Crosfields School Trust Limited (A company limited by8uarantee) Annual Report and Consolidated Financial Statements Year Ended 31 Au8U5t 2024 Registered No. 0584278 IEn8land and Wales) Charlty No. 309108 ACW7U8D5 1210212025 COMPANIES HOUSE
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Crosfields School Trust Limited CONTENTS Page Legal and Administrative information Report of Governors (including Strategic Report) 4-17 Independent Auditorfs Report 18-20 Consolidated Statement of Financial Activities 21 Consolidated and Company Statement of Financial Position 22 Consolidated Statement of Cashflows 23 Notes to the Financial Statements 24-41
Crosfields School Trust Llmfted LEGAL AND ADMINISTRATIVE INFORMATION For the year ended 31 August 2024 STATUS AND ADMINISTRATION The Crosfields School Trust Limited is a charitable company limited by guarantee incorporated on 21 May 1957 and registered as a charily on 1 October 1962. The charitable company was established under a Memorandum ofAssociation that established Ihe objects and powers of the charitable company and is governed under its Articles of Association. COMPANY NUMBER 00584278 CHARITY NUMBER 309108 REGISTERED OFFICE AND ADDRESS Crosfields School Shinfield Road Shinfield, Berkshire RG2 9BL GOVERNORS The Governors of the School being also Trustees of the charty and Directors of the charitable company, who served during the year, unless otherwise stated, were as follows.. 'l++l A Atkinson D Baltersby C S Bradfield S Brown K Clark E Dawes C L Furneaux l Galvin A Hilson M Lawrence M Mallam E Mortimer-zhika J R Lucey R Plumpton S Sachdeva J Sefton Jenkins M Turner M Wardrop {FOC Chair) 'l++l-- (Chair of Governors) (Resigned 26 September 2023) (Resigned 8 February 2024> -l++ (Education Chair) (Appoinled 31 January 2024) (Appointed 20 September 2023) (Appoinled 4 April 2023) (Appointed 20 September 2023) (Appointed 20 September 2023) (Safeguarding Lead, Safeguarding & Weware Chair) Governors are appointed by the Board of Governors normally at the Annual General Meeting for a term of three years, but are eligible for re-election up to three times. Members of the Finance & Operations Commtttee (FOC) Members of the Safeguarding & Welfare Committee (S&W) Members of the HM and Bursar's Remuneration & Appraisal Committee (HMBRAC) Members of the Education Committee (EWC) Members of the Health & Safety Commfftee (H&S) ++
Crosfields School Trust Limited LEGAL AND ADMINISTRATIVE INFORMATION (continuedj For the year ended 31 August 2024 OFFICERS Head.. C Townshend Bursar and Company Secretary: C J Purdom (Resigned 17 June 2024) Interim Director of Finance and Operations & Company Secretary: NA Shryane (Appointed 10 June 2024) Clerk to Governors C Odedra (Appointed 10 June 2024) SENIOR LEADERSHIP TEAM C Townshend C Purdom NA Shryane R Ebbage G Edwards Head Bursar IResigned 17 Juno 20241 Interim Director of Finance and Operations Apponl•d 10 June 20241 Deputy Head (Academic) Senior School Director of Operations and Co-Curri¢ular IAppoinied 1 Septembor 20231 Deputy Head (Pastorall Resigned (31 ALtqu$t 20241 Deputy Head (Academic) Junior School Resigned (31 August 20241 Deputy Head (Pastoral) Senior School Head of Pre-Prep Director of Digrtal Strategy Director ol Studies T Goodhew J Ireland A Mallins P J Mcoowell A Nopwood K O'Leary PROFESSIONAL ADVISERS BANKERS: Lloyds 8ank Unit 3 20 Market Place Wokingham RG40 1AP SOLICITORS.. Pennington Manches Cooper LLP Apex Plaza Forbury Road Reading RG1 1AX Veale Wasbrough Vizards Narrow Quay House Narrow Quay Bristol BS14QA AUDITORS.. Haysmac LLP 10 Queen Stet Place London EC4R 1AG
Crosfields School Trust Limited LEGAL AND ADMINISTRATIVE INFORMATION (contlnued) For the year ended 31 August 2024 INSURANCE BROKERS Marsh Brokers L wnited Rockwood House 9-17 Perrymount Road Haywards Heath RH16 3DU
Crosfields School Trust Limited REPORT OF THE GOVERNORS For the year ended 31 Au8USt 2024 ANNUAL REPORT This Annual Report of the Governors, together with the financial statements for the year ended 31 Augusl 2024, comply wilh the requiremenls of the Companies Act 2006, the Charitable Company's Articles of Association (March 2019), the Charities Statement of Recommended Practice (SORP Second Edition) and Financial Reporting Standard 102 (FRS 102). The Annual Report is also the Trustee5' Report as required by Part Vlll of ihe Charities Act 2011 and the Directors, Report as required by Section 417 of the Companies Act 2006. STRUCTURE, GOVERNANCE AND MANAGEMENT Crosfields School Crosfields is a co-educational school for pupils between the ages of 3 and 16 situated in over forty acres of park and woodland, with exceptional facilities and staff. Academic year 2023-2024 saw the first Year I I cohort in the School, their impressive GCSE results indicating that the School had become completely established as a 3-16 school. The School also had a routine ISI inspection in March 2024 and came through positively. Al I standards were found to be met across areas inspected. The School was proud to receive positive feedback from peers in Ihe sector, confirming the School had strong provision across academics, curriculum, assessments and outcomes. Sorne of the inspectors highlighted, the inclusive and accepting nature of pupils, the high expectations leaders had of behavioural standards, and the strong safeguarding culture in 5UPPOrting ihe development of pupil wellbeing. The original Crosfields ethos, to offer a broad education ihai leads to the development of a'well-balanced child,, is maintained to this day. All pupils are given the opportunity lo challenge and develop themselves, both inside and oulside the classroom, and the School prides itself on providing an all-round education that champions academic achievement alongside the pursuit of individual passions, leadership development and character education. From Nursery through lo GCSES, the aim is to ignite a passion for learning within the pupils through a broad, thorough and imaginalive curriculum, delivered by dedicated teaching staff in well- resourced learning spaces. Pupils are afforded every opportunity to discover who they are and enjoy the widest range of co-curricular opportunities. Participation in ihese broadens each pupil's skillset and experience, building confidence, promoting a sense of social responsibility, and strengthening team spirit. Outstanding pastoral care is at the core of a Crosfields education and pupil wellbeing is of central importance. A warm and nurturing community provides an environment where each pupil feels valued and supported to be the best version of themselves. Underpinned by a strong set of values, the School prepares the pupils to leave Cr05fields with the skills, knowledge and mindset to navigate an ever-changing world with confidence. Throughoul the year, all school stakeholders were apprised of the School's achievements and progress through regular and frequent newsletters and online publications. Cr05fields School is a member of the Independent Association of Preparatory Schools (IAPS) for the promotion and maintenance of preparalory school standards and ihe Independent Schools Association (ISA) who specialise in smaller schools and provide specific advice at senior level. It also maintains membership of the Independent Schools Bursars, Association (ISBA) and Association of Governing Bodies of Independent Schools (AGBIS). The School seeks to maintain the highest standards in education, welfare and safeguarding, all the while deploying 115 resources with integrity, cosl effectiveness and efficiency. In common with peer schools in the independent sector, the School faces financial challenges including the introduction of VAT from January 2025 and the inlended loss of business rates relief, but it is confident that its prudent planning wil l enable th¢ School to meei future financial demands.
Crosfields School Trust Limited REPORT OF THE GOVERNOR5 For the year ended 31 August 2024 Governing Body In the year, the Governing Body comprised those Governors listed on page l of this report and the Board conlinued to meet at least once in each school terni. A "Governors in School day" is arranged once a terni, providing Govemors with the opportunity to meet staff and pupils and observe lessons. Governors are also invited to open days and school evenls during the year. Charity Governance Code The Board operates within the framework of, and Governors are fami liar with, the Charity Governance Code and apply its principles and Charity Ethical Principles throughoul their work and decision-making. Governors have worked closely wilh the execulive of ihe School to develop a 3 Year Development Plan within which these principles have been embedded. During the year, the School also established an Equality. Diversity. Inclusion and Belonging (EDIB) Committee with a Governor representalive. The Charity and its Governor5 continue lo consider ways in which they can further improve the governance standards. Recruitment, Induction and Training of Governors Governors are appointed at Board meetings by the existing trustees and Head and confirmed at ihe Annual General Meeting. Governors will normally serve for an initial tem of three years bui are eligible to stand for re-election for a maximum of a further two lern15. The Chair of Governors is elected from wiihin the Board for a lerm of three years and may be re-elected. Governors are selected for the relevant experience and specialist skills which they can provide to the School in order lo enhance debate and decision making and enable the Board of Governors to carry out its duties effectively and efficiently. The Board seeks to appoini Governors from a relevant range of professions. based as much as possible on a skills matrix and, as boih the Chair and Vice-chair are due lo step down in November 2024, a skills audil was undertaken in the year to ensure Optimal succession planning. The current Board of14 Governors is drawn from professions including law, accountancy, IT, local governmenl, estates, and project management, &s well as past and current parents and experienced educators. Four new Governors who were recruited in the previous year completed their induction and training. Govemors undertake safeguarding, prevent duty, data protection and Cyber security training if they have not already done so, in addition to further specialist training sessions and courses provided by AGBIS and other associations. All Governors are made aware of ihe need for independence and to declare any conflict of interest which may arise between ihe School and their own personal or business affairs. Governors do not receive any remuneralion for their time. An induclion programme is in place to cover the responsibilities of Governors trustees and directors and to provide them with a good knowledge of the workings of the School. Governors are invited to attend all sub- ommittees for one term to provide them with oversight across all areas of responsibility. During the year most Governors made at least one working visit in addition to termly Governors, meetings, as part of the School's 'Governors in School, programme. Governing Body Review The Board conducts regular reviews of its performance in line with the Charity Governance Code. Governors are invited to discuss any issues regarding the governance of the Board with the Clerk to the Governors or the Chair al any time. A review of governance was undertaken in January 2023 to ensure that Governors were attending the relevant sub-committees and were provided with oversight of all regulatory areas. In addition to the current committees, a decision was made to establish a Risk and Compliance sub-committee going forward.
Crosfields School Trust Limited REPORT OF THE GOVERNORS For the year ended 31 August 2024 Organisatlonal management The Governing Body has delegated responsibilities to, and is supported byp the following sub-committees: Finance & Operations , Education, Safeguarding & Welfare, Head's and Bursar's/DFO's Remuneration and Appraisal, and Healih & Safety. The day-to-day running of the School is delegaled to the Head supported by the Senior Leadership Team (SLT). The Head attends all Board and sub-committee meeiings. The School's SLT comprises ihe Head. Director of Finance and Operalions (previously Bursar), Director of Digital Strategy, Deputy Head Academic (Seniors), Deputy Head P&5toral (Seniors), Deputy Head of Operations and Co-curricular, Head of Juniors, Head of Pre-Prep and the Director of Studies. The SLT is responsible for the day-to-day management of the School and meeis weekly to consider operalional matters and whole school strategy. The Senior Management Team (SMT) meets each half term to consider broader whole-school matters and to review the development plan in delail. The SMT consists of all members of the Senior Leadership Team togelher wilh ihe Assislanl Head-Teaching and Learning, Assistant Head- Professional Developmenl, and the Head of Learning Empowerment and Inclusion. The School's slralegies are developed by the Head through meetings with members of the SLT, SMT and the wider staff. Governors review, consider, challenge and amend the strategic proposals prior to fornially approving development and edu¢aiional slrategie5 which the Head and SLT are then tasked with implementing. Regular Heads of Departmenl and Curriculum Lead meetings, chaired by the Deputy Head Academic (Seniors) and Head of Juniors respectively* coordinate cross-phase and inter-departmental academic matters. Remuneration Policy Yearly pay awards may be made for all staff and are agreed through the budget-5etting cycle by ihe Finance and Operations Committee. The SLT'S remuneration is also based on the School's leadership scale and the Remuneration and Appraisal Commirtee is responsible for recommending the remuneration package of the Head and Bursar based in part on their biennial performance appraisal. In agreeing remuneration policy and increases, the Governors recognise that delivery of the School's charitable vision and purpose is primarily dependent on its key management personnel and ihat staff cosls are ihe largest single element of ihe School's charitable expenditure. AIMS, OWECTtVES AND AcTlTIEs Vision, Charitable Aims and Objectives The School's vision is for Crosfield's pupils to flourish together in a community of real spirit so they may thrive with grace and intelligence in an ever-changing world lo the benefit of the wider community. In pursuit of this vision, the School sets out to advance education through charitable aims which include: To provide a broad, balanced and engaging curriculum which promotes a love of learning, independent thinking and enquiring minds. To promote personal and collective growth and wellbeing for every member of the School's community, alongside excellent pastoral care in a nurturing environment. To integrate technology meaningfully into all areas of School life lo maximise learning, creativity, and skill development. To build enduring and mutually beneficial relationships within the School and with the local community.
Crosfields School Trust Limited REPORT OF THE GOVERNORS For the year ended 31 August 2024 To champion the School values of kindness, commitment, ambition, growth and integrity in all areas of school life. In addition to these aims, Crosfields champions the following values.. Kindness Being kind to each other and to ourselves is the cornerstone of our community. Commitment- We are driven and detemiined about the goals we set ourselve5. Ambition - We are innovative, questioning and challenge ourselves to be the best version of ourselves. Growth Our slrides are big and small, driving us lo grow in mind, spirit and character. Integrity - We champion truth and honesty as the compass that guides our thoughts, words, and actions Objectives to implement the eharltable aims: In setting the School'5 objectives and planning ils activities, Governors have given careful consideration to the Charity Commission's general guidance on public benefit and in particular lo ils supplementary public benefit guidance on advancing education and on fee-charging. The role of Crosfields, as a charitable company* is to ensure that the School funclions successfully as a co-educational day school and that it conlinues to thrive in a ¢omp¢titive envirotunenl, through the provision of high standards of educalion and development of pupils. The Governors continue to have regard lo the published guidance on public benefit as per sl 7 (5) of the Charities Acl. A whole school Development Plan was outlined at the beginning of the year covering the School's priorities for academic year 2023124 and focusing on progress against key objectives. Wider working groups involving pupils, parents, all slaff and Governors took place during ihe year lo develop the School's priorilies in line with its strategic plan. set within a ihree-year Development Plan for 2024 - 2027. This Plan replaced the one- year Development Plan, with effect from September 2024. The Plan is based around five strategic pillars which acl as both overarching long-term objectives and the focus or structure for more immediate annual objectives: l. A centre of excellence for digital learniT]g 2. A broad and enriching curriculum for every child 3. Growth and wellbeing at the heart of our school 4. Meaningful engagement with our communily 5. Building for the future l A eentre of excellenee for digital learning The School continued to explore the role Artificial Intelligence (Al) played in education and developed a taxonomy of Al inclusion in learning design. Pupils used Al for image creation and Al was taught explicitly in both the juniors and seniors. Teachers continued to use Al with commercial data protection to improve productivity and enhance their workflows. In Pre-Prep, additional iPads were provisioned, and all pre-prep ieachers were issued with an i Pad to assist with their teaching. The iPads were managed centrally, and pupils used their own icloud account to be able to save their work, which enabled pupils to engage in projects that span multiple lessons without losing their progress.
Crosfields School Trust Limited REPORT OF THE GOVERNORS For the year ended 31 August 2024 Pre-prep teachers also began to deliver the "Everyone Can Create" curriculum from Apple and worked towards achieving their Apple Teacher certifications. Professional learning opportunities were provided through INSET and staff meetings to build capacity and ensure the technology is being used to deliver authentic learning activities to pupils. In the Juniors, Year 4 pupils had 1:] access to their own Microsoft Surface Go for use in school. Within Year 4 Computing lessons, digital literacy content has been increased to ensure pupils are ¢onsisiently engaging and benefitting from the devices. Senior pupils in Year 7 were provided with a Microsoft Surface Pro as their l= I device for learning which significanily improved the digital learning experience for these pupils. Teachers continue to work towards becorning Micr050ft Certified Educaiors. The School made provision to ensure that filtering and monitoring requiremenls as per Keeping Children Safe in Education were met. Enhanced monitoring for pupils wilh managed devices, with human moderators would be ¢xpanded through the school. The School's fornial communication to parents remained paramount. During the year, the Director of Digital Strategy launched Ihe Crosfields School App which parents were able to download from the App Store. The App became the key tool in communicating School messages and updales but also a reflection of some of the highlighis from the School from ihe previous week. with sporting, academic, performing arts, charity and co- curricular initiatives and achievements, there was much to promole. This was followed up with half ternily newsletters which provided a more in-depth overview of the half term. Microsoft Teams 'Weekly Parent Digest, for parents in the Seniors was launched, giving parents a weekly email detailing all the assignments and prep which had been sei for pupils. This was something that parents had asked for and which Complemented the School's regular communication with parents. The launch was well re¢eived, and the expanded Microsoft products would be extended to the Juniors from 2024-25. To support the use of data and implementation of interventions, a Head of Tracking & Monitoring role was appointed. The role holder led on interpreting academic data and making this actionable in terms of interventions, which included working with Heads of Departments on subject Specific support and delivering wider metacognitive strategies lo targeted groups. The role also encompasses supporting transition from Year 5 and 6 to Seniors, the GCSE options process, and supporting on delivering GCSE assessments for Years l O and 11. The School conlinued to develop its core curriculum in order to ensure progress for al I pupi15. All teachers and leaching assistants completed their Sounds-write phonics programme training, allowing for continuity of daily phonics teaching from Nursery to Year 2 through a governmenl-approved phonics programme. There had been considerable improvement in the pupils, reading and spell ing since the introduction of the scheme. Writing is taught through interactive Tales Toolkit and Drawing Club in the early years. 2 A broad and enrlching curriculum for every child The School continued to see its students achieve strong academic results. Summer 2024 marked a special moment in the history of the School with its development through to a 16+ all through school and the first ohort of pupils receiving their GCSE results. The School was delighted that 96 % of the entries were awarded grades 4-9. significantly above the national average of 67 %. lrnpressively, 450/0 of these grades were awarded at the top levels of 7-9, compared to the national average of 210/0. Notable highlights Included: 820/0 of Computer Science, 710/0 of Biology, 640/0 of History and 600/0 of Higher Maths grades were awarded a 7, 8 or 9. Additionally, 100% of the Additional Mathematics entries were awarded the top grade of an A. The School was equally pleased Ihat l OOO/o of ihe pupi Is secured their first-choice 6 fomi or col lege offer with pupils going to an impressive array of 26 educational destinations. Several pupils were awarded scholarships and places at grammar schools. The academic year saw the creation of Teaching & Learning Forums which enabled the School to discuss the importanl Strands for teaching within the School and resulted in the Crosfields Teaching and Learning
Crosfields School Trust Limited REPORT OF THE GOVERNORS For the year Ènded 31 Au8USt 2024 Framework being outlined. This framework defines a collective vision amongst staff of what con51itutes excellent teaching and learning and aids teachers in planning effective strategies for their lessons to ensure learning is accelerated across the curriculum. At Crosfields, the curriculum is broad and balanced, offering rich and varied opportunities for the development of academic interest and intellectual curiosity. The new Framework slrands are: Adaptive Teaching: Lessons are rigorously planned and appropriately scaffolded to present challenge to pupils at all levels. Teachers effectively use resources, support staff and technology to provide excepiional learning experiences for pupils. Marking and Assessment: Forn)ative and summative assessments are used effectively to encourage pupils lo reflect on their own success and used by leachers lo aid planning. Creativity: Teaching is highly effective. adapting to pupils, needs and responses during lessons, while also embracing opportunities for digression and creativity encouraging learners to develop critical and independent learning skills. ASPIRE: Teachers foster the development of a growth mindset in pupils, en¢ouraging them to ASPIRE to be ihe besl versions of themselves, boih academically and personally. Pupils are "ready to learn" engaged, supportive and inqui51tive. Numeracyi Litergey? Oraey and Teehnology: Teachers support pupils in developing crucial skil Is of literacy, oracy, numeracy and use of digital technology. Reflection- CPD: Teachers critically engage and reflecl on their own teaching practice and subject knowledge ensuring the whole school is a learning organisation. Following a Irial in Year 2 in the previous year, this academic year saw the introduction of Zones of Regulation acr055 the Pre-Prep and into Ihe Juniors. The Zones of Regulation curricul um teaches pupils to categorise and manage their emoiions, body signals and energy levels into four coloured Zones. The pupils pause to check in, reflect on iheir zone, Ihe context and their goals to decide if they need to use a tool to regulate. Each ¢lassroom developed a regulation station providing pupils with a calm space. Parents were provided guidance on managing iheir emotions at home in a similar way. The Woodley Festival in the spring term ¢ont¢nues to be a highlight of the year, wilh a large number of pupils perforn]ing with great success in ihe Music and the Speech and Drama section including the Year 2 choir being awarded Choir of the Year despite being the youngest in ihe choir category. It was also an outstanding year with every Year 5 and 6 pupil entering the ISA poetry competition in Ihe Autumn lerni, and over 100 entries from the Junior School to the book character competition for World Book Day. Two pupils made li to the final stage of the BBC 500 words competition, capiuring the hearts and minds of the judges. which is a fantastic achievement among 44,000 other children across the UK. In national competitions, 15 pupils acros5 Year 5 and 6 received gold certificates in the Primary Maths Challenge, and in the Junior Maths Challenge 9 pupils received gold certificates. In Science, two teams secured positions in the National Quiz club Finals at Oxford University, Ihe School also clenched 1° place in the ISA STEAM competilion. There w&s an array of drama perfomiances throughout the year across the School and remarkable talent on show. Highlights included Dragon Days produclion in the Juniors, Chitty Chitty Bang Bang in the Seniors and tremendous success at Woodley Festival speech and drama section.
Crosfields School Trust Limited REPORT OF THE GOVERNORS For the year ended 31 Au8ust 2024 The School continued to provide an enriching co-curricular experience. one in which every student was given the opportunity to follow Iheir passions and broaden their horizons. Around 150 clubs, hobbies. and activities were provided, with seniors often helping to run clubs for the benefit of the younger pupils. Participation in the Duke of Edinburgh Awards doubled. Enrichmenl activities were embedded in the curriculum from Years 3 to I l and enabled all pupi15 to participate in a wider range of activities. These enrichment activities were aimed at improving self-esleem, social skills and personal skills and included Model United Nations, young enterprise, podcastin& leadership training, movie making, food technology and yoga amongst other activities. The School also mainlained ils annual programme of ¢urriculum-related residential and other trips within its core fees which, Ihis year, included a Year 2 trip to PGL, spending one night away from home. building their confidence and sharing the experience with their peers, Year 6 camping in Wales, a Year 7 language-linked trip lo Barcelona, a Year 8 OulwaTd Bound Trust (North Wales), a Year 9 teambuilding trip to France, a ultural trip to Gerniany and Poland for Year l O pupils. The pupils also benefiled from regular visiling speakers, to enrich Iheir learnin& ranging from a dentist to a re-enacted medieval knight, an author and a local fami, transforming the nursery garden inlo a farmyard. The newly appointed Assislant Head of Teaching and Learning alongside the Deputy Head Academic undertook a curriculum review in ihe Juniors, ensuring (inter alia) thai ihe PSHE and RSE programme remained up io date, particularly in the complex areas of conseni* gender and sexual violence, PSHE is taught acros5 the whole school within tutor groups wilh pupils coming together for specific topics and external speakers. This year the School introduced a two-day PSHE programme for the pupils in Pre-Prep for SCAtIF education. The fun, interactive and age-appropriate workshops helped pupils to understand the importance of physical and emotional health. they leamed vital life-skills that are also known to help their overall achievement. The Juniors benefiiled from a PSHE morning focusing on a range of topics including, safe touch, puberty and inclusion. Seniors were off timetable at the beginning of the year to Spend a day learning about Relationships and Sex Education. Some of the other highlights included.. Year 7 visiting Wokingham Town Hall io understand British values and democracy. author Emily Gale discussing her book 'Mighty Maurice" which focuses on topies such as bul lying- Year l O students participating in meditation workshops prior to their Religious Studies GCSE exams, aimed at assisting them reduce anxiety and equip them with strategies lo manage nerves. an Holocaust Memorial Day Collect as a culmination of "celebrating differences" learning and a Holocaust survivor talking to Year 9 pupils who provided pupils with a first-hand account and deeper understanding of the effects of discriminalion. An inler-faiih event was hosted by Year 9 and l O pupils to celebrate diversily, cultural and religious differences and promote tolerance and respect. Year 8 visited local places of worship io understand different culture5 and celebrale diversity. In sports and games Year 3&4 cricket became co-ed and the School continued io expand the co-ed programme from Year 2 to Year 4. the School believes gender should not serve as a barrier that limits sporting options available to pupils based on traditional gender roles. The School saw numerous team and individual successes in regional and national competitions, including undefeated teams and lop placements in athletics, football and netball. Just some of the year's highlights included the ISA U9A girls, hockey team remaining undefeated, the U13A boys football winning the first round of the ISFA competilion, 8 pupils being selected for Berkshire County Hockey, a pupil becoming the U9s Berkshire girls, tennis champion and being ranked in the top 20 for U9s nationally. The School's slrong reputation for Swimming also strengthened, with weekly timetabled lessons for over 550 pupils and swim teams from Years 3 - 1 I taking part in inter-school and national competitions. The swimmers have been finalists in boih the IAPS and ISA competitions. Swimming has also been offered as p art of the wellbeing programme for pupils with exam anxieiy and members of staff. 10
Crosfields School Trust Limited REPORT OF THE GOVERNORS For the year ended 31 August 2024 3 Growth and wellbeing at the heart of our school The School is committed to safeguarding and promoting the welfare of its pupils and continued to expect all staff and volunteers to share this commitment. During the year the School was inspected by ISI and the School's safeguarding culture was highly commended by the inspection team. Going forward, the School has invested in the market leading safeguarding software, CPOMS, to enable improved monitoring, reporting and analysis of safeguarding daia. The statutory Iraining requirements were met in the year and the nominated safeguarding Governor, alongside other experienced Governors, conducted a detailed ternily review of safeguarding policy and practice in school. The School continued to enhance its pastoral care provision, having created a hierarchy of Designated Safeguarding Leads (DSLS) and deputy DSLS in 2022. A Menlal Health Practitioner and two Emotional Literacy Support Assistants (ELSA) joined in September 2023 and the positive impact on the pupils and staff became rapidly apparent. As well as individual referrals, these members of siaff spent time in classrooms 10 raise awareness of various mental health issues. The School also benefited from two full time nurses providing medical and mental health services to al I staff and pupils. The School also developed a "lifestyle" curriculum to be included in the timetable from September 2024 The School underpinned all that it did educationally with an emphasis on friendship, kindness and 5UPPOrt, developing confidence and a sense of self-worth. Pastoral INSET for all staff and monthlyliermly meetings for pastoral care teams emphasised ihe importance of looking after our pupils. The annual wellbeing surveys were conducted for staff and pupils and the results were very positive; feedback and updates on aclions were provided. The School further developed a culture of inclusion and respect, celebrating and reflecting the richness of the world around it and the multi-cultural pupil and staff body. During the year, a great deal of learning occurred Ihrough social interaction, conversation and shared experiences which helped pupils develop an understanding of the perspectives of other people that will be viial in their adult lives. Among the many initiatives, the School introduced halal meals into the lunch menu. The Learning Support Team maintained oversight of circa 160/0 of pupils with diagnosed or undiagnosed learning needs and disabilities which included Dy51exia, DCD-Dyspraxia, Dyscalculia, ADHD, ASD, Executive Functioning* Hearing Impaimient, Speech, Language & Communication needs, and Social Emotional & Mental Health needs. The Special Educational Needs and Disabilily Register evolved as a working document &8 more was learned about different conditions and support slrategies for individual pupils. Dedicated Special Educational Needs Coordinators were made available for both Juniors and Seniors. There was no additional charge to the parents for this support. From the new EDIB Committee came several new initiatives including a designated member of slaff with responsibility for EDIB, celebrations for Pride month in June 2024 that included a new flag and rainbow painled benches and Changes to our recruitment together with new staff induclion processes to ensure staff with disabilities are supported to requesi adj ustments for their needs. Provision was made for English as an Additional Language (EAL) although it is not a special educational need. Just over 60% of pupils have English as an Additional Language support. The Staff Wellbeing Committee organi5ed regular activities for staff that support physical and mental wellbeing, such as a running club, Pilates and end of term celebrations. The Committee meet regularly with representatives from across the School to discuss wellbeing and growth and provide feedback to all staff.
Crosfields School Trust Limited REPORT OF THE GOVERNORS For the year ended 31 August 2024 4 Meaningful engagement with our community The School welcomed children from a wide range of backgrounds and continued to promote both equal opportunity and a commitment to a working environment thal is free from any forni of discrimination on the grounds of colour, race, ethnicity, religion, sex. sexual orientalion or disability. The School is committed to making reasonable adjustments to meet the needs of staff or pupils who are, or become, disabled. A strong emphasis was placed on partnering wilh local state schools. Over the past year, the School enjoyed partnership days wilh local schools in subject areas including Maths, Music. Geography, Sport, Science, and Humanities. in which the pupils were frequently involved. Several members of staff al the School served as Governors for other schools, holding responsibility in specific roles and providing addilional academ ic expertise to their Governing Bodies. The School has remained committed to being outward-looking and supportive of others. Prioritising a selfless attilude is paramount, and, as part of the School's ethos, Ihe School aims to give pupils a strong underslanding of the responsibility to those around them. To that end, over the past year, the School has supported many charities both practically and financially. Significant highlighis of ihe School's public benefit provision included: Year 6 weekly partnership with a local care home as part of the community service element of the enrichment programme. The partnership included visils involving befriending of the residents, many of whom have little conlacl with their own fam ily. and a 'return' visit which involved the residents coming to ihe School for a Christmas Party and entertainment. The pupils were made aware of the alignment of this activily With various aspects of the PSH E programme including empathy, respect. communication skil Is, wellbeing, personal developmenl and appreciation for diversity. Through Crosfields Enterprises, building links with local community clubs who use our facilities for a range of activities including archery, badminton, cricket, dance, football, karate, swimming, synchronised swimming and irampolining. Last year, we developed a partnership through hiring our grass football pitches with ihe Wokingham School Fooibal l Association. Providing swimming lessons to our neighbouring state school, Hillside Primary School. Continuing to be home lo the 99th Reading Scout Group which has over 100 boys and girls in its Beaver, Cub and Scout units. Ultimate Activity Camps used the School's facilities to provide childcare to local children from the area during the Easter, Summer and October Holidays. Through partners, swimming and cricket camps for a wide range of children and their parent's were made available. Charitable activities by pupils across the School was exceptional during the year and included: Amongst other achievements. Rotakids led the Poppy Appeal for remembrance day and a cake sale for Cancer Research. The Interact Club hosted a quiz night in support of l Am Hope and a Summer Fayre in suppon of the Uphill Trust Charity. Pupils raised funds for the Woodley Foodbank, Thomas Franks Foodshare, toys for Barnardos and Christmas gifts for disadvantaged children. Offerings from ihe annual School Carol Service were donated io Daisys Dream. 12
Crosfields School Trust Limited REPORTOF THE GOVERNORS For the year ended 31 August 2024 An inter-faith event was hosted by Year 9 and l O pupils to celebrate diversity. cultural and religious differences and promote lolerance and respect. A number of local faith leaders and councillors joined staff and pupils to share their experiences. 46 senior pupils completed their Duke of Edinburgh bronze award and many volunteered within the community to help disadvantaged people whilst our senior swimmers volunteered with Tilehurst Swimming Club and Junior gal&s as part of their Duke of Edinburgh service components. S Building for the future There were numerous significant enhancements to the School's estate during the academic year, all of which shoiild bui Id a betler future for the School. enhancing both the learning and wellbeing of pupi Is. Some notable improvements included The Courtyard, providing 5 additional classrooms for Humanilies, a landscaped outdoor area for senior pupils, and the expansion of the Strength and Conditioning Suite. In addition, a Senior IT Suite was created within Aspire Bui Iding. The Stil Iman Building (Years 5 & 6) received a full refurbishmenl with redecoration, recarpeting and LED lighting, creating a fre.qh, hrighter leaching space. whilst also reducing energy consumption. Junior pupils received a new Junior Library and refurbishment of rhe girls changing rooms. In Year l and Pre-Prep playgrounds, new play equipment was installed, including an ouidoor'lhealre" for creative activities. In Year 2, the playground had a canopy installed, to allow outdoor play in wet weather, and provide shade in ihe summer months. The Nursery was modernised and developed, creating an open plan area for teaching and play and an indoor treehouse. Sports provision was improved, with the installation of new crickei bowling lanes, to meet ECB (English Cricket Board) standards, a new long jump track and pit for athletics and an expanded and enhanced gym to enable delivery of GCSE PE to AQA Examination Board standards. Behind the scenes, ageing l)oilers were updated with newer, energy efficient models and substantial work was carried out on Ihe drainage, improving the pitches on the main field by reducing flooding. A sile assel register was put in place for all bui Iding plant, along with building condition surveys to provide better oversighi for fulure spending needs. Continuing to improve the Health & Safety of pupils and staff, modifications were made to the fire alarm syslems and Crosfields achieved a'very good" score from the BREEAM certification (Building Research Establ ishmenl Environmental Assessment Methodology) with the instal lation of numerous wildl ife habiiais, tree planiing, bio-diverse wildlife areas for flora and fauna and improved waste management which led io 0% of waste going to landfill, all of which is either recycled or repurposed. In 2023124, 17 pupils (2022123 - 20) in Years 7 - 1 O were recipients of substantial bursary awards in excess of 600/0 of the fees valued at £331,355 (2023 £350,786). The provision of bursaries is central to the School's ethos and enriches its community, in particular a commitment to admitting bright students who will ihrive gardless of socio-economic background. Transformational, high value bursaries are awarded to pupils with significant polential but for whom independent education would be otherwise wholly out of reach. Every application is subject lo testing of parental means and review by the Bursaries Committee taking into account the financial, comp&8sionate or other pertinent circumstances of applicants. The School intends to formalise the biennial reassessment of all bursarie5. Crosfields has no endowment income. In funding bursaries (and scholarships), the School is therefore mindful of the need to maintain a balance between fee-paying parents, many of whom make considerable personal sacrifice to fund their Child's education, and those benefiting from the awards. While engaging with ils alumni, Ihe School continued to nurture a giving culture in order to support more bursary applications. In the meantime, the Bursary Support Fund grew through the course of the past year largely owing to donations 13
Crosfields School Trust Limited REPORT OF THE GOVERNORS For the year ended 31 Au8USt 2024 via the second-hand uniforni shop and provided laptops and music lessons for pupils on a full bursary and will also cover the Cost of public examinations for bursary pupils in future years. During the academic year 2024125, Ihe School intends lo introduce hardship funds and lower the year group that families can apply for a bursary in order to broaden its provision. Corporale Social Responsibility Looking after the environment is a priority at Crosfields and staff* pupils and the Eco Team worked together on many initiatives around the School including: planting more trees in the School grounds; looking at renewable energy sources. replacing lights wilh LED. reducing food waste and supporting the wildlife within the grounds. The School was also proud to have been awarded the Modeshift Stars Silver Award for its highly regarded sustainable travel plan. As part of the sustainabilily curriculum, pupils have been laughi more about Iheir natural environment and have thrived on regular forest school sessions (for Nursery through to Year 6, wilh pupils in Seniors having the opportunity as part of their enrichment or multi-sports programme) which will equip them wilh practical skills and a greater understanding of the environmenl, as well as plenty of enlertainment. Pupils are fortunate to have such an expanse of outdoor space on their doorslep with green spaces, a pond, giant oak trees and 6 foresi schools site5 in the woodlands. Using 5 designated areas across the estate, pupils enjoyed a range of aclivities including fire building, bug hotels, whittling and art aclivilies. FinantlAI Revlew The Board monitors the School's financial performance against Earnings Before Interest, Taxes, Depreciation and Amortisalion (EBITDA) lo ensure sufficient headroom is generated to pay down the loan invesled in expanding through to Year I l and ongoing eslate invigoralion. Given the School's investment in staff and faci lities lo support ils expansion ahead of a full complement of pupi15 ihrough to Year I I, expeclaiions were thai EBITDA would be £835k this year, against which the School delivered £1,307k. This positive outcome was mainly achieved through attracting 21 more pupi15 than planned for, improvements in school energy effectiveness (both usage and pricing), and the reversal of the previous prudent provision for pensions noted in last year's accounts. The financial year saw an operating deficit of £123k (2023 - deficit £950k) against a budgeted deficit of £314k. Income from al l activities was £13,445k (2023 £11,232K) with expenditure lotalling £13,568k (2023 £12,182k). Total income showed 200/0 growth from 2022123 reflecting the additional Year I l and generally good pupil numbers. Outtum was ahead of the budgel because of the 21 pupils more than planned and improved performance in other income slreams. Operational expenditure was above budget as a result of additional investment to support the higher pupil nurnber5, additional depreciation on key equipment taken out on finance leases and higher than budgeted interest rates. Further one-off non-operational expenditure of £165k was also expenditure reserved for in the period lo cover non-recoverable contract costs the School is seeking to exit, This adverse varian¢e wa5 nevertheless well below the additional income generated relative to budget. Aside from the nornial levels of cash income, the Schi)ol experienced substantially increased demand for its Fees-Jn-Advance scheme with Circa £3m received in the summer of 2024 for periods 2024125 and beyond. Debiors and creditors remained in line with historical levels. Additionally, the last tranche of school enhancement capital projects was completed for a total spend of £861 k in ihe year. in the short tem at le&st, the School expecis future capital expenditure to reduce to a modest level. In the year ahead, the School moves into the repayment phase of the bank loan taken out to facilitate the recent estales investment5. B&sed on school enrolment numbers for the Autumn Term 2024, the School has 14
Crosfields School Trust Limited REPORT OF THE GOVERNORS For the year ended 31 August 2024 budgeted to generate a small surplus above minimum EBITDA levels required by the loan and to make all repayments whilst continuing io invest at necessary Capital project levels. Following the announcement near the end of the year that the Government intended to impose VAT on School fees from l Jan 2025, the School began preparing in detail for both that cost and the proposed loss of business rates relief from April 2025 and also responded to the Employers, Nl and National Minimum Wage increases announced in the Government's Budget on 30 October 2024. Following due consideration, the Governors announced ihe consequent fee increase for the Spring and Summer Terms 2025 in early November and held several explanalory workshops for parents later that month. The School considers it5 increased fee to be attractive in comparison to Ihat of competitors, and correspondingly, pre-christmas 2024, very few parents had indicated an inlention to withdraw. The number of pupils in the School increased in the financial year to an average of 767 (2022 706). The total number of pupils enrolled at the start of ihe current year was 738. The School has a wholly owned Irading subsidiary, Crosfields Enterprises Ltd, through which non-charitable. income-generating activities are undertaken. The surplus generated from ihe trading company is gift aided back to the School. The value of the gift aid donation for 2023-2024 was £l12k (2022 - £90k) Reserves Policy Al the year-end, Ihe School's unrestricted funds stood at £7,420k (2023 £7,547k). When revenue surpluses are generated, the policy of the Governors is to use both Ihem and borrowings 10 invest and improve educaitonal provision, pasioral care and the School's facilities. This has been demonstrated in recent years with the development of Ihe School and will continue to be the overall aim moving forward. The finances, budgets and spend are regularly reviewed at the Finance and Operations Committee and Board of Governors, meetings. Cash balances and an overdraft facility provide sufficient working capital to meet the School's financial commitments, and it is anticipated that ongoing activilies will provide a modest level of reserve5 for fulure investment and repayment of ihe bank loan. Risk Management The Board of Governors conducts regular review5 of major risks lo the School and its activities, focusing on those risks which may affect the charitable company's viability and repulation. The Board is kepi abreast of significant developments through executive reports based on advice from independent schools, professional associations and is ensuring that its longer-term strategic and financial planning include5 V A T on fees, Ihe loss of mandatory business rate relief, and Employers. Nl increases all imposed by the current government. In those and other respects, the Governors ensur¢ that Ihe major risks bearing a high level of impact and high degree of likelihood are m itigated to an a¢ceptable level. Pupil recTUltment has previously been a critical risk as the School expanded into the senior years. However. the continued growth in Years 7 - 1 I has been above expectalions and overall pupil numbers are slrong even with economic and political pressures elsewhere. Nonetheless, the Governors remain somewhal cautious as recruitment into the Pre-Prep continues to be more challenging. A falling birthrate and very good State Provision locally are undoubtedly factors but with uncertainty around the future political impacts on independent schools, many families may delay their decision to join until later in their pupil's cducation. Previously reported pension risks have now been addressed with all staff moving to new defined Contribulion schemes from I September 2023 or before. The retirement of the last active member of The Pensions Trust schem¢ triggered a risk of debt on wilhdrawal in the last accounting period but that has now been mitigated through the enrolment of members into the defined contribulion scheme. 15
Crosfields School Trust Limited REPORT OF THE GOVERNORS For the year ended 31 August 2024 Going Coneern The Finance Committee on behalf of the Board review the School's ongoing forecasts and projections on a termly basis to ensure that it remains financially viable. The forecast for the year shows a surplus of £301,744 but in tenns of cash generation, the EBITDA is £1,596,400 which makes possible the necessary interest and capital repayments on the bank loan. Despite volatility of pupil numbers for the whole sector, Crosfields is well placed with good numbers flowing up the School and strong preferential local links to some key mid-terni commercial ventures which caY an associated requirement for schooling ihe children concerned. The School is in a strong positive cash position and our forecasts show this remaining for ihe Going Concern period up to 31 January 2026 and beyond. On this basis, the cash-flow projections for future years indicate that the School will be able to meet its liabilitie5 as they fall due from within current banking faci lities. Governors review Ihe ongoing risks on a lemly basis- see Risk Management above - and both they and ihe Senior Leadership Team Continue to monitor the impact of changes, ensuring that school fee5 remain affordable for our fami lies and ihe financial model is sustainable wilhout detriment to the pupils, education. The School is maintaining a close relationship with its bankers to ensure thal there is common understanding regarding its financial position. Accordingly, Governors remain satisfied thal the School can continue operating for ihe foreseeable future and account5 have been prepared in the knowledge thal ihe School is a financially viable organisation. The Governors have reviewed the accounls, financial model, future plans and risks and are confidenl that the charity is a going concern. GOVERNORS RESPONSIBILITIES The Governors (who are also directors of Crosfields School Trust Limited for the purpose5 of Company law) are responsible for preparing the Report of the Governors and ihe Financial Sialements in accordance with applicable law and Uniled Kingdom Accounting Standards (UK GAAP) . Company law requires the Governors to prepare financial starements for each financial year that give a true and fair view of the charitable company's slate of affairs and of its incoming resources and applicaiion of resources, incl uding income and expenditure, for ihe financial year. I n preparing those financial statements. the Governors are required to= Selecl suilable accounting policies and apply them consistently. Observe the methods and principles in ihe Charilies SORP. Make judgements and estimates that are reasonable and prudent. Slate whether applicable accounting standards have been followed, subject to any material departures di5c105ed and explained in the financial slalemenls. Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue to operate. The Govemors are responsible for maintaining proper accounting records which disclose with reasonable accuracy al any time the financial position of the charilable cornpany and to enable them lo ensure that the financial statements comply with the Companies Act 2006. The Governors are also responsible for safeguarding the assets of the charitable company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Governors confinn that they have complied with the duty in section 17 (5) of the Charilies Act 2011 to have due regard to the Charity Commission's general guidance on public benefit. The Govemor5 have referred to the guidance in the Charity's Commission general guidance on Public Benefit when reviewing the 16
Crosfields School Trust Limited REPORT OF THE GOVERNORS For ihe year ended 31 August 2024 School's aims and objectives and in planning the School's future activities. In particular, the Governors have considered how planned activities will conlribute to the aims and objectives they have set. Provision of information to auditors The Governors confirni that so far as Ihey are aware, there is no relevant audil information of which the charitable company's auditors are unaware. They have taken all the steps ihat they oughi to have laken as Governors in order to make themselves aware of any relevant audit information and to establish that the charitable company's auditors are aware of that information. On 18 November 2024, the school's auditors changed their name from Haysmacintyre LLP to Haysmac LLP. Approved by the Board of Governors on 29 January 2025 and signed on their behalf by: Alison Aikinson- Chair of Governors 17
Crosfields School Trust Limited Report of the Independent Auditors to the Governors of Crosfields School Trust Limited Opinion on fin*n¢ial statements We have audilcd the financial siatements of Crosfields School Trusi Limited ('Ihe Parent Chariiable Company") and its subsidiary ("Ihc Group") for ihe ycar ended 31 August 2024 which comprise the Consolidaied Statemenl of Financial Activities (Incorporating an Income & Expenditure Account). the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Stalemenl of Cashflows and notes to the financial statements, including a summary of significanl aGcountin8 policies. The fiftancial reporting framework thai has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in ihe UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion Ihe financial statements: give a true and fair view of the state of the Group's and of the Parent Charitable Company's affairs as at 31 Augusi 2024 and of the Group's net movemeni in funds, including income and expenditure and the Parent Charitable Company's income and cxpenditure for the year then ended- have been properly prepared in accordance with the United Kingdom Generally Accepted Accounting Pra¢ti¢e' and have been properly prepared in accordance with the Companies Act 2006, Basis for opinion We conducted our audit in accordance with Iniernalional Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under Ih05e 51andards are fvrther described in Ihe Audilor's re5ponsibiliiies for th¢ audit of the financial siatements section of our report. We are independent of the Group and the Pareni Charitable Company in accordance with the ethical requirements relevant to our audit of Ihe financial statements in Ihe UK, including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilitie5 in accordance with these requiremcn15. We believe Ihal Ihe audil evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relatin8 to going con¢trn In auditing the financial statements, we have concluded that the trustees, use of the going concern basi5 of accounling in the preparation of the financial stalemcnls (as explained by Ihc Irusiees on pages 15, 16 and 24) is appropriate. Based on the work we have perfomied. we have nol identified any material uncertaintics relating lo events or nditionS thal. individually or colleciively. may cast significanl doubt on the Group's and of the Parent Charitable Company's ability to continue as a going con¢em for a period of at leasi twelve months from when the financial statements are authorised for issue. Our responsibilities and ihe responsibilities of the irustees with respect to going concern are described in the relevant sections of this report. Other inlorm•¢lon The Governor5 are responsible for the other inforniation. The other infonnation comprises the inforn3tion in¢luded in the Report of the Governors, other than Ihe financial statements and our auditor's report Ihereon. Our opinion on Ihe financial statements docs not cover ihe other infornialion and, except to the extent otherwise expliritly Slaled in our r¢port. we do nol express any fonn of assurance conclusion thereon. 18
Crosfields School Trust Limited Report of the Independent Auditor to ¢he Covernors of Crosfield5 School Trust Limited fcontinuedj In connection with our audil of the financial slalemenls. our responsibility is to read the other inforniation and, in doing so, consider wheiher the other infornaiion is materially inconsistent with the financial 51aiemenls or our knowledge obtained in the audit or otherwise appears io be materially misstated. If we identify such malcrial inconsistencies or apparent malerial misstatements, we are required io detennine whether there is a material mi5Statement in ihe financial statements or a material misstatement of the other infomation. If. based on the work we have perfomied, we conclude that there is a material mi55tatement of Ihis other infomialion, we are required lo report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Aet 2006 In our opinion. based on the work undertaken in the course of the audil.. the infomation given in the Report of the Governors. which includes the Direciors, Report and the Strategic Report prepared for the purposes of Company Law. for the financial year for which the financial statements are prepared is onsisient wilh Ihe financial slatemenls; and the Strategic Report and the Directors, Report, which arc included in Ihe Report of the Governors. have b¢cn prepared in accordance with applicable legal requiremenls. Matters on which we are required to report by exception In the light of ihe knowledge and understanding of Ihe Group and the Parent Charitable Company and its environmeni obiained in Ihe course of the audit, we have not identified material misslatemenl in Ihe Sirategi¢ Report or the Report of the Governors. We have nothing lo report in re5peci of the following matters where the Companies Act 2006 require5 U5 to report 10 you if. in our opinion.. dequate and sufficient accounling records have not been kept by the Parent Charitable Company, or reiums adequate for our audit have not been reccivcd from branches not visited by us. or the Parent Charitable Company financial statements are not in agreement with the accounting records and reiums. or ertain disclosures of Governors, remuneration specified by law are not Made; or w¢ have not received all the information and explanations we require for our audit. Respon5ibllltie5 of Governors As explained more fully in the Governors, responsibilities 5talemeni sei oui on page 14, the Governors (who are also the directors of the charitable company for the purpose of company law) are SponSible for the preparation of ihe financial statements and for being salisfied thai they give a true and fair view, and for such internal control a5 the Governors delerniine is necessary to enable the preparation of financial statements that are free from matertal misstatement, whether due to fraud or error. In preparing ihe financial stsiemertts, the Governors are responsible for assessing the Group's and the Parent charitable company's ability to Coniinue as a going concern, disclosing. as applicable, matters relaied to going concern and using the going concern basis of accounting unless the Governors either intend to liquidate ihe Group's and the Parent charitable company or to ceas¢ operations. or have no realisti¢ alternative but lo do so. 19
Crosfields School Trust Limited Report of the IndepeDdent Auditor to the Governors of Crosfields School Trust Limited (conÉinued) Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial stsiements as a whole are free from material misstatement. whether due io fraud or error. and 10 issue an auditor's report that includes our opinion. Reasonable assurance 15 a high level of assurance, but is not a guarantee that an audii conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Missialemenls can arise from fraud or eor and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users tsken on the basis of these financial siaiements. Irregularities. including fraud, arc inslanccs of non-compliancc wilh laws and re8ulaiions. We design procedures in line wilh our responsibilities. outlined above, to detect material misstatemenls in respect of irregularities. including fraud. Th¢ extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. Based on our understanding of Crosfields School Trust and the environment in which it operates, we identified thai the principal risks of non-compliance with laws and regulalions, company law and charity law applicable in England and Wale5. and we considered the exlent to which non-compliance might have a material effect on the financial stalemenls. Wc also considered those laws and regulaiions thai have a direct impaci on the preparation of the financial statements such as the Companies Acl 2006, the Charities Act 201 I, Charities SOIiP (FRS102), and taxation and employmeni legislaiion. We evaluated managemeni's incentives and opportuniiies for fraudulent manipulation of ihe financial stalemcnt5 (including the risk of override of controls) and dclermined that the principal risks wer¢ related to management bias in accounting eslimaies. Audit procedures performed by the engagement team included.. InsPC¢tion of CO¢SpOndence with regulalors and tax authorities; Discussions with management including consideration of known or suspected instances of noncompliancc with laws and regulation and fraud. Review of minutes of meetings; Evaluating management's controls designed lo prevent and detect irregularities, Identifying and testing journals; and Challenging assumptions and judgements made by managcment in iheir critical accounting e51imates surh as ihe fee debtor provision and depreciation. Because of the inherent limitations of an audil, there is a risk that we will nol deieci all irregularities, including those leading to a material misstatement in the financial siaiements or non-compliance with regulation. This risk increases the more that compliance with a law or regulalion is removed from the events and transaclions reflected in the financial statements. as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather Ihan ernr, as fraud involves inlenlional ¢onc¢alment. forgery, ¢ollusion, omission or misrepresentation. A further description of our responsibililies for the audit of the financial statcmenls is located on the Finoncial Reporting Council's website al: www fr .uklauditorsr iliiies. This de5¢riplion forn15 part of our 8uditor's report. Use of our report This report is made solely to the Charitable Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies A¢t 2006. Our audil work ha5 been undertaken so that we might state io ihe Charitable Company's members those matters we are required to state to them in an auditor's report and for no other puryse. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than ihc Charitable Company and the Charitsble Company's members as a body. for our audil work, for thi5 report, or for ihe opinions we have formed. Jane Askew (Senior Statutory Auditor) for and on behalf of Haysmac LLP. 51atulory auditor 10 Queen Street Place. London, EC4R IAG, United Kingdom Date.. 5 February 2025 20
Crosfields School Trust Limited CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (Ineorpora¢ing an Income & Expenditure Account) For the year ended 31 August 2024 General funds Restricted funds Total 2024 Total 2023 Note Income from: Donations and legacies Charitable activities Fees receivable Ancillary incorne Other trading aclivilies Income from trading activiiies Renis and lettirtgs loo 100 12,129,899 604,356 12,129.899 630.949 10,396,318 488.700 26.593 336,723 55,353 336,723 55.353 317.724 29.464 Total income 13,126J31 26.693 13,153,024 11332306 Expenditure on: Charitable activities 7,19 13,024,540 13.024.540 11,954,736 Cost of raising funds 216 216 216 Costs of trading aciivities 224,580 224,580 227,337 Total expenditure 13249,336 13.249.336 12,182,289 Net (eKpenditure)lincome And movement in fund$ {123,005) 26,693 {96J12) (950,083) Total funds brought forward 7,542,971 4,145 7.547,116 8,497,199 Totgl funds Carried forward 19 7,419,966 30,838 7,450,804 7,547,116 The amounts relate to continuing activities. All gains and losses recognised in the year are included in the statement of financial activities. A comparative Statement of Financial Activities has been in¢luded in note 23. The notes on pages 24 -41 fomi part of these accounts. 21
Crosfields School Trust Limited CONSOLIDATED AND COMPANY STATEMENT OF FINANCIAL POSITION At 31 Augus¢ 2024 Croup 2024 Group 2023 Charity 2024 Charity 2023 Note Fixed assets Tangible fixed assets Investments in subsidiaries 10 16,969,492 16,589,133 16.969,492 16,589,133 16.969,492 16,589,133 16,969,493 16,589,134 Current as$tts Stocks Debtors Cash ai bank and in hand 2,000 414,210 4.802,867 711 445,937 ,545.793 2,000 551,620 4,665.456 12 498,127 1,497.057 5,219,077 1,992.441 5.219.076 1,995,895 Creditors: amounts falling due within one yeAr 13 (4,716,518) (2,758.873) (4.716.518) (2,762.327) Net current assets l (li4bili¢ies) 502,559 (766,432) 502,558 (766,432) Total assets less current liabilities 17,472,051 15,822.702 17,472,051 15,822,702 Creditors: amounts falling due fter more than one yewr 14 (10,021.247) (8,275,586) (10,021,247) (8.275,586) Iyet assets 7,450.804 7,547,116 7,450,804 7.547,116 Funds Unre5trieted fund$ General funds Restricted funds 19 19 7,419,966 30,838 7,542.971 4.145 7,419.966 30,838 7,542.971 4,145 7,450,804 7,547,116 7,450,804 7,547,116 The charitable company has taken advantage of s¢ction 408 of the Companies Act 2006 not to publish its own Statement of Financial Aclivilies. The parcnl company's net deficit for the year was £96,312 (2023 net deficit of (£950,083)). The finartcial $18tements were approved and auihori5ed for issue by the Board of Governors of Crosfields School Trust Limited on 29 January2025 and signed on their behalf by: Alison Atkinson Chair of Governors The notes on page5 24 - 41 forni part of these accounts. 22
Crosfields School Trust Limited CONSOLIDATED STATEMENT OF CASHFLOWS For the year end¢d 31 Augu$t 2024 Group 2024 Group 2023 Note Net income for the reporting period (as per ihe Statement of Financial Aclivilies) Adjustments for: Depreciaiiort of tangible fixed osseis L055 1 (profil) on disposal of langible fixed assets Interest payable (Increase) in stock Decrea5e/(increase) in debtor5 Increasel(decrease) in crcdilors Incr¢as¢ in long.term deferred income (Decrease) irt pension deficit Gontribution liability (96,312) (950,085) 848,116 25,386 648,540 (1,289) 31.727 ,568,103 1,856,189 (6,328) 674,345 (315) 483,408 {366) (139,977) 510,013 13 (5,396) Cash generated from operations 4,874,132 571,627 CAsh flows (rom Investing a¢tivitie$ Purchase of tangible fixed asseis 10 (860,788) (575,439) Net cash used In Inves¢lng Activities (860,788) (575.439) Cash flows from financing activities New bank loan Paymcnts made on finance leases Bank interest paid ,534,342 (126,191) (630,079) (483,408) Net cash from fin*n¢ing activltie5 (7S6,270) ,OSO,934 Increase in cash and cash equivalents in the year 3,257,074 1,047,121 Cash and sh equivalents at the beginning of the year ,545.793 498.672 To¢AI cash Ind cash equivalents at the end of the year 4,802,867 1,545,793 Relating: Bank balances included in cash at bank and in hand 21 4,802,867 1.545,793 4,802,867 1,545,793 The notes on pages 24 to 41 fonn part of these a¢¢ounls. 23
Crosfields School Trust Limited NOTES TO THE FINANCIAL STATEMENTS For the year ended 3] August 2024 Aceounting policies Company status Crosfields School Trust Limited ("the Company") is a private company limited by guarantee, incorporated in England and Wales under ihe Companies Act 2006. The address of the Company's registered office and principal place of business is Crosfield5 School. Shinfield Road, Shinfield, Reading. RG2 9BL. The members of the Company are the Governors. The Company number and members of the Company are named on page l. Bas15 of preparation The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Pra¢tiee applicable io ¢hariti¢s preparing their accounis in accordance wilh ihe Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effeclivc l January 2019) - Charities SOIiP (FRS 102), UK Generally Accepled Accounting Practice (UK GAAP) including the Financial Reporting Siandard applicable in Ihe UK and Republic of Ireland (FRS 102) and Ihe Cornpanies Aci 2006. Assets and liabilities are inilially recognised al historical ¢osi or Iransaclion value unless otherwise Slated. Monetary amounts in these accounts are rounded io the nearest £ except where otherwise indicated. Going concern The group has nel currenl a55clS of £502,559 (2023.. liabililies of £766,432} ai the Siatemeni of Financial Position dale. The year ended 31 Au8USt 2024 gave rise to a minimal nel decrease in funds of £96,312 as the anticipated pupil volumes were now in all years of the School. The uppermost Years l O and I I have notable further eapacily for expansion. which the larger numbers in Years 7 to 9 are expected to flow upwards into in years lo come. This will provide sufficient income io cover the increasing business rates for independent schools from April 2025 and the requirements to start repaying the bank loan. The School has had some conversation$ with parents for whom the government's VAT changes and increascd Employers, Nl will mean independent schooling is now out of reach for them, however these are to date very few and far. below nalional averages expected. Also. the School has close and preferential links with a number of local and regional initiatives ongoing for the coming 2-3 years that are also driving increased rnid-iemi demand for the S¢hool. Whilst Ihcre is heightened volalility in pupil numbers in the sector, and Ihe full pi¢tur¢ will not be known unlil March or April 2025 as st8te admissions are communicaied, the Governors remain confident that 5uffici¢ni pupil numbers will be achieved to ensure the School remains a Going Concem; a5 SUPPOrted by the Governors, multi-period cashflow modelling. In the event that an unexpectedly high drop in pupil numbers occurs in March or April for Sepiember 2025 entrance. the School reiains su1Clent flexibility in its cost model to make required adjustments to ensure sufficieni EBITDA is generated lo cover bank loan repayments and associated ¢ovenanls. Further to this focus on pupil numbers. in support of the going concern assessment. the Governors have considered ran8e of different scenarios which include oiher key variables such as salary c0515. energy costs, other impacts of inflation and intercsl rates. In doing so, the Governors are salisfied thai the forccasis provide them with a reasonable basis lo onclude that the charitable mPally will remain a going concern for the foreseeable future and to at least 31 January 2026. and wiihin Ihe terms of the lending facilities currently available to it. The Governors confinn they are satisfied no material uncertainty arises. 24
Crosfields School Trust Limited NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 August 2024 Accountlng polleles (coniinued) Basis of eonsolidation The group accounls consolidate the accounts of Crosfields School Trust Limited and its subsidiary undertaking. Crosfields School Enterprises Limited on a line by line basis. The accounls are made up to 31 August 2024. No separate Statemeni of Financial 4ctivilies or income and expenditure has been presenied for the charilable Company alone as perniitted by the Companies Act 2006 and the Charities SORP. The results of the subsidiary undertaking for the year are disclosed in note 3 of Ihe accounts. FRS102 allows qualifying entities certain disclosure exemptions. The charity. only, has taken advantage of the exemplions for the following disclosure requirement: Section 7 "Statemcnl of Cash Flow5" disclosures. Prcsenialion of an entity only Statement of Cash Flow and related notes and Fund accounting The funds of the School are accounted for as unresiricted or restricied income. in accordan¢e with the lems of trusl imposed by the donors or any appeal to which they may have responded. General funds are unrestriclcd funds that arc available for use ai the discretion of the Governors in furtherance of the general obje¢iives of the chariiable company and have not been designated for other purposes. Designated funds Comprise unrestricted funds that have been set aside by the Governors for particular purposes. The aim of the designated fund is set out in the notes to the financial statements. Investment income and gains are allocated lo the appropriaie fund. Income All incoming resources are included in the Statement of Financial Aclivitics when the chariiable company is legally entitled 10 the income and Ihe amount can be quantified with reasonable accuracy. Fees Ind simil8r in¢omt Fees receivable, charges for services and use of premises are ac¢ounied for in the period in which Ihe service is provided. Fees receivable are slated after deducting allowances, bursaries and other remissions 8ranted by the School, other than staff discounts which are accounted for a cost of employrnent. Fees received for education lo be provided in fulure years are caled forward as fees Teceived in advance in the Statement of Financial Position. These fees are released io the Statement of Financial Aciivities over the period in whi¢h the School provides the service5 in future years. Expenditure Expenditure is accounted for on an a¢¢rual basis. Expenditure is allocated to specific activities without the need for apportionment. The irrecoverable element of VA T is included within the item of expense to which it relates. Governance costs comprise the costs of Tunning the charilable company, 5u¢h a5 thc wsts of board and committ¢¢ meetings, preparing statutory accounts and satisfying public accountability. 25
Crosfields School Trust Limited NOTES TO THE FINANCIAL STATEMENTS (conlinued) For th¢ year ended 31 August 2024 Accounting polieles (conlinued) Donated services Donated goods. services and facilities are only included as income (with an equivalent amount in resources expended) where the benefit lo the charity is reasonably quantifiable, measurable and material. The value placed on these resource5 is ihe estimated market value to the charity of the service or facility received. iK¥s¢$ Rentals applicable to operating leases are charged to the Ststement of Financial Activities on a Siraight line basis over the period in whi¢h the cost is incurred. Assets acquired under finance leases or other leases where subslaniially all of Ihe benefits and risks of ownership of the assei will flow lo the entity during the lease ierni. are capitalised upon inilial acquisition al Ihe present value of the lease paymenis. Interest is Gharged to the Sialement of Financial Activities over the lease tenn and ihe asset is depreciated over the ownership period. T*nglble fixed 4sse¢s #nd depreciation Expenditure on fixed assets is capitalised except for expenditure in¢urred on the replacement of assets of low value with 0 short life. Subsequent costs of repair. renovaiion and replacemeni expenditure are written off as incurred in the consolidated statement of financial Bctivilies, unles5 it Is probable that such costs will general¢ future economic benefits. School buildings are recorded at iheir historical cost lo the charitable company. Deprecialion is provided on all tangible assets, excepl freehold land, in order to write off their cost less residual value over their estimated useful lives at the following annual rates.. Stralght line bASi$ Freehold property: Buildings Artificial turf pitch Sensory garden Furniture, flxtur¢$ and equipment: Tractor Computer equipment (educational) Other Finance Leased Assets 12-20 yeaTS 10 15 33.33 15 3-5 years liems costing less than £5,000 are written off as an expense as acquired. Inve$tmtnt$ In sub$ldi4ries Investments in subsidiaries are slated al cost less any assessed impairnient in the asset. Stocks Sto¢ks are valued at the lower of cost and net realisable value. 26
Crosfields School Trust Limited NOTES TO THE FINANCIAL STATEMENTS (conlinued) For the year ended 31 August 2024 A¢¢oun¢ing policies (conlim4ed) Pen$ion Schtmos Until 31 August 2023 the chariiable company coniribuled to the Teachers, Pension Scheme. which is a defined benefit scheme, al rates set by the Scheme Acluary and advised to ihe Board by the Scheme Administrator. The scheme is mulii-employer pension scheme and it is nol possible to identify the assets and liabiliiies of ihe scheme attributable to the charitable company. In accordance with FRS 102 therefore, the scheme was iherefore accounted for as a defined contribution scheme and contribution5 were accounted for when advised by the scheme administrator. Since I September 2023 Ihe charitable company contributes into a defined contribution scheme for all participatin8 Staff. The last active member of The Pensions Trust Defined-Benefit Scheme retired in Oclober 2022. This is also a rnulii- employer pension scheme and the present value of future contributions relating to the funding of a pension deficit is recognised as a liability. Finan¢i41 In$trum¢nt$ The group has elected to apply the provisions of Section I I 'Basic Financial Instruments, and Section 12 '0ther Financial Instruments Issues. of FRS 102, in full, to all of its finhncial insiruments. Financial asseis and financial liabilities are iecognised when the group b¢¢omes a party to the contractual provisions of the instrumeni, and are offset only when the group has a legal enforceable right to set off the rccognised amounts and intends either io sertle on a net basis. or to realise and settle the liability simultaneously. Financial assels Trade, group and oiher debtors (including accrued income) which are receivable within one year and which do noi onstilute a financing transaction are initially measured at the Iransaclion price and subsequently measured at amortised cost, being ihc transaction pri¢e less any amounts settled and any impaimients losses. A provision for impairnienl of trade debtors is established when Ihere is objective evidence thai the amounts due will not be collected according to the original tcmis of th¢ contract. Impainent losses are re¢o8nised in the statement of financial aclivilies. Financial liabililies Financial instruments are classified as liabil¢lies according to ihe substance of the contractual arrangements entered inlo. Trade, group and other creditors (including a¢cruals) payable within one year that do not constitute a financing transaction are initially measured ai the transaction price and subsequently measured at amortised cost, being transaction price less any amounts settled. Where the arrangements with a creditor constitutes a financing transaction, the creditor is initially measured at Ihe present value of fuiure payments discounted at a market rate of interesi for a similar instrument and subsequently measured at amortised cost. Borrowings Borrowings ar¢ initially recognised at the tr&nsa¢tion price, including transaction costs, and subsequently measured at amortised cost Using the effective interest method. Interest expense is recognised on the basis of the effective interest meihod and is included in intcresl payable and similar charges. Dere¢ognisingfinancial asselj and liabililies A financial assei is dere¢ognised only when the contractual rights to cash flows expire or are settled, or subsequently all the risks and rewards of ownership are Iransferred to another paty. or if some significant risks or rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in lis entirety to an unrelated third paty. A financial liability (or part thereofj is derecognised when the obligation specified in the contract is discharged, cancelled or expires. 27
Crosfields School Trust Limited NOTES TO THE FINANCIAL STATEMENTS (conlinued) For the yeAr ended 31 August 2024 Aecounting policies (continued) Taxation The tax expense for the period comprises currenl and deferred lax. Tax is re¢o8nised in Ih¢ staiement of financial affairs. Th¢ current corporation tax charge is calculated on the basis of tsx rates and laws Ihat have been cnacled or 5ubslanlively enacted by the reporting date in ihe UK. CritieAI aecounting estlmAtes and Areas of judgemen¢ Estimaies and judgements arc conlinually evaluaied and are based on historical experience and other factors, including expeciations of future evenis thai are believed to be reasonable under the circumstances. The group makes estimate5 and assumptiorts conceming ihc future. The resulting accounting esiimates and assumptions will, by definiiion, seldom equal the related actual results. The estimates and assumptions thal have a significanl risk of causing a material adjustment 10 ihe carying amounts of assets and liabilities within the next financial year are discussed below. Significant estimates ineluded within the financial statements include provision for fee debtors, which require judgcment by management regarding the likelihood of r0very. Management review and assess fee debtors on an individual account basis and provide for debis as appropriaie. Depreciation is anoiher key estimale in the accounts which requires management judgement over the useful life of Ihe a55els. The policy has been set oul in the noies above. Fees rectiv4ble 2024 2023 Fccs receivable Consist of: Gross ftts EYFS Block Funding Less: Totsl bursaries, grants and allowances 13,173,124 80.008 (1,123,233) 11,242,431 (846,113) All fees receivable were unrestri¢ted in the current and prior year. 12,129,899 10,396.318 * EYFS Block funding was previously not separately disclosed from Gross fees. 28
Crosfields School Trust Limited NOTES TO THE FINANCIAL STATEMENTS (¢oftlinued) For the year ended 31 August 2024 Trading ineome and expenditure Crosfields School Trusi Limited owns l OOQ/o of Crosfields School Enterprises Limited. This company hires out the sports hall, swimming pool and other facililics al Crosfields School and donates its annual taxable profits to the charitable ompany und¢r Ihe Gift Aid Scheme. Trading results cxtracled from its audited financial stalemenls are shown below: 2024 2023 Tumover Adminisirative expenses 336,723 {224,580) 317,724 (227,337) Profit for the year Gift aid 112.143 {112.143) 90,387 (90,387) Nel assets Donations And legacies 2024 2023 Donations loo Ancillary income 2024 2023 Extra-curricular activities Inlere5t income Other income 514,193 54J42 35.821 413,943 37,636 37,121 604,356 488,700 Rental intome Total 2024 Total 2023 Rents receivable SSJ53 29.464 29
Crosfields School Trust Limited NOTES TO THE FINANCIAL STATEMENTS (conlinued) For the year tnded 31 August 2024 Anthly$is of expenditure Total 2024 2024 Staff costs Other Depre¢iAtion ChAritable activities School operating costs Teaching Welfare Premises Support costs Governance costs Bank interest Interest on finance leases Losses on disposal of fixed assets Bad debis 5,755.645 557.530 569.710 730,710 1,750,798 408,672 1,304,034 351.597 30,949 630.079 18,461 25.386 7,506,443 966.202 2.721,860 1,082.307 30.949 630.079 18.461 25.386 848,116 42.853 42,853 7,613,595 4.562029 848,116 13,024,540 Cosi of raising funds 216 216 Cost of trading aclivitie5 142.577 82,003 224.580 Total expendlture 7,756,172 4,645,048 848,116 13,249.336 To¢41 2023 2023 Staff cost$ Other Dtprttlailon Charitable activities School operating costs Teaching Welfare Premises Support Costs Governance costs Bank interest Losses on disposal of fixed 8s5elS Bad debis 5,414.382 377,411 403.954 582.436 1,865,168 370.332 1,205.822 472,129 25.452 483.407 59,577 21.979 7,279.550 747,743 2,282,463 1,054.565 25,452 483,407 59.577 21,979 672,687 6,778,183 4,503,866 672,687 11,954.736 Cost of rnising funds 216 216 Cost of trading a¢tivities 137,892 89.445 227,337 Total expenditure 7,281,368 4,228,237 672.687 12.182,289 30
Crosfields School Trust Limited NOTES TO THE FINANCIAL STATEMEIYTS (conllnued) For the year ended 31 August 2024 Expenditure 2024 2023 Charitable activities include: Operating lease charges D¢pr¢Giaiion on Finan¢e lease assets Depreciation on other assets Auditors, remuneration Audii fees Crosfields School Trust Crosfields School Enterprises Limited Preparation of siaiutory accounts Taxaiion - Compliance ser¥ices Other assurance services Loan inierest Interest on finance leases 22,768 113,643 734,473 14,891 672,687 16,000 13,620 2,450 2.180 ,250 900 483,408 750 3,800 990 630,079 18,461 The public liability insurance of the charitable company includes indemnity insurance premiums for the Governors of £8.188. (2023.. £8.188). Staff costs 2024 2023 Wages and salaries Social security costs Pension contributions Pension deficil contribution (credit) 6J41,650 581,784 .012,066 {179?28) 5,723,396 551,966 1,006,006 7,756,172 7,281,368 The average number of employecs during the year was as follows.. 2024 ]Yumber 2023 Number Teaching Non-leaching 127 68 61 195 178 The Governors received Nil remuneration or oiher benefits for the year (2023.. Nil). The Governors were reimbursed for expenses lotalling £nil in the year {2023: £456). 31
Crosfields School Trust Limited NOTES TO THE FIIYANCIAL STATEMENTS (conlinued) For the year ended 31 August 2024 Staff costs (coniirtued) The numbers of employees whose remuneration exceeded £60.000 during the year, were.. 2024 Number 2023 Number £60.001- £70,000 £70,001 - £80.000 £80.001 £90.000 £90,001 £100.000 £160,001- £170,000 The number of those higher paid employees who accrued benefits under a defined benefit pension scheme during the year, were.. Pension contributions for those employees 105,224 Aggregate employee costs of the senior leadership team, as disclosed on page 2, including salary, benefits, pension contributions and national insuranct) in Ihe year ioialled £1.037,949 (2023.. £1.129,942}. During the year, severance pay was awarded to 6 employees, with payments for ¢ompensalion and pay in lieu of notice tolalling £150.929 (2023 - 2 employees.. £37,211), 32
Crosfields School Trust Limited NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 August 2024 io T*ngible Fixed Assets Furniture, rixtures and equipment Frethold property Total Cosl At I September 2023 Reclassification Additions Disposals 19,882.838 430.058 773,387 (44,786) 3,321.090 (338,760) 480,575 23.203,928 91,298 1.253,962 (44,786) At 31 August 2024 21,041,497 3,462,905 24,504,402 Deprecialion Ai I September ?0?3 Reclassification Charge for year Disposals 4,173,086 2,441,709 91,298 285,857 6,614.795 91.298 848,116 (19,299) 562,259 (19,299) At 31 August 2024 4,716,046 2.818,864 7,534.910 Nei book value At 31 August 2024 16,325,451 644,041 16,969,492 Ai 31 August 2023 15,709.752 879,381 16,589,133 Included within the net book value is £279,531 (2023.. £ nil) relating lo assets held under finance lease arrangemenis, £113,643 (2023.. £nil) of depreciation was ¢haTged on those assets during the period. Re¢lassificaiions are a realignment of staiutory categorisation with internal managernent classifications only. 33
Crosfields School Trust Limited NOTES TO THE FINANCIAL STATEMENTS (conlinued) For the year elld 31 Au2USt 2024 I l Fixed assets investments. Group and Chgrity 2024 2023 Investment in subsidiaries (Charity only) Investment in subsidiary company Registered Office Company number Shyre$ held Company C19$$ Crosfields School Enterprises Limited Crosfields School Shinfield Road. Shinfield. Reading, Berkshire, RG2 9BL 08332333 Ordinary 100 12 Debtors Group 2024 Group 2023 Charily 2024 Charity 2023 Trade debtors Oiher debtors Amounts owed by subsidiary undertaking Prepayments and accrued income Taxaiion and social security 186,478 1,542 158.006 5,351 157,497 1,542 166,391 226,190 119.808 5.351 90.388 282,283 297 226,190 282,283 297 414210 445,937 551,620 498.127 Amounts owed by group undertakings ore inierest free and repayable on demand. 13 Credl¢ors: amounts falling due wlthln one year Group 2024 Group 2023 Charity 2024 Charity 2023 Bank loan Trade creditors Taxation and social security Finance lease arrangements Other creditors and a¢crual$ Deferred Income Deposits held Pension liability (Nole 16) Amounis owed to subsidiary undertaking 465,121 233,092 148,934 155,149 643.562 2,576,859 461,666 32,135 224.400 262,971 465,121 233,092 148,934 155,149 643,562 2,576.859 461,666 32,135 224,400 262.971 503,457 1,268,048 461.534 38,463 503,457 1,268.048 461.534 38.463 3,454 4,716,518 2,758,873 4,716,518 2,762,327 Deferred income relates to school fees received in advance for the nexi school year. trip payments on account and EYFS funding received on account for the coming term. Deposils held predominantly relaie to acceptance deposits, all of which are considered as owed within one year as one ternis notice is required to be given by pupils. Amounts owed to group undertakings are intcrest free and repayable on demand. Finance lease obligations are secured against the assets to which they relate. 34
Crosfields School Trust Limited NOTES TO THE FINANCIAL STATEMENTS (conilnued) For the yeAr ended 31 August 2024 14 Crediton: amount$ falling due after more than one yelr 2024 Banklogn Deferred income Fin*n¢e ease$ Total Total due 8,034,865 1,856,189 130.193 10,021,247 Ofwhich. - due within one to two years due within two to five years due after five years 670,341 2,269.119 5,095,405 912.992 862.190 81,007 80,907 49,286 1,664,240 3,180,595 5,176,412 2023 Bhnk loan Deferred in¢ome Finance lease$ Tot41 Tolal due 8,499,986 ,499,986 .Of which; due within one to two years due within two to five years due after five ycars 413,100 3,999,999 3,862,487 413,100 3,999.999 3,862,487 The bank loan is repayable by 31 December 2034. Since the last statutory accounts, the bank iems were clarified such that repayments are more evenly spread over the loan term. Interest is charged at 2.160/0 above base rate and the loan is secured by a fixed chargc over Ihe ch&riiable company's freehold land and buildings. Deferred income relales lo fees for school years beginning I September 2025 or after, which some parents pay in advance. The School has a contractual obligaiion to deliver services paid for in the years set out above. Finanee lease obli8alions are securcd against Ihe assets to which they relate. IS Defined benefit pension scheme liabillty The movement on the pension provision is as follows: 2024 2023 Provision blfwd 38,463 43,859 Net movernent (6J28) (5,396) Provision clfwd 32,135 38,463 The above provision relates lo the requiremenl under the FRS102 that the charity must recognise as a liability the present value of futuff contribulions relating 10 Ihe funding of a pension deficit. For further details see Note 20. 35
Crosfields School Trust Limited NOTES TO TH E FINANCIAL STATEMENTS (conlinued) For the year tnded 31 August 2024 16 Operating lease commitment At 31 August 2024 the group had total fulure minimum lease payments under non-¢8ncellable operating leases as follows.. 2024 2023 Due within one year Due between one and five years 296 69,700 63,892 133,592 133.592 In accordance wilh FRS102, the majority of the School's opcraling leases have bttn classified as finance leases within ihe period. 17 CapilAI commitment5 Ai 31 August 2024 the School had the following capitsl commilmenls: 2024 2023 Contracts for future capital expenditure 192,762 18 Analysis of net AstS between funds Group 2024 Net current el (liabillties) Fixed assets Long term Investments Total Gencral fund Restricted fund 16,969,492 471,721 30,838 (10,021347) 7,419,966 30,838 16,969,492 S02,559 (10.021347) 7,450,804 Group 2023 Net eurrent assetsl (li*bilities) Fixed assets Long term Inveslments Total General fund Restricted fund 16,589.133 (546,176) 4.145 (8,499.986) 7,542,971 4,145 16,589.133 (542,031) (8,499.986) 7,547,116 36
Crosfields School Trust Limited NOTES TO THE FINANCIAL STATEMENTS (conlinued) For the year ended 31 August 2024 18 An41ysis of net as$ets between funds (conlinued) Charity 2024 Net current ssetsl (liabilities) Fixed assets Long term liabilities Investments Total General fund Restricted fund 16,969,492 471,721 30,838 (10,021,247) 7,419,966 30,838 16.969.492 502,559 (10.021,247) 7,450,804 Charity 2023 Net eurrent assetsl (liabilities) Fixed assets Long term li#bilities Inv¢$tments Total General fund Restricted fund 16,589,133 {546,176) 4.145 (8,499,986) 7,542.972 4,145 16.589.133 (542,031) (8.499,986) 7,547,117 19 Total Funds Group 2024 BAIAnce I Sep, 2023 Balance 31 Aug. 2024 In¢ome Expenditure Unrestrieted funds General fund 7,542,971 13,444,953 (13,567,958) 7,419,966 Restricted fund Bursary fund 4,145 26,693 30,838 Total funds 7,547,116 13.471,646 (13,567,958) 7,450,805 General funds are unrestricted funds that are available for use at the discretion of the Governors in furtherance of the general objectives of the charitable company and have noi been designated for other purposes. Incoming resources of the charity includes £112,143 (2023.. £90,388) of gift aid received from its subsidiary. Reclasses relate to brought forward funds, plus funds a¢¢umulated in the year and less those utilised, predorninantly in relation to the sale of donated second hand uniform, the proceeds of which is allowed only for ancillary bursary usage. These amounts had previously been dis¢losed as liabilities rather than as restricted fund5. The restricted Bursary fund relates lo donations for spending on future bursaries. 37
Crosfields School Trust Limited NOTES TO THE FINAIYCIAL STATEMENTS (continued) For the yur ended 31 August 2024 19 Totgl Funds (continued) Group 2023 Balance I Sep. 2022 Balance 31 AUR, 2023 Income Expenditure Retlasses Unres¢ricted funds General Fund ,493,054 11,232,206 (12.182,289) 7,542.971 Re5trlcted fund Bursary fund 4,145 4.145 TotAI funds .497,199 1,232,206 (12,182,289) 7.547,116 Chlrlty 2024 Balance I Sep, 2023 B4lance 31 Aug, 2024 Income Expenditure Ree18sses Ceneral fund 7.542,971 13,220J73 (13J43J78) 7,419,966 Restricted fund Bursary fund 4,145 loo 26,593 30,838 Total funds 7,547,116 13,220.473 (13J43J78) 26,593 7,450,805 Chrity 2023 Balance I Sep, 2022 Blnet 31 Aug, 2023 Income Expendl¢ur¢ Re¢lsses General (und 8,493,055 11,004.871 (11,954,955) 7,542.971 Restrleted fund Bursary fund 4,145 4,145 Total funds 8,497,200 11,004.871 (11.954,955) 7.547,116 38
Crosfields School Trust Limited NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 August 2024 20 Pensions The charitable company operaies three pension schemes; a) Teachers, Pension Scheme Until 31 August 2023 the School participated in the Teachers. Pension Scheme {"the TPS") for its teaching staff. The pension charge for the year includes contributions payable 10 the TPS of £ nil (2023: £815,737) and at ihe year-end £ nil (2023.. £92,502) was accrued in respect of conlributions to this scheme. The TPS is an unfunded mulii-employer defined benefiis pension scheme governed by The Teachers, Pensions Regulations 2010 (as amended) and The Teachers, Pension Scheme Regulations 2014 (as amended). Members contributed on a 'pay as you go" basis with contributions from members and the employer being credited lo the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament. The ernployer contribution rale was set by the Secretary of State following scheme valuations undertaken by the Governmenl Acluary's Department. The most recent actuarial valuation of the TPS was prepared as ai 31 March 2020 and the Valuation Report. which was published in October 2023. cheme The charitable Company runs a defined contribution scheme for all staff with Aegon. The cosi for Ihe year represents the charitable company's contributions to the scheme of £ 1,012,066 (2023.. £178,963) and ai ihe year-end £130,971 (2023.. £14,359) was 10 be paid over in respect of contributions lo this scheme. The charitable company previously parti¢ipated in The Pensions Trust scheme, which is a multi-employer scheme providing benefils 10 some 61 non-associated employers. The scheme is a defined benefil scheme in the UK. It was not POS5ible for the charitable company to obiain sufficient inforniation lo enable it to ac¢ounl for the scheme as a defined benefit scherne. Therefore, it accounted for the scheme as a defincd contribution scheme, The scheme is subject to the funding legislation ouilined in the Pensions Act 2004 which came into force on 30 December 2005. This, logeiher wilh documents 15sued by lh¢ Pensions Regulator and Technical Actuarial Siandards issued by the Financial Reporting Council. set out the framework for funding defsned benefit occupational pension schemes in the UK. The scheme is classified as a'last-man s18nding arrangemenl,. Therefore, the charitable company is potentially liable for other participaiing employers, obligalions if those employcrs are unable to meei their share of the scheme deficit following wiihdrawal from the scheme. Participating employers are legally required lo meet their share of the scheme deficit on an annuity purchase basis on withdrawal from Ihe scheme. A full actuarial valuation for the scheme was Carried out wilh an effective dale of 30 September 2020. This actuarial valuation was certified on 22 December 2021 and showed a55elS of £201. I m, liabilities of £256.3m and a deficit of £55.2m. To eliminate this funding shortfall. the trusiees and the participating employers agreed Ihal addilional conlribulions were to bc paid. The School is committed lo ils portion of deficit repayments in relaiion to the total Pensions Trust Gr0h plan of £2,687,000 per annum over a period of10 years from I Seplember 2022. indexed at 3 % per annum. In line with the requirements of FRS102. a liability of£32.135 (2023: 38.463) has been recognised in relation to this. The recovery plan conlributions are allo¢ated to each participating employer in line with iheir estimaied share of the scheme liabilities. 39
Crosfields School Trust Limited NOTES TO THE FINANCIAL STATEMENTS fconilnued) For the year ended 31 August 2024 20 Pensions (conÉinHed) Toial contributions paid into the scheme by the charitable company amounted to £6,328 (2023.. £5.396). Full details are available regarding The Pensions Trust on their website www.t t.or In the prior year, the charitable company was infornied of a poiential cessaiion event as the lasl aclively contributing member left the Scheme on 31 October 2022. The charitable company had beet) advised that if a Seclion 75 debt becomes payable on withdrawal it will be in the order of £179.000. As a prudent mea5ur¢. the charilable cornpany provided for this potential liability as at 31 August 2023 and since enrolled member5 of staff into the defined contribution scheme in order lo avoid the triggering of the Section 75 debi. At 31 Augus¢ 2024, those members had been accepted and the provision for potential liability has been released. 21 Analysis of net debt Balance I September 2023 Finance le&5es ¢opitlised B4lnce 31 August 2024 Cashflows Cash al bank and in hand Debt due within l year Debi due after l year 1.545.793 3.257.074 (465,121) 465,121 4,802,867 {620270) (8,165,058) (155,149) (130.193) {8.499,986) (6,954,193) 3.257.074 (285.342) (3,982,461) 22 Related p4rty trgnsAction5 Owing to the naiure of ihe School's operations and the composition of the governin8 body being drawn from local public and privaie sector organisalions. it is inevitable that transactions will lake place with organisalions in which a Governor may have an inleresi. All transactions involvin8 these organi5alions are in ac¢ordan¢e with the School's normal procedures. The total donations in aggregate received from fjovernors in the year were £nil (2023.. £nil) The School has a number of pupils who are family rnembers of Governor5. Fees are payable at the same level as other pupils and enlitlcmcnt to fee remission is ¢onsid¢red in line wilh the School's slated policy for such awards. Transactions between the School and its subsidiary Crosfields School EnterISeS Limited are disclosed below: 2024 2023 Recharged expenses Gift Aid Amounts owed by/(to) Crosfields School Enterprises Limited 224,580 112,143 166.391 227,377 90,387 90.388 There were no other related paty transaction in the year. 40
Crosfields School Trust Limited NOTES TO THE FINANCIAL STATEMENTS (conlinued) For Ihe year ended 31 August 2024 23 Comparalive Statement of Flnancial Aelivl¢i¢$ Gener41 funds Restricted funds Total 2023 Note Income from: t)onations and legaeies Charitable activities Fees receivable Ancillary income Other lrnding activilics Income from trading activities Rents and lettings 10.396,318 488,700 10,396,318 488,700 317,724 29,464 317,724 29,464 Total Income 1,232,206 11,232,206 Expenditure on: Charitable activitie5 Cost of raising funds Costs of irading activities 7,19 11.954.736 216 227,337 11.954,736 216 227,337 To¢81 expenditure 12,182,289 12,182,289 Net (expenditureyincome (950,083) (950,083) Net movement in funds (950,083) {950.083) Totsl funds brought forward ,493,054 4,145 8,497,199 Total funds carried forward 19 7,542,971 4,145 7,547,116 41