Company registration number 10605768 (England and Wales)
WEAVER TRUST LIMITED
(A COMPANY LIMITED BY GUARANTEE)
ANNUAL REPORT AND ACCOUNTS
FOR THE YEAR ENDED
31 AUGUST 2024
31 August 2024
WEAVER TRUST LIMITED
CONTENTS
Page
Reference and administrative details
1 - 2
Trustees' report
3 - 10
Governance statement
11 - 14
Statement on regularity, propriety and compliance
15
Statement of Trustees' responsibilities
16
Independent auditor's report on the accounts
17 - 20
Independent reporting accountant's report on regularity
21 - 22
Statement of financial activities including income and expenditure account
23 - 24
Balance sheet
25
Statement of cash flows
26
Notes to the accounts including accounting policies
27 - 49
WEAVER TRUST LIMITED
REFERENCE AND ADMINISTRATIVE DETAILS
- 1 -
Members
M J Cladingbowl
M Metcalfe
J Owens
W Norrie
L Soutar
Trustees
A Williams (CEO & Accounting Officer) (Resigned 18 September 2024)
C Ridge (Chair of Finance, Audit and Risk Committee)
Dr C Hampshire (Resigned 15 October 2024)
M Lord
J Cobley (Chair of Trustees)
R Foreman
Y Thwaites
M Williams (Chair of Education Committee) (Resigned 16 September 2024)
E Ford (Vice Chair) (Resigned 6 September 2023)
A J Cameron (Appointed 5 March 2024)
E Bartlet (Appointed 29 May 2024)
C Heptinstall (Appointed 1 May 2024)
Senior management team
- CEO & Accounting Officer
A Williams
- CFO
K Vitalis
- Director of Education Barnton
A Lawson
- Head of School of Barnton
S Rutter
- Head of School of Comberbach
H Young
- Head of School of Grange
S Albiston
- Headteacher (joint) of Leftwich
L Guy
- Headteacher (joint) of Leftwich
C Harrison
- Headteacher of Westminster
E Dunn
- Headteacher of Halton Lodge
A Hilldrup
- School Improvement Partner
S Quinn
- Teaching & Learning Lead
C Morris
Company secretary
Oliver & Co Secretarial Services Limited
Company registration number
10605768 (England and Wales)
Principal and registered office
Oak Tree Barn
Suite 2
Hatton Lane
Hatton
Warrington
WA4 4BX
WEAVER TRUST LIMITED
REFERENCE AND ADMINISTRATIVE DETAILS
- 2 -
Academies operated
Location
Principal
Westminster Community Primary
Ellesmere Port
E Dunn
Barnton Community Nursery & Primary School
Northwich
A L S Lawson
Grange Community Nursery & Primary School
Winsford
S Albiston
Comberbach Nursery & Primary School
Northwich
A S Williams
Leftwich Community Primary School
Northwich
C Harrison & L Guy
Halton Lodge Primary School
Halton
Mr A Hilldrup
Independent auditor
Mitchell Charlesworth (Audit) Limited
24 Nicholas Street
Chester
CH1 2AU
Bankers
Lloyds Bank plc
Altrincham Branch
PO Box 1000
BX1 1LT
Solicitors
Hill Dickinson LLP
No.1 St. Pauls Square
Liverpool
Merseyside
L3 9SJ
WEAVER TRUST LIMITED
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 6 primary academies in the North West of England. Its Academies have a combined pupil capacity of 1,436 (excluding Nursery provision) and had a roll of 1,245 in the school census in October 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 Charitable Company operates as Weaver Trust. Within the Trust are 6 schools known as Barnton Community Nursery & Primary School, Grange Community Nursery & Primary School, Comberbach Nursery & Primary School, Leftwich Community Primary School, Westminster Community Primary School & Halton Lodge Primary School.

The Trustees of Weaver Trust Limited 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

The Academy Trust maintains Trustees', Governors' and Officers' liability insurance which gives appropriate cover for any legal action brought against them. The Academy Trust has also granted indemnities to each of its Governors and other officers to the extent permitted by law. Qualifying third party indemnity provisions (as defined by section 236 of the Companies Act 2006) were in force during the period and remain in force, in relation to certain losses and liabilities which Governors or other officers may incur to third parties in the course of acting as Governors or officers of the Academy Trust.

Method of recruitment and appointment or election of Trustees

There are five members of the Trust. The members, as designated in the Articles of Association, have appointed nine Trustees. The CEO was the only employee of the Trust, who was also a Trustee. However, she resigned as a Trustee on 18 September 2024.

 

A Local Education Committee has been established at each school, with two parent Governors and one Staff Governor elected. The members as designated in the Articles of Association may appoint up to ten Governors. All Governors shall upon their appointment give a written undertaking to the foundation Members/Trustees to uphold the objectives of the Trust.

 

To recruit additional Trustees, a Skills Audit was undertaken and Trustees with the necessary skills or characteristics recruited, via Academy Ambassadors. Recommendations were then presented to Members, who decided whether the fit was right for our Trust.

WEAVER TRUST LIMITED
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 4 -
Policies and procedures adopted for the induction and training of Trustees

The training and induction provided for new Trustees depends on their previous experience. All new Trustees are welcomed by the Chair and an Induction Pack is shared. They are given a tour of the schools and the chance to meet with staff and pupils. All Trustees are provided with copies of policies, procedures, minutes, accounts, budgets, plan and other documents that they will need to undertake their role as Trustee.

 

New Trustees attend an Induction and have access to a full programme of courses which they will choose to attend, based on their role and experience and are subject to a formal training and induction process. Training can take place internally or involving external organisations. The Headteacher also fully briefs all Trustees on the daily operation of the school.

 

A review of the training needs of the Trustees has been carried out during the period and the necessary requirements for further training and the induction of any new Trustees will be considered in each period. Governor and Trustee training is comprehensive and reviewed regularly.

Organisational structure

The key management personnel of the Academy Trust comprise the Trustees and the senior leadership team, as disclosed on the Reference and Administrative page.

 

Our Chief Executive Officer (CEO) is our Accounting Officer.

 

In line with our Scheme of Delegation, appointment of Senior Central Trust staff is delegated to the Board of Trustees. For school senior leadership recruitment, such as Headteacher and Head of School, this is delegated to the CEO. Governors are appointed to sit on the appointment panel, which is constituted by the Board. The CEO chairs the HT Recruitment Panel and notifies Weaver Trust Board of the recommendation for the appointment. The Board approves the appointment of the Headteacher / Head of School.

 

For SLT appointments, Governors are appointed to sit on the appointment panel, which is constituted by the Board. The CEO jointly leads the process of filling vacancies of SLT with the Headteachers / Heads of School and Chair of Governors. If there is any dispute, the decision of the CEO will prevail.

 

For class teachers and teaching support staff, the Headteacher / Head of School will inform the CEO, the Trust Board and the Chair of Governors of plans to recruit. The CEO will advise and support as necessary, including consideration of staff from other schools in the Trust.

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

The remuneration policy, setting the terms and conditions for the key management personnel, was developed and approved by the Board of Trustees, after taking advice from the Chief Executive Officer and following guidance from the relevant professional pay review bodies. The CEO is not involved in setting their own remuneration package.

 

The CEO and the Educational Consultant are the only Staff Trustees. They are remunerated, and only receive remuneration in respect of services they provide under their contracts of employment, and not in respect of their role as Trustees. Specific disclosures concerning Staff Trustees’ remuneration is included in notes to the financial statements.

 

The Educational Consultant resigned from the Trust Board in January 2023, see above.

 

The day to day running of the remuneration policy is delegated to the CEO and monitored by the Finance, Audit & Risk Committee. All details for setting pay and remuneration of key management personnel are set out in the pay policy and appraisal policy which are reviewed annually by the Board of Trustees.

 

Remuneration of key management personnel is set at an individual level, and where possible the Trustees have taken external professional advice which includes benchmarking, market trends and advice on structuring of incentives. Senior management salaries are linked closely to pay spines, helping Trustees conclude that each individual is remunerated at an appropriate level. As such salaries are linked to factors such as length of service and experience. Total remuneration packages include employer pension contribution rates at specific approved rates.

 

The Board always bear in mind the charitable status of the Academy Trust and recognise the fact the Trust receives funding under a funding agreement with the Secretary of State for Education, and therefore ensure the remuneration paid to senior management personnel never exceeds a reasonable amount that provides value for money to the Trust. The performance of senior management personnel is reviewed on a regular basis to ensure continuing value for money.

 

Total remuneration paid to senior management personnel is set out in the notes to the financial statements.

Related parties and other connected charities and organisations

With schools in Winsford, Northwich and Ellesmere Port, we play an active role in the Local Education Partnerships. In addition to this, our CEO networks with other CEOs locally.

 

Our schools, individually, are supported by the Friends of the School Associations, working closely to support their charitable activities.

Trade Union Officials

The Trust has no relevant Trade Union Officials.

WEAVER TRUST LIMITED
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 6 -
Objectives and activities
Objects and aims

Weaver Trust is a charitable Multi-Academy Trust specialising in primary Academies. We are building a thriving community of schools including converter and sponsored primary Academies that succeed on behalf of their children. We bring an understanding of the unique role of successful primary education as a pre-requisite for even greater success at secondary school level.

 

We will aim to maintain a group of exceptional primary Academies that is uncompromising in drive and commitment to sharing best practice, with our overarching aim being outstanding personal success.

Our mission is to ensure ‘excellent practice for excellent outcomes’.

 

Our vision is that Weaver Trust will:

 

Our vision is underpinned by the following values:

 

Our objectives are set to reflect the educational aims and ethos of the Trust.

Objectives, strategies and activities

Our key objectives for the coming year include:

 

 

A wholly inclusive approach, developing self-belief and resilience in every child, to allow each to achieve their full potential

 

Appreciating the unique nature of partner schools, sharing best practice and promoting the highest levels of academic outcomes for all, so that the Trust as a whole is greater than the sum of its parts

 

Valuing the ‘teacher’ – any adult working with children, including Governors and parents as well as all the professional staff - together, we are committed to creating an inspiring environment with amazing opportunities to ensure every child achieves their full potential

 

Schools can succeed anywhere and we are committed to ensuring the very best outcomes for children in our Trust, excellent practice for excellent outcomes

WEAVER TRUST LIMITED
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 7 -
Public benefit

In setting our objectives and planning our activities the Trustees have carefully considered the Charity Commission’s general guidance on public benefit. Activities in 2023-24 demonstrate in all accepted definitions that the Trust provides services that are of public benefit through the provision of education and making available the facilities and resources of the school for the community and other charitable purposes.

Strategic report
Achievements and performance

The Trust welcomed Ofsted into three of our schools in this financial year. First, in Barnton Community Nursery and Primary School that went from Good to Outstanding. We then welcomed them to Leftwich Community Primary School and Westminster Community Primary School, which had both previously been identified as ‘Requiring Improvement’ and are now ‘Good’ under our leadership.

 

The table below shows the outcomes achieved in Weaver Trust schools, at KS1 and KS2, in 2024.

 

These results are testament to the quality of the curriculum offered and clearly shows the impact of our school improvement offer across our schools.

Trust summary data

 

2024

Attainment

Barnton

Grange

Comberbach

Leftwich

Westminster

Halton Lodge

R

W

M

R

W

M

R

W

M

R

W

M

R

W

M

R

W

M

KS1

EXP+

75%

65%

78%

65%

53%

65%

74%

65%

78%

84%

68%

63%

72%

72%

68%

46%

34%

40%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

KS2

EXP+

75%

80%

90%

77%

77%

69%

96%

91%

87%

86%

89%

71%

57%

63%

63%

71%

64%

71%

 

2024

Attainment

Barnton

Grange

Comberbach

Leftwich

Westminster

Halton Lodge

Phonics

92%

75%

95%

69%

63%

90%

 

 

 

 

 

 

 

GLD

75%

53%

68%

59%

70%

57%

 

WEAVER TRUST LIMITED
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 8 -
Key performance indicators

The Trustees consider that the following are key performance indicators for the Academy Trust:

 

• Pupil numbers

• General financial stability

• Income per pupil

• Staff costs

• Ofsted inspection results

 

The Trustees feel that all key performance indicators have been met during the period.

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.

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 ended 31 August 2024, total expenditure of £9,155,000 (2023: £7,556,000) was fully covered by grant funding from the DfE together with other incoming resources. The excess of income over expenditure (excluding actuarial losses on the defined benefit pension scheme) was £4,831,000 (2023: £1,007,000) which includes total funds transferred in on conversion of Halton Lodge Primary School of £4,884,000.

 

As at the 31st August 2024, the net book value of fixed assets was £22,333,000 (2023: £16,491,000) including the value of the land and building which are leased on a 125 year lease and assets transferred in on the conversion of new school Halton Lodge Primary School of £4,764,000. The assets are used exclusively for providing education and the associated support services to the pupils of the academy.

Reserves policy

The Trustees review the reserve levels of the Academy Trust annually. This review encompasses the nature of income and expenditure streams, the need to match income with commitments and the nature of reserves.

 

The Trustees will always try to match income with expenditure in the current year (set and manage a balanced budget), will only carry forward reserves that it considers necessary and will have a clear plan for how it will be used to benefit the pupils.

 

The Trustees have determined that the appropriate level of free reserves should be equivalent to one month’s cost. The reason for this is to provide sufficient working capital to cover delays between spending and receipt of grant income and to provide a cushion to deal with unexpected emergencies such as urgent maintenance or long term sickness where unforeseen costs are incurred. As at 31 August 2024, the Trust was holding the equivalent to just over 1 months’ worth of costs. This is above the expected level of reserves and we are working with school leaders to invest in our schools, in line with our Estate Strategy.

 

The Trustees will monitor the level of reserves to ensure that they are maintained at the required level. In the event that they are partly used the Trust will strive to rebuild free reserves up to the level needed.

WEAVER TRUST LIMITED
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 9 -

The Trust has overall reserves of £23,136,000 (2023: £18,574,000), included within is restricted general reserves (excluding pension & fixed asset reserves) of £nil (2022: £nil) and unrestricted reserves of £796,000 (2023: £766,000). The total free reserves (excluding pension & fixed asset reserves) amounts to £796,000 (2023 £766,000)

 

The pension scheme asset as at 31st August 2024 was restricted to £nil (2023 £375,000). 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

Currently the Trust has £230k invested in a higher interest 30-day deposit account. The decision to invest this money in this way was undertaken by the Finance and Audit committee and approved by Trustees.

Principal risks and uncertainties

The Trust is exposed to a variety of financial risks. The Trustees have appointed a Finance Committee, chaired by an experienced and highly-skilled Finance Director. Monthly management accounts are produced by our CFO, and all financial spend is signed off monthly as outlined in our Financial Regulations Policy. All financial policies, set by the Board of Trustees, are implemented by the key personnel in each school.

 

Our Audit and Risk Committee, have worked with school leaders to identify and assess risks in each school. A Risk Register has been compiled and shared with school leaders, alongside our Risk Management Policy and Strategy, so all are aware of risks and how to plan mitigating action.

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.

Streamlined energy and carbon reporting

As the Trust has not consumed more than 40,000 kWh of energy in this reporting period nor is it classed as a large company as determined by sections 465 and 466 of the Companies Act 2006, it is not required to report on its emissions, energy consumption or energy efficiency activities.

Plans for future periods

The Trustees allocate the budget each year on receipt of their GAG from the ESFA. Approximately 69% of the budget is taken up each year by staffing costs with the remainder allocated for the running of our schools on a day to day basis, ensuring sufficient financial resources to develop and influence curriculum and pupil development to achieve the key academic performance indicators set by the Trustees. Each October, the Trust Strategic Plan and Growth Strategy are approved by the Trustees with delegated spend for key priorities given and approved. Through a system of distributed leadership, key decisions are made that improve the quality of learning for all.

Funds held as custodian trustee on behalf of others

The Trust does not hold any funds as custodian Trustee on behalf of others.

WEAVER TRUST LIMITED
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 10 -
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:

J Cobley
Chair of Trustees
WEAVER TRUST LIMITED
GOVERNANCE STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2024
- 11 -
Scope of responsibility

As Trustees, we acknowledge we have overall responsibility for ensuring that Weaver Trust Limited 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 CEO, as accounting officer, for ensuring financial controls conform with the requirements of both propriety and good financial management and in accordance with the requirements and responsibilities assigned to it in the funding agreement between Weaver Trust Limited 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 6 times during the year. Attendance during the year at meetings of the Board of Trustees was as follows:

Trustees
Meetings attended
Out of possible
A Williams (CEO & Accounting Officer) (Resigned 18 September 2024)
6
6
C Ridge (Chair of Finance, Audit and Risk Committee)
6
6
Dr C Hampshire (Resigned 15 October 2024)
6
6
M Lord
4
6
J Cobley (Chair of Trustees)
5
6
R Foreman
4
6
Y Thwaites
6
6
M Williams (Chair of Education Committee) (Resigned 16 September 2024)
3
6
E Ford (Vice Chair) (Resigned 6 September 2023)
0
6
A J Cameron (Appointed 5 March 2024)
3
3
E Bartlet (Appointed 29 May 2024)
1
2
C Heptinstall (Appointed 1 May 2024)
2
2

The board enhanced its skill set by adding 3 new trustees during the year, whilst also following best practice, by no longer having any Trust employees as Trustees.

Conflicts of interest

In order to manage conflicts of interest, Weaver Trust asks all trustees and governors to review the Register of Interests, which is published on our website, at each meeting.  Any conflict is highlighted in meetings and the relevant person is asked to leave the room, until the associated business is finished.

Governance reviews

To ensure that we were operating as effectively as possible as a Board, the Trust Board commissioned an external review of governance, which was undertaken by the Confederation of School Trust. The review identified many strengths, and recommendations were made to strengthen the Board further going forward. We have already started the actions and this will continue into the academic year.

WEAVER TRUST LIMITED
GOVERNANCE STATEMENT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 12 -

The Finance, Audit and Risk Committee is a sub-committee of the main Board of Trustees. Its purpose is to assist the decision making of the Board, by enabling more detailed consideration to be given to matters of finance, audit and risk. This has been instrumental in developing a shared understanding of risk and in pulling together key documentation to ensure this is recorded effectively.

 

We are confident that we have sound management of the Trust’s finances and resources, as well as proper planning, monitoring and probity.

Attendance at meetings in the year was as follows:

Trustees
Meetings attended
Out of possible
A Williams (CEO & Accounting Officer) (Resigned 18 September 2024)
5
5
C Ridge (Chair of Finance, Audit and Risk Committee)
5
5
Dr C Hampshire (Resigned 15 October 2024)
3
5
J Cobley (Chair of Trustees)
3
5
A J Cameron (Appointed 5 March 2024)
2
2
Review of value for money

As accounting officer, the CEO 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 available. The accounting officer for the Academy Trust has delivered improved value for money during the year by:

 

 

A Condition Survey has been completed for each of our Trust schools and the findings from this have been collated into an Estate Strategy. This is used to inform all decisions about our estate and capital investment strategy, ensuring that our schools are safe, well-maintained and comply with regulations.

The purpose of the system of internal control

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

WEAVER TRUST LIMITED
GOVERNANCE STATEMENT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 13 -
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 decided to buy-in an internal audit service from DJH Accountants.

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:

 

Twice a year, the reviewer reported to the Board of Trustees, through the sub-committee on the operation of the systems of control and on the discharge of the Board of Trustees’ financial responsibilities 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.

The reviewer has delivered their schedule of work as planned during the year and there were no significant control issues which were identified.

Review of effectiveness

As accounting officer, our CEO has responsibility for reviewing the effectiveness of the system of internal control. During the year in question the review has been informed by:

 

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

WEAVER TRUST LIMITED
GOVERNANCE STATEMENT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 14 -
Conclusion

Based on the advice of the Finance, 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:

A Williams
J Cobley
CEO & Accounting Officer
Chair of Trustees
WEAVER TRUST LIMITED
STATEMENT OF REGULARITY, PROPRIETY AND COMPLIANCE
FOR THE YEAR ENDED 31 AUGUST 2024
- 15 -

As accounting officer of Weaver Trust Limited, 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.

A Williams
Accounting Officer
17 December 2024
WEAVER TRUST LIMITED
STATEMENT OF TRUSTEES' RESPONSIBILITIES
FOR THE YEAR ENDED 31 AUGUST 2024
- 16 -

The Trustees (who are also the directors of Weaver Trust Limited for the purposes of company law) are responsible for preparing the Trustees' report and the accounts in accordance with the Academies Accounts Direction 2022 to 2023 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:

J Cobley
Chair of Trustees
WEAVER TRUST LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WEAVER TRUST LIMITED
FOR THE YEAR ENDED 31 AUGUST 2024
- 17 -

Opinion

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

In our opinion the accounts:

-

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

-

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

-

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

-

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

Basis for opinion

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

Conclusions relating to going concern

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

 

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

 

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

Other information

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

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

-

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

-

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

WEAVER TRUST LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WEAVER TRUST LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 18 -
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.

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:

WEAVER TRUST LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WEAVER TRUST LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 19 -

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) 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:

 

 

 

 

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/auditorsresponsibilities. This description forms part of our auditor's report.

WEAVER TRUST LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WEAVER TRUST LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 20 -

 

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
17 December 2024
Accountants
Statutory Auditor
24 Nicholas Street
Chester
CH1 2AU
WEAVER TRUST LIMITED
INDEPENDENT REPORTING ACCOUNTANT'S ASSURANCE REPORT ON REGULARITY TO WEAVER TRUST LIMITED AND THE EDUCATION AND SKILLS FUNDING AGENCY
FOR THE YEAR ENDED 31 AUGUST 2024
- 21 -

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 Weaver Trust Limited 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 Weaver Trust Limited and ESFA in accordance with the terms of our engagement letter. Our work has been undertaken so that we might state to the Weaver Trust Limited 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 Weaver Trust Limited and ESFA, for our work, for this report, or for the conclusion we have formed.

Respective responsibilities of Weaver Trust Limited's accounting officer and the reporting accountant

The accounting officer is responsible, under the requirements of Weaver Trust Limited’s funding agreement with the Secretary of State for Education dated 23 March 2017 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:

 

WEAVER TRUST LIMITED
INDEPENDENT REPORTING ACCOUNTANT'S ASSURANCE REPORT ON REGULARITY TO WEAVER TRUST LIMITED AND THE EDUCATION AND SKILLS FUNDING AGENCY (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 22 -
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: .........................
WEAVER TRUST LIMITED
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2024
- 23 -
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
32
-
330
362
1,363
Donations - transfer from local authority on conversion
27
-
120
4,764
4,884
-
Charitable activities:
- Funding for educational operations
4
468
8,201
-
8,669
7,147
Other trading activities
5
60
-
-
60
51
Investments
6
11
-
-
11
2
Total
571
8,321
5,094
13,986
8,563
Expenditure on:
Raising funds
7
-
7
-
7
9
Charitable activities:
- Educational operations
9
541
8,132
475
9,148
7,547
Total
7
541
8,139
475
9,155
7,556
Net income
30
182
4,619
4,831
1,007
Transfers between funds
18
-
(288)
288
-
-
Other recognised gains/(losses)
Actuarial gains on defined benefit pension schemes
20
-
257
-
257
714
Adjustment for restriction on pension assets
20
-
(526)
-
(526)
-
Net movement in funds
30
(375)
4,907
4,562
1,721
Reconciliation of funds
Total funds brought forward
766
375
17,433
18,574
16,853
Total funds carried forward
796
-
22,340
23,136
18,574
WEAVER TRUST LIMITED
STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED)
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2024
- 24 -
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
26
-
1,337
1,363
Charitable activities:
- Funding for educational operations
4
389
6,758
-
7,147
Other trading activities
5
51
-
-
51
Investments
6
2
-
-
2
Total
468
6,758
1,337
8,563
Expenditure on:
Raising funds
7
-
9
-
9
Charitable activities:
- Educational operations
9
475
6,643
429
7,547
Total
7
475
6,652
429
7,556
Net income/(expenditure)
(7)
106
908
1,007
Transfers between funds
18
-
(221)
221
-
Other recognised gains/(losses)
Actuarial gains on defined benefit pension schemes
20
-
714
-
714
Net movement in funds
(7)
599
1,129
1,721
Reconciliation of funds
Total funds brought forward
773
(224)
16,304
16,853
Total funds carried forward
766
375
17,433
18,574
WEAVER TRUST LIMITED
BALANCE SHEET
AS AT 31 AUGUST 2024
- 25 -
2024
2023
Notes
£'000
£'000
£'000
£'000
Fixed assets
Tangible assets
13
22,333
16,491
Current assets
Debtors
14
679
1,419
Cash at bank and in hand
1,126
1,266
1,805
2,685
Current liabilities
Creditors: amounts falling due within one year
15
(742)
(668)
Net current assets
1,063
2,017
Total assets less current liabilities
23,396
18,508
Creditors: amounts falling due after more than one year
16
(260)
(309)
Net assets excluding pension asset
23,136
18,199
Defined benefit pension scheme asset
20
-
0
375
Total net assets
23,136
18,574
Funds of the Academy Trust:
Restricted funds
18
- Fixed asset funds
22,340
17,433
- Pension reserve
-
375
Total restricted funds
22,340
17,808
Unrestricted income funds
18
796
766
Total funds
23,136
18,574

The accounts on pages 23 to 49 were approved by the Trustees and authorised for issue on 17 December 2024 and are signed on their behalf by:

J Cobley
Chair of Trustees
Company registration number 10605768 (England and Wales)
WEAVER TRUST LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2024
- 26 -
2024
2023
Notes
£'000
£'000
£'000
£'000
Cash flows from operating activities
Net cash provided by/(used in) operating activities
21
812
(264)
Cash funds transferred on conversion
27
293
-
1,105
(264)
Cash flows from investing activities
Dividends, interest and rents from investments
11
2
Capital grants from DfE Group
330
1,337
Purchase of tangible fixed assets
(1,554)
(802)
Net cash (used in)/provided by investing activities
(1,213)
537
Cash flows from financing activities
New other loan
-
144
Repayment of long term bank loan
(31)
(21)
Finance costs
(1)
(1)
Net cash (used in)/provided by financing activities
(32)
122
Net (decrease)/increase in cash and cash equivalents in the reporting period
(140)
395
Cash and cash equivalents at beginning of the year
1,266
871
Cash and cash equivalents at end of the year
1,126
1,266
WEAVER TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 27 -
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.false

 

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, i.e. 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
Conversion to an academy trust

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

 

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

1.4
Income

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

Grants

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

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

WEAVER TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 28 -

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.

Other income

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

Donated goods, facilities and services

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

Donated fixed assets

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

1.5
Expenditure

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

 

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

All resources expended are inclusive of irrecoverable VAT.

Expenditure on raising funds

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

WEAVER TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 29 -
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.

1.6
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, at rates calculated to write off the cost of each asset on a straight-line basis over its expected useful life, as follows:

Long Leasehold
Straight line over 125 years
Improvement to property
10% on cost
Computer equipment
33% on cost
Fixtures, fittings & equipment
15% on cost

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.

WEAVER TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 30 -
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
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.

1.11
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.

1.12
Fund accounting

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

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

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

WEAVER TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 31 -
1.13

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.

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 20, 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.

3
Donations and capital grants
Unrestricted
Restricted
Total
Total
funds
funds
2024
2023
£'000
£'000
£'000
£'000
Capital grants
-
330
330
1,337
Other donations
32
-
32
26
32
330
362
1,363
WEAVER TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 32 -
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)
-
5,674
5,674
4,909
Other DfE/ESFA grants:
- UIFSM
-
130
130
110
- Pupil premium
-
587
587
493
- Start up grants
-
-
-
25
- Others
-
566
566
400
-
6,957
6,957
5,937
Other government grants
Local authority grants
-
1,244
1,244
821
Other incoming resources
468
-
468
389
Total funding
468
8,201
8,669
7,147
5
Other trading activities
Unrestricted
Restricted
Total
Total
funds
funds
2024
2023
£'000
£'000
£'000
£'000
Hire of facilities
60
-
60
51
6
Investment income
Unrestricted
Restricted
Total
Total
funds
funds
2024
2023
£'000
£'000
£'000
£'000
Short term deposits
11
-
11
2
WEAVER TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 33 -
7
Expenditure
Non-pay expenditure
Total
Total
Staff costs
Premises
Other
2024
2023
£'000
£'000
£'000
£'000
£'000
Expenditure on raising funds
- Direct costs
-
-
7
7
9
Academy's educational operations
- Direct costs
5,467
357
529
6,353
5,055
- Allocated support costs
1,054
617
1,124
2,795
2,493
6,521
974
1,660
9,155
7,557
Net income/(expenditure) for the year includes:
2024
2023
£'000
£'000
Operating lease rentals
13
6
Depreciation of tangible fixed assets
475
430
Fees payable to auditor for:
- Audit
8
8
- Other services
17
16
Bank and loan interest
1
1
Net interest on defined benefit pension liability
(16)
12
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 on the following basis:

 

WEAVER TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
8
Central services
(Continued)
- 34 -
The amounts charged during the year were as follows:
2024
2023
£'000
£'000
Westminster Community Primary
35
34
Barnton Community Nursery & Primary School
79
78
Grange Community Nursery & Primary School
35
38
Comberbach Nursery & Primary School
30
30
Leftwich Community Primary School
39
39
Halton Lodge Primary School
35
-
253
219
9
Charitable activities
Unrestricted
Restricted
Total
Total
funds
funds
2024
2023
£'000
£'000
£'000
£'000
Direct costs
Educational operations
541
5,812
6,353
5,055
Support costs
Educational operations
-
2,795
2,795
2,493
541
8,607
9,148
7,548
2024
2023
£'000
£'000
Analysis of support costs
Support staff costs
1,054
985
Depreciation
118
108
Technology costs
130
123
Premises costs
499
491
Legal costs - conversion
9
-
Legal costs - other
18
22
Other support costs
943
740
Governance costs
24
24
2,795
2,493
WEAVER TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 35 -
10
Staff
Staff costs and employee benefits
Staff costs during the year were:
2024
2023
£'000
£'000
Wages and salaries
4,959
3,873
Social security costs
431
362
Pension costs
1,038
930
Staff costs - employees
6,428
5,165
Agency staff costs
93
27
6,521
5,192
Staff development and other staff costs
40
33
Total staff expenditure
6,561
5,225
Severance payments

The Academy Trust paid 1 severance payments in the year, disclosed in the following bands:

£0 - £25,000
1
Special staff severance payments

Included in staff restructuring costs are special severance payments totalling £105 (2023: £nil) which was in relation to one payment.

Staff numbers
The average number of persons employed by the Academy Trust during the year was as follows:
2024
2023
Number
Number
Teachers
54
49
Administration and support
161
120
Management
16
13
231
182
WEAVER TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
10
Staff
(Continued)
- 36 -
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
2
2
£70,001 - £80,000
-
1
£80,001 - £90,000
1
-
£100,001 - £110,000
-
1
£110,001 - £120,000
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 £1,074,282 (2023: £771,104).

11
Trustees' remuneration and expenses

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

 

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

A Williams (Executive Headteacher & Trustee)

 

S Quinn (Educational consultant & Trustee)

Trustees' Expenses

No expenses were paid to Trustees during the year ended 31 August 2024. The expenses for the year ended 31 August 2023 totalled £314.10 for postal expenditure paid to one Trustee.

12
Trustees' and officers' insurance

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

WEAVER TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 37 -
13
Tangible fixed assets
Long Leasehold
Improvement to property
Computer equipment
Fixtures, fittings & equipment
Total
£'000
£'000
£'000
£'000
£'000
Cost
At 1 September 2023
14,971
1,928
369
724
17,992
Transfer on conversion
4,715
-
19
30
4,764
Additions
-
920
44
590
1,554
At 31 August 2024
19,686
2,848
432
1,344
24,310
Depreciation
At 1 September 2023
454
406
301
340
1,501
Charge for the year
120
186
24
146
476
At 31 August 2024
574
592
325
486
1,977
Net book value
At 31 August 2024
19,112
2,256
107
858
22,333
At 31 August 2023
14,517
1,522
68
384
16,491
14
Debtors
2024
2023
£'000
£'000
Trade debtors
11
-
VAT recoverable
152
80
Other debtors
345
1,197
Prepayments and accrued income
171
142
679
1,419
15
Creditors: amounts falling due within one year
2024
2023
£'000
£'000
Government loans
32
14
Trade creditors
232
143
Other taxation and social security
106
82
Other creditors
156
125
Accruals and deferred income
216
304
742
668
WEAVER TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 38 -
16
Creditors: amounts falling due after more than one year
2024
2023
£'000
£'000
Government loans
260
309
2024
2023
Analysis of loans
£'000
£'000
Wholly repayable within five years
292
323
Less: included in current liabilities
(32)
(14)
Amounts included above
260
309
Loan maturity
Debt due in one year or less
32
14
Due in more than two years but not more than five years
122
145
Due in more than five years
138
164
292
323

There are two 2023 loans from CIF, each are provided on the following terms:

 

One loan of £82,406 with interest payable at 5.37%, repayable over 10 years from the date that it is advanced by 120 installments of £905.

 

The other loan of £61,900 with interest payable at 5.37%, repayable over 10 years from the date that it is advanced by 120 installments of £680.

17
Deferred income
2024
2023
£'000
£'000
Deferred income is included within:
Creditors due within one year
100
67
Deferred income at 1 September 2023
67
54
Released from previous years
(67)
(54)
Resources deferred in the year
100
67
Deferred income at 31 August 2024
100
67

At the balance sheet date the Academy Trust was holding funds received in advance for Universal Infant Free School Meals.

WEAVER TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 39 -
18
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)
-
5,674
(5,386)
(288)
-
UIFSM
-
130
(130)
-
-
Pupil premium
-
587
(587)
-
-
Other DfE/ESFA grants
-
566
(566)
-
-
Other government grants
-
1,244
(1,244)
-
-
Other restricted funds
-
293
(293)
-
-
Pension reserve
375
(173)
67
(269)
-
375
8,321
(8,139)
(557)
-
Restricted fixed asset funds
Inherited on conversion
14,687
4,764
(171)
-
19,280
DfE group capital grants
2,102
330
(32)
-
2,400
Capital expenditure from GAG
644
-
(272)
288
660
17,433
5,094
(475)
288
22,340
Total restricted funds
17,808
13,415
(8,614)
(269)
22,340
Unrestricted funds
General funds
766
571
(541)
-
796
Total funds
18,574
13,986
(9,155)
(269)
23,136
WEAVER TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
18
Funds
(Continued)
- 40 -

 

The Academy Trust is now operating reserve pooling this year.

 

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.

WEAVER TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
18
Funds
(Continued)
- 41 -
Comparative information in respect of the preceding period is as follows:
Balance at
Gains,
Balance at
1 September
losses and
31 August
2022
Income
Expenditure
transfers
2023
£'000
£'000
£'000
£'000
£'000
Restricted general funds
General Annual Grant (GAG)
-
4,909
(4,683)
(221)
-
Start up grants
-
25
(25)
-
-
UIFSM
-
110
(115)
-
-
Pupil premium
-
493
(493)
-
-
Other DfE/ESFA grants
-
400
(400)
-
-
Other government grants
-
821
(821)
-
-
Pension reserve
(224)
-
(115)
714
375
(224)
6,758
(6,652)
493
375
Restricted fixed asset funds
Inherited on conversion
14,897
-
(199)
(11)
14,687
DfE group capital grants
877
1,337
(112)
-
2,102
Capital expenditure from GAG
530
-
(118)
232
644
16,304
1,337
(429)
221
17,433
Total restricted funds
16,080
8,095
(7,081)
714
17,808
Unrestricted funds
General funds
773
468
(475)
-
766
Total funds
16,853
8,563
(7,556)
714
18,574
WEAVER TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
18
Funds
(Continued)
- 42 -
Total funds analysis by academy
2024
2023
Fund balances at 31 August 2024 were allocated as follows:
£'000
£'000
Westminster Community Primary
-
36
Barnton Community Nursery & Primary School
-
959
Grange Community Nursery & Primary School
-
261
Comberbach Nursery & Primary School
-
(39)
Leftwich Community Primary School
-
96
Halton Lodge Primary School
-
-
Central services
796
(547)
Total before fixed assets fund and pension reserve
796
766
Restricted fixed asset fund
22,340
17,433
Pension reserve
-
375
Total funds
23,136
18,574

The Academy Trust is now operating reserve pooling this year.

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
Westminster Community Primary
633
72
76
273
1,054
1,072
Barnton Community Nursery & Primary School
1,880
288
174
433
2,775
2,470
Grange Community Nursery & Primary School
664
138
94
266
1,162
1,001
Comberbach Nursery & Primary School
569
121
78
156
924
926
Leftwich Community Primary School
784
97
75
220
1,176
1,098
Halton Lodge Primary School
736
175
36
158
1,105
-
Central services
200
213
7
131
551
450
5,466
1,104
540
1,637
8,747
7,017
WEAVER TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 43 -
19
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:
Tangible fixed assets
-
-
22,333
22,333
Current assets
796
563
446
1,805
Current liabilities
-
(563)
(179)
(742)
Non-current liabilities
-
-
(260)
(260)
Total net assets
796
-
22,340
23,136
Unrestricted
Restricted funds:
Total
Funds
General
Fixed asset
Funds
£'000
£'000
£'000
£'000
Fund balances at 31 August 2023 are represented by:
Tangible fixed assets
-
-
16,491
16,491
Current assets
766
654
1,265
2,685
Current liabilities
-
(654)
(14)
(668)
Non-current liabilities
-
-
(309)
(309)
Pension scheme asset
-
375
-
375
Total net assets
766
375
17,433
18,574
20
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 Cheshire Pension Fund. Both are multi-employer defined benefit schemes.

 

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

Contributions amounting to £134,126 were payable to the schemes at 31 August 2024 (2023: £92,297) and are included within creditors.

Teachers' Pension Scheme
Introduction

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

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

WEAVER TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
20
Pension and similar obligations
(Continued)
- 44 -
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 has been 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 £923,097 (2023: £665,490).

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 made for the year ended 31 August 2024 was £567,000 (2023: £440,000), of which employer's contributions totaled £432,000 (2023: £337,000) and employee's contributions totaled £135,000 (2023: £103,000). The agreed contribution rates for future years are 20.8% for employers and 5.5 to 12.5% for employees.

As described in note 27 the LGPS obligation relates to the employees of the Academy Trust, being the employees transferred as part of the conversion from the maintained school and new employees who joined the scheme in the period. The obligation in respect of employees who transferred on conversion represents their cumulative service at both the predecessor school and the Academy Trust at the balance sheet date.

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.

WEAVER TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
20
Pension and similar obligations
(Continued)
- 45 -
Total contributions made
2024
2023
£'000
£'000
Employer's contributions
432
337
Employees' contributions
135
103
Total contributions
567
440
Principal actuarial assumptions
2024
2023
%
%
Rate of increase in salaries
3.35
3.65
Rate of increase for pensions in payment/inflation
2.65
2.95
Discount rate for scheme liabilities
5.00
5.20
The current mortality assumptions include sufficient allowance for future improvements in mortality rates.  The assumed life expectations on retirement age 65 are:
2024
2023
Years
Years
Retiring today
- Males
20.9
21.0
- Females
23.4
24.0
Retiring in 20 years
- Males
20.7
20.6
- Females
25.1
25.1
Sensitivity analysis

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

2024
2023
£'000
£'000
Discount rate - 0.1%
130
103
Mortality assumption + 1 year
199
152
CPI rate + 0.1%
5
12
Pension rate +0.1%
128
94
WEAVER TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
20
Pension and similar obligations
(Continued)
- 46 -
The Academy Trust's share of the assets in the scheme
2024
2023
Fair value
Fair value
£'000
£'000
Equities
2,927
2,181
Bonds
1,822
1,384
Cash
55
42
Property
718
587
Total market value of assets
5,522
4,194
Restriction on scheme assets
(526)
-
Net assets recognised
4,996
4,194
The actual return on scheme assets was £435,000 (2023: £(180,000)).
Amount recognised in the statement of financial activities
2024
2023
£'000
£'000
Current service cost
381
440
Interest income
(242)
(176)
Interest cost
226
188
Total amount recognised
365
452

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
3,819
4,177
Obligations acquired on conversion
521
-
Current service cost
381
440
Interest cost
226
188
Employee contributions
135
103
Actuarial gain
(64)
(1,070)
Benefits paid
(22)
(19)
At 31 August 2024
4,996
3,819
WEAVER TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
20
Pension and similar obligations
(Continued)
- 47 -
Changes in the fair value of the Academy Trust's share of scheme assets
2024
2023
£'000
£'000
At 1 September 2023
4,194
3,953
Assets acquired on conversion
348
-
Interest income
242
176
Actuarial (gain)/loss
193
(356)
Employer contributions
432
337
Employee contributions
135
103
Benefits paid
(22)
(19)
At 31 August 2024
5,522
4,194
Restriction on scheme assets
(526)
-
Net assets recognised
4,996
4,194
21
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)
4,831
1,007
Adjusted for:
Net surplus on conversion to academy
27
(4,884)
-
Capital grants from DfE and other capital income
(330)
(1,337)
Investment income receivable
6
(11)
(2)
Finance costs payable
1
1
Defined benefit pension costs less contributions payable
20
(51)
103
Defined benefit pension scheme finance (income)/cost
20
(16)
12
Depreciation of tangible fixed assets
475
430
Decrease/(increase) in debtors
740
(608)
Increase in creditors
57
130
Net cash provided by/(used in) operating activities
812
(264)
WEAVER TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 48 -
22
Analysis of changes in net funds
1 September 2023
Cash flows
31 August 2024
£'000
£'000
£'000
Cash
1,266
(140)
1,126
Loans falling due within one year
(14)
(18)
(32)
Loans falling due after more than one year
(309)
49
(260)
943
(109)
834
23
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
31
9
Amounts due in two and five years
70
18
101
27
24
Capital commitments
2024
2023
£'000
£'000
Expenditure contracted for but not provided in the accounts
-
1,197
25
Related party transactions

There are no further related party transactions that have taken place in the current or prior period of accounts in addition to certain Trustees' remuneration and expenses already disclosed in note 11.

26
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.

WEAVER TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 49 -
27
Conversion to an academy

On 1st January 2024 the Halton Lodge Primary School converted to Academy Trust status under the Academies Act 2010 and all the operations and assets and liabilities were transferred to Weaver Trust Limited from the Halton Local Authority for £nil consideration.

 

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

 

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

Academy
Location
Date of conversion
Halton Lodge Primary School
Halton
1 January 2024
Unrestricted
Restricted funds:
Total
funds
General
Fixed asset
2024
Net assets transferred:
£'000
£'000
£'000
£'000
Leasehold land and buildings
-
-
4,715
4,715
Other tangible fixed assets
-
-
49
49
Cash
-
293
-
293
Pension scheme deficit
-
(173)
-
(173)
-
120
4,764
4,884
Unrestricted
Restricted funds:
Total
funds
General
Fixed asset
2024
Funds surplus/(deficit) transferred:
£'000
£'000
£'000
£'000
Fixed assets funds
-
-
4,764
4,764
LA budget funds
-
293
-
293
LGPS pension funds
-
(173)
-
(173)
-
120
4,764
4,884

 

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