Company registration number 07732319 (England and Wales)
ACES ACADEMIES TRUST
(A COMPANY LIMITED BY GUARANTEE)
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 AUGUST 2025
31 August 2025
ACES ACADEMIES TRUST
CONTENTS
Page
Reference and administrative details
1 - 2
Trustees' report
3 - 10
Governance statement
11 - 14
Statement on regularity, propriety and compliance
15
Statement of trustees' responsibilities
16
Independent auditor's report on the financial statements
17 - 19
Independent reporting accountant's report on regularity
20 - 21
Statement of financial activities including income and expenditure account
22 - 23
Balance sheet
24
Balance sheet - Academy only
25 - 26
Statement of cash flows
27
Notes to the financial statements including accounting policies
28 - 51
ACES ACADEMIES TRUST
REFERENCE AND ADMINISTRATIVE DETAILS
- 1 -
Members
C Sinclair
H Johal
P Fenney
Trustees
A Goulding (Accounting Officer)
B Message (Chair of Trustees)
G Weston
R Ryan
R Joshi
J Nicholson
V Cameron
Senior management team
- Chief Executive Officer
A Goulding
- Principal (Hinchingbrooke School)
A Hunter
- Director of Finance and Operations
D McMillan
- Director of Primary Education
S Eardley
- Director of SEND and Inclusion
A Drysdale
- Headteacher (Cromwell Academy)
H Connor-James (until 31 August 2025)
- Headteachers (Godmanchester Community Academy)
T Fielden & E Smith
- Headteacher (Godmanchester Bridge Academy)
C Pirrie
- Headteacher (Spaldwich Primary School)
L Worrell
- Headteacher (Cromwell Academy)
L Worrell (Since September 2025)
- Accounting Officer
A Goulding
Company registration number
07732319 (England and Wales)
Principal and registered office
Brampton Road
Huntingdon
Cambridgeshire
PE29 3BN
United Kingdom
Academies operated
Location
Principal
Hinchingbrooke School
Huntingdon
A Hunter
Cromwell Academy
Huntingdon
H Connor-Jones / L Worrell
Godmanchester Bridge Academy
Godmanchester
C Pirrie
Godmanchester Community Academy
Godmanchester
T Fielden & E Smith
Spaldwick Primary School
Spaldwick
L Worrell
Independent auditor
Azets Audit Services
Westpoint
Lynch Wood
Peterborough
Cambridgeshire
PE2 6FZ
United Kingdom
ACES ACADEMIES TRUST
REFERENCE AND ADMINISTRATIVE DETAILS
- 2 -
Bankers
Lloyds Bank Plc
99 High Street
Huntingdon
Cambridgeshire
PE29 3DU
United Kingdom
Solicitors
LGSS
John Dryden House
8-10 The Lakes
Northampton
NN4 7YD
United Kingdom
ACES ACADEMIES TRUST
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 AUGUST 2025
- 3 -

The Trustees present their annual report together with the financial statements and auditors’ report of the charitable company for the year ended 31 August 2025.

The Multi Academy Trust operates five academies. One for pupils aged 11 to 18 serving a catchment area in Huntingdonshire. Excluding the Sixth Form, Hinchingbrooke School has a pupil capacity of 1,750 and had a roll of 1,750 on 31 October 2025. There were a further 427 students in the Sixth Form, making a total roll of 2,100. This should have a positive impact on numbers attending the Sixth Form. The trust currently has 4 primary schools as follows:

Name | Capacity | Number of students on role as at 31 October 2025
Cromwell Academy | 210 | 203
Godmanchester Bridge Academy | 300 | 271
Godmanchester Community Academy | 420 | 402
Spaldwick Primary School | 105 | 104

On 1st September 2024, Cromwell Academy opened a preschool on site with provision for ages 2-4. The pre-school currently has a total of 30 pupils on roll. Requirement for places at Godmanchester Bridge Academy continues to grow with the third year of growth requiring an additional class in Reception although actual additional numbers remain low. The Trust continues to liaise with the Local Authority to meet the requirement in future years.
During the current academic year, we envisage opening an 8 place Enhanced Resource Base for high needs pupils at Spaldwick Primary School in partnership with the local authority. ACES is also carrying out due diligence to take over the Pre-school which operates on the Godmanchester Bridge Academy site. We expect this to take place in February 2026.
Structure, governance and management
Constitution

The Academy Trust is a company limited by guarantee and an exempt charity. The Charitable Company’s memorandum and articles of association are the primary governing documents of the Academy Trust.

The company was incorporated on 8th August 2011. On 1st September 2011 Hinchingbrooke School converted from a community school to academy trust status under the Academies Act 2010 and all the operations, and assets and liabilities were transferred to Hinchingbrooke School Academy Trust from the Governors of Hinchingbrooke School. On 1st January 2018, the Academy converted into a Multi Academy Trust and all the operations, and assets and liabilities were transferred to ACES Academies Trust.

The Directors of the Trust act as trustees for charitable activities of all schools within the Trust and are also the Trustees of the Charitable Company for the purposes of company law. The Charitable Company is known as ACES Academies Trust.

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.

Principal activities
The Trust's principal activity is to advance education, for the public benefit, in the area served by the school, by establishing, maintaining, managing and developing a school offering a broad and balanced curriculum to its pupils.
The Trust operates under a Funding Agreement issued by the Department for Education on 1st January 2018 (as amended) and commenced operations on 1st January 2018.
ACES ACADEMIES TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 4 -
Method of recruitment and appointment or election of trustees

The Trust currently has places for 13 Trustees with a variety of skills to support the trust, not including the CEO and 5 Members. The Trust Board is supported in each school by a local governing committee constituted in accordance with the Trust’s Scheme of Delegation. Trustees and members of the Local Governing Committee are elected or co-opted to serve for a four-year period; the CEO is an ex-officio Trustee.

Policies and procedures adopted for the induction and training of trustees

New Trustees receive an induction pack, attend an induction meeting with the Chairman and Chief Executive Officer and receive the offer of a visit to the schools. New Trustees attend full Board meetings and subsequently populate committees, often according to interests and personal expertise. All Trustees are required to attend training as appropriate.

Organisational structure

The leadership structure of the Trust consists of the Trustees, Local Governors, Senior Leadership Teams and a number of middle leaders with responsibility for specific areas of the Trust’s operation. The aim of the management structure is to devolve responsibility and encourage decision making at all levels.

The Trustees are responsible for the strategic development of the Trust, adopting a strategic plan, receiving annual School Development Plans and budgets, monitoring the Trust by the use of budgets and management accounts and making major decisions about the direction of the Trust, capital expenditure and senior staff appointments.

To ensure an efficient and effective committee structure with the Trust’s Strategic Development Plan at its core, there two Trust committees responsible for Finance, Estates, Audit and Risk, and HR, Standards and Innovation together with the Local Governing Committees who are responsible for ensuring a clarity of ethos, vision and strategic direction and holding the educational leaders to account for the educational performance of their school.

The Executive Leadership Team for the Trust, chaired by the Chief Executive Officer, comprise the Director of Finance & Operations, Director of Primary Education, Director of SEND and Inclusion, and the Principals/Headteachers of Schools within the Trust. These leaders offer direction to the Trust at an executive level by implementing the policies adopted by the Trustees and reporting back to them. The CEO undertakes the key leadership role overseeing all aspects of the Trust in consultation with the other members of the Executive Leadership Team. The Senior Leaders in the schools and throughout the Trust are responsible for the authorisation of spending within agreed budgets and for the appointment of staff. Appointment panels for posts in the Senior Leadership Team of the schools always contain the CEO, and/or a senior member of the Executive Team and/or a local governor. Some spending control is devolved to members of the Senior Leadership Teams, with limits above which the Director of Finance & Operations or the CEO must countersign.

Principals/Headteachers and Heads of Department, or Key Stage leaders in Primary schools, are responsible for the day-to-day operation of curriculum subject areas and accordingly organise their teaching staff, capitation resources, facilities and students.

Arrangements for setting pay and remuneration of key management personnel

The pay scales for Leadership positions are determined in line with the current School Teacher’ Pay and Conditions (STPC) document.

The Trustees may decide to pay additional payments to the CEO and Principals/Headteachers in accordance with the STPC Document. Where a decision is made to increase any salary beyond the maximum of the appropriate Pay Group it will not exceed 25 per cent of the previous salary being paid on the current point on the Pay Group, except in wholly exceptional circumstances, which will be approved by the Trustees.

Trade union facility time
Relevant union officials

Number of employees who were relevant union officials during the relevant period | 0
Full-time equivalent employee number | 0
Percentage of time spent on facility time | 0%
Percentage of pay bill spent on facility time | 0%
Total Cost of Facility Time | £0

ACES ACADEMIES TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 5 -
Connected organisations, including related party relationships

As part of its operation the Trust liaises with organisations such as the local Authority, local Teaching School Alliances, partner primary schools, other local secondary schools, ASCL, CST, the Department for Education as well as with other education providers and trainers including further and higher education institutions and universities. These links are maintained in the interests of supporting good practice and information sharing and consolidate well established, mutually supportive associations.

The Foundation of Hinchingbrooke School owns the Hinchingbrooke School premises and possesses endowments, the income from which can be used for the educational benefit of pupils and young people from Huntingdon who are under 25, in financial need and have had at least two years’ education in a Huntingdon secondary level school or college. The Trust occupies the premises on a 125-year lease from the Foundation.

Cambridgeshire County Council owns the playing fields that the Hinchingbrooke School occupies and the sites that the primary schools occupy, each on a 125-year lease.

Values, Objectives, Core purpose and Activities
Our values

The VALUES of ACES Academies Trust are contained in the title of the Trust.

ASPIRATION: We value and promote aspiration for all.

CREATIVITY: We value creativity as a life skill. It lies at the heart of our educational offer and supports the achievement of excellence and the securing of success.

EXCELLENCE: We value excellence because we have high standards and want to provide the very best for our communities.

SUCCESS: We value success because a good education creates successful adults who can contribute positively to society.

We have the highest expectations of ourselves, the teams working across our academies and our students.

The ACES Academies Trust has a shared local vision to raise aspiration and achievement for the communities we serve. We focus on the raising of standards, by sharing staff expertise and working together using our Framework for Excellence. New staff are employed by the Trust to work where most needed and we aspire to enhance recruitment and retention, through our curriculum innovation and approach to staff development.

ACES ACADEMIES TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 6 -
ACES ACADEMIES TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 7 -
Objectives, strategies and activities

The objectives of the ACES Academies Trust are to:

- promote aspiration for all.

- use creativity as a vehicle for engagement, enrichment and improvement.

- achieve excellence in all areas, leading to better outcomes and success for students.

- develop skills for life and employment in our students.

- be flexible, visionary and responsive to emerging needs.

- be outward facing, actively engaging with and accessing external expertise.

- provide more efficient and effective services at a reduced collective cost.

Academies within our trust are expected to promote the objectives of ACES by ensuring their curricula offer opportunities to:

- encourage creative and curious minds.

- facilitate independent learning.

- provide opportunities for personal expression and creativity.

- provide each child with the life skills to maximise their chance of success.

and by

- upholding high standards of behaviour and promoting mutual respect.

- focusing on improving progress and achievement for all.

- pursuing excellence in pedagogical practice in every classroom.

- ensuring that every child is actively engaged in learning, has a sense of purpose and develops self-motivation, self-respect, self-regulation and self-worth.

The Trust wishes to secure high standards and good capacity before seeking growth. The Trustees will carefully consider the capacity for growth through a process of due diligence. Schools joining the Trust can expect to be supported in their areas of greatest need and have access to an enriched educational experience. They will be closely monitored and there will be opportunities for staff to develop professionally by sharing their strengths across the Trust. The due diligence arrangements, prior to joining the Trust, will identify priorities for improvement.

Public Benefit

The Trustees have paid due regard to the guidance issued by the Charity Commission in deciding what activities the Trust should undertake.

Strategic report
Achievements and performance

In January 2018, ACES Academies Trust was formed and since then, it has consolidated its processes and focussed on the improvement all schools within the Trust. Since 2018, the Trust has expanded by adopting further primary schools. All are feeder schools to Hinchingbrooke School, a key aspect of our growth strategy.

During 2024/25, ACES has been actively pursuing a merger with another Multi Academy Trust in Cambridgeshire. This was approved subject to due diligence by the Department for Education in June 2025. We envisage that both trusts will merge on 1 January 2026.

Recognising the importance of a national issue, in January 2024, Trustees agreed a time limited intervention in SEND across the Trust by agreeing to commit an additional £200K by 31 August 2025 to enhance the provision and training in this area at all schools.

Key Performance Indicators

Available funds are £633,729 at 31 August 2025, compared with £822,629 at 31 August 2024 which is due to the ongoing capital improvement projects the Trust has invested in during this financial year.

ACES ACADEMIES TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 8 -
Going concern

The Trustees approve the budget each year and is mindful of the need to balance expenditure against income to ensure the Trust remains a ‘going concern’. The Trustees also receive and approve the Annual Accounts and the External Auditors’ Management Report.

Trustees have made the following statement based upon all schools within ACES transferring to a new trust on 1 January 2026. After making appropriate enquiries, the Trustees have a reasonable expectation that the schools within Trust have adequate resources to continue in operational existence for the foreseeable future as part of the new trust. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

Financial review

For a long time, Cambridgeshire has received less funding for education than lots of other authorities and, in the last few years. This has been addressed in part by the Fairer Funding increase to GAG, however this continues to be offset by increased labour costs due to changes in salary uplifts, Tax, NI and pension contributions all of which have been un-funded.

Most of the Trust’s funding was provided by the Education and Skills Funding Agency (ESFA).

The Trust’s total incoming revenue resources for the period 1 September 2024 to 31 August 2025 amounted to £23,496,580 (2024: £21,837,777). The Trust’s total incoming capital resources for the period 1 September 2024 to 31 August 2025 amounted to £1,472,203 (2024: £955,258).

The Trust held revenue fund balances of £633,729 excluding pension deficit and capital fund balances of £28,498,819 at 31 August 2025.

Employee involvement

Consultation with employees or their representatives has continued at all levels, with the aim of ensuring that their views are considered when decisions are made that are likely to affect their interests and that all employees are aware of the financial and economic performance of their business units and of the company as a whole.

Disabled employees

Applications for employment by disabled persons are always fully considered, bearing in mind the respective aptitudes and abilities of the applicant concerned. In the event of members of staff becoming disabled every effort is made to ensure that their employment within the Trust continues and the appropriate training is arranged. It is the policy of the Trust that the training, career development and promotion of a disabled person should, as far as reasonably possible, be identical to that of a person who does not suffer from a disability.

Disabled students

Lifts, ramps, and disabled toilets are installed across the Trust and door widths are adequate to enable wheelchair access to the main areas of all schools.

Investment and Reserves Policy

The Trust ensures that all surplus cash balances are invested in interest bearing accounts to maximise interest earning potential. It is the intention of the Trustees to aim to hold reserves between 2% and 5% of annual recurring expenditure, and this is being worked towards. The current level of reserves required is between £480K and £1.2M, compared with available reserves at 31 August 2025 which are £633,729. Whilst current reserves are within the required range, trustees would wish to move towards £1.2M over time.

HBK Leisure funds are designated to a sinking fund to replace the all-weather football pitch in accordance with the agreements with the Football Foundation and further funds are being set aside for maintenance of the swimming pool.

School Funds are designated for the activity to which they relate e.g., Educational Visits etc.

The Trust is confident that it will meet the required pension contributions from its projected income without significantly impacting on its planned level of charitable activity. It continues to calculate its ‘free’ or general unrestricted reserves without setting aside designated reserves to cover the pension liability.

ACES ACADEMIES TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 9 -

Streamlined Energy and Carbon Reporting

As a large company (as defined by the Companies Act 2006), ACES is required to include the following information regarding its energy use and associated greenhouse emissions in accordance with The Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018.

UK Greenhouse gas emissions and energy use data for the period 1 September 2024 to 31 August 2025 | Current reporting year 2024/25 | Comparison reporting year 2023/24
Energy consumption used to calculate emissions (kWh) | 4,026,618 | 3,907,106
Energy consumption break down (kWh): • gas • electricity • transport fuel | 2,901,453 1,125,165 - | 2,839,973 1,067,133 -
Scope 1 emissions in metric tonnes CO2e Gas consumption Owned transport – mini-buses Total Scope 1 | 529.63 - 529.63 | 518.41 - 518.41
Scope 2 emissions in metric tonnes CO2e Purchased electricity | 215.58 | 206.36
Scope 3 emissions in metric tonnes CO2e Business travel in employee-owned vehicles | - | -
Total gross emissions in metric tonnes CO2e | 747.22 | 724.77
Intensity ratio Tonnes CO2e per pupil | 0.22 | 0.23

Quantification and Reporting Methodology We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the 2021 UK Government’s Conversion Factors for Company Reporting. Intensity measurement The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per pupil, the recommended ratio for the sector.
Measures taken to improve energy efficiency We have taken the following measures during the year 2024/2025: Installation of new roofs on 3 areas of Hinchingbrooke School Installation of a new roof on part of Godmanchester Community Academy. Installation of heat emitters, an air source heat pump and solar panels at Godmanchester Community Academy together with the decommissioning of an obsolete gas boiler system.

ACES ACADEMIES TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 10 -
Principal risks and uncertainties

The Trustees have responsibility to assess the strategic risks to which the Trust is exposed and have commissioned a systematic analysis of all risks to produce a risk management register.

The Trustees have implemented several systems to assess risks that the Trust faces, especially in the strategic risks areas and in relation to the control of finance. They have introduced systems, including operational procedures and internal financial controls to minimise risk. The Trust has an effective system of internal financial controls, and this is explained in more detail in this report.

The principal risk to the Trust remains the uncertainty of future funding. A Risk Register is reviewed annually and is subject to scrutiny on an ongoing basis by the Audit and Risk Committee.

Plans for future periods

In order to further our stated mission, our core purpose is to provide effective and sustainable education so that we can nurture all of our students according to our mission and maximise their academic outcomes, their personal development and their capacity to be independent, autonomous and life-long learners. One area of focus is on the growth of the Trust, and we continue to investigate areas where we can expand through the local area and further afield. The Trust increased the number of students at Hinchingbrooke by 50 per year group starting with Year 7 students starting in September 2021. This will allow for financial stability whilst maintaining educational standard. The school has now reached its full capacity.

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 02 December 2025 and signed on its behalf by:

A Goulding
B Message
Accounting Officer
Chair of Trustees
ACES ACADEMIES TRUST
GOVERNANCE STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2025
- 11 -
Scope of responsibility

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

As trustees, we have reviewed and taken account of the guidance in the DfE's Governance Guide.

The Board of Trustees has delegated the day-to-day responsibility to the CEO, Mr A Goulding, 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 ACES Academies Trust and the Secretary of State for Education. They are also responsible for reporting to the governing body any material weaknesses or breakdowns in internal control.

Governance

The information on governance included here supplements that described in the Trustees' Report and in the Statement of Trustees' Responsibilities. The board of trustees has formally met 4 times during the year.

Trustees
Meetings attended
Out of possible
A Goulding (Accounting Officer)
4
4
B Message (Chair of Trustees)
4
4
G Weston
4
4
R Ryan
4
4
R Joshi
2
4
J Nicholson
4
4
V Cameron
4
4
Conflicts of interest

The Trustees and senior staff with financial responsibility complete a register of business and pecuniary interest.

Any interests are declared at the start of each meeting.

ACES ACADEMIES TRUST
GOVERNANCE STATEMENT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 12 -
Review of value for money

As Accounting Officer the CEO has responsibility for ensuring that the academy trust delivers good value in the use of public resources. The accounting officer understands that value for money refers to the educational and wider societal outcomes achieved in return for the taxpayer resources received.

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

1. Robust governance and oversight of Trust finances

The Trust benefits from the provision by CEFM of a suitably qualified Responsible Officer (RO). The RO reviews key financial policies, systems and procedures, including the use of tenders and presents reports on compliance to the Trustees through the Finance and Premises Committee.

The Trust benefits from the provision by Azets of Annual Accounts Return and External Audit.

The Chair of the Finance and Premises Committee meets regularly with the Director of Finance and Operations and the Finance Manager to review the management accounts and to receive budget monitoring reports at least termly.

The full Board approves the budget each year and is mindful of the need to balance expenditure against income to ensure the Trust remains a ‘going concern’. The Board also receives and approves the Annual Accounts and the External Auditors Management Report.

2. Ensuring the operation of the Trust demonstrates good value for money and efficient and effective use of resources

The Trust regularly benchmarks financial performance against other trusts to demonstrate that the Trust provides good value for money. Such benchmarking is provided annually by Azets.

Tender exercises are regularly undertaken to ensure that high value contracts are assessed against the marketplace on a regular basis to ensure that long term contracts (3 to 5 years) remain competitive. The Finance and Premises Committee review the contracts schedule annually.

For purchases above £2,000 but below the tender limit 3 quotes are required.

3. Maximising income generation

The Trust explores every opportunity to generate income through hire of Trust facilities for community sports and commercial hire of the Performing Arts Centre and Hinchingbrooke House.

ACES ACADEMIES TRUST
GOVERNANCE STATEMENT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 13 -

4. Reviewing controls and managing risks.

Monthly budget monitoring reports are produced and reviewed by the Chair of the Finance and Premises Committee and the Director of Finance & Operations and the CEO and any necessary remedial action taken to address any significant variances that may have an impact on the budget out-turn.

The Trust ensures that all surplus cash balances are invested in interest bearing accounts to maximise interest earning potential. Indeed the selection of the Trust’s banking provider was put out to tender with investment opportunities being one of the key selection criteria.

The Trust maintains a risk register that is reviewed regularly. The register is also reviewed by the RO. There are currently no major risks that have not had adequate control measures applied.

5. Reviewing operations to maximise use of resources.

The Trust’s Senior Leadership, led by the CEO and Director of Finance & Operations, review expenditure within each budget heading annually and make adjustments based on the effectiveness of strategies introduced in previous years, curriculum offer, and any new strategies identified in the Strategic Development Plan.

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 academy trust policies, aims and objectives, to evaluate the likelihood of those risks being realised and the impact should they be realised, and to manage them efficiently, effectively and economically. The system of internal control has been in place in Trust for the year ended 31 August 2025 and up to the date of approval of the annual report and financial statements.

Capacity to handle risk

The Trustees have 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 Trustees are of the view that there is a formal on-going process for identifying, evaluating and managing the Trust’s significant risks that has been in place for the year ending 31 August 2024 and up to the date of approval of the annual report and financial statements. This process is regularly reviewed by the governing body.

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 Trustees;

- regular reviews by the finance and premises committee of reports which indicate financial performance against the forecasts and of major purchase plans, capital works and expenditure programmes;

- setting targets to measure financial and other performance;

- clearly defined purchasing (asset purchase or capital investment) guidelines;

- delegation of authority and segregation of duties;

- identification and management of risks.

ACES ACADEMIES TRUST
GOVERNANCE STATEMENT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 14 -

The Trustees have considered the need for a specific internal audit function and has decided not to appoint an internal auditor. However, the Trustees have appointed the Centre for Education and Finance Management (CEFM) to perform the duties of a Responsible Officer ('RO'). The RO's role includes giving advice on financial matters and performing a range of checks on the academy trust's financial systems. On a regular basis, the RO reports to the governing body on the operation of the systems of control and on the discharge of the governing body's financial responsibilities.

During the year two RO reports were produced and no details of any material control issues were identified.

Review of effectiveness

As Accounting Officer, Mr A Goulding 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 Responsible Officer;

- the work of the external auditor;

- the financial management and governance self-assessment process;

- the work of the executive managers within the academy trust who have responsibility for the development

- and maintenance of the internal control framework.

The Accounting Officer has been advised of the implications of the result of their review of the system of internal control by the finance committee and a plan to address weaknesses and ensure continuous improvement of the system is in place.

Approved by order of the board of trustees on 02 December 2025 and signed on its behalf by:

A Goulding
B Message
Accounting Officer
Chair of Trustees
ACES ACADEMIES TRUST
STATEMENT OF REGULARITY, PROPRIETY AND COMPLIANCE
FOR THE YEAR ENDED 31 AUGUST 2025
- 15 -

As accounting officer of Aces Academies Trust, I confirm that I have had due regard to the framework of authorities governing regularity, propriety and compliance, including the trust’s funding agreement with the Department for Education (DfE), and the requirements of the Academy Trust Handbook, including responsibilities for estates safety and management. I have also considered my responsibility to notify the academy trust board of trustees and DfE of material irregularity, impropriety and non-compliance with terms and conditions of all funding, including for estates safety and management.

I confirm that I and the board of trustees are able to identify any material irregular or improper use of all funds by the academy trust, or material non-compliance with the framework of authorities.

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

A Goulding
Accounting Officer
02 December 2025
ACES ACADEMIES TRUST
STATEMENT OF TRUSTEES' RESPONSIBILITIES
FOR THE YEAR ENDED 31 AUGUST 2025
- 16 -

The trustees (who are also the directors of Aces Academies 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 02 December 2025 and signed on its behalf by:

A Goulding
B Message
Accounting Officer
Chair of Trustees
ACES ACADEMIES TRUST
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ACES ACADEMIES TRUST
FOR THE YEAR ENDED 31 AUGUST 2025
- 17 -

Opinion

We have audited the financial statements of Aces Academies Trust (the 'charity') and its subsidiaries for the year ended 31 August 2025 which comprise the Group statement of financial activities, the Group and Parent Charitable Company balance sheet, the Group statement of cash flows and the notes to the financial statements, including a summary of 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 Education and Skills Funding Agency.

In our opinion the financial statements:

-

give a true and fair view of the state of the Group and Parent 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 academy trust in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We draw attention to note 1.2 in the financial statements, which indicates that the school s will be transferred to The CAM Academy Trust on 1 January 202 6 and this company will therefore cease its activity.

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.

ACES ACADEMIES TRUST
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ACES ACADEMIES TRUST (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 18 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the academy trust and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees' 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 academy trust’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company, or have no realistic alternative but to do so.

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.

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.

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.

ACES ACADEMIES TRUST
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ACES ACADEMIES TRUST (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 19 -

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

- Enquiry of senior leadership, Trustees and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;

- Reviewing minutes of meetings of those charged with governance;

- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations including compliance with the Academies Accounts Directio n 202 3 to 202 4 issued by the Education and Skills Funding Agency;

- Performing audit work over the recognition of grant income and the allocation of expenditure to funds;

- Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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
ACES ACADEMIES TRUST
INDEPENDENT REPORTING ACCOUNTANT'S REPORT ON REGULARITY TO ACES ACADEMIES TRUST AND THE SECRETARY OF STATE FOR EDUCATION
FOR THE YEAR ENDED 31 AUGUST 2025
- 20 -

In accordance with the terms of our engagement letter dated 30 June 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 Aces Academies 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 Aces Academies 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 Aces Academies 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 Aces Academies 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 Aces Academies Trust and the reporting accountant

The accounting officer is responsible, under the requirements of Aces Academies 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 academy 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

ACES ACADEMIES TRUST
INDEPENDENT REPORTING ACCOUNTANT'S REPORT ON REGULARITY TO ACES ACADEMIES TRUST AND THE SECRETARY OF STATE FOR EDUCATION (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 21 -
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
ACES ACADEMIES TRUST
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2025
- 22 -
Year
Year
Unrestricted
Restricted funds:
ended
ended
funds
General
Fixed asset
31 August
31 August 2025
2024
Notes
£
£
£
£
£
Income and endowments from:
Donations and capital grants
3
-
-
1,472,203
1,472,203
955,258
Charitable activities:
- Funding for educational operations
4
2,118,403
20,641,061
-
22,759,464
21,126,191
- Sports and leisure activities
637,509
-
-
637,509
605,402
Other trading activities
5
99,346
-
-
99,346
105,891
Investments
6
261
-
-
261
293
Total
2,855,519
20,641,061
1,472,203
24,968,783
22,793,035
Expenditure on:
Raising funds
7
-
28,517
-
28,517
20,067
Charitable activities:
- Educational operations
8
2,381,349
20,979,208
1,875,820
25,236,377
23,848,289
- Sports and leisure activities
601,810
-
-
601,810
606,999
Total
7
2,983,159
21,007,725
1,875,820
25,866,704
24,475,355
Net expenditure
(127,640)
(366,664)
(403,617)
(897,921)
(1,682,320)
Transfers between funds
21
351,404
-
(351,404)
-
-
Other recognised gains/(losses)
Actuarial (losses)/gains on defined benefit pension schemes
24
-
(481,000)
-
(481,000)
213,000
Net movement in funds
223,764
(847,664)
(755,021)
(1,378,921)
(1,469,320)
Reconciliation of funds
Total funds brought forward
409,965
847,664
29,253,840
30,511,469
31,980,789
Total funds carried forward
633,729
-
28,498,819
29,132,548
30,511,469
ACES ACADEMIES TRUST
STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED)
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2025
- 23 -
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
-
-
955,258
955,258
Charitable activities:
- Funding for educational operations
4
2,083,371
19,042,820
-
21,126,191
- Sports and leisure activities
605,402
-
-
605,402
Other trading activities
5
105,891
-
-
105,891
Investments
6
293
-
-
293
Total
2,794,957
19,042,820
955,258
22,793,035
Expenditure on:
Raising funds
7
20,067
-
-
20,067
Charitable activities:
- Educational operations
8
2,855,665
19,062,540
1,930,084
23,848,289
- Sports and leisure activities
606,999
-
-
606,999
Total
7
3,482,731
19,062,540
1,930,084
24,475,355
Net expenditure
(687,774)
(19,720)
(974,826)
(1,682,320)
Transfers between funds
21
-
(30,392)
30,392
-
Other recognised gains/(losses)
Actuarial gains on defined benefit pension schemes
24
-
213,000
-
213,000
Net movement in funds
(687,774)
162,888
(944,434)
(1,469,320)
Reconciliation of funds
Total funds brought forward
1,097,739
684,776
30,198,274
31,980,789
Total funds carried forward
409,965
847,664
29,253,840
30,511,469
ACES ACADEMIES TRUST
BALANCE SHEET
AS AT 31 AUGUST 2025
- 24 -
31 August 2025
31 August 2024
Notes
£
£
£
£
Fixed assets
Tangible assets
14
28,962,170
29,634,193
Current assets
Stock
15
4,304
4,453
Debtors
16
890,570
1,914,290
Cash at bank and in hand
1,604,876
1,128,496
2,499,750
3,047,239
Current liabilities
Creditors: amounts falling due within one year
17
(1,635,397)
(2,224,610)
Net current assets
864,353
822,629
Total assets less current liabilities
29,826,523
30,456,822
Creditors: amounts falling due after more than one year
18
(693,975)
(380,353)
Net assets excluding pension asset
29,132,548
30,076,469
Defined benefit pension scheme asset
24
-
435,000
Total net assets
29,132,548
30,511,469
Funds of the academy trust:
Restricted funds
21
- Fixed asset funds
28,498,819
29,253,840
- Restricted income funds
-
412,664
- Pension reserve
-
435,000
Total restricted funds
28,498,819
30,101,504
Unrestricted income funds
21
633,729
409,965
Total funds
29,132,548
30,511,469

The financial statements on pages 22 to 51 were approved by the trustees and authorised for issue on 02 December 2025 and are signed on their behalf by:

A Goulding
B Message
Accounting Officer
Chair of Trustees
Company registration number 07732319 (England and Wales)
ACES ACADEMIES TRUST
BALANCE SHEET - ACADEMY ONLY
AS AT 31 AUGUST 2025
- 25 -
31 August 2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
14
28,962,170
29,634,193
Investments
5,000
5,000
28,967,170
29,639,193
Current assets
Debtors
16
920,431
1,960,194
Cash at bank and in hand
1,569,873
1,077,713
2,490,304
3,037,907
Current liabilities
Creditors: amounts falling due within one year
17
(1,630,951)
(2,220,278)
Net current assets
859,353
817,629
Total assets less current liabilities
29,826,523
30,456,822
Creditors: amounts falling due after more than one year
18
(693,975)
(380,353)
Net assets excluding pension asset
29,132,548
30,076,469
Defined benefit pension scheme asset
24
-
435,000
Total net assets
29,132,548
30,511,469
Funds of the academy trust:
Restricted funds
21
- Fixed asset funds
28,498,819
29,253,840
- Restricted income funds
-
412,664
- Pension reserve
-
435,000
Total restricted funds
28,498,819
30,101,504
Unrestricted income funds
21
633,729
409,965
Total funds
29,132,548
30,511,469
As permitted by s408 Companies Act 2006, the academy trust has not presented its own statement of financial activities and related notes. The academy trust's deficit for the year was £1,378,921 (2024: £1,469,320).

The financial statements on pages 22 to 51 were approved by the trustees and authorised for issue on 02 December 2025 and are signed on their behalf by:

ACES ACADEMIES TRUST
BALANCE SHEET - ACADEMY ONLY
AS AT 31 AUGUST 2025
- 26 -
A Goulding
B Message
Accounting Officer
Chair of Trustees
Company registration number 07732319 (England and Wales)
ACES ACADEMIES TRUST
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2025
- 27 -
Year ended
Year ended
31 August 2025
31 August 2024
Notes
£
£
£
£
Cash flows from operating activities
Net cash used in operating activities
26
(2,212,597)
(1,546,804)
Cash flows from investing activities
Dividends, interest and rents from investments
261
293
Capital grants from DfE Group
2,337,312
85,637
Capital funding received from sponsors and others
-
4,512
Purchase of tangible fixed assets
-
(97,101)
Net cash provided by/(used in) investing activities
2,337,573
(6,659)
Cash flows from financing activities
Increase of long term bank loan
351,404
380,353
Net cash provided by financing activities
351,404
380,353
Net increase/(decrease) in cash and cash equivalents in the reporting period
476,380
(1,173,110)
Cash and cash equivalents at beginning of the year
1,128,496
2,301,606
Cash and cash equivalents at end of the year
1,604,876
1,128,496
ACES ACADEMIES TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
- 28 -
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 academy trust, which is a public benefit entity under FRS 102, have been prepared under the historical cost convention in accordance with the Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102), the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)), the Academies Accounts Direction 2024 to 2025 issued by the Department for Education, the Charities Act 2011 and the Companies Act 2006.

1.2
Going concern

The trustees assess whether the use of going concern is appropriate, ie whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the charitable company to continue as a going concern. The trustees make this assessment in respect of a period of at least one year from the date of authorisation for issue of the accounts and have concluded that the academy trust has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the academy trust’s ability to continue as a going concern.

However, in common with many academy trusts, the trustees continue to review options regarding partnerships with other Trusts. The Trust is currently finalising a merger with a local Trust in Cambridgeshire. This is scheduled to take place on 1 January 2026. On this basis, trustees consider all schools within ACES Academies Trust will continue within the new Trust and f ollowing the end of the period the trustees will consider applying to Companies House to have th is company struck off the Register.

1.3
Income

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

Grants

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.

Other income

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

ACES ACADEMIES TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 29 -
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 academy 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 academy 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 academy trust's educational operations, including support costs and costs relating to the governance of the academy trust apportioned to charitable activities.

Governance costs

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

ACES ACADEMIES TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 30 -
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. The related grants are credited to a restricted fixed asset fund in the statement of financial activities and carried forward in the balance sheet. Depreciation on such assets is charged to the restricted fixed asset fund in the statement of financial activities so as to reduce the fund over the useful economic life of the related asset on a basis consistent with the academy trust's depreciation policy. Where tangible fixed assets have been acquired with unrestricted funds, depreciation on such assets is charged to the unrestricted fund.

Furniture and equipment transferred into the academy from the previous local authority school has not been valued and introduced into these accounts.

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:

Leasehold property
2% straight-line
Plant & machinery
3 years straight-line
Fixtures, fittings & equipment
3 to 10 years straight-line

Assets in the course of construction are included at cost. Depreciation on these assets is not charged until they are brought into use.

The land and buildings from which the Hinchingbrooke School operate are leased from the local authority and from The Foundation of Hinchingbrooke School. A valuation was undertaken on the property by a professional valuer at 31 August 2012, commissioned by the ESFA, using a depreciated replacement cost basis. Depreciation is charged in accordance with the accounting policies set out above.

On 1 January 2018 the leasehold land and buildings in which Cromwell Academy operate were transferred into the MAT as follows:

- The school building is based on an ESFA valuation as the construction cost was not available at the time of the transfer.

On 1 September 2020 the leasehold land and buildings in which Godmanchester Community Academy operate were transferred into the MAT as follows:

- The school building is based on an ESFA valuation dated 31 March 2013 which has subsequently been depreciated at 2% straight line.

On 1 September 2020 the leasehold land and buildings in which Godmanchester Bridge Academy operate were transferred into the MAT as follows:

- The school building is based on the construction cost which has subsequently been depreciated at 2% straight line.

On 1 April 2022 the leasehold land and buildings in which Spaldwick Academy operate were transferred into the MAT as follows:

- The school building is based on a local authority valuation dated 31 March 2022 which has subsequently been depreciated at 2% straight line.

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.

ACES ACADEMIES TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 31 -
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 academy trust anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods of services it must provide.

1.7
Leased assets

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

1.8
Financial instruments

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

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.

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

1.11
Pensions benefits

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

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

ACES ACADEMIES TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 32 -

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

1.12
Fund accounting

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

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

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

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.

Critical accounting estimates and assumptions

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

The present value of the Local Government Pension Scheme defined benefit liability depends on a number of factors that are determined on an actuarial basis using a variety of assumptions. The assumptions used in determining the net cost or income for pensions include the discount rate. Any changes in these assumptions, which are disclosed in note 24, 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.

ACES ACADEMIES TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 33 -
3
Donations and capital grants
Unrestricted
Restricted
Total
Total
funds
funds
31 August 2025
2024
£
£
£
£
Capital grants
-
1,472,203
1,472,203
950,746
Other donations
-
-
-
4,512
-
1,472,203
1,472,203
955,258
4
Funding for the academy trust's charitable activities
Unrestricted
Restricted
Total
Total
Educational operations
funds
funds
31 August 2025
2024
£
£
£
£
DfE/ESFA grants
General annual grant (GAG)
-
17,619,620
17,619,620
16,180,562
Other DfE/ESFA grants:
- UIFSM
-
153,437
153,437
139,583
- Pupil premium
-
753,732
753,732
656,707
- PE and sports premium
-
72,020
72,020
71,790
- Teachers pension grant
-
451,519
451,519
230,383
- Teachers pay grant
-
256,253
256,253
262,885
- Others
-
61,577
61,577
138,185
-
19,368,158
19,368,158
17,680,095
Other government grants
Local authority grants
-
1,193,603
1,193,603
1,290,907
Other incoming resources
2,118,403
79,300
2,197,703
2,155,189
Total funding for educational operations
2,118,403
20,641,061
22,759,464
21,126,191
Sports and leisure facilities
637,509
-
637,509
605,402
Total funding
2,755,912
20,641,061
23,396,973
21,731,593
ACES ACADEMIES TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 34 -
5
Other trading activities
Unrestricted
Restricted
Total
Total
funds
funds
31 August 2025
2024
£
£
£
£
Lettings
41,060
-
41,060
36,680
Other income
58,286
-
58,286
69,211
99,346
-
99,346
105,891
6
Investment income
Unrestricted
Restricted
Total
Total
funds
funds
31 August 2025
2024
£
£
£
£
Other investment income
261
-
261
293
7
Expenditure
Non-pay expenditure
Total
Total
Staff costs
Premises
Other
31 August 2025
2024
£
£
£
£
£
Expenditure on raising funds
- Direct costs
-
-
28,517
28,517
20,067
Academy's educational operations
- Direct costs
15,528,988
-
1,994,890
17,523,878
15,780,451
- Allocated support costs
2,940,627
3,586,218
1,185,654
7,712,499
8,067,838
Sports and leisure activities
- Direct costs
352,354
-
249,456
601,810
606,999
18,821,969
3,586,218
3,458,517
25,866,704
24,475,355
Net income/(expenditure) for the YEAR includes:
31 August 2025
2024
£
£
Operating lease rentals
12,697
12,967
Depreciation of tangible fixed assets
672,023
661,182
Fees payable to auditor for:
- Audit
17,750
20,140
- Other services
5,750
4,810
Net interest on defined benefit pension liability
(142,000)
(103,000)
ACES ACADEMIES TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 35 -
8
Charitable activities
Unrestricted
Restricted
Total
Total
funds
funds
31 August 2025
2024
£
£
£
£
Direct costs
Educational operations
1,692,463
15,831,415
17,523,878
15,780,451
Sports and leisure activities
601,810
-
601,810
606,999
Support costs
Educational operations
688,886
7,023,613
7,712,499
8,067,838
2,983,159
22,855,028
25,838,187
24,455,288
Analysis of costs
Sports and leisure facilities
Educational operations
Total
Total
31 August 2025
2024
£
£
£
£
Direct costs
Teaching and educational support staff costs
352,354
15,536,360
15,888,714
13,916,009
Staff development
-
53,960
53,960
40,672
Technology costs
-
268,144
268,144
351,892
Educational supplies and services
-
721,570
721,570
835,359
Examination fees
-
244,651
244,651
249,929
Other direct costs
249,456
699,193
948,649
993,589
601,810
17,523,878
18,125,688
16,387,450
Support costs
Support staff costs
-
2,961,133
2,961,133
3,067,576
Depreciation
-
672,023
672,023
661,182
Recruitment and support
-
71,904
71,904
70,746
Maintenance of premises and equipment
-
1,706,213
1,706,213
1,838,680
Energy costs
-
536,944
536,944
719,805
Rent, rates and other occupancy costs
-
671,038
671,038
577,271
Catering
-
943,332
943,332
911,430
Finance costs
-
(142,000)
(142,000)
(103,000)
Other support costs
-
268,412
268,412
299,198
Governance costs
-
23,500
23,500
24,950
-
7,712,499
7,712,499
8,067,838
9
Central services

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

- human resources;

- financial services; and

- educational support services

ACES ACADEMIES TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
9
Central services
(Continued)
- 36 -

The academy trust charges for these services on the following basis:

- flat percentage of income - Hinchingbrooke School 7%

- flat percentage of income - Cromwell Academy 7%

- flat percentage of income - Godmanchester Bridge Academy 7%

- flat percentage of income - Godmanchester Community Academy 7%

- flat percentage of income - Spaldwick Primary School 7%

The amounts charged during the year were as follows:
31 August 2025
2024
£
£
Hinchingbrooke School
1,033,660
797,460
Cromwell Academy
93,226
69,360
Godmanchester Bridge Academy
98,242
71,532
Godmanchester Community Academy
160,534
121,200
Spaldwick Primary School
46,402
35,988
1,432,064
1,095,540
10
Governance costs
Total
Total
All from restricted funds:
31 August 2025
2024
£
£
Amounts included in support costs
Auditor's remuneration
- Audit of financial statements
17,750
20,140
- Other audit costs
5,750
4,810
23,500
24,950
ACES ACADEMIES TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 37 -
11
Staff
Staff costs and employee benefits
Staff costs during the year were:
31 August 2025
2024
£
£
Wages and salaries
13,830,755
12,767,093
Social security costs
1,498,504
1,241,285
Pension costs
3,264,682
2,806,398
Staff costs - employees
18,593,941
16,814,776
Agency staff costs
228,028
162,121
18,821,969
16,976,897
Staff development and other staff costs
81,838
47,360
Total staff expenditure
18,903,807
17,024,257
Staff numbers
The average number of persons employed by the academy trust during the year was as follows:
31 August 2025
2024
Number
Number
Teachers
165
164
Administration and support
290
289
Management
24
25
479
478
Higher paid staff
The number of employees whose employee benefits (excluding employer pension costs and employer national insurance contributions) exceeded £60,000 was:
31 August 2025
2024
Number
Number
£60,001 - £70,000
6
5
£70,001 - £80,000
7
5
£80,001 - £90,000
1
3
£90,001 - £100,000
4
3
£100,001 - £110,000
1
1
£120,001 - £130,000
1
-
£160,001 - £170,000
1
1
ACES ACADEMIES TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
11
Staff
(Continued)
- 38 -
Key management personnel

The key management personnel of the academy trust comprise the trustees and the senior management team as listed on page 1. The total amount of employee benefits (including employer pension contributions

and employer national insurance contributions) received by key management personnel for their services to the academy trust was £1,139,383 (9 employees) (20 24: £1,064,005 (10 employees)).

12
Trustees' remuneration and expenses

One trustee has been paid remuneration or has received other benefits from an employment with the academy trust. The CEO only received remuneration in respect of services he provided undertaking the role of CEO under his contract of employment, and not in respect of his services as a trustee. Other trustees did not receive any payments from the academy trust in respect of their role as trustees.

The value of trustees' remuneration and other benefits during the period they were a trustee was as follows:

Mr A Goulding (CEO and trustee):

Remuneration: £165,000 - £170,000 (2024: £160,000 - £165,000)

Employer's pension contributions £nil (2024: £nil)

During the year, travel and subsistence payments totalling £nil (2024: £nil) were reimbursed or paid directly to trustees.

Other related party transactions involving the trustees are set out within the related parties note.

13
Trustees' and officers' insurance

In accordance with normal commercial practice, the academy trust has purchased insurance to protect trustees and officers from claims arising from negligent acts, errors or omissions occurring whilst on academy trust business. The insurance provides cover up to £5,000,000 on any one claim and the cost for the year ended 31 August 2025 is included within insurance costs.

14
Tangible fixed assets
Group and Academy
Leasehold property
Plant & machinery
Fixtures, fittings & equipment
Total
£
£
£
£
Cost
At 1 September 2024 and 31 August 2025
34,784,919
123,129
669,582
35,577,630
Depreciation
At 1 September 2024
5,358,950
117,310
467,177
5,943,437
Charge for the year
613,202
2,252
56,569
672,023
At 31 August 2025
5,972,152
119,562
523,746
6,615,460
Net book value
At 31 August 2025
28,812,767
3,567
145,836
28,962,170
At 31 August 2024
29,425,969
5,819
202,405
29,634,193
ACES ACADEMIES TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 39 -
15
Stock
Group
Academy
31 August 2025
2024
31 August 2025
2024
£
£
£
£
Other stock
4,304
4,453
-
-
16
Debtors
Group
Academy
31 August 2025
2024
31 August 2025
2024
£
£
£
£
Trade debtors
54,325
120,503
54,325
120,503
Amounts owed by group undertakings
-
-
29,891
45,904
VAT recoverable
256,703
421,606
256,703
421,606
Prepayments and accrued income
579,542
1,372,181
579,512
1,372,181
890,570
1,914,290
920,431
1,960,194
17
Creditors: amounts falling due within one year
Group
Academy
31 August 2025
2024
31 August 2025
2024
£
£
£
£
Government loans
37,782
-
37,782
-
Trade creditors
497,469
967,183
497,469
967,051
Other taxation and social security
350,820
276,602
350,820
276,602
Other creditors
367,316
182,664
367,316
182,664
Accruals and deferred income
382,010
798,161
377,564
793,961
1,635,397
2,224,610
1,630,951
2,220,278
18
Creditors: amounts falling due after more than one year
31 August 2025
2024
£
£
Government loans
693,975
380,353
ACES ACADEMIES TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
18
Creditors: amounts falling due after more than one year
(Continued)
- 40 -
31 August 2025
2024
Analysis of loans
£
£
Wholly repayable within five years
731,757
380,353
Less: included in current liabilities
(37,782)
-
Amounts included above
693,975
380,353

The total included above is in relation to a Conditional Improvement Fund loan from the Department for Education. The terms of which will be determined on completion of the projects.

19
Deferred income
Group and Academy
31 August 2025
2024
£
£
Deferred income is included within:
Creditors due within one year
175,021
431,624
Deferred income at 1 September 2024
431,624
333,446
Released from previous years
(431,624)
(333,446)
Resources deferred in the year
175,021
431,624
Deferred income at 31 August 2025
175,021
431,624

Deferred income relates to amounts received in advance for the 2024/25 school year for school trips and funding.

20
Capital commitments
31 August 2025
2024
£
£
Expenditure contracted for but not provided in the financial statements
-
1,289,952

The capital commitments are in relation to ongoing CIF funded projects at the year end.

ACES ACADEMIES TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 41 -
21
Funds
Group and Academy
Balance at
Gains,
Balance at
1 September
losses and
31 August
2024
Income
Expenditure
transfers
2025
£
£
£
£
£
Restricted general funds
General Annual Grant (GAG)
412,664
17,619,620
(18,032,284)
-
-
UIFSM
-
153,437
(153,437)
-
-
Pupil premium
-
753,732
(753,732)
-
-
Other DfE/ESFA grants
-
841,369
(841,369)
-
-
Other government grants
-
1,193,603
(1,193,603)
-
-
Other restricted funds
-
79,300
(79,300)
-
-
Pension reserve
435,000
-
46,000
(481,000)
-
847,664
20,641,061
(21,007,725)
(481,000)
-
Restricted fixed asset funds
DfE group capital grants
-
1,472,203
(1,203,797)
-
268,406
Capital expenditure from GAG
29,634,193
-
(672,023)
-
28,962,170
DfE capital loans
(380,353)
-
-
(351,404)
(731,757)
29,253,840
1,472,203
(1,875,820)
(351,404)
28,498,819
Total restricted funds
30,101,504
22,113,264
(22,883,545)
(832,404)
28,498,819
Unrestricted funds
General funds
87,732
1,297,678
(1,441,129)
441,626
385,907
School fund
204,977
721,835
(722,759)
-
204,053
HSSP
62,733
198,497
(217,461)
-
43,769
Sports and leisure activities
54,523
637,509
(601,810)
(90,222)
-
409,965
2,855,519
(2,983,159)
351,404
633,729
Total funds
30,511,469
24,968,783
(25,866,704)
(481,000)
29,132,548
ACES ACADEMIES TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
21
Funds
(Continued)
- 42 -

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

The restricted grant income in the year all relates to the provision of education for the pupils of the academy trust.

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

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

The fixed asset fund represents the net book value of fixed assets purchased.

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

The school fund balances are designated by the trustees for use in a variety of different areas.

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.

ACES ACADEMIES TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
21
Funds
(Continued)
- 43 -
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)
469,776
16,180,562
(16,207,282)
(30,392)
412,664
UIFSM
-
139,583
(139,583)
-
-
Pupil premium
-
656,707
(656,707)
-
-
Other DfE/ESFA grants
-
703,243
(703,243)
-
-
Other government grants
-
1,290,907
(1,290,907)
-
-
Other restricted funds
-
71,818
(71,818)
-
-
Pension reserve
215,000
-
7,000
213,000
435,000
684,776
19,042,820
(19,062,540)
182,608
847,664
Restricted fixed asset funds
DfE group capital grants
-
950,746
(1,264,390)
313,644
-
Capital expenditure from GAG
30,198,274
-
(661,182)
97,101
29,634,193
PTA contribution
-
4,512
(4,512)
-
-
DfE capital loans
-
-
-
(380,353)
(380,353)
30,198,274
955,258
(1,930,084)
30,392
29,253,840
Total restricted funds
30,883,050
19,998,078
(20,992,624)
213,000
30,101,504
Unrestricted funds
General funds
782,625
1,359,328
(2,058,141)
3,920
87,732
School fund
189,299
625,399
(612,508)
2,787
204,977
HSSP
62,988
204,828
(205,083)
-
62,733
Sports and leisure activities
62,827
605,402
(606,999)
(6,707)
54,523
1,097,739
2,794,957
(3,482,731)
-
409,965
Total funds
31,980,789
22,793,035
(24,475,355)
213,000
30,511,469
ACES ACADEMIES TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
21
Funds
(Continued)
- 44 -
Total funds analysis by academy
2025
2024
Fund balances at 31 August 2025 were allocated as follows:
£
£
Hinchingbrooke School
-
139,261
Cromwell Academy
-
361,593
Godmanchester Bridge Academy
-
382,342
Godmanchester Community Academy
-
355,319
Spaldwick Primary School
-
111,640
Central services
633,729
(527,526)
Total before fixed assets fund and pension reserve
633,729
822,629
Restricted fixed asset fund
28,498,819
29,253,840
Pension reserve
-
435,000
Total funds
29,132,548
30,511,469

The trustees have agreed to pool remaining fund balances rather than allocate to individual schools.

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
£
£
£
£
£
£
Hinchingbrooke School
10,740,485
1,697,527
733,334
3,391,175
16,562,521
15,843,991
Cromwell Academy
1,006,412
129,026
36,759
228,127
1,400,324
1,288,024
Godmanchester Bridge Academy
1,265,621
86,776
48,382
237,857
1,638,636
1,456,474
Godmanchester Community Academy
1,841,426
175,506
82,201
941,159
3,040,292
2,742,707
Spaldwick Primary School
544,742
63,957
25,885
133,672
768,256
777,564
Central services
543,989
808,341
39,660
364,146
1,756,136
1,682,106
15,942,675
2,961,133
966,221
5,296,136
25,166,165
23,790,866
ACES ACADEMIES TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 45 -
22
Analysis of net assets between funds
Group
Unrestricted
Restricted funds:
Total
Funds
General
Fixed asset
Funds
£
£
£
£
Fund balances at 31 August 2025 are represented by:
Tangible fixed assets
-
-
28,962,170
28,962,170
Current assets
2,231,344
-
268,406
2,499,750
Current liabilities
(1,597,615)
-
(37,782)
(1,635,397)
Non-current liabilities
-
-
(693,975)
(693,975)
Total net assets
633,729
-
28,498,819
29,132,548
Academy
Unrestricted
Restricted funds:
Total
Funds
General
Fixed asset
Funds
£
£
£
£
Fund balances at 31 August 2025 are represented by:
Tangible fixed assets
-
-
28,962,170
28,962,170
Fixed asset investments
5,000
-
-
5,000
Current assets
2,221,898
-
268,406
2,491,617
Current liabilities
(1,593,169)
-
(37,782)
(1,632,264)
Non-current liabilities
-
-
(693,975)
(693,975)
Total net assets
633,729
-
28,498,819
29,132,548
Group
Unrestricted
Restricted funds:
Total
Funds
General
Fixed asset
Funds
£
£
£
£
Fund balances at 31 August 2024 are represented by:
Tangible fixed assets
-
-
29,634,193
29,634,193
Current assets
694,004
2,353,235
-
3,047,239
Current liabilities
(284,039)
(1,940,571)
-
(2,224,610)
Non-current liabilities
-
-
(380,353)
(380,353)
Pension scheme asset
-
435,000
-
435,000
Total net assets
409,965
847,664
29,253,840
30,511,469
ACES ACADEMIES TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
22
Analysis of net assets between funds
(Continued)
- 46 -
Academy
Unrestricted
Restricted funds:
Total
Funds
General
Fixed asset
Funds
£
£
£
£
Fund balances at 31 August 2024 are represented by:
Tangible fixed assets
-
-
29,634,193
29,634,193
Fixed asset investments
5,000
-
-
-
Current assets
638,768
2,353,235
-
3,047,239
Current liabilities
(233,803)
(1,940,571)
-
(2,224,610)
Non-current liabilities
-
-
(380,353)
(380,353)
Pension scheme asset
-
435,000
-
435,000
Total net assets
409,965
847,664
29,253,840
30,511,469
23
Related party transactions

Owing to the nature of the academy trust's operations and the composition of the board of trustees being drawn from local public and private sector organisations, transactions may take place with organisations in which the academy trust has an interest. All transactions involving such organisations are conducted at arm's length and in accordance with the academy trust's financial regulations and normal procurement procedures. The following related party transaction took place in the period of account.

During the year the Hinchingbrooke School received £104,680 (2024: £105,875) from The Hinchingbrooke Foundation. There are trustees in common to both organisations. The school also occupies property owned by The Hinchingbrooke Foundation on a rent free basis.

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

24
Pension and similar obligations

The academy trust's employees belong to two principal pension schemes: the Teachers' Pension Scheme England and Wales (TPS) for academic and related staff; and the Local Government Pension Scheme (LGPS) for non-teaching staff, which is managed by 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 £354,077 (2024: £176,596) were payable to the schemes at 31 August 31 August 2025 and are included within creditors.

Teachers' Pension Scheme
Introduction

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

ACES ACADEMIES TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
24
Pension and similar obligations
(Continued)
- 47 -

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 pension costs paid to the TPS in the period amounted to £2,424,232 (2024: £1,963,384).

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

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

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 18.1% 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.

ACES ACADEMIES TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
24
Pension and similar obligations
(Continued)
- 48 -
Total contributions made
31 August 2025
2024
£
£
Employer's contributions
746,000
736,000
Employees' contributions
261,000
245,000
Total contributions
1,007,000
981,000
Principal actuarial assumptions
31 August 2025
2024
%
%
Rate of increase in salaries
2.70
2.65
Rate of increase for pensions in payment/inflation
3.20
3.15
Discount rate for scheme liabilities
6.05-6.10
5.00
The current mortality assumptions include sufficient allowance for future improvements in mortality rates. The assumed life expectations on retirement age 65 are:
31 August 2025
2024
Years
Years
Retiring today
- Males
21.7
21.5
- Females
24.5
24.4
Retiring in 20 years
- Males
21.6
21.4
- Females
25.8
25.8
Sensitivity analysis

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

31 August 2025
2024
£
£
0.1% decrease in Real Discount Rate
(254,000)
1 year increase in member life expectancy
475,000
0.1% increase in the Salary Increase Rate
7,000
0.1% increase in the Pension Increase Rate
255,000
ACES ACADEMIES TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
24
Pension and similar obligations
(Continued)
- 49 -
Defined benefit pension scheme net asset
31 August 2025
2024
£
£
Scheme assets
17,927,000
16,158,000
Scheme obligations
(11,878,000)
(13,265,000)
Net asset
6,049,000
2,893,000
Restriction on scheme assets
(6,049,000)
(2,458,000)
Total liability/(asset) recognised
-
435,000
The academy trust's share of the assets in the scheme
31 August 2025
2024
Fair value
Fair value
£
£
Equities
10,576,930
9,371,700
Bonds
4,123,210
3,877,600
Cash
358,540
323,300
Property
2,868,320
2,585,400
Total market value of assets
17,927,000
16,158,000
Restriction on scheme assets
(6,049,000)
(2,458,000)
Net assets recognised
11,878,000
13,700,000
The actual return on scheme assets was £974,000 (2024: £1,570,000).
Amount recognised in the statement of financial activities
31 August 2025
2024
£
£
Current service cost
842,000
832,000
Interest income
(827,000)
(739,000)
Interest cost
685,000
636,000
Total amount recognised
700,000
729,000
ACES ACADEMIES TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
24
Pension and similar obligations
(Continued)
- 50 -
Changes in the present value of defined benefit obligations
31 August 2025
2024
£
£
At 1 September 2024
13,265,000
11,819,000
Current service cost
842,000
832,000
Interest cost
685,000
636,000
Employee contributions
261,000
245,000
Actuarial gain
(2,963,000)
(32,000)
Benefits paid
(212,000)
(235,000)
At 31 August 2025
11,878,000
13,265,000
Changes in the fair value of the academy trust's share of scheme assets
31 August 2025
2024
£
£
At 1 September 2024
16,158,000
13,842,000
Interest income
827,000
739,000
Actuarial gain
147,000
831,000
Employer contributions
746,000
736,000
Employee contributions
261,000
245,000
Benefits paid
(212,000)
(235,000)
At 31 August 2025
17,927,000
16,158,000
Restriction on scheme assets
(6,049,000)
(2,458,000)
Net assets recognised
11,878,000
13,700,000
Restriction of pension scheme assets

The actuarial valuation prepared under FRS102 in respect of the Local Government Pension Scheme indicated that the Trust's share of the scheme was in surplus at the year end to the value of £6,049,000 (2024: £2,893,000). 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: £435,000) of the overall surplus is likely to result in either a refund of contributions or a reduction in future contributions in the future.

25
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.

No individual has a controlling interest in the charitable company.

ACES ACADEMIES TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 51 -
26
Reconciliation of net expenditure to net cash flow from operating activities
31 August 2025
2024
Notes
£
£
Net expenditure for the reporting period
(as per the statement of financial activities)
(897,921)
(1,682,320)
Adjusted for:
Capital grants from DfE and other capital income
(1,472,203)
(955,258)
Investment income receivable
6
(261)
(293)
Defined benefit pension costs less contributions payable
24
96,000
96,000
Defined benefit pension scheme finance income
24
(142,000)
(103,000)
Depreciation of tangible fixed assets
672,023
661,182
Decrease/(increase) in stocks
149
(4,153)
Decrease/(increase) in debtors
158,611
(322,978)
(Decrease)/increase in creditors
(626,995)
764,016
Net cash used in operating activities
(2,212,597)
(1,546,804)
27
Analysis of changes in net funds
1 September 2024
Cash flows
31 August 2025
£
£
£
Cash
1,128,496
476,380
1,604,876
Loans falling due within one year
-
(37,782)
(37,782)
Loans falling due after more than one year
(380,353)
(313,622)
(693,975)
748,143
124,976
873,119
28
Long-term commitments
Group and Academy
Operating leases
At 31 August 2025 the total of the academy trust's future minimum lease payments under non-cancellable operating leases was:
31 August 2025
2024
£
£
Amounts due within one year
12,697
12,697
Amounts due in two and five years
9,822
22,519
22,519
35,216
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