Crosfields School Trust Llmlted (A o)mpany Ilmitsd byguaranteel Annual Report and Consolidated Financial Statements Year Ended 31 Au8USt 2023 Registered No. 0584278 IEn8land and Wales) Charity No. 3(B108 Crosfields Sthool Trust Limited Page Legal and Administrauve information Report of Governors linduding Strate8i¢ Re￿rt) 3-14 Independent Auditorfs Report 15-17 Consolidated Statement of Finanual Activities 18 Consolidated and Company Statement of Finanoal PositK 19 Consolldated Statement of Cashflow5 20 Notes to the Financial Staiements 21-41 Crosfidds School Trust Limlled LEGAL AND ADMINISTRATIVE INFORMATION For the year WKled 31 August 2023 STATUS AND ADMINISTrATION The Crosfields Trust Limried is a charitth (x)mpany limited by warantee, I￿Orp(￿￿j on 21 May 1957 and registered as a on 1 Octobw 1962. The charitable company was established under a Memorandum ofAssociatK)n that established Ilk objects and powers of the charitalle company and is gOV￿n￿ under its ArlKles rA ASK￿latiOn. COMPANY NUMBER 00584278 CHARrrY NUMBER 309108 REGISTERED OFFICE AND ADDRESS Crosfields Sch(KA Shinfield Roa(1 Shinfidd Reading Berkshre RG2 9BL GOVERNORS The governors of the school being also Tfustees of Ihe d￿rIty and Direct£￿ of th8 charitable company. who served during the year, unless otherwise stated. were as follows.. 'l++l@ A Au(ir￿n D Battersby C S Bradr S Brow Ka (FOC Char) "/++l@i## (Chair of Govern￿s) (Resigned 26September 20231 E D￿￿S C L Fumeaux A Hilson @l++ Chay. Educati￿ & Wdkn Charl "I￿+* (Appoirted 20 September 20231 {ResKJned 7 March 20231 {Appoinled 4 Awil 2023) {Appoinled 20 September 2023) S Lews M Mallam E M(Ybmw-Zhika J R Lucey R Aumpton S Sachdeva J Sefton jen￿n5 M Tumer M Wardrop (Appointed 20 September 2023) (FOC V￿e Chair) (Safeguarding Lead) Govemws are appointed ty the board of sM)vwnc*s r￿nnalty at the annual g8neral meeting for a lemi of three years, tr￿t are dlgitAe for re-dectton. Memtws of the Finance & Opwatiorts Commritee (FOC) Members of the HM a￿1 Bursarfs Remuneration & Apprais￿ Committee (HMBFIAC) Members of the Education & Weware Committee (EWC) Members of the H￿th & Safety Committee {H&S) Members of the P16 Programme Board (P16PB) Dissoived on 10 May 2023 ++ Crosfields S¢hool T￿￿t Umlt•d LEGAL AND ADMINISTRATIVE INFORMATION (condnuod) For the year •ndod 31 August 2023 OFFICERS He&J: C Trn￿hend (appointed 24 Aprth 2023) C D J Watson (resigned 23 Awil 2023) C J Purdom Bursar and Company Secretary: SENIOR LEADERSHIP TEAM C TO¥￿$hend S Dinsdale -E Second Master (￿til 31 20231 Dewty Head (Academic) Senior SclM)ol Director of Co-CurricyJlar (fr£￿ 1 Sep*mbw 2W231 DeKwty Head (Pastoral) Junior School DeKwty Head (Academ￿} Junior School Deputy Head (Pastoral) sen￿ School Head of Pre•Prep Director of Digi17J Strategy {from 1 Sep￿Iber 20231 Direct￿ of Studies Director of External Rdations ILWItiI 2JLthe 2023} Bursar Head of Earty Years lunDI 31 AwJu5t 20231 Deputy He&J of Pre-Prep lunbl 31 A￿uSt 20231 R Ebbage G Edwards T Goodhe*4 J IreLqnd A Mallir P J MCDON￿1 A NoThvc K O'Le¥y J Phillips C J Purdom K Stone A Wesuey-smith PROFESSIONAL ADVISERS BANKERS". Lloyds 8ank Unit 3 Wokingham RG40 1AP SOLICITORS.. Penniroton Marths Cooper LLP FOrt￿ry Road Reajing RG1 1AX Veale Wasbr(MJgh w￿dS Narrow Quay Hcwse Narrow Quay Bristol BS1 4QA AUDITORS: haysmactntyre LLP 10 Queen Street Hace London EC4R 1AG Crosfields School Trust Llmlted LEGAL AND ADMINISTRATIVE INFORIAATION (contlnued) For th• yoar end￿ 31 August 2023 INSURANCE BROKERS Marsh Brokers Limited 17 Perymounl Roal Hayw8rds Heath RH16 3DU Crosfields School Trust Llmited REI¥JRT OF THE GOVERNORS For the ￿¥r endéd 31 August 2023 ANNUAL REPORT The governors present their annual reFKMt. looett)er wrth the finaThial statements the year ended 31 August 2023 and Confirm that the latter erynply with Ihe requirements of the Compan￿5 Act 2006. the Charitable Company's Articles of Association (March 2019). the Chartbes Statement of Recommended Practice ISORP Second Edition)) and Financial Reporting Slandard 102 {FRS 102). The annual report is also the Trustees. Report as required by Part Vlll of the Charities Act 2011 and th¢ o￿o¢10rs, Report as required by se￿10n 417 of the Companies Act 2(Kl6. Chalr of Govemorfs Réport With our very first Year 11 startrng the xayemic year. the transition lo an all-thrc4Jgh school is largely complele. Th8 Board of Governors recognise the work and dedication of the oulgoir4J Head, Mr Craig Walson, who left the school in April. in achievirwJ this milestone. However. this is very much the .8￿1 of the beginning" in 1gm15 of that change and we recognise that we are movirwJ into a o)nsolidation phase urkyer the leadership of our new Head, Mrs Caroline Townshend. Cardine is energetically estailishing a future vision fry Crosfields that builds upon its slrenglhs and traditions wlh f(￿$ on dNJital ￿arni[￿J, the curri(#Jlum. growth and wellbeirKJ. community engagement and building for the future. As a school. we want to make a positive contritArtion lo a greener. healthier, and m(Ye sustainable fulure for our planet. We recognise that the health of our ￿a￿et is inlerlwned with the Well-b￿ng of our community and we have made further w0￿e$S this year in terms of reduuro energy consumpth)n. promoling walking and cyding to Scho￿ and creating spaces to increase bi¢ANefsty across our estate. Thi8 is an ongoing journey and we need lo be adaptable and open lo inr￿Val￿. ensuring that tyjr contribut￿S to the environment are meaningful and enduring as we buikj for the fvlure. The Board adopts a horrzon scanniry approach lo risk management, aiming to Klentfy majcK risks and lake mitigation action in advance of them becoming a prOt￿eM. Pension costs were one such risk identified a while ago, and SkJnir￿anI inlemal work led to the $C￿l.S wthdrawal from the Teachers. PensK)n sc￿me from 1 September 2023. This was timely and. given the recent anncyJncement of anot￿ substantial increase in employer's contributions. successfully addressed a major financlal uncertainty for the school. We are acutely aware of the usKoming UK eteclM)ns, the tM)ssible thlitK)n of VAT on scl*Jd fees, arKJ changes to business rates. c(￿le￿lIVe1Y we are w(KkirwJ to ensure thal we are in a financialty secure position to address the additional financial pressures that may (￿￿T. We are aware that. for some families. a signfficanl upltft in fees will pul Ihelr finances under signrficanl pre$5ure and may fcrte them to IcM)k for aNemative educational F￿0VISion, we are doing what we can to reduce ￿ imp3Ct of these Chan￿ rf ￿ arise. AIMS, OBJECTIVES AND ACTivrriES Crosfields is 51tuated in over forty acres of pth arml worjjland, with exceptlonal facilities and talented staff. It is a c(keducational school ￿th children bets￿n the ages of 3 and 16 with our f￿1 o)hort of Year 11 pupils continuing their ioumey through our senior years in September 2023. Al pupils are given the opportunity to challenge and devdop themselves, both inshJ8 and outs*Je of lh8 dassroom. We pride ourselves on wovKlirKJ an all4ouThJ education that champions academic ¥hrevemenl alongside the pursvit of individual passions. leadership development a￿1 characler education. From Nursery through to GCSES, we ignite a pa$sion for leaming ￿thIn our wpils through a txoad, thorough and imaginative curriculum. delivered by ded￿ated teaching staff in well•resourced le￿ing spa¢xs. Pupils are afforded every opportunity lo discover who they are 2nd enjoy the widest range of co-curricular opp¢ytunities. Participation in these broadens each pupil's skillset and experience. building ￿nfIdence. pyomoting a sense of social reSp￿)nsIbIlIty, and slrengthermng team Sp￿t. Outstanding pastoral care IS at the core of a crosf￿d$ educatK)n and wpil wellbeing 15 of central impcrtance. Our warm and nurturing community provides an environment vthere each child feels value(l aThJ supported lo be the best version of themselves. Underpinned by a Strong sel of values. we prepare our pupils lo leave Crosfields with the S￿119. knowl&Jge and mirKlsel to navigate an ever-¢hangiTrJ wthj V￿th confidenc8. Crosfields School Trust Limited REPORT OF THE GOVERNORS For the )wrended 31 August 2023 The overall intent of CrOsf￿1dS is to pn)vide an exceptional educati¢)n that is bmad. th￿OUgh and enjoyable. enabling children to make the most of themselves to be considerate of others. In so doing, it has the following aims.. To wovide an environment in whth the ch￿d￿n are happy and conf￿ent 15 safe, caring and supporkn've vhlh exceplicx￿l pastoral cwe. To Fyovide opp(Klurities of cOnsiderat￿e ￿d1h and deplh lo help children disti)ver their tslents. To provide an atrnosphere in which respect f(x other pwle and for the vKxld Is cullwated. To encourage effort. resilience. a￿1 rigour. To encourage the ¢hddren to be iThkper¥Jent Ihir*er5 wlh critical. irwiring mnds ty providing a challenging academr curri(xlum whi¢h i￿pIreS aThl eThJages all pupils. To wepare chiktren to18ave Crosfields ready for the ¢halW avail them at their next schools and beyond. Current approaches lo implomont the alms: The wvernors have a(k)pted the follow1￿ apwoaches to ddiver the aims of the school: To provide a ￿gh standard of academ￿ &Jucation for children up lo age 16 within an environment that encourages pupils in mu$K, drama. sp￿t arnl broad co-curri¢uiar programme. To conliwe the expans*)n of the S¢*￿ children up to age 16 in respect of academic provi$ion, pastoral care. organisational tharye and infraslnthre (known as Project 16- P16). To continue to revivw the s¢FKd's academ￿ sy11al￿S and lo benchmark academ￿ standards. To offer the public wider a¢¢ess to faciliknes out of schod h￿r$ the use by local dubs organisalions. To ensLre effective management and govemance systems are in pface for fmancial management {capital and reverwje), estate managemenL Heallh & Safety. IT. risk management, education and welfare provision. p￿sOnal development of staff and govem(ws. suslainablty armj future estate development planning. Prfnclpal Actlvltl•s In settiThJ the sCho￿.S objeclNes and planniThJ its ￿tIVitIes. govemcKs have gNen careful consKler2tion lo the Chanty Cofflmission's general gumjantr on pUl￿1C ben&fil arKI in particular to its supplementary public bonefit guidance on advancing educat￿ and on fee-charging. The role of Crosfields. as a charitable company, is to ensure that schod fun¢tKJns as a co&ucabonal day sclKd and that it continues to thrive in a comp8tilive environment. through the prowsion of hh3h standards of educatM)n and development of children. The sch￿￿ welcomes pupyls from all backgr(￿ndS. To admit a Fwospective pupil. the school needs to be satiSf￿d that it will be able lo educate and develop that person lo the best of their potential aThl in line with the general standards achieved by their peers. Entrance interviews arKI assessments are undertaken lo satisfy ourselve8 and parents that pupils can cope wilh the ￿ of leamiThJ and benefrt from the education the s¢hool provmles. An irKlividual's gender. ethnicity. race. sexualty, relKJion or disabAity does not form part of our assessment processes. The school is an equal oPW￿nrtY organisation and is committed lo a working environment that is free from any form of discrimination on the s￿UrKI5 of (￿our. race. ethnicity. religion, sex. sexual orientation or disability. The schocl w￿1 make reasonable adjustments lo meet th8 needs of staff or pupds wfw) a￿ or become disabled. Crosfields School Trust Llmlted REPORTOFTHE GOVERNORS Forlheyear ended 31 Auy5t 2023 The sclKN)l is committed lo safeguar(Irng and promoting the weware of our pupils and expects all slaff and volunteers to share this commitment. The school has 3 Designated Safeguarding Leads and a team of trained Staff that provide the necessary support lo fulfil its ststulory duties and promote the wdlbeing and welfare of children. All governors undertake safeguarding training on induction and annually thereafter and are provided with an overswJhl on safeguarding lemity. A safeguaftliNJ goverrNN nominaled and, alongside other experienced goverrKKS. con(Jucts a deL￿￿ed tennty revitrw of safeguardirKJ p￿1¢Y ar¥J practTh in $th)ol. Within the Sen￿rs. the primary focus centred arourKI the Commer￿￿nI of GCSE I￿hIng. Both pupils and staff began the year with great enthusiasm arKI were well-prepared lo embark on the ir￿trUCtion of examined content. arrNal of new staff Memb￿5, I￿uding Heads of Computing. RS. Business and Economics, English. and DT. 8$ well as a Teacher of Maths and a Director of Digital Strategy, maye an immediate impact on both the academic and pastoral fronts. The￿ collective expertise contributed to the furthw development of a senlor school atmosphere. A new role. Head of Key Stage 3. has been apwinted which added a new dimension to data Ira¢king and intervenb'ons in this spec1f￿ area of the 5th0￿. We are Optimist￿ that this more systematic aptKoa¢h ill yield positive wtcomes as these pupils wogress thrrrtjgh th8 school. We also implemented a ¢omweh8nsive Post-16 Opt￿5 arbj Careers Fwamme nduding: Integration of careers guKlance wlhin the PSHE curriculum. Estsblishing cOnneCt￿n$ befvfftn vari(NJs sufy'ecls and career paths. Conduding Morrisby profiling assessmen15. typically reserved for sixth fomi students in most schools, lo assist pupil¥ in exploring their aptitudes interests. Organizing a Careers and Post-16 day. featuring Speakers from varK)us fields such a$ aviation. law, propety. media, as well as representatives from forn) options available locally. From a teaching and lewTring perspe¢live, Ser*)rs staff tegan ￿ year with training on the melacognitive approach known a5 VESPA. (Vision. Effi)rt, Systems. PrdcIKe, Attitude). This approach aims to support pupils in uThJerslanding the￿ indwidual learning methods arml enables them lo address any areas where imkyovemenl may be needed. Within the Juniors. our Attitude lo Leaming grades give wills the chance to reffect on their leaming n the classroom beirwJ offered each half term in each year *ryth one of tr*se in each term having a tutor report. one per year beiTrJ full I￿ltten suw comments. We enabled all senior pupils lo access Adobe CrealNe a¢yJd and use IW creative applications on their own devices. We ran tsvo coding dubs as co-cyJrricJJlar actNilies. The computiThJ curriculum was enhance(J to include engaging Cyber Security arKI Artrfrial IntellKJerK* modules. We significantly increased our broadband capacty and elevated Micr050ft 365 lic￿ fw all pupils to give them access to full Mi¢rosoft Off￿e 365 applications across multi￿e devices. As part of the presenters. Fryramme pupils in 4 ¢omplete Rhy￿ and Reason, Year 6 the PublK Speaking Award, Year 8 the lan Michael Award and Years 9- 11 the Exte￿ed Project QualrfKalion (EPQ). Year 4 have been tasked with leaming and performing a poem aloThJside creatiThJ and presenting a project of personal interest lo them. Year 6 are tasked with F￿tting together a presentalion of personal interest lo them and are then guided on how to give an effective wesenlalion which t￿ V￿11 gNe to their fomi. Co-curr￿ular activili8s, trips and ￿￿￿￿entIalS play an imF*Xtanl role in pupils. personal development at Crosfidds with dedicated CU￿1C￿luM lime in Years 3- 10 enabling eVwYo￿ lo part￿pate in a wider range of activities. These Enrichment ￿ts.¥￿tIeS are aimed at imwoving selfosleem. social skills and personal skills including Duke of Edinburgh Award. Modd United NatKJns. young ent￿priSe. podcasting. crfigami. movie making, foc*J technology and yoga among$l other actNilies. 83% of pupils are involved in ono or more of the 120 cwrricular aclivitieg available outside of the timetable. The MNJhty Oak and Grdnt Sequoia are intemal awards lo encourage senlor pupils lo explore and develop new inleresl$. Residentials I￿uded the Year 2 undertaking a PGL activity ovefflight. Year 3 and Year 4 visiting Juniper Hall for activit￿. Year 5 camping in Cufley Woods. Year 6 camping in Wales. Year 7 language4inked trip to Seville. Year 8 outdoor educat50n trip lo the Lake Dislricl, Year 9 wellbeing trip lo Biarritz, and a culiural trip to Gemw)y and Poland for Year 10 pupils. There was a Year 7&8 football tour to Barcelona. a Year 9&10 footbdl trip to the N¢)rth-Wesl of EnglaThJ and a uoss-curricuLar trip to New York {Art. Drama & M¢>Jel Uniled NatKJrts} for seniors. Crosfields School Trust Limlted REIIORT OFTHE GOVERNORS For thè year ended 31 Au8u512023 A Mental Health Practitioner aThl 2 Ernotional Literacy sup[￿ Assistants (ELSA) joined in September 2023 and the positive impact on pupds and staff is already apparent. As well as indNidual referrals, these members of staff a￿ Spending time in dassrooms to raise a￿￿en&s8 on varws mental health issues. In order to support professional and personal d8velopmanL members of staff were offered a series (ff oneryoff coaching sessions. A coh)rt of 6 membefs of slaff completed the in-house Senior Aspirin9 Leaders Training programme as a conduit into leadership by wovNJing eXpe￿nCe, exrM)sure and training in a range of topics including comptlan¢e. disc1rAin￿ matters. ffinar￿, ￿¥eman¢6, law. line managemenl and safeguarding. In September 2022, we saw furlher development of the sdK)ol in support of Ihe expanding senior sch(K4 converting the old pottery r￿M into a 4th sUer￿e lab aThJ the remodelling of the Oaks building to create a new Art Stud￿. a CAD CAM design studio and a senicK OT wthshop. A Strength & Conditioning Suite was added lo the mezzanlne in the Sports Hall lo Sup>M￿ GCSE PE programme and personal frtness. The Food Technology Room was moved to Chestnuts. In Summer 2023, Ihe redevelopment of the JunKffs Library has been completed and a light and airy space has been created that Opens up on to ts MemoTial Garden. A naw Year 4 classroom has been crealed in Acorns using a hitherto unknown void sp&e. The C￿rtyard complex has opened providlng 5 new classrwms for Ihe leaching of humanities for Sen￿. Whilst this is only a temporary facilty. il has been set in IFK)ughtful lan(tscaping offering both swal arKI rjay spaces for the ￿der children. A new Comtxjling Surte was stalled for seni(K wpils. PUBLIC BENEFrr Bursary Pollcy The governors are committed to tmdenww access to schcM)I tttrough trartsformational Ix¥sari8s. 11 Is important that access to the education the schry)l offers is rK)I restricted only lo tIN)se can afford the fees. Crosfields pupils benefit from leaming within a dNerse community. A great deal of leaming occurs through social interaction. conversation and shared eXper1er￿e5 which help pupils devdq) an understanding of Ihe perspectives of other people that will be VI￿ in ther ad￿ Transformational I￿r￿eS are awarded for a high ￿0p￿t￿n even full fee arKI provide for children with significant potential but for independent education would be otherMse wh)Ily out of re&h. The g0Verr￿rS also acknowledge that there is a need lo provhje fee assistance to t￿)Se famlies who need a lower level of support with the payment of school fees. Fee discounts are offered to staff in order to attract and relain th8 best. Bursary awards are suty'ecl lo testing of parental means. The Bursary Award Committee reviews applications for assistance with fees for pupils wshir@ to enler the schrK)l and for wpils w￿)$0 parents have had a change in circumstances once they are here. All ixjrsaries are discretK)nary and may be awarded in the form of a dI￿Ount depending on the financid. compassv)nale or other perb.nent circumslanees of applicants. In 2022-23. 20 pupils12022- 11) in Years 7- 10 were reripients of substantial bursary award5 in excess of 60% of the fees valued al £350.786 (2022 - £1 S1,￿3}. We have also continued to support a chikl who had to leave Ukraine as a result of the ongoirvJ confii¢t there. The ¢hld YRS hosted by a Crosfk8lds' famity. Crosfields has no endowment income. In fundir¥J ow awards. we are mindtul of the need to maintain a balance betsveen fee-paying parents. Tnany of whom make ConsKleral￿e personal saerrftt lo fund their Child's education, and those benefiting from t1￿ awards. l)Jr Bursary sup[￿ FurKJ has grown through the course of the past year largely owing to donations via the Secon&harKI Unrform Shop. 11 has been £￿e lo provide laptops and music lessons for pupils on a full L￿rSary and will also cover Ihe cost of wblic exarninations for bursary pupils going forward. We are in early stages of reryengaging wth CrOsf￿1ds, alumni and nurturing a grving culture in order that we can support more bursary apF4Kat￿n$. Further ¢Jetals of our twjrsary poiw arKI lo apF4y are available from the school. Community Engagem•nt The school provides support to the wider ¢ommunity in a numl*r ofways: Through Crosfidds EnlerFrfises. we continue to links wllh local communty club$ who use our facillties for a range d *ivibes wK1Udw￿ ardw. badminton. crtht. da￿. football. karate, swimming, Crosfields School Trust Limited REPOIITOF ThE GOVEIIPIORS For the >*ar ended 31 Ay8USt 2023 5ynchronised swimming and tramrdining. We also hosted the Chennai SuperKings Cricket Academy over the summer. We are home to 991h Reading Sccxrt Group wtKh has over 100 boys and gwls in ils Beaver, Cub and Scout units. Ultirnate ActNty Camps use our facilit￿$ to WOVKle childcare to I¢￿al children from the area durirNJ the Easter. Summer and October HdKlays. Through our partners. we were also atAe to supp(Kt swimming and uicket camps for a ￿de fange of chiklren aKI theii parents. Charitable activities by wpi15 from a(¥oss ts s￿￿1 has been exceptional this year. RotakKls led a Christmas Fayre in aid of AmbilK)us abC￿rt Autism and the Interact Club h)sled a Quiz Night for Ukraine and Summer Fayre in supp(Kt of D(ywns SyrKlrome Charity. Pupls have ¢olthled the Woodley Foodbank. toys for Bamado'$, Easter eggs for disadvantaged chAdren loGalty and friendship boxes for children in Ukraine. Over £8,700 was donated lo natior￿1 local charities. Pupils in Year 6 have made visits lo a cwe horn8 and befriended the residents who may have little conlact with their own family. The residenls j¢ined us in school for a Chrk8tmas Party and entertainment. This *igns with various aspects of PSHE learniro includirrfJ empathy. respect. C￿mMmUnICat￿)n skills. wdlbeing, personal deVelopn￿L appreciation for diver5ty. An inter-faith event was hosted by Year 9 arKJ 10 pupils lo c*brate diversity. culturdl and religious differences and promote tolerance and respect. A number of kKal fath leaders and councillors itiined sL8ff and pupils to Sh￿ their experiences. 23 senior pupils COrnFAeled their Duke of Edinburgh bronze 8ward arKI a further 13 wpils $tart8d working towards their silver award. Many vdunleered wthin the communty to help disadvantaged people whilst our senior swmmers have volunteered Tilehurst Swimmiro Club and junior galas as part of their Duke of EdinI￿rgh service C￿Ponents. Alumnl The alumni network is in very early stages aThJ the fl￿$ has been placed on urmfjaling Thjr network data to ensure it is GDPR comtAianl and contains mosl recenl contact information. Despite the challenges. the first alumni event happened during the Autumn term ￿th nearty 20 attendees, including one of our firsl gid pupils. There is still signrfiGant work to be cOm￿led with a kwerm strategy to devek4) a givin*back C￿tUre. Corporate Soclal R•spon8lblllty Over the ¢ourse of the year, wa have been wtyknng on our prIn￿pIeS in respect of Susta￿abIlIty and people. We commissrongd an erw survey and as a resull of changing behaviours and low cost interventions. we reduced our declricty and gas LX)nsumplK>n by 8% on the p￿viouS year. We have been alrdrded Modeshrft Stws Bronze Award for our approach to sustainable travel. We have promoted the use of the secc￿d-hand Unrform Shop selling 1,082 tlems a￿1 raising over £10k for the Bursary Support FuThJ. We help pupils understand impact of our day4(Fday ￿tIVItieS on the environment in Geography. Science. PSHE and Forest S¢hrK)l a￿1 encourage thom to rat5e new ideas and inrtialive5 through our Eco Councils. We ￿anted over 850 trees across the site supr*Nted by Ihe W(M)dland Trust. We celebrated Pride Day in the sentor school. We introduced halal meals into our hjnch Th*nu. Crosfields School Limited AEPORTOFThE GOVERIIORS F¢xihe yew ended 31 August 2025 REVIEW OF PERFORMANCE AND ACHIEVEMEpifs FOR THE YEAR oP￿atIonal Perfomiance The policy of th8 charitable company ts to achieve a hrgh standar(F of le￿ning wiihin a safe, happy, ¢aring and Slimulaling environment. The SC￿01 aims to develop th8 particular aptitudes of all pupils and help them to fulfil their potential. The school has high levels of expectatA)n and ensures that appropriate ¢hallenges are Set across a wide curriculum. Staff appraise curricjjlurn content arKI leaching methods on a regular basi4 lo ensu￿ a continued high quality of education. We have been able to offer 15 subjecls at GCSE from September 2022. Achigvgmgnt8 Our ffirsl GCSES werts Sat in SUMM￿ 2023. Thirteen pupils sal exams, 3 We￿ in native larKJuag&s and Ihe others were the Religious Studies (RS) c￿rge undertaken *rytlyn ses￿ons. We conducted a successful round of ¥th￿arship assessments. wherein both intemal arKI exl8mal applicants were awarded scholarships f(￿ the U￿)ming year. T￿0 awards encompassed 3 &ademic awards. 3 art awards. 2 sport award5. 2 swimming awards. one music award and one drama award. The achievements of our current scholars were celebrated during the inaugural schofarship dinner hosted this year. accompaThed by enhanced offerings within each resk*clive scholarship area thr(wh visits and trips. The Leaming Support Team has oversight of 15% of pupils with diagnosed or undiagnosed tearning needs and dis8bililies. Their needs are Var￿ and i￿lUde Wexia. DCD -Dyswaxia. ttyscalculia, ADHD. ASD, Executive Functioning, Hearing Impairment. Speech. Language & Communut￿n needs. and Sockgl Emotional & Mental Health needs. The Special Educalional Needs and Disability Register is a working drKument and $ubject lo change as we learn mrye about dtfferenl conditK)ns and suppcvt strategi8s indiv￿ual pupils. There are now dedicated Special Edu¢atwal Needs c(￿inal0rs fw both Juniors arKI Seniors. Provision for SEN can take sevwal fomis and is part of a ￿aduated apwoach. Quality First Teachlng (QFT) is the benchmark and is available to all wpils.. Wave 1- The first step when a pupil is making less wwess Ihan exrrtled sh￿Id be high quality teaching targeted at their areas of weakness or dIff￿ulty. This is Ordinarity Available Provish)n aThl is the range of a¢livilies, opportunitw aTrJ strategies that are offered by the class leactw Isufy'ect teacher) as basic wod praCt￿e lo meet a rarvJe of a(klitional need5, Without the r*ed for a f4xm* diagnosis or $peGialist suppcffl. Wave 2- Where pupils continue to lack progress, interventions are planned. implem8nled. and reviewed by the class (subject) teacher, following the assess. plan. do. review cyde. TeachiThJ Assistants (TAS} and Higher Level Tea¢hing Assistants {HLTAs) may be used frK small gr￿P interventions. Teachers may also request support from the Emotiona LileTacy Supwt Assistsrts {ELSAs). Wave 3- Where continue lo la(a( wcffjress 1.1 supwt may be required from TAS, HLTAs. ELSAS or Specialist Te&hws. The School and or parents may neeii to seek support from ext&nal specialist$ or agenci￿. Wave 4- Where an Educational and Health Care Needs Assessment (EHCNAI has been requested for a pupils, from the Local AUt￿rity. or where and Educalion Health Care Plan (EHCP) has been granted. There is Th) additional chargg lo the pwents for this supr•yt. We also offer sorne EAL Fyovision although it should be noterj that speakirvJ English as an a(Iditional language is not a special educational need. Just over ￿ of pupils have English as an AAJdilional Language. Juniors also learnt about Di￿￿11 creating drforatts)rts home aThJ Year 6 part￿pated in a Dbvrali dance workshop, creating a dance routine to Sh￿ ts story of the Ramayana. In November. Year 3 and 5 participated in workshops linking lo their RS topic of Judaism- a Rabbi came a￿1 shared lots of interesting information about his falth. refiecting on other religons in an engagiNJ *KI fascinating session. PSHE is taught across the whole sdKM)I within tutor groups with pupils (xjming together for Specif￿ topic$ and extemal speakers. HwJhlights have I￿luded Yèar 7 visiting Wokintham Town Hall to uThlefStand British Valu85 Crosfields School Trust Umited REPORTOFTHE GOVERN(IRS For the yew en(led 31 Au8usl 1023 arKI Oemocr2cy: author Emity Gale discussing her book-mighty Maurice- whth focuses on topics such as bullying and fitting in wth Year 1" a workstKfyp on emotional resilience by a counsellor and hypnotherapist for Year 5 pupils:18unch of the PSHE&ME Podcast and Crosfields Spotify aCL￿nt featuring various topics such a$ sleep health and anxiety during exams,. Holocaust Memorial Day Collect as a (xJIminat￿n of "celebrating drfteren¢e$" learning and a Holocaust survwor tslking to Year 9 PUFils. provKling them wlh a fwslhand account and deeper understanding of the effects of discrimination.. Yew 8 visiting local Pl￿ of Worship to understand drfferenl Jllures and CND gave a I￿k to Year 9 pupils where they learnt ab(MJl their roles arKI responsibilities as global lizen5. including advocating for peace and participating in non-violent actNlsm. We have just complel8d our Soclal. Moral. Social aTrJ Cultural {SMSC) audil WKI awlied the SMSC qualty rnwK c#Jrrenlty we aro al the Silver level. Music has Continued to feature in lrfe al Crosfiekl$ with ￿mer￿S corwts. [￿O￿anCeS, cantatas aTh showcases. Year 6 participated in the Young Volos event at the 02 in London wh￿st a group of senitir musicians un(Jertook a ttyjr lo Liverwd and Chester and entertained aUdIer￿e5 with their performances. Six choirs sang al the Woodley FestNal and mUlti￿e (*rtrficates, medds and trophies for Speeth, drama. dance, singing and instrumental were won. We had two finalists in the ISA Yourvj Musician of the Year Competition and over 100 successful entries in the Associated Bowd of MUS￿ examinat￿8. The Seniors perf0rrna￿ was a trernendous 3 nighl event in Marth - 'Chitty Chiity Bang Bang. whi¢h involved 80 senior pupils on and off stage. Pupils also enpyed success in the ISA Shakespeare MoTr)logue Competition. In JUn￿s. class perf0mlan￿5 Years 3 10 6 were the precursor to the much4auded production- Keyma51er- in June. Inler-house competit(￿s, Crosfields, Gol Talent JKI th8 Staff Panto ensured everyone had the opportunity lo get involved. In the Juniors. pupils have been exF4oring their academr and creative interests with success in a varSety of ISA ompetr(ion5 including Art (2nd place nationally). Corn￿ Strip. P(*ty. Essay and STEAM. A Maths Week was held where Maths Iruly took over aThJ lessons saw escaFe rooms. the house Maths trail. house Maths relay. puzzles, games and a whcAe hosl of interesting and engagiThJ tasks. Pupils also undertook the Primary Maths Challenge with 7 pupits achieving gold, 21 silver arKf 27 bronze. A team of budding science quizzers made il through lo the national finals. Year 6 completed the CREST Discovery Award working in groups lo design and present a housemd product that uses machine leaming. Pupils in Year 3- 6 also took part in the fiendishly tricky UK Bebras computing ChaI￿nge Ihal Introdu￿ comrthb'onal thinking. Each participant answered questions on compulational thinking and10gb¢4 reasoniw aKI 8 pupils made rt thiough to the Oxford Universlty Computing Challenge. In Art. we have inciyporaled more texliles ￿t0 the (xwrKwlum. and have purchased a printiro press wh￿h has enabled us to offer dry point etching as part of the GCSE (wrr￿lum. and as an activity. Along with Drama and Muslc. we have inlroduced the- ActNe Arts. group made up of scholars wthin the arts. and art ambassadors. Active Arts publishe$ a lernily newsletter. The art exhibitM)n displaying work from pupils in Nursery It￿0Ugh to Year 10 continues to be a huge success with over 300 peop￿ attendiwJ. The Gane5 programme cortsist$ of nryby. footbail aThl tws). nett)all. hrKkey (girls and boys) and cri¢kel {girls and boys) with fixtures also in cross wnty, basketball, badminton. tennis an(f athletics. PE lessons continue lo underpin movement development in the pre-pyep and the (#Jrrm￿lum from Year 3-9 includes handball, basketball, gymnastic, shorts tennis, badminton, dance. cyoss-county. health related fitness and alhletl¢s. Year 10 puplls in the GCSE PE prograrn￿ have a￿e$S lo facilities and res¢yJrces such as a Veo camera to analyse perf￿manCe and the strength aThJ condit￿nIng area lo improve understarKliTrJ of condilionirwJ arnl physiologic deveiopment to imwove perf￿mance. In the Autumn lemi 2022 alone thtre were 178 fcotball f￿￿e$. 171 tsxkey fixtures. 30 netball fixtures. 29 wgby rixlures. In 2023, Year 3&4 Cricket was completely c(ped whth saw considerable development of individuals, particularly gids. compared with runniThJ single-gender coaching and teams. Further up the sctb)ol. Girls. A-leam Under 15, Under 13, Undef 11 aThJ Under 10 teams all regulady pLay￿1 'hard-ball'. wilh mcffe able girls playing in boys teams when approwiale. lo enable them to participale against more experienced opposition. The provision and opportunity for tennis has started to grryw in the schos. with all pupils from Year 7-10 gNen an tsp1￿n lo play tennis instead of cricket in the Summer. This resulted in Thmxe tennis fLXtures arNJ the inlri>duction of 'Pickleball' as an accessible option for pupwls ne4V to lennis. Crosfields School Trust Llmited For the year eNled 31 Auius12023 HI￿lIghts of the year indude: U11 ISA Gifl$' Hrxkey Tournament- Won bowl competition. U11A Football team made it thrwgh the group stages of the ISFA arnl iAPS tournaments. U13A Rugby team won the Paptd•Mck Un¢Jer 13 Tournament U11A Rugby team had an unbeaten season. U11 arKI U13 Netball ISA National Finalists. U13 leaffl finished 7th nationally. Five pupils quaIrf￿￿ for the ISA Nath)nal Cross£(KJntry Finals wilh one 3rd and one 4th place. One Year 10 girl selected for the U15 Republr of Ireland Netball team. U13 Gids Football team reached the quarter-final of the EFSA National U13 Cup. U13 Boys Cricket reached the 5effli-fin￿ of the C(yJnty Cup. 9 girls and 7 tr￿ys involved in Berkshire Crtcket pathway. 6 11 Girts represented the County in Crtht. U16 girls Athletics team come 2nd in the Reading Leawe comwilion. S pupils qualified to wnpete al ISA Naliorwl Athletics. ach￿ing 1 x Gdd. 2 x Silver. 1 x Bronze nationally. 8 pupils through to the Nati(Kpl Prep SclK)ols Atrdetrs finals achieving 1 x Slver. 1 x Bronze. 1 x 4th pl￿ national￿. 4 senior puiils seleded to compete at Berkshire Sch¢y)Is County Athleli¢5 Champlonships and one Selected lo rewesent Berkshire al English s￿￿15 Championships Crosfields has developed a strong repUtat￿n f(K swimmiThJ and weekty timetaNed less(ms for over 550 children and swim teams from Years 3- 10 taking part in inter-sc￿l aThJ natM)nal compelilion5. Our swimmers were finalists in both the LAPS and ISA competitions. Swmming has also been offered as part of our wellbeing programme for pupils with exam anxigty and members of staff. Forest School provides Outd￿ e. Total income showed 18% grcy4Vth from 2021-22 reflectiro the additbjnal Year 10. This was ahead of the planned budget as a result of additional pupils and improved perfornia￿e in other instreams. Expenditure was £68k above budget but given the ecorM)mic stresses in-yew, this was vAthin an a￿eptable tolerance. Aslde from the rKYmal levels of expenditure, the Schr￿ has finalised the t)evelopment Loan fxility offered by Lloyds Bank to help fund the development of the senior sehcd building and enabling works. The final drawdown in December 2022 Ixoughl the total brKrowings to £8.5(KJk and b0051ed cash ￿dIng$. Repayment is on inlere$t only terms until December 2024. Nomial capilal expenditure ICAPEX) was £159k {2022 - £126k) and relates lo IT replacements and enhancements: refurbishment of a residential woperty- Goodresl and fire alami upgrades. P16 related CAPEX was £373k and induded s278 works at Ihe s￿￿ entrances,. the eslablishmenl of The C¢yJtyard classrooms and creatK)n of a new Junior Library. The number of thildren in the sclKoI I￿reaSed in the fina￿la1 yw lo ￿ average of 7C6 (2022 - 6381. The total number of wplls enrolled at the Start of the current year vras 779. The s(*ooi has a wholty owned tradiThJ $ub3Kliary, Crosfidds Enttswtses Ltd. through whth r￿)n￿aritable activities are undertaken. The surplus generated from the trajing &)mpany is gift aided back to the school. The value of the gift aid donation for 2022-2023 is £90k {2022- £￿) Reserves Pollcy Al 31 August 2023. thè school's unreslricied funds at Ihe end of Ihe year were £7.547k {2022 - £8,497k). The policy of the govwnors is lo use revenue Sur[￿use9 and borrowirvJs to invest arbd improve educational provision. pastoral care and the scho(￿'S facilities. Thi8 has been demonstrated in recent years with the development of the P16 project and will contnue to be tho overal aim moviThJ fcThard. The finances, budgets and spend are regulwly rev1th￿d at the FN)ance and operat￿S. P16 Programme Board (dissdved May 23) Bo¥d of Govern(￿. meeliros. Cash balances and an over(Iraft facilty provide sUff￿lent 12 Crosfields School Trust Limited REPORTOF THE GOVER140RS For the year ended 31 Aulust 2023 working capital requirement lo meet Il* thl's finarKial commitments and il is ant￿ipated that ongoing activities 11 provide a modest level of reserrfes for future investment and repayment of the bank loan. Governors recognise free reserves as being the reserves of the schwl after deducting fixed assets and any restricted funds. On thls basis there is a deficit of free reserves of £13.187M 12022.. £12.340M ). Similar to many independent schools. there has been significant investment in fixed assets resulting in this p0S￿on. Rlsk Managemont The Board of Governors conducts regular reviw of maior risks to the Scfvj￿ and its activitios, focusing on those risks ￿lch may affect the charitatde company s viability ar¥J re￿Iat￿n. The Board i% keeping aiwsl of developments Ihrtsjgh the AsS￿latIOnS and is ensuring Ihal its longer term strategic and financial planni includes the loss of mandatory b￿nesS rate retief and ￿ imposition of VAT on school fees under a hjlure LaLM)ur govemmenl. Work is being carried out lo understaThJ the nel impact and lo explore possibl8 mitigation options. Fee affordability remains a priority for the 8o*d. to this will be comrThJnicath)n with parents and engag8ment of politica and educational influencers. Pupil recruitment has previOu￿Y been a critical risk as sckyjl expand￿1 into the senior years. The conlinued growth in Years 7- 11 has been above exk*dations aThJ overall puiyl numbers are strong even with economic and political pressures elsewhere. Nonetheless. we are caulicMJs as recruitment into the Pre-prep continues to bo more chaifenging. A falling birthrale and very good stale w0vis￿n locally are und￿bledIY f￿lOrS but with un¢grtainty arouThl the future political impacts on independent schools. many faMil￿S may delay their decision lo join until later in I￿r ¢hild's educath)n. Inflationary wessures required subslanlid irKfeases in Iwdgets for 202>24 pathularly wilh ryd to slaff Costs, food and travel. Although a new ￿ conlracl alleviated the worst of last year's kX)SitK)n. thg required budget is still considerabty ahead of hist￿¢ nLvms. We c4)ntinue lo exercise caution to ensure pricing 15 competitive and that expenditure is kept under control. Th8 future risk of subslantid inc¥eases ￿ employer (xtrnlriLxrtIo￿ lo teachers, FenS￿nS has been on Ihe Boar4J's agenda for the past 4 years. The Board openeij a slaff consultation in October 2021 to look at the viability of continued membership versus an attemative proviS￿n aThJ rexhed an agreement with le￿her$ to withdraw from membershlp of Teachers penS￿n Scheme on 1 SepteM￿r 2023. The retirement of the last aclNe member of The Pension$ Trust schemed triggwed a debt on wthdrawdl as reflected in the accounts- see Nole 20. However. we have now enrolled 4 members into the Defin&J Contril)ulion scheme to miligale against Ihe immediate payment of the debL Golng Concem The Finarte Committee on behaff of the Bwd revi6w tr* schrxA's oNJoing frKecasts aThl profrclions on a lermly basis to ensure that il remains financiaily viable. The forecast for the year shows a deficit of £415.985 but in terms of cash generation, the EBITDA is £985.219 whth enat￿eS us to make the necessary interest repayments on the bank loan. There are a number of areas where we hope lo cla•V back savings during the course of the year lo reduce the overall defficit. We are nonetheiess in a strong p)silNe cash position a￿1 our forecasts show this lo remain for the Going Concem period up to 31 January 2025 aThJ ￿e￿d. On this basis. ¢ash-flow projections for fijlure years in(lThte that the school w￿1 be able to meet ils liabilit￿ as they fall due from within current banking facilities. Governors review the ongoing risks on a temily basis- see Rk%k Management. Costs increasing beyond the Contr￿ of the schwl and the imposilKJn of VAT are the primary concems. Govemors and the Senior Leadership Team are exploring the imp&t of future charoes to ensure that school fees remain affordable for families and the financial model is sustsinable without detriment lo educatK)n. pastoral or support. school is maintaining dose relationship with the Bank to ensure that there is cornwnon understandiNJ regardiThJ th8 financial position of the Iwsiness. A5 such, governors remain salisf*d thal the school can continua operating for Ihe fC￿e$eeab1e future a￿1 Jnls have been pvepared in the knowledge that the Sc￿1 is a financially vk9ble orgaftisat￿. The s¥)vernors have reviewed accounts. financial modd. fubjre plans and r￿kS and are confKlent that the charity 18 a going conl￿. 13 Crosfields School Trust Llmfted REPORT OF ￿ GOVERNORS For the year ended 31 Au8USt 2023 GOVERNORS RESPONSIBILMES The govemors (who are also dwectors of Crosfields Schx4 Trust Limited f(ff Ihe purposes of Company law) are responsible for preparing the strateg￿ Report. the Rewl of Ihe Govemors and the financial Statements in accordance with applicable and Unite(l Kiwom A¢cwntiTrJ Slandwds (United Kingdom Generally Accepted Accounting Practice). Company law requires the goverrKJrs to wepare financial ststements for each financk4 year that give a true and fair view of the charrtable coMpa￿S state of affairs and of its incoming resources and applulion of resouTces, including income and expendriure. f(Y the fina￿al year. In preparirwj those financial gtalements, the governors e wuired to: Select suitable accounting pdicies and apply them consistently. Observe the melhThJs and princitAes in the Charrlies SORP. Make judgements and eslimates that are reasonable aThJ prudent. State whether applicable acc(MJnting stsndards have been folltrwed. subpct to any material dep￿tureS disdosed and explained in the financial stslements. Prepare the financial statements on the going concern basks ￿￿esS il 15 inwropriale to presume that the charitable company will continue to operale. The governors are responsible for maintainiThJ woper accounling records which disclose with reasonab accurw at any time the financial position of the tharitable company and to enable them lo ensure Ihal the firTrancral statements comply wth the Companies Act 21x￿. The governors are also responsible for safeguarding the assels of the charitable I￿r￿, and herte fty takiThJ reasonable steps for the prevention and detection of fraud and other irregularities. The governors confimi that they have complied with the duty in section 17 (5) of the Charities Act 2011 to have due regard to the Charity Commission's general guKlartt on publ￿ benefit. The 9ovemors have referred lo the guidance in the Charty's Commi8sion general gu¥Jan￿ on Public Benefft when reviewing the school's aims and objectives and in planning the Sch(￿.5 future activities. In pwlKulw. the govern￿ have considered h)w planned acltvilies will conlribule to the aims a￿1 obiectNes they have sel. The governors (￿nfIrM that so far as they are aware. there 1$ no relevant audit infomiation of which the charitable company's auditors are unayrare. They have taken all the steps that Ihey ought lo have taken as governors in order to make themselves aware of any relevant audit infonr￿¢1on and to establish that the charitable company's auditors are awaie of that inf(wmation." Approved by th? Ji.1.ts24 of Govefnoys on ..................... and on their b8halfty.- C Bradf￿1 Governors 14 Crosfields School Trust Limited Report ofthe Independent Auditws to the Governors of Crosllth Sthool Trust Umlted Oplnlon on financlal ststomonts We have audited the financial slalements of Cr05fiekJs Sctrbjol Tft￿l Llmiled (Ihe Parent C￿rtable Company.) an¢Y ils subsidiary Ilhe Group"} for the year ended 31 August 2023 whth comprise the Consolidated Statement of Financial Activities (Incorporating an Income & Expenditure Account). the Consolidated Statement of Financial Position, the Company Statement of Finanual POsit￿n. the ConsolKlaled Statement of Cashflows and notes to the finanrial statements. including a summary of sHJnificant accounting rdicios. The financial reporting framework that has been apFlied in th*r preparation is ap[l￿able law and Uniw KirMJdom Acccwnling Standards, induding Financial Reporting Standard 102 The Financial RepcfftiryJ sta￿ard applKable in the UK and Republic of Ireland (United Kingdom Generdly Accepted ktountlng Practice}. In ow opinion the f￿anCIal statements: give a true and fair view of the slate of the Gn)up's and of the Parent Charitable Companls affairs as al 31 August 2023 and of the Group's nel movement in funds, induding income and expendilure and the Parent Charitable Company's income and expenditure for the year then ended: have been properly wepared in a￿Ndan¢0 the United KI￿d0M Genwaty Ac£epted Ac¢>Junting PraclKe' and have been woperly prepared in ￿rdar￿ wilh the Companies Act 2CK)6. Bas18 for opinion We conducted our audit in acc(Kdarts with Inlemationd Slan(Jards on AUdi￿n9 {UK) (ISAS (UK)) and applicable law. Our reskN)nsibililies undw lts)se standwds are further described in Ihe Audttorfs responsibilities for the audit of the financial statements section of our report. We are independeftl of the Grc4Jp and the Parent CharitatAe Company in accordance with the ethical requirefflenls relevant to our audit of the financial stalemenls in the UK. Ir￿luding the FRC'S Ethical S¢arKlard, and we have fuffilled our other ethical responsibilities in accordance wlth these requirements. We belwe thal the audtt evIder￿e we have obtained is sufficient and appropriate lo provide a basis fc* our opinion. Concluslons relatlng to going concem In auditlng the fInar￿la1 statements. we have Lwluded that the trustees. use of Ihe goirvJ concem basis of accounting in the preparation of the financial statements (a5 explained by the trustees on pages 15, 16 and 23} 1$ 8pwowate. Based on the work we have performed. we have not identrfied any material Uncertaint￿ relating to events or conditions that. individually or c￿lectIV￿y. may cast Signif￿nt doubl ¢)n the Group's and of the Parent Charitable Company's ability to eonlinue as a goirKJ o)ncern for a pemd of al least iwetve months from when the financial statements are &Jlhorised for issu8. Our reswnsibililies and the res[￿sIbilItieS of the trustees with resp￿ to going concern are described in the relevant sectsons of this report. Other Infom)atlon The governors are respon$itAe for the Ott￿ information. The other infomialion cl￿PriseS tho information included in the Report of the GOvemc￿s, other than the financial statements and our audit￿¥ repyl thereon. Our opinion on the firk9ncial statements does rK)I cover the other informatM)n aThJ. except to the extent otherwise eXPl￿111Y stated in our report. we do not exwess any fomi of assurance condusion Ihereon. 15 Crosfields Sthool Trust Limited Report olihe Ind¢w￿ent Audltorto the G¢)Ven￿ ofcrosflelds Sthool Trust Umlted (contlnuedj In connection wth our audit of the finan(ial statements. our responsibility is lo read the other infornialion and. in doing so. consider whether the other inf(mtion is malerialty irthnsislenl with the financial slalements or our k)N)wledge obtained in the audit or otherwise appears to be materially misstated. If we idenlfy such material ir￿nSisten¢￿S or apparent material misstatemenls. we are requred to determine whether there is a materia misslatement in the financial statements or a material mksstalement of the other infrymatson. If. based on the work we have perf(ymed. we conclude thal there is a material mi5ststement of this other informatM)n, we are rewired to report that fact. We have nothing lo repyt in this reg*d. Oplnion8 on othor mattgrs prescrlbed by the Compan188 A¢t 2006 In our opinion. based on the th undertaken in Ihe cowse of the audil: the information given in Ihe Report of the Govemors. Wtiich Ir￿ude3 the Directors, Report and the Straleglc Report prepared for the purposes of Company Law. for the finartial yearfor which the financial statements are p￿Pared is consislenl th the finar￿tal stalements; and the Strategic Report and the Direclors. Rewt. which are induded in the Report of the Govemors. have been prepared in ￿dance with applicat￿8 legd requirements. MattOf5 on whlch we are r•qulrod to report by exception In the light of the knoYAedge and undwstaTrJlng of Ihe Gr(¥up aThJ the Parent Charitable Company and its environment obtained in the course of the awjrt we have rnt identrftd material misstateM￿t in thfj Strateg Report or the Report of the GoveffM)rs. We have nothing to reFhJrt in respecl of the fo11ty4ving rnatters where the Companies Act 2006 requlres us lo report to you if, in our opinK>n= adequale and suffKienl 8￿nting reecKds have not t*en kept by the Parent Charitable Company, or retums adequate for our audil have not been received from bra￿he5 not visited by us,. or the pa￿nI charita1￿8 Company financial statements we rM)t in aweement with the xoxjnting records and retums.. or certaln disctosures of govemots. remunerat￿ spthd by law we rK>t made: or we have not received all the ￿f¢￿tion aTrJ explanatiorts ￿ require for our audit. Responslbllltl•s of governors As explained m¢xe fully in the govemtys. responsitAlili8s slatement set out on page 14. th8 govemor5 (who are also the directors of the charitable company fry the purFX)se of company are responsible for the preparation of the financial statements and for b8ing Satisf￿ that ￿Y give a true and fair view. arKI for such internal control as the governors determine is necessary lo enaNe the weparalion of fina￿ra1 stalemenls that are free from material misstatement. whether due lo fr￿d or erryY. In preparing the fInar￿la1 slatemenls, th8 governors are responsible for assessing the Group's and the Parent charitable companWs ability to ¢ontinue as a going cort￿. disdosing, as applicabl&. matters related lo going concern and using the gcmng concem basis of accounting unless the govemors either intend lo liquidate the Group's and the Parent CtwIta￿e compary w lo cease operat￿, c* have no realistic altemthe but to do so. 16 Crosfields School Trust Limited Report ofihe Indep*￿rt Audltor tothe Go¥errws of Cr05fields School Trust LlmSted (contthuedj Audltorfs rnsponslbllhles for thg audlt of the flnandal ststements Our objectives are to obtain reasonabie assurance about W￿ther the financial slatemenls as a bthole we free from material misstatement. whether due lo fraud or error. and to issue an audit￿.8 report that indudes oJr opinion. Reasonable assurance i% a high level of assurance, tmjt is not a guardntee thal an audit wnducted in accordance wilh ISAS (UK) will always delect a material misstatement when il exists. Mksstalements Can arise from fraud or error and are consKlered material rf. iThJividually ry in the aggregate. could reasonably be expected to infiuence the ec>)nomi¢ decisions of users taken on the basis of these finarrial stalem8nls. Irregularities. Includi￿ fraud. are instances of Th)n-coM￿trarK* with laws arKI regulatK)ng. We design procedures in linewilh ojr responsibilities. oullined at#)ve. lo delecl material misstatements in respect of irregularities, including fraud. The extenl to whth ow procalures are capable of det&tirvJ irregularFt*s. Ir￿uding fraud is detailed below.. Based on ￿1r underslarKling of the chariLqble o)mpany and industy. we KlenIrf￿d that the principal risks of non- mpliance with laws aThJ regulations, company law and charity law aOicable in ErvJland and Wales. and we o)nsidered the extent lo whth non00m￿lance mKJht have a materia effect on the financial stalemenls. We also considered those laws and regulations that have a direct impact on the preparation of the finan¢k41 statements such as the Companies Act 2006. Charities Act 2011 payroll tax and sales tax. We evaluated management's incentives and opp￿tUnItieS for fraudulent manipulation of th8 financial statements {inGluding the risk of override of contrds) and determined that the winrypal rBks were ￿lated lo man￿ement bias in accounting estimates. Audit wocedures perfomeil by the e￿agement team induded: Inspedion of correspondence with regU￿1(￿S and lax aulhcwities," Discussions with marwent induding consideration of kn￿ (K suspected mstan￿3 of rKKthmpliance vthh laws and regulatK)n and fraud: Review of minutes of meetings.. Evaluating management's controls desMJned lo menl arKI detect Irregu￿111&$", Identifying and lesling I￿rnalS.. arKI Challenging assumptions aTrJ judgements made by managemnl in t1*ir￿1t1CaI ￿coUntIr*j estimates s￿h as fee debtor provision and deFYeuation. Be¢ause of the inherent limitations of an audiL there i% a risk that we wil not detect all irregularities, induding ihose leading to a material misstatement in Ihefinancial statements or Tr)n-c0mplia￿ with regulatM)n. This risk increases the more that CoM￿lanCe with a law or regulation is removed from the events and transactions refiecled in the financial statements. as we will b8 less likely lo become aware of instarKes of non-compllance. The risk is also greater regarding irregularities occurring due lo fraLKI rather than errry. as fraud invdves Intent￿ concealmenL forgery. collusion, omission or misrepresentstw)n. A further description of our Tr5ponsib￿1tieS for the audit of the financial stalemenls is located on the Financial Reporting Counryl's webstte al.. wvAv.frc. .ukJaudilorsres rerxxt. sibilit￿s. Thi5 description forms part of our audilorfs Use of our report This report 1$ made soleFy to the Charitable Compan￿5 memb8rs. as a tr￿y. in acc(Ydance wth Chapter 3 of Part 16 of the Companies Act 2CKJ6. Cxjr audit work has twn uThJertaken 50 Ihal we might state to the ChaTitable Company's mefflbers Ihose matters we are required to state lo them in an audiloes report and for no other purpose. To the fullest extent permitted by Lqw. we do not ac**pl or assume responsIb￿rtY lo anyone other than the Charitable Compary and the Charitable Compan￿5 members as a body. for ow atmlit work, f(Y this report. or for the opinions we have fomied. Vikram Sandhu (Senior Statutory Auditor) for and on behalf of Haysmacintyre LLP. statulory audilor 10 1)Jeen Street Place. Lond￿. EC4R 1AG. United Kingdom Date: 14 Febnwy 2024 17 Crosflelds School Trust Limited CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES {In¢orporatlng an Income & Expendlture Account) For the y•ar ended 31 August 2023 General funds Rgstrfcted funds Total 2023 Total 2022 Incomo from: Donations and legacies Charitable activities Fees receivable Ancillary income Other Irading activilles Income from Iradlng activities Rents and lettings 767 10,396,318 488,700 10,396,318 488,700 g.OQ7,424 238,170 317,724 29.464 317,724 29,464 275.328 15.784 Total Income 11,232,206 11,232,206 9,537.473 Expgndlture on.. Charitable activities 7,19 11,954,736 11.954,736 9,517,413 Cost of raising funds 216 216 2,398 Costs of trading a¢tlvilies 227,337 22f,337 176,477 Total oxpendlluro 12,182,289 12,182,289 9,696,288 Not {•xpendftur8yincome 1950,083) {950,083} 1158,815) Net mov•mgnt In funds {950,0831 1950.083) {158.81 S) Totsi fvnds brought forward 8.493,054 4,145 8,497.199 8,656.014 Total funds ¢arrled forward 19 7,542,971 4.145 7,547,116 8,497,199 The amounts relate lo conllnulng activilias. All gains and losses recognised in the year are included in the statement of financial activilies. A comparaltve Stslemenl of FSnancial Activities has been included in note 23. The notes on pages 21 to 41 fomi part of thes& accounts. 18 Crosfields School Trust Limited CONSOUDATED AND COMPANY STATEMEKf OF FINANCIAL POSITION At 31 August 2023 Raglstered number 00584278 Group 2023 Group 2022 Charlty 2023 Note Charlty 2022 Flxèd assets Tangible fixed assets Investments in subsidiar 10 11 16.589.133 16.687.725 16.589,133 16.687,725 16,589,134 16,687.726 16,589.134 16,687.726 Current assets Stocks Debtors Cash al ba￿ and in hand 711 445.937 1.545,793 712 498,127 1,497.057 347 352.769 450,021 12 305.960 498.672 1.992.441 804.978 1.995.896 803,137 Credltorn: amounts falling due wtthln one year 13 (2.758,8731 (2.384.892) (2.762.327> <2.383.050) Not current liabilitles (766.432) {1.579.914) {766.4311 (1.579.913) Total assets loss Gurrent Ilablllties 15,822.702 15.107.812 15,822.703 15,107,813 Credltoys: amounts falling due after more than one yéar 14 (8.275,586) (6.610,613) {8.275.586> 16.610,613} Nel a88els 7.547.116 8.497.199 7.547,117 8.497,200 Funds Unrestrlcted funds G8neral funds Restricted funds 19 19 7.542.971 4.145 8.493,054 4,145 7.542.972 4,145 8.493,055 4,145 7,547.116 8.497.199 7.547.117 8.497.200 The charitable c￿nPanY has taken advantage of secbon 408 of ￿ Comp8ni6g Act 2C(16 not to publish its Statement of F. the year was ancial Activities. The pareni compa￿5 n8t deficit for the yearwas £1950.083) (2022 net deficit for 1158,815). The financi Trust Lim talements were apwoved and aulhLMsed for issue by the Bo*d of Governors of Crosfields School Si...i.,..ia*fr......... and signed on their behaf ty. CBr Ch The notes on pages 21 to 41 form part of these axojnts. 19 Crosfields School Trust Limited CONSOUDATED STATEMENT OF CASHFLOWS For thè y•ar end•d 31 August 2023 Group 2023 Group 2022 Notè Net income for the repwting pwiod {as per the Statement of Financi21 Activiltes) Adjuslmenls for: Depreciation of tanglI￿e r￿ed assets Loss on disposal of lan9ible fixed assets Interest payable Ilncreas8) in stock Ilncrease) in debtors Increasel{decrease) in Creditors (Decrease) in pension def￿1t (#)ntributh)n Ikgbilty (950.085) (158,8151 674.345 1315} 483.408 13661 (139.9771 510.013 15.3%) 642.288 38.178 177,549 1214) {26.466) 1541.125) (3.799) 13 Cash gonerated from operatlons 571.627 127.596 Cash Ilowy from investlng actlvltl•s Purchase of langit4e fixed assets 10 {575,439) 11,565,635) Not ¢ash used In Investlng activities (575.439) 11.565,6351 Cash flows from financing acllviti•s New bank loan Interest paid 1.534.342 1483.4081 1.677.993 1177.5491 Not from flnanclng actlvhies 1.050.934 1,500,444 Increase in cash ar¥J cash equivaents in the y 1.047,121 62,405 Cash and cash equNdents at the ￿31￿￿1r￿j of the year 498.672 436.267 Total cash and cash oqulvalents al the end of the yoar 1.545.793 498.672 Relatlng: Bank balances included in Gash at bank a￿1 in haThl 21 1,545,793 498,672 1.545.793 498.672 The notes ¢)n pages 21 to 41 form part of these acoxjnts. Crosfields School Trust Limited NOTES TO THE FINANCIAL STATEMENTS For thè yoar •nded 31 August 2023 A¢¢ountlng policies Company sLItus Crosfields School Trust Limited {Ihe Companf) B a tKf4ale compary limited by guarantee, incorwaled in England and Wales undw the Companies Act 2￿. The address of the Company's re9islered office and prlncipal rAace of business is CrOsf￿1￿S School. Shinfield Road. ShinfEkl. Reading. RG2 9BL. The members of th8 Company are the govemors. The Company number aTrJ members of the Company are named on page Ba818 of preparation The financial slalements have been wepared in aC0)rdar￿ with Acc￿nti￿ and Reporting by Charities: Siatefflenl of Recommended PraCt￿e aFWuble lo charities preparing their aceLKJnts in accordance viilh the Financial Reporting Standard applicatje in the UK and RepublK of Ireland {FRS 102) leffeclive 1 January 2019) - Charrties SORP {FRS 1021, UK Gen*ally Accepted AcCi￿nting Prathce (UK GAAP) induding the Financial Reportir@ Standard appl￿ble in the UK and Republic c)f Irdarnl (FRS 102) and the Companies Act Assets and liabilities are initialty recogrused at hIS￿1G01 cost or Irarts%tion value unless otherwise stsled. Monetary amounts in these accounts aTr rounded to the rtsaTesl £ exr*pt where Ot￿rWIse induled. Golng con¢¢rn grwp has nel t)Jrrent liabiliti8s of £766,432 (2022.. £1,579,913) at thg Statement of Financial Positlon date. The year ended 31 August 2023 gave rise lo a net reduc1￿ in funds of £(813.481). The deficit was largely anlicipaled given the continued investment in up9￿11r￿j faciltties for the Senior School and increased staffing numbers to acixJmm¢>Jate the addit￿n￿ senior years. The latter was nec*ssary even though Year 11 was not esta￿1Shed until September 2023. The full drav*knm of the bank loan occurred in December 2022 bul rising interest rates resulted in increased repayments through the year. Other pr8ssures such as the cost of utililies. food and other res(NJrces put some p￿Ssure on the (￿lCoMe. Nonetheless, the school's finances were able to shwlder these twjrdens and forecasls have been adjusted to reflect the longer term impacl. In considering whelheT the going corwn basis L% appropriate. the governors have considered the Surplus and cash-fkm projeclions wepared for fvlure years. These indicate thal the charilable company will be able to me8t its liabilities as they fall due and together th arrarKJemenls with their bankers forecast that the charitable company ￿11 be al￿8 lo operate wlhin the facilities currenty availab￿. The govemrys have no reason to beli8ve the txyrent f*ilities will tx)t be ¢ont¥iued and confirm Ihal they are Satisf￿ there is no malwial uncertainty as lo the going coneem stalus of the charitable company for the period of the going concem assessmenl made. Accor(lirvJly. they continue lo adopt the going concern basis in preparing the fInar￿la1 statements as outlined in the statement of govemors, responsibilities. In making the assessment. the governors (￿nfim1 Ihat Ilw have consKlered a ￿1{*￿ to 31 January 2025. With regard to the current acc(xJnbng the year endi￿ 31 August 2024. 2 deficit is expe¢led as per the long term projections undertaken al the cMJtset of Project 16. Nonetheless. all necessary actions are being taken lo minimise this and lo ensure thal this is the tumaround point in th8 school's longer temi financial position. In SUPkMIrt of Ihe going ￿nCern assessmenL the ￿ern￿$ have considered a range of different scenarios which consider the key variat￿e$ such as pupil numbers. salary costs. energy costs, other impacts of inflation and interest rale$. In doing so. the govemors are satisfied that the forecasts provide them with a reasonable basis lo conclude that the charitable company *vll remain a goiThJ concern for the foreseeable future and lo at least 31 January 2025. The forecasts indicate that the charilable company wll be able lo operale wlhin the leThJing facilities currenuy available lo il al the first revi￿ al 31 August 2025. There are some risks under the most pessimistic modelling. This is beyond the period of the going concem assessment made. and steps are being taken lo minimise the risk of this occurrirKJ. Furthwmore, management and 9)Verr￿ LX)nfiryn that IFW are m2lntainirwJ a close 21 Crosfields School Trust Limited NOTES TO THE FINANCIAL STATEMEPnS (condnu￿j For the year onded 31 August 2023 Accountlng poliGi•s (continued) relationship vrith the Charitst￿e company's banker5 in relation lo tha frKecast rM)silKJn. On this basis the govemors confirm they are satisfth no material uncwtsinty aiises. asls of consolldation The group a(s)unts eonsdidate the accounts of cro$f￿dS Sch￿1 Trust Limited and Ils subsidiary undertaking. Crosfields School Enterprises Limited on a line by lino basis. The arwunls are made up to 31 August 2023. No separate Statement of Financial actNI1￿ or In￿Me and expendriure has been tsxesenled for the charitat￿e company alone as [￿mitted by the Companies A¢1 2006 and the Charities SORP. Th8 results of the subsbjiary undertaing ts the year are disclosed in rmjte 3 of the accounts. FRS102 allows qualifying entit* certain disdosure exemptK)ns. charity. ￿y, has taken advantsge of the gxemplions for the fdlowing disdosure requiremenL' Section 7-Slatemenl of Cash Flo￿". prnntalion of an entity only Statement of Cash Flow and wlaled notes and dis(4osures. Fund ac¢ountlng The funds of the school a￿ ￿CoUnted for as unrestricted or restricted income. in aceNd￿e with th8 terms of tNsl imposed by dotm or any appeal to which IW may have ￿$￿)rKled. General funds are unrestriGted funds that are available for use al the discretion of the governor5 in furtherance of the general objeclNes of the charilable company and have not been designated for other purF4)ses. Designated funds comprise ur￿StriCted funds tt￿t have been sel aside by the govemors for p*tiGul purposes. The aim of the designated fund is set out in the notes lo the financial statements. Investsnenl income and gairL4 are allocated to the wjpropriate fv￿1. Incom• l incoming resources are induded in the Statement of FInar￿la1 A¢lrvities when the chariiable Company ¢8 legally ent￿ed to the income and the amount can be quantified with reasonable ar))Jracy. Fees and similar Incomo Fees receivatrAe, charges for ¥ervKes and use of kyemises are ￿Counted for in period in whlch the service is provided. Fees receNable are stated after deducting all(wances. burwies and Ot￿r remissions granted by the school. Fees received for education to be pn)wded in fijture years are carried fopward as fee$ received in advance in the Statement of Financial PositK)n. These fees are released lo the Statement of Financial Actsvilies over the period in whth the provides the servKes in future years. Expend5ture Expenditure is ￿counted fty on an ￿(lUa1 basis. ExperKliture is all￿al￿d to specific activities wlthwt Ihe need fLY 2PWtionmenl. The irrecoverable element of VAT is included within the item of expense lo which it relates. Govemance costs comprise the costs of running the charilable company. 5uth as the costs of board and committee meetings. prepariThJ statutory ac(xMJnts and sabsfying public acC￿nIabilIty. Crosfields School Trust Limited NOTES TO THE FINANCIAL StATEMENTS (condnuod) For th• y•ar ￿dfjd 31 Augusl 2023 Accountlng pollcl•s {O￿tInUed) During the year. the school has revised ils anatysis of expenditure and staff numbers reporting lo refiect expendilwe more accuralety t¢tsveen approrThte ¢alegrn. Donated servlc08 Oonalgj services and faraliti6s are orfy induded as Income {v*ilh an equNalenl amount In resources expended} there the benefit to dwity reasonably quant1f￿l￿e. measurable arKI material. The value placed on these rgswrces is the estimated market value lo the charity of the serviGe or facility received. Operatlng l•as•s Rentals applicable to operating leases are charged lo ihe Stalemenl of Fina￿al A￿1vIllaS on a strah3hl line basi$ over th8 period in whth the ￿st is ir￿Tred. Tangible fixed assets and d•prnGia¢ion Expendilure on fixed assets is capitalised except for expenditure irturred on the replacement of assets of low value with a short life. Subsequent costs of repair. renovalKJn aThJ re￿acement expendtture are written off as incurred in the consolbdaled slatement of financial actriities. unless il is probable that such costs will generate future economi¢ benerts. SclYJol b¥JihJings are recorded at their histori¢d cost lo the charitable company. Depreciation is provided on all tsngible assel$, except freehold land. in tyder to wrile off their cost less residual value over their estimated useful lives at the followng annual rates: Straight lino basls Froehold property: &Jildings Artificial turf pitch" Sensory garden Fumlture, flxtures and equIpM￿tr. Tractor Comwler equipment [e￿￿allon￿) Other 12-20 years 10 15 15 Items coslirKJ less than £5,1KK) we wrillen off as an expense a5 acquired. 'The artrficial pitch is split befv￿n tt)e st￿￿ad and whth is deFYecialed over 12 years and all other items a￿ depreciated over 20 years. Investments In subsldlarles Investments in subsKJiaries are ststed at cost less any assessed impairment in the assel. Stocks Stocks are valued al the lower of cost arKI net re￿Isab￿ value. 23 Crosfields School Trust Limited NOTES TO THE FINANCIAL STATEMENTS (condnuad) For the year ended 31 August 2023 Accountlng pollcles (continued) Penslon sGhemes The charllable company contributes to the Teachern. Pension Scheme. which 15 a defir￿1 benefit schame. al rates set by the Scheme Actuary and advised lo the Board by the Scheme Administralw. The scheme is a multi-employer pension scheme arbd it is wssible to identify the assets and liabilities of the sch&me attributable to the d￿ritable company. In xc(ffdance with FRS 102 therefore. the stheme is accounted for as a defined Contributi￿ scheme and contrilMAions are accounted for when advised by the scheme administrator. charitable company also conlritxrtes into a defined (x)nlrOution scheme for non-te&hing staff. The retirement of the last active member of The Pensions Trust rebred in October 2022. Thi5 is also a mulli- employer pension scheme and the present value of fulure contribulKtrns relating to the fundiw of a pension deficit is recognised as a liab￿lty- FlTranclal Instruments The group has elected to apply wisiorts of Sect#)n 11 'Basic Financial Inslrumenls. arKJ SeCt￿n 12 'Other Financial Instruments Issues, of FRS 102. in full, to all of ils financial inslrumenls. Financial assets and f￿r￿la1 liabilities are recA>Jnised when Ihe wup be¢omes a paty to the &inlraclual provis*)ns of the in5trumen( and are offset only v*hen the gr￿p has a legal enforceable right lo sel off the recognised amounls arKI inlends to settle on a net basis. or to realise and settle the liability $imullaneously. Fin8nci81 assets Trade. group and other debtors (including ac(xued ino)me) which are receivable ￿thin one year and which do not constitute a financing tranSaC￿n are Inttjal￿ measured al the Iransaction price and subsequently measured alamortised cost. being the trans*ion less any amounts settled and any impabrmenls losses. A provision for impairnienl of trade debt￿S is established when there is obieclNe evklence that the amoun18 due wrfl not be colleded accordi￿￿ lo the original terms of the contract. Impaim)ent losses S￿ recognised in the statement of finan¢ial activities. Fin£n¢ial liatslit*s Financial instruments are clasSrf￿d as liabilit￿ accordirMJ to the substance of the conlraclual arrangements entered into. Trade. ￿0UP and other creditors (induding accruals) paya￿& within one year that do not constitute a financing transactA￿ are initially measured al the tran&￿t￿n price arKI subsequently measured at amc*tised cosL being transaction prKe18ss any amounts settled. Where the arrangements with a creditor constitutes a financiro transaclh)n. the ¢rgJilor is inilially measured at the present value of future payments disc(yJnte(l at a mwknl rale of interest for a similar instnjment and subsequentty measured at amorbsed cost. F￿0W1n9$ Borrowings are initially recognise(l at the transactM)n irKludirKJ Iransact￿)n ¢osts. and subsequently measured at amortised cost usiThJ the effective interest melhod. Interest expertse is recowised on the basis of the effective interest melhcKI and is induded in inlerest payable and Similar charges. Derecognising fin8nu818ssets and liabilitss A financial asset is derecognised onty vthen the contra(*Jal rights to &ish flows expire or are setllad. subsequently all the risks and rewards of ownership are Iransfefred lo another party, or if some significant risks or rewards of ownership are retained bul ¢))ntrol of the asset has transferred lo anolher party that is able lo sell the asset in its entirety to an unrelated third party. A financial Ik4bility lor part thereof) is dwecognised when the Obl￿atiOn $peur￿d in the contracl is dtschar9ed. ¢ancelted or expires. 24 Crosfields School Trust Limited NOTES TO THE FINANCIAL sTATEME1￿s (continugdj For th• yoar ended 31 August 2023 Accounting polides Icontsnued) Taxation The lax expense fer the Fwiod comwses current and defrfred tax. Tax is reCO￿lSed n the stslement of financial affairs. The ujrrenl corporation lax charge is cakyjlated on the basls of tax rates and la4VS Ihat have been enacted or substantively enacted by the reF￿rt1￿j date in the UK. Crftlcal accounting estlmat•s and of Judgwnent Eslimales and judgements are Continual￿ ev8iuated arKI are based on htstor￿3I experience and olhei factors. including expectations of future events thal are Wieveil to be reasonable under the circumstarKes. The group makes estimates and assumptions corteming the future. The resulting accounting eglimates and assumptions will. by definition. seldom equal lh8 rdated aclu4 results. The estimates and assumpllons that have a sMJnrficant risk of causing a material adjustm￿1 to the amounts of a$sets and liabilities NMthin th8 next fInar￿la1 year are discussed beltrw. Significant eslimales included within the financial statements indude provision for fee debtors. which require a judgement by management regarding the likelihood of recovery. Management review and assess fee debtors on an Individual acc(yJnt basbs and provKle fc* debts as akvowiate. Depreciation is arK)Iher key estimate in the ac(xyJnts wlich requires m￿agement judggmenl ovw the useful lrfe of th8 assets. The has been sel ￿J1 in the notes above. Foes rec•ivablg 2023 2022 Fe85 receNable ￿nSiSt of.. Gross fees Les$: Total bursaries. grants and aluwartes 11,242,431 1846,113) 9.538,511 1531,0871 Al fees reL*ivable were unrestrKled in th8 current prior ￿. 10,396,318 9,007.424 25 Crosfields School Trust Limited NOTES TO THE FINANCIAL STATEMENTS (continu¢d) For th• year ended 31 August 2023 Tradlng Incomo and expgndllure Crosfdds School Trust Limited (mir￿ 100% of CrosfElds Scknod Enterwises Limited. This company hires out the sport¥ hall, swmming pool aThJ other facilities al Crosfields scho￿ and donates its annual taxable kvofrts to the charitable company unts the Gift Aid Scheme. TradiTrJ results extracted from its audited finan¢ial statements are shown below.. 2023 2022 Turnover Administrative expgnses Govemment uyants {HMRC Fwlwgh 317.724 (227.3371 275,328 {176,477) Profit for the year 90.387 190.387) 98.851 198,851) Nel assets Donations and legaci Total 2023 Total 2022 Donations 767 767 Anclllary income Total 2023 Total 2022 Extra. During the year. severance pay was awarded to 2 emKAoyees. with Payff￿ts for ¢ompensation and pay Sn lieu of notice tolalling £37.211 (2022- 1 employee.. £28.S)O}. Crosfields School Trust Limited NOTES TO THE FINANCIAL STATEMENTS {¢onelnuedJ For th• y•ar ended 31 August 2023 10 Tanglble fixed a88ets- Group and Charlty Furnlture, Fre8hold A8sets undor flxtures and oqulpment Total 11.448.587 8.177.071 3,119,393 22,745.051 At 1 September 2022 Additions ljsposals Transfers 75.274 (42.411) 8,401.388 224,317 276.162 (74.4651 575.753 {116.876) (8.401,3881 At 31 August 2023 19.882.838 3,321,090 23.203.928 Depreci81ion At 1 September 2022 Charge for year Dlsposals 3.710.881 462.519 {314) 2,346,445 211.826 (116,562) 6,057,326 674.345 {116.876) At 31 August 2023 4.173.086 2.441.709 6,614,795 Net book value At 31 August 2023 15.709,752 879.381 16.589,133 At 31 August 2022 7.737.706 8.177.071 772.948 16.687.725 11 FIX￿ assels Inv•stmonts- Group and Charity 2023 2022 Investment in subsldiarios {Charlty only) Investment in subsidiary comp Regl$tored Offic• Company number Shares held Company Class Crosfields Scho CroSf￿￿$ School Shinfield Road. Enterprises Lirnited Shinfield, Reading, Berkshire. RG2 9BL 08332333 Ordinary 100 31 Crosfields School Trust Llmited NOTES TO THE FINANCIAL STATEMENTS (contlnuedj For y•ar end￿ 31 August 2023 12 Debtors Group 2023 Group 2022 Charlly 2023 Charity 2022 Trade debtors Other debtors Amounts owed by subsidk3ry underlaklrwJ Prepayments and accrued Ir￿1)me Taxation and social se￿Ilty 158,006 5,351 81.610 3.729 119,808 5,351 90,388 282,283 297 60.464 3.729 82.356 206.220 282,283 297 220.621 445.937 305.960 498.127 352.769 Amounts owed by group undwlakings are intttest free arvj repayat4e on demarnl. 13 Credltors: amounts falllng due wlthln onè y Group 2023 Group 2022 Charfty 2023 Charlty 2022 Bank loan Trade credrtors Taxation and socia seuJty Accruals School fee$ receNed in advance Deposits held Other creditor$ Deferred Income Pension liability (Nole 16) Amounts owed to subsidiary undertaki 224.400 262.971 355.031 242.311 224.400 262.971 355.031 242.311 1 $9.711 1,065,932 461.534 343,746 202,116 67.105 1.fJ)3.842 401.010 61.384 210.350 43.859 159.711 1,065,932 461,534 343,746 202,116 38.463 3.454 65.263 1.003,842 401,010 61.384 210.350 43,859 2.758.873 2,384.892 2.782.327 2.383.050 School fees received in advarte relates to fees for the next school year, some parents pay in advanGe. Deposits held indude an arYKwJnl of £426,103 {2022: £371.350) relating to xceptance deposits. all of which aTr considered as owed within one year gNen that only one terms nolKe is required lo be grven by pupils. Amwnts owed to group undertakings are interest free and repayable ￿ demand. Crosfields School Trust Limited NOTES TO THE FINANCIAL sfATEMENTS (Gontlnued) For the year wHl•d 31 August 2023 14 Loan credltor 2023 2022 Amounts falllng due aft•r more than on• y Bank loan 8.499.986 6,965.644 The bank loan is repayable by instalM￿ts. - due after fve years 3.862.487 1,806,573 - due within to fNe years 3.999,999 4,429,190 - due withln one lo I￿) years 413,100 374,850 - due after more than yew - due within one year 8.275.586 224.400 6,610,613 355,031 8.499.986 6,965,644 There is one foan in pl&e included wlthin Ihe roan creditor. Thi5 is for a f￿lty in plat£ of £8,500,000. As at the year end, £8,499,986 has been drawn down and is repayable by 31 December 2034. Interest Is charged al 2.16% above base rale. The bank loan is secJJred by v*ay of a fLxed over the charitable ¢omparrfs freelM)Id land aThl t￿lkIng8. Crosfields School Trust Limited NOTES TO THE FINANCIAL STATEMENTS (Gontlnued) For the yoar onded 31 August 2023 15 Ddnod bonefft penslon s¢h•me Ilablllty The movement on the penS￿n wovision is as follows". 2023 2023 2022 2022 Provision blfvrtj 43,859 47.658 EM￿0yer conlritxrtions relati￿ to the recovery plan (4804) {5,136) Unwnding of the dlscwnt rale 1,799 492 Impact ol the change in r￿)Very plan during the ye (2.371) {7,281 } 8.126 Amendment to contri￿tiOn s(kndule (5,396) Nel movemenl (3.7991 Provision cjfwd 43,859 The above proVis￿n rel8te5 to the requirement the FRS102 that the thwity must recogni5e as a liability the p￿sent value of future witril￿tIonS relatin9 to the fuNJing of a pension defiat. For further detsils see Note 20. 16 Op•rating lease commitin￿t At 31 Auwst 2023 the group had toial futwe minimum lease payments under norrfancellable operating leases as follows.. 2023 2022 Due wlhin one year Due betsveen one five year5 69.700 63.892 23,120 60,925 133.592 84,045 Crosfields School Trust Limited NOTES TO THE FINANCIAL STATEMENTS (condnued) For the y•ar ondod 31 August 2023 17 Capltal Gommltments At 31 August 2023 Ihe sch￿1 the fOlk￿ryr1j capilal c4)mmitments.' 2023 2022 Contr* for future capltal eX￿XIltijr0 not provlded in the fmancial statements 192,7tr2 75.635 18 Analysls of n•¢ assets betw••n fvnds Group 2023 Net curront assetsl Olabllltles Flxed assets Investments Long terni liabllltleg Totsl General fu￿1 Restricted fund 16,589,133 {546.176) 4145 (8,499,986) 7.S42,971 4.145 16,5B9.133 ($42,031) (8,499.986) 7,547,116 Group 2022 Net curré Flxed assets InveslJnfjnts Long terni liabilities Olabllltles) Total General furKI Restricted fund 16,687.725 (1.584.058) 4.145 (6,610,613) 8,493.054 4,145 16.687.725 (1.579.913) (6.610.613) 8,497.199 Crosfields School Trust Limited NOTES TO ThE FINANCIAL STATEMENTS (contlnuedj For the ￿ar ended 31 Au9ilSt 2023 18 Analysls of net assgts bet¥veen funds (wrtlnuèd) Charity 2023 Not current assetsl (Ilabllities) Flxed Long temi Ilabiliti Inveslmonts Total Genera fund 16.589,133 {5*176) (8,499,986) 7.542,972 Restricted fund 4.145 4,145 16.589.133 1542.031) (8.499.986} 7,547,117 Charlty 2022 Not current asset81 Illabllltle8) Flxed Long lemi Total General fund Restricted fund 16,687,725 (1.S84.0581 4.14S {6.610,613) .493,055 145 16.687.725 (1,579.913) (6,610,613) 8,497,200 19 Total Funds Group 2023 Balance 31 August September 2022 Incom• Expenditurg galn8Aax 2023 Unrestrlcled funds General fuThJ 8,493,054 11,232.206 (12,182.289} 7.542.971 Restrlclod fund Books fund Bursary fund 4.145 4.145 Total restrl¢tod 4.145 4.145 Total funds 8.497.199 11.232.X {12.182.289) 7,547,116 Crosfields School Trust Llmited NOTES TO THE FINANCIAL STATEMENTS (¢ontlnued) For the year end￿ 31 August 2023 19 Total Fund$ (Gontlnued) Group 2022 Balance Balance 31 August Transfersl September 2021 Incom• Expènditure galnsltax 2022 Unrestrlctad funds General fund 8.650.￿17 9.537.473 {9.694.926) 8.493.054 Reslricted fund Bcoks fund Bursary fund 1.362 4.145 (1,362} 4,145 Tolal rostrlcted 5,507 (1,362) 4145 Total funds 8.656.014 9.537,473 (9.696,288) 8.497.199 Charlty 2023 Balance 1 Saptember 2022 Balanco 31 August 2023 TranBfersl gainsllax Income Exponditurg Genéral fund 8.493,055 11,004,8n 111,954,955) 7,542.972 Restrl¢ted fund Bwks fund Bursary fund 4.145 4,145 T¢Aal restrl¢tgd 4.145 4,145 Total funds 8.497,200 11.004,872 {11.954.955) 7,547,117 37 Crosfields School Trust Llmited NOTES TO THE FINANCIAL STATEMEKfs {contlnued) For the year ￿ded 31 August 2023 Charity 2022 Balan 1 S￿tOMb¢r 2021 Balance 31 August 2022 Transfersl g•nsltax Income Expènditure Restrfcted fund Books fund Bursary fund 1.362 4.145 {1.362) 4.145 Total rnstricted 5.S)7 (1.362) 4,145 General fund 8.645.228 9,360,996 (9.509,024) 8.497,200 8.645,228 9.360.996 (9.509.024) 8,497.200 General funds a￿ unrestitted funds that are availablef￿ use at the d￿cretIon ofihe govemors in furtherarte of the general objethes of the charilat)le company and have not been deS￿nated for other purF*)ses. Incoming resour￿ of th8 charity irdudes £WJ.388 {2022'. £98,851) of aKI received from lis subsidiary. Restricted funds ￿e as follows.. Book fund relates to donatwjns raised for spendiry on schooi books. Burs￿ fund relates to donations f￿ 5pendir¥J on fulure I￿rSaries. 20 Pensions The charitabl8 company operates thr￿ pensm schem￿. a) Teacher5. Pens￿￿ Stheme The sthool participates in the Teachers. Pension Scheme {Ih8 TPS"} for ils leathing slaff. The pension charge for the year indudes contri￿￿￿¥ payable lo the TPS of £815.737 {2022: £663,929) and al the yearond £92,502 {2022: £162) was in resw of ¢￿triLmItiOnS lo thls s¢heme. The TPS is an unfunded mult￿em￿oYer defined benefts pension scheme govemed by The Teachers, Pensions Regulations 2010 (as amended) and The Teachers. Pension Scheme Regulations 2014 las amended). Members contribute on a "pay as you go" basis with contritxslions from members and the employer being credited to the Exthquer. Retirement arKI other penshjn benefts are paKI by public funds provided by Parliament. The employer contribulK)n rale ts set by the Secretary of Stale followlng scheme valuations undertaken by the Government Actuary's Department. The most r￿n1 actuarial ValUat￿n of the TPS was prepared as at 31 March 2020 and the Valuation Report. wthich vras published in Octob8r 2023. The valuation confirmed that the employer contritxrtion rale for the TPS woukl increase from 23.6°h to 28.6% from 1 April 2024. Employers are aiso required to pay a scheme admini81ration levy of 0.08% giving total employer contribu￿n rate of 28.68%. The charitable company has v•ithdrawn from the Teachers Pe￿iOn Scheme with effe¢t 1 Seplemb8r 2023 Crosfields School Trust Limited NOTES TO THE FINANCIAL STATEMENTS (¢ondnued) For the yw •ndéd 31 August 2023 20 P•nslon8 (condnu•d) Su Staff Grou P nsN)n Scheme Th8 charitable Company run5 a defir￿d Lxffitriixjtion scheme for SUPFM)rt staff *ith Aegon.. The cost for the year represents the charilable ciKnpanYs c￿ntrItxJIIonS lo the s¢heme of £178.963 (2022: £138.970) and at the year-end £14,359 (2022: £20.605} was acc¥ued in resk￿￿ of contributions lo thi$ s¢heme. The PensM)ns Tnjst The charitable (￿MpanY pathpates in The Pensk)ns Trust scheme. (the ISBA'S recommended pensions scheme for Bursars). wh￿h is a multi*mployer scheme pro¥kYing benefits to some 61 non-as50cialed employers. The scheme is a defined benefit scheme in the UK. It is not possible for the charitable company to obtain suFficienl infomialion to enatAe it to account for the scheme as a defined benefit scheme. Therefore it accounts for the scheme a$ a defined contr￿￿ schem8. The scheme is subject to the funding legislalion ￿tlIne￿ in the Pensions Act 2CK14 whkh Came into force on 30 December 2005. This. together ¢kn￿ments issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council. set (yjt the framework for funding defined benefit o¢cupalional pension schemes wi the UK. The se￿8 is classified as a'la5t-man standing arrdngemenl.. Therefore Ihecharilable company is potentially liable for other participating employers, obligations rf those emFAoyers are unable lo meet their share of the scheme deficil follobMng withdrawal from th6 scheme. Part￿pating empbyers are legalty require(J to meet their Sha￿ scheme dthit on an annuty purL*ase basis on withdrawal from the scheme. A fvll actuarial valuation for the 8d￿me was wied out with an effective dale of 30 September 2020. This actuarial Valuat￿ was certified on 22 Decernber 2011 aThJ sh(Med assets of £201.1 m. liabilities of £256.3m and a deficit of £55.2m. To eliminate this funding shortlall, the Iruslees and the p*ticipaling employers have 8greed that additional contr1t￿tIonS wll be paid. The schcK4 i8 committed lo deficit repayments in felation lo The Pensions Trust Gr￿￿h K4an of £2,687.000 per annum over a peri￿1 of 10 years from 1 September 2022, indexed al 3% per annum. In line with reourements of FRS102. a liability of £43,859 (2022- 47.6581 ha$ been re¢tyjr￿se￿ ￿ relation to this. The recovery plan contrit￿110nS are allocated to each pwticipatiThJ employw in line wilh their estimated sh8re of the scheme liablities. Total contrilxjtions paid into the scheme by Ihe chartialAe company amounted to £3,178(2022: £8,632). At the yearend amounts recorded in credilcYs £38.463 (2022: £1.336). Full details available rewdirKJ The Pensions Trust ￿ ther website vA•M. t.or .uk In the year. the charrtable tompanywas inf￿med of a potentiaj cessa1￿ event as the last a¢tively contributing member left the Scheme on 31 Oclober 2022. The charitable wmpany had been advised that if a Section 75 debt becomes payalAe on vthhdrawal it will be in the order of £179,000. At the dale of these accounts, the charitable company is enrolling fcAJr members of staff into the defined contribution schem8 in order to avoid the triggering of the Section 75 debt. Crosfields School Trust Limited NOTES TO THE FINANCIAL STATEMENTS (¢ondnued) For the yoar gnded 31 August 2023 21 Analysls of net debt Balanc• 1 Septemb•r 2022 Balance 31 August 2023 Cash at bank aThl in hand Bank overdrafts Debt due within 1 Debt due after 1 year 498.672 1.047,121 1.S45,793 (355,031) (6.610.613) 3S5.031 11.889.373) 18,499.986) (6.466.972) (487.221) 16,954193) 22 Related party transactlons Owing to ihe natu￿ of the SC￿l'S opwdt*Y￿ WKI the c#)mpositIc￿ of the LK)vemirvJ body belng (kawn from local public and private sector organisation5. It inevitatrfe that transactions w￿1 lake place with organisations in which a govemor may have an interesl. All transxt¥)ns involving these organisation5 are in aCC￿a with the school's normal prowlures. The total donalions in aggregate received from ￿VernOr$ in the year were £nl (2022: £nl> The schcd has a wmber of pupils who are fami￿ members of gOv￿nOTs. Fees are payable al the same level as other pupils and enlillement lo fee remission is considered in li￿ with the schwl's ststed policy for such awards. Transac1K￿S beiween the sctKM)l arKI its subsKliwy Crosf￿dS SchTrJl Enterprises Limited are disch)sed below: 2023 2022 Recharged expenses Grfi AKI Amounts owed byl{lo) Crosfields schr￿ Errtwwses Limited 227.377 90.387 90.388 176,477 98,851 82.356 There were ￿ othw related paty transarAion in the ￿. Crosfields School Trust Limited NOTES TO THE FINANCIAL STATEMEwfs (contlnued) For tho ygar end•d 31 August 2023 23 Comparatlve Statemont of Flnanclal Actlvits•s Restrlcted Not• funds funds 2022 Income from: DonalM)ns and leg￿185 Charilable activities Fees receivable Ancillary income Other trading aclNities Income from trading activrties Rents and lelliTh> 767 767 9,007.424 238.170 9.007,424 238,170 275.328 15.784 275.328 15,784 Tolal income 9.S37.473 9.537,473 Exp•ndllure on: Charitable actNities 7.19 9.516.051 1,362 9.517,413 C05t of raising fvnds Costs of trading activities 176.477 176,477 Total expendlture 9.694.926 1.362 9,696,288 Nat (exp8ndlturelhncome {157.453) (1.362) {158,815) Transfers bètw¢•n funds 19 Net mov•ment In fund8 (157.453) (1.362) (158,815) Totsl funds brought forward 8.650.S)7 5.507 8,656.014 Total funds carri•d forwa 19 8.493.054 4,145 8.497.199 41