The trustees present their annual report together with the accounts and auditor's report of the charitable company for the period 1 September 2024 to 31 August 2025. The annual report serves the purposes of both a trustees' report, and a directors' report under company law.
The academy trust operates two schools; Orchards Infant and Nursery for pupils aged 3 to 7 and Orchards Junior for pupils aged 7 to 11 serving a catchment area in Goring and Durrington. They have a pupil capacity of 480 and 620 respectively and had a roll of Infant 260 and Junior 460 in the school census at October 2024. The schools increased their intake through in year admission by significant amounts. We have continued to experience the year groups growing as they progress through the school, with children joining in years 4, 5 and 6.
The academy trust is a company limited by guarantee and an exempt charity. The charitable company's memorandum and articles of association are the primary governing documents of the academy trust.
The trustees of Sparkle Multi-Academy Trust are also the directors of the charitable company for the purposes of company law. Details of the trustees who served during the year, and to the date these accounts are approved, are included in the Reference and Administrative Details on page 1.
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.
The academy trust is covered under membership to the Department of Education's Risk Protection Arrangement ('RPA').
The effectiveness of the board is fundamentally linked to the quality of the people involved. The appointment of trustees has to be agreed by the chair and the headteacher jointly. New trustees are recruited on the basis of a skills audit and if necessary an interview process is held to ascertain which candidate will be the best appointment to take the school forward.
The process is undertaken by the chair, headteacher and at least one other member. It can be summarised as follows:
Assess skills gaps on current board
Agree aims of recruitment
Agree process and specification
Start recruitment process
Informal conversations and school visits by prospective trustees
Formal interviews
Formal appointment
The induction of new trustees is co-ordinated by the CEO who will arrange for a meeting with the chair and a tour of the school. Training for new and existing trustees is co-ordinated through the meeting process.
As a two school multi-academy trust we have members and a single board of directors / trustees serving The Orchards Infant School and Nursery, and the Orchards Junior School. The members of the trust are responsible for the ultimate control over the academy trust, with the ability to appoint some of the trustees and the right to amend the trust’s articles of association.
The trustees are responsible for setting the direction, holding the headteacher to account and ensuring financial probity. The main responsibilities of the trustees include:
Determining the aims, ethos and priorities of the school;
Delegating the power to run the school to the Headteacher;
Agreeing the school improvement plan;
Approving and monitoring the budget and monitoring the impact of spending;
Approving whole school policies;
Monitoring teaching standards;
Approving the staffing structure, ratifying the appraisal process and undertaking the Headteacher performance management process with the support of an external adviser;
Ratifying the statutory pay policy and approving teacher salaries.
All other duties are delegated to the Headteacher who also undertakes the role of Accounting Officer.
Pay and remuneration is set using the School Teachers Pay and Conditions document and our pay policy outlines the approach undertaken by the academy trust. Headteacher pay is considered by the governing body under the recommendations from the Headteacher Performance Management Panel overseen by an accredited external adviser. Other senior staff pay awards are recommended by the Headteacher to the Governing Body.
Sparkle Multi Academy Trust has developed a link with two other multi-academy trusts, Downview Primary and the Oak Academy Trust (Barnham Primary), to mutually develop the strengths of the schools involved. This link has no impact upon operating policies. The trust is also a member of the West Sussex Coastal MATS.
The Sparkle Multi Academy Trust has been set up to run The Orchards Infant School and Nursery and Orchards Junior School as operating academies. The aims of the schools are best summed up as ‘Being the best we can be’. In summary we aim to:
Make The Orchards the best place for the children to attend;
Make The Orchards the best place for people to work so that:
All pupils are making progress;
The schools achieve above average attainment across the range of areas; and
The schools are full of happy, confident people.
Our distinctive ethos is driven by our unique ‘SPARKLE’ approach
Smile Pay Attention Ask Questions React Positively Keep Trying Love Learning Enjoy School
To provide consistently good or better teaching and learning opportunities for all children that are inspirational, imaginative and engaging
The Leadership Team are strategic and relentless in securing effective teaching, learning and challenge for all learners modelling best practice and developing staff
Performance Management & Development process to be an integrating feature of high levels of pupil progress and high achievement
All children will enjoy their learning and make expected or better progress in all areas including reading, writing and mathematics.
In setting our objectives and planning our activities the trustees have carefully considered the Charity Commission’s general guidance on public benefit.
The academy trust's trustees have complied with their duty to have due regard to the guidance on public benefit issued by the Charity Commission in exercising their powers and duties.
Achievements and performance
Attainment in Phonics this year remained in line with national expectations for the Infant School. Attainment at the end of Key Stage 2 maintained a national level reflecting the excellent work undertaken to catch up lost learning as a result of the pandemic. Attainment is in line with the national average and progress is also higher than the national average despite the fact that most Junior Schools struggle with this metric. The schools have achieved a significant amount of their objectives from the 2024/2025 school improvement plan notably:
All children received consistently good quality learning experiences as evidenced by evaluation processes. The evaluation process undertaken forms part of a systematic Total Quality Management process involving triangulation of evidence from lesson observations, work scrutiny and school processes – 95% of teaching was judged to be in line with expectations or better.
PESS outcomes excellent
Coherent assessment processes have facilitated improved attainment across both schools
Intent, Implementation and Impact (3i) Curriculum Process further developed to a very high standard
The Ofsted inspection of April 2024 confirmed the Junior school remains a good one
Pupil attendance data was lower than national averages in both schools.
Pupil recruitment is positive with 20% of the Junior school roll from outside the catchment area
Financial and Investment Performance: Monitoring staff costs, currently at 85% of total income and monitoring and maintaining levels of surplus funds.
After making appropriate enquiries, the board of trustees has a reasonable expectation that the academy trust has adequate resources to continue in operational existence for the foreseeable future. For this reason the board of trustees continues to adopt the going concern basis in preparing the accounts. Further details regarding the adoption of the going concern basis can be found in the statement of accounting policies.
The Academy suffered a significant deficit in 2024-25 of £398,556 (excluding capital and LGPS movements), which has resulted in a net current liability position of £29,669, the trustees and Chief Financial Officer are engaging in a thorough spending review aimed at securing the future operational position, within 12 months from the date of signing.
Further details regarding the adoption of the going concern basis can be found in the accounting policies note of the financial statements.
The principal source of funding for the Academy Trust is the General Academy Grant (GAG) obtained from the Education and Skills Funding Agency (ESFA). The grants received from the ESFA and the associated expenditure is shown as restricted funds within the Statement of Financial Activities. The expenditure in the year of which a large part related to salary costs, has been used to advance the education of children attending the Academies. Expenditure has effectively supported the key objectives of the Academy Trust.
Restricted fund income for educational operations amounts to £4,733,541 (2024: £4,132,555)during the period. Restricted expenditure on educational operations amounted to £5,250,685 (2024: £4,500,015). There was a surplus on unrestricted funds for the year that amounted to £49,275 (2024: £107,549). The general restricted fund deficit for the year (excluding pension reserve movements) amounted to £480,831 (2024: 413,859). The actuarial loss on the Local Government Pension Scheme amounted to £33,000 (2024: £10,000).
The restricted fixed asset fund primarily arose from the introduction of the leasehold buildings and land at fair value on conversion of the school to academy status, together with capitalised costs incurred during the year. The fund is reduced by annual depreciation charges over the expected useful life of the assets concerned. The assets were used exclusively for providing education and the associated support services to the children of the Academy Trust.
To ensure that there is always enough reserve cash to finance one month’s salary plus £50,000 for both schools, a total of approximately £410,000. Reserves are currently lower than our policy but there is a clear plan to return to this level of financial security. This is planned to be achieved by regular monitoring of the bank account, month by month salary costs and ensuring best value when making purchases of school resources. Available reserves (being total funds less the amount held in fixed assets and pension deficit) amounted to £87,537 (2024: £519,093) at the balance sheet date. The continued fluctuation of pupil numbers in the Worthing and Durrington locality makes it prudent to plan for the scenario of a number of years with lower intake. This then allows us to manage the staff in a more proactive and sympathetic way. We have invested significantly in improving the school environment at the Junior School and plan to do the same at the Infant School.
Whilst the financial position at the year-end does fall short of the reserves target, actions are being taken to ensure the academy’s financial position does improve moving forward.
We investigated the possibility of investing a part of our reserves but came to the decision that we would want to stabilise the financial partnership with the Infant school before committing to this venture. Therefore, it is not a consideration at present but we will further investigate one should the trust agree to invest monies for future projects.
Our three key approaches
1. A leadership team that anticipates change and challenge
2. Awareness that risk exists and is a key factor in accountability
3. Quality systems that calculate risks and mitigates them
Risk | Risk level | Mitigation |
Managing the growth of the trust incorporating Orchards Infant | High | Clear strategic plan Enhanced Trust leadership and management- succession planning Recruitment & retention |
The trust’s school improvement model is ineffective in supporting high standards | Low | The trust has a robust school improvement model Regular reporting and review to the Trust Board Staff performance is managed effectively through the professional growth process |
Effects of diminishing numbers of children in the locality | High | Leadership of Orchards Infant to increase pupil numbers at infant level Maintained and developed level of provision to attract new pupils. Flexible staffing structure to absorb potential loss without redundancy |
Cyber attacks – increasingly more aggressive and more frequent | High | Trust has developed a strong filtering and monitoring approach Associated professional development for staff – link governor appointed Continued partnership with JSPC as technology providers |
Taking advantage of advances in technology against the cost of investment | Medium | Clear strategic plan for ICT investment Continued monitoring throughout the year Continued partnership with JSPC as technology providers |
External economic and political factors including significant changes to the academy agenda | Medium | Monitor the political climate Engage in networking with other academies Appropriate insurance and plans in place |
Outcomes fall below expectations | High | Regular review of progress and attainment each half term across the school with interventions based on analysis. Ensure intervention programmes delivered Adapted curriculum to meet specific issues |
Pupil numbers do not meet predictions | High | The inclusion of the Infant School in the academy gives us the best opportunity to positively influence pupil intake Staffing structures have been developed with flexibility built in and budgets set accordingly to manage the school over the uncertainty of the next 2/3 years. Individual tours for Reception joiners and New parents Evening in November to join the Junior School |
Failure to manage budget effectively | Medium | Regular monitoring report to board and LT Finance team monitor compliance with financial regulations and timely reconciliations are made Effective internal and external audits |
Budget reduction | High | The effective budget management means we can staff at excellent levels and will also support us through the unknown future of the next 2/3 years in relation to school funding Flexibility in staffing allows us to manage the main costs Reserves in place to allow for oscillation of factors |
Rising costs | High | Effective budget management and procurement of cost-effective services are at the core of our approach. Strong reserves protect us against any dramatic or unexpected cost rises |
Capital building budget demands | Low | The continued upkeep of the school by the Premises Team, an annual condition review and a focus on continually improving the learning environment protect us against any large unknown costs occurring. Systematic plan for capital spend Development of CFO to facilitate bid writing |
School is deemed to require improvement | Low | Continued focus on ensuring standard of provision by the school is at least good School2School work provides a benchmark Continued recruitment of high quality staff |
Succession planning | Medium | Each role in the organization has a member or role identified as potential replacement. This is reviewed with the Chair, CFO and CEO at least annually |
Recruitment & retention | Low | The school has developed its ITT approach to ensure a steady stream of well trained teachers. Retention levels are exceptionally high and this is due to the reward & recognition process that motivates staff. High level of outside interest for roles |
Long term absence of staff | Low | In line with the succession planning, the staffing structure has been developed to ensure there is cover immediately available for all key roles and the capacity to recruit is developed through in house training and work placements for potential candidates. |
Failure to ensure the trust is compliant with safeguarding | Medium | Clear safeguarding approach in place Annual training and updates with governor link Trained DSLs in both school |
Failure to ensure that the trust complies with legislation requirements | Medium | Relevant policies are in place Clear process of review Key decisions made with professional advice |
Public image | Low | The school marketing momentum team is proactive in celebrating the strengths of the school and the transparency of its processes contributes towards a mitigation of this risk. Improved websites Visibility at ingress and egress |
Fundraising
Any fundraising undertaken by the Sparkle Multi-Academy Trust will be done so in accordance with the Charities (Protection and Social Investments) Act 2016 and by following the guidance as issued in The essential trustee: what you need to know, what you need to do (CC3) published by The Charity Commission. The main points being:
acting in the best interests of your charity
managing your charity’s resources responsibly, which includes protecting and safeguarding its reputation
acting with reasonable care and skill
The stakeholders of the Sparkle Multi Academy Trust after a successful tenth year with Orchards Junior School and a promising start to the incorporation of the Infant school into the trust in January 2024 are keen to share our skills and experience in order to improve the education of children at schools who would benefit from our guidance and leadership. As well as facilitating the improvement of educational outcomes for pupils at other schools we also believe that it would be beneficial to the continued development of our leaders and potential leaders at Orchards.
Over the coming period, our aim is the continue building relationships with primary schools in the local area, to provide/receive support, generate additional income streams, as well as providing greater opportunities for cross-school collaborations.
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 Sumer Audit 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
As trustees we acknowledge we have overall responsibility for ensuring that Sparkle Multi-Academy Trust has an effective and appropriate system of control, financial and otherwise. However, such a system is designed to manage rather than eliminate the risk of failure to achieve business objectives, and can provide only reasonable and not absolute assurance against material misstatement or loss.
As trustees, we have reviewed and taken account of the guidance in DfE's Governance Guide.
The board of trustees has delegated the day-to-day responsibility to the Headteacher, as accounting officer, for ensuring financial controls conform with the requirements of both propriety and good financial management and in accordance with the requirements and responsibilities assigned to it in the funding agreement between Sparkle 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:
We have successfully maintained a strong board that has a range of skills and an extensive stake in the school. Mr Neale is an erudite and efficient Chairman. The governing body has worked effectively across the year to discharge its statutory duties and to continually improve its range of knowledge. The board has been reflective across the year and in addition to the formal meetings have engaged in a range of in school activities.
The Governing Body have also been prevalent in their support of school events such as performances, presentations and sporting tournaments.
Conflicts of interest
At Sparkle MAT, we want to ensure that the decisions taken by the board of are free from personal bias, and don’t unfairly benefit any individual or company connected to the trust so we have a clear conflicts of interest policy which is updated at each meeting. Trustees in our trust must act in the best interests of the trust, and in accordance with the trust’s articles of association, in order to avoid situations where there may be a conflict of interest.
Leadership and management has been viewed as good by external reviews with the following comments made about the performance of the governors:
Leaders and governors ensure that pupils’ progress is tracked with increasing rigour,
Leaders and governors have a strong vision and know the school well.
Leaders and governors have created a very rich curriculum with a broad range of first-hand experiences. Pupils make good progress in a wide range of subjects, including physical education, music and art
No key development points were raised at the Ofsted inspection. Governors continue to refine their skills of holding the school to account in order to accelerate the rise in standards further which we have been developing through increased questioning.
The strategic development of the Governing Body is an agenda item at each meeting and ensures a continuous review of practice. The trust will carry out a review of governance against national benchmarking and guidance each academic year.
Audit and Risk committee
The trust has an established audit and risk committee which meets regularly to review the risk register and financial status of the trust. The risks are also considered during the full governing body meetings.
Attendance at meetings in the year was as follows:
As Accounting Officer the Headteacher has responsibility for ensuring that the academy trust delivers good value in the use of public resources. The accounting officer understands that value for money refers to the educational and wider societal outcomes achieved in return for the taxpayer resources received.
The Accounting Officer considers how the academy trust’s use of its resources has provided good value for money during each academic year, and reports to the board of trustees where value for money can be improved, including the use of benchmarking data where appropriate. The Accounting Officer for the academy trust has delivered improved value for money during the year by:
Structuring the staffing framework to enable low pupil:teacher ratio whilst staying within budgetary guidelines
Delivering an exceptional PE and School Sports programme through dedicated use of PE funding
Ensuring the allocation of Pupil Premium funds has been effective in bringing about improvements in opportunities for this group of pupils
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 Sparkle Multi-Academy Trust for the period 1 September 2024 to 31 August 2025 and up to the date of approval of the annual report and accounts.
The board of trustees has reviewed the key risks to which the academy trust is exposed together with the operating, financial and compliance controls that have been implemented to mitigate those risks. The board of trustees is of the view that there is a formal ongoing process for identifying, evaluating and managing the academy trust's significant risks that has been in place for the period 1 September 2024 to 31 August 2025 and up to the date of approval of the annual report and accounts. This process is regularly reviewed by the board of trustees.
The academy trust's system of internal financial 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 and general purposes 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 considered the need for a specific internal scrutiny and has decided to buy in an internal audit service from Auguste & Auguste to undertake the work required according to the Academy Trust Handbook.
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 systems and other systems. In particular the checks carried out in the current period included:
Testing of payroll systems
Testing of purchase systems
Testing of control account / bank reconciliations
Testing of control of Income procedures
On a yearly basis, the auditor reports to the board of trustees, through the audit and risk committee on the operation of the systems of control and on the discharge of the 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.
As accounting officer the headteacher has responsibility for reviewing the effectiveness of the system of internal control. During the year in question the review has been performed by:
the work of the external and internal auditor
the oversight of the Board of Trustees
the financial management and governance self-assessment process or the school resource management self-assessment tool
the work of the Director of Finance and Administration within the academy trust who has responsibility for the development and maintenance of the internal control framework.
correspondence from DfE e.g. financial notice to improve/notice to improve (FNtI/NtI) and ‘minded to’ letters.
The accounting officer has been advised of the implications of the result of their review of the system of internal control by the audit and risk committee and a plan to address weaknesses and ensure continuous improvement of the system is in place.
Based on the advice of the audit and risk committee and the accounting officer, the board of trustees is of the opinion that the academy trust has an adequate and effective framework for governance, risk management and control.
Approved by order of the board of trustees on
As accounting officer of Sparkle Multi-Academy Trust, I confirm that I have had due regard to the framework of authorities governing regularity, propriety and compliance, including the trust’s funding agreement with DfE, and the requirements of the Academy Trust Handbook, including responsibilities for estates safety and management. I have also considered my responsibility to notify the academy trust board of trustees and DfE of material irregularity, impropriety and non-compliance with terms and conditions of all funding, including for estates safety and management.
I confirm that I, and the board of trustees are able to identify any material irregular or improper use of all funds by the academy trust, or material non-compliance with the framework of authorities.
I confirm that no instances of material irregularity, impropriety or 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 DfE.
Approved by order of the members of the board of trustees on 10 December 2025 and signed on its behalf by:
Opinion
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, 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
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 charitable company’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
In our opinion, based on the work undertaken in the course of the audit:
the information given in the trustees' report for the financial year for which the financial statements are prepared which includes the directors report prepared for the purpose of company law 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 charitable company 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 who are also the directors of the charitable company for the purpose of company law 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 charitable company’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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:
Obtaining an understanding of the legal and regulatory framework that the charitable company operates in, focusing on those laws and regulations that had a direct effect on the financial statements and operations;
Obtaining an understanding of the charitable company's policies and procedures on fraud risks, including knowledge of any actual, suspected or alleged fraud; and
Discussing among the engagement team how and where fraud might occur in the financial statements and any potential indicators of fraud through our knowledge and understanding of the charitable company and our sector-specific experience.
As a result of these procedures, we considered the opportunities and incentives that may exist within the charitable company for fraud. We are also required to perform specific procedures to respond to the risk of management override. As a result of performing the above, we identified the following areas as those most likely to have an impact on the financial statements: employment law and compliance with the UK Companies Act, Academies Accounts Direction 2024 to 2025 and the Academies Trust Handbook 2024.
In addition to the above, our procedures to respond to risks identified included the following:
Making enquiries of management and those charged with governance about any known or suspected instances of non-compliance with laws and regulation, fraud or any actual or potential litigation and claims against the charitable company;
Reviewing minutes of meetings of the board of trustees, senior management and the Audit and Risk committee;
Reviewing internal scrutiny reports for the academic year;
Reviewing financial statement disclosures to assess compliance with applicable laws and regulations;
Reading correspondence with regulators;
Review and assess compliance with the Academies Trust Handbook 2024 and issue a separate report on compliance with regularity requirements;
Challenging assumptions and judgements made by management in their significant accounting estimates, in particular in relation to the local government pension scheme; and
Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness.
Due to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). For instance, the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely the auditor is to become aware of it or to recognise the non-compliance.
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 17 December 2023 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 Sparkle 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 Sparkle 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 Sparkle 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 Sparkle 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 Sparkle Multi-Academy Trust’s funding agreement with the Secretary of State for Education dated 21 September 2015 and the Academies Trust Handbook, extant from 1 September 2024, 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 statements on regularity, propriety, and compliance;
Review of procedures and controls ensuring their adequacy, compliance and appropriateness;
Analytical procedures on the general activities of the academy trust;
Planning of assurance procedures including identifying key risk areas;
Further testing and review of the areas identified through the risk assessment including the testing and identification of control processes and examination of supporting evidence as well as additional verification and substantive testing on individual transactions.
A review of minutes of committees and board meetings which may be relevant to regularity;
A review of the internal scrutiny reports undertaken;
Consideration of discussions with key personnel, including the accounting officer and governing body.
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 were approved by the trustees and authorised for issue on
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 ESFA, the Charities Act 2011 and the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The charity is a company limited by guarantee and has no share capital.
The trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the charitable company to continue as a going concern. The trustees make this assessment in respect of a period of at least twelve months from the date of authorisation for issue of the financial statements.
As noted within the Trustees report, the Academy suffered a significant deficit in 2024-25 of £398,555 (excluding capital and LGPS movements), which has resulted in a net current liability position of £29,669. The trustees and Chief Financial Officer are engaging in a thorough spending review aimed at securing the future operational position and this review will also be considering the expansion of income streams.
The trustees are involved in the rolling three-year budget, reviewing actual results against budget to ensure the Academy is taking into account the rising cost pressures, impacts of strong employee retention and growing crisis relating to SEND provision funding. Over the course of the coming six months, cash management will be monitored daily in order to ensure the trust continues to have sufficient resources, as well as renegotiating agreements for areas such as photocopiers, telephony and service level agreements the Academy currently has in place.
Based on a strong reputation for providing exceptional support to pupils with Education, Health and Care Plans “EHCPs”, the Academy has a higher than average proportion of pupils with additional needs. There continues to be a growing need for SEND funding provisions within Primary Schools, for which the income received for pupils does not always meet the salaries costs required to support each specific EHCP pupil. Creating a shortfall in funding which the Academy has incurred in the financial year to 31 August 2025. From April 2026, the Local Authority is rolling out a banded system for which the Academy is forecast to greatly benefit from, given the high proportion of these pupils. Moving forward this will eliminate the shortfall and allow the Academy to continue providing exceptional support.
The deficit position incurred during the 2024-25 financial year was also greatly impacted by the GAG funding, which is provided the Academy based on previous years census data. Over the past two years, the Academy’s pupil numbers have risen significantly, creating a further shortfall in funding over this two year period. Looking towards the 2026-27 financial year, pupil numbers are forecast to stabilise, if not decrease. This means the Academy will receive approximately £210,000 more income, with a lower level of expenditure compared to both the 2024-25 and 2025-26 financial year.
Within this context the trustees 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 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
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.
Capital grants are received for capital purposes and must be spent in line with the terms and conditions of the grant.
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.
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.
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.
These include the costs attributable to the academy trust's compliance with constitutional and statutory requirements, including audit, strategic management, trustees' meetings and reimbursed expenses.
All resources expended are inclusive of irrecoverable VAT.
Assets costing £1,000 or more are capitalised as tangible fixed assets and are carried at cost, net of depreciation and any provision for impairment.
Where tangible fixed assets have been acquired with the aid of specific grants, either from the government or from the private sector, they are included in the balance sheet at cost and depreciated over their expected useful economic life. Where there are specific conditions attached to the funding that require the continued use of the asset, the related grants are credited to a restricted fixed asset fund in the statement of financial activities and carried forward in the balance sheet. Depreciation on the relevant assets is charged directly to the restricted fixed asset fund in the statement of financial activities. Where tangible fixed assets have been acquired with unrestricted funds, depreciation on such assets is charged to the unrestricted fund.
Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost of each asset on a straight-line basis over its expected useful life, as follows:
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 or services it must provide.
Rentals under operating leases are charged on a straight line basis over the period of the lease.
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, as detailed in note 13. 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, as detailed in note 14. 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 so as 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 on the basis of quadrennial valuations using a projected unit 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 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 operating surplus 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.
If the present value of the defined benefit obligation at the reporting date is less than the fair value of plan assets at that date, the plan has a surplus. A plan surplus, as a defined benefit plan asset, is only recognised to the extent that it can be recovered either through reduced contributions in the future or through refunds from the plan.
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 Education and Skills Funding Agency/Department for Education.
Accounting estimates and judgement 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 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 18, will impact the carrying amount of the pension 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 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 liability.
The income from donations and capital grants was £15,832 (2024: £16,627) of which £nil was unrestricted (2024: £nil) and £15,832 (2024: £16,627) was in relation to restricted fixed assets funds.
The income from funding for educational operations was £4,825,340 (2024: £4,265,093) of which £91,799 (2024: £132,538) was unrestricted and £4,733,541 (2024: £4,132,555) was restricted.
The income from other trading activities was £98,062 (2024: £111,069) of which £473 (2024: £nil) was unrestricted and £97,589 (2024: £111,069) was restricted.
All income from investments in the current and prior year was unrestricted.
The expenditure on raising funds was £28,276 (2024: £30,640) all of which was restricted.
The expenditure on educational operations was £5,401,474 (2024: £4,610,450) of which £4,339,596 (2024: £3,576,660) related to staff costs, £388,113 (2024: £381,431) related to premises and equipment, and £673,765 (2024: £652,359) related to other costs.
The expenditure on educational operations was £5,404,859 (2024: £4,617,501) of which £43,054 was unrestricted (2024: £25,059) and £5,254,070 was restricted (2024: £4,592,442).
The key management personnel of the academy trust comprise the trustees and the senior management team as listed on page 1. The total amount of employee benefits (including employer pension contributions and employer national insurance contributions) received by key management personnel for their services to the academy trust was £892,085 (2024: £611,962).
One or more of the trustees has been paid remuneration or has received other benefits from an employment with the academy trust. The headteacher and other staff trustees only receive remuneration in respect of services they provide undertaking the roles of headteacher and staff members under their contracts of employment.
During the year, costs of £60 (2024: £171) were reimbursed in relation to expense claims consisting of teaching resources, office suppliers and subsistence costs to 2 trustees (2024: 3 trustees). During the year, costs of £585 (2024: £nil) were paid directly to a third party relating to a development programme on behalf of the chair of trustees.
The value of trustees' remuneration and other benefits was as follows:
Dr P Jones (Headteacher)
Remuneration: £145,000 - £150,000 (2024: £140,000 - £145,000)
Employer's pension contributions: £40,000 - £45,000 (2024: £35,000 - £40,000)
Mr I Chilvers (Staff - resigned 12 November 2025)
Remuneration: £n/a (2024: £55,000 - £60,000)
Employer's pension contributions: £n/a (2024: £10,000 - £15,000)
Mr G Christie (Staff)
Remuneration: £55,000 - £60,000 (2024: £50,000 - £55,000)
Employer's pension contributions: £15,000 - £20,000 (2024: £10,000 - £15,000)
Mrs D Wilkinson (Staff)
Remuneration: £70,000 - £75,000 (2024: 45,000 - £50,000)
Employer's pension contributions: £20,000 - £25,000 (2024: 10,000 - £25,000)
Mrs B Allcock (Staff - resigned 26 August 2025)
Remuneration: £35,000 - £40,000 (2024: 0 - £5,000)
Employer's pension contributions: £5,000 - £10,000 (2024: 0 - £5,000)
Other related party transactions involving the trustees are set out in note 23.
The academy trust has opted into the Department for Education's risk protection arrangement (RPA), an alternative to insurance where UK government funds cover losses that arise. This scheme protects trustees and officers from claims arising from negligent acts, errors or omissions occurring whilst on academy business, and provides cover up to £10,000,000. It is not possible to quantify the trustees' and officers' indemnity element from the overall cost of the RPA scheme.
Included within other loans above is the current remaining portion of £6,770 of a local authority school solar loan granted to Field Place Infant School (Orchards Infant School) in May 2018 from West Sussex County Council, which was initially granted for £32,682. The loan was inherited from the local authority on conversion. There are instalments of £3,385 due annually on 30 July every year. No interest is charged on the loan. The remaining balance of £5,602 is shown within creditors falling due after more than one year.
At the balance sheet date the Academy Trust was holding funds received in advance for Special Educational Needs funding which relate to the 2024/25 academic year.
The specific purposes for which the funds are to be applied are as follows:
- GAG funds are restricted to providing education
- Pupil premium funding is provided to improve education outcomes for disadvantaged pupils.
- Catch-up premium is provided to help pupils and disadvantaged young people catch up on missed education due to COVID-19.
- Other DfE / ESFA grants relate to reimbursement for specific services
- Other government grants are in relation to the growth funding and local authority SEN funding received
- Other restricted funds are held to provide trips and other activities for students and the provision of education
- Capital grants are received for capital purchases and must be spent in line with the terms and conditions of the grant.
The academy trust is not subject GAG carried forward limits.
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 West Sussex County Council. Both are multi-employer defined benefit schemes.
The latest actuarial valuation of the TPS related to the period ended 31 March 2020 and of the LGPS to the period ended 31 March 2022.
Contributions amounting to £90,655 (2024: £83,567) were payable to the schemes at 31 August 2025 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 and subsequent consultation are:
Employer contribution rates set at 28.68% of pensionable pay (including a 0.08% employer administration 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 form 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 £621,266 (2024: £484,606)
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 made for the year ended 31 August 2025 was £238,143 (2024: £187,891), of which employer's contributions totalled £183,907 (2024: £144,587) and employees' contributions totalled £54,236 (2024: £43,304).The agreed contribution rates for future years are 22.5% 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:
Owing to the nature of the academy trust and the composition of the board of trustees being drawn from local public and private sector organisations, transactions may take place with organisations in which the trust has an interest. The following related party transaction took place in the period of account:
Simon McCarthy Electrical, (a company in which Mrs F McCarthy's (Deputy Headteacher) close family member, is the owner), undertook various electrical repairs on behalf of the trust totalling £1,625 (2024: £475) during the period. There was £75 outstanding in trade creditors at 31 August 2025 (2024: £nil).
G Jones, spouse of P Jones, a trustee, is employed by the academy trust as a teacher. G Jones’ appointment as Deputy Headteacher was made in open competition and whilst P Jones was involved in the interview process, sufficient and appropriate safeguards were maintained to ensure a fair and unbiased selection. G Jones is paid within the normal pay scale for their role and receives no special treatment as a result of their relationship to a trustee.
A Chilvers, daughter of I Chilvers, a trustee, is employed by the academy trust as a non-qualified teacher. A Chilvers' appointment was made in open competition and I Chilvers was not involved in the decision-making process regarding appointment. A Chilvers is paid within the normal pay scale for their role and receives no special treatment as a result of their relationship to a trustee.
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 land and building valuation for Orchards Infant School, which joined the trust on 1 January 2024, was received after the previous financial year's accounts have been approved, and so those accounts included an estimated, earlier valuation adjusted for depreciation. The prior year figures have now been restated to reflect the new valuation, with the associated depreciation also updated in the current and comparative years.