Company registration number 07941524 (England and Wales)
ST BEDE'S INTER CHURCH SCHOOL
(A COMPANY LIMITED BY GUARANTEE)
ANNUAL REPORT AND ACCOUNTS
FOR THE YEAR ENDED 31 AUGUST 2023
ST BEDE'S INTER CHURCH SCHOOL
CONTENTS
Page
Reference and administrative details
1 - 2
Directors' report
3 - 9
Governance statement
10 - 12
Statement on regularity, propriety and compliance
13
Statement of Directors' responsibilities
14
Independent auditor's report on the accounts
15 - 18
Independent reporting accountant's report on regularity
19 - 20
Statement of financial activities including income and expenditure account
21 - 22
Balance sheet
23
Statement of cash flows
24
Notes to the accounts including accounting policies
25 - 45
ST BEDE'S INTER CHURCH SCHOOL
REFERENCE AND ADMINISTRATIVE DETAILS
- 1 -
Members
- Ely Diocese
Ven Dr Alex Hughes
- East Anglia Diocese
Right Rev'd Alan Hopes
- Chair of Governors
Rev'd Dr Geoffrey Cook
Inter-Church Trustees (Site Trustees)
- Ely Diocese
Ven Dr Alex Hughes
- East Anglia Diocese
Bishop Alan Hopes
- Roman Catholic Director of Education
Dr Andy Stone
- Anglican Director of Education
Andrew Read
- East Anglia Diocese
Father David Paul
- East Anglia Diocese
Mgr. Tony Rogers
- Ely Diocese
Rev'd Simon Talbott
Directors
Charlotte Avery (Anglican Foundation Governor)
Rev'd Dr Geoffrey Cook (Roman Catholic Foundation Governor/Chair of Directors)
Kathleen Das (Roman Catholic Foundation)
Alistair Day (Headteacher)
Rev'd Andrew Day (Anglican Foundation Governor)
Jonathan Glazier (Foundation Governor)
Ralf Huebner (Roman Catholic Foundation Governor)
Michael McGarvey (Roman Catholic Foundation Governor)
Gary Morgan (Parent Governor)
Monika Roskova (Roman Catholic Foundation)
Malcolm Watson (Co-opted Governor)
Karen White (Anglican Foundation Governor)
Senior management team
- Headteacher
Alistair Day
- Deputy Head
Matthew Chancellor
- Deputy Head
Oliver Lambert
- Assistant Head
Anna Grady
- Assistant Head
Fiona Ross (appointed 1 September 2023)
- Finance Director
Claire Pembery
Company Secretary
Lesley Pollock
Company registration number
07941524 (England and Wales)
Registered office
Birdwood Road
Cambridge
CB1 3TD
United Kingdom
Independent auditor
Azets Audit Services
Ruthlyn House
90 Lincoln Road
Peterborough
Cambridgeshire
PE1 2SP
United Kingdom
ST BEDE'S INTER CHURCH SCHOOL
REFERENCE AND ADMINISTRATIVE DETAILS
- 2 -
Bankers
Lloyds Plc
Minster Place
Ely
Cambridgeshire
CB7 4EN
United Kingdom
ST BEDE'S INTER CHURCH SCHOOL
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2023
- 3 -

The Directors present their annual report together with the accounts and auditor's report of the charitable company for the year 1 September 2022 to 31 August 2023. The annual report serves the purposes of both a trustees' report, and a directors' report and strategic report under company law.

The Academy’s principal activity is restricted to the following: to advance for the public benefit education in the United Kingdom, in particular but without prejudice to the generality of the foregoing by establishing, maintaining, carrying on managing and developing a joint Church of England and Roman Catholic Church school (with a religious character designated as such) offering a broad and balanced curriculum which shall carry out the education so as to incorporate the specific tenets, teachings and practices of the Roman Catholic Church and the specific tenets, teachings and practices of the Church of England in such combination as the Diocesan Bishop of East Anglia and the Ordinary shall so decide and which shall have regard to the advice of the Diocesan Bishop of East Anglia and the Diocesan Board of Education.

Structure, governance and management
Constitution

The Academy Trust is a company limited by guarantee and an exempt charity. The Charitable Company’s memorandum and articles of association are the primary governing documents of the Academy Trust.

The Trustees of St Bede’s Inter Church School are also the directors of the Charitable Company for the purposes of company law. The Charitable Company is known as St Bede’s Inter Church School. Details of the Directors who served throughout the year except as noted are included in the Reference and Administrative Details on page 1.

Members' liability

Each member of the charitable company undertakes to contribute to the assets of the charitable company in the event of it being wound up while they are a member, or within one year after they cease to be a member, such amount as may be required, not exceeding £10, for the debts and liabilities contracted before they ceased to be a member.

Method of recruitment and appointment or election of Directors

The Articles of Association require the members of the Academy trust to appoint at least 3 Directors to be responsible for the statutory and constitutional affairs of the charitable company and the management of the Academy. The articles of association require the members of the Academy Trust shall comprise:

 

The signatories of the memorandum - the Diocesan Bishop of East Anglia, The Ely Diocesan Board of Finance and the Chair of Directors.

 

The Governing body has been formed in accordance with the Articles of Association.

 

The number of Directors shall be not less than three and (unless otherwise determined by ordinary resolution) shall be subject to a maximum of 20.

All Directors shall upon their appointment or election give a written undertaking to the Diocesan board of Education and the Diocesan Bishop of East Anglia to uphold the Object of the Academy Trust.

Subject to Articles 48-49 and 64, the Academy Trust shall have the following Directors:

ST BEDE'S INTER CHURCH SCHOOL
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 4 -
Policies and procedures adopted for the induction and training of Directors

In May 2021, St Bede’s Inter Church School Trust expressed its intention to increase its Members from three to five and to limit its Directors to 12, in line with current Department for Education recommendations. These changes will take place, as terms of office for individual Members and Directors expire. To maintain a separation of roles, it will no longer be possible for an individual to serve as both a Member and Director.

The Academy Trust may also have any Co-opted Director appointed under Article 59. The first Directors shall be those persons named in the statement delivered pursuant to sections 9 and 12 of the Companies Act 2006.

Future Directors shall be appointed or elected, as the case may be, under these Articles where it is not possible for such a Director to be appointed or elected due to the fact that an Academy has not yet been established or the Head teacher has not been appointed, then the relevant Article or part thereof shall not apply.

Appointment of Directors

The Diocesan Bishop of East Anglia may appoint up to six Foundation Directors and the Ely Diocesan Board of Finance may appoint up to six Foundation Directors. The Members may appoint two Staff Directors through such process as they may determine, provided that the total number of Directors (including the Head teacher) who are employees of the Academy Trust does not exceed one third of the total number of Directors nor when counted with all Directors except the Foundation Directors exceed the total number of Foundation Directors and Article 58A shall apply. The Members may appoint Directors who shall number no more than two, provided that the total number of Directors, Staff Directors, the Head teacher and Parent Directors does not exceed eight. The Head teacher shall be treated for all purposes as being an ex officio Director.

 

Subject to Article 57, the Parent Directors shall be elected by parents of registered pupils at the Academy. A Parent Director must be a parent of a pupil at the Academy at the time when he/she is elected. The Governing Body shall make all necessary arrangements for, and determine all other matters relating to, an election of Parent Directors, including any question of whether a person is a parent of a registered pupil at the Academy.

 

The Staff Directors shall be appointed by the Members following an election by a secret ballot of all staff employed under a contract of employment or a contract for services or otherwise engaged to provide services to the Academy (excluding the Head teacher). All arrangements for the calling and the conduct of the election and resolution of questions as to whether any person is an eligible candidate shall be determined by the Members.

 

Co-opted Directors

The Directors appointed under Article 50 with the consent of the Diocesan Board of Education and the Diocesan Bishop may appoint up to 2 Co-opted Directors for such term (not exceeding four years) and otherwise upon such conditions as they shall think fit.

 

Term of Office

The term of office for any Director (other than Co-opted Directors under Article 59) shall be 4 years, save that this time limit shall not apply to the Head teacher. Subject to remaining eligible to be a particular type of Director, any Director may be re-appointed or re-elected.

 

Resignation and Removal

A Director shall cease to hold office if he/she resigns their office by notice to the Academy Trust (but only if at least three Directors will remain in office when the notice of resignation is to take effect).

 

A Director shall cease to hold office if he/she is removed by the person or persons who appointed him/her. This Article does not apply in respect of a Parent Director.

 

Where a Director resigns his/her office or is removed from office, the Director or, where he/she is removed from office, those removing him/her, shall give written notice thereof to the Secretary.

 

Where an additional or further Director appointed pursuant to Articles 62, 62A or 63 ceases to hold office as a Director for any reason, other than being removed by the Secretary of State, the Secretary of State shall be entitled to appoint an additional or further Director in his/her place.

ST BEDE'S INTER CHURCH SCHOOL
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 5 -

Policies and procedures adopted for the induction and training of Directors

The Directors have continued to buy into the Cambridgeshire Governor Services support. All new Directors attend their Director Induction course. In addition, St Bede’s offers a mentoring scheme whereby new Directors can be linked with an experienced member. The mentor’s role is to support the new Director in their first few months and to help them to identify where they feel they can add the most value to the Governing Body. The Cambridgeshire Governor Services’ papers, newsletters and course details are circulated by the Governance Professional to the Governing Body.

Organisational structure

The Governing Body of St Bede’s Inter Church School devolves the responsibility of the day to day running of the Academy to the Senior Leadership Team. Their activities and decisions are monitored through a number of Director Committees of the Governing Body in to which reports are fed by the Senior Leadership Team.

 

Chaplaincy Committee - Chair - Rev'd Dr Geoff Cook

Finance Committee - Chair - Mr Malcolm Watson

Teaching and Learning Committee - Chair - Mrs Kathleen Das

Health and Safety Committee - Chair - Mr Jonathan Glazier

 

These committees meet half termly to consider reports from the Senior Leadership Team and the Head teacher is required to attend all these meetings.

 

The Chaplaincy Committee

This committee monitors and supports the School leaders on the distinctive Christian Ethos.

 

Finance Committee

The Finance Director reports on actual income and expenditure to budget and significant variances.

 

The minutes and reports of each committee are ratified at the full Governing Body Meetings.

 

Unless specifically identified to the contrary, the Board of Directors delegates to the Headteacher the total day to day management of the School, whilst remaining available for advice and assistance at all times.

 

The Board of Directors delegates to the Headteacher duties in particular to:

 

Teaching and Learning Committee

The Headteacher reports on staffing issues, capability issues, staff recruitment, admissions, pupil attendance, exclusions and pupil news along with the School Improvement Plan. A Deputy or Assistant Headteacher reports on curriculum changes, departmental improvement plans, targets and attainment.

 

The Health and Safety Committee

This committee monitors and site safety and risks and the safety of students and staff on visits and trips. A sub-committee meets termly to ensure safeguarding, child protection issues and staff safeguarding training are fully met.

Trade union facility time

The number of employees who were relevant union officials during the period was 1. The full time equivalent number of employees was 1. The percentage of time spent on facility time was 1%-50% by 1 employee.

ST BEDE'S INTER CHURCH SCHOOL
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 6 -
Arrangements for setting pay and remuneration of key management personnel

The full governing body delegates the decisions on pay and remuneration of the Academy's key management personnel, to the governors' pay panel.  The panel meets to set senior leaders remuneration, taking into consideration bench marking reports as well as parameters and criteria for any pay increases.

Related parties and other connected charities and organisations

St Bede’s Inter Church School shares its foundation with All Saints Inter Church Primary Academy in March, with the same Inter-Church Trustees (Site Trustees) supporting both Schools.

Related parties have been identified by the trustees in their annual disclosures of pecuniary interests. Further details are disclosed in note 24.

Objectives and activities
Objects and aims

The Academy Trust’s object is specifically restricted to the following: to advance for the public benefit education in the United Kingdom, in particular but without prejudice to the generality of the foregoing by establishing, maintaining, carrying on, managing and developing a joint Church of England and Roman Catholic Church School (with a religious character designated as such) offering a broad and balanced curriculum which shall carry out the education so as to incorporate the specific tenets, teachings and practices of the Roman Catholic Church and the specific tenets teachings and practices of the Church of England in such combination as the Diocesan Bishop of East Anglia and the Ordinary shall decide and which shall have regard to the advice of the Diocesan Bishop of East Anglia and the Diocesan Board of Education.

 

St Bede's Mission Statement

To create and sustain, with God's help, a learning, caring and serving community where all people are valued for who they are and who they may become in the light of Jesus Christ.

Objectives, strategies and activities

The key objectives for the Academy are detailed in the School Development Plan. The plan is divided into 4 key strategic areas -

To maintain a clear focus, five key areas have been identified as priorities for development:

Public benefit

In setting our objectives and planning our activities, the Directors have given careful consideration to the Charity Commission’s general guidance on public benefit. The charitable company’s aims are set out in this report. The trustees have complied with their duty under section 4 of the Charities Act 2006 to have due regard to public benefit guidance published by the Charity Commission and the trustees have paid due regard to this guidance in deciding what activities the charitable company should undertake.

ST BEDE'S INTER CHURCH SCHOOL
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 7 -
Strategic report
Achievements and performance

Academic achievement

Our students achieved outstanding results in 2023. The results are testament not only to the hard work and commitment of our brilliant students, but also to all of the outstanding, dedicated teaching and support staff who all equally contribute to the shared success. St Bede’s has now been placed within the top 3% of secondary schools nationally for the last 3 full GCSE sessions (2019, 2022 and 2023) indicating that students at St Bede’s consistently make outstanding progress. However as a school we are far from complacent and always strive to find ways we can improve even further.

 

Highlights of the results are summarised below with comparisons being made with the 2019 results.

 

Headline measure 

2023

2019 

Change from 2019 to 2023 

% Grades 7-9 

50.1

42.0 

+8.1% 

Attainment 8 

63.46 

60.07 

+3.39

Progress 8 (DFE Unvalidated Estimate)* 

+0.9* 

+0.81 

+0.09 

 

Attainment 8 – is the average attainment across the 8 subjects that qualify for this measure.

 

The eight subjects are divided into three categories:

 

Category 1 - English and maths. Double weighting is to these subjects taking the higher grade of English literature or English language.

 

Category 2 - The top 3 scores in English Baccalaureate (EBacc) subjects taken i.e. sciences, computer science, history, geography and languages.

 

Category 3 – The top 3 scores from remaining EBacc subjects.

 

Progress 8 – is a measure of progress of students have made in relation to national expectations(+1.0 represents an average of 1 grade her subject higher than national expectations for similar students. A progress 8 figure of +0.50 or greater represents the highest category of progress a school can achieve).

 

*Please note the figure of +0.9 is the unvalidated DFE estimate as at October 2023, and does not yet include any results from appeals made subsequent to the GCSE results being published.

Going concern

After making appropriate enquiries, the Governing Body has a reasonable expectation that the Academy Trust has adequate resources to continue in operational existence for the foreseeable future. For this reason it continues to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Statement of Accounting Policies.

Financial review

These financial statements reflect the 2022-23 year of operational activity of the Academy. During the year the Academy received total income of £7,377,471 (2022 - £6,860,805). Of this sum, £5,027,750 (2022 - £4,896,387) was received from the DfE via the ESFA in respect of its GAG used for its day to day running costs. Other grants and income included £123,154 (2022 - £114,298) of pupil premium funding, £274,284 (2022 - £92,923) of other ESFA funding, £nil (2022 - £22,072) of COVID related funding and £606,656 (2022 - £464,973) of local authority funding. Donations and voluntary income amounted to £397,956 (2022 - £569,398) and activities for generating funds income was £33,512 (2022 - £26,585). The remaining other income amounted to £901,187 (2022- £673,818).

 

Costs for year totaled £7,422,319 (2022 - £7,116,607). In addition the Academy holds liabilities of £1,000,000 (2022 - £1,548,000) which relate to the Academy share of the LGPS deficit. This does not mean that an immediate liability for this amount crystallises. Payments are made in line with the rates set by the actuary to reduce this deficit.

ST BEDE'S INTER CHURCH SCHOOL
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 8 -

Parliament has agreed, at the request of the Secretary of State for Education, to a guarantee that, in the event of Academy closure, outstanding Local Government Pension Scheme liabilities would be met by the Department for Education. The guarantee came into force on 18 July 2013.

 

The Directors are confident that the Academy Trust is in a sound financial position at the end of the period. The ESFA is the principal source of funding for the Academy and expenditure has supported the teaching and learning of the students at the School.

 

The Governors having considered the factual matrix under which the Academy trust occupying the land (and buildings) owned by the Diocese and Church Schools of Cambridge and have been instructed that the value of the land and buildings occupied by the Academy trust company will not be recognised on the balance sheet of the company.

Reserves policy

The Directors will review the reserve levels of the Academy regularly. This review encompasses the nature of income and expenditure streams, the need to match income commitment and the nature of reserves.

 

Directors determine what the level of uncommitted reserves should be. The aim is to provide sufficient working capital to cover delays between spending and receipt of grants and to provide a cushion to deal with unexpected emergencies such as urgent maintenance.

In this year the Academy sought to manage its finances in order to establish a healthy level of reserves at the period end in order to ensure it had a level of reserves adequate to cover unforeseen circumstances. Total reserves totaled £1,775,201 as at 31 August 2023 (2022 - £1,701,049) before accounting for the Academy's share of the liabilities of the LGPS. The free reserves of the Academy, the unrestricted funds less any unrestricted assets were £1,349,573 at 31 August 2023 (2022 - £1,373,155).

Directors have agreed a policy of maintaining reserve funds equivalent to three months' costs. This is to ensure business continuity in the event of an unforeseen financial issue. Revenue reserves at the end of August 2023 were £1,349,573 which is between two and three month’s of costs. This has been deemed acceptable level of reserves to be held.

 

The remodeling of the stage area of the School hall which was started in March 2022 to create two additional new classrooms was completed in the autumn term 2022.

 

The School used the efficiency grant of £37,111 received during the year to upgrade to LED lighting within the School.

Investment policy

The Academy regularly reviews its working capital requirements and seeks to obtain the best return possible for its funds.

Principal risks and uncertainties

The Academy has a well established Risk Management Strategy and Risk Register. The Trust inherited a deficit on the LGPS. This was valued under FRS102 rules at £1,257,000 as at conversion on 1 March 2012. At the end of the financial year this had decreased by £257,000 to £1,000,000.

 

The primary risk facing the Academy is funding a teaching workforce that is progressing through pay scales.

St. Bede’s operates on a large site.  The risk of the site falling into disrepair or becoming unsafe is mitigated by a programme of active estate management and enhancement project planning.  This is documented in the Department of Education’s GEMS tool (the Good Estate Management Tool). The School has a dedicated site team who perform daily maintenance checks and tasks and there is a comprehensive weekly site walk.  Planned maintenance agreements are in place for a variety of works such as electrical works, boiler, lift and air conditioning maintenance while service level agreements exist for health and safety and asbestos management. Planned maintenance agreements allow for the early identification of any potential maintenance issues and allow for works to be planned and budgeted for.

ST BEDE'S INTER CHURCH SCHOOL
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 9 -

The Health and Safety Committee, Finance Committee and Full Governors meetings have the review of the estate management plan as a standing agenda item at all their meetings.


Recent enhancement projects have included upgrading the site's fencing and main gates in 21-22 to ensure the safety not only of students and staff but also of the site.  In addition, the site is also covered by close circuit television cameras.  The remodelling of the stage area of the school hall which was completed during the autumn term 2022 was to improve the use of an area of the site and hence provide better value for money by providing additional teaching space.   During 22-23 the efficiency grant was used to ensure compliance with minimum energy performance standards for lighting.

Fundraising

The Academy is compliant with the recognised standards of fundraising set out in the Code of Fundraising Practice. St Bede's Inter Church School does not use professional fundraisers and there have been no complaints received by the Academy about fund raising activities carried out by the Academy in the year.

Plans for future periods

The overall objectives for St Bede’s Inter Church School are contained within our Mission Statement, which remains central to our planning, as shown on page 6.

 

Our School Development Plan follows closely the School’s Mission Statement, with four key priority areas monitored by our Governing Body.

 

 

 

 

Auditor

In so far as the Directors are aware:

A resolution proposing that Azets Audit Services be reappointed as auditor of the charitable company will be put to the members.

The Directors' report, incorporating a strategic report, was approved by order of the Governing body, as the company directors, on 04 December 2023 and signed on its behalf by:

Rev'd Dr Geoffrey Cook
Roman Catholic Foundation Governor/Chair of Directors
ST BEDE'S INTER CHURCH SCHOOL
GOVERNANCE STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2023
- 10 -
Scope of responsibility

As Directors, we acknowledge we have overall responsibility for ensuring that St Bede's Inter Church School has an effective and appropriate system of control, financial and otherwise. However, such a system is designed to manage rather than eliminate the risk of failure to achieve business objectives, and can provide only reasonable and not absolute assurance against material misstatement or loss.

The Governing body has delegated the day-to-day responsibility to the Headteacher, as accounting officer, for ensuring financial controls conform with the requirements of both propriety and good financial management and in accordance with the requirements and responsibilities assigned to it in the funding agreement between St Bede's Inter Church School and the Secretary of State for Education. The accounting officer is also responsible for reporting to the Governing body any material weaknesses or breakdowns in internal control.

Governance

The information on governance included here supplements that described in the Directors' Report and in the Statement of Directors' Responsibilities. The Governing body has formally met 4 times during the year. Attendance during the year at meetings of the Governing body was as follows:

Directors
Meetings attended
Out of possible
Charlotte Avery (Anglican Foundation Governor)
3
4
Rev'd Dr Geoffrey Cook (Roman Catholic Foundation Governor/Chair of Directors)
4
4
Kathleen Das (Roman Catholic Foundation)
4
4
Alistair Day (Headteacher)
4
4
Rev'd Andrew Day (Anglican Foundation Governor)
3
4
Jonathan Glazier (Foundation Governor)
4
4
Ralf Huebner (Roman Catholic Foundation Governor)
0
4
Michael McGarvey (Roman Catholic Foundation Governor)
3
4
Gary Morgan (Parent Governor)
3
4
Monika Roskova (Roman Catholic Foundation)
3
4
Malcolm Watson (Co-opted Governor)
2
4
Karen White (Anglican Foundation Governor)
3
4
Conflicts of interest
Governance reviews

The Governing body feels that meeting 4 times during the year is appropriate to the size of the School and in light of the number of other committees which met at intervals throughout the year. If deemed necessary the Governing body would hold additional emergency meetings in addition to the 4 regular scheduled meetings.

The competence of the Governing body is subject to an annual skills audit at the start of each academic year. Governors have mandatory training courses and additional training is provided if any skills gaps are identified.

 

The meetings of all committees are evaluated in terms of the actions taken and the resulting impact on students.

The finance committee is a sub-committee of the main Governing body. Its purpose is to ensure sound management of the Academy finances and resources.

ST BEDE'S INTER CHURCH SCHOOL
GOVERNANCE STATEMENT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 11 -

Attendance at meetings in the year was as follows:

Directors
Meetings attended
Out of possible
Kathleen Das (Roman Catholic Foundation)
5
5
Alistair Day (Headteacher)
4
5
Jonathan Glazier (Foundation Governor)
3
5
Michael McGarvey (Roman Catholic Foundation Governor)
5
5
Gary Morgan (Parent Governor)
4
5
Monika Roskova (Roman Catholic Foundation)
4
5
Malcolm Watson (Co-opted Governor)
5
5
Review of value for money

As accounting officer, the Headteacher has responsibility for ensuring that the Academy Trust delivers good value in the use of public resources. The accounting officer understands that value for money refers to the educational and wider societal outcomes, as well as estates safety and management, achieved in return for the taxpayer resources received.

The accounting officer considers how the Academy Trust’s use of its resources has provided good value for money during each academic year, and reports to the Governing body where value for money can be improved, including the use of benchmarking data or by using a framework where appropriate. The accounting officer for the Academy Trust has delivered improved value for money during the year by:

 

St. Bede’s operates on a large site.  The risk of the site falling into disrepair or becoming unsafe is mitigated by a programme of active estate management and enhancement project planning.  This is documented in the Department of Education GEMS tool (the Good Estate Management Tool). The School has a robust tendering process to ensure good value for money in regards to management of the site. Where possible St Bede’s works with local authority preferred suppliers while energy consumption is monitored internally on a monthly basis and annually via DEC (Display Energy Certificates) reports.

The purpose of the system of internal control

The system of internal control is designed to manage risk to a reasonable level rather than to eliminate all risk of failure to achieve policies, aims and objectives. It can therefore only provide reasonable and not absolute assurance of effectiveness. The system of internal control is based on an on-going process designed to identify and prioritise the risks to the achievement of Academy Trust policies, aims and objectives, to evaluate the likelihood of those risks being realised and the impact should they be realised, and to manage them efficiently, effectively and economically. The system of internal control has been in place in St Bede's Inter Church School for the period 1 September 2022 to 31 August 2023 and up to the date of approval of the annual report and accounts.

Capacity to handle risk

The Governing body has reviewed the key risks to which the Academy Trust is exposed together with the operating, financial and compliance controls that have been implemented to mitigate those risks. The Governing body is of the view that there is a formal ongoing process for identifying, evaluating and managing the Academy Trust's significant risks that has been in place for the period 1 September 2022 to 31 August 2023 and up to the date of approval of the annual report and accounts. This process is regularly reviewed by the Governing body.

ST BEDE'S INTER CHURCH SCHOOL
GOVERNANCE STATEMENT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 12 -
The risk and control framework

The Academy trust’s system of internal financial control is based on a framework of regular management information and administrative procedures including the segregation of duties and a system of delegation and accountability. In particular, it includes:

The board of governors has considered the need for a specific internal audit function and has decided not to appoint an internal auditor. However the governors have appointed Days Accountancy Services, to perform additional checks.

The role includes giving advice on financial matters and performing a range of checks on the Trust’s financial systems. In particular the checks carried out in the current period included:

The internal auditor reports to the Governing body through the finance committee on the operation of the systems of control and on the discharge of the financial responsibilities of the Governing body. There were two internal audits during the financial year one in the winter and one in the summer term. The internal auditor delivered the schedule of work as planned. No material weaknesses in control were identified.

Review of effectiveness

As Accounting Officer, the Headteacher has responsibility for reviewing the effectiveness of the system of internal control. During the year in question the review has been informed by:

The accounting officer has been advised of the implications of the result of their review of the system of internal control by the Finance Committee and a plan to address weaknesses if necessary and ensure continuous improvement of the system is in place.

Approved by order of the Governing body on 04 December 2023 and signed on its behalf by:

Rev'd Dr Geoffrey Cook
Alistair Day
Roman Catholic Foundation Governor/Chair of Directors
Headteacher
ST BEDE'S INTER CHURCH SCHOOL
STATEMENT OF REGULARITY, PROPRIETY AND COMPLIANCE
FOR THE YEAR ENDED 31 AUGUST 2023
- 13 -

As accounting officer of St Bede's Inter Church School, I have considered my responsibility to notify the Academy Trust Governing body and the Education and Skills Funding Agency (ESFA) of material irregularity, impropriety and non-compliance with terms and conditions of all funding received by the Academy Trust, including for estates safety and management, under the funding agreement in place between the Academy Trust and the Secretary of State for Education. As part of my consideration I have had due regard to the requirements of the Academy Trust Handbook 2022, including responsbilities for estates safety and management.

I confirm that I and the Academy Trust's Governing body are able to identify any material irregular or improper use of funds by the Academy Trust, or material non-compliance with the terms and conditions of funding under the Academy Trust's funding agreement and the Academy Trust Handbook 2022.

I confirm that no instances of material irregularity, impropriety or funding non-compliance have been discovered to date. If any instances are identified after the date of this statement, these will be notified to the Governing body and ESFA.

Alistair Day
Accounting Officer
04 December 2023
ST BEDE'S INTER CHURCH SCHOOL
STATEMENT OF DIRECTORS' RESPONSIBILITIES
FOR THE YEAR ENDED 31 AUGUST 2023
- 14 -

The directors (who also act as trustees for St Bede's Inter Church School) are responsible for preparing the Directors' report and the accounts in accordance with the Academies Accounts Direction 2022 to 2023 published by the Education and Skills Funding Agency, United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.

Company law requires the Directors to prepare accounts for each financial year. Under company law, the Directors must not approve the accounts unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its incoming resources and application of resources, including its income and expenditure, for that period.

 

In preparing these accounts, the Directors are required to:

 

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the accounts comply with the Companies Act 2006. They 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 Directors are responsible for ensuring that in its conduct and operation the charitable company applies financial and other controls, which conform with the requirements both of propriety and of good financial management. They are also responsible for ensuring that grants received from ESFA/DfE have been applied for the purposes intended.

The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of accounts may differ from legislation in other jurisdictions.

Approved by order of the members of the Governing body on 04 December 2023 and signed on its behalf by:

Rev'd Dr Geoffrey Cook
Roman Catholic Foundation Governor/Chair of Directors
ST BEDE'S INTER CHURCH SCHOOL
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST BEDE'S INTER CHURCH SCHOOL
FOR THE YEAR ENDED 31 AUGUST 2023
- 15 -

Opinion

We have audited the accounts of St Bede's Inter Church School for the year ended 31 August 2023 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the accounts, including 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), the Charities SORP 2019 and the Academies Accounts Direction 2022 to 2023 issued by the Education and Skills Funding Agency.

In our opinion the accounts:

-

give a true and fair view of the state of the charitable company's affairs as at 31 August 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

-

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;

-

have been prepared in accordance with the requirements of the Companies Act 2006; and

-

have been prepared in accordance with the Charities SORP 2019 and the Academies Accounts Direction 2022 to 2023.

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 accounts' section of our report. We are independent of the Academy Trust in accordance with the ethical requirements that are relevant to our audit of the accounts 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 Directors' 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 Academy Trust’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 Directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the accounts and our auditor's report thereon. The Directors are responsible for the other information contained within the annual report. Our opinion on the accounts 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. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the accounts or our knowledge obtained in the course of 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 this gives rise to a material misstatement in the accounts themselves. 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.

ST BEDE'S INTER CHURCH SCHOOL
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST BEDE'S INTER CHURCH SCHOOL (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 16 -
Opinions on other matters prescribed by the Companies Act 2006

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

-

the information given in the Directors' report including the incorporated strategic report for the financial year for which the accounts are prepared is consistent with the accounts; and

-

the Directors' report including the incorporated strategic report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Academy Trust and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' report, including the incorporated strategic 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:

-

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-

the accounts are not in agreement with the accounting records and returns; or

-

certain disclosures of Directors' remuneration specified by law are not made; or

-
we have not received all the information and explanations we require for our audit.
Responsibilities of Directors

As explained more fully in the statement of Directors' responsibilities, the Directors are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of accounts that are free from material misstatement, whether due to fraud or error. In preparing the accounts, the Directors are responsible for assessing the Academy Trust’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 Directors either intend to liquidate the charitable company, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the accounts

Our objectives are to obtain reasonable assurance about whether the accounts 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 accounts.

ST BEDE'S INTER CHURCH SCHOOL
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST BEDE'S INTER CHURCH SCHOOL (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 17 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which 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 of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

ST BEDE'S INTER CHURCH SCHOOL
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST BEDE'S INTER CHURCH SCHOOL (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 18 -

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://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.

Tracey Richardson BSc (Hons) FCA (Senior Statutory Auditor)
for and on behalf of Azets Audit Services
4 December 2023
Chartered Accountants
Statutory Auditor
Ruthlyn House
90 Lincoln Road
Peterborough
Cambridgeshire
United Kingdom
PE1 2SP
ST BEDE'S INTER CHURCH SCHOOL
INDEPENDENT REPORTING ACCOUNTANT'S ASSURANCE REPORT ON REGULARITY TO ST BEDE'S INTER CHURCH SCHOOL AND THE EDUCATION AND SKILLS FUNDING AGENCY
FOR THE YEAR ENDED 31 AUGUST 2023
- 19 -

In accordance with the terms of our engagement letter dated 15 August 2023 and further to the requirements of the Education and Skills Funding Agency (ESFA) as included in the Academies Accounts Direction 2022 to 2023, we have carried out an engagement to obtain limited assurance about whether the expenditure disbursed and income received by St Bede's Inter Church School during the period 1 September 2022 to 31 August 2023 have been applied to the purposes identified by Parliament and the financial transactions conform to the authorities which govern them.

 

This report is made solely to St Bede's Inter Church School and ESFA in accordance with the terms of our engagement letter. Our work has been undertaken so that we might state to the St Bede's Inter Church School and ESFA those matters we are required to state in a report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than St Bede's Inter Church School and ESFA, for our work, for this report, or for the conclusion we have formed.

Respective responsibilities of St Bede's Inter Church School's accounting officer and the reporting accountant

The accounting officer is responsible, under the requirements of St Bede's Inter Church School’s funding agreement with the Secretary of State for Education dated 1 March 2012 and the Academy Trust Handbook, extant from 1 September 2022, for ensuring that expenditure disbursed and income received is applied for the purposes intended by Parliament and the financial transactions conform to the authorities which govern them.

Our responsibilities for this engagement are established in the United Kingdom by our profession’s ethical guidance, and are to obtain limited assurance and report in accordance with our engagement letter and the requirements of the Academies Accounts Direction 2022 to 2023. We report to you whether anything has come to our attention in carrying out our work which suggests that in all material respects, expenditure disbursed and income received during the period 1 September 2022 to 31 August 2023 have not been applied to purposes intended by Parliament or that the financial transactions do not conform to the authorities which govern them.

Approach

We conducted our engagement in accordance with the Framework and Guide for External Auditors and Reporting Accountant of Academy Trusts issued by ESFA. We performed a limited assurance engagement as defined in our engagement letter.

The objective of a limited assurance engagement is to perform such procedures as to obtain information and explanations in order to provide us with sufficient appropriate evidence to express a negative conclusion on regularity.

A limited assurance engagement is more limited in scope than a reasonable assurance engagement and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in a reasonable assurance engagement. Accordingly, we do not express a positive opinion.

Our engagement includes examination, on a test basis, of evidence relevant to the regularity and propriety of the Academy Trust's income and expenditure.

The work undertaken to draw to our conclusion includes:

ST BEDE'S INTER CHURCH SCHOOL
INDEPENDENT REPORTING ACCOUNTANT'S ASSURANCE REPORT ON REGULARITY TO ST BEDE'S INTER CHURCH SCHOOL AND THE EDUCATION AND SKILLS FUNDING AGENCY (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 20 -
Conclusion

In the course of our work, except for the matters listed below, nothing has come to our attention which suggests that in all material respects the expenditure disbursed and income received during the period 1 September 2022 to 31 August 2023 has not been applied to purposes intended by Parliament and the financial transactions do not conform to the authorities which govern them.

Reporting Accountant
Azets Audit Services
Ruthlyn House
90 Lincoln Road
Peterborough
Cambridgeshire
PE1 2SP
United Kingdom
Dated: 04 December 2023
ST BEDE'S INTER CHURCH SCHOOL
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2023
- 21 -
Unrestricted
Restricted funds:
Total
Total
funds
General
Fixed asset
2023
2022
Notes
£
£
£
£
£
Income and endowments from:
Donations and capital grants
3
38,661
292,830
66,465
397,956
569,398
Charitable activities:
- Funding for educational operations
4
901,187
6,031,844
-
6,933,031
6,264,471
Other trading activities
5
33,512
-
-
33,512
26,585
Investments
6
12,972
-
-
12,972
351
Total
986,332
6,324,674
66,465
7,377,471
6,860,805
Expenditure on:
Charitable activities:
- Educational operations
9
910,641
6,389,155
122,523
7,422,319
7,116,607
Total
7
910,641
6,389,155
122,523
7,422,319
7,116,607
Net income/(expenditure)
75,691
(64,481)
(56,058)
(44,848)
(255,802)
Transfers between funds
18
-
(153,792)
153,792
-
-
Other recognised gains/(losses)
Actuarial gains on defined benefit pension schemes
20
-
667,000
-
667,000
2,612,000
Net movement in funds
75,691
448,727
97,734
622,152
2,356,198
Reconciliation of funds
Total funds brought forward
460,488
(635,333)
327,894
153,049
(2,203,149)
Total funds carried forward
536,179
(186,606)
425,628
775,201
153,049
ST BEDE'S INTER CHURCH SCHOOL
STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED)
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2023
- 22 -
Comparative year information
Unrestricted
Restricted funds:
Total
Year ended 31 August 2022
funds
General
Fixed asset
2022
Notes
£
£
£
£
Income and endowments from:
Donations and capital grants
3
18,430
293,552
257,416
569,398
Charitable activities:
- Funding for educational operations
4
673,818
5,590,653
-
6,264,471
Other trading activities
5
26,585
-
-
26,585
Investments
6
351
-
-
351
Total
719,184
5,884,205
257,416
6,860,805
Expenditure on:
Charitable activities:
- Educational operations
9
682,529
6,003,366
430,712
7,116,607
Total
7
682,529
6,003,366
430,712
7,116,607
Net income/(expenditure)
36,655
(119,161)
(173,296)
(255,802)
Transfers between funds
18
-
(60,415)
60,415
-
Other recognised gains/(losses)
Actuarial gains on defined benefit pension schemes
20
-
2,612,000
-
2,612,000
Net movement in funds
36,655
2,432,424
(112,881)
2,356,198
Reconciliation of funds
Total funds brought forward
423,833
(3,067,757)
440,775
(2,203,149)
Total funds carried forward
460,488
(635,333)
327,894
153,049
ST BEDE'S INTER CHURCH SCHOOL
BALANCE SHEET
AS AT
31 AUGUST 2023
31 August 2023
- 23 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
13
460,238
376,050
Current assets
Debtors
14
94,973
313,508
Cash at bank and in hand
1,648,046
1,809,841
1,743,019
2,123,349
Current liabilities
Creditors: amounts falling due within one year
15
(406,993)
(763,741)
Net current assets
1,336,026
1,359,608
Total assets less current liabilities
1,796,264
1,735,658
Creditors: amounts falling due after more than one year
16
(21,063)
(34,609)
Net assets excluding pension liability
1,775,201
1,701,049
Defined benefit pension scheme liability
20
(1,000,000)
(1,548,000)
Total net assets
775,201
153,049
Funds of the Academy Trust:
Restricted funds
18
- Fixed asset funds
425,628
327,894
- Restricted income funds
813,394
912,667
- Pension reserve
(1,000,000)
(1,548,000)
Total restricted funds
239,022
(307,439)
Unrestricted income funds
18
536,179
460,488
Total funds
775,201
153,049

The accounts on pages 21 to 45 were approved by the Directors and authorised for issue on 04 December 2023 and are signed on their behalf by:

Rev'd Dr Geoffrey Cook
Roman Catholic Foundation Governor/Chair of Directors
Company registration number 07941524 (England and Wales)
ST BEDE'S INTER CHURCH SCHOOL
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2023
- 24 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Net cash (used in)/provided by operating activities
21
(68,126)
204,524
Cash flows from investing activities
Dividends, interest and rents from investments
12,972
351
Capital grants from DfE Group
66,465
270,407
Purchase of tangible fixed assets
(159,560)
(60,184)
Net cash (used in)/provided by investing activities
(80,123)
210,574
Cash flows from financing activities
Repayment of other loan
(13,546)
(13,546)
Net cash used in financing activities
(13,546)
(13,546)
Net (decrease)/increase in cash and cash equivalents in the reporting period
(161,795)
401,552
Cash and cash equivalents at beginning of the year
1,809,841
1,408,289
Cash and cash equivalents at end of the year
1,648,046
1,809,841
ST BEDE'S INTER CHURCH SCHOOL
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
- 25 -
1
Accounting policies

A summary of the principal accounting policies adopted (which have been applied consistently, except where noted), judgements and key sources of estimation uncertainty, is set out below.

1.1
Basis of preparation

The accounts of the Academy Trust, which is a public benefit entity under FRS 102, have been prepared under the historical cost convention in accordance with the Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102), the 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) (Charities SORP (FRS 102)), the Academies Accounts Direction 2022 to 2023 issued by ESFA, the Charities Act 2011 and the Companies Act 2006.

1.2
Going concern

The Directors assess whether the use of going concern is appropriate, i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the company to continue as a going concern. The Directors have made this assessment in respect of a period of one year from the date of approval of the accounts, and consider that the going concern basis is appropriate.

1.3
Income

All income is recognised when the Academy Trust has entitlement to the funds, the receipt is probable and the amount can be measured reliably.

Grants

Grants are included in the statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the balance sheet. Where income is received in advance of meeting any performance-related conditions there is not unconditional entitlement to the income and its recognition is deferred and included in creditors as deferred income until the performance-related conditions are met. Where entitlement occurs before income is received, the income is accrued.

General Annual Grant is recognised in full in the statement of financial activities in the period for which it is receivable, and any abatement in respect of the period is deducted from income and recognised as a liability.

Capital grants are recognised in full when there is an unconditional entitlement to the grant. Unspent amounts of capital grants are reflected in the balance sheet in the restricted fixed asset fund. Capital grants are recognised when there is entitlement and are not deferred over the life of the asset on which they are expended.

Donations

Donations are recognised on a receivable basis (where there are no performance-related conditions) where the receipt is probable and the amount can be reliably measured.

Other income

Other income, including the hire of facilities, is recognised in the period it is receivable and to the extent the Academy Trust has provided the goods or services.

Donated goods, facilities and services

Goods donated for resale are included at fair value, being the expected proceeds from sale less the expected costs of sale. If it is practical to assess the fair value at receipt, it is recognised in stock and ‘Income from other trading activities’. Upon sale, the value of the stock is charged against ‘Income from other trading activities’ and the proceeds are recognised as ‘Income from other trading activities’. Where it is impractical to fair value the items due to the volume of low value items they are not recognised in the accounts until they are sold. This income is recognised within ‘Income from other trading activities’.

ST BEDE'S INTER CHURCH SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 26 -
Donated fixed assets

Donated fixed assets are measured at fair value unless it is impractical to measure this reliably, in which case the cost of the item to the donor is used. The gain is recognised as income from donations and a corresponding amount is included in the appropriate fixed asset category and depreciated over the useful economic life in accordance with the Academy Trust‘s accounting policies.

1.4
Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

 

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

All resources expended are inclusive of irrecoverable VAT.

Expenditure on raising funds

This includes all expenditure incurred by the Academy Trust to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Charitable activities

These are costs incurred on the Academy Trust's educational operations, including support costs and costs relating to the governance of the Academy Trust apportioned to charitable activities.

Governance costs

These include the costs attributable to the Academy Trust's compliance with constitutional and statutory requirements, including audit, strategic management, Directors' meetings and reimbursed expenses.

1.5
Tangible fixed assets and depreciation

Assets costing £2,000 or more are capitalised as tangible fixed assets and are carried at cost, net of depreciation and any provision for impairment.

 

Where tangible fixed assets have been acquired with the aid of specific grants, either from the government or from the private sector, they are included in the balance sheet at cost and depreciated over their expected useful economic life. The related grants are credited to a restricted fixed asset fund in the statement of financial activities and carried forward in the balance sheet. Depreciation on such assets is charged to the restricted fixed asset fund in the statement of financial activities so as to reduce the fund over the useful economic life of the related asset on a basis consistent with the Academy Trust's depreciation policy.

 

The ESFA commissioned a professional valuation at 31 March 2012 on a depreciated replacement cost value basis and that valuation has been used to bring the property into these accounts during the year ended 31 August 2013.

 

The playing fields land was professionally valued at conversion by DVS Property Specialists.

ST BEDE'S INTER CHURCH SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 27 -

Depreciation is provided on all tangible fixed assets other than freehold land, at rates calculated to write off the cost of each asset on a straight-line basis over its expected useful life, as follows:

Leasehold land
39 years straight line
Computer equipment
4 years / leased assets 3 years
Fixtures, fittings & equipment
4 years
Motor vehicles
3 years

The property occupied by the Academy is owned by the Anglican Ely Diocese, the Roman Catholic Diocese of East Anglia and Church Schools of Cambridge Trustees. The Academy has been granted a licence to occupy which can be revoked at any time. Therefore the property has not been recognised within assets in the financial statements as instructed. To represent the value in use of these properties a notional rental charge equal to the rateable value of the property has been included along with a corresponding donation from the Anglican Ely Diocese, the Roman Catholic Diocese of East Anglia and Church Schools of Cambridge Trustees.

Assets in the course of construction are included at cost. Depreciation on these assets is not charged until they are brought into use.

A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised in the Statement of Financial Activities.

1.6
Liabilities

Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Academy Trust anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods of services it must provide.

1.7
Leased assets

Rentals payable under operating leases are charged against income on a straight line basis over the period of the lease.

1.8
Financial instruments

The Academy Trust only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the Academy Trust and their measurement basis are as follows.

Financial assets

Trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments.

 

Cash at bank is classified as a basic financial instrument and is measured at face value.

Financial liabilities

Trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.

 

Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument.

ST BEDE'S INTER CHURCH SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 28 -
1.9
Taxation

The Academy Trust is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Academy Trust is potentially exempt from taxation in respect of income or capital gains received within categories covered by chapter 3 part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

1.10
Pensions benefits

Retirement benefits to employees of the Academy Trust are provided by the Teachers' Pension Scheme ('TPS') and the Local Government Pension Scheme ('LGPS'). These are defined benefit schemes and the assets are held separately from those of the Academy Trust.

The TPS is an unfunded scheme and contributions are calculated to spread the cost of pensions over employees' working lives with the Academy Trust in such a way that the pension cost is a substantially level percentage of current and future pensionable payroll. The contributions are determined by the Government Actuary based on quadrennial valuations using a prospective unit credit method. The TPS is an unfunded multi-employer scheme with no underlying assets to assign between employers. Consequently, the TPS is treated as a defined contribution scheme for accounting purposes and the contributions are recognised in the period to which they relate.

The LGPS is a funded scheme and the assets are held separately from those of the Academy Trust in separate trustee administered funds. Pension scheme assets are measured at fair value and liabilities are measured on an actuarial basis using the projected unit credit method and discounted at a rate equivalent to the current rate of return on a high quality corporate bond of equivalent term and currency to the liabilities. The actuarial valuations are obtained at least triennially and are updated at each balance sheet date. The amounts charged to operating surplus are the current service costs and the costs of scheme introductions, benefit changes, settlements and curtailments. They are included as part of staff costs as incurred. Net interest on the net defined benefit liability/asset is also recognised in the statement of financial activities and comprises the interest cost on the defined benefit obligation and interest income on the scheme assets, calculated by multiplying the fair value of the scheme assets at the beginning of the period by the rate used to discount the benefit obligations. The difference between the interest income on the scheme assets and the actual return on the scheme assets is recognised in other recognised gains and losses. Actuarial gains and losses are recognised immediately in other recognised gains and losses.

1.11
Fund accounting

Unrestricted income funds represent those resources which may be used towards meeting any of the charitable objects of the Academy Trust at the discretion of the Directors.

Restricted fixed asset funds are resources which are to be applied to specific capital purposes imposed by funders where the asset acquired or created is held for a specific purpose.

Restricted general funds comprise all other restricted funds received with instructions imposed by the funder/donor and include grants from the Education and Skills Funding Agency/Department for Education.

2
Critical accounting estimates and areas of judgement

Accounting 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.

ST BEDE'S INTER CHURCH SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
2
Critical accounting estimates and areas of judgement
(Continued)
- 29 -
Critical accounting estimates and assumptions

The Academy Trust 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.

The present value of the Local Government Pension Scheme defined benefit liability depends on a number of factors that are determined on an actuarial basis using a variety of assumptions. The assumptions used in determining the net cost or income for pensions include the discount rate. Any changes in these assumptions, which are disclosed in note 20, will impact the carrying amount of the pension liability. Furthermore, a roll forward approach which projects results from the latest full actuarial valuation performed at 31 March 2019 has been used by the actuary in valuing the pensions liability at 31 August 2023. Any differences between the figures derived from the roll forward approach and a full actuarial valuation would impact on the carrying amount of the pension liability.

3
Donations and capital grants
Unrestricted
Restricted
Total
Total
funds
funds
2023
2022
£
£
£
£
Donated fixed assets
-
-
-
5,890
Capital grants
-
66,465
66,465
251,526
Other donations
38,661
292,830
331,491
311,982
38,661
359,295
397,956
569,398
ST BEDE'S INTER CHURCH SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 30 -
4
Funding for the Academy Trust's educational operations
Unrestricted
Restricted
Total
Total
funds
funds
2023
2022
£
£
£
£
DfE/ESFA grants
General annual grant (GAG)
-
5,027,750
5,027,750
4,896,387
Other DfE/ESFA grants:
- Pupil premium
-
123,154
123,154
114,298
- Supplementary grant
-
224,470
224,470
61,563
- Others
-
49,814
49,814
31,360
-
5,425,188
5,425,188
5,103,608
Other government grants
Local authority grants
-
606,656
606,656
464,973
COVID-19 additional funding
Non-DfE/ESFA
Other COVID-19 funding
-
-
-
22,072
Other incoming resources
901,187
-
901,187
673,818
Total funding
901,187
6,031,844
6,933,031
6,264,471

The Academy received £nil (2022 - £20,253) for mass testing and £nil (2022 - £1,819) for vaccination.

5
Other trading activities
Unrestricted
Restricted
Total
Total
funds
funds
2023
2022
£
£
£
£
Hire of facilities
15,443
-
15,443
13,324
Other income
18,069
-
18,069
13,261
33,512
-
33,512
26,585
6
Investment income
Unrestricted
Restricted
Total
Total
funds
funds
2023
2022
£
£
£
£
Short term deposits
12,972
-
12,972
351
ST BEDE'S INTER CHURCH SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 31 -
7
Expenditure
Non-pay expenditure
Total
Total
Staff costs
Premises
Other
2023
2022
£
£
£
£
£
Academy's educational operations
- Direct costs
3,516,303
-
1,164,120
4,680,423
4,185,955
- Allocated support costs
1,181,982
1,083,181
476,733
2,741,896
2,930,652
4,698,285
1,083,181
1,640,853
7,422,319
7,116,607
Net income/(expenditure) for the year includes:
2023
2022
£
£
Operating lease rentals
292,500
292,500
Depreciation of tangible fixed assets
75,372
192,500
Fees payable to auditor for:
- Audit
11,700
11,700
- Other services
1,750
1,200
Net interest on defined benefit pension liability
67,000
66,000
8
Governance costs
Total
Total
All from restricted funds:
2023
2022
£
£
Amounts included in support costs
Legal costs
5,676
9,899
Auditor's remuneration
- Audit of financial statements
11,700
11,700
- Other audit costs
1,750
1,200
Other governance costs
-
313
19,126
23,112
9
Charitable activities
Unrestricted
Restricted
Total
Total
funds
funds
2023
2022
£
£
£
£
Direct costs
Educational operations
631,541
4,048,882
4,680,423
4,185,955
Support costs
Educational operations
279,100
2,462,796
2,741,896
2,930,652
910,641
6,511,678
7,422,319
7,116,607
ST BEDE'S INTER CHURCH SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
9
Charitable activities
(Continued)
- 32 -
Analysis of costs
2023
2022
£
£
Direct costs
Teaching and educational support staff costs
3,516,303
3,331,052
Staff development
17,940
31,075
Technology costs
90,562
80,076
Educational supplies and services
327,222
187,434
Examination fees
96,855
70,353
Other direct costs
631,541
485,965
4,680,423
4,185,955
Support costs
Support staff costs
1,181,982
1,160,899
Depreciation
75,372
192,500
Recruitment and support
12,474
16,253
Maintenance of premises and equipment
374,508
463,229
Cleaning
112,463
108,616
Energy costs
124,791
61,191
Rent, rates and other occupancy costs
351,539
341,800
Insurance
20,733
20,227
Security and transport
26,213
184,204
Catering
296,965
237,580
Finance costs
67,000
66,000
Legal costs
5,676
9,899
Other support costs
78,730
55,041
Governance costs
13,450
13,213
2,741,896
2,930,652

£52,000 (2022 - £227,000) of salary costs relate to adjustments in the LGPS pension liability.

ST BEDE'S INTER CHURCH SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 33 -
10
Staff
Staff costs
Staff costs during the year were:
2023
2022
£
£
Wages and salaries
3,338,363
3,111,318
Social security costs
330,193
312,769
Pension costs
841,246
982,147
Staff costs - employees
4,509,802
4,406,234
Agency staff costs
188,483
85,717
4,698,285
4,491,951
Staff development and other staff costs
17,940
31,075
Total staff expenditure
4,716,225
4,523,026

 

Staff numbers
The average number of persons employed by the Academy Trust during the year was as follows:
2023
2022
Number
Number
Teachers
57
62
Administration and support
45
47
Management
5
5
107
114
Higher paid staff
The number of employees whose employee benefits (excluding employer pension costs and employer national insurance contributions) exceeded £60,000 was:
2023
2022
Number
Number
£60,001 - £70,000
2
1
£70,001 - £80,000
-
1
£80,001 - £90,000
1
-
£90,001 - £100,000
-
1
£100,001 - £110,000
1
-
ST BEDE'S INTER CHURCH SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
10
Staff
(Continued)
- 34 -
Key management personnel

The key management personnel of the Academy Trust comprise the Directors and the senior management team as listed on page 1. The total amount of employee benefits (including employer pension contributions and employers national insurance) received by key management personnel for their services to the Academy Trust was £491,587 (2022 - £458,590).

11
Directors' remuneration and expenses

The Head teacher and other staff Directors only receive remuneration in respect of services they provide undertaking the roles of Head teacher and staff, and not in respect of their services as Directors. Other Directors did not receive any payments, other than expenses, from the Academy trust in respect of their role as Directors. During the year, travel and subsistence payments totalling £nil (2022 - £nil) were reimbursed to Directors.

 

The value of Directors' remuneration was as follows:

 

A Day (Headteacher and Governor)

    Remuneration £100,000 - £105,000 (2022 - £95,000 - £100,000)

    Employer’s pension contributions £20,000 - £25,000 (2022 - £20,000 - £25,000)

Other related party transactions involving the Directors are set out within the related parties note.

12
Directors' and officers' insurance

In accordance with normal commercial practice, the Academy Trust has purchased insurance to protect Directors and officers from claims arising from negligent acts, errors or omissions occurring whilst on Academy Trust business. The insurance provides cover up to £2,000,000 on any one claim and the cost for this insurance is included in the total insurance cost.

ST BEDE'S INTER CHURCH SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 35 -
13
Tangible fixed assets
Leasehold land
Computer equipment
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 September 2022
287,000
759,757
728,728
24,275
1,799,760
Additions
-
137,321
22,239
-
159,560
Disposals
-
(37,091)
-
-
(37,091)
At 31 August 2023
287,000
859,987
750,967
24,275
1,922,229
Depreciation
At 1 September 2022
10,716
676,841
711,878
24,275
1,423,710
On disposals
-
(37,091)
-
-
(37,091)
Charge for the year
7,357
58,848
9,167
-
75,372
At 31 August 2023
18,073
698,598
721,045
24,275
1,461,991
Net book value
At 31 August 2023
268,927
161,389
29,922
-
460,238
At 31 August 2022
276,284
82,916
16,850
-
376,050
14
Debtors
2023
2022
£
£
Trade debtors
31,495
5,590
VAT recoverable
24,338
42,917
Prepayments and accrued income
39,140
265,001
94,973
313,508
15
Creditors: amounts falling due within one year
2023
2022
£
£
Other loans
13,546
13,546
Trade creditors
92,499
129,956
Other taxation and social security
73,425
76,512
Other creditors
88,940
84,705
Accruals and deferred income
138,583
459,022
406,993
763,741
ST BEDE'S INTER CHURCH SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 36 -
16
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other loans
21,063
34,609
2023
2022
Analysis of loans
£
£
Wholly repayable within five years
34,609
48,155
Less: included in current liabilities
(13,546)
(13,546)
Amounts included above
21,063
34,609
Loan maturity
Debt due in one year or less
13,546
13,546
Due in more than one year but not more than two years
13,546
13,546
Due in more than two years but not more than five years
7,517
18,054
Due in more than five years
-
3,009
34,609
48,155
17
Deferred income
2023
2022
£
£
Deferred income is included within:
Creditors due within one year
59,243
219,876
Deferred income at 1 September 2022
219,876
167,079
Released from previous years
(219,876)
(167,079)
Resources deferred in the year
59,243
219,876
Deferred income at 31 August 2023
59,243
219,876

At the balance sheet date the Academy Trust was holding funds received in advance of the 2023/24 financial year in respect of parental contributions to lunches and transport.

ST BEDE'S INTER CHURCH SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 37 -
18
Funds
Balance at
Gains,
Balance at
1 September
losses and
31 August
2022
Income
Expenditure
transfers
2023
£
£
£
£
£
Restricted general funds
General Annual Grant (GAG)
765,941
5,027,750
(5,058,061)
(153,792)
581,838
Pupil premium
-
123,154
(123,154)
-
-
Other DfE/ESFA grants
-
274,284
(274,284)
-
-
Other government grants
146,726
606,656
(521,826)
-
231,556
Other restricted funds
-
292,830
(292,830)
-
-
Pension reserve
(1,548,000)
-
(119,000)
667,000
(1,000,000)
(635,333)
6,324,674
(6,389,155)
513,208
(186,606)
Restricted fixed asset funds
Inherited on conversion
276,284
-
(7,359)
-
268,925
DfE group capital grants
-
66,465
(47,151)
(19,314)
-
Capital expenditure from GAG
4,681
-
(34,733)
159,560
129,508
Insurance claim - fire
95,084
-
(33,280)
-
61,804
ESFA capital loans
(48,155)
-
-
13,546
(34,609)
327,894
66,465
(122,523)
153,792
425,628
Total restricted funds
(307,439)
6,391,139
(6,511,678)
667,000
239,022
Unrestricted funds
General funds
482,427
732,016
(637,613)
-
576,830
Transport
(21,939)
254,316
(273,028)
-
(40,651)
460,488
986,332
(910,641)
-
536,179
Total funds
153,049
7,377,471
(7,422,319)
667,000
775,201
ST BEDE'S INTER CHURCH SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
18
Funds
(Continued)
- 38 -

The specific purposes for which the funds are to be applied are as follows:

Restricted general funds

General Annual Grant must be used for the normal running costs of the Academy. Under the funding agreement with the Secretary of State, the Academy was not subject to a limit on the amount of GAG that it could carry forward at 31 August 2023.

 

The restricted grant income in the year all relates to the provision of education for the students attending the Academy.

 

The pension provision equates to the deficit on the Local Government Pension Scheme FRS102 valuation.

 

Parliament has agreed, at the request of the Secretary of State for Education, to a guarantee that, in the event of Academy closure, outstanding Local Government Pension Scheme liabilities would be met by the Department for Education. The guarantee came into force on 18 July 2013.

 

Restricted fixed asset fund

Restricted Fixed Assets Funds represent capital funding received from the ESFA and other sources. In accordance with the accounting policies set out in note 1, assets are capitalised where applicable, and depreciation is charged to this fund over the assets' useful economic life. Where costs are not capital in nature they are charged directly to this fund as an expense.

 

Unrestricted reserve

These funds relate to unrestricted income to be used to support the Academy's objectives and educational activities.

ST BEDE'S INTER CHURCH SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
18
Funds
(Continued)
- 39 -
Comparative information in respect of the preceding period is as follows:
Balance at
Gains,
Balance at
1 September
losses and
31 August
2021
Income
Expenditure
transfers
2022
£
£
£
£
£
Restricted general funds
General Annual Grant (GAG)
648,381
4,896,387
(4,718,412)
(60,415)
765,941
Pupil premium
14,700
114,298
(128,998)
-
-
Catch-up premium
50,370
-
(50,370)
-
-
Other Coronavirus funding
-
22,072
(22,072)
-
-
Other DfE/ESFA grants
-
92,923
(92,923)
-
-
Other government grants
85,792
464,973
(404,039)
-
146,726
Other restricted funds
-
293,552
(293,552)
-
-
Pension reserve
(3,867,000)
-
(293,000)
2,612,000
(1,548,000)
(3,067,757)
5,884,205
(6,003,366)
2,551,585
(635,333)
Restricted fixed asset funds
Inherited on conversion
283,555
-
(7,271)
-
276,284
DfE group capital grants
-
251,526
(232,322)
(19,204)
-
Capital expenditure from GAG
90,557
-
(151,949)
66,073
4,681
Insurance claim - fire
128,364
-
(33,280)
-
95,084
Laptops donated by DfE
-
5,890
(5,890)
-
-
ESFA capital loans
(61,701)
-
-
13,546
(48,155)
440,775
257,416
(430,712)
60,415
327,894
Total restricted funds
(2,626,982)
6,141,621
(6,434,078)
2,612,000
(307,439)
Unrestricted funds
General funds
413,864
474,212
(405,649)
-
482,427
Transport
9,969
244,972
(276,880)
-
(21,939)
423,833
719,184
(682,529)
-
460,488
Total funds
(2,203,149)
6,860,805
(7,116,607)
2,612,000
153,049
ST BEDE'S INTER CHURCH SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 40 -
19
Analysis of net assets between funds
Unrestricted
Restricted funds:
Total
Funds
General
Fixed asset
Funds
£
£
£
£
Fund balances at 31 August 2023 are represented by:
Tangible fixed assets
-
-
460,238
460,238
Current assets
647,270
1,016,410
79,339
1,743,019
Current liabilities
(111,091)
(203,016)
(92,886)
(406,993)
Non-current liabilities
-
-
(21,063)
(21,063)
Pension scheme liability
-
(1,000,000)
-
(1,000,000)
Total net assets
536,179
(186,606)
425,628
775,201
Unrestricted
Restricted funds:
Total
Funds
General
Fixed asset
Funds
£
£
£
£
Fund balances at 31 August 2022 are represented by:
Tangible fixed assets
-
-
376,050
376,050
Current assets
695,940
1,343,656
83,753
2,123,349
Current liabilities
(235,452)
(430,989)
(97,300)
(763,741)
Non-current liabilities
-
-
(34,609)
(34,609)
Pension scheme liability
-
(1,548,000)
-
(1,548,000)
Total net assets
460,488
(635,333)
327,894
153,049
20
Pension and similar obligations

The Academy Trust's employees belong to two principal pension schemes: the Teachers' Pension Scheme England and Wales (TPS) for academic and related staff; and the Local Government Pension Scheme (LGPS) for non-teaching staff, which is managed by Cambridgeshire County Council. Both are multi-employer defined benefit schemes.

 

The latest actuarial valuation of the TPS related to the period ended 31 March 2016, and that of the LGPS related to the period ended 31 March 2019.

Contributions amounting to £88,892 were payable to the schemes at 31 August 2023 (2022: £84,427) and are included within creditors.

Teachers' Pension Scheme
Introduction

The Teachers' Pension Scheme (TPS) is a statutory, contributory, defined benefit scheme, governed by the Teachers’ Pension Scheme Regulations 2014. Membership is automatic for teachers in Academies. All teachers have the option to opt out of the TPS following enrolment.

The TPS is an unfunded scheme to which both the member and employer makes contributions, as a percentage of salary. These contributions are credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

ST BEDE'S INTER CHURCH SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
20
Pension and similar obligations
(Continued)
- 41 -
Valuation of the Teachers' Pension Scheme

The Government Actuary, using normal actuarial principles, conducts a formal actuarial review of the TPS in accordance with the Public Service Pensions (Valuations and Employer Cost Cap) Directions 2014 published by HM Treasury every 4 years. The aim of the review is to specify the level of future contributions. Actuarial scheme valuations are dependent on assumptions about the value of future costs, design of benefits and many other factors. The latest actuarial valuation of the TPS was carried out as at 31 March 2016. The valuation report was published by the Department for Education on 5 March 2019.

The key elements of the valuation and subsequent consultation are:

The next valuation result is due to be implemented from 1 April 2024.

The employer's pension costs paid to the TPS in the period amounted to £577,243 (2022: £566,282).

A copy of the valuation report and supporting documentation is on the Teachers’ Pensions website.

Under the definitions set out in FRS 102, the TPS is an unfunded multi-employer pension scheme. The Academy Trust has accounted for its contributions to the scheme as if it were a defined contribution scheme. The Academy Trust has set out above the information available on the scheme.

Local Government Pension Scheme

The LGPS is a funded defined benefit pension scheme, with the assets held in separate trustee-administered funds. The total contributions are as noted below. The agreed contribution rates for future years are 26% for employers and 5.5 to 9.9% for employees.

Parliament has agreed, at the request of the Secretary of State for Education, to a guarantee that, in the event of Academy closure, outstanding Local Government Pension Scheme liabilities would be met by the Department for Education. The guarantee came into force on 18 July 2013.

Total contributions made
2023
2022
£
£
Employer's contributions
243,000
169,000
Employees' contributions
49,000
43,000
Total contributions
292,000
212,000
ST BEDE'S INTER CHURCH SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
20
Pension and similar obligations
(Continued)
- 42 -
Principal actuarial assumptions
2023
2022
%
%
Rate of increase in salaries
3.5
3.7
Rate of increase for pensions in payment/inflation
3.0
3.2
Discount rate for scheme liabilities
5.2
4.25
The current mortality assumptions include sufficient allowance for future improvements in mortality rates.  The assumed life expectations on retirement age 65 are:
2023
2022
Years
Years
Retiring today
- Males
20.6
22.0
- Females
24.1
24.2
Retiring in 20 years
- Males
21.4
22.9
- Females
26.0
26.0

Scheme liabilities would have been affected by changes in assumptions as follows:

2023
2022
£
£
0.5% decrease in Real Discount Rate
405,000
450,000
0.5% increase in the Salary Increase Rate
25,000
25,000
0.5% increase in the Pension Increase Rate
385,000
425,000
Defined benefit pension scheme net liability
2023
2022
£
£
Scheme assets
3,187,000
2,875,000
Scheme obligations
(4,187,000)
(4,423,000)
Net liability
(1,000,000)
(1,548,000)
The Academy Trust's share of the assets in the scheme
2023
2022
Fair value
Fair value
£
£
Equities
2,039,680
2,012,500
Bonds
637,400
373,750
Property
478,050
460,000
Other assets
31,870
28,750
Total market value of assets
3,187,000
2,875,000
The actual return on scheme assets was £110,000 (2022: £(26,000)).
ST BEDE'S INTER CHURCH SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
20
Pension and similar obligations
(Continued)
- 43 -
Amount recognised in the statement of financial activities
2023
2022
£
£
Current service cost
295,000
396,000
Interest income
(126,000)
(47,000)
Interest cost
193,000
113,000
Total operating charge
362,000
462,000
Changes in the present value of defined benefit obligations
2023
2022
£
£
At 1 September 2022
4,423,000
6,665,000
Current service cost
295,000
396,000
Interest cost
193,000
113,000
Employee contributions
49,000
43,000
Actuarial gain
(683,000)
(2,685,000)
Benefits paid
(90,000)
(109,000)
At 31 August 2023
4,187,000
4,423,000
Changes in the fair value of the Academy Trust's share of scheme assets
2023
2022
£
£
At 1 September 2022
2,875,000
2,798,000
Interest income
126,000
47,000
Actuarial loss
(16,000)
(73,000)
Employer contributions
243,000
169,000
Employee contributions
49,000
43,000
Benefits paid
(90,000)
(109,000)
At 31 August 2023
3,187,000
2,875,000
ST BEDE'S INTER CHURCH SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 44 -
21
Reconciliation of net expenditure to net cash flow from operating activities
2023
2022
Notes
£
£
Net expenditure for the reporting period (as per the statement of financial activities)
(44,848)
(255,802)
Adjusted for:
Capital grants from DfE and other capital income
(66,465)
(257,416)
Investment income receivable
6
(12,972)
(351)
Defined benefit pension costs less contributions payable
20
52,000
227,000
Defined benefit pension scheme finance cost
20
67,000
66,000
Depreciation of tangible fixed assets
75,372
192,500
Decrease/(increase) in debtors
218,535
(119,909)
(Decrease)/increase in creditors
(356,748)
352,502
Net cash (used in)/provided by operating activities
(68,126)
204,524
22
Analysis of changes in net funds
1 September 2022
Cash flows
31 August 2023
£
£
£
Cash
1,809,841
(161,795)
1,648,046
Loans falling due within one year
(13,546)
-
(13,546)
Loans falling due after more than one year
(34,609)
13,546
(21,063)
1,761,686
(148,249)
1,613,437
23
Long-term commitments
Operating leases
At 31 August 2023 the total of the Academy Trust's future minimum lease payments under non-cancellable operating leases was:
2023
2022
£
£
Amounts due within one year
9,167
-
Amounts due in two and five years
34,376
-
43,543
-
ST BEDE'S INTER CHURCH SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 45 -
24
Related party transactions

Owing to the nature of the Academy Trust's operations and the composition of the Governing body being drawn from local public and private sector organisations, transactions may take place with organisations in which Directors have an interest. All transactions involving such organisations are conducted at arm's length and in accordance with the Academy Trust's financial regulations and normal procurement procedures.

 

Some of the Governors have children who are pupils at the Academy, consequently there may be transactions between those Governors and the Academy in respect of their children's education. These are on the same basis as other pupils at the Academy.

 

No related party transactions took place in the period of account other than certain Directors' remuneration and expenses already disclosed in note 11.

25
Members' liability

Each member of the charitable company undertakes to contribute to the assets of the company in the event of it being wound up while he or she is a member, or within one year after he or she ceases to be a member, such amount as may be required, not exceeding £10 for the debts and liabilities contracted before he or she ceases to be a member.

 

No individual has a controlling interest in the charitable company.

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