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2025-08-31-accounts

Crosfields School Trust Limited

(A company limited by guarantee)

Annual Report and Consolidated Financial Statements

Year Ended

31 August 2025

Registered No. 0584278 (England and Wales) Charity No. 309108

Crosfields School Trust Limited

CONTENTS

Page
Legal and Administrative information 2 - 4
Report of Governors (including Strategic Report) 4 - 19
Independent Auditor’s Report 20 - 22
Consolidated Statement of Financial Activities 23
Consolidated and Company Statement of Financial Position 24
Consolidated Statement of Cashflows 25
Notes to the Financial Statements 26 - 43

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Crosfields School Trust Limited

LEGAL AND ADMINISTRATIVE INFORMATION For the year ended 31 August 2025

STATUS AND ADMINISTRATION

The Crosfields School Trust Limited is a charitable company limited by guarantee incorporated on 21 May 1957 and registered as a charity on 1 October 1962.

The charitable company was established under a Memorandum of Association that established the objects and powers of the charitable company and is governed under its Articles of Association.

COMPANY NUMBER 00584278 CHARITY NUMBER 309108 REGISTERED OFFICE Crosfields School AND ADDRESS Shinfield Road Shinfield, Berkshire RG2 9BL

GOVERNORS

The Governors of the School being also Trustees of the charity and Directors of the charitable company, who served during the year, unless otherwise stated, were as follows:

*/++/ A Atkinson (Chair of Governors) As of 28 November 2024
-/+ D Battersby
*/++/-- C S Bradfield Resigned 28 November 2024 (Chair until 28 Nov 2024)
*/++ C Hayfield Appointed 29 January 2025
- L Hughes Appointed 29 January 2025
* S Stocks Wilson Appointed 29 January 2025
-/+ E Dawes
-/++ C L Furneaux Resigned 28 November 2024
* I Galvin
* A Hilson Resigned 10 March 2025
* M Lawrence
- M Mallam Resigned 28 November 2024
* E Mortimer-Zhika
* J R Lucey Resigned 28 November 2024
*/-- R Plumpton
*/+ S Sachdeva
+ S Z Brass Appointed 12 May 2025
* J Sefton Jenkins
+ M Turner (Safeguarding Lead, Safeguarding & Welfare Chair)
- M Wardrop Chair of Education Committee

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 HM and Bursar's Remuneration & Appraisal Committee (HMBRAC) - Members of the Education Committee (EWC)

LEGAL AND ADMINISTRATIVE INFORMATION (continued) For the year ended 31 August 2025

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OFFICERS

Head: C Townshend Interim Director of Finance and NA Shryane Resigned 3 December 2024 Operations and Company Secretary: Director of Finance and A Simler (Appointed 3 December 2024) Operations: (Resigned 23 April 2025) Director of Compliance and Operations (DCO), Clerk to C Odedra (Appointed Clerk to Governors 10 June 2024) Governors (Appointed DCO from 1 May 2025) SENIOR LEADERSHIP TEAM C Townshend Head N A Shryane Interim Director of Finance and Operations ( Appointed 10 June 2024 - Resigned 3 December 2024) C Odedra Director of Compliance and Operations R Ebbage Deputy Head (Academic) Senior School G Edwards Director of Operations and Co-Curricular ( Appointed 1 September 2023) A Mallins Deputy Head (Pastoral) resigned (31 August 2025) P J McDowell Head of Pre-Prep A Norwood Director of Digital Strategy (Resigned 31 August 2025) Emma Robson Head of Juniors (appointed 1 September 2024) S Dawson-Couper Director of Studies (appointed 1 Sept 2024)

SENIOR LEADERSHIP TEAM

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Crosfields School Trust Limited

LEGAL AND ADMINISTRATIVE INFORMATION (continued) For the year ended 31 August 2025

PROFESSIONAL ADVISERS

BANKERS: Lloyds Bank
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
BS1 4QA
AUDITORS: Haysmac LLP
10 Queen Street Place
London
EC4R 1AG
INSURANCE BROKERS Marsh Brokers Limited
Rockwood House
9-17 Perrymount Road
Haywards Heath
RH16 3DU

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Crosfields School Trust Limited

ANNUAL REPORT

This Annual Report of the Governors, together with the financial statements for the year ended 31 August 2025, comply with the requirements 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 Trustees’ Report as required by Part VIII of the Charities Act 2011 and the Directors’ Report as required by Section 417 of the Companies Act 2006.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

The School is governed in accordance with its Memorandum and Articles of Association, last amended in March 2019.

Governing Body

The members of the Governing Body are detailed on page 3. The full Board meet at least once in each school term. In addition to the Board meetings, Governors sit on either the Finance and Operations Committee (FOC), Education Committee (EC) or Safeguarding and Welfare Committee (SWC), which all meet at least once a term. A ‘Governors in School day’ is arranged once a term, providing Governors with the opportunity to meet staff, pupils and observe lessons; Governors are also invited to open days and school events during the year. Several governors attended the whole school strategy meeting at the end of the academic year, where the School’s Development Plan and Strategy were reviewed.

Charity Governance Code

The Board operates within the framework of, and Governors are familiar with, the Charity Governance Code and apply its principles and Charity Ethical Principles throughout their work and decision-making. Governors have worked closely with the executive of the School and review the risk register and development plan termly. The Charity and its Governors continue to 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 the Annual General Meeting. Governors will normally serve for an initial term of three years but are eligible to stand for re-election for a maximum of a further two terms. The Chair of Governors is usually elected from within the Board for a term of three years and may be reelected.

The Governing body requires a breadth and depth of experience to carry out its duties effectively and efficiently. Governors are selected for the relevant experience and specialist skills which they can provide to the School in order to enhance debate and decision making and enable the Board of Governors to carry out its duties effectively and efficiently.

All Governors undertake safeguarding training and further specialist training specific to their roles. Governors also attend webinars/seminars provided by AGBIS and other similar associations. All Governors are made aware of the need for independence and to declare any conflict of interest which may arise between the School and their own personal or business affairs. Governors do not receive any remuneration for their time.

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An induction programme is in place to cover the responsibilities of Governors as trustees and directors and to provide them with a good knowledge of the workings of the School. Governors are invited to attend all sub-committees for their first 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 Governor’s 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 at any time. A review of governance was undertaken in February 2024 which included succession planning for a new Chair of Governors and Chair of the Education Committee following current chairs retiring. Alison Atkinson who chaired the FOC took over as Chair of Governors and new Chairs of FOC and Education Committees were appointed.

Organisational management

The Governing Body has delegated responsibilities to, and is supported by, the following subcommittees: Finance & Operations, Education, Safeguarding & Welfare and Head’s and Bursars/DCO’s Remuneration and Appraisal. A termly IT Report and Health and Safety Update as well as minutes from internal meetings are included with the FOC papers. The day-to-day running of the School is delegated to the Head supported by the Senior Leadership Team (SLT). The Head attends all Board and sub-committee meetings.

The School’s SLT comprises the Head, Director of Finance and Operations (previously Bursar), Director of Digital Strategy, Deputy Head Academic, Deputy Head Pastoral (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 meets weekly to consider operational matters, risk, the development plan 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 detail. The SMT consists of all members of the Senior Leadership Team together with the Assistant Head -Teaching and Learning, Assistant Head - Professional Development, and the Head of Learning Empowerment and Inclusion.

The School’s strategies 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 formally approving development and educational strategies which the Head and SLT are then tasked with implementing. Regular Heads of Department and Curriculum Lead meetings, chaired by the Deputy Head Academic (Seniors) and Head of Juniors respectively, coordinate cross-phase and inter-departmental academic matters.

Associations

Crosfields is a member of the Independent Association of Preparatory Schools (IAPS) for the promotion and maintenance of preparatory school standards and the Independent Schools Association (ISA) who specialise in smaller schools and provide specific advice at senior level. It also maintains membership of the Independent School’s Bursars’ Association (ISBA) and Association of Governing Bodies of Independent Schools (AGBIS).

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Remuneration Policy

Yearly pay awards may be made for all staff and are agreed through the budget-setting cycle by the Finance and Operations Committee. The SLT’s remuneration is also based on the School’s leadership scale and the Remuneration and Appraisal Committee is responsible for recommending the remuneration of the Head and Bursar based in part on their biennial performance appraisal. Day to day decisions about pay are made by the Head and the Director of Finance and Operations within the scope of the pay policies.

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 that staff costs are the largest single element of the school’s charitable expenditure.

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Crosfields School Trust Limited

AIMS, OBJECTIVES AND ACTIVITIES

Vision, Charitable Aims and Objectives

The School’s vision is for Crosfields’ pupils to flourish together in a community of real spirit, so they may thrive with grace and intelligence in an ever-changing world to the benefit of the wider community. In pursuit of this vision, the School sets out to advance education through charitable aims which include:

In addition to these aims, Crosfields champions the following values:

Ethos

The original Crosfields ethos, to offer a broad education that leads to the development of a “well-balanced child” is maintained to this day. The School provides opportunities of considerable breadth and depth to help pupils discover their talents and to provide an atmosphere in which respect for other people and the world is cultivated.

Crosfields facilitates an extensive cocurricular programme for all pupils, and activities and learning experiences run alongside and beyond the curriculum as part of the School’s broader educational provision.

Objectives to implement the charitable aims:

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.

In setting the School’s objectives and planning its activities, Governors have given careful consideration to the Charity Commission’s general guidance on public benefit and in particular to its supplementary public benefit guidance on advancing education and on fee-charging.

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Crosfields School Trust Limited

The role of Crosfields, as a charitable company, is to ensure that the School functions successfully as a co-educational day school and that it continues to thrive in a competitive environment, through the provision of high standards of education and development of pupils. The Governors continue to have regard to the published guidance on public benefit as per s17 (5) of the Charities Act.

The School seeks to maintain the highest standards in education, welfare and safeguarding, whilst deploying its resources with integrity, cost effectiveness and efficiency. In common with peer schools in the independent sector, the School faces financial challenges following the introduction of VAT from January 2025 and the loss of business rates relief. Prudent financial planning enabled the School to continue meeting financial demands and provide high standards of educational offering.

A new three-year development plan was introduced in September 2024 based on the strategic plan and feedback from working groups involving pupils, parents, staff and governors in the previous academic year. The Development Plan is based around the School’s five strategic pillars which are;

  1. A centre of excellence for digital learning,

  2. A broad and enriching curriculum for every child,

  3. Growth and wellbeing at the heart of our school,

  4. Meaningful engagement with our community

  5. Building for the future.

REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR

Operational Performance of the School

There were 734 pupils on the roll in September 2024, a slight decrease on the prior year numbers. Retention in the Seniors remained steady, a testament to the positive ISI inspections in March 2024 and impressive GCSE results.

Centre Of Excellence for Digital Learning

The School continued to strengthen its position as a Centre of Excellence for Digital Learning, embedding technology across the curriculum to enhance engagement, creativity, and personalised learning. The use of AI in education continued to be explored and an AI framework was developed ensuring its use was purposeful, ethical and aligned with curriculum objectives.

In Pre-Prep, provision for digital learning was further developed, with increased iPad availability enabling teachers to integrate digital tools meaningfully into everyday lessons. This supported pupils in developing skills in data collection, presentation, and creative expression. Our approach evolved towards a constructivist model, encouraging active exploration, collaboration, and independence, aligned with curriculum goals. This shift has encouraged greater independence, curiosity, and ownership of learning, and reflects our commitment to embedding digital literacy in a way that is purposeful, age-appropriate, and aligned with broader curriculum goals.

In Year 4 and Year 5 pupils benefitted from 1:1 Microsoft Surface Go devices, significantly improving technology integration in learning. Computing lessons focused on digital literacy, equipping pupils with critical skills for navigating the digital world responsibly. An adaptive learning platform called Century was introduced, which personalises homework based on individual ability and progress, supporting consolidation and challenge.

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Staff received training in Immersive Reader and Translate tools to support EAL pupils, enabling real-time translation and improved access to the curriculum. Additional sessions on internet safety and digital footprints were delivered to Years 5 and 6, reinforcing our commitment to safeguarding in the digital space. The use of platforms such as Noteflight, MuseScore, and Cubase for composition and coursework within music and drama, supported by online resources such as Teaching Gadget and Focus on Sound enrich the creative curriculum, enabling pupils to compose, arrange and produce high quality digital projects. These tools have fostered collaboration, technical skills, and provided authentic industry-standard experiences that prepare pupils for future pathways in the performing arts.

Microsoft Teams remained the central platform for homework management, enhancing communication between school and home. Parents receive a ‘Weekly Parent Digest’ detailing all the assignments and prep which had been set for their child.

In the Seniors digital assessments were explored, piloting it for iGCSE Business, and planning wider implementation in 2025/26. Staff development progressed through Microsoft Educator training, with many moving onto the Microsoft Innovative Educator Expert programme. The School have also implemented the full suite of GL Assessments, enabling standardised assessments to inform provision mapping and targeted interventions. This ensured every child received the support needed to thrive academically.

From Year 4 onwards, pupils were provided with access to Read & Write Software to support those with SEND to use accessibility tools such as text-to speech and voice dictation. This enabled pupils with SEND to work more independently in lessons, for homework and during public examinations.

Formal communication to parents continued via the Crosfields School App. In addition to key updates, the app provided sporting, academic, performing arts, charity and co-curricular initiatives and achievements. This was followed up with half termly newsletters which provided a more in-depth overview of the half term. The School also partnered with Tooled Up Education which provides families with resources on various topics including digital safety and device monitoring through the School App.

A Broad And Enriching Curriculum For Every Child

Crosfields remains committed to delivering a broad and enriching curriculum that nurtures every child’s academic, creative, and personal development. Our approach ensures that learning is active, inclusive, and future-focused, providing pupils with opportunities to excel both inside and outside the classroom.

The academic year marked a significant milestone for the School with the publication of our second set of GCSE results. These results were exceptional, placing the school among the top local schools. An impressive 99% of all grades were a good pass or above (Grades 4–9), furthermore, 71% of grades were awarded at the top levels (Grades 7–9), representing a 26% increase compared to the previous year. Subject specific highlights included 100% of History grades at 7–9, 91% in French, 88% in Physics and Biology, 81% in Computer Science and Business, and 77% in Mathematics. For the second consecutive year, every entry for Additional Mathematics achieved the top grade of an A. All pupils secured their first-choice sixth form or college placement, with several earning scholarships and places at grammar schools.

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In the Juniors, pupils demonstrated excellence across a range of national competitions. Crosfields achieved first place in the ISA STEAM Competition for both the Year 3–4 and Year 5–6 categories. Pupils also excelled in the Primary Maths Challenge, Bebras Computing Challenge (with 13 Gold awards), and were in the National Quiz Club Science Finals, where Crosfields secured second place. Our commitment to STEM education was further recognised when the school was Highly Commended in the Muddy Stilettos Best School Awards for Excellence in STEM.

The Teaching and Learning Framework was systematically embedded across all areas of the school, including integration into the Performance Development Review (PDR) process and alignment with the Teaching and Learning Teach Meet sessions. Over the course of the academic year, all teaching staff participated in 15 Teach Meet sessions, fostering a consistent and collaborative approach to pedagogical development. Three toolkit development sessions were held during the academic year. The initial session involved all teaching staff and focused on sharing effective teaching strategies aligned with the strands of the Teaching and Learning Framework.

Performing Arts continued to thrive across all key stages. Drama and Music provision included major productions such as Grease! , which involved over 80 pupils and showcased collaboration across multiple departments. Music GCSE pupils benefited from termly concerts and an annual trip to the West End. Drama provision in the Junior School has been equally vibrant, with a successful staging of Aladdin, original class plays written and directed by staff, and enrichment performances from Years 3 to 6. Pupils in Pre-Prep also participated in class shows and seasonal performances, including the Easter Cantata and the Year 1 Interhouse Performing Arts Competition. These activities ensure that creative expression is nurtured from the earliest stages of education.

Music remains a vibrant part of school life, with weekly lessons for all pupils and opportunities to perform in choirs, orchestras, and ensembles. Highlights included termly concerts, the House Music Competition, and the Carol Service, alongside GCSE Music enrichment through workshops and participation in events such as the Barnando’s concert. These experiences foster creativity, confidence, and collaboration across all age groups. Pupils of all ages participated in choirs, orchestras, and ensembles, with notable successes in ISA competitions. For another year, the School secured group and individual successes at Woodley Festival including the Year 2 Choir securing first place for their class and one pupil receiving the Judge’s award in the ISA Young Musician Competition.

Sport remains as a core element of our curriculum, promoting resilience, teamwork, and wellbeing. Pupils achieved outstanding results in swimming, hockey, football, cricket, athletics, and cross-country at regional and national levels. Just a few highlights included:

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Educational visits and outdoor learning experiences enriched the curriculum further. With day trips starting from Nursery and Residentials from Year 2. The school organised 38 senior trips and 22 junior trips, including cultural experiences, ski trips, and curriculum-linked excursions such as the Harry Potter Studio Tour. Residential trips from Year 2 fostered independence and personal growth.

Forest School sessions were offered weekly for younger pupils and as enrichment blocks for older year groups, promoting resilience, teamwork, and environmental awareness.

STEM and digital learning initiatives included British Science Week, Languages Week, immersive virtual reality sessions, and hands-on workshops. Crosfields will host the ISA STEM Finals in 2026, reflecting our leadership in innovation and commitment to future-ready learning.

A comprehensive PSHE programme was delivered across all year groups, including SCARF (Safety, Caring, Achievement, Resilience, Friendship) workshops for Pre Prep pupils and a dedicated day for Relationships and Sex Education for Seniors. Highlights included Holocaust Memorial Day, an interfaith event celebrating diversity, and visits to places of worship. The School continued to provide an enriching co-curricular experience, in which every student was given the opportunity to follow their passions and broaden their horizons. Around 150 clubs, hobbies, and activities were provided. Participation in The Duke of Edinburgh Award programme saw record numbers, with over 50 Year 9 pupils completing Bronze and more than 30 Year 10 pupils achieving Silver, among the highest completion rates in the region. Equality, Diversity, Inclusion, and Belonging (EDIB) education was embedded through assemblies and form time, promoting respect and understanding.

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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. 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.

A significant development has been the training of five staff members as EDIB (Equality, Diversity, Inclusion, and Belonging) Champions. These individuals will lead whole-school training throughout the next academic year, ensuring that our community understands EDI principles, relevant policies and legislation, and how to challenge unconscious bias. In addition, a new Pupils’ Equality Charter has been created and will be rolled out, reinforcing our commitment to an inclusive and respectful school environment for all.

Our Learning Empowerment Team has provided ongoing support to the 18% of pupils with Special Educational Needs and Disabilities (SEND). This year marked the admission of our first pupils with Education, Health and Care Plans (EHCPs) and the successful application for six additional plans. While dyslexia remains the most common SEND need, we have seen a notable rise in ADHD diagnoses, prompting further staff training and tailored support. Similarly, our English as an Additional Language (EAL) provision has grown and this has been supported by the appointment of a new Head of EAL and three additional staff members.

Pastoral care has been strengthened across the school, ensuring that every child feels supported, valued, and empowered to thrive. In the Juniors, the pastoral system, moving from a vertical to a horizontal model and introducing enhanced Head of Year roles. This change has enabled more focused leadership, improved communication with families, and a cohesive approach to pupil development, recognising the close link between wellbeing and learning. To further support pupils, we introduced dedicated wellbeing spaces during breaktimes, providing calm environments and access to adult support. These initiatives complement our existing provision, including two school nurses, Emotional Literacy Support Assistants (ELSA) and Mental Health Practitioner, who all deliver targeted first aid and emotional and mental health support. The introduction of CPOMS, a secure digital safeguarding platform, has enhanced our ability to monitor safeguarding, pastoral, and behavioural concerns, ensuring swift and coordinated responses. The statutory training requirements were met in the year and the nominated safeguarding Governor, alongside other experienced Governors, conducted a detailed termly review of safeguarding policy and practice in school.

In Pre-Prep, pastoral care continues to underpin our commitment to nurturing emotional development and wellbeing. The Zones of Regulation curriculum has been embedded across the department, helping children to identify and manage their emotions with increasing confidence. Recognising the diverse needs of our intake, the School have also implemented strategies to support children joining with limited English, using visual aids, structured routines, and personalised pastoral care to ensure every child feels safe, welcomed, and able to thrive.

These developments reflect our unwavering belief that emotional security, inclusion, and a sense of belonging are essential foundations for successful learning and personal growth. By prioritising wellbeing and fostering an environment where every child can flourish, we continue to uphold our mission of placing pupils’ holistic development at the centre of school life.

The staff wellbeing committee organised regular activities for staff that support physical and mental wellbeing, such as a running club, Pilates and end of term celebrations. Coaching

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opportunities and the Listening Program Zone have provided avenues for personal support and professional growth. The committee meet regularly with representatives from across the School and provide feedback to all staff.

4 Meaningful engagements with our community

Crosfields continues to be committed to fostering strong, mutually beneficial relationships with the wider community, ensuring that our resources and expertise contribute positively beyond our gates. Throughout the year, we have delivered a broad range of initiatives that reflect our dedication to public benefit and meaningful engagement which include:

Charitable and Community Partnerships - The School has supported numerous charitable causes, raising over £9,600 for organisations including Great Ormond Street Hospital, Jacaranda Trust, Children in Need, Make a Wish, Concern Worldwide, Thames Valley Animal Welfare, Cancer Research, Loose Ends, and the Royal British Legion. Pupils also participated in the feeding community’s initiative, preparing 500 meals for a local foodbank, and contributed to Harvest Festival collections for local families in need. Several members of staff served as Governors for other schools, holding responsibility in specific roles and providing additional academic expertise to their Governing Bodies.

Access to Facilities and Services - We provided swimming lessons to Hillside Primary School and hosted Ultimate Activity Camps, offering childcare and enrichment for local children during school holidays. The School has maintained its partnerships with community clubs for activities such as archery, badminton, cricket, dance, football, karate, swimming, and trampolining. In addition, Crosfields continued to be home to the 99th Reading Scout Group, supporting over 100 young people.

Cultural and Educational Engagement - The School hosted concerts and events, including collaborations with the Reading Male Voice Choir and participation in the Woodley Festival of Music and Arts. Year 6 pupils performed music in local care homes and welcomed residents to school events, fostering intergenerational connections as part of their enrichment programme, The School also organised an inter-faith event with local faith leaders to celebrate diversity and promote tolerance. Seniors’ partnership programme paired older pupils with Pre-Prep classes for reading, games, and mentoring, strengthening cross-phase relationships and the Duke of Edinburgh Award participants volunteered extensively within the community.

Celebrating Diversity and Inclusion - Events such as World Languages Day, cultural-themed assemblies, and interactive workshops promoted global awareness and inclusion. Regular parent engagement through webinars, workshops, and face-to-face evenings enhanced collaboration and transparency. The School continued to welcome children from a wide range of backgrounds and promote both equal opportunity and a commitment to a working environment that is free from any form of discrimination. The School is committed to making reasonable adjustments to meet the needs of staff or pupils.

5 Building for the future

This year, our focus has been on maintaining the School’s existing facilities while delivering a series of enhancements to our estate. These improvements ensure that our environment continues to support high-quality learning and wellbeing for all members of our community.

Key projects included the replacement of the Sports Hall floor and the redecoration of communal areas in The Oaks and Aspire, creating refreshed and welcoming spaces. Senior

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pupils welcomed a dedicated Media Suite which was created to house a podcast studio and green screen room for use in enrichment and co-curricular activities. Upgrades were made to our fire alarm system and a new fire shutter installed in the dining hall to strengthen our fire safety measures. To improve traffic safety, speed humps were added at the entrance to the Acorns car park and improvements to car parks as part of wider traffic-calming measures. Significant work was also undertaken in the swimming pool area, where boilers and associated pipework were replaced and modernised to improve efficiency and reliability.

The pupils are increasingly active in promoting sustainability initiatives in the school including championing Meat Free Mondays, striving to improve our recycling rates and litter picking sessions. The Eco Council continue to work towards obtaining the Green Flag award in 2025/26 and have also completed work to identify the School’s carbon footprint and are now considering what further action we will take to reduce this.

Crosfields committed to investment in staff training and bringing teachers into the profession. This included supporting two ECTs (Early Career Teachers) this year and a commitment to support another in 2025-26, as well as mentoring and guidance for two staff (one already with Crosfields and another newly appointed) to complete their Initial Teacher Training.

Additional improvements included the installation of baby-changing units in accessible WCs and energy efficient exterior lighting, enhancing convenience and security. To improve traffic safety, speed humps were added at the entrance to the Acorns car park as part of wider traffic-calming measures. Significant work was also undertaken in the swimming pool area, where boilers and associated pipework were replaced and modernised to improve efficiency and reliability.

Looking ahead, work has commenced on converting a former residential property on-site to expand our nursery provision. In addition to expanding our early years offering, we have undertaken a review of our outdoor learning and play environments. Reception and Year 1 playgrounds were enhanced to support physical development and imaginative play. Alongside these projects, the School reviewed its long-term capital estates masterplan to ensure we continue to offer best-value academic, sports, and welfare facilities while future-proofing the School’s estate and establishing key priorities as part of our long-term development plan.

Public Benefit

Bursary Provision

In 2024-25, 14 pupils (2024 – 17) in Years 7 – 10 were recipients of substantial bursary awards in excess of 60% of the fees valued at £281,230 (2024 - £331,355). The provision of bursaries is central to the School’s ethos and enriches its community, in particular a commitment to admitting bright pupils who will thrive regardless of socio-economic background. Transformational, high value bursaries are awarded to pupils with significant potential but for whom independent education would be otherwise wholly out of reach. Every application is subject to testing of parental means and review by the Bursaries Committee taking into account the financial, compassionate or other pertinent circumstances of applicants. The School formalised the biennial reassessment of all bursaries.

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 its alumni, the School continued to nurture a giving culture in order to support more bursary applications. In the meantime, the Bursary

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Support Fund grew through the course of the past year largely owing to donations via the second-hand uniform 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 2024-25, the School introduced hardship funds and lowered the year group that families can apply for a bursary which, as a result, broadened its provision.

FINANCIAL REVIEW

The financial year saw a surplus of £742k (2024 – deficit £96k).

The Board monitors its performance against Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) to ensure sufficient headroom is generated to paydown the loan investment in expanding through to Year 11 and ongoing estate invigoration. Expectations were that EBITDA would be £1,563k this year, against which the school delivered £1,965k. This has mainly been achieved through attracting 11 more pupils than planned for, improvements in school cost effectiveness across all departments and one-time preregistrational VAT windfalls at initial registration.

Income from all activities was £13,790k (2024 - £13,153k) with expenditure totalling £13,048k (2024 - £13,249k). Total income showed 4.8% growth from 2023-24 reflecting the good numbers across the school, the expected reductions in bursaries and discounts, and increased investment income from Fee-In-Advance monies held. Expenditure was £300k (2.2%) below budget as a result of the one-time pre-registration VAT claim and school wide efforts on cost effectiveness. This focus on establishing a current year EBITDA with some headroom above minimum bank loan covenants has set the school onto a sustainable baseline going into 2025-26, the first full year of loan repayments and council business rate payments. The Board is hence confident it will not need to follow paths of financial difficulty; loan renegotiations and redundancies, that some other local and many other schools across the country are facing, and indeed can continue to ensure delivery of the excellent offering and experience the school is known for.

The school experienced a largely break-even year on cash as the reported EBITDA was offset by ~£1m of that surplus being already paid for via Fees-In-Advance in the prior year, and the Bank Loan going into its repayment phase from December 2024. The Board anticipates a similar cash profile throughout the coming period.

The last 12 months has been volatile for the entire independent school sector, not just in terms of some overall net losses in pupils back to the State provision, but also in many parents taking this opportunity to re-evaluate the value proposition of their current schooling choice. Despite this environment, Crosfields has fared well, remaining an attractive and loved choice for a variety of parents and entering the year with its target pupil numbers meeting budget and bank requirements. The school hence is on track to deliver sufficient EBITDA in the current year to meet bank loan payment requirements and continue to invest in updating the offering to the latest parental needs.

Pupil numbers in Nursery settings have gone through substantial further changes with both lower birth rates in the local area, and nationally, as well as incoming changes to funding for early years from the government supporting childcare for younger children. Crosfields has launched an expansion to its offering such that parents also of 2-year-olds will be able to join, and a 51week all year-round setting will be active; both changes from September 2026. Early

16

Crosfields School Trust Limited

enrolment is already underway with good numbers, and purposeful investment into the previous deputy head’s property is delivering a setting for pupils to flourish in.

The number of children in the school increased in the financial year to an average of 748 (2024 - 767). The total number of pupils enrolled at the start of the current year was 703.

The school has a wholly owned trading subsidiary, Crosfields Enterprises Ltd, through which non-charitable activities are undertaken. The surplus generated from the trading company is gift aided back to the school. The value of the gift aid donation for 2024-2025 was £64k (2024 - £112k)

Reserves Policy

At 31 August 2025, the school’s unrestricted surplus funds at the end of the year were £8,151k (2024 – surplus £7,420k). The unrestricted deficit excluding fixed assets was £7,539k (2024 – deficit: £9,550k), however also excluding the loan taken that facilitated recent Fixed Asset works the unrestricted surplus is now £551k (2024 – deficit: £1,050).

The policy of the governors is to use revenue surpluses and borrowings to invest and improve educational provision, pastoral care and the school’s facilities. This has been demonstrated in recent years with the development of the P16 project, nursery setting, a variety of digital upgrades and more, and will continue to be the overall aim moving forward. Board policy is to always maintain reserves, and accordingly balance sheet assets, to a level sufficient to meet the requirements of any external loan covenant requirements. The school met that target in the current and prior years, and projects to in the future.

The finances, budgets and spend are regularly reviewed at the Finance and Operations and Board of Governors’ meetings. Cash balances and an overdraft facility provide sufficient working capital requirement to meet the school’s financial commitments, and it is anticipated that ongoing activities will provide a modest level of reserves for future investment and repayment of the bank loan.

At 31 August 2025, the school’s restricted surplus funds at the end of the year were £42k (2024 – surplus £31k). Restricted funds arise predominantly from fundraising activity to support bursary pupils, with surpluses utilised to support the schooling experience of those pupils.

Risk Management

The Board of Governors conducts regular reviews of major risks to the school and its activities, focusing on those that may affect the charitable company’s viability and reputation. The Board remains informed through executive reports, which draw on advice from independent schools’ professional associations, and ensures that strategic and financial planning considers the long-term impact of VAT on fees, increases in Employers’ National Insurance contributions, and the implications of the Employers and Renters Rights Bill. In these and other respects, the Governors work to ensure that major risks with a high level of impact and likelihood are mitigated to an acceptable level.

Pupil numbers have remained steady; however, the introduction of VAT on fees has led some pupils to transfer to the state sector. Low birth rates and the commitment required to begin independent education have posed challenges, resulting in lower numbers in Pre-Prep. To address this, the planned introduction of a year-round Nursery, with the option to accept pupils from the age of two starting in September 2026, is expected to reduce this risk significantly.

17

Crosfields School Trust Limited

Additionally, in response to parental demand, the Governors and Senior Leadership Team are undertaking a feasibility study on the provision of a sixth form.

Going Concern

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 £348,467 but in terms of cash generation, the EBITDA is £1,576,067 which enables us to make the necessary interest and capital repayments on the bank loan. As mentioned in the Going Concern note, the whole sector has experienced substantial pupil number volatility in the last year, yet Crosfields has fared well with good numbers flowing up the school and strong preferential local links to some key mid-term initiatives requiring schooling. We are in a strong positive cash position and our forecasts show this to remain for the Going Concern period up to 31 January 2027 and beyond. On this basis, the cash-flow projections for future years indicate that the school will be able to meet its liabilities as they fall due from within current banking facilities.

Governors review the ongoing risks on a termly basis – see Risk Management. Pupil numbers as mentioned, alongside costs increasing beyond the control of the school remain our key financial risk exposures. Governors and the Senior Leadership Team continue to monitor the impact of wider changes, ensuring that school fees remain affordable for our families and the financial model is sustainable without detriment to education, pastoral or support. The school is maintaining a close relationship with the Bank to ensure that there is common understanding regarding the financial position of the business.

As such, governors remain satisfied that the school can continue operating for the foreseeable future and accounts have been prepared in the knowledge that the school is a financially viable organisation.

The governors have reviewed the accounts, financial model, future plans and risks and are confident that the charity is a going concern.

18

Crosfields School Trust Limited

GOVERNORS RESPONSIBILITIES

The governors (who are also directors of Crosfields School Trust Limited for the purposes of Company law) are responsible for preparing the Strategic Report, the Report of the Governors and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the governors to prepare financial statements for each financial year that give a true and fair view of the charitable company’s state of affairs and of its incoming resources and application of resources, including income and expenditure, for the financial year. In preparing those financial statements, the governors are required to:

The governors are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to 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 confirm that they have complied with the duty in section 17 (5) of the Charities Act 2011 to have due regard to the Charity Commission’s general guidance on public benefit. The governors have referred to the guidance in the Charity’s Commission general guidance on Public Benefit when reviewing the school’s aims and objectives and in planning the school’s future activities. In particular, the governors have considered how planned activities will contribute to the aims and objectives they have set.

The governors confirm that so far as they are aware, there is no relevant audit information of which the charitable company's auditors are unaware. They have taken all the steps that they ought to have taken 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."

25/02/2026

Approved by the Board of Governors on ………………....................... and signed on their behalf by: -

…………………………………………… A Atkinson – Chair of Governors

19

Crosfields School Trust Limited

Report of the Independent Auditors to the Governors of Crosfields School Trust Limited

Opinion

We have audited the financial statements of Crosfields School for the year ended 31 August 2025 which comprise the Consolidated Statement of Financial Activities, the Group and Charity Balance Sheets, the Consolidated Statement of Cashflows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that 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 the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Governors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group’s and parent charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Governors with respect to going concern are described in the relevant sections of this report.

Other information

The Governors are responsible for the other information. The other information comprises the information included in the Annual Report of the Governors. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

20

Crosfields School Trust Limited

Report of the Independent Auditor to the Governors of Crosfields School Trust Limited (continued)

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Annual Report of the Governors (which incorporates the strategic report and the directors’ report).

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of Governors’ for the financial statements

As explained more fully in the Governors’ responsibilities statement set out on page 19, the Governors (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Governors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Governors are responsible for assessing the group’s and the parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Governors either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

21

Crosfields School Trust Limited

Report of the Independent Auditor to the Governors of Crosfields School Trust Limited (continued)

Based on our understanding of the group, the parent charitable company and the environment in which it operate, we identified that the principal risks of non-compliance with laws and regulations related to The Education (Independent Schools Standards) Regulations 2014, safeguarding regulations, health and safety requirements, GDPR, employment law and Charity Commission’s general guidance and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, the Charities Act 2011, the Statement of Recommended Practice for Charities (SORP 2015) (Second Edition, effective 1 January 2019), and consider other factors such as payroll taxes and VAT.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate journal entries and management bias in certain accounting estimates and judgements. Audit procedures performed by the engagement team included:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions 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 than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’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 Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Jane Askew (Senior Statutory Auditor) For and on behalf of HaysMac LLP, Statutory Auditor

10 Queen Street Place London EC4R 1AG

Date:

22

Crosfields School Trust Limited

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (Incorporating an Income & Expenditure Account) For the year ended 31 August 2025

Note
Income from:
Donations and legacies
4
Charitable activities
Fees receivable
2
Ancillary income
5
Other trading activities
Income from trading activities
3
Rents and lettings
6
Total income
Expenditure on:
Charitable activities
7,19
Cost of raising funds
7
Costs of trading activities
3,7
Total expenditure
Net income/(expenditure) and
movement in funds
Total funds brought forward
Total funds carried forward
19		 General
funds
£
-
12,594,688
815,127
313,657
55,086
_

13,778,558
_
12,797,623
72
250,116
___
13,047,811
___
730,747
_
7,419,966
_
8,150,713
 Restricted
funds
£
13,430
(1,941)
-
-
-
_
11,489
_
-
-
-
_
-
_
11,489
_
30,838
_
42,327
 Total
2025
£
13,430
12,592,747
815,127
313,657
55,086
___
13,790,047
___
12,797,623
72
250,116
___
13,047,811
___
742,236
___
7,450,804
___
8,193,040
 Total
2024
£
100
12,129,899
630,949
336,723
55,353
___
13,153,024
___
13,024,540
216
224,580
___
13,249,336
___
(96,312)
___
7,547,116
___
7,450,804

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 included in note 23.

The notes on pages 26 to 43 form part of these accounts.

23

Crosfields School Trust Limited

CONSOLIDATED AND COMPANY STATEMENT OF FINANCIAL POSITION At 31 August 2025

Note
Fixed assets
Tangible fixed assets
10
Investments in subsidiaries
11
Current assets
Stocks
Debtors
12
Cash at bank and in hand
Creditors: amounts falling due
within one year
13
Net current assets / (liabilities)
Total assets less current
liabilities
Creditors: amounts falling due
after more than one year
14
Net assets
Funds
Unrestricted General funds
19
Restricted funds
19		 Group
Group
2025
2024
£
£
15,689,225
16,969,492
-
-
___
___
15,689,225
16,969,492
___
___
2,000
2,000
4,028,156
414,210
4,678,969
4,802,867
___
___
8,709,125
5,219,077
(7,756,312)
(4,716,518)
__
__
952,813
502,559
___
___
16,642,038
17,472,051
(8,448,998)
(10,021,247)
___
___
8,193,040
7,450,804
_
_
8,150,713
7,419,966
42,327
30,838
___
___
8,193,040
7,450,804

 Charity
Charity
2025
2024
£
£
15,689,225
16,969,492
1
1
___
___
15,689,226
16,969,493
___
___
2,000
2,000
4,116,195
551,620
4,580,828
4,665,456
___
___
8,699,023
5,219,076
(7,746,211)
(4,716,518)
__
__
952,812
502,558
___
___
16,642,038
17,472,051
(8,448,998)
(10,021,247)
___
___
8,193,040
7,450,804
_
_
8,150,713
7,419,966
42,327
30,838
___
___
8,193,040
7,450,804

The charitable company has taken advantage of section 408 of the Companies Act 2006 not to publish its own Statement of Financial Activities. The parent company's net surplus for the year was £742,236 (2024 net deficit of £96,312).

The financial statements were approved and authorised for issue by the Board of Governors of Crosfields School Trust Limited on ................................................... and signed on their behalf by: 25/02/2026

…..………………………………

A Atkinson Chair of Governors

The notes on pages 26 to 43 form part of these accounts.

24

Crosfields School Trust Limited

CONSOLIDATED STATEMENT OF CASHFLOWS For the year ended 31 August 2025

Note
Net income/(expenditure) for the reporting period (as per the
Statement of Financial Activities)
Reclassified restricted bursary fund incomes
Adjustments for:
Depreciation of tangible fixed assets
Loss / (profit) on disposal of tangible fixed assets
Interest payable
(Increase) in stock
(Increase)/decrease in debtors
12
Increase in creditors
13
(Decrease)/increase in long-term deferred income
14
Increase/(decrease) in pension deficit contribution liability
Cash generated from operations
Cash flows from investing activities
Purchase of tangible fixed assets
10
Sale of tangible fixed assets
10
Net cash used in investing activities
Cash flows from financing activities
Bank loan repayments
Payments made on finance leases
Bank interest paid
Net cash from financing activities
Increase in cash and cash equivalents in the year
Cash and cash equivalents at the beginning
of the year
Total cash and cash equivalents at the end
of the year
Relating:
Bank balances included in cash at bank and in hand
21		 Group
2025
£
742,236
-
801,235
(345)
595,468
-
(2,992,109)
2,809,771
(978,265)
41,488
___
1,019,480
_
(37,406)
32,638
_
(4,768)
_
(410,137)
(142,621)
(585,852)
_
(1,138,609)
_
(123,898)
_
4,802,867
_
4,678,969
_
4,678,969
___
4,678,969
 Group
2024
£
(96,312)
26,593
848,116
25,487
648,540
(1,289)
31,727
1,410,434
1,856,189
(6,328)
___
4,743,157
_
(729,813)
_
(729,813)
_
-
(126,191)
(630,079)
_
(756,270)
_
3,257,074
_
1,545,793
_
4,802,867
_
4,802,867
___
4,802,867

The notes on pages 26 to 43 form part of these accounts.

25

Crosfields School Trust Limited

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2025

1 Accounting policies

Company status

Crosfields School Trust Limited ("the Company") is a private company limited by guarantee, incorporated in England and Wales under the Companies Act 2006. The address of the Company's registered office and principal place of business is Crosfields 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 1.

Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - Charities SORP (FRS 102), UK Generally Accepted Accounting Practice (UK GAAP) including the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated.

Monetary amounts in these accounts are rounded to the nearest £ except where otherwise indicated.

Going concern

The group has net current assets of £330,976 (2024: £502,559) at the Statement of Financial Position date. The year ended 31 August 2025 gave rise to a net increase in funds of £742,236 largely because of continued flow-through of pupils to upper years as intended that provides funds to pay down the >£8m loan taken to build the school to 16, but also from one-time VAT registration claims and prudent cost control. As reported widely across independent schooling, the VAT transition has led to moderate sector wide pupil number decreases and volatility as parents re-evaluate the value proposition of their current and future schooling choices. Crosfields has fared well with a continued roll of over 700 going into September 2025, enabling Crosfields to continue repayment of the bank loan without renegotiation or delayed payment as experienced at some competitor schools.

For the coming 12months, Crosfields’ budget continues to meet Bank Covenant requirements and whilst pupil number volatility has now largely settled down post VAT changes, the school retains notable cost model flexibility to adapt to pupil numbers well below current levels if such short-term eventuality arose.

Regarding mid-long term Going Concern, in September 2026 Crosfields is expanding its Nursery offering to 2yr-olds and all-year round, effectively doubling the Nursery breadth as local working parent demands evolve. This offer is already experiencing good enrolment. The school has initial plans for a strong sixth-form from September 2028; a further desire from existing and prospective parents who increasingly want all-through education to 18. Re-imagining the school estates utilisation and staff team delivery in this way is leveraging Crosfields’ existing cost base to secure local market share and a growth in pupil numbers despite the sectoral headwinds. Furthermore, local residential developments continue at pace, with applications now received into the council for smaller (<500 house) developments in a shorter timeframe and a >3,500 house development over the coming 5-8 years. The Governors consider past and ongoing investments and good evolution of Crosfields offer in the local market, to hence leave the school securely positioned for the future.

Further to the focus on pupil numbers, in support of the going concern assessment, the governors have considered a range of different scenarios which include other key variables such as salary costs, energy costs, other impacts of inflation and interest rates. In doing so, the governors are satisfied that the forecasts provide them with a reasonable basis to conclude that the charitable company will remain a going concern for the foreseeable future and to at least 31 January 2027, and within the terms of the lending facilities currently available to it.

The governors confirm they are satisfied no material uncertainty arises.

26

Crosfields School Trust Limited

NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 August 2025

1 Accounting policies (continued)

Basis of consolidation

The group accounts consolidate the accounts of Crosfields School Trust Limited and its subsidiary undertaking, Crosfields School Enterprises Limited on a line by line basis. The accounts are made up to 31 August 2025. No separate Statement of Financial activities or income and expenditure has been presented for the charitable company alone as permitted by the Companies Act 2006 and the Charities SORP.

The results of the subsidiary undertaking for the year are disclosed in note 3 of the accounts.

FRS102 allows qualifying entities certain disclosure exemptions. The charity, only, has taken advantage of the exemptions for the following disclosure requirement:

Fund accounting

The funds of the school are accounted for as unrestricted or restricted income, in accordance with the terms of trust imposed by the donors or any appeal to which they may have responded.

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 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 to the appropriate fund.

Income

All incoming resources are included in the Statement of Financial Activities when the charitable company is legally entitled to the income and the amount can be quantified with reasonable accuracy.

Fees and similar income

Fees receivable, charges for services and use of premises are accounted for in the period in which the service is provided. Fees receivable are stated after deducting allowances, bursaries and other remissions granted by the school, other than staff discounts which are accounted for as a cost of employment.

Fees received for education to be provided in future years are carried forward as fees received in advance in the Statement of Financial Position. These fees are released to the Statement of Financial Activities over the period in which the school provides the services in future years.

Expenditure

Expenditure is accounted for on an accrual basis. Expenditure is allocated to specific activities without the need for apportionment. The irrecoverable element of VAT is included within the item of expense to which it relates.

Governance costs comprise the costs of running the charitable company, such as the costs of board and committee meetings, preparing statutory accounts and satisfying public accountability.

27

Crosfields School Trust Limited

NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 August 2025

1 Accounting policies (continued)

Donated services

Donated goods, services and facilities are only included as income (with an equivalent amount in resources expended) where the benefit to the charity is reasonably quantifiable, measurable and material. The value placed on these resources is the estimated market value to the charity of the service or facility received.

Leases

Rentals applicable to operating leases are charged to the Statement of Financial Activities on a straight-line basis over the period in which the cost is incurred.

Assets acquired under finance leases or other leases where substantially all of the benefits and risks of ownership of the asset will flow to the entity during the lease term, are capitalised upon initial acquisition at the present value of the lease payments. Interest is charged to the Statement of Financial Activities over the lease term and the asset is depreciated over the ownership period.

Tangible fixed assets and depreciation

Expenditure on fixed assets is capitalised except for expenditure incurred on the replacement of assets of low value with a short life. Subsequent costs of repair, renovation and replacement expenditure are written off as incurred in the consolidated statement of financial activities, unless it is probable that such costs will generate future economic benefits.

School buildings are recorded at their historical cost to the charitable company, less Capital Goods Scheme VAT recoverable since registration in December 2024. Depreciation is provided on all tangible assets, except freehold land, in order to write off their cost less residual value over their estimated useful lives at the following annual rates:

Straight line basis
Freehold property: - %
Buildings - 2
Artificial turf pitch* - 12-20 years
Sensory garden - 10
Furniture, fixtures and equipment:
Tractor - 15
Computer equipment (educational) - 33.33
Other - 15
Finance Leased Assets - 3-5 years

Items costing less than £5,000 are written off as an expense as acquired.

*The artificial pitch is split between the shockpad and carpet which is depreciated over 12 years and all other items are depreciated over 20 years.

Investments in subsidiaries

Investments in subsidiaries are stated at cost less any assessed impairment in the asset.

Stocks

Stocks are valued at the lower of cost and net realisable value.

28

Crosfields School Trust Limited

NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 August 2025

1 Accounting policies (continued)

Pension schemes

Since 1 September 2023 the charitable company contributes into a defined contribution scheme for all participating staff.

The retirement of the last active member of the defined benefit pension scheme with The Pensions Trust retired in October 2022. This is a multi-employer pension scheme and the present value of future contributions relating to the funding of a pension deficit is recognised as a liability. Two active members remain in the defined contributory scheme with The Pensions Trust.

Financial Instruments

The group has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues’ of FRS 102, in full, to all of its financial instruments.

Financial assets and financial liabilities are recognised when the group becomes a party to the contractual provisions of the instrument, and are offset only when the group has a legal enforceable right to set off the recognised amounts and intends either to settle on a net basis, or to realise and settle the liability simultaneously.

Financial assets

Trade, group and other debtors (including accrued income) which are receivable within one year and which do not constitute a financing transaction are initially measured at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled and any impairments losses.

A provision for impairment of trade debtors is established when there is objective evidence that the amounts due will not be collected according to the original terms of the contract. Impairment losses are recognised in the statement of financial activities.

Financial liabilities

Financial instruments are classified as liabilities according to the substance of the contractual arrangements entered into. Trade, group and other creditors (including accruals) payable within one year that do not constitute a financing transaction are initially measured at 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 the present value of future payments discounted at a market rate of interest for a similar instrument and subsequently measured at amortised cost.

Borrowings

Borrowings are initially recognised at the transaction 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 method and is included in interest payable and similar charges.

Derecognising financial assets and liabilities

A financial asset is derecognised only when the contractual rights to cash flows expire or are settled, or subsequently all the risks and rewards of ownership are transferred to another party, 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 its entirety to an unrelated third party. A financial liability (or part thereof) is derecognised when the obligation specified in the contract is discharged, cancelled or expires.

29

Crosfields School Trust Limited

NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 August 2025

1 Accounting policies (continued)

Taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in the statement of financial affairs.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the UK.

Critical accounting estimates and areas of judgement

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The group makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Significant estimates included within the financial statements include provision for fee debtors, which require a judgement by management regarding the likelihood of recovery. Management review and assess fee debtors on an individual account basis and provide for debts as appropriate.

Depreciation is another key estimate in the accounts which requires management judgement over the useful life of the assets. The policy has been set out in the notes above.

2 Fees receivable

Fees receivable consist of:
Gross fees
EYFS Block Funding
Less: Total bursaries, grants and allowances
All fees receivable were unrestricted in the current and prior year.		 2025
£
13,447,114
174,581
(1,028,949)
___
12,592,747
 2024
£
13,173,124
80,008
(1,123,233)
___
12,129,899

30

Crosfields School Trust Limited

NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 August 2025

3 Trading income and expenditure

Crosfields School Trust Limited owns 100% of Crosfields School Enterprises Limited. This company hires out the sports hall, swimming pool and other facilities at Crosfields School and donates its annual taxable profits to the charitable company under the Gift Aid Scheme. Trading results extracted from its audited financial statements are shown below:

Turnover
Administrative expenses
Profit for the year
Gift aid
Net assets
4
Donations and legacies
Donations
5
Ancillary income
Extra-curricular activities
Interest income
Other income
6
Rental income
Rents receivable		 _
_
_		 2025
£
313,657
(250,116)
__
63,541
(63,541)
__
-
_
2025
£
13,430
2025
£
579,442
163,788
71,897
__
815,127
_
Total
2025
£
55,086		 2024
£
336,723
(224,580)
_
112,143
(112,143)
_
-
_
2024
£
100
2024
£
514,193
54,342
35,821
_
604,356
___
Total
2024
£
55,353
_

31

Crosfields School Trust Limited

NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 August 2025

7 Analysis of expenditure
Total
2025 Staff costs Other Depreciation 2025
£ £ £ £
Charitable activities
School operating costs
-
Teaching		 5,739,619 1,397,862 - 7,137,481
-
Welfare		 463,721 335,917 - 799,638
-
Premises		 598,837 1,534,820 801,235 2,934,892
-
Support costs		 842,661 382,003 - 1,224,664
-
Governance costs		 - 33,234 - 33,234
-
VAT costs*		 - 15,221 - 15,221
Bank interest - 585,852 - 585,852
Interest on finance leases - 9,617 - 9,617
Fixed Asset disposal profits - (345) - (345)
Bad debts - 57,368 - 57,368
___ ___ ___ ___
7,644,838 4,336,329 801,235 12,797,623
___ ___ ___ ___
Cost of raising funds - 72 - 72
Cost of trading activities 173,320 76,796 - 250,116
___ ___ ___ ___
Total expenditure 7,818,158 4,413,197 801,235 13,047,811
___ ___ ___ ___
* VAT costs include ongoing partial exemption charges less first year pre-registrational VAT claims
Total
2024 Staff costs Other Depreciation 2024
£ £ £ £
Charitable activities
School operating costs
-
Teaching		 5,755,645 1,750,798 - 7,506,443
-
Welfare		 557,530 408,672 - 966,202
-
Premises		 569,710 1,304,034 848,116 2,721,860
-
Support costs		 730,710 351,597 - 1,082,308
-
Governance costs		 - 30,949 - 30,949
Bank interest - 630,079 - 630,079
Interest on finance leases - 18,461 - 18,461
Fixed asset disposal losses - 25,487 - 25,487
Bad debts - 42,853 - 42,853
___ ___ ___ ___
7,613,595 4,562,829 848,116 13,024,540
___ ___ ___ ___
Cost of raising funds - 216 - 216
Cost of trading activities 142,577 82,003 - 224,580
___ ___ ___ ___
Total expenditure 7,756,172 4,645,048 848,116 13,249,336
___ ___ ___ ___

32

Crosfields School Trust Limited

NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 August 2025

8 Expenditure

Charitable activities include:
Operating lease charges
Depreciation on finance lease assets
Depreciation on other assets
Auditors' remuneration
Audit fees - Crosfields School Trust
Preparation of statutory accounts
Taxation - compliance services
Other assurance services
Loan interest
Interest on finance leases		 2025
£
13,925
120,527
680,708
21,350
-
-
-
585,852
9,617
 2024
£
22,768
113,643
734,473
16,000
750
3,800
990
630,079
18,461

The public liability insurance of the charitable company includes indemnity insurance premiums for the governors of £7,970. (2024: £8,188).

9 Staff costs

Wages and salaries

Social security costs

Pension contributions

Pension deficit contribution debit/(credit)		 2025
£
6,120,281

629,910

1,020,396

47,571
___
7,818,158
 2024
£
6,341,650
581,784
1,012,066
(179,328)
___
7,756,172

The average number of employees during the year was as follows:

Teaching
Non-teaching		 2025
Number
128
64
___
192
 2024
Number
127
68
___
195

The governors received Nil remuneration or other benefits for the year (2024: Nil). The governors were reimbursed for expenses totalling £nil in the year (2024: £nil).

33

Crosfields School Trust Limited

NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 August 2025

9 Staff costs (continued)

The numbers of employees whose remuneration exceeded £60,000 during the year, were:

£60,001 - £70,000
£70,001 - £80,000
£80,001 - £90,000
£150,001 - £160,000
£160,001 - £170,000		 2025
Number
6
1
0
1
0
 2024
Number
1
2
1
0
1

Aggregate employee costs of the senior leadership team, as disclosed on page 3, including salary, benefits, pension contributions and national insurance) in the year totalled £981,948 (2024: £1,037,949).

During the year, severance pay was awarded to 2 employees, with payments for compensation and pay in lieu of notice totalling £27,838 (2024 – 6 employees: £150,929).

34

Crosfields School Trust Limited

NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 August 2025

10 Tangible Fixed Assets

Cost
At 1 September 2024
Additions
Capital Goods Scheme Adjustment
Disposals
At 31 August 2025
Depreciation
At 1 September 2024
Charge for year
Disposals
At 31 August 2025
Net book value
At 31 August 2025
At 31 August 2024		 Furniture,
Freehold
property
fixtures and
equipment
£
£
21,041,497
3,462,905
72,047
183,467
(702,254)
-
(79,480)
_
_
20,411,290
3,566,892
_
_
4,716,046
2,818,864
556,218
245,017
-
(47,188)
_
_
5,272,264
3,016,693
_
_
15,139,026
550,199
_
_
16,325,451
644,041

 Total
£
24,504,402
255,514
(702,254)
(79,480)
_
23,978,182
_
7,534,910
801,235
(47,188)
_
8,288,957
_
15,689,225
___
16,969,492

Included within the net book value is £296,695 (2024: £279,531) relating to assets held under finance lease arrangements. £120,527 (2024: £113,643) of depreciation was charged on those assets during the period.

The Capital Goods Scheme Adjustment arises from both the in-year claiming of Capital Good Scheme VAT, and accounting for future quarterly claims (see note 12), on already operational major capital investments following the Crosfields’ first time registration in December 2024.

11
Fixed assets investments- Group and Charity
2025
Investment in subsidiaries (Charity only)
£
Investment in subsidiary company
1
___
Registered
Company
Company
Office
number
Class
Crosfields School
Enterprises Limited
Crosfields School Shinfield Road,
Shinfield, Reading, Berkshire, RG2 9BL
08332333
Ordinary		 2024
£
1
___
Shares held
%
100

35

Crosfields School Trust Limited

NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 August 2025

12 Debtors

Trade debtors
Other debtors
Amounts owed by subsidiary undertaking
Prepayments and accrued income
Taxation and social security		 Group
2025
£
3,073,594
450
-
332,275
621,837
___
4,028,156
 Group
2024
£
186,478
1,542
-
226,190
-
___
414,210
 Charity
2025
£
3,036,987
450
124,646
332,275
621,837
___
4,116,195
 Charity
2024
£
157,497
1,542
166,391
226,190
-
___
551,620

Amounts owed by group undertakings are interest free and repayable on demand.

Taxation debtors represent the future available Capital Goods Scheme claims on quarterly VAT returns in respect of eligible prior projects. £517,650 (2024: £nil) is receivable in more than one year (ranging from 2 to 7 years from 31 August 2025).

13 Creditors: amounts falling due within one year

Bank loan
Trade creditors
Taxation and social security
Finance lease arrangements
Other creditors and accruals
Deferred income
Deposits held
Pension liability (Note 16)		 Group
2025
£
670,341
381,547
688,630
138,463
592,712
4,775,716
435,279
73,623
___
7,756,312
 Group
2024
£
465,121
233,092
148,934
155,149
643,562
2,576,859
461,666
32,135
___
4,716,518
 Charity
2025
£
670,341
381,547
678,529
138,463
592,712
4,775,716
435,279
73,623
___
7,746,211
 Charity
2024
£
465,121
233,092
148,934
155,149
643,562
2,576,859
461,666
32,135
___
4,716,518

Deferred income relates to school fees invoiced in advance for the next school year, trip payments on account and EYFS funding received on account for the coming term. Deposits held predominantly relate to acceptance deposits, all of which are considered as owed within one year as one terms notice is required to be given by pupils.

Amounts owed to group undertakings are interest free and repayable on demand.

Finance lease obligations are secured against the assets to which they relate.

36

Crosfields School Trust Limited

NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 August 2025

14 Creditors: amounts falling due after more than one year

2025

Bank loan Deferred Finance Total
income leases
£ £ £ £
Total due 7,419,508 877,924 151,566 8,448,998
Of which:
- due within one to two years 711,634 492,499 102,572 1,306,705
- due within two to five years 2,406,027 349,698 48,994 2,804,719
- due after five years 4,301,847 35,727 - 4,337,574
2024
Bank loan Deferred Finance Total
income leases
£ £ £ £
Total due 8,034,865 1,856,189 130,193 10,021,247
Of which:
- due within one to two years 670,341 912,992 80,907 1,664,240
- due within two to five years 2,269,119 862,190 49,286 3,180,595
- due after five years 5,095,405 81,007 - 5,176,412

The bank loan is repayable by 31 December 2034. Interest is charged at 2.16% above base rate and the loan is secured by a fixed charge over the charitable company's freehold land and buildings.

Deferred income relates to fees for school years beginning 1 September 2026 or after, which some parents pay in advance. The school has a contractual obligation to deliver services paid for in the years setout above.

Finance lease obligations are secured against the assets to which they relate.

15 Defined benefit pension scheme liability

The movement on the pension provision is as follows:

Provision b/fwd
Net movement
Provision c/fwd		 2025
£
32,135
41,488
___
73,623
 2024
£
38,463
(6,328)
___
32,135

The above provision relates to the requirement under the FRS102 that the charity must recognise as a liability the present value of future contributions relating to the funding of a pension deficit. For further details see Note 20.

37

Crosfields School Trust Limited

NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 August 2025

16 Operating lease commitment

At 31 August 2025 the group had total future minimum lease payments under non-cancellable operating leases as follows:

Due within one year
Due between one and five years		 2025
£
-
-
___
-
 2024
£
296
-
___
296

In accordance with FRS102, the school’s non-cancellable leases meet finance lease classification criteria.

17 Capital commitments

At 31 August 2025 the school had no capital commitments (2024: £nil).

18 Analysis of net assets between funds

Group
2025
General fund
Restricted fund
Group
2024
General fund
Restricted fund		 Net current
Fixed
assets/
assets
Investments
(liabilities)
£
£
£
16,311,062
1
288,649
-
-
42,327
___
___
___
16,311,062
1
330,976
_
_
_
Net current
Fixed
assets/
assets
Investments
(liabilities)
£
£
£
16,969,492
-
471,721

-
-
30,838
_
_
_
16,969,492
-
502,559



 Long term
liabilities
£
(8,448,998)
-
___
(8,448,998)
_
Long term
liabilities
£
(10,021,247)
-
_
(10,021,247)
 Total
£
8,150,713
42,327
___
8,193,040
_
Total
£
7,419,966
30,838
_
7,450,804

38

Crosfields School Trust Limited

NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 August 2025

18 Analysis of net assets between funds (continued)

Charity
2025
General fund
Restricted fund
Charity
2024
General fund
Restricted fund
19
Total Funds
Group
2025
Unrestricted
funds
General fund
Restricted fund
Bursary fund
Equipment funds
Total funds		 Net current
Fixed
assets/
Long term
assets
Investments
(liabilities)
liabilities
Total
£
£
£
£
£
16,311,062
1
288,649
(8,448,998)
8,150,713
-
-
42,327
-
42,327
___
___
___
___
___
16,311,062
1
330,976
(8,448,998)
8,193,040
_
_
_
_
_
Net current
Fixed
assets/
Long term
assets
Investments
(liabilities)
liabilities
Total
£
£
£
£
£
16,969,492
1
471,721
(10,021,247)
7,419,966
-
-
30,838
-
30,838
_
_
_
_
_
16,969,492
1
502,559
(10,021,247)
7,450,804
_
_
_
_
___
Balance
Balance
1 Sep’ 2024
Income
Expenditure
31 Aug’ 2025
£
£
£
£
7,419,966
13,776,617
(13,045,870)
8,150,713
30,838
7,035
(1,941)
35,932
-
6,395
-
6,395
___
___
___
___
7,450,805
13,790,047
(13,047,811)
8,193,040

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 not been designated for other purposes. Incoming resources of the charity includes £63,541 (2024: £112,143) of gift aid received from its subsidiary.

The restricted Bursary fund relates to donations for spending on future bursaries. The Equipment Funds are one-off donations received with outlay restrictions to Sports Equipment and Nursery Equipment attached.

39

Crosfields School Trust Limited

NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 August 2025

19 Total Funds (continued)

Group
2024
Unrestricted
funds
General Fund
Restricted fund
Bursary fund
Total funds
Charity
2025
General fund
Restricted fund
Bursary fund
Equipment funds
Total funds
Charity
2024
General fund
Restricted fund
Bursary fund
Total funds		 Balance
1 Sep’ 2023
£
7,542,971
4,145
_
7,547,116
_
Balance
1 Sep’ 2023
£
7,542,971
4,145
___
7,547,116
 Income
£
13,444,953
100
_
13,445,053
_
Balance
1 Sep’ 2024
£
7,419,966
30,838
-
___
7,450,805
_
Income

£
13,220,474

100
_
13,445,053

 Balance
Expenditure
Reclasses
31 Aug’ 2024
£
£
£
(13,567,958)
-
7,419,966
-
26,593
30,838
_
_
_
(13,567,958)
26,593
7,450,805
_
_
_
Balance
Income
Expenditure
31 Aug’ 2025
£
£
£
13,526,501
(12,795,754)
8,150,713
7,035
(1,941)
35,932
6,395
-
6,395
___
___
___
13,539,931
(13,797,695)
8,193,040
_
_
_
Balance
Expenditure
Reclasses
31 Aug’ 2024
£
£
£
(13,343,378)
-
7,419,966
-
26,593
30,838
_
_
_
(13,343,378)
26,593
7,450,805

40

Crosfields School Trust Limited

NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 August 2025

20 Pensions

The charitable company operates three pension schemes:

a) Support Staff Group Pension Scheme

The charitable Company runs a defined contribution scheme for all staff with Aegon. The cost for the year represents the charitable company's contributions to the scheme of £1,020,396 (2024: £1,012,066) and at the year-end £123,829 (2024: £130,971) was to be paid over in respect of contributions to this scheme.

b) The Pensions Trust

The charitable company previously participated in a defined benefit scheme in the UK with The Pensions Trust, which is a multi-employer scheme providing benefits to some 61 non-associated employers. It was not possible for the charitable company to obtain sufficient information to enable it to account for the scheme as a defined benefit scheme. Therefore, it accounted for the scheme as a defined contribution scheme.

The scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension schemes in the UK.

The scheme is classified as a 'last-man standing arrangement'. Therefore, the charitable company is potentially liable for other participating employers' obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme.

A full actuarial valuation for the scheme was carried out with an effective date of 30 September 2020. This actuarial valuation was certified on 22 December 2021 and showed assets of £201.1m, liabilities of £256.3m and a deficit of £55.2m. To eliminate this funding shortfall, the trustees and the participating employers agreed that additional contributions were to be paid. The school is committed to its portion of deficit repayments in relation to the total Pensions Trust Growth plan of £2,687,000 per annum over a period of 10 years from 1 September 2022, tri-ennially revised as at 1 September 2025 to a 11.4 year plan with increased payments, indexed at 3% per annum. In line with the requirements of FRS102, a liability of £73,623 (2024: 32,135) has been recognised in relation to this.

The recovery plan contributions are allocated to each participating employer in line with their estimated share of the scheme liabilities.

Total contributions paid into the scheme by the charitable company amounted to £6,328 (2024: £6,328).

Full details are available regarding The Pensions Trust on their website www.tpt.org.uk

The charitable company also participates in a defined contributory scheme in the UK with The Pensions Trust, where two members remain active.

41

Crosfields School Trust Limited

NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 August 2025

21 Analysis of net debt

Balance
1 September

2024
£
Cash at bank and in hand
4,802,867
Debt due within 1 year
(620,270)
Debt due after 1 year
(8,165,058)
___
(3,982,460)
 Cashflows
£
(222,039)
(120,637)
711,592
___
368,916
 Finance
leases
capitalised
£
-
(67,897)
(117,608)
___
(185,505)
 Balance
31 August
2025
£
4,580,828
(808,804)
(7,571,074)
___
(3,799,050)

Finance leases include accrual of imputed interest for the period.

22 Related party transactions

Owing to the nature of the school's operations and the composition of the governing body being drawn from local public and private sector organisations, it is inevitable that transactions will take place with organisations in which a governor may have an interest. All transactions involving these organisations are in accordance with the school's normal procedures.

The total donations in aggregate received from governors in the year were £nil (2024: £nil)

The school has several pupils who are family members of governors. Fees are payable at the same level as other pupils and entitlement to fee remission is considered in line with the school's stated policy for such awards.

Transactions between the school and its subsidiary Crosfields School Enterprises Limited are disclosed below:

2025 2024
£ £
Recharged expenses 250,116 224,580
Gift Aid 63,541 112,143
Amounts owed by/(to) Crosfields School Enterprises Limited 124,646 166,391

There were no other related party transaction in the year.

42

Crosfields School Trust Limited

NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 August 2025

23 Comparative Statement of Financial Activities

Income from:
Donations and legacies
Charitable activities
Fees receivable
Ancillary income
Other trading activities
Income from trading activities
Rents and lettings
Total income
Expenditure on:
Charitable activities
Cost of raising funds
Costs of trading activities
Total expenditure
Net (expenditure)/income and
movement in funds
Total funds brought forward
Total funds carried forward		 General
funds
£
-
12,129,899
604,356
336,723
55,353
_
13,126,331
_
13,024,540
216
224,580
___
13,249,336
___
(123,005)
_
7,542,971
_
7,419,966
 Restricted
funds
£
100
-
26,593
-
-
_
26,693
_
-
-
-
_
-
_
26,693
_
4,145
_
30,838
 Total
2024
£
100
12,129,899
630,949
336,723
55,353
___
13,153,024
___
13,024,540
216
224,580
___
13,249,336
___
(96,312)
___
7,547,116
___
7,450,804

43