Company registration number 07588464 (England and Wales)
THE BAY LEARNING TRUST
(A COMPANY LIMITED BY GUARANTEE)
ANNUAL REPORT AND ACCOUNTS
FOR THE YEAR ENDED
31 AUGUST 2024
31 August 2024
THE BAY LEARNING TRUST
CONTENTS
Page
Reference and administrative details
1 - 2
Trustees' report
3 - 11
Governance statement
12 - 16
Statement on regularity, propriety and compliance
17
Statement of trustees' responsibilities
18
Independent auditor's report on the accounts
19 - 22
Independent reporting accountant's report on regularity
23 - 24
Statement of financial activities including income and expenditure account
25 - 26
Balance sheet
27
Statement of cash flows
28
Notes to the accounts including accounting policies
29 - 56
THE BAY LEARNING TRUST
REFERENCE AND ADMINISTRATIVE DETAILS
- 1 -
Members
Prof J Crewdson
- Appointed 16 October 2023
Mr I Parks
- Resigned 16 October 2023
Canon S Whittaker
Prof C J Carr
Rt Revd Dr J Duff
Revd L Vasey-Saunders
Trustees
Rev Canon P Ballard
Mr B Ardern
Mrs D Cheetham
Prof J Crewdson (Chairman)
Mr M Dudfield
Mrs N Gomersall
Mrs S Kenyon (Accounting Officer)
Mr C Hopkinson
Mr P Bell
Mrs J Watson
Mr P Boustead
Executive team
- Chief Executive Officer
Mrs S Kenyon
- Executive Headteacher of Ripley St Thomas C of E Academy
Mrs C Walmsley
- Headteacher, Carnforth High School
Mr T Iddon
- Director of Operations, Estates & ICT from 1 April 2024
Mr G Gomersall
- Executive Headteacher of Morecambe Bay Academy & Central Lancaster High School, Director of School Improvement from 1 September 2024
Mr J Cowper
- Chief Operating Officer/Chief Financial Officer
Mr A McKinnell
- Deputy CEO to 31 December 2023, Director of Primary Education & Executive Headteacher of Barnacre Road Primary School from 1 January 2024
Mrs S Farrimond
- Director of SCITT & Professional Development
Mrs F Ackroyd
- Director of Finance & Operations to 31 December 2023
Mr P Jarvis
- Headteacher of Longridge High School from 1 October 2023
Mrs J Green
Company secretary
Mr A McKinnell
Company registration number
07588464 (England and Wales)
THE BAY LEARNING TRUST
REFERENCE AND ADMINISTRATIVE DETAILS
- 2 -
Registered office
The Lodge
Ripley St Thomas Academy
Ashton Road
Lancaster
Lancashire
LA1 4RR
Academies operated
Location
Headteacher
Ripley St Thomas CE Academy
Lancaster
Mrs C Walmsley
Carnforth High School
Carnforth
Mr T Iddon
Morecambe Bay Academy
Morecambe
Mr J Cowper
Central Lancaster High School
Lancaster
Mr J Cowper
Barnacre Road Primary School
Preston
Mrs S Farrimond
Longridge High School
Preston
Mrs J Green
Independent auditor
Mitchell Charlesworth (Audit) Limited
24 Nicholas Street
Chester
CH1 2AU
Bankers
Lloyds Bank plc
49 Market Street
Lancaster
LA1 1 JH
Solicitors
Hill Dickinson LLP
No.1 St. Pauls Square
Liverpool
Merseyside
L3 9SJ
THE BAY LEARNING 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 trust operates 6 academies for pupils aged 4-18 serving in Lancashire; Ripley St Thomas Church of England Academy, Carnforth High School, Morecambe Bay Academy, Central Lancaster High School, Longridge High School and Barnacre Road Primary School.

 

Pupil capacity: Ripley 1,764; Carnforth 754; Morecambe 1,539; Central 750; Longridge 859; Barnacre 230; Total capacity 5,896.

 

Roll: Ripley 1,743 (98.8%); Carnforth 682 (90.5%); Morecambe 1,039 (67.5%); Central 586 (75.7%); Longridge 824 (95.9%); Barnacre 188 (81.7%); Total on roll 5,062 (85.9%)

 

Census date: 3 October 2024

 

Structure, governance and management
Constitution

The 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 trust. The charitable company operates as The Bay Learning Trust.

The trustees of The Bay Learning 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

The trustees’ are indemnified in respect of their legal liability for financial loss arising as a result of a negligent act, accidental error or omission in the course of their official duties. The limit of this indemnity is £10,000,000.

Method of recruitment and appointment or election of trustees

In accordance with the Articles of Association the members appoint a minimum of 7 trustees as well as up to 6 co-opted by the trustees.

 

In order to find potential new trustees, contact is made with relevant external agencies such as academy ambassadors as well as utilising personal contacts that existing trustees and members have with other organisations.

 

When any appointment of a trustee is to be made, the information obtained from a regularly conducted skills audit of trustees is used to identify areas of  knowledge and experience to be sought in any new trustees. Any potential new trustees are also subject to a selection process involving submission of a CV, personal interviews with the chair of trustees, the CEO and other appropriate members or relevant executive team individuals. Recommendation on appointment of any potential new trustee is subsequently made (along with selection process information provided) to the full board meeting and to members where required.

Policies and procedures adopted for the induction and training of trustees

Newly appointed trustees are provided with recent minutes and other key documents prior to an induction session with the CEO and chair of trustees. The trustees have access to training, and, where appropriate, trustee meeting agendas include a focus item on key issues.

 

THE BAY LEARNING TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 4 -
Organisational structure

The trustees are responsible for setting general policy, adopting an annual plan and budget, monitoring the trust by the use of budgets and making major decisions about the direction of the trust, capital expenditure and all trust staff appointments.

 

The Bay Learning Trust Executive Team consists of the Chief Executive Officer, Chief Operating Officer/Chief Financial Officer, Executive Headteachers of Barnacre Road Primary School, Morecambe Bay Academy and Central Lancaster High School, Headteachers of Carnforth High School and Longridge High School, the Director of SCITT and Professional Development and the Director of Operations, Estates and ICT.

 

These leaders control the trust at an executive level implementing the policies laid down by the trustees and reporting back to them. As a group the Executive Leadership Team is responsible for the authorisation of spending within agreed budgets and the appointment of staff, though appointment boards for posts in the Executive Leadership Team always contain a trustee.

Arrangements for setting pay and remuneration of key management personnel

Pay and remuneration of the Executive Team is reviewed on an annual basis or at other times during the academic year when a business need arises.  Annual pay progression is taken to the board where it is reviewed to ensure it is proportionate to the size of the trust.  Executive Team pay is published in line with the Academy Trust Handbook.

Trade union facility time
Relevant union officials
Number of employees who were relevant union officials during the relevant period
10
Full-time equivalent employee number
8.42
Percentage of time spent on facility time
Percentage of time
Number of employees
0%
5
1%-50%
5
51%-99%
-
100%
-
Percentage of pay bill spent on facility time
Total cost of facility time
4,916
Total pay bill
25,693,112
Percentage of the total pay bill spent on facilty time
-
Paid trade union activities
Time spent on paid trade union activities as a percentage of total paid facility time hours
20%
THE BAY LEARNING TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 5 -
Engagement with employees

The trust has around 700 employees engaged across the six trust schools. In addition, the trust has 8 Central Team employees. Headteachers and senior leaders in each school communicate with staff, holding regular staff meetings. Staff also receive weekly bulletins from senior leaders regarding issues arising in school.

A number of informal networks exist across the trust and leaders from each of our schools support in other trust schools as required. Headteachers and School Business Managers meet regularly to share their expertise and find solutions to common issues such as rising energy costs.

The trust is committed to ensuring good relationships develop and are maintained with recognised Trade Unions. A Trade Union Recognition Agreement was finalised in March 2018 and regular meetings of the Joint Consultation and Negotiation Committee (JCNC) have taken place since then. There have also been regular consultation meetings with staff and members of Trade Unions at a local level.

The trust carries out regular surveys of staff, parents and pupils. Survey results are reported to local governing bodies and directors so that the trust can respond effectively to any feedback. Staff are engaged in discussions regarding the educational performance of their students. Key information about this and other performance information is published on each trust academy school website.

Employees are also updated on activities and initiatives in our trust schools through ‘Across the Bay’, the monthly trust newsletter.

The trust is committed to promoting equality of opportunity for all staff and job applicants as set out in its Equal Opportunities Policy, which is published on the trust website. The Equal Opportunities Policy states that we will not unlawfully discriminate against staff on the basis of disability. The Equal Opportunities Policy applies to all aspects of the trust’s relationship with staff and to relations between staff members at all levels. This includes job advertisements, recruitment, selection, training and development, opportunities for promotion, conditions of service, pay and benefits.

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

The trust works with both internal and external stakeholders in accordance with the “Seven Principles of Public Life” these being: Selflessness, Integrity, Objectivity, Accountability, Openness, Honesty and Leadership. The trust relies on external suppliers for the provision of key services and said suppliers are treated on the same basis to establish and maintain a good working relationship.

The trust’s procurement procedure is dealt with in accordance with the provisions of its Financial Framework, which sets out the correct process to be followed and the relevant financial delegations applying across all trust academy schools. The trust aims to achieve best value for money and best price possible from all its suppliers given that a large proportion will be paid for with public funds. The trust is required to maintain the integrity of those funds whilst ensuring that a fair process is published and followed.

 

Communication with students and parents/carers has been established through use of an individual school’s methods. Schools provide virtual tours, virtual parents’ evenings and other events, including the provision of on-line learning, where face-to-face interactions have not been possible. The trust carries out an annual parental survey which is anonymous and hosted by Edurio. This allows the trust to measure parents’ responses to many areas of school life and judge them against schools nationally. Each school and the Central Team then create an action plan to address any areas of concern.

 

The trust and all of its schools are within a single local authority area. Lancashire County Council (LCC) has responsibility for both primary and secondary school admissions. Trust schools continue to buy into some services from LCC where appropriate and cost effective.

THE BAY LEARNING TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 6 -
Related parties and other connected charities and organisations

Lancaster, Ripley Church of England Educational Trust (charity number 526393) is a charitable trust based in Lancaster. Its charitable objects include providing support to Ripley St Thomas C of E Academy and other faith schools in the Lancaster area. Revd L Vasey-Saunders currently sits on the Board as the chair of trustees.

 

Believe Education Trust (charity number 1154141) is a charitable trust based in Lancaster. Its charitable objects include furthering the education of 11-19 year olds in the North West of England. Prof J Crewdson currently sits on the Board as the chair of trustees.

 

Related party transactions are disclosed in the notes to the accounts.

Objectives and activities
Objects and aims

The aim of the trust is to build a community of like-minded schools in the North West that work closely together to secure an excellent education for all our young people. The trust will:

 

Objectives, strategies and activities

The trust’s strategic objectives include:

 

 

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

Public benefit

The trustees have considered the Charity Commission’s guidance on Public Benefit. The key public benefit is currently delivered by the trust through the maintenance and development of the high-quality education provided by its academies.

 

In doing this, academies not only offer a broadly-based academic education but aim to educate the whole individual. A very wide range of extra-curricular activities, educational trips, visits and foreign trips is offered and undertaken.

THE BAY LEARNING TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 7 -
Strategic report
Achievements and performance

Morecambe Bay Academy was inspected in September 2023 and judged to be good on every aspect. This is a great accolade for the trust as Morecambe joined us as an inadequate school. Central Lancaster High School was also inspected in September 2023 and was judged to be good on every aspect. This again is a significant milestone for the Trust as Central Lancaster High School joined us with standards well below the national average.

 

We have experienced a new phase of growth with Longridge High School and Barnacre Road Primary School joining us. Longridge joined on 1 October 2023 and Barnacre Road Primary on 1 February 2024.

 

Ripley ITT has sustained its growth against a nationally declining picture of teacher recruitment. All trainees secured employment following successful completion of their training.

 

The trust has a Director of School Improvement and team of School Improvement Partners (SIPs) providing high-quality support to the Headteachers and their teams. They ensure that there is regular, objective feedback on standards in all of the trust schools. Leaders also provided Trust School Improvement Offer (TSIO) funded by the DFE for a number of Lancashire Schools.

 

Governance is very much strengthened across the trust with greater alignment between the level of support and challenge offered by local governing bodies. We have successfully recruited and appointed two new chairs of governors in our schools.

Key performance indicators

Financial

The year has been a challenging one again financially with continued inflationary pressures on various cost areas. The trust central fee continues to be allocated toward investment in school improvement across the Trust.

 

Total free (Unrestricted and GAG) reserves represent 7% of income, which is within the target range of 5-10% as set out in the reserves policy. The level of free reserves varies across the trust. trust central reserves are 1%, which is below the target level of 5% of total annual GAG income.

 

Staff costs as a percentage of total revenue income and total revenue costs is 75% and 76% respectively. This is monitored on an ongoing basis to ensure that staffing levels remain sustainable across the trust.

 

Other

The trust continues to monitor the performance of its schools through its School Improvement Team. We have seen significantly improved results at some of our schools this year and a static picture at others. Attendance remains a post-pandemic key priority.

 

The trust has significantly improved provision for those pupils who are disabled or who have special educational needs (SEND). We have invested heavily in staff training in this regard. The Trust Literary Canon and the Tutor Time reading programme continues to be successful in ensuring that all pupils read regularly for pleasure.

 

The trust operates in line with the requirements of its Funding Agreement with the Education and Skills Funding Agency (ESFA) and manages its reserves in line with the Trust’s Financial Framework.

Going concern

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

THE BAY LEARNING TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 8 -
Protecting the success of the trust

The trust provides systems, structures and external networks to support the work in the trust schools to enable them to prioritise their time on teaching, learning strategies and outcomes at their schools. The trust believes that this allows school leadership and local committees to focus on the needs of the students in their schools within a supportive framework.

 

The trust works hard to ensure that each school environment is fit for purpose and that environmental impact is considered when decisions are made regarding trust infrastructure. Recent building projects at trust schools have used local and regional workforces and ecological standards have been observed.

 

The professional conduct of our trustees, governors, staff and visitors is of utmost importance to the trust. All are expected to abide by relevant codes of conduct and trust policy.

Financial review

Most of the trust’s income is obtained from the DfE in the form of its General Annual Grant (GAG), the use of which is restricted to particular purposes; i.e. the objectives of the trust. The GAG received during the period covered by this report and the associated expenditure is shown as restricted funds in the statement of financial activities.

 

During the year ended 31 August 2024, total expenditure of £38,615,000 (2023: £31,045,000) 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 £14,433,000 (2023: £2,309,000). Academy conversions contributed £12,366,000 to incoming resources.

 

As at the 31 August 2024, the net book value of fixed assets was £83,956,000 (2023: £69,468,000 restated), including the value of the land and buildings which are leased on a 125-year lease. 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 each academy school annually. This review encompasses the nature of income and expenditure streams, the need to match income with commitments and the nature of reserves.

 

Under its Funding Agreement with the Secretary of State for Education, The Bay Learning Trust is permitted to hold unlimited reserves at the year end.

 

The Trustees’ Finance and Resources Committee has reviewed these reserve levels and believes that they should provide sufficient working capital to cover delays between spending and receipt of grants and to allow for unexpected emergencies.

 

The trust will maintain free reserves at a minimum level of 5% of income up to a maximum of 10% of income.

 

‘Free reserves’ are defined as the combined total of Unrestricted and General Annual Grant (GAG) reserves.

 

‘Income’ is defined as the combined total of Unrestricted and General Annual Grant (GAG) income.

 

Where a school holds in excess of 10% of free reserves a plan showing how the excess will be spent is expected. The aim is for the trust to hold 5% of total annual GAG income as central reserves.

The trust has overall reserves of £88,954,000 (2023: £79,089,000). Included within is restricted general reserves (excluding pension & fixed asset reserves) of £1,462,000 (2023: £1,460,000) and unrestricted reserves of £753,000 (2023: £770,000). The total free reserves (excluding pension & fixed asset reserves) amounts to £2,215,000 (2023: £2,230,000).

The pension scheme surplus as at 31 August 2024 was restricted to £nil (2023: £2,889,000). The vast majority of the movement of the pension scheme is due to actuarial assumptions and does not have a direct cash impact.

As at 31 August 2024 the trustees consider that the trust’s free reserves held are satisfactory for the level of the trust’s operations.

THE BAY LEARNING TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 9 -
Investment policy

The trust aims to manage cash balances to provide the working capital required for its day-to-day operations, whilst protecting the long-term value of any surpluses against inflation. The trust therefore aims to invest surplus cash funds in a way that optimises returns whilst ensuring there is minimal risk of loss of these funds. In order to make the best use of surplus cash funds to generate additional income the trust must ensure the following objectives are met:

 

 

Regular cash flow forecasts are prepared and monitored to ensure there are adequate liquid funds to meet all payroll commitments and outstanding creditors due for payment.

 

Where cash flow forecasts indicate that a base level of cash funds will be surplus to the day-to-day requirements of the trust these funds may be invested following approval by the Finance and Resources Committee.

 

In making decisions with regard to investment options the Finance Director will compare interest rates and returns across the market to ensure the trust is getting a fair return, having due regard for the economic situation at that time.

 

In general, the cash shall be invested in short term investment accounts, with an average duration of less than one year. Proposals for longer term investments would need further approval of the Finance and Resources Committee.

Principal risks and uncertainties

Risk Management

 

The trustees have assessed the major risks to which the trust is exposed, this includes those risks impacting on trustees' responsibilities to ensure the trust's estate is safe, well maintained and complies with relevant regulations. The trustees have implemented a number of systems to assess risks in the operational areas of the trust and in relation to the control of finance. A Risk Register has been completed and is reviewed annually.

 

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.

 

Defined benefit pension scheme risk

Although historically this has been in deficit overall, four academies are in surplus and have no deficit payments. Deficit payments continue to be budgeted for and paid as required in line with the latest available valuations.

 

The trust does not have any credit facilities other than credit cards. The balances on these cards are settled in full each month in line with ATH guidance. Cashflow is monitored across the trust to ensure each academy has sufficient available funds to meet their working capital requirements.

 

The trust’s total bank and cash balances at 31 August 2024 are shown on the balance sheet.

 

All suppliers are engaged on standard terms and payments made on a weekly basis to ensure suppliers are paid on time.

THE BAY LEARNING TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 10 -
Financial and risk management objectives and policies

All financial risks are shown above in Principal risks.

Fundraising

The trust does not use any external fundraisers. 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
2024
2023
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
- Gas combustion
3,586,078
2,532,492
- Fuel consumed for transport
51,022
12,651
- Electricity purchased
2,005,918
1,677,348
5,643,018
4,222,491
2024
2023
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
723.11
512.25
- Fuel consumed for owned transport
5.18
1.34
728.29
513.59
Scope 2 - indirect emissions
- Electricity purchased
387.90
324.37
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the trust
8.30
2.00
Total gross emissions
1,124.49
839.96
Intensity ratio
Tonnes CO2e per pupil
0.23
0.21
Quantification and reporting methodology

We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the 2024 UK Government’s Conversion Factors for Company Reporting.

Intensity measurement

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

THE BAY LEARNING TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 11 -
Measures taken to improve energy efficiency

We now record monthly meter readings across all sites to improve out understanding of energy consumption.

 

We plan to conduct an energy audit across the trust to better understand the actions we need to take to reduce our carbon footprint.

 

We are exploring the option of installing PV panels on the roofs of several of our academies with the aim of reducing energy consumption by over 20%.

 

Plans for future periods

The trust will continue to work to improve pupils’ performance at all levels. There remains a focus on developing reading across all provision to ensure that staff are able to:

 

 

 

Our growth plans continue to focus on Primary Schools including Church of England Primary Schools.

 

The trust continues to focus on delivering outstanding teaching and learning through ensuring all staff members are highly trained. It continues to pursue its ambition to raise achievement even further, working towards improved outcomes for our students in both terminal examinations and rates of progress.

Funds held as custodian trustee on behalf of others

The trust does not hold any funds as custodian for others.

Auditor

In so far as the trustees are aware:

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

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

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

The trustees' report, incorporating a strategic report, was approved by order of the board of trustees, as the company directors, on 16 December 2024 and signed on its behalf by:

Prof J Crewdson
Chairman
THE BAY LEARNING 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 The Bay Learning 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 CEO, as accounting officer, for ensuring financial controls conform with the requirements of both propriety and good financial management and in accordance with the requirements and responsibilities assigned to it in the funding agreement between The Bay Learning 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. Attendance during the year at meetings of the board of trustees was as follows:

Trustees
Meetings attended
Out of possible
Rev Canon P Ballard
4
4
Mr B Ardern
4
4
Mrs D Cheetham
3
4
Prof J Crewdson (Chairman)
4
4
Mr M Dudfield
3
4
Mrs N Gomersall
4
4
Mrs S Kenyon (Accounting Officer)
4
4
Mr C Hopkinson
4
4
Mr P Bell
4
4
Mrs J Watson
2
4
Mr P Boustead
2
4

The were no major changes to the board during the year.

 

Trustees are allocated to one or more of three Committees which are as follows: Finance and Resources, Quality and Standards, Audit and Risk. Other ad hoc committees are convened as and when needed. These committees meet on a regular termly cycle. Under the agreed Scheme of Delegation, each academy school has a Local Governing Body with the required two parent representatives to support the work of the board of trustees.

 

The involvement of trustees on the three sub-committees enables them to maintain effective oversight of the trust. It was determined that the board of trustees meet formally four times during the period 1 September 2023 to 31 August 2024.

Conflicts of interest

On an annual basis Members, Trustees and the Executive Team complete Register of Business Interests Forms and a Related Party Questionnaire. These ensure confirmation of any connections and enable identification of any relevant transactions. There is a standing agenda item for every board meeting where attendees are asked to declare any new interests and update their individual Register of Business Interests Form. This is also an item for Local Governing Body meetings and we ask our school governors to do the same.

THE BAY LEARNING TRUST
GOVERNANCE STATEMENT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 13 -
Meetings

The involvement of trustees on the three sub-committees enables them to maintain effective oversight of the trust. It was determined that the board of trustees meet formally four times during the period 1 September 2023 to 31 August 2024.

Governance reviews

Each year the Board reviews the composition, skills mix and roles of Directors.

 

During 2023-24 there were no changes in the membership of the Board.

 

The only change in the sub-committee membership was for Sally Kenyon to resign from the Audit and Risk Committee, to attend as an observer going forward. This is in line with guidance per the 2024 Academy Trust Handbook.

 

All Directors received and read the annually updated Academy Trust Governance Guide, the Academy Trust Handbook and publications relating to Keeping Children Safe in Education.

 

Where appropriate necessary action was taken and updated training provided for Directors, especially those members of relevant sub-committees. All Directors complete a Declaration of Business and Personal Interest pro forma annually, which is retained by the Governance Professional. This enables potential conflicts of interest to be identified, declared and avoided.

 

The Board commissions specialist external reviews of the effectiveness of various aspects of its governance and the operation of its local governing bodies. Where necessary appropriate action is taken to address concerns or weaknesses.

 

Action is also taken following any relevant recommendations from internal scrutiny, external audit, Ofsted and SIAMS. There were two Ofsted inspections in 2023-24 with both the inspected schools judged to be ‘good’, thereby confirming that the work of the Board in addressing weaknesses had been effective.

 

The Finance and Resources Committee is a sub-committee of the main board of trustees. Its purpose is to:

 

 

 

THE BAY LEARNING TRUST
GOVERNANCE STATEMENT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 14 -

The chair of the Finance and Resources Committee is Rev Canon P Ballard. Attendance at meetings in the year was as follows:

Trustees
Meetings attended
Out of possible
Rev Canon P Ballard
3
3
Mr B Ardern
2
3
Prof J Crewdson (Chairman)
3
3
Mr M Dudfield
3
3
Mrs S Kenyon (Accounting Officer)
3
3
Mr C Hopkinson
0
3
Review of value for money

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

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

 

 

 

During 2023-24, the following have been specific areas of focus;

 

 

 

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

The system of internal control is designed to manage risk to a reasonable level rather than to eliminate all risk of failure to achieve policies, aims and objectives. It can therefore only provide reasonable and not absolute assurance of effectiveness. The system of internal control is based on an on-going process designed to identify and prioritise the risks to the achievement of trust policies, aims and objectives, to evaluate the likelihood of those risks being realised and the impact should they be realised, and to manage them efficiently, effectively and economically. The system of internal control has been in place in The Bay Learning 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 trust is exposed together with the operating, financial and compliance controls that have been implemented to mitigate those risks. The board of trustees is of the view that there is a formal ongoing process for identifying, evaluating and managing the trust's significant risks that has been in place for the period 1 September 2023 to 31 August 2024 and up to the date of approval of the annual report and accounts. This process is regularly reviewed by the board of trustees.

The risk and control framework

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

 

The board of trustees has decided:

 

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

 

On a biannual basis, the reviewer reports 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.

Review of effectiveness

As accounting officer, the 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 BAY LEARNING TRUST
GOVERNANCE STATEMENT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 16 -

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

Conclusion

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

Approved by order of the board of trustees on 16 December 2024 and signed on its behalf by:

Prof J Crewdson
Mrs S Kenyon
Chairman
Accounting Officer
THE BAY LEARNING TRUST
STATEMENT OF REGULARITY, PROPRIETY AND COMPLIANCE
FOR THE YEAR ENDED 31 AUGUST 2024
- 17 -

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

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

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

Mrs S Kenyon
Accounting Officer
18 December 2024
THE BAY LEARNING TRUST
STATEMENT OF TRUSTEES' RESPONSIBILITIES
FOR THE YEAR ENDED 31 AUGUST 2024
- 18 -

The trustees (who are also the directors of The Bay Learning 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 16 December 2024 and signed on its behalf by:

Prof J Crewdson
Chairman
THE BAY LEARNING TRUST
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE BAY LEARNING TRUST
FOR THE YEAR ENDED 31 AUGUST 2024
- 19 -

Opinion

We have audited the accounts of The Bay Learning 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 trust in accordance with the ethical requirements that are relevant to our audit of the accounts in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

 

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

 

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

Other information

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

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

-

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

-

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

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

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

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

-

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

-

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

-

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

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

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

Auditor's responsibilities for the audit of the accounts

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

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:

 

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

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 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 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:

 

 

 

 

 

 

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.

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

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
18 December 2024
Accountants
Statutory Auditor
24 Nicholas Street
Chester
CH1 2AU
THE BAY LEARNING TRUST
INDEPENDENT REPORTING ACCOUNTANT'S ASSURANCE REPORT ON REGULARITY TO THE BAY LEARNING TRUST AND THE EDUCATION AND SKILLS FUNDING AGENCY
FOR THE YEAR ENDED 31 AUGUST 2024
- 23 -

In accordance with the terms of our engagement letter dated 15 July 2022 and further to the requirements of the Education and Skills Funding Agency (ESFA) as included in the Academies Accounts Direction 2023 to 2024, we have carried out an engagement to obtain limited assurance about whether the expenditure disbursed and income received by The Bay Learning 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 The Bay Learning Trust and ESFA in accordance with the terms of our engagement letter. Our work has been undertaken so that we might state to the The Bay Learning 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 The Bay Learning Trust and ESFA, for our work, for this report, or for the conclusion we have formed.

Respective responsibilities of The Bay Learning Trust's accounting officer and the reporting accountant

The accounting officer is responsible, under the requirements of The Bay Learning Trust’s funding agreement with the Secretary of State for Education dated 30 April 2019 and the Academy Trust Handbook, extant from 1 September 2023, for ensuring that expenditure disbursed and income received is applied for the purposes intended by Parliament and the financial transactions conform to the authorities which govern them.

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

Approach

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

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

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

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

The work undertaken to draw to our conclusion includes:

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

In the course of our work, except for the matters listed below, 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: 18 December 2024
THE BAY LEARNING TRUST
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 AUGUST 2024
- 25 -
Unrestricted
Restricted funds:
Total
Total
funds
General
Fixed asset
2024
2023
as restated
Notes
£'000
£'000
£'000
£'000
£'000
Income and endowments from:
Donations and capital grants
3
12
22
2,631
2,665
3,683
Donations - transfer from local authority on conversion
30
343
1,226
10,797
12,366
-
Charitable activities:
- Funding for educational operations
4
32
36,672
-
36,704
27,845
Other trading activities
5
818
466
-
1,284
1,811
Investments
6
29
-
-
29
15
Total
1,234
38,386
13,428
53,048
33,354
Expenditure on:
Raising funds
7
-
37
-
37
-
0
Charitable activities:
- Educational operations
9
1,251
36,775
552
38,578
31,045
Total
7
1,251
36,812
552
38,615
31,045
Net income/(expenditure)
(17)
1,574
12,876
14,433
2,309
Transfers between funds
18
-
107
(107)
-
-
Other recognised gains/(losses)
Actuarial (losses)/gains on defined benefit pension schemes
20
-
(23)
-
(23)
2,969
Adjustment for restriction on pension assets
20
-
(4,545)
-
(4,545)
-
Revaluation of fixed assets
13
-
-
-
-
19,637
Net movement in funds
(17)
(2,887)
12,769
9,865
24,915
Reconciliation of funds
Total funds brought forward (as originally stated)
770
4,349
48,969
54,088
Prior year adjustment
-
-
25,001
25,001
Total funds brought forward (as restated)
770
4,349
73,970
79,089
54,174
Total funds carried forward
753
1,462
86,739
88,954
79,089
THE BAY LEARNING TRUST
STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 26 -
Comparative year information
Unrestricted
Restricted funds:
Total
Year ended 31 August 2023
funds
General
Fixed asset
2023
As restated
Notes
£'000
£'000
£'000
£'000
Income and endowments from:
Donations and capital grants
3
-
76
3,607
3,683
Charitable activities:
- Funding for educational operations
4
-
27,845
-
27,845
Other trading activities
5
1,085
726
-
1,811
Investments
6
15
-
-
15
Total
1,100
28,647
3,607
33,354
Expenditure on:
Charitable activities:
- Educational operations
9
1,100
29,516
429
31,045
Total
7
1,100
29,516
429
31,045
Net income/(expenditure)
-
(869)
3,178
2,309
Transfers between funds
18
-
(355)
355
-
Other recognised gains/(losses)
Actuarial gains on defined benefit pension schemes
20
-
2,969
-
2,969
Revaluation of fixed assets
13
-
-
19,637
19,637
Net movement in funds
-
1,745
23,170
24,915
Reconciliation of funds
Total funds brought forward
770
2,604
50,800
54,174
Total funds carried forward
770
4,349
73,970
79,089
THE BAY LEARNING TRUST
BALANCE SHEET
AS AT 31 AUGUST 2024
- 27 -
2024
2023
as restated
Notes
£'000
£'000
£'000
£'000
Fixed assets
Tangible assets
13
83,956
69,468
Current assets
Debtors
14
4,745
5,788
Cash at bank and in hand
4,103
4,546
8,848
10,334
Current liabilities
Creditors: amounts falling due within one year
15
(2,984)
(3,229)
Net current assets
5,864
7,105
Total assets less current liabilities
89,820
76,573
Creditors: amounts falling due after more than one year
16
(866)
(373)
Net assets excluding pension asset
88,954
76,200
Defined benefit pension scheme asset
20
-
2,889
Total net assets
88,954
79,089
Funds of the trust:
Restricted funds
18
- Fixed asset funds
86,739
73,970
- Restricted income funds
1,462
1,460
- Pension reserve
-
2,889
Total restricted funds
88,201
78,319
Unrestricted income funds
18
753
770
Total funds
88,954
79,089

The accounts on pages 25 to 56 were approved by the trustees and authorised for issue on 16 December 2024 and are signed on their behalf by:

Prof J Crewdson
Chairman
Company registration number 07588464 (England and Wales)
THE BAY LEARNING TRUST
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2024
- 28 -
2024
2023
as restated
Notes
£'000
£'000
£'000
£'000
Cash flows from operating activities
Net cash used in operating activities
21
(885)
(2,128)
Cash funds transferred on conversion
30
343
-
(542)
(2,128)
Cash flows from investing activities
Dividends, interest and rents from investments
29
15
Capital grants from DfE Group
3,264
4,618
Capital funding received from sponsors and others
518
1,770
Purchase of tangible fixed assets
(4,243)
(7,294)
Net cash used in investing activities
(432)
(891)
Cash flows from financing activities
New other loan
573
-
Repayment of long term bank loan
(35)
-
Repayment of other loan
(7)
(34)
Net cash provided by/(used in) financing activities
531
(34)
Net decrease in cash and cash equivalents in the reporting period
(443)
(3,053)
Cash and cash equivalents at beginning of the year
4,546
7,599
Cash and cash equivalents at end of the year
4,103
4,546
THE BAY LEARNING TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 29 -
1
Accounting policies

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

1.1
Basis of preparation

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

 

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 trust has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the trust’s ability to continue as a going concern. Thus they continue to adopt the going concern basis of accounting in preparing the accounts.

1.3
Conversion to an academy trust

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

 

The assets and liabilities transferred on conversion from Barnacre Road Primary School and Longridge High School to the academy trust have been valued at their fair value. The fair value has been derived based on that of equivalent items. The amounts have been recognised under the appropriate balance sheet categories, with a corresponding amount recognised in Donations – transfer from local authority on conversion in the Statement of Financial Activities and analysed under unrestricted funds, restricted general funds and restricted fixed asset funds. Further details of the transaction are set out in note 30.

1.4
Income

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

Grants

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

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

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

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 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 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 trust‘s accounting policies.

1.5
Expenditure

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

 

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

All resources expended are inclusive of irrecoverable VAT.

Expenditure on raising funds

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

THE BAY LEARNING TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 31 -
Charitable activities

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

1.6
Tangible fixed assets and depreciation

Assets costing £5,000 (excluding VAT) 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
over the remainder of the 125 year lease straight line
Computer equipment
33% straight line
Fixtures, fittings & equipment
33% straight line
Motor vehicles
25% straight line

The assets in each valuation were valued using a depreciated replacement cost model and are to be depreciated over the remaining lease period.

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

1.7
Liabilities

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

1.8
Leased assets

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

1.9
Financial instruments

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

Financial assets

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

 

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

THE BAY LEARNING TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 32 -
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 trust is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the trust is potentially exempt from taxation in respect of income or capital gains received within categories covered by chapter 3 part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

1.11
Pensions benefits

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

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

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

1.12
Fund accounting

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

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

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

THE BAY LEARNING TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 33 -
1.13

Agency arrangements

The Trust acts as an agent in distributing 16-19 bursary funds from ESFA. Payments received from ESFA and subsequent disbursements to students are excluded from the statement of financial activities as the Trust does not have control over the charitable application of the funds. The Trust can use up to 5% of the allocation towards its own administration costs and this is recognized in the statement of financial activities. The funds received and paid and any balances held are disclosed in note 28.

1.14

Provisions

Provisions are recognised when the 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 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 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.

 

 

 

THE BAY LEARNING TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 34 -
3
Donations and capital grants
Unrestricted
Restricted
Total
Total
funds
funds
2024
2023
£'000
£'000
£'000
£'000
Capital grants
-
2,113
2,113
3,587
Other donations
12
540
552
96
12
2,653
2,665
3,683
4
Funding for the trust's charitable activities
Unrestricted
Restricted
Total
Total
funds
funds
2024
2023
£'000
£'000
£'000
£'000
DfE/ESFA grants
General annual grant (GAG)
-
27,321
27,321
21,033
Other DfE/ESFA grants:
- Pupil premium
-
1,277
1,277
972
- Start up grants
-
141
141
25
- National college grant
-
564
564
739
- Teacher Pay/Pension grant
-
882
882
105
- Rates grant
-
164
164
107
- 16 to 19 funding
-
2,320
2,320
2,631
- Others
-
2,160
2,160
1,668
-
34,829
34,829
27,280
Other government grants
Local authority grants
-
1,050
1,050
550
Other government grants
-
29
29
15
-
1,079
1,079
565
Other incoming resources
32
764
796
-
Total funding
32
36,672
36,704
27,845
THE BAY LEARNING TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 35 -
5
Other trading activities
Unrestricted
Restricted
Total
Total
funds
funds
2024
2023
£'000
£'000
£'000
£'000
Hire of facilities
199
-
199
128
Catering income
100
-
100
664
Music tuition
97
-
97
73
Parental contributions
-
344
344
605
Other income
422
122
544
341
818
466
1,284
1,811
6
Investment income
Unrestricted
Restricted
Total
Total
funds
funds
2024
2023
£'000
£'000
£'000
£'000
Short term deposits
29
-
29
15
7
Expenditure
Non-pay expenditure
Total
Total
Staff costs
Premises
Other
2024
2023
£'000
£'000
£'000
£'000
£'000
Expenditure on raising funds
- Direct costs
-
-
37
37
-
Academy's educational operations
- Direct costs
25,510
414
4,049
29,973
23,705
- Allocated support costs
3,935
2,473
2,197
8,605
7,340
29,445
2,887
6,283
38,615
31,045
Net income/(expenditure) for the year includes:
2024
2023
£'000
£'000
Operating lease rentals
61
58
Depreciation of tangible fixed assets
552
429
Fees payable to auditor for:
- Audit
14
14
- Other services
8
11
Net interest on defined benefit pension liability
(211)
3
THE BAY LEARNING TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 36 -
8
Central services

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

 

The trust charges for these services on the basis of a charge of 4% of core funding (GAG, 16-19 allocation) and also 4% of MSAG against recurrent GAG income.

The amounts charged during the year were as follows:
2024
2023
£'000
£'000
Ripley St Thomas CE Academy
404
383
Carnforth High School
176
157
Morecambe Bay Academy
286
268
Central Lancaster High School
173
152
Barnacre Road Primary School
23
-
Longridge High School
195
-
1,257
960
9
Charitable activities
Unrestricted
Restricted
Total
Total
funds
funds
2024
2023
£'000
£'000
£'000
£'000
Direct costs
Educational operations
1,251
28,722
29,973
23,705
Support costs
Educational operations
-
8,605
8,605
7,340
1,251
37,327
38,578
31,045
THE BAY LEARNING TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
9
Charitable activities
(Continued)
- 37 -
2024
2023
£'000
£'000
Analysis of support costs
Support staff costs
4,011
3,363
Depreciation
138
107
Technology costs
220
152
Premises costs
2,335
2,317
Legal costs
71
46
Other support costs
1,786
1,330
Governance costs
44
25
8,605
7,340
10
Staff
Staff costs and employee benefits
Staff costs during the year were:
2024
2023
£'000
£'000
Wages and salaries
21,615
16,642
Social security costs
2,136
1,674
Pension costs
4,604
3,577
Staff costs - employees
28,355
21,893
Agency staff costs
980
1,150
Staff restructuring costs
110
20
29,445
23,063
Staff development and other staff costs
287
324
Total staff expenditure
29,732
23,387
Staff restructuring costs comprise:
Severance payments
110
20
Severance payments

The trust paid 7 severance payments in the year, disclosed in the following bands:

£0 - £25,000
7
THE BAY LEARNING TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
10
Staff
(Continued)
- 38 -
Staff numbers
The average number of persons employed by the trust during the year was as follows:
2024
2023
Number
Number
Teachers
276
230
Administration and support
395
236
Management
42
36
713
502
The number of persons employed, expressed as a full time equivalent, was as follows:
2024
2023
Number
Number
Teachers
250
215
Administration and support
207
162
Management
42
35
499
412
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
16
17
£70,001 - £80,000
10
5
£80,001 - £90,000
8
3
£90,001 - £100,000
2
2
£100,001 - £110,000
2
1
£110,001 - £120,000
1
1
£120,001 - £130,000
1
1
£130,001 - £140,000
1
-
Key management personnel

The key management personnel of the trust comprise the trustees and the senior management team as listed on page 1. The total amount of key management personnel benefits (including employer pension contributions and employer national insurance contributions) received by key management personnel for their services to the trust was £1,317,847 (2023: £1,145,990).

THE BAY LEARNING TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 39 -
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 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:

Mrs S Kenyon (CEO, Headteacher and Trustee):

 

Remuneration            £130,000 - £140,000 (2023: £120,000 - £130,000)

Employers' pension contributions    £30,000 - £35,000 (2023: £25,000 - £30,000)

 

Trustees' Expenses

During the year ended 31 August 2024, travel and subsistence totalling £351 were reimbursed to one trustee (2023: £839).

12
Trustees' and officers' insurance

In accordance with normal commercial practice, the trust has purchased insurance to protect trustees and officers from claims arising from negligent acts, errors or omissions occurring whilst on trust business. The insurance provides cover up to £10,000,000. It is not possible to quantify the trustees and officers' indemnity element from the overall cost of the RPA scheme.

13
Tangible fixed assets
Land and buildings
Computer equipment
Fixtures, fittings & equipment
Motor vehicles
Total
£'000
£'000
£'000
£'000
£'000
Cost or valuation
At 1 September 2023
71,319
663
468
40
72,490
Transfer on conversion
10,797
-
-
-
10,797
Additions
3,960
165
118
-
4,243
At 31 August 2024
86,076
828
586
40
87,530
Depreciation
At 1 September 2023
2,052
556
395
19
3,022
Charge for the year
327
128
89
8
552
At 31 August 2024
2,379
684
484
27
3,574
Net book value
At 31 August 2024
83,697
144
102
13
83,956
At 31 August 2023
69,267
107
73
21
69,468
THE BAY LEARNING TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
13
Tangible fixed assets
(Continued)
- 40 -
Comparable historical cost for the land and buildings included at valuation:
2024
2023
£'000
£'000
Cost
63,010
52,622
Accumulated depreciation
2,575
2,342
At 31 August 2024
60,435
50,280
All other tangible fixed assets are stated at historical cost.

Out of the total carrying amount of £83,697,000 within land and buildings, assets with a carrying amount of £72,490,000 were revalued on 31st August 2023. The valuations were initially prepared by independent valuers not connected with the company, on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.

 

A prior year adjustment in relation to a valuation has been made to bring all schools up to date with their valuations.

 

14
Debtors
2024
2023
£'000
£'000
Trade debtors
2
15
VAT recoverable
361
430
Other debtors
3
2
Prepayments and accrued income
4,379
5,341
4,745
5,788
15
Creditors: amounts falling due within one year
2024
2023
£'000
£'000
Government loans
72
27
Other loans
-
7
Trade creditors
459
1,086
Other taxation and social security
517
431
Other creditors
593
489
Accruals and deferred income
1,343
1,189
2,984
3,229
THE BAY LEARNING TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 41 -
16
Creditors: amounts falling due after more than one year
2024
2023
£'000
£'000
Government loans
866
373
2024
2023
Analysis of loans
£'000
£'000
Wholly repayable within five years
938
407
Less: included in current liabilities
(72)
(34)
Amounts included above
866
373
Loan maturity
Debt due in one year or less
72
34
Due in more than two years but not more than five years
417
283
Due in more than five years
449
90
938
407
THE BAY LEARNING TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
16
Creditors: amounts falling due after more than one year
(Continued)
- 42 -

Loans include two amounts received to fund energy efficient projects via the ESFA Salix scheme with no interest charged on the balances outstanding. The cost of repaying the loans will be offset by the energy cost savings resulting from the works carried out. Loan repayments are made in September and March of each year for the life of the loans.

 

The total repayable after more than five years is £15,235 (2023: £nil)

 

Loans also include CIF loans totalling £835,000 (2023: £375,000). The repayable profile on these loans is as follows:

 

 

17
Deferred income
2024
2023
£'000
£'000
Deferred income is included within:
Creditors due within one year
620
64
Deferred income at 1 September 2023
64
79
Released from previous years
(64)
(79)
Resources deferred in the year
620
64
Deferred income at 31 August 2024
620
64
THE BAY LEARNING TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
17
Deferred income
(Continued)
- 43 -

At the balance sheet date the trust was holding funds of £620,000 in relation to deferred income.

The breakdown of these funds consist of:

 

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)
1,290
27,321
(27,536)
107
1,182
Start up grants
16
141
(108)
-
49
Pupil premium
-
1,277
(1,277)
-
-
Other DfE/ESFA grants
-
4,851
(4,764)
-
87
Other government grants
-
1,079
(1,078)
-
1
16-19 Bursary Funds
6
46
(40)
-
12
National College Funds
2
1,193
(1,219)
-
(24)
Other restricted funds
146
1,252
(1,243)
-
155
Pension reserve
2,889
1,226
453
(4,568)
-
4,349
38,386
(36,812)
(4,461)
1,462
Restricted fixed asset funds
DfE group capital grants
11,579
2,113
(54)
(10,751)
2,887
ESFA building valuation
62,174
10,797
(327)
11,052
83,696
Other capitalised assets
217
518
(171)
(408)
156
73,970
13,428
(552)
(107)
86,739
Total restricted funds
78,319
51,814
(37,364)
(4,568)
88,201
Unrestricted funds
General funds
770
1,234
(1,251)
-
753
Total funds
79,089
53,048
(38,615)
(4,568)
88,954
THE BAY LEARNING TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
18
Funds
(Continued)
- 44 -

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

Under the funding agreement with the Secretary of State, the trust was not subject to a limit on the amount of GAG that it could carry forward. At 31st August 2024 the carry forward of GAG was £1,182,000 (2023: £1,290,000).

The Start Up grants are to facilitate the joining of schools to the trust. As at the 31st August 2024, £49,000 (2023: £16,000) of these funds remained unspent.

Other DfE/ESFA grants include monies received outside of GAG funding and includes the Teacher Pay and Pension grants, as well as Free School Meals. During the current year the closing figure of £87,000 (2023: £nil) related to TCaf and TSIO grants.

The 16-19 Bursary fund, has been split out since the year ended 31st August 2023. The balance carried forward on these funds was £12,000 (2023: £6,000).

Other government grants represent amounts payable to the Trust predominantly from Lancashire County Council and includes Special Educational Needs (SEN) funding. The balance carried forward on these funds was £1,000 (2023: £Nil).

Teaching School / National College grants represent amounts receive by the trust with respect to the Teaching Schools and School Centred Initial Teach Training (SCITT) programmes. As at the 31st August 2024 the balance carried forward on these funds was £24,000 deficit (2023: £2,000).

Other restricted funds include the income and related expenditure for educational visits, supplies of staff, and after school clubs and all donations for specified purposes such as charitable or educational trust grants, fundraising proceeds and general donations with restrictions attached. As at the 31st August 2024 £155,000 (2023: £146,000) of these funds remained unspent.

DfE/ESFA capital grants received during the year relate to Devolved Formula Capital and Condition Improvement Funding. £2,113,000 (2023: £3,587,000) of the funding £984,000 remained unspent at the 31st August 2024 and will be used to fund ongoing capital projects into the 2024/25 academic year.

Other capitalised assets post conversion represents the value of assets purchased since conversion to academy school status not relating to Land and Buildings. These are depreciated in line with the accounting policies set out in note 1 and at the yearend had a closing balance of £156,000 (2023: £217,000).

The ESFA building valuation represents the value of leasehold assets as per the valuation detailed in note 13 to the accounts plus subsequent assets improvements. The assets were all valued using a depreciated replacement cost model and are to be depreciated over a 125 year period.

Unrestricted funds include the income and related expenditure for activities such as lettings, sales of educational goods and services, Teaching School activities, catering and music income. It also includes all investment income and gift aid donations. The balance on this fund at the 31st August 2024 is £753,000 (2023: £770,000) and these funds can be used at the discretion of the trustees, in order to meet the charitable objections of the trust.

THE BAY LEARNING TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
18
Funds
(Continued)
- 45 -
Comparative information in respect of the preceding period is as follows:
Balance at
Gains,
Balance at
1 September
losses and
31 August
2022
Income
Expenditure
transfers
2023
£'000
£'000
£'000
£'000
£'000
Restricted general funds
General Annual Grant (GAG)
2,413
21,033
(21,867)
(289)
1,290
Start up grants
-
25
(9)
-
16
Pupil premium
-
972
(972)
-
-
Other DfE/ESFA grants
-
1,703
(1,703)
-
-
Other government grants
-
565
(554)
(11)
-
Teaching schools
42
-
-
(42)
-
16-19 Bursary Funds
8
48
(50)
-
6
National College Funds
25
772
(837)
42
2
Teachers Pay/Pension
-
105
(105)
-
-
16-19 Revenue Funding
-
2,622
(2,622)
-
-
Other restricted funds
83
802
(684)
(55)
146
Pension reserve
33
-
(113)
2,969
2,889
2,604
28,647
(29,516)
2,614
4,349
Restricted fixed asset funds
DfE group capital grants
7,834
3,587
-
158
11,579
ESFA building valuation
42,811
-
(273)
19,636
62,174
Other capitalised assets
155
20
(156)
198
217
50,800
3,607
(429)
19,992
73,970
Total restricted funds
53,404
32,254
(29,945)
22,606
78,319
Unrestricted funds
General funds
770
1,100
(1,100)
-
770
Total funds
54,174
33,354
(31,045)
22,606
79,089
THE BAY LEARNING TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
18
Funds
(Continued)
- 46 -
Total funds analysis by academy
2024
2023
Fund balances at 31 August 2024 were allocated as follows:
£'000
£'000
Ripley St Thomas CE Academy
993
2,052
Carnforth High School
527
570
Morecambe Bay Academy
248
228
Central Lancaster High School
(134)
(1,139)
Barnacre Road Primary School
93
-
Longridge High School
110
-
Central services
378
518
Total before fixed assets fund and pension reserve
2,215
2,230
Restricted fixed asset fund
86,739
73,970
Pension reserve
-
2,889
Total funds
88,954
79,089

Central Lancaster High School is carrying a net deficit of £134,000 (2023: £1,139,000). The school joined the trust with a pre-existing deficit from the Local Authority in 2019. The trust has a recovery plan in place to return the school’s free reserves to within the target range of 5-10% of Unrestricted/GAG income by August 2027.

 

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
Ripley St Thomas CE Academy
8,196
1,085
1,139
1,070
11,490
11,405
Carnforth High School
3,514
536
495
493
5,038
4,625
Morecambe Bay Academy
5,419
906
887
1,030
8,242
7,959
Central Lancaster High School
3,033
453
675
588
4,749
4,361
Barnacre Road Primary School
480
114
75
104
773
-
Longridge High School
4,026
601
371
587
5,585
-
Central services
845
479
445
869
2,638
2,048
25,513
4,174
4,087
4,741
38,515
30,398
THE BAY LEARNING TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 47 -
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
-
-
83,956
83,956
Current assets
753
3,913
4,182
8,848
Current liabilities
-
(2,451)
(533)
(2,984)
Non-current liabilities
-
-
(866)
(866)
Total net assets
753
1,462
86,739
88,954
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
-
-
69,468
69,468
Current assets
770
3,549
6,015
10,334
Current liabilities
-
(2,089)
(1,140)
(3,229)
Non-current liabilities
-
-
(373)
(373)
Pension scheme asset
-
2,889
-
2,889
Total net assets
770
4,349
73,970
79,089
20
Pension and similar obligations

The trust's employees belong to two principal pension schemes: the Teachers' Pension Scheme England and Wales (TPS) for academic and related staff; and the Local Government Pension Scheme (LGPS) for non-teaching staff, which is managed by Lancashire County 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 £593,000 were payable to the schemes at 31 August 2024 (2023: £418,000) and are included within creditors.

Teachers' Pension Scheme
Introduction

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

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

THE BAY LEARNING TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
20
Pension and similar obligations
(Continued)
- 48 -
Valuation of the Teachers' Pension Scheme

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

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

The result of this valuation 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 £3,655,000 (2023: £2,598,000).

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

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

Local Government Pension Scheme

The LGPS is a funded defined benefit pension scheme, with the assets held in separate trustee-administered funds. The total contributions are as noted below. The agreed contribution rates for future years are set out below:

 

Ripley St Thomas CE Academy:        19.3%

Carnforth High School:             19.8%

Morecambe Bay Academy:            21.0%

Central Lancaster High School:        19.3%

Central Services & SCITT            19.3%

Barnacre Road Primary School        16.3%

Longridge High School            18.7%

As described in note 30 the LGPS obligation relates to the employees of the trust, being the employees transferred as part of the conversion from the maintained school and new employees who joined the scheme in the period. The obligation in respect of employees who transferred on conversion represents their cumulative service at both the predecessor school and the trust at the balance sheet date.

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

THE BAY LEARNING TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
20
Pension and similar obligations
(Continued)
- 49 -
Total contributions made
2024
2023
£'000
£'000
Employer's contributions
1,238
931
Employees' contributions
377
280
Total contributions
1,615
1,211
Principal actuarial assumptions
2024
2023
%
%
Rate of increase in salaries
4.1
4.3
Rate of increase for pensions in payment/inflation
2.7
2.9
Discount rate for scheme liabilities
5.0
5.4
Inflation assumption (CPI)
2.6
2.8
The current mortality assumptions include sufficient allowance for future improvements in mortality rates.  The assumed life expectations on retirement age 65 are:
2024
2023
Years
Years
Retiring today
- Males
21.0
21.0
- Females
23.5
23.4
Retiring in 20 years
- Males
22.2
22.2
- Females
25.3
25.2
Sensitivity analysis

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

2024
2023
£'000
£'000
Discount rate + 0.1%
(380)
(300)
Discount rate - 0.1%
387
305
Mortality assumption + 1 year
437
338
Mortality assumption - 1 year
(428)
(331)
CPI rate + 0.1%
386
306
CPI rate - 0.1%
(380)
(300)
THE BAY LEARNING TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
20
Pension and similar obligations
(Continued)
- 50 -
Defined benefit pension scheme net asset
2024
2023
£'000
£'000
Scheme assets
25,791
19,896
Scheme obligations
(21,246)
(17,007)
Net asset
4,545
2,889
Restriction on scheme assets
(4,545)
-
Total liability/(asset) recognised
-
2,889
The trust's share of the assets in the scheme
2024
2023
Fair value
Fair value
£'000
£'000
Equities
12,300
9,630
Other bonds
52
79
Cash and other liquid assets
361
120
Property
2,193
1,890
Other assets
10,885
8,177
Total market value of assets
25,791
19,896
Restriction on scheme assets
(4,545)
-
Net assets recognised
21,246
19,896
The actual return on scheme assets was £1,743,000 (2023: £1,217,000).
Amount recognised in the statement of financial activities
2024
2023
£'000
£'000
Current service cost
996
1,040
Interest income
(1,235)
(784)
Interest cost
1,024
787
Benefit changes, curtailments and settlements gains or losses
(37)
(26)
Administration expenses
37
27
Total amount recognised
785
1,044

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.

THE BAY LEARNING TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
20
Pension and similar obligations
(Continued)
- 51 -
Changes in the present value of defined benefit obligations
2024
2023
£'000
£'000
At 1 September 2023
17,007
17,677
Obligations acquired on conversion
1,767
-
Current service cost
996
1,040
Interest cost
987
760
Employee contributions
377
280
Actuarial loss/(gain)
531
(2,536)
Benefits paid
(419)
(214)
At 31 August 2024
21,246
17,007
Changes in the fair value of the trust's share of scheme assets
2024
2023
£'000
£'000
At 1 September 2023
19,896
17,710
Assets acquired on conversion
2,993
-
Interest income
1,235
784
Actuarial gain
508
433
Employer contributions
1,238
931
Employee contributions
377
280
Benefits paid
(419)
(214)
Effect of non-routine settlements and administration expenses
(37)
(28)
At 31 August 2024
25,791
19,896
Restriction on scheme assets
(4,545)
-
Net assets recognised
21,246
19,896
THE BAY LEARNING TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 52 -
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)
14,433
2,309
Adjusted for:
Net surplus on conversion to academy
30
(12,366)
-
Capital grants from DfE and other capital income
(2,631)
(3,607)
Investment income receivable
6
(29)
(15)
Defined benefit pension costs less contributions payable
20
(242)
110
Defined benefit pension scheme finance (income)/cost
20
(211)
3
Depreciation of tangible fixed assets
552
429
(Increase) in debtors
(108)
(1,014)
(Decrease) in creditors
(283)
(343)
Net cash used in operating activities
(885)
(2,128)
22
Analysis of changes in net funds
1 September 2023
Cash flows
31 August 2024
£'000
£'000
£'000
Cash
4,546
(443)
4,103
Loans falling due within one year
(34)
(38)
(72)
Loans falling due after more than one year
(373)
(493)
(866)
4,139
(974)
3,165
23
Contingent liabilities

During the period of the funding agreement, in the event of the sale or disposal by other means of any leasehold building the trust is required to either re-invest the proceeds or to repay the Secretary of State for Education or the Diocese the proceeds of the sale or disposal as these two bodies would jointly have an interest in the proceeds of any sale.

THE BAY LEARNING TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 53 -
24
Long-term commitments
Operating leases
At 31 August 2024 the total of the trust's future minimum lease payments under non-cancellable operating leases was:
2024
2023
£'000
£'000
Amounts due within one year
50
48
Amounts due in two and five years
84
57
134
105
25
Capital commitments
2024
2023
£'000
£'000
Expenditure contracted for but not provided in the accounts
2,971
3,980
26
Related party transactions

Owing to the nature of the trust and the composition of the board of trustees being drawn from local public and private sector organisations, transactions may take place with organisations in which the trustees have an interest. All transactions involving such organisations are conducted in accordance with the requirements of the Academies Financial Handbook, including notifying the ESFA of all transactions made on or after 1st April 2019 and obtaining their approval where required, and with the trust's financial regulations and normal procurement procedures.

Income related party transactions

During the year there were the following related party transactions:

 

During the year Prof J Crewdson, who is a trustee, has made monthly donations of £nil (2023: £120).

 

A donation of £10,000 (2023: £10,000) was received from Lancaster, Ripley Church of England Educational Trust which was a contribution towards the Chaplain's salary costs at Ripley. This was spent in full during the year.

 

A donation of £Nil (2023: £20,000) was received from The Friends of Ripley St Thomas School, an associated charity of Ripley St Thomas Church of England Academy.

 

Donations of £208,411 & £271,692 (2023: £61,226) from the Believe Education Trust (to Ripley St Thomas CE Academy) which have not been received as at 31st August 2024.

 

27
Members' liability

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

THE BAY LEARNING TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 54 -
28
Agency arrangements

The trust distributes 16-19 bursary funds to students as an agent for ESFA. In the accounting year ended 31st August 2024 the trust received £46,000 (2023: £48,000) and disbursed £40,000 (2023: £50,000) from the fund. An amount of £nil (2023: £nil) is included in other creditors relating to undistributed funds that is repayable to the ESFA. The closing fund position is £12,000 (2023: £6,000).

 

Similarly, the Trust distributes School Centred Initial Teacher Training (SCITT) Bursary funding to student teachers as an agent for the Department for Education. In the accounting year ending 31 August 2024, the trust received £610,000 (2023: £272,000) and disbursed £610,000 (2023: £292,000) from the fund. The balance of £nil (2023: £7,000) is included in other creditors in relation to undistributed funds. The closing fund position is £nil (2023: £nil).

29
Teaching schools trading account
2024
2024
2023
2023
£'000
£'000
£'000
£'000
Total expenditure
-
-
Transfers between funds excluding depreciation
-
(42)
Deficit from all sources
-
(42)
Teaching schools balances at 1 September 2023
-
42
Teaching schools balances at 31 August 2024
-
-
30
Conversion to an academy

On 1st October 2023 the Longridge High School converted to academy trust status under the Academies Act 2010 and all the operations and assets and liabilities were transferred to The Bay Learning Trust from the Lancashire Local Authority for £nil consideration.

 

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

 

On 1st February 2024 Barnacre Road Primary School converted to academy trust status under the Academies Act 2010 and all the operations and assets and liabilities were transferred to The Bay Learning Trust from the Lancashire Local Authority for £nil consideration.

 

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

THE BAY LEARNING TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
30
Conversion to an academy
(Continued)
- 55 -
Academy
Location
Date of conversion
Barnacre Road Primary School
Preston
1 February 2024
Longridge High School
Preston
1 October 2023
Unrestricted
Restricted funds:
Total
funds
General
Fixed asset
2024
Net assets transferred:
£'000
£'000
£'000
£'000
Leasehold land and buildings
-
-
10,797
10,797
Cash
343
-
-
343
Pension scheme surplus
-
1,226
-
1,226
343
1,226
10,797
12,366
Unrestricted
Restricted funds:
Total
funds
General
Fixed asset
2024
Funds surplus/(deficit) transferred:
£'000
£'000
£'000
£'000
Fixed assets funds
-
-
10,797
10,797
School private fund
343
-
-
343
LGPS pension funds
-
1,226
-
1,226
343
1,226
10,797
12,366

 

31
Prior period adjustment
1 September
31 August
2022
2023
Reconciliation of funds
Notes
£'000
£'000
Funds as previously reported
54,174
54,088
Adjustments arising:
Revaluation adjustment
-
25,001
Funds as restated
54,174
79,089
2023
Reconciliation of net income for the previous financial period
£'000
Net income as reported - not affected by restatement
2,309
THE BAY LEARNING TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
31
Prior period adjustment
(Continued)
- 56 -
Notes to restatement

A prior year adjustment has been made in order to revalue all schools' land and buildings as at 31st August 2023, the valuation included in the prior year adjustment related to Ripley St Thomas Academy.

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