Crosfields School Trust Limited IA company Ilmlted by 9uaranteel Annual Report and Consolthled Financial Slalemgnts Yew EThJed 31 August 2021 Regislered No. 0584278 (Englwd and Wales) Charity No. 309108 Crosfields School Trust Limited CONTEKrs Page Legal and Administrative infcwmati( Report of Govemots {induding StrategK ReK*Jt) 4-15 IndeperKlent Auditorf5 Rewt 16-18 Con801idated StsterMnt of Financi￿ Activit Consolidated and Ccryany stat￿nt of Financwl Posrt￿n 20 Consolidated Statement of Cashfiows 21 Notes to the Financial Stalen￿ts Crosfields School Trust Limited LEGAL AND ADMINISTRATIVE INFORMATION For thg year gndgd 31 August 2021 STATUS AND ADMINISTRATION The Crosfields Sehod Trust Limited is a chartsble coffwny fmited by guarnntee, wicorporated on 21 May 1957 and registered as a charty on 1 October 1962. The charbtable company vras established under a Memorandum of Association that eslablL8hed the objects and FvJwer8 of the charitable company aTrJ is govemed under its Art￿leS ofAssociation. COMPANY NUMBER CK1584278 CHARITY NUMBER 309108 REGISTERED OFHce AND ADDRESS CroSf￿￿$ School Shinfield R¢)ad Shinfield Reading Befkshirè RG2 9BL GOVERNORS The governors of Ihg schod being also Tn￿lee5 of the charity and Diredors of the Charitab￿ company. who served during the year, unbss othe￿1$e stated, were as fol￿5.. A Alkinson (Appointed 21 June 2021118uikJings & Estates Chair) D Battersby (Appointed 29 Noventsor 20211 C S Bradl￿￿j Chair of Govemors- 1 August 2021 C J 8r(ywn (Resigned 15 Jutry 20211 S Brown (Appointed 21 June 20211 K Clark C J Dering H Fitzwillrams C L Fumeaux V A M Granlham M J Hatch A Hilson R Karts S Lewis JRLL 8 Purewal S Sachdeva J Sefton Jenkins (IT Chair) M Tumer {Safeguarding Lea¢J) Wardrop {Appoinled 23 April 20201 Governors are appointed by the board of gOVerr￿ ncffmalty at Ihe annual 98neral r￿ling for a t8rm of thre8 yèars, bLrt are eliqible fcff re-dection. Members of the Finance Cc*))mittee {FC) Members of the 8uilding & Estates C¢)rnmittee (BEC) Members ofthe HM Bursarf5 Remuneral*)n & Appratsal Committee IFIMBRAC) Members of Ihe EduCat￿n & Wdfare Commttt8e (EKI Members of the Heahh & Safety Commitiee IH&SI Members of the IT CL¥nmitt&1STC) Members ofthe P16 Programme Board "i@l++ Ah AAr '.1##1￿++ (Resvjned 31 Juty 2021> (Resigned 1 O￿Ober 2020) IEducal¥)n & Wetfare Chaff) (Resigned 17 November 20201 (Buihjings & EsL*es Chairl (Resign￿ 29 November 2021) (ApFM)inted 29 November 20211 (Resigned 29 Noverrt)er 2021) (FIna￿e Chair) @l++ l++ {Resyned 29 November 20211 AAI ++ Crosfields School Trust Limited LEGAL AND ADMINISTRATIVE INFORMATION (continuodj For the year ended 31 August 2021 OFFICERS Headmaster. C D J Watson Bursar and Corryny Secretary.. C J Purdc4n SENIOR LEADERSHIP TEAM C O J Walson S Dinsda R Ebbage T G¢)odhe J Ireland A Mallins P J McDchvell A Westbey.Smith K O'Leary C J PLbrdom K Stone Headmaster Second Master Deputy Head (Academic) Senior School Deputy Head (Paslorall jUn￿r Sch￿1 Deputy Head (Academic) Junior School Deputy Head IPaslorall Senior School Heaj of Pre-Prep Deputy Head of Pre-Prep Direclor of Studses Bursar H&id of Earty Years PROFESSIONAL ADVISERS BANKERS: Barclays Bank PLC Broad Streei Reading RG12HD Lloyds Bank Unit3 20 Market PL3ce w￿1r￿Jharn RG40 1AP SOLICITORS: Fiek1 Seymour Parks LLP 1 London Street R&iding RG14PN Pennington Manches Cow LLP Apex Plaza Forbury Road Roading RG1 1AX vea￿ Wasbrough VEards Narrtrw Quay House NarTV4V Quay Bristol BS14QA AUDITORS.. hayesmacintyre 10 Queen Street Plxe L¢>KIc EC4R 1AG Crosfields School Trust Limited LEGAL AND ADMINISTRATIVE INFORIIATION (contlnuedj For th• year •nd•d 31 August 2021 INSURANCE BROKERS Ma￿h Brokers Linited Rockwctsy House 9-17 Perrymount Road Haywards Heath RH16 3DU Crosfields School Trust Limited REPORT OF THE GOVERNORS For the year ended 31 August 2021 ANNUAL REPORT The governors present their annual report. tc*Jelher wrth the financkgl st￿en￿nIS for the year ended 31 August 2021 and cc￿TilM that the latter comply with the requirements of the Companies Act 20(￿. the Charitable Company's Articks ofAssocialion (March 2019). the Charrties Ststement of Recommend￿ Pract￿6 {SORP 20151 and Financial Reporting Standard 102 IFRS 102). The annual report is also the Trustees. Report as required by Part Vlll ofthe charit￿s Act 2011 and the Director5. Report as required by section 417 of the Compan￿5 Act 2006. Coronavirus has continued to on the &lucational eyrience for al our pupls but the school has also found ways to adapt and overcom the many challenges presented in order to continue to deliver Upc￿ ils aims. Whilst we had hoped that these effects would be relativdy short4iv&J. we understarKI that all our future thinkin9 musl tak8 into account and plan I￿ a resurgen￿ of the virus. Chair of Govornorfs R•port Crosfields 15 a C¢)mmunrty that prKles itself ncl just on ils strong ac&Jemic ach*vement and inpressive breadth of opportunity but also on an uplrftirKJ atmosphere of welcome. ol calm and of mutual support. It is not a school that $land$ still and in September 2021. we went through our next exciting evolutson as the Junior School {Nursry lo Year 61 and Senior School Iyear 7 - 9 currgntlyl were gstablished. WiiL8t exh has many distinguishing fvalures of ils own, not least their own unrfom) and SenDr Leadership Tean. theywll deveknp their character in keeping with the CrOsf￿￿$ ethos and vdues. The new Senior School Building 15 very much a physKal sign of the changing times and our ambitions lo be the leading c¢>edu¢ational day school in the area. Our futLbre challeThJe ￿ lo make the expansion of the school through to 16, a sustainable success in temis of continued gr(￿h in pupil numbers., staff professional devebpment", extending opportunities for our pupils in and out of the classr(yJn aThl bro•JeniNd access for students who might be unable lo afford an indeperthnt edLtst•)n. We are also very ¢onsch)us of our imp&t UP¢)n the environment arKI kxal community and the Board are making firm commitr￿nIS to Ihe challenges of clThate change and wider $CKkal responsibilty. AIMS, OBJECTIVES AND ACTMTIES Crosfields is situated in over forty acres of park and woodLgnd. excepb'onal facilrties and talented staff. 11 is a C¢>educational school with ehiljren bètween the ages of 3 and 15 with our first cohort of Year 9 pupils joining our senior schod in September 2021 (see Strategic Review below). They are given the oppcfftunty lo Challenge and develop IherbK8efves, t¥)th ins￿8 and of Ihe daSsr(￿l. An exceptionalty fr1erKI￿ schc￿, CrosfElds emphasi5es manners, kindness and good behaviour. The gids and boys benefit frcffi a vast range of cpportunities pro¥￿ed by a commiited and talented staff enhanced by excellent facilities which are second to none. Though they are taught broadty, the chikdren are also taught thoroughly and imaginatively, pfeparing for whatever their fvlure W$. Crothlds lays the found*Dns for the aduts pupils will become. Alms The overall intent of CrOsf￿ld3 1$ to provNJe an exceptional edu&ition that is broad, thorough and enjoyable, enabling children to make the nvxt of themselves and lo be considerate of others. In so doing, it has Ihe following aims.. To provhle an environment in wh￿h the Ch￿dren are happy and confKlent vthich is safe. caring arKI suppL¥tive wrth exceptional pasloral ￿Te. To PfovKle OPFX)rtunilies of c(msKlerable breajth and depth to hebp chikjren discover their tslents. To provKle an amosphere in whKh respect for ¢Xher pwte and for the workl is cultNated. To encrmjrage effort. resilience. and rwJour. Crosfields School Trust Llmited REPORT OF THE GOVERNORS For tho year ondod 31 Awjust 2021 To encourage the Ch￿dren lo be Independent thinkets wrth cntical, iwuiring minds by providing a chaI￿n91n9 academ￿ curriculum whith inspires and enga3e$ all pupils. To prepare chiklfen lo beave Crosfiekls ready for the challenges which await them al their next ￿hcO1$ and beyond. Current approaches to Implwnent the alms: The governors have adopted the folk￿￿"ng apPr￿he5 to delrier the aims of the Sch￿)1.. To prowde a high stsndard of ￿ademiC educaknon foi children up to age 16 wrthin an environmenl that en￿￿rageS pupils ￿ music. dr￿. swt and broad co-cufficular pro9raffme. . To Pfepare forthe expansion of the schcrt)I for chiklren up to age 16 in respect of academic provision, pastoral Care. organisational change and infrastructure Ikn¢)wn as Proiect 16- P16}. To contsnu8 to rgvivw the sch(d's syllabus to bwKhmark acthmic standard5. To offerthe pthlic wider access to fxililies out of schocA h¢￿1$ through use by local clubs organisalions. To ￿su￿ effective managen￿nI and governance systems are in place for financial management (capital and revenvel. eslale managerrent. Heath & Safety. IT. rtsk management, education and welfare provision. personal de¥ebFrfl￿t of staff and gover￿￿. sustainability and future estste devélopment planning. Prln¢lpal Actlvltl•s In getting the school's objectives and planning its &tivities. govemors have gwen careful Consideration to the Charity Commission's gener￿ guKlance on public benefrt and in particular lo its supplementary public benefit guidance on advancing education and on fee-charging. The role ofthe Crosfidds charitable company is lo ensure that Crosfiekls School funclp)ns as a co*dLKalKJnal day sthool that it continues lo thrive in a competitive environment, through the proV￿10n of hyh standards of eduCat￿n and develcyment of chiklren. The sch￿1 welcomes pupils from all b*grounds. To almit a prospectNe pupil, the school ne&Js to be satisfied that thé schts)I will be able to educate and devek)p that person to the best of their potentral and in line with the general standards achieved by theK peers. Entrance intervi￿S and assessments are undertaken lo satisfy oursefves and parents that pupils can cope wth the pace of leaming and tenefrt from the education the school provides. An individual's gender. ethn￿ty, race, r&I￿lon or disabilty does not fomi part of our assessment processes. The school is an equal 0pp￿Unty ￿janISation and is ccmnmitted to a working environment that is free from any fom ofdiscriminalion on the groun¢Js of colour, race. ethnicity, relig￿, sex, sexual OTientstion or disability. The 5chc*Jl will mae reasonable adjustments to meet the needs of staff or pupils who are CK become dIsab￿d. The school is committed lo safeguarding and prcffnoting the welfare of our pupils and expects all staff and volunteers to share this commitment. The Desh3nated Safeguarding Lead and the team of trained deputy safeguarding leads provide the necessary support wthin the schcM)I lo fulfil its stslulory duties and promote the wellbeing and welfare of children. All Govem¢)rs undertake safeguarding training and are provided with an over8ighl on safeguarding lermly. A safeguarding govemor i8 nominated lo oversee thè safeguarding policy and practice in school. An independent review of safeguarding practi￿ has been conducted in 2021 a view to achievlig the very highest level of provision. Parents are given regular inf0m￿l￿)n about their Child￿n.$ sock81 and academtc progress Ihrough parent evenings in addition lo haff termly Allrtude lo Leaming assessments and tradrtKJnal end of termlyear reports. Virtual online par8nls meetings have been running successfijlly throughout the year and alongside. the sEhcK)I has maintained regular ￿ntact with parent5 through direct Communicat￿n5 on cmjr ￿rning at home programme. QUest￿n & Answer $8$$ion$, the weekly r￿Ms￿tter. Y￿bS￿e and sC￿la1 rned￿. the &￿ing of re51ri¢tions. the sehool has welc¢Thd parents bad( in for Meet the Teacher sass￿n$ fry each year group. Crosfields School Trust Limited REPOltr OF THE GOVERNORS For the year end￿ 31 August 2021 PUBUC BENEFIT 8uf8ary Pollcy The governtys are commilled to broadening access to sdx)ol Ihrough transformational bursarios. 11 is important that access to the education the schtsjl offers is not restricted only to I￿)se who can afford the fees. Crosfields pupils benefit from learning within a diverse communty. A great deal of beaming occurs through social interaction. conversation and shared eXper￿nCeS which hdp wpils develop an urKthtanding of the perspectives of other people Ihal will be vital in their a(lult INes. TransformalK)na t￿lSarIeS weawarded a high wopc*tion ty evenfull fee and provhdefor¢hAdren with signrficanl potential bul for whom independent education ￿r¥JId be othvwise wholly out of reach. Tl* wvernors also acknovAedge that there is a need to provkye fee assistarte to those famili8s who need a lower level of support with the payment of schools fees. A number of families who have been adversdy affected financially a$ a result of Coronavirus have been sUpp￿ed this year. Al tMJrsaries are discretKJnary and may be awarded in the fijrni of discount deperKling on the fIna￿lar. compass#)nate orother p¥li￿ntc￿UJm5tances ofapplicants. Bursary awards are subject lo testing of parental means. In 202￿21. 8 pupils in Years 7 - 8 were recitments of substsntial Ixffsary awdrds in excess of 60% of Ihe fees {£101.997) and a further chikl was provwlad *ith fee assistance f(1k)wi￿ a chaNJe in family ¢ir¢umstances <£9,720). Crosfields has no endowment income. In funding our awards. W￿ are mindful of the need to mainlain a balance belween fee-paying parents. many of wl)om make ¢onsKknlJe personal Sacrif￿ to fund their child's education. and those benefiting from the awards. For the fysl time. we asked Leavers lo donate their deposit lo a new Bursary sUpp￿t Fund. Six families agreed to do Ihis and the Fund has already been able lo provlde a laptop to a new pupil on a full bursary for September 2021. Fee discounts are offered lo staff in order lo attract and retsin Ihe best staff. Further details of wr i￿rSary arKI how to ap￿Y are avai￿lle fri￿ the SC￿1. Communlty Engag0m•nt The school prowdes suppxt io the ￿ryder community in a numbw of ways: Through croSf￿dS Entery￿Se￿, ￿ have c#)ntinued to build links wthin the local communty Sports clubs o use our laalit￿ outside of schwl h)urs for b￿minkn, Irampdining. ￿￿ket. netball. football, archery, swimming, synchronised swimmirwJ. karate and hc*key. We V•we one of the first sports faclilies locally to reopen and atrje to sum a number of dubs (#Juld not acc￿ their usual fa￿ltIeS. We were able to open some facilities duriThJ lo¢kiJ¢MI for use by IC￿al elite athletes Ytho were in training for worfd events afKI 01srynpic Games. Later in the summer. we fa¢ilities for the Berkshire Cr￿ket Found8tK)n in $UpF￿ of tt18 S(xrth Asian ¢rtht community UltimateActivitycampg aNI Perfonnance Cricket ¢￿{Se¥ have offered local chlldren a¢c05s lo ourfacilities during the Easter arKI Summer HolKlays. Pupll8 have Conliwed to suprK*t tharilaile initiatives thwhout the year. The annual Harvest Festival celebrations contributed almost 600kg of fc#)d items to ReadirwJ based food charily. Read￿th)d. and Wokinghan F(￿ Ba￿. The Oaks Interact Club (Years 7 & 8) raised over £2.0(h) for Children in Need through the sale of Pudsey merchandise. Pupils wwe erwuraged lo we& mercharKli5e to schcd to show their support. The Club also planted bulbs lo raise aware￿$$ for the Rotary Club's pol￿ campaign. crosf￿1dS donated the bulbs for planlirvJ. Santa for Senh)rs and First Days the reopients of over 350 chr￿lmaS g'fts fdlobmng ge￿rouS dOnatiOr￿ from CrOsf￿dS famfji8s. Items V*we distributed wilhin the I￿al community and pupils made wonderful selection of Christmas ￿dS aThJ wrote a persor￿1 message to local residents. Crosfields School Trust Llmlted REpoKf OF THE GOVERNORS For the year ended 31 August 2021 In Mar¢h, the whcde school o)mmunity y￿e ert(xryed to SUPF*Xt Comic Reli8f by sporting red noses and £460 was taised. Children arKI staff donated over 1.500 books to the Children's Book Project ch￿. This was a fabulous effort. wlth items beirKJ distritart&J to thiklren wilh limited *cess to b¢￿. Pupils in Years 5 and 6. ap￿Y named The Craft-&Holic5'. raised £140 for Fi)urPaw5 UK by making Jew￿lery statitinw items and sdlirg them to other wpds at treaktim85. REVIEW OF PERFORMANCE AND ACHIEVEMENTS FOR THE YEAR Opèrational Perfomiance The poI￿Y of ch*itable company is to aCh￿e a high slandard of leamir#J V*fjthin a safe, happy. caring and slimulaling environment. The schoc4 aims to develop the pwb'cular aptitudes of all pupils and help them to fulfil their polential. The school has htqh levels of expectstion and ensures that approprkgte challenges are set auoss a wde curriculum. Staff appraise curri￿lUM content arKI teaching methods on a regular basis to ensure a conllnued hlgh quallty of ed￿aI￿ffl. The Independent Sch(ds Inspectorate Undert¢￿ a Material CharKJ8 InspectM)n on behalf of the Department of Education in April 2021. The focus of this inspection was lo assess the school's ability lo educate pupils lo age 16 (Year 11) through a revlew of polKies, schemes of and faclities. The Department of Education confirmed the extension of ed￿atIon wovision to Year 11 aThJ ￿ inuease in pupil numbers to 7￿. The average number of puixls in the s¢lNx4 during the ￿ vra5 590 {570- 2020). A¢hlevements The 2020121 academic ￿ar brwght a shrfi in focJJs for the senior end of the sch(x)l. While a number of pupils were still supwrted lo successfully apply for entry into ￿ammar Sch￿￿$ al the end of Year 6, we were pleased that around 21￿S of the colbjrt chose lo stay at croSf￿1S to continue their edu¢ation with us, undoubledly buoyed by the prospect of the new Senior schryjl. Year 8 saw a similar wcoortion moviNJ on to local stale and independent schools, indvding a number with sddwships. We were again pleased that 213rd$ chose to stay al Crosfields, becoming our'pioneerf Year 9 We awanied 11 intemal scholarships for Year 7 and a further 7 scholarships for the first Year 9 cohort. As we are al Y￿1 awa￿. the 2020121 academic was once again a 'COVID yearf. The year started as it was to go on, wth much disruptjon. Year group lyjbbles. sI￿ved limings, masks, cleaning, risk assessments and rnuch more beside vme all obstades lo overcome lo just get into the dassroom. Classroom leaching was the holy grail for some befvfftn staff and wpils havirvJ to isdate and a national lockdown for the majority of the Spring Term. The silver lining in al of this vras Ihat the vthole community V*ere able to di8play immens8 resilience. commilmenL arKI delerminatN)n to eek the most of the year academically. Staff went over and above to provide stimulating environmenl byhile in school and to ensure the continuty of eduCat￿n during remote learning. Crosfields built on the lessons Wnt from the 2019120 thgmic >Ear arKI were able lo provide an even greater offering induding MO￿.11Ve,1es$Orls across the sc*￿1 as ¢105e to a full timetable as possible. Our vulnerabl& a￿1 key worker children provision Yas enha￿ed. *here we regulwly supported 100 pupils in school on a daily basis. This was led by teaching assistants and nursery nurses ￿1h teaching staff providing lessons remotely vla Teams and Seesaw. We tnonilored, took on feedback and adjusted thg offering as the year progressed. Thls Included ￿lusI1ng gaps bet**en le$S￿S and introducing a 'Press Pause. day to re￿¢8 screen ts'me. Despite the disrupt￿n. wpils we still offered a full, broad. arml balanced ￿Tr￿lurn v*here ￿Y were given I opportunity lo excel. Pr&Prep continued to provide a var*d deep ¢urriculum from Nursery to Year 2. Year 3 V￿re offered mosaic and ancient Egypt WorkS￿p5 in Schl￿ and a wrtual workshop on the Romans. They also benefited from an adventure trip to Runvrays End they look park in archery. caving, climbing, and team txjilding games. Year 4 took part in the CREST avrard where they completed 8 experiments as well as virtual visits lo a Dentist and the Ure Museum and a physKa visit to Ufton Cojrt. In Years 5 & 6 pupils took wt in the national Crosfields School Trust Limlted REPORT OF THE GOVERNORS For the yéar ended 31 August 2021 Get Set Geograkthy thallenge. Pupils were also able to devise and perfomi Drdma perfomiances in front of an audience of thelr parents as COVID restrictions eased tthward ts end of the year. In Years 7 & 8 there was a lawuages ￿￿k, Maths challeThJe and author vi8ils. Crosfields continued the tradition of being a'reading school, with all pupils being erKryJrag&l to read for ￿easure leading to 304,595,993 words read on the A¢celerated Reader pyogramme. On top of all of this. we still able to provide a full and enriching programme of academic enrithment through the a¢lr¥ili8s scthedu￿ whith I￿￿ded robotics. cookery and fO￿st schcM)Is. Last academi¢ year the music department Fxcxjuced a series of powlar rewded concerts for a variety of instruments {Piano. Vocal and Drums aThJ Strings) and age$ {Receplts)n- Year 2. Yw 3&4 and Year 5 upwardg). Although there were not any in-house exams. pupils were still able lo submit their digital entries for the different grades as well as attending exam centres. We had over 75 examined muswns wth a 1CQ•A pags rate and 213rd of the cohort achieved merits or dislinclmxts. Our Senmy StrirvJ QuarteL as well as soloists. supported the online Wcodley Festival. The school's choirs and the cornmunity came lowth¥ for a pre-rec￿ed Speech Day and our'christmas al Crosfields. film for pwents. Art has continued to flourish at Cro$f￿S vrith awellbeing Art cOm￿til￿￿ and our own YouTube channel provlding the stimulus during l¢xkdown. We have also had rKrpils participatirg in a rawe of extemal art competitions and our end of year art exhibit￿n was hosted *j￿Ine. Buildlng on both pupil and staff IT litww sknlls gain8d dwirwJ last ye¥,$ kKadrywn, pupils in Years 7 & 8 have brought in their own dev￿$ to $UPk￿￿ their leaming in school. SignifKanl donations have added lo Ihe school's own investsnent in tech￿lOgY lo complement lessons. chromet￿kS iPad5 are now wKJely available Ihrwgh Pre-Prep and Years 3- 6. The Leaming EMpOw￿ent Team suppwi arwnd 5.5% of pupils wth dkggnosed learning needs including DCD (Developmentsl CoordinalM)n Disc¥derlDysrwa). dyscalculra. ADHD, ASD, Executive Function, hearing impalm)enl. Speech. Language & Communication and &Kial Emotw)nal & Mental Health {anxiety). An additional 21% of pupils receNe support through small booster group and in-dass provi8ion. These are pupils with slow pyocessing. weak working memory iy fine and gross motor ￿edS are provth with additional assistance even though they have not had a s￿￿1[1C need dkqgnosed. A SEND Review (June 2021) has noted that the school is, Yully commilled lo ensuring pupils wth SEND al Crosfield$ are provided Mth the highe51 quality educational eXper1er￿e. Th￿e has been a significant amount of resource pul into SEND. and addIt￿nal SEN support al Crosfields is in included wthin the schod fees demonstrating a dear and genuine commttmenl.. 43% of pupils have English as an Additlonal Larrfjuage and as a result a pemianent qualrfied EAL teacher has joined the team from September 2021. Sport continues to thrive al the sclNxA. C(xonavirus had a huge im￿1 on compelilNe sport from September 2020 lo April 2021 vdilh the external fixtu￿$ pr￿amme arml IAPS comp8lith)ns unable lo lake pla￿. In their absence. the emphasis was ￿aCed on internal competition aThJ dpllervJe v#hich was well-rKeive(I by pupils and parents. Lockdown and social-distanang reslrictions limited the time that c(MJld be S￿nI on Bach sport. and stopped some s￿￿t5 e.g. RugbylNelball from beiry possible in their r￿rnal fomiats. Focajs was placed on indivhjual skills development and internal game play adapted rules. Two wpils %*Bre selected for the ISFA Soulh-cenlral representative footbal team in 202(k2021 allWI the planned ISFA regional tOLxnanent was unable to occur The SummerTwm saw the return of C￿ketfixtures and the continued improvement in coachiNJ aNI delivery. Girls. crickel continues lo go from strength lo strength ￿th many gids moving lo ￿?￿ng with a hwd ball and two Year 7 gids representing the Ctyjnty. Our Under 13 Gids. team were runners-up in the 8erkshiTe U13 League and Under 12 Boys reached the final of the 8erkshire U12 Cup. FollobMng on from last Jear's indory swcesses. the rowing team took to Ihe Yater for the first time wilh weekly sessths at Reading Rowing Club. Fdlowing the guidance set out by Swim ErulaThJ, the Sv•im st￿(1 was able lo operate a nornial timetable of lessons for some 200 pupils throughwt the Autumn and Summer lemis. The swimming squads continued lo train and although no inter-sCh￿l (K national &)mpetitions could take the. they were able to ￿tiCiPale in virbjal galas, inter-squad and inter-house events. Crosfields School Trust Limited REPORT OF THE GOVERNORS For th¢ yoar •nded 31 August 2021 Volunteerg The Crosfidds Parents Association (CPA) an 4xgaiMsatk)n established to suppmxt the Sc￿01. Whilst unable to host events in school, the CPA has ¢ontyl￿d to keep the o)mmunty connected through online events throughout the year. STRATEGIC REVIEW Futur• D￿eloPment- Proj•ct 16 In 2018. The govemcrfs. in conjUr￿tion wilh Ihe He￿lmaSter. made a stra￿J1C dec4sion lo exteThl the school through to 16 years of age (yew 11. GCSES) in reswnse to parental derna￿l aTrJ the local market for indep￿)dent Jucation (FknieGt 16- P16). The s¢lKd's Vision is: Coeducatlon and Dlv•rslty. The modern bthrAace is a hugely dtverse environment. Al CTosfields we believe that there are wsilive benefrts in educabng chihdren in an envinnment that promotes acceptance and respect regardless of gender, elhni¢ity. nat￿lity, culture and religKJus b81th. We are convinced that boys and girls positively b8nefrt, both a¢ademically and s￿Ially. from balrKJ ¢du¢ated tts3ether. Academlcs. Pupils will be stretched and supported academically. Al will be gNen the opportunity to excel, whatever their ability. We have teen iruedibly suc£*ssful. and have a stror¢g track record in preparing them fry a range of sctKJols. even th8 most ￿adem￿llY demarKling. At Crosfields. all children will be taughl imaginatively, thLYoughly and broadly. Small Class89. Feed￿ from the p¥ental surwey Conf￿ that sm41 dasses are important. We fully SUPFQrt this and wdl cx)ntinue to offer small dasses. Breadth. At Crosf￿d$ we er￿OUrage chiklren to experiment and to challenge themselves. The imrx)rtance of an effeclive Co-curricular programme at Secon￿ levd cannot be underestimated. Not only is there growing eviden￿ that it has a impact ￿ academic progress. but also the soft skills {GommunutK)n. respor6ibility, fiexibilty arKI integrity) ￿1¢h it Fffomoles is recognised as being important towards success at post-s￿O￿lary level education and in the vrtyk pl￿e envronment. C1￿Jrr1¢u1ar will enrich a pupil, LM)th during arxl after sch￿1 lrfe. An effective programme will provide th8 necessary balan belvffjen emot￿￿, academt and ￿￿al development for a Jfj)ung adurt. Pastoral Car• and Wellbeln9. Pastoral care has been a partieJJlar strength of CrOsf￿dS and we wlll continue lo emphasise the imEM)rtance of mental health ac¥oss the sch)ol. We recognise the need to evolve. lo refiect the needs of teenage chiklren with the &Jdits'onal challenges and pressures presented by toda￿$ socia medkq and public examinations. Conslruction on the r￿lSenhY sdKd buikjing (￿n[KIS1n9 g dassrooms, library. F*rfOmi￿ce sp¥e, ¢afé, mfjd￿al facilities and administralive furKtions has wotyessed weil and tenef￿181 occupancy was given on 18 October 2021 for full operational use in November 2021. Pupils and staff have been involved in interior design decisions and have also worked alongshje our catering partner. Thomas Franks, to develop the new senior school menu for Yhe Halch" café. The new building 9lves the senior schod a sense of its own identity. The building has achieved a Very Good BREEAM assessment inteThJ to use this as a springboard for more sustainable akwroaches to future developments. thillary projects completed durirvJ the year indude the ¢reatKJn of a 3rd science lab wth a 41h lo be ready for Seplefflb8r 2022: the refurbishment and ConverS￿n of the old swimming pool to senior changing rooms and a staff room: the refit ofAcorns to provKle a new Medul R(M)m and a Music Room for the Junior School and the move of the Estates Team to Oak L(Mlge Num￿$ fcf our first P16 ￿hort - Year 7 in September 2019 - vas part￿lartY strC￿g and whilst a number of pupils have moved on to other wblic scho(As, we have attkqcted a Fmjmber of rw pupils. The ploneer cohort for our first Year 9 stands at a very resP￿b￿ 48. Pupil numbers in Year 8 are a concern and recruitment activity will need to focu5 on Year 9 entry for September 2022 to maintain momentwn. Positively, Year 7 numbers are currendy 62 and there is cOnsNJeral￿Q interest for September 2022. Crosfields School Trust Llmit•d REPORT OF THE GOVERNORS For the year end￿ 31 August 2021 Staff recrultrmenl inlo the senior schTh)I h8s been partI￿lartY stror#J th aOi¢ants e￿uraged by the ¥rtbitions of the school and the oppNtunity to shape its luture. secorKIwy SFeU'ali%ts have been appointed In Art, Drama, Spanish. PE ￿ SEN f(K September 2021. Th0"819 Spll Over the course of the year. Ihe Headmaster ha5 tt18 develoF¥nenl of the school organisatw)n and principles for September 2021 and beyond. Our Intent￿)n is to keep the school as one crOsf￿￿S with the same ethos. values and principles and withln that ￿￿ wll have a Junicff School (Nursery to Year 6) and a Senmy School (Year 7- 11). To respond lo this separation of sth)ols the leadership in the Scho￿ has been restructured wth separate Senior Leadership Teams for JunKY &horA and Seni(K Sch(￿. New intemal appointments vRre made for the Deputy Head Academic and Deputy Head Pastoral of the JunKf School. The Headmaster, Burw, Second Master and Dlrector of Studies V+ill sit on ￿th leams. The current Heads of Department will be (>)mFdemented by Subp¢t Leads in the JuThor School. These appoinlmenls will be phased in over lime. Heads of Houses have apKK)inted for LM)th the Junior School and the Senior School. These will fLwm the basis of the pastoral ne￿th. Both pupils and staff participated In choosing the names of the now Houses- C￿lUS. Ilex. Quercus and Salix. In the Senior School, a Form in each year group is all￿ed to one. The Support Team organisation has also been revie*td. An Assistant Bursar has been appointed and new posts ¢reated in Finance, HR. Estsles. Medical. Marketing arml Extema ReLat￿S to ensure that the leam is positioned lo provbde the necessw supp(Kl for the wwir#J schcrf)l. Leam•r Profilo Staff have cdlaboraled on a new Leamor Profile will cross trf)th the Junicff Sc*od 8rbJ sen￿ Schod. ASPIRE ."dke¢t one's hopes cr lowwds ach*v7ng sonwthing". At Crosr￿d$. V￿ want our wpls to ASPIRE to be th8 best V￿lon of Ihemsglves. tth inside and outside of the classroom. F4Jpils wll be erwuraged lo: Adapl- puimls will be en(x)uraged to devek>p Iheir Vi￿al thnkiry. decis￿ making. and research skMIs. They will be a￿8 lo show le￿lerShip whwe awopyiate. Support -&ross al areas of the school pupils *il be baanced. nonjudgemenlal, and celelxale diversity. They wll communThte. ¢cdlabtyate, arKI sh¢yw team*rwk. Pgrslst - regardless of whether thirKJs are ￿Ing ￿11 or r￿( kxjpils will st¥)w perseverance. resilience, and deterrnination. Inqulre- pupils should queslKJn and be cyJrious. txobing. arKI imaginative. They shc¥Jld be adventurous roach and be a￿e to well independenly. In their a R•fl#ct - pupls should ￿nS￿ler their stren9ths and weaknesses and th to develop ther problem solvlng and met&ognilive skills. 10 Crosfields School Trust Llmlted REPORT OF THE GOVERNORS Forth• y•¥ 31 Au9USt 2021 Engage- expth. be enthusiastic. diligenL ￿ involved inle￿ing arml all other areas. Future Developments Alongside P16, the SC￿1 Development Plan to To Inspire and To be Inspired, continues lo move forward. The plan has 3 distinct straThJs WelFare, IT and Inspiring Talks with initiatives for pupils. staff and parents running throughout. The schod has moved to ISAMS in Septemtw 2021 whth wll provide a more coherent approach to managing pupfl, staff and admiss￿ data as *tll as suptKWtirKJ Communication with parents. A Strategic Marketing Review was urKlertaken by Ambleglow Ltd providing valuable insight into our marketing activity alongside Competit￿ schools. The recommeThJations of the report are being implemented and a new integrated marketiro strategy aligned lo s￿￿￿'S h)rw tem) Strateg￿ plannitYJ and development Flan is being implemented over the CO￿Se of the yew. The governors aspire to estaLqish a Devdowenl OFfre to buld and develop dorKff SUPPOrt in ￿SPeCt of bursary programme arKI foster a stronger alumni netvth. Whilst ￿ndIng was not available this year to establish the posts, we are working alongside Juliette CcKbett Consulling on small sc*e projects lo develop more phdanthropy amongst the sch￿1 community. Over £2.0(Ki has been donated towwds b)oks in the new Senior School library. GOVERNANCE AND MANAGEMENT Govemanco Governors are appointed al Board meeting aThJ confimied at the Annual General Meeliw. Governors ￿11 normally serve for an initial period of 3 years tr￿1 are eligible to gtarnl for re-election. Governors are selected for the relevant experience and specialisl skills whth they provkle to the sc*￿￿ in order to enhance debate and decl$ion making and enable the Board of G0vWn(￿ lo carry out its duties effectively and efficienuy. The Board consists CUrren￿Y of 16 Governors drawn from a wde rarKJe of professions Including legal, accountsncy. IT. local government, proje¢l management and as well as past aTrJ C￿(rent parents and exkwienced educators. Govemors do not receive any remuneration f￿ ￿1r lime. All goverrrf)rs are made wHare ofthe need IC￿ ir￿ependenCe and to declare any conflict of interest which may arise betvRen the school arxl Iheir personal or tmjsiness affairs. The Board operates within th8 framthth of the Charlty GovemarK* Code and applies its pyincikles througtrtout its work decision-making. Crosfields scho￿ is a member of The IrKle￿nI Association of PTewakny S￿￿0[s (IAPS) for the promotion and maintenance of preparatory sch￿1 51andards and more recently has become a member of Independent Schools Association (ISA) who speciaise in smalkn sclK)ols and provide SpeCTf￿ afvice at senKJr level. It also maintains membership of the Independent SC￿￿ Bursar's AssocialM)n (ISBA} arKI Association of Goveming 8tsJies of Indep￿ent Schools (AGBIS). Racruitment and Training New governors are frequently existr￿ or fmef wnts aThJ already have a &wd knovAedge of the scfv)ol. An induction programme is in place lo cover the responsibilities of g)vemors as Iruslees and directors. Governors have made extensive use of the AGBIS Vbrbinar programme this year. We aim to encourage more visits in order lo provide a broader persF*dive on the governance and management of the school now that coronavirus restrict￿)n$ have been lifted. Organl8atlonal Managem•nt Structur• The full Board of GovwrKYS meets e&h temi. or mc*e frequently rf requred. d8temines th8 overall Frfjlicy of the Sthool. There are 6 sub ￿MMIttee$. tfr* Educatlon arKI Welkn C(xnmittee {EWC} fcrtysing on (Jjrriculum arKI Well￿e. 11 Crosfields School Trust Limited REPORT OF THE GOVERNORS For thè year ended 31 August 2021 the Flnance Committee (FC) focusing on fina￿1￿ arKI legal matter¥,' the Building and Estates Commtttee IBEC) foc#Jsing on Ihe Ma￿tena￿ and development of all 8XiSting and proposed new t)uildiThJs and facilities.. the IT Committee {ITCI fo¢usiro on IT infrastructure. support. trainirKJ and IT teaching and leamng.. and the Health & Safely Commiitee {Has) to ertsure that entire premises of the school, including outdoor f&ililies, are frt for purpose and suitable for ts age of children cared for and the aGtivities undertaken. In addiknon to the Headmaster arKI the Bursar I￿re is al leasl one member of staff on each Subcommittee. The Remuneratvjn aThl Appraisal Committee r￿0mmerKI5 the remuneration pxkage of the Headmaster and Bur In additts)n: Govemors have established a P16 Programme Board to oversee the educatlonal developments, Infrastructure and finance for new senior schtsjl. The Board ￿MpriseS the Chair of Governcys. the Chairs of the main Committees, Headmaster and Bursar. A Pay aThJ Pensions Working Group has undertaken consMlw*le vth in reS￿t of the continued vlability and fvlure approach lo staff pens￿n5 and inforned the Board on their findings. The Board have entered into a consullalion with members of tt)e te¥hirvJ staff and V4ill witlNJraw from membership of Teachers Pengion Scheme on 1 Janu￿ 2023. A Corporate Social Responsibility Gnjup {CSR) has also b8en fomitrj IrJ)kiThJ al the wider sustainable, ethical arKI charilaile imw of ￿ $C￿l.S ￿1vIties. Meetings have been held virtually using Mitrosoft Teans It￿g￿l the past ye* although some face-tskface meetings are now being scheduled. The Senior Leadership Teams are resrN)nsible for the day lo day management of the Junior Sthool and Senior School under the leajership of the Headmaster. Members of the Senior Leadership Teams support the work of The Senior Leadership remuneralK)n is bawj on the scknl's leadership s&4e. The Remuneration and Appraisal Committee are Trsponsible for recommending the remuneration pthge of ltr￿ He&Jmaster and Bursar {re- established Autumn 2020) and for underlaking their biennial p¢rfomianc8 8pkYai5al. Yearly pay awards may be made for all staff and are agreed through Ihe tthgel setting cycle. S•rlou8 Incldents A serious incident had been preY￿Sly rep￿ed lo the Ch￿lty Commtssk)n in relation lo a historlcal saleguarding Issue. In December 2021. a former Headmaster ￿ds found guilty of 3 charges of indecent assault relating to a pupil al Crosf￿4ds in the eariy 1990s. He has been sentenced lo 11 years in WFson for these Offen￿ alongside 2 olheroffences at anot￿r schwl. As Trustees. we are sh(￿ked thal someone in a position of trust and responsibillly Sh￿￿Id have behaved in such an appalliryj way. H¢w￿er. he has been brought to justice thanks to the courage of those who were prepared lo sF*ak out ab(xrtvAwt ￿ had done. and we thts helps them achieve s(￿0 degree of dosure as a fesull. An Independenl wew of the 5cl¥x4's safeguarding and kyaclke has been undertaken and recommendations have twn implemented to ensure the very hNJh85l provision is in pl￿8. FINANCIAL REVIEW The financial year generated a Surplus of £8LM)k (2020 £38k). Irtome from all a￿1vitieS was £8.379k {2020 £7.45Sk} th expenditure totJling £7.579k 12020 £7.407k). This vras a better than exFeCted outcome given the uncertainties of the year allts)ugh some of this is d¢y•m to the liming of P16 expendilure which was expected in the 2021 finanryal year but wll now be in 2022. When the county entered lod(down again in eady January 2021, Governors quickly agreed to wovide a disC￿nt against Summer Term fees based on the savings arising from the school's partial dosure. FiftY-t￿ts members of staff were fUrtough￿l but this number wras less than the first lockdown as the nursery Thjrses and te*hing assistants wpre providing supervis￿￿ for wlnerable and key worker children. We also tcx)k the optM)rtunity lo undertake maintsnance tasks by retaining the Estates Team. The 12 Crosfields School Trust Limited REPORT OF THE GOVERNORS Forth• year ondod 31 August 2021 savings arising from redu¢ed catering, no trips V*we rrf)ted lyjl loss of Enterprise Income for 3 months offset this and a 6% fee reduction for ￿ Summer Temi (rem&)ting a £149k loss in intn: Charrtabie activil 7.379.730 7.379,730 7.216.027 Cost of raising funds 17,W2 17.602 2,388 Costs of trading aclNities 182.048 182.048 188.874 Total expondlturg 7.579,380 7.579,380 7,407,289 Net income before tax 753.751 45.929 799.680 48.066 Tax payable 110,2481 Transfers between lund* 20 40.422 (40.4221 Net Incomg and ngt movem9n¢ in funds 794,173 5,507 799,680 37,818 Total funds brought fopward 7.856.334 7.856,334 7,818.516 Total funds carrled forward 20 8.650,507 5,507 8.656,014 7,856.334 The amounts relaleto contlnuing aelNities. All gains and losses recognised in the yware included in the statement of financial actNilies. The notes on pages 22 to 40 form part of these ￿>JnIS. 19 Crosfields School Trust Limited CONSOLIDATED AND COMPANY STATEMENT OF FINANCIAL POSITION At 31 August 2021 Replstered numljer iK15842T8 Group 2021 Group 2020 Charmy 2021 Charlty 2020 Flx•d as$•ts Tangible fixed assets Investment property Investments in subs•Jiari8s 11 12 12 15.802.556 9.760.371 640,000 15.802.556 9.780,371 640,000 15.802.556 10.400.371 15,W2,557 10,400,372 Current assets Stocks Debtors Cash al bank and in haTr 133 279,494 436,267 1.798 322.074 61.803 133 372.195 330.850 1,798 312.326 45,360 13 715.894 385.675 703.178 359.484 Credltors: arnounts falllng due wlthln year 14 (2.574,785) 12.034.593) 12,572.8561 {2,019.1891 Net curr•nt Ilabllltles 11.858.891) 11.648.918) {1,869.6781 {1,659.7051 Total a5Bets less current Ilabllltles 13,943.665 8.751.453 13.932.879 8,740.667 Credltors: amounts falling due after more than one year 15 (5.287.651) {895.1191 15.287,6511 {895.119) Net assets 8.656.014 7.856.334 8.645.228 7,845.548 Funds Unrestrlcted funds General funds Reslrtcted funds 20 8.650.507 5.$07 7.856.334 8,639.721 5,507 7.845.548 8.656,014 7,856,334 8,645,228 7.845,548 The charitab Stalerr*nt o ompany has tsken adw)t&Je of section 408 of the Companie5 Act 20Cfj not lo publish ils own nancial Activities. The parent company's net income for the year. was £799,680 (2020.. £105,443). The fina Trust L. ststements were proved and authorBed for issue by Ihe Board of Govemcrfs of Crosf￿h￿S School and swJned on tr￿1r behaw by". field Govemors Chair o The notes on pages 22 to 40 fonn part of these acccMJnts. Crosfields School Trust Limited CONSOUDATED STATEMENT OF CASHFLOWS For tho year ended 31 Au9usI 2021 Group 2021 Group 2020 Note Net income for the repth'ng peritsj (as per the Statement of Financial Aclivilies) Adjustments for. Depfecialion of tsngible fixed assets Intèrest receivable Investment propety rental ineome Gain on investment property Interest payable Decrease in stock lIr￿reaS0vde¢rea$e in debtors Increasel{decreasel in Creditors {Decreasellincrease in penS￿n dthit contrbution liability 37,818 425,540 442,104 1751 (12,9371 43.300 1.665 42.580 871.964 14.9351 13.768 1,624 {34.217) {127,890} 13.738) Cash gen8ral•d from op•ratlon8 2.179.794 316.457 Cash flows from Investlng actlvltles Interest received Rental income Purchase of langtjle fixed assets Sae of investment propefty 75 12,937 (870.6261 11 {6.467.7241 640.000 Net cash used In Invesllng actSvltl8s 15.827.724) 1857.6141 Cash flows from finan¢lng actlvllles Repayment of borr¢Mng New bank loan Interest paid (4W,0001 895.119 113.768} 4392,532 {43,3001 Net fromllused Inl flnanclng actlvStles 4349.232 481.351 In¢rgasellDecreasel in ￿$h and equrrf*nts in the ye 701.302 {59.806) Cash and cash equNalenls at the beginning ofthe year 1265.035) (205.229) Total cash and cash equlvalents at the end of the year 436,267 1265,0351 Relatlng: Bank balances included li cash al bank and wi hand Bank overdraft 436.267 61,803 1326,8381 436.267 1265.0351 The notes on pages 22 10 40 fomi part ofthese acccmjnts. 21 Crosfields School Trust Limited NOTES TO THE FINANCIAL STATEMENTS For tho ygar gnded 31 August 2021 Accounllng pollcles Company status Crosf￿1dS School Trust ￿"mrted fthe Cryanf} ￿ a privat8 compary limited by guarantee, incorporated in England and Wales under the Ccffipanies Act 20C6. The address of Ihe Ccrfnpany's registered office and principal place of business is Crosfieids SchcKJl. Shinfield Road, Shinfiekj. Reading, RG2 9BL. The members ofthe Company are the govemors. The Company number and members ofthe Company are naned on page Bosls of prnpayallon The financkgl sl*ements have been prepared in ￿)rdarKe with Accounting and Reporting by Charft￿s.' Statement of Recommended PT&tice arOl￿b￿ lo charities pr￿ring thw"r accounts in aecordance with the Financial Reporting Standard applicable in the UK and Republ￿ of IreLand IFRS 1021 (effective 1 January 20191- Charitk8S SORP IFRS 1021, UK Generalty A￿epted A￿UntIng Practv (UK WP) I￿luding the Financial Reporting Standard appluble in the UK and Republic of Ireland IFRS 102) and the Corrpanies Act 2CQ6. Assets and liabilities are inilkqlty I￿)gnIsed at histor￿1 cost or tr4ns&tion valuè unless cthemise stated. Monetary anunts ￿ these accounts are rounded to the nearest £ except where ￿her￿se induled. Golng ¢onum The group has nel current liabilrties of £1.858.891 (2020 - £1.648.918) al the Statement of Financial POS￿￿fi date. The year ended 31 August 2021 gave rise lo a nel m¢)vement in funds of £799.680. In Considering whether the going concem basis is appropri*e. the govemors have considered the surplus and cash-fbw projections prepared for fulure years. These ind￿e that the charitable ccmpany will be able lo meet its liabilit￿S as they fall due and tO9ether wilh arrangements with tr*ir bankers forecast that the ch8rrtable company will be able to c¢serate within the f￿lITtle5 cuNentty available. The govemors have no reason lo believe that the CU￿ent faalIt￿ will not be continued and confirm that there is no malerral uncertainty as lo th? fvture of the Charrtable ¢¢yr￿onY. A￿rdInglY, they continue lo adopl the going ￿nCern basis in preparing the fi'nancial statements as ouuingd ￿ thg stslement of g)vemors' respx)nsibIlrt￿. COVID-19 has ¢￿Sted material uncertainty schert)Is in asse5siro their forward plans. The two main *eas of uneertainty relate to the ￿elating model and the finan￿ng of the sthool. model Despite concems as lo the impact of Covid aThJ other econom￿ wessures on pupil reeruitment and relenlion, pupil numbers have conbnued to grThv and the schcd anlicipales an aver4e of 636 PLbpils this year versus 634 in the agreed budget and 644 within the current P16 Financial Model12020 - 5931. For this year 2021-22, the net fee income should exceed the agreed budget but #icome frc*n extras will be down because ofthe cancellation of trips [￿U¢￿1 outgtyngs large￿ offset this). Income frlxn Enterprises has returned to pre£owd growth and wll provide a valuable ineLYrte stream. Expend((ure is being managed assiduousty but general inflatKJnary pressures in the economy are a concem. This is particulady acute in rdation to maintenance costs. avaikbilty of materials aThJ equipment and fcK#J costs. The end of financial year forecast shryK a deftit of aPP￿XiMatelY £84k but a strong cash generation figure of £372k {EBITDA). Crosfields School Trust Llmlted NOTES TO THE FINANCIAL STATEMENTS (u>nUnuodJ For tho ygar ondod 31 Augusl 2021 A¢countlng poll¢los (wilinuedj Going Concern (continued) Financin The P16 Finanaal MDlel ￿￿kS in delail * the ￿l￿at￿l￿S of P16 deVek)Wr￿t, including growth in pupil numbers linco￿￿1, staff recwitment. expenditu￿ pattems and exceptional costs alongside the tapilal develwment plan, was ￿VieWed by Cm in August 2020 and again in May 2021 as part of the finalisation of the development loan from Lkjyds Bank. The rewi supwted the methodolc¥Jy. validated the underpinning principles and provided assuran￿ to Govern￿$ in respect of the¢r respcmsibilil*s under s124 ofthe Charities Act. The P16 Financial Mc*Jel has been refreshed wth the m)st up to date data and ft eontinues to demonstrate that a strong surplus will be generated under rKJfmal OFerations and planned CAPEX in support of P16 1$ 8chievable. The cash-flow proiectN)ns for fvlure years indulg that Ihe charilable ccrfnpany will be able lo meet ts liabili(ies as they fall due and. Icgether wrth bankin9 arrangements, forecast that the Charitable mpany will be able lo operate wiihin Ihe frKI1￿es currentty availab￿. The school currently operates under a bank ¢)verdraft fa¢ilty of£750k reneWa￿e 30 May 2022. and has refinanced their loan during the current year. The loan repayments cc¥nmence iwo yea¥5 after the inrtial drawdown. The klan facilty is available for £8.5m which is repayable by 31 December 2034. Govemors review the ongoing ri5k5 ￿ a lermty basis and are aware th* Covid-19 and BREXIT constitute signrficant extemal risk largety out wilh their control. There a￿ also rtsks to the future projectKJns based on pupil numbefs. A pessimistic VI￿ of pupil nutrt)ers for 2021r22. representing a 6% fall in pupil numbers overall, when extrapolated out over the folbwing 4 years woukl have a substant￿1 impact on inccffle. Bank venants and108n repaymen15 coukl sts"Il be met but there would be pressure on the fuThJing of Phase 2 of the building plans. Governors woukl have to r&*sess the affordability of such pkqns before making any commilmenls. Ba$ls of c¢)nsolldatk•n The group &C￿nIS consolidate the ￿Unts of Cros[￿$ Schod Trust L¥niled and ils subS￿liary undertaking, Crosfields Schc4)l Ente￿riseS Limrted on a line by line basi8. The acCr￿n15 a￿ made up to 31 August 2021. No separate Statement of Financial actr4ities or income arKI ey￿enditU￿ has been presented lor the charitable ¢￿panY alone as permitled by the Ccrfnpanies Aet 2006 arKI the Charities SORP. The results of the subsidiary undertakirwJ for the year are di$ck)sed in note 3 of the accounts. FRS102 all¢JWS qualfying entIt￿S certain dis¢k*ure ex•ions. charity. only. has taken advantage of the exeMpl￿n$ ts the folk>wng disclosure Tequirementr. Secti(*) 7"Slatement of Cash Fkn￿"_ Present*￿ of an entty onty Sialement of Cash Flow and related notes and di8ck>sures. 23 Crosfields School Trust Limited NOTES TO THE FINANCIAL STATEMENTS (contlnued) For the year end￿ 31 August 2021 Accountlng pollcl¢s (Contin{￿ Fund accountlng The fvnds of the School are acc%￿nted for as urrntrieted or restri￿ income, in accordance with the terms oflrust IMF¥)s￿ by the th)nors or appeal to whth may have resp)ndgJ. General funds ar8 unrestrKted funds that are available for use al the discretion ofthe govemors in furtheran of the general objgctNes of the Charitab￿ c￿anY and have ncl been designated for other purFoses. Designated funds eomprtse unrestr￿ted fiJnds that have been set a$Kle by the governo￿ for part￿ular purposes. The aim of the designated fund ks set oul in the notes lo the financial statements. Inve51ment inc£￿ and gains are alk¢ated to the ¥propri*e fund. In¢om• All incoming resources are induded in Ihe Statement of Financial Activities when the charitable con4)any is legalty entrt￿￿ to the inc(rfr￿ and Ihe amount can t* Quantir￿d with reasonable acojracy. Fees and slmilar income Fees receivable. charge5 for services and use of premises are accounted for in the period in which the serV￿e is provided. Fees recebvable are sl*d after deduct￿9 allwnces. bursafies and other remissions granted by the school. Fees rnceNed for education to be rrtovmled in frAuTe yeas are carri8d foThvard as f08$ receive(l in advance in the SL*emenl of Financial P03rt￿n. These fees are ￿leaSed to the Statement of Financkgl Actwities over the period in whKh the scho(A wov￿5 the serv￿$ in fvture years. Expondlturo Expenditu￿ is ￿oUftted for on an aCcn￿l basis. Expenditure is allocale(I to specrfic activf(ies with(￿t the need for apportionment. The Irrecoverab￿ eknwnt ot VAT is MKluded within the item of exp￿Se to whth it relates. G¢)vernance costs c¢ynprtse the costs of r￿nIng the chaiitable company. such as the c05ts of tNJard and committee meetings, preparing statutory accounts and satisfying Publ￿ accounlabilty. During the year. the Sehcrfjl has revised its anatysi8 of gxpeTrJiture and staff numbws reporting to reflect expenditure mre xcuratdy between appropriate categories. Expenditure shown in notes 8 and 10 for 31 August 2021 is in line with the revts&l alk¢at￿. For the year ended 31 August 2020 notes 8 and 10 have been restsled in line with the m*hodd¢)gy used for the current year. Donated services Donated servKes and f&ililies are onky irKluded as inccthe (with an eqUiva￿At amount in resources expend$dl where the benefft to the chartty is reas¢)nabty quantifiable. measurable arbd material. The value placed on these resoufces is thé estbrnat&J mark81 value lo the charity of the service or facility recewj. Grant Incomo Payments received from Ihe govemment for furloughed empkjyees are a fomi of grant. This grant mon&y is receivable as C￿lPensation for expenses already incurred. and where thts 15 not in respect of f￿￿re related costs. is rec(NJnised in incom& in the penod in whth it becomes receivabbe and the related expense is incurred. 24 Crosfields School Trust Limited NOTES TO THE FINANCIAL STATEIAENTS (conllnu For the year ond•d 31 August 2021 Accountlng pollcles {GonlinwdJ Operatlng l•asgs Rentals applicable to operating knes are ch*ged to the Statewtht of Finartial Athitiès on a straight line basis over the pemd in wh￿h the cost is incurred. Tanglble fixod assots and dew¢¢lalSon EyJ)endrture on fixed assets is caprtalised except for expendilurn ir￿Ur￿d on the repLqcement of assets of Ichv value wrth a short lrfe. Subsequent e4)sl$ of repair. renovakn and replacement expenditure are Wr￿en off as incurred in the consolidated slalemenl offinancial actMtie5, unkn it is probable that such costs will generate future economic benef￿. Schf))I buiklings are recorded at histoital cost to the ch*itable eomFony. Depreciation is provided on all tangible assets. except freehold land. in c*dertowrite off their cost less reS￿u￿ value over their eslimaled useful lives at the following annual rates-. Stralght Ilne basls Freehold proporty: Buildings Art￿Icial turf pitth. Sensory garden Fumlture. Ilxtures and equlpment: Tractor CompLrter equipment {eduCat￿nall Computer equipment {administrativel other 12-20 years 10 15 33.33 25 15 Items costing ￿ than £5,0(Kl are wrillen ¢)ff as an expense as wu¥ed. he artificHI pitch is split bel￿Pen the 5tKKkpad and carpet which 15 depreciated over 12 years arKI all other items are depreeiated over 20 yeaTr. Investments In sub$idiarlos Investments in subsKliaries are staled at cost ￿ any assessed Impalm￿nt in the asset. Stocks Slc*ks are walued al the kxr cl cost aThJ net realisabk vakE. P•nslon s¢h•mo8 The Charitab￿ company contributes to thg Te¥hers' Pension Schem8. whKh 1$ a defined benefit scheme, at rates sel by the Scheme Actuary and a¢fvised to Ihe Board by the sch￿ Adminislralor. The scheme is a multi-employer pension Scher￿ and it is not F¥)SsIb￿ to ￿entIty the assets and liabilities of the scheme attributsble to the charitable conwany. In accordance with FRS 102 therefo￿. the scheme is &counled for as a defined contribution schemè and Contr￿￿￿)n5 *9 w>unled for when thised by the scheme administrator. The charitable company also contributes into a deffined c￿tribUt￿n scheff* lor non-texhirffj staff and a defined benefrt scheme. The present v￿ue of luture ccffltribul￿s ￿lating to the funding of a pension deficit is reccwised as a liability. 25 Crosfields School Trust Limited NOTES TO THE FINANCIAL STATEMENTS (contlnu8d) For the year end•d 31 August 2021 A¢counllng poll¢1￿ {continu8d) Financial Instrum•nts The group has elected to appty the prowsws of sect￿ 11 'B8sic FinancHI Instruments, and Section 12 'Other Financial Irtstruments IssLW' of FRS 102, wi full. to all of its fin￿￿91 inslNments. Financial assets and financial lthil￿e5 are recognised when the group becomes a party lo the contractual provisions of the instrument, and are offset onty when the group has a kgal enf0￿8abIe right lo Sel off th8 recognised amounts and intends either to selile on a net basis. or lo realise aiKI setlle the liability Sim￿aneOus￿. Financ￿1 assets Trade, group and other debt¢ys (including acmied income) whith are receNable Y￿thin one year and ￿1¢h do not wnstrtule a financing Iran$a¢tion are inrtialty nwsured al the transaction price and subsequently measwed ataM￿lis9d cost. bwng ts transxbon price ￿S any amounts settled and any wnpawments losses. A provision for impairment of tr￿e debtors is established when there is objective evId￿lte that the amunts due will not be collected according to the original terms of the ￿nIT￿l. Impaimienl bs$es are recognised in the statement ol financkal acb"vittes. Financial IMbNities Financial instruments are classif￿￿ as liabilit￿ aCcordi￿j to the substance of the contractual arrangements entered into. Trade. group a￿1 other creditofs linduding ￿rUal$l payable wrthin one year that do not constrtule a financing transadKJn are inrtially measured at the tranSact￿n price and subsequently measured at amortised cosL being tranSa￿￿n FYi¢e18ss any aTrTh)unts settw. lthere the arrangements with a credilor constitutes a finaneing tran&*tion, the credrtor is inilialty measured al the present value of future payments dtscounltsg at a market rate of interest for a 5imiLar instrument and subsequenlty measurèj al arr•)rtised cost. Borrowings are inf(ialty reC￿niSed at the trans&tion prKe. irKluding transaction costs, and subsequent measured al amortised cost using the effectNe inteTesl methcrfl. Interest expense is recognised ￿ the basis of the effective interest method and i8 induded in intere51 pay*•le and similar char9es. Dereccynising finanoal assels and liaL¥lities A financial asset is de￿Cognised onty when the cl￿tractUal rKJhts to cash flow5 expire or are settled, or subsequenlty all the risks and rewards of ownership are transferred to another party. OT rf some significant IFsks or rewards of LY•vnership are retained bul cont￿1 of the asset has Ifansferred to another paty that is able to sell the asset in rts entirety lo an unrelated third party. A financral ILabilty (or part ther￿fj is dewogni5ed when the obligation specrfwl in the contract is dischargaJ. cancelled or expires. Taxation The tax expense for the comprises cU￿t and deferrèj tax. Tax is recognised in the statement of rinancial affair5. The current corporation lax charge is cakulated on the basis of tax rntes and laws that have been enacted or substsnlivety enacted by the repcyting date in the UK. Crosfields School Trust Limited NOTES TO THE FINANCIAL STATEMENTS (contlnued) For th• year ended 31 August 2021 Accountlng pollcles (contin Critlcal a¢¢ountlng estlmatos and arnas ofjudgement Estimates and1udg￿*nts a￿ eontinualty evaluated and are based historical experiènce and otherfactors, including expectations olfirture events that are to be Tea¥onable under the cirCu￿￿tan￿$. The group makos eslvn*es an(1 assumptws conceming the future. The resulting accounting estimates and assumptions will. by definition. seldom equal the related actual resutts. The eslwnates and assumptions that have a sonrficant risk of causing a material adjustment to the catrying amounts of assets and liabilities within the next financial year are dis¢yJssed bekMT. SbJnrficanl estimates induded wilhin the financral slatwnents indude provisK)n for fee debtors, which require a judgement by management ￿arding the likelihotsd of recovery. Managemnt review and asse88 fee debtors on an individual ac¢tyJnt basis and provide for debts as appropriate. Depr&iation is al￿ther key estimate in the acct￿nIS whith requires m*bagement jud9èment over the useful lrfe of the asse15. The FKJlicy has been sel out in the notes above. Fe•s receivable 2021 2020 Fees receivab￿ consist of.. Gros5 fees Less.. Total bursar￿, grants and all￿anCeS Less." COVID 19 Discr￿nts 8,538.430 {429.7771 1150.9491 7,835.717 1448.7691 485.7121 7,957.704 6,901,236 All fees receivable were unreslri￿8d in th8 current and year. Trading in¢omo and expendilurv Crosfields School Trust Lynited owns 101YA of Cro$fields School Enterprises Limited. This company hires oul the SfX)rts hall, swimmirKJ pod and 01￿[ fxilitbes al Crosfields Sports Centre aTrJ donates its annual taxable profits lo the Charitab￿ company under the Grft Aid Scheme. Trading resulis extracted from it8 audited financial statements are shcNm behjw. 2021 Rg$t4tgd 2020 Tumover Administrative axpenses Govemrnent grants IHMRC Furfough scheme. see note 4) Tax charge in reJab"on to Grft AKI 178,609 {182.0481 1&978 177.457 1188.8741 32,541 {10.2481 Profft for the year Gift aid 14539 115.5391 10.786 {10.787) Net assets A grft aid payment for 2020 profits of £10.787 has been accruejj as a prior year adjustment to refflect that a deed of covenant is in place whth ue*es a b3al c*ligation ts the profrts lo be paid to the Crosfields School Trust Limited. Crosfields School Trust Limlted NOTES TO THE FINANCIAL STATEMENTS (¢onllnued) For Ihe yoar •ndod 31 Augusl 2021 Donatlons and l¢gacl•s Total 2021 Total 2020 Donat￿n8 HMRC Furthgh scheme inco 44929 63.112 29.952 1 52.511 109.041 182,463 £45.929 of donations and lega￿ were reStr￿te•j in Ihe current year (2¢Y20 £N411. Anclllary Income Total 2021 Total 2020 Exlratal 2020 2020 (Restat￿) Staff costs Other Dew•¢iation Charilabk xtmlies School operating costs Teaching Welfare Premises Suppc#l costs (>)vernance costs Bank charyes WKI inleresl B&J debts 3.865.622 207.428 307,041 547,278 502,814 236,832 889,458 146,4 26,855 23.071 21,034 75,818 1,281 365,005 4,444,254 445.541 1,561.504 693,768 26.855 23.071 21.034 4.927.369 1.846.554 442.104 7,216.027 Cost of rai8ing funds 2.388 Cost of trading activ￿￿6 138.521 50.353 188.874 Total expgnditure 5.(ES,890 1,899.295 442.104 7.407.289 All expenditure on charitable activit￿5 was unreslrLt&J in the current and prN)r year. During the year, the Schogl has restated its analysi8 of expenditure and slaff numbers reporting lo reflect expendtture more accuratety betsveen appropriate categories. 29 Crosfields School Trust Limited NOTES TO THE FINANCIAL STATEMENTS (contlnu8d) Forlhe year ?ndgd 31 Augu￿ 2021 Expèndllurn 2021 2020 Charltabl• x¢lvttl•s Include: Operating lease charges Depreciation Auditors, reMUneral￿n (excl VAn Audit foes - Crosfields Sthod Trust - Crosfields School Errterprises Limited Preparation of statutory accounts Taxation - compliance sefvices to the Subs*Jr￿Y Loan interest ,172 425.540 4,276 442.104 12,500 2,250 1000 9SO 300 17.500 2.500 2.CK)O 750 13.768 The empbyerfs liability insurance of the chanlable company includes indemnty insurance for the govemors. The cost of this insurance is £648 {2020- £3601. 10 Staff Costs 2021 2020 Wages and salaries Social securty costs Pension contributions Pension deficit contribulton cost 4118.564 398.689 726,894 149351 3,956.634 397.565 715.429 (3,738} 5.239.212 5.06S.890 The average number of ￿phYlee$ during the ye* vras as foll￿.. Restated 2020 Numbar 2021 Number Teaching Weware Premise$ Support Trading 93 19 15 19 20 13 18 147 143 The govemors receNed Nil remuneration or other benefft for the year (2020 - Nill. The governors were reNnbur5ed for expense5 lotalling £Nil in the year12020- £4621. Crosfields School Trust Llmited NOTES TO THE FINANCIAL STATEMENTS (conflnued) For the year ended 31 August 2021 10 Staff ¢¢Y4ts (Gontinwd) numbers of employees whose IemunefatK￿ exceeded £60,000 during the year. were.. 2021 Numbw 2020 Number £60.O)1 - £70,000 £70,1X)1- £80,000 £80,CQ1- £90,000 £110,001- £120.oco £120.001- £130.￿) £130,001- £140.OCQ The number of those higher paid employees vtho aCc￿￿￿j beneffts under a defined benefrt pension sche￿ during the year, were.. Pension contributiC￿ for above em￿oYeeS 91.835 68.864 Aggregate empbyee costs of the senTh lea￿e￿hip team. as diSck￿ on page 2, including salary, bengfits. pension contributv)ns and national insurance) in the yeartotal￿d £783.631 {2020- £752,501). During the year, severance pay was awarded lo 1 empwee. with payffffits for cc4npensation and pay in lieu of not￿ totalling £5.000 (2020- wwWees- £15.7261. 31 Crosfields School Trust Limited NOTES TO THE FINANCIAL STATEMENTS (contlnued) For the year ended 31 August 2021 11 Tanglblo fixed assets- Group and Charlty Furniturn, Freohold As8•ts under fixtures and Iwoperty constructlon equlpment Tolal Al 1 Seplen*)er 2020 Additions DisposaL8 11.611.701 104.304 {513.772) 1.271,589 6.270.324 3.057,824 93,096 1266.143) 15,941,114 6.467,724 {779.9151 At 31 August 2021 11.202.233 7.$41.913 1884777 21.628,923 DepreCiat￿n At 1 September 2020 Charge for ye Du8posals 3,615.331 245,511 1513.7721 2,￿5.411 180.029 (266,1431 6,180.742 425,540 IT19.915) At 31 August 2021 3.347.070 2.479.297 4826.367 Nel book value At 31 August 2021 7.855.163 7.541.913 405.480 15,802.556 At 31 August 2020 7,￿.370 1,271.589 492,412 9,760,371 12 Flxed a8s•ts Inveslm•nts- Group and Charlty Total Investment pr4)perty At 31 August 2020 Sale of investsnenl property 640.000 {640.0001 Al 31 August 2021 The property was sold for £640.oc￿ during the yw ended 31 August 2021. Crosfields School Trust Llmited NOTES TO ThE FINANCIAL STATEMENTS (contlnuod) For thg yoar gnd9d 31 August 2021 12 Flxed assots Inveslments. Group and Charlty (contlnuod 2021 2020 Investment In subsiiliariey Icharity ontyl Investment in subsKliary coryany Registwod CoThyany numbw Sharng held Company Class Crosfields School Crostslds Sch￿1 Shinffiekl Road. Enterprises Limited Shinfiekl, Re&ling, Berkshire. RG2 9BL 08332333 Ordhiary 100 13 Dobtors Group Group 2020 Charlty 2021 Charlty 2020 Trade debtors Other debtors Amounts owed by subsidiary undert*v Prepayments and ￿rUed inc( 74.673 1017 122.126 45,753 65.927 2,017 115,940 188.311 108,076 45,753 4,302 154,195 202.804 154.195 279.494 322.074 372.195 312,326 An￿)UnIS owed by group undertakings we interest free and repayab￿ on demand. 14 Crodltors: amounts falllng duo wlthln one year Group 2021 Group 2020 Charlty 2021 Charity 2020 Bank overdraft (secured) Trade credi(0 Taxation and social secunty Accruals School fees received in advance Deposits held Other crthjrtors Pension liabilty (Note 16) 326,838 536,11 115,2C6 108,135 455,161 254.58S 185.*9 52.593 326.838 536.106 115.206 102,984 455.161 254,585 175,716 52.593 831.956 106,948 184,487 804,249 329,085 270,402 47.658 831.956 106.948 182.558 804.249 329.085 270.402 47.658 1574.785 2,034.593 2,572.856 2.019.189 S¢h¢)ol fee5 weNed in advance rdates to fees for the nexl schtJ)l year, wtt￿h some parents pay in advance. Deposts held include an amount of £299,orx)12020 - £243.1CL)I relating to a￿eptance deposits. all of which e considered &8 owed ¥￿h1n one year given that onty one terns not￿ is required io be gwen by pupils. Amounts owed to group undertakings are interest free repayabk on demarKI. 33 Crosfields School Trust Limited NOTES TO THE FINANCIAL STATEMENTS (conllnued) For the year ended 31 August 2021 15 Loan Gredltor 2021 2020 Amounts falllng due after more than one year Bank toan 5.287.651 895,119 The bank103n ts repayab18 by instalm8nls.' - due after fNe years - due within trwo lo fve years - due within one to two years 2.950,151 2.337,500 604,205 268,536 22.378 - due after mofe than one y&qr - due within on& year 5.287.651 895,119 5.287.651 895,119 There is one loan in place included within the h)an Creditor. Thi5 is for a facility in P[￿ of £8,500,000. As at the year end. £5.287.651 has been drawn dcwn aTrJ is repay&le by 31 De¢8mb8r 2034. Interest is charged at 2.16% above base rate. The bank loan is secured by way of a fixed charge over the charitable C*)mpanl5 freehold land buildings. 16 Defined benefit pension schem• liability The movement on the pens￿ proviS￿n is as folbw&" 2021 2021 2020 2020 ProvisK>n lfftd 51593 56,331 Employer contribulions rdats'ng to the recovery plan 149861 {4,841) Unwnding ofthe dIS￿￿nt rale Impact of the change Wi recovery pLqn during the year 591 1397 512 (4.935) 13.738) Nel moverrEnt ProVis￿n clfv 47,658 52,593 The above provision relates to the requirement under the FRS102 that the must reeognise as a Ik¥bilty the present value of future ¢￿tr#)￿l￿)n5 relating to the fvndirKJ of a pension deficit. For further details see Note 23. Crosfields School Trust Limited NOTES TO THE FINANCIAL STATEMENTS (Continued) For th• yo•r wdgd 31 August 2021 17 Operatlng lease Gommltment At 31 August 2021 the group had tolal fvture mTrnwnum lease payrrents under non￿nceMabt8 operating lease5 as fdlows". 2021 2020 Due within one year Due beknn one arKI fve yws 1048 3.612 2.412 6,024 18 Capltal commitments Al 31 August 2021 the Sch(￿ h•J the following capital commrtments.. 2021 2020 Contracts for future wital eypenditure not pmided in the fmncol stslem&nts 551.382 200.939 19 Analysls of net assets betwe￿ funds Group 2021 Net currnnl a55ets1 11￿1111t18s) Fixed Long term Ilabllltles Total Genwd fund Restrieted fund 15.802.556 {1,864,3981 5.507 {5.287,6511 8,650,507 5,507 15,802,5SS 11.858,8911 15,287,651) 8,656.014 Group 2020 Net currEnt assetsl (Ilabilities) Fixed assets Investmw Long temi Ilabilities Total General fund 9.760.371 640.0 (1,648.918) 1895.1191 7,856,334 9.760,371 640.(KM) {1,648.918) (895,1191 7,856.334 Crosfields School Trust Limited NOTES TO THE FINANCIAL STATEMENTS (¢ontlnued) For the year ended 31 August 2021 19 Anatysl8 of nel ass•ts ￿twO¢Th fvnds (¢ontlnu8dJ Charlty 2021 N•t current a$sot Inves1￿ (Ilabllltlos} Fixod Long temi IW>llttl•s Total General fund 15.802,556 11,875.185) (5.287.651) 8.639.721 RestrKled fund 5.507 5,507 15.802.556 (1,869.6781 (5.287,651) 8,645.228 Char 2020 Net ¢urrent assetsl {liabilities) Flx•d Long temi liabilitiey Total General fvnd 9.760.371 640.IJJ1 11.659.705) (895.119} 7,845,548 9.760.371 640.(K)1 (1.659,705) {895.119) 7,845.548 20 Total Funds Group 2021 Balan Balance 31 August Transforsl September 2020 InGomo Expendlturo gainsllax 2021 Unrestricled funds General fund 7.856.334 8.333.131 17.5T9.380) 40.422 8,650.507 Restrfcted fvnd Bcx)ks fund Bursary fund Laplcp fund 1.362 4.145 40.422 1.362 4,145 140.422) Total rnstrlcted 45.929 140.4221 5,507 Total funds 7.856,334 8.379.060 {7,579.3801 8.656,014 Crosfields School Trust Limited NOTES TO THE FINANCIAL STATEMENTS (continued) For the year eThd￿ 31 August 2021 20 Total Funds I￿ntInued) Group 2020 Bal•n Balancg 31 August Transfors Septem￿r 2019 Ex￿d1¢Urn galnsltax 2020 Deslgnatod fund PrrLe fund 1,526 {1.5261 General fund 7.816.990 7.455.355 (7.407.289) (8.7221 7.856,334 7,818.516 7,455,355 {7.407.2891 (10.248) 7.856,334 Charity 2021 Balance 1 September 2020 Balance 31 August 2021 Trnnsfersl galnsllax Inthne Expendlture General fund 7.845.$48 B.151.083 ri.397.332) 40.422 8.639.721 Restrlctod fund Bwks fund Bursary fund L￿>t0p furvj 1.362 4.145 410.422 1,362 4.145 (40.422) Total restrlcled 45,929 (40.422) 5,507 Total funds 7.845.548 8.197.012 17.397.332) 8.645.228 Charlty 2020 Balancè 1 S•ptsmber 2019 Balance 31 August 2020 TranshrGI gain511ax Incom• Expenditu Deslgnaled fund Prize fund (1.5261 Gongral fund 7.738.579 7.356.309 {7.250.866) 1,526 7,845.548 7.740.105 7.356.309 17.250.866) 7.845.548 37 Crosfields School Trust Limited NOTES TO THE FINANCIAL STATEMENTS (contlnued) For the yoar onded 31 August 2021 General fvnds are unr8Strtcled fvnds thal are aVailab￿fOr use atthe dI￿retIOn of the g¢)vemors in furtherance of the general objeclives ol the Charitab￿ ccmpany and have been design*ed for other purposes. Ine¢)ming resources of the charty includes £15.539 {21Y20: £10.7861 of grfl aKI receNed from its subsKliary. The prize frjnd 1$ mnies set aside for the provishjn of pr[￿ avrdrded to thildren. Restr￿ted funds are as follcp•ts: Book fund relates lo donalM)ns raised spendw on school btx*s. Bursary f￿d rek*es to donath for spendry on I￿lre bursaries. Laplcp fund rdales lo a don*#)n rgceNed in the Current year to fund the purcha$e of 40 laptops. These assets were purchased in Ihe year and Iherefore fund has been transferred lo unrestrKled. 21 Ponslons The charitable company cperates Ihree pension Sche￿.. rs, PensKM Sch The &hool participates in the Texhers, Pension ScheTh 1.the TPS'I for its teaching staff. The pension charge for the year includes Cont￿￿t￿n$ payable to the TPS of £597,285 {2020.' £585,199) and al the y8ar- end £72,051 {2020 - £69,676) was &crued in ￿sPeCt of contributions to thi8 scheme. The TPS is an unfijnded multTr-empbyw defined benefits pension SChWr￿ govemed by The Teachers. Pensions Regulations 2010 las amerKledl and The Teachers. Pension Scheme Regulations 2014 las amended). Members contribute on a.pay as you go" basis wth contn"bulions from members and the employer being credited to the Exchequer. Retirwnent and other pension beneffts a￿ paKI by public furnls provtded by Parliament. The employer contributi¢J) rate is set by the Secretary of Slate folkh¥ing scheme valuations undertaken by the Government Actuary s Department. The rrK)sl recent actuarial valuatKJn of the TPS was prepared as al 31 March 2016 and the Valuation Report, whth was published in Ma￿h 2019, conf1m￿d that the empbyer Contr￿ul10n rale for Ihe TPS would increase from 16.4% 10 23.6% from 1 September 2019. Employers are also required lo pay a scheme administration levy of 0.08% gTwng a total empkjyer contribution rate of 23.68%. The 31 Mareh 2016 Valvalion Report was prepared in accordance with the benefrts set out in the scheme regulations and under the approach specrf*d in the Direct￿nS. as they aPpl￿d at 5 March 2019 However, the assumptions were consKleTed and set by the Departnwit for Education pnor lo the rulit)g in the 'McCloudlSargeant case.. This Case has required the courts to consider Cases regarding the implementation of the 2015 ref0M￿ to PublK ServKe Pensions including the Te&hers' Pensh)ns. On 27 June 2019 the Supreme Court den￿ the govern￿￿nI pe￿ISsion lo appeal the Court of Appeal's judgmentthat Iransrtional prow$￿n$ introdLKed to the refomied pension schemes in 2015 gave rise to unlawful age discrimination. The govemff*nt is resFÉcb'ng the Court's dectsion an(1 has Sa￿ it will engage fulty with the Employment Tribunal as wdl as employer and member representatNes to agree how the discriminalKJns will be remedied. The government announced on 4 February 2021 that it intends lo pre¢eed with 8 defeffed choice underpin under which fr￿fflbe￿ will be able lo chcose erther legacy or refomed scheme benefits in respect of Iheir service during the pgric¥J bets¥ew 1 Aprl 2015 and 31 M￿h 2022 al the p(xnt they becom payable. Crosfields School Trust Llmited NOTES TO THE FINANCIAL STATEMENTS I￿1￿¥{￿￿) For the year ended 31 August 2021 21 Penslons {¢onllnu•dJ The TPS is sut4ect to a cost w mechankwn was put in pl&e to prclect tsxpayers against unforeseen thanges in scheme costs. The ChEf Secretary lo the Treasury. having in 2018 announeed that there would be a review of thi$ Cost cap methanism. in January 2019 announc&J a pause lo the wst cap mechanism following the Court of Appeal's ruling in the Mccloudlsargeant case and until there 15 certainty aboui the value of pw)sions lo ￿plOyeeS April 2015 onwards. The pause was lrfted in Juty 2020, and consultation was launched on 24 June M proposed charw to the cost control mechanism fc41owing review by the Government Actuary. The consuttats'on ck6ed to response on 19 August 2021 and the Government 1$ currenlty anatysing the res￿n$8$. In view of the above rulirys ar¥J d8cision$ Ihe a$$umptA)n$ used in lh8 31 March 2016 Actuarral Valuation may become inappropriate. In this scenario, a valuation prepared in accordance w((h rev¢sed benefrts and suitably revised assuryt￿n$ wcMJkJ y￿Id dknt results than those Contained in the Actuarial Valuation. Until the cost cap mechanism TevEw is completed it is not POSSkn￿ to conclude on any financial impact or fvture Changes lo the ￿ntributIon rates of the TPS. Accordingty no proVis￿n for any oddilKJnal past benefft FensKin costs is inC￿ded in these slatwnenls. ort Staff GrcNJ Pensb)n Scheme The Charitab￿ Company runs a defined contribulton scheme for support staff with A9gon.. The cost for the year represents the charitable company'$ ¢onlribubon$ lo the scheme of £121,50912020 - £118,391) arKI at the year*nd £16,234 {2020- £2,207) was in resFecI of conlributK)ns to this scheme. The Pensions Tntst The charitable company partKipales in The PensK)ns Trust scheme. wh￿h is a mumi-employer scheme providing benefrts to some 66 non-assccHted empwers. The scheme is a defined b&nefrt scheme in the UK. It is not possib￿ for the charitable cfyrwny lo obtain suffic*nt infomiation to enable il lo account for the scheme as a defined benefit scheme. TherefThe li &counls for the scheme as a defined contribution scheme. The scheme is subj.ect to the funding kgisfalion outlined in the PensM)ns Acl 2CM)4 Nthich came into fo￿ on 30 December 2005. This, together with documents issueil by thg PensK)ns Regulator and Technical Actuarial Stsndards issued by the Financial Reporting CourKil. sel out the franMw)rfi for funding defined benefft occupational pension schemes in the UK. The scheme is classrfied as a'last-man standing arrangement.. Therefore the tharitable company is potential liable for olhef participating empknyers. oblfvg*ions rf those empbyers are unable lo meet their share of the scheme defKit follomng w((￿lawa1 fr¢yn th& scheme. Participaling empbyers are legally Tequired to meet their share of the schane defKit on an ￿n￿rtY purchase bask8 on withdr￿1 Irom the scheme. A full actuarial valuat￿n for the scheme was Ca￿led out wilh an effective date of 30 September 2017. This actuarial valualM)n was certffied on 27 0￿mber 2018 and showed assets of £149.4m, liabilities of £187.6m and a deficit of £38.2m. To eliminate this funding shcrfifall. the trustees and the particip*ing employers have agreed that addition￿ contributions will be paid. The recovery plan COntributK￿ are alktated to eath pathipating employer in line with their estimated Share of the $chem8 liabilittes. Total contribut￿)n$ paid inlo the scheme by the charitable company amounted to £8.100 {2020 - £8.100}. At the yearryend amounts Tecorded in creditots were £Nil12020- £Nil). Full details are avail￿le regarding The Pension5 Trust on theirwebsrte 39 Crosfields School Trust Llmited NOTES TO THE FINANCIAL STATEMENTS {¢ontinu6 For th• year ended 31 August 2021 22 Analysis of not debt Balanc• 1 September 2020 Balance 31 August 2021 Cashflows Cash al bank ar￿ in hand Bank overdrafts Debt due wrthin 1 ye Debt due after l y 61,803 (326.8381 374,464 326.838 436.267 (895.1191 (4,392,532) (5,287,651) (1.160.154) (3.691.230) (1851.384) 23 Rolated party tra115aclions (hling to the nature of the schctls operations and the composilion d the goveming bc*ty benw drawn from local public and private sector organi￿￿)n$. r( is inevrtable that transactions will take place with organisalions in whth a goverrw)r may have an inl8fesL All transactK)ns invofving Ihgse organisath￿S are in aceordwè with the school'$ nomial prccedures. In the current penc*J £N￿ was PaKI to T*yford Surgery. a surgery trwned by 8 governor. for flu jabs (2020 - £613). The t(tsl donations in ajgregate received from govemors in the year were £40,42212020- £Nil) The school has a number of puiils who a￿ farn1￿ members of govemors. Fees are payable al the same level as other pupils and entrtkn￿nt to fee remisston is considered in line wrth the school's slated pdicy for such awards. Transactions bthveen the Sch(M￿ ar)d its subsidiary Crosfiekjs School Enterprises ￿rnited are dwlosed 2021 Restated 2020 Recharged expenses Gift Aid Amounts owed byllto) Crosfieids School Ente￿nSeS Limited 129.918 15,539 115.940 155,191 10.786 4.302 Thgre were no other r8l*d party tran&iction in the year.