Company registration number 07333133 (England and Wales)
FOUR CS MAT
(A COMPANY LIMITED BY GUARANTEE)
ANNUAL REPORT AND ACCOUNTS
FOR THE YEAR ENDED 31 AUGUST 2024
FOUR CS MAT
CONTENTS
Page
Reference and administrative details
1 - 2
Trustees' report
3 - 15
Governance statement
16 - 19
Statement on regularity, propriety and compliance
20
Statement of Trustees' responsibilities
21
Independent auditor's report on the accounts
22 - 24
Independent reporting accountant's report on regularity
25 - 26
Statement of financial activities including income and expenditure account
27 - 28
Balance sheet
29
Statement of cash flows
30
Notes to the accounts including accounting policies
31 - 56
FOUR CS MAT
REFERENCE AND ADMINISTRATIVE DETAILS
- 1 -
Trustees
Mr J S Dadge
Mr G E J Dawkins
Mr A Finding (Resigned 19 September 2024)
Mrs P Ford
Ms S L Humble
Mrs P Kilbey
Mr N Jennings (Appointed 3 October 2024)
Mr D G McLaren
Mr J Theobalds
Mr D A Whiles (Chair of Trustees)
Members
Mr D B M Briggs
Mr G E J Dawkins
Councillor J Holdich OBE
Mr D G McLaren
Mr A Cox (appointed 14 December 2023)
Senior management team
- CEO
Mr M A Sandeman
- CFO
Mr J Oakley
- Executive Principal (Primary Phase)
Mr B Erskine
Accounting Officer
Mr M A Sandeman
Company registration number
07333133 (England and Wales)
Registered office
Helpston Road
Glinton
Peterborough
PE6 7JX
United Kingdom
Academies operated
Location
Head of Academy
Discovery Primary Academy
Peterborough
M Siequien
Hampton Vale Primary Academy
Peterborough
P Chamberlain
Arthur Mellows Village College
Peterborough
J Gilligan
The Fulbridge Academy
Peterborough
B Erskine / S Smee
Manor Drive Primary Academy
Peterborough
C Petrie to December 2023 / E Marks from January 2024
Manor Drive Secondary Academy
Peterborough
J Sludds
Ken Stimpson Academy
Peterborough
D Whales
Independent auditor
Azets Audit Services
Westpoint
Lynch Wood
Peterborough
Cambridgeshire
PE2 6FZ
United Kingdom
FOUR CS MAT
REFERENCE AND ADMINISTRATIVE DETAILS
- 2 -
Bankers
Lloyds Bank
65 High Street
Stamford
Lincolnshire
PE9 2AT
United Kingdom
Solicitors
Greenwoods Solicitors LLP
Monkstone House
City Road
Peterborough
PE1 1JE
United Kingdom
FOUR CS MAT
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -

The Trustees for the Four Cs MAT (the ‘Trust’) present their annual report together with the accounts and independent auditor's reports of the charitable company for the period 1 September 2023 to 31 August 2024. The annual report serves the purposes of both a Trustees' report, and a directors' report under company law.

 

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Trust’s Memorandum and Articles of Association, the Companies Act 2006 and the Statement of Recommended Practice, "Accounting and Reporting by Charities" 2019.

The Trust operates with seven schools as follows:

 

1. Arthur Mellows Village College

Helpston Road, Peterborough, PE6 7JX

 

2. Fulbridge Academy

Keeton Road, Peterborough, PE1 3JQ

 

3. Discovery Primary Academy

Mountsteven Avenue, Walton, Peterborough, PE4 6HX

 

4. Hampton Vale Primary Academy

Westlake Avenue, Hampton Vale, Peterborough, PE7 8LS

 

5. Ken Stimpson Academy

Staniland Way, Werrington, Peterborough, PE4 6JT

 

6. Manor Drive Primary Academy

Porter Avenue, Peterborough, PE4 7EP

 

7. Manor Drive Secondary Academy

Porter Avenue, Peterborough, PE4 7EP

 

Arthur Mellows Village College caters for pupils aged 11 to 19 years serving a catchment area for children living in the catchment of the following primary schools: Barnack Church of England; Castor Church of England; Duke of Bedford, Thorney; Eye Church of England; John Clare, Helpston; Newborough Church of England; Northborough Primary; Peakirk cum Glinton Church of England; Wittering Primary. The admission limit for Years 7-11 is 264.

 

Fulbridge Academy caters for pupils aged 3-11 years serving a catchment area directly surrounding the school. The admission limit for nursery is 64 and for reception is 120.

 

Discovery Primary Academy caters for pupils aged 4-11 serving a catchment area directly surrounding the school. The admission limit for reception is 60.

 

Hampton Vale Primary Academy caters for pupils aged 3-11, serving a catchment area of Hampton Vale. Based on a current floor space and staff ratios, Seedlings Nursery can accommodate 48 children per session. The current overall number for both sessions is 68. The admission limit for Reception aged children is 90.

 

Ken Stimpson Academy caters for pupils ages 11-19 years serving a catchment area for children in the catchment of the following schools: Welbourne Primary School, Werrington Primary School and William Law Church of England Primary School. The admission limit for Years 7-11 is 210.

 

Manor Drive Primary Academy caters for pupils aged 3-11, serving a catchment area of Manor Drive. The admission limit for Reception is 60.

 

Manor Drive Secondary Academy caters for pupils aged 11-16, serving a catchment area of Manor Drive. The admission limit for Year 7 is 150.

FOUR CS MAT
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 4 -
Structure, governance and management
Constitution

The Four Cs MAT (the ‘Trust’) is a company limited by guarantee with no share capital (company registration number 07333133). The charitable company's Memorandum and Articles of Association are the primary governing documents of the Trust. Members of the charitable company are nominated by either the Secretary of State for Education and Skills or by unanimous written agreement of the members.

 

The Trust also operates as trading names for Arthur Mellows Village College, Fulbridge Academy, Discovery Primary Academy, Hampton Vale Primary Academy, Ken Stimpson Academy, Manor Drive Primary Academy, Manor Drive Secondary Academy and Teach East.

The Trustees of the Four Cs MAT (the “Trust”) are also the directors of the charitable company for the purposes of company law. Details of the Trustees who served during the year, and to the date these accounts are approved, are included in the Reference and Administrative Details on page 1.

Members' liability

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

Method of recruitment and appointment or election of Trustees

The first Trustees were those persons named in the statement delivered to the Secretary of State. Members may appoint by ordinary resolution up to nine Trustees. The term of office for any Trustee shall be four years and any Trustees may be re-appointed or re-elected at a Members Meeting.

 

Non-executive responsibility for the management and performance of the schools within the Trust is delegated to the Local Governing Committees of each school.

Policies and procedures adopted for the induction and training of Trustees

All newly appointed Trustees meet with the Chair of Trustees, CEO and Heads of the schools within the MAT and Clerk to the Trustees. This meeting provides a valuable induction using a checklist of documents and procedures in place. All new Trustees are also made aware of who they can go to for individual advice and guidance in the early days

 

Ongoing training is identified on a 'need basis' and can be in the format of Local Authority sessions or internal /​ external training on a group basis.

 

Training will be a standing agenda item on all full Trustees meetings.

Organisational structure

Non-executive Trustees

- Chair of Trustees

- Trustees

 

Executive

- Chief Executive Officer (Accounting Officer) and Executive Principal (Secondary Phase)

- Chief Finance Officer

- Executive Principal (Primary Phase)

 

Local Governing Committees (for each Trust school)

On forming the company the structure consisted of three levels: Trustees, Executive and Local Governing Committees. The Trustees maintain accountability, however the aim of the management structure is to devolve responsibility and encourage involvement in decision making at all levels.

 

FOUR CS MAT
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 5 -

The Trustees are responsible for setting policy, adopting an annual plan and budget, monitoring the schools within the MAT by the use of budgets and making major decisions about the direction of the schools within the MAT, capital expenditure and executive appointments.

 

The senior managers in the Trust comprise the Chief Executive Officer and Executive Principal (Secondary Phase), Executive Principal (Primary Phase) and Chief Financial Officer. These managers control the schools within the MAT at an executive level implementing the policies laid down by the Trustees and reporting back to them. As a group the senior managers are responsible for the authorisation of spending within agreed budgets in accordance with the financial controls document and the appointment of staff, through appointment panels. A Governor where possible from the Local Governing Committee for respective schools is involved in all professional appointments.

Arrangements for setting pay and remuneration of key management personnel

The Trustees’ Remuneration Committee exists to monitor and set the remuneration for the Chief Executive Officer (CEO) and any Trust staff. They meet as appropriate with the main focus being to ensure that the CEO’s recommendations for staff salary increase due to performance, falls in line with adopted policies and procedures. The remuneration of the Executive Principal (Primary), Headteachers /​ Deputy and Assistant Headteachers is carried out by the CEO and reviewed by this Committee, taking advice from the CEO as to performance management. Three Trustees form a separate group of Performance Management Assessors who set the targets for the CEO and review these both mid-year and end of year prior to making recommendation for pay and remuneration. The targets set are in line with the Trust’s Development Plan and are generally associated with Pupil Progress and Leadership and Management.

Trade union facility time
The Four Cs MAT contributed towards Trade Union facility time of £5,577 for 23/24 (£5,339 for 22/23).
Engagement with employees (including disabled persons)

The Trust aims to include employee’s by:

Engagement with suppliers, customers and others in a business relationship with the Trust

The trust has due regard to foster good relationships with business suppliers and customers. Where possible, there is open and regular engagement with suppliers and customers to ensure effective and transparent business interaction.

Related parties and other connected charities and organisations

Arthur Mellows Village College worked with Peterborough City Council to gain accreditation as a provider of Initial Teacher Training, namely Teach East - School Centred Initial Teacher Training (SCITT). The College acted as the lead school for 42 trainee teachers across Peterborough in this financial year headed by Henry Sauntson (Assistant Headteacher). Funding has been received from bursaries, salaried, apprenticeship or fee paying routes to provide teaching, mentoring and resources for students to achieve qualifying teacher status. Accreditation as a teacher training provider finished on 31 August 2024 and Teach East are now overseen by The Cambridge Partnership.

FOUR CS MAT
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 6 -
Objectives and activities
Objects and aims

The Trust’s object is specifically restricted to the following: to advance for the public benefit education in the United Kingdom, in particular but without prejudice to the generality of the foregoing by establishing, maintaining, carrying on, managing and developing schools within the Trust, offering a broad and balanced curriculum. The policies adopted in furtherance of these objects are set out on the Trust and individual schools websites and there have been no changes in these during the year.

 

Admission Criteria (to 31 August 2024):

Arthur Mellows Village College

Priority will be given to children with a statement of Special Educational Needs or Education, Health and Care Plan which names the College. This will be in addition to any specific arrangements to specialist provision. The following admission criteria will then apply

 

i.    Children in Care – ‘Looked After Children’ and children who were previously looked after, but immediately

after being looked after became subject to adoption, a child arrangements order, or special guardianship

order

 

ii.    Children in Care - Children who appear to the admission authority to have been in state care outside of

England and ceased to be in state care as a result of being adopted.

 

iii.    Children living in the catchment area (identified in criteria v) who would be in receipt of the Service

Premium. (The service premium is additional funding paid annually to schools under section 14

of the Education Act 2002 for the purposes of supporting the pastoral needs of the children of Armed

Services personnel.)

 

iv.    Children of all members of staff at the College provided that they have been employed for a minimum of

two years and/or are recruited to fill a vacant post for which there is a demonstrable skills shortage.

 

v.     Children living in the catchment area of the following primary schools: Barnack Church of England; Castor

Church of England; Duke of Bedford, Thorney; Eye Church of England; John Clare, Helpston;

Newborough Church of England; Northborough County Primary; Peakirk cum Glinton Church of

England; Wittering County Primary. (See map of catchment area posted on the College website).

 

vi.    The attendance of a sibling who is on the College roll at the time of admission.

 

vii.    Children living nearest the College as measured by the shortest straight line distance, from the centre of

the home address to the College.

 

Manor Drive Secondary Academy

When MDSA is oversubscribed, after the admission of pupils with an Education, Health and Care plan naming MDSA, priority for admission will be given to those children who meet the criteria set out below, in priority order:    

i.    Children in Care – ‘Looked After Children’ and children who were previously looked after, but immediately

after being looked after became subject to adoption, a child arrangements order, or special guardianship

order. This also includes children who appear to the admission authority to have been in state care

outside of England and ceased to be in state care as a result of being adopted.

 

ii.    Children of all members of staff at Manor Drive Secondary Academy provided that they have been

    employed for a minimum of two years and/or are recruited to fill a vacant post for which there is a

demonstrable skills shortage.

 

iii.    Priority will next be given to the siblings of pupils attending MDSA at the time the application is received.

 

iv.    Priority will next be given to Year 6 students who live inside of catchment and attend the feeder school as

long as they have attended that feeder school for at least 1 full school year.

 

v.    Priority will next be given to children living within the MDSA catchment area set out in the map at the end

of the policy. Children living on the boundary line will be considered to be living within the catchment area.

 

FOUR CS MAT
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 7 -

vi.    Priority will next be given to Year 6 students who live outside of catchment and attend the feeder school as

long as they have attended that feeder school for at least 1 full school year.

 

vii.    Other children whose parents have requested a place (NB Measurements for this will be done from the

Academy to the home address).

 

Ken Stimpson Academy

Priority will be given to children with a statement of Special Educational Needs or Education, Health and Care Plan which names the Academy. This will be in addition to any specific arrangements to specialist provision. The following admission criteria will then apply:

 

i.    Children in Care – Looked After Children and children who were previously looked after, but immediately

after being looked after became subject to adoption, a child arrangements order, or special guardianship

order.

 

ii.    Children in Care - Children who appear to the admission authority to have been in state care outside of

England and ceased to be in state care as a result of being adopted.

 

iii.    Children living in the catchment area (identified in criteria v) who would be in receipt of the Service

Premium. (The Service Premium is additional funding paid annually to schools under section 14 of the

Education Act 2002 for the purposes of supporting the pastoral needs of the children of Armed Services

personnel.)

 

iv.    Children of all members of staff at the Academy provided that they have been employed for a minimum of

two years and/or are recruited to fill a vacant post for which there is a demonstrable skills shortage.

 

v.    Children living in the catchment area of the following primary schools: Welbourne Primary School,

Werrington Primary School, William Law Church of England Primary School. (See map of catchment area

posted on the Academy website).

 

vi.    The attendance of a sibling who is on the Academy roll at the time of admission.

 

vii.    Children living nearest the Academy as measured by the shortest straight line distance, from the centre of

the home address.

Discovery Primary Academy

The Governors will admit children with a Statement of Special Educational Needs or an Education Health and Care Plan (EHCP) which names the Academy. This will be in addition to any specific arrangements to specialist provision. Such criteria includes, but is not limited to:

 

i.    Children in Care;

 

ii.    Children who are both living in the catchment area served by the Academy (see Peterborough City Council

website for an address list) and have a sibling;

 

iii.    Children of all staff at the Academy, providing that the member of staff has been employed for a minimum

of two (2) years and/or are recruited to fill vacant post for which there is a demonstrable skills shortage.

 

iv.    Other children living in the catchment area at the time of application.

 

v.    Children who do not live in the catchment area served by the Academy, but who have a sibling of

compulsory school age attending the school at the time of application.

 

vi.    Other children whose parents have requested a place (NB: measurements for this will be done from the

Academy to the home address).

 

FOUR CS MAT
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 8 -

Fulbridge Academy

The Governors will admit children with a Statement of Special Educational Needs or an Education Health and Care Plan (EHCP) which names the academy. This will be in addition to any specific arrangements to specialist provision. Such criteria includes, but is not limited to:

 

i.    Children in Care;

 

ii.    Children who are both living in the catchment area served by the academy (see Peterborough City Council

website for an address list) and have a sibling;

 

iii.    Children of all staff at the Academy, providing that the member of staff has been employed for a minimum

of two (2) years and/or are recruited to fill a vacant post for which there is a demonstrable skills shortage.

 

iv.    Other children living in the catchment area at the time of application;

 

v.    Children who do not live in the catchment area served by the academy, but who have a sibling of

compulsory school age attending the school at the time of application;

 

vi.    Other children whose parents have requested a place (NB: measurements for this will be done from the

Academy to the home address).

 

Hampton Vale Primary Academy

The Governors will admit children with a Statement of Special Educational Needs or an Education Health and Care Plan (EHCP) which names the Academy. This will be in addition to any specific arrangements to specialist provision. Such criteria includes, but is not limited to:

 

i.    Children in Care;

 

ii.    Children who are both living in the catchment area served by the Academy (see Peterborough City Council

website for an address list) and have a sibling;

 

iii.    Children of all staff members at the school, providing that the member of staff has been employed for a

minimum of two (2) years and/or are recruited to fill a vacant post for which there is a demonstrable skills

shortage.

 

iv.    Other children living in the catchment area at the time of application.

 

v.    Children who do not live in the catchment area served by the Academy, but who have a sibling of

compulsory school age attending the school at the time of application.

 

vi.    Other children whose parents have requested a place (NB: measurements for this will be done from the

Academy to the home address).

 

Manor Drive Primary Academy

When MDPA is oversubscribed, after the admission of pupils with an Education, Health and Care plan naming the Academy itself, priority for admission will be given to those children who meet the criteria set out below, in priority order:

 

i    Children in Care – ‘Looked After Children’ and children who were previously looked after, but immediately

after being looked after became subject to adoption, a child arrangements order, or special guardianship

order. This also includes children who appear to the admission authority to have been in state care

outside of England and ceased to be in state care as a result of being adopted.

 

ii    Children of all members of staff at Manor Drive Primary Academy provided that they have been employed

for a minimum of two years and/or are recruited to fill a vacant post for which there is a demonstrable skills

shortage.

FOUR CS MAT
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 9 -

iii    Priority will be given to the siblings of pupils attending MDPA at the time the application is received. No

priority will be given to siblings of pupils attending Manor Drive Secondary Academy at the time the

application is received.

 

iv    Priority will next be given to children living within the Manor Drive Primary Academy catchment area set

out in the map at the end of the policy. Children living on the boundary line will be considered to be living

within the catchment area.

 

v    Other children whose parents have requested a place (NB Measurements for this will be done from the

Academy to the home address).

 

Strategies and aims

The Trust’s main strategy is encompassed in its mission statement as follows:

 

“At the Four Cs Multi Academy Trust we must ignite the student’s imagination and their active, willing and enthusiastic engagement in their learning".

 

Our vision is to: ensure that every student succeeds; build on what learners already know; make learning vivid and real; make learning an enjoyable experience and enrich the learning experience that we offer.

 

The Trust’s approach should enable students to encounter and begin to explore the wealth of human experience through induction into, and active engagement in, the different ways through which humans make sense of their world: through knowledge, intellectual, moral, spiritual, aesthetic, social, emotional and physical experiences. As well as through language, mathematics, science, the humanities, the arts, religion and other ways of knowing and understanding and act upon it.

 

‘Creative Thinking’ is at the heart of the Trust’s approach to learning. We aspire for the students to explore, negotiate, discover and experiment. We want them to speculate, empathise, reflect, collaborate, cooperate and persevere. Students need to develop initiative, and demonstrate leadership, teamwork, flexibility, integrity and imagination.

 

The Trust wishes to encourage curiosity, confidence, courage and constancy.

 

To facilitate this aspiration, the most important gift we can provide is that of confidence.

 

AIMS: Our curriculum must serve:

 

The Individual:

•    By ensuring well-being, engagement, empowerment and autonomy

 

The Wider World:

•    By encouraging respect and reciprocity

•    By promoting interdependence and sustainability

•    By empowering local, national and global citizenship

•    By celebrating culture and community

 

Pupil’s Learning:

•    Through exploration, knowing, understanding and making sense

•    Through fostering skill

•    Through exciting imagination

•    Through enacting dialogue

 

Equal opportunities policy

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

FOUR CS MAT
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 10 -

Disabled persons

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

Public benefit

In setting our objectives and planning our activities, the Trustees have carefully considered the Charity Commission’s general guidance on public benefit.

Strategic report
Achievements and performance
FOUR CS MAT
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 11 -
FOUR CS MAT
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 12 -
Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the schools within the MAT have adequate resources to continue in operational existence for the foreseeable future. For this reason the Trust Board 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.

Protecting the success of the Trust

 

In promoting the success of the Four Cs MAT we will consider;

  • the likely consequences of any decision in the long term

  • the interests of the company’s employees

  • the need to foster the company’s business relationships with suppliers, customers and others

  • the impact of the company’s operations on the community and the environment

  • the desirability of the company maintaining a reputation for high standards of business conduct

  • the need to act fairly as between members of the company

FOUR CS MAT
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 13 -
Financial review

Most of the Trust’s income is obtained from the Education and Skills Funding Agency (ESFA) in the form of recurrent grants, the use of which is restricted to particular purposes. The grants received from the ESFA during the year ended 31 August 2024 and the associated expenditure are shown as restricted funds in the statement of financial activities. Reserves are built up across the Academy Trust so we can make effective use of funds to support capital projects.

 

The Trust also receives grants for fixed assets from the ESFA. Such grants are shown in the statement of financial activities as restricted income in the restricted fixed asset fund. The restricted fixed asset fund balance is reduced by annual depreciation charges over the expected useful life of the assets concerned, under the current accounting policy.

Teach East SCITT receives fee income to enable ITT students to achieve qualifying teacher status.

 

The Trust has a MAT Development Plan which is costed and reviewed regularly. The Trustees look to review this at each term’s meetings for any changes along with the Risk Register to identify any risks to the Trust. Individual schools within the MAT have their own improvement plans in place.

 

Funding associated with the ESFA School Condition Allocation is used to ensure Trust School buildings are maintained to an appropriate standard.

Reserves policy

It is the policy of the Trust to hold a minimum contingency fund of £1,000,000 to mitigate against emergency situations that would otherwise risk a school having to be closed on a temporary basis. This takes into account the risks reflected in the financial risk register, and in particular, in respect of the risk of fluctuation of student numbers.

 

Unrestricted funds held at the year end exceed this level and are designated for capital projects. Projects currently being considered include improved outside areas, technology block refurbishment, improved facilities for physically disabled, students, classroom replacement and improvements to health and safety, alarm systems, heating and heating control systems.

Investment policy

The Trust will only allow exposure to low risk investments and institutions used for investments that are ethical and appropriately registered companies. The Trust banks with Lloyds plc where interest is paid on credit balances. If surplus funds are available these can be considered for investment by the Chief Finance Officer for an appropriate period and presented to the Accounting Officer and Trustees.

Principal risks and uncertainties

The Trustees have assessed and monitored the major risks to which the Trust is exposed, in particular those relating to the specific teaching, provision of facilities and other operational areas of the Trust, and its finances. The Trustees have implemented a number of systems to assess risks that the Trust faces, especially in the operational areas (e.g. in relation to teaching, health and safety, bullying and trips) and in relation to the control of finance. They have introduced systems, including operational procedures (e.g. vetting of new staff and visitors, supervision of Trust school grounds) and internal financial controls in order to minimise risk. To ensure the Trust estate is safe and maintained to a high standard, since September 2021 the Trust have used Compliance Now Consultancy who visit each school site regularly providing guidance and instructions to schools on health and safety matters and report back to the CEO. Where significant financial risk still remains they have ensured they have adequate insurance cover. The Trust has an effective system of internal financial controls and this is explained in more detail in the governance statement.

Fundraising

The Trust only held small fundraising events during the year including non uniform days. The Trust does not work with professional fundraisers or companies who carry out fundraising on its behalf. During the year no complaints or issues have arisen as a result of the fundraising events.

FOUR CS MAT
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 14 -
Streamlined energy and carbon reporting
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
- Gas combustion
2,100,102
- Fuel consumed for transport
2,097,085
- Electricity purchased
31,386
4,228,573
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
384.11
- Fuel consumed for owned transport
6.23
390.34
Scope 2 - indirect emissions
- Electricity purchased
434.20
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the Trust
3.92
Total gross emissions
828.46
Intensity ratio
Tonnes CO2e per pupil
0.17
Quantification and reporting methodology

We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the 2021 UK Government's Conversion Factors for Company Reporting.

Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2 equivalent per pupil, the recommended ratio for the sector.

 

Measures taken to improve energy efficiency

The LED light replacement continues as a rolling programme across the school sites. A new heat meter has been fitted to a biomass boiler at one site, this records the amount of energy used for reporting to Ofgem. Another site fitted a new boiler and control panel during the year and elsewhere another site upgraded the heating system.

FOUR CS MAT
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 15 -
Plans for future periods

The Four Cs MAT will continue striving to improve levels of performance of its students at all levels, working together with students, parents and staff to secure places in further and higher education as well as in employment.

 

The areas of focus for the MAT are:

 

 

Auditor

In so far as the Trustees are aware:

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

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

A resolution proposing that Azets Audit Services be reappointed as auditor of the charitable company will be put to the members.

The Trustees' report, incorporating a strategic report, was approved by order of the board of Trustees, as the company directors, on 12 December 2024 and signed on its behalf by:

Mr D A Whiles
Chair of Trustees
FOUR CS MAT
GOVERNANCE STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2024
- 16 -
Scope of responsibility

 

As Trustees we acknowledge we have overall responsibility for ensuring that the Four Cs MAT has an effective and appropriate system of control, financial and otherwise. However, such a system is designed to manage rather than eliminate the risk of failure to achieve business objectives, and can provide only reasonable and not absolute assurance against material misstatement or loss.

The board of Trustees has delegated the day-to-day responsibility to the Chief Executive Officer (CEO), as Accounting Officer, for ensuring financial controls conform with the requirements of both propriety and good financial management and in accordance with the requirements and responsibilities assigned to it in the funding agreement between the Four Cs MAT and the Secretary of State for Education. They are also responsible for reporting to the board of Trustees any material weaknesses or breakdowns in internal control.

Governance

 

The information on governance included here supplements that described in the Trustees' Report and in the Statement of Trustees' Responsibilities.

 

For the period 1 September 2023 to 31 August 2024, the Trustees of the Four Cs MAT met as follows:

Trustees
Meetings attended
Out of possible
Mr J S Dadge
6
6
Mr G E J Dawkins
3
6
Mr A Finding (Resigned 19 September 2024)
5
6
Mrs P Ford
2
6
Ms S L Humble
3
6
Mrs P Kilbey
6
6
Mr N Jennings (Appointed 3 October 2024)
0
0
Mr D G McLaren
6
6
Mr J Theobalds
6
6
Mr D A Whiles (Chair of Trustees)
6
6

The Trustee Resource Committee is a sub-committee of the main board of Trustees. Its purpose is to advise the Trust on all financial matters. Attendance at meetings in the year was as follows:

Trustees
Meetings attended
Out of possible
Mr J S Dadge
3
3
Mr G E J Dawkins
1
3
Mr D G McLaren
3
3
Mr J Theobalds
3
3
Mr D A Whiles (Chair of Trustees)
2
3
Trustees offer an appropriate balance of commercial and educational experience and have robustly carried out  their duties throughout the year. Vacancies have been filled by candidates with both senior management and  board experience in their occupations plus experience in school governance in other schools.
Local Governing Committee meetings of member schools are generally attended by a Trustee and one relatively  inexperienced committee is chaired by a Trustee.
An internal audit of effectiveness of the Trust board took place during the academic year 2021/2022.
FOUR CS MAT
GOVERNANCE STATEMENT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 17 -
In order to maintained effective oversight across the MAT every Trustee is a member of either sub-committee,  the Resource Committee or the Standards Committee and these committee members feedback to the Full Trustees committee.
Staff not part of a committee but attended Trustee resource  meetings:
Meetings attended
Out of possible
Mr M Sandeman (Chief Executive Officer and Accounting Officer)
3
3
Mr B Erskine (Executive Principal, Primary Phase)
3
3
Mr J Oakley (Chief Financial Officer)
3
3
Mrs H Elworthy (Trust Financial Manager)
3
3
The above staff attended Full Trustees Committee meetings where these were combined with the Resource  committee meetings.
The Accounting Officer, Chief Financial Officer, Executive Principal (Primary), and Financial Manager meet on a weekly basis to discuss all  financial matters.
The Accounting Officer will present any strategic financial risks and issues to the Trust Board.
Conflicts of interest
The Trust actively manages potential conflicts of interest by completing annual trustee declaration forms and raising this at the start of every Trustees meeting.  The requirements set out by the ESFA on business and other interests are followed to ensure transparency.
Review of value for money

As Accounting Officer, the Chief Executive Officer has responsibility for ensuring that the 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 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 Trust has delivered improved value for money during the year by ensuring all budget holders are aware of the Trust’s purchasing requirements and to regularly look at new and current suppliers to ensure continued value for money and seeking discounts where possible.

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 Trust policies, aims and objectives, to evaluate the likelihood of those risks being realised and the impact should they be realised, and to manage them efficiently, effectively and economically. The system of internal control has been in place in the Four Cs MAT 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 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 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.

FOUR CS MAT
GOVERNANCE STATEMENT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 18 -
The risk and control framework

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

 

The board of Trustees has considered the need for a specific internal audit function. From September 2023 the Trustees have used Duncan & Toplis to provide Internal Scrutiny services for all Trust schools.

The core programme covers a range of checks on the Trust financial systems. The assurance review will look to include:

The reports are provided to the board of Trustees through the Trustees Resource Committee on the operation of the systems of control and on the discharge of the financial responsibilities of the board of Trustees.

The Internal Scrutiny visits for the year were completed under the agreed schedule to each academy and reports provided. Any issues raised were reviewed to ensure action to rectify were put in place, there were no material issues raised.

 

To ensure the Trust estate is safe and maintained to a high standard, since September 2021 the Trust have used Compliance Now Consultancy who visit each school site regularly providing guidance and instructions to schools on health and safety matters and report back to the CEO.

Review of effectiveness

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

 

FOUR CS MAT
GOVERNANCE STATEMENT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 19 -

The Accounting Officer has been advised of the implications of the result of their review of the system of internal control by the Trustees Resource Committee and a plan to address weaknesses and ensure continuous improvement of the system is in place.

Approved by order of the board of Trustees on 12 December 2024 and signed on its behalf by:

Mr D A Whiles
Chair of Trustees
FOUR CS MAT
STATEMENT OF REGULARITY, PROPRIETY AND COMPLIANCE
FOR THE YEAR ENDED 31 AUGUST 2024
- 20 -

As Accounting Officer of the Four Cs MAT, I have considered my responsibility to notify the 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 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 Trust's board of Trustees are able to identify any material irregular or improper use of funds by the Trust, or material non-compliance with the terms and conditions of funding under the 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.

Mr M A Sandeman
Accounting Officer
12 December 2024
FOUR CS MAT
STATEMENT OF TRUSTEES' RESPONSIBILITIES
FOR THE YEAR ENDED 31 AUGUST 2024
- 21 -

The Trustees (who are also the directors of the Four Cs MAT for the purposes of company law) are responsible for preparing the Trustees' report and the accounts in accordance with the Annual Accounts Direction issued 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 12 December 2024 and signed on its behalf by:

Mr D A Whiles
Chair of Trustees
FOUR CS MAT
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FOUR CS MAT
FOR THE YEAR ENDED 31 AUGUST 2024
- 22 -

Opinion

We have audited the accounts of the Four Cs MAT 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 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 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.

FOUR CS MAT
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FOUR CS MAT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 23 -
Matters on which we are required to report by exception

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

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

-

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

-

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

-

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

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

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

Auditor's responsibilities for the audit of the accounts

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

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

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

 

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

FOUR CS MAT
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FOUR CS MAT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 24 -

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

 

 

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

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

Use of our report

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

Mr Mark Jackson FCA DChA (Senior Statutory Auditor)
for and on behalf of Azets Audit Services
18 December 2024
Chartered Accountants
Statutory Auditor
Westpoint
Lynch Wood
Peterborough
Cambridgeshire
United Kingdom
PE2 6FZ
FOUR CS MAT
INDEPENDENT REPORTING ACCOUNTANT'S ASSURANCE REPORT ON REGULARITY TO FOUR CS MAT AND THE EDUCATION AND SKILLS FUNDING AGENCY
FOR THE YEAR ENDED 31 AUGUST 2024
- 25 -

In accordance with the terms of our engagement letter dated 2 September 2024 and further to the requirements of the Education and Skills Funding Agency (ESFA) as included in the Academies Accounts Direction 2023 to 2024, we have carried out an engagement to obtain limited assurance about whether the expenditure disbursed and income received by the Four Cs MAT 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 Four Cs MAT and ESFA in accordance with the terms of our engagement letter. Our work has been undertaken so that we might state to the Four Cs MAT 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 Four Cs MAT and ESFA, for our work, for this report, or for the conclusion we have formed.

Respective responsibilities of the Four Cs MAT's Accounting Officer and the reporting accountant

The Accounting Officer is responsible, under the requirements of the Four Cs MAT’s funding agreement with the Secretary of State for Education dated 31 August 2010 (as amended by the deed of variation dated 11 April 2013) 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 Trust's income and expenditure.

The work undertaken to draw to our conclusion includes:

-    a review of the activities of the academy, by reference to sources of income and other information

available to us;

-    sample testing of expenditure, including payroll;

-    a review of minutes of Trustees’ meetings.

 

FOUR CS MAT
INDEPENDENT REPORTING ACCOUNTANT'S ASSURANCE REPORT ON REGULARITY TO FOUR CS MAT AND THE EDUCATION AND SKILLS FUNDING AGENCY (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 26 -
Conclusion

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

Reporting Accountant
Azets Audit Services
Westpoint
Lynch Wood
Peterborough
Cambridgeshire
PE2 6FZ
United Kingdom
Dated: 18 December 2024
FOUR CS MAT
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2024
- 27 -
Unrestricted
Restricted funds:
Total
Total
funds
General
Fixed asset
2024
2023
Notes
£
£
£
£
£
Income and endowments from:
Donations and capital grants
3
13,358
-
795,347
808,705
32,889,246
Donations - transfer from local authority on conversion
29
862,229
(838,000)
45,089
69,318
-
Charitable activities:
- Funding for educational operations
4
-
37,524,500
-
37,524,500
24,755,330
- Teaching school hub
-
-
-
-
351,272
Other trading activities
5
124,949
506,167
-
631,116
308,288
Investments
6
108,443
-
-
108,443
11,311
Total
1,108,979
37,192,667
840,436
39,142,082
58,315,447
Expenditure on:
Charitable activities:
- Educational operations
9
1,224,176
36,405,272
1,995,882
39,625,330
26,143,423
- Teaching school hub
-
-
-
-
592,459
Total
8
1,224,176
36,405,272
1,995,882
39,625,330
26,735,882
Net income/(expenditure)
(115,197)
787,395
(1,155,446)
(483,248)
31,579,565
Transfers between funds
21
-
(807,986)
807,986
-
-
Other recognised gains/(losses)
Actuarial gains on defined benefit pension schemes
20
-
1,295,000
-
1,295,000
445,000
Adjustment for restriction on pension assets
20
-
(895,000)
-
(895,000)
1,878,000
Net movement in funds
(115,197)
379,409
(347,460)
(83,248)
33,902,565
Reconciliation of funds
Total funds brought forward
3,245,324
2,164,607
58,925,105
64,335,036
30,432,471
Total funds carried forward
3,130,127
2,544,016
58,577,645
64,251,788
64,335,036
FOUR CS MAT
STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED)
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2024
- 28 -
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
14,431
-
32,874,815
32,889,246
Charitable activities:
- Funding for educational operations
4
1,103,780
23,651,550
-
24,755,330
- Teaching school hub
-
351,272
-
351,272
Other trading activities
5
88,528
219,760
-
308,288
Investments
6
11,311
-
-
11,311
Total
1,218,050
24,222,582
32,874,815
58,315,447
Expenditure on:
Charitable activities:
- Educational operations
9
738,327
23,503,237
1,901,859
26,143,423
- Teaching school hub
-
592,459
-
592,459
Total
8
738,327
24,095,696
1,901,859
26,735,882
Net income
479,723
126,886
30,972,956
31,579,565
Transfers between funds
21
(642,470)
(1,061,165)
1,703,635
-
Other recognised gains/(losses)
Actuarial gains on defined benefit pension schemes
20
-
445,000
-
445,000
Adjustment for restriction on pension assets
20
-
1,878,000
-
1,878,000
Net movement in funds
(162,747)
1,388,721
32,676,591
33,902,565
Reconciliation of funds
Total funds brought forward
3,416,658
767,299
26,248,514
30,432,471
Total funds carried forward
3,253,911
2,156,020
58,925,105
64,335,036
FOUR CS MAT
BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 29 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
14
57,962,861
58,540,232
Current assets
Stock
16
12,607
18,759
Debtors
17
1,158,260
554,597
Cash at bank and in hand
8,119,063
7,051,528
9,289,930
7,624,884
Current liabilities
Creditors: amounts falling due within one year
18
(2,413,003)
(1,735,080)
Net current assets
6,876,927
5,889,804
Net assets excluding pension liability
64,839,788
64,430,036
Defined benefit pension scheme liability
20
(588,000)
(95,000)
Total net assets
64,251,788
64,335,036
Funds of the Trust:
Restricted funds
21
- Fixed asset funds
58,532,556
58,925,105
- Restricted income funds
3,132,016
2,251,020
- Pension reserve
(588,000)
(95,000)
Total restricted funds
61,076,572
61,081,125
Unrestricted income funds
21
3,175,216
3,253,911
Total funds
64,251,788
64,335,036

The accounts on pages 27 to 56 were approved by the Trustees and authorised for issue on 12 December 2024 and are signed on their behalf by:

Mr D A Whiles
Chair of Trustees
Company registration number 07333133 (England and Wales)
FOUR CS MAT
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2024
- 30 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Net cash provided by operating activities
23
1,191,075
616,145
Cash flows from investing activities
Dividends, interest and rents from investments
108,443
11,311
Capital grants from DfE Group
795,347
1,058,256
Purchase of tangible fixed assets
(1,027,330)
(2,060,460)
Net cash used in investing activities
(123,540)
(990,893)
Net increase/(decrease) in cash and cash equivalents in the reporting period
1,067,535
(374,748)
Cash and cash equivalents at beginning of the year
7,051,528
7,426,276
Cash and cash equivalents at end of the year
8,119,063
7,051,528
FOUR CS MAT
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 31 -
1
Accounting policies

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

1.1
Basis of preparation

The accounts of the 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.

 

Four Cs MAT meets the definition of a public benefit entity under FRS 102.

 

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

1.2
Going concern

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

The conversion from a state maintained school to an academy trust involved the transfer of identifiable assets and liabilities and the operation of the school for £nil consideration. The substance of the transfer is that of a gift and it has been accounted for on that basis as set out below.

 

The assets and liabilities transferred on conversion from Ken Stimpson Community School to the academy trust have been valued at their fair value. The fair value has been derived based on that of equivalent items. The amounts have been recognised under the appropriate balance sheet categories, with a corresponding amount recognised in Donations – transfer from local authority on conversion in the Statement of Financial Activities and analysed under unrestricted funds, restricted general funds and restricted fixed asset funds. Further details of the transaction are set out in note 29.

1.4
Income

All incoming resources are recognised when the 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.

FOUR CS MAT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 32 -

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 Trust has provided the goods or services.

Donated goods, facilities and services

The value of donated services and gifts in kind provided to the Trust are recognised at their open market value in the period in which they are receivable as incoming resources, where the benefit to the 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 was 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 Trust's policies. The value of donated time from volunteers has not been included in these accounts.

Donated fixed assets

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

1.5
Expenditure

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

 

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

All resources expended are inclusive of irrecoverable VAT.

Expenditure on raising funds

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

Charitable activities

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

Governance costs

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

FOUR CS MAT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 33 -
1.6
Tangible fixed assets and depreciation

The freehold land and buildings in which Arthur Mellows Village College operate were transferred into the company by the governors of the previous Local Authority school on 7 September 2010. The value used for the purposes of these accounts is the value stated at the Land Registry. Other fixtures, fittings and equipment transferred into the Trust from the previous Local Authority school have not been valued in these accounts. Tangible fixed assets acquired since the Trust was established are included in the accounts at cost.

 

On 1 April 2017 the leasehold land and buildings in which The Fulbridge Academy operate were transferred into the MAT as follows:

- The school building is based on an ESFA valuation as the construction cost was not available at the time of the transfer.

- A further building has been constructed after the ESFA valuation was carried out. The value of this building is the construction cost.

 

On 1 September 2018 the leasehold land and buildings in which Discovery Primary Academy operate were transferred into the MAT at a valuation by the Trustees.

 

On 1 January 2019 the leasehold land and buildings in which Hampton Vale Primary Academy operate were transferred into the MAT at a valuation by the Trustees.

 

On 1 September 2022 the leasehold land and buildings in which Manor Drive Primary and Secondary Schools operate were donated to the MAT at a valuation by the Trustees.

 

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. 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 such assets is charged to the restricted fixed asset fund in the statement of financial activities so as to reduce the fund over the useful economic life of the related asset on a basis consistent with the Trust's depreciation policy. 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 or reducing balance basis over its expected useful life, as follows:

Buildings
2% p.a. straight line
Plant and machinery
25% p.a. reducing balance
Assets under construction
No depreciation is charged
Fixtures, fittings & equipment
25% p.a. reducing balance
Motor vehicles
20% p.a. reducing balance

A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the statement of financial activities.

1.7
Liabilities

Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the 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.

FOUR CS MAT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 34 -
1.8
Leased assets

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

1.9
Financial instruments

The Trust only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the 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.

1.10
Stock

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

1.11
Taxation

The 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 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.

1.12
Pensions benefits

Retirement benefits to employees of the 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 Trust.

The TPS is an unfunded scheme and contributions are calculated to spread the cost of pensions over employees' working lives with the 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.

FOUR CS MAT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 35 -

The LGPS is a funded multi-employer scheme and the assets are held separately from those of the 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.

1.13
Fund accounting

Unrestricted income funds represent those resources which may be used towards meeting any of the charitable objects of the 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 and include grants from the Education and Skills Funding Agency.

 

Designated funds are where the Trustees have ring fenced unrestricted income for specific projects.

1.14

Agency arrangements

The Trust acts as an agent in distributing 16-19 bursary funds from the ESFA. Payments are received from the ESFA and subsequent disbursements to students are excluded from the statement of financial activities as the Trust does not have control over the charitable application of the funds. The Trust can use an allocation towards it own administration costs but has not done so in the year. The funds received and paid, and any balances held are disclosed in note 29.

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 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 20, 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 2019 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.

FOUR CS MAT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 36 -
3
Donations and capital grants
Unrestricted
Restricted
Total
Total
funds
funds
2024
2023
£
£
£
£
Donated fixed assets
-
-
-
31,816,559
Capital grants
-
795,347
795,347
1,058,256
Other donations
13,358
-
13,358
14,431
13,358
795,347
808,705
32,889,246
4
Funding for the Trust's charitable activities
Unrestricted
Restricted
Total
Total
Educational operations
funds
funds
2024
2023
£
£
£
£
DfE/ESFA grants
General annual grant (GAG)
-
26,234,691
26,234,691
17,390,593
Other DfE/ESFA grants:
- 16 - 19 funding
-
2,547,906
2,547,906
1,831,578
- UIFSM
-
306,730
306,730
268,788
- Pupil premium
-
1,653,345
1,653,345
1,084,391
- Start up grants
-
247,250
247,250
269,500
- PE and sports grant
-
81,970
81,970
65,060
- Mainstream grants
-
903,793
903,793
269,605
- Supplementary grant
-
-
-
515,955
- Teachers pay grants
-
823,553
823,553
87,241
- Others
-
793,763
793,763
331,336
-
33,593,001
33,593,001
22,114,047
Other government grants
Local authority grants
-
2,735,599
2,735,599
1,529,557
Other incoming resources
-
1,195,900
1,195,900
1,111,726
Total funding for educational operations
-
37,524,500
37,524,500
24,755,330
Teaching school hub income
-
-
-
351,272
Total funding
-
37,524,500
37,524,500
25,106,602
FOUR CS MAT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 37 -
5
Other trading activities
Unrestricted
Restricted
Total
Total
funds
funds
2024
2023
£
£
£
£
Lettings
124,949
-
124,949
85,831
Sale of services
-
506,167
506,167
222,457
124,949
506,167
631,116
308,288
6
Investment income
Unrestricted
Restricted
Total
Total
funds
funds
2024
2023
£
£
£
£
Short term deposits
108,443
-
108,443
11,311
7
Central services

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

 

The Trust charges a flat percentage for these services between 3% and 5% of GAG depending on the circumstances of the school.

The amounts charged during the year were as follows:
2024
2023
£
£
Discovery Primary Academy
129,060
103,271
Hampton Vale Primary Academy
154,446
101,073
Arthur Mellows Village College
396,326
489,780
The Fulbridge Academy
195,381
122,308
Manor Drive Primary Academy
49,588
10,647
Manor Drive Secondary Academy
123,537
30,597
Ken Stimpson Academy
229,961
-
1,278,299
857,676
FOUR CS MAT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 38 -
8
Expenditure
Non-pay expenditure
Total
Total
Staff costs
Premises
Other
2024
2023
£
£
£
£
£
Academy's educational operations
- Direct costs
18,258,371
-
1,831,831
20,090,202
13,457,377
- Allocated support costs
10,920,701
4,474,953
3,495,344
18,890,998
12,686,046
Teaching school hub
- Direct costs
193,991
-
18,890
212,881
171,269
- Allocated support costs
36,201
1,008
394,040
431,249
421,190
29,409,264
4,475,961
5,740,105
39,625,330
26,735,882
Net income/(expenditure) for the year includes:
2024
2023
£
£
Operating lease rentals
89,524
67,002
Depreciation of tangible fixed assets
1,604,701
1,544,551
Fees payable to auditor for:
- Audit
20,900
17,500
- Other services
9,100
9,098
Net interest on defined benefit pension liability
(47,000)
35,000
9
Charitable activities
Unrestricted
Restricted
Total
Total
funds
funds
2024
2023
£
£
£
£
Direct costs
Educational operations
1,224,176
19,078,907
20,303,083
13,628,646
Support costs
Educational operations
-
19,322,247
19,322,247
13,107,236
1,224,176
38,401,154
39,625,330
26,735,882
FOUR CS MAT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
9
Charitable activities
(Continued)
- 39 -
Analysis of costs
2024
2023
£
£
Direct costs
Teaching and educational support staff costs
18,452,362
12,347,839
Staff development
81,844
82,381
Technology costs
153,402
100,445
Educational supplies and services
1,148,937
703,963
Other direct costs
466,538
394,018
20,303,083
13,628,646
Support costs
Support staff costs
11,088,368
7,903,304
Depreciation and loss on disposal
1,604,701
1,696,752
Technology costs
319,312
476,319
Maintenance of premises and equipment
1,186,788
297,072
Rent, rates and other occupancy costs
1,684,472
1,118,447
Security and transport
75,205
33,036
Catering
954,796
681,965
Finance costs
(47,000)
35,000
Other support costs
2,402,857
815,298
Governance costs
52,748
50,043
19,322,247
13,107,236
10
Governance costs
Total
Total
All from restricted funds:
2024
2023
£
£
Amounts included in support costs
Legal costs
22,748
23,445
Auditor's remuneration
- Audit of financial statements
20,900
17,500
- Other audit costs
9,100
9,098
52,748
50,043
FOUR CS MAT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 40 -
11
Staff
Staff costs
Staff costs during the year were:
2024
2023
£
£
Wages and salaries
21,969,718
15,079,979
Social security costs
2,122,565
1,413,202
Pension costs
4,824,346
3,485,674
Staff costs - employees
28,916,629
19,978,855
Agency staff costs
453,476
272,288
Staff restructuring costs
39,159
-
29,409,264
20,251,143
Staff development and other staff costs
213,310
82,381
Total staff expenditure
29,622,574
20,333,524
Staff restructuring costs comprise:
Severance payments
39,159
-
Severance payments
The Trust paid 3 severance payments in the year, disclosed in the following bands:
2024
2023
Number
Number
£nil - £25,000
3
5
Staff numbers
The average number of persons employed by the Trust during the year was as follows:
2024
2023
Number
Number
Teachers
304
217
Administration and support
420
315
Management
2
3
726
535
FOUR CS MAT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
11
Staff
(Continued)
- 41 -
Higher paid staff
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
2024
2023
Number
Number
£60,001 - £70,000
13
10
£70,001 - £80,000
11
2
£80,001 - £90,000
3
1
£90,001 - £100,000
2
-
£100,001 - £110,000
1
-
£110,001 - £120,000
1
-
£120,001 - £130,000
1
1
£140,001 - £150,000
-
1
£160,001 - £170,000
-
1

Of the employees whose emoluments exceeded £60,000, thirty two (2023 - sixteen) have retirement benefits accruing under defined benefit pension schemes. During the year pension contributions for these staff members amounted to £565,333 (2023 - £312,966).

Key management personnel

The key management personnel of the 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 Trust was £356,465 (2023 - £589,375).

12
Trustees' remuneration and expenses

No Trustee has received remuneration or other benefits in respect of their role as Trustees. However, one trustee was employed as an invigilator under a contract of employment and received remuneration as noted below:

 

Mrs P Ford

    Remuneration £nil - £5,000 (2023 - £nil - £5,000)

    Employer’s pension contributions £nil (2023 - £nil)

During the year, no expenses (2023 - £nil) were reimbursed or paid directly to Trustees.

 

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

13
Trustees' and officers' insurance

In accordance with normal commercial practice, the Trust has purchased insurance to protect Trustees and officers from claims arising from negligent acts, errors or omissions occurring whilst on Trust business. The insurance provides cover up to £2,000,000 on any one claim and the cost for the year ended 31 August 2024 is included within the total insurance cost of £137,529 (2023 - £96,733).

FOUR CS MAT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 42 -
14
Tangible fixed assets
Buildings
Plant and machinery
Assets under construction
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 September 2023
61,171,065
2,080,453
735,142
1,711,684
86,252
65,784,596
Transfers
735,142
-
(735,142)
-
-
-
Additions
339,518
262,524
-
425,288
-
1,027,330
At 31 August 2024
62,245,725
2,342,977
-
2,136,972
86,252
66,811,926
Depreciation
At 1 September 2023
4,764,538
1,246,781
-
1,161,581
71,464
7,244,364
Charge for the year
1,177,431
256,396
-
167,922
2,952
1,604,701
At 31 August 2024
5,941,969
1,503,177
-
1,329,503
74,416
8,849,065
Net book value
At 31 August 2024
56,303,756
839,800
-
807,469
11,836
57,962,861
At 31 August 2023
56,406,527
833,672
735,142
550,103
14,788
58,540,232
Finance leases and hire purchase contracts

The English Sports Council has also registered a charge against part of the freehold property for which some funding was received from them.

 

On 1 April 2017 the leasehold land and buildings in which The Fulbridge Academy operate were transferred into the MAT as follows:

- The school building is based on an ESFA valuation as the construction cost was not available at the time of the transfer.

- A further building has been constructed after the ESFA valuation was carried out. The value of this building is the construction cost.

On 1 September 2018 the leasehold land and buildings in which Discovery Primary Academy operate were transferred into the MAT at a valuation by the Trustees.

 

On 1 January 2019 the leasehold land and buildings in which Hampton Vale Primary Academy operate were transferred into the MAT at a valuation by the Trustees.

 

On 1 September 2022 the leasehold land and buildings in which Manor Drive Primary and Secondary Schools operate were donated to the MAT at a valuation by the Trustees.

FOUR CS MAT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 43 -
15
Financial instruments
2024
2023
£
£
Carrying amount of financial assets
Trade debtors
20,453
14,849
Accrued income
680,326
276,123
Cash at bank
8,119,063
7,051,528
8,819,842
7,342,500
Carrying amount of financial liabilities
Trade creditors
117,874
61,744
Other creditors
97,816
226,343
Accruals
1,114,418
705,630
1,330,108
993,717
16
Stock
2024
2023
£
£
Stock
12,607
18,759
17
Debtors
2024
2023
£
£
Trade debtors
20,453
14,849
VAT recoverable
124,603
87,179
Prepayments and accrued income
1,013,204
452,569
1,158,260
554,597
18
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
117,874
61,744
Other taxation and social security
370,121
218,882
Other creditors
97,816
226,343
Accruals and deferred income
1,827,192
1,228,111
2,413,003
1,735,080
FOUR CS MAT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 44 -
19
Deferred income
2024
2023
£
£
Deferred income is included within:
Creditors due within one year
712,774
522,481
Deferred income at 1 September 2023
522,481
454,732
Released from previous years
(522,481)
(454,732)
Resources deferred in the year
712,774
522,481
Deferred income at 31 August 2024
712,774
522,481

Deferred income relates to income received for trips and grants (including Universal Infant Free School Meals) for the next financial year.

20
Pension and similar obligations

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

 

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

Contributions amounting to £98,475 were payable to the schemes at 31 August 2024 (2023 - £219,595) 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.

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.

FOUR CS MAT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
20
Pension and similar obligations
(Continued)
- 45 -

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

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

The employer's pension costs paid to the TPS in the period amounted to £3,299,602 (2023 - £2,035,134).

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 Trust is unable to identify its share of the underlying assets and liabilities of the plan. Accordingly, the 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 Trust has set out above the information available on the scheme.

Local Government Pension Scheme

The LGPS is a funded defined benefit pension scheme, with the assets held in separate Trustee-administered funds. The total contributions are as noted below. The agreed contribution rates for future years are 22.6% for employers and 5.5% to 10.5% for employees.

 

The estimated value of employer contributions for the forthcoming year is £1,347,000.

As described in note 29 the LGPS obligation relates to the employees of the Trust, being the employees transferred as part of the conversion from the maintained school and new employees who joined the scheme in the period. The obligation in respect of employees who transferred on conversion represents their cumulative service at both the predecessor school and the Trust at the balance sheet date.

FOUR CS MAT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
20
Pension and similar obligations
(Continued)
- 46 -

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.

 

The actuarial valuation prepared under FRS102 in respect of the Local Government Pension Scheme indicated that the Trust’s share of the scheme for Arthur Mellows Village College was in surplus as at the year end to the value of £2,890,000 (2023 - £2,240,000), for Manor Drive Primary Academy was £nil (2023 - £8,000), for Fulbridge Academy was £321,000 (2023 - £nil), and for Discovery Primary Academy was £48,000 (2023 - £nil). Following advice from the actuary, the Trustees have recognised an asset to the level of the asset ceiling for Manor Drive Primary Academy of £nil (2023 - £8,000), for Fulbridge Academy of £nil (2023 - £nil), and for Discovery Primary Academy of £nil (2023 - £nil).

 

The actuarial valuation prepared under FRS102 in respect of Arthur Mellows Village College indicated that the school's share of the scheme was in surplus at the year end to the value of £2,890,000 (2023 - £2,240,000). The actuaries have undertaken an asset ceiling calculation to determine how much of the asset is expected to materialise. The actuaries consider whether the period being considered for recognition of the potential asset should the in perpetuity or over the estimated future working life of members in the scheme and the Trustees consider that using the ‘future working life’ period more appropriately reflects the amount that it is reasonable to recognise in respect of the foreseeable future. On the basis that a minimum funding requirement does exist, these calculations indicate that only £486,000 (2023 - £362,000) of the overall surplus is likely to result in either a refund of contributions or a reduction in future contributions in the future. This amount is included within the overall net deficit of £588,000.

Total contributions made
2024
2023
£
£
Employer's contributions
1,437,000
1,041,000
Employees' contributions
473,000
323,000
Total contributions
1,910,000
1,364,000
Principal actuarial assumptions
2024
2023
%
%
Rate of increase in salaries
3.15
3.46
Rate of increase for pensions in payment/inflation
2.65
2.96
Discount rate for scheme liabilities
5.00
5.20
The current mortality assumptions include sufficient allowance for future improvements in mortality rates.  The assumed life expectations on retirement age 65 are:
2024
2023
Years
Years
Retiring today
- Males
20.31
20.43
- Females
23.97
23.33
Retiring in 20 years
- Males
21.53
21.52
- Females
25.31
24.18
FOUR CS MAT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
20
Pension and similar obligations
(Continued)
- 47 -
Sensitivity analysis

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

2024
2023
£
£
0.1% decrease in real discount rate
549,000
420,000
0.1% increase in salary increase rate
22,000
42,000
0.1% increase in pension increase rate
537,000
386,000
Defined benefit pension scheme net liability
2024
2023
£
£
Scheme assets
24,501,000
19,250,000
Scheme obligations
(22,316,000)
(17,467,000)
Net asset
2,185,000
1,783,000
Restriction on scheme assets
(2,773,000)
(1,878,000)
Total liability recognised
(588,000)
(95,000)
The Trust's share of the assets in the scheme
2024
2023
Fair value
Fair value
£
£
Equities
14,210,580
12,320,000
Bonds
5,880,240
3,850,000
Cash
490,020
192,500
Property
3,920,160
2,887,500
Total market value of assets
24,501,000
19,250,000
Restriction on scheme assets
(2,773,000)
(1,878,000)
Net assets recognised
21,728,000
17,372,000
The actual return on scheme assets was £2,350,000 (2023: £1,671,000).
Amount recognised in the statement of financial activities
2024
2023
£
£
Current service cost
1,539,000
1,465,000
Interest income
(1,108,000)
(779,000)
Interest cost
1,061,000
814,000
Total amount recognised
1,492,000
1,500,000
FOUR CS MAT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
20
Pension and similar obligations
(Continued)
- 48 -

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

Changes in the present value of defined benefit obligations
2024
2023
£
£
At 1 September 2023
17,467,000
18,375,000
Transferred in on existing academies joining the Trust
2,077,000
-
Current service cost
1,539,000
1,465,000
Interest cost
1,061,000
814,000
Employee contributions
473,000
323,000
Actuarial gain
(53,000)
(3,309,000)
Benefits paid
(248,000)
(201,000)
At 31 August 2024
22,316,000
17,467,000
Changes in the fair value of the Trust's share of scheme assets
2024
2023
£
£
At 1 September 2023
19,250,000
16,416,000
Transferred in on existing academies joining the Trust
1,239,000
-
Interest income
1,108,000
779,000
Actuarial gain
1,242,000
892,000
Employer contributions
1,437,000
1,041,000
Employee contributions
473,000
323,000
Benefits paid
(248,000)
(201,000)
At 31 August 2024
24,501,000
19,250,000
Restriction on scheme assets
(2,773,000)
(1,878,000)
Net assets recognised
21,728,000
17,372,000

In addition to the above the Trust has provided a guarantee in respect of certain previous employees who were transferred to a catering subcontractor. This is a contingent liability which will only materialise in the event that the catering company enters into liquidation.

FOUR CS MAT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 49 -
21
Funds
Balance at
Gains,
Balance at
1 September
losses and
31 August
2023
Income
Expenditure
transfers
2024
£
£
£
£
£
Restricted general funds
General Annual Grant (GAG)
2,185,807
28,782,597
(27,108,639)
(807,986)
3,051,779
Start up grants
-
247,250
(247,250)
-
-
UIFSM
-
306,730
(306,730)
-
-
Pupil premium
-
1,653,345
(1,653,345)
-
-
Catch-up premium
20,685
-
(5,330)
-
15,355
Other DfE/ESFA grants
-
455,763
(455,763)
-
-
Other government grants
31,819
2,735,599
(2,767,418)
-
-
Teaching school hub
20,786
338,000
(358,786)
-
-
Teachers pay grant
-
823,553
(823,553)
-
-
PE and sports premium
-
81,970
(81,970)
-
-
Mainstream funds grant
-
903,793
(903,793)
-
-
Other restricted funds
510
1,702,067
(1,637,695)
-
64,882
Pension reserve
(95,000)
(838,000)
(55,000)
400,000
(588,000)
2,164,607
37,192,667
(36,405,272)
(407,986)
2,544,016
Restricted fixed asset funds
Inherited on conversion
55,362,734
-
(320,228)
-
55,042,506
DfE group capital grants
384,873
795,347
(436,277)
(174,248)
569,695
Capital expenditure from GAG
3,177,498
-
(1,239,377)
982,234
2,920,355
58,925,105
795,347
(1,995,882)
807,986
58,532,556
Total restricted funds
61,089,712
37,988,014
(38,401,154)
400,000
61,076,572
Unrestricted funds
General funds
689,516
416,377
(105,893)
-
1,000,000
Designated funds
2,387,746
479,963
(796,554)
-
2,071,155
Teaching school hub
168,062
257,728
(321,729)
-
104,061
3,245,324
1,154,068
(1,224,176)
-
3,175,216
Total funds
64,335,036
39,142,082
(39,625,330)
400,000
64,251,788
FOUR CS MAT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
21
Funds
(Continued)
- 50 -

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

General Annual Grant (GAG):

General Annual Grant must be used for the normal running costs of the MAT. Under the funding agreement with the Secretary of State, the MAT was not subject to a limit on the amount of GAG that it could carry forward at 31 August 2024.

 

The restricted grant income in the year all relates to the provision of education for the students attending the MAT.

 

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

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

 

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

 

The funds transferred from Local Authority school represent money held by the MAT from the Local Authority for the purposes of capital projects.

 

Designated funds have been set aside by the Trustees for use in a variety of different areas. These include a capital contingency fund, astroturf replacement fund and the school fund that holds monies for trips and events.

FOUR CS MAT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
21
Funds
(Continued)
- 51 -
Comparative information in respect of the preceding period is as follows:
Balance at
Gains,
Balance at
1 September
losses and
31 August
2022
Income
Expenditure
transfers
2023
£
£
£
£
£
Restricted general funds
General Annual Grant (GAG)
2,543,989
19,222,171
(18,519,188)
(1,061,165)
2,185,807
Start up grants
72,149
269,500
(341,649)
-
-
UIFSM
-
268,788
(268,788)
-
-
Pupil premium
-
1,084,391
(1,084,391)
-
-
Catch-up premium
58,593
-
(37,908)
-
20,685
Other DfE/ESFA grants
-
327,521
(327,521)
-
-
Other government grants
28,481
1,276,746
(1,273,408)
-
31,819
Teaching school hub
20,786
231,600
(231,600)
-
20,786
Teachers pay grant
-
87,241
(87,241)
-
-
PE and sports premium
-
65,060
(65,060)
-
-
Supplementary grant
-
515,955
(515,955)
-
-
Mainstream funds grant
-
269,605
(269,605)
-
-
Other restricted funds
2,301
251,732
(253,523)
-
510
Pension reserve
(1,959,000)
-
(459,000)
2,323,000
(95,000)
767,299
23,870,310
(23,734,837)
1,261,835
2,164,607
Restricted fixed asset funds
Inherited on conversion
23,141,950
31,816,559
(1,224,057)
1,628,282
55,362,734
DfE group capital grants
40,751
1,058,256
(357,308)
(356,826)
384,873
Capital expenditure from GAG
3,065,813
-
(320,494)
432,179
3,177,498
26,248,514
32,874,815
(1,901,859)
1,703,635
58,925,105
Total restricted funds
27,015,813
56,745,125
(25,636,696)
2,965,470
61,089,712
Unrestricted funds
General funds
651,439
869,835
(205,267)
(626,491)
689,516
Designated funds
2,588,570
348,215
(533,060)
(15,979)
2,387,746
Teaching school hub
176,649
351,272
(359,859)
-
168,062
3,416,658
1,569,322
(1,098,186)
(642,470)
3,245,324
Total funds
30,432,471
58,314,447
(26,734,882)
2,323,000
64,335,036
FOUR CS MAT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
21
Funds
(Continued)
- 52 -
Total funds analysis by academy
2024
2023
Fund balances at 31 August 2024 were allocated as follows:
£
£
Discovery Primary Academy
1,321,493
1,104,831
Hampton Vale Primary Academy
598,080
477,968
Arthur Mellows Village College
2,547,669
3,328,385
The Fulbridge Academy
208,113
323,787
Manor Drive Primary Academy
83,647
48,948
Manor Drive Secondary Academy
150,229
11,283
Ken Stimpson Academy
1,042,663
-
Central services
355,338
209,729
Total before fixed assets fund and pension reserve
6,307,232
5,504,931
Restricted fixed asset fund
58,532,556
58,925,105
Pension reserve
(588,000)
(95,000)
Total funds
64,251,788
64,335,036
Total cost analysis by academy
Expenditure incurred by each academy during the year was as follows:
Teaching and
Other costs
educational
Other support
Educational
excluding
Total
Total
support staff
staff costs
supplies
depreciation
2024
2023
£
£
£
£
£
£
Discovery Primary Academy
1,685,301
1,063,144
92,041
511,430
3,351,916
3,042,610
Hampton Vale Primary Academy
1,502,183
1,377,169
77,152
683,866
3,640,370
3,501,249
Arthur Mellows Village College
7,099,805
3,339,518
422,948
2,443,529
13,305,800
11,239,107
The Fulbridge Academy
2,198,365
2,439,754
173,596
373,705
5,185,420
5,266,160
Manor Drive Primary Academy
303,472
284,680
36,323
111,311
735,786
483,676
Manor Drive Secondary Academy
1,065,985
689,337
37,814
482,221
2,275,357
1,212,176
Ken Stimpson Academy
4,594,362
1,888,415
305,491
2,370,381
9,158,649
-
Central services
2,889
6,351
3,572
354,519
367,331
446,353
18,452,362
11,088,368
1,148,937
7,330,962
38,020,629
25,191,331
FOUR CS MAT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 53 -
22
Analysis of net assets between funds
Unrestricted
Restricted funds:
Total
Funds
General
Fixed asset
Funds
£
£
£
£
Fund balances at 31 August 2024 are represented by:
Tangible fixed assets
-
-
57,962,861
57,962,861
Current assets
3,288,446
5,431,789
569,695
9,289,930
Current liabilities
(113,230)
(2,299,773)
-
(2,413,003)
Pension scheme liability
-
(588,000)
-
(588,000)
Total net assets
3,175,216
2,544,016
58,532,556
64,251,788
Unrestricted
Restricted funds:
Total
Funds
General
Fixed asset
Funds
£
£
£
£
Fund balances at 31 August 2023 are represented by:
Tangible fixed assets
-
-
58,540,232
58,540,232
Current assets
3,323,917
3,916,094
384,873
7,624,884
Current liabilities
(78,593)
(1,656,487)
-
(1,735,080)
Pension scheme liability
-
(95,000)
-
(95,000)
Total net assets
3,245,324
2,164,607
58,925,105
64,335,036
23
Reconciliation of net (expenditure)/income to net cash flow from operating activities
2024
2023
Notes
£
£
Net (expenditure)/income for the reporting period (as per the statement of financial activities)
(483,248)
31,579,565
Adjusted for:
Net surplus on conversion to academy
29
(69,318)
-
Capital grants from DfE and other capital income
(795,347)
(32,874,815)
Investment income receivable
6
(108,443)
(11,311)
Defined benefit pension costs less contributions payable
20
102,000
424,000
Defined benefit pension scheme finance (income)/cost
20
(47,000)
35,000
Depreciation of tangible fixed assets
1,604,701
1,544,551
Decrease/(increase) in stocks
6,152
(3,864)
(Increase) in debtors
(603,663)
(126,860)
Increase in creditors
677,923
49,879
Stocks, debtors and creditors transferred on conversion
29
907,318
-
Net cash provided by operating activities
1,191,075
616,145
FOUR CS MAT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 54 -
24
Analysis of changes in net funds
1 September 2023
Cash flows
31 August 2024
£
£
£
Cash
7,051,528
1,067,535
8,119,063
25
Long-term commitments
Operating leases
At 31 August 2024 the total of the Trust's future minimum lease payments under non-cancellable operating leases was:
2024
2023
£
£
Amounts due within one year
78,995
68,519
Amounts due in two and five years
55,956
67,721
Amounts due after five years
240
-
135,191
136,240
Other contractual commitments
At 31 August 2024 the total of the Trust's future minimum lease payments under other contractual commitments was:
2024
2023
£
£
Amounts due within one year
1,377,888
-
Amounts due in two and five years
5,934,130
-
Amounts due after five years
14,280,194
-
21,592,212
-

Ken Stimpson Academy is a PFI school (Private Finance Initiative - a procurement method that uses private school sector investment to deliver public sector services). Therefore, Ken Stimpson Academy has a PFI agreement that approximately £1.3 million will be made available each year for the services provided. Based on an expected inflationary rate of 4% per year the commitment is expected to be as shown above. There are 12 years remaining on the agreement.

FOUR CS MAT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 55 -
26
Related party transactions

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

 

During the year the MAT purchased goods and services from Eastern Shires Purchasing Organisation (ESPO). ESPO is a Joint Committee set up under Section 102 of the 1972 Local Government Act. Peterborough City Council is a member of the organisation and Councillor J Holdich OBE is the chairman of the management committee but receives no remuneration for his role.

 

During the year £nil (2023 - £400) was paid to Pamela Kilbey Consultancy Limited a company in which P Kilbey is a director. At the year end £nil (2023 - £nil) was owed to the company.

 

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

27
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.

28
Agency arrangements

The Trust distributes 16-19 bursary funds to students as an agent for ESFA. In the accounting period the Trust received £51,222 (2023 - £36,615) and disbursed £47,831 (2023 - £40,592) from the fund. An amount of £13,904 (2023 - £10,513) is included in other creditors relating to undistributed funds that are repayable to the ESFA.

29
Conversion to an academy

On 1 September 2023 Ken Stimpson Community School converted to academy trust status under the Academies Act 2010 and all the operations and assets and liabilities were transferred to the Four Cs MAT from the Local Authority for £nil consideration.

 

The transfer has been accounted for as a combination that is in substance a gift. The assets and liabilities transferred were valued at their fair values and recognised in the balance sheet under the appropriate headings with a corresponding net amount recognised as a net gain in the statement of financial activities as donations – transfer from local authority on conversion.

 

The following table sets out the fair values of the identifiable assets and liabilities transferred and an analysis of their recognition in the statement of financial activities.

Academy
Location
Date of conversion
Ken Stimpson Academy
Peterborough
1 September 2023
FOUR CS MAT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
29
Conversion to an academy
(Continued)
- 56 -
Unrestricted
Restricted funds:
Total
funds
General
Fixed asset
2024
Net assets transferred:
£
£
£
£
Pension scheme deficit
-
(838,000)
-
(838,000)
Unrestricted
Restricted funds:
Total
funds
General
Fixed asset
2024
Funds surplus/(deficit) transferred:
£
£
£
£
LA budget funds
907,318
-
-
907,318
LGPS pension funds
-
(838,000)
-
(838,000)
907,318
(838,000)
-
69,318

The property at Ken Stimpson Academy is currently occupied via a tenancy at will agreement and therefore no amount has been included in these accounts in respect of the property. The Trustees anticipate that a formal lease will be agreed in due course.

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