Company Registration No. 07652792 (England and Wales)
THE OLDERSHAW SCHOOL
(A COMPANY LIMITED BY GUARANTEE)
ANNUAL REPORT AND ACCOUNTS
FOR THE YEAR ENDED
31 AUGUST 2024
31 August 2024
THE OLDERSHAW SCHOOL
CONTENTS
Page
Reference and administrative details
1 - 2
Trustees' report
3 - 11
Governance statement
12 - 17
Statement on regularity, propriety and compliance
18
Statement of trustees' responsibilities
19
Independent auditor's report on the accounts
20 - 23
Independent reporting accountant's report on regularity
24 - 25
Statement of financial activities including income and expenditure account
26 - 27
Balance sheet
28
Statement of cash flows
29
Notes to the accounts including accounting policies
30 - 47
THE OLDERSHAW SCHOOL
REFERENCE AND ADMINISTRATIVE DETAILS
- 1 -
Members
Mr G C Bottle
Mr K Harrison (to 16 October 2024)
Mr J I Cubbin
Mrs S R Murphy (from 17 April 2024)
Trustees
Mrs Z L Callister (Parent)
Miss S J Hâggström (Resigned 3 May 2024)
Mrs S R Murphy
Ms R E Leutchford (nee Hulse) (Resigned 25 November 2024)
Miss S M Pettersen
Mrs R Hooper-Rhind (Resigned 13 September 2023)
Dr S Gallard
Mr S Fisher (Executive Headteacher and Accounting Officer (Ex-Officio))
Mr G Downes
Mr I Harrison
D W Redpath (Appointed 22 April 2024)
Senior management team
- Executive Headteacher
Mr S Fisher
- Chiel Financial Officer
Mr A Bush
Company registration number
07652792 (England and Wales)
Principal and registered office
Valkyrie Road
Wallasey
Merseyside
CH45 4RJ
Website address:
www.oldershaw.wirral.sch.uk
Independent auditor
Mitchell Charlesworth (Audit) Limited
3rd Floor
5 Temple Square
Temple Street
Liverpool
Merseyside
L2 5RH
Bankers
HSBC Bank plc
31 The Pyramids
Grange Road
Birkenhead
Merseyside
CH41 2ZL
THE OLDERSHAW SCHOOL
REFERENCE AND ADMINISTRATIVE DETAILS
- 2 -
Solicitors
Hill Dickinson LLP
No 1 St Paul's Square
Liverpool
Merseyside
L3 9SJ
THE OLDERSHAW SCHOOL
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 School trust operates a mixed all ability 11-18 school with a planned admission limit of 990 and has 885 pupils on roll as at the autumn 2023 census. The school is nationally recognised for inclusion and has a proud history of successfully working with the community. Wallasey has extremely high levels of disadvantage with many students on free school meals and many families facing significant social disadvantage. In March 2022 OFSTED graded the school as GOOD. The long-term impact of coronavirus on academic results is still a factor, with disruptions to learning, school closures and social factors that have impeded attendance and behaviour. The 2024 examination grades are mixed with some positive outcomes with an increased spread of higher grades at 9 - 7, the steep grade 4 / 3 boundaries were an issue and some results were lower than previous practice performances. Progress in many subjects at KS4 were marginally improved, reflecting the interventions in place to counteract staff absence in some key areas. Post 16 the public examinations that the students sat showed an increase in the overall average grade to D+. Students gained qualifications that allowed them to make progression with now all except one of those who had applied to University securing their first choice place.

Structure, governance and management
Constitution

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

Trustees

The trustees of The Oldershaw School are also the directors of the charitable company for the purposes of company law. Details of the trustees who served during the year, and to the date these accounts are approved, are included in the Reference and Administrative Details on page 1.

Members' liability

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

Trustees' indemnities

In accordance with normal commercial practice the school has purchased insurance to protect governors and officers from claims arising from negligent acts, errors or omissions occurring whilst on school business. The insurance provides £25m cover on any one claim and the cost for the year ended 31 August 2024 is included in the overall costs for the academies insurance which was £22,800.

Method of recruitment and appointment or election of trustees

In accordance with the Articles of Association, the members may appoint up to 12 trustees under article 50 plus an additional 2 staff under article 50a which may include staff and parent trustees. Further and additional trustees are within the remit of the Secretary of State as covered under article 46 subsections b, c, e and f.

All trustees are subject to election and the term is for a period of 4 years. At the end of that period should they wish to remain a trustee and subject to their remaining being appropriate i.e. staff or parent governor then this is subject to a further election. Further information is available under the trustee section of the Articles of Association that may be accessed from the school website.

THE OLDERSHAW SCHOOL
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 4 -
Policies and procedures adopted for the induction and training of trustees

The training and induction for new trustees depends on their existing experience. Training is provided in identified areas. All new trustees are given a tour of the school and the opportunity to meet with staff and pupils. Policies, procedures, minutes, accounts, budgets and other documents are available to enable trustees to undertake their role. Induction is informal and tailored specifically to the needs of individuals. The school also uses an independent SIP support programme. Trustees are signed up to and receive online training from National College and National Governance Association as well as in person from the Governance professional at our legal company Hill Dickinson.

Organisational structure

The Board of Trustees and administrative details of the school are detailed on page 1.

Full Trust Board meetings are in line with the Academies Trust Handbook 2023 requirements to ensure the school is run in an efficient and professional manner. The board appoints committees to assist with specific governance of important areas including Curriculum, Finance, Personnel and Buildings. The financial risks faced by the school, principally in relation to its day to day running, is a high priority and the school has a detailed risk register which is reviewed through the board meeting cycle. Management of cash assets using cash flow forecasting and control of cash on a daily basis is carefully controlled. The principal sources of income are from public sector bodies for which there is a low level of credit risk. Safeguarding is a high priority, and all trustees and staff are subject to enhanced DBS (Disclosure & Barring Service) checks. Visiting staff who work regularly at the school are also subject to these checks and visitors are always supervised.

The school benefits from the work of a Responsible Officer, who has instructed Langtons to assist him in this role through internal audit monitoring visits, whilst Mitchell Charlesworth (Audit) Limited fulfil this role as external auditor. These processes ensure that operational, financial, risk and management processes are robustly and independently reviewed. The Risk Register is increasingly used as the foundation for the work of the Responsible Officer, in conjunction with the requirements of the Academies Handbook. The Responsible Officer has access to all departments and reports directly to the Finance, Audit and Risk Committee.

Arrangements for setting pay and remuneration of key management personnel

The Trust Board policy is based on The Governance Handbook, published by the Department for Education (DfE), which sets out the statutory responsibilities of governing bodies in maintained schools for principals' appraisal. The school has adopted this process. These responsibilities reflect The Education (School Teachers' Appraisal) (England) Regulations 2012.

 

The Governing Body has a Subgroup for the Executive Headteacher and Chief Finance and Operations Officer pay review. This is led by the Chair of the Trust Board and is supplemented by two members drawn from the remaining trustees and supported by the SIP. The current representatives are felt to have good personnel knowledge and good understanding of the Academy Trust Handbook and the role. This review is in line with the whole school pay policy. The review is of all staff salaries annually, implementing enhancements where appropriate.

 

Trade union facility time

There were no relevant trade union officials who were full time employees during the year, consequently there was no time spent on union facility time and the associated cost was £nil.

 

THE OLDERSHAW SCHOOL
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 5 -
Related parties and other connected charities and organisations

The academy trust does not have any associations with other charities or organisations.

Objectives and activities
Objects and aims

The aim of the Oldershaw School is to provide education and educational opportunities for pupils between the ages of 11 and 18. In accordance with the Articles of Association the charitable company has adopted a “Scheme of Government” approved by the Secretary of State for Education. The Scheme of Government specifies, amongst other things, the basis for admitting pupils to the school, and that the curriculum should be broad and balanced.

The School aims to promote a culture of success by raising aspirations, engaging all pupils, developing mutual respect, and equipping leavers for the future. This includes:

 

Objectives, strategies and activities

 

Core Values

Our Vision

Our Mission

THE OLDERSHAW SCHOOL
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 6 -
Public benefit

The trustees confirm that they have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission in exercising their powers or duties. Activities in 2023-24 demonstrate in all accepted definitions that the Oldershaw School provides services that are of public benefit through the provision of education and making available the facilities and resources of the school for the community and other charitable purposes. We continue to hold the delivery of public benefit as both central and fundamental to our activities.

Strategic report
Achievements and performance

The results are in the context of a changed leadership team that has reset expectations, that has in turn led to a larger than usual turnover in staffing and a restructure of the school’s appraisal and line management systems. Outcomes demonstrate that children who start in year 7 and maintain attendance 95+% make progress in line with national expectations. The percentage SEN with statements or EHC plan is the highest locally at 7.6%, three times national and SEN is 34%, almost three times the national average. The socio-economic profile of the School shows 60% of pupils are disadvantaged and the IDACI register shows the cohort is in the 5% of most deprived areas nationally. Attendance has been a national issue since the enforced pandemic isolations. Attendance is currently at 86%, which although below national, is in line with statistical neighbours with cohorts that mirror that of Oldershaw. The dual focus on improving outcomes and attendance remains the school’s primary objectives.

Key performance indicators

Ofsted – In March 2022, Ofsted inspected the school again following the May 2016 inspection. The school was again judged as good in all categories under the transition framework. Since then the school has focussed on improving areas for development highlighted in the report.

 

The Students achieved outcomes in most key areas remained low when compared to national, but given the context of the year and major staffing issues, and the legacy of poor teaching many had endured previously, they were better than had been feared. The focus on appointing high-quality teachers, and improving attendance are already showing progress in earlier years. data is now more accurate and robust. Over 50 % of those who completed sixth form courses, went on to university, a number that continues to improve, while those who wished to access an apprenticeship or go into further training were able to do so. At Oldershaw there has been a major overhaul of courses and curriculum, so that what is taught is now matching the needs of the students and their environment.

 

Attendance: Whilst attendance is below the National Average, it is improved on the previous year and continues to improve. When compared with statistical neighbours the school now compares favourably but will not be satisfied until it is above national.

For the 2023 - 2024 financial year the school set a balanced budget that included capital expenditure for both infrastructure and building projects. The continued prudent fiscal management has enabled the school to maintain the balance sheet to £729,331 (excluding fixed assets and the pension scheme deficit), a decrease of £486,292 on the previous financial year, reflecting the continued investment into the school's infrastructure from its own reserves. During this period the amount of free cash spent amounted to £523,111 and we ended the year with a total amount of cash in the bank totalling £939,436.

 

There is an expected variation in funding over the next three years due to National Funding Formula and year group cohort size along with closure of the Sixth Form. The school has mitigated against these risks and planned accordingly.

Going concern

After making appropriate enquiries, and through the detailed involvement of the Finance, Audit and Risk Committee and the board of trustees, there is a more than reasonable expectation that the school trust has adequate resources to continue in operational existence for the foreseeable future. For this reason, the Board of Trustees continues to adopt the going concern basis in preparing the accounts. Further details regarding the adoption of the going concern basis can be found in the statement of accounting policies.

THE OLDERSHAW SCHOOL
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 7 -
Financial review

Most of the school’s income is obtained from the ESFA funded school budget share in the form of recurrent and capital grants, the use of which is restricted for specific educational purposes. The school also receives Local Authority and other public grants in the year which were supplemented by other support grants from the ESFA. The school has reported a surplus for the year of £625,900. After accounting for the actuarial surplus on the local government pension scheme the net movement in funds for the year is £691,900. A programme of restructuring has seen the school bring its teaching costs in line with National Guidelines whilst at the same time ensuring a quality educational experience for our students together with exceptional pastoral care. In the 2023 - 2024 academic year the school continued to work on a review of operational staff roles together with a continuing review of leadership and teaching structures and TLR’s for teaching staff. School staffing levels are in line with current bench marking and monitored closely.

Reserves policy

The trustees review reserve levels regularly and formally on an annual basis. This review considers the nature of income and expenditure streams, the need to match income with commitments and the nature of reserves. The funding receivable for the development of the school and all associated capital works are intended to fully cover the costs, and therefore the level of reserves excluding the pension liability is currently under review. The Trustees will determine an adequate and appropriate level for reserves, which are not invested in tangible assets, will be reviewed as part of the process.

 

Reserves were previously too high, but the school has now invested in infrastructure projects that protect the organisation for the future as well as improve the learning environment for students.

 

All done with an eye on the future and in the context of horizon scanning for demographic or other funding issues that could arise.

Investment policy

The school aims to manage its cash balances to provide for the day-to-day working capital requirements of its operations, whilst protecting the real long-term value of any surplus cash balances against inflation. In addition, the school aims to invest surplus cash funds to optimise returns, but ensuring the investments are such that there is no risk to the loss of these cash funds.

The trustees confirm that they have undertaken the first part of the above paragraph throughout the trading year. No investments were made in the 2023–24 academic year.

Principal risks and uncertainties

The school reviews the risks it may face, the steps and controls needed to mitigate the risks and the existing systems and procedures such as school trips and teaching provision. Risk assessment and management is a regular agenda item for Trustees and Senior Leaders and the Risk Register is a working document which is regularly updated.

 

The Trust operates robust asset management procedures to mitigate risk around the management of building assets and associated infrastructure. This includes asset management risks being reported to each Finance Audit and Risk Meeting and all Trust Board Meetings. The asset management procedures in the Trust were complimented by the ESFA CIF Audit Team as being robust and focused on achieving best value for the Trust.

 

From a financial perspective the school is vulnerable to decreases in pupil numbers as this affects the income stream and may be caused by falling results or a poor Ofsted or a negative perception of the school in the wider community. Currently, we are pleased to report that none of these are an issue for the school.

THE OLDERSHAW SCHOOL
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 8 -

Financial and risk management objectives and policies

The school’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 including:

Fundraising

The school hires out its facilities when not in use directly by the school and its pupils. The school does not use any external fundraisers. All fundraising undertaken during the year is monitored by the trustees.

Plans for future periods

The Trust Board and Finance, Audit and Risk Committee is focused on a range of continuing building and refurbishment projects to improve both the infrastructure and teaching and learning environment. CIF (Condition Improvement Fund) bids are due to be submitted in November 2024 for boiler replacement and flat roofs and cladding repairs. Additional smaller projects will also be completed around the school to upgrade facilities for staff and students.

 

Demographic modelling suggests that numbers in primary schools have plateaued, though the percentage of those coming through with SEND or EHCP likely to rise. This is already being built in to our forward planning and staffing models. These issues have been explored at board level and risks adjusted where required The Finance, Audit and Risk Sub- Committee is reviewing the fabric of the building to create a template of works to maintain and improve the building and other property to the benefit of students and staff to ensure they have a safe and enriching environment in which to work and have commissioned an updated 5 year condition building survey. The school consulted over the possible closure of the school’s sixth form and this decision to close was actioned and has been accepted by Regional Schools and ESFA, as it is not viable in its current form, whereas the school continues to be over subscribed for its 11-16 provision.

 

Having taken the strategic decision to close the school’s sixth form, the Senior Leadership Team have worked hard on making the school an attractive option for year 7 students and for transfers in meeting local needs. Oldershaw is full in most years 7 to 11. The executive team are planning for future years and seeking ways in which to expand the 11-16 offer at the same time as rapidly improving the offer, something that will be easier without the high level of subsidy to the sixth form. The school leadership is aware of the need to market its improving offer effectively in a changing environment.

 

We continue to explore how better to use the resources that are available in the school to create an additional income to further benefit our students but also to provide excellent facilities at reasonable rates to our neighbours in the surrounding community.

THE OLDERSHAW SCHOOL
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 9 -

Key aims and objectives of the improvement plan 2024-25

 

Continue to improve progress by:

 

 

Improve teaching and learning by:

 

 

Improve leadership by:

 

THE OLDERSHAW SCHOOL
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 10 -

Improve behaviour by:

 

 

Improve the tracking of students’ SMSC and RHSE:

 

 

Governance

 

Funds held as custodian trustee on behalf of others

The school and its trustees do not act as custodian trustees of any other charity.

Employee consultation and disabled employees

 

Equal opportunities policy

The Trustees recognise that equal opportunities should be an integral part of good practice in the workplace. The school aims to establish equal opportunity in all areas including creating a working environment in which the contribution and needs of all people are fully valued.

    

Disabled persons

Lifts, ramps and disabled toilets are installed and door widths are adequate to enable wheelchair access to all the main areas of the school. Appropriate car parking provision and access is available. The policy of the school is to support recruitment and retention of students and employees with disabilities. The school does this by adapting the physical environment, by making support resources available and through training and career development.

 

Serious incidents

The Trustees are conversant with the requirements to report serious incidents to the Charity Commission and will use the appropriate channels to report such incidents as they occur. In relation to this, the school has developed and implemented robust Health and Safety, Financial, and Disaster and Contingency Planning strategies to assist the school in minimising the risk of serious incidents.

THE OLDERSHAW SCHOOL
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 11 -
Auditor

In so far as the trustees are aware:

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

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

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

The trustees' report, incorporating a strategic report, was approved by order of the board of trustees, as the company directors, on 09 December 2024 and signed on its behalf by:

Mrs S R Murphy
Chair of Board of Trustees
THE OLDERSHAW SCHOOL
GOVERNANCE STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2024
- 12 -
Scope of responsibility

As trustees we acknowledge we have overall responsibility for ensuring that The Oldershaw School 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 Executive Headteacher, as Accounting Officer (S Fisher), 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 The Oldershaw School and the Secretary of State for Education. He is also responsible for reporting to the board of trustees any material weaknesses or breakdowns in internal control.

 

Trustees are now appointed on a 4-year term. A Parent Trustee will cease to hold office if their child is no longer registered as a pupil at the school unless co-opted as a Trustee. Since the March 2021 Trust reconstitution there are no staff Trustees.

Governance

The board of trustees has formally met six times during the year with a number of these meetings focused on the strategic development of the school and major capital works programme. Given the structure of our sub-committees, the governing body believe five meetings are normally sufficient to discharge their duties. There are two main sub committees to the Board: Finance, Audit and Risk and Curriculum and Standards. In addition, there is a subgroup of the main board which reviews all staff salaries annually, implementing enhancements where appropriate for the School. Attendance during the year at meetings of the board of trustees was as follows:

Trustees
Meetings attended
Out of possible
Mrs Z L Callister (Parent)
4
6
Miss S J Hâggström (Resigned 3 May 2024)
5
5
Mrs S R Murphy
6
6
Ms R E Leutchford (nee Hulse) (Resigned 25 November 2024)
2
6
Miss S M Pettersen
6
6
Mrs R Hooper-Rhind (Resigned 13 September 2023)
0
1
Dr S Gallard
5
6
Mr S Fisher (Executive Headteacher and Accounting Officer (Ex-Officio))
6
6
Mr G Downes
4
6
Mr I Harrison
5
6
D W Redpath (Appointed 22 April 2024)
1
1
Members
Meetings attended
Out of possible
Dr I J Cubbin
1
1
Mr K Harrison (resigned 16 October 2024)
1
1
Mr G Bottle
1
1
Mrs S R Murphy (appointed 17 April 2024)
0
0
THE OLDERSHAW SCHOOL
GOVERNANCE STATEMENT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 13 -

Trustees have also completed training modules to maintain and improve their operational capabilities particularly in areas such as safeguarding and held with a strategic training day completed in 2024. Several additional skilled trustees were recruited in the academic year with a number of our longer serving trustees and members leaving us. The AGM was held in February 2024 and was attended by members during which the annual accounts were presented and an overview of school progress to members.

 

During 2023/24 academic year the trustees with the executive leadership team led a major reorganisation and of leadership and teaching staffing structure recruiting a number of high quality proven academic leaders. New Senior Leaders were in attendance and presented to Trustees at the Trust Board Sub Committees.

Conflicts of interest

Oldershaw School keeps a register of the relevant business and pecuniary interests of: Members, Trustees and Senior employees which is posted on the school website at https://www.oldershaw.wirral.sch.uk/wp-content/uploads/2023/10/2023-2024-Trustee-Interest-List.pdf. This list is updated monthly at each Trust Board meeting if there are any changes to declarations made by Members, Trustees and Senior employees.

Governance reviews

Finance, Audit and Risk Committee

 

Finance, Audit and Risk Committee is a subcommittee of the main Board of Governors. Its purpose is to review budgeting and the financial health of the school 1and routine monitoring of targets. In addition, this committee monitors audit and risk along with overseeing asset management. The committee is supported by Mr A Bush, Chief Finance and Operations Officer. Only three meetings were s held in 2023/24 as this was taken into the full Trust Board to allow new trustees to become more familiar with all aspects of the school operation.

 

Terms of reference:

Attendance at meetings in the year was as follows:

Finance, Audit and risk Committee members
Meetings attended
Out of possible
Miss S J Hâggström (Resigned 3 May 2024)
3
3
Ms R E Leutchford (nee Hulse) (Resigned 25 November 2024)
2
5
Mr S Fisher (Executive Headteacher and Accounting Officer (Ex-Officio))
5
5
Mr G Downes
4
5
Mr I Harrison
5
5
D W Redpath (Appointed 22 April 2024)
1
1
THE OLDERSHAW SCHOOL
GOVERNANCE STATEMENT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 14 -

Curriculum and Standards Committee

The curriculum and standards committee is a sub-committee of the main board of trustees.

 

Terms of Reference

Attendance at meetings in the year was as follows:

Curriculum and Standards Committee members
Meetings attended
Out of possible
Mrs Z L Callister (Parent)
1
4
Mrs S R Murphy
4
4
Miss S M Pettersen
3
4
Dr S Gallard
2
4
Mr S Fisher (Executive Headteacher and Accounting Officer (Ex-Officio))
4
4
Review of value for money

As Accounting Officer, the Executive Headteacher has responsibility for ensuring that the school 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 school 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 available. The Accounting Officer for the school trust has delivered improved value for money during the year by:

 

Ensuring that all staff are well equipped and resourced to provide teaching and learning that meets student needs. That funds are focused on ensuring those with special needs and those who are designated as deprived are well catered for and are able to close the attainment gaps that exist between them and their peers. Well qualified and experienced leaders are deployed to provide the most rapid improvements to student outcomes.

 

Some improvements made in some areas, but significant changes to staff, systems and curriculum will provide much more noticeable improvements this year. The consistent use of the appraisal policy has meant more staff being held to account and in many case being replaced with those who are more capable.

 

Resources were targeted classroom environment, improved monitoring systems and the appointment of key staff with specialist skills, as well as training for those who have received too little previously. Curriculum changes has radically changed the way that learning is organised. The staffing structure has been reviewed at every level, and changes made to the structure at all levels of the school.

THE OLDERSHAW SCHOOL
GOVERNANCE STATEMENT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 15 -

 

The school’s move towards a HLTA structure, the appointment of a School Ready Tutor and other moves are directed at supporting: Pupil Premium, SEN and LAC. Funding is monitored by a senior member of staff to ensure impact on the progress of pupils. The Learning Centre, 1:1 Tutors, subject intervention work, trips and visits, the enhanced curriculum and inclusion strategies all contribute to ensuring individual pupils achieve their best, improve social cohesion and provide stretch targets. There has been a reduction in NEET pupils because of the social inclusion initiative and attendance across the School continues to improve.

 

The school takes part in arrangements with other schools and external providers which support improved value for money and the sharing of good practice. This reinforces the verification and validation of curriculum and assessment.

 

The school has entered into a number of new initiatives aimed at rapidly improving student outcomes. The school’s improvement plan has been revisited to ensure that its expectations and aspirations are sufficiently ambitious. The school embraces good practice, high ambition and a relentless drive to improve student learning, experiences and outcomes The appointment of a vice principal dedicated to staff training, support and development is an indication of the ambition and is an initiative that will increase staff retention as well as improve quality.

 

The School reviews and monitors data constantly to ensure progress is validated. All pupils are set challenging targets and intervention is targeted via the data analysis. FFT, SISRA, GL Assessment and NEA are used to ensure progress is challenging. Sustained improvements are required for outcomes across the curriculum which are improving and are focused on the national ambition for standards.

 

The School produces monthly P&L accounts with balance sheets which allows the executive leaders and trustees to regularly monitor the financial position of the School. The accounts are balanced with the bank statements and are presented monthly to the Accounting Officer and Chair of the Trust Board. The Finance, Audit and Risk Committee of trustees meet regularly to check and monitor the accounts, update policies, and agree spending proposals either as a separate committee or as part of full Trust Board meetings. They and the Chief Finance and Operations Officer focus on better purchasing and work tirelessly to achieve value for money including:

 

Negotiating and reviewing/benchmarking service level agreements and contracts regularly in line with the end of contract date. In the review process the quality of the service as well as the price is considered, three supplier quotes are collated and a clear process for selecting the best value is always followed by executive leadership and trustees.

 

Additional savings have been made by entering into Joint Service Level Agreements with Wirral Schools including payroll, health, and safety, CPD and community patrol. Because these contracts are for up to 100 schools, they provide very good value for money. These are all reviewed annually, and best value is always top of the agenda. All these SLAs (Service Level Agreements) are essential to the provision of service and provide value for money and savings in comparison to other providers. They provide economies of scale because they are negotiated on a collective basis.

 

The school buys into a national service for benchmarking and also uses DfE and Education provider’s websites to benchmark.

 

All purchases are made in line with agreed financial procedures as per the Academy Trust Handbook, which include analysis of cost, efficiency and effectiveness. All decisions consider: purchase price v lease and the most effective contract is agreed. Significant savings were made with regards contracts through option appraisal.

THE OLDERSHAW SCHOOL
GOVERNANCE STATEMENT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 16 -

The school draws on the positive relationship it has with Wirral and Merseyside schools regularly to share experiences, suppliers and contractors. Collaborative bids are investigated with other schools and the Local Authority if the opportunity arises.

 

The school regularly explores new sources of funding and income generation and bids annually to the CIF funding programme to support buildings refurbishment and to any available grant funding programmes that support teaching and learning. The hire of school facilities is of significant benefit to the local community and generates income for the school.

 

The Full Trust Board and Finance, Audit and Risk Committee meetings review controls, manage risks, have internal controls, and maximise the assets. Regular reports on the budget monitor balances and utilise income to generate additional funds. Having more than one account signatory minimises the risk and allows flexibility. Accountants are appointed to support the work of the responsible officer and check monthly accounts and report any discrepancies.

 

The school manages cash and bank balances in a way agreed with the auditors. The school insurance fully covers the risks associated with an educational establishment. The school works closely with an asset management partner and has produced a five-year condition buildings plan, along with compliance management systems. The Site Manager ensures all compliance, and health and safety issues are correctly addressed. Safeguarding is an explicit and well-established feature of the School and fully addresses all statutory regulations.

 

The school constantly reviews and appraises its procedures considering experience and a number of policies and procedures have been improved this year with regards to our insurance, health and safety and financial regulations. We continue to adjust the school curriculum to support progress and improve outcomes.

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 school 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 The Oldershaw School for the period 1 September 2023 to 31 August 2024 and up to the date of approval of the annual report and accounts.

Capacity to handle risk

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

THE OLDERSHAW SCHOOL
GOVERNANCE STATEMENT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 17 -
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 have considered the need for a specific internal audit function and has appointed an internal auditor (Langtons). The reviewer’s role includes giving advice on financial matters and performing a range of checks on the school’s financial systems. In particular the checks carried out in the current period included testing income, purchases and payroll systems.

On a termly basis the auditor reports to the Chief Finance and Operations Officer and Accounting Officer through the Finance, Audit and Risk Committee on the operation of the systems of control and on the discharge of the Board of Trustees’ financial responsibilities. The auditor delivered their schedule of work as planned in the period 1 September 2023 to 31 August 2024.

Review of effectiveness

As Accounting Officer the Executive Headteacher has responsibility for reviewing the effectiveness of the system of internal control. During the year in question the review has been focused on the following:

 

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

Conclusion

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

Approved by order of the board of trustees on 09 December 2024 and signed on its behalf by:

Mrs S R Murphy
Mr S Fisher
Chair of Board of Trustees
Accounting Officer
THE OLDERSHAW SCHOOL
STATEMENT OF REGULARITY, PROPRIETY AND COMPLIANCE
FOR THE YEAR ENDED 31 AUGUST 2024
- 18 -

As Accounting Officer of The Oldershaw School, I have considered my responsibility to notify the academy trust board of trustees and the Education and Skills Funding Agency (ESFA) of material irregularity, impropriety and non-compliance with terms and conditions of all funding, including for estates safety and management, under the funding agreement in place between the academy trust and the Secretary of State for Education. As part of my consideration I have had due regard to the requirements of the Academy Trust Handbook 2023, including responsibilities for estates safety and management.

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

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

S Fisher
Accounting Officer
09 December 2024
THE OLDERSHAW SCHOOL
STATEMENT OF TRUSTEES' RESPONSIBILITIES
FOR THE YEAR ENDED 31 AUGUST 2024
- 19 -

The trustees (who are also the directors of The Oldershaw School for the purposes of company law) are responsible for preparing the trustees' report and the accounts in accordance with the Academies Accounts Direction 2023 to 2024 published by the Education and Skills Funding Agency, United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.

Company law requires the trustees to prepare accounts for each financial year. Under company law, the trustees must not approve the accounts unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its incoming resources and application of resources, including its income and expenditure, for that period.

 

In preparing these accounts, the trustees are required to:

 

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

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

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

Approved by order of the members of the board of trustees on 09 December 2024 and signed on its behalf by:

Mrs S R Murphy
Chair of Board of Trustees
THE OLDERSHAW SCHOOL
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE OLDERSHAW SCHOOL
FOR THE YEAR ENDED 31 AUGUST 2024
- 20 -

Opinion

We have audited the accounts of The Oldershaw School 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.

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.

THE OLDERSHAW SCHOOL
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE OLDERSHAW SCHOOL (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 21 -
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:

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.

THE OLDERSHAW SCHOOL
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE OLDERSHAW SCHOOL (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 22 -
Extent to which the audit was considered capable of detecting, irregularities including fraud

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

 

Identifying and assessing potential risks related to irregularities

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

 

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

 

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

 

We also obtained an understanding of the legal and regulatory framework that the charity operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, the Statement of Recommended Practice - 'Accounting and Reporting by Charities' issued by the joint SORP making body, along with the Academies Financial Handbook and Accounts Direction 2020-21 issued by the Education and Skills Funding Agency.

 

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

THE OLDERSHAW SCHOOL
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE OLDERSHAW SCHOOL (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 23 -
Audit response to risks identified

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

 

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

 

 

 

 

 

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

 

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

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

Use of our report

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

Philip Griffiths (Senior Statutory Auditor)
for and on behalf of Mitchell Charlesworth (Audit) Limited
9 December 2024
Accountants
Statutory Auditor
3rd Floor
5 Temple Square
Temple Street
Liverpool
Merseyside
L2 5RH
THE OLDERSHAW SCHOOL
INDEPENDENT REPORTING ACCOUNTANT'S ASSURANCE REPORT ON REGULARITY TO THE OLDERSHAW SCHOOL AND THE EDUCATION AND SKILLS FUNDING AGENCY
FOR THE YEAR ENDED 31 AUGUST 2024
- 24 -

In accordance with the terms of our engagement letter dated 31 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 The Oldershaw School 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 The Oldershaw School and ESFA in accordance with the terms of our engagement letter. Our work has been undertaken so that we might state to the The Oldershaw School 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 The Oldershaw School and ESFA, for our work, for this report, or for the conclusion we have formed.

Respective responsibilities of The Oldershaw School's accounting officer and the reporting accountant

The accounting officer is responsible, under the requirements of The Oldershaw School’s funding agreement with the Secretary of State for Education dated 30 April 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:

 

THE OLDERSHAW SCHOOL
INDEPENDENT REPORTING ACCOUNTANT'S ASSURANCE REPORT ON REGULARITY TO THE OLDERSHAW SCHOOL AND THE EDUCATION AND SKILLS FUNDING AGENCY (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 25 -
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
Mitchell Charlesworth (Audit) Limited
3rd Floor
5 Temple Square
Temple Street
Liverpool
Merseyside
L2 5RH
Dated: 09 December 2024
THE OLDERSHAW SCHOOL
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2024
- 26 -
Unrestricted
Restricted funds:
Total
Total
funds
General
Fixed asset
2024
2023
Notes
£
£
£
£
£
Income and endowments from:
Donations and capital grants
3
4,000
-
659,555
663,555
138,644
Charitable activities:
- Funding for educational operations
4
88,742
8,575,785
-
8,664,527
8,170,352
Other trading activities
5
85,895
-
-
85,895
81,045
Total
178,637
8,575,785
659,555
9,413,977
8,390,041
Expenditure on:
Raising funds
6
-
316
-
316
433
Charitable activities:
- Educational operations
7
101,884
8,496,333
189,544
8,787,761
8,624,301
Total
6
101,884
8,496,649
189,544
8,788,077
8,624,734
Net income/(expenditure)
18
76,753
79,136
470,011
625,900
(234,693)
Transfers between funds
15
-
(555,181)
555,181
-
-
Other recognised gains/(losses)
Actuarial gains on defined benefit pension schemes
17
-
66,000
-
66,000
1,161,000
Net movement in funds
76,753
(410,045)
1,025,192
691,900
926,307
Reconciliation of funds
Total funds brought forward
109,870
200,753
6,373,864
6,684,487
5,758,180
Total funds carried forward
186,623
(209,292)
7,399,056
7,376,387
6,684,487
THE OLDERSHAW SCHOOL
STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED)
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2024
- 27 -
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
1,167
-
137,477
138,644
Charitable activities:
- Funding for educational operations
4
60,221
8,110,131
-
8,170,352
Other trading activities
5
81,045
-
-
81,045
Total
142,433
8,110,131
137,477
8,390,041
Expenditure on:
Raising funds
6
-
433
-
433
Charitable activities:
- Educational operations
7
74,791
8,341,379
208,131
8,624,301
Total
6
74,791
8,341,812
208,131
8,624,734
Net income/(expenditure)
18
67,642
(231,681)
(70,654)
(234,693)
Transfers between funds
15
-
(187,617)
187,617
-
Other recognised gains/(losses)
Actuarial gains on defined benefit pension schemes
17
-
1,161,000
-
1,161,000
Net movement in funds
67,642
741,702
116,963
926,307
Reconciliation of funds
Total funds brought forward
42,228
(540,949)
6,256,901
5,758,180
Total funds carried forward
109,870
200,753
6,373,864
6,684,487
THE OLDERSHAW SCHOOL
BALANCE SHEET
AS AT 31 AUGUST 2024
- 28 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
7,399,056
6,354,992
Current assets
Debtors
12
564,649
507,966
Cash at bank and in hand
939,436
1,462,547
1,504,085
1,970,513
Current liabilities
Creditors: amounts falling due within one year
13
(774,754)
(736,018)
Net current assets
729,331
1,234,495
Net assets excluding pension liability
8,128,387
7,589,487
Defined benefit pension scheme liability
17
(752,000)
(905,000)
Total net assets
7,376,387
6,684,487
Funds of the academy trust:
Restricted funds
15
- Fixed asset funds
7,399,056
6,373,864
- Restricted income funds
542,708
1,105,753
- Pension reserve
(752,000)
(905,000)
Total restricted funds
7,189,764
6,574,617
Unrestricted income funds
15
186,623
109,870
Total funds
7,376,387
6,684,487

The accounts on pages 26 to 47 were approved by the trustees and authorised for issue on 09 December 2024 and are signed on their behalf by:

Mrs S R Murphy
Chair of Board of Trustees
Company Number 07652792
THE OLDERSHAW SCHOOL
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2024
- 29 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Net cash provided by/(used in) operating activities
18
115,218
(82,963)
Cash flows from investing activities
Capital grants from DfE Group
595,279
137,477
Purchase of tangible fixed assets
(1,242,208)
(306,222)
Proceeds from sale of tangible fixed assets
8,600
-
Net cash used in investing activities
(638,329)
(168,745)
Net decrease in cash and cash equivalents in the reporting period
(523,111)
(251,708)
Cash and cash equivalents at beginning of the year
1,462,547
1,714,255
Cash and cash equivalents at end of the year
939,436
1,462,547
THE OLDERSHAW SCHOOL
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 30 -
1
Accounting policies

The Oldershaw School is a charitable company limited by guarantee incorporated in England. The address of its principal place of business is given on page 1 and the nature of its operations are set out in the trustees' report.

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
Income

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

Grants

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

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

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

Donations

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

Other income

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

THE OLDERSHAW SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 31 -
Donated goods, facilities and services

The value of donated goods, facilities and services provided to the academy trust are recognised at their fair value in the period in which they are receivable as incoming resources, where the benefit to the academy trust can be reliably measured. An equivalent amount is included as expenditure under the relevant heading in the Statement of Financial Activities, except where the gift in kind is a fixed asset in which case the amount is included in the appropriate fixed asset category and depreciated over the useful economic life in accordance with the academy trust’s policies.

1.4
Expenditure

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

 

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

All resources expended are inclusive of irrecoverable VAT.

Charitable activities

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

1.5
Tangible fixed assets and depreciation

Assets costing £1,000 or more are capitalised as tangible fixed assets and are carried at cost, net of depreciation and any provision for impairment.

 

Where tangible fixed assets have been acquired with the aid of specific grants, either from the government or from the private sector, they are included in the balance sheet at cost and depreciated over their expected useful economic life. Where there are specific conditions attached to the funding that require the continued use of the asset, the related grants are credited to a restricted fixed asset fund in the statement of financial activities and carried forward in the balance sheet. Depreciation on the relevant assets is charged directly to the restricted fixed asset fund in the statement of financial activities. Where tangible fixed assets have been acquired with unrestricted funds, depreciation on such assets is charged to the unrestricted fund.

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:

Long leasehold land and buildings
2% straight line
Computer equipment
33% straight line
Furniture and equipment
25% straight line

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.

THE OLDERSHAW SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 32 -
1.6
Liabilities

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

1.7
Leased assets

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

1.8
Financial instruments

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

Financial assets

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

 

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

Financial liabilities

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

 

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

1.9
Taxation

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

1.10
Pensions benefits

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

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

THE OLDERSHAW SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 33 -

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

1.11
Fund accounting

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

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

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

2
Critical accounting estimates and areas of judgement

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

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 17, will impact the carrying amount of the pension liability. Furthermore a roll forward approach which projects results from the latest full actuarial valuation performed at 31 March 2022 has been used by the actuary in valuing the pensions liability at 31 August 2024. Any differences between the figures derived from the roll forward approach and a full actuarial valuation would impact on the carrying amount of the pension liability.

THE OLDERSHAW SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 34 -
3
Donations and capital grants
Unrestricted
Restricted
Total
Total
funds
funds
2024
2023
£
£
£
£
Capital grants
-
659,555
659,555
137,477
Other donations
4,000
-
4,000
1,167
4,000
659,555
663,555
138,644
4
Funding for the academy trust's charitable activities
Unrestricted
Restricted
Total
Total
funds
funds
2024
2023
£
£
£
£
DfE/ESFA grants
General annual grant (GAG)
-
7,031,843
7,031,843
6,636,689
Other DfE/ESFA grants:
- Pupil premium
-
511,290
511,290
487,987
- Teachers pay grant
-
112,711
112,711
-
- Recovery premium
-
140,057
140,057
138,528
- Others
-
93,762
93,762
85,982
-
7,889,663
7,889,663
7,349,186
Other government grants
Local authority grants
-
664,365
664,365
674,705
Other incoming resources
88,742
21,757
110,499
146,461
Total funding
88,742
8,575,785
8,664,527
8,170,352
5
Other trading activities
Unrestricted
Restricted
Total
Total
funds
funds
2024
2023
£
£
£
£
Hire of facilities
61,170
-
61,170
48,823
Other income
24,725
-
24,725
32,222
85,895
-
85,895
81,045
THE OLDERSHAW SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 35 -
6
Expenditure
Non-pay expenditure
Total
Total
Staff costs
Premises
Other
2024
2023
£
£
£
£
£
Expenditure on raising funds
- Direct costs
-
-
316
316
433
Academy's educational operations
- Direct costs
3,995,972
-
806,910
4,802,882
4,956,850
- Allocated support costs
2,568,641
932,993
483,245
3,984,879
3,667,451
6,564,613
932,993
1,290,471
8,788,077
8,624,734
Net income/(expenditure) for the year includes:
2024
2023
£
£
Operating lease rentals
118,796
73,574
Depreciation of tangible fixed assets
189,544
203,788
Loss on disposal of fixed assets
-
4,343
Fees payable to auditor for:
- Audit
11,885
8,500
- Other services
3,825
3,146
Net interest on defined benefit pension liability
37,000
77,000
7
Charitable activities
Unrestricted
Restricted
Total
Total
funds
funds
2024
2023
£
£
£
£
Direct costs
Educational operations
13,142
4,789,740
4,802,882
4,956,850
Support costs
Educational operations
88,742
3,896,137
3,984,879
3,667,451
101,884
8,685,877
8,787,761
8,624,301
THE OLDERSHAW SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
7
Charitable activities
(Continued)
- 36 -
2024
2023
£
£
Analysis of support costs
Support staff costs
2,581,684
2,255,948
Depreciation
189,544
208,131
Technology costs
117,273
148,248
Premises costs
743,449
628,713
Legal costs
64,491
68,493
Other support costs
269,283
343,722
Governance costs
19,155
14,196
3,984,879
3,667,451
8
Staff
Staff costs and employee benefits
Staff costs during the year were:
2024
2023
£
£
Wages and salaries
4,618,146
4,568,799
Social security costs
471,953
449,141
Pension costs
954,057
1,011,995
Staff costs - employees
6,044,156
6,029,935
Agency staff costs
482,894
308,262
Staff restructuring costs
37,563
40,168
6,564,613
6,378,365
Staff development and other staff costs
75,412
82,969
Total staff expenditure
6,640,025
6,461,334
Staff restructuring costs comprise:
Redundancy payments
21,650
5,996
Severance payments
15,913
34,172
37,563
40,168
Severance payments

The academy trust paid 4 severance payments in the year, disclosed in the following bands:

£0 - £25,000
4
THE OLDERSHAW SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
8
Staff
(Continued)
- 37 -
Staff numbers
The average number of persons employed by the academy trust during the year was as follows:
2024
2023
Number
Number
Teachers
56
64
Administration and support
78
80
Management
2
2
136
146
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
5
2
£70,001 - £80,000
3
3
£80,001 - £90,000
-
1
£90,001 - £100,000
2
-
£110,001 - £120,000
1
-

Ten of the above participated in the Teachers’ Pension Scheme and one in the Local Government Pension Scheme. During the year ended 31 August 2024, pension contributions for the above amounted to £197,044 (2023 £73,868).

Key management personnel

The key management personnel of the academy trust comprise the trustees and the senior management team as listed on page 1. The total amount of employee benefits (including employer pension contributions and employer national insurance contributions) received by key management personnel for their services to the academy trust was £272,609 (2023: £304,175).

THE OLDERSHAW SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 38 -
9
Trustees' remuneration and expenses

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

 

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

 

S Fisher (Executive Headteacher and trustee):

 

Remuneration - £110,000 - £115,000 (2023: £75,000 - £80,000).

Employers' pension contributions paid - £25,000 - £30,000 (2023: £15,000 - £20,000)

 

During the year ended 31 August 2024 travel and subsistence expenses totalling £Nil were reimbursed or paid directly to the trustees (2023 £Nil).

 

Other related party transactions are set out in note 21.

10
Trustees' and officers' insurance

In accordance with normal commercial practice, the academy trust has purchased insurance to protect trustees and officers from claims arising from negligent acts, errors or omissions occurring whilst on academy trust business. The insurance provides £25M cover on any one claim and the cost for the year ended 31 August 2024 is included in the overall cost of the academies insurance and is not made separately available to the Academy.

11
Tangible fixed assets
Long leasehold land and buildings
Computer equipment
Furniture and equipment
Total
£
£
£
£
Cost
At 1 September 2023
7,430,227
303,136
191,912
7,925,275
Additions
1,148,923
84,833
8,452
1,242,208
Disposals
-
(8,600)
-
(8,600)
At 31 August 2024
8,579,150
379,369
200,364
9,158,883
Depreciation
At 1 September 2023
1,169,501
268,759
132,023
1,570,283
Charge for the year
136,302
25,904
27,338
189,544
At 31 August 2024
1,305,803
294,663
159,361
1,759,827
Net book value
At 31 August 2024
7,273,347
84,706
41,003
7,399,056
At 31 August 2023
6,260,726
34,377
59,889
6,354,992
THE OLDERSHAW SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
11
Tangible fixed assets
(Continued)
- 39 -

In respect of land and buildings transferred upon conversion to the academy from the LEA, a valuation was provided at 31 August 2013 of £5,196,499 (Land £669,858 and buildings £4,526,641).

12
Debtors
2024
2023
£
£
Trade debtors
5,591
6,919
VAT recoverable
47,294
56,665
Other debtors
42,508
7,260
Prepayments and accrued income
469,256
437,122
564,649
507,966
13
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
291,840
253,301
Other taxation and social security
117,397
100,727
Other creditors
124,149
108,123
Accruals and deferred income
241,368
273,867
774,754
736,018
14
Deferred income
2024
2023
£
£
Deferred income is included within:
Creditors due within one year
54,142
14,782
Deferred income at 1 September 2023
14,782
9,806
Released from previous years
(11,185)
(6,754)
Resources deferred in the year
50,545
11,730
Deferred income at 31 August 2024
54,142
14,782

At the balance sheet date the academy trust was holding funds received in advance in relation to sports hires, school trips and miscellaneous sums received for other school activities.

THE OLDERSHAW SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 40 -
15
Funds
Balance at
Gains,
Balance at
1 September
losses and
31 August
2023
Income
Expenditure
transfers
2024
£
£
£
£
£
Restricted general funds
General Annual Grant (GAG)
1,105,753
7,031,843
(7,039,707)
(555,181)
542,708
Pupil premium
-
511,290
(511,290)
-
-
Other DfE/ESFA grants
-
93,762
(93,762)
-
-
Other government grants
-
664,365
(664,365)
-
-
Teachers pay grant
-
112,711
(112,711)
-
-
Recovery premium
-
140,057
(140,057)
-
-
Other restricted funds
-
21,757
(21,757)
-
-
Pension reserve
(905,000)
-
87,000
66,000
(752,000)
200,753
8,575,785
(8,496,649)
(489,181)
(209,292)
Restricted fixed asset funds
Inherited on conversion
4,200,638
-
(90,533)
-
4,110,105
DfE group capital grants
1,108,389
659,555
(49,312)
-
1,718,632
Capital expenditure from GAG
1,064,837
-
(49,699)
555,181
1,570,319
6,373,864
659,555
(189,544)
555,181
7,399,056
Total restricted funds
6,574,617
9,235,340
(8,686,193)
66,000
7,189,764
Unrestricted funds
General funds
93,870
178,637
(101,884)
1,800
172,423
Designated funds
16,000
-
-
(1,800)
14,200
109,870
178,637
(101,884)
-
186,623
Total funds
6,684,487
9,413,977
(8,788,077)
66,000
7,376,387

General Annual Grant must be used for the normal running costs of the academy.

 

Other DfE Group Grants - these have been received for specific purposes throughout the year and include looked after children (LAC) income, all of which was fully spent in the year.

 

Local Authority Grants consist of various support grants received from Wirral Borough Council. All of this income has been spent.

 

Other Grants have been received from a number of educational and similar supporting bodies.

 

The Pension Reserve represents the pension fund determined in accordance with FRS102 as detailed in note 17.

 

The trustees have agreed to set aside as a designated fund, £10,000 for the maintenance of the Astro surface, £3,000 for a comedy night and £1,400 charity donation.

THE OLDERSHAW SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
15
Funds
(Continued)
- 41 -
Comparative information in respect of the preceding period is as follows:
Balance at
Gains,
Balance at
1 September
losses and
31 August
2022
Income
Expenditure
transfers
2023
£
£
£
£
£
Restricted general funds
General Annual Grant (GAG)
1,383,432
6,636,689
(6,726,751)
(187,617)
1,105,753
Pupil premium
-
487,987
(487,987)
-
-
Other DfE/ESFA COVID-19 funding
12,044
-
(12,044)
-
-
Other DfE/ESFA grants
75,575
224,510
(300,085)
-
-
Other government grants
-
674,705
(674,705)
-
-
Other restricted funds
-
86,240
(86,240)
-
-
Pension reserve
(2,012,000)
-
(54,000)
1,161,000
(905,000)
(540,949)
8,110,131
(8,341,812)
973,383
200,753
Restricted fixed asset funds
Inherited on conversion
4,291,171
-
(90,533)
-
4,200,638
DfE group capital grants
951,748
137,477
(27,849)
47,013
1,108,389
Capital expenditure from GAG
1,013,982
-
(89,749)
140,604
1,064,837
6,256,901
137,477
(208,131)
187,617
6,373,864
Total restricted funds
5,715,952
8,247,608
(8,549,943)
1,161,000
6,574,617
Unrestricted funds
General funds
32,228
142,433
(74,791)
(6,000)
93,870
Designated funds
10,000
-
-
6,000
16,000
42,228
142,433
(74,791)
-
109,870
Total funds
5,758,180
8,390,041
(8,624,734)
1,161,000
6,684,487
THE OLDERSHAW SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 42 -
16
Analysis of net assets between funds
Unrestricted
Restricted funds:
Endowment
Total
Funds
General
Fixed asset
Funds
Funds
£
£
£
£
£
Fund balances at 31 August 2024 are represented by:
Tangible fixed assets
-
-
7,399,056
-
7,399,056
Current assets
186,623
1,317,462
-
-
1,504,085
Current liabilities
-
(774,754)
-
-
(774,754)
Pension scheme liability
-
(752,000)
-
-
(752,000)
Total net assets
186,623
(209,292)
7,399,056
-
7,376,387
Unrestricted
Restricted funds:
Endowment
Total
Funds
General
Fixed asset
Funds
Funds
£
£
£
£
£
Fund balances at 31 August 2023 are represented by:
Tangible fixed assets
-
-
6,354,992
-
6,354,992
Current assets
170,092
1,781,549
18,872
-
1,970,513
Current liabilities
-
(736,018)
-
-
(736,018)
Pension scheme liability
-
(905,000)
-
-
(905,000)
Total net assets
170,092
140,531
6,373,864
-
6,684,487
17
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 the Mersey Pension Fund. Both are multi-employer defined benefit schemes.

 

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

Contributions amounting to £119,173 were payable to the schemes at 31 August 2024 (2023: £102,794) and are included within creditors.

Teachers' Pension Scheme
Introduction

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

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

THE OLDERSHAW SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
17
Pension and similar obligations
(Continued)
- 43 -
Valuation of the Teachers' Pension Scheme

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

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

The result of this valuation was 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 £681,057 (2023: £622,342).

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 employer contribution rate was 17.7% as at 1 September 2023. The employee contribution rates start at 5.5% increasing to 12.5% depending on earnings.

 

As the scheme is in deficit the academy trust has entered into an agreement with the scheme trustees to make a one off additional contribution of £237,550 to cover a three year period, in addition to normal funding levels.

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 OLDERSHAW SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
17
Pension and similar obligations
(Continued)
- 44 -
Total contributions made
2024
2023
£
£
Employer's contributions
406,000
395,000
Employees' contributions
114,000
101,000
Total contributions
520,000
496,000
Principal actuarial assumptions
2024
2023
%
%
Rate of increase in salaries
4.1
4.3
Rate of increase for pensions in payment/inflation
2.7
2.9
Discount rate for scheme liabilities
5.0
5.3
Inflation assumption (CPI)
2.6
2.8
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
20.8
20.8
- Females
23.4
23.3
Retiring in 20 years
- Males
22.0
22.1
- Females
25.1
25.1

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

2024
2023
£'000
£'000
Discount rate + 0.1%
-102
-91
Discount rate - 0.1%
104
93
Mortality assumption + 1 year
122
106
Mortality assumption - 1 year
-119
-104
CPI rate + 0.1%
104
93
CPI rate - 0.1%
-102
-91
THE OLDERSHAW SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
17
Pension and similar obligations
(Continued)
- 45 -
The academy trust's share of the assets in the scheme
2024
2023
Fair value
Fair value
£
£
Equities
2,554,000
2,128,000
Government bonds
230,000
233,000
Other bonds
82,000
74,000
Cash/liquidity
72,000
45,000
Property
543,000
491,000
Other assets
1,320,000
1,121,000
Total market value of assets
4,801,000
4,092,000
The actual return on scheme assets was £363,000 (2023: £345,000).
Amount recognised in the statement of financial activities
2024
2023
£
£
Current service cost
273,000
364,000
Interest income
(226,000)
(154,000)
Interest cost
263,000
231,000
Administration expenses
9,000
8,000
Total operating charge
319,000
449,000
Changes in the present value of defined benefit obligations
2024
£
At 1 September 2023
4,997,000
Current service cost
273,000
Interest cost
263,000
Employee contributions
114,000
Actuarial loss/(gain)
71,000
Benefits paid
(165,000)
At 31 August 2024
5,553,000
THE OLDERSHAW SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
17
Pension and similar obligations
(Continued)
- 46 -
Changes in the fair value of the academy trust's share of scheme assets
2024
£
At 1 September 2023
4,092,000
Interest income
226,000
Actuarial gain
137,000
Employer contributions
406,000
Employee contributions
114,000
Benefits paid
(165,000)
Effect of non-routine settlements and administration expenses
(9,000)
At 31 August 2024
4,801,000
18
Reconciliation of net income/(expenditure) to net cash flow from operating activities
2024
2023
Notes
£
£
Net income/(expenditure) for the reporting period (as per the statement of financial activities)
625,900
(234,693)
Adjusted for:
Capital grants from DfE and other capital income
(659,555)
(137,477)
Defined benefit pension costs less contributions payable
17
(124,000)
(23,000)
Defined benefit pension scheme finance cost
17
37,000
77,000
Depreciation of tangible fixed assets
189,544
203,788
Loss on disposal of fixed assets
-
4,343
Decrease/(increase) in debtors
7,593
(237,917)
Increase in creditors
38,736
264,993
Net cash provided by/(used in) operating activities
115,218
(82,963)
19
Analysis of changes in net funds
1 September 2023
Cash flows
31 August 2024
£
£
£
Cash
1,462,547
(523,111)
939,436
THE OLDERSHAW SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 47 -
20
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
125,940
89,073
Amounts due in two and five years
194,566
63,328
320,506
152,401
21
Related party transactions

Owing to the nature of the academy trust’s operations and the composition of the Board of Governors being drawn from local public and private sector organisations, transactions may take place with organisations in which the trust has an interest. All transactions involving such organisations are conducted at arm’s length and in accordance with the requirements of the AFH and with the academy trust's financial regulations and normal procurement procedures relating to connected and related party transactions.

 

During the year the trust entered into the following related party transaction:

 

22
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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