Company registration number 05090788 (England and Wales)
THOMAS DEACON EDUCATION TRUST
(A COMPANY LIMITED BY GUARANTEE)
ANNUAL REPORT AND ACCOUNTS
FOR THE YEAR ENDED
31 AUGUST 2024
31 August 2024
THOMAS DEACON EDUCATION TRUST
CONTENTS
Page
Reference and administrative details
1 - 2
Trustees' report
3 - 17
Governance statement
18 - 22
Statement on regularity, propriety and compliance
23
Statement of trustees' responsibilities
24
Independent auditor's report on the accounts
25 - 27
Independent reporting accountant's report on regularity
28 - 29
Statement of financial activities including income and expenditure account
30 - 31
Consolidated balance sheet
32
Trust balance sheet
31
Statement of cash flows
35
Notes to the accounts including accounting policies
36 - 58
THOMAS DEACON EDUCATION TRUST
REFERENCE AND ADMINISTRATIVE DETAILS
- 1 -
Members
Mr M Delap
Mr D Goldspink
Mr A Peters
Mr I Wigston
Trustees
Dr R Barnes
Mr D Bridger
Ms K Hall
Dr L Jones
Mr M Mavani (Resigned 31 July 2024)
Mr M Potter (Chair of Trustees)
Mr S Rehman (Resigned 25 September 2023)
Dr M Wright (Appointed 6 November 2023)
Executive group
- Chief Executive Officer
Mr S Hudson
- Director of Resources
Mr A Stevens
- Director of Standards & Improvement
Mrs J Brassington
- Executive Lead
Mr R Carroll
Company secretary
Mr A Stevens
Company registration number
05090788 (England and Wales)
Principal and registered office
The Thomas Deacon Academy
Queen's Gardens
Peterborough
Cambridgeshire
PE1 2UW
United Kingdom
Academies operated
Location
Principal
Thomas Deacon Academy
Peterborough
E Gaunt
Gladstone Primary Academy
Peterborough
S Martin
Queen Katharine Academy
Peterborough
P Masterson
Upwood Primary Academy
Cambridgeshire
A Woolner
Welbourne Primary Academy
Peterborough
T Lawson
Warboys Primary Academy
Cambridgeshire
S Mallott
Richard Barnes Academy
Peterborough
C Everton
Independent auditor
Azets Audit Services
Westpoint
Lynch Wood
Peterborough
Cambridgeshire
PE2 6FZ
United Kingdom
THOMAS DEACON EDUCATION TRUST
REFERENCE AND ADMINISTRATIVE DETAILS
- 2 -
Bankers
Lloyds Bank
65 High Street
Stamford
Lincolnshire
PE9 2AT
United Kingdom
Solicitors
Browne Jacobson LLP
Mowbray House
Castle Meadow Road
Nottingham
NG2 1BJ
United Kingdom
THOMAS DEACON EDUCATION TRUST
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -

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

Structure, governance and management
Constitution

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.

Members' liability

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

Trustees' indemnities

As disclosed in note 13 professional indemnity insurance is paid on behalf of the Trustees and officers of the Trust.

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

Under the terms of the Trust’s funding agreement and articles, Trustees are appointed as follows:

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.

Policies and procedures adopted for the induction and training of trustees

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.

Organisational structure

The structure of Thomas Deacon Education Trust (TDET) consists of the following levels:

 

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.

 

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

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

Related parties and other connected charities and organisations

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.

THOMAS DEACON EDUCATION TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 6 -

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.

Objectives and activities

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:

 

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.

THOMAS DEACON EDUCATION TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 7 -
Objectives, strategies and activities

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:

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:

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.

THOMAS DEACON EDUCATION TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 8 -
Public benefit

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.

Strategic report
Achievements and performance

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.

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

 

Gladstone Primary Academy (GPA)

 Queen Katharine Academy (QKA)

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

Outcomes at QKA 

Richard Barnes Academy (RBA)

 

Thomas Deacon Academy (TDA)

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

Outcomes at TDA 

 

Upwood Primary Academy (UPA)

Warboys Primary Academy (WPA)

 

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

Welbourne Primary Academy (WelPA)

Going concern

After making appropriate enquiries, the board of trustees has a reasonable expectation that the academy trust has adequate resources to continue in operational existence for the foreseeable future. For this reason, 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 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.

THOMAS DEACON EDUCATION TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 13 -
Financial review

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

Reserves policy

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.

THOMAS DEACON EDUCATION TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 14 -

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.

Principal risks and uncertainties

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.

Financial and risk management objectives and policies

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.

Fundraising

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.

THOMAS DEACON EDUCATION TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 15 -
Streamlined energy and carbon reporting

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)

  • Gas

  • Electric

  • Transport fuel

 

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.

THOMAS DEACON EDUCATION TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 16 -

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.

Plans for future periods

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: 

THOMAS DEACON EDUCATION TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 17 -
Funds held as custodian

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.

Auditor

In so far as the trustees are aware:

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

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

A resolution proposing that 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 17 December 2024 and signed on its behalf by:

Mr M Potter
Chair of Trustees
THOMAS DEACON EDUCATION TRUST
GOVERNANCE STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2024
- 18 -
Scope of responsibility

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.

Governance

The information on governance included here supplements that described in the Trustees' Report and in the Statement of Trustees' Responsibilities. The board of trustees has formally met 5 times during the year. Attendance during the year at meetings of the board of trustees was as follows:

Trustees
Meetings attended
Out of possible
Dr R Barnes
5
5
Mr D Bridger
3
5
Ms K Hall
5
5
Dr L Jones
4
5
Mr M Mavani (Resigned 31 July 2024)
5
5
Mr M Potter (Chair of Trustees)
5
5
Mr S Rehman (Resigned 25 September 2023)
0
0
Dr M Wright (Appointed 6 November 2023)
3
4

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

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.

Governance reviews

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.

THOMAS DEACON EDUCATION TRUST
GOVERNANCE STATEMENT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 19 -

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:

Trustees
Meetings attended
Out of possible
Dr R Barnes
1
1
Mr D Bridger
3
4
Mr M Mavani (Resigned 31 July 2024)
4
4
Mr M Potter (Chair of Trustees)
3
4
Mr S Rehman (Resigned 25 September 2023)
1
1

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:

Trustees
Meetings attended
Out of possible
Dr R Barnes
5
5
Ms K Hall
5
5
Dr L Jones
5
5
Mr M Potter (Chair of Trustees)
5
5
Dr M Wright (Appointed 6 November 2023)
1
2
Review of value for money

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:

 

 

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.

THOMAS DEACON EDUCATION TRUST
GOVERNANCE STATEMENT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 20 -

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 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:

 

 

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.

THOMAS DEACON EDUCATION TRUST
GOVERNANCE STATEMENT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 21 -
The purpose of the system of internal control

The system of internal control is designed to manage risk to a reasonable level rather than to eliminate all risk of failure to achieve policies, aims and objectives. It can therefore only provide reasonable and not absolute assurance of effectiveness. The system of internal control is based on an on-going process designed to identify and prioritise the risks to the achievement of academy trust policies, aims and objectives, to evaluate the likelihood of those risks being realised and the impact should they be realised, and to manage them efficiently, effectively and economically. The system of internal control has been in place in 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.

Capacity to handle risk

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

The risk and control framework

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

The board of trustees 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.

Review of effectiveness

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 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.

THOMAS DEACON EDUCATION TRUST
GOVERNANCE STATEMENT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 22 -
Conclusion

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 17 December 2024 and signed on its behalf by:

Mr M Potter
Chair of Trustees
THOMAS DEACON EDUCATION TRUST
STATEMENT OF REGULARITY, PROPRIETY AND COMPLIANCE
FOR THE YEAR ENDED 31 AUGUST 2024
- 23 -

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.

Mr S Hudson
Accounting Officer
17 December 2024
THOMAS DEACON EDUCATION TRUST
STATEMENT OF TRUSTEES' RESPONSIBILITIES
FOR THE YEAR ENDED 31 AUGUST 2024
- 24 -

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:

 

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for ensuring that in its conduct and operation the charitable company applies financial and other controls, which conform with the requirements both of propriety and of good financial management. They are also responsible for ensuring that grants received from ESFA/DfE have been applied for the purposes intended.

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

Approved by order of the members of the Trust Board on 17 December 2024 and signed on its behalf by:

Mr M Potter
Chair of Trustees
THOMAS DEACON EDUCATION TRUST
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THOMAS DEACON EDUCATION TRUST
FOR THE YEAR ENDED 31 AUGUST 2024
- 25 -

Opinion

We have audited the accounts of Thomas Deacon Education Trust for the year ended 31 August 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the accounts, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice), the Charities SORP 2019 and the Academies Accounts Direction 2023 to 2024 issued by the Education and Skills Funding Agency.

In our opinion the accounts:

-

give a true and fair view of the state of the charitable company's affairs as at 31 August 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

-

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

-

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

-

have been prepared in accordance with the Charities SORP 2019 and the Academies Accounts Direction 2023 to 2024.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 'Auditor's responsibilities for the audit of the accounts' section of our report. We are independent of the academy trust in accordance with the ethical requirements that are relevant to our audit of the accounts in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

 

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

 

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

Other information

The other information comprises the information included in the annual report other than the accounts and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the accounts does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the accounts or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the accounts themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

THOMAS DEACON EDUCATION TRUST
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THOMAS DEACON EDUCATION TRUST (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 26 -
Opinions on other matters prescribed by the Companies Act 2006

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

-

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

-

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the academy trust and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees' report, including the incorporated strategic report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

-

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

-

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

-

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

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

As explained more fully in the statement of trustees' responsibilities, the trustees are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of accounts that are free from material misstatement, whether due to fraud or error. In preparing the accounts, the trustees are responsible for assessing the academy trust’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the accounts

Our objectives are to obtain reasonable assurance about whether the accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these accounts.

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

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.

THOMAS DEACON EDUCATION TRUST
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THOMAS DEACON EDUCATION TRUST (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 27 -

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

 

 

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

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.

Mr Mark Jackson FCA DChA (Senior Statutory Auditor)
for and on behalf of Azets Audit Services
18 December 2024
2024-12-18
Chartered Accountants
Statutory Auditor
Westpoint
Lynch Wood
Peterborough
Cambridgeshire
United Kingdom
PE2 6FZ
THOMAS DEACON EDUCATION TRUST
INDEPENDENT REPORTING ACCOUNTANT'S ASSURANCE REPORT ON REGULARITY TO THOMAS DEACON EDUCATION TRUST AND THE EDUCATION AND SKILLS FUNDING AGENCY
FOR THE YEAR ENDED 31 AUGUST 2024
- 28 -

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.

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

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.

Approach

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

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

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

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

The work undertaken to draw to our conclusion includes:

THOMAS DEACON EDUCATION TRUST
INDEPENDENT REPORTING ACCOUNTANT'S ASSURANCE REPORT ON REGULARITY TO THOMAS DEACON EDUCATION TRUST AND THE EDUCATION AND SKILLS FUNDING AGENCY (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 29 -
Conclusion

In the course of our work, nothing has come to our attention which suggests that in all material respects the expenditure disbursed and income received during the period 1 September 2023 to 31 August 2024 has not been applied to purposes intended by Parliament and the financial transactions do not conform to the authorities which govern them.

Reporting Accountant
Azets Audit Services
Westpoint
Lynch Wood
Peterborough
Cambridgeshire
PE2 6FZ
United Kingdom
Dated: 18 December 2024
THOMAS DEACON EDUCATION TRUST
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2024
- 30 -
Unrestricted
Restricted funds:
Total
Total
funds
General
Fixed asset
2024
2023
Notes
£
£
£
£
£
Income and endowments from:
Donations and capital grants
3
28,255
197,609
826,809
1,052,673
1,233,370
Charitable activities:
- Funding for educational operations
4
-
43,324,911
-
43,324,911
39,963,141
Other trading activities
5
1,057,056
-
-
1,057,056
1,094,462
Investments
6
100,387
-
-
100,387
7,272
Total
1,185,698
43,522,520
826,809
45,535,027
42,298,245
Expenditure on:
Raising funds
7
7,309
39,029
-
46,338
137,815
Charitable activities:
- Educational operations
9
918,421
42,866,598
2,313,447
46,098,466
43,419,838
Total
7
925,730
42,905,627
2,313,447
46,144,804
43,557,653
Net income/(expenditure)
259,968
616,893
(1,486,638)
(609,777)
(1,259,408)
Transfers between funds
21
(39,081)
(184,642)
223,723
-
-
Other recognised gains/(losses)
Actuarial gains/(losses) on defined benefit pension schemes
25
-
703,800
-
703,800
(3,352,000)
Adjustment for restriction on pension assets
25
-
77,000
-
77,000
4,227,000
Net movement in funds
220,887
1,213,051
(1,262,915)
171,023
(384,408)
Reconciliation of funds
Total funds brought forward
791,610
1,725,202
50,152,920
52,669,732
53,054,140
Total funds carried forward
1,012,497
2,938,253
48,890,005
52,840,755
52,669,732
THOMAS DEACON EDUCATION TRUST
STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED)
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2024
- 31 -
Comparative year information
Unrestricted
Restricted funds:
Total
Year ended 31 August 2023
funds
General
Fixed asset
2023
Notes
£
£
£
£
Income and endowments from:
Donations and capital grants
3
26,693
173,520
1,033,157
1,233,370
Charitable activities:
- Funding for educational operations
4
-
39,963,141
-
39,963,141
Other trading activities
5
1,094,221
241
-
1,094,462
Investments
6
7,272
-
-
7,272
Total
1,128,186
40,136,902
1,033,157
42,298,245
Expenditure on:
Raising funds
7
8,554
129,261
-
137,815
Charitable activities:
- Educational operations
9
1,055,162
39,901,837
2,462,839
43,419,838
Total
7
1,063,716
40,031,098
2,462,839
43,557,653
Net income/(expenditure)
64,470
105,804
(1,429,682)
(1,259,408)
Transfers between funds
21
-
(186,602)
186,602
-
Other recognised gains/(losses)
Actuarial losses on defined benefit pension schemes
25
-
(3,352,000)
-
(3,352,000)
Adjustment for restriction on pension assets
25
-
4,227,000
-
4,227,000
Net movement in funds
64,470
794,202
(1,243,080)
(384,408)
Reconciliation of funds
Total funds brought forward
727,140
931,000
51,396,000
53,054,140
Total funds carried forward
791,610
1,725,202
50,152,920
52,669,732
THOMAS DEACON EDUCATION TRUST
CONSOLIDATED BALANCE SHEET
AS AT 31 AUGUST 2024
- 32 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
14
48,268,685
49,770,052
Current assets
Stock
16
36,966
43,081
Debtors
17
1,487,376
1,495,995
Cash at bank and in hand
6,825,124
6,482,490
8,349,466
8,021,566
Current liabilities
Creditors: amounts falling due within one year
18
(2,648,196)
(2,927,886)
Net current assets
5,701,270
5,093,680
Total assets less current liabilities
53,969,955
54,863,732
Creditors: amounts falling due after more than one year
19
(644,000)
(844,000)
Net assets excluding pension liability
53,325,955
54,019,732
Defined benefit pension scheme liability
25
(485,200)
(1,350,000)
Total net assets
52,840,755
52,669,732
Funds of the academy trust:
Restricted funds
21
- Fixed asset funds
48,890,005
50,152,920
- Restricted income funds
3,423,453
3,075,202
- Pension reserve
(485,200)
(1,350,000)
Total restricted funds
51,828,258
51,878,122
Unrestricted income funds
21
1,012,497
791,610
Total funds
52,840,755
52,669,732

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:

Mr M Potter
Chair of Trustees
Company registration number 05090788 (England and Wales)
THOMAS DEACON EDUCATION TRUST
TRUST BALANCE SHEET
AS AT 31 AUGUST 2024
- 33 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
14
48,268,685
49,770,052
Investments
15
1,000
1,000
48,269,685
49,771,052
Current assets
Stock
16
36,966
43,081
Debtors
17
1,518,284
1,498,995
Cash at bank and in hand
6,784,579
6,470,490
8,339,829
8,012,566
Current liabilities
Creditors: amounts falling due within one year
18
(2,639,559)
(2,918,886)
Net current assets
5,700,270
5,093,680
Total assets less current liabilities
53,969,955
54,864,732
Creditors: amounts falling due after more than one year
19
(644,000)
(844,000)
Net assets excluding pension liability
53,325,955
54,020,732
Defined benefit pension scheme liability
25
(485,200)
(1,350,000)
Total net assets
52,840,755
52,670,732
Funds of the academy trust:
Restricted funds
21
- Fixed asset funds
48,890,005
50,152,920
- Restricted income funds
3,423,453
3,075,202
- Pension reserve
(485,200)
(1,350,000)
Total restricted funds
51,828,258
51,878,122
Unrestricted income funds
21
1,012,497
792,610
Total funds
52,840,755
52,670,732
As permitted by s408 Companies Act 2006, the academy trust has not presented its own statement of financial activities and related notes. The academy trust's surplus for the year was £139k (2023: £403k deficit).
THOMAS DEACON EDUCATION TRUST
TRUST BALANCE SHEET
AS AT 31 AUGUST 2024
- 34 -

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:

Mr M Potter
Chair of Trustees
Company registration number 05090788 (England and Wales)
THOMAS DEACON EDUCATION TRUST
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2024
- 35 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Net cash provided by operating activities
23
227,518
90,898
Cash flows from investing activities
Dividends, interest and rents from investments
100,387
7,272
Capital grants from DfE Group
826,809
1,033,157
Purchase of tangible fixed assets
(812,080)
(1,836,838)
Purchase of investments
-
250,000
Proceeds from sale of tangible fixed assets
-
1
Net cash provided by/(used in) investing activities
115,116
(546,408)
Net increase/(decrease) in cash and cash equivalents in the reporting period
342,634
(455,510)
Cash and cash equivalents at beginning of the year
6,482,490
6,938,000
Cash and cash equivalents at end of the year
6,825,124
6,482,490
THOMAS DEACON EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 36 -
1
Accounting policies

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

1.1
Basis of preparation

The accounts of the academy trust, which is a public benefit entity under FRS 102, have been prepared under the historical cost convention in accordance with the Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102), the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)), the Academies Accounts Direction 2023 to 2024 issued by ESFA, the Charities Act 2011 and the Companies Act 2006.

1.2
Going concern

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

1.3
Basis of consolidation

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.

1.4
Income

All incoming resources are recognised when the academy trust has entitlement to the funds, the receipt is probable and the amount can be measured reliably.

Grants

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

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

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

Sponsorship income

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

Donations

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

THOMAS DEACON EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 37 -
Other income

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

Donated goods, facilities and services

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

Donated fixed assets

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

1.5
Expenditure

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

 

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

All resources expended are inclusive of irrecoverable VAT.

Expenditure on raising funds

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

Charitable activities

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

Governance costs

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

THOMAS DEACON EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 38 -
1.6
Tangible fixed assets and depreciation

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:

Land and buildings
0.8% - 3.33% straight line
Computer equipment
33.33% straight line
Fixtures & fittings
10% straight line
Office equipment
20% straight line

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.

1.7
Liabilities

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

1.8
Leased assets

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

1.9
Investments

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.

1.10
Financial instruments

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

Financial assets

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

 

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

THOMAS DEACON EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 39 -
Financial liabilities

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

 

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

1.11
Stock

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

1.12
Taxation

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

1.13
Pensions benefits

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

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

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

1.14
Fund accounting

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

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

THOMAS DEACON EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 40 -

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

2
Critical accounting estimates and areas of judgement

Accounting estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions

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

The present value of the Local Government Pension Scheme defined benefit liability depends on a number of factors that are determined on an actuarial basis using a variety of assumptions. The assumptions used in determining the net cost or income for pensions include the discount rate. Any changes in these assumptions, which are disclosed in note 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.

3
Donations and capital grants
Unrestricted
Restricted
Total
Total
funds
funds
2024
2023
£
£
£
£
Capital grants
-
826,809
826,809
1,033,157
Other donations
28,255
197,609
225,864
200,213
28,255
1,024,418
1,052,673
1,233,370
THOMAS DEACON EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 41 -
4
Funding for the academy trust's educational operations
Unrestricted
Restricted
Total
Total
funds
funds
2024
2023
£
£
£
£
DfE/ESFA grants
General annual grant (GAG)
-
30,542,159
30,542,159
27,864,859
Other DfE/ESFA grants:
- UIFSM
-
160,556
160,556
154,772
- Pupil premium
-
2,124,862
2,124,862
2,011,600
- Teachers' pay and pension grant
-
923,904
923,904
208,148
- Recovery premium
-
463,021
463,021
543,263
- Supplementary grant / MSAG
-
984,536
984,536
1,267,139
- 16 - 19 funding
-
3,709,376
3,709,376
3,631,113
- Others
-
313,393
313,393
454,057
-
39,221,807
39,221,807
36,134,951
Other government grants
Local authority grants
-
4,103,104
4,103,104
3,713,289
COVID-19 additional funding
DfE/ESFA
Other DfE/ESFA COVID-19 funding
-
-
-
114,901
Total funding
-
43,324,911
43,324,911
39,963,141
5
Other trading activities
Unrestricted
Restricted
Total
Total
funds
funds
2024
2023
£
£
£
£
Catering income
569,538
-
569,538
526,047
Subsidiary trading
39,321
-
39,321
27,324
Other income
448,197
-
448,197
541,091
1,057,056
-
1,057,056
1,094,462
6
Investment income
Unrestricted
Restricted
Total
Total
funds
funds
2024
2023
£
£
£
£
Short term deposits
100,387
-
100,387
7,272
THOMAS DEACON EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 42 -
7
Expenditure
Non-pay expenditure
Total
Total
Staff costs
Premises
Other
2024
2023
£
£
£
£
£
Expenditure on raising funds
- Direct costs
-
-
46,338
46,338
137,815
Academy's educational operations
- Direct costs
21,971,852
2,313,447
2,020,151
26,305,450
24,448,245
- Allocated support costs
12,610,683
4,574,148
2,608,185
19,793,016
18,971,593
34,582,535
6,887,595
4,674,674
46,144,804
43,557,653
Net income/(expenditure) for the year includes:
2024
2023
£
£
Operating lease rentals
137,047
172,000
Depreciation of tangible fixed assets
2,313,447
2,462,839
Fees payable to auditor for:
- Audit
35,300
32,000
- Other services
4,385
6,000
Net interest on defined benefit pension liability
(87,000)
80,000
8
Central services

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

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.

THOMAS DEACON EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
8
Central services
(Continued)
- 43 -
The amounts charged during the year were as follows:
2024
2023
£
£
Thomas Deacon Academy
3,972,808
3,478,436
Gladstone Primary Academy
597,616
584,283
Queen Katharine Academy
2,687,832
2,202,976
Upwood Primary Academy
216,760
196,948
Welbourne Primary Academy
244,564
214,770
Warboys Primary Academy
379,479
339,673
Richard Barnes Academy
456,847
416,108
8,555,906
7,433,194
9
Charitable activities
Unrestricted
Restricted
Total
Total
funds
funds
2024
2023
£
£
£
£
Direct costs
Educational operations
6,459
26,298,991
26,305,450
24,448,245
Support costs
Educational operations
911,962
18,881,054
19,793,016
18,971,593
918,421
45,180,045
46,098,466
43,419,838
Analysis of costs
2024
2023
£
£
Direct costs
Teaching and educational support staff costs
21,971,852
20,258,797
Depreciation
2,313,447
2,462,839
Other direct costs
2,020,151
1,726,609
26,305,450
24,448,245
THOMAS DEACON EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
9
Charitable activities
(Continued)
- 44 -
Support costs
Support staff costs
12,610,683
11,757,807
Technology costs
239,715
219,252
Maintenance of premises and equipment
2,261,583
1,989,995
Cleaning
675,601
627,690
Energy costs
1,257,703
1,508,725
Rent, rates and other occupancy costs
237,104
213,800
Insurance
137,606
134,082
Security and transport
117,338
124,644
Catering
836,113
836,570
Finance costs
(87,000)
80,000
Legal costs
28,958
26,726
Other support costs
1,299,168
1,283,987
Governance costs
178,444
168,315
19,793,016
18,971,593
10
Governance costs
Total
Total
All from restricted funds:
2024
2023
£
£
Amounts included in support costs
Legal costs
28,958
26,726
Auditor's remuneration
- Audit of financial statements
35,300
32,000
- Other audit costs
4,385
6,000
Other governance costs
138,759
130,315
207,402
195,041
THOMAS DEACON EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 45 -
11
Staff
Staff costs and employee benefits
Staff costs during the year were:
2024
2023
£
£
Wages and salaries
25,220,898
23,340,969
Social security costs
2,401,777
2,225,582
Pension costs
5,411,730
5,388,435
Staff costs - employees
33,034,405
30,954,986
Agency staff costs
1,401,338
991,773
Staff restructuring costs
146,792
69,845
Total staff expenditure
34,582,535
32,016,604
Staff restructuring costs comprise:
Redundancy payments
105,792
48,107
Severance payments
41,000
21,738
146,792
69,845
Severance payments

The academy trust paid 2 severance payments in the year, disclosed in the following bands:

£0 - £25,000
2
Staff numbers
The average number of persons employed by the academy trust during the year was as follows:
2024
2023
Number
Number
Teachers
353
348
Administration and support
471
485
Management
4
3
828
836
THOMAS DEACON EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
11
Staff
(Continued)
- 46 -
The number of persons employed, expressed as a full time equivalent, was as follows:
2024
2023
Number
Number
Teachers
328
325
Administration and support
340
331
Management
4
3
672
659
Higher paid staff
The number of employees whose employee benefits (excluding employer pension costs and employer national insurance contributions) exceeded £60,000 was:
2024
2023
Number
Number
£60,001 - £70,000
22
16
£70,001 - £80,000
11
5
£80,001 - £90,000
2
3
£90,001 - £100,000
2
3
£100,001 - £110,000
2
1
£110,001 - £120,000
1
1
£120,001 - £130,000
1
-
£130,001 - £140,000
-
1
£140,001 - £150,000
1
-
Key management personnel

The key management personnel of the academy trust comprise the trustees and the senior management team as listed on page 1. The total amount of key management personnel benefits (including employer pension contributions and employer national insurance contributions) received by key management personnel for their services to the academy trust was £1,547,922 (2023: £1,584,671).

12
Trustees' remuneration and expenses

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.

13
Trustees' and officers' insurance

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

THOMAS DEACON EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 47 -
14
Tangible fixed assets
Group and Trust
Land and buildings
Computer equipment
Fixtures, fittings & equipment
Total
£
£
£
£
Cost
At 1 September 2023
65,500,638
5,806,457
21,503,171
92,810,266
Additions
-
258,946
553,134
812,080
Disposals
-
(315,917)
-
(315,917)
At 31 August 2024
65,500,638
5,749,486
22,056,305
93,306,429
Depreciation
At 1 September 2023
18,596,146
5,375,516
19,068,552
43,040,214
On disposals
-
(315,917)
-
(315,917)
Charge for the year
1,416,250
373,883
523,314
2,313,447
At 31 August 2024
20,012,396
5,433,482
19,591,866
45,037,744
Net book value
At 31 August 2024
45,488,242
316,004
2,464,439
48,268,685
At 31 August 2023
46,904,492
430,941
2,434,619
49,770,052
15
Fixed asset investments

The academy holds 1,000 ordinary shares of £1 in TDA Development Limited.

Holdings of more than 20%
The academy trust holds more than 20% of the share capital of the following undertakings:
Company
Country of registration or incorporation
Shares held
Class
%
Subsidiary undertakings
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Ordinary
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The aggregate amount of capital and reserves and the results of these undertakings for the last relevant financial year were as follows:
Capital and reserves
Profit/(loss) for the year
Principal activities
£
£
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Error in formula ->#cd125\#nf14,,\<-
1,000
32,012
THOMAS DEACON EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 48 -
16
Stock
Group and Trust
2024
2023
£
£
Catering stock
18,960
20,928
Other stock
18,006
22,153
36,966
43,081
17
Debtors
Group
Trust
2024
2023
2024
2023
£
£
£
£
Trade debtors
42,114
164,727
40,224
164,727
Amounts owed by group undertakings
-
-
31,922
-
VAT recoverable
291,151
384,167
292,027
386,167
Prepayments and accrued income
1,154,111
947,101
1,154,111
948,101
1,487,376
1,495,995
1,518,284
1,498,995
18
Creditors: amounts falling due within one year
Group
Trust
2024
2023
2024
2023
£
£
£
£
Trade creditors
788,070
1,223,551
788,070
1,222,551
ESFA creditors
200,000
200,000
200,000
200,000
Other creditors
83,874
94,805
83,874
86,805
Accruals and deferred income
1,576,252
1,409,530
1,567,615
1,409,530
2,648,196
2,927,886
2,639,559
2,918,886
19
Creditors: amounts falling due after more than one year
Group and Trust
2024
2023
£
£
Grants payable
644,000
844,000
THOMAS DEACON EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 49 -
20
Deferred income
Group and Trust
2024
2023
£
£
Deferred income is included within:
Creditors due within one year
910,790
856,385
Deferred income at 1 September 2023
856,385
1,026,000
Released from previous years
(856,385)
(1,026,000)
Resources deferred in the year
910,790
856,385
Deferred income at 31 August 2024
910,790
856,385
21
Funds
Balance at
Gains,
Balance at
1 September
losses and
31 August
2023
Income
Expenditure
transfers
2024
£
£
£
£
£
Restricted general funds
General Annual Grant (GAG)
3,006,202
30,542,159
(30,009,266)
(184,642)
3,354,453
UIFSM
-
160,556
(160,556)
-
-
Pupil premium
-
2,124,862
(2,124,862)
-
-
Other DfE/ESFA grants
-
6,394,230
(6,374,077)
-
20,153
Other government grants
-
4,103,104
(4,123,257)
-
(20,153)
Sponsor funds
69,000
-
-
-
69,000
Other restricted funds
-
197,609
(197,609)
-
-
Pension reserve
(1,350,000)
-
84,000
780,800
(485,200)
1,725,202
43,522,520
(42,905,627)
596,158
2,938,253
Restricted fixed asset funds
Inherited on conversion
49,770,052
-
(2,313,447)
812,079
48,268,684
DfE group capital grants
382,868
826,809
-
(588,356)
621,321
50,152,920
826,809
(2,313,447)
223,723
48,890,005
Total restricted funds
51,878,122
44,349,329
(45,219,074)
819,881
51,828,258
Unrestricted funds
General funds
791,610
1,185,698
(925,730)
(363,081)
688,497
Strategic estates projects
-
-
-
324,000
324,000
791,610
1,185,698
(925,730)
(39,081)
1,012,497
Total funds
52,669,732
45,535,027
(46,144,804)
780,800
52,840,755
THOMAS DEACON EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
21
Funds
(Continued)
- 50 -

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

 

 

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.

Comparative information in respect of the preceding period is as follows:
Balance at
Gains,
Balance at
1 September
losses and
31 August
2022
Income
Expenditure
transfers
2023
£
£
£
£
£
Restricted general funds
General Annual Grant (GAG)
2,403,000
27,864,859
(27,075,251)
(186,602)
3,006,006
UIFSM
-
154,772
(154,772)
-
-
Pupil premium
-
2,011,600
(2,011,600)
-
-
Other DfE/ESFA COVID-19 funding
115,000
114,901
(229,901)
-
-
Other DfE/ESFA grants
-
6,103,720
(6,103,720)
-
-
Other government grants
-
3,713,289
(3,713,289)
-
-
Sponsor funds
69,000
-
-
-
69,000
Other restricted funds
-
173,761
(173,761)
-
-
Pension reserve
(1,656,000)
-
(569,000)
875,000
(1,350,000)
931,000
40,136,902
(40,031,294)
688,398
1,725,006
Restricted fixed asset funds
Inherited on conversion
50,395,000
-
(2,462,839)
1,836,602
49,768,763
DfE group capital grants
1,001,000
1,033,157
-
(1,650,000)
384,157
51,396,000
1,033,157
(2,462,839)
186,602
50,152,920
Total restricted funds
52,327,000
41,170,059
(42,494,133)
875,000
51,877,926
Unrestricted funds
General funds
727,140
1,128,186
(1,063,716)
-
791,610
Total funds
53,054,140
42,298,245
(43,557,849)
875,000
52,669,536
THOMAS DEACON EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
21
Funds
(Continued)
- 51 -
Total funds analysis by academy
2024
2023
Fund balances at 31 August 2024 were allocated as follows:
£
£
Thomas Deacon Academy
3,655,644
3,548,443
Gladstone Primary Academy
1,220,858
1,280,759
Queen Katharine Academy
(127,411)
(180,605)
Upwood Primary Academy
107,176
200,302
Welbourne Primary Academy
131,615
177,180
Warboys Primary Academy
(277,269)
(139,784)
Richard Barnes Academy
(1,080,556)
(1,146,679)
Central services
805,893
127,000
Total before fixed assets fund and pension reserve
4,435,950
3,866,616
Restricted fixed asset fund
48,890,005
50,152,920
Pension reserve
(485,200)
(1,350,000)
Total funds
52,840,755
52,669,536
Total cost analysis by academy
Expenditure incurred by each academy during the year was as follows:
Teaching and
Other costs
educational
Other support
Educational
excluding
Total
Total
support staff
staff costs
supplies
depreciation
2024
2023
£
£
£
£
£
£
Thomas Deacon Academy
8,813,213
3,434,885
683,163
860,281
13,791,542
12,926,000
Gladstone Primary Academy
1,928,219
1,109,596
43,652
156,611
3,238,078
3,051,000
Queen Katharine Academy
6,453,480
2,498,052
519,262
1,419,059
10,889,853
9,667,000
Upwood Primary Academy
600,083
414,038
54,471
45,780
1,114,372
979,000
Welbourne Primary Academy
753,931
848,241
43,282
89,241
1,734,695
1,581,000
Warboys Primary Academy
930,098
714,451
95,328
(6,170)
1,733,707
1,680,000
Richard Barnes Academy
1,845,227
1,115,365
381,627
575,622
3,917,841
3,710,000
Central services
647,601
2,473,053
192,907
4,174,396
7,487,957
6,998,000
21,971,852
12,607,681
2,013,692
7,314,820
43,908,045
40,592,000
THOMAS DEACON EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 52 -
22
Analysis of net assets between funds
Unrestricted
Restricted funds:
Total
Funds
General
Fixed asset
Funds
£
£
£
£
Fund balances at 31 August 2024 are represented by:
Tangible fixed assets
-
-
48,268,685
48,268,685
Current assets
1,012,497
6,715,649
621,320
8,349,466
Current liabilities
-
(2,648,196)
-
(2,648,196)
Non-current liabilities
-
(644,000)
-
(644,000)
Pension scheme liability
-
(485,200)
-
(485,200)
Total net assets
1,012,497
2,938,253
48,890,005
52,840,755
Unrestricted
Restricted funds:
Total
Funds
General
Fixed asset
Funds
£
£
£
£
Fund balances at 31 August 2023 are represented by:
Tangible fixed assets
-
-
49,770,052
49,770,052
Current assets
791,610
6,847,088
382,868
8,021,566
Current liabilities
-
(2,927,886)
-
(2,927,886)
Non-current liabilities
-
(844,000)
-
(844,000)
Pension scheme liability
-
(1,350,000)
-
(1,350,000)
Total net assets
791,610
1,725,202
50,152,920
52,669,732
23
Reconciliation of net expenditure to net cash flow from operating activities
2024
2023
Notes
£
£
Net expenditure for the reporting period (as per the statement of financial activities)
(609,777)
(1,259,408)
Adjusted for:
Capital grants from DfE and other capital income
(826,809)
(1,033,157)
Investment income receivable
6
(100,387)
(7,272)
Defined benefit pension costs less contributions payable
25
3,000
489,000
Defined benefit pension scheme finance (income)/cost
25
(87,000)
80,000
Depreciation of tangible fixed assets
2,313,447
2,462,839
Decrease in stocks
6,115
77,919
Decrease/(increase) in debtors
8,619
(418,909)
(Decrease) in creditors
(479,690)
(300,114)
Net cash provided by operating activities
227,518
90,898
THOMAS DEACON EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 53 -
24
Analysis of changes in net funds
1 September 2023
Cash flows
31 August 2024
£
£
£
Cash
6,482,490
342,634
6,825,124
25
Pension and similar obligations

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

 

The latest actuarial valuation of the TPS related to the period ended 31 March 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.

Teachers' Pension Scheme
Introduction

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

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

Valuation of the Teachers' Pension Scheme

The Government Actuary, using normal actuarial principles, conducts a formal actuarial review of the TPS in accordance with the Public Service Pensions (Valuations and Employer Cost Cap) Directions 2014 published by HM Treasury every 4 years. The aim of the review is to ensure scheme costs are recognised and managed appropriately and the review specifies the level of future contributions.

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

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

The employer's pension costs paid to the TPS in the period amounted to £3,656,066 (2023: £3,225,598).

THOMAS DEACON EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
25
Pension and similar obligations
(Continued)
- 54 -

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

Under the definitions set out in FRS 102, the TPS is an unfunded multi-employer pension scheme. The academy trust is unable to identify its share of the underlying assets and liabilities of the plan. Accordingly, the academy trust has taken advantage of the exemption in FRS 102 and has has accounted for its contributions to the scheme as if it were a defined contribution scheme. The academy trust has set out above the information available on the scheme.

Local Government Pension Scheme

The LGPS is a funded defined benefit pension scheme, with the assets held in separate trustee-administered funds. The total contributions are as noted below. The agreed contribution rates for future years are 22% for employers and 5.5 to 12.5% for employees.

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

 

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.

Total contributions made
2024
2023
£
£
Employer's contributions
1,744,000
1,673,000
Employees' contributions
542,000
503,000
Total contributions
2,286,000
2,176,000
Principal actuarial assumptions
2024
2023
%
%
Rate of increase in salaries
3.15
3.48
Rate of increase for pensions in payment/inflation
2.65
2.98
Discount rate for scheme liabilities
5.00
5.20
Inflation assumption (CPI)
2.65
2.98
THOMAS DEACON EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
25
Pension and similar obligations
(Continued)
- 55 -
The current mortality assumptions include sufficient allowance for future improvements in mortality rates.  The assumed life expectations on retirement age 65 are:
2024
2023
Years
Years
Retiring today
- Males
20.84
21.03
- Females
23.71
23.46
Retiring in 20 years
- Males
20.57
20.67
- Females
25.26
25.31
Sensitivity analysis

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

2024
2023
£
£
Discount rate + 0.1%
738,000
660,000
Mortality assumption + 1 year
1,342,000
1,217,000
CPI rate + 0.1%
25,000
46,000
Defined benefit pension scheme net liability
2024
2023
£
£
Scheme assets
37,367,000
32,173,000
Scheme obligations
(33,560,000)
(30,452,000)
Net asset
3,807,000
1,721,000
Restriction on scheme assets
(4,292,200)
(3,071,000)
Total liability recognised
(485,200)
(1,350,000)
The academy trust's share of the assets in the scheme
2024
2023
Fair value
Fair value
£
£
Equities
21,672,860
20,590,720
Bonds
8,968,080
6,434,600
Property
5,978,720
4,825,950
Other assets
747,340
321,730
Total market value of assets
37,367,000
32,173,000
Restriction on scheme assets
(4,292,200)
(3,071,000)
Net assets recognised
33,074,800
29,102,000
The actual return on scheme assets was £3,638,000 (2023: £1,008,000).
THOMAS DEACON EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
25
Pension and similar obligations
(Continued)
- 56 -
Amount recognised in the statement of financial activities
2024
2023
£
£
Current service cost
1,747,000
2,162,000
Interest income
(1,713,000)
(1,289,000)
Interest cost
1,626,000
1,369,000
Total amount recognised
1,660,000
2,242,000

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

Changes in the present value of defined benefit obligations
2024
2023
£
£
At 1 September 2023
30,452,000
31,225,000
Current service cost
1,747,000
2,162,000
Interest cost
1,626,000
1,369,000
Employee contributions
542,000
503,000
Actuarial gain
(77,000)
(4,227,000)
Benefits paid
(730,000)
(580,000)
At 31 August 2024
33,560,000
30,452,000
Changes in the fair value of the academy trust's share of scheme assets
2024
2023
£
£
At 1 September 2023
32,173,000
29,569,000
Interest income
1,713,000
1,289,000
Actuarial (gain)/loss
1,925,000
(281,000)
Employer contributions
1,744,000
1,673,000
Employee contributions
542,000
503,000
Benefits paid
(730,000)
(580,000)
At 31 August 2024
37,367,000
32,173,000
Restriction on scheme assets
(4,292,200)
(3,071,000)
Net assets recognised
33,074,800
29,102,000
THOMAS DEACON EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 57 -
26
Long-term commitments
Operating leases
At 31 August 2024 the total of the academy trust's future minimum lease payments under non-cancellable operating leases was:
2024
2023
£
£
Amounts due within one year
148,758
137,047
Amounts due in two and five years
137,359
154,359
286,117
291,406
Other contractual commitments
At 31 August 2024 the total of the academy trust's future minimum lease payments under other contractual commitments was:
2024
2023
£
£
Amounts due within one year
1,781,221
1,655,000
Amounts due in two and five years
7,671,160
7,112,000
Amounts due after five years
18,460,273
18,931,000
27,912,654
27,698,000

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.

27
Capital commitments
2024
2023
£
£
Expenditure contracted for but not provided in the accounts
104,929
187,961
THOMAS DEACON EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 58 -
28
Related party transactions

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.

29
Members' liability

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

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