Company registration number 10035639 (England and Wales)
NURTURE ACADEMIES TRUST
(A COMPANY LIMITED BY GUARANTEE)
ANNUAL REPORT AND ACCOUNTS
FOR THE PERIOD ENDED
1 MAY 2024
01 May 2024
NURTURE ACADEMIES TRUST
CONTENTS
Page
Reference and administrative details
1 - 2
Trustees' report
3 - 16
Governance statement
17 - 19
Statement on regularity, propriety and compliance
20
Statement of trustees' responsibilities
21
Independent auditor's report on the accounts
22 - 25
Independent reporting accountant's report on regularity
26 - 27
Statement of financial activities including income and expenditure account
28 - 29
Balance sheet
30
Statement of cash flows
31
Notes to the accounts including accounting policies
32 - 53
NURTURE ACADEMIES TRUST
REFERENCE AND ADMINISTRATIVE DETAILS
- 1 -
Members
N Zafar
A Malik
P Smith
Trustees
Dr R K Arora (Resigned 12 December 2023)
I R Freeth
E R Knight
T J Richards
P Smith (Chair of Trustees)
J L Townend
W Zaman (former Accounting Officer)
M Sanasy-Powell
M Brodie-Wray
R Mooney
Senior management team
- Acting Headteacher (Byron)
M Stainton
- Exceutive Headteacher (Denholme and Victoria)
J Dark
- Acting Headteacher (Denholme)
H Fox
- Head of School (Fearnville)
C Horsborough
- Acting Headteacher (Lapage)
S Akhtar
- Head of School (Lapage)
S Khan
- Headteacher (Victoria)
J Renton
- Headteacher (Parkwood)
R Taylor
- Chef Executive Officer
W Zaman
- Chief Financial Officer
E Battrick
- Interim Accounting Officer (from 4 October 2024)
J Plews
Company registration number
10035639 (England and Wales)
Principal and registered office
Fearnville Primary School
Fearnville Drive
Bradford
West Yorkshire
BD4 8DX
Academies operated
Location
Denholme
Minorca Mount, Denholme Bradford, BD13 4AY
Fearnville
Fearnville Drive, Laisterdyke, Bradford, BD4 8DX
Lapage
Barkerend Road, Bradford, BD3 8QX
Parkwood
Parkwood Street, Keighley, BD21 4QH
Victoria
Cartmel Road, Keighley, BD21 2RD
Byron
Barkerend Road, Bradford, BD3 0AB
NURTURE ACADEMIES TRUST
REFERENCE AND ADMINISTRATIVE DETAILS
- 2 -
Independent auditor
Mitchell Charlesworth (Audit) Limited
5 Temple Square
Temple Street
Liverpool
L2 5RH
NURTURE ACADEMIES TRUST
TRUSTEES' REPORT
FOR THE PERIOD ENDED 1 MAY 2024
- 3 -

The trustees present their annual report together with the accounts and auditor's report of the charitable company for the period 1 September 2023 to 1 May 2024. The annual report serves the purposes of both a trustees' report, and a directors' report and strategic report under company law.

The Trust currently operates six primary schools across the Bradford District with diverse pupil intakes. Building successful achievement and community cohesion across these diverse intakes is key to the Trust’s formation and work. The combined pupil roll in our schools as of the October 2023 census was 2,248, with a further 177 part time places taken up in our nurseries.

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 the academy trust are also the directors of the charitable company for the purposes of company law. The charitable company operates as Nurture Academies Trust and was incorporated on 1 March 2016 with registration number 10035639. The original name for the Trust was the Bradford Birth to 19 Trust, and this name was changed by written resolution by the Members on 21 March 2018. The Trust currently includes the following six primary schools:

 

Byron Primary School

Denholme Primary School

Fearnville Primary School

Lapage Primary School and Nursery

Parkwood Primary School

Victoria Primary School

Trustees

Details of the trustees who served during the period, and to the date these accounts are approved, 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.

Trustees' indemnities

In accordance with normal commercial practice, the Trust purchases insurance to protect Trustees and officers from claims arising from negligent acts, errors or omissions occurring whilst on Academy Trust business. For the 2023/24 financial period, the Trust opted into the Department for Education's Risk Protection Arrangement (RPA) as an alternative to commercial insurance. The RPA provides Trustees with indemnity of up to £10 million in any one year.

NURTURE ACADEMIES TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE PERIOD ENDED 1 MAY 2024
- 4 -
Method of recruitment and appointment or election of trustees

The Board seeks to have members with a range of skills and experience in education and business management, and an affiliation with the Bradford District that the Trust serves.

 

The Trust's Memorandum and Articles of Association outline the structure, membership and means of appointment to the Trust Board as follows:

 

 

 

 

 

 

 

 

New Trustees with the necessary skills will be identified through national and local networking. The Board may nominate Trustees to the Members who retain the responsibility to ratify the appointment of Trustees as above.

Policies and procedures adopted for the induction and training of trustees

New Trustees are provided with an induction pack, which includes; the DfE Governance Handbook; the Academy Trust Handbook; key staff contacts within the Trust; the NGA Model Code of Conduct which we adopt for all Members, Trustees, and local School Governors; our Roles and Functions Matrix which acts as our Scheme of Delegation; and the MAT Development Plan. The welcome letter contained within the pack signposts to our website for further information on the Trust. All Trustees are invited to visit our schools, and to meet with the Chair of the Board, our CEO and/or CFO for further familiarisation.

NURTURE ACADEMIES TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE PERIOD ENDED 1 MAY 2024
- 5 -
Organisational structure

The Trust Board delegate some of the management responsibility for each school to the Headteacher and Local Governing Body via the Roles and Functions Matrix which acts as our Scheme of Delegation. The Roles and Functions Matrix is reviewed, ratified and communicated to each Local Governing Body annually, or sooner if operational needs dictate.

 

The Trust Board meet six times a year, once each half term, and are supported by two sub-committees:

 

 

 

Additionally, there are regular meetings of three groups for dissemination of information purposes, these are:

 

 

 

 

The Trust Board are supported by a small Executive Team, who provide expertise and advice in education, operations, finance and governance. The Executive Team is responsible for the roll out of Trust strategy.

Arrangements for setting pay and remuneration of key management personnel

The salaries of all staff within the Trust are determined in line with our agreed Pay Policy, which has been developed to comply with the requirements of the School Teachers' Pay and Conditions Document (STPDC) and the local government{NJC) pay scales.

 

The performance management and subsequent remuneration of key personnel, which currently includes the Trust Executive Team and individual school Executive Headteacher/Headteachers and Heads of School, are discussed by the Trustees at the Finance, Audit and Risk Committee. Any recommendations are taken to the Trust Board for approval.

NURTURE ACADEMIES TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE PERIOD ENDED 1 MAY 2024
- 6 -
Trade union facility time
Relevant union officials
Number of employees who were relevant union officials during the relevant period
1
Full-time equivalent employee number
0.40
Percentage of time spent on facility time
Percentage of time
Number of employees
0%
-
1%-50%
-
51%-99%
-
100%
1
Percentage of pay bill spent on facility time
Total cost of facility time
£0
*
Total pay bill
-
Percentage of the total pay bill spent on facilty time
-
* The total cost of the employee's salary, NI and pension contributions is reimbursed to the Trust by City of Bradford MDC
Paid trade union activities
Time spent on paid trade union activities as a percentage of total paid facility time hours
-
NURTURE ACADEMIES TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE PERIOD ENDED 1 MAY 2024
- 7 -
Engagement with employees
NURTURE ACADEMIES TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE PERIOD ENDED 1 MAY 2024
- 8 -
Engagement with suppliers, customers and others in a business relationship with the academy trust

In the year 2020/21 following consultation and scenario planning the Trust appointed a Trust Catering Manager and brought catering ‘in-house’. The in-house service has run effectively throughout 2021/2022 allowing us to be more responsive to the tastes and needs of our communities and run catering as a service rather than a means to making a profit. The cost of meals tracks the average meal prices in the district with schools working sensitively with families who encounter financial difficulties. The financial affordability of the service alongside meal costs was continually monitored throughout 2022/23. Catering provision remains economically viable with enough profits to cover costs of training and equipment.

 

The Trust has an established financial framework that ensures all tendering follows rigorous processes ensuring statutory compliance and providing best value that is fair to all suppliers. The financial framework also requires prompt payment of invoices that support the cash flow of businesses.

 

At the point of ‘lockdown’ due to Covid-19 and subsequently the Trust adopted a position that continued payment for services that would be ordinarily purchased at the schools but were interrupted due to the pandemic. The Trust adopted a methodology that full payment would be continued except where organisations had furloughed staff and the reduction in cost was reflected in payments. The Trust maintained full support for catering services that were redirected to ensure that food parcels were provided for children in receipt of free school meals and other families were vulnerabilities were known. The approach was adopted to ensure that the Trust operated in a responsible manner in line with its values. Trustees have built on this approach to ensure that procurement of services from third parties includes a consideration of values displayed by these third parties being aligned to those of the Trust ensuring we are not condoning oppressive practices.

Related parties and other connected charities and organisations

Nurture Academies Trust continues to work closely with local service providers including the Local Authority and the Bradford Teaching School Hub led by Exceed Academies Trust. Trustees and the Executive Team remain committed to working collaboratively with other Trusts in the district, as well as the local authority to ensure the best provision for all Bradford children. The Trust has consulted with other trusts to consider merging to form a larger trust. Northern Star Academies Trust has been selected after consultation and the Trust transferred on the 1 May 2024.

Objectives and activities
Objects and aims

The Trust's objects, as outlined in our Memorandum and Articles of Association, are specifically restricted to the following:

 

 

NURTURE ACADEMIES TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE PERIOD ENDED 1 MAY 2024
- 9 -
Objectives, strategies and activities

The Trust’s vision was amended from “Every pupil in a Nurture Academies Trust school gets an excellent education that prepares them for all stages and aspects of life, through a well-rounded curriculum and pursuit of high standards” to “Bringing our communities together; Nurturing excellence”.

 

In 2021 to 2022 the Trust, our schools, and our pupils began reviewing our values that guide how we operate, how we teach, and how we support each other. These are set out as follows:

 

We held an online visioning day in July 2021, to which our Members, Trust Board, Executive Team, Headteachers and Local Governing Body governors were invited. This was followed by work with children from each school in July 2022. We have begun reviewing the Trust values following review of the vision with the same aim of making them similarly less wordy and more memorable. These were consulted on more widely in 2022/23 with a view to finalising an agreed form. Participants agreed that the vision statement should reflect the essential work done to bring the disparate communities of the Bradford district together, alongside the importance of excellence in education provision.

Public benefit

In setting our objectives and planning our activities, the trustees have carefully considered the Charity Commission’s general guidance on public benefit.

NURTURE ACADEMIES TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE PERIOD ENDED 1 MAY 2024
- 10 -
Strategic report
Achievements and performance

Contextual Background

As of 5 October 2023, the date of the autumn census, Nurture Academies Trust had 2,423 pupils on roll. 50.4% of the Trust’s population of children are boys and 49.6% are girls.

 

34.7% of the Trust cohort is eligible for Free School Meals compared to 22.5% nationally and 35.0% of the Trust cohort is eligible for the Pupil Premium.

 

The three broad ethnicity groups in the Trust are Pakistani (Including Mirpuri, Kashmiri and other) comprising 52.8%, British (including English, other British) 17.3% and Bangladeshi 6.6%.

The national percentage of Pakistani children at primary is 4.5%. White British children comprise 63.9% of the national percentage and Bangladeshi children comprise 1.8%.

 

65.9% of the Trust cohort speaks English as an additional language, compared with 19.5% nationally. 16.2% of the Trust cohort has SEN Support and 1.8% have an EHC Plan or statement. Nationally 12.6% of the primary phase cohort has SEN Support and 4.0% have an EHC Plan.

 

Deprivation

84.8% of the Trust cohort live in the 30% most deprived areas of England.

 

Achievements and Performance

The Trust identified reading across all age ranges as a clear priority for its work through the academic year 2019-2020. National assessments in 2022/2023 showed that writing was emerging as a key area for improvement. Phonics attainment at 69.7% was below national at 75% but when corrected for children new to English, including refugees, the trust performance is encouraging. Reviewing the foundation curriculum and ensuring that children are working to an assessment framework in these areas that is manageable and one that sets clear and ambitious endpoints in learning was also a priority area for performance.

 

The Trust set a clear direction for attainment at EYFS and KS1 to be moderated for accuracy so that a true picture of early need could emerge. The lower attainment in these earlier years accurately reflected starting points and identification of work needed to improve life chances for children in the Trust rather than a fall in standards. The work to build on these starting points was interrupted by school closures due to Covid-19. The development of reading has been maintained and developed throughout the period since the pandemic closures and will continue with EYFS being done through the new EYFS framework.

NURTURE ACADEMIES TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE PERIOD ENDED 1 MAY 2024
- 11 -
Key performance indicators

The Trust has identified writing at KS2 as an area needing improvement from the 2022 and 2023 data set.

 

Establishing an assessment framework for the foundation subjects and setting high expectations through ambitious endpoints in learning in these subject areas was a key focus for the Trust. Embedding and evaluating this framework and making appropriate changes will be the next stage in this area

 

The Trust continues to work to strengthen governance including the support of the additional Trustees and members with educational, finance and risk assessment expertise recruited throughout previous years to ensure that outcomes for children are strong.

 

During 2021-23, the Executive Team of Nurture Academies Trust devoted considerable attention to improving the quality of provision and outcomes for all children in the Trust. We directed the use of balances to narrow the gaps to national with the expectation that, with additional staffing in each school, the cohort would perform in line with national by the end of KS2 and in phonics. The Trust also engaged with a reading consultant to ensure that the provision of reading throughout the schools was strong and reflected in outcomes at all stages. This work is being built on by the release of a reading SLE to work across Trust schools. The Trust contracted a consultant to develop an assessment framework for foundation subjects to ensure that there was an ambitious expectation for all children in these curriculum areas and clear endpoints in learning at every stage of learning. Unfortunately, this work was interrupted by the lockdowns due to Covid-19. Children were assessed in their learning at times when this was possible with the explicit intent to draw up plans to address any fall-back in attainment observed due to the prolonged absence from regular learning in the classroom. This work will be further developed by directing resource to need.

Going concern

The Trust made a resolution to merge with Northern Star Academies Trust from the 1 May 2024. On that basis the Board of Trustees have concluded that the Trust is no longer a going concern.

Protecting the success of the academy trust

The Trust sets targets at the beginning of the year through performance management of its leaders. These focussed on:

Financial review

The vast majority of the Trust’s income is obtained from the ESFA in the form of recurrent grants, the use of which is restricted to particular purposes. The grants received from the ESFA during the period ended 30 April 2024 and the associated expenditure are shown as restricted funds in the Statement of Financial Activities. A Strategic Resource Management Review (SRMA) as well as a governance review were conducted in autumn term 2022. An action plan was produced which directed activity to address the recommendations from the reviews.

NURTURE ACADEMIES TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE PERIOD ENDED 1 MAY 2024
- 12 -

The Trust also receives grants for fixed assets from the ESFA. Such grants are shown in the Statement of Financial Activities as restricted income in the fixed asset fund. The restricted fixed asset fund balance is reduced by annual depreciation charges over the expected useful life of the assets concerned.

 

During the period ended 30 April 2024, total revenue expenditure of £10,913,004 was covered by recurrent grant funding from the ESFA together with other incoming resources. The excess of expenditure over income for the period (excluding restricted fixed asset funds and pension deficit charges) was £104,010, with year-end liabilities of £1,474,460 prior to transfer.

NURTURE ACADEMIES TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE PERIOD ENDED 1 MAY 2024
- 13 -
NURTURE ACADEMIES TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE PERIOD ENDED 1 MAY 2024
- 14 -
Reserves policy

Nurture Academies Trust policy on reserves requires each school to retain in reserve an amount of a minimum of 3% of their Total Income for the year 2023-24, aiming to increase to 4% of total Income. There is no maximum reserve set at present, but Trustees work to ensure that the annual funding allocation is utilised to support the pupils for which it is intended each year. The policy on reserves is reviewed annually by the Finance, Audit and Risk Committee.

Prior to the transfer, the Trust held fund balances at 30 April 2024 of £21,998,751 which included £190,102 of restricted income funds and £205,894 of unrestricted general funds.

 

The pension asset in the West Yorkshire Pension Fund as at 30 April 2024 in the sum of £1,251,000 prior to transfer has not been recognised. This is because it is unlikely to result in decreased contributions in future years. Parliament has agreed that the request of the Secretary of State for Education, to guarantee that, in the event of academy closure, outstanding Local Government Pension Scheme liabilities would be met by the Department of Education.

Investment policy

Surplus funds held by the Trust as at 30 April 2024 are kept in the Trust bank accounts with Lloyds Bank plc in-line with the Trust Investment policy. The policy on investment is reviewed annually by the Finance, Audit and Risk Committee.

Principal risks and uncertainties

The Trustees of Nurture Academies Trust strive to improve the performance of its pupils at all levels. A primary focus for 2023/24 was to continue to manage performance and drive improvement within our open academies (especially in writing), by targeting resources at accurately identified needs within continuing budget constraints, and against the backdrop of further moves to a national funding formula.

 

The Trust comprises of six primary schools, we will continue examining the best way to bring about benefits from economies of scale in terms of procurement, and sharing of staff creating agile staffing structures. The Trust will need to remain responsive to the challenges posed by the loss of learning during Covid-19 and the impact of erratic attendance. Strategies have been used and will be further developed to support all children to catch up with any lost learning.

 

There has been effective working between the central finance team and finance personnel in schools (including Headteachers) which has led to end of year balances more closely matching those predicted within forecasts. It will be critical that in-year information is responded in a timely manner to ensure schools are able to make decisions rapidly regarding school improvement, whilst keeping to the guidance outlined within the Trust’s Financial Procedures document.

 

School rolls within the district have experienced falling numbers in the primary stage. Our schools are proactive in adopting measures to attract pupils at all stages of the year and promoting the inclusivity of teaching, learning and the curriculum.

Financial and risk management objectives and policies
Fundraising

The Board of Trustees note the requirement under the provisions of the Charities (Protection and Social Investment) Act 2016 to include information on fundraising practices. The Trustees can confirm that no activities are undertaken by the Trust or any of the six component schools to raise funds to support its educational activities, nor does it work with commercial participators or professional fundraisers to raise ,such funds. Individual schools within the Trust often engage in fundraising activities on behalf of third parties, for example Children in Need and Comic Relief.

NURTURE ACADEMIES TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE PERIOD ENDED 1 MAY 2024
- 15 -
Streamlined energy and carbon reporting
2024
2023
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
- Gas combustion
1,294,385
1,299,342
- Fuel consumed for transport
26,424
37,655
- Electricity purchased
499,781
612,066
1,820,590
1,949,063
2024
2023
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
235.82
236.73
- Fuel consumed for owned transport
5.26
8.15
241.08
244.88
Scope 2 - indirect emissions
- Electricity purchased
96.65
118.36
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the academy trust
1.02
0.67
Total gross emissions
338.75
363.91
Intensity ratio
Tonnes CO2e per pupil
0.14
0.15
Quantification and reporting methodology

We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the 2021 UK Government’s Conversion Factors for Company Reporting.

Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2 equivalent per pupil, the recommended ratio for the sector.

Measures taken to improve energy efficiency

We were successful in securing loans at three of our schools in 2019 under the Salix Energy Efficiency Loan Scheme to replace outdated lighting with new LED lighting to reduce our energy consumption. We actively promote car sharing or use of the train for travel to conferences, and have moved the vast majority of our meetings online via Zoom or Microsoft Teams to reduce the need for travel. We share minibuses across our six schools where possible, for example for swimming and in transporting pupils and their luggage to/from residential trips.

Plans for future periods

Following the merger with Northern Star Academies Trust on the 1 May 2024, Nurture Academies Trust will be dissolved when all matters have been concluded.

NURTURE ACADEMIES TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE PERIOD ENDED 1 MAY 2024
- 16 -
Auditor

In so far as the trustees are aware:

- there is no relevant audit information of which the charitable company's auditor is unaware; and

- the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

A resolution proposing that Mitchell Charlesworth (Audit) Limited be reappointed as auditor of the charitable company will be put to the members.

The trustees' report, incorporating a strategic report, was approved by order of the board of trustees, as the company directors, on 04 October 2024 04 October 2024and signed on its behalf by:

P Smith
Chair of Trustees
NURTURE ACADEMIES TRUST
GOVERNANCE STATEMENT
FOR THE PERIOD ENDED 1 MAY 2024
- 17 -
Scope of responsibility

As trustees, we acknowledge we have overall responsibility for ensuring that Nurture Academies Trust 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 board of trustees has delegated the day-to-day responsibility to the Chief Executive Officer, 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 Nurture Academies Trust and the Secretary of State for Education. The Accounting Officer is also responsible for reporting to the board of trustees any material weaknesses or breakdowns in internal control.

Governance

The information on governance included here supplements that described in the Trustees' Report and in the Statement of Trustees' Responsibilities. The board of trustees has formally met four times during the period. Attendance during the period at meetings of the board of trustees was as follows:

Trustees
Meetings attended
Out of possible
Dr R K Arora (Resigned 12 December 2023)
0
2
I R Freeth
4
4
E R Knight
3
4
T J Richards
2
4
P Smith (Chair of Trustees)
4
4
J L Townend
3
4
W Zaman (former Accounting Officer)
4
4
M Sanasy-Powell
3
4
M Brodie-Wray
4
4
R Mooney
2
4
Conflicts of interest

Nurture Academies Trust has appropriate controls in place to ensure there are no conflicts of interest within the Trust. All Members and Trustees are required to complete an annual register of interests which is checked upon any new contract agreements made, along with any declarations of interest being made at the start of each Board or Committee Meeting.

Finance, Audit and Risk Committee

The finance, audit and risk committee is a sub-committee of the main board of trustees. The Board recognise the financial management, control and reporting requirements for academy trusts, as set out in the Academies Trust Handbook. The purpose of this Committee is to provide advice and assurance to the Board in relation to the financial operation, governance, and risk management of the Trust, and the suitability of and compliance with the academy Trust's financial systems and operational controls.

NURTURE ACADEMIES TRUST
GOVERNANCE STATEMENT (CONTINUED)
FOR THE PERIOD ENDED 1 MAY 2024
- 18 -

Attendance at meetings in the period was as follows:

Trustees
Meetings attended
Out of possible
E R Knight
2
4
P Smith (Chair of Trustees)
4
4
J L Townend
3
4
W Zaman (former Accounting Officer)
4
4
M Brodie-Wray
4
4
R Mooney
4
4
Review of value for money

As accounting officer, the Chief Executive Officer 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 board of trustees 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:

 

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 Nurture Academies Trust for the period 1 September 2023 to 1 May 2024 and up to the date of approval of the annual report and accounts.

Capacity to handle risk

The board of trustees 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 board of trustees 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 2023 to 1 May 2024 and up to the date of approval of the annual report and accounts. This process is regularly reviewed by the board of trustees.

NURTURE ACADEMIES TRUST
GOVERNANCE STATEMENT (CONTINUED)
FOR THE PERIOD ENDED 1 MAY 2024
- 19 -
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 trustees considered the need for a specific internal audit function had appointed Clive Owen LLP as internal auditor in the previous year.

 

As an internal audit visit was due in the run up to the transfer, it was decided that it would be more appropriate for the internal audit work to be postponed and undertaken once the schools had joined Northern Star Trust.

Review of effectiveness

As accounting officer, the Chief Executive Officer had responsibility for reviewing the effectiveness of the system of internal control. During the period in question the review has been informed by:

 

 

Jenn Plews was appointed as Interim Accounting Officer on 4 October 2024 following the resignation of the previous Accounting Officer, Wahid Zaman. The interim appointment was to ensure the Trust remained compliant with the Academy Trust Handbook and to be able to approve the financial statements at the conclusion of the audit.

Approved by order of the board of trustees on 04 October 2024 and signed on its behalf by:

P Smith
J Plews
Chair of Trustees
Interim Accounting Officer (from 4 October 2024)
NURTURE ACADEMIES TRUST
STATEMENT OF REGULARITY, PROPRIETY AND COMPLIANCE
FOR THE PERIOD ENDED 1 MAY 2024
- 20 -

As the Interim Accounting Officer of Nurture Academies Trust, I have considered my responsibility to notify the academy trust Board of Trustees and the Education and Skills Funding Agency (ESFA) of material irregularity, impropriety and non-compliance with terms and conditions of all funding, 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 2023, including responsibilities for estates safety and management.

As I was only appointed on 4 October 2024, I cannot confirm that I am able to identify any material irregular or improper use of all 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 2023.

I have not been able to confirm that there have been no instances of material irregularity, impropriety or funding non-compliance or make appropriate enquiries given the timing of my appointment.

J Plews
Interim Accounting Officer (from 4 October 2024)
04 October 2024
NURTURE ACADEMIES TRUST
STATEMENT OF TRUSTEES' RESPONSIBILITIES
FOR THE PERIOD ENDED 1 MAY 2024
- 21 -

The trustees (who are also the directors of Nurture Academies Trust for the purposes of company law) are responsible for preparing the trustees' report and the accounts in accordance with the Academies Accounts Direction 2023 to 2024 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 trustees to prepare accounts for each financial year. Under company law, the trustees 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 trustees are required to:

 

The trustees 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 trustees 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 trustees 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 board of trustees on 04 October 2024 and signed on its behalf by:

P Smith
Chair of Trustees
NURTURE ACADEMIES TRUST
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NURTURE ACADEMIES TRUST
FOR THE PERIOD ENDED 1 MAY 2024
- 22 -

Opinion

We have audited the accounts of Nurture Academies Trust for the period ended 1 May 2024 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 2023 to 2024 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 1 May 2024 and of its incoming resources and application of resources, including its income and expenditure, for the period 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 2023 to 2024.

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.

Emphasis of matter - financial statements prepared on a basis other than a going concern

We draw attention to note 1.2 to the financial statements which explains that the trustees agreed to the transfer of the schools to Northern Star Academies Trust with effect from 1 May 2024. Following the date of transfer the Trust would cease to have any purpose and would therefore cease to be a going concern.

Our opinion is not modified in respect of this matter.

Other information

The other information comprises the information included in the annual report other than the accounts and our auditor's report thereon. The trustees 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.

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 trustees' report including the incorporated strategic report for the financial period for which the accounts are prepared is consistent with the accounts; and

-

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

NURTURE ACADEMIES TRUST
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NURTURE ACADEMIES TRUST (CONTINUED)
FOR THE PERIOD ENDED 1 MAY 2024
- 23 -
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 trustees' 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 trustees' remuneration specified by law are not made; or

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

As explained more fully in the statement of trustees' responsibilities, the trustees 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 trustees 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 trustees 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 trustees 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

NURTURE ACADEMIES TRUST
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NURTURE ACADEMIES TRUST (CONTINUED)
FOR THE PERIOD ENDED 1 MAY 2024
- 24 -
Extent to which the audit was considered capable of detecting irregularities, including fraud

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

 

Principal Risks and Uncertainties

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

 

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:

 

(i) The presentation of the trust's Statement of Financial Activities; (ii) revenue recognition; (iii) the overstatement of salary and other costs; (iv) the assumptions used in the calculation of the valuation of the surplus or deficit on the defined benefit pension scheme and the movements for the year. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory framework that the charity operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, the Statement of Recommended Practice - 'Accounting and Reporting by Charities' issued by the joint SORP making body, along with the Academy Trust Handbook and Accounts Direction 2023-24 issued by the Education and Skills Funding Agency.

 

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the trust’s ability to operate or to avoid a material penalty. This includes regulations concerning Data Protection and Safeguarding.

Audit response to risks identified

As a result of performing the above, we identified the presentation of the academy's Statement of Financial Activities, revenue recognition and overstatement of wages and other costs as the key audit matters related to the potential risk of fraud. The key audit matters section of our report explains the matters in more detail and also describes the specific procedures we performed in response to those key audit matters.

NURTURE ACADEMIES TRUST
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NURTURE ACADEMIES TRUST (CONTINUED)
FOR THE PERIOD ENDED 1 MAY 2024
- 25 -

In addition to the above, our procedures to respond to risks identified included the following:

 

•    reviewing the financial statement disclosures and testing to supporting documentation to assess compliance     with relevant laws and regulations described above as having a direct effect on the financial statements;

•    enquiring of management and members of the board concerning actual and potential litigation and claims;

•    performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of     material misstatement due to fraud;

•    reading minutes of meetings of those charged with governance and reviewing correspondence with relevant     authorities where matters identified were significant;

 

In addressing the risk of fraud through management override of controls we carried out testing of the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting estimates were indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

 

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

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.

Philip Griffiths (Senior Statutory Auditor)
for and on behalf of Mitchell Charlesworth (Audit) Limited
11 October 2024
Accountants
Statutory Auditor
5 Temple Square
Temple Street
Liverpool
L2 5RH
NURTURE ACADEMIES TRUST
INDEPENDENT REPORTING ACCOUNTANT'S ASSURANCE REPORT ON REGULARITY TO NURTURE ACADEMIES TRUST AND THE EDUCATION AND SKILLS FUNDING AGENCY
FOR THE PERIOD ENDED 1 MAY 2024
- 26 -

In accordance with the terms of our engagement letter dated 19 June 2024 and further to the requirements of the Education and Skills Funding Agency (ESFA) as included in the Academies Accounts Direction 2023 to 2024, we have carried out an engagement to obtain limited assurance about whether the expenditure disbursed and income received by Nurture Academies Trust during the period 1 September 2023 to 1 May 2024 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 Nurture Academies Trust and ESFA in accordance with the terms of our engagement letter. Our work has been undertaken so that we might state to the Nurture Academies Trust 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 Nurture Academies Trust and ESFA, for our work, for this report, or for the conclusion we have formed.

Respective responsibilities of Nurture Academies Trust's accounting officer and the reporting accountant

The accounting officer is responsible, under the requirements of Nurture Academies Trust’s funding agreement with the Secretary of State for Education dated 1 April 2016 and the Academy Trust Handbook, extant from 1 September 2023, 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 2023 to 2024. 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 2023 to 1 May 2024 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:

 

 

NURTURE ACADEMIES TRUST
INDEPENDENT REPORTING ACCOUNTANT'S ASSURANCE REPORT ON REGULARITY TO NURTURE ACADEMIES TRUST AND THE EDUCATION AND SKILLS FUNDING AGENCY (CONTINUED)
FOR THE PERIOD ENDED 1 MAY 2024
- 27 -
Conclusion

Subject to the matter noted in the Interim Accounting Officer's statement on page 20, nothing has come to our attention which suggests that in all material respects the expenditure disbursed and income received during the period 1 September 2023 to 1 May 2024 has not been applied to purposes intended by Parliament and the financial transactions do not conform to the authorities which govern them.

Reporting Accountant
Mitchell Charlesworth (Audit) Limited
5 Temple Square
Temple Street
Liverpool
L2 5RH
Dated: 11 October 2024
NURTURE ACADEMIES TRUST
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE PERIOD ENDED 1 MAY 2024
- 28 -
Unrestricted
Restricted funds:
Total
Total
funds
General
Fixed asset
2024
2023
Notes
£
£
£
£
£
Income and endowments from:
Donations and capital grants
3
1,810
-
808,661
810,471
862,589
Charitable activities:
- Funding for educational operations
4
-
10,465,456
-
10,465,456
14,731,767
Other trading activities
5
310,137
44,785
-
354,922
506,008
Investments
6
15,806
-
-
15,806
15,906
Total
327,753
10,510,241
808,661
11,646,655
16,116,270
Expenditure on:
Raising funds
7
3,516
-
-
3,516
9,882
Charitable activities:
- Educational operations
9
242,625
10,666,863
996,056
11,905,544
17,100,032
Charitable expenditure -  transfer of existing academy out of the trust
205,894
190,102
21,602,755
21,998,751
-
Exceptional expenditure
-
-
(300,000)
(300,000)
-
Total
7
452,035
10,856,965
22,298,811
33,607,811
17,109,914
Net expenditure
(124,282)
(346,724)
(21,490,150)
(21,961,156)
(993,644)
Transfers between funds
18
-
(31,513)
31,513
-
-
Other recognised gains/(losses)
Actuarial (losses)/gains on defined benefit pension schemes
20
-
(269,000)
-
(269,000)
1,685,000
Net movement in funds
(124,282)
(647,237)
(21,458,637)
(22,230,156)
691,356
Reconciliation of funds
Total funds brought forward
124,282
647,237
21,458,637
22,230,156
21,538,800
Total funds carried forward
-
-
-
-
22,230,156
NURTURE ACADEMIES TRUST
STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED)
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE PERIOD ENDED 1 MAY 2024
- 29 -
Comparative year information
Unrestricted
Restricted funds:
Total
Year ended 1 May 2023
funds
General
Fixed asset
2023
Notes
£
£
£
£
Income and endowments from:
Donations and capital grants
3
721
-
861,868
862,589
Charitable activities:
- Funding for educational operations
4
-
14,731,767
-
14,731,767
Other trading activities
5
421,736
84,272
-
506,008
Investments
6
15,906
-
-
15,906
Total
438,363
14,816,039
861,868
16,116,270
Expenditure on:
Raising funds
7
3,471
6,411
-
9,882
Charitable activities:
- Educational operations
9
326,765
15,366,033
1,407,234
17,100,032
Total
7
330,236
15,372,444
1,407,234
17,109,914
Net income/(expenditure)
108,127
(556,405)
(545,366)
(993,644)
Transfers between funds
18
(205,721)
-
205,721
-
Other recognised gains/(losses)
Actuarial gains on defined benefit pension schemes
20
-
1,685,000
-
1,685,000
Net movement in funds
(97,594)
1,128,595
(339,645)
691,356
Reconciliation of funds
Total funds brought forward
221,876
(481,358)
21,798,282
21,538,800
Total funds carried forward
124,282
647,237
21,458,637
22,230,156
NURTURE ACADEMIES TRUST
BALANCE SHEET
AS AT 1 MAY 2024
- 30 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
13
-
21,873,084
Current assets
Debtors
14
-
591,715
Cash at bank and in hand
-
1,640,850
-
2,232,565
Current liabilities
Creditors: amounts falling due within one year
15
-
(1,788,872)
Net current assets
-
443,693
Total assets less current liabilities
-
22,316,777
Creditors: amounts falling due after more than one year
16
-
(26,621)
Provisions for liabilities
-
(300,000)
Net assets excluding pension asset
-
21,990,156
Defined benefit pension scheme asset
20
-
240,000
Total net assets
-
22,230,156
Funds of the academy trust:
Restricted funds
18
- Fixed asset funds
-
21,458,637
- Restricted income funds
-
407,237
- Pension reserve
-
240,000
Total restricted funds
-
22,105,874
Unrestricted income funds
18
-
124,282
Total funds
-
0
22,230,156

The accounts on pages 28 to 53 were approved by the trustees and authorised for issue on 04 October 2024 and are signed on their behalf by:

P Smith
Chair of Trustees
Company registration number 10035639 (England and Wales)
NURTURE ACADEMIES TRUST
STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 1 MAY 2024
- 31 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Net cash used in operating activities
21
(411,609)
(370,151)
Cash funds transferred on conversion
(1,041,913)
-
(1,453,522)
(370,151)
Cash flows from investing activities
Dividends, interest and rents from investments
15,806
15,906
Capital grants from DfE Group
589,615
861,868
Purchase of tangible fixed assets
(752,348)
(953,861)
Net cash used in investing activities
(146,927)
(76,087)
Cash flows from financing activities
Repayment of long term bank loan
(40,401)
(13,780)
Net cash used in financing activities
(40,401)
(13,780)
Net decrease in cash and cash equivalents in the reporting period
(1,640,850)
(460,018)
Cash and cash equivalents at beginning of the year
1,640,850
2,100,868
Cash and cash equivalents at end of the year
-
1,640,850
NURTURE ACADEMIES TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 1 MAY 2024
- 32 -
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 2023 to 2024 issued by ESFA, the Charities Act 2011 and the Companies Act 2006.

The financial statements cover the short period from 1 September 2023 to 1 May 2024 being a period of 8 months. This is the point at which the schools transferred to Northern Star Academies Trust. The comparative period represents a full year and as such the results of the current period with the previous period are not comparable.

1.2
Going concern

The Trust made a resolution to merge with Northern Star Academies Trust from the 1 May 2024. On that basis the Board of Trustees have concluded that the Trust is no longer a going concern.

1.3
Income

All incoming resources are 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.

Sponsorship income

Sponsorship income provided to the academy trust which amounts to a donation is recognised in the statement of financial activities in the period in which it is receivable (where there are no performance-related conditions), where the receipt is probable and it can be measured reliably.

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.

NURTURE ACADEMIES TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 1 MAY 2024
1
Accounting policies
(Continued)
- 33 -
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’.

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.

1.5
Tangible fixed assets and depreciation

Assets costing £1,000 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. Where there are specific conditions attached to the funding that require the continued use of the asset, 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 the relevant assets is charged directly to the restricted fixed asset fund in the statement of financial activities. Where tangible fixed assets have been acquired with unrestricted funds, depreciation on such assets is charged to the unrestricted fund.

NURTURE ACADEMIES TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 1 MAY 2024
1
Accounting policies
(Continued)
- 34 -

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost of each asset on a [straight-line/reducing balance] basis over its expected useful life, as follows:

Long leasehold property
2% per annum
Assets under construction
Not depreciated
Computer equipment
25% and 50% per annum
Furniture and equipment
20% per annum

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 as impairments. Impairment losses 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
Provisions

Provisions are recognised when the academy trust has an obligation at the reporting date as a result of a past event which it is probable will result in the transfer of economic benefits and the obligation can be estimated reliably.

 

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.

1.8
Leased assets

Rentals under operating leases are charged on a straight-line basis over the lease term.

1.9
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.

NURTURE ACADEMIES TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 1 MAY 2024
1
Accounting policies
(Continued)
- 35 -
1.10
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.

1.11
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 multi-employer 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 net income or expenditure 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.

1.12
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 trustees.

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 restrictions imposed by the funder/donor and include grants from the [Department for Education Group].

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.

NURTURE ACADEMIES TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 1 MAY 2024
2
Critical accounting estimates and areas of judgement
(Continued)
- 36 -
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 on 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 1 May 2024. 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.

 

Accounting standards allows an entity to recognise a surplus within the Local Government Pension Scheme “only to the extent it is able to recover the surplus either through reduced contributions in the future or through refunds from the plan”. Prior to the transfer out, the actuarial report as at 30 April 2024 indicates a defined benefit asset position, which has not been recognised as it is not anticipated that contributions will reduce or that a refund will be received in future.

3
Donations and capital grants
Unrestricted
Restricted
Total
Total
funds
funds
2024
2023
£
£
£
£
Capital grants
-
808,661
808,661
861,868
Other donations
1,810
-
1,810
721
1,810
808,661
810,471
862,589
NURTURE ACADEMIES TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 1 MAY 2024
- 37 -
4
Funding for the academy trust's educational operations
Unrestricted
Restricted
Total
Total
funds
funds
2024
2023
£
£
£
£
DfE/ESFA grants
General annual grant (GAG)
-
7,833,473
7,833,473
11,084,641
Other DfE/ESFA grants:
- UIFSM
-
198,114
198,114
282,985
- Pupil premium
-
753,787
753,787
1,066,580
- Supplementary grant
-
67,323
67,323
306,756
- Mainstream schools additional grant
-
248,285
248,285
155,179
- Others
-
297,333
297,333
362,208
-
9,398,315
9,398,315
13,258,349
Other government grants
Local authority grants
-
503,625
503,625
933,980
SEN funding
-
563,516
563,516
539,438
-
1,067,141
1,067,141
1,473,418
Total funding
-
10,465,456
10,465,456
14,731,767
5
Other trading activities
Unrestricted
Restricted
Total
Total
funds
funds
2024
2023
£
£
£
£
Catering income
166,517
-
166,517
200,880
Consultancy
1,675
-
1,675
2,050
School trips
-
44,785
44,785
78,645
Supply teacher insurance
56,291
-
56,291
98,159
Other income
85,654
-
85,654
126,274
310,137
44,785
354,922
506,008
6
Investment income
Unrestricted
Restricted
Total
Total
funds
funds
2024
2023
£
£
£
£
Short term deposits
15,806
-
15,806
15,906
NURTURE ACADEMIES TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 1 MAY 2024
- 38 -
7
Expenditure
Non-pay expenditure
Total
Total
Staff costs
Premises
Other
2024
2023
£
£
£
£
£
Expenditure on raising funds
- Direct costs
-
-
3,516
3,516
9,882
Academy's educational operations
- Direct costs
5,455,038
-
666,185
6,121,223
8,688,803
- Allocated support costs
3,169,252
1,743,121
871,948
5,784,321
8,411,229
Exceptional expenditure
-
-
(300,000)
(300,000)
-
8,624,290
1,743,121
1,241,649
11,609,060
17,109,914

The exceptional credit represents the release of the provision made to rectify defects to a mezzanine floor at one of the schools which will now be funded by capital grant.

Net income/(expenditure) for the PERIOD includes:
2024
2023
£
£
Operating lease rentals
61,572
90,642
Depreciation of tangible fixed assets
996,056
1,407,234
Fees payable to auditor for:
- Audit
18,250
17,250
- Other services
2,850
2,650
- Assurance services other than audit
1,375
1,300
Net interest on defined benefit pension liability
(15,000)
35,000
8
Central services

The academy trust has provided the following central services to its academies during the period:

 

 

NURTURE ACADEMIES TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 1 MAY 2024
8
Central services
(Continued)
- 39 -

The academy trust charges for these services on the basis of 5% of GAG.

The amounts charged during the period were as follows:
2024
2023
£
£
Denholme
224
47,584
Fearnville
81,174
30,422
Lapage
124,038
147,145
Parkwood
51,767
58,253
Victoria
54,624
69,543
Byron
104,128
143,468
GAG pooling
-
74,786
415,955
571,201
The reduced contributions to central services By Denholme and Victoria are as a result of existing commitments to capital projects and speech and language resources.
9
Charitable activities
Unrestricted
Restricted
Total
Total
funds
funds
2024
2023
£
£
£
£
Direct costs
Educational operations
56,291
6,064,932
6,121,223
8,688,803
Support costs
Educational operations
186,334
5,597,987
5,784,321
8,411,229
242,625
11,662,919
11,905,544
17,100,032
2024
2023
£
£
Analysis of support costs
Support staff costs
3,243,821
5,002,353
Depreciation
996,056
1,407,234
Technology costs
152,662
243,637
Premises costs
747,065
866,790
Legal costs
106,590
132,788
Other support costs
514,367
729,257
Governance costs
23,760
29,170
5,784,321
8,411,229
NURTURE ACADEMIES TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 1 MAY 2024
- 40 -
10
Staff
Staff costs
Staff costs during the period were:
2024
2023
£
£
Wages and salaries
6,626,174
9,548,038
Social security costs
586,827
830,815
Pension costs
1,169,893
1,910,065
Staff costs - employees
8,382,894
12,288,918
Agency staff costs
211,396
454,943
Staff restructuring costs
30,000
-
8,624,290
12,743,861
Staff development and other staff costs
74,569
91,914
Total staff expenditure
8,698,859
12,835,775
Staff restructuring costs comprise:
Severance payments
30,000
-
Severance payments

The academy trust paid 1 severance payments in the year, disclosed in the following bands:

£25,001 - £50,000
1
Staff numbers
The average number of persons employed by the academy trust during the period was as follows:
2024
2023
Number
Number
Teachers
110
110
Administration and support
325
318
Management
22
25
457
453
NURTURE ACADEMIES TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 1 MAY 2024
10
Staff
(Continued)
- 41 -
The number of persons employed, expressed as a full time equivalent, was as follows:
2024
2023
Number
Number
Teachers
98
99
Administration and support
179
182
Management
22
26
299
307
Higher paid staff
The number of employees whose employee benefits (excluding employer pension costs and employer national insurance contributions) exceeded £60,000 was:
2024
2023
Number
Number
£60,001 - £70,000
6
4
£70,001 - £80,000
1
5
£80,001 - £90,000
3
-
£90,001 - £100,000
-
2
£110,001 - £120,000
-
1
£160,001 - £170,000
1
-
Key management personnel

The key management personnel of the academy trust comprise the trustees and the senior management team as listed on page 1. The total amount of key management personnel benefits (including employer pension contributions and employer national insurance contributions) received by key management personnel for their services to the academy trust was £809,541 (2023: £1,036,944).

11
Trustees' remuneration and expenses

One or more of the trustees has been paid remuneration or has received other benefits from an employment with the academy trust. The Chief Executive Officer and other staff trustees only receive remuneration in respect of services they provide undertaking the roles of Chief Executive Officer and staff members under their contracts of employment, and not in respect of their services as trustees.

 

The value of trustees' remuneration and other benefits was as follows:

W Zaman - Remuneration £165,000 - £170,000 (2023: £105,000 - £110,000)

Pension contributions £25,000 - £30,000 (2023: £25,000 - £30,000)

 

During the period ended 1 May 2024, there were expenses totalling £1,923 (2023 £1,247) reimbursed to two (2022 two) trustees.

NURTURE ACADEMIES TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 1 MAY 2024
- 42 -
12
Trustees' and officers' insurance

The academy trust has opted into the Department for Education’s Risk Protection Arrangement (RPA), an alternative to insurance where UK government funds cover losses that arise. This scheme protects trustees and officers from claims arising from negligent acts, errors or omissions occurring whilst on academy trust business, and provides cover up to £10,000,000. It is not possible to quantify the trustees and officers indemnity element from the overall cost of the RPA scheme.

13
Tangible fixed assets
Long leasehold property
Assets under construction
Computer equipment
Furniture and equipment
Total
£
£
£
£
£
Cost
At 1 September 2023
20,294,775
724,832
831,164
5,244,535
27,095,306
Transfers between classes
-
(219,453)
-
219,453
-
Transfer of academies out
(20,294,775)
(1,104,260)
(966,490)
(5,482,129)
(27,847,654)
Additions
-
598,881
135,326
18,141
752,348
At 1 May 2024
-
-
-
-
-
Depreciation
At 1 September 2023
2,125,423
-
696,916
2,399,883
5,222,222
Transfer of academies out
(2,369,766)
-
(756,349)
(3,092,163)
(6,218,278)
Charge for the period
244,343
-
59,433
692,280
996,056
At 1 May 2024
-
-
-
-
-
Net book value
At 1 May 2024
-
-
-
-
-
At 31 August 2023
18,169,352
724,832
134,248
2,844,652
21,873,084
14
Debtors
2024
2023
£
£
Trade debtors
-
15,683
VAT recoverable
-
138,007
Prepayments and accrued income
-
438,025
-
591,715
NURTURE ACADEMIES TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 1 MAY 2024
- 43 -
15
Creditors: amounts falling due within one year
2024
2023
£
£
Government loans
-
13,780
Trade creditors
-
249,353
Other taxation and social security
-
86,997
Other creditors
-
1,098,615
Accruals and deferred income
-
340,127
-
1,788,872
16
Creditors: amounts falling due after more than one year
2024
2023
£
£
Government loans
-
26,621
2024
2023
Analysis of loans
£
£
Wholly repayable within five years
-
40,401
Less: included in current liabilities
-
(13,780)
Amounts included above
-
26,621
Loan maturity
Debt due in one year or less
-
13,780
Due in more than one year but not more than two years
-
13,780
Due in more than two years but not more than five years
-
12,841
-
40,401

Salix has provided loans in relation to three schools (Lapage Primary School, Fearville Primary School and Denholme Primary School) which are provided on the following terms: interest free and repayable over six and seven years respectively in equal instalments. The total amount repayable before the transfers out was £26,621 (2023: £40,401). This was split between creditors under one year of £13,780 (2023: £13,780) and creditors over one year of £12,841 (2023: £40,401). The amount due by instalments after five years was £Nil (2023: £Nil).

NURTURE ACADEMIES TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 1 MAY 2024
- 44 -
17
Deferred income
2024
2023
£
£
Deferred income is included within:
Creditors due within one year
-
175,314
Deferred income at 1 September 2023
175,314
184,456
Released from previous years
(175,314)
(184,456)
Resources deferred in the period
-
175,314
Deferred income at 1 May 2024
-
175,314
18
Funds
Balance at
Gains,
Balance at
1 September
losses and
1 May
2023
Income
Expenditure
transfers
2024
£
£
£
£
£
Restricted general funds
General Annual Grant (GAG)
407,237
7,833,473
(8,209,197)
(31,513)
-
UIFSM
-
198,114
(198,114)
-
-
Pupil premium
-
753,787
(753,787)
-
-
Other DfE/ESFA grants
-
612,941
(612,941)
-
-
Other government grants
-
1,067,141
(1,067,141)
-
-
Other restricted funds
-
44,785
(44,785)
-
-
Pension reserve
240,000
-
29,000
(269,000)
-
647,237
10,510,241
(10,856,965)
(300,513)
-
Restricted fixed asset funds
Inherited on conversion
18,169,522
-
(18,169,522)
-
-
DfE group capital grants
2,969,480
808,661
(3,778,141)
-
-
Capital expenditure from GAG
319,635
-
(351,148)
31,513
-
21,458,637
808,661
(22,298,811)
31,513
-
Total restricted funds
22,105,874
11,318,902
(33,155,776)
(269,000)
-
Unrestricted funds
General funds
124,282
327,753
(452,035)
-
-
Total funds
22,230,156
11,646,655
(33,607,811)
(269,000)
-
NURTURE ACADEMIES TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 1 MAY 2024
18
Funds
(Continued)
- 45 -

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

 

Restricted funds

 

General Annual Grant (GAG)

GAG funding must be used for the running costs of the academies. Under the funding agreement with the Secretatry of State, the academy trust was not subject to a limit on the amount of GAG that it could carry forward at 31 August 2022.

 

Other DfE/ESFA grants

These funds relate to PE and Sports grant, Rates Relief (20%), Teacher Pay Grant, Teachers Pension Employer Contribution Grant and Covid-19 Catch-up Premium.

 

Pupil Premium

This fund is to be used to raise the attainment of disadvantaged pupils and close the gap between them and their peers.

 

UIFSM

Universal Infant Free School Meals (UIFSM) is a fund provided by the government to all government funded schools to fund the provision of free school meals to pupils in reception, year 1 and year 2.

 

SEN

This fund is to support pupils with High Needs both within our mainstream provision and our School Led Resourced Provision at Denholme Primary and Parkwood Primary.

Other LA grants

These funds include the Early Years provision within our academies, together with a number of other smaller grants

 

Pension Reserve

The fund is restricted to providing retirement benefits to members of Local Government Pension Scheme (LGPS). For the year ended 31 August 2022, the pension reserve fund is in deficit and steps are being taken to elimate this.

 

Restricted Fixed Asset Funds

 

DfE/ESFA capital grants

The Devolved Formula Capital grant is to be used specifically to maintain and improve buildings.

NURTURE ACADEMIES TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 1 MAY 2024
18
Funds
(Continued)
- 46 -
Comparative information in respect of the preceding period is as follows:
Balance at
Gains,
Balance at
1 September
losses and
31 August
2022
Income
Expenditure
transfers
2023
£
£
£
£
£
Restricted general funds
General Annual Grant (GAG)
665,642
11,084,641
(11,343,046)
-
407,237
UIFSM
-
282,985
(282,985)
-
-
Pupil premium
-
1,066,580
(1,066,580)
-
-
Other DfE/ESFA grants
-
712,153
(712,153)
-
-
Other government grants
-
1,473,418
(1,473,418)
-
-
Other restricted funds
-
196,262
(196,262)
-
-
Pension reserve
(1,147,000)
-
(298,000)
1,685,000
240,000
(481,358)
14,816,039
(15,372,444)
1,685,000
647,237
Restricted fixed asset funds
Inherited on conversion
18,813,800
-
(368,408)
(275,870)
18,169,522
DfE group capital grants
2,971,407
861,868
(854,379)
(9,416)
2,969,480
Capital expenditure from GAG
-
-
(171,372)
491,007
319,635
Donated fixed assets
13,075
-
(13,075)
-
-
21,798,282
861,868
(1,407,234)
205,721
21,458,637
Total restricted funds
21,316,924
15,677,907
(16,779,678)
1,890,721
22,105,874
Unrestricted funds
General funds
221,876
438,363
(330,236)
(205,721)
124,282
Total funds
21,538,800
16,116,270
(17,109,914)
1,685,000
22,230,156
NURTURE ACADEMIES TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 1 MAY 2024
18
Funds
(Continued)
- 47 -
Total funds analysis by academy
2024
2023
Fund balances at 1 May 2024 were allocated as follows:
£
£
Denholme
-
28,810
Fearnville
-
112,650
Lapage
-
125,548
Parkwood
-
(314)
Victoria
-
36,851
Byron
-
150,686
Central services
-
77,288
Total before fixed assets fund and pension reserve
-
531,519
Restricted fixed asset fund
-
21,458,637
Pension reserve
-
240,000
Total funds
-
22,230,156
Total cost analysis by academy
Expenditure incurred by each academy during the year was as follows:
Teaching and
Other costs
educational
Other support
Educational
excluding
Total
Total
support staff
staff costs
supplies
depreciation
2024
2023
£
£
£
£
£
£
Denholme
612,606
172,636
58,203
99,297
942,742
1,454,652
Fearnville
888,312
329,392
124,841
215,658
1,558,203
2,395,572
Lapage
1,348,920
671,172
193,728
346,371
2,560,191
4,044,821
Parkwood
659,355
234,341
88,638
117,990
1,100,324
1,763,489
Victoria
692,983
250,992
81,080
150,769
1,175,824
1,837,008
Byron
1,497,793
579,521
111,024
271,889
2,460,227
3,887,634
Central services
-
671,269
8,668
435,556
1,115,493
602,713
5,699,969
2,909,323
666,182
1,637,530
10,913,004
15,985,889
NURTURE ACADEMIES TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 1 MAY 2024
- 48 -
19
Analysis of net assets between funds
Unrestricted
Restricted funds:
Endowment
Total
Funds
General
Fixed asset
Funds
Funds
£
£
£
£
£
Fund balances at 1 May 2024 are represented by:
Total net assets
-
-
-
-
-
Unrestricted
Restricted funds:
Endowment
Total
Funds
General
Fixed asset
Funds
Funds
£
£
£
£
£
Fund balances at 31 August 2023 are represented by:
Tangible fixed assets
-
-
21,873,084
-
21,873,084
Current assets
126,298
2,106,267
-
-
2,232,565
Current liabilities
(2,016)
(1,699,030)
(87,826)
-
(1,788,872)
Non-current liabilities
-
-
(26,621)
-
(26,621)
Provisions for liabilities
-
-
(300,000)
-
(300,000)
Pension scheme asset
-
240,000
-
-
240,000
Total net assets
124,282
647,237
21,458,637
-
22,230,156
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 West Yorkshire Pension Scheme. 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 £156,036 were payable to the schemes at 1 May 2024 (2023: £169,933) 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 academy trusts. 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.

NURTURE ACADEMIES TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 1 MAY 2024
20
Pension and similar obligations
(Continued)
- 49 -
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 31 March 2016 TPS actuarial valuation results were implemented from 1 September 2019. The key elements of the valuation and subsequent consultation were:

 

The latest actuarial TPS valuation results, as at 31 March 2020, were released in October 2023. The revised employer contribution rate, arising from this valuation, was implemented from 1 April 2024.

The employer's pension costs paid to the TPS in the period amounted to £1,087,123 (2023: £1,102,000).

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 16.8% for employers and 5.5 to 12.5% 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 and on 21 July 2022, the Department for Education reaffirmed its commitment to the guarantee, with a parliamentary minute published on GOV.UK.

Total contributions made
2024
2023
£
£
Employer's contributions
437,000
567,000
Employees' contributions
147,000
193,000
Total contributions
584,000
760,000
NURTURE ACADEMIES TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 1 MAY 2024
20
Pension and similar obligations
(Continued)
- 50 -
Principal actuarial assumptions
2024
2023
%
%
Rate of increase in salaries
3.85
3.85
Rate of increase for pensions in payment/inflation
2.60
2.60
Discount rate for scheme liabilities
5.10
5.00
Inflation assumption (CPI)
2.60
2.60
The current mortality assumptions include sufficient allowance for future improvements in mortality rates.  The assumed life expectations on retirement age 65 are:
2024
2023
Years
Years
Retiring today
- Males
21.0
21.0
- Females
24.2
24.1
Retiring in 20 years
- Males
22.3
22.2
- Females
25.2
25.1

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

2024
2023
£
£
Discount rate + 0.1%
-213,000
-216,000
Discount rate - 0.1%
223,000
216,000
Mortality assumption + 1 year
-254,000
-246,000
Mortality assumption - 1 year
254,000
246,000
CPI rate + 0.1%
30,000
29,000
CPI rate - 0.1%
-30,000
-29,000
The academy trust's share of the assets in the scheme
2024
2023
Fair value
Fair value
£
£
Equities
-
8,064,000
Government bonds
-
745,000
Corporate bonds
-
453,000
Cash and other liquid assets
-
393,000
Property
-
332,000
Other assets
-
81,000
Total market value of assets
-
10,068,000
The actual return on scheme assets was £860,000 (2023: £139,000).
NURTURE ACADEMIES TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 1 MAY 2024
20
Pension and similar obligations
(Continued)
- 51 -
Amount recognised in the statement of financial activities
2024
2023
£
£
Current service cost
423,000
830,000
Interest income
(339,000)
(396,000)
Interest cost
324,000
431,000
Total operating charge
408,000
865,000
Changes in the present value of defined benefit obligations
2024
£
At 1 September 2023
9,828,000
Transferred out on existing academies leaving the academy trust
(10,155,000)
Current service cost
423,000
Interest cost
324,000
Employee contributions
147,000
Actuarial gain
(461,000)
Benefits paid
(106,000)
At 1 May 2024
-
Changes in the fair value of the academy trust's share of scheme assets
2024
£
At 1 September 2023
10,068,000
Transferred out on existing academies leaving the academy trust
(10,155,000)
Interest income
339,000
Actuarial (gain)/loss
521,000
Employer contributions
437,000
Employee contributions
147,000
Benefits paid
(106,000)
Restriction on recognition of scheme surplus
(1,251,000)
At 1 May 2024
-
NURTURE ACADEMIES TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 1 MAY 2024
- 52 -
21
Reconciliation of net expenditure to net cash flow from operating activities
2024
2023
Notes
£
£
Net expenditure for the reporting period (as per the statement of financial activities)
(21,961,156)
(993,644)
Adjusted for:
Net deficit on transfer of academy out of the trust
26
21,998,751
-
Capital grants from DfE and other capital income
(808,661)
(861,868)
Investment income receivable
6
(15,806)
(15,906)
Defined benefit pension costs less contributions payable
20
(14,000)
263,000
Defined benefit pension scheme finance (income)/cost
20
(15,000)
35,000
Depreciation of tangible fixed assets
996,056
1,407,231
Decrease/(increase) in debtors
810,761
(12,148)
(Decrease) in creditors
(1,775,092)
(191,816)
Stocks, debtors and creditors transferred on conversion
672,538
-
(Decrease) in provisions
(300,000)
-
Net cash used in operating activities
(411,609)
(370,151)
22
Analysis of changes in net funds
1 September 2023
Cash flows
1 May 2024
£
£
£
Cash
1,640,850
(1,640,850)
-
Loans falling due within one year
(13,780)
13,780
-
Loans falling due after more than one year
(26,621)
26,621
-
1,600,449
(1,600,449)
-
23
Long-term commitments
Operating leases
At 1 May 2024 the total of the academy trust's future minimum lease payments under non-cancellable operating leases was:
2024
2023
£
£
Amounts due within one year
86,934
96,103
Amounts due in two and five years
165,211
147,427
252,145
243,530
NURTURE ACADEMIES TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 1 MAY 2024
- 53 -
24
Related party transactions

Owing to the nature of the academy trust and the composition of the board of trustees being drawn from local public and private sector organisations, transactions may take place with organisations in which the trustees have an interest. All transactions involving such organisations are conducted in accordance with the requirements of the Academy Trust Handbook, including notifying the ESFA of all transactions made on or after 1 April 2019 and obtaining their approval where required, and with the academy trust's financial regulations and normal procurement procedures relating to connected and related party transactions.

 

No related party transactions took place in the year other than certain trustees' 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.

26
Transfer of existing academies out of the academy trust

The following academies have transferred out of the Trust on 1 May 2024:

 

Byron Primary School

Denholme Primary School

Fearnville Primary School

Lapage Primary School and Nursery

Parkwood Primary School

Victoria Primary School

2024
Net assets transferred
£
Cash and cash equivalents
1,041,913
Leasehold land and buildings
17,925,009
Other tangible fixed assets
3,704,367
Debtors due within one year
801,922
Creditors due within one year
(1,461,619)
Creditors due after more than one year
(12,841)
Total net assets
21,998,751
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