Company registration number 07534901 (England and Wales)
STAPLOE EDUCATION TRUST
(A COMPANY LIMITED BY GUARANTEE)
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
STAPLOE EDUCATION TRUST
CONTENTS
Page
Reference and administrative details
1 - 2
Trustees' report
3 - 14
Governance statement
15 - 18
Statement of regularity, propriety and compliance
19
Statement of Trustees' responsibilities
20
Independent auditor's report on the financial statements
21 - 23
Independent reporting accountant's report on regularity
24 - 25
Statement of financial activities including income and expenditure account
26 - 27
Balance sheet
28
Statement of cash flows
29
Notes to the financial statements including accounting policies
30 - 53
STAPLOE EDUCATION TRUST
REFERENCE AND ADMINISTRATIVE DETAILS
- 1 -
Members
N Close
M Banyard
G Greet
D Snashall
E Whalley
Trustees
K Barnes (Resigned 31 August 2025)
A Baughan
A Bevan
M Cooper
W Hornby
L Lofting
K Lofts
K Notley (Resigned 4 November 2025)
P Sargeant
D Snashall (Vice Chair)
S Wright (Chair)
Senior management team
- Executive Headteacher and Accounting Officer (until August 2025)
C Taylor
- Headteacher SVC
J Hampson
- Headteacher KPS
S Horsley
- Headteacher SPS
J Segust
- Headteacher WPS
R Sabharwal
- Interim CFO (from November 2023)
D Riddick
- Accounting Officer (from September 2025)
D Cooper
Company secretary
R James
Company registration number
07534901 (England and Wales)
Registered office
Soham Village College
Sand Street
Soham
Ely
Cambridgeshire
CB7 5AA
United Kingdom
Academies operated
Location
Headteacher
Soham Village College
Soham
J Hampson
Kennett Primary School
Kennett
S Horsley
The Shade Primary School
Soham
J Segust
The Weatheralls Primary School
Soham
R Sabharwal
STAPLOE EDUCATION TRUST
REFERENCE AND ADMINISTRATIVE DETAILS
- 2 -
Independent auditor
Azets Audit Services
Westpoint
Lynch Wood
Peterborough
Cambridgeshire
PE2 6FZ
United Kingdom
Bankers
Barclays Bank plc
1 Church Street
Peterborough
Cambridgeshire
PE1 1XE
United Kingdom
Solicitors
Stone King LLP
Wellington House
East Road
Cambridge
CB1 1BH
United Kingdom
STAPLOE EDUCATION TRUST
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 AUGUST 2025
- 3 -

The Trustees present their Annual Report together with the financial statements and Auditor's Report of Staploe Education Trust (“the charitable company” or “the Trust”) for the year from 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 Trust operates three primary schools and one secondary school in Cambridgeshire.

- Soham Village College (Joined the Trust on 1 April 2011)

- Kennett Primary School (Joined the Trust on 1 December 2012)

- The Shade Primary School (Opened on 1 September 2013)

- The Weatheralls Primary School (Joined the Trust on 1 February 2017)

Structure, governance and management
Constitution

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

The Trustees of Staploe Education 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 3.

Members' liability

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

Trustees' indemnities

The 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 Trust business, and provides cover up to £10,000,000.

Method of recruitment and appointment or election of Trustees

The arrangements are as set out in the Articles and Funding Agreement.

The revised articles require that the Trust shall have not less than three Trustees, with no maximum. Up to 13 Trustees can be appointed by the Members and up to four school Trustees appointed by the Trustees from nominations made by our school advisory bodies. There shall be a minimum of two parent Trustees. If the Trustees do not approve the appointment of any or all nominees, then the Trustees may appoint other individuals as school Trustees. The Board contains Trustees with a range of skills and experience and care is taken to ensure this balance remains when recruiting new Trustees.

Policies and procedures adopted for the induction and training of Trustees

The Trust is committed to providing adequate opportunities for Trustees and Advisory Body members to undertake and receive suitable training so as to enable them to perform their role effectively. A full induction is provided for Trustees and Advisory Body members which includes the governance roles and structure, safeguarding and child protection training.

As well as internal training led by Trust staff three times a year, Staploe Education Trust draws on support and expertise from a range of sources including the National Governance Association and the Confederation of School Trusts. All new Trustees and Advisory Body members are given access to a secure area, which gives them direct access to all Trust and governance information, including strategic planning documents, minutes and Trustees have access to management accounts.

STAPLOE EDUCATION TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 4 -
Organisational structure

The Trust has five committees

- Trust Board,

- Risk and Audit Committee

- Finance Committee

- Infrastructure Committee

- Trust Review Committee

- School Effectiveness Committee

The Risk and Audit Committee meets at least three times per year to provide scrutiny to the Trust, receive Audit reports and identify risks and opportunities to the Trust, its members schools, its employees, students and volunteers. Particular attention is paid to financial reporting, budgeting, risk management, external audit and school academic performance.

The Finance Committee meets at least five times per year to support, review, monitor and provide financial challenge and oversight in line with the Trust Handbook and Accounts Direction documentation.

The Trust is supported by an interim external CFO in full agreement with the DfE.

The Infrastructure Committee meets three times per year and directs, monitors and challenges on Trust business management functions including HR, Premises, Health & Safety and ICT Strategy.

The Trust Review Committee meets at least twice per year and makes decisions required under the Whole Trust Pay Policy and the Appraisal Policy for all members of support and teaching staff. The committee reviews and approves all appraisal decisions as part of the annual review process in accordance with the Trust Pay Policy.

The School Effectiveness Committee meets five times per year and provides scrutiny of the quality of education and school effectiveness across the Trust.

Each school has an Advisory Body which meet three times per year. The School Advisory Body scrutinises school performance data relating to pupil progress, attendance behaviour and other KPIs, including groups, as set out on the KPI template. The Advisory Body will note risks and evaluate the impact of mitigations. The Advisory Body will consider the school self-evaluation and the effectiveness of its improvement plan.

The organisational structure of our governance is illustrated below:

STAPLOE EDUCATION TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 5 -
Arrangements for setting pay and remuneration of key management personnel

There are no remunerated non-executive roles in the Trust. School senior leaders, including the Executive Headteacher (CEO), the Heads of Primary; Head of Secondary and other members of the school senior teams have pay ranges set with reference to the schools' ISR. External advice is taken when any new role is established. School leaders are awarded performance increments in line with the Trust's appraisal policy. These processes and decisions are moderated by the Trust Review Committee.

STAPLOE EDUCATION TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 6 -
Trade union facility time
Relevant union officials
Number of employees who were relevant union officials during the relevant period
7
Full-time equivalent employee number
6.80
Percentage of time spent on facility time
Percentage of time
Number of employees
0%
-
1%-50%
-
51%-99%
-
100%
-
Percentage of pay bill spent on facility time
Total cost of facility time
650
Total pay bill
12,780,207
Percentage of the total pay bill spent on facility time
-
Paid trade union activities
Time spent on paid trade union activities as a percentage of total paid facility time hours
-
Engagement with employees

The Trustees recognise that their employees are core to the delivery of high-quality education. Our success depends on attracting, retaining and motivating employees. The Trustees consider the implications of decision on employees and the wider workforce, where relevant. Where appropriate, the Trust consults on matters such as policy, pay, health and safety with the relevant trade unions.

Employees have been consulted on issues of concern to them by means of regular consultative committee and staff meetings and have been informed on specific matters directly by management. The Trust carries out exit interviews for all staff leaving the organisation and has adopted a procedure of upward feedback for senior management and the Trustees.

The Trust has implemented a number of policies in relation to all aspects of personnel matters including:

- Equal Opportunities policy

- Volunteers’ policy

- Health & Safety Policy

As set out in Staploe Education Trust’s Recruitment and Selection policy the Trust is committed to ensuring that the recruitment and selection process is accessible to all. This policy is reviewed every three years to ensure compliance with the Equality Act 2010. All new recruits are required to complete pre-employment health checks via our Occupational Health provider, ensuring all new applicants are supported with any existing health conditions or disabilities.

For existing employees who have a newly diagnosed disability or health condition, there is the option to use the Occupational Health provision reports, whose expert advice will support any changes to working conditions, if necessary. The Trust’s Management of Sickness Absence policy and Flexible Working policy support line managers and employees with this.

STAPLOE EDUCATION TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 7 -

The Trustees are aware of employee matters particularly with respect to staff leavers. Staff complete exit questionnaires and interviews. Information gathered in this process is used to improve the work of the Trust.

We offer a range of benefits to help attract and retain staff, including access to the Employee Assistance Programme (EAP). Through the EAP, staff can access a range of emotional and practical support including:

- A range of counselling options

- Financial support

- Access to online health and wellbeing resources

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

The Trust has an established procurement policy to ensure that suppliers are fairly treated.

The Trustees consider pupils, parents and community users to be their ‘customers’. Whi l st pupils encounter engagement on a daily basis, engagement with parents is carried out through regular newsletters and parental communications.

Related parties and other connected charities and organisations

The Trust is not part of any connected organisations.

The Trust is not part of any financially connected organisations.

Details of related party transactions are disclosed in note 26 to the financial statements.

Objectives and activities

The Trust Mission Statement

Our Trust provides high quality education for the children of our community through every phase of their school journey. Each of our four schools has its own identity, driven by the core values and vision of the Trust. They have a strong ethos of achievement and care. They provide rich curriculum experiences and inspiring opportunities which threads from preschool, through primary and into secondary school.

Our Trust prides itself on its highly ethical culture which has safeguarding at its heart. Relationships are strong. Support and collaboration within, and between, all the schools bring benefit to all. All staff benefit from creative, evidence-based professional development.

Together with parents and carers, we work to tackle the barriers children face in their learning and development, so that every child will aim high, remain safe and thrive. Based at the heart of our community, we contribute to the creation of excellence in education through partnership.

Objects and Aims

The Trust seeks to deliver its main objectives through the provision of robust school improvement plans The plans are monitored closely by school advisory bodies. The Trust Board receives reports from the advisory bodies and committees, and intervenes when required to ensure that strategies to achieve the Trust’s objectives are effective.

STAPLOE EDUCATION TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 8 -
Objectives, strategies and activities

Quality of Education

- Ensure strategies are in place to improve the quality of education in each of the schools.

- Develop capacity and provision to meet Special Educational Needs including further development of adaptive teaching in our classrooms.

Trust Culture

- Work to ensure our safe and positive culture is resilient through robust safeguarding, support for mental health and wellbeing, action to strengthen diversity and high standards in leadership.

A Strong Business Model

- In the light of financial pressures, review the use of Trust resources to ensure that we achieve the most efficient, effective and sustainable provision of high-quality education, making the most effective use of the resources available.

- Strengthen recruitment and retention of high-quality staff.

Looking Outward

- Explore and develop opportunities, including with external partners, the local community and other Trusts, which ensure that our schools (and their communities) benefit from rich collaboration within and beyond the Trust.

The Trust Board agreed to a merger with a local Multi-Academy Trust (Anglian Learning). The transfer process has commenced with the aim to join on the 1 January 2026.

Charitable Objectives

With regard to the Trust’s charitable activities, the Trust’s academies undertake the following significant activities for the benefit of the local inhabitants, including those that are socially and economically disadvantaged:

- Letting of schools’ facilities for cultural and sporting activities.

- Numerous partnerships with charitable organisations and other local agencies to support the local community through targeted partnership interventions.

- Outreach work for example through the provision of a community choir.

- In addition to our regular community lettings and participation in numerous community events, Soham Village College continues to host a weekly Park Run; which has seen growth in participation numbers.

- The Trust engages in regular meetings with local community leaders in order to understand and support local issues. This has included the provision of food and support to families who are struggling.

- The Trust schools in Soham take part in the town Remembrance Sunday parade each year and lay wreaths at the memorial.

- The Trust works on behalf of all schools as part of the East Cambs Mental Health Collaborative.

- The Trust is developing a strategic relationship with the Soham Comrades Band and has constructed a plan to increase the number of young people who learn a brass instrument and who will be able to join a revitalised youth community band. The Brass Roots project is attracting external funding.

- The Trust runs a community choir which performs in Ely Cathedral at Christmas.

- The Trust is at an advanced stage in bringing a 3G pitch for school and community use, particularly to benefit the two town football clubs.

- The Trust has supported the Ross Peers Sports Centre in some refurbishment and remedial health and safety work in return for subsidised gym membership for staff which increases the user footfall for the community sports centre.

STAPLOE EDUCATION TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 9 -
Public benefit

The key benefit delivered by the Trustees is the provision of high-quality education to all its pupils in all four schools. Trustees have paid due regard to the published guidance on public benefit published by the Charity Commission in exercising their powers and duties.

Diversity and Equality

The Trust had the promotion of diversity and equality as a strategic aim in 202 4-2 5. A cross-school collaboration created two Diversity Days to enhance curriculum experiences in the primary schools, led by The Shade. All schools have developed their libraries and other resources to reflect this priority. The Trust has reviewed its HR functions to identify areas in the recruitment process that we would be able to deliver a clear message about our Trust stance on diversity and inclusion.

We are committed to improving equality, diversity and inclusion (EDI) and recognise the importance and value of diversity in thinking and in leadership that reflects the membership of communities and wider society.

The Trust undertook an EDI survey of its governance.

The Trust agreed the following statement:

The Staploe Education Trust is committed to strengthening diversity and inclusion across our team of staff. We want everyone who works with us to feel safe, engaged and valued in a culture of belonging and mutual respect. We celebrate difference as a powerful enrichment of our creativity and effectiveness as a Trust, its schools and our communities.

The Trust has had sustainability as a strategic objective. It is undergoing extensive research to identify and implement key aspects of a programme to improve sustainability across the schools.

Strategic report
Achievements and performance

Academic Performance

Soham Village College 2025 GCSE results

The 2025 GCSE results for Soham Village College were once again very strong.

Attainment measures such as the average Attainment 8 score per student; the percentage of students achieving grade 4 or above in English and M aths; the percentage of students achieving grade 5 or above in English and M aths and the percentage of students achieving 5 or more GCSEs at the higher grades of 7-9 were all well above national averages.

An estimate of the progress made by the cohort over their time in the school, calculated by FFT, indicated that the school was among the top 16% of schools in the country.

Attendance

Students’ overall attendance during 2024-25 was 1.4% above the national average. Overall attendance; attendance of girls; attendance of boys; attendance of disadvantaged students and attendance of students with EHCPs were all significantly above national averages (FFT Aspire). Persistent absence was significantly below national averages (FFT Aspire).

Curricular and extra-curricular activities

The school continues to maintain an extensive programme of curricular and extracurricular activities with over 100 separate clubs and activities. Students are encouraged to participate in a wide-ranging programme which includes visits by all students to the Fitzwilliam Museum in Cambridge; participation by about a third of all students in the annual carol concert at Ely Cathedral; extensive participation in the Duke of Edinburgh’s Award Scheme and a year 7 trip to France for disadvantaged students.

STAPLOE EDUCATION TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 10 -

Kennett Primary School

Kennett Primary School relocated to its new premises in November 2024, with an official opening ceremony taking place in October 2025. The new school benefits from extensive outside space, as well as exceptional indoor learning facilities. The staff team are working hard to maximise the benefits afforded by the new site. The school is anticipating that it will formally increase its PAN to 30 places in Reception each year from September 2027. The school looks forward to formally joining Anglian Learning on 1 January 2026.

Kennett Primary School received an ungraded inspection in March 2024. At this time, Ofsted found that the school continued to be a good school. Ofsted found the curriculum to be ambitious and assessment to be used well. The wide range of extra-curricular opportunities to enrich learning was praised.

When considering achievement, small cohorts at Kennett Primary School mean outcomes are variable and they are not always statistically significant. 2025 outcomes contained significant strengths:

- The percentage of pupils passing the Phonics Screening Check by the end of Year Two versus National

- Year Six percentage greater depth across reading, writing, mathematics and combined versus National

- Year Six percentage expected standard within reading and mathematics versus National

The school improvement priorities for 2025-26, linked with the Anglian Learning Strategic Priorities, include:

- Embedding Teaching for Creativity pedagogies and Ordinarily Available Provision so that all pupils learn in-depth and develop creative skills such as problem-solving, collaboration, critical thinking, and meta-cognition (SP1).

- Increasing middle leadership capacity so that all aspects of the curriculum are robustly quality assured and sustainable improvements to the quality of teaching and learning are secured (SP2).

- Advancement of environmental literacy and social engagement so that our learners, people and community are well placed to contribute to an equitable and sustainable future (SP3).

The Shade Primary School

The demographics of The Shade Primary School remain challenging with the proportion of pupils with complex needs and Education Health and Care plans (EHCP) continuing to be well above national average. 27% of pupils have English as an additional language, above National. Many support staff are now supporting children with EHCP funding, staffing for all other pupils is very limited and so we are focusing on our Teaching & Learning Foundations to ensure consistent quality first teaching and adaptive teaching.

KS2 achievement in 2025 was above for reading, maths & SPAG with writing being our. Ofsted inspected the school in October 2024 and judged that the quality of education, behaviour and attitudes, personal development, leadership and management and early years provision were all good. Strengths noted were:

- An ambitious and well-designed curriculum which is well delivered in most cases

- A strong culture of reading

- Pupils with SEND do well.

The school improvement priorities for 2025-26 include.

- Implementation of peer coaching to further develop core components of quality first teaching

- Management of incidents of poor behaviour through therapeutic, appropriate consequences.

- Senior leaders managing specific parts of SIP and that they have the capacity to fulfil their responsibilities within a reasonable workload.

- Continuing ‘The Write Stuff’ approach, making necessary adaptations matched to school priorities.

- A review of the quality of adapted SEND provision for SEND K and EHCP children within the classroom.

- Implementation of Early Years Curriculum Intent Goals as an integral part of planning, teaching and assessment.

STAPLOE EDUCATION TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 11 -

The Weatheralls Primary School

The school’s last full Ofsted inspection (October 2023) judged the quality of education to require improvement, but behaviour and attitudes, personal development, leadership and management, and EYFS were all judged to be good. Since then, two monitoring inspections have taken place. The April 2025 letter noted that leaders had taken “effective and swift action to accelerate school improvement” and had “strengthened systems and processes” to address gaps in learning.

Key improvements noted include:

- Increased leadership capacity at senior and middle levels.

- Stabilisation of staffing following a turbulent period.

- Strengthened curriculum implementation and oversight.

- Improved emotional support for pupils, contributing to positive behaviour and trust in adults.

- Bespoke support for pupils with SEND, with developing systems for tracking progress.

- Effective use of external challenge and advice to sharpen teaching and strategy.

Improved Outcomes and Curriculum Impact

The school has made measurable progress in pupil outcomes, particularly in core subjects:

- Phonics (Year 1): 84% met the expected standard (↑26pp), above the national average.

- EYFS GLD: 73% achieved a Good Level of Development, above national estimates (~69%).

- KS2 Reading: 67% met the expected standard (↑ from 57%), with 19% achieving the higher standard.

- KS2 Maths: 69% met the expected standard (↑ from 58%), with 8% achieving the higher standard.

- Multiplication Tables Check: Average score rose to 20.6; 23% scored full marks.

- KS2 Combined RWM: 44% met the expected standard (↑ from 32%).

These improvements reflect the school’s strategic investment in phonics and early reading, curriculum adaptation, inclusive teaching, and a whole-school focus on assessment and gap analysis. The use of progress packs, anchor points, and adaptive teaching has enabled staff to identify and address misconceptions quickly, ensuring pupils catch up and move forward with confidence.

Strategic Priorities for 2025–26:

1. Leadership Development

- Empower all leaders to analyse pupil attainment and take responsive action.

- Strengthen subject leadership in both core and foundation subjects.

- Embed the WPS Teaching and Learning Foundations across all improvement work.

2. Teaching and Assessment

- Use marking and feedback to identify gaps and adapt teaching.

- Embed adaptive teaching strategies that support inclusive access to anchor points.

- Advance metacognitive approaches so pupils understand and articulate their learning.

3. Curriculum Coherence

- Strengthen progression in writing, spelling, and handwriting through targeted assessment and teaching.

- Ensure reading fluency and comprehension are explicitly taught and tracked.

- Embed a well-sequenced maths curriculum with clear anchor points and adaptive delivery.

4. Inclusion and SEND

- Deepen the impact of nurture provision through robust monitoring and curriculum alignment.

- Establish inclusive systems that ensure pupils with SEND access tailored learning and enrichment.

- Improve timeliness and quality of EHCP applications and referrals.

STAPLOE EDUCATION TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 12 -

5. Behaviour and Attendance

- Embed therapeutic approaches through the Readiness Curriculum and consistent policy use.

- Strengthen attendance systems to reduce persistent absence and support reintegration.

6. Early Years Focus

- Develop early writing through explicit teaching and purposeful provision.

- Embed Kinetic Letters to improve handwriting fluency and confidence.

Finance Performance

Financial performance is monitored via monthly management accounts which are reviewed by the Finance subcommittee and are made available to the Trustees.

The main financial performance indicator is the level of reserves held at the Balance Sheet date. The Board is mindful to ensure that spending against the receipt of the General Annual Grant (GAG) is appropriate and levels of reserves are monitored carefully to ensure they are not excessive. The Trust's approach is that in general terms the income received in any one year is spent for the benefit of those children in the school that year, whilst recognising the need to balance resources over time.

As the majority of funding is based on pupil numbers in the four schools this is also a key performance indicator. Pupil numbers in the secondary school continue to remain above LA forecast figures, with the school remaining popular for out of catchment families. Pupil numbers in two of the three primary schools are increasing year-on year, with one seeing a falling roll.

CIF

Staploe Education Trust was successful in its CIF bid for heating and replacement BMS for Lodeside building at Soham Village College. A new BMS system will be installed along with new pipework, radiators and fan convectors throughout. The project is close to £680,000, works began in the summer of 2025 and is planned to run through until October.

Going Concern

After making appropriate enquiries, the Trust has a reasonable expectation that it has adequate resources to continue in operational existence for the foreseeable future. For this reason, it continues to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Statement of Accounting Policies.

If the merger is successful Staploe Education Trust would cease to be a legal entity on or after the completion of the merger, and therefore the company would be wound up.

Promoting the Success of the Charitable Company

The Trustees have an obligation to act in a way most likely to promote the success of the Charitable Company. Areas of consideration that are taken into account include the likely consequences of any decision in the long term on our existing staff and academies. Trustees have a clear responsibility, which they exercise carefully, to ensure that our capacity does not become overstretched.

STAPLOE EDUCATION TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 13 -
Financial review

The majority of funding is received from the government driven by a formula based largely on the pupil roll. The Trustees consider expenditure is meeting the key objectives of the Trust.

At 31 August 2025 unrestricted income funds amounted to £844,250 (2024 - £1,034,777) and restricted income funds of £14,266 (2024 - £30,712) excluding the pension scheme deficit. The fixed asset fund amounts to £42,535,238 (2024 - £34,187,679) the assets of which are used exclusively for the provision of education.

The deficit of the Academy's share of the Local Government Pension Scheme amounted to £nil (2024 - £401,000). During the year the schemes liability decreased by £401,000 (2024 - £56,000).

At 31 August 2025 total reserves amounted to £43,393,754 (2024 - £34,852,168).

The Trust is in a sound financial position with pupil roll remaining consistent in three of the four schools, with the falling roll in our largest primary school being managed carefully and the school has transitioned to a two-form entry school.

Budgets were agreed for submission in July 2025 by the Board and the BFR submitted to the DfE in August 2025.

The DfE provided support via the School Resource Management Programme which started November 2024.

Reserves policy

Trustees are aware of the need to maintain sufficient reserves to cover unexpected expenditure and to help maintain current service provision.

The Trustees recognise that even though NFF funding is being received by the schools it remains necessary to build reserves where possible to aid the schools with specific projects in the future to support pupil progress and attainment.

The Trustees have agreed to hold cash reserves that are valued as follows:

- A minimum value of 1 months budgeted salary costs calculated each academic year.

- A maximum value that will not exceed 2 months budgeted salary costs calculated each academic year without being referred to the Trust Board for further discussion and decision.

The actual amount of available reserves held at the year-end, exlcuding designated funds were £689,922 which is below the reserves required per the above policy of £1,037,000 - £2,074,000.

Investment policy

The Trust has a Treasury Management Policy Statement as part of its Financial Procedures Manual. The Trust operates an interest-bearing current account with a bank approved by the Trustees and maintain sufficient balances to ensure there are adequate liquid funds to cover all immediate and forthcoming financial commitments, including maintaining a sufficient contingency for unexpected payments.

Monies surplus to the working requirements shall be invested in short-term deposits with the approved bank. The Trust will not take out any long-term investments until reliable cash flow patterns have been established.

The Trust has an open-minded view to the use of its reserves and will consider different ideas as to how to invest appropriate levels of reserve funds

Principal risks and uncertainties

The Trust Board has considered and agreed an ongoing risk register. The Trust Board considers the principal risks and uncertainties faced to be:

- School funding is insufficient to meet the rising costs of utilities and resources, and the nationally agreed pay increases.

- There is a high level of special education need across the Trust, particularly concentrated at The Shade and The Weatheralls Primary School. The cost of provision to meet the needs of children with EHCP and those with additional needs that do not meet that threshold, far outstrip the notional funding for this in the school’s grant.

STAPLOE EDUCATION TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 14 -
Financial and risk management objectives and policies

The Trust does not consider it has any material financial risk that cannot be met from current reserves.

The Trust has an effective system of internal control. Where significant financial risk remains, Trustees have ensured they have adequate insurance cover.

The Trust manages a risk register and policies for on-going review and monitoring of identified risks.

Fundraising

Staploe Education Trust does not engage in public fundraising. During 2024-25 the Trust did not engage any external professional fundraisers.

Funds held as custodian trustee on behalf of others

No other charity funds are held by Trustees.

Auditor

In so far as the Trustees are aware:

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

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

A resolution proposing that 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 09 December 2025 and signed on its behalf by:

S Wright
Chair
STAPLOE EDUCATION TRUST
GOVERNANCE STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2025
- 15 -
Scope of responsibility

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

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

The Board of Trustees has delegated the day-to-day responsibility to the Executive 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 Staploe Education Trust and the Secretary of State for Education. The Accounting Officer is also responsible for reporting to the Board of Trustees any material weaknesses or breakdown in internal control.

Governance

The information on governance included here supplements that described in the Trustees' Report and in the Statement of Trustees' Responsibilities. The Board of Trustees has formally met 7 times during the year. Attendance during the year at meetings of the Board of Trustees was as follows:

Trustees
Meetings attended
Out of possible
K Barnes (Resigned 31 August 2025)
7
7
A Baughan
7
7
A Bevan
7
7
M Cooper
7
7
W Hornby
1
7
L Lofting
5
7
K Lofts
6
7
K Notley (Resigned 4 November 2025)
7
7
P Sargeant
6
7
D Snashall (Vice Chair)
7
7
S Wright (Chair)
7
7
Conflicts of interest

All Members, Trustees, Advisory Body Members and Trust senior staff complete a Pecuniary Interest form at the start of each financial year and this appears as an agenda item on every Risk and Audit committee meeting.

All Members, Trustees, Advisory Body Members and Trust senior staff are required to complete a Declaration of Interests form at the start of each financial year. In addition, all governance meeting attendees are required to state any interests at the start of every meeting.

There have been no issues raised during this financial year.

Governance reviews

Governance has continued to be effective ensuring that the Trust maintains its clarity of vision and purpose, underpinned by active management of risk, robust accountability and oversight of financial performance.

Key areas of focus have included:

- The future of the Trust and its partnerships

- Support for primary school improvement

- The commissioning of a SEND Review Report for The Weatheralls and The Shade

- Opening of the new Kennett Primary School

- Opening of the 3G pitch at Soham Village College which will be for the benefit of students and pupils across the Trust as well as community groups of all ages and genders

- Working with the commissioned School Resource Management Advisor

STAPLOE EDUCATION TRUST
GOVERNANCE STATEMENT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 16 -

The Finance Committee is a sub-committee of the main Board of Trustees and supports, reviews, monitors and provides financial challenge and oversight in line with the Academies Financial Handbook and Accounts Direction documentation.

Attendance at meetings in the year was as follows:

Trustees
Meetings attended
Out of possible
A Baughan
5
5
M Cooper
5
5
D Snashall (Vice Chair)
5
5
S Wright (Chair)
5
5

The Risk and Audit Committee are also a sub-committee of the Board of Trustees. Its purpose is to provide scrutiny to the Trust, receive audit reports and identify highlighted risks and opportunities to the Trust, its member schools, its employees, students and volunteers. Particular attention is paid to financial reporting, budgeting, risk management, external audit and school academic performance.

Attendance at meetings in the year was as follows:

Trustees
Meetings attended
Out of possible
K Barnes (Resigned 31 August 2025)
2
3
A Bevan
3
3
L Lofting
3
3
K Lofts
3
3
Review of value for money

As accounting officer the Executive Headteacher 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:·

- Teaching and learning across all the trust schools has continued to improve and with improved performance across the schools evidencing the impact of application resources. This has been secured by a continued review of staffing requirements as vacancies arise, a drive to improve the quality of teachers and teaching in all schools, and effective use of appraisal and capability processes to address underperformance across teaching and non-teaching staff.

- The Trust has worked effectively with partners and focused upon learning from each other, ensuring that we are each able to derive the maximum impact on school improvement. The Trust has also reviewed opportunities to make economies of scale and improve the quality of business functions which serve our schools.

- The use of effective procurement processes and the close management of contractors has delivered benefits across a range of areas including premises and ICT. Management information systems have been reviewed, and further developed our strategic asset management and planning across our schools.

- The Trust has also built on the effective use of resources across our schools and have been able to deliver a range of support including development of innovative staffing solutions across our primary schools, recycling our older computers either for sale, or for use in our primary schools and cross cover for support staff roles.

STAPLOE EDUCATION TRUST
GOVERNANCE STATEMENT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 17 -
The purpose of the system of internal control

The system of internal control is designed to manage risk to a reasonable level rather than to eliminate all risk of failure to achieve policies, aims and objectives. It can therefore only provide reasonable and not absolute assurance of effectiveness. The system of internal control is based on an on-going process designed to identify and prioritise the risks to the achievement of Trust policies, aims and objectives, to evaluate the likelihood of those risks being realised and the impact should they be realised, and to manage them efficiently, effectively and economically. The system of internal control has been in place in Staploe Education Trust for the period 1 September 2024 to 31 August 2025 and up to the date of approval of the annual report and accounts.

Capacity to handle risk

The Board of Trustees has reviewed the key risks to which the Trust is exposed together with the operating, financial and compliance controls that have been implemented to mitigate those risks. The Board of Trustees is of the view that there is a formal ongoing process for identifying, evaluating and managing the Trust's significant risks that has been in place for the period 1 September 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 risk and control framework

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 finance 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 B oard of T rustees has considered the need for a specific internal audit function:

- The trustees have appointed internal auditors to perform additional checks during this year with expertise in specific areas to support the agreed programme of works.

The financial internal auditor's role includes giving advice on financial matters and performing a range of checks on the Trust's financial systems.

Twice per academic year, the financial auditor reports to the Board of Trustees through the risk and audit committee on the operation of the systems of control and on the discharge of the financial responsibilities of the Board of Trustees. During 2024-​25 the financial internal auditor did deliver the schedule of works as planned and prepared a report on each occasion that was reviewed by the risk and audit committee.

Review of effectiveness

As accounting officer the Executive Headteacher has responsibility for reviewing the effectiveness of the system of internal control. During the year in question the review has been informed by:

- the work of the internal auditors;

- the work of the external auditor;

- the financial management and governance self-assessment process;

- the work of the executive managers within the Trust who have responsibility for the development and maintenance of the internal control framework.

STAPLOE EDUCATION TRUST
GOVERNANCE STATEMENT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 18 -
Conclusion

Based on the advice of the audit and risk committee and the accounting officer, the Board of Trustees is of the opinion that the Trust has an adequate and effective framework for governance, risk management and control.

Approved by order of the Board of Trustees on 09 December 2025 and signed on its behalf by:

S Wright
Chair
STAPLOE EDUCATION TRUST
STATEMENT OF REGULARITY, PROPRIETY AND COMPLIANCE
FOR THE YEAR ENDED 31 AUGUST 2025
- 19 -

As accounting officer of Staploe Education Trust, I have considered my responsibility to notify the Trust Board of Trustees and the 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.

D Cooper
Accounting Officer
09 December 2025
STAPLOE EDUCATION TRUST
STATEMENT OF TRUSTEES' RESPONSIBILITIES
FOR THE YEAR ENDED 31 AUGUST 2025
- 20 -

The Trustees (who are also the directors of Staploe Education Trust for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with the Academies Accounts Direction 2024 to 2025 published by the Department for Education, United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.

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

In preparing these financial statements, the Trustees are required to:

- select suitable accounting policies and then apply them consistently;

- observe the methods and principles in the Charities SORP 2019 and the Academies Accounts Direction 2024 to 2025;

- make judgements and accounting estimates that are reasonable and prudent;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

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

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

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

Approved by order of the members of the Board of Trustees on 09 December 2025 and signed on its behalf by:

S Wright
Chair
STAPLOE EDUCATION TRUST
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF STAPLOE EDUCATION TRUST
FOR THE YEAR ENDED
31 AUGUST 2025
31 August 2025
- 21 -

Opinion

We have audited the financial statements of Staploe Education Trust for the year ended 31 August 2025 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice), the Charities SORP 201 9 and the Academies Accounts Direction 2024 to 2025 issued by the Department for Education.

In our opinion the financial statements:

-

give a true and fair view of the state of the charitable company's affairs as at 31 August 2025 and of its incoming resources and application of resources, including its income and expenditure, f or the year then ended;

-

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;

-

have been prepared in accordance with the requirements of the Companies Act 2006; and

-

have been prepared in accordance with the Charities SORP 2019 and the Academies Accounts Direction 2024 to 2025.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 'Auditor's responsibilities for the audit of the financial statements' section of our report. We are independent of the 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.

Conclusions relating to going concern

We draw attention to note 1.2 in the financial statements, which indicates that the Trust is looking to merge with another local Multi-Academy Trust. This will occur no sooner than 1 January 2026. If the merger is successful Staploe Education Trust would cease to be a legal entity on or after the completion of the merger, and therefore the company would be wound up.

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. O ur 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 th is 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.

Opinions on other matters prescribed by the Companies Act 2006

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

-

the information given in the Trustees' r eport 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' r eport including the incorporated strategic report ha s been prepared in accordance with applicable legal requirements.

STAPLOE EDUCATION TRUST
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF STAPLOE EDUCATION TRUST (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 22 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Trust and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' r eport, 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

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

As explained more fully in the s tatement of Trustees' r esponsibilities, 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.

Auditor's responsibilities for the audit of the financial statements

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.

STAPLOE EDUCATION TRUST
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF STAPLOE EDUCATION TRUST (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 23 -

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

- E nquiry 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 a pplicable laws and regulations including compliance with the Academies Accounts

Direction 202 4 to 202 5 issued by the Department for Education;

- 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: http s://​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.

Mr Mark Jackson FCA DChA (Senior Statutory Auditor)
for and on behalf of Azets Audit Services
18 December 2025
Chartered Accountants
Statutory Auditor
Westpoint
Lynch Wood
Peterborough
Cambridgeshire
United Kingdom
PE2 6FZ
STAPLOE EDUCATION TRUST
INDEPENDENT REPORTING ACCOUNTANT'S REPORT ON REGULARITY TO STAPLOE EDUCATION TRUST AND THE SECRETARY OF STATE FOR EDUCATION
FOR THE YEAR ENDED 31 AUGUST 2025
- 24 -

In accordance with the terms of our engagement letter dated 19 September 2025 and further to the requirements of the Department for Education (DfE) as included in the extant Framework and Guide for External Auditors and Reporting Accountants of Academy Trusts, we have carried out an engagement to obtain limited assurance about whether anything has come to our attention that would suggest, in all material respects, the expenditure disbursed and income received by Staploe Education 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 Staploe Education 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 Staploe Education 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 Staploe Education Trust and the Secretary of State for Education, for our work, for this report, or for the conclusion we have formed.

Respective responsibilities of the accounting officer of Staploe Education Trust and the reporting accountant

The accounting officer is responsible, under the requirements of Staploe Education Trust’s funding agreement with the Secretary of State for Education and the Academy Trust Handbook, for ensuring that expenditure disbursed and income received is applied for the purposes intended by Parliament and the financial transactions conform to the authorities which govern them.

Our responsibilities for this engagement are established in the United Kingdom by our profession’s ethical guidance, and are to obtain limited assurance and report in accordance with our engagement letter and the requirements of the extant Framework and Guide for External Auditors and Reporting Accountants of Academy Trusts. We report to you whether anything has come to our attention in carrying out our work which suggests that in all material respects, expenditure disbursed and income received during the period 1 September 2024 to 31 August 2025 have not been applied for the purposes intended by Parliament or that the financial transactions do not conform to the authorities which govern them.

Approach

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 Governors' meetings.

STAPLOE EDUCATION TRUST
INDEPENDENT REPORTING ACCOUNTANT'S REPORT ON REGULARITY TO STAPLOE EDUCATION TRUST AND THE SECRETARY OF STATE FOR EDUCATION (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 25 -
Conclusion

In the course of our work, nothing has come to our attention which suggests that in all material respects the expenditure disbursed and income received during the period 1 September 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.

Reporting Accountant
Azets Audit Services
Westpoint
Lynch Wood
Peterborough
Cambridgeshire
PE2 6FZ
United Kingdom
18 December 2025
STAPLOE EDUCATION TRUST
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2025
- 26 -
Unrestricted
Restricted funds:
Total
Total
funds
General
Fixed asset
2025
2024
Notes
£
£
£
£
£
Income and endowments from:
Donations and capital grants
3
55,024
873,506
10,046,689
10,975,219
379,002
Charitable activities:
- Funding for educational operations
4
1,056,894
15,216,002
-
16,272,896
15,133,958
Other trading activities
5
59,339
72,712
-
132,051
97,547
Investments
6
19,262
-
-
19,262
8,531
Total
1,190,519
16,162,220
10,046,689
27,399,428
15,619,038
Expenditure on:
Raising funds
7
46,841
-
-
46,841
39,114
Charitable activities:
- Educational operations
8
1,209,205
15,396,752
2,602,044
19,208,001
16,760,237
Total
7
1,256,046
15,396,752
2,602,044
19,254,842
16,799,351
Net income/(expenditure)
(65,527)
765,468
7,444,645
8,144,586
(1,180,313)
Transfers between funds
20
(125,000)
(777,914)
902,914
-
-
Other recognised gains/(losses)
Actuarial gains on defined benefit pension schemes
25
-
397,000
-
397,000
91,000
Net movement in funds
(190,527)
384,554
8,347,559
8,541,586
(1,089,313)
Reconciliation of funds
Total funds brought forward
1,034,777
(370,288)
34,187,679
34,852,168
35,941,481
Total funds carried forward
844,250
14,266
42,535,238
43,393,754
34,852,168
STAPLOE EDUCATION TRUST
STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED)
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2025
- 27 -
Comparative year information
Unrestricted
Restricted funds:
Total
Year ended 31 August 2024
funds
General
Fixed asset
2024
Notes
£
£
£
£
Income and endowments from:
Donations and capital grants
3
-
8,357
370,645
379,002
Charitable activities:
- Funding for educational operations
4
881,660
14,252,298
-
15,133,958
Other trading activities
5
46,452
51,095
-
97,547
Investments
6
8,531
-
-
8,531
Total
936,643
14,311,750
370,645
15,619,038
Expenditure on:
Raising funds
7
39,114
-
-
39,114
Charitable activities:
- Educational operations
8
803,782
14,682,980
1,273,475
16,760,237
Total
7
842,896
14,682,980
1,273,475
16,799,351
Net income/(expenditure)
93,747
(371,230)
(902,830)
(1,180,313)
Transfers between funds
20
(313,893)
118,097
195,796
-
Other recognised gains/(losses)
Actuarial gains on defined benefit pension schemes
25
-
91,000
-
91,000
Net movement in funds
(220,146)
(162,133)
(707,034)
(1,089,313)
Reconciliation of funds
Total funds brought forward
1,203,828
(157,060)
34,894,713
35,941,481
Total funds carried forward
983,682
(319,193)
34,187,679
34,852,168
STAPLOE EDUCATION TRUST
BALANCE SHEET
AS AT
31 AUGUST 2025
31 August 2025
- 28 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
14
42,530,700
34,002,154
Current assets
Stock
15
12,215
16,927
Debtors
16
1,144,384
472,313
Cash at bank and in hand
1,369,144
1,947,947
2,525,743
2,437,187
Current liabilities
Creditors: amounts falling due within one year
17
(1,624,084)
(1,140,258)
Net current assets
901,659
1,296,929
Total assets less current liabilities
43,432,359
35,299,083
Creditors: amounts falling due after more than one year
18
(38,605)
(45,915)
Net assets excluding pension liability
43,393,754
35,253,168
Defined benefit pension scheme liability
25
-
(401,000)
Total net assets
43,393,754
34,852,168
Funds of the Trust:
Restricted funds
20
- Fixed asset funds
42,535,238
34,187,679
- Restricted income funds
14,266
81,807
- Pension reserve
-
(401,000)
Total restricted funds
42,549,504
33,868,486
Unrestricted income funds
20
844,250
983,682
Total funds
43,393,754
34,852,168

The financial statements on pages 26 to 53 were approved by the Trustees and authorised for issue on 09 December 2025 and are signed on their behalf by:

S Wright
Chair
Company registration number 07534901 (England and Wales)
STAPLOE EDUCATION TRUST
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2025
- 29 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Net cash provided by/(used in) operating activities
22
492,540
(407,149)
Cash flows from investing activities
Dividends, interest and rents from investments
19,262
8,531
Capital grants from DfE Group
52,611
175,645
Capital funding received from sponsors and others
-
195,000
Purchase of tangible fixed assets
(1,135,906)
(303,021)
Net cash (used in)/provided by investing activities
(1,064,033)
76,155
Cash flows from financing activities
Repayment of other loan
(7,310)
(7,310)
Net cash used in financing activities
(7,310)
(7,310)
Net decrease in cash and cash equivalents in the reporting period
(578,803)
(338,304)
Cash and cash equivalents at beginning of the year
1,947,947
2,286,251
Cash and cash equivalents at end of the year
1,369,144
1,947,947
STAPLOE EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
- 30 -
1
Accounting policies

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

1.1
Basis of preparation

The 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 Department for Education, the Charities Act 2011 and the Companies Act 2006.

Staploe Education Trust 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. M onetary amounts in these financial statements are rounded to the nearest £.

1.2
Going concern

The Trustees assess whether the use of going concern is appropriate, ie whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the charitable company to continue as a going concern. The Trustees 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.

It should be noted that as at December 2025 the Trust is looking to merge with another local Multi-Academy Trust. This will occur no sooner than 1 January 2026. If the merger is successful Staploe Education Trust would cease to be a legal entity on or after the completion of the merger, and therefore the company would be wound up.

1.3
Income

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

Grants

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

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

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

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.

STAPLOE EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 31 -
Other income

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

Donated goods, facilities and services

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

Donated fixed assets

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

1.4
Expenditure

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

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

All resources expended are inclusive of irrecoverable VAT.

Expenditure on raising funds

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

Charitable activities

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

Governance costs

These include the costs attributable to the Trust's compliance with constitutional and statutory requirements, including audit, strategic management, Trustees' meetings and reimbursed expenses.

STAPLOE EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 32 -
1.5
Tangible fixed assets and depreciation

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 other than freehold land, at rates calculated to write off the cost of each asset on a straight line basis over its expected useful life, as follows:

Freehold property
No depreciation on land. Buildings 2%.
Leasehold property
No depreciation on land. Buildings 2%.
Computer equipment
33.33%
Fixtures, fittings & equipment
10%

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

1.6
Liabilities

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

1.7
Leased assets

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

1.8
Financial instruments

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

Financial assets

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

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

Financial liabilities

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

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

STAPLOE EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 33 -
1.9
Stock

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.

1.10
Taxation

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

1.11
Pensions benefits

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

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

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

1.12
Fund accounting

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

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

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

2
Critical accounting estimates and areas of judgement

Accounting e stimates 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.

STAPLOE EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
2
Critical accounting estimates and areas of judgement
(Continued)
- 34 -
Critical accounting estimates and assumptions

The Trust makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Tangible fixed assets are recognised at cost or valuation, less accumulated depreciation and any impairment. Depreciation takes place over the estimated useful life, down to the assessed residual value. The carrying amount of the academy's fixed assets is tested as soon as changed conditions show that a need for impairment has arisen.

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 25, 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.

3
Donations and capital grants
Unrestricted
Restricted
Total
Total
funds
funds
2025
2024
£
£
£
£
Donated fixed assets
-
9,500,000
9,500,000
-
Capital grants
-
546,689
546,689
370,645
Other donations
55,024
873,506
928,530
8,357
55,024
10,920,195
10,975,219
379,002
STAPLOE EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 35 -
4
Funding for the Trust's educational operations
Unrestricted
Restricted
Total
Total
funds
funds
2025
2024
£
£
£
£
DfE/ESFA grants
General annual grant (GAG)
-
11,986,374
11,986,374
11,461,560
Other DfE/ESFA grants:
- UIFSM
-
83,580
83,580
87,009
- Pupil premium
-
544,159
544,159
518,678
- Mainstream schools additional grant
-
-
-
406,541
- Core schools budget grant
-
443,899
443,899
-
- Teachers pay and pension grants
-
465,995
465,995
315,805
- Others
-
149,434
149,434
168,308
-
13,673,441
13,673,441
12,957,901
Other government grants
Local authority grants
-
1,478,471
1,478,471
1,294,397
Other incoming resources
1,056,894
64,090
1,120,984
881,660
Total funding
1,056,894
15,216,002
16,272,896
15,133,958
5
Other trading activities
Unrestricted
Restricted
Total
Total
funds
funds
2025
2024
£
£
£
£
Hire of facilities
42,220
-
42,220
24,279
Music tuition
-
72,712
72,712
51,095
Other income
17,119
-
17,119
22,173
59,339
72,712
132,051
97,547
6
Investment income
Unrestricted
Restricted
Total
Total
funds
funds
2025
2024
£
£
£
£
Short term deposits
19,262
-
19,262
8,531
STAPLOE EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 36 -
7
Expenditure
Non-pay expenditure
Total
Total
Staff costs
Premises
Other
2025
2024
£
£
£
£
£
Expenditure on raising funds
- Direct costs
46,841
-
-
46,841
39,114
Academy's educational operations
- Direct costs
10,886,386
-
1,048,017
11,934,403
10,868,781
- Allocated support costs
2,545,137
3,546,939
1,181,522
7,273,598
5,891,456
13,478,364
3,546,939
2,229,539
19,254,842
16,799,351
Net income/(expenditure) for the year includes:
2025
2024
£
£
Operating lease rentals
10,564
-
Depreciation of tangible fixed assets
2,107,360
1,145,828
Fees payable to auditor for:
- Audit
18,790
17,900
- Other services
1,940
1,920
Net interest on defined benefit pension liability
(38,000)
(7,000)
8
Charitable activities
Unrestricted
Restricted
Total
Total
funds
funds
2025
2024
£
£
£
£
Direct costs
Educational operations
793,559
11,140,844
11,934,403
10,868,781
Support costs
Educational operations
415,646
6,857,952
7,273,598
5,891,456
1,209,205
17,998,796
19,208,001
16,760,237
Analysis of costs
2025
2024
£
£
Direct costs
Teaching and educational support staff costs
10,886,386
9,947,050
Technology costs
77,186
170,708
Educational supplies and services
374,721
394,326
Examination fees
133,976
121,648
Other direct costs
462,134
235,049
11,934,403
10,868,781
STAPLOE EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
8
Charitable activities
(Continued)
- 37 -
Support costs
Support staff costs
2,628,875
2,540,525
Depreciation
2,107,360
1,145,828
Technology costs
235,033
200,300
Maintenance of premises and equipment
156,405
411,091
Cleaning
87,487
76,000
Energy costs
279,818
373,750
Rent, rates and other occupancy costs
845,799
214,375
Insurance
70,070
65,921
Security and transport
2,510
3,131
Catering
668,248
663,860
Finance costs
(38,000)
(7,000)
Legal and consultancy costs
104,033
80,993
Other support costs
105,230
102,862
Governance costs
20,730
19,820
7,273,598
5,891,456
9
Governance costs
Total
Total
All from restricted funds:
2025
2024
£
£
Amounts included in support costs
Legal and consultancy costs
72,621
80,993
Auditor's remuneration
- Audit of financial statements
18,790
17,900
- Other audit costs
1,940
1,920
93,351
100,813
STAPLOE EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 38 -
10
Staff
Staff costs and employee benefits
Staff costs during the year were:
2025
2024
£
£
Wages and salaries
9,648,248
9,122,752
Social security costs
1,061,048
922,864
Pension costs
2,401,927
2,169,263
Staff costs - employees
13,111,223
12,214,879
Agency staff costs
216,641
219,041
Staff restructuring costs
150,500
25,335
13,478,364
12,459,255
Staff development and other staff costs
83,738
67,434
Total staff expenditure
13,562,102
12,526,689
Staff restructuring costs comprise:
Redundancy payments
129,000
-
Severance payments
21,500
25,335
150,500
25,335
Severance payments

The Trust paid 3 severance payments in the year, disclosed in the following bands:

£0 - £25,000
3
Staff numbers
The average number of persons employed by the Trust during the year was as follows:
2025
2024
Number
Number
Teachers
120
119
Administration and support
194
185
Management
15
18
329
322
STAPLOE EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
10
Staff
(Continued)
- 39 -
The number of persons employed, expressed as a full time equivalent, was as follows:
2025
2024
Number
Number
Teachers
108
106
Administration and support
119
100
Management
14
15
241
221
Higher paid staff
The number of employees whose employee benefits (excluding employer pension costs and employer national insurance contributions) exceeded £60,000 was:
2025
2024
Number
Number
£60,001 - £70,000
9
9
£70,001 - £80,000
4
3
£80,001 - £90,000
3
-
£110,001 - £120,000
1
1
£140,001 - £150,000
1
1
Key management personnel

The key management personnel of the Trust comprise the Trustees and the senior management team as listed on page 1. The total amount of employee benefits (including employer pension contributions and employer national insurance contributions) received by key management personnel for their services to the Trust was £656,984 (2024: £707,194).

With the agreement of the ESFA the services of an interim CFO are bought in on a consultancy basis and therefore in addition to the amounts noted above, included within legal and consultancy costs is an amount of £18,292 (2024 - £31,412) for these services.

11
Central services

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

- human resources;

- financial services;

- legal services; and

- educational support services.

The Trust charges for these services on the following basis:

Payroll and HR support are apportioned according to the payroll headcount. Any allocation of staff time is calculated at a fixed percentage that is reviewed on an annual basis for reasonableness.

STAPLOE EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
11
Central services
(Continued)
- 40 -
The amounts charged during the year were as follows:
2025
2024
£
£
Soham Village College
736,930
699,691
Kennett Primary School
46,088
50,672
The Shade Primary School
87,652
109,610
The Weatheralls Primary School
157,967
219,619
1,028,637
1,079,592
12
Trustees' remuneration and expenses

One or more of the Trustees has been paid remuneration or has received other benefits from an employment with the Trust. The Headteacher and other staff Trustees only receive remuneration in respect of services they provide undertaking the roles of Headteacher and staff members under their contracts of employment, and not in respect of their services as Trustees.

The value of Trustees' remuneration and other benefits was as follows:

K Lofts (Trustee)

Remuneration £nil - £5,000 (2024 - £nil - £5,000)

Employer’s pension contributions £nil (2024 - £nil)

13
Trustees' and officers' insurance

The 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 Trust 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.

STAPLOE EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 41 -
14
Tangible fixed assets
Freehold property
Leasehold property
Computer equipment
Fixtures, fittings & equipment
Total
£
£
£
£
£
Cost
At 1 September 2024
25,885,824
16,942,301
1,912,532
2,069,754
46,810,411
Additions
902,914
9,500,000
101,217
131,775
10,635,906
At 31 August 2025
26,788,738
26,442,301
2,013,749
2,201,529
57,446,317
Depreciation
At 1 September 2024
6,418,187
2,928,025
1,606,761
1,855,284
12,808,257
Charge for the year
522,362
513,970
193,916
157,032
1,387,280
Impairment
-
720,080
-
-
720,080
At 31 August 2025
6,940,549
4,162,075
1,800,677
2,012,316
14,915,617
Net book value
At 31 August 2025
19,848,189
22,280,226
213,072
189,213
42,530,700
At 31 August 2024
19,467,637
14,014,276
305,771
214,470
34,002,154

From 1 September 2024 Kennett School has occupied new premises built by the Local Authority:

- The old premises are now vacant and will be handed back to the Local Authority and therefore the book value of those premises has been impaired to £nil.

- The arrangement for the new premises was that the Trust would enter into a peppercorn lease with the Local Authority. As at the year end, the lease is not in place, but completion occurred following the end of the year. On the basis that it was the intention of both parties to complete the lease, the property has been included in these accounts as a donated asset at a valuation provided by the Local Authority of £9.5m.

15
Stock
2025
2024
£
£
Other stock
12,215
16,927
16
Debtors
2025
2024
£
£
Trade debtors
148,103
13,998
VAT recoverable
28,731
46,850
Prepayments and accrued income
967,550
411,465
1,144,384
472,313
STAPLOE EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 42 -
17
Creditors: amounts falling due within one year
2025
2024
£
£
Other loans
7,310
7,310
Trade creditors
152,307
42,360
Other taxation and social security
234,566
194,394
Other creditors
23,117
1,901
Accruals and deferred income
1,206,784
894,293
1,624,084
1,140,258
18
Creditors: amounts falling due after more than one year
2025
2024
£
£
Other loans
38,605
45,915
2025
2024
Analysis of loans
£
£
Not wholly repayable within five years by instalments
9,365
16,675
Wholly repayable within five years
36,550
36,550
45,915
53,225
Less: included in current liabilities
(7,310)
(7,310)
Amounts included above
38,605
45,915
Loan maturity
Debt due in one year or less
7,310
7,310
Due in more than one year but not more than two years
7,310
7,310
Due in more than two years but not more than five years
21,930
21,930
Due in more than five years
9,365
16,675
45,915
53,225

Included in other loans is a loan inherited on conversion of The Weatheralls of £45,915 (2024 - £53,225) from Cambridgeshire County Council. Interest on the loan is charged at 2.72% on the full original value of the loan. Repayments are made monthly over 162 months with the final repayment being in August 2030.

STAPLOE EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 43 -
19
Deferred income
2025
2024
£
£
Deferred income is included within:
Creditors due within one year
371,925
422,662
Deferred income at 1 September 2024
422,662
220,178
Released from previous years
(422,662)
(220,178)
Resources deferred in the year
371,925
422,662
Deferred income at 31 August 2025
371,925
422,662

Deferred income relates to income received in advance for Universal Infant Free School Meals, rates relief, early years funding, future trips, and catering.

STAPLOE EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 44 -
20
Funds
Balance at
Gains,
Balance at
1 September
losses and
31 August
2024
Income
Expenditure
transfers
2025
£
£
£
£
£
Restricted general funds
General Annual Grant (GAG)
-
11,986,374
(11,986,374)
-
-
UIFSM
-
83,580
(83,580)
-
-
Pupil premium
-
544,159
(544,159)
-
-
Other DfE/ESFA grants
-
1,059,328
(1,059,328)
-
-
Other government grants
19,079
1,478,471
(1,497,550)
-
-
Other restricted funds
11,633
1,010,308
(229,761)
(777,914)
14,266
Pension reserve
(401,000)
-
4,000
397,000
-
(370,288)
16,162,220
(15,396,752)
(380,914)
14,266
Restricted fixed asset funds
Fixed assets
34,002,154
-
(2,107,360)
10,635,906
42,530,700
DfE group capital grants
185,525
546,689
(494,684)
(232,992)
4,538
Assets donated to academy
-
9,500,000
-
(9,500,000)
-
34,187,679
10,046,689
(2,602,044)
902,914
42,535,238
Total restricted funds
33,817,391
26,208,909
(17,998,796)
522,000
42,549,504
Unrestricted funds
General funds
902,147
1,190,519
(1,256,046)
(146,698)
689,922
ICT Strategy
-
-
-
30,550
30,550
Department resources
-
-
-
35,145
35,145
3G Pitch
125,000
-
-
(125,000)
-
Designated funds
7,630
-
-
12,632
20,262
School contribution to CIF
-
-
-
68,371
68,371
1,034,777
1,190,519
(1,256,046)
(125,000)
844,250
Total funds
34,852,168
27,399,428
(19,254,842)
397,000
43,393,754
STAPLOE EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
20
Funds
(Continued)
- 45 -

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

Restricted Fixed Asset Funds represent capital funding received from the Department of Education 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 restricted grant income in the year relates to the provision of education for the children of the academy.

Under the funding agreement with the Secretary of State, the Trust was not subject to a limit on the amount of GAG that it could carry forward at 31 August 2025.

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 in force on 18 July 2013.

The governors have designated funds for use in a variety of different areas.

STAPLOE EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
20
Funds
(Continued)
- 46 -
Comparative information in respect of the preceding period is as follows:
Balance at
Gains,
Balance at
1 September
losses and
31 August
2023
Income
Expenditure
transfers
2024
£
£
£
£
£
Restricted general funds
General Annual Grant (GAG)
232,879
11,461,560
(11,812,536)
118,097
-
UIFSM
-
87,009
(87,009)
-
-
Pupil premium
-
518,678
(518,678)
-
-
Other DfE/ESFA grants
4,787
890,654
(895,441)
-
-
Other government grants
52,545
1,294,397
(1,327,863)
-
19,079
Hardship fund
2,680
1,391
-
-
4,071
Other restricted funds
7,049
58,061
(6,453)
-
58,657
Pension reserve
(457,000)
-
(35,000)
91,000
(401,000)
(157,060)
14,311,750
(14,682,980)
209,097
(319,193)
Restricted fixed asset funds
Inherited on conversion
34,330,787
-
(854,477)
-
33,476,310
DfE group capital grants
141,228
370,645
(326,348)
-
185,525
Capital expenditure from GAG
422,698
-
(92,650)
195,796
525,844
34,894,713
370,645
(1,273,475)
195,796
34,187,679
Total restricted funds
34,737,653
14,682,395
(15,956,455)
404,893
33,868,486
Unrestricted funds
General funds
971,214
936,643
(842,896)
(213,909)
851,052
ICT Strategy
65,401
-
-
(65,401)
-
Department resources
138,424
-
-
(138,424)
-
3G Pitch
28,789
-
-
96,211
125,000
Designated funds
-
-
-
7,630
7,630
1,203,828
936,643
(842,896)
(313,893)
983,682
Total funds
35,941,481
15,619,038
(16,799,351)
91,000
34,852,168
STAPLOE EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
20
Funds
(Continued)
- 47 -
Total funds analysis by academy
2025
2024
Fund balances at 31 August 2025 were allocated as follows:
£
£
Soham Village College
559,341
560,718
Kennett Primary School
253,681
111,624
The Shade Primary School
381,016
381,895
The Weatheralls Primary School
(201,149)
-
Central services
(134,373)
11,252
Total before fixed assets fund and pension reserve
858,516
1,065,489
Restricted fixed asset fund
42,535,238
34,187,679
Pension reserve
-
(401,000)
Total funds
43,393,754
34,852,168
Total cost analysis by academy
Expenditure incurred by each academy during the year was as follows:
Teaching and
Other costs
educational
Other support
Educational
excluding
Total
Total
support staff
staff costs
supplies
depreciation
2025
2024
£
£
£
£
£
£
Soham Village College
7,347,493
985,373
523,937
2,774,547
11,631,350
9,556,937
Kennett Primary School
472,748
133,379
42,850
204,251
853,228
654,057
The Shade Primary School
1,019,132
357,764
56,129
310,429
1,743,454
1,465,755
The Weatheralls Primary School
1,977,681
159,819
58,976
579,888
2,776,364
2,808,611
Central services
130,784
960,687
31,964
87,757
1,211,192
1,133,164
10,947,838
2,597,022
713,856
3,956,872
18,215,588
15,618,524
21
Analysis of net assets between funds
Unrestricted
Restricted funds:
Total
Funds
General
Fixed asset
Funds
£
£
£
£
Fund balances at 31 August 2025 are represented by:
Tangible fixed assets
-
-
42,530,700
42,530,700
Current assets
2,506,939
14,266
4,538
2,525,743
Current liabilities
(1,624,084)
-
-
(1,624,084)
Non-current liabilities
(38,605)
-
-
(38,605)
Total net assets
844,250
14,266
42,535,238
43,393,754
STAPLOE EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
21
Analysis of net assets between funds
(Continued)
- 48 -
Unrestricted
Restricted funds:
Total
Funds
General
Fixed asset
Funds
£
£
£
£
Fund balances at 31 August 2024 are represented by:
Tangible fixed assets
-
-
34,002,154
34,002,154
Current assets
2,169,855
81,807
185,525
2,437,187
Current liabilities
(1,140,258)
-
-
(1,140,258)
Non-current liabilities
(45,915)
-
-
(45,915)
Pension scheme liability
-
(401,000)
-
(401,000)
Total net assets
983,682
(319,193)
34,187,679
34,852,168
22
Reconciliation of net income/(expenditure) to net cash flow from operating activities
2025
2024
Notes
£
£
Net income/(expenditure) for the reporting period
(as per the statement of financial activities)
8,144,586
(1,180,313)
Adjusted for:
Capital grants from DfE and other capital income
(10,046,689)
(370,645)
Investment income receivable
6
(19,262)
(8,531)
Defined benefit pension costs less contributions payable
25
34,000
42,000
Defined benefit pension scheme finance income
25
(38,000)
(7,000)
Depreciation of tangible fixed assets
2,107,360
1,145,828
Decrease in stocks
4,712
1,100
(Increase)/decrease in debtors
(177,993)
33,632
Increase/(decrease) in creditors
483,826
(63,220)
Net cash provided by/(used in) operating activities
492,540
(407,149)
23
Analysis of changes in net funds
1 September 2024
Cash flows
31 August 2025
£
£
£
Cash
1,947,947
(578,803)
1,369,144
Loans falling due within one year
(7,310)
-
(7,310)
Loans falling due after more than one year
(45,915)
7,310
(38,605)
1,894,722
(571,493)
1,323,229
STAPLOE EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 49 -
24
Members' liability

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

25
Pension and similar obligations

The Trust's employees belong to two principal pension schemes: the Teachers' Pension Scheme England and Wales (TPS) for academic and related staff; and the Local Government Pension Scheme (LGPS) for non-teaching staff, which is managed by Cambridgeshire 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 that of the LGPS related to the period ended 31 March 2022.

Contributions amounting to £257,770 (2024 - £249,208) were payable to the schemes at 31 August 2025.

Teachers' Pension Scheme
Introduction

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

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

Valuation of the Teachers' Pension Scheme

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

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

- 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 £1,766,063 (2024: £1,526,123).

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

STAPLOE EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
25
Pension and similar obligations
(Continued)
- 50 -

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

Local Government Pension Scheme

The LGPS is a funded defined benefit pension scheme, with the assets held in separate trustee-administered funds. The total contributions are as noted below. The agreed contribution rates for future years are 17 to 23% 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.

The actuarial valuation prepared under FRS102 in respect of the Local Government Pension Scheme indicated that all four (2024: two) of the school's share of the scheme was in surplus at the year end to the value of £3,495,000 (2024: £1,201,000). 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 the 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 only £nil (2024: £200,000) of the overall surplus is likely to result in either a refund of contributions or a reduction in future contributions in the future.

Total contributions made
2025
2024
£
£
Employer's contributions
602,000
547,000
Employees' contributions
191,000
167,000
Total contributions
793,000
714,000
Principal actuarial assumptions
2025
2024
%
%
Rate of increase in salaries
3.20
3.15
Rate of increase for pensions in payment/inflation
2.70
2.65
Discount rate for scheme liabilities
6.05-6.10
5.00
STAPLOE EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
25
Pension and similar obligations
(Continued)
- 51 -
The current mortality assumptions include sufficient allowance for future improvements in mortality rates. The assumed life expectations on retirement age 65 are:
2025
2024
Years
Years
Retiring today
- Males
21.65
21.45
- Females
22.53
22.50
Retiring in 20 years
- Males
21.88
21.63
- Females
25.78
25.75
Sensitivity analysis

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

2025
2024
£
£
0.1% decrease in Real discount rate
222,000
266,000
1 year increase in member life expectancy
426,000
479,000
0.1% increase in salary increase rate
7,000
7,000
0.1% increase in pension increase rate
224,000
264,000
Defined benefit pension scheme net asset/(liability)
2025
2024
£
£
Scheme assets
14,159,000
12,796,000
Scheme obligations
(10,664,000)
(11,996,000)
Net asset
3,495,000
800,000
Restriction on scheme assets
(3,495,000)
(1,201,000)
Total liability recognised
-
(401,000)
STAPLOE EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
25
Pension and similar obligations
(Continued)
- 52 -
The Trust's share of the assets in the scheme
2025
2024
Fair value
Fair value
£
£
Equities
8,353,810
7,421,680
Bonds
3,256,570
3,071,040
Property
2,265,440
2,047,360
Other assets
283,180
255,920
Total market value of assets
14,159,000
12,796,000
Restriction on scheme assets
(3,495,000)
(1,201,000)
Net assets recognised
10,664,000
11,595,000
The actual return on scheme assets was £767,000 (2024: £1,248,000).
Amount recognised in the statement of financial activities
2025
2024
£
£
Current service cost
636,000
589,000
Interest income
(654,000)
(588,000)
Interest cost
616,000
581,000
Total amount recognised
598,000
582,000
Changes in the present value of defined benefit obligations
2025
2024
£
£
At 1 September 2024
11,996,000
10,924,000
Current service cost
636,000
589,000
Interest cost
616,000
581,000
Employee contributions
191,000
167,000
Actuarial gain
(2,578,000)
(10,000)
Benefits paid
(197,000)
(255,000)
At 31 August 2025
10,664,000
11,996,000
STAPLOE EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
25
Pension and similar obligations
(Continued)
- 53 -
Changes in the fair value of the Trust's share of scheme assets
2025
2024
£
£
At 1 September 2024
12,796,000
11,089,000
Interest income
654,000
588,000
Actuarial gain
113,000
660,000
Employer contributions
602,000
547,000
Employee contributions
191,000
167,000
Benefits paid
(197,000)
(255,000)
At 31 August 2025
14,159,000
12,796,000
Restriction on scheme assets
(3,495,000)
(1,201,000)
Net assets recognised
10,664,000
11,595,000
Restriction of pension scheme assets

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.

26
Related party transactions

No related party transactions took place in the period of account other than certain Trustees' remuneration and expenses already disclosed in note 12.

Owing to the academy trust's operations and the composition of the board of Trustees' being drawn from local public and private sector organisation, transactions may take place with organisation in which the academy trust has an interest. All transactions involving such organisation are conducted at arm's length and in accordance with the academy trust's financial regulations and normal procurement procedures.

Some of the Trustees' have children who are pupils at the academy, consequently there will be transactions between those Trustees' and the academy in respect of their children’s education. These are on the same basis as other pupils at the academy.

27
Post balance sheet events

It should be noted that as at December 2025 the Trust is looking to merge with another local Multi-Academy Trust. This will occur no sooner than 1 January 2026. If the merger is successful Staploe Education Trust would cease to be a legal entity on or after the completion of the merger, and therefore the company would be wound up.

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