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 ex￿ed 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 And￿W'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 con￿rn 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 InStan￿S 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
un￿striCted 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 re￿Ivable 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 resou￿e5
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. Cr￿ltOrS. 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