Company registration number 10713045 (England and Wales)
ENDEAVOUR MULTI ACADEMY TRUST
(A COMPANY LIMITED BY GUARANTEE)
ANNUAL REPORT AND ACCOUNTS
FOR THE YEAR ENDED
31 AUGUST 2024
31 August 2024
ENDEAVOUR MULTI ACADEMY TRUST
CONTENTS
Page
Reference and administrative details
1 - 2
Trustees' report
3 - 11
Governance statement
12 - 16
Statement on regularity, propriety and compliance
17
Statement of trustees' responsibilities
18
Independent auditor's report on the accounts
19 - 22
Independent reporting accountant's report on regularity
23 - 24
Statement of financial activities including income and expenditure account
25 - 26
Balance sheet
27 - 28
Statement of cash flows
29
Notes to the accounts including accounting policies
30 - 53
ENDEAVOUR MULTI ACADEMY TRUST
REFERENCE AND ADMINISTRATIVE DETAILS
- 1 -
Members
T Ashby
R Bartlett
C Cox
C Rogers
N Sinclair
Trustees
L Blackburn (Chair of Audit and Risk Committee)
S E Crane (Chair of Finance Committee)
S A Kibble (Chair)
E Leonard (Chair of Policy Oversight Committee)
R Norris
K Bohannan (Appointed 4 December 2023 and resigned 4 November 2024)
V Campbell (Appointed 1 October 2024)
K Thompson (Appointed 8 November 2024)
Senior management team
- Chief Executive Officer
H Phillips
- Education Development Officer (to 31 August 2024)
A Dooley
- Chief Financial & Operating Officer
M J Highfield
- Director of Education (Appointed 1 September 2024)
W Simner
- Estates Manager (Appointed 1 September 2024)
A Dooley
- Trust Lead, Special Educational Needs and Disabilities and English as an Additional Language (Appointed 1 September 2024)
L Slinn
- Headteacher, Two Rivers High School
G Brindley
- Headteacher, Wightwick Hall School
C Rowley
- Headteacher, Cherry Trees School
A Higgs
- Headteacher, Two Rivers Primary School (from 1 September 2024)
L Slinn
- Executive Headteacher (Two Rivers Primary School & Cherry Tree School to 1 September 2024)
L Slinn
Company registration number
10713045 (England and Wales)
Principal and registered office
Wightwick Hall School
Tinacre Hill
Wolverhampton
West Midlands
WV6 8DA
Academies operated
Location
Headteacher
Two Rivers Primary School
Staffordshire
L Slinn
Two Rivers High School
Staffordshire
G Brindley
Cherry Trees School
Wolverhampton
A Higgs
Wightwick Hall School
Wolverhampton
C Rowley
ENDEAVOUR MULTI ACADEMY TRUST
REFERENCE AND ADMINISTRATIVE DETAILS
- 2 -
Independent auditor
Mitchell Charlesworth (Audit) Limited
24 Nicholas Street
Chester
CH1 2AU
Bankers
Lloyds Bank plc
Queen Square
Wolverhampton
West Midlands
WV1 1RF
Solicitors
Hill Dickinson LLP
No.1 St. Pauls Square
Liverpool
Merseyside
L3 9SJ
ENDEAVOUR MULTI ACADEMY TRUST
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -

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

The academy trust operates two primary special academies and two secondary special academies in Staffordshire. Its academies had a roll of 578 in the school census on May 2024.

Structure, governance and management
Constitution

The Academy Trust is a company limited by guarantee and an exempt charity. The charitable company’s memorandum and articles of association are the primary governing documents of the Academy Trust. The trustees of the Academy Trust are also the directors of the charitable company for the purposes of company law. The charitable company operates as the Academy Trust.

The charitable company operates as Endeavour Multi Academy Trust. Within Endeavour Multi Academy Trust are four schools known as; Cherry Trees Special School, Wightwick Hall School, Two Rivers Primary School & Two Rivers Secondary School.

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

Members' liability

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

Trustees' indemnities

As part of the overall insurance cover taken out with third party insurers, the Trust has taken out insurance relating to Governors' Indemnity. The limit of indemnity cover is £5,000,000 in this respect.

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

The management of the Endeavour Multi Academy Trust is the responsibility of the trustees who are elected and co-opted under the terms of the Articles of Association. We are committed to ensuring the correct skill sets are recruited and we follow the NGAs (National Governors Association) advice on roles and responsibilities.

 

Community trustees are recruited by invitation from the Chair of the Board of Trustees of persons known to the Academy Trust and who can benefit the Academy Trust with their knowledge and expertise.

 

We have identified the following areas that would ensure that the Trust Board has both the skills and experience to ensure due diligence is carried out in any decisions we must take. We must feel confident that decisions are based on fact, fairness and integrity. It is essential that quality of information and depth of research is explored before any decisions are made. Evidence of this will be demonstrated in key documents and minutes of meetings.

 

The Endeavour Multi Academy Trust is following strict guidelines as laid out by the National Association of Governance and we have hired a coach from this organisation to ensure we follow the protocols as set out by their guidance. We have a three-year rotational period. The appointments made to the Trust to date have previously been known to existing members of the Board. We feel it is important to have evidence that the person appointed has a track record of success and is a reliable advocate of the Trust's ethos.

 

Areas that are appointed to are:

 

 

It should be noted that one of our key focuses is to recruit from the 18 to 24 age range. We also have vacancies for legal and estates management however we plan to use alternative methods of communication, other than physical meetings to establish a legal dialogue when required.

Policies and procedures adopted for the induction and training of trustees

The induction and training of trustees is critical in ensuring strong governance of the Endeavour Multi Academy Trust. The development of trustees is crucial to the ongoing success of the organisation.

 

The induction and training process for trustees includes:

 

 

All Endeavour Trustees are encouraged to undertake personal training in addition to courses organised for all trustees, to ensure that they are up to date in their knowledge and able to carry out their roles effectively. Shared inset between all the schools in the Academy Trust include elements of trustee training and this is supported by external training providers (NGA). Trustees meet regularly with the CEO and members of school staff and receive, on a regular basis, updated copies of policies and procedures and are encouraged to have an input into school self-evaluation and improvement planning.

ENDEAVOUR MULTI ACADEMY TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 5 -
Organisational structure

The Board of Trustees are responsible for the overall strategic direction of the Academy Trust. The trustees have a duty to act in the fulfilment of the Academy Trust objects. They set the strategic direction and determine the policies and procedures of the Academy Trust whilst holding each academy within the Trust to account. The trustees will meet at least three times a year and local governing body committees will report to meetings of the Board of Trustees throughout the year.

 

Each school within the Academy Trust is governed by two local committees. One of these is responsible for Curriculum and Learning and the other responsible for Logistics, which includes Finance. These are approved by the Board of Trustees and elected by staff and parents in a manner similar to the Board of Trustees. The local governing committees are responsible for determining the strategic direction of the school in accordance with the overall strategic direction of the Academy Trust. The local governing committee will engage with their local community, constructively challenge the leadership team of the school and provide evaluative feedback and supporting evidence to the Board of Trustees on the impact and effectiveness of the collective and individuals aims, objectives, policies, targets and future plans. This will in turn be monitored by the Trust’s Education Development Officer (EDO).

 

The Board of Trustees and each local governing committee do not exercise a managerial role. The leadership and management across the Academy Trust are delegated by the Board of Trustees to the Senior Leadership Team within each academy. The Senior Leadership Teams are responsible at an executive level for implementing the policies laid down by the Board of Trustees and reporting back to them through various committees. This includes actions concerning the budget, staffing, and school improvement. The schools will also report on any risks to their organisation. These will be reviewed at the Trust's Audit and Risk Committee.

 

The Chief Executive Officer is the Accounting Officer and is responsible for the authorisation of spending within agreed budgets. Some spending control is devolved to designated budget holders within the hierarchy of limits and in accordance with the approved Financial Regulations and Financial Scheme of Delegation.

 

The Endeavour Multi Academy Trust has decided to follow the National Governance Scheme of delegation to ensure we are open and transparent to new joiners and following a tried and tested model of delegation. We are also following the NGA framework for Ethical Leadership in Education. We are determined that our academy operates with integrity and honesty. The Nolan principles are always observed in the management of this academy.

Arrangements for setting pay and remuneration of key management personnel

The arrangements for setting the pay and remuneration of the key management personnel of the schools within the Academy Trust are subject to the 'school teachers pay and conditions document and guidance on school teachers pay and conditions’. The determination of leadership pay is in line with the school group size and relevant scale points attributed to the group pay range.

 

Incremental rises are dependent upon the successful completion of the previous years’ performance management cycle and quality assured by the Senior Leadership Team within each academy. Recommendations for pay increases are made by the Senior Leadership Team to the academy finance committee and their decision is validated by the Board of Trustees at the Autumn term meeting.

 

Arrangements for executive pay are included in the Trust’s Executive Pay Policy.

ENDEAVOUR MULTI ACADEMY TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 6 -
Trade union facility time
Relevant union officials
Number of employees who were relevant union officials during the relevant period
1
Full-time equivalent employee number
0.60
Percentage of time spent on facility time
Percentage of time
Number of employees
0%
-
1%-50%
1
51%-99%
-
100%
-
Percentage of pay bill spent on facility time
Total cost of facility time
1,603
Total pay bill
11,224,395
Percentage of the total pay bill spent on facilty time
-
Paid trade union activities
Time spent on paid trade union activities as a percentage of total paid facility time hours
-
Engagement with employees

The Local Governing Boards encourage representation from staff members, with the composition of the Boards including staff from across all four schools.

 

As the Trust has crossed the threshold of 250 employees, work to improve the engagement of employees will form part of the Trust Strategic Plan for the coming year.

 

The Trust encourages applications for employment from disabled persons and persons with special educational needs. The Trust fairly treats employees who become disabled and they have equal access to the training and career development in their role.

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

In line with the Trust’s vision and values, suppliers are sought for the full range of goods and services that our schools need. The tendering process is open and transparent to ensure that best value for money is achieved from these relationships.

 

The Trust regularly consults with all stakeholders on a wide range of topics affecting the schools and their pupils. Legal advice is obtained from the Trust’s solicitors where needed. Parents have a voice through their parent governors and there is Trust representation at all governors meetings. Through the MAT Leadership meetings, items raised by stakeholders on the ground can be discussed at Trust level, with appropriate actions being taken.

Related parties and other connected charities and organisations

The members, Board of Trustees, academy committee members and the accounting officer all complete a pecuniary interest declaration on an annual basis. This declaration sets out any relationship with the Academy Trust that is not directly related to their duties within these roles. Each individual is also required to declare a potential ‘conflict of interest’ if it arises between such declarations. Once a declaration has been made, the individual concerned takes no further part in any decision relating to the matter declared.

ENDEAVOUR MULTI ACADEMY TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 7 -
Objectives and activities
Objects and aims

We have identified our development needs for the year beginning September 1st 2024. We have used the governance competency framework to scaffold our needs assessment. These headings are also used when being assessed by the National Governance Association.

 

The areas are;

 

  1. 1.    School Improvement

  2. 2.    Leadership Development

  3. 3.    Finance and Support Services

  4. 4.    Estates

  5. 5.    ICT

  6. 6.    Growth

  7. 7.    Ethics

 

The development needs for the academic year 2024-25 are:

 

 

 

 

 

 

 

 

 

 

 

 

ENDEAVOUR MULTI ACADEMY TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 8 -
Objectives, strategies and activities

The strategic goals of the Academy Trust are:

 

 

 

 

 

 

 

 

 

 

 

 

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

The CEO and Executive Leadership Team provide a comprehensive full report to the Trustees a minimum of three times per year at each meeting and sub-committee meetings of the Board alongside sixteen business led sub-committee agendas.

 

The standard termly format details a report from the CEO which includes DfE (Department for Education), RSD (Regional Schools Director) and Ofsted updates.

 

 

This enables the Trustees to have a broad understanding of key performance indicators, to ensure robust governance.

ENDEAVOUR MULTI ACADEMY TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 9 -
Key performance indicators

The Trust’s Executive Leadership Team provide the Board of Trustees with a comprehensive evaluation of each academy’s performance. The data includes external analysis (examinations, Ofsted and reports from our School Improvement Partner) and also internal monitoring, evaluation and quality assurance.

 

Cherry Trees Primary School joined Endeavour on 1st September 2017. The school was inspected in April 2024 and was judged to be Good.

 

Wightwick Hall School joined Endeavour on 1st September 2017. The school was inspected in May 2022 and was judged as continuing to be Good.

 

Two Rivers High School joined Endeavour on 1st September 2019. The school was inspected in March 2024 and was judged as continuing to be Outstanding.

 

Two Rivers Primary School joined Endeavour on 1st September 2019. The school was inspected in May 2024 and was judged as continuing to be Outstanding.

Going concern

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

Protecting the success of the Academy Trust

 

 

 

 

 

Financial review

Most of the Trust’s income is obtained from the DfE in the form of grants, the use of which is restricted to particular purposes. The grants received from the DfE during the year and the associated expenditure are shown as restricted funds in the statements of financial activities. The principal accounting policies adopted during the year are detailed in the notes to the financial statements.

 

During the year ending 31st August 2024, total expenditure of £14,053,000 (2023: £11,903,000) was fully covered by grant funding from the DfE together with other incoming resources. The surplus of income over expenditure (excluding actuarial losses on the defined benefit pension scheme) was £1,020,000 (2023: £67,000).

 

As at the 31st August 2024, the net book value of fixed assets were £29,022,000 (2023: £28,383,000), including the value of the land and building which are lease on a 125-year lease. The assets are used exclusively for providing education and the associated support services to the pupils of the academy.

ENDEAVOUR MULTI ACADEMY TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 10 -
Reserves policy

Any reserves held are in accordance with the requirements laid down in the Master Funding Agreement and by the Education & Skills Funding Agency. The level of reserves held considers the nature of income and expenditure streams, the need to match them to commitments, including future capital projects, and the need to maintain enough reserves to cover any unexpected urgent expenditure requirements, especially to buildings repair not covered by insurance. The Board of Trustees identify capital projects on an annual basis and reserves are reviewed alongside this exercise. The Board of Trustees review the level of reserves and reserves policy annually.

 

The Trust has overall reserves of £30,295,000 (2023: £30,161,000), included within is restricted general reserves (excluding pension & fixed asset reserves) of £1,308,000 (2023:£1,232,000) and unrestricted reserves of £121,000 (2023: £119,000). The total free reserves (excluding pension & fixed asset reserves) amounts to £1,429,000 (2023: £1,351,000).

 

The pension scheme asset as at 31st August 2024 was £nil (2023 £502,000). The vast majority of the movement of the pension scheme liability is due to actuarial assumptions and does not have a direct cash impact.

Investment policy

During the financial year, an investment was approved by Trustees to move some cash from the Trust’s current account into a six-month fixed term deposit account in order to generate a more favourable rate of interest on the cash balances that it holds.

Principal risks and uncertainties

A review of the principal risks highlights the financial risk involved in the reliance solely on government funding and the limited influence of the Academy Trust on the level and future of this funding.

 

The deficit on the Local Government Pension Scheme represents a concern. However, Parliament has agreed at the request of the Secretary of State for Education, to guarantee that in the event of academy closure, outstanding Local Government Pension Scheme liability would be met by the Department for Education. This guarantee came into force on 18th July 2013.

The principal risks identified by the Trustees include:

Fundraising

The schools within the Trust undertake a variety of fundraising activities to support several charities and the Trust itself. All fundraising undertaken during the year was monitored by the Trustees.

 

The Trust is currently working with a company to identify and access new potential fundraising opportunities.

Streamlined energy and carbon reporting
2024
2023
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
1,375,689
1,260,756
ENDEAVOUR MULTI ACADEMY TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 11 -
2024
2023
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
167.93
147.20
- Fuel consumed for owned transport
-
-
167.93
147.20
Scope 2 - indirect emissions
- Electricity purchased
94.35
94.14
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the Academy Trust
-
-
Total gross emissions
262.28
241.34
Intensity ratio
Tonnes CO2e per pupil
0.45
0.43
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 2024 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

We have installed smart meters across all sites and increased video conferencing technology for staff meetings, to reduce the need for travel between sites.

Plans for future periods

The Trust publishes its Strategic Plan on its website. The key area for the coming year is to work with schools that are interested in joining, and have applied to join, our Trust.

Auditor

Insofar as the trustees are aware:

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

The trustees' report, incorporating a strategic report, was approved by order of the Board of Trustees, as the company directors, on 17 December 2024 and signed on its behalf by:

S A Kibble
Chair
ENDEAVOUR MULTI ACADEMY TRUST
GOVERNANCE STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2024
- 12 -
Scope of responsibility

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

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

The Board of Trustees has delegated the day-to-day responsibility to the Chief Executive 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 Endeavour Multi Academy Trust and the Secretary of State for Education. The accounting officer is also responsible for reporting to the Board of Trustees any material weaknesses or breakdowns in internal control.

Governance

The information on governance included here supplements that described in the Trustees' Report and in the Statement of Trustees' Responsibilities. The Board of Trustees has formally met 3 times during the year. Attendance during the year at meetings of the Board of Trustees was as follows:

Trustees
Meetings attended
Out of possible
L Blackburn (Chair of Audit and Risk Committee)
3
3
S E Crane (Chair of Finance Committee)
2
3
S A Kibble (Chair)
2
3
E Leonard (Chair of Policy Oversight Committee)
3
3
R Norris
1
3
K Bohannan (Appointed 4 December 2023 and resigned 4 November 2024)
3
3
V Campbell (Appointed 1 October 2024)
0
0
K Thompson (Appointed 8 November 2024)
0
0

There have been no significant changes to the Board over the last financial year.

Conflicts of interest

Trustees are required to complete an annual Declaration of Business Interests form, which is published on the Trust website.

 

We have a strong relationship with the National Governor Association (NGA) and are part of their Ethical Leadership Program. We have ensured our processes follow their recommendations and are very diligent in reminding ourselves at every opportunity that we are keeping to this plan.

 

Trustees complete an annual declaration of business interests and at the beginning of each meeting are requested to provide an update of this and declare whether a relevant interests applies against meeting agenda items. This is managed centrally by the Trust.

 

 

ENDEAVOUR MULTI ACADEMY TRUST
GOVERNANCE STATEMENT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 13 -
Meetings

Although the Board has not met six times during the year, the Trust believes the committees in place ensure that effective oversight of funds is maintained.

 

In addition to the Finance and Audit Committees (which are shown below), the Trust also had Standards and Policy Oversight Committees:-

 

The Standards Committee is a sub-committee of the main Board of Trustees and comprises the Chair of the Trust, the Chair of the Finance Committee and the Chair of the Audit & Risk Committee. It is responsible for the oversight of education provision and quality across the Trust and evaluating the performance of the schools against Key Performance Indicators relating to academic performance, quality of provision and care, and the impact of CPD.

 

Attendance at meetings in the year was as follows:

 

Trustee                Meetings attended         Out of a possible

 

S A Kibble (Chair)                 2             3

 

S E Crane                     3             3

 

L Blackburn                 3              3

 

 

The Policy Oversight Committee is a sub-committee of the main Board of Trustees. Its terms of reference include:

 

 

Attendance at meetings in the year was as follows:

 

Trustee                Meetings attended         Out of a possible

 

E Leonard (Chair of Policy Oversight)         2             2

 

S A Kibble (Chair)                 2             2

 

Governance reviews

The Trust engaged a consultant to undertake a review of governance at local board level. They attended meetings of both local boards , examined documentation (including headteachers reports and link governors reports) and held discussions with Chairs of both boards.

 

A report was presented to a group comprising members of the executive central team, a member of the Trust board and one of the chairs of the local board.  An action plan was formulated which has been shared with chairs of both boards and the headteachers. This work will be further developed through strategy meetings involving headteachers and the newly appointed Director of Education.

ENDEAVOUR MULTI ACADEMY TRUST
GOVERNANCE STATEMENT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 14 -

The Finance Committee is a sub-committee of the main board of trustees. Its purpose is to review and monitor the financial position of the schools. Management accounts are prepared regularly, which indicate the financial performance of schools against budgets and re-forecasts. There has been a heavy focus on cashflow forecasting since conversion to ensure schools have sufficient assets to meet their ongoing obligations. Logistics committees have been set up within the local governing system to monitor the schools budgets.

Attendance at meetings in the year was as follows:

Trustees
Meetings attended
Out of possible
S E Crane (Chair of Finance Committee)
7
7
S A Kibble (Chair)
4
7
E Leonard (Chair of Policy Oversight Committee)
7
7

The Audit and Risk Committee is also a sub-committee of the main board of trustees. Its purpose is to advise the Trust Board on the adequacy and effectiveness of the systems of internal control, arrangements for risk management, control and governance processes and securing economy, efficiency and effectiveness across the Trust.

Attendance at meetings in the year was as follows:

Trustees
Meetings attended
Out of possible
L Blackburn (Chair of Audit and Risk Committee)
2
2
R Norris
2
2
K Bohannan (Appointed 4 December 2023 and resigned 4 November 2024)
1
2
Review of value for money

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

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

 

The accounting officer for the academy trust has delivered improved value for money during the year by:

 

 

The Trust has invested in compliance software which is used throughout the schools which provides reports for Trustees on the safety and maintenance of the Trust’s estate.

ENDEAVOUR MULTI ACADEMY TRUST
GOVERNANCE STATEMENT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 15 -
The purpose of the system of internal control

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

Capacity to handle risk

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

The risk and control framework

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

 

The Board of Trustees has decided to buy-in an internal audit service from MLG Education Services.

 

This option has been chosen because it is believed to provide a high level of scrutiny and provide value for money.

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

 

On an annual basis, the reviewer reports to the Board of Trustees through the audit committee on the operation of the systems of control and on the discharge of the financial responsibilities of the Board of Trustees, and annually prepares an annual summary report to the committee outlining the areas reviewed, key findings, recommendations and conclusions to help the committee consider actions and assess year on year progress.

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:

 

ENDEAVOUR MULTI ACADEMY TRUST
GOVERNANCE STATEMENT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 16 -

The accounting officer has been advised of the implications of the result of their review of the system of internal control by the audit committee and is to ensure continuous improvement of the system is in place.

Conclusion

Based on the advice of the audit and risk committee and the accounting officer, the Board of Trustees is of the opinion that the Academy Trust has an adequate and effective framework for governance, risk management and control.

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

S A Kibble
Chair
ENDEAVOUR MULTI ACADEMY TRUST
STATEMENT OF REGULARITY, PROPRIETY AND COMPLIANCE
FOR THE YEAR ENDED 31 AUGUST 2024
- 17 -

As accounting officer of Endeavour Multi Academy Trust, I have considered my responsibility to notify the Academy Trust Board of Trustees and the Education and Skills Funding Agency (ESFA) of material irregularity, impropriety and non-compliance with terms and conditions of all funding, including for estates safety and management, under the funding agreement in place between the Academy Trust and the Secretary of State for Education. As part of my consideration I have had due regard to the requirements of the Academy Trust Handbook 2023, including responsibilities for estates safety and management.

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

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

H Phillips
Accounting Officer
17 December 2024
ENDEAVOUR MULTI ACADEMY TRUST
STATEMENT OF TRUSTEES' RESPONSIBILITIES
FOR THE YEAR ENDED 31 AUGUST 2024
- 18 -

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

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

 

In preparing these accounts, the trustees are required to:

 

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

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

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

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

S A Kibble
Chair
ENDEAVOUR MULTI ACADEMY TRUST
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ENDEAVOUR MULTI ACADEMY TRUST
FOR THE YEAR ENDED 31 AUGUST 2024
- 19 -

Opinion

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

In our opinion the accounts:

-

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

-

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

-

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

-

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

Basis for opinion

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

Conclusions relating to going concern

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

 

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

 

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

Other information

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

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

-

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

-

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

ENDEAVOUR MULTI ACADEMY TRUST
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ENDEAVOUR MULTI ACADEMY TRUST (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 20 -
Matters on which we are required to report by exception

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

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

-

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

-

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

-

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

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

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

Auditor's responsibilities for the audit of the accounts

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

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

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

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

ENDEAVOUR MULTI ACADEMY TRUST
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ENDEAVOUR MULTI ACADEMY TRUST (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 21 -

Identifying and assessing potential risks related to irregularities

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

 

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

 

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

 

We also obtained an understanding of the legal and regulatory framework that the charity operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, the Statement of Recommended Practice - 'Accounting and Reporting by Charities' issued by the joint SORP making body, along with the Academies Financial Handbook and Accounts Direction 2023-24 issued by the Education and Skills Funding Agency.

 

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

Audit response to risks identified

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

 

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

ENDEAVOUR MULTI ACADEMY TRUST
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ENDEAVOUR MULTI ACADEMY TRUST (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 22 -

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

 

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

A further description of our responsibilities for the audit of the accounts is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditors responsibilities. 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.

Robert Hall (Senior Statutory Auditor)
for and on behalf of Mitchell Charlesworth (Audit) Limited
18 December 2024
Accountants
Statutory Auditor
24 Nicholas Street
Chester
CH1 2AU
ENDEAVOUR MULTI ACADEMY TRUST
INDEPENDENT REPORTING ACCOUNTANT'S ASSURANCE REPORT ON REGULARITY TO ENDEAVOUR MULTI ACADEMY TRUST AND THE EDUCATION AND SKILLS FUNDING AGENCY
FOR THE YEAR ENDED 31 AUGUST 2024
- 23 -

In accordance with the terms of our engagement letter dated 14 March 2023 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 Endeavour Multi Academy Trust during the period 1 September 2023 to 31 August 2024 have been applied to the purposes identified by Parliament and the financial transactions conform to the authorities which govern them.

 

This report is made solely to Endeavour Multi Academy Trust and ESFA in accordance with the terms of our engagement letter. Our work has been undertaken so that we might state to the Endeavour Multi Academy Trust and ESFA those matters we are required to state in a report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Endeavour Multi Academy Trust and ESFA, for our work, for this report, or for the conclusion we have formed.

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

The accounting officer is responsible, under the requirements of Endeavour Multi Academy Trust’s funding agreement with the Secretary of State for Education dated 30 August 2020 and the Academy Trust Handbook, extant from 1 September 2023, for ensuring that expenditure disbursed and income received is applied for the purposes intended by Parliament and the financial transactions conform to the authorities which govern them.

Our responsibilities for this engagement are established in the United Kingdom by our profession’s ethical guidance, and are to obtain limited assurance and report in accordance with our engagement letter and the requirements of the Academies Accounts Direction 2023 to 2024. We report to you whether anything has come to our attention in carrying out our work which suggests that in all material respects, expenditure disbursed and income received during the period 1 September 2023 to 31 August 2024 have not been applied to purposes intended by Parliament or that the financial transactions do not conform to the authorities which govern them.

Approach

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

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

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

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

The work undertaken to draw to our conclusion includes:

ENDEAVOUR MULTI ACADEMY TRUST
INDEPENDENT REPORTING ACCOUNTANT'S ASSURANCE REPORT ON REGULARITY TO ENDEAVOUR MULTI ACADEMY TRUST AND THE EDUCATION AND SKILLS FUNDING AGENCY (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 24 -
Conclusion

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

Reporting Accountant
Mitchell Charlesworth (Audit) Limited
24 Nicholas Street
Chester
CH1 2AU
Dated: .........................
ENDEAVOUR MULTI ACADEMY TRUST
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2024
- 25 -
Unrestricted
Restricted funds:
Total
Total
funds
General
Fixed asset
2024
2023
Notes
£'000
£'000
£'000
£'000
£'000
Income and endowments from:
Donations and capital grants
3
44
-
439
483
256
Charitable activities:
- Funding for educational operations
4
122
14,425
-
14,547
11,696
Other trading activities
5
30
-
-
30
20
Investments
6
21
-
-
21
4
Total
217
14,425
439
15,081
11,976
Expenditure on:
Raising funds
7
-
8
-
8
6
Charitable activities:
- Educational operations
9
215
13,349
489
14,053
11,903
Total
7
215
13,357
489
14,061
11,909
Net income/(expenditure)
2
1,068
(50)
1,020
67
Transfers between funds
20
-
(610)
610
-
-
Other recognised gains/(losses)
Actuarial gains on defined benefit pension schemes
22
-
724
-
724
1,102
Adjustment for restriction on pension assets
22
-
(1,608)
-
(1,608)
-
Net movement in funds
2
(426)
560
136
1,169
Reconciliation of funds
Total funds brought forward
119
1,734
28,427
30,280
29,111
Total funds carried forward
121
1,308
28,987
30,416
30,280
ENDEAVOUR MULTI ACADEMY TRUST
STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED)
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2024
- 26 -
Comparative year information
Unrestricted
Restricted funds:
Total
Year ended 31 August 2023
funds
General
Fixed asset
2023
Notes
£'000
£'000
£'000
£'000
Income and endowments from:
Donations and capital grants
3
16
-
240
256
Charitable activities:
- Funding for educational operations
4
114
11,582
-
11,696
Other trading activities
5
20
-
-
20
Investments
6
4
-
-
4
Total
154
11,582
240
11,976
Expenditure on:
Raising funds
7
-
6
-
6
Charitable activities:
- Educational operations
9
147
11,336
420
11,903
Total
7
147
11,342
420
11,909
Net income/(expenditure)
7
240
(180)
67
Transfers between funds
20
-
(246)
246
-
Other recognised gains/(losses)
Actuarial gains on defined benefit pension schemes
22
-
1,102
-
1,102
Net movement in funds
7
1,096
66
1,169
Reconciliation of funds
Total funds brought forward
112
638
28,361
29,111
Total funds carried forward
119
1,734
28,427
30,280
ENDEAVOUR MULTI ACADEMY TRUST
BALANCE SHEET
AS AT 31 AUGUST 2024
- 27 -
2024
2023
Notes
£'000
£'000
£'000
£'000
Fixed assets
Intangible assets
13
1
3
Tangible assets
14
29,022
28,383
29,023
28,386
Current assets
Stock
15
2
3
Debtors
16
943
927
Cash at bank and in hand
2,589
2,233
3,534
3,163
Current liabilities
Creditors: amounts falling due within one year
17
(2,074)
(1,684)
Net current assets
1,460
1,479
Total assets less current liabilities
30,483
29,865
Creditors: amounts falling due after more than one year
18
(67)
(87)
Net assets excluding pension asset
30,416
29,778
Defined benefit pension scheme asset
22
-
0
502
Total net assets
30,416
30,280
Funds of the Academy Trust:
Restricted funds
20
- Fixed asset funds
28,987
28,427
- Restricted income funds
1,308
1,232
- Pension reserve
-
502
Total restricted funds
30,295
30,161
Unrestricted income funds
20
121
119
Total funds
30,416
30,280
ENDEAVOUR MULTI ACADEMY TRUST
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2024
- 28 -

The accounts on pages 25 to 53 were approved by the trustees and authorised for issue on 17 December 2024 and are signed on their behalf by:

S A Kibble
Chair
Company registration number 10713045 (England and Wales)
ENDEAVOUR MULTI ACADEMY TRUST
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2024
- 29 -
2024
2023
Notes
£'000
£'000
£'000
£'000
Cash flows from operating activities
Net cash provided by operating activities
23
1,062
457
Cash flows from investing activities
Dividends, interest and rents from investments
21
4
Capital grants from DfE Group
367
230
Capital funding received from sponsors and others
72
10
Purchase of tangible fixed assets
(1,125)
(604)
Proceeds from sale of tangible fixed assets
-
1
Net cash used in investing activities
(665)
(359)
Cash flows from financing activities
Repayment of other loan
(20)
(21)
Finance costs
(21)
(22)
Net cash used in financing activities
(41)
(43)
Net increase in cash and cash equivalents in the reporting period
356
55
Cash and cash equivalents at beginning of the year
2,233
2,178
Cash and cash equivalents at end of the year
2,589
2,233
ENDEAVOUR MULTI ACADEMY TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 30 -
1
Accounting policies

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

1.1
Basis of preparation

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

 

The financial statements are prepared in sterling, which is the functional currency of the trust. Monetary amounts in these financial statements are rounded to the nearest £'000.

1.2
Going concern

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

1.3
Income

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

Grants

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

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

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

Sponsorship income

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

Donations

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

ENDEAVOUR MULTI ACADEMY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 31 -
Other income

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

Donated goods, facilities and services

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

Donated fixed assets

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

1.4
Expenditure

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

 

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

All resources expended are inclusive of irrecoverable VAT.

Expenditure on raising funds

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

Charitable activities

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

1.5
Intangible fixed assets and amortisation

Intangible assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Intangible assets are initially recognised at cost and are subsequently measured at cost net of amortisation and any provision for impairment.

 

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

ENDEAVOUR MULTI ACADEMY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 32 -
1.6
Tangible fixed assets and depreciation

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

 

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

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

Land and buildings
5-125 years
Leasehold improve-ments
5 years
Computer equipment
3 years
Fixtures, fittings & equipment
2 years
Motor vehicles
3 years

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

1.7
Liabilities

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

1.8
Leased assets

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

1.9
Financial instruments

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

Financial assets

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

 

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

ENDEAVOUR MULTI ACADEMY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 33 -
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 Academy Trust is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Academy Trust is potentially exempt from taxation in respect of income or capital gains received within categories covered by chapter 3 part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

1.12
Pensions benefits

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

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

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

1.13
Fund accounting

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

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

ENDEAVOUR MULTI ACADEMY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 34 -

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

1.14

Provisions

Provisions are recognised when the Academy Trust has an obligation at the reporting date as a result of a past event which it is probable will result in the transfer of economic benefits and the obligation can be estimated reliably.

 

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.

1.15

Redundancy and termination payments

Redundancy and termination costs are recognised as an expense in the Statement of Financial Activities and a liability on the Balance Sheet immediately at the point the Academy Trust is demonstrably committed to either: terminate the employment of an employee or group of employees before normal retirement date; or provide termination benefits as a result of an offer made in order to encourage voluntary redundancy.

2
Critical accounting estimates and areas of judgement

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

Critical accounting estimates and assumptions

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

Local Government Pension Scheme

The present value of the Local Government Pension Scheme defined benefit asset/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 22, will impact the carrying amount of the pension asset/liability. Furthermore a roll forward approach which projects results from the latest full actuarial valuation performed at 31 March 2022 has been used by the actuary in valuing the pensions asset/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 asset/liability.

 

FRS 102 section 28.22 allows an entity to recognise a surplus within the Local Government Pension Scheme “only to the extent it is able to recover the surplus either through reduced contributions in the future or through refunds from the plan”. The actuarial report as at 31 August 2024 indicates a defined benefit asset position, which has been capped at nil value. This is on the basis that it is uncertain that a surplus following any triennial review would result in reduced contributions for the employer, and is unlikely to result in a repayment.

Critical areas of judgement

The trustees have considered the classification of depreciation between direct and support costs. The deprecation charge has been allocated based on the proportion of teaching and support staff.

ENDEAVOUR MULTI ACADEMY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 35 -
3
Donations and capital grants
Unrestricted
Restricted
Total
Total
funds
funds
2024
2023
£'000
£'000
£'000
£'000
Capital grants
-
367
367
230
Other donations
44
72
116
26
44
439
483
256
4
Funding for the Academy Trust's educational operations
Unrestricted
Restricted
Total
Total
funds
funds
2024
2023
£'000
£'000
£'000
£'000
DfE/ESFA grants
General annual grant (GAG)
-
5,330
5,330
4,720
Other DfE/ESFA grants:
- UIFSM
-
13
13
10
- Pupil premium
-
285
285
234
- Others
-
771
771
379
-
6,399
6,399
5,343
Other government grants
Local authority grants
-
7,728
7,728
6,033
COVID-19 additional funding
DfE/ESFA
Other DfE/ESFA COVID-19 funding
-
214
214
190
Other incoming resources
122
84
206
130
Total funding
122
14,425
14,547
11,696

The academy received £214,446 (2023 - £189,531) of funding for recovery premium / catch up premium and costs incurred in respect of this funding totalled £214,446 (2022 - £189,531).

ENDEAVOUR MULTI ACADEMY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 36 -
5
Other trading activities
Unrestricted
Restricted
Total
Total
funds
funds
2024
2023
£'000
£'000
£'000
£'000
Hire of facilities
18
-
18
11
Catering income
3
-
3
1
Parental contributions
1
-
1
2
Other income
8
-
8
6
30
-
30
20
6
Investment income
Unrestricted
Restricted
Total
Total
funds
funds
2024
2023
£'000
£'000
£'000
£'000
Short term deposits
21
-
21
4
7
Expenditure
Non-pay expenditure
Total
Total
Staff costs
Premises
Other
2024
2023
£'000
£'000
£'000
£'000
£'000
Expenditure on raising funds
- Direct costs
-
-
8
8
6
Academy's educational operations
- Direct costs
9,963
365
381
10,709
8,767
- Allocated support costs
1,687
878
779
3,344
3,136
11,650
1,243
1,168
14,061
11,909
Net income/(expenditure) for the year includes:
2024
2023
£'000
£'000
Operating lease rentals
10
18
Depreciation of tangible fixed assets
487
419
Gain on disposal of fixed assets
-
(1)
Amortisation of intangible fixed assets
2
2
Fees payable to auditor for:
- Audit
9
8
- Other services
8
7
Bank and loan interest
21
22
Net interest on defined benefit pension liability
(35)
24
ENDEAVOUR MULTI ACADEMY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 37 -
8
Central services

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

 

 

The academy trust charges for these services based on the proportion of place and pupil funding received by the academy.

The amounts charged during the year were as follows:
2024
2023
£'000
£'000
Two Rivers Primary School
225
199
Two Rivers High School
360
304
Cherry Trees School
128
117
Wightwick Hall School
216
163
929
783
9
Charitable activities
Unrestricted
Restricted
Total
Total
funds
funds
2024
2023
£'000
£'000
£'000
£'000
Direct costs
Educational operations
-
10,709
10,709
8,767
Support costs
Educational operations
215
3,129
3,344
3,136
215
13,838
14,053
11,903
ENDEAVOUR MULTI ACADEMY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
9
Charitable activities
(Continued)
- 38 -
2024
2023
£'000
£'000
Analysis of support costs
Support staff costs
1,715
1,647
Depreciation and amortisation
124
106
Technology costs
164
156
Premises costs
754
682
Legal costs - other
6
21
Other support costs
564
508
Governance costs
17
16
3,344
3,136
10
Staff
Staff costs and employee benefits
Staff costs during the year were:
2024
2023
£'000
£'000
Wages and salaries
8,394
6,768
Social security costs
788
638
Pension costs
1,655
1,579
Staff costs - employees
10,837
8,985
Agency staff costs
813
651
Staff restructuring costs
-
43
11,650
9,679
Staff development and other staff costs
80
77
Total staff expenditure
11,730
9,756
Staff restructuring costs comprise:
Severance payments
-
43
ENDEAVOUR MULTI ACADEMY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
10
Staff
(Continued)
- 39 -
Staff numbers
The average number of persons employed by the Academy Trust during the year was as follows:
2024
2023
Number
Number
Teachers
72
62
Administration and support
211
186
Management
22
22
305
270
The number of persons employed, expressed as a full time equivalent, was as follows:
2024
2023
Number
Number
Teachers
67
58
Administration and support
152
134
Management
20
20
239
212
Higher paid staff
The number of employees whose employee benefits (excluding employer pension costs and employer national insurance contributions) exceeded £60,000 was:
2024
2023
Number
Number
£60,001 - £70,000
6
2
£70,001 - £80,000
1
2
£80,001 - £90,000
2
1
£90,001 - £100,000
-
3
£100,001 - £110,000
3
1
£120,001 - £130,000
1
-
Key management personnel

The key management personnel of the Academy Trust comprise the trustees and the senior management team as listed on page 1. The total amount of employee benefits (including employer pension contributions and employer national insurance contributions) received by key management personnel for their services to the Academy Trust was £933,434 (2023: £823,331).

ENDEAVOUR MULTI ACADEMY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 40 -
11
Trustees' remuneration and expenses

The value of trustees' remuneration and other benefits was £nil (2023 - £nil).

Travel and subsistence payments were made to trustees during the year as follows:

S E Crane £9 (2023: £19).

 

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

12
Trustees' and officers' insurance

In accordance with normal commercial practice, the Academy Trust has purchased insurance to protect trustees and officers from claims arising from negligent acts, errors or omissions occurring whilst on Academy Trust business. The insurance provides cover up to £5,000,000 on any one claim. It is not possible to quantify the trustees and officers indemnity element from the overall cost of insurance.

13
Intangible fixed assets
Computer software
£'000
Cost
At 1 September 2023 and at 31 August 2024
25
Amortisation
At 1 September 2023
22
Charge for year
2
At 31 August 2024
24
Carrying amount
At 31 August 2024
1
At 31 August 2023
3
ENDEAVOUR MULTI ACADEMY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 41 -
14
Tangible fixed assets
Land and buildings
Leasehold improve-ments
Computer equipment
Fixtures, fittings & equipment
Motor vehicles
Total
£'000
£'000
£'000
£'000
£'000
£'000
Cost
At 1 September 2023
27,162
2,198
414
398
40
30,212
Additions
359
513
133
74
46
1,125
At 31 August 2024
27,521
2,711
547
472
86
31,337
Depreciation
At 1 September 2023
879
249
298
363
40
1,829
Charge for the year
190
161
88
47
-
486
At 31 August 2024
1,069
410
386
410
40
2,315
Net book value
At 31 August 2024
26,452
2,301
161
62
46
29,022
At 31 August 2023
26,283
1,949
116
35
-
28,383
15
Stock
2024
2023
£'000
£'000
School uniform
2
3
16
Debtors
2024
2023
£'000
£'000
Trade debtors
518
267
VAT recoverable
44
69
Prepayments and accrued income
381
591
943
927
ENDEAVOUR MULTI ACADEMY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 42 -
17
Creditors: amounts falling due within one year
2024
2023
£'000
£'000
Other loans
21
21
Trade creditors
136
289
Other taxation and social security
181
151
Other creditors
227
175
Accruals and deferred income
1,509
1,048
2,074
1,684
18
Creditors: amounts falling due after more than one year
2024
2023
£'000
£'000
Other loans
67
87
2024
2023
Analysis of loans
£'000
£'000
Wholly repayable within five years
88
108
Less: included in current liabilities
(21)
(21)
Amounts included above
67
87
Loan maturity
Debt due in one year or less
21
21
Due in more than one year but not more than two years
21
21
Due in more than two years but not more than five years
41
53
Due in more than five years
5
13
88
108

During the 31 August 2022 financial year the Trust took out two loans from Salix, which are provided interest free and repayable over 8 years from 2022.

 

The first loan was for £31,785 and was in relation to Two Rivers Primary School. The outstanding balance at the year end was £18,54123,839 – 2023).

 

The second loan was for £50,056 and is in relation to Two Rivers High School. The outstanding balance at the year end was £29,19937,542 – 2023).

ENDEAVOUR MULTI ACADEMY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 43 -
19
Deferred income
2024
2023
£'000
£'000
Deferred income is included within:
Creditors due within one year
1,113
608
Deferred income at 1 September 2023
608
421
Released from previous years
(608)
(421)
Resources deferred in the year
1,113
608
Deferred income at 31 August 2024
1,113
608

At the balance sheet date the academy trust was holding funds received in advance for Pupil and Place funding, UIFSM and DIP funding.

ENDEAVOUR MULTI ACADEMY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 44 -
20
Funds
Balance at
Gains,
Balance at
1 September
losses and
31 August
2023
Income
Expenditure
transfers
2024
£'000
£'000
£'000
£'000
£'000
Restricted general funds
General Annual Grant (GAG)
1,232
5,330
(4,644)
(610)
1,308
Pupil premium
-
285
(285)
-
-
Other DfE/ESFA COVID-19 funding
-
214
(214)
-
-
Other DfE/ESFA grants
-
784
(784)
-
-
Other government grants
-
7,728
(7,728)
-
-
Other restricted funds
-
84
(84)
-
-
Pension reserve
502
-
382
(884)
-
1,734
14,425
(13,357)
(1,494)
1,308
Restricted fixed asset funds
Inherited on conversion
25,518
-
(183)
-
25,335
DfE group capital grants
2,324
367
(94)
-
2,597
Capital expenditure from GAG
543
-
(191)
610
962
Private sector capital sponsorship
42
72
(21)
-
93
28,427
439
(489)
610
28,987
Total restricted funds
30,161
14,864
(13,846)
(884)
30,295
Unrestricted funds
General funds
119
217
(215)
-
121
Total funds
30,280
15,081
(14,061)
(884)
30,416

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

 

Restricted General Funds

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

 

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

 

Unrestricted Funds

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

 

Restricted Fixed Asset Funds

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

ENDEAVOUR MULTI ACADEMY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
20
Funds
(Continued)
- 45 -

 

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
£'000
£'000
£'000
£'000
£'000
Restricted general funds
General Annual Grant (GAG)
315
4,707
(3,544)
(246)
1,232
UIFSM
-
13
(13)
-
-
Pupil premium
-
234
(234)
-
-
Other DfE/ESFA COVID-19 funding
-
190
(190)
-
-
Other DfE/ESFA grants
-
389
(389)
-
-
Other government grants
231
6,033
(6,264)
-
-
Other restricted funds
656
16
(672)
-
-
Pension reserve
(564)
-
(36)
1,102
502
638
11,582
(11,342)
856
1,734
Restricted fixed asset funds
Inherited on conversion
25,700
-
(182)
-
25,518
DfE group capital grants
2,165
230
(71)
-
2,324
Capital expenditure from GAG
426
-
(129)
246
543
Private sector capital sponsorship
70
10
(38)
-
42
28,361
240
(420)
246
28,427
Total restricted funds
28,999
11,822
(11,762)
1,102
30,161
Unrestricted funds
General funds
112
154
(147)
-
119
Total funds
29,111
11,976
(11,909)
1,102
30,280
ENDEAVOUR MULTI ACADEMY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
20
Funds
(Continued)
- 46 -
Total funds analysis by academy
2024
2023
Fund balances at 31 August 2024 were allocated as follows:
£'000
£'000
Two Rivers Primary School
259
316
Two Rivers High School
1,340
1,179
Cherry Trees School
72
429
Wightwick Hall School
(531)
(658)
Central services
289
85
Total before fixed assets fund and pension reserve
1,429
1,351
Restricted fixed asset fund
28,987
28,427
Pension reserve
-
502
Total funds
30,416
30,280

Wightwick Hall School is carrying a deficit balance of £531,000 (2023 - £658,000). The academy is taking action to return these funds to a surplus.

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
£'000
£'000
£'000
£'000
£'000
£'000
Two Rivers Primary School
2,481
446
83
308
3,318
2,814
Two Rivers High School
4,146
474
180
514
5,314
4,245
Cherry Trees School
1,265
301
39
225
1,830
1,650
Wightwick Hall School
1,953
445
69
289
2,756
2,100
Central services
100
384
17
230
731
644
9,945
2,050
388
1,566
13,949
11,453
ENDEAVOUR MULTI ACADEMY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 47 -
21
Analysis of net assets between funds
Unrestricted
Restricted funds:
Total
Funds
General
Fixed asset
Funds
£'000
£'000
£'000
£'000
Fund balances at 31 August 2024 are represented by:
Intangible fixed assets
-
-
1
1
Tangible fixed assets
-
-
29,022
29,022
Current assets
165
3,222
147
3,534
Current liabilities
(44)
(1,914)
(116)
(2,074)
Non-current liabilities
-
-
(67)
(67)
Total net assets
121
1,308
28,987
30,416
Unrestricted
Restricted funds:
Total
Funds
General
Fixed asset
Funds
£'000
£'000
£'000
£'000
Fund balances at 31 August 2023 are represented by:
Intangible fixed assets
-
-
3
3
Tangible fixed assets
-
-
28,383
28,383
Current assets
188
2,689
286
3,163
Current liabilities
(69)
(1,457)
(158)
(1,684)
Non-current liabilities
-
-
(87)
(87)
Pension scheme asset
-
502
-
502
Total net assets
119
1,734
28,427
30,280
22
Pension and similar obligations

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

 

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

There were outstanding contributions at the end of the financial year totalling £226,673 (2023 - £173,728).

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.

ENDEAVOUR MULTI ACADEMY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
22
Pension and similar obligations
(Continued)
- 48 -
Valuation of the Teachers' Pension Scheme

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

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

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

The employer's pension costs paid to the TPS in the period amounted to £941,469 (2023: £723,468).

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

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

Local Government Pension Scheme

The LGPS is a funded defined benefit pension scheme, with the assets held in separate trustee-administered funds. The total contributions are as noted below. The agreed contribution rates for future years are 27.2% for employers and 5.9% for employees.

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

Total contributions made
2024
2023
£'000
£'000
Employer's contributions
1,107
759
Employees' contributions
260
174
Total contributions
1,367
933
ENDEAVOUR MULTI ACADEMY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
22
Pension and similar obligations
(Continued)
- 49 -
Principal actuarial assumptions
2024
2023
%
%
Rate of increase in salaries
3.15
2.95
Rate of increase for pensions in payment/inflation
2.65
3.45
Discount rate for scheme liabilities
5
5.2
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
19.8
19.9
- Females
23.1
23.1
Retiring in 20 years
- Males
21.8
21.9
- Females
25.3
25.4
Sensitivity analysis

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

 

 

2024
2023
£'000
£'000
Discount rate + 0.1%
-245
(214)
Discount rate - 0.1%
-245
214
Mortality assumption + 1 year
393
342
Mortality assumption - 1 year
-393
(342)
CPI rate + 0.1%
237
187
CPI rate - 0.1%
-237
(187)
Defined benefit pension scheme net asset
2024
2023
£'000
£'000
Scheme assets
11,426
9,046
Scheme obligations
(9,818)
(8,544)
Net asset
1,608
502
Restriction on scheme assets
(1,608)
-
Total liability/(asset) recognised
-
502
ENDEAVOUR MULTI ACADEMY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
22
Pension and similar obligations
(Continued)
- 50 -
The Academy Trust's share of the assets in the scheme
2024
2023
Fair value
Fair value
£'000
£'000
Equities
7,313
6,061
Bonds
3,086
2,081
Cash
228
181
Property
799
723
Total market value of assets
11,426
9,046
Restriction on scheme assets
(1,608)
-
Net assets recognised
9,818
9,046
The actual return on scheme assets was £1,230,000 (2023: £61,000).
Amount recognised in the statement of financial activities
2024
2023
£'000
£'000
Current service cost
760
771
Interest income
(500)
(364)
Interest cost
465
388
Total amount recognised
725
795

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
£'000
£'000
At 1 September 2023
8,544
8,709
Current service cost
760
771
Interest cost
465
388
Employee contributions
260
174
Actuarial loss/(gain)
6
(1,405)
Benefits paid
(217)
(93)
At 31 August 2024
9,818
8,544
ENDEAVOUR MULTI ACADEMY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
22
Pension and similar obligations
(Continued)
- 51 -
Changes in the fair value of the Academy Trust's share of scheme assets
2024
2023
£'000
£'000
At 1 September 2023
9,046
8,145
Interest income
500
364
Actuarial (gain)/loss
730
(303)
Employer contributions
1,107
759
Employee contributions
260
174
Benefits paid
(217)
(93)
At 31 August 2024
11,426
9,046
Restriction on scheme assets
(1,608)
-
Net assets recognised
9,818
9,046
23
Reconciliation of net income to net cash flow from operating activities
2024
2023
Notes
£'000
£'000
Net income for the reporting period (as per the statement of financial activities)
1,020
67
Adjusted for:
Capital grants from DfE and other capital income
(439)
(240)
Investment income receivable
6
(21)
(4)
Finance costs payable
21
22
Defined benefit pension costs less contributions payable
22
(347)
12
Defined benefit pension scheme finance (income)/cost
22
(35)
24
Depreciation of tangible fixed assets
486
419
Amortisation of intangible fixed assets
13
2
2
(Loss)/profit on disposal of fixed assets
-
(1)
Decrease in stocks
1
-
(Increase) in debtors
(16)
(265)
Increase in creditors
390
421
Net cash provided by operating activities
1,062
457
ENDEAVOUR MULTI ACADEMY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 52 -
24
Analysis of changes in net funds
1 September 2023
Cash flows
31 August 2024
£'000
£'000
£'000
Cash
2,233
356
2,589
Loans falling due within one year
(21)
-
(21)
Loans falling due after more than one year
(87)
20
(67)
2,125
376
2,501
25
Long-term commitments
Operating leases
At 31 August 2024 the total of the Academy Trust's future minimum lease payments under non-cancellable operating leases was:
2024
2023
£'000
£'000
Amounts due within one year
20
25
Amounts due in two and five years
25
35
45
60
26
Capital commitments
2024
2023
£'000
£'000
Expenditure contracted for but not provided in the accounts
-
63
27
Related party transactions

Owing to the nature of the academy trust and the composition of the board of trustees being drawn from local public and private sector organisations, transactions may take place with organisations in which the trustees have an interest. All transactions involving such organisations are conducted in accordance with the requirement of the AFH and in accordance with the academy trust's financial regulations and normal procurement procedures relating to connected and related party transactions. The following related party transactions took place in the financial period.

 

The academy trust received an amount of £10,334 (2023: £nil) from Endeavour Multi Academy Trust Charitable Foundation, Charity number 1199035 a Charitable organisation which share mutual trustee’s and members of the senior management team.

ENDEAVOUR MULTI ACADEMY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 53 -
28
Members' liability

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

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