The Trustees for the Four Cs MAT (the ‘Trust’) present their annual report together with the accounts and independent auditor's reports 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 accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Trust’s Memorandum and Articles of Association, the Companies Act 2006 and the Statement of Recommended Practice, "Accounting and Reporting by Charities" 2019.
The Trust operates with seven schools as follows:
1. Arthur Mellows Village College
Helpston Road, Peterborough, PE6 7JX
2. Fulbridge Academy
Keeton Road, Peterborough, PE1 3JQ
3. Discovery Primary Academy
Mountsteven Avenue, Walton, Peterborough, PE4 6HX
4. Hampton Vale Primary Academy
Westlake Avenue, Hampton Vale, Peterborough, PE7 8LS
5. Ken Stimpson Academy
Staniland Way, Werrington, Peterborough, PE4 6JT
6. Manor Drive Primary Academy
Porter Avenue, Peterborough, PE4 7EP
7. Manor Drive Secondary Academy
Porter Avenue, Peterborough, PE4 7EP
Arthur Mellows Village College caters for pupils aged 11 to 19 years serving a catchment area for children living in the catchment of the following primary schools: Barnack Church of England; Castor Church of England; Duke of Bedford, Thorney; Eye Church of England; John Clare, Helpston; Newborough Church of England; Northborough Primary; Peakirk cum Glinton Church of England; Wittering Primary. The admission limit for Years 7-11 is 264.
Fulbridge Academy caters for pupils aged 3-11 years serving a catchment area directly surrounding the school. The admission limit for nursery is 64 and for reception is 120.
Discovery Primary Academy caters for pupils aged 4-11 serving a catchment area directly surrounding the school. The admission limit for reception is 60.
Hampton Vale Primary Academy caters for pupils aged 3-11, serving a catchment area of Hampton Vale. Based on a current floor space and staff ratios, Seedlings Nursery can accommodate 48 children per session. The current overall number for both sessions is 68. The admission limit for Reception aged children is 90.
Ken Stimpson Academy caters for pupils ages 11-19 years serving a catchment area for children in the catchment of the following schools: Welbourne Primary School, Werrington Primary School and William Law Church of England Primary School. The admission limit for Years 7-11 is 210.
Manor Drive Primary Academy caters for pupils aged 3-11, serving a catchment area of Manor Drive. admission limit for Reception is 60.
Manor Drive Secondary Academy caters for pupils aged 11-16, serving a catchment area of Manor Drive. admission limit for Year 7 is 150.
The Four Cs MAT (the ‘Trust’) is a company limited by guarantee with no share capital (company registration number 07333133). The charitable company's Memorandum and Articles of Association are the primary governing documents of the Trust. Members of the charitable company are nominated by either the Secretary of State for Education and Skills or by unanimous written agreement of the members.
The Trust also operates as trading names for Arthur Mellows Village College, Fulbridge Academy, Discovery Primary Academy, Hampton Vale Primary Academy, Ken Stimpson Academy, Manor Drive Primary Academy, Manor Drive Secondary Academy and Teach East.
The Trustees of the Four Cs MAT (the “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 first Trustees were those persons named in the statement delivered to the Secretary of State. Members may appoint by ordinary resolution up to nine Trustees. The term of office for any Trustee shall be four years and any Trustees may be re-appointed or re-elected at a Members Meeting.
Non-executive responsibility for the management and performance of the schools within the Trust is delegated to the Local Governing Committees of each school.
All newly appointed Trustees meet with the Chair of Trustees, CEO and Heads of the schools within the MAT and Clerk to the Trustees. This meeting provides a valuable induction using a checklist of documents and procedures in place. All new Trustees are also made aware of who they can go to for individual advice and guidance in the early days
Ongoing training is identified on a 'need basis' and can be in the format of Trust-arranged sessions or internal / external training on an individual or group basis.
Training is a standing agenda item on all Full Trustees meetings.
Non-executive Trustees
- Chair of Trustees
- Trustees
Executive
- Chief Executive Officer (Accounting Officer) and Executive Principal (Secondary Phase)
- Chief Finance Officer
- Executive Principal (Primary Phase)
Local Governing Committees (for each Trust school)
On forming the company the structure consisted of three levels: Trustees, Executive and Local Governing Committees. The Trustees maintain accountability, however the aim of the management structure is to devolve responsibility and encourage involvement in decision making at all levels.
The Trustees are responsible for setting policy, adopting an annual plan and budget, monitoring the schools within the MAT by the use of budgets and making major decisions about the direction of the schools within the MAT, capital expenditure and executive appointments.
The senior managers in the Trust comprise the Chief Executive Officer and Executive Principal (Secondary Phase), Executive Principal (Primary Phase) and Chief Financial Officer. These managers control the schools within the MAT at an executive level implementing the policies laid down by the Trustees and reporting back to them. As a group the senior managers are responsible for the authorisation of spending within agreed budgets in accordance with the financial controls document and the appointment of staff, through appointment panels. Where possible a Governor from the Local Governing Committee for respective schools is involved in all professional appointments.
The Trustees’ Remuneration Committee exists to monitor and set the remuneration for the Chief Executive Officer (CEO) and any Trust staff.
They meet as appropriate with the main focus being to ensure that the CEO’s recommendations for staff salary increase due to performance, falls in line with adopted policies and procedures. The remuneration of the central services staff, Headteachers / Deputy and Assistant Headteachers is carried out by the CEO and reviewed by this Committee, taking advice from the CEO as to performance management. Three Trustees form a separate group of Performance Management Assessors who set the targets for the CEO and review these both mid-year and end of year prior to making recommendation for pay and remuneration. The targets set are in line with the Trust’s Development Plan and are generally associated with Pupil Progress and Leadership and Management.
The Trust aims to include employee’s by:
providing employees with information on matters of concern to them
consulting employees or their representatives regularly so that the views of the employees can be considered in making decisions which are likely to affect their interests via Joint Consultative Negotiation Committee
encouraging the involvement of employees in the company’s performance as part of our performance management target setting process
achieving a common awareness on the part of all employees of the factors affecting the performance of the company through the MAT Development Plan
its policy in respect of applications for employment from disabled persons, the treatment of employees who become disabled and the training, career development and promotion of disabled person which is shared with employees and representational bodies annually.
The Trust has due regard to foster good relationships with business suppliers and customers. Where possible, there is open and regular engagement with suppliers and customers to ensure effective and transparent business interaction.
Arthur Mellows Village College worked with Peterborough City Council to gain accreditation as a provider of Initial Teacher Training, namely Teach East - School Centred Initial Teacher Training (SCITT). The College acted as the lead school for 41 QTS awarded trainee teachers across Peterborough in this financial year headed by Henry Sauntson (Assistant Headteacher). Funding has been received from bursaries, salaried, apprenticeship or fee paying routes to provide teaching, mentoring and resources for students to achieve qualifying teacher status. Accreditation as a teacher training provider finished on 31 August 2024 and Teach East were overseen by The Cambridge Partnership for the 2024/25 academic year.
The Trust’s objective is specifically restricted to the following: to advance for the public benefit education in the United Kingdom, in particular but without prejudice to the generality of the foregoing by establishing, maintaining, carrying on, managing and developing schools within the Trust, offering a broad and balanced curriculum. The policies adopted in furtherance of these objectives are set out on the Trust and individual schools’ websites and there have been no changes in these during the year.
Admission Criteria (to 31 August 2025):
Arthur Mellows Village College
Priority will be given to children with a statement of Special Educational Needs or Education, Health and Care Plan which names the College. This will be in addition to any specific arrangements to specialist provision. The following admission criteria will then apply
i Children in Care – ‘Looked After Children’ and children who were previously looked after, but immediately after being looked after became subject to adoption, a child arrangements order, or special guardianship order
ii Children in Care - Children who appear to the admission authority to have been in state care outside of England and ceased to be in state care as a result of being adopted.
iii Children living in the catchment area (identified in criteria v) who would be in receipt of the Service Premium. (The service premium is additional funding paid annually to schools under section 14 of the Education Act 2002 for the purposes of supporting the pastoral needs of the children of Armed Services personnel.)
iv Children of all members of staff at the College provided that they have been employed for a minimum of two years and/or are recruited to fill a vacant post for which there is a demonstrable skills shortage.
v Children living in the catchment area of the following primary schools: Barnack Church of England; Castor Church of England; Duke of Bedford, Thorney; Eye Church of England; John Clare, Helpston; Newborough Church of England; Northborough County Primary; Peakirk cum Glinton Church of England; Wittering County Primary. (See map of catchment area posted on the College website).
vi The attendance of a sibling who is on the College roll at the time of admission.
vii Children living nearest the College as measured by the shortest straight line distance, from the centre of the home address to the College.
Manor Drive Secondary Academy
When MDSA is oversubscribed, after the admission of pupils with an Education, Health and Care plan naming MDSA, priority for admission will be given to those children who meet the criteria set out below, in priority order:
i Children in Care – ‘Looked After Children’ and children who were previously looked after, but immediately after being looked after became subject to adoption, a child arrangements order, or special guardianship order. This also includes children who appear to the admission authority to have been in state care outside of England and ceased to be in state care as a result of being adopted.
ii Children of all members of staff at Manor Drive Secondary Academy provided that they have been employed for a minimum of two years and/or are recruited to fill a vacant post for which there is a demonstrable skills shortage.
iii Priority will next be given to the siblings of pupils attending MDSA at the time the application is received.
iv Priority will next be given to Year 6 students who live inside of catchment and attend the feeder school as long as they have attended that feeder school for at least 1 full school year.
v Priority will next be given to children living within the MDSA catchment area set out in the map at the end of the policy. Children living on the boundary line will be considered to be living within the catchment area.
vi Priority will next be given to Year 6 students who live outside of catchment and attend the feeder school as long as they have attended that feeder school for at least 1 full school year.
vii Other children whose parents have requested a place (NB Measurements for this will be done from the Academy to the home address).
Ken Stimpson Academy
Priority will be given to children with a statement of Special Educational Needs or Education, Health and Care Plan which names the Academy. This will be in addition to any specific arrangements to specialist provision. The following admission criteria will then apply:
i Children in Care – Looked After Children and children who were previously looked after, but immediately after being looked after became subject to adoption, a child arrangements order, or special guardianship order.
ii Children in Care - Children who appear to the admission authority to have been in state care outside of England and ceased to be in state care as a result of being adopted.
iii Children living in the catchment area (identified in criteria v) who would be in receipt of the Service Premium. (The Service Premium is additional funding paid annually to schools under section 14 of the Education Act 2002 for the purposes of supporting the pastoral needs of the children of Armed Services personnel.)
iv Children of all members of staff at the Academy provided that they have been employed for a minimum of two years and/or are recruited to fill a vacant post for which there is a demonstrable skills shortage.
v Children living in the catchment area of the following primary schools: Welbourne Primary School, Werrington Primary School, William Law Church of England Primary School. (See map of catchment area posted on the Academy website).
vi The attendance of a sibling who is on the Academy roll at the time of admission.
vii Children living nearest the Academy as measured by the shortest straight line distance, from the centre of the home address.
Discovery Primary Academy
The Governors will admit children with a Statement of Special Educational Needs or an Education Health and Care Plan (EHCP) which names the Academy. This will be in addition to any specific arrangements to specialist provision. Such criteria includes, but is not limited to:
i Children in Care;
ii Children who are both living in the catchment area served by the Academy (see Peterborough City Council
website for an address list) and have a sibling;
iii Children of all staff at the Academy, providing that the member of staff has been employed for a minimum of two (2) years and/or are recruited to fill vacant post for which there is a demonstrable skills shortage.
iv Other children living in the catchment area at the time of application.
v Children who do not live in the catchment area served by the Academy, but who have a sibling of compulsory school age attending the school at the time of application.
vi Other children whose parents have requested a place (NB: measurements for this will be done from the
Academy to the home address).
Fulbridge Academy
The Governors will admit children with a Statement of Special Educational Needs or an Education Health and Care Plan (EHCP) which names the academy. This will be in addition to any specific arrangements to specialist provision. Such criteria includes, but is not limited to:
i Children in Care;
ii Children who are both living in the catchment area served by the academy (see Peterborough City Council website for an address list) and have a sibling;
iii Children of all staff at the Academy, providing that the member of staff has been employed for a minimum of two (2) years and/or are recruited to fill a vacant post for which there is a demonstrable skills shortage.
iv Other children living in the catchment area at the time of application;
v Children who do not live in the catchment area served by the academy, but who have a sibling of compulsory school age attending the school at the time of application;
vi Other children whose parents have requested a place (NB: measurements for this will be done from the Academy to the home address).
Hampton Vale Primary Academy
The Governors will admit children with a Statement of Special Educational Needs or an Education Health and Care Plan (EHCP) which names the Academy. This will be in addition to any specific arrangements to specialist provision. Such criteria includes, but is not limited to:
i Children in Care;
ii Children who are both living in the catchment area served by the Academy (see Peterborough City Council website for an address list) and have a sibling;
iii Children of all staff members at the school, providing that the member of staff has been employed for a minimum of two (2) years and/or are recruited to fill a vacant post for which there is a demonstrable skills shortage.
iv Other children living in the catchment area at the time of application.
v Children who do not live in the catchment area served by the academy, but who have a sibling of compulsory school age attending the school at the time of application;
vi Other children whose parents have requested a place (NB: measurements for this will be done from the Academy to the home address).
Manor Drive Primary Academy
When MDPA is oversubscribed, after the admission of pupils with an Education, Health and Care plan naming the Academy itself, priority for admission will be given to those children who meet the criteria set out below, in priority order:
i Children in Care – ‘Looked After Children’ and children who were previously looked after, but immediately after being looked after became subject to adoption, a child arrangements order, or special guardianship order. This also includes children who appear to the admission authority to have been in state care outside of England and ceased to be in state care as a result of being adopted.
ii Children of all members of staff at Manor Drive Primary Academy provided that they have been employed for a minimum of two years and/or are recruited to fill a vacant post for which there is a demonstrable skills shortage.
i Priority will be given to the siblings of pupils attending MDPA at the time the application is received. No priority will be given to siblings of pupils attending Manor Drive Secondary Academy at the time the application is received.
ii Priority will next be given to children living within the Manor Drive Primary Academy catchment area set out in the map at the end of the policy. Children living on the boundary line will be considered to be living within the catchment area.
iii Other children whose parents have requested a place (NB Measurements for this will be done from the Academy to the home address).
Stratagies and aims
The Trust’s main strategy is encompassed in its mission statement as follows:
“At the Four Cs Multi Academy Trust we must ignite the student’s imagination and their active, willing and enthusiastic engagement in their learning".
Our vision is to: ensure that every student succeeds; build on what learners already know; make learning vivid and real; make learning an enjoyable experience and enrich the learning experience that we offer.
The Trust’s approach should enable students to encounter and begin to explore the wealth of human experience through induction into, and active engagement in, the different ways through which humans make sense of their world: through knowledge, intellectual, moral, spiritual, aesthetic, social, emotional and physical experiences. As well as through language, mathematics, science, the humanities, the arts, religion and other ways of knowing and understanding and act upon it.
‘Creative Thinking’ is at the heart of the Trust’s approach to learning. We aspire for the students to explore, negotiate, discover and experiment. We want them to speculate, empathise, reflect, collaborate, cooperate and persevere. Students need to develop initiative, and demonstrate leadership, teamwork, flexibility, integrity and imagination.
The Trust wishes to encourage curiosity, confidence, courage and constancy.
To facilitate this aspiration, the most important gift we can provide is that of confidence.
AIMS: Our curriculum must serve:
The Individual:
By ensuring well-being, engagement, empowerment and autonomy
The Wider World:
By encouraging respect and reciprocity
By promoting interdependence and sustainability
By empowering local, national and global citizenship
By celebrating culture and community
Pupil’s Learning:
Through exploration, knowing, understanding and making sense
Through fostering skill
Through exciting imagination
Through enacting dialogue
Equal opportunities policy
The Trustees recognise that equal opportunities should be an integral part of good practice within the workplace. The Trust aims to establish equal opportunity in all areas of its activities including creating a working environment in which the contribution and needs of all people are fully valued.
Disabled persons
Lifts, ramps and disabled toilets are installed and door widths are adequate to enable wheelchair access to all the main areas of all schools within the MAT. The policy of the MAT is to support recruitment and retention of students and employees with disabilities. The MAT does this by adapting the physical environment, by making reasonable support resources available and through training and career development.
In setting our objectives and planning our activities, the Trustees have carefully considered the Charity Commission’s general guidance on public benefit.
After making appropriate enquiries, the Trustees have a reasonable expectation that the schools within the MAT have adequate resources to continue in operational existence for the foreseeable future. For this reason the Trust Board 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.
In promoting the success of the Four Cs MAT we will consider;
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Most of the Trust’s income is obtained from the Department of Education (DfE) in the form of recurrent grants, the use of which is restricted to particular purposes. The grants received from the DfE during the year ended 31 August 2025 and the associated expenditure are shown as restricted funds in the statement of financial activities. Reserves are built up across the Trust so we can make effective use of funds to support capital projects.
The Trust also receives grants for fixed assets from the DfE. Such grants are shown in the statement of financial activities as restricted income in the restricted fixed asset fund. The restricted fixed asset fund balance is reduced by annual depreciation charges over the expected useful life of the assets concerned, under the current accounting policy.
Teach East SCITT receives fee income to enable ITT students to achieve qualifying teacher status.
The Trust has a MAT Development Plan which is costed and reviewed regularly. The Trustees look to review this at each term’s meetings for any changes along with the Risk Register to identify any risks to the Trust. Individual schools within the MAT have their own improvement plans in place.
Funding associated with the DfE School Condition Allocation is used to ensure Trust School buildings are maintained to an appropriate standard.
It is the policy of the Trust to hold a minimum contingency fund between £800,000 and £1,000,000 to mitigate against emergency situations that would otherwise risk a school having to be closed on a temporary basis. This takes into account the risks reflected in the financial risk register, and in particular, in respect of the risk of fluctuation of student numbers.
Unrestricted funds held at the year end exceed this level and are designated for capital projects. Projects are reviewed to ensure value for money is achieved and any expenditure will result in improved outcomes for children.
Additional funding was received from the DfE to expand nursery provision at Hampton Vale Primary Academy and Fulbridge Academy.
The Trust will only allow exposure to short term low risk investments and institutions used for investments that are ethical and appropriately registered companies. The Trust banks with Lloyds plc where interest is paid on credit balances. If surplus funds are available these can be considered for investment by the Chief Finance Officer for an appropriate period and presented to the Accounting Officer and Trustees.
The Trustees have assessed and monitored the major risks to which the Trust is exposed, in particular those relating to the specific teaching, provision of facilities and other operational areas of the Trust, and its finances. The Trustees have implemented a number of systems to assess risks that the Trust faces, especially in the operational areas (e.g. in relation to teaching, health and safety, bullying and trips) and in relation to the control of finance. They have introduced systems, including operational procedures (e.g. vetting of new staff and visitors, supervision of Trust school grounds) and internal financial controls in order to minimise risk. To ensure the Trust estate is safe and maintained to a high standard, since September 2021 the Trust have used Compliance Now Consultancy who visit each school site regularly providing guidance and instructions to schools on health and safety matters and report back to the CEO. Where significant financial risk still remains they have ensured they have adequate insurance cover. The Trust has an effective system of internal financial controls and this is explained in more detail in the governance statement.
The Trust held fundraising events during the year including non-uniform days. The Trust does not work with professional fundraisers or companies who carry out fundraising on its behalf. During the year no complaints or issues have arisen as a result of the fundraising events.
We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the 2025 UK Government's Conversion Factors for Company Reporting.
The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per pupil, the recommended ratio for the sector.
2024/2025 With commitment to reduce energy comsuption, each school site has continued replacement of modern energy efficiency LED lights as part of the rolling programme. At various sites, automated lights controls fitted with motion and occupancy sensors have been fitted. Also thermal film fitted to windows and pipe insulation updated.
The Four Cs MAT will continue striving to improve levels of performance of its students at all levels, working together with students, parents and staff to secure places in further and higher education as well as in employment.
The areas of focus for the MAT are:
Governance
Establishing robust MAT wide policies, processes and procedures, to cover all of the functions the MAT is responsible for
Ensuring that Local Governing Committees implement and support the above
Assuage the 'take over' fears of the governing bodies of any schools wishing to join the MAT
Investment in the MAT infrastructure to support new schools wishing to join
MAT organisation and communication
Development and embedding of a Trust Head Office, independent of the schools where Trust leadership and central service staff are now based and provide training and support across the Trust
Website and Handbook development
Due Diligence process
Service Level Agreement
MAT financial sustainability
Development of MAT Support and Services
MAT IT
MAT Financial
Central Services - Health and Safety, HR, SEN Support, Early Years support, Primary Phase support
MAT Expansion and Continued Development
Manor Drive - primary and secondary
Other school interest, primary and secondary
Ken Stimpson Academy
Leadership and Management
Student Safeguarding
Staff Wellbeing
Marking, Assessment and Feedback
Quality of the Curriculum
A resolution proposing that Azets Audit Services 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 the Four Cs MAT 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.
The board of Trustees has delegated the day-to-day responsibility to the Chief Executive Officer (CEO), as Accounting Officer, for ensuring financial controls conform with the requirements of both propriety and good financial management and in accordance with the requirements and responsibilities assigned to it in the funding agreement between the Four Cs MAT 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.
For the period 1 September 2024 to 31 August 2025, the Trustees of the Four Cs MAT met as follows:
The Trustee Resource Committee is a sub-committee of the main board of Trustees. Its purpose is to advise the Trust on all financial matters. Attendance at meetings in the year was as follows:
As Accounting Officer, the Chief Executive Officer has responsibility for ensuring that the Trust delivers good value in the use of public resources. The Accounting Officer understands that value for money refers to the educational and wider societal outcomes achieved in return for the taxpayer resources received.
The Accounting Officer considers how the Trust’s use of its resources has provided good value for money during each academic year, and reports to the board of trustees where value for money can be improved, including the use of benchmarking data where available. The Accounting Officer for the Trust has delivered improved value for money during the year by ensuring all budget holders are aware of the Trust’s purchasing requirements and to regularly look at new and current suppliers to ensure continued value for money and seeking discounts where possible.
The system of internal control is designed to manage risk to a reasonable level rather than to eliminate all risk of failure to achieve policies, aims and objectives. It can therefore only provide reasonable and not absolute assurance of effectiveness. The system of internal control is based on an on-going process designed to identify and prioritise the risks to the achievement of Trust policies, aims and objectives, to evaluate the likelihood of those risks being realised and the impact should they be realised, and to manage them efficiently, effectively and economically. The system of internal control has been in place in the Four Cs MAT for the period 1 September 2024 to 31 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 Trust is exposed together with the operating, financial and compliance controls that have been implemented to mitigate those risks. The board of Trustees is of the view that there is a formal ongoing process for identifying, evaluating and managing the Trust's significant risks that has been in place for the period 1 September 2024 to 31 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 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 Trustees Resource 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;
delegation of authority and segregation of duties;
identification and management of risks.
The board of Trustees has considered the need for a specific internal audit function. From September 2023 the Trustees have used Duncan & Toplis to provide Internal Scrutiny services for all Trust schools.
The core programme covers a range of checks on the Trust financial systems. The assurance review will look to include:
Basic audit
Bank and cash
Budgets and financial monitoring
Core Academy Trust Handbook compliance
Non-pay purchases and payments, including credit cards
Fixed assets
Income
Payroll
Governance and regularity
Technology controls
Strategic overview – succession planning/risk management
The reports are provided to the board of Trustees through the Trustees Resource Committee on the operation of the systems of control and on the discharge of the financial responsibilities of the board of Trustees.
As Accounting Officer, the Chief Executive Officer 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 scrutiny;
the work of the external auditor;
the work of the executive managers within the MAT who have responsibility for the development and maintenance of the internal control framework.
The Accounting Officer has been advised of the implications of the result of their review of the system of internal control by the Trustees Resource Committee and a plan to address weaknesses and ensure continuous improvement of the system is in place.
Approved by order of the board of Trustees on 12 December 2025 and signed on its behalf by:
As Accounting Officer of the Four Cs MAT, I have considered my responsibility to notify the Trust board of Trustees and Department for Education (DfE) of material irregularity, impropriety and non-compliance with terms and conditions of all funding, including for estates safety and management, under the funding agreement in place between the Trust and the Secretary of State for Education. As part of my consideration I have had due regard to the requirements of the Academy Trust Handbook 2024, including responsibilities 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 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.
The Trustees (who are also the directors of the Four Cs MAT for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with the Annual Accounts Direction issued 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 the 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.
Approved by order of the members of the board of Trustees on
Opinion
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 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 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.
In our opinion, based on the work undertaken in the course of the audit:
the information given in the Trustees' report including the incorporated strategic report for the financial year for which the 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 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 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.
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
Enquiry of senior leadership, Trustees and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
Reviewing minutes of meetings of those charged with governance;
Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations including compliance with the Academies Accounts Direction 2023 to 2024 issued by the Education and Skills Funding Agency;
Performing audit work over the recognition of grant income and the allocation of expenditure to funds;
Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
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 23 September 2025 and further to the requirements of the Department for Education (DfE) as included in the Academies Accounts Direction 2024 to 2025, we have carried out an engagement to obtain limited assurance about whether the expenditure disbursed and income received by the Four Cs MAT during the period 1 September 2024 to 31 August 2025 have been applied to the purposes identified by Parliament and the financial transactions conform to the authorities which govern them.
This report is made solely to the Four Cs MAT and DfE in accordance with the terms of our engagement letter. Our work has been undertaken so that we might state to the Four Cs MAT and DfE those matters we are required to state in a report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Four Cs MAT and DfE, for our work, for this report, or for the conclusion we have formed.
The Accounting Officer is responsible, under the requirements of the Four Cs MAT’s funding agreement with the Secretary of State for Education dated 31 August 2010 (as amended by the deed of variation dated 11 April 2013) and the Academy 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 Trust's income and expenditure.
The work undertaken to draw to our conclusion includes:
- a review of the activities of the academy, by reference to sources of income and other information
available to us;
- sample testing of expenditure, including payroll;
- a review of minutes of Trustees’ meetings.
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 27 to 55 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 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 the DfE, the Charities Act 2011 and the Companies Act 2006.
Four Cs MAT meets the definition of a public benefit entity under FRS 102.
The accounts are prepared in sterling, which is the functional currency of the academy trust. Monetary amounts in these financial statements are rounded to the nearest pound.
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 have made 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 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 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 Trust has provided the goods or services.
The value of donated services and gifts in kind provided to the Trust are recognised at their open market value in the period in which they are receivable as incoming resources, where the benefit to the Trust can be reliably measured. An equivalent amount is included as expenditure under the relevant heading in the statement of financial activities, except where the gift in kind was a fixed asset in which case the amount is included in the appropriate fixed asset category and depreciated over the useful economic life in accordance with the Trust's policies. The value of donated time from volunteers has not been included in these accounts.
Donated fixed assets are measured at fair value unless it is impractical to measure this reliably, in which case the cost of the item to the donor is used. The gain is recognised as income from donations and a corresponding amount is included in the appropriate fixed asset category and depreciated over the useful economic life in accordance with the Trust‘s accounting policies.
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 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 Trust's educational operations, including support costs and costs relating to the governance of the Trust apportioned to charitable activities.
These include the costs attributable to the Trust's compliance with constitutional and statutory requirements, including audit, strategic management, Trustees' meetings and reimbursed expenses.
The freehold land and buildings in which Arthur Mellows Village College operate were transferred into the company by the governors of the previous Local Authority school on 7 September 2010. The value used for the purposes of these accounts is the value stated at the Land Registry. Other fixtures, fittings and equipment transferred into the Trust from the previous Local Authority school have not been valued in these accounts. Tangible fixed assets acquired since the Trust was established are included in the accounts at cost.
On 1 April 2017 the leasehold land and buildings in which The Fulbridge Academy operate were transferred into the MAT as follows:
- The school building is based on a DfE valuation as the construction cost was not available at the time of the transfer.
- A further building has been constructed after the DfE valuation was carried out. The value of this building is the construction cost.
On 1 September 2018 the leasehold land and buildings in which Discovery Primary Academy operate were transferred into the MAT at a valuation by the Trustees.
On 1 January 2019 the leasehold land and buildings in which Hampton Vale Primary Academy operate were transferred into the MAT at a valuation by the Trustees.
On 1 September 2022 the leasehold land and buildings in which Manor Drive Primary and Secondary Schools operate were donated to the MAT at a valuation by the Trustees.
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. 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 such assets is charged to the restricted fixed asset fund in the statement of financial activities so as to reduce the fund over the useful economic life of the related asset on a basis consistent with the Trust's depreciation policy. Where tangible fixed assets have been acquired with unrestricted funds, depreciation on such assets is charged to the unrestricted fund.
Depreciation is provided on all tangible fixed assets other than freehold land, at rates calculated to write off the cost of each asset on a straight-line or reducing balance 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 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 Trust only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the Trust and their measurement basis are as follows.
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.
Stock is valued at the lower of cost and net realisable value. Net realisable value is based on estimated selling price less further costs to completion and disposal. Provision is made for obsolete and slow moving stock.
The Trust is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Trust is potentially exempt from taxation in respect of income or capital gains received within categories covered by chapter 3 part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Retirement benefits to employees of the Trust are provided by the Teachers' Pension Scheme ('TPS') and the Local Government Pension Scheme ('LGPS'). These are defined benefit schemes and the assets are held separately from those of the Trust.
The TPS is an unfunded scheme and contributions are calculated to spread the cost of pensions over employees' working lives with the Trust in such a way that the pension cost is a substantially level percentage of current and future pensionable payroll. The contributions are determined by the Government Actuary based on quadrennial valuations using a prospective unit credit method. The TPS is an unfunded multi-employer scheme with no underlying assets to assign between employers. Consequently, the TPS is treated as a defined contribution scheme for accounting purposes and the contributions are recognised in the period to which they relate.
The LGPS is a funded multi-employer scheme and the assets are held separately from those of the Trust in separate Trustee administered funds. Pension scheme assets are measured at fair value and liabilities are measured on an actuarial basis using the projected unit credit method and discounted at a rate equivalent to the current rate of return on a high-quality corporate bond of equivalent term and currency to the liabilities. The actuarial valuations are obtained at least triennially and are updated at each balance sheet date. The amounts charged to net income or expenditure are the current service costs and the costs of scheme introductions, benefit changes, settlements and curtailments. They are included as part of staff costs as incurred. Net interest on the net defined benefit liability/asset is also recognised in the statement of financial activities and comprises the interest cost on the defined benefit obligation and interest income on the scheme assets, calculated by multiplying the fair value of the scheme assets at the beginning of the period by the rate used to discount the benefit obligations. The difference between the interest income on the scheme assets and the actual return on the scheme assets is recognised in other recognised gains and losses. Actuarial gains and losses are recognised immediately in other recognised gains and losses.
Unrestricted income funds represent those resources which may be used towards meeting any of the charitable objects of the Trust at the discretion of the Trustees.
Restricted fixed asset funds are resources which are to be applied to specific capital purposes imposed by funders where the asset acquired or created is held for a specific purpose.
Restricted general funds comprise all other restricted funds received and include grants from the Education and Skills Funding Agency.
Designated funds are where the Trustees have ring fenced unrestricted income for specific projects.
Agency arrangements
The Trust acts as an agent in distributing 16-19 bursary funds from the DfE. Payments are received from the DfE and subsequent disbursements to students are excluded from the statement of financial activities as the Trust does not have control over the charitable application of the funds. The Trust can use an allocation towards it own administration costs but has not done so in the year. The funds received and paid, and any balances held are disclosed in note 28.
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 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 20, 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 Trust has provided the following central services to its academies during the year:
Leadership
Finance & HR
Site
ICT
Teaching & learning
Governance & administration
The Trust charges a flat percentage for these services between 3% and 4% of GAG depending on the circumstances of the school.
Of the employees whose emoluments exceeded £60,000, forty (2024 - thirty two) have retirement benefits accruing under defined benefit pension schemes. During the year pension contributions for these staff members amounted to £836,954 (2024 - £565,333).
The key management personnel of the 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 Trust was £375,154 (2024 - £356,465).
No Trustee has received remuneration or other benefits in respect of their role as Trustees. However, one Trustee was employed as an invigilator under a contract of employment and received remuneration as noted below:
Mrs P Ford
Remuneration £nil - £5,000 (2024 - £nil - £5,000)
Employer’s pension contributions £nil (2024 - £nil)
During the year, no expenses (2024 - £nil) were reimbursed or paid directly to Trustees.
Other related party transactions involving the Trustees are set out within the related parties note.
In accordance with normal commercial practice, the Trust has purchased insurance to protect Trustees and officers from claims arising from negligent acts, errors or omissions occurring whilst on Trust business. The insurance provides cover up to £2,000,000 on any one claim and the cost for the year ended 31 August 2025 is included within the total insurance cost.
The English Sports Council has also registered a charge against part of the freehold property for which some funding was received from them.
On 1 April 2017 the leasehold land and buildings in which The Fulbridge Academy operate were transferred into the MAT as follows:
- The school building is based on a DfE valuation as the construction cost was not available at the time of the transfer.
- A further building has been constructed after the DfE valuation was carried out. The value of this building is the construction cost.
On 1 September 2018 the leasehold land and buildings in which Discovery Primary Academy operate were transferred into the MAT at a valuation by the Trustees.
On 1 January 2019 the leasehold land and buildings in which Hampton Vale Primary Academy operate were transferred into the MAT at a valuation by the Trustees.
On 1 September 2022 the leasehold land and buildings in which Manor Drive Primary and Secondary Schools operate were donated to the MAT at a valuation by the Trustees.
Deferred income relates to income received for trips and grants (including Universal Infant Free School Meals) for the next financial year.
The Trust's employees belong to two principal pension schemes: the Teachers' Pension Scheme England and Wales (TPS) for academic and related staff; and the Local Government Pension Scheme (LGPS) for non-teaching staff, which is managed by Cambridgeshire County Council. Both are multi-employer defined benefit schemes.
The latest actuarial valuation of the TPS related to the period ended 31 March 2016, and that of the LGPS related to the period ended 31 March 2022.
Contributions amounting to £444,111 were payable to the schemes at 31 August 2025 (2024 - £98,475) 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 will be implemented from 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 £3,964,429 (2024 - £3,299,602).
A copy of the valuation report and supporting documentation is on the Teachers’ Pensions website.
Under the definitions set out in FRS 102, the TPS is an unfunded multi-employer pension scheme. The Trust is unable to identify its share of the underlying assets and liabilities of the plan. Accordingly, the Trust has taken advantage of the exemption in FRS 102 and has has accounted for its contributions to the scheme as if it were a defined contribution scheme. The Trust has set out above the information available on the scheme.
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 22.6% for employers and 5.5% to 10.5% for employees.
The estimated value of employer contributions for the forthcoming year is £1,477,000 (2024 - £1,347,000).
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.
The actuarial valuation prepared under FRS102 in respect of the Local Government Pension Scheme indicated that the Trust’s share of the scheme for Arthur Mellows Village College was in surplus as at the year end to the value of £4,781,000 (2024 - £2,890,000), for Manor Drive Primary Academy was £26,000 (2024 - £nil), for Fulbridge Academy was £2,050,000 (2024 - £321,000), and for Discovery Primary Academy was £679,000 (2024 - £48,000). Following advice from the actuary, the Trustees have recognised an asset to the level of the asset ceiling for Manor Drive Primary Academy of £nil (2024 - £nil), for Fulbridge Academy of £nil (2024 - £nil), and for Discovery Primary Academy of £nil (2024 - £nil).
The actuarial valuation prepared under FRS102 in respect of Arthur Mellows Village College indicated that the school's share of the scheme was in surplus at the year end to the value of £4,781,000 (2023 - £2,890,000). The actuaries have undertaken an asset ceiling calculation to determine how much of the asset is expected to materialise. The actuaries consider whether the period being considered for recognition of the potential asset should be in perpetuity or over the estimated future working life of members in the scheme and the Trustees consider that using the ‘future working life’ period more appropriately reflects the amount that it is reasonable to recognise in respect of the foreseeable future. On the basis that a minimum funding requirement does exist, these calculations indicate that £nil (2024 - £486,000) of the overall surplus is likely to result in either a refund of contributions or a reduction in future contributions in the future. This amount is included within the overall net deficit of £237,000 (2024 - £588,000).
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.
In addition to the above the Trust has provided a guarantee in respect of certain previous employees who were transferred to a catering subcontractor. This is a contingent liability which will only materialise in the event that the catering company enters into liquidation.
The specific purposes for which the funds are to be applied are as follows:
General Annual Grant (GAG):
General Annual Grant must be used for the normal running costs of the MAT. Under the funding agreement with the Secretary of State, the MAT was not subject to a limit on the amount of GAG that it could carry forward at 31 August 2025.
The restricted grant income in the year all relates to the provision of education for the students attending the MAT.
The pension provision equates to the deficit on the Local Government Pension Scheme FRS102 valuation.
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.
Restricted fixed assets funds represent capital funding received from the DfE and other sources. In accordance with the accounting policies set out in note 1, assets are capitalised where applicable, and depreciation is charged to this fund over the assets' useful economic life. Where costs are not capital in nature they are charged directly to this fund as an expense.
The funds transferred from Local Authority school represent money held by the MAT from the Local Authority for the purposes of capital projects.
Designated funds have been set aside by the Trustees for use in a variety of different areas. These include a capital contingency fund, astroturf replacement fund and the school fund that holds monies for trips and events.
Ken Stimpson Academy is a PFI school (Private Finance Initiative - a procurement method that uses private school sector investment to deliver public sector services). Therefore, Ken Stimpson Academy has a PFI agreement that approximately £1.3 million will be made available each year for the services provided. Based on an expected inflationary rate of 4% per year the commitment is expected to be as shown above. There are 11 years remaining on the agreement.
Owing to the nature of the Trust's operations 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. All transactions involving such organisations are conducted at arm's length and in accordance with the Trust's financial regulations and normal procurement procedures.
During the year £3,488 (2024 - £nil) was paid to Pamela Kilbey Consultancy Limited a company in which
P Kilbey is a director. At the year end £nil (2024 - £nil) was owed to the company.
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 Trust distributes 16-19 bursary funds to students as an agent for DfE. In the accounting period the Trust received £47,642 (2024 - £51,222) and disbursed £26,205 (2024 - £47,831) from the fund. An amount of £35,341 (2024 - £13,904) is included in other creditors relating to undistributed funds that if not spent are repayable to the DfE.