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 Trust operates 7 academies and 1 nursery for pupils aged 0-19 serving a catchment area in Peterborough and North Cambridgeshire. One academy includes pre-school provision. Its academies have a combined pupil capacity of 6,035 and had a roll of 5,368 in the school census on 5 October 2023.
The academies are:
Gladstone Primary Academy (2-11)
Queen Katherine Academy (11-18)
Richard Barnes Academy (5-16)
Thomas Deacon Academy (7-19)
Upwood Primary Academy (4-11)
Warboys Primary Academy (4-11)
Welbourne Primary Academy (4-11)
The nursery is:
Welbourne Primary Academy Nursery
The 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 Trust.
The charitable company operates as Thomas Deacon Education Trust (TDET).
The trustees of Thomas Deacon Education 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 of the charitable company are nominated by either the Secretary of State for Education, or by Perkins Engine Company Limited, or the Thomas Deacon Foundation, designated sponsors of the predecessor school, as identified in the Articles. Members may agree by special resolution to appoint such additional members as they think fit.
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.
As disclosed in note 13 professional indemnity insurance is paid on behalf of the Trustees and officers of the Trust.
Under the terms of the Trust’s funding agreement and articles, Trustees are appointed as follows:
up to 5 Trustees, appointed through ordinary resolution by the Members;
a minimum of 2 Parent Trustees elected or appointed under Articles 53-56 in the event that no Local Governing Bodies are established under Article 100a or if no provision is made for at least 2 Parent Local Governors on each established Local Governing Body pursuant to Article 101a.
the two principal sponsors can each appoint two Trustees.
the Board retains the right to appoint other Trustees as it deems fit dependent on need. Any new co-opted member of the Trust Board must be confirmed at a full meeting of the board.
Trustees are not subject to retirement by rotation. They are appointed for fixed periods and are eligible for re-election at the meeting at which they retire. The Trustees who were in office at 31 August 2024, and served throughout the year, except where shown, are listed on page 1.
During the year under review, the Trust Board held 5 regular meetings, as well as 4 Resources Committee and 5 Education Committee meetings.
All Trustees receive continual training to ensure their understanding of a range of issues connected to each academy. Induction training for new members of the Trust Board is provided on charity, educational, legal and financial matters.
The structure of Thomas Deacon Education Trust (TDET) consists of the following levels:
Trust Board
Academy Committees
Executive Group
During the period, the Trust Board also had two sub-committees – the Resources Committee and the Education Committee.
Each Academy has its own leadership team who are responsible for managing the day-to-day activity and progress of the academy.
Decisions are taken across these committees and executive group in accordance with the Scheme of Delegation. An aim of the management structure is to distribute responsibility and encourage involvement in decision making at all levels, through a clear scheme of delegation, which is reviewed annually and published on the TDET website.
The Trust Board is responsible for setting general policy, adopting an annual plan and budget, monitoring the Trust budgets and making major decisions about the direction of the Trust, capital expenditure and senior staff appointments.
The Executive Group are the Chief Executive, Director of Standards & Improvement, the Director of Resources, and the Executive Lead as described on page 1. These leaders control the Trust at an executive level, implementing the policies laid down by the Trust Board and reporting back to them. As a group, the Executive Group are responsible for the authorisation of spending within agreed budgets and the appointment of staff, though appointment boards for senior posts in each academy often involve Trustees. Some spending control is devolved to members of the Academy Leadership Team, with limits above which a member of the Executive Group must countersign.
Academy Leadership Teams vary according to the size and phase of the Academy but normally consist of the Principal, the Vice Principal and any Assistant Principals. These senior leaders are responsible for the day-to-day operation of the Academy, in particular organising the teaching staff, curriculum delivery, facilities and welfare of students.
The Trust has a Teachers and Executive Group Pay Policy, and a Non-Teaching Staff Pay Policy, which outline the approach of pay progression for all staff. Pay for the Chief Executive is recommended by the Chair of the Trust Board. Each Principal’s pay is recommended by the Chief Executive and agreed by the Trust Board. For each Academy Leadership Team, any salary progression is recommended by the appropriate Principal and also agreed through the Trust Board but based on salary increases approved as part of the Teachers and Executive Group Pay Policy. The policy for all standard pay awards and any associated performance pay follows a consistent approach across all staff, including executives, and is in line with the pay policies.
Trade union facility time
Relevant Union Officials
Number of employees who were relevant union officials during the year | Full-time equivalent employee number |
0 | 0 |
Percentage of time spent on trade union facility time N/A
Percentage of pay bill spent on facility time N/A
The Trust owns 100% of the issued ordinary shares of TDA Development Ltd., a company incorporated in England (registration no. 06435213). In the year to 31 August 2024 the subsidiary recorded a profit of £32,012. Further details regarding the subsidiary company are given in note 15 of the financial statements.
Perkins Engines Company Limited and the Thomas Deacon Foundation are sponsors to The Thomas Deacon Academy (TDA), and now TDET, and since TDA’s founding have donated £2 million to assist the Academy in achieving its objectives.
Engagement with employees (including disabled persons)
The Trust Board and Executive Group are committed to ensuring that the Trust is an equitable employer that considers the needs of all of its employees when setting policies and developing processes. To that end, regular meetings are held with union representatives to discuss matters relating to staff and to obtain any feedback from them. In addition, an annual Trust-wide employee survey is undertaken, gathering and analysing feedback on employee engagement and enablement. Results of the survey are shared with staff, and an action plan is developed with academies in response to it.
In addition, the Trust held two all staff conferences during the year to provide updates to staff on the Trust strategy, to provide development opportunities for staff, and to enable input from staff on the future direction of the Trust.
The Trust has adapted its recruitment processes to ensure all applicants are assessed on a fair basis, as application filtering is undertaken without inclusion of employee personal details. Throughout the recruitment and induction processes, applicants are asked if they have any specific requirements, and adjustments are made to the process wherever possible to enable these needs to be provided for. The Trust supports staff with occupational health assessments in the event that there are any indications that specific requirements may have developed for any reason, including employees that become disabled. These assessments are then reviewed with all reasonable adjustments made to support the employee to perform their role.
The Trust is an equal opportunities employer, and all employees are provided with the same access to training, career development and promotion, regardless of any protected characteristics, including but not limited to disability, that they may have.
Engagement with suppliers, customers and others in a business relationship with the academy trust
The Trust recognises the importance of fostering good working relationships with suppliers whilst operating in accordance with public sector procurement regulations. Payment terms are agreed with suppliers as part of a new supplier process that must be completed prior to any purchase orders being raised. With a limited number of exceptions set out in the Trust’s Financial Regulations, no payments will be made to suppliers unless a purchase order has been raised. The Trust seeks to comply with agreed payments terms except in instances where there is a notified dispute relating to an invoice.
The Trust has clearly defined Financial Regulations that set out the procurement practices to be followed based on the circumstances of the procurement, that ensure all suppliers are treated fairly.
Whilst the majority of the Trust’s income is from Government, relationships with customers are maintained by appropriate and timely communication, ensuring that invoices are raised in line with agreements.
The principal object and activity of the charitable company is the operation of TDET by establishing, maintaining, carrying on, managing and developing schools offering a broad and balanced curriculum (“the mainstream Academies”) or educational institutions which are principally concerned with providing full-time or part-time education for children of compulsory school age who, by reason of illness, exclusion from school or otherwise, may not for any period receive suitable education unless alternative provision is made for them (“the alternative provision Academies”) or 16 to 19 Academies offering a curriculum appropriate to the needs of its students (“the 16 to 19 Academies”) or schools specially organised to make special educational provision for pupils with Special Educational Needs (“the Special Academies”).
In accordance with the Articles of Association the charitable company has adopted a "Scheme of Government" approved by the Secretary of State for Education and Skills. The Scheme of Government specifies, amongst other things, the basis for admitting students to the Academy, the catchment area from which the students are drawn, and that the curriculum should comply with the substance of the national curriculum with an emphasis on science and technology and their practical applications.
Strategies and activities
2023/24 was the second year of a 3-year strategic plan developed by the Chief Executive in conjunction with Trustees. The vision and mission is defined as:
Vision: To be one of the leading multi academy trusts in the country.
Mission: To provide a truly world class education to all of our learners.
At the heart of this vision was the absolute intention that our academies work closely together, taking part in real and meaningful collaborations between teachers, learners and other key partners including parents, business, and other education providers.
The vision comprises of three strategic intents:
A world class education Provision gives the environment and conditions for all TDET learners (regardless of starting point) to be the best they can be and offer choice for the future. A world class education empowers children to change the(ir) future, to shape society and benefit the world.
We develop meaningful and high-leverage Partnerships that actively and directly support our goals as a strong Multi Academy Trust.
We attract, engage and enable People through inspirational leadership which facilitates a positive, ambitious and supportive culture and supports TDET in becoming an ‘Employer of Choice’.
Education Improvement Plans at Trust and individual academy level, alongside Business Plans are focused on these areas to support the delivery of our three strategic intents and during the year, trustees received updates in relation to these intents and agreed milestones and performance indicators.
As described above, the Trust’s main strategies are based around 3 key themes. During the year, trustees received updates against the delivery of these objectives.
1. Provision
At the heart of our provision is our research and evidence informed education improvement strategy. This consists of 5 focus areas – behaviour, curriculum, reading, SEND and ambition – which articulate what success for our learners and academies looks like. Aligned to our focus areas, our education frameworks provide a set of elements which allow us to enhance key aspects of provision and to codify our shared language and systems as the ‘TDET way’.
Our systems and processes for educational improvement enable us to have:
A deep understanding of our academy’s strengths and needs.
An adaptation of approach to individual academy context reflected in the individual 3-year strategic plan and Framework Response Plan (FRP).
Collaborative practice (within and beyond the Trust) to develop and utilise expertise and capacity (encompassing our Trust wide Partnership and People strategies).
Strategic and responsive development and deployment of expertise.
Impactful governance.
Evaluation of impact.
2. Partnerships
Any partnership will come at a cost, whether this is in actual financial terms or as a cost in kind eg staff time. A range of partnerships already exist at trust level as well as within our individual academies and it is important that we evaluate these to ensure that they deliver good ‘value for money’ alongside exploring new partnerships that will meet the new goals we have set ourselves.
During the year we have:
Built on existing partnerships, with a wide range of opportunities provided to our learners.
Participated in DfE Behaviour Hubs to integrate aspects of best practice into our academies.
Delivered a Sustainability Conference, enabling learners from all of our academies to engage with sector experts on environmental matters relevant to their academies.
Facilitated the work of our Communities for Improvement.
Continued the work of our Business Services team in supporting academies in meeting their compliance requirements, enabling Principals to focus on core education priorities
3. People
At the heart of our people strategy is the concept of Continuous Development which is a person-centred approach where employees take ownership of their own development; employees will be motivated to achieve the best outcomes for themselves, the teams they work in and the young people around them. We will provide employees with learning and development opportunities to be creative and dynamic professionals in their fields so that we will have the right people with the right skills, knowledge and experience who are effectively led and organised to deliver TDET’s strategy, both now and in the future.
We want our recruitment processes to be among the very best in the sector, giving candidates at all levels a positive experience in their interactions with our Trust and to effectively recruit the right quantity and quality of staff needed to support the achievement of our strategic objectives.
In setting objectives and planning activities, the Trust Board have paid due regard to the published guidance from the Charity Commission on the operation of the Public Benefit requirement under the Charities Act 2011.
This reporting period marked a return to ‘normal’ grading and exam processes following changes during the Covid pandemic (notably the cancellation of public examinations and SATs testing in 2020 and 2021.) Learners who sat formal assessments in 2024 have been impacted by lost learning due to the pandemic; all losing at least 6 months of formal education since starting school. Some learners in some of our academies have experienced more disruption than others.
One significant change during this reporting period is the removal of statutory assessments at Key Stage 1 (KS1)
2024 saw the completion of a full suite of external assessments and examinations at Early Years, Key Stage 1, Key Stage 2 (KS2) and for GCSEs, A-levels and vocational post-16 qualifications.
Attainment data for KS2 (attainment only), GCSE (attainment and progress) and Post-16 (attainment and progress) will be published on the Government's Compare School and College Performance website.
Statutory assessments at Key Stage 1 have been removed for 2024.
No progress data is available for pupils at Key Stage 2 (KS1 assessments were not completed in 2020).
In August 2024, Rick Carroll's role as Executive Lead within the Executive Team, working alongside the CEO, Director of Resources, and Director of Standards and Improvement, was made permanent.
From April to July 2024, Jenny Brassington (Director of Standards and Improvement) stepped in as Principal of Upwood Primary Academy on an interim basis, following the promotion of Amy Woolner (outside TDET) and prior to the appointment of the new Interim Principal at Upwood (Ben Wilson).
The Executive team and Executive Link model continued through 2023-24. The Director of Standards and Improvement (Jenny Brassington) provides executive support to Queen Katharine Academy, Upwood Primary Academy, Warboys Primary Academy and Welbourne Primary Academy. The Executive Lead (Rick Carroll) provides executive support to Gladstone Primary Academy, Richard Barnes Academy and Thomas Deacon Academy.
Linked to our focus areas, two further appointments were made into the central education team; Charlotte Ims was appointed as TDET SEN Lead for one day per week and Ollie Hurford was appointed as Primary Behaviour Lead for one day per fortnight. Both worked across academies from January 2024.
The Principals' Round Table, set up in the summer of 2023 continued during 2023-24 with fortnightly meetings bringing Principals together to work on Trust wide developments.
During this reporting period, Communities for Improvement (CfI) have met to discuss and improve key areas of our work. Key CfIs have included communities with a focus on SEND, Key Stage 1 English, Key Stage 2 English, primary Maths (with secondary cross over), behaviour (linked to the Behaviour Hubs programme). The CfIs were instrumental in the introduction of a new phonics scheme across TDET and a new writing programme across our primary academies.
Primary academies made the decision to move away from the Mckie Mastery pedagogical approach, following limited improvements in KS2 outcomes, this decision led to the development of our TDET Pedagogy working group.
A TDET Pedagogy working group made up of leaders from across TDET and with external input and support used an evidence informed approach to develop the TDET Pedagogical Model which was launched with staff across TDET in July 2024.
Two TDET training days took place, the first in January 2024 with a focus on collaboration and bringing TDET staff together for the first time since the Covid pandemic. The second in July 2024 with further collaborative opportunities and the launch of the TDET Pedagogical Model.
Richard Barnes Academy continued their work as part of the DfE's behaviour hubs programme. Thomas Deacon and Queen Katharine Academies joined the programme in January 2024.
Two reviews were conducted in 2023-24; a review at Upwood Primary Academy to evaluate progress since the Ofsted inspection of 2022 and a review at Warboys Primary Academy to evaluate progress made with developments in improving behaviour. The TDET Director of Standards and Improvement also supported Queen Katharine Academy with a subject focus day on science.
There were three Ofsted visits during this reporting period. In autumn 2023, Welbourne Primary Academy and Gladstone Primary Academy achieved overall gradings of Good in fully graded inspections (good in all areas). Warboys Primary Academy was inspected in May 2024 and achieved an overall grading of Requires Improvement with a split judgement; Quality of Education, Behaviour and Attitudes and Early Years were graded as Requiring Improvement; Personal Development and Leadership and Management were graded Good. In all inspections, safeguarding was deemed to be effective.
Using DfE methodology, we have calculated a TDET average progress 8 score. Cross Trust average data indicates an average P8 score of -0.24.
All data for Key Stage 2, relates to pupils reaching the expected standard.
Gladstone Primary Academy (GPA)
In its autumn 2023 Ofsted visit, Gladstone Primary Academy was awarded an overall grading of Good in a fully graded inspection, with ratings of Good in all areas.
The outcomes for EYFS have continued to improve, marking a three-year upward trend, with a 5% increase compared to the previous year. The percentage of children achieving a Good Level of Development (GLD) is 48%, which is significantly below the national average of 67%. However, children who attended preschool at GPA performed notably better, with 60% achieving GLD. These results highlight substantial progress from a very low baseline on entry and the importance of quality preschool education.
There was also a consistent rise in the phonics screening, with 64% of children passing with a score of 32 or above. It is particularly encouraging that the academy's average pass mark increased from 33 to 37 out of 40, reflecting a solid understanding of split vowel digraphs, which were introduced and embedded early. Despite this progress, mobility and high levels of SEND affected the cohort, with only 73% of the cohort taking the screening, yet all are included in the overall results. This remains below the national average of approximately 80%.
The academy conducted a full suite of KS1 assessments, with external moderation from the local authority to ensure accuracy following a dip in last year’s outcomes. There were significant improvements across all areas:
Reading: 55%, a 12% increase
Writing: 40%, a 15% increase
Maths: 61%, a 16% increase.
The academy achieved a 10% rise in the Multiplication Tables Check, reaching 71%, significantly above the national average.
KS2 outcomes, however, were initially disappointing. The combined score dropped from 48% to 44%, though this only represents two children. This is well below the national average of 61%. The academy is currently in the process of removing four children from the results, which is expected to increase the overall score. Reading results stand at 45%, representing a 7% drop (four children), while writing and maths remain consistent with the previous year at 57% and 61%, respectively.
Queen Katharine Academy (QKA)
There were continued changes in the senior leadership team at Queen Katharine Academy (QKA) during this period. The new principal, Philip Masterson, took up post in September 2023. The two temporary vice principals were made permanent from October 2023. An additional assistant principal (back fill for one of the successful vice principals) was appointed and took up post in January 2024.
The TDET Director of Standards and Improvement remained the Executive Link for QKA except when she was seconded to Upwood Primary Academy, during which time the Chief Executive fulfilled this role to ensure continuation of support for the Principal at QKA.
QKA joined the DfE’s Behaviour Hubs programme in January 2024. In April 2024 and in response to this work; QKA launched a behaviour reset with a focus on the start of the day and pupils being ‘Ready to Learn’.
Outcomes at QKA
There was a further slight increase in attainment in English and maths at grade 5 and above at KS4, but a slight decline in attainment in English and maths at grade 4 and above)
English attainment at grades 5-9 increased by 6%; with a 2% decrease at grades 4-9; attainment in maths increased by 0.5% at grades 5-9 and dropped by 4% at grade 4-9 compared with 2023. Overall, the proportions of learners achieving both English and maths increased by 2% at grades 5-9 and declined by 5% at grades 4-9.
Progress 8 score at QKA has declined by 0.17 to (provisional) -0.61 (compared with -0.44 in 2023). This is a significant drop and is linked to particularly poor progress in optional GCSE subjects.
At post-16, QKA’s outcomes returned to the highly positive levels seen in previous years. 73% of A-level grades sat between A* and C; the proportion of A-level grades achieved from A*-E was 100%. In vocational subjects 42.8% of entries achieved a Distinction or Distinction*, a reduction of 16% from 2023.
Richard Barnes Academy (RBA)
For the academic year 2023/24 RBA had 1 year 6 STIP student. This student is currently transitioning to a mainstream school (supported with an EHCP). He sat all of his SATs papers (results went to his mainstream school). At the start of his placement with RBA he was not able to enter a classroom - this is huge progress.
At KS4 there were 49 learners in the Year 11 cohort. Key outcome data is as follows:
83% of 29 learners achieved both Maths and English Functional Skills at Entry 3
40% of 20 learners achieved both Maths and English Functional Skills at Level 1
40% of 5 learners achieved both Maths and English Functional Skills at Level 2
82% of 38 learners achieved both Maths and English Functional Skills at any qualification level
94% of learners who took GCSE Maths (15/16) graded.
100% of learners who took GCSE English (16/16) graded.
25% of learners who took GCSE Art (1/4) achieved a Grade 4. 100% graded (4/4)
15 learners secured a Science qualification – 5 achieved Level 1 Introductory Award – Science, 10 achieved AQA Entry Level Certificate - Science
18 Learners achieved the BTEC Level 2 Home Cooking Skills
4 Leaners achieved BTEC Level 1 Tech Award in Health and Social Care
1 Learner achieved BTEC Level 2 First Award in Children's Play, Learning and Development
1 Learner achieved OCR Level 1 Cambridge National Award in Sport Science
In addition to the outcome data it is also important to note out of 13 GCSE exams scheduled for completion during the June 24 Summer Series that RBA achieved 100% attendance in 12/13 exams.
RBA also recorded its highest attendance for learners collecting their Exams Results on the August Exam Results Day.
Thomas Deacon Academy (TDA)
Emily Gaunt continued to act as Interim Principal at Thomas Deacon Academy (TDA) following the appointment of Rick Carroll as Executive Lead for the Trust, originally in April 2023. His role was made permanent in the summer of 2024, and the permanent role of Principal was to be subject to a recruitment process at the year end, due to take place in October 2024.
The academy has seen some other changes in its senior leadership during this period. The Head of Thomas Deacon Academy Juniors (TDAJ) has taken on additional ‘All-Through School’ responsibilities and three other senior leaders secured temporary expanded posts in order to ensure capacity for leadership across TDA.
Collaborative work between TDA and QKA 6th form provisions continues to support subjects in both academies and the introduction of the new TDET Pedagogical Model is supporting a re-defined teaching offer at TDA.
In the last year a focus has been to create a responsive Behaviour Policy, supported by work with the DfE Behaviour Hubs. The aim of this is to reduce the number of behaviour metrics (including lates, truancy, suspensions and permanent exclusion).
Outcomes at TDA
At TDAJ Reading attainment at 66% (GD at 19%), writing attainment at 59% (GD at 1%) and maths at 65% (GD at 15%.) Combined at 47%)
In TDA Seniors (TDAS) English attainment at grades 5-9 was 51.5% and at grades 4-9 was 67.8% . Attainment in maths at grades 5-9 was 37.7% and at grades 4-9 was 57.2% .
Overall, the proportions of learners achieving both English and maths at grades 5-9 was 31.3% at 4-9 it was 50.6%.
Progress 8 score at TDA using SISRA predictions is 0.00.
At post-16 TDA’s outcomes were stronger in 2024 than in 2023 and very similar to those achieved in 2019.
11.5% of A-level grades sat between A*/A, 30.8% A*-B, 59% A*-C and 96% A* - E.
In vocational subjects 42.8% of entries achieved a Distinction or Distinction* and 77.14% achieved Distinction* - Merit. The pass rate was 99%.
Upwood Primary Academy (UPA)
The Principal of Upwood Primary Academy gained a promoted post at a larger school outside of TDET. Jenny Brassington was appointed as Interim Principal from April 2024 through to July 2024. An internal appointment (following a rigorous selection process that mirrored our usual Principal appointment process) of an Interim Principal (one year in the first instance) was made and he (Ben Wilson) took up post from September 2024.
During the academic year 2023-24, the substantive Assistant Principal of UPA took the post of Vice Principal and SENCO (maternity cover) at Warboys Primary Academy.
Following budget discussions, the decision was made to remove the post of Assistant Principal from the leadership structure at Upwood Primary Academy. The substantive post-holder of this role was offered and accepted a post as Assistant Principal SENCO across both Warboys Primary Academy and UPA from September 2024.
In line with other primary academies within the Trust UPA made the decision to move away from the Mckie Mastery pedagogy and phonics scheme.
The proportion of children achieving good level of development in EYFS, reduced in 2024 (to 60%) – this is linked to a change in cohort with a proportionally large number of pupils with SEN.
Phonics screening check outcomes increased at UPA by 14%; bringing outcomes slightly above the national average.
There was a drop in KS2 outcomes at UPA. There was a drop of 9% in reading (to 53%); 10% in writing (to 47%); 18% drop in mathematics (to 53%) and 8% drop in pupils achieving the combined score (38%).
Warboys Primary Academy (WPA)
Warboys Primary Academy (WPA) was subject to an Ofsted inspection (section 5 – graded) in May 2024. The overall grade awarded to WPA was that of Requires Improvement. In the five judgement areas, WPA was graded as Requires Improvement for Quality of Education, Behaviour and Attitudes and Early Years, and Good for Personal Development and Leadership and Management.
The new Principal took post in September 2023, supported by the Interim (maternity cover) Vice Principal who also took the role of SENCO. The substantive Vice Principal returned from maternity leave in April 2024.
Following budget discussions, the decision was made to remove the post of Assistant Principal from the leadership structure at WPA. The interim Vice Principal was offered and accepted a post as Assistant Principal SENCO across both WPA and Upwood Primary Academy from September 2024.
A re-structure took place at WPA in the summer of 2024, this was linked to budgetary concerns. There were no compulsory redundancies; a number of support staff took voluntary redundancy during the process.
Significant trust support was provided to WPA in EYFS via the TDET EYFS lead. This was as a result of concerns around the quality of provision in this stage and subsequently the departure of the EYFS lead. In addition trust support was provided to support SEN provision and via the TDET SEN lead.
At Key Stage 2 (KS2) outcomes dropped at WPA with a drop of 9% in reading (to 69%); a drop of 27% in writing to 52%; a drop of 18% in maths (to 64%). The combined score dropped by 22% to 49%.
Warboys was subject to local authority writing moderation.
Welbourne Primary Academy (WelPA)
Welbourne Primary Academy (WelPA) was subject to an Ofsted inspection (section 5 – graded) in October 2023. The overall grade awarded to WelPA was Good. WelPA was graded as Good in all five of the key judgement areas (Quality of Education, Behaviour and Attitudes, Personal Development, Leadership and Management, EYFS).
Significant improvements in behaviour were made at WelPA following the Ofsted inspection and associated area for improvement.
At Key Stage 2 outcomes showed a decline. Reading declined by 9% (to 57%); writing increased by 1% (to 70%); maths declined by 9% (to 57%); the combined score was 50% - a 9% drop compared to 2023.
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, it continues to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the statement of accounting policies.
Promoting the success of the company
Under section 172(1)(a) to (f) of the Companies Act 2006, directors of a company must act in a way most likely to promote the success of the company, and in doing so must have regard to:
the likely consequences of any decision in the long term
the interest of the company’s employees
the need to foster the company’s business relationships with suppliers, customers and others
the impact of the company’s operations on the community and the environment
the desirability of the company maintaining a reputation for high standards of business conduct
the need to act fairly as between members of the company
The Trustees are of the opinion that these requirements are consistent with the Objectives, Strategies and Activities of the Trust as set out in the section above.
Most of the Trust's income is obtained from the ESFA in the form of recurrent grants, the use of which is restricted to particular purposes. The grants received from the ESFA during the year ended 31 August 2024 and the associated expenditure are shown as restricted funds in the statement of financial activities.
TDET also receives grants for fixed assets from the ESFA. In accordance with the Charities Statement of Recommended Practice, ‘Accounting and Reporting by Charities’ (SORP 2005), such grants are shown in the Statement of Financial Activities as restricted income in the fixed asset fund. The restricted fixed asset fund balance is reduced by annual depreciation charges over the expected useful life of the assets concerned.
TDET held fund balances at 31 August 2024 of £52,840,755 comprising £52,313,458 of restricted funds, a surplus of £1,012,497 of unrestricted general funds and a pension reserve deficit of £485,200.
During the year ended 31 August 2024, total expenditure of £46,144,804 was fully covered by recurrent grant funding from the ESFA together with other incoming resources. The excess of income over expenditure for the year (excluding restricted fixed asset funds) was £876,861.
At 31 August 2024 the net book value of fixed assets was £48,268,685 and movements in tangible fixed assets are shown in note 14 to the financial statements. The assets were used exclusively for providing education and the associated support services to the pupils of the Trust.
TDET has obtained a full actuarial valuation of the pension liability under FRS102 in respect of its administrative staff pension scheme, for each of its academies. During the year TDET incurred a decrease of its pension liability of £864,800 resulting in an overall deficit of £485,200.
At 31 August 2024 the total funds comprised:
Unrestricted £1,012,497
Restricted: Fixed asset funds £48,890,005
Pension reserve (£485,200)
Other £3,423,453
£52,840,755
The Trust Board reviews the reserve levels of the Trust annually. This review encompasses the nature of income and expenditure streams, the need to match income with commitments and the nature of reserves. In 2023/24 the Trustees reviewed reserve levels and determined that the appropriate level of revenue reserves should be equivalent to a minimum of 5% of total income of the Trust, which equates to approximately £2,276,000 The reason for this is to provide sufficient working capital to cover delays between spending and receipt of grants and to provide a cushion to deal with unexpected emergencies such as urgent maintenance. TDET’s current level of revenue reserves is a surplus of £4,435,950 which is in line with that needed.
TDET is currently holding a higher level of reserves due to a number of anticipated capital projects within the Trust. The Trust has placed unrestricted funds held at Trust level in a designated fund for these purposes – final costs are expected to significantly exceed the total designated.
TDET has an approved investment policy which covers the appropriate use of surplus funds. The Chief Executive and the Trust Board have overall responsibility for the security and management of funds. The day-to-day management of the treasury function is controlled by the Director of Resources.
The Director of Resources will liaise with the Trust Board in relation to strategy, status and market conditions.
TDET has a guiding principle for ethical investments.
TDET will operate an interest-bearing current account with a bank or building society approved by the Board and maintain a balance in that account that is sufficient to cover immediate and forthcoming financial commitments and sufficient contingency for unexpected payments. This is assumed to be equivalent to at least one month of payroll costs or 5% of annual income, whichever is the higher.
Monies surplus to the working requirements shall be invested in a number of accounts in the name of the Trust in line with the Investment Policy. These may be higher interest-bearing accounts operated by the same bank that the Trust operates its current account with, or an alternative approved institution. The Director of Resources will ensure that funds are invested in fixed term blocks to ensure the maximum return whilst maintaining the necessary working capital. The Director of Resources is not permitted to make more than four (4) transfers per calendar month without the approval of the Trust Board.
The Director of Resources has authority to invest funds using an approved investment platform. Any changes in the fees or conditions attached to the platform will be notified to the Trust Board at the next available meeting, at which point the Board may withdraw authority to use the platform for any new deposits.
The Trust Board have a comprehensive risk management process to identify and monitor the risks faced by the Trust. The key categories are: Education; Financial; Governance; Health and Safety; and Legal. A point scoring mechanism is in place with greater emphasis directed towards those identified higher risk areas. The Board believe that the major risks that the Trust is currently facing relate to financial pressures arising from inadequate levels of funding being received to cover the costs of NJC pay awards, insufficient funding to enable our estates to be maintained to a high standard, and the funding for Richard Barnes Academy, which is negotiated in year on an annual basis, including cumulative deficits at the Academy that may restrict development opportunities for the Trust as a whole.
The Trustees have assessed the major risks to which the Trust is exposed, in particular the financial sustainability of TDET. The Trustees have implemented a number of systems to assess risks that the Trust faces, especially in the operational areas (eg in relation to teaching, health and safety, student behaviour and school trips) and in relation to the control of finance. They have introduced systems, including operational procedures (eg vetting of new staff and visitors, supervision of school grounds) and internal financial controls in order to minimise risk. Where significant financial risk still remains, they have ensured they have adequate insurance cover.
TDET’s share of the LGPS valuation, as determined by the actuary, is a total deficit of £485,200. The Trust continues to pay the recommended contribution to the scheme, as detailed in note 25. The scheme does not give rise to an immediate liability.
Throughout the school year, students are encouraged to fundraise to support a number of charities and organisations as part of their interest and involvement in the local and wider community. In 2023/24, students and staff have raised money through various sponsored events and non-uniform days to support organisations.
Charity contributions are split between charities that are local to each academy and a Trust wide initiative where funds are contributed to a chosen charity. All staff and students are encouraged to participate in these activities.
The Trust does not work with any professional fundraisers. The Trustees monitor all fundraising. With the exception of the above, the Trust does not contact or seek funding from the public or individuals.
Throughout the school year, students are encouraged to fundraise to support a number of charities and organisations as part of their interest and involvement in the local and wider community. In 2022/23, students and staff have raised money through various sponsored events and non-uniform days to support organisations.
Charity contributions are split between charities that are local to each academy and a Trust wide initiative where funds are contributed to a chosen charity. All staff and students are encouraged to participate in these activities.
The Trust does not work with any professional fundraisers. The Trustees monitor all fundraising. With the exception of the above, the Trust does not contact or seek funding from the public or individuals.
Streamlined Energy & Carbon Reporting
TDET manages 7 academies, all with their own gas/oil fuelled boilers, and electricity is purchased (2022/23: 7 academies).
TDET run 5 diesel powered mini-buses, 3 electric vans, 1 diesel van, 2 tractors, 1 EV light vehicle, and 1 other vehicle.
The Trust pupil numbers as at 5 October 2023 were: 5,368 (2022/23: 5,320).
|
|
UK Greenhouse gas emission and energy use data for period 1 September 2023 to 31 August 2024 | Current reporting year 2023/24
| Comparison year
2022/23 |
Energy consumption used to calculate emissions (kWh) | 6,236,390 | 6,894,782 |
Energy Consumption break Down (kWh)
|
3,735,285 2,442,415 58,690
|
4,064,576 2,730,731 99,475 |
Scope 1 Emissions in metric tonnes CO2e
Gas Consumption Owned Transport Total Scope 1
|
683 14 697 |
744 17 761 |
Scope 2 Emissions in metric tonnes CO2e
Purchased Electricity
|
506 |
565
|
Scope 3 Emissions in metric tonnes CO2e
Business Travel in employee-owned vehicles
|
7 |
7 |
Total gross emissions in metric tonnes CO2e | 1,210 | 1,333 |
Intensity ratio Tonnes CO2e per Pupil | 0.23 | 0.25 |
Qualification and Reporting Methodology
We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the 2024 UK Government’s Conversion Factors for Company Reporting.
Intensity measurement
The chosen intensity measurement ration is total gross emissions in metric tonnes CO2e per pupil, the recommended ratio for the sector.
Measures taken to improve energy efficiency
TDET’s Strategic Sustainability Steering Group involving key stakeholders across the whole organisation has met during the year to develop a strategy to reduce carbon emissions, in particular considering how to raise awareness of climate change and related issues amongst staff and students. This included the delivery of a TDET Sustainability Conference involving a selection of staff and students from all academies within the Trust.
A programme to install LED lighting in all Trust sites was completed during the year. Where possible and affordable, the Trust has purchased renewable energy supplies, and to use electric vehicles within our owned vehicles fleet. The table above does not reflect the reduction in emissions arising from purchase of renewable energy.
We continue to invest in energy saving technology and are encouraging video conference meetings to help reduce travel between our sites.
During the summer, works undertaken at Warboys Primary Academy included replacement of some doors and windows in part of the academy, to improve insulation.
We are a Trust that unites and empowers like-minded academies to achieve the very best for our learners and at the heart of our vision is a profound belief that the Trust as a whole is more than the sum of its parts. This additional value is our Trust Dividend.
It is this profound belief that leads to the culture that we are embedding throughout our organisation, both within and across our academies; one that is rooted in the basis of collaboration not competition. We exist as one organisation sited across multiple campuses but with an understanding that we are stronger together which drives our behaviours and working practices.
Our work over the next 2-3 years is to deliver our strategic intents and provide a meaningful and demonstrable dividend as we begin to look forward to the next decade for TDET.
The Trust will continue to focus on embedding its four core values – Trust, Diversity, Excellence, and Transformation - but with a greater emphasis on achieving improved pupil outcomes. We have a clear and ambitious desire to further develop the educational offer through the relentless implementation of our education improvement strategy designed to enhance school improvement and deliver better pupil outcomes through our commitment to high quality professional and leadership development and support.
At the heart of our future work is a commitment to ensure that students are prepared for a world of the future ensuring knowledge, qualification pathways, and future-focused skills for employability are in equal balance and personalised to each student.
We will continue to provide high quality, value for money business support with a further focus on refining systems, particularly in IT (Trust-wide MIS implementation), Finance (new budgeting and finance software) and HR (self-service employee assistance and analysis tools) alongside the development of a new estates strategy.
The Trust has ambitions for growth and currently believes that an optimal size of Trust, allowing it to deliver a significant MAT dividend, is somewhere around 12,000 pupils. Our approach to growth is founded on an agreed set of 5 principles upon which our strategy will be based:
Values: TDET is a values led organisation and any school or Trust joining our organisation will be aligned with our clear moral purpose and commitment to inclusive comprehensive principles.
Finance: Any growth of the Trust must be sustainable and at no point will the Trust risk its entity as a going concern.
Location: TDET academies will be geographically located to enable meaningful collaboration and support and be located such that no individual academy is isolated. Whilst the focus for growth is within the immediate surroundings of Peterborough (1 hour radius), consideration would be given to a geographical cluster of schools further afield.
Capacity: Prior to any growth, the Trust must be clear that it has the capacity to take on new schools/Trusts in order to enable all learners to thrive. This capacity applies to both the Trust’s education and business support services.
Type of school/Trust: TDET is already a diverse community of academies and any further growth would consider a broad profile of schools, covering the 2-18 age range and spectrum of inspection grade.
During the year, the Trust has held one fund as custodian - The Learner Support Fund at Thomas Deacon Academy. Funds are ringfenced and have been established to support students that are suffering from hardship and who may need financial support. Financial support is given where certain criteria are met. The balance of The Learner Support Fund as at 31 August 2024 was £33,553.
In so far as the trustees are aware:
- there is no relevant audit information of which the charitable company's auditor is unaware; and
- the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.
A resolution proposing that Azets Audit Services be reappointed as auditor of the charitable company will be put to the members.
The trustees' report, incorporating a strategic report, was approved by order of the Trust Board, as the company directors, on
As trustees, we acknowledge we have overall responsibility for ensuring that Thomas Deacon Education Trust has an effective and appropriate system of control, financial and otherwise. However, such a system is designed to manage rather than eliminate the risk of failure to achieve business objectives, and can provide only reasonable and not absolute assurance against material misstatement or loss.
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 chief executive, 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 Thomas Deacon Education 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.
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 5 times during the year. Attendance during the year at meetings of the board of trustees was as follows:
Each Academy facilitates its own Academy Committee, which has been established to scrutinise education improvement and to hold the Principal to account on all educational matters.
As is the case in many trusts, recruitment into governance roles has become increasingly difficult. The Trust will therefore be operating a single Trust Board, incorporating the work of the Education and Resources Committee, in the 24/25 academic year. The Board will meet 10 times during the year. The Vice Chair of the Board will assume the role of Chair of the Audit & Risk Committee, which will convene as required, but will consist of all members of the Board.
Conflicts of interest are declared by Trustees and Committee members at the start of each meeting, so that any conflicts arising can be managed appropriately. In addition, the Trust maintains a register of interests, which is updated on an annual basis by all Trustees, Members and key management personnel.
Evaluation
The Trust Board carry out continual self-evaluation and training, including completing the financial management and governance self-assessment. Training is carried out by both specialist staff within the Trust and external providers to ensure trustees are fully briefed on all issues affecting the performance of their duties. The Trust included a Governance review within its internal audit programme by Duncan & Toplis in the current financial year. Across 17 areas tested, 2 weakness areas were identified. These both related to maintaining an accurate and up-to-date register of interests on the Trust website, and are now resolved. A repeat of this review will be undertaken within the next 4 years.
The Resources Committee was established as a subcommittee of the main Trust Board, in January 2017. Its purpose is to oversee finance, HR, premises, health and safety, ICT strategy, and overview of audit and risk.
Attendance at meetings in the year was as follows:
The Education Committee was established as a subcommittee of the main Trust Board, in January 2018. Its purpose is to oversee educational strategy, outcomes and performance in each of the Academies.
Attendance at meetings in the year was as follows:
As Accounting Officer, the Chief Executive 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 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 where appropriate. The Accounting Officer for the Academy Trust has delivered improved value for money during the year by:
Insisting that all appropriate financial protocols regarding best value on all contracts are properly followed by relevant staff.
Clarifying with the Heads of each school that resources are committed where they have the greatest impact upon educational standards for pupils in the school. Encouraging new ways of working across the Trust and involving all schools that can secure economies for all schools and thus maximise the resource available for committing to high quality education.
Using the resources of the Trust to employ high quality staff with appropriate expertise who can ensure excellent use of resources by schools and support the achievement of very high standards for all pupils in all schools.
Additionally, the Accounting Officer has worked on:
Improving educational outcomes: The Trust has continued to develop strategies to raise educational outcomes for its children and young people by extending its partnership working, through collaboration by sharing skills and expertise cross curricular and cross phase (primary and secondary). Examination and test results have shown improvements in many areas.
Targeted improvement: The deployment of senior staff within and across the Trust to support academies with educational delivery has ensured cost effective ways of supporting improvement. The use of the national tutoring funding has enabled specific support to be targeted to those pupils needing it the most alongside the creation and allocation of an internal improvement fund which has allowed initiatives across the Trust and within individual academies to take place.
Professional development: The Trust has benefited from the further roll out of our continuous development arrangements, placing greater emphasis on a coaching model to support professional learning. Opportunities for leadership development, coaching, changes to curriculum, improving student attainment, health and safety and cyber-security training have been provided in-house or through on-line platforms to achieve good value through financial saving and development and investment in our own staff.
External Collaboration: The Trust continues to engage with other educational providers, including other Multi Academy Trusts, the Department for Education, and other sector experts to share delivery or good practice, and to drive up standards for the least cost. This includes working with Financial Directors Forums to share best practice and consolidate thinking and efficiency opportunities.
Benchmarking: A range of key performance and benchmarking is used to ensure resources are allocated in accordance to need. Integrated Curriculum Financial Planning and core governance information is reported to trustees regularly to ensure scrutiny on all resource allocations. The Trust benchmarks itself against other comparative organisations using information supplied by the Education and Skills Funding Agency and auditor benchmarking information.
Centralised services: At point of inception, the Trust implemented a central services model to provide expertise within a number of areas including Estates, ICT, Health and Safety, Finance, Catering and HR. This provides good value through consistency of approach and timely availability of support. This arrangement is regularly reviewed with Principals to demonstrate value for money and is benchmarked against outsourced options.
Better purchasing: A register of all services and contracts has been developed and all contracts are appraised or renegotiated in a timely manner to get the best mix of quality and effectiveness.
In addition to the above, the Trust Board and Executive Group apply the principles of best value when making decisions about:
the allocation of resources to best promote the aims and values of the Trust.
the targeting of resources to best improve standards and the quality of provision.
the use of resources to best support the various educational needs of all pupils.
The Trust has developed procedures for assessing need and obtaining goods and services which provide “best value” in terms of suitability, efficiency, time, and cost. Measures in place include:
competitive tendering procedures
procedures for accepting “best value” quotes, which are not necessarily the cheapest (e.g. suitability for purpose and quality of workmanship)
procedures which minimise office time by the purchase of goods or services under £1,000 direct from known, reliable suppliers (e.g. stationery, small equipment).
Economies of scale: The Trust regularly takes opportunities to work collaboratively with others to reduce and share administration and procurement costs. Business Services have been centralised as part of developing the Trust realising financial savings, with consolidated purchasing established to reduce unit costs as far as practicable; this includes using government frameworks such as the Risk Protection Arrangement.
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 Thomas Deacon Education Trust for the period 1 September 2023 to 31 August 2024 and up to the date of approval of the annual report and financial statements.
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 financial statements. This process is regularly reviewed by the board of trustees.
The academy trust's system of internal financial control is based on a framework of regular management information and administrative procedures including the segregation of duties and a system of delegation and accountability. In particular, it includes:
comprehensive budgeting and monitoring systems with an annual budget and periodic financial reports which are reviewed and agreed by the board of trustees;
regular reviews by the Resources Committee and Trust Board of reports which indicate financial performance against the forecasts and of major purchase plans, capital works and expenditure programmes;
setting targets to measure financial and other performance;
clearly defined purchasing (asset purchase or capital investment) guidelines;
identification and management of risks.
The board of trustees has decided to buy in an internal audit service from Duncan & Toplis. This option has been chosen because it provides cost effective and independent review of the systems and processes of the Trust.
The internal audit was carried out through a series of checks and any recommendations reported directly to the Director of Resources and the Trust Board. Twice during the year, the auditor reports to the Trust Board on the operation of the systems of control and on the discharge of the financial responsibilities of the Trust Board. On an annual basis, the auditor prepares a summary report to the Board outlining the areas reviewed, key findings, recommendations and conclusions to help the Board consider actions and assess year on year progress. There are no material control issues arising as a result of these reviews and all recommendations have been considered and, where appropriate, acted upon and rectified within a 1 month timescale.
These arrangements can provide only reasonable and not absolute assurance that assets are safeguarded, transactions are authorised and properly recorded, and that material errors or irregularities are either prevented or would be detected within a timely period.
As Accounting Officer, the Chief Executive has responsibility for reviewing the effectiveness of the system of internal control. During the year in question the review has been informed by:
the work of the Responsible Officer and Internal Audit;
the financial management and governance self-assessment process, including the school resource management self-assessment tool;
the work of the Executive Group within the Trust who have responsibility for the development and maintenance of the internal control framework;
the work of the external auditor.
The Accounting Officer has been advised of the implications of the result of their review of the system of internal control by the Resources Committee and a plan to ensure continuous improvement of the system is in place.
Based on the advice of the Resources Committee and the accounting officer, the Trust Board is of the opinion that the Trust has an adequate and effective framework for governance, risk management and control.
Approved by order of the Trust Board on
As accounting officer of Thomas Deacon Education Trust, I have considered my responsibility to notify the academy trust Trust Board 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 Trust Board 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 Trust Board and ESFA.
The trustees (who are also the directors of Thomas Deacon Education Trust for the purposes of company law) are responsible for preparing the trustees' report and the accounts in accordance with the Academies Accounts Direction 2023 to 2024 published by the Education and Skills Funding Agency, United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
Company law requires the trustees to prepare accounts for each financial year. Under company law, the trustees must not approve the accounts unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its incoming resources and application of resources, including its income and expenditure, for that period.
In preparing these accounts, the trustees are required to:
select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP 2019 and the Academies Accounts Direction 2023 to 2024;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the accounts; and
prepare the accounts on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
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 Trust Board on
Opinion
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.
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.
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.
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
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.
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.
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
Enquiry of senior leadership, Trustees and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
Reviewing minutes of meetings of those charged with governance;
Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations including compliance with the Academies Accounts Direction 2022 to 2023 issued by the Education and Skills Funding Agency;
Performing audit work over the recognition of grant income and the allocation of expenditure to funds;
Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.
In accordance with the terms of our engagement letter dated 29 August 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 Thomas Deacon Education Trust during the period 1 September 2023 to 31 August 2024 have been applied to the purposes identified by Parliament and the financial transactions conform to the authorities which govern them.
This report is made solely to Thomas Deacon Education Trust and ESFA in accordance with the terms of our engagement letter. Our work has been undertaken so that we might state to the Thomas Deacon Education Trust and ESFA those matters we are required to state in a report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Thomas Deacon Education Trust and ESFA, for our work, for this report, or for the conclusion we have formed.
The accounting officer is responsible, under the requirements of Thomas Deacon Education Trust’s funding agreement with the Secretary of State for Education dated 26 March 2019 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.
We conducted our engagement in accordance with the Framework and Guide for External Auditors and Reporting Accountant of Academy Trusts issued by ESFA. We performed a limited assurance engagement as defined in our engagement letter.
The objective of a limited assurance engagement is to perform such procedures as to obtain information and explanations in order to provide us with sufficient appropriate evidence to express a negative conclusion on regularity.
A limited assurance engagement is more limited in scope than a reasonable assurance engagement and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in a reasonable assurance engagement. Accordingly, we do not express a positive opinion.
Our engagement includes examination, on a test basis, of evidence relevant to the regularity and propriety of the academy trust's income and expenditure.
The work undertaken to draw to our conclusion includes:
a review of the activities of the academy, by reference to sources of income and other information available to us;
sample testing of expenditure, including payroll;
a review of minutes of Trustees’ meetings.
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.
The accounts on pages 30 to 58 were approved by the trustees and authorised for issue on 17 December 2024 and are signed on their behalf by:
The accounts on pages 30 to 58 were approved by the trustees and authorised for issue on 17 December 2024 and are signed on their behalf by:
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.
The accounts of the academy trust, which is a public benefit entity under FRS 102, have been prepared under the historical cost convention in accordance with the Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102), the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)), the Academies Accounts Direction 2023 to 2024 issued by ESFA, the Charities Act 2011 and the Companies Act 2006.
The 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 accounts.
The consolidated statement of financial activities (SOFA) and Balance Sheet consolidate the financial statements of the Trust and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.
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 are included in the statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the balance sheet. Where income is received in advance of meeting any performance-related conditions there is not unconditional entitlement to the income and its recognition is deferred and included in creditors as deferred income until the performance-related conditions are met. Where entitlement occurs before income is received, the income is accrued.
General Annual Grant is recognised in full in the statement of financial activities in the period for which it is receivable, and any abatement in respect of the period is deducted from income and recognised as a liability.
Capital grants are recognised in full when there is an unconditional entitlement to the grant. Unspent amounts of capital grants are reflected in the balance sheet in the restricted fixed asset fund. Capital grants are recognised when there is entitlement and are not deferred over the life of the asset on which they are expended.
Sponsorship income provided to the academy trust which amounts to a donation is recognised in the statement of financial activities in the period in which it is receivable (where there are no performance-related conditions), where the receipt is probable and it can be measured reliably.
Donations 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, 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.
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 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.
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.
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.
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.
These include the costs attributable to the academy trust's compliance with constitutional and statutory requirements, including audit, strategic management, trustees' meetings and reimbursed expenses.
Assets costing £1,500 or more are capitalised as tangible fixed assets and are carried at cost, net of depreciation and any provision for impairment.
Where tangible fixed assets have been acquired with the aid of specific grants, either from the government or from the private sector, they are included in the balance sheet at cost and depreciated over their expected useful economic life. Where there are specific conditions attached to the funding that require the continued use of the asset, the related grants are credited to a restricted fixed asset fund in the statement of financial activities and carried forward in the balance sheet. Depreciation on the relevant assets is charged directly to the restricted fixed asset fund in the statement of financial activities. Where tangible fixed assets have been acquired with unrestricted funds, depreciation on such assets is charged to the unrestricted fund.
Depreciation is provided on all tangible fixed assets other than freehold land, at rates calculated to write off the cost of each asset on a straight-line basis over its expected useful life, as follows:
Assets in the course of construction are included at cost. Depreciation on these assets is not charged until they are brought into use and reclassified to freehold or leasehold land and buildings.
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.
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.
Rentals under operating leases are charged on a straight-line basis over the lease term.
The Academy Trust's shareholding in the wholly owned subsidiary, TDA Development Limited, is included in the balance sheet at the cost of the share capital owned less any impairment. There is no readily available market value and the cost of valuation exceeds the benefit derived.
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.
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.
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.
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.
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.
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.
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.
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.
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 25, 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 academy trust has provided the following central services to its academies during the year:
Finance;
Facilities and estate management;
Human resources and organisational development;
Information technology services;
Marketing;
Health and safety;
Educational support.
The Trust charges for these services based on a percentage of GAG income, ranging from 20.9% to 32.4%.
The above support activities have been fully centralised, which includes both staff and non-staff costs associated with the relevant service. The academy budgets are not focussed on educational delivery with the support activities and site operating costs now covered within the central services charge.
The academy trust paid 2 severance payments in the year, disclosed in the following bands:
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 £1,547,922 (2023: £1,584,671).
No Trustees have received remuneration within the period.
During the year, travel and subsistence payments totalling £641 (2023: £3,000) were reimbursed or paid directly to trustees (2023: 1 trustees).
Other related party transactions involving the trustees are set out within the related parties note.
The academy trust has opted into the Department for Education’s Risk Protection Arrangement (RPA), an alternative to insurance where UK government funds cover losses that arise. This scheme protects trustees and officers from claims arising from negligent acts, errors or omissions occurring whilst on academy trust business, and provides cover up to £10,000,000. It is not possible to quantify the trustees and officers indemnity element from the overall cost of the RPA scheme.
The academy holds 1,000 ordinary shares of £1 in TDA Development Limited.
The specific purposes for which the funds are to be applied are as follows:
Unrestricted funds are for charitable expenditure at the discretion of the Trustees.
The DfE/ESFA and other capital grants fund comprises fixed assets funded by government grants or sponsors.
The Other Restricted Grant Fund is the residual private sponsorship, together with accumulated interest, and will be used to fund future projects at the direction of the sponsors.
The defined benefit pension scheme relates to the pension deficit arising on the LGPS pension scheme. The fund is in deficit but given the nature of the liability this is not payable immediately and plans are in place to meet the deficit such that it is not a constraint on the funds going forward.
The transfer of £224k from restricted funds to restricted fixed assets funds represents amounts capitalised during the period.
Designated funds are to meet anticipated future capital expenditure on strategic estates projects.
Under the funding agreement with the Secretary of State, the Academy was not subject to a limit on the amount of GAG that it could carry forward at 31 August 2024.
The academy trust's employees belong to two principal pension schemes: the Teachers' Pension Scheme England and Wales (TPS) for academic and related staff; and the Local Government Pension Scheme (LGPS) for non-teaching staff, which is managed by Cambridgeshire County Council. Both are multi-employer defined benefit schemes.
The latest actuarial valuation of the TPS related to the period ended 31 March 2019, and that of the LGPS related to the period ended 31 March 2022.
There were no outstanding or prepaid contributions at either the beginning or the end of the financial year.
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.
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:
Employer contribution rates set at 28.68% of pensionable pay (including a 0.08% administration levy). This is an increase of 5% in employer contributions and the cost control result is such that no change in member benefits is needed.
Total scheme liabilities (pensions currently in payment and the estimated cost of future benefits) for service to the effective date of £262,000 million and notional assets (estimated future contributions together with the notional investments held at the valuation date) of £222,200 million, giving a notional past service deficit of £39,800 million.
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 £3,656,066 (2023: £3,225,598).
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.
The LGPS is a funded defined benefit pension scheme, with the assets held in separate trustee-administered funds. The total contributions are as noted below. The agreed contribution rates for future years are 22% for employers and 5.5 to 12.5% for employees.
Parliament has agreed, at the request of the Secretary of State for Education, to a guarantee that, in the event of academy closure, outstanding Local Government Pension Scheme liabilities would be met by the Department for Education. The guarantee came into force on 18 July 2013 and on 21 July 2022, the Department for Education reaffirmed its commitment to the guarantee, with a parliamentary minute published on GOV.UK.
The actuarial valuation prepared under FRS102 in respect of the Local Government Pension Scheme indicated that the Trust's share of the scheme was in surplus at the year end to the value of £4,711,000 (2023: £3,419,000). The actuaries have undertaken an asset ceiling calculation to determine how much of the asset is expected to materialise. The actuaries consider whether the period being considered for recognition of the potential asset should the in perpetuity or over the estimated future working life of members in the scheme and the trustees consider that using the ‘future working life’ period more appropriately reflects the amount that it is reasonable to recognise in respect of the foreseeable future. On the basis that a minimum funding requirement does exist, these calculations indicate that only £418,800 (2023: £348,000) of the overall surplus is likely to result in either a refund of contributions or a reduction in future contributions in the future.
Scheme liabilities would have been affected by changes in assumptions as follows:
The net gain recognised on scheme assets has been restricted because the full pension surplus is not expected to be recovered through refunds or reduced contributions in the future.
Queen Katharine Academy is a PFI school (Private Finance Initiative - a procurement method that uses private school sector investment to deliver public sector services). Therefore, Queen Katharine Academy have a PFI agreement that approximately £1.8 million will be made available each year for the services provided. Based on an expected inflationary rate of 3% (2023 - 4%) per year the commitment is expected to be as shown above.
Owing to the nature of the Trust and the composition of the Board of Trustees being drawn from local public and private sector organisations, transactions may take place with organisations in which the trustees have an interest. All transactions involving such organisations are conducted in accordance with the requirements of the Academy Trust Handbook, including notifying the ESFA of all transactions made on or after 1 April 2019 and obtaining their approval where required, and with the Trust's financial regulations and normal procurement procedures relating to connected and related party transactions.
Hayley Hudson is employed at Thomas Deacon Education Trust. Hayley Hudson's husband is Scott Hudson, the Chief Executive of Thomas Deacon Education Trust.
Scott Hudson has no involvement in determining the consideration paid to Hayley Hudson. Payments on the agreed pay scale for the role were made on normal commercial terms at the same rates as those for other staff in similar roles. There were no amounts outstanding at the balance sheet date.
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.