The Trustees present their annual report together with the financial statements and auditor’s report of the charitable company for the period 1st September 2024 to 31st August 2025. The annual report serves the purposes of both a trustees’ report, and a directors’ report and strategic report under company law.
The trust currently operates a single secondary academy for pupils aged 11 to 18 serving a catchment area in north Stafford and surrounding rural areas. It has a student capacity of 942 plus 100 6th formers and had a roll of 1,003 in the Summer 2025 school census.
The academy trust is a company limited by guarantee and an exempt charity. The charitable company's memorandum and articles of association are the primary governing documents of the academy trust.
The charitable company operates as Insight Multi Academy Trust.
The Trustees of Insight Multi Academy Trust are also the directors of the charitable company for the purposes of company law. Details of the trustees who served during year, and to the date these accounts are approved, are included in the References and Administrative Details on page 1.
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 benefit from indemnity insurance to cover the liability of the Trustees which by virtue of any rule of law would otherwise attach to them in respect of any negligence, default or breach of trust or breach of duty of which they may be guilty in relation to the Trust.
The management of the Trust is the responsibility of the Members who are elected and co opted under the terms of the Articles of Association. The Members may appoint up to seven Trustees. They may appoint as they believe appropriate and in the best interest of the Trust.
Further Trustees (up to a maximum of five) may be appointed by the remaining Trustees using whatever process they believe to be appropriate to ensure that the Trust Board retains the necessary skills and expertise to meet their statutory duties.
This is detailed in the Insight Multi-Academy Trust Induction and Development Policy. On appointment, new Trustees will meet with the Chief Executive and Trust Board Chair when the governance structure, current Academies and their governance role and responsibilities will be discussed. Where necessary, induction will provide training on educational, legal and financial matters. All Trustees are provided with copies of, or links to, relevant policies, procedures, minutes, budgets, plans and other documents. All Trustees are subject to Disclosure and Barring Service (DBS) checks.
The way in which decisions are made within the trust is detailed in the Scheme of Delegation specific to each member academy.
A unified management structure is in place. The Trustees are responsible for setting general policy, adopting an annual school improvement plan and budget, monitoring the use of budgets and making major decisions regarding the direction of the Trust, capital expenditure and senior staff appointments.
The Senior Management Team control the individual Academy at an executive level implementing the policies laid down by the Trustees and reporting back to them. The Chief Executive is the Accounting Officer and is responsible for the authorisation of expenditure within agreed budgets. Some spending control is devolved to other members of staff, with limits above which a member of the Senior Management Team must countersign.
The arrangements for setting pay and remuneration of the key management personnel of the Trust are detailed in the Insight Multi Academy Trust Pay Policy. For teaching staff, the Trust adopts the Department for Education’s published “School Teacher’s Pay and Conditions Document”. Staff paid on the leadership scale and Teaching Staff Pay awards are subject to Performance Reviews.
For non teaching staff the Trust adopts the National Joint Council’s published “Pay scales and Allowances”.
Insight Multi Academy Trust has no structural or organisational affiliation to any other organisations. All Business and Pecuniary Interests for staff and Trustees are reviewed and recorded annually and, in the case of the Trustees, at the first Board meeting of the Academic Year.
The Trust is part of the Staffordshire Partnership, which provides Sixth Formers within Stafford with a wide curriculum offer shared across four of the Stafford High Schools and the Trust.
Our vision is to be a Trust that leads and supports its academies to provide the highest standards of education and personal development for all students. We wish to enable current and future academies in the Trust to have a shared sense of purpose, to benefit from alignment with the Trust’s values whilst maintaining their own individuality. We want to provide a strong and collective voice for our academies at both local and national level and we wish to develop and deliver expertise on learning and teaching and pastoral care to our academies, to other schools and Trusts.
We will deliver our vision via our three core strategic aims. Everything we do should be focused ultimately on doing these three things well:
We will provide ambitious, inspirational and caring education, setting the foundation for the future and ensuring our young people are ready for the world they will inhabit.
We will deliver high standards and value for money from our Trust support services, resources, estate and technology.
We will invest in and support our people, exploring and exploiting opportunities for collaborative, continual professional development, sharing of expertise and best practice.
Our focus this year was to further the strategic development of the Trust and to work to ensure the satisfactory end of the PFI contract for Sir Graham Balfour School.
Our specific priorities for 2024-25 were to:
consider possibilities for MAT growth and undertake discussions re potential of joining or merging with headteachers, governors, CEOs, trustees etc.
support and challenge Sir Graham Balfour School in its school improvement plans.
continue the work of ‘handback’ planning of Sir Graham Balfour School to the Trust, whose PFI contract will end in December 2026.
The Trustees have given due regard to public benefit guidance published by the Charity Commission when exercising their powers or duties. The Trust has provided a fully comprehensive education to all students in its care, fully complies with all statutory guidance and seeks to advance the education of young people, with particular regard to the young people in North Stafford.
Conversations and meetings have been taking place with other schools and other MATs, regarding the potential to form partnerships or more formal associations. Trustees are clear on their ambition to work alongside other schools or Trusts on a formal or informal basis. They are equally clear that there must be an alignment over a series of issues before any formal association will be considered. The CEO continues to work closely with other regional CEOs and is part of a wider CEO group based in Staffordshire and Stoke-on-Trent whose aim is to seek to influence regional and Government policy on curriculum design and provision.
Sir Graham Balfour School continues to be oversubscribed, with an additional class enrolled in Year 7 for September 2025. The Headteacher and Leadership Group retain close focus on embedding best practice in learning, teaching and assessment whilst at the same time, developing new approaches to dealing with the issues, exacerbated by the pandemic, of attendance, mental health and behaviour. There is a high degree of trust and confidence in the leadership and governance of the school, with close links between the CEO, the headteacher and Chair of the Local Academy Committee. Attainment has risen slightly at A Level this year (Average Points Score of 36, compared with 34 in 2024) and whilst there is no Progress 8 figure in 2025, the anticipated Attainment 8 figure has risen to 4.5 (4.4 in 2024), which reflects the academic profile of the year group and the negative impact of attendance with a significant minority of Year 11 students.
The PFI Handback Group is now well established, comprising all key stakeholders from the DfE, LA, the school, the Facilities Management team, and the financial backers. Planning has been progressing regarding TUPE arrangements for transferring staff as well the process for deciding on Facilities Management post-handback. The CFO and CEO continue to work closely with relevant parties in establishing a clear picture of the costs of running the school from January 2027.
Sir Graham Balfour School received an Ofsted inspection in October 2024. There is no longer a single word judgement. At the last inspection in 2019, the school was judged as Good. In the latest inspection, it concluded:
The purpose of a section 8 inspection is to gauge whether or not a school has maintained the standards identified in the previous inspection. Sir Graham Balfour School has taken effective action to maintain the standards identified at the previous inspection.
Given the considerable disruption all schools faced over recent years, the results achieved by students in the summer public exams were pleasing.
Post-16, students achieved an Average Points Score of 36, which, expressed as a grade, equates to a B- for every entry. All students who applied to university secured either their first choice or insurance offer. There is a pleasing number of degree apprenticeships being undertaken. The latest available data (2022/23) shows that 97% of post-18 students remained in education or employment for at least two terms.
At GCSE level, whilst there is no Progress 8 figure in 2025, the anticipated Attainment 8 figure, 4.5, shows a slight increase from last year (4.4) which reflects the academic profile of the year group and the negative impact of poor attendance with a significant minority of Year 11 students. The latest available data shows that 94% of post-16 students remained in education or training for at least two terms.
A balanced budget was set for 2024-2025 with a plan to use unspent Reserves carried forward from previous years for short term development of staff, specific student support and any unforeseen costs.
The trust achieved an operating surplus of £165k before depreciation and LGPS pension scheme movements, of which £63k was used to fund in year capital projects.
At its Ofsted inspection on 8-9 October 2024, Sir Graham Balfour Academy was judged to have maintained the standards judged as “Good” at its last Ofsted inspection in May 2019.
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, it continues to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Statement of Accounting Policies.
The principal source of funding in the year was derived from the DfE, via the ESFA until March 2025, in the form of recurrent grants, the use of which are restricted to particular purposes and the furtherance of the objectives of the Trust. The grants received during the period covered by this report and the associated expenditure is shown as restricted funds in the Statement of Financial Activities.
The Trust also receives capital grants from the DfE. In accordance with the Charities Statement of Recommended Practice, “Accounting and Reporting Charities” SORP (FRS102), such grants are shown in the Statement of Financial Activities as restricted income in the fixed asset fund. The restricted fixed asset fund balance is reduced by annual depreciation charges over the expected useful life of the assets concerned.
During the year ended 31 August 2025, the Trust received recurrent revenue grant funding form the DfE/ESFA, together with other incoming resources £7,559,551 (2024: £6,755,376). Expenditure totalled £7,779,453 (2024: £7,287,322), giving rise to a deficit of £219,902 (2024: deficit £531,946) prior to any actuarial gains (2024 – actuarial gain). In 2025 £66,000 of revenue funding was used to purchase fixed assets (2024: £114,380).
The Trust had cash reserves of £1,940,380 as at the Balance Sheet date 31 August 2025 (2024: £1,849,138), restricted funds of £15,357,222 (2024: £15,371,364) and unrestricted funds of £768,087 (2024: £729,847).
At 31 August 2025, the net book value of fixed assets was £14,722,180 (2024: £15,075,079). Assets were used exclusively for providing education and the associated support service to the students of the Trust.
The pension liability has decreased in year to a pension surplus of £813,000 (2024: £299,000 deficit). In accordance with applicable accounting standards, the asset value has been capped at £nil on the basis that IAS19 limits the measurement of the defined benefit pension asset to the present value of future economic benefits available in the form of refunds from the plan or reductions in future contributions to the plan. The opinion of the trustees is that the academy trust is unable to request the repayment of a surplus or to unilaterally reduce contributions to the scheme.
During the year, the school again acted as a facilitator for the distribution of free school meal vouchers from the local scheme run by Staffordshire County Council for eligible students.
The Trustees review the reserve levels of the Trust on an annual basis. The trust wishes to ensure that funding is used to benefit the students in its care, whilst recognising the need to maintain an appropriate level of financial reserves to protect the Trust from financial risk generated through the uncertainty over future funding of education and the impact of external forces. The Trust’s aim is to maintain a prudent level of reserves to ensure long term financial sustainability at a minimum level of one month’s average revenue expenditure plus reserves to mitigate the uncertainty of future funding and unexpected events, taking into consideration:
• One month salary bill (approx. £475k per month)
• The MAT’s annual budget (approx. £590k per month)
• Any uncertainty, turbulence or expected reduction in funding arrangements
• Anticipated funding over the next three years
• Assumptions regarding inflation
• Future building/estate projects post PFI
• Non building capital projects
• Investment in increasing number of schools within MAT
The balance of restricted general reserves (excluding pension reserves) plus the balance on unrestricted funds at 31 August 2025 is £1,401,088 (2024: £1,322,758) which is higher than the one month’s average revenue expenditure.
Trustees have approved the release of Reserves during 2025-2026 to fund an alternative provision scheme (£30k) for students who would benefit from opportunities such as work experience and a cultural visits programme (£20k) to benefit all students. The Trust is actively looking to expand over the next five years and Reserves (£500k) are to support two dedicated part-time CEO and CFO posts to focus on MAT development for the future, with a medium term goal to ensure that future Central Costs can be met through the addition of other Academies.
The level of reserves will be kept under review by trustees.
Details are contained in the Insight Multi Academy Trust Investment Policy.
The Trust aims to achieve the best financial return available whilst ensuring that security of deposits takes precedence over revenue maximisation. Funds will only be invested when surplus to operational need based on all financial commitments being met without the Academy bank account becoming overdrawn. Currently no investments are held.
The key risks are clearly stated within the Trust Risk Register and are reviewed regularly to monitor the level of risk and the responses to it. The Risk Register is divided into the following key areas:
Strategic & Reputational Risks – considers governance and public profile
Operational Risks – considers premises, equipment and personnel resources and skills
Compliance Risks – considers Employment Law, Data Protection, Health & Safety and Safeguarding
Financial Risks – considers budget and compliance with employment and financial regulations
The key risk facing the trust is its considerable reliance on government funding through the DfE. There can be no assurance that government policy or practice will remain the same, or that public funding continues at the same levels and on the same terms, which results in a lack of clarity and certainty when producing 3-5 year budget plans on which the trust can confidently act. To mitigate this, the trust ensures that it closely monitors national proposals and initiatives, maintains healthy reserves, monitors the student population in feeder schools and works closely with the local authority to ensure that all students in the catchment area have a place in school.
The school has a long tradition of raising funds for charity and supports a wide range of local, national and international charities (Children in Need, Comic Relief and Katherine House) through a variety of local fund- raising activities. Each year students raise funds through various activities, such as non uniform days and sponsored walks. The trust does not use any external fundraisers.
We also raise funds for our sister school in Cambodia (approx. £8,000 in 2024/25), contributing towards the teaching costs, resources and on going expenses. Our on going links with the school do much to promote the idea of global citizenship.
Our Vision
Our young people and the communities in which they live are at the heart of the work of the Trust and its Academies. We are tireless in our ambition to ensure our young people receive the best of support, guidance and teaching in order that their life chances are truly enhanced and that the doors of the world are open to them.
The Trust is fully focused on the following:
Use the increased capacity of a dedicated part-time CEO and a dedicated part-time CFO to focus on MAT development and expansion.
Work closely with stakeholders, including the DfE, to manage the successful handover of the PFI contract for Sir Graham Balfour school to the Trust (by December 2026).
Continue to raise standards of attainment and achievement across the existing academy, taking account of learning lost to Covid.
Seek to recruit other Trustees and Members to enhance the Trust’s skills and capacity.
Actively seek opportunities to work more closely with other Trusts in the local area.
Work with all stakeholders to further its aims.
These key foci are broken down into the following 4 Objectives:
Objective 1: Governance and Leadership
To seek out and admit suitably skilled and experienced Trustees to join the MAT Board, and ensure they are confident and effective in their role.
To invest in leaders at all levels within the MAT ensuring that are well equipped to inspire, lead, manage and challenge others to make changes, leading to improved outcomes for students and manage succession challenges effectively.
To plan and implement student leadership opportunities, ensuring full engagement from staff and students.
To support and promote a culture within the MAT which is supportive and respectful of staff workload and well-being.
To actively prepare for and then seek to expand the Trust by welcoming schools or academies into the MAT and/or by opening a free school.
Objective 2: Infrastructure and HR Development
To source appropriate, effective and cost-effective support or training packages (including financial/budget planning) to aid the development of leadership and governance across the Trust.
To establish and embed the work of the Central Officers’ Team and its range of services on offer to schools considering joining the Trust.
To develop timeline, principles and priorities necessary for the successful handback of PFI contract pertaining to Sir Graham Balfour School.
Objective 3: Learning and Teaching
To establish and embed a set of core, research-informed pedagogical principles across the Trust which underpin learning and teaching and professional development.
To agree and implement a common approach to the quality assurance of learning and teaching, ensuring a positive approach to learning and teaching conversations which value openness, willingness to try new things and the sharing of best practice.
To establish, support and embed a genuine culture of collaboration, where staff in a range of different roles are given opportunities to work together.
Objective 4: Curriculum and Assessment
To develop and embed a, rich, research-informed, rigorous and coherent curriculum through professional collaboration which is effectively implemented for the benefit of all students within the Trust.
To establish approaches to assessment and feedback across schools within the MAT which will drive academic improvement through the facilitation of collaboration, sharing best practice and supporting staff workload.
To align approaches to assessment ensuring they are consistent and robust and use a common language enabling accurate evaluation of the performance of individual students, student groups and subjects both within individual schools and across the Trust.
Insight Multi Academy Trust does not hold any such funds.
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.
The trustees' report, incorporating a strategic report, was approved by order of the board of trustees, as the company directors, on
As Trustees, we acknowledge we have overall responsibility for ensuring that Insight Multi Academy Trust has an effective and appropriate system of control, financial and otherwise. However, such a system is designed to manage rather than eliminate the risk of failure to achieve business objectives, and can provide only reasonable and not absolute assurance against material misstatement or loss.
As Trustees, we have reviewed and taken account of the guidance in the DfE's Governance Guide.
The board of trustees has delegated the day-to-day responsibilities to the Chief Executive Officer, 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 Insight Multi-Academy Trust and the Secretary of State for Education. They are also responsible for reporting to the board of trustees any material weaknesses or breakdowns in internal control.
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:
During the year, one trustee resigned and two trustees joined.
The Trust operates with two Sub-Committees, each consisting of the main board of trustees and members of the Local Governing Body of the only member academy as follows:
The Finance, Premises and Health and Safety Committee’s purpose is to advise the Board on matters relating to the Trust’s finance and audit arrangements, systems of internal control and to advise and aid the Board’s responsibility to ensure sound management of the Trust’s finances and resources, including proper planning, monitoring and probity.
The Sub Committee meets three times a year. Attendance at those meetings was as follows:
Member | Meetings attended | Out of a possible |
L D Beck (CEO) | 3 | 3 |
S Smith (Trustee) | 3 | 3 |
H M Carroll (Trustee) | 3 | 3 |
A Patel (Trustee) | 2 | 3 |
E Proffitt (Appointed 04/11/2024) | 2 | 3 |
E Jones (Appointed 10/04/2025) | 1 | 1 |
D Wright (Resigned 23/01/2025) | 1 | 1 |
M McSorley (LGB Representative) | 2 | 3 |
The Staffing and Standards Committee’s purpose is to ensure that staffing within the Trust is in line with improvement plans and that academic performance and quality of care and provision is appropriate.
The Sub Committee meets three times a year. Attendance at those meetings was as follows:
Member | Meetings attended | Out of a possible |
L D Beck (CEO) | 3 | 3 |
S Smith (Trustee) | 3 | 3 |
H M Carroll (Trustee) | 3 | 3 |
A Patel (Trustee) | 2 | 3 |
E Proffitt (Appointed 04/11/2024) | 2 | 3 |
E Jones (Appointed 10/04/2025) | 1 | 1 |
D Wright (Resigned 23/01/2025) | 1 | 1 |
M McSorley (LGB Representative) | 2 | 3 |
The Chair of Trustees and the Chief Executive Officer hold regular meetings during the year, the Trustees receive monthly Management Reports in order to maintain effective oversight of the Trust Funds and “keeping in touch” meetings held between Sub Committee and Board meetings as required
The Trust conducted a self-evaluation during the year with a view to identifying the additional skills and experience required to further broaden the range of knowledge on the Board. Generally, the Board had sufficient skills in each of the key areas (1-4):
Strategic Leadership | 3 (4) |
Accountability | 4 (4) |
People | 4 (4) |
Structures | 4 (4) |
Compliance | 4 (4) |
Equality, diversity and inclusion | 4 (4) |
Actions to be taken from the review include arranging a strategy day to include discussion about the Trusts’ strategic direction, further guidance on the curriculum and timetabling and a future agenda item for training and development. The next review will be undertaken during the Autumn Term 2026.
An independent review of Governance was carried out during 2025.
The review covered the following:
Scheme of Delegation
Membership Structure
Code of Conduct
Risk
Financial Management and Processes
Register of Business Interests
Whistleblowing
School Resource Management of Self-Assessment (SRMSAT)
Audited Accounts
Staffing
Minimal recommendations were made, all of which the Trust has either acted upon or is considering. There were no significant issues noted.
As accounting officer, the principal has responsibility for ensuring that the academy trust delivers good value in the use of public resources. The accounting officer understands that value for money refers to the educational and wider societal outcomes, as well as estates safety and management, achieved in return for the taxpayer resources received.
The accounting officer considers how the academy trust’s use of its resources has provided good value for money during each academic year, and reports to the board of trustees where value for money can be improved, including the use of benchmarking data or by using a framework where appropriate. The accounting officer for the academy trust has delivered improved value for money during the year by:
Robust governance and oversight of the Trust Finances by governors, trustees, internal and external audits.
Making best use of limited training resources by focusing on areas of need which help students achieve better outcomes.
Attracting and recruiting high calibre teachers and non-teaching staff to available posts, including to part-time and temporary posts.
Strong and effective 6th Form Partnership with four other Stafford High Schools extending the breadth of courses available to post-16 students.
Ensuring effective, high quality of IAG for all students, enabling them to make good decisions about their futures at post 16 and 18 and secure courses or employment at their chosen destinations.
Preparing students in Year 11 and 13 for their public exams.
Embedding the use of new technology for parents to monitor easily their children’s attendance, behaviour and homework.
Embedding policies and procedures to reward good effort and behaviour, to expand the range of trips and enrichment, and to encourage effective independent work.
Working closely with Pell Frischmann (PFI) to ensure the Trust’s estate is well maintained and safe.
Effective management of finances to provide the most appropriate mix of resources to maximise the educational impact on student outcomes.
The system of internal control is designed to manage risk to a reasonable level rather than to eliminate all risk of failure to achieve policies, aims and objectives. It can, therefore, only provide reasonable and not absolute assurance of effectiveness. The system of internal control is based on an on-going process designed to identify and prioritise the risks to the achievement of academy trust policies, aims and objectives, to evaluate the likelihood of those risks being realised and the impact should they be realised, and to manage them efficiently, effectively and economically. The system of internal control has been in place in Insight Multi-Academy Trust for the period 1st September 2024 to 31st August 2025 and up to the date of approval of the annual report and financial statements.
The board of trustees has reviewed the key risks to which the Academy Trust is exposed together with the operating, financial and compliance controls that have been implemented to mitigate those risks. The board of trustees is of the view that there is a formal on-going process for identifying, evaluating and managing the academy trust’s significant risks that have been in place for the period 1st September 2024 to 31st August 2025 and up to the date of approval of the annual report and financial statements. This process is regularly reviewed by the board of trustees.
The academy trust's system of internal control is based on a framework of regular management information and administrative procedures including the segregation of duties and a system of delegation and accountability. In particular, it includes:
comprehensive budgeting and monitoring systems with an annual budget and periodic financial reports which are reviewed and agreed by the board of trustees;
regular reviews by the finance, premises and health and safety committee of reports which indicate financial performance against the forecasts and of major purchase plans, capital works and expenditure programmes;
setting targets to measure financial and other performance;
clearly defined purchasing (asset purchase or capital investment) guidelines;
identification and management of risks.
The board of trustees has decided:
to appoint Entrust as internal auditor
This option has been chosen to ensure that those carrying out the programme of internal scrutiny work are suitably qualified and/or experienced and are independent of the firm providing external audit. The Trust may also use other individuals or organisations where specialist non-financial knowledge is required.
The internal auditor's role includes giving advice on financial and other matters and performing a range of checks on the academy trust's financial and other systems. In particular, the checks carried out in the current period included:
Income
Aged debtors
Bank reconciliations
Procurement
Aged creditors
Petty Cash
Credit Card expenses
Opening balances
Payroll and personnel administration
Management reporting
The report concluded: “No areas for development were identified during the review. The controls appear to be well maintained”.
The Internal Audit reports are presented to the board of trustees through the Finance, Premises and Health and Safety Committee. An annual summary report is presented to the committee outlining the areas reviewed, key findings, recommendations and conclusions to help the committee consider actions and assess year on year progress.
As accounting officer, the principal has responsibility for reviewing the effectiveness of the system of internal control. During the year in question the review has been informed by:
the work of the internal auditor;
the work of the external auditor;
the the school resource management self-assessment tool;
the work of the executive managers within the academy trust who have responsibility for the development and maintenance of the internal control framework.
The Accounting Officer has been advised of the implications of the results of their review of the system of internal control by the Finance, Premises and Health and Safety committee and will ensure continuous improvement of the system is in place.
Based on the advice of the Finance, Premises and Health and Safety 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 12 December 2025 and signed on its behalf by:
I confirm that I and the board of trustees are able to identify any material irregular or improper use of all funds by the trust, or material non-compliance with framework of authorities.
The trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with the Academies Accounts Direction 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 financial statements for each financial year. Under company law, the Trustees must not approve the financial statements 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 financial statements, the Trustees are required to:
select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP 2019 and the Academies Accounts Direction 2024 to 2025;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
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 financial statements 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 financial statements may differ from legislation in other jurisdictions.
Opinion
We have audited the financial statements of Insight Multi Academy Trust for the year ended 31 August 2025 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, 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 2024 to 2025 issued by the Department for Education.
In our opinion the financial statements:
give a true and fair view of the state of the charitable company's affairs as at 31 August 2025 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 2024 to 2025.
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 financial statements' section of our report. We are independent of the academy trust in accordance with the ethical requirements that are relevant to our audit of the financial statements 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.
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the academy trust’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements 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 financial statements 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 financial statements 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.
the information given in the trustees' report including the incorporated strategic report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the trustees' report including the incorporated strategic report has been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the academy trust and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees' report, including the incorporated strategic report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of trustees' remuneration specified by law are not made; or
As explained more fully in the statement of trustees' responsibilities, the Trustees are responsible for the preparation of the financial statements 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 financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the academy trust’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company, or have no realistic alternative but to do so.
Our objectives are to obtain reasonable assurance about whether the financial statements 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 financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non compliance with laws and regulations, was as follows:
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the academy trust through discussions with Trustees and other management, and from our knowledge and experience of the academy sector;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the academy trust, including the Companies Act 2006, charity law, data protection, employment, health and safety legislation, compliance with the Academies Accounts Direction and the Academy Trust Handbook.
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non compliance throughout the audit.
We assessed the susceptibility of the academy trust’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
considered the results of recent internal audits.
In response to the risk of irregularities and non compliance with laws and regulations, we designed procedures which included, but were not limited to:
agreeing financial statement disclosures to underlying supporting documentation;
reading the minutes of meetings of those charged with governance;
reviewing the conclusions on other relevant assurance reports;
enquiring of management as to actual and potential litigation and claims; and
reviewing correspondence with relevant regulators, including the DfE/ESFA.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non compliance. Auditing standards also limit the audit procedures required to identify non compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
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.
In accordance with the terms of our engagement letter dated 13 October 2025 and further to the requirements of the Department for Education (DfE) as included in the extant Framework and Guide for External Auditors and Reporting Accountants of Academy Trusts, we have carried out an engagement to obtain limited assurance about whether anything has come to our attention that would suggest, in all material respects, the expenditure disbursed and income received by Insight Multi Academy Trust during the period 1 September 2024 to 31 August 2025 have not been applied to the purposes intended by Parliament and that the financial transactions do not conform to the authorities which govern them.
This report is made solely to Insight Multi Academy Trust and the Secretary of State for Education in accordance with the terms of our engagement letter. Our work has been undertaken so that we might state to Insight Multi Academy Trust and the Secretary of State for Education 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 Insight Multi Academy Trust and the Secretary of State for Education, for our work, for this report, or for the conclusion we have formed.
The accounting officer is responsible, under the requirements of Insight Multi Academy Trust’s funding agreement with the Secretary of State for Education and the Academy Trust Handbook, 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 extant Framework and Guide for External Auditors and Reporting Accountants of Academy Trusts. 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 2024 to 31 August 2025 have not been applied for the purposes intended by Parliament or that the financial transactions do not conform to the authorities which govern them.
We conducted our engagement in accordance with the Framework and Guide for External Auditors and Reporting Accountant of Academy Trusts issued by the DfE, which requires a limited assurance engagement as set out in our engagement letter.
The objective of a limited assurance engagement is to perform such procedures as to obtain information and explanations in order to provide us with sufficient appropriate evidence to express a negative conclusion on regularity.
A limited assurance engagement is more limited in scope than a reasonable assurance engagement and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in a reasonable assurance engagement. Accordingly, we do not express a positive opinion.
Our engagement includes examination, on a test basis, of evidence relevant to the regularity and propriety of the academy trust's income and expenditure.
The work undertaken to draw to our conclusion includes:
consideration of the evidence supporting the Accounting Officer's statement on regularity, propriety and compliance;
analytical procedures on the general activities of the academy trust;
a review of minutes of committees and board meetings which may be relevant to regularity;
consideration of discussions with key personnel including the Accounting Officer and Governing Body;
tests of control have been carried out on control activities which are relevant to regularity; and
on a sample basis, substantive testing of individual transactions and the “musts” included in the Academy Trust Handbook 2024.
In the course of our work, nothing has come to our attention which suggests that in all material respects the expenditure disbursed and income received during the period 1 September 2024 to 31 August 2025 has not been applied for the purposes intended by Parliament or that the financial transactions do not conform to the authorities which govern them.
The financial statements on pages 24 to 49 were approved by the Trustees and authorised for issue on 12 December 2025 and are signed on their behalf by:
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.
The financial statements of the academy trust, which is a public benefit entity under FRS 102, have been prepared under the historical cost convention in accordance with the Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102), the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements 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 2024 to 2025 issued by DfE, the Charities Act 2011 and the Companies Act 2006.
Insight Multi Academy Trust meets the definition of a public benefit entity under FRS102.
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 financial statements and have concluded that the academy trust has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the academy trust’s ability to continue as a going concern. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
All incoming resources are recognised when the academy trust has entitlement to the funds, the receipt is probable and the amount can be measured reliably.
Grants are included in the statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the balance sheet. Where income is received in advance of meeting any performance-related conditions there is not unconditional entitlement to the income and its recognition is deferred and included in creditors as deferred income until the performance-related conditions are met. Where entitlement occurs before income is received, the income is accrued.
General Annual Grant is recognised in full in the statement of financial activities in the period for which it is receivable, and any abatement in respect of the period is deducted from income and recognised as a liability.
Capital grants are recognised in full when there is an unconditional entitlement to the grant. Unspent amounts of capital grants are reflected in the balance sheet in the restricted fixed asset fund. Capital grants are recognised when there is entitlement and are not deferred over the life of the asset on which they are expended.
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, including the hire of facilities, is recognised in the period it is receivable and to the extent the academy trust has provided the goods or services.
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 financial statements until they are sold. This income is recognised within ‘Income from other trading activities’.
Donated fixed assets are measured at fair value unless it is impractical to measure this reliably, in which case the cost of the item to the donor is used. The gain is recognised as income from donations and a corresponding amount is included in the appropriate fixed asset category and depreciated over the useful economic life in accordance with the academy trust‘s accounting policies.
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.
This includes all expenditure incurred by the academy trust to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
These are costs incurred on the academy trust's educational operations, including support costs and costs relating to the governance of the academy trust apportioned to charitable activities.
Assets costing £5,000 or more are capitalised as tangible fixed assets and are carried at cost, net of depreciation and any provision for impairment.
Where tangible fixed assets have been acquired with the aid of specific grants, either from the government or from the private sector, they are included in the balance sheet at cost and depreciated over their expected useful economic life. Where there are specific conditions attached to the funding that require the continued use of the asset, the related grants are credited to a restricted fixed asset fund in the statement of financial activities and carried forward in the balance sheet. Depreciation on the relevant assets is charged directly to the restricted fixed asset fund in the statement of financial activities. Where tangible fixed assets have been acquired with unrestricted funds, depreciation on such assets is charged to the unrestricted fund.
Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost of each asset on a straight-line basis over its expected useful life, as follows:
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.
Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the academy trust anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods of services it must provide.
Rentals under operating leases are charged on a straight-line basis over the lease term.
The academy trust only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the academy trust and their measurement basis are as follows.
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.
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.
The academy trust is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the academy trust is potentially exempt from taxation in respect of income or capital gains received within categories covered by chapter 3 part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Retirement benefits to employees of the academy trust are provided by the Teachers' Pension Scheme ('TPS') and the Local Government Pension Scheme ('LGPS'). These are defined benefit schemes.
The TPS is an unfunded scheme and contributions are calculated to spread the cost of pensions over employees' working lives with the academy trust in such a way that the pension cost is a substantially level percentage of current and future pensionable payroll. The contributions are determined by the Government Actuary based on quadrennial valuations using a prospective unit credit method. The TPS is an unfunded multi-employer scheme with no underlying assets to assign between employers. Consequently, the TPS is treated as a defined contribution scheme for accounting purposes and the contributions are recognised in the period to which they relate.
The LGPS is a funded multi-employer scheme and the assets are held separately from those of the academy trust in separate trustee administered funds. Pension scheme assets are measured at fair value and liabilities are measured on an actuarial basis using the projected unit credit method and discounted at a rate equivalent to the current rate of return on a high-quality corporate bond of equivalent term and currency to the liabilities. The actuarial valuations are obtained at least triennially and are updated at each balance sheet date. The amounts charged to net income or expenditure are the current service costs and the costs of scheme introductions, benefit changes, settlements and curtailments. They are included as part of staff costs as incurred. Net interest on the net defined benefit liability/asset is also recognised in the statement of financial activities and comprises the interest cost on the defined benefit obligation and interest income on the scheme assets, calculated by multiplying the fair value of the scheme assets at the beginning of the period by the rate used to discount the benefit obligations. The difference between the interest income on the scheme assets and the actual return on the scheme assets is recognised in other recognised gains and losses. Actuarial gains and losses are recognised immediately in other recognised gains and losses.
Unrestricted income funds represent those resources which may be used towards meeting any of the charitable objects of the academy trust at the discretion of the Trustees.
Restricted fixed asset funds are resources which are to be applied to specific capital purposes imposed by funders where the asset acquired or created is held for a specific purpose.
Restricted general funds comprise all other restricted funds received with restrictions imposed by the funder/donor and include grants from the Department for Education Group.
Investment income, gains and losses are allocated to the appropriate fund.
Agency arrangements
The academy trust acts as an agent in distributing 16-19 bursary funds from DfE. Payments received from DfE and subsequent disbursements to students are excluded from the statement of financial activities as the academy trust does not have control over the charitable application of the funds. The academy trust can use up to 5% of the allocation towards its own administration costs and this is recognised in the statement of financial activities. The funds received and paid, and any balances held are disclosed in note 24.
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.
The academy trust makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
The present value of the Local Government Pension Scheme defined benefit assets 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 18, will impact on the carrying amount of the pension asset. 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 liability at 31 August 2025. 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.
The Trustees have considered the treatment of land and buildings utilised by the academy trust. Total Schools Solutions Ltd (TSSL) hold the freehold title of the buildings under a PFI agreement with Staffordshire County Council. This title transfers to Staffordshire County Council (SCC) in December 2026. SCC pay TSSL for the PFI agreement and charge the school a monthly sum for premises running expenses. To facilitate the conversion of the School to the Academy, SCC have granted a long lease and sub-underlease of the land to the Trust and the Trust has granted a licence to occupy to TSSL, until the termination of the Project agreement or the Expiry date. As such Land and Buildings are recognised in long term leasehold land and buildings. The commitment for premises running expenses is shown in note 21 to the financial statements.
The Trustees have considered the classification of depreciation between direct and support costs. The depreciation charge has been allocated based on the proportion of area utilised for direct activities and support activities.
The pension values as at 31 August 2025 have been determined by the actuary which is showing a pension asset of £813,000 within the academy trust as at the balance sheet date. In accordance with applicable accounting standards, the asset values arising in the academy trust have been capped at an asset ceiling value of £nil on the basis the assets are not deemed to be realisable. This has reduced the pension assets and pension fund to £nil accordingly.
There were no unfulfilled conditions or other contingencies relating to grants received in the year.
The key management personnel of the academy trust comprise the Trustees and the senior management team as listed on page 1. The total amount of key management personnel benefits (including employer pension contributions and employer national insurance contributions) received by key management personnel for their services to the academy trust was £759,306 (2024: £685,077).
One or more of the Trustees has been paid remuneration or has received other benefits from an employment with the academy trust. The principal and other staff Trustees only receive remuneration in respect of services they provide undertaking the roles of principal and staff members under their contracts of employment, and not in respect of their services as Trustees.
The value of trustees' remuneration and other benefits was as follows:
L D Beck (Chief Executive)
Remuneration £45,000 - £50,000 (2024: £40,000 - £45,000)
Employer's pension contributions £10,000 - £15,000 (2024: £10,000 - £15,000)
During the year ended 31 August 2025, no Trustee expenses have been incurred (2024: £Nil).
Other related party transactions involving the Trustees are set out within the related parties note.
In accordance with normal commercial practice, the academy trust has purchased insurance to protect Trustees and officers from claims arising from negligent acts, errors or omissions occurring whilst on academy trust business. The insurance provides cover up to £5,000,000 on any one claim and the cost for the year ended 31 August 2025 was £227 (2024: £197). The cost of this insurance is included in the total insurance cost.
Creditors includes £249,666 (2024: £183,342) of income which has been deferred into the following year due to the timing of the academy trust’s entitlement to the income. In respect of restricted funds, this includes rates relief, DoE, growth funding and other funds of £94,718 (2024: £93,238).
The specific purposes for which the funds are to be applied are as follows:
Restricted general funds
These comprise all restricted funds other than restricted fixed asset funds and include grants from the Education and Skills Funding Agency and local authorities.
Under the funding agreement with the Secretary of State, the academy trust was not subject to a limit on the amount of GAG that it could carry forward at 31 August 2025.
Restricted fixed asset funds
These comprise resources which are to be applied to specific capital purposes imposed by the Education and Skills Funding Agency and local authorities where the asset acquired or created is held for a specific purpose.
Unrestricted funds
These comprise resources that may be used towards meeting any of the charitable objects of the academy trust at the discretion of the trustees.
The academy trust's employees belong to two principal pension schemes: the Teachers' Pension Scheme England and Wales (TPS) for academic and related staff; and the Local Government Pension Scheme (LGPS) for non-teaching staff, which is managed by Staffordshire Pension Fund. Both are multi-employer defined benefit schemes.
The latest actuarial valuation of the TPS related to the period ended 31 March 2020, and that of the LGPS related to the period ended 31 March 2022.
Contributions amounting to £126,861 were payable to the schemes at 31 August 2025 (2024: £110,974) and are included within creditors.
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 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:
Employer contribution rates set at 28.68% of pensionable pay (including a 0.08% administration levy). This is an increase of 5% in employer contributions and the cost control result is such that no change in member benefits is needed.
Total scheme liabilities (pensions currently in payment and the estimated cost of future benefits) for service to the effective date of £262,000 million and notional assets (estimated future contributions together with the notional investments held at the valuation date) of £222,200 million, giving a notional past service deficit of £39,800 million.
The result of this valuation was implemented on 1 April 2024.The next valuation result is due to be implemented from 1 April 2027.
The employer's pension costs paid to the TPS in the period amounted to £845,570 (2024: £700,592).
A copy of the valuation report and supporting documentation is on the Teachers’ Pensions website.
Under the definitions set out in FRS 102, the TPS is an unfunded multi-employer pension scheme. The academy trust is unable to identify its share of the underlying assets and liabilities of the plan. Accordingly, the academy trust has taken advantage of the exemption in FRS 102 and has has accounted for its contributions to the scheme as if it were a defined contribution scheme. The academy trust has set out above the information available on the scheme.
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 24.2% for employers and 5.5 to 12.5% for employees.
Parliament has agreed, at the request of the Secretary of State for Education, to a guarantee that, in the event of academy closure, outstanding Local Government Pension Scheme liabilities would be met by the Department for Education. The guarantee came into force on 18 July 2013 and on 21 July 2022, the Department for Education reaffirmed its commitment to the guarantee, with a parliamentary minute published on GOV.UK.
Scheme liabilities would have been affected by changes in assumptions as follows:
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.
Other financial commitments
The academy trust occupies premises which are subject to a private finance initiative (PFI) contract with Staffordshire County Council. The trust itself is not party to this service concession contract, however the academy trust has entered into a supporting agreement towards the costs of the local authority. There is an annual commitment for premises running costs payable until December 2026. The annual payment for 2025/26 is £498,800 (2024/25: £493,000), which is subject to an indexation applied annually.
Owing to the nature of the academy 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. The following related party transactions took place in the financial period.
During the year, the trust paid remuneration to close family members of S Metcalfe and R Kerr, members of key management personnel. The close family members are employed by the Academy Trust as a teacher and as examination invigilators. Appointments were made in open competition and S Metcalfe and R Kerr were not involved in the decision making process regarding appointment. The close family members are paid within the normal pay scale for the roles and receive no special treatment as a result of their relationship with a member of key management personnel.
All transactions involving such organisations are conducted in accordance with the requirements of the Academy Trust Handbook, including notifying the DfE of all transactions made on or after 1 April 2019 and obtaining their approval where required, and with the academy trust's financial regulations and normal procurement procedures relating to connected and related party transactions.
No other related party transactions took place in the period of account, other than certain Trustees' remuneration and expenses as disclosed in the notes to the financial statements.
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 academy trust distributes 16-19 bursary funds to students as an agent for DfE. In the accounting period ending 31 August 2025 the academy trust received £3,076 and disbursed £3,274 from the fund. As at 31 August 2025, the cumulative unspent 16-19 bursary fund is £8,995, of which £Nil relates to undistributed funding that is repayable to the DfE. Comparatives for the accounting period ending 31 August 2024 are £3,604 received, £2,425 disbursed, total cumulative unspent fund of £9,193 of which £Nil was repayable to ESFA.