Company registration number 10238899 (England and Wales)
Insight Multi Academy Trust
(A company limited by guarantee)
Annual report and accounts
For the year ended 31 August 2024
Insight Multi Academy Trust
Contents
Page
Reference and administrative details
1
Trustees' report
2 - 10
Governance statement
11 - 15
Statement on regularity, propriety and compliance
16
Statement of trustees' responsibilities
17
Independent auditor's report on the accounts
18 - 21
Independent reporting accountant's report on regularity
22 - 23
Statement of financial activities including income and expenditure account
24 - 25
Balance sheet
26
Statement of cash flows
27
Notes to the accounts including accounting policies
28 - 48
Insight Multi Academy Trust
Reference and administrative details
- 1 -
Members
J E Salt
M P Winkle
D G Wright
Trustees
L D Beck (CEO and Accounting Officer)
H Carroll
S R Smith (Chair of Trustees)
D Wright
A Patel (Vice Chair)
E Proffitt (Appointed 4 November 2024)
Senior management team
- Chief Executive Officer
L Beck
- Executive Business Manager and CFO
R Kerr
- Headteacher
M Mason
- Deputy Headteacher
S Metcalfe
- Deputy Headteacher
R Haines
- Assistant Headteacher
G Anderson
- Assistant Headteacher
S Marshall
Company secretary
R Kerr
Company registration number
10238899 (England and Wales)
Registered office
Sir Graham Balfour High School
North Avenue
Stafford
Staffordshire
ST16 1NR
England
Independent auditor
DJH Audit Limited
The Glades
Festival Way
Festival Park
Stoke-on-Trent
Staffordshire
ST1 5SQ
Insight Multi Academy Trust
Trustees' report
For the year ended 31 August 2024
- 2 -

The Trustees present their annual report together with the accounts and auditor's report of the charitable company for the year 1 September 2023 to 31 August 2024. The annual report serves the purposes of both a trustees' report, and a directors' report and strategic report under company law.

The academy trust currently operates a single secondary academy for pupils aged 11 to 18 serving a catchment area in north Stafford and surrounding rural areas. It has a student capacity of 942 plus 100 6th formers and had a roll of 970 in the Summer 2024 school census.

Structure, governance and management
Constitution

The academy trust is a company limited by guarantee and an exempt charity. The charitable company's memorandum and articles of association are the primary governing documents of the academy trust.

The charitable company operates as Insight Multi Academy Trust.

The Trustees of Insight Multi Academy Trust are also the directors of the charitable company for the purposes of company law. Details of the Trustees who served during the year, and to the date these accounts are approved, are included in the Reference and Administrative Details on page 1.

Members' liability

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

Trustees' indemnities

Trustees benefit from indemnity insurance to cover the liability of the Trustees which by virtue of any rule of law would otherwise attach to them in respect of any negligence, default or breach of trust or breach of duty of which they may be guilty in relation to the Trust.

Method of recruitment and appointment or election of Trustees

The management of the Trust is the responsibility of the Members who are elected and co opted under the terms of the Articles of Association. The Members may appoint up to seven Trustees. They may appoint as they believe appropriate and in the best interest of the Trust.

 

Further Trustees (up to a maximum of five) may be appointed by the remaining Trustees using whatever process they believe to be appropriate to ensure that the Trust Board retains the necessary skills and expertise to meet their statutory duties.

Policies and procedures adopted for the induction and training of Trustees

This is detailed in the Insight Multi Academy Trust Induction and Development Policy. On appointment, new Trustees will meet with the Chief Executive and Trust Board Chair when the governance structure, current Academies and their governance role and responsibilities will be discussed. Where necessary, induction will provide training on educational, legal and financial matters. All Trustees are provided with copies of, or links to, relevant policies, procedures, minutes, budgets, plans and other documents. All Trustees are subject to Disclosure and Barring Service (DBS) checks.

Insight Multi Academy Trust
Trustees' report (continued)
For the year ended 31 August 2024
- 3 -
Organisational structure

The way in which decisions are made within the trust is detailed in the Scheme of Delegation specific to each member academy.

 

A unified management structure is in place. The Trustees are responsible for setting general policy, adopting an annual school improvement plan and budget, monitoring the use of budgets and making major decisions regarding the direction of the Trust, capital expenditure and senior staff appointments.

 

The Senior Management Team control the individual Academy at an executive level implementing the policies laid down by the Trustees and reporting back to them. The Chief Executive is the Trust Accounting Officer. Some spending control is devolved to other members of staff, with limits above which a member of the Senior Management Team must countersign.

Arrangements for setting pay and remuneration of key management personnel

The arrangements for setting pay and remuneration of the key management personnel of the Trust are detailed in the Insight Multi Academy Trust Pay Policy. For teaching staff, the Trust adopts the Department for Education’s published “School Teacher’s Pay and Conditions Document”. Staff paid on the leadership scale and Teaching Staff Pay awards are subject to Performance Reviews.

 

For non teaching staff the Trust adopts the National Joint Council’s published “Pay scales and Allowances”.

Trade union facility time
Relevant union officials
Number of employees who were relevant union officials during the relevant period
3
Full-time equivalent employee number
2.80
Percentage of time spent on facility time
Percentage of time
Number of employees
0%
-
1%-50%
3
51%-99%
-
100%
-
Percentage of pay bill spent on facility time
Total cost of facility time
2,429
Total pay bill
5,133,500
Percentage of the total pay bill spent on facilty time
-
Paid trade union activities
Time spent on paid trade union activities as a percentage of total paid facility time hours
100%
Related parties and other connected charities and organisations

Insight Multi Academy Trust has no structural or organisational affiliation to any other organisations. All Trustees Business and Pecuniary Interests for staff and Trustees are reviewed and recorded annually and, in the case of the Trustees, at the first Board meeting of the Academic Year.

 

The Trust is part of the Staffordshire Partnership, which provides Sixth Formers within Stafford with a wide curriculum offer shared across four of the Stafford High Schools and the Trust.

Insight Multi Academy Trust
Trustees' report (continued)
For the year ended 31 August 2024
- 4 -
Objectives and activities
Objects and aims

Our vision is to be a Trust that leads and supports our academies to provide the highest standards of education and personal development for all students. We wish to enable all academies in the Trust moving forward to have a shared sense of purpose, to benefit from alignment with the Trust’s values whilst maintaining their own individuality. We want to provide a strong and collective voice for our academies at both local and national level and we wish to develop and deliver expertise on learning and teaching and pastoral care to our academies, to other schools and Trusts.

 

We will deliver our vision via our three core strategic aims. Everything we do should be focused ultimately on doing these three things well:

 

Objectives, strategies and activities

Our focus this year was to further the strategic development of the Trust following the creation of two new permanent part-time (0.4) posts in the Trust, those of CEO and CFO.

 

Our specific priorities for 2023-24 were to:

 

Public benefit

The Trustees have given due regard to public benefit guidance published by the Charity Commission when exercising their powers or duties. The Trust has provided a fully comprehensive education to all students in its care, fully complies with all statutory guidance and seeks to advance the education of young people, with particular regard to the young people in North Stafford.

Insight Multi Academy Trust
Trustees' report (continued)
For the year ended 31 August 2024
- 5 -
Strategic report
Achievements and performance

Insight MAT’s new website was launched, the Insight MAT name and branding has replaced that which was previously in place, and MAT-wide policies are gradually being brought in line with this.

 

Conversations and meetings have taken place throughout the year with two schools and another MAT, regarding the potential to formally join with Insight MAT. These conversations continue, with Due Diligence processes being carried out with one. Trustees are clear on their ambition to work alongside other schools or Trusts on a formal or informal basis. They are equally clear that there must be an alignment of values before any formal association will be considered. The CEO continues to work closely with two other regional CEOs and is part of a wider CEO group based in Staffordshire and Stoke-on-Trent whose aim is to seek to influence regional and Government policy on curriculum design and provision.

 

Sir Graham Balfour School continues to be oversubscribed, with an additional class enrolled in Year 7 for September 2024. The Headteacher and Leadership Group retain close focus on embedding best practice in learning, teaching and assessment whilst at the same time, developing new approaches to dealing with the issues, exacerbated by the pandemic, of attendance, mental health and behaviour. There is a high degree of trust and confidence in the leadership and governance of the school, with close links between the CEO, the headteacher and Chair of the Local Governing Body. Attainment has risen slightly at A Level this year (Average Points Score of 34, compared with 33 in 2023) and the anticipated Progress 8 score will be around -0.07, which reflects the academic profile of the year group and the negative impact of attendance with a significant minority of Year 11 students.

 

The PFI Handback Group is now well established, comprising all key stakeholders from the DfE, LA, the school, the Facilities Management team, and the financial backers. Planning has been progressing regarding TUPE arrangements for transferring staff as well the process for deciding on Facilities Management post-handback. The CFO and CEO continue to work closely with relevant parties in establishing a clear picture of the costs of running the school from January 2027.

 

Sir Graham Balfour received an Ofsted Inspection in October 2024, the outcome of which states that the school has taken effective action to maintain the standards identified at the previous inspection which was judged Good.

 

Insight Multi Academy Trust
Trustees' report (continued)
For the year ended 31 August 2024
- 6 -
Key performance indicators

Given the considerable disruption all schools faced over recent years, the results achieved by students in the summer public exams were pleasing.

 

Post-16, students achieved an Average Points Score of 34, which, expressed as a grade, equates to a C+ for every entry. All students who had applied to university secured either their first choice or insurance offer. There is a continuing trend for students to apply to and be accepted in Russell Group universities. The latest available data (2020/21) shows that 90% of post-18 students remained in education or employment for at least two terms.

 

At GCSE level, the anticipated Progress 8 score will be around -0.07, which reflects the academic profile of the year group and the negative impact of poor attendance with a significant minority of Year 11 students. Most students achieved a positive Progress 8 score individually, which was very pleasing, and reflecting the impact of sustained improvements in both learning and teaching and pastoral matters. The latest available data (2020/21) shows that 96% of post-16 students remained in education or training for at least two terms.

 

A balanced budget was set for 2023-2024 with a plan to use unspent Reserves carried forward from previous years for short term development of staff, specific student support and any unforeseen costs. Inflation was again a concern for the school during the year with higher than budgeted pay awards (not fully funded), an increase in teacher pension contributions (not fully funded) and further increases in Service Level Agreement costs. Vacant teaching posts in Science were difficult to appoint to and there was a more than average number of long term absences, both leading to an increased reliance on expensive agency staff. Some of the in year increases were mitigated through the Teacher Pension Grant (TPSECG) and the Teacher Pay Award Grant (TPAG), a pay offer less than budgeted for Support Staff in Apr 2024 and other unbudgeted sources of income.

 

The school achieved an operating deficit of £154,087 (2023: £174,160 surplus) before depreciation and LGPS pension scheme movements.

 

Sir Graham Balfour received an Ofsted Inspection in October 2024, the outcome of which states that the school has taken effective action to maintain the standards identified at the previous inspection which was judged Good. The report included many positive comments and a link to the report can be found on the Academy website.

 

Going concern

After making appropriate enquiries, the board of trustees has a reasonable expectation that the academy trust has adequate resources to continue in operational existence for the foreseeable future. For this reason, the board of trustees continues to adopt the going concern basis in preparing the accounts. Further details regarding the adoption of the going concern basis can be found in the statement of accounting policies.

Insight Multi Academy Trust
Trustees' report (continued)
For the year ended 31 August 2024
- 7 -
Financial review

The principal source of funding in the year was derived from the DfE, via the ESFA, in the form of recurrent grants, the use of which are restricted to particular purposes and the furtherance of the objectives of the Trust. The grants received during the period covered by this report and the associated expenditure is shown as restricted funds in the Statement of Financial Activities.

 

The Trust also receives capital grants from the ESFA. In accordance with the Charities Statement of Recommended Practice, “Accounting and Reporting Charities” SORP (FRS102), such grants are shown in the Statement of Financial Activities as restricted income in the fixed asset fund. The restricted fixed asset fund is reduced by annual depreciation charges over the expected useful life of the assets concerned.

 

During the year ended 31 August 2024, the Trust received recurrent revenue grant funding from the DfE/ESFA, together with other incoming resources £6,755,376 (2023: £6,563,608). Expenditure totalled £7,287,322 (2023: £6,842,385), giving rise to a deficit of £531,946 (2023: deficit £278,777) prior to any actuarial gains (2023 – actuarial gain). In 2024 £114,380 of revenue funding was used to purchase fixed assets (2023 - £Nil).

 

The Trust had cash reserves of £1,849,138 as at the Balance Sheet date 31 August 2024 (2023: £2,148,950), restricted funds of £15,371,364 (2023: £15,676,416) and unrestricted funds of £729,847 (2023: £695,741).

 

At 31 August 2024, the net book value of fixed assets was £15,075,079 (2023: £15,354,977). Assets were used exclusively for providing education and the associated support service to the students of the Trust.

 

The pension liability has decreased in year to £299,000 (2023: £605,000). There is concern with the deficit that the Local Government Pension Fund is reporting, however, as set out in Note 19, Parliament has agreed, at the request of the Secretary of State for Education, to guarantee that, in the event of an academy trust 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 was reaffirmed on 21 July 2022.

 

During the year, the school again acted as a facilitator for the distribution of free school meal vouchers from the local scheme run by Staffordshire County Council for eligible students.

Reserves policy

The Trustees review the reserve levels of the Trust on an annual basis. Maintaining an appropriate level of financial reserves is considered essential in protecting the Trust from financial risk generated through the uncertainty over future funding of education and the impact of external forces. The Trust’s aim is to maintain reserves at a minimum level of one month’s average revenue expenditure plus reserves to mitigate the uncertainty of future funding and unexpected events, taking into consideration:

 

Insight Multi Academy Trust
Trustees' report (continued)
For the year ended 31 August 2024
- 8 -

The balance of restricted general reserves (excluding pension reserves) plus the balance on unrestricted funds at 31 August 2024 was £1,322,758 (2023: £1,615,343) which is higher than the one month’s average revenue expenditure.

 

Trustees have approved the release of Reserves during 2024-2025 to fund an alternative education scheme (£30k) for students who would benefit from opportunities such as work experience and a cultural visits programme (£20k) to benefit all students. The Trust is actively looking to expand over the next five years and Reserves (£500k) are to support two dedicated part-time CEO and CFO posts to focus on MAT development for the future, with a medium term goal to ensure that future Central Costs can be met through the addition of other Academies.

 

The deficit of £299,000 (2023: £605,000) in respect of the pension fund is still significant and, in order to eliminate that deficit, will result in a negative cashflow effect for the Academy trust in the form of future increases in employer’s contributions over a period of time.

 

The level of reserves will be kept under review by trustees.

 

Investment policy

Details are contained in the Insight Multi Academy Trust Investment Policy.

 

The Trust aims to achieve the best financial return available whilst ensuring that security of deposits takes precedence over revenue maximisation. Funds will only be invested when surplus to operational need based on all financial commitments being met without the Academy bank account becoming overdrawn. Currently no investments are held.

Principal risks and uncertainties

The key risks are clearly stated within the Trust Risk Register and are reviewed regularly to monitor the level of risk and the responses to it. The Risk Register is divided into the following key areas:

 

 

The key risk facing the trust is its considerable reliance on government funding through the ESFA. There can be no assurance that government policy or practice will remain the same, or that public funding continues at the same levels and on the same terms, which results in a lack of clarity and certainty when producing 3-5 year budget plans on which the trust can confidently act. To mitigate this, the trust ensures that it closely monitors national proposals and initiatives, maintains healthy reserves, monitors the student population in feeder schools and works closely with the local authority to ensure that all students in the catchment area have a place in school.

Fundraising

The school has a long tradition of raising funds for charity and supports a wide range of local, national and international charities (Children in Need, Comic Relief and Katherine House) through a variety of local fund- raising activities. Each year students raise funds through various activities, such as non uniform days and sponsored walks. The trust does not use any external fundraisers.

 

We also raise funds for our sister school in Cambodia (approx. £5,000 in 2023/24), contributing towards the teaching costs, resources and on going expenses. Our on going links with the school do much to promote the idea of global citizenship.

Insight Multi Academy Trust
Trustees' report (continued)
For the year ended 31 August 2024
- 9 -
Plans for future periods

 

Our Vision

 

Our young people and the communities in which they live are at the heart of the work of the Trust and its Academies. We are tireless in our ambition to ensure our young people receive the best of support, guidance and teaching in order that their life chances are truly enhanced and that the doors of the world are open to them.

 

The Trust is fully focused on the following:

 

 

These key foci are broken down into the following 4 Objectives:

 

Objective 1: Governance and Leadership

 

 

Objective 2: Infrastructure and HR Development

 

 

Objective 3: Learning and Teaching

 

Insight Multi Academy Trust
Trustees' report (continued)
For the year ended 31 August 2024
- 10 -

Objective 4: Curriculum and Assessment

 

Funds held as custodian trustee on behalf of others

Insight Multi Academy Trust does not hold any such funds.

Auditor

In so far as the Trustees are aware:

The trustees' report, incorporating a strategic report, was approved by order of the board of trustees, as the company directors, on 13 December 2024 and signed on its behalf by:

S R Smith
Chair of Trustees
Insight Multi Academy Trust
Governance statement
For the year ended 31 August 2024
- 11 -
Scope of responsibility

As Trustees, we acknowledge we have overall responsibility for ensuring that Insight Multi Academy 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.

As Trustees, we have reviewed and taken account of the guidance in DfE's Governance Handbook and competency framework for governance.

The board of trustees has delegated the day-to-day responsibility to the principal, as accounting officer, for ensuring financial controls conform with the requirements of both propriety and good financial management and in accordance with the requirements and responsibilities assigned to it in the funding agreement between Insight Multi Academy Trust and the Secretary of State for Education. The accounting officer is also responsible for reporting to the board of trustees any material weaknesses or breakdowns in internal control.

Governance

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

Trustees
Meetings attended
Out of possible
L D Beck (CEO and Accounting Officer)
4
4
H Carroll
4
4
S R Smith (Chair of Trustees)
4
4
D Wright
3
4
A Patel (Vice Chair)
2
4
E Proffitt (Appointed 4 November 2024)
0
0
Insight Multi Academy Trust
Governance statement (continued)
For the year ended 31 August 2024
- 12 -

The Trust operates with two Sub‑Committees each consisting of the main board of trustees and members of the Local Governing Body of the only member academy as follows:

 

The Finance, Premises and Health and Safety Committee’s purpose is to advise the Board on matters relating to the Trust’s finance and audit arrangements, systems of internal control and to advise and aid the Board’s responsibility to ensure sound management of the Trust’s finances and resources, including proper planning, monitoring and probity.


The Sub Committee normally meets three times a year. Attendance at those meetings was as follows:

 

Member

Meetings attended

Out of a possible

L D Beck (CEO and Accounting Officer)

3

3

S R Smith (Trustee)

3

3

H M Carroll (Trustee)

3

3

A Patel (Trustee)

2

3

D Wright (Trustee)

2

3

M McSorley (LGB Representative)

0

3

E Proffitt (Appointed 4 November 2024)

0

0

 

The Staffing and Standards Committee’s purpose is to ensure that staffing within the Trust is in line with improvement plans and that academic performance and quality of care and provision is appropriate.

The Sub Committee normally meets three times a year. Attendance at those meetings was as follows:

 

Member

Meetings attended

Out of a possible

L D Beck (CEO and Accounting Officer)

3

3

S R Smith (Trustee)

3

3

H M Carroll (Trustee)

3

3

A Patel (Trustee)    

2

3

D Wright (Trustee)

2

3

M McSorley (LGB Representative)

0

3

E Proffitt (Appointed 4 November 2024)

0

0

Conflicts of interest

The Trust manages conflicts of interest by ensuring that all members, trustees, local governors of academies within the Multi-Academy Trust and senior employees complete a register of interests which is reviewed and updated regularly. Trustees have a legal duty to act only in the best interests of their charity, and when a conflict of interest is identified, the Trustees consider the issue of the conflict of interest so that any potential effect on decision making is eliminated. A detailed record of any conflicts of interest is reported in the appropriate minutes.

Meetings

The Chair of Trustees and the Chief Executive Officer hold regular meetings during the year, the Trustees receive monthly Management Reports in order to maintain effective oversight of the Trust Funds and “keeping in touch” meetings held between Sub Committee and Board meetings as required

Insight Multi Academy Trust
Governance statement (continued)
For the year ended 31 August 2024
- 13 -
Governance reviews

The Trust conducted a self evaluation during the year with a view to identifying the additional skills and experience required to further broaden the range of knowledge on the Board. Generally, the Board had sufficient skills in each of the key areas (1-4):

 

 

Actions to be taken from the review include arranging a strategy day, further guidance on the curriculum and timetabling and a future agenda item to consider engagement with stakeholders. The next review will be undertaken during the Autumn Term 2024.

Review of value for money

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

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

 

The purpose of the system of internal control

The system of internal control is designed to manage risk to a reasonable level rather than to eliminate all risk of failure to achieve policies, aims and objectives. It can therefore only provide reasonable and not absolute assurance of effectiveness. The system of internal control is based on an on-going process designed to identify and prioritise the risks to the achievement of academy trust policies, aims and objectives, to evaluate the likelihood of those risks being realised and the impact should they be realised, and to manage them efficiently, effectively and economically. The system of internal control has been in place in Insight Multi Academy Trust for the period 1 September 2023 to 31 August 2024 and up to the date of approval of the annual report and accounts.

Insight Multi Academy Trust
Governance statement (continued)
For the year ended 31 August 2024
- 14 -
Capacity to handle risk

The board of trustees has reviewed the key risks to which the academy trust is exposed together with the operating, financial and compliance controls that have been implemented to mitigate those risks. The board of trustees is of the view that there is a formal ongoing process for identifying, evaluating and managing the academy trust's significant risks that has been in place for the period 1 September 2023 to 31 August 2024 and up to the date of approval of the annual report and accounts. This process is regularly reviewed by the board of trustees.

The risk and control framework

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

 

The board of trustees has decided:

 

 

This option has been chosen to ensure that those carrying out the programme of internal scrutiny work are suitably qualified and/or experienced and are independent of the fitm providing external audit. The Trust may also use other individuals or organisations where specialist non-financial knowledge is required.

The internal auditor's role includes giving advice on financial and other matters and performing a range of checks on the academy trust's financial and other systems. In particular, the checks carried out in the current period included:

 

 

The report concluded that “no areas of non-compliance with regulations were identified during our review”.

The Internal Audit reports are presented to the board of trustees through the Finance, Premises and Health and Safety Committee. An annual summary report is presented to the committee outlining the areas reviewed, key findings, recommendations and conclusions to help the committee consider actions and assess year on year progress.

Insight Multi Academy Trust
Governance statement (continued)
For the year ended 31 August 2024
- 15 -
Review of effectiveness

As accounting officer, the principal 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 results of their review of the system of internal control by the Finance, Premises and Health and Safety committee and will ensure continuous improvement of the system is in place.

Conclusion

Based on the advice of the audit and risk committee and the accounting officer, the board of trustees is of the opinion that the academy trust has an adequate and effective framework for governance, risk management and control.

Approved by order of the board of trustees on 13 December 2024 and signed on its behalf by:

L D Beck
S R Smith
CEO and Accounting Officer
Chair of Trustees
Insight Multi Academy Trust
Statement of regularity, propriety and compliance
For the year ended 31 August 2024
- 16 -

As accounting officer of Insight Multi Academy 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 trustess and ESFA.
...................................
L D Beck
Accounting Officer
Date:
..........................
Insight Multi Academy Trust
Statement of trustees' responsibilities
For the year ended 31 August 2024
- 17 -

The trustees (who are also the directors of Insight Multi Academy 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 ................ and signed on its behalf by:
................................
S R Smith
Chair of Trustees
Insight Multi Academy Trust
Independent auditor's report
To the members of Insight Multi Academy Trust
For the year ended 31 August 2024
- 18 -

Opinion

We have audited the accounts of Insight Multi Academy 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.

Insight Multi Academy Trust
Independent auditor's report (continued)
To the members of Insight Multi Academy Trust
For the year ended 31 August 2024
- 19 -
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.

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

Insight Multi Academy Trust
Independent auditor's report (continued)
To the members of Insight Multi Academy Trust
For the year ended 31 August 2024
- 20 -
The extent to which the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non compliance with laws and regulations, was as follows:

 

We assessed the susceptibility of the academy trust’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

 

 

To address the risk of fraud through management bias and override of controls, we:

 

In response to the risk of irregularities and non compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non compliance. Auditing standards also limit the audit procedures required to identify non compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

Insight Multi Academy Trust
Independent auditor's report (continued)
To the members of Insight Multi Academy Trust
For the year ended 31 August 2024
- 21 -

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.

16 December 2024
Nicola Johnson (Senior Statutory Auditor)
for and on behalf of DJH Audit Limited
Accountants
Statutory Auditor
The Glades
Festival Way
Festival Park
Stoke-on-Trent
Staffordshire
ST1 5SQ
Date: .....................
Insight Multi Academy Trust
Independent reporting accountant's assurance report on regularity
To Insight Multi Academy Trust and The Education and Skills Funding Agency
For the year ended 31 August 2024
- 22 -

In accordance with the terms of our engagement letter dated 18 July 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 Insight Multi Academy 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 Insight Multi Academy Trust and ESFA in accordance with the terms of our engagement letter. Our work has been undertaken so that we might state to the Insight Multi Academy 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 Insight Multi Academy Trust and ESFA, for our work, for this report, or for the conclusion we have formed.

Respective responsibilities of Insight Multi Academy Trust's accounting officer and the reporting accountant

The accounting officer is responsible, under the requirements of Insight Multi Academy Trust’s funding agreement with the Secretary of State for Education dated 24 November 2021 and the Academy Trust Handbook, extant from 1 September 2023, for ensuring that expenditure disbursed and income received is applied for the purposes intended by Parliament and the financial transactions conform to the authorities which govern them.

Our responsibilities for this engagement are established in the United Kingdom by our profession’s ethical guidance, and are to obtain limited assurance and report in accordance with our engagement letter and the requirements of the Academies Accounts Direction 2023 to 2024. We report to you whether anything has come to our attention in carrying out our work which suggests that in all material respects, expenditure disbursed and income received during the period 1 September 2023 to 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.

Insight Multi Academy Trust
Independent reporting accountant's assurance report on regularity (continued)
To Insight Multi Academy Trust and The Education and Skills Funding Agency
For the year ended 31 August 2024
- 23 -

The work undertaken to draw to our conclusion includes:

 

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.

..................................
DJH Audit Limited
Reporting Accountant
The Glades
Festival Way
Festival Park
Stoke-on-Trent
Staffordshire
ST1 5SQ
Dated: 16 December 2024
Insight Multi Academy Trust
Statement of financial activities
including income and expenditure account
For the year ended 31 August 2024
- 24 -
Unrestricted
Restricted funds:
Total
Total
funds
General
Fixed asset
2024
2023
Notes
£
£
£
£
£
Income and endowments from:
Donations and capital grants
3
5,003
11,190
20,723
36,916
73,833
Charitable activities:
- Funding for educational operations
4
170,611
6,493,893
-
6,664,504
6,423,977
Other trading activities
5
30,046
-
-
30,046
51,476
Investments
6
23,910
-
-
23,910
14,322
Total
229,570
6,505,083
20,723
6,755,376
6,563,608
Expenditure on:
Raising funds
7
13,101
5,225
-
18,326
17,081
Charitable activities:
- Educational operations
8
182,363
6,663,774
422,859
7,268,996
6,825,304
Total
7
195,464
6,668,999
422,859
7,287,322
6,842,385
Net income/(expenditure)
34,106
(163,916)
(402,136)
(531,946)
(278,777)
Transfers between funds
17
-
(117,775)
117,775
-
-
Other recognised gains/(losses)
Actuarial gains on defined benefit pension schemes
19
-
261,000
-
261,000
274,000
Net movement in funds
34,106
(20,691)
(284,361)
(270,946)
(4,777)
Reconciliation of funds
Total funds brought forward
695,741
314,602
15,361,814
16,372,157
16,376,934
Total funds carried forward
729,847
293,911
15,077,453
16,101,211
16,372,157
Insight Multi Academy Trust
Statement of financial activities (continued)
including income and expenditure account
For the year ended 31 August 2024
- 25 -
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
2,273
11,460
60,100
73,833
Charitable activities:
- Funding for educational operations
4
190,943
6,233,034
-
6,423,977
Other trading activities
5
51,476
-
-
51,476
Investments
6
14,322
-
-
14,322
Total
259,014
6,244,494
60,100
6,563,608
Expenditure on:
Raising funds
7
14,502
2,579
-
17,081
Charitable activities:
- Educational operations
8
199,842
6,209,525
415,937
6,825,304
Total
7
214,344
6,212,104
415,937
6,842,385
Net income/(expenditure)
44,670
32,390
(355,837)
(278,777)
Other recognised gains/(losses)
Actuarial gains on defined benefit pension schemes
19
-
274,000
-
274,000
Net movement in funds
44,670
306,390
(355,837)
(4,777)
Reconciliation of funds
Total funds brought forward
651,071
8,212
15,717,651
16,376,934
Total funds carried forward
695,741
314,602
15,361,814
16,372,157
Insight Multi Academy Trust
Balance sheet
As at 31 August 2024
- 26 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
15,075,079
15,354,977
Current assets
Stock
13
-
6,112
Debtors
14
289,461
230,216
Cash at bank and in hand
1,849,138
2,148,950
2,138,599
2,385,278
Current liabilities
Creditors: amounts falling due within one year
15
(813,467)
(763,098)
Net current assets
1,325,132
1,622,180
Net assets excluding pension liability
16,400,211
16,977,157
Defined benefit pension scheme liability
19
(299,000)
(605,000)
Total net assets
16,101,211
16,372,157
Funds of the academy trust:
Restricted funds
17
- Fixed asset funds
15,077,453
15,361,814
- Restricted income funds
592,911
919,602
- Pension reserve
(299,000)
(605,000)
Total restricted funds
15,371,364
15,676,416
Unrestricted income funds
17
729,847
695,741
Total funds
16,101,211
16,372,157

The accounts on pages 24 to 48 were approved by the Trustees and authorised for issue on 16 December 2024 and are signed on their behalf by:

S R Smith
Chair of Trustees
Company registration number 10238899 (England and Wales)
Insight Multi Academy Trust
Statement of cash flows
For the year ended 31 August 2024
- 27 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Net cash (used in)/provided by operating activities
20
(237,705)
198,947
Cash flows from investing activities
Interest received
23,910
14,322
Capital grants from DfE Group
20,723
60,100
Purchase of tangible fixed assets
(106,740)
(66,978)
Net cash (used in)/provided by investing activities
(62,107)
7,444
Net (decrease)/increase in cash and cash equivalents in the reporting period
(299,812)
206,391
Cash and cash equivalents at beginning of the year
2,148,950
1,942,559
Cash and cash equivalents at end of the year
1,849,138
2,148,950
Relating to:
Bank and cash balances
905,470
1,229,064
Short term deposits
943,668
919,886
Insight Multi Academy Trust
Notes to the financial statements
For the year ended 31 August 2024
- 28 -
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.

 

Insight Multi Academy Trust meets the definition of a public benefit entity under FRS102.

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 make 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 financial statements.

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.

Insight Multi Academy Trust
Notes to the financial statements (continued)
For the year ended 31 August 2024
1
Accounting policies
(Continued)
- 29 -
Donated goods, facilities and services

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

Donated fixed assets

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

1.4
Expenditure

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

 

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

All resources expended are inclusive of irrecoverable VAT.

Expenditure on raising funds

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

Charitable activities

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

1.5
Tangible fixed assets and depreciation

Assets costing £5,000 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.

Insight Multi Academy Trust
Notes to the financial statements (continued)
For the year ended 31 August 2024
1
Accounting policies
(Continued)
- 30 -

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

Long-term leasehold property
10 - 125 years
Computer equipment
5 years
Fixtures, fittings & equipment
5 years

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.

1.9
Stock

Stock is valued at the lower of cost and net realisable value. Net realisable value is based on estimated selling price less further costs to completion and disposal. Provision is made for obsolete and slow moving stock.

1.10
Taxation

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

Insight Multi Academy Trust
Notes to the financial statements (continued)
For the year ended 31 August 2024
1
Accounting policies
(Continued)
- 31 -
1.11
Pensions benefits

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

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

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

1.12
Fund accounting

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

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

Restricted general funds comprise all other restricted funds received with restrictions imposed by the funder/donor and include grants from the Department for Education Group.

 

Investment income, gains and losses are allocated to the appropriate fund.

1.13

Agency arrangements

The academy trust acts as an agent in distributing 16-19 bursary funds from ESFA. Payments received from ESFA and subsequent disbursements to students are excluded from the statement of financial activities as the academy trust does not have control over the charitable application of the funds. The academy trust can use up to 5% of the allocation towards its own administration costs and this is recognised in the statement of financial activities. The funds received and paid, and any balances held are disclosed in note 25.

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.

Insight Multi Academy Trust
Notes to the financial statements (continued)
For the year ended 31 August 2024
2
Critical accounting estimates and areas of judgement
(Continued)
- 32 -
Critical accounting estimates and assumptions

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

The present value of the Local Government Pension Scheme defined benefit liability depends on a number of factors that are determined on an actuarial basis using a variety of assumptions. The assumptions used in determining the net cost or income for pensions include the discount rate. Any changes in these assumptions, which are disclosed in note 19, will impact on the carrying amount of the pension liability. Furthermore, a roll forward approach which projects results from the latest full actuarial valuation performed at 31 March 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.

 

The fair value of long-term leasehold property donated during the prior year to the academy trust was estimated on a depreciated replacement cost basis by reference to information supplied by the donor relating to the cost of the property and a desk top review by a Chartered Surveyor of architectural drawings and project costs.

Critical areas of judgement

The Trustees have considered the treatment of land and buildings utilised by the academy trust. Total Schools Solutions Ltd (TSSL) hold the freehold title of the buildings under a PFI agreement with Staffordshire County Council. This title transfers to Staffordshire County Council (SCC) in December 2026. SCC pay TSSL for the PFI agreement and charge the school a monthly sum for premises running expenses. To facilitate the conversion of the School to the Academy, SCC have granted a long lease and sub-underlease of the land to the Trust and the Trust has granted a licence to occupy to TSSL, until the termination of the Project agreement or the Expiry date. As such Land and Buildings are recognised in long term leasehold land and buildings. The commitment for premises running expenses is shown in note 22 to the financial statements.

 

The Trustees have considered the classification of depreciation between direct and support costs. The depreciation charge has been allocated based on the proportion of area utilised for direct activities and support activities.

 

3
Donations and capital grants
Unrestricted
Restricted
Total
Total
funds
funds
2024
2023
£
£
£
£
Capital grants
-
20,723
20,723
60,100
Other donations
5,003
11,190
16,193
13,733
5,003
31,913
36,916
73,833
Insight Multi Academy Trust
Notes to the financial statements (continued)
For the year ended 31 August 2024
- 33 -
4
Funding for the academy trust's educational operations
Unrestricted
Restricted
Total
Total
funds
funds
2024
2023
£
£
£
£
DfE/ESFA grants
General annual grant (GAG)
-
5,160,477
5,160,477
4,987,585
Other DfE/ESFA grants:
- Mainstream schools additional grant
-
184,810
184,810
77,004
- Pupil premium
-
219,113
219,113
203,330
- Teachers pay grant
-
96,215
96,215
611
- Teachers pension grant
-
73,784
73,784
21,631
- School supplementary grant
-
-
-
153,896
- 16 to 19 core education funding
-
471,544
471,544
483,038
- Others
-
100,891
100,891
111,379
-
6,306,834
6,306,834
6,038,474
Other government grants
Local authority grants
-
184,859
184,859
191,780
Other incoming resources
170,611
2,200
172,811
193,723
Total funding
170,611
6,493,893
6,664,504
6,423,977

Following the reclassification in the Academies Accounts Direction 2023/24 of grants received from the Department for Education and ESFA, the academy trust’s funding for 16-19 core education funding is no longer reported under the General annual grant (GAG), but as separate line under the Other DfE/ESFA grants heading. Mainstream schools additional grant is an individually material grant and is reported under a separate line. The prior year numbers have been reclassified.

 

There were no unfulfilled conditions or other contingencies relating to grants received in the year.

5
Other trading activities
Unrestricted
Restricted
Total
Total
funds
funds
2024
2023
£
£
£
£
Music tuition
12,266
-
12,266
9,400
Other income
17,780
-
17,780
42,076
30,046
-
30,046
51,476
Insight Multi Academy Trust
Notes to the financial statements (continued)
For the year ended 31 August 2024
- 34 -
6
Investment income
Unrestricted
Restricted
Total
Total
funds
funds
2024
2023
£
£
£
£
Short term deposits
23,910
-
23,910
14,322
7
Expenditure
Non-pay expenditure
Total
Total
Staff costs
Premises
Other
2024
2023
£
£
£
£
£
Expenditure on raising funds
- Direct costs
-
-
18,326
18,326
17,081
Academy's educational operations
- Direct costs
4,763,611
367,887
309,911
5,441,409
5,073,146
- Allocated support costs
594,055
677,417
556,115
1,827,587
1,752,158
5,357,666
1,045,304
884,352
7,287,322
6,842,385
Net income/(expenditure) for the year includes:
2024
2023
£
£
Operating lease rentals
24,400
18,868
Depreciation of tangible fixed assets
422,859
415,937
Fees payable to auditor for:
- Audit
15,000
14,250
- Other services
10,800
10,200
Net interest on defined benefit pension liability
30,000
36,000
Insight Multi Academy Trust
Notes to the financial statements (continued)
For the year ended 31 August 2024
- 35 -
8
Charitable activities
Unrestricted
Restricted
Total
Total
funds
funds
2024
2023
£
£
£
£
Direct costs
Educational operations
12,339
5,429,070
5,441,409
5,073,146
Support costs
Educational operations
170,024
1,657,563
1,827,587
1,752,158
182,363
7,086,633
7,268,996
6,825,304
Analysis of costs
2024
2023
£
£
Direct costs
Teaching and educational support staff costs
4,770,392
4,429,982
Staff development
5,912
17,305
Depreciation
367,887
360,767
Technology costs
21,754
16,199
Educational supplies and services
85,869
99,183
Examination fees
94,655
95,798
Educational consultancy
84,966
48,758
Other direct costs
9,974
5,154
5,441,409
5,073,146
Support costs
Support staff costs
601,487
619,250
Depreciation
54,972
55,170
Technology costs
81,398
93,465
Maintenance of premises and equipment
541,975
466,329
Cleaning
16,524
15,053
Energy costs
2,133
-
Rent, rates and other occupancy costs
41,428
35,007
Insurance
20,385
19,166
Security and transport
10,900
15,291
Catering
64,445
49,342
Finance costs
30,000
36,000
Legal costs
5,674
-
Other support costs
317,251
322,501
Governance costs
39,015
25,584
1,827,587
1,752,158
Insight Multi Academy Trust
Notes to the financial statements (continued)
For the year ended 31 August 2024
- 36 -
9
Staff
Staff costs and employee benefits
Staff costs during the year were:
2024
2023
£
£
Wages and salaries
3,828,715
3,664,933
Social security costs
398,345
373,572
Pension costs
902,573
901,970
Staff costs - employees
5,129,633
4,940,475
Agency staff costs
228,033
98,861
5,357,666
5,039,336
Staff development and other staff costs
20,125
27,201
Total staff expenditure
5,377,791
5,066,537
Staff numbers
The average number of persons employed by the academy trust during the year was as follows:
2024
2023
Number
Number
Teachers
56
60
Administration and support
63
62
Management
7
7
126
129
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
In the band £60,001 - £70,000
3
2
In the band £70,001 - £80,000
1
2
In the band £80,001 - £90,000
1
1
In the band £90,001 - £100,000
1
-
Key management personnel

The key management personnel of the academy trust comprise the Trustees and the senior management team as listed on page 1. The total amount of key management personnel benefits (including employer pension contributions and employer national insurance contributions) received by key management personnel for their services to the academy trust was £685,077 (2023: £625,517).

Insight Multi Academy Trust
Notes to the financial statements (continued)
For the year ended 31 August 2024
- 37 -
10
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 principal and other staff Trustees only receive remuneration in respect of services they provide undertaking the roles of principal 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:

L D Beck (Chief Executive)

 

During the year ended 31 August 2024, no Trustee expenses have been incurred (2023: £Nil).

 

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

11
Trustees' and officers' insurance

In accordance with normal commercial practice, the academy trust has purchased insurance to protect Trustees and officers from claims arising from negligent acts, errors or omissions occurring whilst on academy trust business. The insurance provides cover up to £5,000,000 on any one claim and the cost for the year ended 31 August 2024 was £197 (2023: £185). The cost of this insurance is included in the total insurance cost.

12
Tangible fixed assets
Long-term leasehold property
Computer equipment
Fixtures, fittings & equipment
Total
£
£
£
£
Cost
At 1 September 2023
17,568,757
318,043
26,305
17,913,105
Additions
66,081
57,412
19,468
142,961
Disposals
-
(6,728)
-
(6,728)
At 31 August 2024
17,634,838
368,727
45,773
18,049,338
Depreciation
At 1 September 2023
2,422,741
122,162
13,225
2,558,128
On disposals
-
(6,728)
-
(6,728)
Charge for the year
361,254
56,344
5,261
422,859
At 31 August 2024
2,783,995
171,778
18,486
2,974,259
Net book value
At 31 August 2024
14,850,843
196,949
27,287
15,075,079
At 31 August 2023
15,146,016
195,881
13,080
15,354,977
Insight Multi Academy Trust
Notes to the financial statements (continued)
For the year ended 31 August 2024
- 38 -
13
Stock
2024
2023
£
£
Computer equipment
-
6,112
14
Debtors
2024
2023
£
£
VAT recoverable
90,290
68,193
Other debtors
10,336
3,295
Prepayments and accrued income
188,835
158,728
289,461
230,216
15
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
196,376
139,991
Other taxation and social security
88,471
91,262
Other creditors
151,408
133,545
Accruals and deferred income
377,212
398,300
813,467
763,098
16
Deferred income
2024
2023
£
£
Deferred income is included within:
Creditors due within one year
183,342
205,837
Deferred income at 1 September 2023
205,837
94,954
Released from previous years
(205,837)
(94,954)
Resources deferred in the year
183,342
205,837
Deferred income at 31 August 2024
183,342
205,837

Creditors includes £183,342 (2023: £205,837) of income which has been deferred into the following year due to the timing of the academy trust’s entitlement to the income. In respect of restricted funds, this includes rates relief, DoE, growth funding and other funds of £93,238 (2023: £119,173).

Insight Multi Academy Trust
Notes to the financial statements (continued)
For the year ended 31 August 2024
- 39 -
17
Funds
Balance at
Gains,
Balance at
1 September
losses and
31 August
2023
Income
Expenditure
transfers
2024
£
£
£
£
£
Restricted general funds
General Annual Grant (GAG)
779,626
5,160,477
(5,345,756)
(114,380)
479,967
Mainstream schools additional grant
-
184,810
(184,810)
-
-
Pupil premium
118,694
219,113
(241,931)
-
95,876
Other DfE/ESFA grants
-
270,890
(270,890)
-
-
Other government grants
9,492
184,859
(183,872)
-
10,479
16 to 19 core education funding
-
471,544
(471,544)
-
-
Other restricted funds
11,790
13,390
(15,196)
(3,395)
6,589
Pension reserve
(605,000)
-
45,000
261,000
(299,000)
314,602
6,505,083
(6,668,999)
143,225
293,911
Restricted fixed asset funds
Transferred on conversion
14,286,460
-
(341,005)
-
13,945,455
DfE group capital grants
132,201
20,723
(49,170)
-
103,754
Capital expenditure from GAG
-
-
(487)
114,380
113,893
Donated fixed assets
943,153
-
(32,197)
3,395
914,351
15,361,814
20,723
(422,859)
117,775
15,077,453
Total restricted funds
15,676,416
6,525,806
(7,091,858)
261,000
15,371,364
Unrestricted funds
General funds
695,741
229,570
(195,464)
-
729,847
Total funds
16,372,157
6,755,376
(7,287,322)
261,000
16,101,211
Insight Multi Academy Trust
Notes to the financial statements (continued)
For the year ended 31 August 2024
17
Funds
(Continued)
- 40 -

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

 

Restricted general funds

These comprise all restricted funds other than restricted fixed asset funds and include grants from the Education and Skills Funding Agency and local authorities.

 

Under the funding agreement with the Secretary of State, the academy trust was not subject to a limit on the amount of GAG that it could carry forward at 31 August 2024.

 

Restricted fixed asset funds

These comprise resources which are to be applied to specific capital purposes imposed by the Education and Skills Funding Agency and local authorities where the asset acquired or created is held for a specific purpose.

 

Unrestricted funds

These comprise resources that may be used towards meeting any of the charitable objects of the academy trust at the discretion of the trustees.

Insight Multi Academy Trust
Notes to the financial statements (continued)
For the year ended 31 August 2024
17
Funds
(Continued)
- 41 -
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)
713,423
4,987,585
(4,921,382)
-
779,626
Mainstream schools additional grant
-
77,004
(77,004)
-
-
Pupil premium
111,859
203,330
(196,495)
-
118,694
Other DfE/ESFA grants
-
133,621
(133,621)
-
-
Other government grants
13,189
194,560
(198,257)
-
9,492
16 to 19 core education funding
-
483,038
(483,038)
-
-
School supplementary grant
-
153,896
(153,896)
-
-
Other restricted funds
11,741
11,460
(11,411)
-
11,790
Pension reserve
(842,000)
-
(37,000)
274,000
(605,000)
8,212
6,244,494
(6,212,104)
274,000
314,602
Restricted fixed asset funds
Inherited on conversion
14,627,464
-
(341,005)
-
14,286,459
DfE group capital grants
114,837
60,100
(42,735)
-
132,202
Donated fixed assets
975,350
-
(32,197)
-
943,153
15,717,651
60,100
(415,937)
-
15,361,814
Total restricted funds
15,725,863
6,304,594
(6,628,041)
274,000
15,676,416
Unrestricted funds
General funds
651,071
259,014
(214,344)
-
695,741
Total funds
16,376,934
6,563,608
(6,842,385)
274,000
16,372,157
Insight Multi Academy Trust
Notes to the financial statements (continued)
For the year ended 31 August 2024
- 42 -
18
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
-
-
15,075,079
15,075,079
Current assets
1,013,821
1,122,404
2,374
2,138,599
Current liabilities
(283,974)
(529,493)
-
(813,467)
Pension scheme liability
-
(299,000)
-
(299,000)
Total net assets
729,847
293,911
15,077,453
16,101,211
Unrestricted
Restricted funds:
Total
Funds
General
Fixed asset
Funds
£
£
£
£
Fund balances at 31 August 2023 are represented by:
Tangible fixed assets
-
-
15,354,977
15,354,977
Current assets
974,868
1,403,573
6,837
2,385,278
Current liabilities
(279,127)
(483,971)
-
(763,098)
Pension scheme liability
-
(605,000)
-
(605,000)
Total net assets
695,741
314,602
15,361,814
16,372,157
19
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 Staffordshire Pension Fund. Both are multi-employer defined benefit schemes.

 

The latest actuarial valuation of the TPS related to the period ended 31 March 2020, and that of the LGPS related to the period ended 31 March 2022.

Contributions amounting to £110,974 were payable to the schemes at 31 August 2024 (2023: £101,429) and are included within creditors.

Teachers' Pension Scheme
Introduction

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

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

Insight Multi Academy Trust
Notes to the financial statements (continued)
For the year ended 31 August 2024
19
Pension and similar obligations
(Continued)
- 43 -
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 £700,592 (2023: £631,625).

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 25.2% for employers and 5.5 to 12.5% for employees.

Parliament has agreed, at the request of the Secretary of State for Education, to a guarantee that, in the event of academy closure, outstanding Local Government Pension Scheme liabilities would be met by the Department for Education. The guarantee came into force on 18 July 2013 and on 21 July 2022, the Department for Education reaffirmed its commitment to the guarantee, with a parliamentary minute published on GOV.UK.

Total contributions made
2024
2023
£
£
Employer's contributions
303,000
243,000
Employees' contributions
67,000
52,000
Total contributions
370,000
295,000
Insight Multi Academy Trust
Notes to the financial statements (continued)
For the year ended 31 August 2024
19
Pension and similar obligations
(Continued)
- 44 -
Principal actuarial assumptions
2024
2023
%
%
Rate of increase in salaries
3.15
3.45
Rate of increase for pensions in payment/inflation
2.65
2.95
Discount rate for scheme liabilities
5.00
5.20
Inflation assumption (CPI)
2.65
2.95
The current mortality assumptions include sufficient allowance for future improvements in mortality rates.  The assumed life expectations on retirement age 65 are:
2024
2023
Years
Years
Retiring today
- Males
21.1
21.2
- Females
24.3
24.3
Retiring in 20 years
- Males
20.9
21.0
- Females
25.7
25.8
Sensitivity analysis

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

2024
2023
£'000
£'000
Discount rate + 0.1%
-104
-93
Discount rate - 0.1%
104
93
Mortality assumption + 1 year
173
157
Mortality assumption - 1 year
-173
-157
CPI rate + 0.1%
100
79
CPI rate - 0.1%
-100
-79
Defined benefit pension scheme net liability
2024
2023
£
£
Scheme assets
4,028,000
3,316,000
Scheme obligations
(4,327,000)
(3,921,000)
Net liability
(299,000)
(605,000)
Insight Multi Academy Trust
Notes to the financial statements (continued)
For the year ended 31 August 2024
19
Pension and similar obligations
(Continued)
- 45 -
The academy trust's share of the assets in the scheme
2024
2023
Fair value
Fair value
£
£
Equities
2,577,000
2,222,000
Bonds
1,088,000
763,000
Cash
81,000
66,000
Property
282,000
265,000
Total market value of assets
4,028,000
3,316,000
The actual return on scheme assets was £442,000 (2023: £253,000).
Amount recognised in the statement of financial activities
2024
2023
£
£
Current service cost
228,000
244,000
Interest income
(179,000)
(125,000)
Interest cost
209,000
161,000
Total amount recognised
258,000
280,000
Changes in the present value of defined benefit obligations
2024
2023
£
£
At 1 September 2023
3,921,000
3,665,000
Current service cost
228,000
244,000
Interest cost
209,000
161,000
Employee contributions
67,000
52,000
Actuarial loss/(gain)
2,000
(146,000)
Benefits paid
(100,000)
(55,000)
At 31 August 2024
4,327,000
3,921,000
Insight Multi Academy Trust
Notes to the financial statements (continued)
For the year ended 31 August 2024
19
Pension and similar obligations
(Continued)
- 46 -
Changes in the fair value of the academy trust's share of scheme assets
2024
2023
£
£
At 1 September 2023
3,316,000
2,823,000
Interest income
179,000
125,000
Actuarial gain
263,000
128,000
Employer contributions
303,000
243,000
Employee contributions
67,000
52,000
Benefits paid
(100,000)
(55,000)
At 31 August 2024
4,028,000
3,316,000
20
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)
(531,946)
(278,777)
Adjusted for:
Capital grants from DfE and other capital income
(20,723)
(60,100)
Investment income receivable
6
(23,910)
(14,322)
Defined benefit pension costs less contributions payable
19
(75,000)
1,000
Defined benefit pension scheme finance cost
19
30,000
36,000
Depreciation of tangible fixed assets
422,859
415,937
(Increase) in debtors
(59,245)
(57,421)
Increase in creditors
20,260
156,630
Net cash (used in)/provided by operating activities
(237,705)
198,947
21
Analysis of changes in net funds
1 September 2023
Cash flows
31 August 2024
£
£
£
Cash
1,229,064
(323,594)
905,470
Cash equivalents
919,886
23,782
943,668
2,148,950
(299,812)
1,849,138
Insight Multi Academy Trust
Notes to the financial statements (continued)
For the year ended 31 August 2024
- 47 -
22
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
26,274
15,955
Amounts due in two and five years
78,386
49,226
104,660
65,181

Other financial commitments

 

The academy trust occupies premises which are subject to a private finance initiative (PFI) contract with Staffordshire County Council. The trust itself is not party to this service concession contract, however the academy trust has entered into a supporting agreement towards the costs of the local authority. There is an annual commitment for premises running costs payable until December 2026. The annual payment for 2024/25 is £493,000 (2023/24: £507,100), which is subject to an indexation applied annually.

23
Related party transactions
Expenditure related party transactions

During the year, the trust paid remuneration to two close family members of S Metcalfe, a member of key management personnel. The close family members are employed by the Academy Trust as a teacher and as a examination invigilator. Both appointments were made in open competition and S Metcalfe was not involved in the decision making process regarding appointment. The close family members are paid within the normal pay scale for the roles and receive no special treatment as a result of their relationship with a member of key management personnel.

 

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

 

No other related party transactions took place in the period of account, other than certain Trustees' remuneration and expenses as disclosed in the notes to the financial statements.

 

24
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.

Insight Multi Academy Trust
Notes to the financial statements (continued)
For the year ended 31 August 2024
- 48 -
25
Agency arrangements

The academy trust distributes 16-19 bursary funds to students as an agent for ESFA. In the accounting period ending 31 August 2024 the academy trust received £3,604 and disbursed £2,425 from the fund. As at 31 August 2024, the cumulative unspent 16-19 bursary fund is £9,193, of which £Nil relates to undistributed funding that is repayable to ESFA. Comparatives for the accounting period ending 31 August 2023 are £2,550 received, £353 disbursed, total cumulative unspent fund of £8,454 of which £Nil was repayable to ESFA.

2024-08-312023-09-01falsefalseCCH SoftwareiXBRL Review & Tag 2024.202024-08-312024-12-13true2024-12-13n/a102388992023-09-012024-08-3110238899bus:CompanySecretary12023-09-012024-08-31102388992024-08-31102388992023-08-3110238899bus:SmallEntities2023-09-012024-08-3110238899bus:Audited2023-09-012024-08-3110238899bus:FullAccounts2023-09-012024-08-31xbrli:purexbrli:sharesiso4217:GBP