Company registration number 09896672 (England and Wales)
THEDWASTRE EDUCATION TRUST
(A COMPANY LIMITED BY GUARANTEE)
ANNUAL REPORT AND ACCOUNTS
FOR THE YEAR ENDED 31 AUGUST 2024
THEDWASTRE EDUCATION TRUST
CONTENTS
Page
Reference and administrative details
1 - 2
Trustees' report
3 - 13
Governance statement
14 - 17
Statement on regularity, propriety and compliance
18
Statement of trustees' responsibilities
19
Independent auditor's report on the accounts
20 - 22
Independent reporting accountant's report on regularity
23 - 24
Statement of financial activities including income and expenditure account
25 - 26
Balance sheet
27
Statement of cash flows
28
Notes to the accounts including accounting policies
29 - 52
THEDWASTRE EDUCATION TRUST
REFERENCE AND ADMINISTRATIVE DETAILS
- 1 -
Members
G McDonald
St Edmundsbury & Ipswich Academies Umbrella Trust
Dr K Maddox-Daines
D Sykes
Trustees
G McDonald (Chair of Trustees)
P Mackay (CEO)
D Olney (Resigned 7 December 2023)
Rev'd M R Farrell (Resigned 1 July 2024)
R Temple-Summers
S Leader
T Darby (Resigned 21 March 2024)
Ms J C Steed (Appointed 15 January 2024)
Rev C Brinkley (Appointed 3 October 2024)
Senior management team
- CEO
P Mackay
- Headteacher - Great Barton
C Ratley
- Headteacher - Rattlesden
H Ballam
- Headteacher - Thurston
J Bayes
- Headteacher - Woolpit
S Clayton
Company registration number
09896672 (England and Wales)
Registered office
Woolpit Primary Academy
Heath Road
Woolpit
Bury St. Edmunds
Suffolk
IP30 9RU
United Kingdom
Academies operated
Location
Headteacher
Thurston C of E Primary Academy
Thurston
J Bayes
Woolpit Primary Academy
Woolpit
S Clayton
Great Barton C of E Primary Academy
Great Barton
C Ratley
Rattlesden C of E Primary Academy
Rattlesden
H Ballam
Independent auditor
Azets Audit Services
Westpoint
Lynch Wood
Peterborough
Cambridgeshire
PE2 6FZ
United Kingdom
Bankers
Lloyds Bank
78-80 Cherry Hinton Road
Cambridge
CB1 7BH
United Kingdom
THEDWASTRE EDUCATION TRUST
REFERENCE AND ADMINISTRATIVE DETAILS
- 2 -
Solicitors
Winckworth Sherwood
Minerva House
5 Montague Close
London
SE1 9BB
United Kingdom
THEDWASTRE EDUCATION TRUST
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -

The Trustees (who are also Directors for the purposes of the Companies Act) present their Annual Report together with the audited financial statements and auditors’ report of Thedwastre Education Trust (the Trust) for the period ended 31 August 2024. The Trustees confirm that the Annual Report and Financial Statements of the Trust comply with the current statutory requirements, the requirements of the Trust’s governing documents and the Academies Accounts Direction 2023 to 2024. The Annual Report serves the purposes of both a Trustees’ report and a Directors’ report including a strategic report under company law.

Thedwastre Education Trust operates four Primary Academies in Suffolk and has a pupil capacity of 980 and had a roll of 756 in the school census of October 2023 (up from 685 the previous year). Pupil numbers at Thurston continue to grow rapidly with many in year applications.

Structure, governance and management
Constitution

Thedwastre Education Trust includes the following Academies:

 

 

The Trust was incorporated on 1 December 2015, it is a company limited by guarantee and an exempt charity. All four schools transferred to an Academy Trust Structure on 1 January 2016.

 

The Trust’s Memorandum and Articles of Association are the primary governing documents. The Trustees of Thedwastre Education Trust are also the directors of the charitable company for the purposes of company law.

The principal objects of the Trust are to advance for the public benefit education in the United Kingdom, in particular but without prejudice to the generality of the foregoing by establishing, maintaining, carrying on, managing and developing Academies which shall offer a broad and balanced curriculum.

 

The operation of The Trust’s Academies and employment of staff are the responsibility of the Trustees. The Trust retains control of Academy budgets and finances, and monitors these through its Finance, Audit and Risk Committee. Each Academy has appointed Local Governing Bodies (LGBs) who have delegated authority to administer their Academy within agreed budgets.

Within this Report the term Trustee refers to a member of the Board of Directors and the term Governor to a member of a Local Governing Body. Details of the Trustees who served during the year are included in the Reference and Administrative Details section.

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

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 whilst on academy business, and provides cover up to £10,000,000. It is not possible to quantify the trustee’s and officer’s element from the overall cost of the RPA scheme

THEDWASTRE EDUCATION TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 4 -
Method of recruitment and appointment or election of trustees

The management of the Trust is the responsibility of the Trustees who are co-opted under the terms of the Articles of Association. The St Edmundsbury and Ipswich Academies Umbrella Trust is entitled to appoint two Trustees and each Academy Local Governing Body is entitled to nominate one Trustee (up to a maximum of four) who is appointed by the Members.

 

Directors’ skills and areas of expertise are reviewed regularly; before new directors are appointed to the Board, their skills and areas of expertise are carefully considered to ensure that the Board has the required skill set overall to fulfil its duties.

 

Trustees are appointed for a fixed term of four years (renewable). The Chief Executive Officer (CEO) is an ex officio member of the Board of Directors and is a Director for as long as they remain in post. Other Trustees are appointed by the Members of the Trust and up to two Directors may be appointed by the Directors with the consent of the St Edmundsbury and Ipswich Academies Umbrella Trust. The Articles of Association make provision for 10 Trustees plus the CEO.

Policies and procedures adopted for the induction and training of trustees

The training and induction of new Trustees will depend on their existing experience. Newly appointed Trustees are contacted in writing by the chair to welcome them and to affirm expectations. All new Trustees will be offered a tour of the academies to meet staff and pupils. All Trustees are introduced to the policies, procedures, minutes, accounts, budgets, plans and other documents that they will need to undertake their role. As there is expected to be low turnover of Trustees, induction will be carried out informally and will be tailored specifically to the individual.

Organisational structure

The governance of the Trust is defined in the Memorandum and Articles of Association together with the Funding Agreement with the Department for Education.

 

The Trust was set up with a management structure to support the delivery of high-quality education. The structure consists of two levels: The Board of Directors is responsible for the strategic direction of the Trust and the Leadership Group that is responsible for the day-to-day running of the academies. In addition, each academy has a Local Governing Body (LGB) that acts as a committee of the Board of Directors and has delegated authority determined according to the Scheme of Delegation.

 

The Directors (who are Trustees) are responsible for setting strategic policy, adopting an annual plan and budget, monitoring the use of budgets, and making major decisions about the direction of the Trust, capital expenditure, trust-wide contracts and senior staff appointments.

 

The Governors of each Local Governing Body are responsible for implementing Trust policy, ensuring the appropriateness of annual budgets and capital expenditure projects for their Academy and monitoring performance against that budget within authorised limits.

 

The Leadership Group consists of the Headteacher of each Academy and the Chief Executive. This Group are responsible for leading the Trust on a day-to-day basis, organising the teaching staff, facilities, and pupils. The Leadership Group control the operation of the Trust at an executive level under the direction of the Chief Executive, implementing the policies laid down by the Directors and reporting back to them. The Leadership Group ensures that the work of individual academies and LGBs aligns with the strategic aims of the Trust as a whole.

 

The Headteacher of each Academy, with the support of senior staff, is responsible for implementing policies and reporting to the LGB, and for the day-to-day operation of the Academy, in particular organising staff, resources, and pupils. They are responsible for the authorisation of spending within agreed budgets and for the appointment of staff following vetting and safer recruitment processes.

 

The Chief Executive Officer acts as the Chair of the Leadership Group and the Accounting Officer and has ultimate accountability for the performance of the academies.

 

 

THEDWASTRE EDUCATION TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 5 -
Arrangements for setting pay and remuneration of key management personnel

Key management personnel include Trustees and those staff to whom the Trustees have delegated significant authority and responsibility in the day-to-day running of the Trust.

 

Except for the Chief Executive Officer, Trustees receive no remuneration from the Trust.

 

The Trust applies the guidance of the School Teachers Pay and Conditions Document to all leadership roles. The remuneration for Headteachers is recommended by the Headteacher’s Performance Management Committee of the Local Governing Body of the Academy for which they are responsible based on their achievement of the objectives set for them during the year. Each Headteacher’s Performance Management Committee is advised by an external adviser appointed by the Trust in conjunction with the Chief Executive Officer. The salary point (Headteacher Pay and Conditions) for the responsibilities of the Chief Executive Officer is determined by the Trust Board based on the overall number of pupils in the Trust.

 

Pay and remuneration of key management personnel is decided by a variety of contributory factors, such as the Academy group size, ISR, the pay scales for each role and the level of experience of each staff member. In addition, pay levels may be affected by nationally agreed pay awards, the ability to recruit and retain in post, all of which are in accordance with the Trust’s appointment and pay policies.

 

All amendments to key management’s pay and remuneration are advised by the HR Committee and approved by the Board of Directors.

Trade union facility time
The Trust does not have any staff who are relevant trade union officials during the current year.
Related parties and other connected charities and organisations

Owing to the nature of the Trust's operations and the composition of the Board of Directors being drawn from local public and private sector organisations, it is inevitable that from time-to-time transactions will take place with organisations in which members of the Board of Directors may have an interest. All transactions involving such organisations are conducted at arm's length and in accordance with the Trust’s financial regulations and normal procedures. Any transaction where the Trustee may have a pecuniary interest is only undertaken in accordance with the ‘at cost’ principle described in the Academies Handbook.

The Trust cooperated with the following organisations during the academic year in pursuit of its charitable activities:

The Trust does not have a formal sponsor.

Objectives and activities
Objects and aims

The principal object and aim of Thedwastre Education Trust is the operation of a number of Academies to provide free education and care for pupils of different abilities within its local community between the ages of 4 and 11.

 

The Trust aims to provide the best possible education for all the children in its care by providing a structure of school-to-school support and challenge. We wish to develop our children as rounded individuals who leave the schools well prepared for the next stage of their education – a broad and balanced education is an essential part of this aim.

 

We have continued our work to establish Thedwastre Education Trust on a firm basis, developing sustainable structures and processes that allow the Trust to harness the talents of all the staff within the academies to work towards achieving our aims.

THEDWASTRE EDUCATION TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 6 -
Objectives, strategies and activities

During 2023-24 the Board and Leadership Group reviewed it’s strategy. The renewed strategy is set out below:

 

Vision

Our Trust includes church and community schools that collaborate to achieve excellence for our pupils, staff and communities, providing a broad and balanced education which enables all to reach their full potential.

 

Our Values

We value every child, parent, volunteer and employee; we aim to ensure all are respected and children show respect to one another, learning to work collaboratively with their peers for mutual benefit. We have high aspirations for all pupils, staff and the communities we serve.

 

Our core values are:

 

Excellence in education

Inclusive

Aspiration

Collaborative

 

Our Priorities

 

Over the next 3 years we will focus on the following objectives:

 

1. Excellence in Education through effective school improvement

 

 

2. Central Services

 

 

3. Leadership and governance

 

Public benefit

The Trustees believe that by working towards the objects and aims of the Trust as detailed above, they have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission.

THEDWASTRE EDUCATION TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 7 -
Strategic report
Achievements and performance

The Board would like to thank all staff, but especially the senior leaders who worked so hard during extremely challenging times, always with children’s interests at the centre.

 

During the year we had two Ofsted inspections which were both very positive, reflecting the excellent work undertaken at each school and the hard work and commitment of the staff. Great Barton was inspected in November 2023 and this resulted in three outstanding judgements for the quality of early years education, personal development and behaviour and attitudes to learning. This was a fantastic achievement and a superb reflection of the excellent work undertaken by the staff team, led by Claire Ratley, Headteacher of Great Barton CE Primary Academy.

 

The second Ofsted Inspection of the year was completed at Rattlesden in May 2024. This was a very timely inspection, just in time for the retirement of Helen Ballam, who had been an exceptional Headteacher for the school for eight years. The inspection report highlights the special place that the school is under Helen’s leadership. Congratulations to all staff and governors at both schools.

 

During the year, two Headteachers tendered their resignation, one for retirement and the other to move on to new challenges. The Board would like to express its thanks to both Headteachers for their outstanding contribution to the Trust and their schools.

 

The Board reviewed its strategy with colleagues from each school during the year. This resulted in a renewed vision for the Trust and a focus on three core areas of development – school improvement, central services and leadership and governance. The key reason for this focus is to ensure that the trust has both the capacity and the structures in place to enable it to grow. The focus on school improvement led to the Board’s decision to appoint our first Director of School Improvement, Sarah Clayton. In addition, we have created two partial contracts for staff working in our schools, one to lead Safeguarding and another to lead SEND. The Trust’s CEO worked with the headteachers to develop an annual health check for schools. This is a detailed opportunity to review a wide range of aspects of school life and to help identify the areas for continuous improvement. A Peer Review process has also been devised and is being rolled out in 2024-25.

 

The second focal area was to develop the Trust’s central services to enable us to support existing schools better and the be able to accommodate additional schools in future. Following an extensive review process, new finance and budget systems have been procured and implemented. To support this process, the Trust’s Senior Finance Officer has been appointed full time. It is planned that this deeper role of the central team will relieve schools of some of the burden involved in administering the finances for each school but also enable better quality reporting for all schools to help them to be able to manage budgets during challenging times. Due to the new system there were some additional implementation costs and other costs during the year over and above the approved budget. In the longer term the systems are expected to be cost neutral but the benefits will be significant.

 

The third priority for the Board is the development of leadership and governance across the trust. The Board started a review of the governance arrangements and this is due to be completed in the following year. Our longer term aim is to encourage the development of future leaders through CPD and opportunities for emerging leaders to work in other schools across the trust as well as take on additional responsibilities in their own school.

 

Excellence in Education

During 2023-24 schools within Thedwastre Education Trust continued to strive for excellence in the educational offer provided to all pupils. The Key Stage 2 results were as follows:

 

THEDWASTRE EDUCATION TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 8 -

Reading

Great Barton

Rattlesden

Thurston

Woolpit

National

Suffolk

2024

74

82

71

52

74

 

2023

90

60

67

59

73

71

2022

82

85

74

56

74

 

2019

83

88

72

50

73

 

 

 

 

 

 

 

 

Writing

Great Barton

Rattlesden

Thurston

Woolpit

National

 

2024

78

73

74

48

72

 

2023

70

80

67

59

69

68

2022

74

85

69

50

69

 

2019

86

81

79

30

79

 

 

 

 

 

 

 

 

Maths

Great Barton

Rattlesden

Thurston

Woolpit

National

Suffolk

2024

81

82

73

37

73

 

2023

90

70

83

59

73

70

2022

80

90

74

50

71

 

2019

86

94

79

40

79

 

 

 

 

 

 

 

 

SPAG

Great Barton

Rattlesden

Thurston

Woolpit

National

 

2024

78

73

73

33

72

 

2023

83

70

80

65

72

 

2022

81

85

80

39

72

 

2019

86

94

86

35

78

 

 

 

 

 

 

 

 

Combined

Great Barton

Rattlesden

Thurston

Woolpit

National

 

2024

67

64

58

 

61

 

2023

70

60

64

53

60

55

2022

67

80

62

31

59

 

2019

83

75

69

15

65

 

 

Great Barton

 

The school continues to have consistently high outcomes at Key Stage 2 in all subjects.

 

Rattlesden

 

The school had a very small cohort at KS2, with only 11 children. Even with small pupil numbers, the outcomes continue to be well above national average.

 

Thurston

 

The results are positive, given the very large number of pupils who have joined the school since reception due to the rapid expansion of the school. There has been a high degree of mobility throughout the school, which has a significant effect on the outcomes overall.

 

Woolpit

 

The KS2 outcomes were expected to be challenging this year. This group of children includes 30% of children with significant SEND, 37% pupil premium, one child who attends a PRU and didn’t sit the SATS tests, one child joined the school at the end of year 5 with no previous formal education and one child with 56% attendance due to their background. 30% of children joined in year 5, most of whom were already well below expectations. Whilst the outcomes are disappointing, the school can evidence significant progress, although there are no formal measures for this currently due to the changes in government policy and due to the cancellation of KS1 SATs during the covid pandemic.

 

Significant improvements continue to be made in the teaching of phonics and early reading across the Trust. Our schools either started or completed their work with one of the local English teaching hubs. Schools also worked with the Maths hub to further develop the teaching of maths across the school.

THEDWASTRE EDUCATION TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 9 -

The Board appointed an external School Improvement Partner to act as its school improvement adviser for the year. Half termly visits were undertaken by an experienced school leader to support our schools in further developing their school improvement activities. Directors were assigned to work more closely with each school, including regularly attending local governing body meetings where possible.

 

The Trust continued to strengthen opportunities for collaborative working between our schools, extending the subject leadership arrangements and facilitating cross school working. Of particular note has been the work led by the Headteacher at Rattlesden Primary Academy to further consolidate the Primary Science hub across our four schools and four other local schools. This is a long-term programme to enhance the teaching of science in particular, with opportunities for staff development and access to additional resources for the teaching of science.

 

Growth

 

Discussions took place with two schools about the potential to join the Trust. Whilst this did not come to fruition, it was a beneficial exercise all round. The Board will continue to seek growth of the trust over the next few years with like-minded schools. The Board took the decision to focus on developing our school improvement offer and central services provision to prepare the Trust for future potential growth.

 

Effective Governance

 

The Board continued to extend invitations to attend Board meetings to Chairs of each Local Governing Body. This significantly improves communication between the Board and LGBs. The Board also continued to use video conferencing to ensure that meetings could continue to maximise attendance. The Board’s sub-committees continued to work well and attendance from LGBs continues to be good overall.

 

An internal audit was commissioned during the year. This focused on financial operations scrutiny to ensure that the systems are robust. This demonstrated a good level of control overall with some minor areas for further development.

 

During the year, the Board welcomed a new Director who has extensive experience in financial management of schools and Academy Trusts. This strengthened the Board’s significantly in this regard. Unfortunately, other Board members with valuable experience resigned during the year due to their other commitments. The Board continues to seek new members to ensure it continues to have the range of skills needed to operate effectively.

 

Finance and Administration operations

 

The Board has maintained a close oversight of the financial position of each academy and the Trust as a whole and has further developed its long-term forecasting taking into account expected pupil numbers. This allows the Board to plan better for the future and predict schools where there are likely to be financial challenges ahead.

 

Estates and Facilities

 

During the previous year further Condition Improvement bids were submitted which resulted in the successful award of funding to replace the windows and doors at Rattlesden. The work on this project was delayed due to the sudden increase in costs as a result of the impact of external factors influencing the price of materials. Following a complete re-tender exercise, the project was awarded and work was completed in the summer of 2024. The Trust has been awarded almost £1,000,000 in CIF funding over the last five years, all of which has significantly improved the learning environment for our pupils.

 

The Board has developed a capital investment plan to identify and plan capital investment over the coming years. This is reviewed termly, and projects prioritised to address health and safety and support high quality teaching and learning.

 

People

 

The Trust undertook a number of shared CPD sessions for all schools and Governors within the Trust. The Trust organised writing moderation to support teacher assessment. The development of the Science hub also continued during the year. Staff wellbeing is high on our list of priorities, and we have ensured all staff have access to confidential support helplines should they need it.

THEDWASTRE EDUCATION TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 10 -

Overall, 2023-24 was a good year for the Trust and significant progress was made against our priorities. The Board would like to express its gratitude to all staff, governors and volunteers who helped make our schools stronger. The collaboration across the schools within the Trust during challenging times proved that we are definitely stronger together.

 

Ofsted outcomes

Great Barton – 2 – November 2023 – outstanding in 3 Early Years, Behaviour and Attitudes, and Personal Development

Thurston – 2 – November 2018

Rattlesden – 2 – May 2024

Woolpit 2July 2022 – outstanding Leadership and Management

Financial Key Performance Indicators

The financial KPIs for the period were as follows;

 

Staff costs as a % of income            73%        (2023 - 76%)

 

GAG income as % of total income             73%        (2023 - 69%)

 

Closing cash balances as % of total income        11%        (2023 - 13%)

 

Current assets vs current liabilities            1.83 : 1        (2023 - 2.99 : 1)

 

Going concern

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

Financial review

The 2023-24 financial year was an incredibly challenging year for all schools. Like many other organisations, we experienced rising costs for both staffing and other costs. Energy costs continued to higher than in the past but has become more manageable as external markets started to settle down. Staff costs rose as a result of the various pay awards. Whilst some additional grants were provided to each school, these did not cover the full cost. Costs associated with catering provision rose significantly during the year due to both staff costs and the cost of food. The funding available for Free School Meals, including Universal Infant Free School Meals is insufficient to cover the full cost of school dinners.

 

All schools in the trust continued to act prudently at all times and continued to apply for additional grants where possible. There is a growing number of children in each of our schools with additional needs which can put a strain on already stretched staff. The deficit at Woolpit was in part due to additional SEN funding from the local authority, which we had received in previous years, no longer being available. In addition, due to an administrative error on the part of our electricity supplier, invoices from 2022/23 were reissued and paid in the current financial year. This meant that the cost for the year is showing as £38k; the actual cost of energy in the year was £12k. The exceptional cost accounted for in this year was £26k.

 

The principal source of funding for the Trust is the General Annual Grant (GAG) and other grants that it receives from the Education Funding and Skills Agency (EFSA). For the year ended 31 August 2024 the Trust received £4,773,632 of GAG and other funding. Due to the rapid increase in the number of pupils at Thurston, some additional income to support this growth was provided by Suffolk County Council during the year. A high percentage of our income is spent on staff salaries and support costs to deliver the Trust’s primary objective of the provision of education. During the year, the Trust spent £5,047,847. The Trust brought forward from 2022/23 £2,661,428 restricted funds and £391,653 unrestricted funding. The carry forward for 2023/24 is £2,490,618 restricted funding and £259,248 unrestricted funding.

THEDWASTRE EDUCATION TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 11 -

Thurston continues to grow at a rapid rate. Due to the lagged funding, this can have a significant impact on GAG funding. For instance, 20 pupils joined Thurston after the October census date and are therefore unfunded in 2024/25. This amounts to approximately £90k less income. The Suffolk County Council growth policy does not provide funding where the growth between census dates is less that 10% of the total number of pupils. This makes for a challenging environment for Thurston to ensure that it is able to meet the needs of all children attending the school.

 

The deficit at Great Barton is due to one teacher absence which is not covered by insurance and the cost of providing cover whilst this was resolved. In addition there were invoices for cleaning from the previous financial year which were in dispute and therefore not paid previously. There was a very small deficit at Rattlesden, but nothing to be concerned about and the longer term position looks to be good as a result of continued stability in pupil numbers.

 

Overall budgets for 2024-25 were very challenging to balance due to the increase in salary costs. We are aware that we must seek further reductions in costs to avoid in-year deficits for future years, especially given the rising costs of staffing, energy costs and other commodities. The Board reviews financial management information at each meeting and consider the financial outlook over a 3-year period.

Reserves policy

The Trust held fund balances as at 31 August 2024 of £2,749,866 comprising of restricted funds of £nil, restricted fixed asset funds of £2,490,618 and unrestricted reserves of £259,248.

 

The Trustees are aware of the requirement to balance current and future needs and always aim to set a balanced budget with annual income balancing annual expenditure. The Board aims to maintain an unrestricted reserve of at least 5% of revenue income. The Trustees monitor estimated year-end carry forward figures via the receipt of management accounts. The budget plan identifies how any carry forward will be allocated in the plan for the following academic year, including the identification of any funds earmarked for a specific project or purpose. The Trust maintains a medium-term financial forecast which shows how end of year reported reserves will be utilised for each academy. The Trust reviews the forecasts and actual results closely to ensure that the Trust continues for the foreseeable future and can react to unforeseen budget changes.

 

The cash balance of the Trust is reasonably strong, ending the year with a balance of £505,222.

Investment policy

During this period, the Trust has held all its funds in an interest-bearing accounts and made no investments.

Principal risks and uncertainties

The Trust maintains a Risk Register identifying the major risks, to which each academy is exposed, and identifying actions and procedures to mitigate those risks. This register is approved and monitored by the Board with a formal review undertaken three times a year as a minimum. The internal control systems and the exposure to identified risks are monitored on behalf of the Trustees at each Finance, Audit and Risk Committee meeting. The principal risks facing the Trust are outlined below; those facing the Academies at an operational level are addressed by its systems and by internal financial and other controls.

 

The Trustees report that the Trust’s financial and internal controls conform to guidelines issued by the EFSA, and that improvements to the wider framework of systems dealing with business risk and risk management strategy continue to be made and formally documented.

 

It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed.

 

The Trust and each academy have continued to strengthen the risk management process throughout the year by improving the process and ensuring staff awareness.

 

As a group of academy schools, the level of financial risk is relatively low. Cash flows can be reliably forecast, monitored, and reported. Staff costs make up the majority of expenditure and are relatively stable with contingencies in place to cover such items as sickness and maternity absence.

THEDWASTRE EDUCATION TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 12 -

The Trustees assess the other principal risks and uncertainties facing the Trust as follows:

Fundraising

The Trust is compliant with the recognised standards of fundraising set out in the Code of Fundraising Practice. Thedwastre Education Trust does not use professional fundraisers and there have been no complaints received by the Trust about fund raising activities carried out by the Trust in the year.

Streamlined energy and carbon reporting

As the academy trust has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

THEDWASTRE EDUCATION TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 13 -
Plans for future periods

The Board plans to grow the Trust during the next few years to ensure that our schools receive the benefits of being part of a larger organisation. We will explore opportunities to attract like minded schools from within a 30 mile radius that share our values and ethos. We will consider opportunities to grow the Trust through academy conversions, bringing on board Single Academy Trusts and the development of new schools based on local need.

 

The Board has undertaken a review of the Strategy for the coming three-year period. The focus for the next few years will be to embed our school improvement offer and consolidate the central services offer, so that this is able to accommodate growth of the Trust.

 

The Board’s plans for the next year include the following:

Auditor

In so far as the trustees are aware:

In accordance with the company’s articles, a resolution proposing the appointment of independent auditors of the company will be put to the Board of Directors for approval by the Members. To ensure the Trust achieves best value, the provision of audit services was market tested in 2023-24..

The trustees' report, incorporating a strategic report, was approved by order of the board of trustees, as the company directors, on 28 November 2024 and signed on its behalf by:

G McDonald
Chair of Trustees
THEDWASTRE EDUCATION TRUST
GOVERNANCE STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2024
- 14 -
Scope of responsibility

As Trustees, we acknowledge we have overall responsibility for ensuring that Thedwastre Education 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 Directors has delegated the day-to-day responsibility to the Chief Executive Officer, as Accounting Officer, for ensuring financial controls conform to the requirements of both propriety and good fiscal management, and in accordance with the requirements and responsibilities assigned to it in the funding agreement between Thedwastre Education Trust and the Secretary of State for Education. They are 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 Trustees' Responsibilities Statement. The Board of Directors has formally met five times (excluding the Annual General Meeting) during the accounting period in addition to several other informal meetings. Attendance during the year at meetings of the Board of Directors was as follows:

Trustees
Meetings attended
Out of possible
G McDonald (Chair of Trustees)
5
5
P Mackay (CEO)
5
5
D Olney (Resigned 7 December 2023)
3
3
Rev'd M R Farrell (Resigned 1 July 2024)
4
4
R Temple-Summers
4
5
S Leader
5
5
T Darby (Resigned 21 March 2024)
3
4
Ms J C Steed (Appointed 15 January 2024)
3
4
Rev C Brinkley (Appointed 3 October 2024)
0
0

The Reverend Ruth Farrell retired towards the end of the year after serving as a long-standing Trustee. The Board would like to extend its thanks to her and David Olney for their many years of dedicated service to the Trust. We wish them well in their retirement. David agreed to continue as a Member of the Trust, for which we are also grateful. Tracy Darby resigned due to family commitments and the Board would also like to thank her for her service during her two periods as a Director. We were pleased to appoint Julia Steed as a Director during the year. Julia has a wealth of experience in academies and in particular academy finance.

 

The Board has undertaken a review of its effectiveness and regularly takes steps to broaden the range of skills amongst its membership. The Board considered the commissioning of an independent review of governance but decided against it on the grounds of costs. An internal review was undertaken instead and the results of this will be considered during the 2024-25 year, with actions taken as appropriate.

 

The Board takes steps to ensure good communication with local governing bodies and invites representatives from each LGB to attend the Board’s sub committees as well as meeting with all chairs on a termly basis.

 

The Board is satisfied with the quality of information provided by the academies and senior leadership team and takes time to review such data and challenge this as appropriate.

Conflicts of interest
The Trust actively manage potential conflicts of interest by completing annual governor/trustee declaration forms and raising it at the start of every meeting.  The requirements set out by the ESFA on business and other interests are followed to ensure transparency.

 

THEDWASTRE EDUCATION TRUST
GOVERNANCE STATEMENT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 15 -

Finance, Audit and Risk Committee

The Finance, Audit & Risk Committee is a sub-committee of the Board of Directors and consists of Directors appointed by the Board alongside one representative from each LGB. Its purpose is to address financial matters and monitor the Trust’s internal control framework and compliance with regulations also acting as the Audit Committee. In addition to fulfilling its routine responsibility the committee has also set the financial policies for the Trust and ensured compliance with the Academies Handbook and other financial arrangements that academy trusts are required to adhere to.

 

Financial information was sent to Directors on a monthly basis for review and discussed at the Board and Committee meetings as necessary.

Attendance at meetings in the year was as follows:

Trustees
Meetings attended
Out of possible
G McDonald (Chair of Trustees)
3
3
P Mackay (CEO)
3
3
D Olney (Resigned 7 December 2023)
1
1
T Darby (Resigned 21 March 2024)
2
2
Ms J C Steed (Appointed 15 January 2024)
2
2
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 maximising the educational and wider societal outcomes achieved in return for the taxpayer resources received.

 

Throughout each academic year the Accounting Officer considers whether the Trust’s use of its resources is providing good value for money and reports this to the Board of Directors, highlighting any opportunities where value for money can be improved.

 

The Accounting Officer also oversees the estate to ensure this remains safe and well maintained.

 

The Accounting Officer for the academy trust has delivered improved value for money during the year by:

 

The Board of Directors have been robust in their challenge of spending and budget allocation to ensure that the trust was able to set a realistic budget for 2024-25. Despite this, due to the challenging financial situation these are a deficit budget for 2024-25. The Board plans to return budgets to balance for the following year.

THEDWASTRE EDUCATION TRUST
GOVERNANCE STATEMENT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 16 -
The purpose of the system of internal control

The system of internal financial 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 Trust policies, aims and objectives, to evaluate the likelihood of those risks being realised and the impact should they be realised, and then manage them efficiently, effectively, and economically. The system of internal control has been in place for the period 1 September 2023 to 31st August 2024, and up to the date of approval of the annual report and financial statements.

Capacity to handle risk

The Board of Directors 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 Directors is of the view that there is a formal on-going process for identifying, evaluating, and managing the academy trust’s significant risks that has been in place for the period 1st September 2023 to 31st August 2024, and up to the date of the approval of the annual report and financial statements. This process is regularly reviewed by the Board of Directors.

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 Directors has considered the need for a specific internal audit function and appointed an external company to perform this role. Their role includes giving advice on financial matters and performing a range of checks on each Academy's financial systems as directed by the Board. In particular the checks carried out in the period included a review of purchasing, income collection and payroll procedures. Some areas requiring improvement were noted and an action plan to address these has been prepared.

The Purpose of the System of Internal Controls

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 ongoing process designed to identify and prioritise the risks to the achievement of academy 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. This system of internal control has been in place in Thedwastre Education Trust from 1st September 2023 to 31 August 2024, and up to the date of approval of the annual report and financial statements..

An internal auditor has delivered their schedule of work as planned. There were no significant control issues arising as a result of the internal auditor’s work.

THEDWASTRE EDUCATION TRUST
GOVERNANCE STATEMENT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 17 -
Review of effectiveness

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

 

The Accounting Officer has been advised of the implications of the result of their review of the system of internal control by the Finance, Audit & Risk Committee, and a plan to ensure continuous improvement of the system is in place.

Approved by order of the board of trustees on 28 November 2024 and signed on its behalf by:

G McDonald
P Mackay
Chair of Trustees
CEO
THEDWASTRE EDUCATION TRUST
STATEMENT OF REGULARITY, PROPRIETY AND COMPLIANCE
FOR THE YEAR ENDED 31 AUGUST 2024
- 18 -

As accounting officer of Thedwastre Education 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.

I confirm that I and the academy trust's board of trustees are able to identify any material irregular or improper use of funds by the academy trust, or material non-compliance with the terms and conditions of funding under the academy trust's funding agreement and the Academy Trust Handbook 2023.

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

P Mackay
Accounting Officer
28 November 2024
THEDWASTRE EDUCATION TRUST
STATEMENT OF TRUSTEES' RESPONSIBILITIES
FOR THE YEAR ENDED 31 AUGUST 2024
- 19 -

The trustees (who are also the directors of Thedwastre Education 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 28 November 2024 and signed on its behalf by:

G McDonald
Chair of Trustees
THEDWASTRE EDUCATION TRUST
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THEDWASTRE EDUCATION TRUST
FOR THE YEAR ENDED 31 AUGUST 2024
- 20 -

Opinion

We have audited the accounts of Thedwastre Education Trust for the year ended 31 August 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 31 August 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

-

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

-

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

-

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

Conclusions relating to going concern

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

 

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

 

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

Other information

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

THEDWASTRE EDUCATION TRUST
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THEDWASTRE EDUCATION TRUST (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 21 -
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 year 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.

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.

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

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

 

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

THEDWASTRE EDUCATION TRUST
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THEDWASTRE EDUCATION TRUST (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 22 -

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

·    Enquiry of senior leadership, Governors/Trustees and those charged with governance around actual

and potential litigation and claims as well as actual, suspected and alleged fraud;

·    Reviewing minutes of meetings of those charged with governance;

·    Assessing the extent of compliance with the laws and regulations considered to have a direct material

effect on the financial statements or the operations of the company through enquiry and inspection;

·    Reviewing financial statement disclosures and testing to supporting documentation to assess

compliance with applicable laws and regulations including compliance with the Academies Accounts

Direction 2023 to 2024 issued by the Education and Skills Funding Agency;

·    Performing audit work over the recognition of grant income and the allocation of expenditure to funds;

·    Performing audit work over the risk of management bias and override of controls, including testing of

journal entries and other adjustments for appropriateness, evaluating the rationale of significant

transactions outside the normal course of business and reviewing accounting estimates for indicators of

potential bias.

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Tracey Richardson BSc (Hons) FCA (Senior Statutory Auditor)
for and on behalf of Azets Audit Services
17 December 2024
Chartered Accountants
Statutory Auditor
Westpoint
Lynch Wood
Peterborough
Cambridgeshire
United Kingdom
PE2 6FZ
THEDWASTRE EDUCATION TRUST
INDEPENDENT REPORTING ACCOUNTANT'S ASSURANCE REPORT ON REGULARITY TO THEDWASTRE EDUCATION TRUST AND THE EDUCATION AND SKILLS FUNDING AGENCY
FOR THE YEAR ENDED 31 AUGUST 2024
- 23 -

In accordance with the terms of our engagement letter dated 2 September 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 Thedwastre Education Trust during the period 1 September 2023 to 31 August 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 Thedwastre Education Trust and ESFA in accordance with the terms of our engagement letter. Our work has been undertaken so that we might state to the Thedwastre Education 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 Thedwastre Education Trust and ESFA, for our work, for this report, or for the conclusion we have formed.

Respective responsibilities of Thedwastre Education Trust's accounting officer and the reporting accountant

The accounting officer is responsible, under the requirements of Thedwastre Education Trust’s funding agreement with the Secretary of State for Education dated 23 December 2015 and the Academies 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 31 August 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:

available to us;

THEDWASTRE EDUCATION TRUST
INDEPENDENT REPORTING ACCOUNTANT'S ASSURANCE REPORT ON REGULARITY TO THEDWASTRE EDUCATION TRUST AND THE EDUCATION AND SKILLS FUNDING AGENCY (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 24 -
Conclusion

In the course of our work, 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 31 August 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
Azets Audit Services
Ruthlyn House
90 Lincoln Road
Peterborough
Cambridgeshire
PE1 2SP
United Kingdom
Dated: 17 December 2024
THEDWASTRE EDUCATION TRUST
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2024
- 25 -
Unrestricted
Restricted funds:
Total
Total
funds
General
Fixed asset
2024
2023
Notes
£
£
£
£
£
Income and endowments from:
Donations and capital grants
3
8,864
-
153,592
162,456
140,189
Charitable activities:
- Funding for educational operations
4
122,912
4,417,019
-
4,539,931
4,209,383
Other trading activities
5
63,030
8,110
-
71,140
144,865
Investments
6
105
-
-
105
101
Total
194,911
4,425,129
153,592
4,773,632
4,494,538
Expenditure on:
Charitable activities:
- Educational operations
9
292,536
4,514,578
240,733
5,047,847
4,650,041
Total
8
292,536
4,514,578
240,733
5,047,847
4,650,041
Net expenditure
(97,625)
(89,449)
(87,141)
(274,215)
(155,503)
Transfers between funds
22
(34,780)
28,011
6,769
-
-
Other recognised gains/(losses)
Actuarial gains/(losses) on defined benefit pension schemes
21
-
289,000
-
289,000
(247,000)
Adjustment for restriction on pension assets
21
-
(318,000)
-
(318,000)
526,000
Net movement in funds
(132,405)
(90,438)
(80,372)
(303,215)
123,497
Reconciliation of funds
Total funds brought forward
391,653
90,438
2,570,990
3,053,081
2,929,584
Total funds carried forward
259,248
-
2,490,618
2,749,866
3,053,081
THEDWASTRE EDUCATION TRUST
STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED)
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2024
- 26 -
Comparative year information
Unrestricted
Restricted funds:
Total
Year ended 31 August 2023
funds
General
Fixed asset
2023
Notes
£
£
£
£
Income and endowments from:
Donations and capital grants
3
12,450
-
127,739
140,189
Charitable activities:
- Funding for educational operations
4
136,612
4,072,771
-
4,209,383
Other trading activities
5
138,686
6,179
-
144,865
Investments
6
101
-
-
101
Total
287,849
4,078,950
127,739
4,494,538
Expenditure on:
Charitable activities:
- Educational operations
9
304,305
4,136,645
209,091
4,650,041
Total
8
304,305
4,136,645
209,091
4,650,041
Net expenditure
(16,456)
(57,695)
(81,352)
(155,503)
Other recognised gains/(losses)
Actuarial losses on defined benefit pension schemes
21
-
(247,000)
-
(247,000)
Adjustment for restriction on pension assets
21
-
526,000
-
526,000
Net movement in funds
(16,456)
221,305
(81,352)
123,497
Reconciliation of funds
Total funds brought forward
408,109
(130,867)
2,652,342
2,929,584
Total funds carried forward
391,653
90,438
2,570,990
3,053,081
THEDWASTRE EDUCATION TRUST
BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 27 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
15
2,443,755
2,547,441
Current assets
Debtors
17
193,174
185,892
Cash at bank and in hand
505,222
592,850
698,396
778,742
Current liabilities
Creditors: amounts falling due within one year
18
(381,336)
(259,720)
Net current assets
317,060
519,022
Total assets less current liabilities
2,760,815
3,066,463
Creditors: amounts falling due after more than one year
19
(10,949)
(13,382)
Net assets excluding pension asset
2,749,866
3,053,081
Defined benefit pension scheme asset
21
-
-
Total net assets
2,749,866
3,053,081
Funds of the academy trust:
Restricted funds
22
- Fixed asset funds
2,490,618
2,570,990
- Restricted income funds
-
90,438
Total restricted funds
2,490,618
2,661,428
Unrestricted income funds
22
259,248
391,653
Total funds
2,749,866
3,053,081

The accounts on pages 25 to 52 were approved by the trustees and authorised for issue on 28 November 2024 and are signed on their behalf by:

G McDonald
Chair of Trustees
Company registration number 09896672 (England and Wales)
THEDWASTRE EDUCATION TRUST
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2024
- 28 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Net cash used in operating activities
27
(238,894)
(348,309)
Cash flows from investing activities
Dividends, interest and rents from investments
105
101
Capital grants from DfE Group
153,592
127,739
Purchase of tangible fixed assets
-
(18,817)
Net cash provided by investing activities
153,697
109,023
Cash flows from financing activities
Repayment of long term bank loan
(2,431)
(2,433)
Net cash used in financing activities
(2,431)
(2,433)
Net decrease in cash and cash equivalents in the reporting period
(87,628)
(241,719)
Cash and cash equivalents at beginning of the year
592,850
834,569
Cash and cash equivalents at end of the year
505,222
592,850
THEDWASTRE EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 29 -
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.

 

Thedwastre Education Trust meets the definition of a public benefit entity under FRS 102.

 

The accounts are prepared in sterling, which is the functional currency of the academy trust. Monetary amounts in these financial statements are rounded to the nearest £.

1.2
Going concern

The trustees assess whether the use of going concern is appropriate, ie whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the charitable company to continue as a going concern. The trustees have made this assessment in respect of a period of at least one year from the date of authorisation for issue of the accounts and have concluded that the academy trust has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the academy trust’s ability to continue as a going concern. Thus they continue to adopt the going concern basis of accounting in preparing the accounts.

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.

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.

THEDWASTRE EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 30 -
1.4
Expenditure

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

 

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

All resources expended are inclusive of irrecoverable VAT.

Expenditure on raising funds

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

Charitable activities

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

Governance costs

These include the costs attributable to the academy trust's compliance with constitutional and statutory requirements, including audit, strategic management, trustees' meetings and reimbursed expenses.

1.5
Tangible fixed assets and depreciation

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

 

Where tangible fixed assets have been acquired with the aid of specific grants, either from the government or from the private sector, they are included in the balance sheet at cost and depreciated over their expected useful economic life. 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.

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

Leasehold land and buildings
50 years straight line.
Computer equipment
5 years straight line.
Fixtures, fittings & equipment
10 years straight line.
THEDWASTRE EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 31 -

A proportion of the land and buildings occupied by the Academy has been provided by site trustees under mere licence (also referred to as a Church Supplemental Agreement) which contains a two year notice period.

 

As the Academy Trust occupies the land and such buildings as may be or may come to be erected on it by a mere licence that transfers to the academy no rights or control over the site save that of occupying it at the will of the site trustees under the terms of the relevant site trust, the trustees have concluded that the value of any land and buildings occupied by the academy trust under a Church Supplemental Agreement will not be recognised on the balance sheet of the company.

 

The building in which Thurston Primary Academy operates from 1 September 2021 was commissioned and built by the Local Authority during the year prior to opening. Thedwastre Education Trust were given access to the property in September 2021 on a Church customary occupancy basis. This building has not been recognised in these accounts.

 

In certain circumstances a two year Church Supplemental Agreement may give rise to an annual donation equal to the equivalent of rent not charged, an annual rental expense and a prepayment equal to the value of two years notional rent, if the value of rent not charged can be reliably measured. In this case of the aforementioned agreements it is the belief of the academy trust that the value of rent not charged cannot be reliably measured and as a result no amounts relating to the value of rent not charged have been recognised.

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
Leased assets

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

1.8
Financial instruments

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

Financial assets

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

 

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

Financial liabilities

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

 

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

THEDWASTRE EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 32 -
1.9
Taxation

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

1.10
Pensions benefits

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

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

The LGPS is a funded 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.

1.11
Fund accounting

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

THEDWASTRE EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
2
Critical accounting estimates and areas of judgement
(Continued)
- 33 -
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.

Tangible fixed assets are recognised at cost or valuation, less accumulated depreciation and any impairment. Depreciation takes place over the estimated useful life, down to the assessed residual value. The carrying amount of the academy's fixed assets is tested as soon as changed conditions show that a need for impairment has arisen.

 

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 21, will impact the carrying amount of the pension liability. Furthermore a roll forward approach which projects results from the latest full actuarial valuation performed at 31 March 2022 has been used by the actuary in valuing the pensions liability at 31 August 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.

3
Donations and capital grants
Unrestricted
Restricted
Total
Total
funds
funds
2024
2023
£
£
£
£
Capital grants
-
153,592
153,592
127,739
Other donations
8,864
-
8,864
12,450
8,864
153,592
162,456
140,189
THEDWASTRE EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 34 -
4
Funding for the academy trust's educational operations
Unrestricted
Restricted
Total
Total
funds
funds
2024
2023
£
£
£
£
DfE/ESFA grants
General annual grant (GAG)
-
3,475,765
3,475,765
3,103,735
Other DfE/ESFA grants:
- UIFSM
-
114,408
114,408
102,572
- Pupil premium
-
210,352
210,352
184,909
- PE and sports premium
-
70,270
70,270
70,090
- Others
-
242,684
242,684
183,375
-
4,113,479
4,113,479
3,644,681
Other government grants
Local authority grants
-
300,347
300,347
428,090
Other incoming resources
122,912
3,193
126,105
136,612
Total funding
122,912
4,417,019
4,539,931
4,209,383
5
Other trading activities
Unrestricted
Restricted
Total
Total
funds
funds
2024
2023
£
£
£
£
Hire of facilities
8,625
-
8,625
9,570
Supply teacher insurance income
-
8,110
8,110
6,179
Other income
54,405
-
54,405
129,116
63,030
8,110
71,140
144,865
6
Investment income
Unrestricted
Restricted
Total
Total
funds
funds
2024
2023
£
£
£
£
Short term deposits
105
-
105
101
THEDWASTRE EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 35 -
7
Central services

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

 

The academy trust charges for these services on the following basis:

 

The amounts charged during the year were as follows:
2024
2023
£
£
Thurston C of E Primary Academy
72,444
69,149
Woolpit Primary Academy
31,884
30,162
Great Barton C of E Primary Academy
45,622
43,046
Rattlesden C of E Primary Academy
33,560
29,722
183,510
172,079
8
Expenditure
Non-pay expenditure
Total
Total
Staff costs
Premises
Other
2024
2023
£
£
£
£
£
Academy's educational operations
- Direct costs
2,432,084
-
260,709
2,692,793
2,570,901
- Allocated support costs
1,246,221
670,803
438,030
2,355,054
2,079,140
3,678,305
670,803
698,739
5,047,847
4,650,041
Net income/(expenditure) for the year includes:
2024
2023
£
£
Fees payable to auditor for:
- Audit
10,300
11,950
- Other services
5,995
5,418
Depreciation of tangible fixed assets
103,686
104,933
Net interest on defined benefit pension liability
(8,000)
10,000
THEDWASTRE EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 36 -
9
Charitable activities
Unrestricted
Restricted
Total
Total
funds
funds
2024
2023
£
£
£
£
Direct costs
Educational operations
292,536
2,400,257
2,692,793
2,570,901
Support costs
Educational operations
-
2,355,054
2,355,054
2,079,140
292,536
4,755,311
5,047,847
4,650,041
Analysis of costs
2024
2023
£
£
Direct costs
Teaching and educational support staff costs
2,432,084
2,202,067
Staff development
22,517
20,881
Technology costs
70,997
21,103
Educational supplies and services
115,962
257,100
Educational consultancy
5,757
-
Other direct costs
73,617
69,750
2,720,934
2,570,901
Support costs
Support staff costs
1,246,221
1,195,874
Depreciation
103,686
104,933
Technology costs
5,965
-
Maintenance of premises and equipment
170,757
189,424
Rent, rates and other occupancy costs
368,219
233,928
Catering
296,475
268,906
Finance costs
(8,000)
10,000
Legal costs
33,682
52,265
Other support costs
93,613
6,442
Governance costs
16,295
17,368
2,326,913
2,079,140
10
Governance costs
Total
Total
All from restricted funds:
2024
2023
£
£
Amounts included in support costs
Auditor's remuneration
- Audit of financial statements
10,300
11,950
- Other audit costs
5,995
5,418
16,295
17,368
THEDWASTRE EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 37 -
11
Staff
Staff costs and employee benefits
Staff costs during the year were:
2024
2023
£
£
Wages and salaries
2,767,567
2,488,542
Social security costs
246,907
215,016
Pension costs
634,673
671,243
Staff costs - employees
3,649,147
3,374,801
Agency staff costs
26,658
16,682
Staff restructuring costs
2,500
-
3,678,305
3,391,483
Staff development and other staff costs
22,517
27,339
Total staff expenditure
3,700,822
3,418,822
Staff restructuring costs comprise:
Redundancy payments
2,500
-
Severance payments

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

£0 - £25,000
1
Staff numbers
The average number of persons employed by the academy trust during the year was as follows:
2024
2023
Number
Number
Teachers
44
44
Administration and support
65
64
Management
5
5
114
113
THEDWASTRE EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
11
Staff
(Continued)
- 38 -
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
3
4
£70,001 - £80,000
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 employee benefits (including employer pension contributions and employer national insurance contributions) received by key management personnel for their services to the academy trust was £465,166 (2023 - £416,820).

12
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 Headteacher and other staff trustees only receive remuneration in respect of services they provide undertaking the roles of Headteacher 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:

 

P Mackay (CEO and trustee)

    Remuneration £70,001 - £75,000 (2023 - £65,001 - £70,000)

    Employer’s pension contributions £15,001 - £20,000 (2023 - £15,001 - £20,000)

During the year no expenses were reimbursed or paid directly to any of the trustees (2023: None).

 

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

13
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.

THEDWASTRE EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 39 -
14
Intangible fixed assets
Computer software
£
Cost
At 1 September 2023 and at 31 August 2024
35,827
Amortisation
At 1 September 2023 and at 31 August 2024
35,827
Carrying amount
At 31 August 2024
-
At 31 August 2023
-
15
Tangible fixed assets
Leasehold land and buildings
Computer equipment
Fixtures, fittings & equipment
Total
£
£
£
£
Cost
At 1 September 2023 and 31 August 2024
2,686,210
157,284
281,538
3,125,032
Depreciation
At 1 September 2023
366,329
105,649
105,613
577,591
Charge for the year
53,724
22,688
27,274
103,686
At 31 August 2024
420,053
128,337
132,887
681,277
Net book value
At 31 August 2024
2,266,157
28,947
148,651
2,443,755
At 31 August 2023
2,319,881
51,635
175,925
2,547,441

A proportion of the land and buildings occupied by the Academy has been provided by site trustees under mere licence (also referred to as a Church Supplemental Agreement) which contains a two year notice period.

 

As the Academy Trust occupies the land and such buildings as may be or may come to be erected on it by a mere licence that transfers to the academy no rights or control over the site save that of occupying it at the will of the site trustees under the terms of the relevant site trust, the trustees have concluded that the value of any land and buildings occupied by the academy trust under a Church Supplemental Agreement will not be recognised on the balance sheet of the company.

 

The building in which Thurston Primary Academy operates from 1 September 2021 was commissioned and built by the Local Authority during the year prior to opening. Thedwastre Education Trust were given access to the property in September 2021 on a Church customary occupancy basis. This building has not been recognised in these accounts.

 

During the year the Trust received CIF funding of £102,137 (2023 - £50,810) that was spent on improvements to Diocesan property occupied by the Trust. This has been included in maintenance to buildings and premises expenditure in note 9.

THEDWASTRE EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 40 -
16
Financial instruments
2024
2023
£
£
Carrying amount of financial assets
Trade debtors
15,546
54,295
Accrued income
66,665
47,452
Bank and cash
505,222
592,850
587,433
694,597
Carrying amount of financial liabilities
Trade creditors
185,665
44,386
Accruals
66,311
72,492
251,976
116,878
17
Debtors
2024
2023
£
£
Trade debtors
15,546
54,295
VAT recoverable
46,301
22,638
Other debtors
10,963
-
Prepayments and accrued income
120,364
108,959
193,174
185,892
18
Creditors: amounts falling due within one year
2024
2023
£
£
Government loans
2,434
2,432
Trade creditors
185,665
44,386
Accruals and deferred income
193,237
212,902
381,336
259,720
19
Creditors: amounts falling due after more than one year
2024
2023
£
£
Government loans
10,949
13,382
THEDWASTRE EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
19
Creditors: amounts falling due after more than one year
(Continued)
- 41 -
2024
2023
Analysis of loans
£
£
Wholly repayable within five years
13,383
15,814
Less: included in current liabilities
(2,434)
(2,432)
Amounts included above
10,949
13,382
Loan maturity
Debt due in one year or less
2,434
2,433
Due in more than one year but not more than two years
2,433
2,433
Due in more than two years but not more than five years
7,299
7,298
Due in more than five years
1,217
3,650
13,383
15,814

Included above are salix loans from the ESFA which are repayable over 8 years. No interest is charged on these loans.

20
Deferred income
2024
2023
£
£
Deferred income is included within:
Creditors due within one year
126,926
140,410
Deferred income at 1 September 2023
140,410
319,194
Released from previous years
(140,410)
(319,194)
Resources deferred in the year
126,926
140,410
Deferred income at 31 August 2024
126,926
140,410

At the balance sheet date the Academy Trust was holding funds received in advance of the 2024/25 financial year in respect of parental contributions to trips of £14,519 (2023 - £12,992), universal infant free school meals of £66,740 (2023 - £62,815), growth funding of £nil (2023 - £nil), other grant funding of £nil (2023 - £7,070) and SEN funding of £45,667 (2023 - £57,533).

21
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 Suffolk County Council. Both are multi-employer defined benefit schemes.

 

The latest actuarial valuation of the TPS related to the period ended 31 March 2016, and that of the LGPS related to the period ended 31 March 2022.

Contributions amounting to £nil (2023 - £nil) were payable to the schemes at 31 August 2024.

THEDWASTRE EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
21
Pension and similar obligations
(Continued)
- 42 -
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.

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 ensure scheme costs are recognised and managed appropriately and the review specifies the level of future contributions.

Actuarial scheme valuations are dependent on assumptions about the value of future costs, design of benefits and many other factors. The latest actuarial valuation of the TPS was carried out as at 31 March 2020. The valuation report was published by the Department for Education on 27 October 2023, with the SCAPE rate, set by HMT, applying a notional investment return based on 1.7% above the rate of CPI. The key elements of the valuation outcome are:

The result of this valuation will be implemented from 1 April 2024.The next valuation result is due to be implemented from 1 April 2028.

The employer's pension costs paid to the TPS in the period amounted to £457,767 (2023 - £386,789).

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 is unable to identify its share of the underlying assets and liabilities of the plan. Accordingly, the academy trust has taken advantage of the exemption in FRS 102 and has 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 22% 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.

THEDWASTRE EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
21
Pension and similar obligations
(Continued)
- 43 -
Total contributions made
2024
2023
£
£
Employer's contributions
196,000
178,000
Employees' contributions
55,000
50,000
Total contributions
251,000
228,000
Principal actuarial assumptions
2024
2023
%
%
Rate of increase in salaries
3.65
3.95
Rate of increase for pensions in payment/inflation
2.65
2.95
Discount rate for scheme liabilities
5.00
5.20
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
19.5
19.6
- Females
25.3
25.3
Retiring in 20 years
- Males
20.1
20.2
- Females
25.9
26.0
Sensitivity analysis

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

2024
2023
0.1% decrease in discount rate
55,000
49,000
0.1% increase in salary increase rate
1,000
3,000
0.1% increase in pension increase rate
55,000
47,000
THEDWASTRE EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
21
Pension and similar obligations
(Continued)
- 44 -
Defined benefit pension scheme net asset
2024
2023
£
£
Scheme assets
2,680,000
2,177,000
Scheme obligations
(2,362,000)
(2,040,000)
Net asset
318,000
137,000
Restriction on scheme assets
(318,000)
(137,000)
Total liability recognised
-
-
The academy trust's share of the assets in the scheme
2024
2023
Fair value
Fair value
£
£
Equities
1,742,000
1,437,000
Bonds
723,600
544,000
Cash
26,800
22,000
Property
187,600
174,000
Total market value of assets
2,680,000
2,177,000
Restriction on scheme assets
(318,000)
(137,000)
Net assets recognised
2,362,000
2,040,000
The actual return on scheme assets was £286,000 (2023: £(56,000)).
Amount recognised in the statement of financial activities
2024
2023
£
£
Current service cost
175,000
219,000
Interest income
(119,000)
(85,000)
Interest cost
111,000
95,000
Total amount recognised
167,000
229,000

The net gain recognised on scheme assets has been restricted because the full pension surplus is not expected to be recovered through refunds or reduced contributions in the future.

THEDWASTRE EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
21
Pension and similar obligations
(Continued)
- 45 -
Changes in the present value of defined benefit obligations
2024
2023
£
£
At 1 September 2023
2,040,000
2,125,000
Current service cost
175,000
219,000
Interest cost
111,000
95,000
Employee contributions
55,000
50,000
Actuarial loss/(gain)
15,000
(420,000)
Benefits paid
(34,000)
(29,000)
At 31 August 2024
2,362,000
2,040,000
Changes in the fair value of the academy trust's share of scheme assets
2024
2023
£
£
At 1 September 2023
2,177,000
1,897,000
Interest income
119,000
85,000
Actuarial (gain)/loss
167,000
(4,000)
Employer contributions
196,000
178,000
Employee contributions
55,000
50,000
Benefits paid
(34,000)
(29,000)
At 31 August 2024
2,680,000
2,177,000
Restriction on scheme assets
(318,000)
(137,000)
Net assets recognised
2,362,000
2,040,000

The actuarial valuation prepared under FRS102 in respect of the Local Government Pension Scheme indicated that Thedwastre Education Trust's share of the scheme was £318,000 in surplus at the year end. At the time of approving the accounts, the trustees have no indication that this will result in either a refund of contributions or a reduction in future contributions and therefore the corresponding asset has not been reflected in these accounts.

THEDWASTRE EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 46 -
22
Funds
Balance at
Gains,
Balance at
1 September
losses and
31 August
2023
Income
Expenditure
transfers
2024
£
£
£
£
£
Restricted general funds
General Annual Grant (GAG)
90,438
3,475,765
(3,594,214)
28,011
-
UIFSM
-
114,408
(114,408)
-
-
Pupil premium
-
210,352
(210,352)
-
-
Other DfE/ESFA grants
-
312,954
(312,954)
-
-
Other government grants
-
300,347
(300,347)
-
-
Other restricted funds
-
11,303
(11,303)
-
-
Pension reserve
-
-
29,000
(29,000)
-
90,438
4,425,129
(4,514,578)
(989)
-
Restricted fixed asset funds
Inherited on conversion
2,308,248
-
(57,817)
-
2,250,431
DfE group capital grants
23,549
153,592
(137,047)
6,769
46,863
Capital expenditure from GAG
200,450
-
(38,972)
-
161,478
Donations for fixed assets
38,743
-
(6,897)
-
31,846
2,570,990
153,592
(240,733)
6,769
2,490,618
Total restricted funds
2,661,428
4,578,721
(4,755,311)
5,780
2,490,618
Unrestricted funds
General funds
391,653
194,911
(292,536)
(34,780)
259,248
Total funds
3,053,081
4,773,632
(5,047,847)
(29,000)
2,749,866
THEDWASTRE EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
22
Funds
(Continued)
- 47 -

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

 

Restricted general funds and other restricted fixed funds

These relate to the Academy's development and operational activities. The restricted grant income in the year all relates to the provision of education for the students attending the academy.

 

Restricted fixed asset fund

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

 

Pension reserve

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

Parliament has agreed, at the request of the Secretary of State for Education, to a guarantee that, in the event of academy closure, outstanding local government pension scheme liabilities would be met by the Department for Education. The guarantee came into force on 18 July 2013.

 

Restriction on surplus GAG

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

 

THEDWASTRE EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
22
Funds
(Continued)
- 48 -
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)
97,133
3,103,735
(3,110,430)
-
90,438
UIFSM
-
102,572
(102,572)
-
-
Pupil premium
-
184,909
(184,909)
-
-
Other DfE/ESFA grants
-
253,465
(253,465)
-
-
Other government grants
-
428,090
(428,090)
-
-
Other restricted funds
-
6,179
(6,179)
-
-
Pension reserve
(228,000)
-
(51,000)
279,000
-
(130,867)
4,078,950
(4,136,645)
279,000
90,438
Restricted fixed asset funds
Inherited on conversion
2,366,982
-
(58,734)
-
2,308,248
DfE group capital grants
18,785
127,739
(104,158)
(18,817)
23,549
Capital expenditure from GAG
220,935
-
(39,302)
18,817
200,450
Donations for fixed assets
45,640
-
(6,897)
-
38,743
2,652,342
127,739
(209,091)
-
2,570,990
Total restricted funds
2,521,475
4,206,689
(4,345,736)
279,000
2,661,428
Unrestricted funds
General funds
408,109
287,849
(304,305)
-
391,653
Total funds
2,929,584
4,494,538
(4,650,041)
279,000
3,053,081
THEDWASTRE EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
22
Funds
(Continued)
- 49 -
Total funds analysis by academy
2024
2023
Fund balances at 31 August 2024 were allocated as follows:
£
£
Thurston C of E Primary Academy
(53,155)
10,444
Woolpit Primary Academy
53,640
132,077
Great Barton C of E Primary Academy
158,130
184,282
Rattlesden C of E Primary Academy
114,142
116,045
Central services
(13,509)
39,243
Total before fixed assets fund and pension reserve
259,248
482,091
Restricted fixed asset fund
2,490,618
2,570,990
Pension reserve
-
-
Total funds
2,749,866
3,053,081
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
£
£
£
£
£
£
Thurston C of E Primary Academy
941,441
482,547
40,206
344,287
1,808,481
1,654,482
Woolpit Primary Academy
431,634
261,604
24,802
216,041
934,081
790,692
Great Barton C of E Primary Academy
593,063
236,368
24,189
229,852
1,083,472
1,017,630
Rattlesden C of E Primary Academy
364,184
206,543
26,765
167,994
765,486
709,269
Central services
101,762
59,159
-
191,720
352,641
373,035
2,432,084
1,246,221
115,962
1,149,894
4,944,161
4,545,108
THEDWASTRE EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 50 -
23
Analysis of net assets between funds
Unrestricted
Restricted funds:
Total
Funds
General
Fixed asset
Funds
£
£
£
£
Fund balances at 31 August 2024 are represented by:
Tangible fixed assets
-
-
2,443,755
2,443,755
Current assets
284,730
366,803
46,863
698,396
Current liabilities
(25,482)
(355,854)
-
(381,336)
Non-current liabilities
-
(10,949)
-
(10,949)
Total net assets
259,248
-
2,490,618
2,749,866
Unrestricted
Restricted funds:
Total
Funds
General
Fixed asset
Funds
£
£
£
£
Fund balances at 31 August 2023 are represented by:
Tangible fixed assets
-
-
2,547,441
2,547,441
Current assets
404,645
350,548
23,549
778,742
Current liabilities
(12,992)
(246,728)
-
(259,720)
Non-current liabilities
-
(13,382)
-
(13,382)
Total net assets
391,653
90,438
2,570,990
3,053,081
24
Long-term commitments
Operating leases
At 31 August 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
1,698
1,419
Amounts due in two and five years
4,523
1,058
6,221
2,477
25
Capital commitments
2024
2023
£
£
Expenditure contracted for but not provided in the accounts
51,073
-

Capital commitments relate to expenditures remaining for ongoing CIF projects.

THEDWASTRE EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 51 -
26
Related party transactions

Owing to the academy trust's operations and the composition of the board of governors being drawn from local public and private sector organisation, transactions may take place with organisation in which the academy trust has an interest. All transactions involving such organisation are conducted at arm's length and in accordance with the academy trust's financial regulations and normal procurement procedures.

 

Some of the governors have children who are pupils at the academy, consequently there will be transactions between those governors and the academy in respect of their children’s education. These are on the same basis as other pupils at the academy.

 

A proportion of the land and buildings occupied by the Academy has been provided by site trustees under mere licence (also referred to as a Church Supplemental Agreement) which contains a two year notice period. The licence is held between the Academy Trust and the Boards of Finance and the Board of Education of the Diocese of St Edmundsbury and Ipswich.

 

Since no notice has been given, the Academy Trust has the right to occupy the premises for at least two years following the balance sheet date.

 

As the Academy Trust occupies the land and such buildings as may be or may come to be erected on it by a mere licence that transfers to the academy no rights or control over the site save that of occupying it at the will of the site trustees under the terms of the relevant site trust, the trustees have concluded that the value of any land and buildings occupied by the academy trust under a Church Supplemental Agreement will not be recognised on the balance sheet of the company.

 

The building in which Thurston Primary Academy operates from 1 September 2021 was commissioned and built by the Local Authority during the year prior to opening. Thedwastre Education Trust were given access to the property in September 2021 on a Church customary occupancy basis. This building has not been recognised in these accounts.

 

In certain circumstances a two year Church Supplemental Agreement may give rise to an annual donation equal to the equivalent of rent not charged, an annual rental expense and a prepayment equal to the value of two years notional rent, if the value of rent not charged can be reliably measured. In this case of the aforementioned agreements it is the belief of the academy trust that the value of rent not charged cannot be reliably measured and as a result no amounts relating to the value of rent not charged have been recognised.

 

No related party transactions took place in the period of account.

27
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)
(274,215)
(155,503)
Adjusted for:
Capital grants from DfE and other capital income
(153,592)
(127,739)
Investment income receivable
6
(105)
(101)
Defined benefit pension costs less contributions payable
21
(21,000)
41,000
Defined benefit pension scheme finance (income)/cost
21
(8,000)
10,000
Depreciation of tangible fixed assets
103,686
104,933
(Increase) in debtors
(7,282)
(61,122)
Increase/(decrease) in creditors
121,614
(159,777)
Net cash used in operating activities
(238,894)
(348,309)
THEDWASTRE EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 52 -
28
Analysis of changes in net funds
1 September 2023
Cash flows
31 August 2024
£
£
£
Cash
592,850
(87,628)
505,222
Loans falling due within one year
(2,432)
(2)
(2,434)
Loans falling due after more than one year
(13,382)
2,433
(10,949)
577,036
(85,197)
491,839
29
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.

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