Registered number: 00856842 Charlty number: 307530 GREENACRE TRUST LIMITED (A Company Limited by Guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
GREENACRE TRUST LIMITED (A Company Llmlted by Guarantee) CONTENTS Page Reference and Admlnlstratlve Datai18 of the Charity, its Trustees and Advi8er8 Trustoes. Report Independent Auditors, Report on the Financial Statements Consolidated Statement of Financial Actlvltles 7-10 Consolidated Balance Sheat 12-13 Charlty Balanca Sheot Con8olldat•d Statement of Cash Flows 14-15 16 Notes to the Financlal Statements 17-28
GREENACRE TRUST LIMITED (A Company Limited by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2024 Trustaés l R Flack D Eylon-williams, Chair J J Leydon A Whiteley (resigned 7 April 2025) A Knight (appointed 7 April 2025) Company registered number 00856842 Charlty reglstered number 307530 Registered office Manton Lane Bedford MK417FZ Company secretary l R Flack Independent auditors Streets Audit LLP Chartered Accountants Registered Audilors Pollon House Wyboston Lakes Great North Road Wyboston Bedford MK44 3BZ Bankers HSBC plc 12 Allhallovrfs Bedford Bedfordshire MK40 1 LJ Page 1
GREENACRE TRUST LIMITED (A Company Limited by Guarantea) TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2024 The Trustees present their annual report together with the audited finanGial statements of the Charity for the year 1 September 2023 to 31 August 2024. The Annual Report Serves the purposes of both a Trustees, report and a directors. report under company law. The Trustees confirm that the Annual Report and financial statements of the charitsble company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) {effective 1 January 2019>. Since the group and the Charity qualrfy as small under section 383 of the Companies Act 2006, the Group Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Direclors, Report) Regulations 2013 has been omitted. Greenacre Trust Limited (GT, formerly Rushmoor School Limited) is a company limited by guarant88 (number 00856842) and a registered charily (number 307530). The company's origins were as a privately owned independent school in London which moved to Bedford in 1918. In 1965 the original charitable corporate struclure was created to acqulre the school which traded successfully since that date. In January 2021 the company changed it5 name and on 1st May 2021, new articles were adopted to reflect its further changed status as a Charitable Development Education Trust. The former education delivery of Rushmoor School, together with that of St Andrew's School (Bedford) Limited was transferred to a new charitable education trust, Bedford Greenacre Independent School Limited (BGIS). However, as a development education trust, Greenacre Trust Limited retained its freehold premises, together with certain other assets; in addition, the freehold premises held by St Andrew's were transferred to Greenacre Trust Limited. Objectives and actlvltle8 a. objectiv and actlvlties The Companls principal charitable objectlve Is to provide and maintain school premlses for the delivery of independent education for boys and girls from Bedford and its surrounding area. Followlng the re-structuring in Aprillmay 2021, the company's trustees have focused on plans for the development of a "state of the art. new school on a 40 acre site, Clapham Park" originally acquired in 2014. b. Main actlvltles undertaken to further the Charity's purposes for the public beneflt The company is established as a Charitable Education Development Trust, by way of a not-for-profit company, limited by guarantee. The Charity's objects are set out in the Articles of Association. c. Publlc benefit The Directors are supportive of the Charity Commission's general guidance on Public Benefit and by making available school premises to Bedford Greenacre Independent School. which itself meets the guidance in a number of ways, the Company is committed to the provision of independently sourced education for pupils to whom it would not otherwise be available. Additionally, the school's facilities will be made available to the wider community, in line with our own and the aims of BGIS. Page 2
GREENACRE TRUST LIMITED (A Company Limited by Guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Achlevements and performance a. Revlew of activltles Background.. The Company changed radically in 2021. part-way through the usual 12 month accounting cycle by adopting new Articles of Association, effective from 1 May 2021, ceasing the provision of educational services and becoming an Education Development Trust. with the Charity Commission's approv81, Slnce May 2021 and for the duration of the year under review, the companls principal income has been by way of rental payments from BGIS, initially for the lease of the two school sites, whilst expenditure has been for services related to the plans for the development of the new school. In the latter parl of 2023 the contract was finalised with Pellikaan Construction Ltd for construction of a "state of the art" new school. Current Plans: With arrangements for the sale of the two school sites agreed and with funding from HSBC Bank in place, during the year under review, the trustees have been able to progress the development of the new school. Following inilial works, the £24m development commenced in November 2023 and, with the construction phase having progressed smoothly. the school itself was completed in December 2024, with pupils joining the school at the start of the Spring term in January 2025. Further works to the landscaping and sports facilities will be completed in 2025. Following the construction phase the premises will be leased to BGIS. Residual funding needs will be met by a long-term loan arrangement with bankers, HSBC, which will be serviced from rental receipts from the school. Looking ahead, the accounts for the year 2024125 are likely to reflect the major part of the new school development phase with receipts initially being confined to regular rental payments and outgoings being the cost of the development which will be funded lo a large extent by bank borrowing, pending receipt of proceeds from sale of the existing school sites. Proceeds from the sale of the St Andrew's site were received in August 2024, with proceeds from the Rushmoor sale being received at end December Financial rev16W . Going con¢¢rn After making appropriate enquiries, the Trustees have a reasonable expectation that the Charily has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policie5. b. Reserves policy Income for the period under review was £400,000 from rental income, £56,391 from interest received and £2,389,095 from the sale of freehold property. At the year end, the company had total funds of £11.126.998 {2023 £9,074,229). The companls cash reserves, held by way of fixed term deposits with HSBC Bank. will be utilised to meet initial expenditure on the planned new school development. The Charity's Reserves Policy will be to maintain unrestricted funds to enable it to meet its short-term financial obligations. The Directors have approved budgets for the current and next few years in which available funds, including agreed borrowings from HSBC Bank will exed committed annual expenditure. The company has no full-time employees or attendant commitments or liabilities. Page 3
GREENACRE TRUST LIMITED (A Company Llmitad by Guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 c. Current plans With arrangements for the sale of the two school sites agreed and with funding from HSBC Bank in place. during the year under review, the trustees have been able to progress the development of the new school. Following initial works, the £24m development commenced in November 2023 and, with the construction phase having progressed smoothly, the school itself was completed in December 2024. with pupils joining the school at the start of the Spring term in January 2025. Further works to the landscaping and sports facilities will be completed in 2025. Following the construction phase the premises will be leased to BGIS. Residual funding needs will be met by a long-term loan arrangement with bankers, HSBC, which will be serviced from rental receipts from the school. Looking ahead, the accounts for the year 2024125 are likely to reflect the major part of the new school development phase with receipts initially being confined to regular rental payments and outgoings being the cost of the development which will be fundad to a large extent by bank borrowing, pending receipt of proceeds from sale of the existing school sites. Proceeds from the sale of the St AndW'S site were received in August 2024, with proceeds from the Rushmoor sale being received at end December. d. Prlnclpal rl8k8 and uncertainties During the construction phase for the new schoo5, principal risks have been associated with the development.. the Truslees aim is that these risks are limited by ensuring that its contracts are with companies adopting sound measures to ensure that risks are minimised and by taking appropriate insurance against such risks. financial terms. the company entered into a fixed price contract with Pellikaan Construction Limited for the development of the school and has employed consultants in a number of fields to aid its decision making. Currie & Brown. quantity surveyors, are Project Managers for the development. Financial risks centre on contlnued tradlng success by the tenant, 8GIS,' Trustees understand that the company has tracled successfully during recent years despite the difficulties of the Corona Virus Pandemic and associated lock down perlods. Dlrectors maintain contact with the school's management and understand that, during the year, pupil numbers continued to grow in the expectation of occupying the new state-of-the-art school. Following occupation of the new site, interest from parents has grown significantly, necessitating an application to increase the agreed capacity of the school. On this basis, directors have confidence in its rental income being sufficient to meet agreed levels of loan repayments in the years ahead. e. Futura arrangements The Directors anticipate that they will continue to meet the charitable objects of the Company for the foreseeable future, based on increased numbers at the school. Structure. governance and management a. Constitutlon Greenacre Trust Limited 15 governed by its Articles of Association which now provide for the company to operate as a Development Education Trust. They also provide for the income and property of the company to be applied solely towards its objectives and no assels or funds shall be paid or distributed to members of the association. Page 4
GREENACRE TRUST LIMITED (A Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Structure, governance and managemant (continued) b. Organlsatlonal structura and decision-making policles The Directors of the Company who are also Trustees of the charity, are responsible for the overall management, performance and control of the company. They meet regularly, at least lce annually and as frequently as required to progress the business of the company. New directors will be appointed by the existing directors, ensuring that the necessary skills and experience are represented. New directors will be provided with comprehensive briefing on the company, its hlstory and current aims, as well as attending appropriate training for new charity trustees. ststement of Trustees. rasponslbllltles The Trustees (who are also the directors of the Charity for the purposes of com pany law) are responsible for preparing the Trustees. Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Charity and of their incoming resources and application of resources. including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required lo.. select suitable accounting policies and then apply them consistently; observe the methods and principles of the Charities SORP (FRS 102)., make judgments and accounting estimates that are reasonable and prudent., state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements., prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will conlinue in business. The Trustees are responslbl8 for keeping adequate accounting records that are sufficient to show and explain the Group and the Charity's transactions and disclose with reasonable accuracy at any time the financial positlon of the Group and the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Disclosure of Information to audltors Each of the persons who are Trustees at the time when this Trustees, Report is approved has confirmed that: so far as that Trustee is aware. there is no relevant audit information of which the charitable group's auditors are unaware, and that Trustee has taken all the steps that ought to have been taken a5 a Trustee in order to be aware of any relevant audit information and to establish that the charitable group's auditors are aware of that information. Page 5
GREENACRE TRUST LIMITED (A Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Auditors The auditors, Streets Audit LLP, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees. Approved by order of the members of the board of Trustees and signed on their behalf by.. l R Flack Director and Secretary Date.. 29 May 2025 Page 6
GREENACRE TRUST LIMITED (A Company Limited by Guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF GREENACRE TRUST LIMITED Opinion We have audited the financial statements of Greenacre Trust Limited {the 'parent charitable companv) and its subsidiaries (the 'group') for the year ended 31 August 2024 which comprise the Consolidaled Statement of Financial Activities, the Consolidated Balance Sheet, the Charity Balance Sheet, the Consolidated Statement of Cash FSows and the related notes, including a summary of signrficant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and Uniled Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the Group's and of the parent charitable comp8nls affairs as at 31 August 2024 and of the Group's incoming resources and application of resources, including its income and expenditure for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accountlng Practice. and have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements Ihat are relevant to our audit of the financial statemenls in the United Kingdom, including the Financial Reporling Council's Ethical Standard, and we have fulfilled our other ethical responsibilities In accordance with these requirements, We believe thal the audit evidence we have obtained is sufficienl and appropriate to provide a basis for our opinion. Conclusions relating to golng concern In auditing the financial statement5, we have concluded that the Trustees, use of the going concern basis of accounting in the preparation of the financial statement5 is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charitable companVs ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going conrn are described in the relevanl sections of this report. Page 7
GREENACRE TRUST LIMITED (A Company Llmlted by Guaranto0) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF GREENACRE TRUST LIMITED (CONTINUED) Other informatlon The other information comprises the information included in the Annual Report other than the financial statements and our Auditors, Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent wilh the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report In this regard. Oplnlon on othar matters prescribad by the Companles Act 2006 In our opinion, based on the work undertaken in the course of the audlt: the information given in the Trustees, Report for the financial year for which the financial statements are prepared is consistent with the financial statements. the Trustees, Report has been prepared in accordance with applicable legal requirements. Matters on which we are requlred to report by exceptlon In the light of our knowledge and understanding of the charitable company and its environment obtained In the course of the audit, we have not identified material misstatements in the Trustees, Report. We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion.. the parent charitable company has not kept adequate and sufficient accounting records. or returns adequate for our audit have not been received from branches not visited by us., or the parent charitable company financial statements are not in agreement with the accounting records and returns., or rtain disclosures of Trustees, remuneration specffied by law are not made.. or we have not received all the information and explanations we require for our audit., or the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies, exemptions in preparing the Trustees, Report and from the requirement to prepare a Strategic Report. Page 8
GREENACRE TRUST LIMITED (A Company Limited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF GREENACRE TRUST LIMITED (CONTINUED) Responsibilities of trustees As explained more fully in the Trustees, Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement. whether due to fraud or error. In preparing the financial statements, the Trustees are responslble for assessing the Group's and the parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the parent charitable company or to cease operations. or have no realistic alternative but to do so. Auditors. responsibilitles for the audlt of the financlal statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors, Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee Ihat an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud. are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities. outlined above, to detect material misstaternents in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Our approach to identifying and assessing the risks of material misstatement in respect of irregularities Including fraud and non-compliance with laws and regulations, was as follows: the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance wlth applicable laws and regulations. we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our Commercial knowledge and experience of the company and sector in which it operates. we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company. including the Companies Act 2006, Charities Act 2011, taxation legislation, anti-bribery, environmental and health and safety legislation,. we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence. and identified laws and regulations were communicated within the audit team regularly and the team remained alert to InStanS of non-compliance throughout the audit. We assessed the susceptibility of the companls financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud" and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations Page 9
GREENACRE TRUST LIMITED (A Company Limited by Guaranta•) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF GREENACRE TRUST LIMITED (CONTINUED) To address the risk of fraud through management bias and override of controls, we.. performed analytical procedures to identrfy any unusual or unexpected relationships,. tested journal entries to identify unusual transactions., assessed whether judgements and assumptions made in determining the accounting estimates set out in Note 2 were indicative of potential bias., and investigated the rationale behind significant or unusual transactions. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. www.frc.or .ukJauditorsres onsibilities. This description forms part of our Auditors, Report. Us• of our report This report is made solely to the charitable companvs trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the charitable companvs trustees, as a body. Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might State to the charitable company's trustees those matters we are required to state to them in an Auditors, Report and for no other purpose. To the fullest extent permitted by law, we do nol accept or assume responsibility to anyone other than the charitable company and its members, as a body. for our audit work, for this report, or for the opinions we have formed. Alan Endersby (Sénior Statutory Audltor) for and on behalf of Streets Audit LLP Chartered Accountants Registered Auditors Potton House Wyboston Lakes Great North Road Wyboston Bedford MK44 38Z 29 May 2025 Page 10
GREENACRE TRUST LIMITED (A Company Limited by Guarantee) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2024 Unrestrlcted funds 2024 Total funds 2024 Total funds 2023 Not• Income from: Charltable activitles Investments Other Income 400,000 56,391 2,389,095 400,000 56,391 2,389,095 400,000 46,065 241,128 Total income 2,845,486 2,845,486 687. 193 Expenditure on: Charitable activities 792,717 792,717 395,519 Total expendituro 792,717 792,717 395,519 Net movement In fund8 2,052,769 2,052,769 291.674 Reconclliatlon of fund8: Total funds brought forward Net movement in funds 9,074,229 2,052.769 9,074,229 2,052,769 8. 782,555 291,674 Total funds carried forward 11,126,998 11,126,998 9, 074.229 The Consolidated Statement of Flnanclal Actlvltles Includes all galns and losses recognised in the year. The notes on pages 17 to 28 form part of these financial statements. Page11
GREENACRE TRUST LIMITED (A Company Limited by Guarantee) REGISTERED NUMBER: 00856842 CONSOLIDATED BALANCE SHEET AS AT 31 AUGUST 2024 2024 2023 Nota Flxed assets Tangible assets Curront assets 10 18,932,920 7,022,329 Debtors Cash at bank and In hand 1.341.490 4,262,807 10,707 2, 162,247 5,604,297 2, 172,954 Creditors: amounts falling due within one year 12 (77,319) (121,054) Not current assets 5,526,978 2,051,900 Total a88ets lass current Ilabllltle8 24,459,898 9,074,229 Creditors.. amounts falling due after more than one year 13 (13,332,900> Net assets excludlng pen8lon assat 11,126,998 9.074.229 Total net assets 11,126,998 9,074,229 Charfty fund8 Restricted funds unstriCted funds 14 14 11,126,998 9,074, 229 Total funds 11,126,998 9,074,229 The Charity was entitled to exemption from audit under section 477 of the Companies Act 2006. The mernbers have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. However, an audit is required in accordance with section 151 of the Charities Act 2011. The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by: Page 12
GREENACRE TRUST LIMITED (A Company Limited by Guarantee) REGISTERED NUMBER: 00856842 CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 AUGUST 2024 l R Flack Director Date: 29 May 2025 The notes on pages 17 to 28 form part of these financial statements. Page 13
GREENACRE TRUST LIMITED (A Company Limited by Guarantee) REGISTERED NUMBER: 00856842 CHARITY BALANCE SHEET AS AT 31 AUGUST 2024 2024 2023 Note Fixed assets Tangible assets Current assets 10 18,932,920 9,153,618 Debtors Cash at bank and in hand 1,341,490 4,262,807 10, 707 2,162,247 5,604,297 2, 172,954 Creditors: amounts falling due within one year 12 (77,319) (121,054) Not current assets 5,526,978 2,051,900 Total assets less current liabilities 24,459,898 11,205.518 Creditors: amounts falling due after more than one year 13 (13,332,900) Net assets excluding pension asset 11,126,998 11,205.518 Total net assets 11,126,998 11,205,518 Charlty fund8 Restricted funds Unrestricted funds 14 14 11,126,998 11.2Q5.518 Total funds 11,126,998 11,205,518 The Charity's net movement in funds for the year was £{78,520) (2023 - £115,681). The Charity was entitled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. However, an audit is required in accordance with section 151 of the Charities Act 2011. The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. Page 14
GREENACRE TRUST LIMITED (A Company Limited by Guaranta8) REGISTERED NUMBER: 00856842 CHARITY BALANCE SHEET (CONTINUED) AS AT 31 AUGUST 2024 The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by: l R Flack Director Date: 29 May 2025 The notes on pages 17 to 28 form part of these financial statements. Page15
GREENACRE TRUST LIMITED (A Company Limited by Guarantee} CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Cash flows from operatlng actlvltles Net cash used in operating activities 11,301,160 (172,845) Cash flows from investlng actlvltles Dividends, interests and rents from investments Proceeds from the sale of tangible fixed assets Purchase of tangible fixed assets 456,391 446.065 2,873,460 255,378 (12,530,451) (566,740) Net Ga8h {u80d in)Iprovlded by Investing activltl¢8 (9,200,600) 134,703 Cash flows from flnanclng actlvltlos Net cash provided by financing activitle8 Change in cash and cash equlvalents In the year Cash and cash equivalents at the beginning of the year 2,100,560 (38,142) 2,162,247 2,200,389 Cash and cash equivalents at the end of thè y•ar 4,262,807 2, 162,247 The notes on pages 17 to 28 form part of these financial statements Page 16
GREENACRE TRUST LIMITED {A Company Limitad by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 General inforniatlon Greenacre Trust Limited is a private company limited by shares incorporated in England and Wales. The registered office and principal place of business is 58-60 Shakespeare Road, Bedford, MK40 2DL. Accounting policies 2.1 Basis of preparatlon of flnanclal statements The financial statements have been prepared in accordance with the Charities SORP (FRS 102) Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Greenacre Trust Limited meets the definition of a publlc benefit entlty under FRS 102. Assets and liabilities are initially recognised at hlstorlcal cost or transactlon value unless otherwise stated in the relevant accounting policy. The Consolidated Statement of Financial Activities (SOFA) and Consolidated Balan Sheet consolidate the financial statements of the Charity and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis. The Charity has taken advantage of the exemption aSlowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Financial Activities in these financial statements. 2.2 Income All income is recognised once the Charity has entitlement to the Income, It Is probable that the income will be received and the amount of income receivable can be measured reliably. Grants are Included in the Consolidated Statement of Financial Activities on a reIvable basis. The balance of income received for specrfic purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognilion is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued. 2.3 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure on charitsble activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs. 2.4 Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group.. this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. Page17
GREENACRE TRUST LIMITED (A Company Limit by Guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting pollcles {continued) 2.5 Tanglble fixad assets and depreciation Tangible fixed assets are capitalised and CogniSed when future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a iangible fixed asset into its intended working condition should b8 included in the measurement of cost. Deprecistion is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives. Depreciation is provided on the following basls: Freehold property 2.50 straight line Freehold land is not depreciated 2.6 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.7 Cash at bank and in hand Cash at bank and in hand includes cash and short-term hlghly liquld investments with a short maturity of threa months or less from the date of acquisition or opening of the deposit or similar account. 2.8 Llablllties and provislon8 Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. 2.9 Financial instruments The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured st their settlement value with the exception of bank loans which are subsequently measured 8t amortised cost using the effective interest method. 2.10 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees In furtherance of the general objectives of the Group and which have not been designated for other purposes. Page 18
GREENACRE TRUST LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Income from charitable actlvltles Unrestrlcted funds 2024 Total funds 2024 Total fvnds 2023 Rental income 400,000 400,000 400.000 Investment Income Unrestrlcted funds 2024 Total funds 2024 Total funds 2023 Interest received 56,391 56,391 46,065 Page 19
GREENACRE TRUST LIMITED (A Company Limit•d by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Other Incomlng resoue5 Unrestrlcted funds 2024 Total funds 2024 Total funds 2023 Profit or loss on disposal of fixed assets 2,389,og5 2,389,095 241,128 Analysls of expendlturo on ¢harltab16 actlvltles Summary by fund type Unrestricted funds 2024 Total 2024 Total 2023 School Development 792,717 792,717 395,519 Analy818 of expenditure by activltios Support costs 2024 Total funds 2024 Total funds 2023 School Developrnent 792,717 792,717 395.519 Page 20
GREENACRE TRUST LIMITED (A Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Analy818 of expenditure by actlvitles (contlnued) Analysis of support costs School Developme nt 2024 Total funds 2024 Total funds 2023 Depreciation Professional fees Repairs and renewals Bank charges Bank interest Insurance Governance costs 135,494 211,405 1,740 252,176 176,211 6.841 8,850 135,494 211,405 1,740 252.176 176,211 6,841 8,850 135,644 244.667 2,590 318 1,100 11,200 792,717 792,717 395.519 Auditors. remuneration 2024 2023 Fees payable to the Charitys audltor for the audit of the Charity's annual accounts 9.450 9.000 Trustees. remuneratlon and expenses During the year, no Trustees received any remuneration or other benefits (2023- £NIL). During the year ended 31 August 2024, no Trustee expenses have been incurred (2023- £NIL). Page 21
GREENACRE TRUST LIMITED (A Company Limitad by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 10. Tanglble flxed assets Group Freehold property Cost or valuatlon At 1 September 2023 Additions Disposals 9,149,225 12.530,451 (555,473) At 31 August 2024 21,124,203 Depreclatlon At 1 September 2023 Charge for the year On disposals 2,126,896 135,495 171,108) At 31 August 2024 2.191,283 Net book value At 31 August 2024 18,932,920 At 31 August 2023 7,022,329 Charity Freehold property Cost or valuation At 1 September 2023 Additions Disposals 11,632,500 12,530,451 (3.038.748) At 31 August 2024 21.124.203 Page 22
GREENACRE TRUST LIMITED (A Company Limitèd by Guarant•è> NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 10. Tangible fixed assets (contlnued) Charity (continued) Freehold property Depreciation At 1 September 2023 Charge for the year On disposals 2,478,882 245,512 (533.111) At 31 August 2024 2,191,283 Net book value At 31 August 2024 18,932.920 At 31 August 2023 9. 153,618 On 1 May 2021, the property used by St Andrew's School was transferred from St AndreWs School (Bedford) Limited to Greenacre Trust Limited. Greenacre Trust Limited recognised the asset at its fair value but, for group reporting purposes, the uplift in value will not be recognised until the property is sold to a third party. As a consequence, historically the value of assets for the group has a lower value than that reported by the charity. The historical value of the assels are now matching due the relevent assets being disposed of within Ihe reporting period. During the year, the property used by St Andrews School, previously transferred in to Greenacre Trust Limited, was sold. As a consequence, the historic value of assets for the group is now equal to the value reported by the charity. Freehold property includes assets under the course of construction amounting to £16,302,443 (2023 £3,485.682). 11. Debtors Group 2024 Group 2023 Charity 2024 Charity 2023 Due within one year Other debtors 1,341,490 10,707 1.341.490 10.707 Page 23
GREENACRE TRUST LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 12. Creditors: Amounts falllng due within one year Group 2024 Group 2023 Charity 2024 Charity 2023 Trade creditors Other creditors Accruals and deferred income 13,631 1qt,434 20 9.600 13.631 111,434 20 63,688 63,688 9,600 77,319 121,054 77,319 121.054 13. CrltOrS. Arnount8 falllng due aftor more than on• year Group 2024 Group 2023 Charlty 2024 Charity 2023 Bank loans Other creditors 12,067,900 1,265,000 12,067,900 1,265,000 13,332,900 13,332,900 The bank loan, amounting to £12,067,900, is secured agalnst the development of the new premises currently valued at £21,120,203. with a total available drawdown facility of £16,500,000. Additionally, within Other Creditors, there is an unsecured loan of £1,265,000, with a totsl available drawdown facility of up to £3,000,000. Page 24
GREENACRE TRUST LIMITED (A Company Limlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 14. Statement of funds Statement of funds - current year Balance at 1 September 2023 Balance at 31 August 2024 Transfers inlout Income Expenditure Unrestricted funds General Funds Fixed asset reserve 2.051,900 7,022,329 2,845,486 (547,205) (12,156,103) (7,805,922) (245,512) 12,156,103 18,932,920 9,074,229 2,845,486 (792,717) 11,128,998 The General fund represents reserves which are available for the charity to use in the furtherance of any charitable objective. The Fixed asset reserve represents the net book value of freehold property, which forms part of the general reserve. In addition to the reserves stated above, Greenacre Trust Limited recognised a fair value adjustment of £Nil (2023 £2.307.282) in respect of freehold property transferred from St Andrew's School (Bedford) Limited, this asset has been disposed of within the year and the fair value recognised within Greenacre Trust Limited has subsequently been reversed. Statement of funds - prlor year Balance at I September 2022 Balan at 31 August 2023 Transfers in/oul Income Expenditure Unrestrlcted funds General Funds Fixed asset reseple 2,177.072 6,605,483 687, 193 (259.875) (552,490) 2,051, 900 (135, 644) 552, 490 7,022,329 8, 782.555 687,193 (395, 519) 9,074.229 Page 25
GREENACRE TRUST LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 15. Summary of fund3 Summary of funds - current year Balance at 1 S•pt•mb•r 2023 Balance at 31 August 2024 Transfers Inlout Income Expenditure General funds 9,074,229 2,845,486 (792,717) 11,126.998 Summary of funds - prlor year Balance at I September 2022 Balance al 31 August 2023 Transfers in/out Income Expenditure General funds 8, 782,555 687, 193 (395,519) 9,074,229 16. Analysis of net assets between funds Analysis of net assets betwoèn funds - current perlod Unrestrlcted fund8 2024 Total funds 2024 Tangible fixed assets Current assets Creditors due within one year Creditors due in more than one year 18.932,920 18,932.920 5,604,297 5,604,297 (77,319) (77,319) (13,332,900) (13,332,900) Total 11,126,998 11,126,998 Page 26
GREENACRE TRUST LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 16. Analysls of net asséts between funds (continued) Analysis of nat assets between funds - prior period Unrestricted funds 2023 Tot81 fvnds 2023 Tangible fixed assets Current assels Creditors due wlthln one year 7,022,329 7,022.329 2, 172.954 2,172.954 (121,054) (121,054) Total 9,074, 229 9,074,229 17. Reconciliatlon of net movemant In funds to nat cash flow from operating actlvltle8 Group 2024 Group 2023 Net income for the period (as per Statement of Financial Activities) 2,052,769 291,674 Adjustments for: Depreciation charges Dividends, interests and rents from investments Profit on the sale of fixed assets Increase in debtors Increase in creditors 135,495 135.644 (456.391) (446,065) (2,389,095) (241, 128) (1,330,783) (5, 709) 13.289,165 92, 739 Net cash provided byl(used in) operatlng actlvltles 11,301,160 (172.845) 18. Analysis of cash and cash equivalents Group 2024 Group 2023 Cash in hand 4.262,807 2.162.247 Total cash and cash equivalents 4,262,807 2,162,247 Page 27
GREENACRE TRUST LIMITED (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 19. Analysls of changes in net debt At1 September At31 2023 Cash flow8 August 2024 Cash at bank and in hand 2,162,247 2,100,560 4,262,807 (12,067.900) (12.067,900) Debt due after 1 year 2.162,247 (9,967,340) (7,805,093) 20. Contingènt liabilities During the year, as a result of regulatory changes there was a tlmlng dlfference In relation to the monies owed to HMRC in relation to Value Added Tax. We are unable to establish if a liability exist, and if it does, we are not reasonably able to value this. 21. Capltal commltment8 Group 2024 Group 2023 Charity 2024 Charity 2023 Contracted for but not provided in these financlal statements Purchase, construction or development of investment property 11,234.248 23, 784, 699 11,234,248 23, 764,699 22. Related party transactions During the year. the charity received a loan of £1,265,000 (2023.. £Nil) from Bedford Greenacre Independent School. Interest of £54,390 has been accrued in accordance with the loan agreement. A further £1,235,000 has been advanced since the year end. Bedford Greenacre Independent School moved into the new prem ises constructed by the charity in January 2025. Page 28