Company registration number 07330691 (England and Wales)
CROSSHALL INFANT SCHOOL ACADEMY TRUST
(A COMPANY LIMITED BY GUARANTEE)
ANNUAL REPORT AND ACCOUNTS
FOR THE YEAR ENDED
31 AUGUST 2024
31 August 2024
CROSSHALL INFANT SCHOOL ACADEMY TRUST
CONTENTS
Page
Reference and administrative details
1 - 2
Trustees' report
3 - 11
Governance statement
12 - 15
Statement on regularity, propriety and compliance
16
Statement of trustees' responsibilities
17
Independent auditor's report on the accounts
18 - 21
Independent reporting accountant's report on regularity
22 - 23
Statement of financial activities including income and expenditure account
24 - 25
Balance sheet
26
Statement of cash flows
27
Notes to the accounts including accounting policies
28 - 45
CROSSHALL INFANT SCHOOL ACADEMY TRUST
REFERENCE AND ADMINISTRATIVE DETAILS
- 1 -
Members
Mr K Martin, Chair of Governors (Community Governor) (re-appointed 9 March 2020)
Mr T McCormick (Community Governor) (re-appointed 5 December 2018)
Mrs M Azher (Local Authority Governor) (appointed 1 October 2018)
Mrs G Mitchell (appointed 21 June 2021)
Mrs S Isaacs (appointed 21 June 2021) (resigned 28 November 2023)
Mr L Granger (appointed 5 September 2022) (resigned 31 August 2024)
Mrs D James (appointed 1 September 2023)
Trustees
Mrs R Sawford (Head Teacher and Accounting Officer)
Mrs M Azher (Local Authority Governor re-appointed 1 October 2022)
Mrs E Sibthorpe (Parent Governor reappointed 7 January 2023)
Mrs K McGrath (Parent Governor reappointed 1 December 2022) (Resigned 22 January 2024)
Mr M Jackson (Community Governor reappointed 10 June 2023) (Resigned 31 August 2024)
Mr P Lawrence (Parent Governor)
Mr M Newell (Community Governor)
Mrs K Pearson (Community Governor)
Mrs S Kemp (Parent Governor)
Mrs R Whitfield (Staff Governor) (Resigned 31 August 2024)
Miss E Dodson (Staff Governor) (Appointed 1 September 2023 and resigned 31 August 2024)
Mr M Borbely (Community Governor) (Appointed 18 September 2023)
Mr E Enaifoghe (Parent Governor) (Appointed 3 June 2024)
Mr K Martin (Chair of Governors)
Mr T Mccormick (Community Governor)
Mr V Sharma (Parent Governor) (Appointed 24 June 2024)
Senior management team
- Headteacher and Accounting Officer
Mrs R Sawford
- Assistant Headteachers
Mrs K Hurrell, Mrs C Boyce
Company registration number
07330691 (England and Wales)
Registered office
446 Great North Road
Eaton Ford
Saint Neots
Cambridgeshire
PE19 7GG
Independent auditor
Mitchell Charlesworth (Audit) Limited
24 Nicholas Street
Chester
CH1 2AU
CROSSHALL INFANT SCHOOL ACADEMY TRUST
REFERENCE AND ADMINISTRATIVE DETAILS
- 2 -
Bankers
Lloyds Bank plc
Minster Place
Ely
Cambridgeshire
CB7 4EN
CROSSHALL INFANT SCHOOL ACADEMY TRUST
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -

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

The academy trust operates an academy for pupils aged 3 to 7 serving a catchment area in Eaton Ford, St Neots. It has a pupil capacity of 439 and had a roll of 298 in the school census on 16 May 2024.

Structure, governance and management
Constitution

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

The charitable company operates as Crosshall Infant School.

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

Members' liability

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

Trustees' indemnities

As part of the overall insurance cover taken out, the trust has taken out insurance relating to trustees' indemnity. The limit of indemnity cover is £5,000,000 in this respect.

Method of recruitment and appointment or election of trustees

The management of the academy is the responsibility of the trustees, who are elected and co-opted under the terms of the Articles of Association and Funding Agreement as follows:

 

 

The governing body is comprised of 8 community governors, 5 parent governors, 3 staff governors and a local authority (LA) governor.

 

Parent governors are elected by parents of registered pupils at the academy at the time of the election. The headteacher’s term of office runs parallel with their contract of employment whilst other staff governors are appointed by governors following an election process.

 

The LA appoints the LA Governor. No governors were co-opted nor were any governors appointed by the Secretary of State during 2023/2024.

 

The term of office for any trustee is 4 years. Subject to remaining eligible to be a particular type of trustee may be reappointed or re-elected.

CROSSHALL INFANT SCHOOL ACADEMY TRUST
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 will depend on their individual experience and expertise. Where necessary an induction will provide training on charity and educational, legal and financial matters. All new trustees are given a tour of the academy and the chance to meet with staff and students. All governors are provided with copies of policies, procedures, minutes, budgets, plans and other documents that they will need to understand their role as trustees and directors of the academy.

 

The governing body subscribes to Cambridgeshire Governor Services who provide, facilitate or coordinate most of the training undertaken. A programme of face to face and on-line training opportunities is advised on an annual basis for Governors to attend as they see fit. In addition, a whole governing body training session is held following the first governing body meeting in each academic year.

Organisational structure

The academy has established a management structure to enable its efficient running. The structure consists of two levels: the Governors and the Senior Leadership Team.

 

The governing body has considered its role thoughtfully and decided that the role of the governors is to approve the strategic direction and objectives of the academy and monitor its progress towards these objectives.

 

The governing body has approved a scheme of delegation which sets out a statement on the system of internal control, responsibilities, standing orders, a scheme of delegation and terms of reference. The headteacher is directly responsible for the day to day running of the academy and is assisted by a senior leadership team.

 

Governors are responsible for setting general policy, adopting an annual plan and budget, monitoring the academy by use of budgets and making major decisions about the direction of the academy, including capital expenditure and senior staff appointments.

 

The headteacher assumes the accounting officer role.

Arrangements for setting pay and remuneration of key management personnel

The academy has a whole school pay policy which details the arrangements for setting the pay and remuneration of all staff. The governing body delegates pay decisions to the Governing Body Review Committee who implement the whole school pay policy.

 

The board has delegated the arrangement for setting the pay and remuneration for the headteacher and senior leaders to the Pay Review Committee whose members comprise three trustees and the chair of the trust. This committee reviews the performance of the headteacher and senior leaders and ensures that succession planning is in line with the plans of the trust.

 

This committee also sets the band of annual pay increased for all staff as guidelines for each of the academies pay committees. The trust's scheme of delegation sets out the responsibility for pay increases for all staff to the headteacher and the Pay Review Committee.

 

Trade union facility time

The trust have no relevant trade union officials.

Related parties and other connected charities and organisations

The academy is the founding member of the Crosshall Infant School Academy Trust which is a separate trust where Crosshall Infant School Academy is the only member. The trust undertakes educational support activities.

CROSSHALL INFANT SCHOOL ACADEMY TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 5 -
Objectives and activities
Objects and aims

The principal object and activity of the academy is the operation of Crosshall Infant School Academy Trust to provide a broad and balanced education for pupils of all abilities in the St Neots, Cambridgeshire area. The governors have referred to the guidance issued by the Charity Commission in respect of public benefit when reviewing the aims and objectives of the academy.

 

In accordance with the articles of association, the academy has adopted a ‘Scheme of Governance’ approved by the Secretary of State for Education.

 

The Scheme of Governance specifies, amongst other things, that the trust will be at the heart of the community promoting community cohesion and sharing facilities; the basis for admitting children to the trust, that the curriculum should be broad and balanced; there will be an emphasis on the needs of individual pupils including children with SEN; the basis for charging children.

Objectives, strategies and activities

Our Mission Statement is ‘Learning for Life’.

 

To achieve our mission statement we have developed the following aims:

 

 

 

 

 

 

 

 

 

 

CROSSHALL INFANT SCHOOL ACADEMY TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 6 -

For 2023/2024 the key areas for development within our School Improvement Plan were:

 

Curriculum Development

 

To review assessment at the end of Key Stage 1.

 

Human Resources

 

To ensure that new teams work effectively.

 

Management Structures and Approaches

 

To effectively manage the budget with falling rolls in school and nursery.

 

Pupil Welfare

 

To ensure that the behaviour is excellent at all times within school.

 

Nursery and Kids Club

 

To develop links with the wider community.

 

Physical Resources

 

To continue to develop resources and the curriculum with a limited budget.

 

All staff are aware of our key priorities. These targets are reviewed termly by the senior leadership team and discussed at full governing body meetings.

CROSSHALL INFANT SCHOOL ACADEMY TRUST
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.

 

We work closely with parents to develop and improve the school. Parents have the opportunity to feedback to staff, via the website and through formal consultation. The information gathered from parental feedback has contributed to our School Improvement Plan.

 

Parents have contributed their opinions about the school via a questionnaire. Parents attend consultation meetings each term and receive an annual, written report outlining their child’s progress in the summer term.

 

The academy manages Crosshall Kids Club. The kids club provides high quality before school, after school and wraparound day care.

 

We have a ‘Friends of Crosshall’ scheme, which encourages local businesses to become involved with the school.

 

The academy has well established links with local churches. The children participate in local events and hold fundraising activities to support charity work.

 

The academy recognises that equal opportunities are an integral part of good practice within the work place. The academy aims to establish equal opportunities in all areas of its activities including creating a working environment in which the contribution and needs of all people are fully valued.

 

A hygiene suite, ramps and disabled toilets are installed and door widths are adequate to enable wheelchair access to all main areas of the academy.

 

As an academy we make the best use of our skills, expertise and experience with regards to the community. Some examples of this are:

 

Strategic report
Achievements and performance

The academy provided high quality teaching and learning for pupils of differing abilities and needs between the ages of 3 and 7. This is achieved through first-hand experience and positive identification of indicators of good practice. This is followed by celebrations of each child’s achievement throughout their school life.

 

The governors and staff of Crosshall Infant School Academy Trust are committed to safeguarding and promoting the welfare, wellbeing and personal development of children in everything that they do within the academy.

 

In the summer term of Year 2, teachers make a formal assessment of the standard at which the children are working in reading, writing, mathematics and science. Crosshall Infant School Academy Trust chose to use the optional national curriculum tests at the end of Key Stage 1, which were used to inform teacher assessments. The teacher assessments are moderated by whole school and St Neots cluster moderation meetings. The results of these assessments are sent home to parents with the annual report.

CROSSHALL INFANT SCHOOL ACADEMY TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 8 -
Key performance indicators

The chart below shows the percentage of children achieving each standard in June 2024.

 

We are very proud that the children of Crosshall Infant School achieve such high standards. Thank you to all the children, staff and parents who work so hard to achieve this success.

 

The children in our school are achieving significantly higher than the national average and achieving excellent standards of reading.

 

Summary of Key Stage 1 outcomes:

 

 

 

Reading

Writing

Maths

Reading, Writing and Maths

Crosshall Infant School Academy Trust

 

WTS

19%

21%

8%

25%

Crosshall Infant School Academy Trust

 

EXS

39%

57%

79%

73%

Crosshall Infant School Academy Trust

 

GDS

53%

17%

13%

9%

 

Key to Teacher Assessment Results: all figures are percentages.

 

 

 

 

Year 1 Phonics Screening 2024

The phonics screening check is a short assessment carried out in the summer term of Year 1 and is designed to confirm if children have learnt phonic decoding to an appropriate standard. All Year 1 children in maintained schools, academies and free schools must complete the check.

 

Any children who do not achieve the phonics screening check in Year 1 will retake the check the following year in Year 2.

 

The percentage of children achieving the required level in the test are detailed below:

 

 

Year 1 % Reaching Expected

 

Crosshall Infant School Academy Trust

 

76%

National

80%

 

CROSSHALL INFANT SCHOOL ACADEMY TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 9 -

Review of Activities

The year 2023/2024 was another year of development, with the following significant achievements:

 

The school is rated as good by Ofsted.

 

The school have acted on the area for development highlighted in the Ofsted report. Staff have received training to ensure high quality teaching is occurring. Staff are flexible, hardworking and have shown a positive attitude towards small changes in order for us to continue to strive forwards.

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 Department for Education (DfE) in the form of grants, the use of which is restricted to particular purposes. The grants received from the DfE during the year and the associated expenditure are shown as restricted funds in the statements of financial activities. The principal accounting policies adopted during the year are detailed in the notes to the financial statements.

 

During the year ending 31 August 2024, total expenditure of £1,978,000 (2023: £2,300,000) was fully covered by grant funding from the DfE together with other incoming resources and brought forward reserves. The excess of expenditure over income (excluding actuarial gains/losses on the defined benefit pension scheme) was £17,000 (2023: £326,000).

 

As at the 31 August 2024, the net book value of fixed assets were £3,662,000 (2023: £3,741,000), including the value of the land and buildings. The assets are used exclusively for providing education and the associated support services to the pupils of the academy.

Reserves policy

Any reserves held are in accordance with the requirements laid down in the Master Funding Agreement and by the Education & Skills Funding Agency. The level of reserves held considers the nature of income and expenditure streams, the need to match them to commitments, including future capital projects, and the need to maintain enough reserves to cover any unexpected urgent expenditure requirements, especially to buildings repair not covered by insurance.

 

The trust has overall reserves of £3,886,000 (2023: £3,904,000), included within is restricted general reserves (excluding pension & fixed asset reserves) of £nil (2023: £nil) and unrestricted reserves of £192,000 (2023: £138,000). The total free reserves (excluding pension & fixed asset reserves) amounts to £192,000 (2023: £138,000).

 

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

 

We note that £90,000 of our reserves are committed in our Condition Improvement Fund (CIF) bid to replace the heating throughout the main building of the academy. Furthermore the academy is facing falling pupil roll and due to prior year funding is using reserves to help transition from a large infant school to a smaller one.

CROSSHALL INFANT SCHOOL ACADEMY TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 10 -
Investment policy

The trust does not hold any investments.

Principal risks and uncertainties

The trust is exposed to a number of financial risks including credit, cash flow and liquidity risks. Given the trust's exposure to financial instruments being limited, the exposure principally relates to bank balances, cash and trade creditors, with limited trade (and other) debtors. The trust's system of internal controls ensures risk is minimal in these areas.

 

A risk register has been established and is updated regularly. Where appropriate, systems or procedures have been established to mitigate the risks the trust faces. Internal control risks are minimised by the implementation of procedures for authorisation of all transactions and projects.

 

The trustees have assessed the major risks to which the trust is exposed, in particular those relating to the specific teaching, provision of facilities and other operational areas of the trust, and its finances. The trustees have implemented a number of systems to assess risks that the academies face, especially in the operational areas (e.g. in relation to teaching, health and safety, bullying and educational visits) and in relation to the control of finance. They have introduced systems, including operational procedures (e.g. vetting of new staff and visitors, supervision of school grounds) and internal financial controls (see below) in order to minimise risk. Where significant financial risk still remains they have ensured they have adequate insurance cover.

 

The trust has an effective system of internal financial controls and this is explained in more detail in the Governance Statement.

 

It should also be noted that procedures are in place to ensure compliance with the health and safety regulations, pertaining to both staff and pupils.

 

The trustees are also fully aware of their responsibilities to ensure that the trust’s estate is safe, well maintained and compliant with the relevant regulations.

Fundraising

The school has a staff fundraising committee which is supported by parents. In the 2023/2024 academic year £2,366.40 was raised for a variety of charities. £7,026.12 was raised for developing the school facilities. This includes books and resources for outside.

 

All fundraising activities are processed through the School Fund Account, reported to the Finance and Audit Committee and audited by Mitchell Charlesworth.

 

The trust engages in fundraising activities throughout the academic year, both for specific projects and to augment the annual education budget.

 

Due consideration is given at all times to ensuring that no fundraising practices are unreasonably intrusive or apply undue pressure especially with regard to vulnerable persons.

CROSSHALL INFANT SCHOOL ACADEMY TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 11 -
Plans for future periods

The trust's plans for the future include:

 

Priority 1

To continue to ensure the quality of education across the school is consistently good:

 

Priority 2

To stabilise the school’s financial situation:

 

Priority 3

To improve the impact of curriculum leadership:

 

Priority 4:

For all stakeholders to consistently implement the new behaviour policy:

 

Auditor

In so far as the trustees are aware:

The trustees' report, incorporating a strategic report, was approved by order of the board of trustees, as the company directors, on 05 December 2024 and signed on its behalf by:

Mr K Martin
Chair of Governors
CROSSHALL INFANT SCHOOL ACADEMY TRUST
GOVERNANCE STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2024
- 12 -
Scope of responsibility

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

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

The board of trustees has delegated the day-to-day responsibility to the headteacher, 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 Crosshall Infant School Academy Trust and the Secretary of State for Education. The accounting officer is also responsible for reporting to the board of trustees any material weaknesses or breakdowns in internal control.

Governance

The information on governance included here supplements that described in the Trustees' Report and in the Statement of Trustees' Responsibilities. The board of trustees has formally met 4 times during the year.

 

The Governing Body has a structure of subcommittees who met regularly and feedback to the full governing body meetings. In 2023-2024 there were 14.

 

Attendance during the year at meetings of the board of trustees was as follows:

Trustees
Meetings attended
Out of possible
Mrs R Sawford (Head Teacher and Accounting Officer)
4
4
Mrs M Azher (Local Authority Governor re-appointed 1 October 2022)
2
4
Mrs E Sibthorpe (Parent Governor reappointed 7 January 2023)
3
4
Mrs K McGrath (Parent Governor reappointed 1 December 2022) (Resigned 22 January 2024)
0
3
Mr M Jackson (Community Governor reappointed 10 June 2023) (Resigned 31 August 2024)
4
4
Mr P Lawrence (Parent Governor)
3
4
Mr M Newell (Community Governor)
2
4
Mrs K Pearson (Community Governor)
4
4
Mrs S Kemp (Parent Governor)
4
4
Mrs R Whitfield (Staff Governor) (Resigned 31 August 2024)
4
4
Miss E Dodson (Staff Governor) (Appointed 1 September 2023 and resigned 31 August 2024)
4
4
Mr M Borbely (Community Governor) (Appointed 18 September 2023)
3
4
Mr E Enaifoghe (Parent Governor) (Appointed 3 June 2024)
0
1
Mr K Martin (Chair of Governors)
3
4
Mr T Mccormick (Community Governor)
3
4
Mr V Sharma (Parent Governor) (Appointed 24 June 2024)
1
1

Whilst there has been a number of changes to the board during the year, the board are are satisfied with it's role and the performance of the trust.

Conflicts of interest

Trustees complete an annual declaration of business interests and at the beginning of each meeting are requested to provide an update of this and declare whether a relevant interests apply against meeting agenda items.

CROSSHALL INFANT SCHOOL ACADEMY TRUST
GOVERNANCE STATEMENT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 13 -
Governance reviews

Governors complete an individual annual audit as well as sub committee annual audits. The audits are used to write the detailed School Improvement Plan.

 

All governors are linked to a curriculum area and work closely with the staff lead on key areas of development focusing on OFSTED criteria that enable us to measure our effectiveness over time. Regular visits, with observations and discussions with staff and pupils take place. Progress is measured and evidenced against school improvement priorities are set. Subject leaders make regular presentations to governors with regards to standards and developments. The process enables the governing body to have first-hand knowledge across a number of key areas and to challenge with understanding, the senior leadership team, calling them to account for the work and the progress of the school.

The finance and audit committee is a sub-committee of the main board of trustees. It’s purpose is to monitor the finances of the academy and ensure that funds are used for the purposes intended.

Attendance at meetings in the year was as follows:

Trustees
Meetings attended
Out of possible
Mrs R Sawford (Head Teacher and Accounting Officer)
4
4
Mrs E Sibthorpe (Parent Governor reappointed 7 January 2023)
4
4
Mr M Jackson (Community Governor reappointed 10 June 2023) (Resigned 31 August 2024)
3
4
Mrs S Kemp (Parent Governor)
3
4
Mr M Borbely (Community Governor) (Appointed 18 September 2023)
3
4
Mr K Martin (Chair of Governors)
4
4
Mr T Mccormick (Community Governor)
4
4
Review of value for money

As accounting officer, the headteacher 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.

CROSSHALL INFANT SCHOOL ACADEMY TRUST
GOVERNANCE STATEMENT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 14 -

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 or by using a framework where appropriate. The accounting officer for the academy trust has delivered improved value for money during the year by:

 

 

 

 

The academy also works with the adjacent junior school to share best practice, develop synergies and obtain economics of scale. Some examples of this are:

 

 

 

 

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 Crosshall Infant School Academy Trust for the period 1 September 2023 to 31 August 2024 and up to the date of approval of the annual report and accounts.

Capacity to handle risk

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

The risk and control framework

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

 

CROSSHALL INFANT SCHOOL ACADEMY TRUST
GOVERNANCE STATEMENT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 15 -

The board of trustees has decided:

 

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

 

On a termly basis, the auditor reports to the board of trustees through the audit and risk committee on the operation of the systems of control and on the discharge of the financial responsibilities of the board of trustees. On an annual basis, the auditor prepares a 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 agreed schedule of work has been delivered as planned. No material control issues were identified as a result of the work undertaken.

Review of effectiveness

As accounting officer, the headteacher 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 audit and risk committee and is to ensure continuous improvement of the system is in place.

Conclusion

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

Approved by order of the board of trustees on 05 December 2024 and signed on its behalf by:

Mrs R Sawford
Head Teacher and Accounting Officer
CROSSHALL INFANT SCHOOL ACADEMY TRUST
STATEMENT OF REGULARITY, PROPRIETY AND COMPLIANCE
FOR THE YEAR ENDED 31 AUGUST 2024
- 16 -

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

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

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

Mrs R Sawford
Accounting Officer
05 December 2024
CROSSHALL INFANT SCHOOL ACADEMY TRUST
STATEMENT OF TRUSTEES' RESPONSIBILITIES
FOR THE YEAR ENDED 31 AUGUST 2024
- 17 -

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

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

 

In preparing these accounts, the trustees are required to:

 

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

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

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

Approved by order of the members of the board of trustees on 05 December 2024 and signed on its behalf by:

Mr K Martin
Chair of Governors
CROSSHALL INFANT SCHOOL ACADEMY TRUST
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CROSSHALL INFANT SCHOOL ACADEMY TRUST
FOR THE YEAR ENDED 31 AUGUST 2024
- 18 -

Opinion

We have audited the accounts of Crosshall Infant School Academy Trust for the year ended 31 August 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and 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.

CROSSHALL INFANT SCHOOL ACADEMY TRUST
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CROSSHALL INFANT SCHOOL ACADEMY TRUST (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 19 -
Opinions on other matters prescribed by the Companies Act 2006

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

-

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

-

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

Matters on which we are required to report by exception

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

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

-

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

-

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

-

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

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

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

Auditor's responsibilities for the audit of the accounts

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

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

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

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.

CROSSHALL INFANT SCHOOL ACADEMY TRUST
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CROSSHALL INFANT SCHOOL ACADEMY TRUST (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 20 -

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:

 

the nature of the industry and sector, control environment and business performance;

 

the charitable company’s own assessment of the risks that irregularities may occur either as a result of fraud or error;

 

the results of our enquiries of management and trustees of their own identification and assessment of the risks of irregularities;

 

any matters we identified having obtained and reviewed the charity’s documentation of their policies and procedures relating to:

 

• identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;

 

detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and

 

the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and

 

the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

 

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

 

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

 

We also obtained an understanding of the legal and regulatory framework that the charity operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, the Statement of Recommended Practice - 'Accounting and Reporting by Charities' issued by the joint SORP making body, along with the Academy Trust 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 income recognition, override of controls and adherence to laws and regulations as the key audit matters related to the potential risk of fraud.

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

Our procedures to respond to risks identified included the following:

 

reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations described above as having a direct effect on the financial statements;

 

enquiring of management and trustees concerning actual and potential litigation and claims;

 

performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

 

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

 

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

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

Use of our report

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

Robert Hall (Senior Statutory Auditor)
for and on behalf of Mitchell Charlesworth (Audit) Limited
6 December 2024
Accountants
Statutory Auditor
24 Nicholas Street
Chester
CH1 2AU
CROSSHALL INFANT SCHOOL ACADEMY TRUST
INDEPENDENT REPORTING ACCOUNTANT'S ASSURANCE REPORT ON REGULARITY TO CROSSHALL INFANT SCHOOL ACADEMY TRUST AND THE EDUCATION AND SKILLS FUNDING AGENCY
FOR THE YEAR ENDED 31 AUGUST 2024
- 22 -

In accordance with the terms of our engagement letter dated 20 May 2024 and further to the requirements of the Education and Skills Funding Agency (ESFA) as included in the Academies Accounts Direction 2023 to 2024, we have carried out an engagement to obtain limited assurance about whether the expenditure disbursed and income received by Crosshall Infant School Academy Trust during the period 1 September 2023 to 31 August 2024 have been applied to the purposes identified by Parliament and the financial transactions conform to the authorities which govern them.

 

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

Respective responsibilities of Crosshall Infant School Academy Trust's accounting officer and the reporting accountant

The accounting officer is responsible, under the requirements of Crosshall Infant School Academy Trust’s funding agreement with the Secretary of State for Education dated 7 September 2010 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:

 

CROSSHALL INFANT SCHOOL ACADEMY TRUST
INDEPENDENT REPORTING ACCOUNTANT'S ASSURANCE REPORT ON REGULARITY TO CROSSHALL INFANT SCHOOL ACADEMY TRUST AND THE EDUCATION AND SKILLS FUNDING AGENCY (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 23 -
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
Dated: .........................
CROSSHALL INFANT SCHOOL ACADEMY TRUST
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2024
- 24 -
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
15
-
7
22
36
Charitable activities:
- Funding for educational operations
4
172
1,734
-
1,906
1,720
Other trading activities
5
8
25
-
33
218
Total
195
1,759
7
1,961
1,974
Expenditure on:
Raising funds
6
-
8
-
8
193
Charitable activities:
- Educational operations
7
141
1,740
89
1,970
2,107
Total
6
141
1,748
89
1,978
2,300
Net income/(expenditure)
54
11
(82)
(17)
(326)
Transfers between funds
15
-
(10)
10
-
-
Other recognised gains/(losses)
Actuarial (losses)/gains on defined benefit pension schemes
17
-
(1)
-
(1)
68
Net movement in funds
54
-
(72)
(18)
(258)
Reconciliation of funds
Total funds brought forward
138
-
3,766
3,904
4,162
Total funds carried forward
192
-
3,694
3,886
3,904
CROSSHALL INFANT SCHOOL ACADEMY TRUST
STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED)
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2024
- 25 -
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
11
-
25
36
Charitable activities:
- Funding for educational operations
4
-
1,720
-
1,720
Other trading activities
5
8
210
-
218
Total
19
1,930
25
1,974
Expenditure on:
Raising funds
6
7
186
-
193
Charitable activities:
- Educational operations
7
-
2,009
98
2,107
Total
6
7
2,195
98
2,300
Net income/(expenditure)
12
(265)
(73)
(326)
Transfers between funds
15
(47)
47
-
-
Other recognised gains/(losses)
Actuarial gains on defined benefit pension schemes
17
-
68
-
68
Net movement in funds
(35)
(150)
(73)
(258)
Reconciliation of funds
Total funds brought forward
174
150
3,838
4,162
Total funds carried forward
139
-
3,765
3,904
CROSSHALL INFANT SCHOOL ACADEMY TRUST
BALANCE SHEET
AS AT 31 AUGUST 2024
- 26 -
2024
2023
Notes
£'000
£'000
£'000
£'000
Fixed assets
Tangible assets
11
3,662
3,741
Current assets
Debtors
12
29
25
Cash at bank and in hand
339
363
368
388
Current liabilities
Creditors: amounts falling due within one year
13
(144)
(225)
Net current assets
224
163
Net assets excluding pension asset
3,886
3,904
Defined benefit pension scheme asset
17
-
-
Total net assets
3,886
3,904
Funds of the academy trust:
Restricted funds
15
- Fixed asset funds
3,694
3,765
Total restricted funds
3,694
3,765
Unrestricted income funds
15
192
139
Total funds
3,886
3,904

The accounts on pages 24 to 45 were approved by the trustees and authorised for issue on 05 December 2024 and are signed on their behalf by:

Mr K Martin
Chair of Governors
Company registration number 07330691 (England and Wales)
CROSSHALL INFANT SCHOOL ACADEMY TRUST
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2024
- 27 -
2024
2023
Notes
£'000
£'000
£'000
£'000
Cash flows from operating activities
Net cash used in operating activities
18
(21)
(169)
Cash flows from investing activities
Capital grants from DfE Group
7
25
Purchase of tangible fixed assets
(10)
-
Net cash (used in)/provided by investing activities
(3)
25
Net decrease in cash and cash equivalents in the reporting period
(24)
(144)
Cash and cash equivalents at beginning of the year
363
507
Cash and cash equivalents at end of the year
339
363
CROSSHALL INFANT SCHOOL ACADEMY TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 28 -
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.true

 

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

1.2
Going concern

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

1.3
Income

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

Grants

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

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

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

Sponsorship income

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

Donations

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

CROSSHALL INFANT SCHOOL ACADEMY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 29 -
Other income

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

Donated goods, facilities and services

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

Donated fixed assets

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

1.4
Expenditure

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

 

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

All resources expended are inclusive of irrecoverable VAT.

Expenditure on raising funds

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

Charitable activities

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

CROSSHALL INFANT SCHOOL ACADEMY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 30 -
1.5
Tangible fixed assets and depreciation

Assets costing £2,000 or more are capitalised as tangible fixed assets and are carried at cost, net of depreciation and any provision for impairment.

 

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

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

Land and buildings
0 - 50 years
Plant and machinery
10 years
Computer equipment
3 years
Fixtures, fittings & equipment
3 - 15 years

No depreciation is provided in respect of freehold land, which departs from the requirement in the Companies Act 2006 (the Act) to depreciate all fixed assets. The Trustees believe that the value of land does not materially differ to its cost, and therefore the departure from the provisions of the Act is required in order to achieve a fair presentation of the entity's financial position and financial performance.

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.

1.6
Liabilities

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

1.7
Leased assets

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

1.8
Financial instruments

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

Financial assets

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

 

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

CROSSHALL INFANT SCHOOL ACADEMY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 31 -
Financial liabilities

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

 

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

1.9
Taxation

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

1.10
Pensions benefits

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

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

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

1.11
Fund accounting

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

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

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

CROSSHALL INFANT SCHOOL ACADEMY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 32 -
1.12

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.

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 17, 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

In the view of the Governors/Trustees, there are no further assumptions concerning the future or estimation uncertainty affecting assets or liabilities at the balance sheet date that are likely to result in a material adjustment to their carrying amounts in the next financial year.

3
Donations and capital grants
Unrestricted
Restricted
Total
Total
funds
funds
2024
2023
£'000
£'000
£'000
£'000
Capital grants
-
7
7
25
Other donations
15
-
15
11
15
7
22
36
CROSSHALL INFANT SCHOOL ACADEMY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 33 -
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)
-
1,175
1,175
1,231
Other DfE/ESFA grants:
- UIFSM
-
101
101
103
- Pupil premium
-
39
39
46
- Supplementary grant
-
-
-
36
- Mainstream schools additional grant
-
39
39
16
- Others
-
78
78
35
-
1,432
1,432
1,467
Other government grants
Local authority grants
-
302
302
251
Special educational projects
-
-
-
2
-
302
302
253
Other incoming resources
172
-
172
-
Total funding
172
1,734
1,906
1,720
5
Other trading activities
Unrestricted
Restricted
Total
Total
funds
funds
2024
2023
£'000
£'000
£'000
£'000
Hire of facilities
8
-
8
8
Catering income
-
13
13
15
Parental contributions
-
12
12
195
8
25
33
218
CROSSHALL INFANT SCHOOL ACADEMY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 34 -
6
Expenditure
Non-pay expenditure
Total
Total
Staff costs
Premises
Other
2024
2023
£'000
£'000
£'000
£'000
£'000
Expenditure on raising funds
- Direct costs
4
-
4
8
193
Academy's educational operations
- Direct costs
1,142
71
42
1,255
1,502
- Allocated support costs
522
87
106
715
605
1,668
158
152
1,978
2,300
Net income/(expenditure) for the year includes:
2024
2023
£'000
£'000
Operating lease rentals
6
4
Depreciation of tangible fixed assets
89
98
Fees payable to auditor for:
- Audit
5
6
- Other services
4
1
Net interest on defined benefit pension liability
(29)
(6)
7
Charitable activities
Unrestricted
Restricted
Total
Total
funds
funds
2024
2023
£'000
£'000
£'000
£'000
Direct costs
Educational operations
141
1,114
1,255
1,502
Support costs
Educational operations
-
715
715
605
141
1,829
1,970
2,107
2024
2023
£'000
£'000
CROSSHALL INFANT SCHOOL ACADEMY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
7
Charitable activities
(Continued)
- 35 -
Analysis of support costs
Support staff costs
522
433
Depreciation
18
-
Technology costs
47
-
Premises costs
69
79
Other support costs
47
81
Governance costs
12
12
715
605
8
Staff
Staff costs and employee benefits
Staff costs during the year were:
2024
2023
£'000
£'000
Wages and salaries
1,385
1,572
Pension costs
283
333
Staff costs - employees
1,668
1,905
1,668
1,905
Staff development and other staff costs
3
7
Total staff expenditure
1,671
1,912
Staff numbers
The average number of persons employed by the academy trust during the year was as follows:
2024
2023
Number
Number
Teachers
17
16
Administration and support
49
53
Management
1
3
67
72
CROSSHALL INFANT SCHOOL ACADEMY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
8
Staff
(Continued)
- 36 -
The number of persons employed, expressed as a full time equivalent, was as follows:
2024
2023
Number
Number
Teachers
13
11
Administration and support
36
31
Management
1
3
50
45
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
£60,0001 - £70,000
1
1
Key management personnel

The key management personnel of the academy trust comprise the trustees and the senior management team as listed on page 1. The total amount of key management personnel benefits (including employer pension contributions and employer national insurance contributions) received by key management personnel for their services to the academy trust was £203,757 (2023: £235,158).

9
Trustees' remuneration and expenses

One or more of the trustees has been paid remuneration or has received other benefits from an employment with the academy trust. The headteacher and other staff trustees only receive remuneration in respect of services they provide undertaking the roles of headteacher 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:

 

During the period 1 September 2023 to 31 August 2024 no expenses were reimbursed to Trustees (1 September 2022 - 31 August 2023 - £nil).

CROSSHALL INFANT SCHOOL ACADEMY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 37 -
10
Trustees' and officers' insurance

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

11
Tangible fixed assets
Land and buildings
Plant and machinery
Computer equipment
Fixtures, fittings & equipment
Total
£'000
£'000
£'000
£'000
£'000
Cost
At 1 September 2023
4,347
12
66
350
4,775
Additions
10
-
-
-
10
At 31 August 2024
4,357
12
66
350
4,785
Depreciation
At 1 September 2023
672
12
59
291
1,034
Charge for the year
68
-
6
15
89
At 31 August 2024
740
12
65
306
1,123
Net book value
At 31 August 2024
3,617
-
1
44
3,662
At 31 August 2023
3,675
-
7
59
3,741
12
Debtors
2024
2023
£'000
£'000
VAT recoverable
5
1
Prepayments and accrued income
24
24
29
25
13
Creditors: amounts falling due within one year
2024
2023
£'000
£'000
Trade creditors
20
44
Other taxation and social security
39
53
Accruals and deferred income
85
128
144
225
CROSSHALL INFANT SCHOOL ACADEMY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 38 -
14
Deferred income
2024
2023
£'000
£'000
Deferred income is included within:
Creditors due within one year
59
76
Deferred income at 1 September 2023
76
77
Released from previous years
(76)
(77)
Resources deferred in the year
59
76
Deferred income at 31 August 2024
59
76

At the balance sheet date the academy was holding funds in advance relating to Universal Infant Free School Meals.

15
Funds
Balance at
Gains,
Balance at
1 September
losses and
31 August
2023
Income
Expenditure
transfers
2024
£'000
£'000
£'000
£'000
£'000
Restricted general funds
General Annual Grant (GAG)
-
1,175
(1,165)
(10)
-
UIFSM
-
101
(101)
-
-
Pupil premium
-
39
(39)
-
-
Other DfE/ESFA grants
-
117
(117)
-
-
Other government grants
-
302
(302)
-
-
Other restricted funds
-
25
(25)
-
-
Pension reserve
-
-
1
(1)
-
-
1,759
(1,748)
(11)
-
Restricted fixed asset funds
Inherited on conversion
3,320
-
(47)
-
3,273
DfE group capital grants
446
7
(42)
-
411
Capital expenditure from GAG
-
-
-
10
10
3,766
7
(89)
10
3,694
Total restricted funds
3,766
1,766
(1,837)
(1)
3,694
Unrestricted funds
General funds
138
195
(141)
-
192
Total funds
3,904
1,961
(1,978)
(1)
3,886
CROSSHALL INFANT SCHOOL ACADEMY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
15
Funds
(Continued)
- 39 -

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

 

Restricted general funds are to be applied to meet the day to day working commitments for the academy in meeting its objectives. The restricted funds can only be used in terms of limitations imposed by the Funding Agreement with the DfE and the terms of any specific grant.

 

The pension fund relates to the academy's share of the (deficit)/surplus of the Local Government Pension Scheme.

 

The restricted fixed asset fund represents transfers on conversion, government grants received for the purchase of fixed assets and other assets purchases, less the depreciation costs of those assets.

 

The unrestricted fund represents resources which may be used towards meeting any of the charitable objects of the academy trust at the discretion of the trustees.

 

The academy trust is not subject to GAG carried forward limits.

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)
150
1,231
(1,428)
47
-
UIFSM
-
103
(103)
-
-
Pupil premium
-
46
(46)
-
-
Other DfE/ESFA grants
-
87
(87)
-
-
Other government grants
-
253
(253)
-
-
Other restricted funds
-
210
(210)
-
-
Pension reserve
-
-
(68)
68
-
150
1,930
(2,195)
115
-
Restricted fixed asset funds
DfE group capital grants
3,838
25
(98)
-
3,765
Total restricted funds
3,988
1,955
(2,293)
115
3,765
Unrestricted funds
General funds
174
19
(7)
(47)
139
Total funds
4,162
1,974
(2,300)
68
3,904
CROSSHALL INFANT SCHOOL ACADEMY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 40 -
16
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
-
-
3,662
3,662
Current assets
192
144
32
368
Current liabilities
-
(144)
-
(144)
Total net assets
192
-
3,694
3,886
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
-
-
3,741
3,741
Current assets
139
225
24
388
Current liabilities
-
(225)
-
(225)
Total net assets
139
-
3,765
3,904
17
Pension and similar obligations

The academy trust's employees belong to two principal pension schemes: the Teachers' Pension Scheme England and Wales (TPS) for academic and related staff; and the Local Government Pension Scheme (LGPS) for non-teaching staff, which is managed by Cambridgeshire 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 the latest triennial valuation of the LGPS related to the period ended 31 March 2022. The Trust has received an actuarial report relating to the valuation of the LGPS as at 31 August 2024.

There were no outstanding or prepaid contributions at either the beginning or the end of the financial year.

Teachers' Pension Scheme
Introduction

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

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

CROSSHALL INFANT SCHOOL ACADEMY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
17
Pension and similar obligations
(Continued)
- 41 -
Valuation of the Teachers' Pension Scheme

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

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

 

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

The employer's pension costs paid to the TPS in the period amounted to £138,487 (2023: £140,111).

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

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

Local Government Pension Scheme

The LGPS is a funded defined benefit pension scheme, with the assets held in separate trustee-administered funds. The total contributions are as noted below. The agreed contribution rates for future years are 17.1% for employers and 5.5-12.5% for employees.

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

Total contributions made
2024
2023
£'000
£'000
Employer's contributions
118
136
Employees' contributions
38
42
Total contributions
156
178
CROSSHALL INFANT SCHOOL ACADEMY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
17
Pension and similar obligations
(Continued)
- 42 -
Principal actuarial assumptions
2024
2023
%
%
Rate of increase in salaries
3.15
3.45
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
21.5
21.6
- Females
24.8
24.8
Retiring in 20 years
- Males
22.0
22.1
- Females
26.0
26.1
Sensitivity analysis

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

2024
2023
Discount rate - 0.1%
73
65
Mortality assumption + 1 year
125
113
CPI rate + 0.1%
72
61
The academy trust's share of the assets in the scheme
2024
2023
Fair value
Fair value
£'000
£'000
Equities
2,242
2,163
Bonds
928
676
Property
619
507
Other assets
77
34
Total market value of assets
3,866
3,380
Restriction on scheme assets
(185)
-
Net assets recognised
3,681
3,380
The actual return on scheme assets was £379,000 (2023: £104,000).
CROSSHALL INFANT SCHOOL ACADEMY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
17
Pension and similar obligations
(Continued)
- 43 -
Amount recognised in the statement of financial activities
2024
2023
£'000
£'000
Current service cost
146
210
Interest income
(179)
(136)
Interest cost
150
130
Total amount recognised
117
204

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
3,380
3,112
Current service cost
146
210
Interest cost
150
130
Employee contributions
38
42
Actuarial loss/(gain)
16
(100)
Benefits paid
(49)
(14)
At 31 August 2024
3,681
3,380
Changes in the fair value of the academy trust's share of scheme assets
2024
2023
£'000
£'000
At 1 September 2023
3,380
3,112
Interest income
179
136
Actuarial (gain)/loss
200
(32)
Employer contributions
118
136
Employee contributions
38
42
Benefits paid
(49)
(14)
At 31 August 2024
3,866
3,380
Restriction on scheme assets
(185)
-
Net assets recognised
3,681
3,380
CROSSHALL INFANT SCHOOL ACADEMY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 44 -
18
Reconciliation of net expenditure to net cash flow from operating activities
2024
2023
Notes
£'000
£'000
Net expenditure for the reporting period (as per the statement of financial activities)
(17)
(326)
Adjusted for:
Capital grants from DfE and other capital income
(7)
(25)
Defined benefit pension costs less contributions payable
17
28
74
Defined benefit pension scheme finance income
17
(29)
(6)
Depreciation of tangible fixed assets
89
98
(Increase)/decrease in debtors
(4)
11
(Decrease)/increase in creditors
(81)
5
Net cash used in operating activities
(21)
(169)
19
Analysis of changes in net funds
1 September 2023
Cash flows
31 August 2024
£'000
£'000
£'000
Cash
363
(24)
339
20
Long-term commitments
Operating leases
At 31 August 2024 the total of the academy trust's future minimum lease payments under non-cancellable operating leases was:
2024
2023
£'000
£'000
Amounts due within one year
4
4
Amounts due in two and five years
4
47
8
51
21
Related party transactions

No related party transactions took place in the period of account, other than certain trustees' remuneration and expenses already disclosed in note 9.

CROSSHALL INFANT SCHOOL ACADEMY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 45 -
22
Members' liability

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

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