2022-08-31-accounts

Crosfields School Trust Llmfted (A ¢ompany limited by yaranteel Annual Report and Consolidated Financial Statements year Ended 31 August 2022 Registered No. 0584278 (England and Wales) Charity No. 309108

Crosfields School Trust Limited CONTENTS P•8e Legal and Administrative information Rep¢)rt of Governors lincludin8 Strate8ic Report) 4.16 Independent Auditorfs Report 17-19 Con5olidHted Ststement of finanual Activities 20 Consolidated and Company Staternent of Finano31 P05iti 21 Consolidated Statement of Cashflows 22 Notes to the Financial Statements 23-42

Crosfield8 School Trust Llmltod LEGAL AND ADMINISTRATIVE INFORMATION For the year ended 31 August 2022 STATUS AND ADMINISTRATION The Crosfields School Trust Limited is a charitable company limited by warantee, incorporalp)J on 21 May 1957 arxl registered as a charity on 1 October 1962. The charitable company was established under a Memorandum of Association that established the objects and powers of the charitable company and is governed under rts Artides of Association. COMPANY NUMBER 00584278 CHARI￿ NUMBER 309108 REGISTERED OFFICE AND ADDRESS Cr05fields School sh1nf￿d Road Shinfidd Reading Berkshire RG2 9BL GOVERNORS The ￿vernorS of the school being also Trustees of the charity and Directors of the charitable company, who served during the year, unless olheTrvise stated, w￿e as fdlows: ** A Atkinson D Ballersby C S Bradr￿d S 8rown K fjark E Dawes C L Fumeaux MJHalth A Hilson R Kap￿r S Lewis J R Lucey B Purewal S Sachdeva J Sefton Jenkins MTUM M Wardrop (Buiklrngs & Estate5 Chair) (Appoint￿ 29 November 2021 > Char of Govtrnors- 1 August 2021 "i@l++ AA AAr (Appointed g May 2022) {EducatK)n & Wellare Chair) {8uildiThJ$ & Estates Chair) IReswJned 29 N4)vemb8r 2021) {Appointed 29 November 2021) {Resigned 29 November 2021) (Financ8 Chair) w@l++ ** "I￿++ AA (Resigned 29 November 2021) Icwate &¢ial Responsibilty LeaJ> (IT Chair} (Safeguarding Lead) (Appointed 23 April 2020) Governors are apwinled by the t￿ard of gover￿)￿ nmalty al the annual general meeting for a term of three years. but are eligible for re-dection. Members of the Finance Committee (FC) Members of the Building & Eslales committ￿ (BECI Members of the HM Bursarfs Remuneration & Appraisal Committee {HMBRAC) Members of the Education & Wetlare Committee {EWC) Members of the Health & Safety Committee (H&S) Members of the IT Committee IITCI Members of the P16 Programme Board ++

Crosfields Sch(•ol Trust Llmlted LEGAL AND ADMINISTRAnVE INFORMATION (conrfnuedj For the year ended 31 August 2022 OFFICERS Head.. C D J Walson C J Purdom Bursar and Company Se•: SENIOR LEADERSHIP TEAM C D J Walson S Dinsdale R Ebbage T Goodhew J Ireland A Mallins P J McDowell A Weslty-smlth K O'Leary C J Purdom K Stone J Phillips s￿nd Master Deputy Head (Academic) Senior School Dewty Head (Pastorall Junior School Deputy Head (Academic) Junior School Deputy Head (Pastorall Senior School Head of Pre-Prep Deputy Head of Pre-Prep Director of Studies Bursar Head of Early Years Director of Extemal Relations PROFESSIONAL ADVISERS BANKERS: Lloyds Bank Unit 3 20 M¥ket Place Wokingham RG40 1AP SOLICITORS: Fidd Seymour P*ks LLP 1 London Street ReadiThJ RG1 4PN Pennington Marthes Cooper LLP Apex Plaza Forbury Road Reading RG1 1AX Veale Wasbrough v￿ardS Nafrow Quay Hwse Nafrow Quay Brisl BS140A AUDITORS.. Haysmxintyre LLP 10 Queen Street Place Lo￿lon EC4R 1AG

Crosfields School Tn￿1 Llmtted LEGAL AND ADMINISTRATIVE INFORMATION fconunuedj For the year ended 31 August 2022 INSURANCE BROKERS Marsh Brokers Limited Rocknvood House 17 Perymount Ro Haywards Heath RH16 3DU

Crosfields School Trust Limited REPORT OF THE GOVERNORS Forthe year ended 31 August 2022 ANNUAL REPORT The governors present their annual reFrf t￿ett￿ with the financial statements for the year ended 31 August 2022 aThJ confirm that the latter comply with the requirements of the Companies Act 2006, the Charitable Company's Artides of Association (March 2019), the Charities Statement of Re￿Mrnend0d Practice (SORP 201 $1 and Financial Reporting Standard 102 (FRS 102)- The annual report is also the Twstees, ReFJrt a5 requiTrd by Part Wll of the Chariltes Act 2011 and the Directors, ReP￿t as required by section 417 of the Companies Ad 2006. Chalr of Govemor's Report When the Board of Govemors made the d￿1510￿ to extend the edU￿tional provision at Crosfields School through to 16, the reality of the thange sgemed quite a distant proposition. Yel in under 4 years. we have delivered upon those promises wth our Senior S¢hod fvlty operational and the first GCSE eohort starting the next stage of their educational journey. The Junior &h¢)ol ￿ntInueS lo thrive and lo carve 115 own identty within the bedrock of the Crosfields, values - ambitious. transfomiational. kind. dNerse. commttted and resilient. We will say farewell to Mr CraKJ Watson as Head in April 2023 and we are ever grateful for his leadership through the recent changes. He will leave behirKI year on year growth in pu￿1 numbers.. a strong team of professional and dedi￿ted teaching and support staff". a curriculum built on aclemic rigour that extent1s opportunities beyond the dassroom and new facilities that befft a schocA of our stsndiNJ. Mrs Caroline Townshend Ifomierly Ealon Square School) will be joining the team and leajing us forward as we cons01￿late our recent achievements. It is not however a time for complacency aThJ the Bowd recognises thal th8 challeng8s of the current economic and political climate present an e￿$tential threat lo independent education. Our strong and divers8 Board will provide resilient leadership and thoughtful governance to support the n8w Head.. address these issues as they impact upon Crosfields., continue lo wcrfk to a sustainatrAe model of ffth in order lo meet our ambitions and cement our pos11K￿ as a leading Co(￿cat￿n day sch(x)l in the area. AIMS. OBJECTIVES AND AcMvmES Crosfields is situated in over fty *res of park and wotsjland. ￿ exceptional facilities and talented staff. It Is a co-educational school with children belween the ages of 3 and 16 wilh our first cohort of Year 10 pupils continuing their journey through our senior sthool in September 2022 (see Strategic Review below). All pupils are given the opportunity to challenge and develop themselves. both inside and outshde of the classroom. An exceptionally friendly school. Crosfields emphasises mannefs. kindness and gocKI behaviour. The girls and boys benefit from 8 vast ran9è of opportunities provKJed by a cnmmitted and talented staff enhanced by excellent facilities which are second to rK)ne. Though they are taught broadly, the children are also tau9hl thoroughly and imaginatively. preparing them for wthatevw the￿ fuiure holds. Crosfields lays the f(MJndalions for the adults. pupils will become. The overall Intent of Crosfields is to provide an exceptional education that is broad. thorough and enjoyable, enabling children lo make the most of themselves and to be considerate of othws. In so doing. il has the following aims.. To provide an environment in whith the chiktren we happy and c4)nfident vthich ts safe, caring and supportive wth exceptiona pastoral we. To provide oppcKtunities of consideratle breadth and depth lo help chilLtren discover their talents. To provide an atmosphere in vthich respect for Ou￿ peop￿ and for the world is r#Jllivated. To encourag6 effort. resilience. and rtsJC￿r.

Crosfields School Trust Limited REPORT OF THE GOVERflORS For the year ended 31 August 2022 To encourage the children to be independent thinkers wlh (xitical, inquiriro minds by providing a challenging aCadern￿ curriculum inspires and eroages al pupils. To prepare children to leave Crosfidds ready for the challenges whKh await them al their next sthools and beyond. Currant approach0$ to imp10m0nt th• aim$: The governors have adopted the fdlowng apprnaches to deliver the aims of the school.. To wovide a high standard of academic education f(Y children up to age 16 wthin an environment that encourages Putyls in music, drama, swt and 1Thid ¢o<urriculw programme. To continue the eXpanS￿n of the school for chilthen up lo age 16 in respect of academ￿ provision, pastoral care, organisational ¢harvJe and infrastructure (krM)wn as Project 16- P161. To c#)ntinue lo revw the schcd's academic syllabus ￿ lo bertha￿ academic standards. To offer the public wNJer to facilities txrt of school hours through the use by local dubs arKI organisalions. To ertsure effectNe management and goveman( systems are n ￿ace for finarKial management (capital and revenue). estate managemenl. Health & Safety. IT. risk management. education and welfare provision, personal development of staff and govemors. sustainability and future estate devdopment planning. Principal Activities In setting the school's objectives and plannirvJ its actNities, govemors have grven careful consideration lo the Charty Commission's general gUIdar￿ on Publ￿ benefit and in partKular to its 5upplemenlary public benefit guidance on adva￿l￿g education and on fee<harging. The role of the Crosfields tharitable company is to ensure that Crosfields School functK)ns as a co-educatK)nal day school arml that il (x)ntinues lo thrive in a competit￿e environment. through the provision of high standards of education and development of children. The schcd welcomes puplls from all backLYounds. To ￿lMit a prospectNe pupil. the schwl needs to be salisfied Ihat the school will be a￿e to educate and develop that person to the best of their potential and in line with the general sland8rds &hieved by their peers. Entrance Intervi￿ and assessments are undertaken to satisfy ourselves and parents that pupils can cope the of leaming and benefit from the education the school provides. indNidual's gender. ethn￿ty. ra¢. sexuality. religion or disability does not form part of our assessment prO(￿SeS. The school is an equal opportunity txganisath)n and is commilled lo a working environment that is free from any form of discfimination on the grounds of cdour, race. ethnicity. religion, sex, sexual orientation or disability. The schcM)I will make Teasonable adjustments lo meet th8 needs of staff or pupils wh) are or become dlsabled. The school is commilled lo safeguarding and promoting the welfare of our pupils and expects all staff and volunteers to share this commitment. The Sch￿1 has 3 Designated Safeguarding Leads and a team of trained deputy designated safeguarding leads that provide the necessary support within the school lo fulfil its slalutory duties and promote the wellbeing and weffare of children. All GOvern￿S undertake safeguarding training on induct￿n and annualty thereafter and are provtded with an ovwsighl on safeguardiThJ lermly. A safeguarding governor is nominated and, alongsKle other exwerwj wveffl(n. conducts a delailed annual revi￿ of safeguarding policy and practice in sthool. Parenls receive feedback regulady through parent evenings and haW termty reports. The parent evenings continue to be a fnix of in person lal th8 start of the year with the 'Meet the Teachers event) and online through Schoolcloud (for subject specific parents evening$}. This mixed ￿￿orny continues to grve the benefits of parents gelling to know staff, and vice ver5a. and the flexibilty offwed of online IT￿etingS. Within the Senior School. the new Behaviour for Learning. Organisation. Progres5. arml Achbevemenl (BOPA) grade reporting system offers a more senior apwoach whth links directly into rewling of GCSE ￿adeS in Years 10 & 11. These are offered each half

Crosfields School Trust L•mited REPORT OF THE GOVERNORS For the year ended 31 August 2022 term in each year wp wth one of those in e&h twm having a tutor rerth. and one pw yew being full wrillen subject o)mments. There are also other cx)mmunution streams such as Q&A sessions le.g. PSHE. GCSE options. RSE elc.), ISAMS, the weekly newsletter. the website, so￿aL media feeds, regular emails, targeted meetings, elc. We encourage parents lo come into schTr)I to discuss concerns diredy wlh fom lutOTS and to meet the Senior Leadership Teams informaly. PUBLIC BENEFIT Bursary Pollcy The govemors are committed lo lyoadening xcess to￿ sdKd through transforfflational bursarigs. 11 is impcKtant that access lo the educalKJn the scho¢J offers is not restricted onty to those who can afford the fe95. Crosfields pupils benefrt from learning within a dNerse communty. A great deal of leaming owurs through social interaction. conversation and shared experiences which help pupils develop an urmlerslanding of the perspectives of other People that will be vital in thwr adull Irves. Transfonnationa burswies are awarded fora h￿h prOFNI￿ oreven full fee and provide forchildfen with Slgnif￿anI potential bul for whom independent educatson would be otherwise whjlly out of reach. The governors also acknowledge that Ihere 1$ a need to proV￿e fee assista1￿ to those families who need a lower level of support with the payment of schools fees. Fee discounts are aso offered to staff in ¢xder lo attract and relain the best. Ati bursaries are discretionary and may be awarded in the fom of a discount depending on the financial, ¢ompassion2le LY other pertinent circJJmstancs of applunts. Bursary awards are subject lo testing of parental means. In 2021-22, 11 wpils in Years 7 - 9 were recirxents of substantial ￿r￿Y awards {60%+) 1£151,903} (2021 £101.997) and the number of recipients has doubled for 2022-23 as we extend our bursary provision. Three other children have been supported with fee assistance following a change in family circumstances during the course of the year {£25,2111 (2021- £9.7201. We have also welcomed a child into the school who had to leave Ukraine as a result of the onwing COnfi￿t there. The child is beiro hosted by a CrOSf￿ds. family arKI th8 school is covering the cost of fees and music lessons. Crosfields has no endovmient income. In funding our ayrards, we are mindful of the need lo maintain a balance between fee-paying parents, many of whom make consideratje personal sacrifKe to fund their thild's education, and those benefrting from the awards. We have a fledgling Bursary Suprmyl Fund that ha5 been able to provide laptops and MUS￿ lessons for pupils on a full bursary. We are in the eady stages of re-engaging wilh Crosfields, alumni and nurturing a giving culture in order that we can Supp[￿ more bursary application$. Further details of our bursary pOI￿Y and hcAv to apFAy are available from the school. Community Engagèmént The schcM)I provides support to the wder eommunty Mi a ThJMb￿ of ways: Through Crosfields Enterprises, we have continued lo build links vthhin the local community sports dubs who use our facilities outside of school hours for badminton. trampolining, Cr￿ke1, football. archery. swimming, synchronised sviimming, karate. hockey arml a daneeltheatre school. We were pleased lo be able to offer 9W Reading Sccyjt Group a new peTmanenl home and scout. cub and beaver units meet at the school weekly. Ultimate Athty Camp5 use our facilities io chldcare to local thiklren from the area during the October, Easter and Summer Holidays. Thrwgh our partners, we V•we also able to support Swimming and crtcket camps f%)r a wide rarMJe ol children and their parents. The Oaks Interact Club, workirKJ alongs¥Je the Rotary Club have supwrted the Alexander Devine hospice and SOS Children's W￿lage8 Charity through var￿uS fund raisirMJ aclNlties. The Junior School supported the Reading Toy run. providing Christmas gifts for Bamados.

Crosfields School Trust Limited REPORT OF THE GOVERIIORS For thè year ÈThd￿ 31 Au8USt 2022 In the Senior School. the FrKlay Enrichment Programme set out a £10 challenge. Sludents were given a £10 stake and Challe￿ to ￿0W this as much as wssible. The winner made over £250 p)unds profil and almost £5fKJ was donate(J to CenterP(ynt at the winniThJ student's request. The Duke of Edinburgh t)ronze award was lau￿ and many students volunteered wthin the community to help disadvantaged people as part of their servi￿ secth)n. Corporate Social Rèypon$ibillty Over the course of the year, we have set winaFAes in respect of suslainablity and people: Suslalnablllty WHAT WE BELIEVE: We are committ&J to reduang ow impact on the envlroM)ent. FOR CROSFIELDS. THIS MEANS: Educating our pupils about impact of our day-to-day activities on the environment in Geography, Science. PSHE and Forest School. EncrNJraging our pupils lo raise new ideas and inilialives throu9h our Eco Councils. Making positive choices through procurement of servvs and operations and partneriro with ganisations that lake their sustainable reS￿nSIbIlitieS seriously. Sourcing ￿0d5 and services localty where possitrAe and reducing the number of delivuy days lo help reduce emissions. Reducing our energy consumption year on year. by 8d(pting m￿e energy efficient practices and using cleaner energy sources where possi1￿e. Minimising the waste that goes lo larMIfiII arml maximisirvJ all recydiThJ. bi(Je￿jab1e and compostable opportunities. Promoting sustainable methLKls of trdvel to sclmjol to pupi15. Prnts and staff.- walknng. cycling. public transport, electr￿ vehKle charging on site and our own school trans￿1 routes. Using a sustainable schod unifomi Sup[A￿r, a￿1 also e￿￿raging the recycling of old school unrforni Ihrough our second hand Schwl Unifomi shop. People WHAT WE BELIEVE: At Crosfields School people are our prlorlty. FOR CROSFIELDS, THIS MEANS: For our pupils We sUppC￿t the physul and mental wellbeirvJ of our pupils We respect the indNidual We er￿Urage and support personal tjevelopment For our staff We are a good ern￿Oyer and l(*)k to attr￿ and retain the best sLiff We SUpp￿t the physical and mentsl wellbeing of our staff We respect the individual We encourage and supP￿t personal and wofeswnal development

Crosfields School Trust Limited REPORT OF THE GOVERNORS For the year ended 31 August 2022 For OLf famllies We work with families to meet the physical and mental wellbeing of our puprfs We welcome families into SCI￿01 to share in their child's experIe￿e$ We encourage families to be part of our eommunty and support the Crosfields Parent Association For all Equality, diversty and inc4u5ii)n We are now fo￿¥S1n9 on ddivering against a nUrnb￿ of tarws to meet these principles. REVIEW OF PERFORMANCE ANO ACHIEVEMENTS FOR THE YEAR Op•rational P•rfomiance The wlicy of the charitable company is to achieve a high standard of learning within a safe, happy, caring and stimulaling environment. The sch)ol aims lo develop the particular apliludes of all pupils and help them lo fulfil their wtenlial. The school has high levels of expectation and ensures that appropriate challeng8s are set across a wide curriculum. Slaff appraise curriculum content and te￿Ing methods on a regular basi5 to ensure a continued high quality of educalK)n. We were able to offer 15 subjects al GCSE from September 2022. The average number of pupils in the s¢￿)01 during the year w&$ 6381590- 20211. Achi•v•ments Looking back, it is easy to f￿t that 2021-22 was sthll impacted by COVID restridions, especialty al the start of the year and the cancellation of the Christmas Carol ServKe amongst many other causalities of the Autumn Tem. A sense of'normalty. . visiting speakers. Sp￿￿ r￿tures. concts. plays. Speech Days and resbjential trips- was restored by the end of the year. Through the year. work was put in pla( lo ensure the $peur￿ areas of the school (Jun￿ School and Senior School) had their own management structure where staff were gNen the head r￿M to focus on the different areas of the school. This bore out in a split between Heads of Department in the Senior School and Curriculum Leads in the Junior School. While drffering staffing is needed from a capacty point of view. work has been pul in place to retain links across both areas of the schwl such as joint meelirvJs and department handbooks. With new staff ross the school has come a foc#Js on upskilling in temis of leachirwJ and learning to indude concepts such as Cognrtive Load Theory. Metacognition. Girls on Board. and Behaviour Management from 'behavioural tsar. Tom Bennett. In terms of planning. many of the old Schemes of Work were refreshed n Years 7 & 8 to move away from the previous Common Entrance syllabus to align with Key Stage 3 c#)nlentwhich directly leads into Key Stage 4 IGCSE level). As well as the more senior fcKused w￿k inside the dassroom, further opportunities to embed leaming OLrtside of the school walls have been added. Year 7 had a trip to Winchester which combined Geography field work. an RS workshop al the Cathedral, and a History tour. Year 8 went to Bletchley Park on a combined Computing, Maths, an(J History trip. The cross<urricular links of eath of these trips wa5 benefiGial in terms of furthering understanding and minimising missed Eessons ft)r multi￿e trips. Having Ihe first Year 9 year group brought a more 'senior' feel to the school. As well as delivering the new Year 9 curriculum to them. there were GCSE options to be made and these were successfully launched in September 2022. It's fair lo say we have arrived as a Senior School. A new phonics scheme, SourKls-Write. has been wttroduced In the Pr&Prep the aim of extendiThJ the scheme Ihroughoul the Junior School. All of the Pre-P￿p staff have been trained in the delivery of the new scheme which aims to improve the children's pfr￿)n￿ knowledge and understsrKling. The Earty Years have also introduced subiti$ing as a new apwoach lo Maths.

Crosfields School Trust Limited REPORT OF THE GOVERNORS Forthe year ended 31 August 2022 The thinking and administration around a senior scts)ol offering deepened fiJrthw including a new reporting system in the senior school fcKusing on Behaviour for Leaming. OrganisatK)n. Progress. and Achievement laffectionalely known as 'BOPA'I. pr￿esS Test data shows that in each subject and year group. Crosfields Senior School students are well above national averages for skn'lls and content knowledge in English, Maths. and Science. In every year group across those subject areas, on average our students are making much higher, higher, or expected progress. In temis of sth(Aarships, 14 stholarships V•we offwed to Year 7 for Sepl8mb8r 2022. Two of these were offered lo external applicants which help8(J in recruitment and the remaining 12 helped to retain those top students in Year 6. As well as this. we were able to reallocate 7 sclM)larships ￿)88 enlenng Year 9. Fiv8 of these were to internal Year 8 students and 2 coming from external applicants. The Leaming Support Team has oVer$￿t of 16% of all pupils have diagnos￿ or undia9nosed learnirvJ needs arKI disabilities. Their needs are varth and indude Dyslexia, DCD -Dyspraxia, Dyscalculia, ADHD, ASD, Executwe Functioning. Hearing Impairment. Speech, Lanwage & Communication n8ed5, and Social Emotional & Mental Health needs. The Special Ed￿tIonal Needs and Disabilty Regsler is a working document and $ubjeGI lo change as we leam more about drfferent conditions and suprrtt strateg￿$ for indNidual pupils. TheTr are now dedicated Special Educational Needs CoLYdinators for both juni￿ Schod and Senior School. Provision can be in the form of in class supr•Xt. small gr￿P support. small group specialist teacher SUPF)Ort and or 1.1 Teaching Assistant or Specialist teacher support. There is Th) additional Char￿ to the parents for this support. Some pupils have been idenlffied through our own internal obseNalK)ns and assistance and are provided with additsonal suprK¥t, even though they have Th)t had a forn￿1 diagnosis of SEND. We also offer some EAL wovision athough r( should be noted that speaking ErKJlish as an additional lanwage is not a special educational need. Just over 50% of pupils have English as an Additional Language. The 2021 SEND Review rnlwj The Headmaster, Deputy Head and SENCO we all fvty coMM￿ed to ensuring pupils with SEND at Crosfields are provided with the huhest quality educational experience. There has been a &gnrficanl amount of resource put into SEND, additional SEN SUpp￿t at Q0Sf￿1dS is included within Ihe school fees demonstrating a c18ar and genuine commitrnent., PSHE 1$ taught a¢ro$$ the whole sdKd within lutty WPS 7Mth pupils Coming together for specrfic topics and external speakers. We have just completed our knal. Moral, Social and Cultural (SMSC) audit and aP￿Ed for the SMSC quality mark. currenly we are al the Sifver levd. The Pr￿Prep have introduced the'Think Equal, scheme lo promote inclusion and lo ￿lebrate dNer5ity. Following Iwo years of lockdown, the children have missed out on mlxing wrth each other and leaming to empalhise wlh the feelings of olherg. To help to bridge this gap. Re￿pIlon lo Year 2 allended a'Kindness' worksh)p and the fwJs in Pre-Prep Collects is teaching lrfe skills of communication and kindness. using the chanty Daisy Incbjslve UK'S SMILE {Self-Motivation. In¢Jsive Lewning and Enrichment) Inltiative. Crosfidds was again successful at the Woodley FestNal coming away with multiple certrficales, medals and trophies for speech. drama. dance. singing aThJ instrumental. There was also our first Senior School performance 'Matilda the Musical. _ in March whth brought 60 sludents to the stage. In the Junior School. Year S and 6 class t￿rforManceS were the Fyecursor lo the mucNauded Junior School prc*Juct￿n- Let the Games Besin- in June. Over the course of the year we had numerous concerts showcasing musical talenl- Autumn. Swing and an Outdoor Summer co￿rt. Piano Concerts for all ages. a Guitar Concert. Singing Co￿ert. Y24 Concerts plus Summer Concerts for Pre Prep too. Five choirs sang al the Woodley Feslival and multiple certtficates, medals and trophies for speech, drama. dance, singing arKI instrumental were won. Year 4 Choir sang at a charity evenl in Henley. Senior Strings went to N￿len Farm for a collaborative concert wrfh a choir and 30 pupils travelled to Jersey over May half lerm for a music lour. Yew 6 pupils joined the Anniverwy Cor￿ert for Young Voices al the 02. In Art. lextile$ was introduced into the cwrriwlum. A ceram￿ element was introduced lo every year group. Art Clubs. including 'oil painting and 'Prop and set design.. were well attended. A visiling artist worked with students in Year 7 and Ih8re was one in ISA art competition. Parents, staff and students were welcomed to the very successful end of year Art Exhibition. displaying vn)rk froTn students in Nursery up to year 9.

Crosfields School Trust Limited REPORT OF THE GOVERNORS For the year ended 31 Augy5t 2022 In terms of scholarships, we were able to offer 14 scholarships to Ihe iru)ming Year 7 cohort, 2 of these were offered lo external appI￿ants bthich doubt helped in recruitsnent with Ihe remaining 12 helpir4J to relain those lop students in Year 6. As well as this, we were able to reallocale 7 SCho￿rshIpS for those entering Year 9. 5 of these were to internal Year 8 students with 2 coming from external appI￿nts. Co-curricular activities play an imrK*tant rde in wtyls. personal development at crosf￿d$ ￿th dedicated curriculum lime Years 3- 10 enabling everyone lo part￿ipate in a wder range of actwities. These Enrichment activities are aimed al improving sewosteem. social S￿lIS and personal skills induding Duke of Edinburgh Award. Model United Nations. Y￿ng enlefprisè. podcasting. origami. MOV￿ makn'ng, food technol¢w. Forest Schools. the Cresl Award. Public Speaking Award. dass drama perf0mlan￿ for the junior School, yoga amongst other activities. 840/0 of pupils are involved in one or more of the 120 (wrricular actNilies available outside of the timetable. The Mighty Oak and Giant Sequoia are intemal awards to encx)urage senior students lo explore and develop new interests. In addition to their usual Forest scho￿ sessions. we have intrthjuced designated Forest School days when the Pre-prep children sperKI a whole day outside devdoping leadership skn'lls and an understanding. and respect for. nature. We have also enhanced and increased the number of C￿C￿TrICUlar activities available for the Y&qr 1 and Yew 2 children to take part in. Residentials are offerwj to all pupils from Year 2 upwards. These are ca)vered within school fees ensuring they are available to evwyone. In 2021-22, Year 2 t(x)k part in an adventurous aclNity trip to PGL Liddinglon. Year 3 stayed at Noman Court in Willshire. Year 4 immersed themselves in Anglo-saxon Britain at Ufton Court in Berkshire, Year 5 leamed Bushcraft al Cuffley Woods in Hertfordshire. Year 6 went to Celtic Camping in Wales. In the Senlor Scho￿. Year 7 went to Spain ￿ a lanwage and (#Jltural enrichment experience. Year 8 undertook an OU￿ard Bound course in the Lake District and Year 9 went lo France to develop wellbeing skills through Surfing and yoga. A group of Senior School siudents urKlertook a Wodd Challenge trip lo Morocco in the Summer temi Sixxt continues lo be a key fctus at Crosfields. The pro￿arnMe o)nsists of rugby. football (girts and boys), netball. hockey and c¥ickel Igids and boys) with fbxtures also in cross country. basketball. badminton. tennis and athletics. Heads of Football. Hockey and Cricket were formally eslatlished and they championed the development of their game both insmje and outsKle of the r#j￿1￿j1um. The Boys. Under 11 Ffy)tball team were very successful, finishing th8 Season unbeaten aTrJ winning the ISA Regional ￿-SIde lournament al Claire's Court. They qualffied for the National finals at Sl. George's Park and finished in 4th place. Three ￿yS from this leam reFKesenled the Wokingham District Under 11 team and three boys and one gid represented the Prep Sckd Lions in the Gothia Wodd Cup. The U10 Gyls, HrKkey team won Ihe Bradfield College Prep Schools toumament and ts U13 Girls, Hockey team won the U13 loumamenl at pa￿urne College. Cricket continues lo move fopwards. The U13 Girls team U13 Mwlbcyough College townament and Ihe Berkshire U13 iThJoor cricket league. Three girls and four b)y5 represented Berkshire wilh several more involved in the county winler development programme. The Ul 1 Netball team rexhed Ihg National ISA fina15. and U10A and U11A Rugby teams both gnioyed successful and productive seasons that showed ¢onsidgrable progress following a year where Netball and contact Rugby could not happen due lo the pandemiG. PE lessons continue lo underpin movement development in the pre-wep and involve a curriculum from Year 3-9 that includes handball. basketball. gymnast￿. shcffts tennis. badminton. dance. cross-country. health related fitness and alhlelics. A wee￿Y curriculum dance dass has been intrixluced to Nursery children. The Year 9 urriculum started in 2021-2022 and is designed lo introduce elements and topics of study that occur in the GCSE PE programme. enabling students to make inforn￿ decisions aLx)ut sdecting GCSE as one of their options. The employment of a perfomance swimming CO￿ for the Senk)r School in Apxil has had a posilNe impact with both elile squad swimmers and other sludents taking part in inleinal arKI external swimming events. Added to our calendar were the Er¥Jlish Schools SwimmirvJ and ISA Competiti￿5. Th8 Junior Schcol swimming continues lo 10

Crosfields School Trust Limited REPORT OFTHE GOVERNORS For the year ended 31 August 2022 improve wth specialized teachirvJ introduced into Years 5 and 6. We saw m￿e swmmers enjoy county and regional compelilion along wilh medal su(#xs at the IAPS national final. The SChC￿ was awarded a Green Award Modeshfft STARS rec#wizing our commitment in supwrting cycling, walking and other fomis of sustainable and actNe travel. Volunteers The Crosfidds Parents Association (CPA) is an OpJani5a￿n established to support th8 school. As the year progressed the CPA able to reintroduo in-person even15. The first was the annual firework evening for which over 500 IKkets were sdd followed by Christmas vTheath making workshop. The main CPA ev&nl of the school year vras a re-imagination of the annual sufflmw picn￿ in the School grounds to include live musical performances. The r*vAy developed evènl. entilled Crosfdds Summer Vibes. altracted over 1,000 people frThn school community. STRATEGIC REVIEW Futur• Devolopmonl- Project 16 In 2018. The governors. in conjunction wilh the Head. maje a strategic deasion to extend the school I￿OUgh to 16 years of age (year 11, GCSES) in resp)nse lo prnita demand and Ihe ILKal market for independent educatK)n {Project 16- P16}. The sch)ol's vision is: Cooducatlon and Dlverslty. The modem workplace is a huge￿ diverse environment. At Crosfields we believe that there are positive benefits in educating children in an environment that promotes acceptance and respect regardless of gender, ethn￿ty. nationality. culture and religious beliets. We are convlnced that boys and girls posilively benefil. both ￿adem￿llY and socially. from being educaled together. Academ1￿. Pupils ￿11 be stretched and supported academully. Abl will be grven the opportunity to excel. whatever their abilty. We have been l￿redibtY successful. and have a strong track record in preparing Ihem for a range of schwls. even the most academical￿ demanding. At Crosfields. all children will be tawht imaginalNety, thtxoughly and txoadly. Small Classes. Feedback from the parental survey confirmed that small classes we important. We fully SUPFth this and will continue lo offer smal dasses. Breadth. At Crosfields we encourage chli dren to experiment and to challenge themselves. The importance of an effective CfrcurrM)Jlar w￿amMe al secondary levd cannot be underestimated. Not only is there growing evidence that it has a positNe impact on academic progress. but also the soft skills {communicalion, responsibility. flexibility and integrity) whth il promotes is recognised as being important towards success al posl-secondary levd education and in the work place environm8nl. Co-curricular will enrich a pupil, both during and after school lrfe. An effective pr￿amMe will provide the necessary balance betsveen emotional, academic and social devdopmenl for a young adult. Pastoral Caro and Wellbelng. Pasloral care has been a particular strength of Crosfields and we will continue to emphasise the imwrtance of mental health across th8 school. We recognise the need lo evolve, to reflect the needs of children with the additional challenges and pressures pres8nled by loday's s[￿la1 media and public eXaminat￿)ns. Th8 Sc￿Y)1 is working towards a Wellbeing Award, a RSE Award and a Rainbow Flag award lo ensure that we are al the forefront of current Ihinknng in these important pastoral areas. The new hwse stnjcture induding the new pastLYal roles for staff is in full flow and has allowed for ￿eater monitoring of pastoral issues across the sch￿[5. Construction on the new senior school twjilding comwising 9 dassrooms. library, performance space, café, medical facilities and administrative fvnctions was completed in November 2021 and has provided the Senior School with ils own identity. Pupils and staff were invofved in inlerK)r destgn decisK)ns and have also worked alongside our atering partner, Thomas Franks. to develop the new senior school menu for'The Hatch" café. The building has 11

Crosfields School Trust Limited REPORT OF THE GOVERNORS For thè yèar ènded 31 August 2022 achieved a Very Good BREEAM assessment and we intend to use this as a $wingboard more sustainable approaches to future developments. The building has been Trcognbsed with a number of industy awards including Best Soryal Infrastruclure Project of the Year at the British Construction Industry Awards 2022. The foundation of CroSf￿￿$ Schwl was centred on The Whf(e Building which in Ils Ilme had provhded classrooms, DT workshops. the Head's Study and administrative offices. For many ex-pupils. it was the very heart of Ihe school bul sadly. il was beyond econom￿ repair and ￿Uld not meet the aspwations of the new senior school. 11 was demolished. with¢)ul fanfare. over the summer of 2022. Ancillary projects have been undertaken to ensure that we have the fijll range of facilities to supwrt the GCSE programme. For September 2022. we have converted the old pollery T￿rn into a 4th science lab,. the remodelling of the Oaks building to create a new Art Studio. a CAD CAM destgn studio and a senior DT worl(shop. A Strength & Conditioning Suite has been added to the mezzanine in the SFM)rts Hall to support GCSE PE programme and personal fitness. The Junior School Library has been re1C￿ted lo a daSsr￿M alongside the Memorial Garden and will be further developed in the next 18 months. The F(￿)d Technology R￿rn has moved to a light and airy space upstairs in Chestnuts. Numbers for our first P16 cohort - Year 7 in September 2019 - was particularly strong and remains a very respectable 48 in Year 10. Pupil numbers in Year 9 were a concern bul a recruilmenl carnpa￿n airned at high calibre t￿rSary applunts ensured Ihal numbeAs wwe consolKJaled at 40. Ther8 has been Signifi￿nI inter951 in the Senior School with strong retent￿n from the Junior School and new students joining Crosfields from other Prep Sthools and local PriTnary Schools. Staff recruitment into the seniry 5thwl ha5 been particulwty strong vthh appl￿1¥ enco￿aged by the ambitions of the school and the opprytunty to shape its fvture. New $e￿Trdary speciaiists for Computing. DT. EcOnoM￿S and BUS1r￿S, Er#Jlish, Maths and a rew Tole. D￿tOr of D3ital Strategy, have been appointed for September 2022. Ngw Structur• September 2021 saw the schcKrf fomi Iwo enttlies under the umbrella of Crosfields - a Junior School {Nursery lo Year 6} and a Senior School (Year 7- 11). The leadership in the school has been restructured into separate Senior Leadership Teams for Junior Scho(A and Senior Schod. New intemal appointments were made for the Deputy Head Academic and Deputy Head Pastoral of the Junior School. The Head, Bursar, Second Master, Director of Studies and Director of Exlemal Relations sil on ￿th teams. Heads of Department rthv oversee all acadeffl￿ subject areas in the senN)r school arKS Curriculum Leads provide the same role in Ihe Junior School. Heads of Houses in the Junior ￿(￿)1 and in the Sen￿r School provide the basis of the pastoral network. The Support Team organisation was dso reviewed and new posts created in Operabonal Support, Finance, HR, Estates, Medical, Mthting and External Relations has provKled the capacity necessary lo support the growing school. Future DeveFopmwts With the change of Head in April 2023, ts pri￿lty has been to fAXtsolidate ongoing strands ofwork to ensure that the school is in the best possi1￿e shape. The governors aspire to establish a Development Office to and develop donor $uPF￿ in respect of bursary programme and foster a strorvJer alumni network. Whilst furKling was not available this year lo establish the posts, we have started lo rtrew with tsjr alumnl on a smal scale throu￿ the Crosfields Oaks prOg￿me. GOVERNANCE AND MANAGEMENT Governance Govemors are appointed at Board meeting and confwmed al the Annual General Meeting. Governors will nomially serve for an initial period of 3 years bul are eligible lo sland for rethtion. Governors are selected for the relevant 12

Crosfields School Trust Limited REIIORT OF THE GOVERNORS Fow ￿ar ended ai Aulust 2022 experience and specialist skills which they provide to the school in to enhance debate and decision making and enable the Board of Govemors lo cary out its duties effectNely and effiC￿ntly. The Board consists currently of 16 Governors drawn from a wide range of professions induding legal. finance. IT. k)cal government. project managemenl and as well as past and (yjrrenl parents arml experienced educators. Governors do not receive any remuneration for their time. AJI govemors are made aware of the need for independence and lo declare any cOnfl￿t of interest which may arise betsveen the school and their cv•m personal or business affairs. The Board operates within the framework of the Charity Govemance Code and applies its wIr￿lp1eS throughout its work and decision-making. Crosfields Sch￿1 is a member of The Independent Asswation of Preparatory Schools (IAPS) for the promotion and mainlenance of preparatory Scho￿ standards and the Independenl Schools Association IISA) who specialise in smaller schools and provide speofK advice al Sen￿ level. 11 also maintains membership of the Independent School Bursar's Association (ISBAI and AssociatK)n of Governing BcKJies of Independent Schools (AGBIS). Recruhment and Tralnlng An induction programme is in place to cover the respon5ibflities of governors as trustees and directors and lo provide them with a good kno￿edge of the workings of the sch)ol. More specialist training is available Ihrough AGBIS and olh8r associations. Most sK)vwnrAs made atloast one work￿￿ visit to the through the course of the year. Organlsational Managorngnt and StruGtur• The full Board of Govemors meets each term. or more frequenty rf required. and detemines the overall ￿￿)11¢Y of the scfvJol. There have been S sub ccrfnmillees.. Ihe Education and Welfare Commiitee (EWC) fO￿31ng on curriculum arKI welfare,. the Finance Committee (FC) ￿USIng on finarKial and legal matters., the Building and Eslales Committee (BEC) focusing on the maintenan¢e arKI development of all existing and woposed new buildings arKI farylities; the IT Committee (ITC} focusing on IT infrastructure. support, training and IT teaching and leaming," and the Health & Safety Committee {H&SI to ensure that the entire premises of the school, induding outdoor facilili8s, are rrt f¢y purpose and suitable f￿ the ag8 of children cared for and th8 activities undertaken. In addition lo the Head aThJ the Bursar there ts at least one member of staff on each subcommittee. In additlon: Govemors have established a P16 Programme Board to oversee the educational developments, infrastructure and finance for the new senior school. The Board comprises the Chair of Govern￿, the Chairs of the main Commillees, Head and Bursar. A Pay and Pensions Working Group has undertaken cons#Jerable wcwk in respect of the continued vi8bility and future apprO￿h lo staff pensions and infomied the Board on their findings. The Board entered into a consullalion with members of the te￿ir￿j staff and wll wilhdraw from membership of Te￿herS penS￿n Scheme on 31 Auwst 2023. A Corporate Social Responsitmlty Group {CSR) has also been formed Iwking al the wider sustainable. ethical and charilatAe impact of the SC￿l'S actNrties. A review of governance was undertaken wth the aim of providing effective governance lo the expanded school, as well as making efficient use of limited staff resources to SupF￿rt lh8 govemance commillees. The new structure will be put in pl￿ in January 2023. The Senior Leadership Teams are responsible for Ihe day to day management of the Junior School and Senior School under the leadership ofthe He￿. Members of the Senior Leadetship Teams support the wcrfk ofthe Board. Th& Senior Leadership remuneration is ba￿ on Ihe sdxd's leadership scale. The ReMUnerat￿n and Appraisal Committee are responsible for ree¢Jmmending the remuneration package of the Head and Bursar and for 13

Crosfields School Trust Limited REPORTOF THE GOVERNORS Forthe year ended 31 August 2022 undertaking their biennial p¥forn￿￿ appraisal. Ye*ly pay wards may be made for all staff and are agreed through the budget setting cyde. Serfous Inddents A serious Incident had been previously remed to the Charity Commission in relation to a hIst￿Ical safeguarding issue. In December 2021. a fomier Headmaster was found wilty of 3 charges of indecent assault relating lo a pupil al Crosfields in the early 1990s. He has been Sente￿ed lo 11 years in pr￿on for these offences alongside 2 other offences at anolher school. As Tnjslees. we are shc¢ked that someone in a position of trust and responsibility shcMJld have behaved in such an appalling way. However. he has been brought lo justice thanks lo the courag8 of those who were prepared to speak out about what he had done, and we hope this helps them achieve some degree of dosure as a result. In the course of the summer, we were apwoached by 2 ex-pupils. One pupil all8g8d abuse by a former teacher at Crosfields in the 1970s and earty 1980s and the other wtnessed the abuse of another pupil. We have referred the cases lo the L￿81 Auth￿Ity'S Designated and nolrfied the Charity Commission. 11 is our understanding that early enquiries we being corKlucled by Thames Valley Police but at lea51 one abuser is believed lo be deceased. FINANCIAL REVIEW The financial year Saw a def￿11 of £159k12021 - surplus £800kl. This was anticipated given the development stag8 of Project 16 arml the physical establishfflent of the SenK)r SC￿01. Income from all activities was £9.537k 12021- £8.379k) writh expenditure totalling £9.696k (2021-£7.579kl. Total I￿orne showed 15% growth from 2020- 21 reflecting the additional Year 9 bul was below the planned budget as a result of income from extras (including optional t(NJrs) and income froTll Enterprises laknng time to recover post Covid. Expenditure wa5 £411 k below LMJdgel. The level of der￿t a beller outcome than expected a5 a result of higher pupil numbers. liming of expenditure and capitalisation of some IT expendibjre. Aside from the normal levels of expenditure, the Sch(￿1 has ulilised the Development Loan facility offered by Lloyds Bank to help fund the developmenl of the senK)r sch￿1 trMJildiNJ and enabling works. The fit out of Ihe building and ancillary projects were self-funded (complet￿n of Old P￿1 refurbishment, Science Labs, Art Studio. DT Worksfv)p and Design Studio. Strength & CorKlilioning Suite. Fo(MJ T￿h). Even though Ihe new building work was finished in Autumn 2021, cash flow remained positive and it was not necessary lo draw down funds at th8 expected rale. The final draw down was made in December 2022 bringing Ihe total borrowings to £8,500k. Normal operational CAPEX was £125,783 (2021 £97,￿]21 arKI relates lo IT replacements and enhar￿ernen1s', refurbishment of junior charyJing rooms,. foul drain•3e repairs arKI fire alarm upgrades. The number of children in the $thool increased in th8 finar￿[al year to ￿ average of 638 (2021- 590). The total number of pupils enrolled at the start of the current year was 702. The school has a wholly owned trading subsidiary, crosr￿d$ Enterprises Ltd, through which non<harilable activities are urKlertaken. The surplus generated Irom the trading ￿MpanY is gift aided back to the school. Enterprises has had a successful year building upon its we£ovid levd of hrings Y￿1h facilities open throughout the year. The value of the aid donation 2021-22 is £99k1£15k- 20211. Reserv￿ Policy The policy of the govemors. through effective budgetary eontrol, is lo seek to generate an annual surplus of income over expenditure that enables the school to continue a programme of refurbishment and development whilst servicing ils loans and securing its long-lemi ￿abIlty. The SC1K￿ ts currently in a period of drawing down ils reserves and is unlikety to see substantial surplus for the next 2 years. The finances. tMJdgets aThJ spend are rewlarly reviesved al the Finance. Building and Estates. P16 Programme Board and Board of Govemors meetings. The sdthl's unrestricted funds al the end of the year were £8,497k 12021 - £8,645k). Total reserves amount to £16.688k12021 £15,802kl all of which is lied up in fixed as5els. The govemors are of the opinion that the school is able lo operate efficiently with the day to day working capilal being met by careful management of school fees and other sources of incx)me received and bank overdraft where 14

Crosfields School Trust Limited REPORTOF THE GOVERNORS For the year ended 31 A￿￿$t 2022 n￿esSary. The schryj does not have any curTent free reserves as it is investing in the development of the P16 programme. Risk Managemfjnt The Board of Govemor$ oJrKlucts regular reviews of major risks to the school and its actwitsgs, focusing on those risks which may affect the charttable company's vialy'lty and repulalH)n. Political instability is a major concern and the prospect of a Labour Govemment a signifrant threat should il see through on its intentions lo remove charitable benefrts from independent sehocds. The Board is keeping abreast of developments through the Associations and is ensuring that its longer tem strategi¢ and financial ￿an￿1￿j indudes scenarios such a$ the loss of mandatory business rate relief and the imposition of VAT on school fees. Pupil recruitment i% crilul to the economic success of the schclol. The growth in overall pupil numbvs is in line th our financial model but the realit￿5 of the current eCknnom￿ crisis is a corKem fcf many families. We have already seen a few families withdraw as they are no longer able to afford fee$ alongside rising inleresl rates and real wage pressures. 11 is a reasonable expectation that we ￿11 see further falls across all year wups in the next 12- 18 months. Recruitmentwill therefore be even more challenging and the compelttNe landscape in the Reading and Wokingham area is changing loo. We are responding accA)rdingly with (Mjr marketing activsty centring on our new websrte. social media presence and advertising campaigns in prominent locations. W8 are nol immun8 to econom￿ pressures oUrse￿e$ aThJ the unprecedented rise in energy. fc•)d and travel costs in particular has had a detrimental impact upon our finarKial plans ￿ the current year and beyond. We are doi what we can lo ensure pricing is compelthve and that expenditure is kept under control. We recognise that this may have consequences for fee increases in the next academic year a￿1 these will need lo be carefully judged. The fvlure risk of substantial I[￿reaseS in emFdoyer contributions to teachers. pensions has been on the Board's agenda for the past 3 years. The Board opened a staff consultslk)n in October 2021 to look at the viability of continued membership versus an allernatNe provision and reached an agreement teachers to withdraw from membership of Teachers Pension Scheme on 31 August 2023. Funding of P16 infrastructure has been a combinati(m of bank lending and self-funded capital investment. Phase 1 which includes the new senior school building, enabling works and demolition of the ￿lIe Building has been mpleted except for works to the main entrarKe and ￿mIth entrance under s278 of the Highways Act. The future requirement for leaching and welfare spa(*s. as the Senior SchorA continues to ￿. is being assessed. Golng Concem The Finance Commlttee on behaw of the Board reviaw the school's ongoing foreGasls and projections on a temi basts lo ensure that it remains financially VIa￿e. With regard lo the next accounting perbd. the year ending 31 August 2023. a deficit is expecled. The scale of extemal e￿n0M[C wessures is evident. most no18bly the rise in energy costs and interest rates. and these have put strain on the financial plan for the year. As a result, il has bee revisited and budget cuts have been tsken aThJ some prices {hirings and co-curricular actNities) have been increased as a counter measure. Additional prudent expenditure controls have been wt in place to curb non- essential spending. Earnings before Interest. Taxation. Deweciation and AmtxtlsatK)n IEBITDA) Is forerast lo be around zero al year end. Crosfields uses a financial modelling tool lo conshler 3 drflerent scenari05 using drivers and assumptions on an optimistic- realistic- pessimistic scale. On this basis, the cash-flow projections for future years indicate that the Scho￿ wll be ablg to m8et ils liabilities as Ilw fall due from wthin c#mnt banking f￿lIrtIes. Govem¢Ks review the onwing risks on a termty basis- see Risk Management. Costs increasing beyond the conlrol of the school are the primary concern and itwould be naive to suggest that the impact of these and resulting budget cuts will go unnoticed. Governors and the Senior Leadership Team are working collaboratively lo ensure there is no signrficant delrimenl to educatK)n. pastoral or SUpp￿t as a result. The School is maintaining a dose relationship with our banking prov￿￿. Lloyds Bank. lo ensurè thal there is rrnimon understanding regwding the financial P0511ion of the busine5S. 15

Crosfields School Trust Limited REPORTOFTHE GOVERNORS Forthe year ended 31 Au8USt 2022 As such. govwnors remain Satisf￿ that the Scho￿ can continue operatiThJ for the foreseeable futu￿ and a¢¢ounts have been prepared in the kTr)￿edg8 that the sch￿1 is a finanryalty viable organisation. The governors have reVIev￿ th8 accwnts, rna￿131 model, fLthJre plans and risks arKI are confident Ihal the tharlty bs a going concem. GOVERNORS RESPONSIBILITIES The governcffs (￿0 are also directW3 of Crosfiel(ts SdK)ol Trusl Lirnrted for the purposes of Company law) are responsible for preparing the Strategic Report, the Rermxt of the Govern(K$ and the financlal statements in accordance with applicable law and United Kingdom Acc¢JJnting Standards {Uniled Kingdom Generally Accepted Accounting Practice). Company law requires the 9)v¥n￿$ to &Yep8￿ financial statements for each financial year that give a tnJ8 and faiT view of the charitaNe (x)mpany's state of affairs and of its incoming resources and application of resources, induding income and expenditure. for the financial year. In preparing those financial slalements, th8 govemors are required lo= Select SUit￿e xtounting p￿￿leS and aptty them consistenty. Observe Ihe methods arKI pr1r￿{PIeS in the Charitie5 SORP. Make judgements and eslimales Ihal are reasonable and prudent. Stale whether applicable accounting standards have been fdlowed. subje¢t to any material departures disclosed and explained in the financial stslements. Prepare the financial statements on the goiro concern basis unless il 15 inapwopriate lo presume Ihal the charitable company wll continue lo operate. The ￿vernOrS are responsible for maintaining propw accwnlKig records whth disdose with reasonable accuracy al any time the financial position of the charitable ￿MpanY and to enal￿e them lo ensure that the financial statements comply with the Companies Act 2006. The wvemors are also ￿S￿nSIble for safeguarding the assets of the charitable company. and he￿ for taking reasonable steps for the wevenlion and detection of fraud and other irregularities. The governors corfirm that tW have (x)mplied with the duty in s￿tIOn 17 {5) of the Charities Act 2011 to have due regard lo the Charity Commission's general W￿da￿e on public benefrt. The govemors have referred to the guidance in the Charity's Commission general ￿ldance on Publ￿ Benefit when rev￿Ing the school's aims and objectives and in planning the school's fulure activities. In particular. the govemors have considered how planned activities wim contritsjte to the aims objectives tlw have set. The governors confimi that so far as they are aware. there is no relevant audit infomialion of which the charilable ¢ompany's audilois are unaware. They have taken all the steps that they ought lo have taken as governors in order lo make themselves aware of any relevanl audit infomation and lo establish that the charitable company's auditors are aware of that infornial#)n." ApFKoved by I oard of GovemoTS on ..{. 1112o23and signed on their behalf by.. . - Chair of Govemors 16

Crosfields School Trust Limited Rewt olthe Independent Audltor to the Go¥emors of CfosNelds Sthool Trus1 Llmited Oplnlon on finafi¢ial stat•m•nts We have audited the financial statements of Crosfields School Trust Limited ('the Pa￿nI Charitable Companf) and its subsidiary Ilhe Group") for the year ended 31 August 2022 which comprise the Consolidaled Statement of Financial Activittes {Ir￿orporating an Ineome & Expendrture Account). the Consdidated Statement of Financial Position. the Company Stslemenl of Financial PositKJn, the ConSol￿ated Ststemenl of Cashflows and notes to the financial statements. including a summary of signif￿ant accounting ￿lICIes. The financial reporting framework that has been applied in their preparat￿n is appI￿able law and United Kingjom Accounting Standards, including Flnanclal Reporting Standard 102 The Financial Rep)rting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted ALX(yJnting Pr&licel. In our opinion the financial statements.. give a true and fair view of the slate of the Group's and of the Parent Charitable Companys affairs as at 31 August 2022 and of the Group's nel movement in funds. induding income aTrJ expenditure and the Parent Charitable Company's Ir￿ome and expenditure for the year then ended: have been WOFerty prepared in acl￿dance with the United KiNJlom Generally Accepted Accounting Practice,. and have been pr¢￿￿ty prepared in &lx)rda￿ with the Companies Act 2006. Bas18 for oplnlon We conducted our audit in accordanc* with Intemalional Standards on AuditirvJ (UK) {ISAs (UKI) and applicable law. Our responsibilities under those staThJards are further described in the Audilorfs reswnsibililies for Ihe audit of the financial slalements SeCt￿n of our report. We are independent of the Group and the Parent Charitable Company in aCCordar￿e with the ethical requwemenls relevant lo our audit of the financial statements in the UK. including the FRC'S Elhical Standard. and we have fvifilled our other elhical responsibiltties in accordance wilh these requirements. We believe that the audrt evidence we have obtsinwj is sufficient and 4propriale to provide a basis for our opinion. Concluslons relatlng to going concem In auditing the fina￿131 slalements. we have conduded that the trustees, use of the going concem basis of accounting in the preparation of the financAal statements (as explained by the trustees on pages 15. 16 and 231 is appropriate. Based on the wwk we have performed. we have nol wjentified ary material uncertainties relating lo events or condition$ that, individually or colleclNely. may cast signrfunt doubl on the Group's and of the Parent Charitable Company's ability to continue as a going ￿nCern for a pernd of at least twetve months from when the financial 5talements are aulhorised for issue. Our re5wnsiblities and the respon￿bIlItIeS of the trustees with respect to going concem are described in the rdevanl sections of this report. Othor Infomiallon The governors are respOr￿Ible for the other inforniatts)n. The other infomialM)n comprises the infonnalion induded in the Report of the Govemors. other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other inforntslion arKI, except to the extent olhemse eXpl￿111Y staled in our report, we do not express any fonn of assurance condusi(m thereon. 17

Crosfields School Trust Limited Report ol the Independent Audltorto the Govern￿ of Crosfields Sthool Trust Umlted fcortinuedj In g)nnection with our audit of the fina￿la1 stalemgnts. our responsibilty is to read the other information and. in doing so, consider whgthor thg Other infornialion 15 materially inconsistent vthh the financial statements or our kn¢)wl8dge obtained in the audti ￿ otherwise appears to be malerialty misstated. If we identtfy such material inGonsislencies or apparent material misstaloments. we are required to delemiine whether there is a material misstatement in the financial statements or a material mi55tatemenl of the other information. Ir, based on the work we have performed. we conclude that therg is a material misstatement of this other infom)alion. we are required lo rep￿ Ihal faGt. We have nothing to repcKt in this regwd. Opinion$ on oth•r matt•rs pr•scrfb•d by th• Companles Acl 2006 In our op4nion. based on the work undertaken in the course of the audit: the information given in the Rewt of the Governors. whth indudes the Direclors. Report and the Strategic Report prepared for the wrposes of Company Law. for the financial year for whth the financial statements are prepared is consislenl with the fInar￿la1 statements- and Ihe Strategic Report arml the DirectOfS' RepLVt. whth are induded in the Report of the Governors. have been prepared in accordance wth ap[dica￿e legal requirements. Matters on whlch we are requlred to report by excopllon In the ligm of the kn￿edge and uThJerstanding of the Group and the P￿eTrt Charitable Company and its environment obtained in the course of the audi( we have Identrf￿d material misstatement in the Strategi Report or the Rewt of tho GovernrAs. We have r￿thing lo report in respect of the fdlowng matters where the Compan￿$ Act 2006 requir95 U5 to report lo you if, in our opinion: adequate and suff¢aent accounting records have not been kept by the Parent Charitable Company. or retums adequate for our ￿dit have r￿1 been received from branches not visited by us,. or the Parent Charitable Company financial statements we in agreement Ihe ￿OUntIng records and returns- or certain disclosures of govemors. remunerat￿ SpeTr￿ by law are not made: or we have nol received all the infomiation aThJ explanations we require for our audit. Rosponslbllltles of governors As explained more lully in the governors, responsibiliti8s stslemenl sel out OD pag8 16, the governors (who are also the directors of the charitable company for th& purpose of company lawl are resp)nsible for the preparation of the financial slalemenls and for being salisfied that they give a true and fair view, and for suth internal control as the gOverr￿r$ deterniine is necessary to enatle the tyeparalion of financial statements that are free from material misstalemenl, whether due to fraud or errry. In preparing the financial statements. the govemors are responsible for assessing the Group's and the Parent charitable companrfs ability to continue as a goiThJ concern, disdosing. as applicable, matters related to going concern and using the going concem basis of accounting unless the govemors either intend to liquidate the Group's and the Parent charitable company or to c&qse operations. c* have no realistic allemalive but to do so. 18

Crosfields School Trust Limited Report of the Independent Audltor tothe Govern￿ of Crosfields School Trust Umlted l(ontinuedJ Audltorfs r8sponslbllltl88 for th• audlt of th• flnanclal sLthmants Our objectives are to obtain reasonat4e assurance about whelher the fina￿1a1 statements as a whole are free from material misstalemenl. whether due to fraud or ernK. and to issue an audttorfs fekmxt that includes our opinion. Reasonable assurance is a high level of assufance. bul is not a guarantee that an audit conducted in accordance with ISAS {UKI will always detect a material misstslement when r( exists. Mk8Statements can arise from fraud or error and are cons¢dered material rf, indNidually or in the agyegale. they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial statefflenls. IrTegularilies. including fraud, are instances of non-compliance wilh laws and regulations. Vve d8sign procedures in line with our re5ponsibililies. ou￿1￿ed above, to del￿1 malerial misststements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting Irre￿laritIes, including fraud i8 detai￿ below.. Based on our understanding of the ch¥itable CoMp￿Y and industy. identffi￿d that the principal risks of non- compliance with laws and regulations, company law and charity law ap￿1¢able in EnglaThJ and Wales, and we considered the extent to which n0n-compllqn￿ might have a material effect on the fInar￿la1 statements. We also considered those laws and regulattons thal have a direct impact on the preparalh)n of the financial slalemenls such as the Companies Act 2006 and Charitss A¢t 2011. We evaluated management's incentrves arNI opportunities for fr•Jdulenl manipulation of tt)e financial statements linduding the risk of override of controls) a￿1 delemiined that the prI￿paI risks were related to management bias in ￿coUntIng estimates. Audit ￿￿edureS performed by the engagement team included.. Inspection of correspondence with rewlalors and lax aulhorilies., DisCuss￿S with management including (￿nsiderat￿n of known or susp8cled instances of noncompliance th laws and regulation and fraud; Evaluating management's contrds designed to prevent and delect ¥re￿laritIeS,. IdentifyirwJ and testing joumals: and Challenging assumptions and judgements by management In their critical accounting eslimales. Because of the inhvent limitations of an audiL there 15 a risk that we wll not detscl atl irregularities, in¢luding those leading lo a material misstatement in the finanual statements or non-￿MPliance with regulation. This risk increases the more that compliance wlh a law or regulation is removed from the events and transactions reflected in the financial slatemenls. as we will be less likdy to become aware of instsnces of non-compliance. The risk is also greater regarding irregularities occurring due lo fraud rathw than error. as fraud involves intentional concealment. forgery. collusion. omission or misrepresentation. A further description of our reSp￿SIbilitieS for the audit of the financial slatemenls is located on the Financial Reporting Council's website al. www.frc.or .ukJaudilorsres nsibilities. This description forms part of our auditor's report. Use of our report This report is made solely lo the Charitable CoMpan￿S members. as a body. in ￿ance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so thal we might slate lo the Charitable Company's members those mallers we are required to slate lo them in an audit￿S report and for no other purpose. Tothe fullest extent permitted by law, we do not accept or assume resp)nsibility lo anyone other than the Charitable Company and the Charitable CoMpan￿S members as a body, for our audit work, for this report, or for the opinions we have formed. Steven Harper (Senior Statutory Auditor) for and on behalf of Haysmacintyre LLP. stalutcry auditor 10 Queen Street Place. London. EC4R 1AG. United Kingdcxn Date.. 7 February 2023 19

Crosfields School Trust Limited CONSOUDATED STATEMENT OF FINANCIAL ACTNfflES (Incorporatlng an Income & Expondlture Account) For the year ended 31 August 2022 Genernl funds Restricted funds Total 2022 Total 2021 Nol• kncom• from: Donations and legacies Charitable &tivities Fees receivable Ancillary income Other trading activities 1￿me from trading activibes Rents and letlings 767 767 109.041 9.007.424 238.170 9.007.424 238.170 7.957,704 109,933 27S.328 1 S.784 275.328 15.784 178,609 23.773 Total income 9.537,473 9,537,473 8,379,060 Expendituro on: Charilable activities 7.19 9.516,051 1,382 9,517,413 7,379.730 Cost of raising funds 2,398 17.602 Costs of trading aclNities 176.477 176.477 182.048 Total expendlture 9.694.926 1.362 9.696.288 7,579.380 Net {expendltureVlncome (157.453) {1.362) (1 S8.815} 799,680 Trnnsfer8 between funds 19 Net movement In funds {157.453) (1.362) {158.815) 799,680 Total funds brought foThvard 8.650,507 5,507 8,656,014 7,856,334 Total funds carrlod forward 19 8.493,054 4,145 ,497,199 8,656,014 The amounts relate to continuing a¢tivibes. All gains and losses recognised in the year are induded in the statement of financial adivitss. A comparative Statement of Finanual Attivities has been induded in note 23. The notes on pages 23 to 42 fomi part of these accounts.

Crosfields School Trust Limited CONSOLIDATED AND COMPANY STATEMENT OF FINANCIAL posrrioN At 31 August 2022 Roqlstered number 00584278 Group 2022 Group 2021 Charlty 2022 Charlty 2021 Flxed assets Tangible fixed assels In¥e51ments in subsidiaries 10 11 16.687.725 15.802.556 16.687.725 15.802.556 16.687.725 15.802.556 16.687.726 15.802,557 Current assèts Sl¢xks Debtors Cash at bank and In hand 347 133 279.494 436.267 347 352.769 450,021 133 372,195 330,850 12 498.672 804,979 715,894 803,137 703,178 Credltors: amounts fallln9 due wlthln one year 13 (2.384.892) (2.574.785) (2,383,050) {2,572,856} Net current liabilities (1.579,9131 (1,858,891) (1.579,9131 {1,869.678) Total assets less current Ilabilitles 15.107,812 13,943.665 15,107.813 13,932,879 Croditors: amounts falllng du after more than on• year 14 {6,610.613) (5.287.651) {6.610.613) (5,287.651) Net assets 8.497.199 8.656.014 8.497.200 8,645.228 Funds Unrestrlcted fvnds General fund$ Restricted funds 19 19 8.493.054 4.145 8.650.507 5.507 8.493.055 4.145 8.639.721 5,507 8.497.199 8.656.014 8.497.200 8,645,228 The charitable company has tsken advantsge of seclion 408 of the Companies Act 2006 not to publish its own Statement of Finanaal Activities. The parent compaWs nel de￿t for the Ye￿ was £{148,028) (2021: n8t income of £799.680 The fina Trust Li statements were apFrfoved and aulhorised for issue by the B0￿d of Governors of Cr05fdd$ School d on ..J..J..kl..It>.%S.. . arKI signed on their behalf by.. Iro ovemors The notes on pages 23 10 42 part of these aCC￿nts. 21

Crosfields School Trust Llmited CONSOLIDATED STATEMENT OF CASHFLOWS For the year ended 31 August 2022 Group 2022 Group 2021 Not• Nel income for the reF(￿ling perKKI {as per the Statement of Financial Activities) Adjustments for: Depreciation of tangitde fixed assets Loss on disposal of tangitrAe fixed assets Interest payable (In¢reaseyDecrease in stock (Increaseydecrease in debtors In¢reasel{decrease) in creditors (Oecre8se)fincrease in pension deficit 1fftitxrt￿ liablty {158,815) 799.680 642,288 38,178 177,549 (2141 (26.4661 (541,1251 {3,799 425.540 43,300 1.665 42.S80 871.964 (4.9351 13 Cash genernted from operatlon8 127.596 2.179,794 Cash Ilows from Investlng actlvltles Purchase of tangible fixed assets Sale of investment property 10 11.565.635) 16.467,7241 640.￿0 Net cash used In Investlng actlvhle8 (1,565,635) (5,827,724) Cash Ilows from flnanclng actmtles Repayment of borrowThJ New bank loan Interest paid 1,677,993 (177,S49) 4,392.532 <43,300) Net cash froml(usad In) flnan¢lng a¢tlvlll8s 1,500,444 4.349.232 Increasel(Deuease) In cash and cash equNalent$ in the 701.302 Cash and cash equivalents at the beginning of the year {265.035) Total cash and cash equlvalents at the end of the year 498,672 436,267 Relatlng: Bank balances induded in Cash at bank and in hwKI Bank overdTaft 21 498,672 436,267 498,672 436,267 The notes on pages 23 10 42 fomi part of these acctyjnts.

Crosfields School Trust Limited NOTES TO THE FINANCIAL STATEMENTS For th¢ year endod 31 August 2022 Accountlng polld•s Company stalus Crosfidds School Trust Limited llhe Comparf) is a rKivate company limrted by warantee, incrKporated in England and Wdes under the Compantes Act 2006. The address of the Company's registered offi¢e and principal place of business is cros￿￿5 School. Shinfield Road. Shinfield. Reading, RG2 9BL. The members of the Company are the wvemors. The Company number and members ofthe Company are named on page Basis of preparation The financial statements have been prepared in ￿KdarK? wtth Ac£ounling and Rep￿tIng by Charities.. Statement of Recommended Practice apPI￿able to charities preparing their accounts in accordance with the Finanual Reportir¥J Slan(Jard applicable in the UK and Republ￿ of Ireland IFRS 1021 {effective 1 January 2019} - Charities SORP (FRS 102}. UK Generally Accepted Acc(yJnting Practice (UK GAAP) inclu(ling the Financial Repciing Standard appltsbie in the UK a￿1 RepuNK of IrelaThJ IFRS 102) and the Companies Act 2006. Assets and liabilities are initbalty rwnised at historicl cost or transaction value unless otherwise stated. Monetary amounts in these attounts are rounded to the nearest £ except véhere 0th8rwtse induted. Golng concern The group has net ujrrent liablities of £1.579.913 {2021-. £1.858,891) at the Statement of Financial Position dale. The year ended 31 Auwsl 2022 gave rise to a net reduction in ftjnds of £{158,8151. The deficit was anticipated given the development 5tsge of Project 16 and the physical establishment of the Senior School. In considering whether the 9)iro o)ncem basis is apwowiate. the wvemors have considered the surplus and cash-flow projections prepared for future years. These ind￿ale that the charitable company will be able lo meet its liabilities as they fall due and together with arrangements with their bankers fwecast that the charitable company will be able to operate within the f8ciliiies Current￿ available. The govemcffs have no reason to belwe Ihat the t)Jrrenl facilfties will not be continued 8nd confirm that they are salisfie(J there is m material uncertainty as lo the ￿Ing concern slalus of the charitable company for the period of the going concern assessment made. Accordingly. they continue to adopt the going concern b8sIs in preparing the finanaal statements as oulined in the slalement of governors. responsibilities. In making the assessment, the gOVerr￿ confiThn that they have conshdered a lo 31 August 2024. With regard lo Ihe current accountwig period, the yew ending 31 August 2023, a deficit is expected. The scale of external economic pre55ures is evident. most nolably the rise in energy costs and inleresl rates. and these have put strain on the financial plan for the year. As a resull, r( has t￿n revisiled and budget cuts have been taken and some pr￿$ (hirings and co-curricular activities} have been increased as a counter measure. Additional prudent expenditure controls have been pul in place to curb r￿n-esSentIal spending. In support of the going concm assessment. the governors have considered a range of different scenarios which conslder the key variables such as pupil numbers. salary costs. energy costs. other impacts of inflation and interest rates. In doing so. the governors are sa11sf￿ that the forecasts provide them with a reasonable b8SiS to conclude that the charitable o)mpany ￿11 remain a going corKem for th8 f￿eSeeab1e future and lo at least 31 August 2024. Whilst the forecasts indicate that the charitable company sMII be able lo operate within the lending facilities curTenlty available to it. the forecasts currently indKate a wlential breach of lending covenants at the first review al 31 December 2024. This arises undef some (but not all) of the scenarK)s modelled. This is beyond the period of the wng concem assessment made. and 5tep5 are being taken lo minimise tha risk of this cccurring induding those sel out above. Furthermore. man8gemenl and ￿VernorS confirm that th&y are maintaining a close relatK)nship with the charitable company's bankers in relation to the forecast posilk>n. On this basis the 9)vernors confwm tw are SatiSf￿d no material uncertainty arises. 23

Crosfields School Trust Limited NOTES TO THE FINANCIAL STATEMENTS (conllnuedj For the year ended 31 August 2022 Accountlng pollcles (continued) Basls of consolldatlon The group accounts consdidale the accounts of Crosfields SCt￿l TTUSI Limited and its subsidiary undertaking, Crosfields School Enterpr￿¢$ Limited on a ling by line basis. The accounts are made up lo 31 August 2022. No separate Stalernenl of Financial activities or income and expenditure has been presented for the charitable wmpany alone as permrtled by the Companies Act 2006 and the Charities SORP. The resLdts of the subsidiary uThJertaking for the year are dBdosed in note 3 of the accounts. FRS102 allows qualifying entitie5 certain d￿doSure exempl¥)ns. tharity, onty. has taken advantage of the exemptions for the following disclosure rwuwement: Section 7'Slatement of Cash Flow&"_ presentstion of an entity only Statement of Cash Flow and related notes arKI disclosures. Fund accounllng The funds of the School are acc(MJnted for as Un￿StriCted or restitled im)me. in accordance with the temis of trust imposed by the donors or any appeal to which they may have responded. General funds are unrestricted fvnds that are available for use al the discretion olthe govemoTS in furtherar of the general objeclNes of the charitable company and have not been deS￿Jnated for other purposes. Designated fvnds comwse unrestricted funds that have been sel aside by the governors for particular purposes. The aim of the d8signaled fund is sel out in th8 notes lo the financial slalements. Investment irKome and gains are allocated to the ap￿￿Ow1ale fund. Incom• Al incoming resources are indudgj in the Statement of Financial Activities when the charitable company is legally entiwed lo the income and the am(bunt can te quantrfigj with reasonable accuracy. F8•s and slmllar Income Fees receivable. charges for services and use of premises are accounted for in the period in which the service is provided. Fees receivable are stated after deductiThJ allcywarw, bursaries and other remissions granted by the school. Fees receNed for education to be pmwded in future years are carried fonward as fees rece￿ed In advance In the Statement of Financial Position. These fees are released to the Statement of Financial Activities over the period in which the s(cx)I provKles the serrfics in future years. Expendlture Expenditure is accounted for (m ￿ ￿Ual basts. ExpeThJiture is dlocated to speufTrc activities without the need for apportiorffnent. The irrecoverable element of VAT induded wilhin the item of expense lo which il relates. Governance costs comprise the costs of runnirKJ the charitable company, such as the costs of board and committee meetings, preparing statulcry accounls and satiS￿ng public accountability. During the year. the SdK)ol ha5 revised ils analysis of expenditure and staff numbers reportiTrJ lo reflect expenditure more accurately belween appropriate calegories. 24

Crosfields School Trust Limited NOTES TO THE FINANCIAL STATEMENTS (contlnuedj For the year ended 31 August 2022 Accountlng pollcles (continued) Donated 8ervSces Donated seTvices and facilities are onty induded as income (with an equNalent amount in resources expended} where the benefil lo the tharity is reasonabty quantifiatAe, measurable and malerial. The value tAaced on these resources is the estimated market value to the charity of service or facility received. Grant Incomo Payfflents received from the 9)vemment for fudoughed employees are a of grant. This grant money Is receivable as compensation for expenses already incu￿ed. ar￿ where this is not in respecl of future related costs, is recognised in inm in the perth in which it b￿orneS receivable and the related expense Is ir￿rred. Opwatlng1&2s•8 Rentals appllcable lo opwaling leases are charged to the Stalemenl of Financial Activit￿ on a strawJhl line basis ov¥ the perit)J in which the cost is ￿K￿rred. Tanglble flxed a88Ots and depreclatlon Expenditure on fixed assets is cwilalised except for ex￿ndItUre inr#Jrred on Ihe r8￿cement of assets of low value with a short lrfe. Subsequent costs of repair. renoval¥)n and reFlacemenl expendiiure are wrillen off as incurred in the consolidated slalemanl of f￿￿n￿al activilies. unless il is probable that such costs will generate future economic benefits. School buildings we recorded at their hKslorical cost to th8 charitable company. Depreciation is prov￿ed on all tangible assets, except free￿)Id larKI, in (Yder to write off the￿ cost less residual value over I￿1r estimated useful lives al the following annual rates- Stralght Ilne basls Freehold property: Buildings Artrfictal turf pitch" Sensixy garden Furnlture, fixtures WKI gquipmont: Tractor Computer equipment (￿luCat￿)na1) Computer equipment (administrative) Other 12-20 yws 10 15 25 15 Items wsling less Ihan £5.000 are V￿rtten off as an expense as a￿uired. he artrficial pitch is spltt belween the swpad and carpel which is depreciated over 12 years and all other items are depreciated over 20 y￿s. Inv•stm•nts In subsldlarles Investrments in subsidiaries are stated al cost less any assessed impaimienl in the asset. Stocks Stocks we valued al the lower of cost arKI realisable value. 25

Crosfields School Trust Llmlted NOTES TO THE FINANCIAL STATEMENTS (conllnuedj For the yoar •nd•d 31 August 2022 Accountlng pollcles (continued) Panslon schemes The charitable company contributes to the Teachers. Pension Scheme, which 15 a defined benefit scheme, al rates sel by the Scheme Actuary and advised to the Board by ￿ Scheme Adminislralor. The scheme is a mulli-employer pension scheme and rt is nol r*)ssible lo idenllfy the assets and liabilities of the scheme attributable lo the charitable company. In accordance wlh FRS 102 therefore, the scheme is accounted for as a defined contribution scheme and Contributions are accounted frx when advised by the scheme administrator. The charitable company also contrilmjtes into a defined contribulion scheme for non4eaching Staff and a defined benefit scheme for senior management. The present vahje of fUt￿e contributions relatiro to the fundiro of a penS￿)n deficit is recognised as a liabilty. Flnanclal Instruments The group has elected to apply the provisions of Secthjn 11 'Basic FinanLial Instruments, and Sectlon 12 'Other Financial Instruments Issues. of FRS 102. in full. to all of its financial inslrufflenls. Financial assets and financial liabilities are recconised vthen group becomes a party to the conlracfual provisions of the inslnjmenl. and are offset only when the Group has a legal enforceable right to sel off the recognlsed amounts and intends either to selue on a net basis. or to realise and settle the liability slmultaneously. Financi818SS8ts Trade. group and other debtors (including ￿Ued income) which are receivable wthin one year and which do not constitute a financing transa￿lon are initially measured at the transaction prKe and subsequently measured al amortised cost. being the transact￿ Fffice less any amounts setued and any impairments losses. A provision for impairment of trade deblcffs is eslablished when there is objeclive evidence that the amounts due will not be collected acc(￿dIr￿j lo the original terms of the contract. Impairment losses are recognised in the statement of financial activities. FinancialliabililEs Financial instruments are classrf￿ as liabilitw xcordiThJ to the substance of the conlraclual arrangements entered into. Trade. wup and other creditors (including accruals) Payab￿ within one year that do not Jnslitule a finanung transaction are initially measured at the transaction price and subsequently measured at amortised cost. b￿n9 trans&tion wice less any am￿jnts settled. Where the arrangements with a C¥edit￿ constitutes a finanung transaction. the creditor Is initially measured at the present value of future tiayments di8counted at a market rale of interest for a slmilar instrument and subsequenlly measured al amorttsed ¢osl. Borrowings Borrowngs are initially recognised at the tran$￿tts￿ price. Induding transaction costs. and subsequently measured at amortised cost usirKJ the effective interest meth¢￿1. Interest expense is recognised on the basis of Ihe effective interest method and bs induded in interest payable and similar charges. Derecognising financial assets and liabilities A financial asset is derecognised only when the contractual r￿ts to cash flow5 expire or are setded, or subsequ6nUy all the risks and rewards of ownership are transferred lo another party, or if some significant risks or rewards of ownership are retained bul control of the asset has transferred to another party that is able to sell the asset in its entirely to an unrdaled Ihir(I party. A financial liability lor part thereofj is derecognised when the oblpJation spe¢ifth in the contract 15 distharged. Ca￿lled w expires.

Crosfields School Trust Limited NOTES TO THE FINANCIAL STATEMENTS {GontinuodJ For the y9ar gnded 31 August 2022 Accountlng pollcles (continued) Taxatlon The tax expense for the comprises current and deferred Lix. Tax is recognised in the statement of financial affairs. The current corwralion tax charge is calculated on the basi8 of tax rates and laws that have been enacted or subslanlNdy enacted by the reiM)rting dale in the UK. Crhlcal accountlng estlmates and areas of Judgement Estimates andjudgemenls are continually evaluated and are based on histor￿1 experience and olherfactors, induding expectations of futwe events Ihal are bdieved lo be rea50nabie uThJer the circumstsnces. The group makes estimates and assumptions cor￿eming the future. The resulting accounting eslimales and assumption5 will. by definition, seldom equal the related actual results. The eslimates and assumptions that have a signrficanl Tisk of causing a malerial adjuslment lo the carying amounts of assets and liabilities within the next financial year we disixjssed bel￿1. Significant eslimates induded wtlhin the financi￿ slalements indvde provision for fee deblors. which Trquire a judgement by management wrding the likelihood of recovery. Management review and assess fee debtors on an individual account basis and w)vide for debts as approwiale. Depreciallon is another key estimate in the accounts which requires management judgement over the useful Ilfe of the assets. The policy has been sel (yjl in the notes above. 27

Crosfields School Trust Llmited NOTES TO THE FINANCIAL STATEMENTS (Gondnued) For the year ondod 31 August 2022 Foes rnGgivablo 2022 2021 Feos receivable ¢on$ist of.. Gross fees Less.. Total bursaries, grants and allowan Less: COVID 19 Discounts 9.538.511 (531.087 8,538,440 {429,7771 {150.9591 9,007,424 7,957,704 Al fees receivable were uwestrthd in the wrent a￿1 prior year. Tradlng Incomg and gxpondituro Crosfields School Trust Limited owns 100% of crosf￿d$ Schod EnterFrfises Limited. This company hires out the sports hall. swimming pool arml other faciltti.es at Crosfields SclM)d and donates rts annual taxable profits to Ihe charitable company under the Gift SL*eme. Trading results extracted from its audited financial slaternonts are shown below: 2022 2021 Tumover Administrative expenses Government grants {HMRC Furlough scheme) 275.328 {176.477) 178,609 (182,048) 18,978 Profit for the year Gift a#J 98.851 (98.8511 15,539 115,5391 Net assels 28

Crosfields School Trust Limited NOTES TO THE FINANCIAL STATEMENTS (contlnued) For the year ended 31 August 2022 Donatlons and legacles Total 2022 Total 2021 Donations HMRC Fudough s¢heme income 767 45,949 63,112 767 109.041 Anclllary Income Total 2022 Total 2021 Extra<urricular activit Other income BYOD income 200.721 25.018 12.431 86,305 23,628 238,170 109.933 Rontal Income Total 2021 2022 Rents receivable 15.784 23.773 15.784 23,773

Crosfields School Trust Limited NOTES TO THE FINANCIAL STATEMENTS (wnfynuodj For thg yoar ondgd 31 August 2022 Analy$i$ of èxp•ndlturé Total 2022 2022 Depreclatlon Charitablè actlvttlas School operating costs Teaching Welfare Premises Support costs Govemance costs Bank charges and interest Bad debts 4.549.330 330.190 1.222,822 370,496 836,654 467,412 19,360 189,346 Q105 772,152 700,687 1,839,526 990,237 19,360 189,346 6,105 642.288 522.826 &762,930 3.112,195 642,288 9,517,413 Cost of ra181ng funds 2,398 2,398 Cost of tradlng actfvltlos 129,024 47,453 176,477 Total oxpendlture S,891,9S4 3,162,IM6 642,288 9.6K288 Total 2021 2021 Staff costs (Xh•r D•pr•datlon Charitable &tivities SclKJoI operating costs Teaching Welfare Premises SupFN)rt costs Governance costs Bank Char￿ and interest Bad debts 4.077.672 221.912 320.516 482.043 526.033 265.181 815.429 145.884 46.511 65.326 516 358.777 921 4,669.031 487.609 1,494.722 628,848 46,511 44,226 8,783 8.783 5,102,143 1.852.047 425,540 7.379.730 Cost of raising funds 17,602 17,602 Cost of trading actwit 137.069 44.979 182.048 Total expenditure 5.239.212 1.914.628 425.540 7.579.380

Crosfields School Trust Limited NOTES TO THE FINANCIAL STATEMENTS (conlinued) For thg yfrar onded 31 August 2022 Exp•ndlture 2022 2021 Charltable actlvitles Indude: Operating lease charges Depreciation Auditors. remuneration {excl VAT} Audrt fees - Crosfields School Trust - Crosfields Sch¢y)l Enterprises Limited Preparation of slalulory accounts Taxation - compliarKe services to the Subsidr￿Y Loan interest 3,946 642,288 8.172 425.540 12,500 2,250 2,000 950 177,549 12,$00 2,250 2.000 gso 43,300 The employe¢s liabilty insurarKe of the charitable company {2022.. £5.4811 Indudes indemnrty InsUrar￿ for the govemors. (2021.. govern(xs indemnty in5uranLY £648). Staff costs 2022 2021 Wages and salaries Social security costs Pension ts)ntributions Pension deficit ￿ntribUtIOn {LYedil) 4.591.188 471.260 833.306 {3.799) 4,118,564 398,689 726,894 (4,9351 5.891,954 5.239,212 The average wmber of empbyees durirrfJ th8 year was as follows: 2022 Numbgr 2021 Number Teachtng Welfare Premises Support Trading 102 93 23 18 18 20 20 163 143 The governors received Nil remuneration or other benefrt for the year (2021:_Nill. The govemors were reimbursed for expenses totaling £582 in the year {2021: £nil). 31

Crosfields School Trust Limited NOTES TO THE FINANCIAL STATEMENTS (Gontlnuod) For thg ygar gndgd 31 August 21m Staff costs (continued) The numbers of employees wtw)se remuneration exceeded £60.000 during the year, were.. 2022 Number 2021 Numbow £60.001- £70.000 £70.001- £80,000 £80.O01-£￿,000 £110.001- £120.(KJO £120,001- £130,￿0 £130.001- £140.C(Jo The number of those paid employees who accrued benefits under a defined benefit pension scheme during the year, were: Pension Contrit￿tionS for above empbyees 95,285 92.235 Aggregate employee Costs of Ihe Sen1￿ leadership team. as dL%dosed on page 2. induding salary. benefits, pension Gontribulions and nakn'onal insurarK*) in the year lotalled £1.031.350 (2021.. £783.631). During the year. severance pay was awarded to 1 employee. with payments for (xfft)pensation and pay in lieu of notice lotalling £28.500 {2021- 1 employee.. £5.000).

Crosfields School Trust Limited NOTES TO THE FINANCIAL STATEMENTS (wntinufjd) For Ihg ygar endod 31 August 2022 10 Tanglble flxed assets- Group and Charlty Fumltuie, Freehold Assets under flxtures and property ¢onstructlon equlpment Total Cost At 1 September 2021 Additions Disposals 11.202.233 340.669 (94.315) 7.541.913 635,158 2.884.777 589,808 1355,192) 21,628,923 1,565,635 (449,507) At 31 August 2022 11 A48.587 8,177,071 3,119,393 22,745,051 Deprecialion Al 1 September 2021 Charge for year Disposals 3,347,070 418,512 {54,701 > 2.479.297 223.776 (356.628) 5.826,367 642,288 1411,3291 AI 31 ALbgusl 2022 S710,881 2,346.445 6.057.326 Net book value Al 31 August 2022 7.737.706 .177.071 772.948 16.687.725 Al 31 August 2021 7.855.163 7.541.913 405.480 15.802.556 33

Crosfields School Trust Limited NOTES TO THE FINANCIAL STATEMENTS (contlnuod) For the year endgd 31 August 2022 11 Fixed assets investmMts- Group and Charity 2022 2021 Investmont in subsidiarios ICh¥rity only) Investment in subsidiary company R•glstered Company number Shares held Company Cla88 Crosf￿dS School Enterprises Limited Crosfields School sh7nf￿1￿ Road. Shinfidd. ReadiThJ. Berkshire. RG2 9BL 08332333 Ordinary 100 12 Debtors Group 2022 Group 2021 Charlty 2022 Charlty 2021 Trade debtors Other debtors Amounts owed by subsidiary undertaking Prepayments and accrue(l income 81,610 3,729 74,673 2,017 60,464 3,729 82,356 201220 65.927 2.017 115.940 188.311 220,621 202,804 279,494 352,769 372.195 Amounts owed by sToup undertakirws are interest free and repayable on demand. 13 Credltop4: ￿ount9 falllng wlthln on• y Group 2022 Group 2021 Charlty 2022 Charlty 2021 Bank overdraft (secured) Bank loan Trade creditors Taxal￿n and soclal se(#Jrity Accruals School fees receNed in advance Deposits held Other creditors Deferred Income Pension liability {Note 16) 355.031 242.311 355,031 242,311 831,956 106,948 184,487 804,249 329,085 270,402 831,956 106,948 182.558 804.249 329.085 270.402 67,105 1,003,842 401,010 61,384 210,350 43,859 65,263 1,003,842 401,010 61,384 210,350 43,859 47,658 47,658 2,384,892 2.574.785 2,383.050 2.572.856 School fees received in advance rdate5 to fees for Ihe next sdwjol year. bthich some parents pay in advance. Deposits held include an amount of £371.3SO (2021: £299.0001 relating lo acceptance deposits, all of which are considered as owed wtthin one year given that only one tem)s notice is required lo be given by pupils. Amounts owed to group undertakings are i)lerest free and repayable on demaThl.

Crosfields School Trust Limited NOTES TO THE FINANCIAL STATEMENTS (condnued) For the year endod 31 August 2022 14 Loan credltor 2022 2021 Amounts falllng due after more than one year Bank loan 6,964644 5,287.651 The bank loan is repayable by instslments: - due after fNe years - due within Iwo to five years - due within one to hvo years 1,806,573 4429.190 374,850 2,950.151 2.337,500 - due after more than one year - due wlhin one year 6,610,613 355.031 5.287,651 6.965.644 5,287,651 There is one loan in place included within the loan creditor. Thts is for a facilty in place of £8,500,000. As al the year end. £6.965.645 has been drawn dcpwn and is repayable by 31 December 2034. Interest rs charged at 2.16% above base rale. The bank loan is secwed by way of a fixed charge over the charitatAe CoMpan￿S freehold land and Iwildings. 15 Deflned bonefit pgnslon scheme Ilablllty The movement on the penSK￿ provision is as follows.. 2022 2022 2021 2021 Provision k 47,658 52.593 Employer contributions relating to the r￿0very plan (5.136) {4,986) Unwinding of the dis(xJunt rate Impact of the change in recovery ptan during the year 17.281) 8.126 (3971 AmerKlment lo contribution Sch￿ule (3.799) 14,9351 Net movement Provision cjfv 43,859 47.658 The above provisron relates to the requirement under the FRS102 that the charity must ￿cOgnIse as a liabilty the present value of future contribut￿)nS relating lo the funding of a pension deficit. For further details see Note 20.

Crosfields School Trust Limited NOTES TO THE FINANCIAL STATEMENTS (Gontsnuod) For tho ygar gndod 31 August 2022 16 Operating laas• commltm•nt At 31 August 2022 the ￿uP total fijt￿e minimum lease payments uThler non-ca￿ellab1e operating lease$ as follows.. 2022 2021 Due within one year Due between one and fNe years 23.120 60.925 3,048 84,045 3,048 17 Capttal commltments At 31 August 2022 the school had the following capital commilments: 2022 2021 Contracts for fu￿re Gapilal expendIlu￿ provided in the finanoal statements 75.635 551.382 18 Analysls of net assèts betW￿n funds Group 2022 Net current assetsl {Ilabllltlesl Flxed Long temi Ilabllllles Total General fund Restricted fund 1&687.725 (1.584.058) 4,145 {6.610,613) 8,493,054 4,145 16,687,725 (1,579,913) 16,610,613) 8,497,199 Group 2021 Not current Flxod Long temi Ilabllllles (Ilabllttles) Total General fund Restricted fund 15,802,556 (1.864.398) 5.507 (5.287.651) 8.650.507 5.507 15.802.556 {1.858.8911 15.287.651) 8.656.014

Crosfields School Trust Limited NOTES TO THE FINANCIAL STATEMENTS (condnu•d) For th• y•ar •nd•d 31 August 2022 18 Analys1$ of net assets betymn funds (conunued) Charlty 2022 Net current assetsl {Ilabllltles) Flxed assets Inv88tments Long teTm Ilabllltles Total General fund 16.687,725 11,5M058) (0,610,613) 8,493,055 4,145 Restricted fund 4145 16,687,725 11,579,913) 16,610,613) 8.497.200 Charlty 2021 Not Gurront assetsl Flx•d Long term Ilabilities Total General fund Restr￿ted furKI 15.802.556 (1.875.185) 5.507 (5.287.651) 8.639.721 5.507 15.802.556 (1.869,678) (5.287.651) 8.845,228 19 Total Funds Group 2022 Balance Balancg 31 August Transfersl September 2021 kncome Expendhure galnsltax 2022 Unrestrlcled funds General fund 8,650.507 9,537,473 (9,694,926) 8,493,054 Reslrictgd fund Books fund Bursary fund Laptop fund 1,362 4.145 (1,362 4.145 Total roStrict•d 5.507 4.145 Tolal funds 8.656.014 .537,473 {9.W.288) 8.497.199 37

Crosfields School Trust Limited NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 August 2022 19 Total Funds Icontinued Group 2021 Balance 1 sopternbor 2020 Transfersl Gainsftax 8alan¢g 31 August 2021 In¢omo Expondi￿r9 R8striGtod fund Books fund Bursary lund Laptop fund 1,362 4.145 40.422 1.362 4.145 (40.4221 Total r•strlct8d 45.929 (40.422> 5,507 General fund 7.856.334 8.333.131 (7.579.380) 40.422 8.650,507 7.856.334 8.379.080 (7.579.380) 8.656.014 Charlty 2022 Balance 1 September 2021 Balance 31 August 2022 Transforsl galnsltax Incomo Expendhuro General fvnd 8,639,721 9,360,996 (9,507,062) 8,493,055 R8strfctgd fund Books fund Bursary furbj Laptop fund 1.362 4.145 11,362) 4,145 Total rnstrictod 5.507 (1.3621 4.145 Total funds 8.645.228 9.360.996 {9.509.0241 8,497.200 Charfty 2021 Balance 1 September 2020 Balance 31 August 2021 Transfersl galnsltax Income Expendlture Restricted fund Books fund Bursary fund Laptop fund 1,362 4,145 40,422 1,362 4,145 (40,422) Total ré$triclad 4S,929 {40,422) 5,507 Gonoral fund 7.845.548 8.151.083 (7,397.3321 40,422 8.639.721 7.845.548 8.197.012 (7.397.332} 8.645.228

Crosfields School Trust Limited NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 August 2022 General funds are unrestricted funds that are aVaila￿e for use al Ihe discretion of the wvemors n furtheran of the general objectives of the charitable company and have not been designated for other pvrpose5. Incoming resources of the charity indudes £98.851 (2021: £15,539) of grft aid received from 11$ subsidiary. The wrie fund is monies sel aside for the provision of wizes awarded to chiklren. Restricted funds ￿ as follow￿. Book fund rdales to donatiws raised for spendiNJ on school books. Bursary fund relates to donalions for S￿ndir￿J on fulure bjrsaiies. Laptop fvnd relates to a donatTh received in the current year lo fund the purchase of 40 laptops. These assets were purdwed in the ￿ &)d therefore thts fund has been transferred to unTeslricted. 20 Pgnxlons The d￿ritable company op￿￿eS three perts￿n scheme5: al Te2chers' Pension Scheme The School partI￿paleS in the Teachers. Pension Scheme (Ihe TPS"} its leaching staff. The pension charge for the year indudes conlritrmjtions payat4e to Ihe TPS of £663,929 (2021.. £597,285} and al Ihe year- end {£162)12021- £72,051 } vms ac(¥ued in re8￿t of contributions to Ihis ￿e. The TPS is an unfunded mullimployer defined benefits pensK)n Sd￿ffle governed by The Teachers. Pensions Regulat￿nS 2010 {as amended) and The Tethrs, Pension Scheme Regulations 2014 {as amended). Members contribute on a.pay as you go" basis with contributions from members and the employer being credited to the Exchwjuer. ReliTemenl and other pensh)n benefts are paid by wblic funds provided by Parfiamenl. The emFAoyer Contribut[(￿ rale is set by the Secretary of State followlng scheme ValUat￿S undertaken by the Government Actuary's Department. The most Trcenl actuarial valuation of the TPS was prepared as at 31 March 2016 and the Valuation Report. which was published in March 2019. confirmed that the employer contribution rale for the TPS would irKrease from 16.4% to 23.6% from 1 September 2019. Employers are also required to pay a sceme administration levy of 0.08% givin9 a total employer contribution rale of 23.68%. The 31 March 2016 Valuation Rewt was prepared in accordance wtlh the benefits set out in the scheme regulations aTKJ under the approach speCffj￿d in the Directions. as they applied al S March 2019. However, the assumptions were consNJered and sel by the Department for Education wior to the ruling in the 'M¢CloudlSargeant case.. Thrs case has required the courts lo consider cases regarding the implemenlat*)n of the 2015 refomis lo PutAic serv￿ Pensions induding the Teachers. Pensions. On 27 June 2019 the Supreme Court denied the g)vemment permission lo appeal the Court of Appeal's judgment that transitional provIs￿nS inlrcrtluced to the refomied pension schemes in 2015 gave rise to unlawfvjl age discriminath)n. The govemment is respecting the Court's decision and has said it will engage fully with the Employment Tribuna as well as emFloyer and member representatNe5 lo agree how the dlscriminations will be remedth. The govemmenl announced on 4 Felyuary 2021 that il intends to proceed with a deferred choice underpin under which members will be able to thoose either legacy or refom)ed scheme benefits in respect of their service during the perM)d between 1 April 2015 and 31 March 2022 at the point they become payable.

Crosfields School Trust Llmited NOTES TO THE FINANCIAL STATEMENTS (conllnued) For Ihe year ended 31 August 2021 20 Ponsions (continued) The TPS is subject lo a cosl cap mechanism wh￿h was put in plxe to prolect taxpayers against unforeseen changes in scheme costs. The Chief Secretary to the Treasury, having in 2018 an￿unCed that there would be a review of this cost cap mechanism, in January 2019 announced a pause to the cost Cap mechanism following the Court of Appeal's rulirwJ in the McCloudlSarg8anl case and until there is certainty about the value of pens￿nS to employees from April 2015 ork%￿ards. The pause was lrfted in July 2020. and a consultation was launched on 24 June on wop)sed changes to the cost conlrd mechanism following a review by the Govemmenl Actuary. The consultat￿ closed to response on 19 August 2021 and the Govemmenl is currently analysing the responses. In view of the above rulings and decisions the assumpkn'ons used in the 31 March 2016 Acbjarial Valuation may become inappropriate. In this scenario, a valuation prepared in accordance with revised benefits and sulta￿Y revised assumptions woukl yield different results than those Conta￿￿1 in the Actuarial Valuation. Unb'l the cost cap meehanism review is eompleled it is not t)ossible to condude on any financial impact or future changes to the contritsjlion rates of the TPS. Accordingty no provision for any additional past benefit pension costs is inchjded in these financial statements. Staff Grou PenS￿n Scheme The charitable Company runs a defined conlribution scheme for support staff with Aeg)n.. The cost for the year represents the charilatAe ￿)mpanIS contributions to the scheme of £138.97012021.' £121.5091 and al the yearénd £20.60512021: £16.234) was ax¥ued in respect of contributions to this scheme. The Pensions Trust The charitable company pathipates in The Pensions Trust scheme, {the ISBA'S recommended pensions scheme for Bursars), which is a multi-employer scheme provKliThJ benefits lo some 61 non-associaled employers. The scheme is a defined benefit scheme in the UK. 11 is not possible for the charitable company to obtain sufficient information lo enable it to ac￿￿nt for the scheme as a defined benefit scheme. Therefore it accounts for the scheme as a defmd contribution scheme. The scheme is subject to the fvrKling legi￿at￿)n ouljined in the Pensions Act 2004 which ￿rne into force on 30 December 2005. This, to￿ wth documents issued by the Pensions Regulalc( and TechnKal Actuarial Standards issued by the Financial Reporting Cwncil, sel out the framework for fijnding defined benefit occupational pension thmes in the UK. The scherne 15 classrfEd as a last-fflan standingJrdngemenf. Therefore the charttable company is potentially liable for other participaliThJ employers. ot￿lgatI()n¥ rf Ihose em ￿0yerS are unable to meet their share of the scheme deficit following withdrawal from the stheme. PartKipating employers are legally required to meet their share of the scheme defiot on an annutty purthase on wtthdrawal from the scheme. A full actuarial valuation ts the xheme was carri￿1 out wtth an effective date of 30 September 2020. This acluerial valuation was certffied on 22 December 2011 and showed assets of £201.1 m. liabilities of £256.3m and a defi'ut of £55.2m. To eliminate thbs fiJnding shortfall. tn￿le8S and the participating employers have agreed that additional contributions will be paid. The recovery plan contributions are all(￿ted lo each part￿ipati￿j employer in line wilh their estimated sh￿e of the scheme liabllities. Total conlribulM)ns paid inlo the scheme by the charita￿8 company amounted lo £8,632 {2021: £8,100>. At the year-end afN)unts recorded in creditors were £Nd (2021: £Nil). Full details are available regarding The Pensions Tnjst on their website

Crosfields School Trust Limited NOTES TO THE FINANCIAL STATEMENTS (continued) For thg year •ndgd 31 August 2022 20 Pènsltyns (contlnu Following the year4KI. the Sthool was infomed ofa potential ￿ation event as the last activety conlTibuling member leftthe Scheme on 31 October 2022. The School has been advised that rfa Section 75 debt becomes payable on withdrawal it will be in the order of £179.000. Al dale of these accounts, the School is Investigating the options available to it underthe scheme rules induding the wssibilty of bringing an additional contributing member into the Scheme in order lo avoid Ihe trwrng of the Section 75 debt. Al the date these accounts were approved this work remains ongoing. Given that the conditions arose foll(Iwing the year end. this represents a non-adjustiro [￿￿-balance sheet event and it is rKJt therefore refleLted in the balance sheet at 31 August 2022. 21 Analys58 of net debt Balance 1 Septembgr 2021 Balance 31 August 2022 Cashfiow•% Cash at bank and in harKI Bank overdrafts Debt due wthin 1 year Debt due after 1 year 62.405 498.672 {355.031) (1.322.962) 1355,031) (6.610.613) 15,287,6S1) (4,851.384) (1.615.588) (6.466.972) 22 Rdated party transactlons Owtng to the nature of the sclmxl's opwal#)ns and th8 comF#)Sition of the 9)veming body being drawn from local public and private sector organisalK)ns. it is inevitable thal transactions will lake place with organisalions in which a governor may have an interest. Al transactts)ns involving these cffganisalions are in accordanGe with the schod's normal procedures. The total donations in aggregate receNed from govwnoTS ￿ the year were £nil {2021.. £40.4221 The school has a number of pupils who are famly rnembers of govemors. Fees are payable at the same level as other pupils and entitlement to fee remission is considered in line wilh the school's slated policy for such awards. Transactions be￿en the schcd arKI its subsidiary cros￿ldS S￿1 Enterprises Lwnited are disdosed 2022 2021 R￿harged expenses Grft Aid Amounts ¢)wed bylllol Crosfields School Enterprises Limited 176,477 98.851 82.356 129,918 15,539 115,940 There were no other related party transaC￿n in the ye¥. 41

Crosfields School Trust Limited NOTES TO THE FINANCIAL STATEMENTS (continuod) For tho year ended 31 August 2022 23 Comparatlve Statement of Flnanclal Actmtles General funds Restrlcted funds Total 2021 Note Income from: Donations and legaues Charitable ￿tIVitIeS Fees receivable Ancillary income Other trading activities Income from trading activities Rents and lettings 63.112 45.929 109.041 7,957,704 109.933 7,957,704 109,933 178,609 23,773 178,609 23,773 Totsl Incom• 8.333.131 45.929 8.379.060 Expendlturé on: Charitable activiltes 7.379.730 7.379.730 Cost of ra5&ng funds I7.e￿I2 17.602 Costs of trading aclivtties 182.048 182.048 Total expendlture 7.579.380 7.579,380 Net Income before tax 753.751 45,929 799,680 Tax payablB Transfers bglwggn funds 19 40.422 (40,422) Nol Inwn• and movam•nt In funds 794.173 5.507 7tr3.680 Total funds brought fopmard 7.8S6.334 7.856.334 Total funds carrled foThvard 19 8.650.507 S.507 8.656.014 42