5 Policy It 14 imp()rtat)t to lis thar acces6 to the education we offer is not restricted to those who can afford tsur Fees. Wv béliLYC our piipils benefir from I¢Arning 1th1n A diverse community,. Il grLat dc'al uf Ic'arning occurs thr[)lirh bl)cixI intLrActii)n. conver&ation Atld %h1tvd expLricncc% whicli help% our pupils dLv¢lop ftn uiidLrbtAftding OE ihe pcrspective5 1)f ()tlier pc'nplL rliat will bL irital iii tlilir Adult lives. Our c(IncL'4%i()ns pulicie5, including bursiries 2nd schOlahlps. contribute to a widLning of acces4 to the educauon wc. affvr Ancl tlie fAciliri1s we c't]jny. Grant Making Policie8: Bur8ary policy I'he Ci()VLrn<)rb view our bursary awards as import11lt in hclping ro cn%iire cliildrcn fr¢)m fxmilieli whi) wi)Lild oilii?rwise not be ablL 11) 1ffurd tliL fei's CAn acceb¥ thc cduc2tion wc offer. Our bLifsAry 2ward% 8fL aviil&iblc to all whn meet nur genLral entri, ri'qiiiremcnts Rnd are usualli made nn the ba5ib of P14 rcnr81 mean& or to relieve hardship wherc a pupil's ediiciri()n and FiitLire pr05PLCts would otl)erwise be At risk. In A%%es4ing mei2nb we ube rhL' metliodvli)gy pri)miilgAr¢d by the liidepLJILlent Scliii()l&' But%Ars ils$ociation, which tAkes number nf fxcrors into con4idcrxu()n in¢ludin8 Famil}, income, inve¥rmciits and sxvii)g5 and family eircutn%t?nccs, for example dependant relftuvcs and tlie number of siblings. The S¢hool doe4 not P()%%L%5 endowment resoiirce8 21 nd in fLinding our Awird$ we need to rnsure x bal14 nce between fce-pajing p#rL'tIt$, many of whom make considerable p¥rbot]2415Acrificeb to fund their child'$ educxtian, and those bLnefiting Frt)m the A%vard$. Promoting High Academic St74ndard8: Scholar8hip policy "rhe purpose of our scholarship awArd5 15 to recognisc academic potcnti21 or tlie ability to cxcel iti oiir co- cutri¢ular aCtiViUe4. Our scholar411ips are award¢d oli the basi5 c)Ethe individual's iicademic potential and/or evidence of ¢xcepticin21 abilities which conttibutc tv our co-curriculxr acuvitie5. We Advettise the 2vail8bility nf 5chvlarship awards regulRrly and detaiis OE both our Bursarie$ 2nd Scliolarsliips m41y be obrained from the School's Bu5ine54 Manager.
Docusign En¥ÈlopÈ ID". FCC246B6-1FBC480&A8D5-D68909174162 Gr••nacre Trnst Limlttrd (formerly Rts5hmoor Schuol LlmFt•d} Flnan¢¥al statemonts for the year Ènded 31 August 2020 Othet Policie8 ott A8818tance.' Financial planning policy attd Fee8 in Advance Timely finRiicial p1&171t1g 15 ofteji the key fot many patent8 And indeed grRndpatents who Are hoping to scnd thLir children to Ruslimoor Sch(iul ind R 8clionl fce% plAn 15 available tn lielp those 151] to fiin(I educationRI casts throuEh reLwlar contribuuoiis. Discuiint.% are 2vailablc for Iliosc uryshing tr) pay lump 8mS into our fees in Advance Scheme. Sibling Remi88ion8 'r() ulldLrhnL the vAliic we plkce ()n ci)i)tinuity fur fAmiiies, we offer e0tItS where pArent.% Iiave ot will Ii¢lVL Iixd mnre thAn twc) cliildret) at the Scli()ul. A remi88ic)n of IU /0 is giveii a£Riiisi the fces r(Ir additiotial 4ibiin%%, tl)rouLyhr)iit their tiine here and rcrdIcsS (If whLther Lldcr siblings f¢i'e.%till L1t thL' 4School. lji nr(ler trj benefit parent% with piipil.% attLndtng bnth Ru%liin()ur 1¢ nil St Aiidrew'.% .Sch()ols, we are pleased t() ufFcr the 8iblinLI l)i%coiint acr()5s bi)tli 8ch()018 47Jid thc nLW JoAnt,%ixtli I".orn). Assi8tanee for our membet8 of 8taff i)Ait ()f ()ur L'mplifi%is on &1ttrsJctiti&i rotainin£ liigh CRknbrc .8txff, we offer R discount 8cheme where stRff membcrs choi)se to educAtc tlieir childrcii Rt tlie Scl)ool. Public Benefit Aims and lttteftded Impact Withiii tliL r)l)jLLts, thc.%chi)(Il aiin.q tc) creirL aji ciivii%)iimLnt ti) iiutlLire cliilclren, t<) gct thc l)c%t frnm tliem, t() Rll(Iw tliem t() dLvcIc)P nil Fulfil tlieir pc)tL'ntial. We pmviclc tIiLm witli k firg1-clASS inclcpcndcnt Lcliicatii)11, .4trnng P&18ti)ral SLIPP(Irt and rAiigc nf SpI)rtin& rii8tic i)ppr)rtunitic%. 'I'hc ctl)r)% (If Iliisliin¢)()r %cl)()()l is t ihL lic'xtt i)f Lvorytliiii%. ()iir public benefit aim ]% that All pupils will be NclF-c()nfidLnt Alid IlL%ire t() c()ntril)Iite t() thL' wiilcr c()mmiinity. Iii tl)c FurtlierAnce nf thL'%e ii im* the %ch()nl'% (J(Ivc'rii(). IIIL clixriry trLi%rccs, hAve c¢)miiliLd with the cliity in SL'Ctii)11 17 ()f tlic ('11I2ritlLS Act 21111 tn havL' cliic rckryr(I tn tl)L ('1141riry <.ommi%$i()ii's i)iibli.4liecl gc'iiLral And relevant sub-.%oct()r guidRncc concetninkTr tlic operAtlni1 nF thc public l)L'nL,fit rL'ciiiircmcnt l211clcr tliat Act. Iliishini)i)r.%chi)f)I i)rr)vi(IL.4 a .4igJiiFie?I nt bcjicfit t() tlic piil)lic. 'fhL, .School .%ttivcs to ensurc that mcx%Lire$ tif PLiblic bLIILfit ArL appri)i)riAtC, Aiicl t111¢ t %i%nificant sL'ctii)ns ()f thL piiblic Rrc ni)t cxcliidccl fi'i)m thc opi)t)rtuiiity to bLncfit frr)m tlic ¢,ducativii aiiil fA¢iliue% (JffL'fLcI due t() thc IiL'LcI t() pay a FLC. In iicILlitioii to igiiificant pr¢)visi()n r)f biJrsAric% 2n£1 i)IhLr F()rm% ()f financial %iipp¢)rt, the %ch()ol provide8 A £{C rAn (jf opi)f)ttiinitic% fi)r ci)minLLnity bL'nLfIt and Facihti¢s, cvenrs Are often 01)en to all. Short Tetm Oblective8 'riiL' f)bjL'ctives fc)r thc. sch()ol yLat are to mRintAin piipil numbcrs Rnd hig11 per8onRI pupil achievLmcnt,' we al flim tc) bLiild on c)iir execllent ISI i1151)ection uqth ¢oiiiinuity (If 41cadcmic momct]tum. ()ur Eiirtlicr aim 18 to mAintaiii A contiiiuiijg Iii£h slRiidi2rcl in our tcxLliin% Riid adininistrativc stAFF Ancl cjifure cln%L. finAncial mt)tJitr)riiig of incnmc n£1 cxi)cnth'ture, wcll ab pri)viditt£ good Vi11ue for motley wh21bt achieving A IIcAlthy ycar-end surplus, before deprcciRtion And 8peci1I I pr()jects.
Docusign En¥ÈlopÈ ID". FCC246B6-1FBC480&A8D5-D68909174162 Gre¢nacre Trust Llmlt•d {formerJy Rushmoor S¢hool Llmlled} Financial statements for th• year ended 31 AuoU5t 2020 Ptincxpal Activitie8 of the Year 'rhe princip21 acuviry contitlues to be the delivery of qualiry education to PL)pils Erorn different social, ecc)nomic and culturAI backgrounds, aged from two to eighteen years, witli a laC range OE activities Mthin and uutside the clasgroom. The School also lmS to hobt a nutnber of exremal activitie% and ensure that Eacdities are #vailable at other llmes for use by the local communiry. Alongside this regular progrnmTne we offer our new co-eclucational Joint sixth Furm unit on tlie Rushmoor slte wknch ptovides a widt range of "A" l't1 8ubjects. De5Plte tlie (h"Eficult econotnic climate. we contit]ue ta m1intaiii high number$ of pupils within the school and we are pleased that the current year h$ continued tlii¥ momenwin. Medium and Longer temi objectives are oudined below. Volunteet8 The %choul benefits from d)e conuniittd support of a number of individuals and particularly frf)m the P#rciit%'l'L¢icher¥ atid r,riends A%%ociAtiun wl)o help the %cl)ool tn rnise fund5, ab%iSt in School ev¢iiis and pr()vidL Other lielp wliLrc rLyuired. 'I'he Governing B()dy would like ti) thank all of the voluiiteers for their outstanding help and 8cknowledge the a55iStance given. strat•glc R•port Review of Achievement8 and Perfonnance for the Year 'I'hL Schi)c)I me&isiifL% 115 2chievement in the %rAlue ddcd, PLrfomiRncc of its pupils. 'fhe mean value fLdded results ()ver iliL layt 3 years &hDw8 incrc'Ase per pupil from their b9&c iinc tLst ()ti c'ntry to th¢, b£li<)()l And have met tlieir inilicai¢)r grnclL'4.'I'IIL. focu5 Eor thL' nLxt 5 }pear% ttnd bey<)iid ib to mRintAin and then impr(Jve upcjii tlii% figyurL r() ijicliidL Assclismtnt 12nd ir8ckinkF At All groiip% up ti) A Icv£,l. ('LirriculiLm cliatiges And tl)c' cl)aii%c' ti) linL'xr exxminaU()ns will impxcr i)n OLir pupils, r¢'siLlts cluL' to s()mL' of thlir PLcific ediicAti£)iial nLLd4. '1'1)L c¢'ntrL a¥%L'k%Ld %rAdes ftpplic1blL dLiring Lovi£l l(J %iLitLcl <)ur PLipil4 aiid a c()n%eqiiLIJcL tliey PL'rfurmL,d Lxc¢'ptii)iiall}r WLII ai C'('l.' 1nLI C'('I,' level. WL. Al4(> cnntiiiuc. to fi)cu4 1)n value-2dclLLI fi)r th AblL. CJiftLd and'l 8lentLd pupils. 'lThe %ch(>nl's .%elf Evaluauon l)lan Eocused on improvement8 to teaching and learning, cnsuritig good IL2chinE prRctice is common tlirf)iigliout rhe sclio(Il. It al%n looked 8t the chRngLS t(> thc I,'YS,'% ijiirudiiced by tlie Ci()vcmment which ony)iiig. Tl)¥ Leacli¥rs arc dcvclc)pin8 further m¢thod¥ tv imprnvL tlii. way% in wl)ich pupils can become 'indcptndent lefLrnerli Ili15 uryll help them in prepAraUun Eor the new linear srylc (JC'SI, %. teachcrs are Also gnsiiriftg that the oiitcomes Arc Iii£h for pupils of all abltIes At rl)L L'n£l OE lessons. 'I'he illli2Jice recently ii)VLSted iii a new Manlgemcnt infomiauon sybtem - LnwagL' nd %tRff are recciving trainin 10 use this cFficiently and cEEcctively. 'Ilie %chc?()1'& 2019120 Sc11f)oI IEnpri)vcinent Plan fi>cuscd on tlic above rea¥. Additionally we ci)nriniic to devel(Jp the performincc management process Eor tcacliing aiid non-teAching st#FE, togetlier urytli en%iiring thai Gov¢rnors r¥ccive regular training in their key roles xnd are provided with ai)y updatcs and changes t() legislati()n. Succession plRnning wthin the goveming body/trLlStee4 is also a kcy focus. Jlnother aim hab been to en8ure thit Governor'5 Vislts focu% oil tlie elefflent% on the impri)vement plan to ensiire understandiiig among tlie trustee8. ParuculAr emphasis hx4 bccn pliced this year oil the impact ()f te14 ching oli the pupil'4 personal dei'elvpmcnt Rnd Academic aclii¢vemeAts, whicli is Lhe focus OE ll ISI In%pecti()tl5. Gcivcrnors h&ive al%a been Eocusing on these 2reas during their visits. and during Coirid using Nlicrnboft Te&2mb. PerEonnancc management is now more concenttated on the impact of leaming for all abiiiry levels. The %chool is contsnually looking Eor ways to iniprove the curriculum and introduct new subjects; iri the past yesr we have introduced C.ambtidEe Tcchnical Courses in l?hysical J,'ducauon *nd ICT to c)ur Sixth Furm proirjbj()n. Wc have A180 reviewed our timetable to alli)w for extra tuiuon IA the core 5ubjccts, particularly F.nLr]ish and Nlathematics. We hiL ve recently reviewed #nd updated the education c)E PS14F.. menial health and wellbeing, careers and RE in the school cutticulum Accorthng to die changes recommended b> the government. The introduction OE a bchool counseilor has helped ryth pupjl mental health 211d wellbeing.
Docusign En¥ÈlopÈ ID". FCC246B6-1FBC480&A8D5-D68909174162
Greeryacre Trust Llmlted Iformerly Ru$hmoor School LSmlt•fll
Flnancl•l statoment$ for the year •nrfed 31 August 2020
10
The Promotion of Education
Thc %clic)ol providc8 A very high stAndard ()f ediicfttioii at)d tlii% is validAted in rcview of the 2cxdemic reqults,
oiir Me$UreMent. of added luL aiid tliroiigh extcrnAI ijisi)ection. The 8chool affets a broad curriciilum
and educ41tc% chlldrcn with A wide range of Abiliry. We cantiniic to demonstr?te particulxr excellence across
A broad range of subjccts. as cviclcnced by the academic re8ult% shown below. C)ur 14 im 18 to sui)pi)rt children
in tcachinLTr th¢ir pottiiu#l in all Areas nf tlicir actlvlty xt the %chool. Tliis may bc in academic siibjects but
coiild just as easily be reflected in succe8% in Art. Drama, Spart or Music. We pr()diicc knrell tounded,
individiiAls wha ate Able to mAke a positive contribiition to Society.
ISI Inspectxoft
11) 21113 KLI.4liinoor School underwent a Full ISI inspcction. The 8cho(Jl was judged to be 'Excelleiit" in
tlie majnrity OF %reAs. 'fhL Sclionl take$ tlie rcsult% OF in%pectinn As being con%tnictivc advice. and &11wxy
resi)c)n(l i)nsitively r() the recc)mmendations mAdc. I'lie sclivol WA% Subject to A C.iJmpliRnce And r.YE,b
11)%PLCti(>n in DccL'mber 21117 tid throiigl)c)i)t, tliL repi)rL tecorded ouisianding feanwe$.
Academic Re8uIt8
'or tl)c thiril yCAr nLJlI)illX, the nvw liiieAr GC%b. L'X&1m% liavc cliallcii£Ld pupils like never befnre And
Iliisliino()r CL'rtainly ri%cn tv tlie cliAIILngc. I'he nvL'rAII i)as% tlL te xt GC.%l,' rcmAin.q At 99Q/ts wliich ig very
ple¢1%11)&y and wcll ()vcr 750/11 of piipil.q Rcliieve 5 or more grAdL 4-9 pag5¢&. RLL8lim()()r als(> xchievc,d A
4i&ynificant niiml)Lt of hibrlicr 8rRdL% (C)+) wliich are very hArLI tl) 8CCLirc witli tlic new ipecificAtioJis being so
ch211eiiging.
In Rcldirit)n tn out Ycxt I I col)rirt 8chieviiig so highly. we are deliglitcd rhat one Year I I piipil xlgn RcI)ievcd
gti1Lle l) in l.LirrhLt MAt114 Aiid ali A kTrrncli' in A level Mathcm14 Ucs. 11)15 IS 1¢ trcmL'nd()Ll% 41cliievcmLI)I fi)t
i)111)il %ittiiib? thesL' exAms early and illLlSttAtes tliL' carc And Attcntii)11 shnwn to our fted and able piipil%.
Ilii.41)mr)i)r 1¢ nd .4r An£lrcw'4 .%ixth I,()Lm xre very proud t¢) lilt v¢ cxpand¢,d our A Icvcl i)ffer to 18 8ubjccts
a4 wL,11 n% tlie ('Rml)riclgc .1 ccl)IliCAI aWi1rd iii 13Lisiiie45. I'l. Ancl l)I,' fitid l JXtenilcLI l>tojcct QLllI liFicariun. It
WR% igAlt? a vcry siicce%%ful yL#r fi)r ()iir"A" levil ti)li()rt, witli tliL' maj()rity i)f 4tu
Docusign En¥ÈlopÈ ID". FCC246B6-1FBC480&A8D5-D68909174162 GrnaCrO Tryst Llmlted {lornierly Ru$hmk)or School Llmlted) Flnanclal $tat8mont5 ftsr th& year trnded 31 August 2020 Strat•glc d?v•lopm•nts Agreement with St Andrew'8 School Since September 2013, Ru8hmoor Schuol Limited lias operated in association with St AAdrew'b School (Bedfordl limited with both Schools workmg together in x clo%e relationbhip. This ssociation has now bcen fortnally rvcognised by the merger OE rhe twc) schools witliin the framework of the charitable rrust, Greenacte Trust Limited (fomerly, Kushmour %chool Limited). r,or the present, b()th qchools will c()ntinue to provide educauan services under their current styles, Rushmoor School and St Andrew's School as well as St Andrew's Nursery. During rhe year wc have been faced with the extraotdinftry circumstAnce% resulting from the Cor(InR Vinis PAndemic and tliis11#8 disrupted mucli ()f thL dl¢ y 10 d2}, workir)LT4 nf the scliool. During rhe llme when tlie scl)ool cl(i%ed for the lockd()wn period alid in sutne u6equtIi[ %ituati(In4, the teAcliing 4t11 ff hRve providcd extended on-iine support and teAching 10 all piipils. Since rhe PiLpi15 return in %eptembtr it has bL'en nécessary ta rike Pi& rticular prL¢auu(Jn$ 10 protect pupils and staff. In the PR4t there have bet'n a rL?nxe of activities brinxinb piipi14 fram both scli()()1s tc)gLither biit this lia% bLLn marc th'fficult witli tliv tVqLiirLnieJii f()r 4ocixl th'stancit]g.'I'he thirLI perind (>f n8tion21 Irjckiluwn, introdiiced on 6ih January 2021. brouglir fiirtlier pressure4 f()r all members of our teaching stxff who have responded with great resiiience to the demands of i)n-line tLaching. It 1% Lnc()urftgiJig that, during recent y¢Rr4, Ruslim()()t liab bc'en ¢iblL' ti) mAintAin x high piipil roll, jii%t %hnrt of C141)aciry, whil%t #r %r ilJiLlrew's we have %Len R gr()wtli in pupil numbL'f4 Across thL' yL'1r gr()ups. I,uller detAilb (Trf rhe Aims, results ind achievement8 rli %t Andrew'% %chool can be found in the scl)n<)1'8 Annual RLP()rr And l.inRncial %tAtemenrs, Land at Clapham Park Vith thv PLirchA%L l)f the 4n 41cfc sitL bLtwLen C.18phiL m Ro2L d 1nd Manton IAi¢ nl,, t4edFnrd liLcurLd in 2015. tlie Governnns c)Fllii%hmc)or %chi)i)I IIAvi prc)grvs%L'cI witli rliL' cr)ncept of a ni'w jc)int 4ch()()l <)n rhL' sire Fnr bntli Iliislimovr Rl)d It AndrL'W'S. Il Iciigtliy pr()ce¥¥ to achieve OLItlIe planninK c¢)ns¢nr ()n thc siic fiJi£illy rLachLd A 4ari%E2cinry conclii%ion LArly in 21111). Govcrnor4 ¢in£l mimbL'rs nf 4ciii()r m41JiagcmLnt hRVL bLLn EocusLd ()n the tAsk of prcpariiig fvr tli¥ f(Irm81 mL'fkTrL'r of il)e two bchi)1)14 and trlking forwarLI p14211S f<)r tl)t devel()pmcnt nil the site. 'L'he proposal is to develop fi "Dixmond Modcl bcliool", th co-educau()n in the '.Arly aiid Junior YeArs, SinglL (Jender provibion in tliv %eni<)r %chool ill corc 4ubject4 c?nly but with a Co- educ1d tioniil Sixth Porni. The Uming when work is likcly to stf¢rt has unfortunirels, been del8}'ed Fiirther in recei)t montl)s due to delAy% occasioncd by tlie Covid PRndemic 41nd 1gain with the Incal planning i)roccss' however. the aim now ts for the school to be in place for the stxrt OF the 202212.3 acadcmic ye2& r. Sixth Form Provision 1)141AS for a Sixth I"'nrm, serving both btudents Fr<)m Rubhmoor ind St Andrew's Sclinnls. C1& me to Fniition 111 Septgmber 21116 with the opening of the new Joint Sixth Form in fenwick I louse, dj?£ ccnt to the Rushmoor site. A lde rAn£e of "A" Level and Cambridge Technic81 subiccts arc offered tu attrxct studentb from both sehouls, ab well as students from other l<Jcal $chools who fiiid tlie small¢r. mnre Eocused envirc?nmenr af thc scliool attractive. StudLnts hi2ve setded well with encouraging numbers OE stLiclentb enrolled and the 'A" levels 2nd Carnbridge technicAI ¥ubjectS 2ckn.eved by our exrly coh()rts were very encouraging with All students achieving their preEerred next educxtional or Creer stq). Infomjation Commitment The two Schools have enteted an exciting period of their joint d'cloPMent and the Govemors. 1)Ancipal and Senior Min2Mellt of botli School¥ Are committed to 5hirin8 IlP to £l#te infnrmAtinn nt] 811 spectS nf the ptijjects th parents aiid stakelioldet5 OE the$e major enterprises as they unErJld c)ver c()ming months and years.
Docusign En¥ÈlopÈ ID". FCC246B6-1FBC480&A8D5-D68909174162 Gr¢enacr• Trust Llmlted Iform•rly Rts$hmoor School Llmlted} Flnanciat statements for the yÈAr ended 31 August 2020 12 Flnanelal R•view and Results for the Year Financlal R•vlew Financial Position and Reserves Policy Greenacre TrLl5t Limited (f(Jrmerly Ruslim(x)r Schi)ol Limitedl's qurplii8 fot the yesjr to .31 Augu.qt 2020 of £437.428 (201().. L644.277) has been AcliievLcl during a i)eriod of conunued political and cconomic iincertRinty. bollowittg the LiCqlJiSltion OF tlie I"lapli&1m Park %ite we are tAlung forwAtd plf¢n% for the cleveli)i)Inent i)f th¢ ncw joint school. In %ddiuon the old DT site At Ilu$hmoor has been clearcd reAcly Eor fiittirc clevelnpmcnt Ancl we hxvc been able tn LStd1bli41i the nLw.loint Sixtli Fc)ttn fAcility at F'enwick l.Ii)use, adjaceiit tc) the Riishmaar %ite. At the clc)%e OE the fin&1ncial year 21)19/211, the C.oinpany hR5 acciimLilatcd Funds of 17.1)02,424. of whicli L6,351,334 is investcd ift Fixcd Assets. 'I'l)e Ci()v¢rn()tg hAve Agrecd a Reserves Policy which Aims to xcliieve a pn]dentiRI re.4erve equal tri one term, fLL itic(JmL. IIu81)mr)or freL rcservLS ciirrently qtAnd t £l.174,55() witli gr()up Free teserve8 of £1,551,091. Wiihin tlie tf)tAI tlic (Juvornnr% li1& ve dL%igi)Ired l)eveli)pment Ilcserve% uF£2 million which, ti)KLtlicr wtth FiiJid% gLnerRted fr()m tlie n¢g(Jtiatcd qAIL nf tlie two oxi41ing 8jtes will i)r()vide tlie cutc fiindiiig F(>r tlic new %cliool. Income Levels 'I'he %cli(Inl'% iiic()mc dcrivc.% priiiciptilly fr()m fcc'%' tliL, Icvcl i)f incc)mc is thLrcf<)rc' tl?c re.%iilt i)f grccd fee8 AIILI i)111)il I)iiJnl)Lr%. (J¢)VLnl()r% reviLW fee ILvL,l% AiinLI? Ily anLI tl)c fL'L% .4L't RfL Ilet¢rminLiI by thL nee<1 t<) c()vcr c(1sts- Rnd 1¢) pr()vide xn adeqiiAtc lovcl ¢)f %urplu.% and re.qervLS, wliilst cnsurinx tli¢1t fiilLire JnxintLnincc ()Itl)L fAbrie r)f thc %cli()(Il ind ()tIIL'r x.%%<)ciatecl c¢)%tli can l)c m¢ir fri)m ca81i fluw nnd reserve$, as Appr<)priAtc. At tliL %Iimc' timL, (JovLrnnn¥ ¥LLk ti) Ll)%LirL thRi fLLS arc, bi)tli c¢)mpotitive ind pr¢)Yidc w)n(I Villiic F(>r m()IlL'y f()r pRrent%. l)upil niimbL'r$ arc rei8¢)nably i)rL'£lictablc'. with Riiy %igiiiFicai)t m()vemLI)t wcll in AclvaiicL,, li) thc, ci%L ()f 1lf1(an[ rLducti¢)n in piipil IiLLJnbc'rs, Cinvctt)tir% ct)iilcl takc immcitiatc steps c(Jii4traiiits. Ilugl)m()()r %chi)f)1111¢ 4 l)LCI) AblL tf) improvc I2n(I illtain i)iiiiil numbcrs, duL' tc) IIIL, eiiLrgTrctic marketing OE the %cliool's undi)ubted 8trcngtlis ¢1t)d PLipiI achicvcmc'nt. Pay policy for key management per8onnel '1c ctirL'Ct¢>r.g AIILI I.l)¢' scni(Ir IL'1¢ iILrs1)ip tLxin are ¢liL key mttnxgement pcrgonnel thAt are in chArgL ()f L1ircctit). cuiilr()Ilit)R 41JicI I)l)Lritiiig th¢ %cliuDI nn A day t() clRy bS1$. 111 C()i)liidLriiigi sLiij()r pAy CJl)v¢riior. tkl xtcount c)f tlic net'£ls c)f tl)L' (}r1]itiC)n for ski114. Lxpcric'nce aiid i)¢'r4()nal CAI)¢11)ilitics t() c'nAblc it to acliicve it% objicuvcs well As the price ol sucli 4kill8 in tlie labour markct. Prlnclpal Rlsks and Uncortalntl•• 'riie Govcrnin% 14ody 1% re4puii%iblc f()r thc idci)tification 8nd majill gemLnt OF ri8k4. 'Ilic maj<)r risk tn which IIIL cliarity is exp()8cd, a.s iclLllufied by thc CJr)veriii)r5, have bccn rcviewed and 8yStem5 or pr(>cedure8 hAvc bcen estabhslied to 1)a£¢' thosc risk.q. Dctaded cxRmi()atic)n UF the Ti%k5 and e¥frxblishmcnt of contr()If tn mitiyte them ib dclcgated to tlic Senior Managemcnt 'l"eam. 17Jc proce55 is over8een by the C3ovcrniJig Bo>ily I2nd a FormAI At]2lysis OF liisk 1.4 UliclcttRken by tlic ('nuncil of CJnveThiors on An aDnuAI babi5 to on8ure that fiittire plaiining takes Accoiint vf tlic%e ri4ks. The principal risks to which the Scliool is cxposed indude those 2Efec(ing protection OE pupils xnd security nd pte5crwau()n of charitAble a5SCts botli now and in thc Euture. Significant risk arcas: the m£irket in which the School operRtes is highly competstsve and we mvftitor development5 in ediication to ensiire thAt pupils dways rcccivc 8 first class, hi)li5tic and varied educationzl experience in our School
Docusign En¥ÈlopÈ ID". FCC246B6-1FBC480&A8D5-D68909174162 Gr•8nacrg Trust Limlted (formerly Rushmoor School Llmltedl Flnancial $tatemonts for the year ond•d 31 August 2020 13 we strive to ensur¢ that all staff &ire able to work in % %Afe 2nd supportive environment 2nd policies, procedures and Iraining in I lutnan Resource management and Health and Safeti help to ensure that the School meets expectations the School c)p¢rate5 in a highly regulated sector, including in matter% oEcliild protecuan. and we apprjint appropriate senior 4taff member8 as well as prufessional advi4ers to ensure thar we C14 n keep up to dare with ai] requirements. f chool or inth"vidual meinbership of bodies beAng Ihe constituent %ssociativns ()f the Independent Schoo15 Council also enbure thai we have access to up t() dare infortnati()n and support all ()rgAnisi& tion% face uncerrain economic conditions and Directors and Senior ger5 in the School keep abrL2%t of econ()tnic condition8 lacglly, natiunally and intemauonauy to idenufy trendb and develop plan5 to address Issues The key controlb used by the School include.. fom)112gendas and minutes for all meellngs ol the Governing Body and committee8 rernis of reference for all c()mmiitees C(ILnprLhensive stratLLYiC planiiiiig. financigl forecAtIng. biidgeting and man1¢ gement accuunung esi#blibhLd sjnd ideiitifiAble ()rganisAtional %tructiires gnd rL'porut)g lineb which ftrc rcEuIArl}' reviewed comprehen4ive furnial written pokncie5 verujig pr()eLdures, 1& s fL411ired by law. for protectson of the vulnerable the CJavetnin% Body iLndLrtakc$ its own teview of Committee documentation and procedureg 'L'he %chonl plans 4trate£21lY having reg8rd for risk. Senior ManagemLnt pravides the Gi)vvn)in% Elndy wirh rLkTruIAr report& which incliide details 1)f the principal srritc'wc objL'CtiVL% And rhe Acuvity to ichiL'ire tI)()%L' nbjLctiYes. Tl)¢ .%chool #]%() rL'cords tsiuniificAiir RcliievemcntS Rnil iipd1& tL'li thc C)()YLriing 13ody nn sh()rt-ierm plans. Financial risk management objectives and polieie8 I'h¢ %clior)l U¥LS finAIICi411 iiistrumenr% 4ucli cabh 1¢ nd othL'r liqiiid rL41)urceh vAri()us ()tl)er ilL'ills hULh as trRdL dL.bti)r4 And crcditrirs that 8fi4L ditectly fr(Jm ¢)pttntion% to fJnaiicL' the gr()up's opcrAtinii4. 'I'lie ch()nl mRinr8inb gi)()Ll liquidity Icvvl% in ()rder r() minimi%c finAiicial risk and a number al clieck% arL in plxce in order to mitigAte the risk of fraud. COVID 19 1he ('nvid 19 Pxndemic has hxd a <lramatic impAct acr044 Ihe wholL world and, i)ot sutpribingly ir lias affLCtLd tliL' hchools. as ()iithncd above. ID ftdditinn to the necessary introduction (If me&qsures, in linL With ppvernmcnt policies, to contain the 4pre1d d of tlie viru8, It h25 also been nece%%Ary to take btep% witli regard to the financial iiTLPACt on the Scliool itself And patcnti41lly on our parents. I,ollnwing the initial closure of the schoo15 in thc Sprin% of 2020 our teAching staff quickly put in place prnccdures to support oiir pupi18 of all levels with ()n-knne texcliing Rnd other support feRture%. arrangement8 were well received by our btakeh()Iders L2nd were fallowed up by further chAngc% to our teaching arrangemLnis wlien we were ablc to re-vpen to our 5tudentb After the initial lock-doTrm period. During the furiher period oElock-down, we have been able to ofFer extensive on-line teaching for our pupils which has been very well received by pupils and parents alike. In view of the changes in our deliveries at thc oiitset of the lock-down we took initial steps to adjust our fees by ofleting a rcduction in current fees oF20.2°/o For the Summer term; we have also sought no increase iii fees f()r the YAr 2020121. Ixle have taken adv2nt2gc of the y)vemmcnt's Job Retention Scheme, Ivhere appropriate but we are glad to report that, as a result of the resth'ence and hard work of our staff it has been possible to maintain close contact the vast mlOty of students. We feared initially that the economic impact of the Pandemic could aEEect a number of our parents and, whilst this h#8 been so in a number of cases, we have been encouraged that pupll t]umbers hai'¢ been r¢bilient duting the past Eew months as a re5111t of the tRke up OE place5 by students, largely from the
Docusign En¥ÈlopÈ ID". FCC246B6-1FBC480&A8D5-D68909174162 Greenacr¢ Trust Llmlted Ifornierly Rushmoor School Llmltedl Flnan¢ial statements for the year ended 31 August 2020 14 m8intained 8CCtor. Ovcr this period af disruption, we have monitored carefiilly tlie effect on the 8cho(11'8 tracltng situation Ind, with ptudentiRI m&inAgement of our overht41ds. we have been encouraged by the financi1& I result% achiev£d fnr the year 2019/2f). We Are also encoilrALa that thi% trend has coiitinued into the 2020121 trading year. with a strang performance f()t the Auttimn Tcrm. JA)oking ah¢fi whilst, undoubtably there ryll be some adverse effccts from the Paiidemic, we rcmAin confi(lent in our futurc trnth'ng ArraiigemeJits> mentioned 1& bi)ve pupil nuinber.% remain encoiirAging despite current circumstances And we Anticipxte this will cuntinue, gjven the attraction of the new 8cliool build which is n()w on tlic lii)tizon. IA recejit years the two scho()1% 11&1ve been able to 21 chieve enCi)Uran level% nf sU[uS Ancl follnwing ilie formal merger of tlie two .qclionls in Deccmber 2n20,18ce PLittire Arraiigementq, below) with tlie benefit nf juii)t C41sli rL5eLwes ufqome £2 milli()n. Trusteeq remAin confideiit thar, (Icspitc ciirrLnt UncCrtIOtIt, thc Schi)c)Is cAn continuc to tradc pr()fitably uii a going concern basis. Investment Poliey I,r)Ilf)Will&l tlIL' sikTrJiificAnt investment iii the new C.IApliam Patk %ite alid tlie develoi)mci)t c)f tlie J()1llt.%ixth I,orm,'I ru%tLLS will ¥eck to builcl flirther rescrve.% wliicli will bL Utiliiccl in the i)IRiiJicd fiiturL con$tructinn OE tlie nL'W,%cli()<)l ()ii tl)L .4lt¢. %liort rLtm liciiiid flinds, togcthcr with reserves are held with bankcrs l.l%lJ(" BRI)k Illc. iiiclii(ling wlif)le.%alL Money MAtkL't dLpo¥its. Future Attangement8 Ag aiitliii¢d above. duriii&i rL'CL'lIt y¢arN. .8t Ai)clrLW'%1 1 nLI IILL%I)mni)r %cli()nl liavc wr)rke(l iiicreAsin%ly WL,11 In(1 m()re cl()SL,ly t(Ixei11Lr, with tl)¢' aim <)f jf)Illjll% t(>getlicr iii Ilie new sclic)()I tf) bc biiilt i)ii rhc ('IRplisLm l)atk %itc. As a EiirthLf i)C)SltivL' m()ve t()wird4 tjiis flim, tliL tw() clio()l% mc tr)gethcr in M Icgal %LII.4e in I)LCLinl)L'r 211211. Whil%t currciiily c(IiitiiiiJinkTr t(} delivLr ()ti tlieir (>wii sitcs At)<1 %till u.%inkTr tlicir L'xi.%tin£ rri1(liiig JiiinL.%, dclivcry ¢?f .4ervicLS by both %cl)r)()l.% will i)()w bc VIA thL iicw Cliarital)IL. l JcIIic1ti(In .1 rult, Iled/ord CineKd¢yv IndePeKd¢NI J'Ghol lifviled and tlii.% will Ix, tlic iiame fi)r rhc ncw sch()f?I wlien it npen4 in ?1122. '1'Iic .4clic)Iil i)rL'ini4e8 will be hcld by a Charitable l)cvcli)pincnt'frust, CJre¢n4tyy l JJMiled, whicli qll LIL,livcr tliL llL'W scI)r)i)l. Audltor• (Jfi1llt 'lliotntoJi Ul< 1.1.11 hAvinx cxpre*sed tlicir lIlLi)gnes.% to continuc in <)fficc, will bc dccmed rL'AppnintL(I fDr tlic noxt financ2#1 ycar in accf)r(lince witli %¢cti()11 4117(2) ¢)f tlic C.ompAnics Act 21x16 unless tIIc c()1111)IL ny fcccivLS IioticL Iijidcr bLctiun 48tlll) OF thL Comp2nics Act 2006.
Docusign En¥ÈlopÈ ID". FCC246B6-1FBC480&A8D5-D68909174162 Green•c¥e Trust Llmlted {tormerly Ru5hmoor School Llmltedl Flnan¢lal statamertts for tha year ended 31 Au9USt 2020 Rospon$lbilltlos of th• Councll The Councd (who are Also Directors of Rushmoor School Lifflited for the pu0$eS of company law) are responsible for prepAring the Report of the Council 2nd the fmancial statement5 In accotdance with applicable law and regulAuaiis. C,oinpan}' l&iW requires the Council to prq)Are financtal statement5 for each financial year. Undet that law. rhe Coiis]cil hAve elected to prep1¢ re tlie fin8ncial statements in accordance with United Kingdom Generally Acceptecl Accounting I>r2ctice (United Kingdom Accounung Stand2L rds and appiicable IRW inclL)£ling FR 10? tlie Fini¢ ncial Reporring %tonilxrd PplICale in the UK and Ireland). Under Compafty Igw the (.ouncil must not apptove the financial 8tatement8 unless the}, are sausfied that tliey Eive 2 true and fair view of the state of affairs of thL cl)aritable company And the grnup and of the incoming res()urccs &1nd AppIic1tic)n OE re%c)urces, incluclin% thL' income at]d expenditure. of the charitable company and the group for that period. In preparit]g tliese fiiianciAI statetnent%, tlie Council Are rcLiuired ia.. select 4iut8ble Rccoiinting policies and tlien apply them consi5tendy* ob%etve tlie mctli(xls and prinLiples in tlie Cliaritie% SORP and PIiSln2; make judgement% and Acciiuiiung estimAtes that are rettbondlble and ptudent; state whether Appllcable UK Accniinllng %tRiidArd4 have btLn Eollowcd. subjecr to %n}p materixl dL'PArturcs cliscIc)SLd 11 nd LxplAined in ihL, finincii¢ l %r2temeiit%; prLp¢ire thc finAncial stf¢rement% <)n the %tiing concLrn bASiS unless it ts inappropriate ¢0 presume that Il)L cliaritable c()mp¢1ny and t11e group will cnntinuc in busincss 'rhe Council are tespnnsible fut keeping adequate accounung records that ire sufficient to bhow And L'xpliin thL' cliaritable ci)mpAny's ttAn4aciions ind di%cl<)4e Uryth rc'AS1)nable 1¢ CCLirac}' ar any time thL financial p(i%iti()n ()f tl)L ('nmpany Aiid LllAblL' tlicm t<) cnsure thAt thL financiRI ¥tatemcnr$ cnmpl}p witl) tlie Ci)InpaiiiL% Aci 2(1(IG. 'I'hLy #re Also re4ponbiblc fc)r SAfL'Xi)#rcling rhc R44L't% of thL' ch1ritxble c<)mpAIiy And hence For taking reasonftble steps for the prevention and detecuon of frnud and other irregularitieb. "I'he Council conftrm that.. so fftr as each Director is aware, thetc 18 no relevant audit infomixuon of which the charitable company's audiinr is unawLre' and The C.niincil hAvL taken all the st¢ph tl)12t the}, oiight to hive taken x$ Directo in nrder to mAke thcm5elt'e& 14 ware i)f ny relevAiit audit infomiatinn Atld to establi%h that tli¥ charitable C.otnpany'$ Ruditor is aw8rc of that infomiaunn. The Counca responsible for the maintcnRnc¢ and integrity of the coworxte and finxncial infurm#u()n iiieluded on the charitable compAny's wcbslte. I512t10n in thc UnitLd .gaoM goi'eming tlie pr¢paration and dissemination of financial statements m8y th'ffer from lelatson in other jiiribdictioi)s. e Board of Director5 of Greenlcrc Irust Limited (fnrmetly Ru5hmoor.8chool Limited) on 29217 and Sie their behalf: Approv l R Flack Director
Docusign En¥ÈlopÈ ID". FCC246B6-1FBC480&A8D5-D68909174162 Greenacre Trust Limlted Iforme¥ly Rushmoor School Llmlt•dl Flnancial statements for the yeAr ended 31 August 2020 GrantThornton Independent auditor's report to the members of Greenacre Trust Limited (fomierly Rushmoor School Limited) (regisrcred numbL'r 00856842) Oplnlon We hAvL aiLctsI("Il tlie financial stitcments. OF (Jteciiicrc'frust Limited (the 'pareiit charitable compit ny) Alid il% .8iib.%icliaries (tlie 'gtoiip) for Ilie ye1¢ r endecl 31 Auwi812020 wliich comi)ri%e thc coJis()lidilted Stxteincnt OF financiAI activitics (inc()rporating An incamc an(1 expcnditure Acccjuiitj. the cansolidxtcd And P11 relit cliaLitAI)le cc)mi)any b1¢ lance.sliLets. IliL con%uhdAtcd C¢l%h flnw.8tptemetit xnil nntes to tlic flnancial $ixtLm¢nts, in¢lLiclinE x siimmiL ry ijf %ignificant Accniinting p()licie%. '1lie fi111& ncial rei)()rting ft2mew()rk rhat liag 6L'en xppliecl in tl)cir prepati2ti()n 1% &11)pIici& ble IiL W RllLI UniiL'LI Kiftgdam Acc()untitix.%iandArLI8, iiicliidiiig I'iiiAncial IILI)()rting %tftnd&ird 11)2. 'J lic l-,inanciRI Rei)¢)riiiig %thndar£l api)licable in tli¢ Ul< rind IILI)iiblic r)f IrLlii nd (UnitL,d l<iJigdc)m GLnenlly Accepted Accoiit)ung l)racticc In niir ui)inirin the finRiicial stAtemcnt8'. yivc R trLIL' aJi(I fil ir viLw ()f thL' of tlic gr(ILlP'S Aiicl I)¢1rL'iit cliaritable compaiiy's afFair.% a8 at 31 211211 Aiicl <)f thc %r()Iip'8 liicnming re.%i)iircc% And apptiCAUoii of tcsoiirces incluilin%. its hivL, l)LLii pri)PLtly prepired in accordlnee witli Unitcd l<iiigdom CJencrAlly Acecptcd Acc()iiiitingF I)rnctlCC' Alicl hxvL. bLLlI l)fLPatL,d in CC()rdaiicc witli tlic rcqiiitL'mcnt% af thc C'oinp8niLs Acr 2006. Bas1¥ for oplnlon KVL.11al'L bLLIi Il1)i)ninteLI # %iiditor iindcr thc Cr)mpAiiie% Acl 2(J06 1& n(1 rci)i)rt iii Acc()rLlat)cc witli rLknili1tji)ii% madc UliLILr t1111 F Act. Wc c(Indiicteil i)iir Riiclit in ¢1¢C()fLIAiicc with Internaii()nAI %t2nclard8 nn ALicIii'in8 (UIK) {1SA.4 IUI<)) #IILI 1* Pl)Iic1& blc IAW. Oiir rc'%i)ni)%ibihtic¥ iijidc'r tlinsc. %taiidAr(ls Rr¢. fiirtliL'r dc'scribi,d iii tli¢ ALLdit()r's rL'%PI)11sil)ilitiL.% ff)r tlic Rudit ()F tliL FiiiRnci81 stiltL'mciil% %Lcti()n ()Fouc report. WL, arc inclcpcndLnt of tlic gr()up Riid i?Mrent cliarital)Ic c()mpiilly in Rcci)rdii Ilct, ryth tl)c cthical rLciiiirL'mci)i¥ rhiTrt arl rLlcv8nt t() (iur udit of th¢ financial .%tlI tiincnt.4 111 tlIL, Ul<, includin% tlic l.'RC's .Iliical %tRiidArd, .iJid wc have Fulfillecl oiit otlicr Lthical rLSPfTrtisibilitie.% in acc()rdRiicL with thc%c rwiiircmcnts. WL bclievc tli2£ f thL auilit cvidcntc WL have ()btlL iiied is 5uEficicnt lliid appropriatc to provide a ba18 for our upijiion. Th• Impact of macro-•conoml¢ un¢•rtalntl•• on our audlt Oiir aiidit OF the financi£il slatLmcnt$ reqiiirL'$ t() o)btAin li iin(ler5tanding of Rll tolevant unccrtainries, inclucliiig thI)C ari%ing as A cotiscyucnce OF the LFfccl% of m8¢ro-economic unccrtaintics %uch a$ Covid-19 Rncl ESrexit. Illl Mudit% A45CSs %nd cliallcnge ihL rcas<)nablcttL.%s of estimktes made by the ditcctot.% and the rclxted di%do%ure5 £ind thc &1ppropriatL'ne5s of tlic g<)ittg cnnccrn basis nFprcparktion ()F tlic financiAI stal'cmcnts. All of tlicsc dLpeiid on A%scssmcnts OE the Eututc ctoiiomi¢ environmcnt Rnd the Eroiip'4 futtire ptospetts %nd pcrFomiat]ce. Covid-19 And Br¢xit are among%t thc most significant economic evettts currently fxced by the UK, and at thc datc of tliib rcport their effccts ate subject to unprecedented Icvels of iincertainty, with the full rangc oFpnssible Outcome and thcir impacts uiiknown. Wc apphcd a standArth'scd Im-WAde t2PPfOAch in Th• ac¢ompanylng ac¢ountlng poll¢les and note$ form pa¥t ot these Ilnan¢Jal stat¢monts.
Docusign En¥ÈlopÈ ID". FCC246B6-1FBC480&A8D5-D68909174162 Greenacr• Trust Llmlt8d {tormerly Rushmotyr Scho•1 Llmlt•dl Flnanclal stat8monts for tho year ended 31 August 2020 17 GrantThornton Independent auditor's report to the members of Greenacte Trust Limited (fomierly Rushmoor School Limited) (registered number 00856842) re5pon$e to these uncertainues when Assessing the group's Eutute probpects and perform41nce. Flowever. no alidir %hc)iild be expected to prcdicr the ut]kiivwable factc)rs or all possible future implicauon5 for rhe group absoci1& ted 1th g course of 1Ctic)n siich Brexit. Concly•lons r•latlng to golng concorn We have noihing to repori in rebpcci of tlie following matters in relation to which the ISA5 (UK) require us ro rtpI)rt 10 }'ou where.. the tn)stees' u%e of tlie y)ing concem basis of accounung in the preparation OE rhe financial siateinentS 18 not api)r()priate' nr tIIL' ttuslL'eb liave iioi th'%cli)4ed in the financixl statements any identified material uncertainties ihAt MAY ca%t 4iwiificxnt daubt 2b()ut the group's or thL pArcnt charit8ble eomp8Jiy'% Ability ti) continiic, to Ad()pt ihe goiiikF cojicern bA41% 1)f Acci)iitiuiikTr for a periud of fti least nvL.Ive m()nth$ from thL dat¥ wheli die fin11)cial ¥iAtLmLntb AfL' aiitli(Iri4L'cI fi)t i4¥ue. In ()Lir eYf¢lu1ti()n ()[ rhL dirLct()rs' ci)nclu810115, WL. considered the ri%k4 Is1)CIAte(l wirl) tlie Krnup's bii¥iiiL'%Y mi)dL,I, iiiclLiding LffLci4 ftri&in&? fr(Im mact()-C'COl1()mic uncLrrAintii's sucli ab C.<)vid-l() an£1 Ijrexit. atid analy%LIl hnw tli()SL' risks might affect thL' L>r()ui)'4 f1111i 1)cial rL4uurcc¥ nt Abiliry tc) rc)ntinuL' op¢rAtions OVLr the PLrii)d lif ai IL'a%t rnvL,Ive muntli4 fr()m tl)¢' LlatL wheii the finRnci21 btAtements ate xuthoribLd for issue. lil accutdatlCL With thL' I2bovL, wc have notliiiigy to r¢p()ri in the41. fLliPCCt%. I l()wever, As WL caiii)()t predict all fiittire ei'cnts (jr cunditii)n% and is %ilbcquent ev¢'Jitb miy re8iilt in oiircnmL'5 rh%r fire inc(InNibtLnt with judgcmvnts that WLrn' fL1sollAble 1t tliL' time they wLr¢ maclL, tl)e ab4encL' (?f refercnce to i tnit¥rial uncertÉ2inry in thi& Ruditor's report is not x rntee that tlie group will c()ntinue in operLtiOn. oth•r Infomiatlon 'rhE trLibtee8 LrC responsible for the other inEormatiun. The other infomiAtion compri%e% the inf()rmAuot) intluded in thL Repott vf the Council, SL't OLIt on pagcs 3 - 15 otl)er tlian the finxncixl statcm¢nt4 and our Ru(litor's report thcreun. ()ur opinioii oil tlic fJnaJicial btatements docs not cvvcr the other informii tion nd, except io the extent otherwisc expliciily stated in nur repvrt, we do not express Rny Form of L ssurancL conclu4ion therec)n. In connecuon 1th ()iir Aiidit of the fin14 ncial 8tatcment¥. nur resptsn8ibility 1$ to read the other inf()rmaUon find, in doing so, coii¥ider whetlier the other inlormAUvn 1$ matcriilly Ancon*i%tent Math the financi81 %tatdnent% or our knowledge ubtAincd in the audit or otheThM5e appLarli to be maieriRlly misstated. IEwe identiEy SL)ch material incvnsistcncies or appAtent matcriil mi$4t2tLments. we arc required to det¢rmiJic whether tlierc 14 a material misstatement in tlie financial stltements or a mAteri21 misstatement of the vther infotmAUOJI. If, b#4ed on the work we have performed, wc conclude Ihat tliere is a material mi%statement of thi5 Other informAtson, we are required to report tliat fact. We have nothing to report in this regard. Tho a¢companylng ac¢oyntlng poll¢l•s and notes lorm part of these tlnanclal $t3temenls.
Docusign En¥ÈlopÈ ID". FCC246B6-1FBC480&A8D5-D68909174162 Greena¢re Tru$t L¢mited Iformtrrly Rushmoor School Limited) Flnanclal stat¢m¢nts for the year ended 31 August 2020 18 GrantThornton Independent auditor's report to the members of Greenacre Trust Limited (formerly Rushmoor School Limited) (regi%teted number 00856842) Oplnlon on oth•r matt•¥s pr•scrlb•d by th• Compan1•8 Act 2006 In aur iJpiniui1, bascd on the work undertaken iii the course c)f tlie auth't.. tl)c itifnrmAtii)n givLn in the %tratcgJc IILport aiid Ilei)orl of thL Council lor the finAnciAI year for which thL finaiici21 st<emeni8 #re prepArccl is cnnqi%teiit with tliL FiiiAt]ciAI 8tRtcments. tlic %i'rf¢teLyic Ilcii()rt i?nLI Ilcpnrr af tliL Ci)uiicil hii ve bcen prLPii fLd iii accord¢1nce with applicable leg¥LI requircmLnt%. Matt•r on whlch w• •r• r•qulr•d to r•port und•r th• Companl•s Act 2006 lii tIIL, lig>lil ()[ ihL kiif)wleclg¢ aiid ui)dLtsr41llLlitix i)f tlie &yr()LlP aiicl I)&1reiit cliAI'itRI)IL c()iiiiiany And it$ eJivir(Ininei1tr f)btained in tlie ci)UTrsC ()f tlie {Iiichi. WL havL Ji()t ideJ)tifiL£l mqi tL'fiAI mi98if¢tc'mLiit% in tlic %trntL'gic Ileport or thc Ilcport OF thc ('riuncil. Matt•r8 on whlch w• ar• r•qulr•d to r•port by •xc•ptlon Wc liave n()tliiiigy t() r¢p(Irt iii rc%pLct of the follc)wiiig mAttc'r¥ wliLtL the ('ampanies Act 2006 reqiiirc% us aLILLIIL¢1re ¢1CC(ILinting rL'cord¥ hRve not l)ccn kepr by thc patent chxritxblc cnmpAny? or returns I2LleLILLl* tL, 6fJr <?ur AIiLlit l)AVe ni)t bccii tLCClV¢'II frc)m brAiicliL% Il<)t visitLcI by u8. ()r thc i)arent cliaritablc cnmpRny'¥ finAnciAI ¥rRtement5 Are n()t in Agrecineiit ryth the accountiJi8 rccord¥ And retLlrnS,' or certait] digclr)8ures tiF tnistee8 rc'miincri2tirJn xpLcificd by law are not made. or WL. liave not rcccivcd Rll tlic iiiforniativn xiid cxplanxtioiis wc require for our Aiidit. R•8ponslbllltl•8 of tru•to•s lor th• flnanclal st•t•m•nt• A8 cxplxiiicd m()re fully iii tlic Rc¥puii.%ibilitic.% ()f rlie Coiincil set OLIt oil page 15, thc tnigtees (who are xl%o tlic direct<)rs nf tl)c cli1< ritablc cnmpany For tlic piirpi)SL% IIF cnmiixny Ixw) are respi)n8iblc fr)r the prLI)iirRtiDii (If thc Fiiii21)ciAI ¥tatLmcnt8 2nd fi)r bcing gYLrisficcl tlii2t iliey ve a tnic and fxir vicw, 1)d for .4ucli inti'nial coiitrDI tlic tru5tccs detLrmiiic is nccL'¥SXry to cnable the prcpAration of fijiancial statemcnt$ tliat arc frcc fmm materiAI mi88txtemenL whether duc to frf¢ud ot error. In preparing the finAncial statements, thc tnistees are rc5ponsiblc Eor asses4ing thc groiip and the parent charital)le cvmpatly's 14 bility tn continiie a8 A going contcrii, disclosing, a¥ Rpplicablc, mxiterb relatcd tn y)iiig concern xnd u8ing the goiiig cojicern basis of Acc()unting unle$8 the tnistccs either iiitcnd to liqiiidAtc tlic grnup parcnt charitAblc company or to ccase npcraUon5, or have no rcab81iC altemxtive but to do 50. Yh• accompanylng accounting pollclè$ #nd notes form part of th•s• flnanclal stat•monts.
Docusign En¥ÈlopÈ ID". FCC246B6-1FBC480&A8D5-D68909174162 GYeenacr8 Trus* Limit•d Iform•rly Ru$httLo(+r S¢hoo1 Llmltad} Flnanclal 5tatemfrnts for tho yoar •rtd•d 31 Au9ti$t 2020 GrantThornton Independent auditor's report to the members of Greenacre Trust Limited (formerly Rushmoor School Limited) (retered numbet 00856842) Audltor'$ r•$ponslbllltl•s for th• audlt ol th• flnanclal $tat•monts Our obji'ctives are to obtain rea%uiiable Absurance Abnut whcilier tl)o fit)anciAI btatementb a whole are Free from material tnib%tAtLmLnr. wliether due to fraud or error, and tu issue xn auditur's rep()rt thfti incliiLle5 our opinion. ReA%anable a8%url¢ nce is ft l)igh level of 415surance, but is not A guarantee tliar an aiidir conducted in accordance widi Isils (Ul<) will always detLct a material missiatement whLn It exibts. Misstarement% can ftri$c from frAiid or error and ate cnnsidered m2reriAI if, indivi111141lly or in the %regate, they could reiisonably be expected 10 influeiic¢ rlie ecunomic dLei%ions of u%crs takLn on th¢ basib of thvsv fininciAI %t¢ltemeJit5. A Eiirther description of oiir rcsponsibi]itics for the audit nl the fin¢inciAI %tftrcment8 is locared on the 'inallCiAI IIL'I)()rriJ)g? C{)i)iicil's WLb4iiL s?I'. 'llii4 dv%cripu()n f¢)rm% part OF our nu(litor's repori. U•• of our r•port 'I'lii% rLp()ri 14 m<odL' 4o1ely to thL cliaritable ccimp#ny's mLmbL'r8, as ll bod},, in acc()rd?i ncl th ChAI)ter.I ol l)Art 16 ()f thL ('()mi)xtllLb ilct 211116. C)Lir audit wt)rk hA8 beL'n iindcrtxkcn %<) that WL. miRht %rare In rhe chArirAble c()mpan} % mL'ml)er% th()%¢' m1& tters wc Are rLqiiirccl tl? btatc t() rh¢m in nn audit()r 4 rLVI)rt And for no ntlicr purpose. .1 a the fullest LXtci)t pvrmitted by lftw, we dn not 2ccepi or ASSLimL tcsponsibility tu any()iic i)Iher thAn the cl)AritablL e()mpRIIy Ancl tlie chari12ble company's members as a body, Eor our Rudit work, for thig repnrt. or for the <)pini()n4 we havL, fnrmcd. LLP GarL'th N()rri% F,CA Sensor stanitory iluditor fot and Un behalf of CJf2tit Thoniton UK ILI) St8tlllOry 2Iuthtor, Cliartered Accountants Milton Keynes DatL.' 261312021 Tho accompanylng accountin9 poll¢le$ notes form part of these Ilnanclal 5tat•m•nts.
Docusign En¥ÈlopÈ ID". FCC246B6-1FBC480&A8D5-D68909174162 Greenacre frnst Limlted Iformerly Rushmoor School Llmltefl} Flnancial statements for the year trnded 31 August 2020 20 Consolidated statement of financial activities (incorporating an income and expenditure account) Ivote Utyrestncred funds 2020 lJ*ttJln¢led fRn 2019 Income from: Charitable activities I'ee.4 i'cceivAble ML'AI iiic()me C.JRS income (restsicted income) 5,(197,310 128,396 462,681 5,3.39,93n 185,IOC? l)oiiatii)ns And le%Acics Activities fi)r gLnorxting fund. liivLstment 48,756 2L383 19J70 17,650 12,45() Othet income l )IliLr inei)Inc 3L515 ICi2,1111 Total ineome 5,809,410 5,812.823 Expenditure on: Raistng fund8 Aiicillxry tnLlin 8,888 Itl,482 Chatitable actlVltie8 Total expenditure .1 i)tAI llLt inc()tn 5,363,094 5,371,982 437,428 5,1511.064 -S,IC)11,.54() 644.277 Reconciliatioft of fund8 Toti21 fiiiids 1)ri)iiglit Fi)tWArcl I Sci)tc'mbcr 2a19 Total fuod8 carried fotwa¢d at 31 August 2020 13 7,464,996 7,902,424 (),8211,71() 7,464,99(> CJIL% income of £462,681 rcl¥il'L's to restricled fiii)d4 8.4SOCIAtcd payroll expcnditure OF the 5Ame value w8$ alsn restrictLd. All utlier iiicomc. aiid expci)diturc RrL iinrestrlctcd. All nf tlic abf)vc re4ult% are clcrivicl from continuing 2nd Acquired activitie5. All gains and In%$es rcco8nis¢II iii tliL ycRr are includcd abovc. The accompanylng ac¢ountln9 pollcles and not•s forni part of thes• flnanelal statements.
Docusign En¥ÈlopÈ ID". FCC246B6-1FBC480&A8D5-D68909174162 Greena¢re Tyusl Llmlted {tormerly Ru5hmoor School Llmlted} Flnanclal statemonts for th• year *nded 31 August 2020 21 Consolidated balance sheet Company number: 00856842 Note 2020 ?019 Fixed asset8 Tangible asset5 60SlJ34 5.68().160 Curtent a88eti Debtur8 Cash at bank 254,699 1,864 302 2,119.001 177.747 2,?67,b39 2.445,586 Creditor8: amourtt8 falling due within one year 567 911 669,750 Net current a88et8 Toial a88ei8 le88 current liabilitieo 1,551,091 1,775,836 7,4()4,91)6 Fund8 lJnrL¥tricteLI funds l)eveli)pmc'nt reserve GenerAI fund 13 13 2,000,000 5,902,424 7 902,424 1.5011,nnn 5.1)(14 l)()6 7,4()4.1)1)() "Lhese financial btatemen15 were approved by the Council xnd Aiiihorised Eor i4$ue on Il ¥Ch 2021 8nd ftrc %igncd on their behalf by.. ("liairn)2n The accompanylng accountlng poliGle$ and not¢$ form part of th•$e flnancltyl stat8m•nts.
Docusign En¥ÈlopÈ ID". FCC246B6-1FBC480&A8D5-D68909174162 Gréenacre Trust Llmlted Ifgrmeily Rushmoor School Llmltedl Fl*An¢ial 5tatenFents lor the year ended 31 August 2020 22 Balance sheet Company number: 00856842 Note 2020 2019 Fixed a88et8 I"angibl¢ A%.4ets InvLSttneiit 5,787,611 5.105,322 5,787,611 5,105,-322 Cuttent a88et8 l)tbti)t Lasli Ar bxnk 153,266 1.435,452 1,588,718 84.892 1.76C),1161 1.85.1,953 Cteditots: amoutits falling due within one year 414,160 421,128 Net current assets To¢81 a88ets le88 current liabilitie8 1,174,559 6,962,170 1,432,1125 6,53fl,147 Funds l)Lvcl()l)JllLlIt rLserwe (JeJiLral fLind 13 13 2,000,000 4,962,170 6,962,170 5,11.3B.147 (1,538,147 .1 lie ChAfitiblc CompAny gcnetAted A surplus for thc year of L424,112.3 (21111) - £47è3,242). "Lljcsc financiAI st2tements were Apprnved by tl)c Council and Aiithori8cd for issue ()n lil 2021 ncl xre sikynL(I r)n their behAlf by: ,- M 13atcs CliairmAn Th• a¢¢ompanylng •¢¢ountlny poll¢le$ and notes form part of Ihese flnaficlal statements.
Docusign En¥ÈlopÈ ID". FCC246B6-1FBC480&A8D5-D68909174162 Gregn•¢re Trust Llmlted (formerly Rushmoor School Limltod) Flnanclal statements f<)r the year ?nd¢d 31 August 2020 23 Consolidated cash flow statement 2020 ?019 Cash flow8 from operating activities Surplu8 for the finattcial year 437.428 644.277 Adju8tment8 for. Depreciaunn af tangible 255ets Net interest (received) / paid Dectexbv / {incre2se) in debtors (l)t'crtrabel / increase in crediir)r$ Net cash generaled fiom operating activitieo 164,682 (19,370) (76,955) 101837 178,246 (216) 43,194 56,585 403,948 808,1J16 Cash flow8 from investing actlVltie8 l)urcliA%L ()f tRn&yjlilL x%4Ltb Net cash outnow from invelting ac¢lVlties 443.705 {443,705} C98h flow8 from financing activitie8 N¥lt iniL'rL'ht received / (Pii I Net cash used in finafteing activitie8 Net (dectea8e)/increase in ca8h And cash equivalent8 216 216 (403,537) 365,427 Cash and ca¥h equivAlentS At the begjnning nf year Ca8h and ca8h equivalents 4t the end ofyeat 2 267.839 1,864,302 1,902,412 2,?(}7 839 The accompanytng accountlng pollcl•s and not•$ form part of thos? flnanclal statgm¢ntS.
Docusign En¥ÈlopÈ ID". FCC246B6-1FBC480&A8D5-D68909174162 Greenacre Trust Limited Ifomitrrly Rushmoor School Llmltedl FinanGl41 statements lor thè yèar ended 31 August 2020 24 Principal accounting policies Basls of proparatlon The xccuunts OF tlie chltitxble ci)mpxny hAve been prepated under the Companieb Act 2(J)6 Rnd in accnrdRnce uryth ihc %til'¢meni r)r iiecammendcd Prncuce fnr ("hAriue% {'%()IIP (PR%102)) and with pplicRble UK Accc)untinK %tAndxrds. 'Ihey AtL IlrAwn up ()n tlie hitOriCal c05t accounting basi%. Ru8hmoor School Llmited meets the definition 06 A public benefit enury under finAnciAI Repnrung ,4tandRrd11-,IIS) In2. A%%tts' ancl lial)ilitie% are initjiilly recc)wiseil At hi4toric?I I cost f)r trnn5ACtii)n valiie iinles othen4q5e stAted in the rclcvAttt Accouiitiiig policy ttotes. l1]c prcpAr8tion OF fin&ncial $taremcnt% in conf(>rmity with 1,11.% in2 require8 manwmeni tn make judgcmcnt8. e4umxte$ And 1¢ 88umpunn8 tliat Rffcct tlie ai)plication of pi)licie% xn£l rLp()rtc£l xmijunts of a%scrs aiid li1[ bilitics, iiic()mc aiid expen%es. 'I'lic cstiini& te% niid associated A%%iimptiotlS 7¢ re ba8ed on hi%t()rical LXPLriLncL ancl Viiri()us ()tlicr fi2Ct()Th that arL. l)cliL'VLLI to bc rcas()nAblo iinilcr the circiim8tAiices, tlie resulrs <)F whicl) 6<)rm tlic bR418 af mAkitig ilie judLYC'meni$ Rl)()ut CRfryiiibF VAIULS 1)f R%sei% and lixl)ilitiL.% tliii t 1tL' n()t re41clily Ai)P1I tent fr()m other %(ILLrce5. ActtiAI re8111t8 mtty cliffcr from thc8e e%timales. Purther dctAils #re pr(Iviclc,d iii IIIL ACC¢)iintin& p<)licieq f¢)r dLpfLCiXti<)n ()f fixccl 1%%Cts ancl fi)t bi2cI clcbts. Golng conc•rn Gr¢enAcre'l ru8t IAmited (farmerly Ilu8hmoor %cli¢)()I I,imitcd l)xs genLrxtcd healtliy %utpluses in recent yLar%' iii adLliii(In, tlic liclif)(Il bcLII iiblc tn purcl)A4Q *lLlcliiii)J)Rl R%%el¥ f¢ %itc, f()r fiitLire LlcvL,l(>pmL'iit ancl I'ejiwick I l<)ii.%e, fnr ¢lic iiew,%ixili I,¢)rm ('LntLL. I)LSllitL C()J)CLni4 rclatijig t() tIIL (.i)vid l>aiiilcinic, thcrc Wiits a iinsitlVL flr)w ()f fuiids dutiiigy thc yL'd1r iindLr roviLW llnd %Lirplus flind¥ cnnl'iiiue t(1 bc helcl ¢)n dci?osit. 'I'he twr) sch(M)18 (8t. AndrL'W'8 Scli()ol (IILdFt)rcD & Iliishmoor %chnol) mctgcd formillly in l)ecembcc 2(12(1 l)iit in tlic mLRlltimL, tIIL ciirrcnt (.()r()JiavirLIS I?1Jidomic crc'Atecl uncc'rrllinry xncl it 1% (lifficiilr to L'8tim81¢' th¢, Icf)n(Imic LfFLCt4 which 11] rc.%iilt. C)i)vcrii()r.%/ 'lriistcc% Df bnili sch()1)1s IiavL. II()WLVL'r undLrti2kLn 111] AS.4C44mcnt ()f likely impacls And witli reccnt incrLR.%Ls in thc niimbcr ()F piipils (?n rrill %LI)d with %LIPI)C)I't fr()In %igiiifici1 Ilt l)¥2141jlCL, tlicy crinsiclcr fii)AticiAI arr2ngemcnt¥ c()ntsnLIL' t(} bL' ¥t)iinLI. '1'11t'}p r¢'mMiii c()nfiil¢'nt iliAt the .4cliC?(11s cxii c(?ntlllLIL tracling for 14 t IcA%t twelvc montlif Ftt)m tlic datc of ai)prDv411 ()f tlio fJtiAJici21 stAtcmcnt%, And hAve tliirLfi?re i)rLpAfLiI thc finxiiciRI %tatcmciit% on x Cy()iiig Coiicern basis.
Docusign En¥ÈlopÈ ID". FCC246B6-1FBC480&A8D5-D68909174162 GT••nacr• Trust Llmlt•d Itormorly Rushmoow School Llmittrdl Flnan¢lal statoment5 for th& yoar end•d 31 August 2020 25 Group 8¢counts The fJnAnci21 statements. consolid41te the fancIal statements of the company, and all its sub8idiary compatlies ivith all inter-compan}, balances being e]iminated. Entities are consolidaied where Ruslimoor School Limited exercise5 overnll control either tlirougli ownership OE shares. or through liavit)g comm<)n trustees with a common objective. Accounting policies are coftsistendy applied bernveen group companies. The Charitable Company has taken advantage of the disclosure exemption permitted by Secu(Jn 1.1 l of FRS 10? from the re4uirertLent to prep1& re 1¢ company Cash Flow Statement. by virtue of the fact that cunsuhdated fthanoal stxtements are prepared. R•cognltlon of Incomlng T•sourc•s These are included in the Statement of Pinancial Acuvitie5 ISOFAI when the chIry become5 entitled to the resciurces, tlie CouncJ believe that receipt is probAble and the monetary value can be me9siired with ¥ufficient reab11lry. School F••• r•c•lvabl• and slmllar Incom• ree& receivli ble are accounted for in the petiod which the 8etvice 14 ptt)vided. fees receivable are btRted afrc'r dLducting Rll()W14 nces. bursaries and remi%%i()n% xrRntLcl by the Scliool. E,"ees in advxnce are tho%e fee5 teceived in ftdvAnce (Jf ihe follnwin8 yVAr's educAtion And are shown as Iir)rr term liiibihry iintil taken to incnme in Acci)rdance with thi4 p()licy. Anclll*ry and non-anclll•ry tradlng Incom• Aiicilliry tncling income rcpresents Amount5 frr)m Ctivitics to gL'nerat¢ funds within thL c112ritabl¢ ()bjLcts fur L'xAmpl¢, 4ch()nl 4h()p silLS, coacheli to And Erom 4cli¢)(Il and %cho()I trips. Nnn-anci1114 ri, tra£liiigy iiici)me rL'pfL4L'nt4 nmniirjty fri)In activirics n()t dircctly r¢latL£l iu tIIc LIIAfiiAblL i)bjeil&. fc)r ixampl¢ ILititlgYb (If sclii)()I facililles niit of term tim¢. and rentRI ftL)m sparc schnol buildings. Income fr()m iliesc actiiyitiL'S is tecugrnsLd in the %014A when the goods Arc sold or beLvices provided. Voluntary sourc•si grant• and donatlons V()liintary Anc(Trmin% re%ources Rre accoLinrLd f(Jr a¥ and wlicn enutlemeiit aribes, the amount can reli1£ bly be quantified and the Lcnnamic benefir is coiisiilcrcd probable. Voluntary income For %enerAI purpobcs 15 accounted for as unrestricted and is credited ¢0 the GenerAI Fund. Llablllty r•cognltlon Liabilities are recogrnsed as soon as there is a Icgal or cons¢ructive obhgation committing the chatit>' to pay for re%nurces. R•strl¢t•d funds Restricted lund5 comprise income which is provided For a specific pury05e or th conditions )ttx¢lied by the donor.
Docusign En¥ÈlopÈ ID". FCC246B6-1FBC480&A8D5-D68909174162 Greenacre Trust LlmSted Iformerly Rushmoor S¢huol Limlt8d} Flnantial statements for the year ended 31 Auuust 2020 26 Expondlturo Lxpenditure L4 Rcctued as soon R5 there 18 A Cl)ntractuAI Obligtion # liability is considered pr(Jbable. 'scountcd tn pre%¢nt V21iie for longer term lixbilitics. Expenth'ture AIIoc2L ted to expen%e heading5 on direct cost ba81%. The irtLCI)verAble dcmcnt af VAT is included wilh the item (JF expense to which it re12te8. Bad debt5 are provided for in accorcl%nce with the group bad clebt policy. Charit2ble activity expenditure tq)re5ents all direct cost5 Incurred, in order for tlie School to fulFJl its objective ofprnviding education Eor three to ciglitcen year olds. and supp(Jrt costs.. GuvernAnce co8t8 reptL%erkt Costs iiicurred ta provide the govcrnance infrastnjcture reqiiired ro allow the.%chool tu operatc And gcnerAI information required for pubhc accoiintability. Unr•strICt funds 'I'liese Fuiids Ctjmprise the nct rcsoiirce rcvcnue of the school, including dottation8, expctidable Rt the '8crcu()n rif thc C.()uncil in fiirthcri¥ nce r)f tlie objcctq of tlie %¢h()()l. Do81gnat•d lunds 'Ih¢sc flind% are amr)iint8 dcsigll1& ted f¢t the discrLti()n nf the C.oiincil t() cover expected cost% in fiittire yLl¢ rs. Tanglbl• as$•ts and d•pr•clatlon '1 angiblL fixcd AS.sets are ¥Thtc.d xt cn%t Ic%s cleprcciAti()n. Iiiclividual cApitRI items, or projL'cts. with a value grL'atLr tht2n £5011 Are cai)itali¥cd. l)cprcciatinn i.8 pmvi<lecl Rt rate% £alciilAtL.d ti) write ¢)ff the cost, less e.%tiinated re*iduAI value nF CACII assct bayed i)n current mArkct pricc%, nvet its expL'CtLcl ii%eFLII hfe, ils F()Ilow$'. I'rLehnld IRnd I,r¢Llif?Icl bLiildings nil 40- 511 yc2t 5 - 1(} years S- 10 years 3-5ycArs 3-4yeRrs 'ixtLifLS and fitung. M(Trti)r vLhi¢lL% CoiTLPUtcr oquipmcnt 'I'lic company lia8 rcviewc,d it% tAl18ible R5SCts, which cnmprisc Ixiid, buil&'ngs and iniual fixtures and firtin. 'I'lic bLiiidings atc capitAlised in the finftnciAI statcmcttts t hi8toric cost. Ru.8limoor School Limitcd exercis¢% jud%ement in sclcction aF AppropriRtc rates for dq)rcciation of fjxcd a8set8, and for matter5 of impaitment.
Docusign En¥ÈlopÈ ID". FCC246B6-1FBC480&A8D5-D68909174162
Greonacre Trust Llmlt?d (formerly Rushmoor School Llmlt8d)
Financial $t•tom¢nts for the year ended 31 August 2020
27
Investmonts
Fixed asset investments are a fortn of finaftciAI insttument and Are initiall}, reCOlSed at their
tranbxcuon Cobt and $ub$equentLy measured ai fair value at the Bi& lance sheet date, unless fair value
c&nllot be measured reb14 bly in whicli C41se it 15 measL)red at C05t le55 impairment. Investment gains And
losses, wlietlier realised or unreali%¢d. Are cc)mbined and %hown in the heading 'CJain810 -) on
investments, in the Statem¢nt OE Fllianciai acuviti¢s. Inv¢sttn¢nts in subsidiarits are valued at cosr less
prov15iOtL Eor impairment.
D•btors
Knt)wn bad debts are ltren off and specific provision 1$ made for any considered to be doubtful.
Op•ratlng leaso agr••monts
Rentals applicable to operating le41ses wliere siibst41nllaUy all of rlie benefits and risks of ownership
r¢maiii with tlie lessor are cli&irged to rlie SOFA oil a straiglit bd15i5 over the leabe ierm. LL'ase
incentive% Are accr)unted f()r Dver the lease term on A btraiglit-line bx%is.
Brlan Jm•i Abl• bur•ry lund
ThL, qch(i<)l Acrs x% cu¥r()dian tru¥rL'e to Ilriaii James JlblL. Bur%ary fund. wl)ich 14 iiot include
Docusign En¥ÈlopÈ ID". FCC246B6-1FBC480&A8D5-D68909174162 G¥•ènacre Trust Llmlted IformeTly RushmooT School Llmlt¢dl Flnancial statem¢#ts for the ye#¥ ended 31 August 2020 28 Notes to the fmancial statements Charitabl• AGtlvltb•s - Group Fees receivable 2020 2019 'Ilie 8chnal fccs income coinprises Cyrn%8 fees l.e%8'. .1 atal 5cholarship4. bur%leS, etc. 5,496,818 399 508 5.755,270 415.1411 5.-3_39,930 5,097 JIO Charltabl• Actlvltl•$ - Company Foes rcccivablc 2020 2019 'I'IIL scI)(i(Il FLCS incnme c(Trmpri8es (Jr()ss fcL' l •LSS.. .1 i)tAI schnlRr8hips. bilAr]L,, ctc. 3,513,013 274,768 3,238,246 .3,61111,897 275.71)(? .1,-32.5,1111
Docusign En¥ÈlopÈ ID". FCC246B6-1FBC480&A8D5-D68909174162 Greenacye Yru$t Llmlted {lormerly Rushmoor S¢htsol L6mitedl Ftnanclal statem•nt$ tof the y•ar ondad 31 Augu$t 2020 29 Analysls of Exp•ndltur•- Group 2) Total expenditure Staff cost5 (note 31 Depreciation (note 4) Support Cosrs Total 2020 TotAI 2019 Co8t of tA18ing funds Ancilla4 trading Total c08t of generating tta8 8.888 8.888 8,888 8,888 18.48? 18.482 Chariuble expendire 'Ieacl)ii)g Welfare ]Jremi%e %cli()()l ailniinistrauon And y()vernAiice -3.65? 83() 1?4,788 IC)1.167 I l7,()79 5?6 378,427 3,770,515 125JU 686,827 3,566,()?3 122,59U 748.11(J 147.233 326,133 4.2()4,9?4 4,2(>4,924 17.449 164.682 436,1156 93.3,488 )42,-I76 780,439 5,363,094 5,371,982 71?73? Toial charitable expenditure Toial Expertded 1()4,682 S,IC)11,i4C) b)Govetnance included in 8upport co$ts 2020 21119 Ilemuneriti()11 pxid tn aLiilitnr F()r Aiidit 4ervice$ Other non-audit scrvices 24,525 3,250 27,775 23,375 AU expenth'ture ib from unrestricted Eund¥, except for £462,681 QE chRrit2ble expendiDJre in relation to stxFE costs Fiindcd by thc government's Loronxviru5 Job Rctejition %clieme (CJRS). Sutplu8 fot the financial year The ('harirable Cc)mpAAy ha5 takcn advantage of section 408 of the G,ompanies Act 2006 And hAs no¢ included its owil StAtement of FinAncial £lcUvitie5 in the%e Finincixl shtcments. The Ctrnup surpliis for the year includes a urpliib of £424,023 (2019 Su1¥ L478,242) rel2L Ut)g ro Rubhmvor Scliool I.imitcd which ib dealt will) in tlie financial statement5 of thc Charitgble Cjrvup.
Docusign En¥ÈlopÈ ID". FCC246B6-1FBC480&A8D5-D68909174162 Greenacre Tmst Llmited Iforn?erly Ru5hmoor School Llmll¢d} Financl41 stattrments for the yea¥ ended 31 August 2020 30 Analysls of Exp•ndlturo - Company a) Total expenditure Total Staff cosrs (note 3) Tota] Depreciauon lttote 4) Support Co.8ts 2020 2019 Cost of raising fund8 Anct111& ry Iracling Total cost of generating fund8 8,888 8,888 8,888 18,482 18,482 8,888 Charitable expeftditure iacl)iiig WclfRrL l)LcmisLb Schc)()I i?dmini%trRtion Aiid gov¢'rni?IlCC 2,32().In4 57,()<)5 75,233 78,921) 114 169.-303 2,405,233 57,809 365,291 2.2C)11,1175 57.(J(19 381.577 120,755 195.872 13.9()0 250.295 460,157 506,1211 Total charitable expenditure 2,C)55,104 2,C)55.1114 1.14,745 1.34,745 Total Expended 49èJ,C)41 5n7,52CJ 3,288,490 3,297,378 -3,2n5.C)119 -3,244,171 Governance included in support C08ts 2020 2111() lIL'mLillLf1 ur)ii paicl i() auditor fi)r $ervices ()thL'r noii-SLLLdz't %eNice¥ 14,5(10 2,175 16.675 1.1,825 2.1(10 15 ()25
Docusign En¥ÈlopÈ ID". FCC246B6-1FBC480&A8D5-D68909174162 Greenacr• Trust Llmltod (formerly Rushmo•r School Limltedl Flnanclal $tatem•nts for th• y••r ènded 31 August 2020 31 Partlculars of •mploye•s The average number of sraEE (including part-time staEfj employed by the company during the financial year amout]ted to.. The Group 2020 The Company 2020 2019 2019 AdTninItrlltive Teacliinx Domcstic M14 llltvn#nce Clasbroom assibtants li 64 li 13 64 li 12 60 47 59 157 24 88 25 87 ThL aggregate payrnll costs of the xbove wer¢.. The Group 2020 The Company 2020 ?019 ?ni() Wage% and salarieb S()eiRI 4ICLirity cu5ts 3,411,774 .3.-325.5811 294,251 28? ?7() 538,105 375,148 20,794 4 264.924 3 1)113,IX17 2,053,322 206,969 394,813 2,0??,245 1()7,47.1 266.264 IILdundancy paymenty 2,655,104 2,411S,I)83 Mcmbers ()f the Council received no remunL'rfttii)n ()r vxprn4e¥. Key fflanR%ement personnel are the ditectors and members of rhe senior lexdvrsliip ¢¢am alihuuyli tliv Directors are n(>t rL'muiicrRtL(I fc)r thl1r services."L'(Ital r¢mourLt ofemployee bL'ncfit% lii)cludin% emplayer pensi()n contribiiti<)n8) of key manRgemL'nt pcrsonncl were £761,7()0 (201()'. £6C)2,2()5). inployee¥ receiving remuneration over £60,000 per annum were.. The Group 2020 The Company 2020 21111) 201() iiuo,ooi £iio,I 'hi' abnvc emplvyee Piirttcipatecl in the Teacliets, l)enbi()n 8chcme, a defjned beiicfit schem¥. During the year ended 31 ilugubt 20211, pciision cuntributioiis 21nouiit¢d to £26,071 (201(): L17,2?2). Profc55ioii#I indemnity and Council membet5' lixbiiiry insurance has been purchased fot L770 (201(): £Y)20).
Docusign En¥ÈlopÈ ID". FCC246B6-1FBC480&A8D5-D68909174162 Gr¢trn#¢re Tvust Llmited Iformerly Ru5hmour School Llml*ed} Financlal statements lor the year ended 31 Auyust 2020 32 Tongibl• fix•d assats Furniture Freehold rtxtute8 and properry rJtting8 Motot vehicles Computer equipment Total Group At I September 2019 Additinn8 Di5po%AIs Ar_31 August 2020 7,855,509 813,953 329,426 130,891 9,819 416,314 8,732.14n 3,082 826.855 8.(){)().4()1 -3.3().247 1.30.81)1 41C),3<)4 9 558,994 Dci)reciAti() At l %LI)tLJnbcr 2019 l)ri)vidLcl in tIIL ytAr l)i%p()sal At 31 AiiLTrust 2020 2,263.188 136,912 287,087 108,584 10,321 6,917 384.121 3.042,980 10,533 164,682 2.4no.099 297.407 115,502 394,653 3,21)7,C)61 Net book value at 31 August 2020 6,269,363 24 742 6 351J34 Nct b()(Ik V14 IILL Xt -11 ALigu4t 2111 () 5.592.321 32,191 5.()8().l()11 All x%sLt4 Are helcl fr)r charitsLble purpo8es.
Docusign En¥ÈlopÈ ID". FCC246B6-1FBC480&A8D5-D68909174162 G¥oon#ero Trust Llmlted Iformerly Ru5hmoor School Lfmited} Financial statements for th• yoar end8d 31 August 2020 33 Tanglble flx•d ass•ts (continued Furnitutt Freehold fixtures and property fittings Motot vehicles Computet equipmeni Total Company At l %eptember 2019 Additions At 31 Jliigust 2020 6,717,799 813,953 7,531,751 181,434 103,051 328.804 7.331.088 3.082 817,035 331885 8,148,1?0 181.434 103,051 DeprcciAtinn At I f eptember 2019 Provided in the year At 31 August 2020 1,664,139 114,975 1,779,113 IC)1,482 5,780 167,?62 80,745 6.917 87.662 -31().4t)0 2,??5,76() 7.073 134.74) 326,473 2.3C)0,510 Nei book value at -11 ¥lLigLlSt 211?0 Ntt book V&11iic #t 31 Aiigu$t ?Ill¢) 5 752,638 15 14,172 90 5,411 5 787,611 5,053.6611 i(J ()52 22,306 9 4n4 5,11)5.32? All assets are held Fot chatitRbl¢ pu0$e$. Inv•stm•nts The Group 2020 The Company 2020 201¢) 2U19 IrLvebtmi'nt¥ in %iibsidiary company On 2 leptcmbcr 2013, the Schnnl entered into an ttRiigctneiii witli %t. Anclrew'b Scl)()ol (BL,dfi)rd) LimitLLI wliLreby Ilu&l)moor Scliool bc'cRme tlic &ole m£JnbLr and is thLrefi)rc deemed tn contr()I the 8ch()ol. "rhe following extracts Are from the audited accounts for the year ended 31 August 2020.. Fund8 ai 31 August 2020 Surplu8 fot Ihe yeat Company Country of Company incorporation status Nature of bu8ine88 8t. Andrew'¥ Schtiol (Bedford) l.imitc,d - Company No.. 00866338 C.hArity No: 307531 Limited by Provision of guarantee education England 940.255 13,407 St. Andrew'b School (Bedford) Limited r¢y5tered office is as fnllows.. 78 kn"n]bolton Road. Bedford, MK40 2PA. On 2 SepteTtLber 2013, the School entered into an arrangement with St. Ilndrew'% Schvol (Bedford) Limited whcrcby Ru8hmoor School bccame the sole member and is iheref()r¢ deemed to control the School.
Docusign En¥ÈlopÈ ID". FCC246B6-1FBC480&A8D5-D68909174162 Groenacre Trust Llmoted (formerly Ru$hm00r $¢hu•l Llmltodl Firyancial $tatements ftsr the year ended 31 August 2020 Investm•nt$ (¢ontlnuod> Its results fot the year are sufflm%ri5ed beluw. 2020 2019 Incoming resources Resource% expLiidLd Net ouw)ing re%nurces 2,088,011 2,074,604 13,407 1110,410 1,944,-376 166.034 Dabtors The Gtoup 2020 The Company 2020 2n19 2019 'ccs receivAI)le )rei)l¢ ymeiir8 Q)tlier LlebtDt Am()iii)t$ diic from $iibsicliary comi)any 113,611 111,296 29,792 164.344 42,639 110,306 321 69,583 5,3.18 341 9.(>311 84,892 254,699 177,747 153 266 'I'lie m()Lint clLie From siibsidi8ry company is inrerc8r free, un%eciired And rcpAyable tsn demxnd. Cr•dltors: omounts lalllng du• wlthln on• y•ar Thc Group 2020 The Company 2020 2019 2019 16,593 89,499 201,269 231,336 29,214 4,2C?O 142.825 341J.(?15 177,738 55,312 16,593 54,470 158,491 156,632 17,691 10,283 414,160 2,11)9 511,711C) 217.-3144 118,.1(). 32,47(1 i)cial SLciifity And ()thLr t8xe8 I,LLS fccLivcd iii xdvance ()Ilicr crcditor.s Ami)unts duc to %iib%idiary company 567,911 ()()1),750 421,128 Deferred incr)mc rclAtcs to incomc rcccivcd in thc ycar rclating to Eee.4 billed in advAnce Fnr tlie Autumn tLrm. Dcfcrrcd iiicomc broiiglit forward moiintcd to £349,()1512019.. £401,0(?l), rL¥oiirce4 deferred (luring thc yc?I r amniintcd to £2UI,2(19 (2019.. £349,615) £2nd amoiints releA.%ed Frum the prior year xmr)iinted tn £.44(J.()15121111).' L4fl1,0()11. Taxatlon Thc CharitLiblc Company is con8idered to pa.8$ d1e tests 8et oiit in pAragrRpli 15chedulc 6 OF tlic Piiiancc Act 2010 and thLfL,(vrL' it mLLlt$ tliL. aLfinAtiun uf %1 chAritAblL" CC)mpaiiy Eor UK cntpntAUr)Ji tax purpc)£cs. Accorih'n£lyy the Charitable Company 1$ potenuAlly exempt Frvm taXXUon in rcspcct oEsncome or Cilpltal gain5 rcceivcd withitt catcgorics covcrcd by Chai)tcr.3 Pxrt I I nF the C.nrpnration Tax Act 2010 nr 8ection 256 of tl)e Taxxtiun OF Chxrgcable Gains Aet 1992, to thc cxtcnt that such incomc or gains arc applied exclusively to ch8ritAble piirpose%.
Docusign En¥ÈlopÈ ID". FCC246B6-1FBC480&A8D5-D68909174162 Greenacve flust Limited {lormerly Ru5hmoor School Llmltedl Financlat stat#mtnt5 for the yeaf ond8d 31 Au9ll$t 2020 35 Capltal commitments There were no capital commitments at 31 August 20?0 or 31 August 2019. 10 P•n51on Teachet8' Pen8ion Scheme (TPS) Introduction The Teacliers, 1)ens20n f chune (IVS or schetne) is a stAtutury, unfunded, defined benefit occupational bclieme. gaverned by tlie TeRchers' Peiisii)nq Rexulations ?Ola las Amended). ai)d the l eachers, l)en%ion Scheme Regulxtions 2014 (a% amended). These regulauolls 1¢ pply t() teachers in bchools and other educatir)nAI estabhsl)m¢nt%. inclilding Acxdetnies, in F.tiglind and IVAles that Rre maijit2ined b}. locAI autharities. Jtl adth'uon. teachers in many indepeiident and Vf)lunt1& ry-l¢ ided 8chools and teAcliers and lecttirer in 41)me ebtabhshment4 of fiirther ¢ind higlier educau()n may be eligj'ble for membership. Memberiliip 15 &iUtomi¢ uc for full-time t¢achers and lecttirers and, from l January 2(K)7, aut()mRtic ti)0 for teAtliers alid Ic'cturer.% iii part-time employmejit foll(Iwing Appoinrment or a change of contract. .1 eachets ancl lecturcrs are Able to (Jpt out uf tl)c'll)%. The Teacher8, Pen8ion budgeting and valuation accouni AlthaLIEh mLinbvr5 m8}, bc Lmploi'cd by VAriI)u% b()Lli¢%, rheir retitement and other pension bcnefit4 are b¢t ()ut in rL'wlatiun% mRdc under thv,%upcranniiAuon Jlct {1972) 2nd PUbC %ervice Pcnsianb Act (?013) 2nd ¢1re paid by PLLblic fiinds prtsvided by l)arliiment. 'I'lIL.'I'I).% Rn uiifundcd scliLtnL atid mLmber cc)i)rril)i)rL' nn a 'paJ' }'i)u go 'b¢l¥iS coJitribuuiJn¥ from mcmbc'rs, AlonkF wirh rh<)4L MRLIL by c'mi)l(>yLr&, xrL' credited ro the l..xclieLiiier undL'r arrxiigL'mL'nr% £()VLmLd by thc. Rbove ilcts. 'I'he'l'LxeliLr% l>¢'n4j()ns R¢,lIatI[)n% 211111 reLiiiirL ttn innii&218cc(JLint, thL .1 L'achL'rb l?L'nsinn IludKL'ting and V21 Iuiill()n Atcouiit, to bL kii)r <)f rLCLlPt% anil L'XI)eiiLlitiirL lincludin% tl)L C()st i)f PL'n%i(>n incrcA%£s). I"r()m l ilpril 2001, thc Acc¢)unt hA% bLci) crL.ditL.d with a rLl1 I rate OF rL'ttini. which ih L4uivRILiit to iliat tlie balancv in the Acc<)unt is inve%tL,d in nnuonal inves¢ment4 th41t produce that real rate OF return. Valuation of the Teacher8> PeoBion Scheme "L'hL. late4t valuation nf rhe'l cachLrs' P¢'n%i(In SelicmL. ha% now tikcii plac¥, in linL Witli dirlctiuns is%ued by I IM'I'tt'A%Ury and iising mL'mbL'r%hip dAt2 24 Xt 31 M41rch 2016. A¥ R rL%iiIt of thi¥ VTri ILliitiun'LIIS emi)l()yer¥ will pay an increased contribution rate oF23.()8'/. from September 2019 (this inLILide5 th¢ Admini.%trati()n Icvy of O.8'/.). The timinLY ()f thc imi)IL'mLnrRtic)n is to £i1ign itb introdLiction with eJnployer¥' biidget plaJii)inR cycle%. Ilntil then, empli)yers ryI1 PAY the current f2tc of 16.48O/.. A copy OF tlie latebt valii2tion rei)ort cnn bc found by Eollouqng thi% link to tlic'fe&1chLr¥' l)en5ions w¢.b41te Iwww.texchet5pensian4.co.uk/news/employer5/201I)104/teAclier5-pen$ions-valuation-report.aspx). The employer's pension costs paid to l])S in the period amounted to £486.91412019- £327,896). TeacheT8 Pension Scheme change8 The arringements for a refurnied I"cachers' Pension Scheme, in line wi¢h the rccommendRUun5 made by Lord I lutt()n. in parucular Ihe introductinn of A Career Average Revalued Earning5 (CARE) scheme, were implementcd frnm l Aptil 2015. In T)ecembcr 2018. the Col1 of AppeRI held that trnltional protection proir15ion4 C()ntained in the reforn)ed judicial And ftrefightet pension sch¢mes, introduc¢d as P41rc ofpubhc service pl,nln teFonn% in 2015. gave t15e to direct R£e discritnination alid were therefore unlawful. 'lkne Supreme Court, in a deciblon made June 2019, have rcjecred the Govemment's applic41rion For permission to xppeal tlie Court i)f Appeal's ruling. The case now bL tLEerred to an Empln}riTr]ciir TribLilldl for a decisioii rrgryiding tlie remedv which need tv be offered tv those members of thc two %chemes who were subject of the age <h'$crimination.
Docusign En¥ÈlopÈ ID". FCC246B6-1FBC480&A8D5-D68909174162 Greenacre Trust Llmlted (formerly Rtsshmoor School Limit•d) Flnancial 5t?tÈments for the year ended 31 August 2020 36 HM"freAsury Are clear that the ruling has imphcations Eor the other pub]ic service scheme.%, including the 'I'eac1iet, Pen%ion Scheme.'I'hn.%c implications are currently being considcred and 41ny imp#ct on scheme co%ts expL¢ted to bc lookcd 41t 1th1n the next scheme valuation, wliich is currently scheduled to be bi%ed ot] April 2020 datA and itnpletncntcd in April 2023. Defined contribution 8cheme 'I'hc Company Rls() makes contribiitions tu defined cnntribiition (money purchA8e) schemes on behalf of cettain ()tlILr emplr)yccs. 'Ilic chargc t() thc %tiltemcnt OF r,i1114 ncial Activities represcntit]g contril)utinn pAyAI)le iti thc ycar for tlie gr()up Amoujitcd to L51,191 1201().' £47.252). Ali amount of LC?4.01)0 {2019.. £19.506) for thL gruup iq i)ayable ?& t the yCi& r-encl in respect of both sclicmc5. 11 Company Ilmlted by guarante• 'I'lie CmpAnY is limited by guatantee And doc8 not havc R sliare CAPltal. 'Ihv member8 hxve a li8biltty ot LxceeLlinx £1 per membcr. 12 Related p*rtl•8 'IIILre IiavL I)Lcn iir) tr¢in48cunns with rLI2L tLd pattlL% thxt rcqiiire <b'8closiirc under eitliet r,RS 102 or (:hariuc'b .%()]{])11,IIS 1112) (LffLcuvL l January 21119). 13 Unr•strlct•d funds De8ignated resetve Genet41 fund 2020 Total 21119 Group 14Alxnce l)mu%ht f()rwr¢rd NL't iiic(IminkF rLs1)iircc .1 ran.4fc'r t<) LIL'siwiii led fulld 1341114 JICL cxrriL(I fi?rwf¢rcl 1,5(](I,000 5,9()4 ()96 437,428 51111,IX)11 J5111i.111111 S,<)j12,424 7,464,996 437,428 6,8211,719 C)44,277 7,902,424 7,4C)4,99C) Designated Rcscrve General fund 2020 Tolal 2019 I'otal Company 1[nCe broiiglit fomrd Nct incomijig tCoi1r¢c8 '1 rMn%f¢r Fr()m dosignated Funds BalAncc catricd fonvar£l 1,500,000 5,0.18,147 424,02.3 500,ofla 4,9CI2,1711 6,538,147 424,023 6,059,905 4711,242 5110.11011 6,962,170 6,538,147 All fiinds Rrc unrc%trictccl, xltlic>uxh thc £haritAblc compxny received restricted incomc of £462,681 dutiiig tlic yLxr whicli WAS fiilly cxpcndcd. Designated resetyc Tlii% rq)rcscnts Eund5 de5jgnftted by the Council fot usc in meeting future development plans on thc Clai)liam l)ark 51te.
Docusign En¥ÈlopÈ ID". FCC246B6-1FBC480&A8D5-D68909174162 Greena¢ro Trust Llmlted (formerly Rushmoor School Llmlted) Flnancl415tatament$ for the year e•)ded 31 Auyust 2020 37 14 Analysls of net a$$ets b•tw•on funds The Group Unrestricted fund 2020 The Company Total Unrestricted funds 2020 Total funds 2020 2020 Tangible fixed assets Curreni a%betS c.urrent habdiues Net abset¥ 6.351,334 6J51,334 2,119.(Xll 2,119,001 567,911 567,911 7.()0? 424 7 902,424 5,787,611 1,588.718 414,160 6.96? 170 5,787,611 1,588,718 414,160 6,962 170 The Group Unresrrictcd The Company Unre4tricted flinds ?019 Total fund8 2019 Total fund8 2019 2019 raiiLyiblL. fixed R58et5 C'lirrent S¢t¥ CiirrL'tit liRbikn'tie Net as8et8 5.68(),16U 2,445.58C) 5,689,160 2,445,586 669,750 S,1115.322 1.8S.3,I)53 421,1?11 6,5.IH.147 5,105,322 L853,953 7 464 1J(J6 6 538,147 15 Commltm•nts und•r op•ratlng l•as•s At.31 Au15t ?0211 the company had totRI future commitment8 under non-cancellAblc operating Icil%es Rs bet Iiiit bLII)w'. The Group 2020 Lea8ehold and Other building8 2n19 LeabL.hc?Id Rnd buildj'ngs Other Opi'rAung leases which exp2re'. Vitl)iii l year Between l and S yeary After more than 5 years 20,584 69,600 271,567 41,168 20,584 ()(J,(IlXI 273,567 67.60U The Company 2020 IEasehold and building8 2019 IAschold and buiidinp? Other Other Operating Ivase$ wkn.ch expire: Vitl)in l year Betrweeti l and 5 years 10,292 2,000 1,167 20,584 10,292 3,167
Docusign En¥ÈlopÈ ID". FCC246B6-1FBC480&A8D5-D68909174162 Grèenacre Twst Llmlted (formerly Rushmoor S¢hool Llmitod} Financlal statem¢nts for the year ertded 31 August 2020 16 Continggnt Ilabllltles Thete w¢re no contingent li2bilities at 31 Aiigu.%t 2020 or 31 August 2019. 17 uitlmat• Controlllng party In the opinion of the tn15tees, there is n(J ultimRte controlling PArty.
Docusign En¥ÈlopÈ ID". FCC246B6-1FBC480&A8D5-D68909174162 Greenacr¥ Trust Lifftlt IlornF•rly Rushmoor School Llmltod} Flnancial $tat8ments for th8 year ended 31 August 2020 39 Thè followlng page$ do not form part of the statutory financlal statements whlch arfr the subject of the Independent audltorf8 report on pages 16, 17, 18 and19
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Docusign En¥ÈlopÈ ID". FCC246B6-1FBC480&A8D5-D68909174162