Company registration number 08852553 (England and Wales)
NORTH WEST ACADEMIES TRUST LIMITED
(A COMPANY LIMITED BY GUARANTEE)
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 AUGUST 2025
31 August 2025
NORTH WEST ACADEMIES TRUST LIMITED
CONTENTS
Page
Reference and administrative details
1 - 2
Trustees' report
3 - 16
Governance statement
17 - 20
Statement of regularity, propriety and compliance
21
Statement of trustees' responsibilities
22
Independent auditor's report on the financial statements
23 - 26
Independent reporting accountant's report on regularity
27 - 28
Statement of financial activities including income and expenditure account
29 - 30
Balance sheet
31
Statement of cash flows
32
Notes to the financial statements including accounting policies
33 - 60
NORTH WEST ACADEMIES TRUST LIMITED
REFERENCE AND ADMINISTRATIVE DETAILS
- 1 -
Members
Sir John Timpson KBE
C Penn - representative of Chester Diocesan BofE
I Colledge
N Southorn
Trustees
N Southorn (Chairman)
S Docking OBE (CEO & Accounting Officer)
K Cook (Vice Chair)
A Walmsley (Chairman of the Finance and Premises Committee)
K Cobb
S Verity
Rev A Askwith
G Melia
R Smith
Senior management team
- CEO & Accounting Officer
S Docking OBE
- CFO
J Akinyemi
- Head of Human Resources
C Booth
- School Development Partner
M Forber (appointed 1 September 2024)
- Headteacher - St Martin's Academy & Executive Leader Kingsborne Academy
W Smith
- Headteacher - Oak View Academy
H Bebbington
- Headteacher - The Rudheath Senior Academy
C Williams
- Headteacher - The Delamere CE Primary Academy & Executive Leader St John's Academy
J Clayton
- Headteacher - Acresfield Academy
M Dixon
- Headteacher - Ellesmere Primary School
N Bond
- Headteacher - Grosvenor Park CE Academy
K Rodgers
- Headteacher - Millfields Primary Academy
R Parish
- Headteacher - Weaverham Primary Academy
J Price
- Headteacher - Acton CE Primary Academy
C Priddey
- Headteacher - Calveley Primary Academy
R Rudd
- Headteacher - St John's CE Academy
R Huddart
Company secretary
Oliver & Co Secretarial Services Limited
Company registration number
08852553 (England and Wales)
Principal and registered office
The Coach House
Union Street
Chester
CH1 1QP
NORTH WEST ACADEMIES TRUST LIMITED
REFERENCE AND ADMINISTRATIVE DETAILS
- 2 -
Academies operated
Location
Principal
Millfields Primary Academy
Nantwich
R Parish
Calveley Primary Academy
Calveley
R Rudd
Acton Church of England Primary Academy
Acton
C Priddey
Acresfield Primary Academy
Chester
M Dixon
Oak View Academy
Winsford
H Bebbington
Ellesmere Primary School
Ellesmere
N Bond
St Martin's Academy
Chester
W Smith
Delamere Church of England Academy
Delamere
J Clayton
Grosvenor Park Church of England Primary
Chester
K Rogers
Weaverham Primary
Northwich
J Price
Rudheath Senior Academy
Northwich
C Williams
St John's CE Academy
Sandbach
R Huddart
Independent auditor
Mitchell Charlesworth (Audit) Limited
24 Nicholas Street
Chester
CH1 2AU
Bankers
Lloyds Bank plc
25 Gresham Street
London
EC2V 7HN
Solicitors
Oliver & Co Solicitors Limited
Oliver & Co
Douglas House
117 Foregate Street
Chester
CH1 1HE
NORTH WEST ACADEMIES TRUST LIMITED
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 AUGUST 2025
- 3 -

The trustees present their annual report together with the financial statements and auditor's report of the charitable company for the year 1 September 2024 to 31 August 2025. The annual report serves the purposes of both a trustees' report, and a directors' report and strategic report under company law.

The Academy Trust operates eleven primary schools, with age ranges from two to eleven, and one secondary school with an age range of 11–16, in Cheshire West, Cheshire East, and Shropshire, England. Its academies have a combined capacity of 3,193 pupils and had 2,725 pupils on roll at the end of the 2024/25 academic year, compared with 2,557 pupils at the October 2024 census date, prior to St John’s joining the Trust. The Trust has grown by one school this year, with St John’s CE Academy joining in January 2025. In November 2022, the Trust was also appointed to open Kingsbourne Academy in Nantwich as part of a free school presumption process. The school is due to open in September 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 trustees of North West Academies Trust Limited are also the directors of the charitable company for the purposes of company law. The charitable company operates as North West Academies Trust. All the names of the schools within are shown on the reference and administrative page. Details of the trustees who served during the year, and to the date these financial statements are approved, are included in the Reference and Administrative Details on page 1.

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, a s required in the A cademy T rust’s funding agreement/memorandum and articles of association, for the debts and liabilities contracted before they ceased to be a member.

Trustees' indemnities

The a cademy t rust maintains Directors’ and O fficers’ liability insurance which gives appropriate cover for any legal action brought against its d irectors. The a cademy t rust has also granted indemnities to each of its d irectors and other officers to the extent permitted by law. Qualifying third party indemnity provisions (as defined by section 234 of the Companies Act 2006) were in force during the period and remain in force, in relation to certain losses and liabilities which the d irectors or other officers may incur to third parties in the course of acting as d irectors or officers of the a cademy t rust.

Method of recruitment and appointment or election of trustees

Under the terms of our articles:

- The members may appoint by ordinary resolution up to 7 t rustees.

- The Diocesan Corporate Member may appoint 3 trustees.

- The total number of t rustees, including the Chief Executive Officer, if they so choose to act as a t rustee, who are employees of the a cademy t rust, shall not exceed one third of the total number of t rustees.

- In circumstances where the trustees have not appointed local governing bodies in respect of academies, there shall be a minimum of two parent t rustees.

- Parent t rustees and parent local governors shall be elected, or appointed by interview, if the number of parents or individuals exercising parental responsibility standing for election is less than the number of vacancies.

- The t rustees may appoint co-opted t rustees. The t rustees may not co-opt an employee of the a cademy t rust as a co-opted t rustee if thereby the number of t rustees who are employees of the a cademy t rust would exceed one third of the total number of t rustees.

NORTH WEST ACADEMIES TRUST LIMITED
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 4 -
Policies and procedures adopted for the induction and training of trustees

The training and induction provided for new trustees depends on their prior experience. All trustees are provided with copies of policies, procedures, minutes, accounts, budgets, plans and other documents that they will need to undertake their role as a trustee. New trustees may attend an induction if relevant and have access to a full programme of courses which they will choose to attend, based on their role and experience. Trustees can and do visit all academies within the trust and meetings can be held at any of the academies on a rota basis, if required.

Organisational structure

The organisational structure comprises three levels: Trustees (Directors), Local Governing Boards (LGBs), and academy leadership teams. The structure is designed to devolve responsibility and encourage decision-making at all levels, with responsibilities delegated through the Trust’s Scheme of Delegation.

Trustees set strategy, statutory policy, and ensure compliance. LGBs create annual plans, manage budgets, monitor performance, and make key decisions on academy direction, capital expenditure, and senior staff appointments, in line with the Scheme of Delegation. The CEO, supported by the central team, holds overall responsibility for ensuring value for money and challenging academies on the use of delegated budgets to improve outcomes for children.

Senior leadership teams, which vary by academy, implement Trustee and LGB policies, report back to the boards, authorise spending within delegated limits, and oversee staff appointments. Appointment panels for senior leadership posts always include a Trustee. Middle managers, including curriculum area leaders and heads of year, manage day-to-day operations, teaching staff, facilities, and students, with spending above their limits requiring countersignature from senior leadership.

Arrangements for setting pay and remuneration of key management personnel

The key management personnel of the Academy Trust comprise the Trustees, CEO, CFO, Director of Human Resources, and senior leadership team, as disclosed on the Reference and Administrative Details page.

The pay policy for key management personnel is developed and approved by the Board of Trustees, following advice from the CEO, unions, and relevant professional pay review bodies. The CEO is not involved in setting their own remuneration.

Only staff Trustees are remunerated, and they receive payment solely for services provided under their contracts of employment, not for their role as Trustees. Specific disclosures concerning staff Trustees’ remuneration are included in the notes to the financial statements.

The daily administration of the pay policy is delegated to the CEO and academy leaders, monitored by the LGB and Finance and Resources Committee, with oversight from the Appraisal and Performance Committee. All details relating to the pay and remuneration of key management personnel are set out in the Pay and Appraisal Policy, which is reviewed annually by the Board of Trustees.

Remuneration of key management personnel is determined individually. Where possible, Trustees take external professional advice, including benchmarking, market trends, and guidance on structuring incentives. Senior management salaries are aligned to pay spines, with consideration given to length of service and experience. Total remuneration packages include employer pension contributions at approved rates.

The Board ensures that all remuneration is reasonable and provides value for money, recognising the Trust’s charitable status and its funding agreement with the Secretary of State for Education. The performance of senior management personnel is reviewed regularly, with appropriate targets set to monitor and ensure continued value for money.

Trade Unions

The trust and our academies currently do not have any Trade Union Officials on staff. We recognise all employees’ rights to be a member of a trade union, respecting this accordingly.

NORTH WEST ACADEMIES TRUST LIMITED
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 5 -
Engagement with employees

The Trust maintains effective communication with staff at all levels. All academies use the ARBOR school management system for regular communication, while school leaders manage internal communication within their own schools. Trust-level communication includes termly CEO newsletters, weekly letters to Headteachers, and updates from the central team, supported by a Communications Manager who ensures staff are informed of developments across the Trust.

Key policies are reviewed with Headteachers, with decisions communicated up the organisational structure. NWAT provides employee benefits, including Medicash, salary sacrifice options, and medical support. Reasonable adjustments are made for colleagues with disabilities.

With over 250 employees, induction is a key part of integrating new staff, including Trust-specific information. GovernorHub is used for communications with Local Governing Boards and Trustees, supporting the monitoring of targets, attendance, outcomes, and overall school performance.

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

The Trust uses a range of suppliers to deliver services across the organisation and, where appropriate, shares services to achieve economies of scale. This approach is particularly beneficial for premises-related services. All schools benefit from a coordinated approach to cost savings, including the use of frameworks and central contracts for energy, medical insurance, IT services, financial and MIS software, and educational software and subscriptions. The Trust seeks best value for money through advantageous framework agreements, tendering, and benchmarking.

The Trust manages all CIF bids and their delivery to schools, coordinated by the Central Office. Professional consultants are engaged for complex projects to maximise benefits and ensure successful outcomes.

Additionally, the Trust employs a centrally funded Maintenance Team that works across all schools to manage infrastructure and reduce premises-related costs.

Related parties and other connected charities and organisations

The a cademy t rust benefits from discounted legal services from Oliver & Co Solicitors, based in Chester. Kay Cook is a t rustee of the a cademy t rust and also a d irector of Oliver & Co.

All academies encourage parents to form active PTAs both to encourage parental involvement and raise academy funds. All academies within the a cademy t rust have a PTA.

Objectives and activities
Objects and aims

The Trust’s objects, as set out in its Articles of Association, are specifically restricted to: advancing education for the public benefit in the United Kingdom. In particular, this includes establishing, maintaining, managing, and developing academies, including those with a designated Church of England religious character, by offering a broad and balanced curriculum, promoting high levels of attainment and progress, and providing extensive enrichment to “open children’s eyes to the wonderful world of possibility.”

The Trust aims to ensure that all children attending its academies have the right to an outstanding education. It is responsible for ensuring that each academy complies with statutory obligations, while also providing support and challenge to academy leadership and Governors. This is delivered through a “bottom-up” model of school improvement rather than top-down control.

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

The main objectives of the MAT for the year ending 31 August 2025 are summarised as follows:

- To ensure every child receives a high-quality education and the best opportunity to achieve their potential.

- To continue raising standards of educational achievement and attainment for all pupils, ensuring each child achieves to the best of their ability.

- To improve and maintain the effectiveness of each academy by continually reviewing curriculum and organisational structures.

- To provide value for money in the use of funds.

- To comply with all relevant statutory and curriculum requirements.

- To maintain close links with the Diocese (in Church academies), the local community, and other key stakeholders supporting the academies.

- To conduct the business of the Academy Trust with the highest standards of integrity, probity, and openness, in line with the seven principles of public life.

Public benefit

The Trust seeks to promote and support the advancement of education within the local community. Each academy provides an extensive programme of educational enrichment, contributing to students’ development in areas such as academic achievement, music, the arts, and sport.

Wherever possible, academies also contribute to the public benefit by making their premises available to third parties for educational and other activities, including:

- Local sports clubs

- Local choirs

- After-academy activities

- Other community groups, such as scouts and youth organisations

In setting objectives and planning activities, the Trustees have considered the Charity Commission’s guidance on public benefit and have complied with their duty to have due regard to this guidance in exercising their powers and duties under the Charities Act 2006.

NORTH WEST ACADEMIES TRUST LIMITED
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 7 -
Strategic report
Achievements and performance

The Trust currently operates twelve academies. Our minimum expectations are that all schools achieve attainment above national averages and maintain attendance above 96%. When joining the Trust, 50% of schools were in Ofsted categories or special measures; all have since shown significant improvement. Currently, 33% of schools are rated outstanding, and all outstanding schools have either retained their status or been judged to have outstanding features upon inspection.

In the past two years, all schools have been inspected by Ofsted and rated either Outstanding or Good. Average outcomes and attendance across primary schools are significantly above the national average for reading, writing, and mathematics. Additionally, two of our schools were named in the Times Top 500 list.

Our academies are:

Delamere CE Primary Academy, Delamere, Cheshire West

Delamere CE Primary Academy continues to thrive as one of the leading primary schools in the country, recognised as the number one primary school in the North West by The Times Education. The school has retained its “Outstanding” Ofsted status for fourteen years, reflecting sustained excellence and commitment to high standards. With full enrolment and oversubscription at entry, the school enjoys a strong reputation for academic achievement, consistently ranking among the highest-performing schools nationally.

Delamere offers an enriched curriculum, underpinned by a strong focus on wellbeing, evidenced through the successful renewal of the Wellbeing Award for Schools. Attendance remains exemplary at 97.2%, with persistent absence below 2%, demonstrating the school’s inclusive culture and commitment to every child’s success.

St Martin’s Academy, Chester, Cheshire West

Since opening in September 2013, St Martin’s Academy has been rated Outstanding twice and continues to demonstrate exceptional pupil performance across all year groups. The school offers a broad curriculum that nurtures both academic excellence and personal development. Originally opening with a single class of 25 pupils, St Martin’s reached full capacity of 175 pupils in 2019 and remains four times oversubscribed, with waiting lists in every year group.

Attendance levels are consistently high, with persistent absence below 2%. The school provides a learning environment characterised by high expectations, genuine care, and a commitment to ensuring every child thrives academically, socially, and emotionally.

Oak View Primary Academy, Winsford, Cheshire West

Oak View joined the Trust in April 2014 and, at the time, was rated the second-worst school in the country based on SATs results. Since then, it has undergone a remarkable transformation and is now rated “Good” by Ofsted. Its February 2024 inspection marked the third “Good” rating during its ten years within the Trust.

The school has a higher-than-national-average proportion of pupils eligible for pupil premium, with Ofsted highlighting that “caring relationships are at the heart of everything the school does for its pupils.” Its Nursery is currently full, indicating strong pupil projections for 2026.

In 2025, Oak View achieved the highest SATs attainment in its history, exceeding all national figures. The school has secured £200,000 in capital funding to develop a SEMH Resource Provision, scheduled to open in January 2026. Mid-year admissions have increased, reflecting growing confidence in the school’s reputation and success.

NORTH WEST ACADEMIES TRUST LIMITED
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 8 -

Ellesmere Primary Academy, Ellesmere, Shropshire

Ellesmere joined the Trust in September 2016. The October 2024 Ofsted inspection confirmed that Ellesmere is a good school, secure in all areas, reinforcing the commitment to educational excellence and continuous improvement. The school has a PAN of 45 and has benefited from over £4m in investment to develop its buildings and grounds, enhancing educational provision for all pupils.

Pupil progress remains strong, reflecting the dedication of the educational team. A significant milestone is the resourced provision, opened in September 2024, which allows pupils who find mainstream education challenging to access a bespoke curriculum while remaining fully integrated. The provision is now at full capacity with 12 LA-commissioned places, demonstrating both its effectiveness and critical need.

The headteacher, supported by an exceptional team and the Trust, continues to drive school improvement and maintain high standards, ensuring the school adapts to the evolving needs of pupils. These achievements reflect the hard work, dedication, and collaborative spirit of pupils, staff, parents, and the wider school community.

Acresfield Primary School, Chester, Cheshire West

Acresfield joined the Trust in October 2019 and is rated Outstanding by Ofsted, retaining this rating in its July 2024 inspection. The school educates pupils aged three to eleven and has a resource provision for children with moderate learning difficulties, called Busy Bees. Pupils consistently achieve above national averages at the end of Key Stage 2. The school is full, oversubscribed, and enjoys a strong local reputation.

Rudheath Senior Academy, Northwich, Cheshire West

Rudheath Senior Academy is a secondary school for 11–16-year-olds, rated Good by Ofsted following its January 2023 inspection. Despite significant challenges, including a serious arson attack, the school is steadily growing, currently with 600 of 840 pupils enrolled. An £8m renovation is nearing completion, and the Trust now manages the school’s leisure centre as part of its public benefit work. Standards have improved significantly, with progress scores well above average in several subjects, including 13 Grade 9s. The school’s reputation and post-16 aspirations are continuing to rise.

Weaverham Primary Academy, Weaverham, Cheshire West

Weaverham joined the Trust in November 2018, previously rated Requires Improvement. The school has five classes and a higher-than-average proportion of Pupil Premium and SEND pupils. Weaverham Preschool joined the site in 2019, providing a strong pipeline into Reception. The school was rated Good by Ofsted in January 2023 and was named School of the Year in the Mid Cheshire Education Awards 2025. This success reflects the partnership between pupils, parents, and the dedicated school team.

Grosvenor Park Primary Academy, Chester, Cheshire West

Opened as a free school in September 2013, Grosvenor Park operates seven classes and is nearing full capacity. A new Headteacher was appointed in May 2024. The school was rated Good by Ofsted in January 2023, and a March 2025 SIAMS report praised its strong community rooted in the Christian principle of “love thy neighbour.” The school fosters a welcoming environment where diversity is celebrated and barriers to learning are actively removed. Facilities include two halls, large classrooms, nurture and intervention rooms, an art studio, drama studio, library, and music room. Partnerships with St John’s Church, Storyhouse, Chester FC, and The City Baths provide memorable educational experiences.

Acton CE Primary Academy, Nantwich, Cheshire East

Acton joined the Trust in September 2021 from The Real-Life Learning Trust. The school was rated Good by Ofsted in October 2023, with Outstanding recognition for pupil behaviour. A January 2025 SIAMS inspection further confirmed its strong Christian ethos and inclusive values. Academic performance has improved substantially, with results at Key Stage 2 significantly above national expectations. Acton serves just under 200 pupils and offers a rich curriculum, enhanced by trips, visits, and a Forest School area supporting outdoor learning and wellbeing. The school is part of a DfE pilot for a ground-source heat pump and benefits from solar panels, reflecting a commitment to sustainability.

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

Calveley Primary Academy, Calveley, Cheshire East

Calveley joined the Trust in September 2021, also from The Real-Life Learning Trust. The school was rated Outstanding by Ofsted in February 2025 and has received multiple national awards, including for Inclusive Sports, Geography, Eco-Schools, RE Gold Quality Mark, and Reading Quality Mark.

Enrichment is a key focus, including a residential trip for Key Stage 2 pupils. The school has benefited from investment through CIF, DfE pilots, nursery expansion, and safeguarding grants, with a new roof planned in the coming year. Leadership is strong, and pupil numbers are increasing, reflecting community confidence.

Millfields Primary Academy, Nantwich

Millfields joined the Trust on 1 January 2024. It is a one-form-entry primary school with a full nursery. The school was rated Good by Ofsted in January 2022, with academic achievement and attendance around national averages. Millfields is known for its nurturing atmosphere and strong staff-pupil relationships, underpinned by the values of Respect, Teamwork, and Perseverance.

Since joining the Trust, the school has worked closely with the finance team to plan budgets effectively and has embarked on capital improvements, including new internal and external teaching spaces, to enhance learning opportunities.

St John’s CE Academy, Sandbach

St John’s CE Academy joined North West Academies Trust in January 2025. The one-form-entry primary school currently serves 151 pupils and has undergone a period of rapid and impressive transformation. Significant investment in the learning environment has led to outstanding upgrades to four classrooms and all communal spaces, creating vibrant and engaging learning environments.

In just seven months, the school has achieved remarkable progress — national results have improved eightfold across all subjects, and attendance has risen to 96.2%. Enrichment has been a major focus, with a wide range of trips, visitors, and a popular Storyteller in Residence programme inspiring pupils’ creativity and love of learning. The school recently celebrated its first national recognition, achieving the Gold School Games Sports Mark, reflecting its commitment to excellence in sport and personal development.

Key performance indicators

The Trust aims for all academies to achieve the annual performance targets agreed by the CEO and CFO in partnership with the Local Governing Boards before the start of each financial year. All academies are expected to operate balanced budgets, unless a deficit is required for investment and sufficient reserves are available to cover it.

The Trust has introduced a Reserves Policy to ensure sustainability and maintain adequate revenue reserves to meet the needs of the schools. The long-term objective is to hold sufficient reserves to cover emergencies, provide working capital, maintain the estate, and invest in IT. The policy aims for reserves representing 2% of annual income, rising to 5% over the next five years. The Trust’s primary focus remains on delivering the highest quality education and ensuring all schools achieve a Good or Outstanding Ofsted rating, with school improvement continually pursued.

To evaluate the effectiveness of its financial controls, the Trust monitors several indicators, including contact time, staffing as a percentage of income/expenditure, teacher-to-pupil ratio, staff-to-pupil ratio, average cost per teacher, leadership and management costs as a percentage of staffing, income per pupil, and other relevant ratios. The Trust benchmarks performance both internally and against national statistics and uses Integrated Curriculum Financial Planning to allocate resources effectively.

NORTH WEST ACADEMIES TRUST LIMITED
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 10 -
Going concern

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

The three-year projections show a year-on-year improvement in revenue reserves.

Promoting the success of the academy trust

The Trust enjoys a strong reputation locally, regionally, and nationally, and places great importance on promoting the achievements of its academies to foster close links with communities and local businesses. In the past two years, the Trust has received nine Ofsted inspections, all rated Good or Outstanding, celebrating the success of each school and the Trust as a whole.

Our Communications Manager implements a strategy that highlights the achievements and high standards of our schools to the widest possible audience. All schools actively celebrate their successes, with many receiving regional and national awards.

Strong community links are further reinforced through a multi-media marketing approach, including websites, social media, local and trade press, radio, and television, ensuring positive messages about the Trust’s work reach a broad audience.

The Trust places significant emphasis on the impact of its operations on communities and the local environment. Schools lead campaigns to raise funds for charity, make facilities available to the public, reduce plastic use, and educate pupils on environmental stewardship, all of which are central to the communications strategy.

In recognition of his services to education, our CEO, Stephen Docking, was appointed to The Order of the British Empire (OBE) in the King’s New Year’s Honours List 2023.

Financial review

Most of the t rust’s income is obtained from the DfE in the form of grants, the use of which is restricted to particular purposes. The grants received from the DfE during the year and the associated expenditure are shown as restricted funds in the statements of financial activities. The principal accounting policies adopted during the year are detailed in the notes to the financial statements.

During the year ended 31 August 202 5, total expenditure of £19,554,000 (2024: £1 7,181,000) was fully covered by grant funding from the DfE together with other incoming resources. The excess of income over expenditure (excluding actuarial gains/losses on the defined benefit pension scheme) was £1,567,000 (2024: £4,699,000).

As at the 31 August 202 5, the net book value of fixed assets was £43,042,000 (2024: £41,593,000), including the value of the land and building s which are on 125-year lease s. The assets are used exclusively for providing education and the associated support services to the pupils of the a cadem ies.

NORTH WEST ACADEMIES TRUST LIMITED
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 11 -
Reserves policy

The Trustees review the Academy Trust’s reserve levels annually, considering the nature of income and expenditure streams, the need to match income with commitments, and the overall purpose of reserves. The Trust’s long-term aim is to achieve reserves equivalent to 5% of annual income.

The Trustees seek to match income with expenditure each year, carrying forward only the reserves they consider necessary, with a clear plan for how these will benefit pupils. The appropriate level of free reserves has been set at one month’s costs to provide working capital for delays in grant income and to cover unexpected emergencies, such as urgent maintenance or long-term staff absence. The policy also ensures sufficient funds are held to maintain the estate and IT infrastructure to a high standard.

Reserves levels are monitored regularly, and if partially used, the Trust aims to rebuild free reserves to the required level.

The t rust has overall reserves of £42,669,000 (2024: £40,663,000). Excluding pension and fixed asset reserves; restricted general reserves amount to £nil (20 24: £171,000) and unrestricted reserves amount to £563,000 (2024: £95,000). The total free reserves (excluding pension & fixed asset reserves) amount to £563,000 (2024: £266,000).

The pension scheme liability as at 31 August 202 5 was £153,000 (2024: £675,000). The vast majority of the movement of the pension scheme liability is due to actuarial assumptions and does not have a direct cash impact.

Whilst certain individual school's reserves are currently in deficit these are constantly reviewed and monitored with budgets set and actions plans put in place to ensure budgets are balanced in future.

Investment policy

The trust does not have any long-term investments with the cash reserves of the trust being held in bank accounts. The trust has no plans for any long-term investment purchases that would produce a financial input into the trust. The trust does have several on-going capital building projects which will improve the quality of the trust's estate.

The trust is in the process of streamlining its banking facilities to ensure any spare balances can be invested short term 30-90 days to provide some additional interest income.

NORTH WEST ACADEMIES TRUST LIMITED
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 12 -
Principal risks and uncertainties

The principal risks that we face are financial, premises, information technology, academic performance, fluctuating pupil numbers and safeguarding.

Premises

A key risk for the Trust is the availability of sufficient funds to maintain and improve ageing school buildings. This risk has been effectively mitigated through successful Capital Improvement Fund (CIF) bids and other government-supported initiatives in recent years. Over the past three years, the Trust has received over £20 million in capital investment, resulting in the removal of all temporary accommodation across school sites, the replacement of roofs and heating systems in the majority of schools, and the opening of a new Resource Provision at Ellesmere Primary Academy to support pupils with additional needs.

In addition, as part of the government’s decarbonisation programme for schools, Acton CE Primary Academy and Calveley Primary Academy are developing ground-source heat pumps, further improving energy efficiency and sustainability across the Trust. The quality of accommodation is now good in all areas, and the Trust continues to discharge its responsibility for maintaining high-quality estates exceptionally well. All schools, except Millfields (which joined the Trust in January 2024), have benefitted from CIF funding.

To support these initiatives, the Trust employs a Facilities Manager and a Facilities Officer within the central team. They work closely with site staff to ensure compliance with health and safety regulations and that all school staff adhere to specific guidance.

All schools undergo annual health and safety reviews and regular facilities inspections by external partners to ensure compliance with statutory requirements and maintain high standards.

Information Technology

The Trust faces ongoing risks related to its IT infrastructure, including obsolescence, cyber-attacks, and the challenges of managing a diverse range of systems across multiple sites. To mitigate these risks, the Trust has engaged a specialist IT provider to manage its IT facilities and provide expert guidance. This includes oversight of internet connectivity, telephone systems, network filtering, device management, email systems, data storage, and access control systems.

All schools have implemented Smoothwall filtering and monitoring, with full deployment on Windows devices and ongoing manual installation on Mac devices. Arbor user creation and integration has been completed in most schools, with St John’s still in the onboarding phase. Device management varies across schools: some sites, such as Oak View and St Martin’s, still operate legacy iPad management systems, while others, including Acresfield, Delamere, and Grosvenor Park, have fully implemented MDM systems. Papercut print management and Paxton door access systems are also in use at key sites, supporting secure and efficient operations.

The Trust is actively working towards the 2030 Digital Strategy, which includes upgrading hardware and software, improving network resilience, enhancing digital learning across all schools, and strengthening cybersecurity. Planned improvements include migrating remaining legacy systems, completing Arbor and Smoothwall integrations, and extending secure cloud-based management to all devices. These initiatives ensure that IT continues to support high-quality teaching, learning, and school administration safely and effectively.

NORTH WEST ACADEMIES TRUST LIMITED
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 13 -

Academic Performance

Academic performance is critical to pupil numbers, reputation, and financial sustainability. A decline in outcomes could negatively affect enrolment, parental confidence, and funding. The Academy Trust has robust policies to ensure consistently high academic progress, including the use of external assessors, regular benchmarking, and systematic school reviews. Our School Improvement Partner, part of the central team, quality-assures school performance and supports leadership in achieving the highest academic outcomes across all areas. Risks to performance include inconsistent implementation of the curriculum across sites, over-reliance on key staff, disruption due to staff turnover, and unexpected changes in pupil demographics.

Safeguarding and Child Protection

Safeguarding is the Trust’s highest priority and represents its most significant operational risk. The Trust employs a Safeguarding Manager to support all schools in complying with safeguarding regulations. Each school has Designated Safeguarding Officers responsible for ensuring adherence to policies and procedures, creating a safe environment for staff and pupils. Robust policies, regular training, and oversight ensure that safeguarding standards are maintained across the Trust. Additional risks include cyber-safety threats, incidents occurring during off-site activities, insufficient training refreshers, and the potential for staff or pupil behavioural incidents to escalate reputational or regulatory risks.

Risk in Relation to the LGPS Pension Scheme

The Local Government Pension Scheme (LGPS) deficit represents a financial risk to the Trust, as disclosed in the notes to the financial statements. Although the balance is significant, the risk is managed through scheme governance and administration. Triennial actuarial reviews assess each school’s liabilities and determine contribution rates for the following three years, allowing the Trust to plan for future cost increases. Additional risks include unexpected changes in actuarial assumptions, rising employer contribution rates, and increased employee opt-ins, which could impact long-term financial planning and sustainability.

Financial and risk management objectives and policies

A key risk for the Trust is that Department for Education (DfE) funding may not keep pace with rising costs. To mitigate this, the Academy Trust employs robust financial planning and closely monitors the financial climate. The Trust follows the principles of Integrated Financial Planning and benchmarking, producing three-year financial plans with particular emphasis on the first two years.

Staffing levels are reviewed twice yearly to ensure they meet curriculum requirements and respond to changing pupil numbers and needs. Budgets are rigorously reviewed each term to maintain financial control and accountability.

Fundraising

The t rust does not do any fundraising. All schools within the Trust operate Parent Teacher Associations or equivalent parent support bodies, who raise funds on behalf of each individual school. Funds raised are donated directly to the school in question.

Streamlined energy and carbon reporting
UK Greenhouse gas emissions and energy use data for the period
2025
2024
kWh
kWh
Energy consumption used to calculate emissions (kWh)
1,050,029
1,087,610
NORTH WEST ACADEMIES TRUST LIMITED
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 14 -
2025
2024
Emissions calculated (metric tonnes CO2e):
tonnes CO2e
tonnes CO2e
Scope 1 emissions
- Gas combustion
43.96
90.53
- Fuel consumed for owned transport
6.39
6.20
Total scope 1
50.35
96.73
Scope 2 emissions
- Electricity purchased
290.40
233.69
Scope 3 emissions
- Fuel consumed for transport not owned by the academy trust
25.84
18.89
Total gross emissions
366.59
349.31
Intensity ratio
Tonnes CO2e per pupil
0.10
0.14
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 202 3 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.

NORTH WEST ACADEMIES TRUST LIMITED
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 15 -
Measures taken to improve energy efficiency

The Trust has implemented a wide range of initiatives to improve energy efficiency, reduce carbon emissions, and support its 2030 Decarbonisation and Sustainability Goals. Smart meters have been installed across all sites, and video conferencing has been expanded to reduce the need for staff travel between schools.

Over recent years, the Trust has secured nearly £20 million in CIF and project funding to modernise its estate and improve environmental performance. Key projects include:

- Rudheath Senior Academy – New heating system, roof replacement, and installation of ground-source heat pumps and solar panels

- Delamere CE Academy – New roof

- St Martin’s Academy – New roof and windows

- Calveley Primary Academy – Safeguarding improvements and participation in the DfE ground-source heat pump pilot

- Grosvenor Park CE Academy – New windows

- Ellesmere Primary Academy – Phase 2 building improvements, new roof, new classrooms, and installation of ground-source heat pumps and solar panels

- Acton CE Academy – New roof, ground-source heat pumps, and solar panels

These projects collectively improve energy efficiency, reduce carbon emissions, and align with the government’s decarbonisation programme. The Trust’s estate is now significantly more sustainable, helping to future-proof schools, reduce operational costs, and provide high-quality, environmentally responsible learning environments for pupils.

By embedding sustainability into all capital projects, the Trust is actively working toward its 2030 goals, ensuring that all schools meet high standards for energy efficiency, environmental stewardship, and carbon reduction, while supporting safe and engaging learning environments.

Plans for future periods

The Trust is proactively planning for expansion, with strategies in place to incorporate additional schools, open new schools through the Free School programme, and work closely with the Regional Schools Commissioner (RSC) to support schools in need. The Trust’s focus will always remain on school improvement and ensuring high-quality education for all pupils. The success of the Trust is measured by the standard of education provided, with Ofsted inspections confirming that our schools consistently achieve Good or Outstanding ratings. Any consideration of growth will only proceed if the Trust is confident that it can make a meaningful contribution to the improvement and success of the school in question.

Funds held as custodian trustee on behalf of others

The t rust does not hold any fund as custodian for others.

NORTH WEST ACADEMIES TRUST LIMITED
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 16 -
Auditor

Insofar as the trustees are aware:

- There is no relevant audit information of which the charitable company’s auditor is unaware.

- 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 Mitchell Charlesworth (Audit) Limited 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 19 December 2025 and signed on its behalf by:

N Southorn
Chairman
NORTH WEST ACADEMIES TRUST LIMITED
GOVERNANCE STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2025
- 17 -
Scope of responsibility

As trustees, we acknowledge we have overall responsibility for ensuring that North West Academies Trust Limited 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, 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 North West Academies Trust Limited and the Secretary of State for Education. The accounting officer is also responsible for reporting to the board of trustees 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 5 times during the year, with additional termly committee meetings. Clerking of all local boards is outsourced to an experienced Clerking and Governance company, and the Trust seeks regular advice on board composition and governance best practice at all levels.

Attendance during the year at meetings of the board of trustees was as follows:

Trustees
Meetings attended
Out of possible
N Southorn (Chairman)
5
5
S Docking OBE (CEO & Accounting Officer)
5
5
K Cook (Vice Chair)
3
5
A Walmsley (Chairman of the Finance and Premises Committee)
5
5
K Cobb
3
5
S Verity
4
5
Rev A Askwith
4
5
G Melia
4
5
R Smith
5
5

There has been no changes to the board during the year.

Conflicts of interest

Conflicts of interests are managed by maintaining an up-to-date register of interests which are published on our website. These are reviewed at each meeting. Any conflict is highlighted in meetings and if a conflict arises this person would not be involved in the decision making process.

Governance reviews

The Trust performed a Trustees Skills Audit during 2024/25, in line with the Academies Handbook guidance.

Attendance at Board and committee meetings is carefully monitored to ensure robust oversight. Governance is evaluated annually, and reviews can be found on the Trust website. Meetings are conducted both face-to-face and virtually, providing flexibility while maintaining engagement.

The Finance and Premises Committee, a sub-committee of the Board of Trustees, plans and monitors the Trust’s financial and other resources and ensures a safe educational environment in all academies. This Committee oversees budget setting, monitors capital projects, and reviews estate improvements to ensure all facilities are fit for purpose. Membership of the Committee has remained consistent since the last audit.

NORTH WEST ACADEMIES TRUST LIMITED
GOVERNANCE STATEMENT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 18 -

Attendance at meetings in the year was as follows:

Trustees
Meetings attended
Out of possible
N Southorn (Chairman)
S Docking OBE (CEO & Accounting Officer)
4
4
K Cook (Vice Chair)
4
4
A Walmsley (Chairman of the Finance and Premises Committee)
4
4
G Melia
3
4
R Smith
3
4
Review of value for money

As accounting officer, Stephen Docking, the Chief Executive Officer (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, as well as estates safety and management, achieved in return for the taxpayer resources received.

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

- Sharing key staff across academies

- Centralised maintenance personnel and contract management

- Shared catering facilities and outsourcing of cleaning services

- Centralised IT services, procurement, and communication contracts, achieving economies of scale and lease efficiencies

These measures are consistent with the Academies Handbook 2024/25 guidance on financial management and governance.

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 North West Academies Trust Limited for the period 1 September 2024 to 31 August 2025 and up to the date of approval of the annual report and financial statements.

Capacity to handle risk

The board of trustees has reviewed the key risks to which the academy trust is exposed together with the operating, financial and compliance controls that have been implemented to mitigate those risks. The board of trustees is of the view that there is a formal ongoing process for identifying, evaluating and managing the academy trust's significant risks that has been in place for the period 1 September 2024 to 31 August 2025 and up to the date of approval of the annual report and financial statements. This process is regularly reviewed by the board of trustees.

NORTH WEST ACADEMIES TRUST LIMITED
GOVERNANCE STATEMENT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 19 -
The risk and control framework

The academy trust's system of internal control is based on a framework of regular management information and administrative procedures including the segregation of duties and a system of delegation and accountability. In particular, it includes:

- comprehensive budgeting and monitoring systems with an annual budget and periodic financial reports which are reviewed and agreed by the board of trustees;

- regular reviews by the finance 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;

- identification and management of risks.

The Board appointed Jonathan Bolton, a chartered accountant and former CFO, as Internal Auditor. His role includes advice on financial and operational matters, carrying out checks, and preparing an annual summary report for the Board. The CFO ensures that all internal and external audit points are addressed.

This options was chosen as it offered best value for money along with providing the experience and expertise required.

Internal Audits 2024/25

Three internal audits were conducted as per the Academies Handbook 2024/25:

1. Capital Expenditure – Reviewed the initial grant bid, grant acceptance, contracting, expenditure, and accounting. The audit confirmed that capital projects are professionally managed, and value for money is achieved.

2. Bank Reconciliations – Bank accounts are managed at school level, with Trust oversight. Transactions are accurately recorded in the accounting system, and reconciliations are verified by Trust staff to ensure segregation of duties.

3. Donation Control – A new Trust-level donations account was audited, with expenditure correctly recorded and reconciled, ensuring transparency and adherence to approval processes.

No significant issues were reported. Action points have been integrated into the Trust’s financial action plan to strengthen procedures further.

On a termly basis, the reviewer reports to the CFO and Accounting Officer on the operation of the systems of control and on the discharge of the delegated financial responsibilities of the Board of Trustees, and prepares a summary report outlining the areas reviewed, key findings, recommendations and conclusions to help them consider actions and assess year on year progress. This is shared with the board of Trustees.

Review of effectiveness

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

- the work of the internal reviewer;

- the work of the external auditor;

- the financial management and governance self-assessment process or the school resource management self-assessment tool;

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

The accounting officer has been advised of the implications of the result of their review of the system of internal control by the education and vision committee and ensure continuous improvement of the system is in place.

NORTH WEST ACADEMIES TRUST LIMITED
GOVERNANCE STATEMENT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 20 -
Conclusion

Based on the advice of the audit and risk committee and the accounting officer, the board of trustees is of the opinion that the academy trust has an adequate and effective framework for governance, risk management and control.

Approved by order of the board of trustees on 19 December 2025 and signed on its behalf by:

N Southorn
S Docking OBE
Chairman
CEO & Accounting Officer
NORTH WEST ACADEMIES TRUST LIMITED
STATEMENT OF REGULARITY, PROPRIETY AND COMPLIANCE
FOR THE YEAR ENDED 31 AUGUST 2025
- 21 -

As accounting officer of North West Academies Trust Limited, 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.

S Docking OBE
Accounting Officer
19 December 2025
NORTH WEST ACADEMIES TRUST LIMITED
STATEMENT OF TRUSTEES' RESPONSIBILITIES
FOR THE YEAR ENDED 31 AUGUST 2025
- 22 -

The trustees (who are also the directors of North West Academies Trust Limited 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 19 December 2025 and signed on its behalf by:

N Southorn
Chairman
NORTH WEST ACADEMIES TRUST LIMITED
INDEPENDENT AUDITOR'S REPORT ON THE FINANCIAL STATEMENTS TO THE MEMBERS OF NORTH WEST ACADEMIES TRUST LIMITED
FOR THE YEAR ENDED 31 AUGUST 2025
- 23 -

Opinion

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

In our opinion the financial statements:

-

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

-

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

-

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

-

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

Basis for opinion

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

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the academy trust’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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.

NORTH WEST ACADEMIES TRUST LIMITED
INDEPENDENT AUDITOR'S REPORT ON THE FINANCIAL STATEMENTS TO THE MEMBERS OF NORTH WEST ACADEMIES TRUST LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 24 -
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.

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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

NORTH WEST ACADEMIES TRUST LIMITED
INDEPENDENT AUDITOR'S REPORT ON THE FINANCIAL STATEMENTS TO THE MEMBERS OF NORTH WEST ACADEMIES TRUST LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 25 -

Extent to which the audit was considered capable of detecting, irregularities including fraud

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

- the nature of the industry and sector, control environment and business performance;

- the schools' own assessment of the risks that irregularities may occur either as a result of fraud or error;

- the results of our enquiries of management and members of the board of governors of their own identification and assessment of the risks of irregularities;

- any matters we identified having obtained and reviewed the schools' documentation of their policies and procedures relating to:

- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;

- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and

- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and

- the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:

(i) The presentation of the t rusts' Statement of Financial Activities, (ii) revenue recognition (iii) the overstatement of salary and other costs (iv) the assumptions used in the calculation of the valuation of the surplus or deficit on the defined benefit pension scheme and the movements for the year. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory framework that the charity operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, the Statement of Recommended Practice - 'Accounting and Reporting by Charities' issued by the joint SORP making body, along with the Academ y Trust Handbook and Accounts Direction 2024-25 issued by the Department for Education.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the academy’s ability to operate or to avoid a material penalty. This includes regulations concerning Data Protection and Safeguarding.

NORTH WEST ACADEMIES TRUST LIMITED
INDEPENDENT AUDITOR'S REPORT ON THE FINANCIAL STATEMENTS TO THE MEMBERS OF NORTH WEST ACADEMIES TRUST LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 26 -

Audit response to risks identified

As a result of performing the above, we identified the presentation of the T rust's Statement of Financial Activities, revenue recognition and overstatement of wages and other costs as the key audit matters related to the potential risk of fraud. The key audit matters section of our report explains the matters in more detail and also describes the specific procedures we performed in response to those key audit matters.

In addition to the above, our procedures to respond to risks identified included the following:

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations described above as having a direct effect on the financial statements;

- enquiring of management and members of the board concerning actual and potential litigation and claims;

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

- reading minutes of meetings of those charged with governance and reviewing correspondence with relevant authorities where matters identified were significant; and

- in addressing the risk of fraud through management override of controls we carried out testing of the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting estimates were indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: http s://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Robert Hall (Senior Statutory Auditor)
For and on behalf of Mitchell Charlesworth (Audit) Limited, Statutory Auditor
Accountants
24 Nicholas Street
Chester
CH1 2AU
19 December 2025
NORTH WEST ACADEMIES TRUST LIMITED
INDEPENDENT REPORTING ACCOUNTANT'S REPORT ON REGULARITY TO NORTH WEST ACADEMIES TRUST LIMITED AND THE SECRETARY OF STATE FOR EDUCATION
FOR THE YEAR ENDED 31 AUGUST 2025
- 27 -

In accordance with the terms of our engagement letter dated 25 July 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 North West Academies Trust Limited 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 North West Academies Trust Limited 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 North West Academies Trust Limited 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 North West Academies Trust Limited 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 North West Academies Trust Limited and the reporting accountant

The accounting officer is responsible, under the requirements of North West Academies Trust Limited’s funding agreement with the Secretary of State for Education and the Academy Trust Handbook, extant from 1 September 2024, for ensuring that expenditure disbursed and income received is applied for the purposes intended by Parliament and the financial transactions conform to the authorities which govern them.

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

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:

- Reviewing the activities to ensure they are in keeping with the charitable objectives and framework.

- Reviewing declarations of interest and seeking further representations.

- Reviewing the control environment and considering potential weaknesses.

- Reviewing minutes of various committees, management accounts and holding discussions with key personnel.

NORTH WEST ACADEMIES TRUST LIMITED
INDEPENDENT REPORTING ACCOUNTANT'S REPORT ON REGULARITY TO NORTH WEST ACADEMIES TRUST LIMITED AND THE SECRETARY OF STATE FOR EDUCATION (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 28 -
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
Mitchell Charlesworth (Audit) Limited
24 Nicholas Street
Chester
CH1 2AU
19 December 2025
NORTH WEST ACADEMIES TRUST LIMITED
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2025
- 29 -
Unrestricted
Restricted funds:
Total
Total
funds
General
Fixed asset
2025
2024
Notes
£'000
£'000
£'000
£'000
£'000
Income and endowments from:
Donations and capital grants
4
-
103
463
566
4,546
Donations - transfer from local authority on conversion
27
-
(103)
881
778
456
Charitable activities:
- Funding for educational operations
5
594
18,326
-
18,920
16,603
Other trading activities
6
809
47
-
856
275
Investments
7
1
-
-
1
-
Total
1,404
18,373
1,344
21,121
21,880
Expenditure on:
Raising funds
8
-
23
-
23
27
Charitable activities:
- Educational operations
10
936
18,066
529
19,531
17,154
Total
8
936
18,089
529
19,554
17,181
Net income
468
284
815
1,567
4,699
Transfers between funds
19
-
(372)
372
-
-
Other recognised gains/(losses)
Actuarial gains on defined benefit pension schemes
21
-
439
-
439
426
Net movement in funds
468
351
1,187
2,006
5,125
Reconciliation of funds
Total funds brought forward
95
(504)
41,072
40,663
35,538
Total funds carried forward
563
(153)
42,259
42,669
40,663
NORTH WEST ACADEMIES TRUST LIMITED
STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED)
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2025
- 30 -
Comparative year information
Unrestricted
Restricted funds:
Total
Year ended 31 August 2024
funds
General
Fixed asset
2024
Notes
£'000
£'000
£'000
£'000
Income and endowments from:
Donations and capital grants
4
78
-
4,468
4,546
Donations - transfer from local authority on conversion
27
67
(225)
614
456
Charitable activities:
- Funding for educational operations
5
963
15,640
-
16,603
Other trading activities
6
262
13
-
275
Total
1,370
15,428
5,082
21,880
Expenditure on:
Raising funds
8
-
27
-
27
Charitable activities:
- Educational operations
10
1,406
15,296
452
17,154
Total
8
1,406
15,323
452
17,181
Net income/(expenditure)
(36)
105
4,630
4,699
Transfers between funds
19
-
(11)
11
-
Other recognised gains/(losses)
Actuarial gains on defined benefit pension schemes
21
-
426
-
426
Net movement in funds
(36)
520
4,641
5,125
Reconciliation of funds
Total funds brought forward
131
(1,024)
36,431
35,538
Total funds carried forward
95
(504)
41,072
40,663
NORTH WEST ACADEMIES TRUST LIMITED
BALANCE SHEET
AS AT 31 AUGUST 2025
- 31 -
2025
2024
Notes
£'000
£'000
£'000
£'000
Fixed assets
Tangible assets
14
43,042
41,593
Current assets
Debtors
15
724
671
Cash at bank and in hand
1,624
1,344
2,348
2,015
Current liabilities
Creditors: amounts falling due within one year
16
(1,795)
(1,405)
Net current assets
553
610
Total assets less current liabilities
43,595
42,203
Creditors: amounts falling due after more than one year
17
(773)
(865)
Net assets excluding pension liability
42,822
41,338
Defined benefit pension scheme liability
21
(153)
(675)
Total net assets
42,669
40,663
Funds of the academy trust:
Restricted funds
19
- Fixed asset funds
42,259
41,072
- Restricted income funds
-
171
- Pension reserve
(153)
(675)
Total restricted funds
42,106
40,568
Unrestricted income funds
19
563
95
Total funds
42,669
40,663

The financial statements on pages 29 to 60 were approved by the trustees and authorised for issue on 19 December 2025 and are signed on their behalf by:

N Southorn
Chairman
Company registration number 08852553 (England and Wales)
NORTH WEST ACADEMIES TRUST LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2025
- 32 -
2025
2024
Notes
£'000
£'000
£'000
£'000
Cash funds transferred on conversion
27
36
69
Cash flows from operating activities
Net cash provided by operating activities
22
989
1,232
Cash flows from investing activities
Dividends, interest and rents from investments
1
-
Capital grants from DfE Group
11
4,468
Capital funding received from sponsors and others
452
-
Purchase of tangible fixed assets
(1,110)
(5,262)
Net cash used in investing activities
(646)
(794)
Cash flows from financing activities
Repayment of other loan
(99)
(243)
Net cash used in financing activities
(99)
(243)
Net increase in cash and cash equivalents in the reporting period
280
264
Cash and cash equivalents at beginning of the year
1,344
1,080
Cash and cash equivalents at end of the year
1,624
1,344
NORTH WEST ACADEMIES TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
- 33 -
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.true

The financial statements are prepared in sterling, which is the functional currency of the Trust. Monetary amounts in these financial statements are rounded to the nearest £'000.

1.2
Going concern

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

1.3
Conversion to an academy trust

The conversion from a state maintained school to an academy trust involved the transfer of identifiable assets and liabilities and the operation of the school for £nil consideration. The substance of the transfer is that of a gift and it has been accounted for on that basis as set out below.

The assets and liabilities transferred on conversion from St John's CofE primary School to the academy trust have been valued at their fair value. The fair value has been derived based on that of equivalent items. The amounts have been recognised under the appropriate balance sheet categories, with a corresponding amount recognised in Donations – transfer from local authority on conversion in the Statement of Financial Activities and analysed under unrestricted funds, restricted general funds and restricted fixed asset funds. Further details of the transaction are set out in note 27.

1.4
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.

NORTH WEST ACADEMIES TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 34 -

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.

Sponsorship income

Sponsorship income provided to the academy trust which amounts to a donation is recognised in the statement of financial activities in the period in which it is receivable (where there are no performance-related conditions), where the receipt is probable and it can be measured reliably.

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.

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.

1.5
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.

NORTH WEST ACADEMIES TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 35 -
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.

1.6
Tangible fixed assets and depreciation

Assets with an estimated useful economic life of two years or more are capitalised as tangible fixed assets and are carried at cost, net of depreciation and any provision for impairment.

Where tangible fixed assets have been acquired with the aid of specific grants, either from the government or from the private sector, they are included in the balance sheet at cost and depreciated over their expected useful economic life. Where there are specific conditions attached to the funding that require the continued use of the asset, the related grants are credited to a restricted fixed asset fund in the statement of financial activities and carried forward in the balance sheet. Depreciation on the relevant assets is charged directly to the restricted fixed asset fund in the statement of financial activities. Where tangible fixed assets have been acquired with unrestricted funds, depreciation on such assets is charged to the unrestricted fund.

Depreciation is provided on all tangible fixed assets other than freehold land, at rates calculated to write off the cost of each asset on a straight-line & reducing balance basis over its expected useful life, as follows:

Freehold land and buildings
Not depreciated
Leasehold land and buildings
Straight line over 125 year, 60 year and 50 year periods
Fixtures, fittings & equipment
25% reducing balance
Motor vehicles
25% straight line

No depreciation is provided in respect of freehold land and buildings, which departs from the requirement in the Companies Act 2006 (the Act) to depreciate all fixed assets. The Trustees believe that the value of freehold land does not materially differ to its cost, and therefore the departure from the provisions of the Act is required in order to achieve a fair presentation of the entity's financial position and financial performance.

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

1.7
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.

1.8
Leased assets

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

1.9
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.

NORTH WEST ACADEMIES TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 36 -
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.

1.10
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.

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 funders where the asset acquired or created is held for a specific purpose.

NORTH WEST ACADEMIES TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 37 -

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

1.13

Provisions

Provisions are recognised when the academy trust has an obligation at the reporting date as a result of a past event which it is probable will result in the transfer of economic benefits and the obligation can be estimated reliably.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.

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.

Local Government Pension Scheme

The present value of the Local Government Pension Scheme defined benefit asset/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 21, will impact the carrying amount of the pension asset/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 asset/liability at 31 August 2025. Any differences between the figures derived from the roll forward approach and a full actuarial valuation would impact on the carrying amount of the pension asset/liability.

3
General Annual Grant (GAG)

Under the funding agreement with the Secretary of State, the academy trust was subject to limits at 31 August 2025 on the amount of GAG that could be carried forward from one year to the next. An amount equal to 12% of GAG could be carried forward, of which up to 2% could be used for general recurrent purposes, with any balance being available for premises/capital purposes.

The academy trust has not exceeded these limits during the year ended 31 August 2025.

4
Donations and capital grants
Unrestricted
Restricted
Total
Total
funds
funds
2025
2024
£'000
£'000
£'000
£'000
Capital grants
-
463
463
4,468
Other donations
-
103
103
78
-
566
566
4,546
NORTH WEST ACADEMIES TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 38 -
5
Funding for the academy trust's educational operations
Unrestricted
Restricted
Total
Total
funds
funds
2025
2024
£'000
£'000
£'000
£'000
DfE/ESFA grants
General annual grant (GAG)
-
13,729
13,729
12,182
Other DfE/ESFA grants:
- UIFSM
-
327
327
283
- Pupil premium
-
790
790
681
- Start up grants
-
-
-
25
- Teachers' pay grant
-
231
231
278
- Teachers' pension grant
-
282
282
40
- Core schools budget grant
-
488
488
-
- Others
-
516
516
819
-
16,363
16,363
14,308
Other government grants
Local authority grants
-
1,941
1,941
1,322
Special educational projects
-
22
22
10
-
1,963
1,963
1,332
Other incoming resources
594
-
594
963
Total funding
594
18,326
18,920
16,603

6
Other trading activities
Unrestricted
Restricted
Total
Total
funds
funds
2025
2024
£'000
£'000
£'000
£'000
Hire of facilities
51
-
51
59
Other income
758
47
805
216
809
47
856
275
NORTH WEST ACADEMIES TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 39 -
7
Investment income
Unrestricted
Restricted
Total
Total
funds
funds
2025
2024
£'000
£'000
£'000
£'000
Short term deposits
1
-
1
-
8
Expenditure
Non-pay expenditure
Total
Total
Staff costs
Premises
Other
2025
2024
£'000
£'000
£'000
£'000
£'000
Expenditure on raising funds
- Direct costs
-
-
23
23
27
Academy's educational operations
- Direct costs
12,369
396
953
13,718
12,160
- Allocated support costs
2,592
1,666
1,554
5,812
4,994
14,961
2,062
2,530
19,553
17,181
Net income/(expenditure) for the year includes:
2025
2024
£'000
£'000
Operating lease rentals
72
62
Depreciation of tangible fixed assets
528
452
Fees payable to auditor for:
- Audit
11
10
- Other services
14
9
Net interest on defined benefit pension liability
35
52
NORTH WEST ACADEMIES TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 40 -
9
Central services

The central trust team provided the following services to its academies in the year:

• School Improvement

• Ofsted preparation and management

• Training and Professional Development

• Safeguarding development, management and supervision

• Financial and Accounting Services

• HR Management

• Health and Safety Development

• Estates Management and Premises Development

• Governance Development

• Counselling

• Clerking

• Risk Management

• IT Management and Development

• Private Healthcare through Medicash

The academy trust charges each academy for these services on the basis of a flat percentage of GAG income within the range of: 4.5% to 7.5%.

The amounts charged during the year were as follows:
2025
2024
£'000
£'000
Millfields Primary Academy
66
43
Calveley Primary Academy
33
33
Acton Church of England Primary Academy
56
53
Acresfield Primary Academy
52
40
Oak View Academy
50
57
Ellesmere Primary School
99
98
St Martin's Academy
37
30
Delamere Church of England Academy
35
31
Grosvenor Park Church of England Primary
59
59
Weaverham Primary
31
31
Rudheath Senior Academy
306
240
St John's CE Academy
43
-
867
715
NORTH WEST ACADEMIES TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 41 -
10
Charitable activities
Unrestricted
Restricted
Total
Total
funds
funds
2025
2024
£'000
£'000
£'000
£'000
Direct costs
Educational operations
936
12,782
13,718
12,160
Support costs
Educational operations
-
5,812
5,812
4,994
936
18,594
19,530
17,154
Analysis of support costs
2025
2024
£'000
£'000
Support staff costs
2,592
2,374
Depreciation
132
113
Technology costs
358
286
Premises costs
1,534
1,142
Legal costs - conversion
9
9
Legal costs - other
32
18
Other support costs
1,014
969
Governance costs
141
83
5,812
4,994
NORTH WEST ACADEMIES TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 42 -
11
Staff
Staff costs and employee benefits
Staff costs during the year were:
2025
2024
£'000
£'000
Wages and salaries
10,930
9,854
Social security costs
1,165
894
Pension costs
2,475
2,036
Staff costs - employees
14,570
12,784
Agency staff costs
223
295
Staff restructuring costs
22
52
14,815
13,131
Staff development and other staff costs
146
202
Total staff expenditure
14,961
13,333
Staff restructuring costs comprise:
Redundancy payments
2
40
Severance payments
20
12
22
52

£12,000 was paid in respect of a settlement relating to the academic year 2021 however the insurance claim occurred in 2024.

Severance payments

The academy trust paid 2 severance payments in the year, disclosed in the following bands:

£0 - £25,000
2
Staff numbers
The average number of persons employed by the academy trust during the year was as follows:
2025
2024
Number
Number
Teachers
163
131
Administration and support
252
276
Management
15
28
430
435
NORTH WEST ACADEMIES TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
11
Staff
(Continued)
- 43 -
Higher paid staff
The number of employees whose employee benefits (excluding employer pension costs and employer national insurance contributions) exceeded £60,000 was:
2025
2024
Number
Number
£60,001 - £70,000
8
11
£70,001 - £80,000
4
2
£80,001 - £90,000
4
3
£90,001 - £100,000
1
1
£100,001 - £110,000
1
-
£110,001 - £120,000
-
1
£120,001 - £130,000
-
1
£150,001 - £160,000
1
-
Key management personnel

The key management personnel of the academy trust comprise the trustees and the senior management team as listed on the reference and administrative page. 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 £1,776,883 (2024: £1,186,579).

12
Trustees' remuneration and expenses

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

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

S Docking (CEO, Accounting Officer & Trustee)

- Remuneration £1 50,000 - £1 60,000 (20 24: £1 20,000 - £1 30,000)

- Employers pension contributions £40,000 - £50,000 (20 24: £30,000 - £40,000 )

Trustees' expenses

During the year, travel and subsistence expenses totaling £143 w ere reimbursed to 1 trustee (2024: £nil).

13
Trustees' and officers' insurance

The academy trust has opted into the Department for Education’s Risk Protection Arrangement (RPA), an alternative to insurance where UK government funds cover losses that arise. This scheme protects trustees and officers from claims arising from negligent acts, errors or omissions occurring whilst on academy trust business, and provides cover up to £10,000,000. It is not possible to quantify the trustees and officers indemnity element from the overall cost of the RPA scheme.

NORTH WEST ACADEMIES TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 44 -
14
Tangible fixed assets
Freehold land and buildings
Leasehold land and buildings
Fixtures, fittings & equipment
Motor vehicles
Total
£'000
£'000
£'000
£'000
£'000
Cost
At 1 September 2024
559
43,692
1,554
20
45,825
Transfer on conversion
-
860
6
-
866
Additions
-
987
123
-
1,110
At 31 August 2025
559
45,539
1,683
20
47,801
Depreciation
At 1 September 2024
-
2,920
1,292
20
4,232
Charge for the year
-
433
94
-
527
At 31 August 2025
-
3,353
1,386
20
4,759
Net book value
At 31 August 2025
559
42,186
297
-
43,042
At 31 August 2024
559
40,772
262
-
41,593
15
Debtors
2025
2024
£'000
£'000
Trade debtors
134
111
VAT recoverable
209
89
Other debtors
1
-
Prepayments and accrued income
380
471
724
671
16
Creditors: amounts falling due within one year
2025
2024
£'000
£'000
Government loans
111
118
Trade creditors
386
257
Other taxation and social security
266
203
Other creditors
307
255
Accruals and deferred income
725
572
1,795
1,405
NORTH WEST ACADEMIES TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 45 -
17
Creditors: amounts falling due after more than one year
2025
2024
£'000
£'000
Government loans
773
865
2025
2024
Analysis of loans
£'000
£'000
Not wholly repayable within five years by instalments
762
398
Wholly repayable within five years
122
585
884
983
Less: included in current liabilities
(111)
(118)
Amounts included above
773
865
Loan maturity
Debt due in one year or less
111
118
Due in more than two years but not more than five years
426
467
Due in more than five years
347
398
884
983

Two legal charges in favour of The Secretary of State for Education are secured over two properties held by North West Academies Trust Limited. Both charges contain a negative pledge.

NORTH WEST ACADEMIES TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
17
Creditors: amounts falling due after more than one year
(Continued)
- 46 -

During previous years North West Academies Trust has taken out CIF loans financed by the ESFA/DFE which are all repayable by instalments over 10 years and subject to terms as detailed below:

CIF Loan 1

Ellesmere Primary Academy re classrooms project.

Loan principal amount: £107,000

Interest rate 1.49%

CIF Loan 2

Rudheath Senior Academy re roofing project.

Loan principal amount: £160,000

Interest rate 2.07%

CIF Loan 3

Grosvenor Park Academy re windows project.

Loan principal amount: £41,411

Interest rate 1.49%

CIF Loan 4

St Martin's Academy re weather tight project.

Loan principal amount: £52,300

Interest rate 1.49%.

CIF Loan 5

Delamere Primary Academy re roofing project.

Loan principal amount: £38,000

Interest rate 1.49%.

CIF Loan 6

Ellesmere Primary Academy re roofing project.

Loan principal amount: £63,000

Interest rate 1.95%.

CIF Loan 7

Ellesmere Primary Academy re classrooms project.

Loan principal amount: £111,250

Interest rate 1.95%.

CIF Loan 8

Acresfield Primary Academy re roofing project.

Loan principal amount: £50,176

Interest rate 1.95%.

CIF Loan 9

Rudheath Senior Academy re school rebuild project.

Loan principal amount: £158,533

Interest rate 2.29%.

CIF Loan 10

Grosvenor Park Academy re roofing project.

Loan principal amount: £72,000

Interest rate 1.95%.

NORTH WEST ACADEMIES TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
17
Creditors: amounts falling due after more than one year
(Continued)
- 47 -

During previous years North West Academies Trust has acquired Salix funding from ESFA/DfE. The loans are all repayable by instalments over 8 years, bear no rights to interest and are subject to the following term s:

Salix Loan 1

Ellesmere Primary Academy re roofing project.

Loan principal amount: £9,168

Salix Loan 2

Grosvenor Park Academy re roofing project.

Loan principal amount: £8,136

Salix Loan 3

Weaverham Primary Academy re roofing project.

Loan principal amount: £9,364

Salix Loan 4

Weaverham Primary Academy re heating project.

Loan principal amount: £88,597

Salix Loan 5

Rudheath Academy re roofing project.

Loan amount: £8,136

Salix Loan 6

Ellesmere Primary re heating project.

Loan principal amount: £24,272

Salix Loan 7

Rudheath Senior Academy re heating project.

Loan principal amount: £93,000

Salix Loan 8

Rudheath Senior Academy re roofing project.

Loan principal amount: £8,840

18
Deferred income
2025
2024
£'000
£'000
Deferred income is included within:
Creditors due within one year
337
301
Deferred income at 1 September 2024
301
175
Released from previous years
(301)
(175)
Resources deferred in the year
337
301
Deferred income at 31 August 2025
337
301
NORTH WEST ACADEMIES TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
18
Deferred income
(Continued)
- 48 -

At the balance sheet date the trust was holding the following funds received in advance:

• £199,738 (2024: £171,194) - Universal Infant Free School Meals

• £33,916 (2024: £nil) - SEN

• £54,196 (2024: £61,891) - FEEE/Early Years funding

• £nil (2024: £37,110) - Shropshire County Council

• £5,487 (2024: £31,400) - Trips and snacks income

• £35,000 (2024: £nil) – St John’s CE Academy Environmental Gran t

19
Funds
Balance at
Gains,
Balance at
1 September
losses and
31 August
2024
Income
Expenditure
transfers
2025
£'000
£'000
£'000
£'000
£'000
Restricted general funds
General Annual Grant (GAG)
171
13,729
(13,528)
(372)
-
UIFSM
-
327
(327)
-
-
Pupil premium
-
790
(790)
-
-
Other DfE/ESFA grants
-
1,517
(1,517)
-
-
Other government grants
-
1,963
(1,963)
-
-
Other restricted funds
-
171
(171)
-
-
Pension reserve
(675)
(124)
207
439
(153)
(504)
18,373
(18,089)
67
(153)
Restricted fixed asset funds
Inherited on conversion
23,091
881
(243)
150
23,879
DfE group capital grants
17,557
11
(222)
30
17,376
Capital expenditure from GAG
118
-
(58)
224
284
Local Authority Capital Grants
-
452
(4)
199
647
Private sector capital sponsorship
306
-
(2)
(231)
73
41,072
1,344
(529)
372
42,259
Total restricted funds
40,568
19,717
(18,618)
439
42,106
Unrestricted funds
General funds
95
1,404
(936)
-
563
Total funds
40,663
21,121
(19,554)
439
42,669
NORTH WEST ACADEMIES TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
19
Funds
(Continued)
- 49 -

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

The General Annual Grant (GAG) must be used for the normal costs of the Academy. The Academy is allowed to carry forward up to 12% of the GAG. Of the carried forward amount up to 2% of the GAG can be used for general purposes at the discretion of the Academy but any balance over 2% must be used for capital purposes.

Restricted general funds are to be applied to meet the day to day working commitments for the academy in meeting its object ive s.

The pension fund relates to the trust's share of the (deficit)/surplus of the Local Government Pension Scheme.

The restricted fixed asset fund represents the value of property of joining schools transfer red in on conversion, plus: government and other grants received specifically for the purchase of fixed assets, and trust revenue funds that have been used to make capital purchases. Charged against the fund is depreciation costs of the assets purchased with the capital funding.

The unrestricted fund represents resources which may be used towards meeting any of the charitable objects of the academy trust at the discretion of the trustees. Within these funds the following have been designated for future capital projects and are to be transferred into restricted fixed asset funds when the spending occurs:

Acresfield Primary Academy re SEN hub - £20,000

Millfields Primary Academy re school nursery/school build - £51,649

NORTH WEST ACADEMIES TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
19
Funds
(Continued)
- 50 -
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
£'000
£'000
£'000
£'000
£'000
Restricted general funds
General Annual Grant (GAG)
-
12,182
(12,000)
(11)
171
Start up grants
-
25
(25)
-
-
UIFSM
-
283
(283)
-
-
Pupil premium
-
681
(681)
-
-
Other DfE/ESFA grants
-
1,137
(1,137)
-
-
Other government grants
-
1,332
(1,332)
-
-
Other restricted funds
-
10
(10)
-
-
Pension reserve
(1,024)
(222)
145
426
(675)
(1,024)
15,428
(15,323)
415
(504)
Restricted fixed asset funds
Inherited on conversion
22,738
614
(261)
-
23,091
DfE group capital grants
13,314
4,468
(150)
(75)
17,557
Capital expenditure from GAG
71
-
(39)
86
118
Private sector capital sponsorship
308
-
(2)
-
306
36,431
5,082
(452)
11
41,072
Total restricted funds
35,407
20,510
(15,775)
426
40,568
Unrestricted funds
General funds
131
1,370
(1,406)
-
95
Total funds
35,538
21,880
(17,181)
426
40,663
NORTH WEST ACADEMIES TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
19
Funds
(Continued)
- 51 -
Total funds analysis by academy
2025
2024
Fund balances at 31 August 2025 were allocated as follows:
£'000
£'000
Millfields Primary Academy
171
66
Calveley Primary Academy
100
113
Acton Church of England Primary Academy
73
60
Acresfield Primary Academy
148
103
Oak View Academy
1
3
Ellesmere Primary School
(24)
(35)
St Martin's Academy
24
2
Delamere Church of England Academy
50
2
Grosvenor Park Church of England Primary
1
3
Weaverham Primary
(91)
(102)
Rudheath Senior Academy
193
45
St John's CE Academy
7
-
Central services
(90)
6
Total before fixed assets fund and pension reserve
563
266
Restricted fixed asset fund
42,259
41,072
Pension reserve
(153)
(675)
Total funds
42,669
40,663

Ellesmere Primary School

Ellesmere had an in-year surplus of £11k, the carried forward deficit now stands at £24k. This school is expecting to return to a cumulative surplus in 2025-26.

Weaverham Primary Academy

Weaverham had an in-year surplus of £11k, the carried forward deficit now stands at £91k. The school continues to feel the impact of extremely low pupil numbers in on one intake year. This small year group still has two years to run before its impact stops. The school is expected to break even in 2025-26.

Central Services

Central had an in-year deficit of £96k, the carried forward deficit now stands at £90k. The Central office expects to generate an in-year surplus of £20k in 2025-26.

NORTH WEST ACADEMIES TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
19
Funds
(Continued)
- 52 -
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
£'000
£'000
£'000
£'000
£'000
£'000
Millfields Primary Academy
1,008
203
48
202
1,461
966
Calveley Primary Academy
519
129
83
134
865
718
Acton Church of England Primary Academy
754
175
49
142
1,120
1,065
Acresfield Primary Academy
1,054
169
119
235
1,577
1,561
Oak View Academy
783
190
62
184
1,219
1,281
Ellesmere Primary School
1,453
447
52
260
2,212
1,974
St Martin's Academy
720
100
112
187
1,119
1,087
Delamere Church of England Academy
761
120
71
237
1,189
1,119
Grosvenor Park Church of England Primary
841
80
89
262
1,272
1,203
Weaverham Primary
550
120
27
162
859
739
Rudheath Senior Academy
2,860
567
315
725
4,467
4,284
St John's CE Academy
581
118
37
131
867
-
Central services
378
375
25
230
1,008
873
12,262
2,793
1,089
3,091
19,235
16,870
20
Analysis of net assets between funds
Unrestricted
Restricted funds:
Total
Funds
General
Fixed asset
Funds
£'000
£'000
£'000
£'000
Fund balances at 31 August 2025 are represented by:
Tangible fixed assets
-
-
43,042
43,042
Current assets
565
1,473
310
2,348
Current liabilities
(2)
(1,473)
(320)
(1,795)
Non-current liabilities
-
-
(773)
(773)
Pension scheme liability
-
(153)
-
(153)
Total net assets
563
(153)
42,259
42,669
NORTH WEST ACADEMIES TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
20
Analysis of net assets between funds
(Continued)
- 53 -
Unrestricted
Restricted funds:
Total
Funds
General
Fixed asset
Funds
£'000
£'000
£'000
£'000
Fund balances at 31 August 2024 are represented by:
Tangible fixed assets
-
-
41,593
41,593
Current assets
284
1,201
530
2,015
Current liabilities
(189)
(1,030)
(186)
(1,405)
Non-current liabilities
-
-
(865)
(865)
Pension scheme liability
-
(675)
-
(675)
Total net assets
95
(504)
41,072
40,663
21
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 The Cheshire Pension Fund & The Shropshire County Pension Fund. Both are multi-employer defined benefit schemes.

The latest actuarial valuation of the TPS related to the period ended 31 March 2020, and that of the LGPS related to the period ended 31 March 2022.

Contributions amounting to £302,000 were payable to the schemes at 31 August 2025 (2024: £255,000) 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.

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.

NORTH WEST ACADEMIES TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
21
Pension and similar obligations
(Continued)
- 54 -

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 has been implemented from 1 April 2024. The next valuation result is due to be implemented from 1 April 2027.

The employer's pension costs paid to the TPS in the period amounted to £1,804,000 (2024: £1,448,000).

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

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

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 15.7% to 26.9% for employers and 5.5% to 12.5% for employees.

As described in note 27 the LGPS obligation relates to the employees of the academy trust, being the employees transferred as part of the conversion from the maintained school and new employees who join ed the s cheme in the period. The obligation in respect of employees who transferred on conversion represents their cumulative service at both the predecessor school and the academy trust at the balance sheet date.

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.

Total contributions made
2025
2024
£'000
£'000
Employer's contributions
909
806
Employees' contributions
239
206
Total contributions
1,148
1,012
NORTH WEST ACADEMIES TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
21
Pension and similar obligations
(Continued)
- 55 -
Principal actuarial assumptions
2025
2024
%
%
Rate of increase in salaries
3.44
3.40
Rate of increase for pensions in payment/inflation
2.70
2.65
Discount rate for scheme liabilities
6.10
5.00
Inflation assumption (CPI)
2.60
2.60
The current mortality assumptions include sufficient allowance for future improvements in mortality rates. The assumed life expectations on retirement age 65 are:
2025
2024
Years
Years
Retiring today
- Males
21.1
21.1
- Females
23.7
23.7
Retiring in 20 years
- Males
21.6
21.2
- Females
25.3
25.1
Sensitivity analysis

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

2025
2024
£'000
£'000
Discount rate - 0.1%
225
260
Mortality assumption + 1 year
395
389
CPI rate + 0.1%
226
251
Defined benefit pension scheme net liability
2025
2024
£'000
£'000
Scheme assets
13,044
11,164
Scheme obligations
(10,892)
(11,839)
Net asset/(liability)
2,152
(675)
Restriction on scheme assets
(2,305)
-
Total liability recognised
(153)
(675)
NORTH WEST ACADEMIES TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
21
Pension and similar obligations
(Continued)
- 56 -
The academy trust's share of the assets in the scheme
2025
2024
Fair value
Fair value
£'000
£'000
Equities
7,132
5,917
Bonds
3,874
3,684
Cash
126
112
Property
1,554
1,451
Other assets
358
-
Total market value of assets
13,044
11,164
Restriction on scheme assets
(2,305)
-
Net assets recognised
10,739
11,164
The actual return on scheme assets was £654,000 (2024: £918,000).
Amount recognised in the statement of financial activities
2025
2024
£'000
£'000
Current service cost
667
609
Interest income
(586)
(504)
Interest cost
621
556
Benefit changes, curtailments and settlements gains or losses
(5)
-
Administration expenses
5
-
Total amount recognised
702
661
Changes in the present value of defined benefit obligations
2025
2024
£'000
£'000
At 1 September 2024
11,839
10,024
Obligations acquired on conversion
-
661
Transferred in on existing academies joining the academy trust
458
-
Current service cost
667
609
Interest cost
621
556
Employee contributions
239
206
Actuarial gain
(2,681)
(12)
Benefits paid
(251)
(205)
At 31 August 2025
10,892
11,839
NORTH WEST ACADEMIES TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
21
Pension and similar obligations
(Continued)
- 57 -
Changes in the fair value of the academy trust's share of scheme assets
2025
2024
£'000
£'000
At 1 September 2024
11,164
9,000
Assets acquired on conversion
-
439
Transferred in on existing academies joining the academy trust
334
-
Interest income
591
504
Actuarial gain
63
414
Employer contributions
909
806
Employee contributions
239
206
Benefits paid
(251)
(205)
Effect of non-routine settlements and administration expenses
(5)
-
At 31 August 2025
13,044
11,164
Restriction on scheme assets
(2,305)
-
Net assets recognised
10,739
11,164
Restriction of pension scheme assets
2025
2024
£'000
£'000
Present value of defined benefit obligations
(10,892)
(11,839)
Fair value of plan assets
13,044
11,164
Net asset
2,152
(675)
Restriction to level of asset ceiling
(2,305)
-
Net asset/(liability) recognised on the balance sheet
(153)
(675)

The net gain recognised on scheme assets has been restricted because the full pension surplus is not expected to be recovered through refunds or reduced contributions in the future.

NORTH WEST ACADEMIES TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 58 -
22
Reconciliation of net income to net cash flow from operating activities
2025
2024
Notes
£'000
£'000
Net income for the reporting period
(as per the statement of financial activities)
1,567
4,699
Adjusted for:
Net surplus on conversion to academy
27
(778)
(456)
Capital grants from DfE and other capital income
(463)
(4,468)
Investment income receivable
7
(1)
-
Defined benefit pension costs less contributions payable
21
(242)
(197)
Defined benefit pension scheme finance cost
21
35
52
Depreciation of tangible fixed assets
528
452
(Increase)/decrease in debtors
(53)
799
Increase in creditors
396
351
Net cash provided by operating activities
989
1,232
23
Analysis of changes in net funds
1 September 2024
Cash flows
31 August 2025
£'000
£'000
£'000
Cash
1,344
280
1,624
Loans falling due within one year
(118)
7
(111)
Loans falling due after more than one year
(865)
92
(773)
361
379
740
24
Long-term commitments
Operating leases
At 31 August 2025 the total of the academy trust's future minimum lease payments under non-cancellable operating leases was:
2025
2024
£'000
£'000
Amounts due within one year
67
39
Amounts due in two and five years
90
68
157
107
NORTH WEST ACADEMIES TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 59 -
25
Related party transactions

Owing to the nature of the academy trust and the composition of the board of trustees being drawn from local public and private sector organisations, transactions may take place with organisations in which the trustees have an interest. The following related party transactions took place in the financial period.

All transactions involving such organisations are conducted in accordance with the requirements of the Academy Trust Handbook, including notifying ESFA of all transactions made on or after 1 April 2019 and obtaining their approval where required, and with the academy trust’s financial regulations and normal procurement procedures relating to connected and related party transactions.

Expenditure related party transactions

Sir John Timpson K BE - Member

During the year the t rust purchased goods costing £279 (2024: £1,480) from Timpson Ltd, a company in which Sir John Timpson is a director. At the year end, £nil (2024: £n il) was was owed to Timpson Ltd.

K Cook - Trustee

During the year the trust purchased professional services costing £14,573 (2024: £14,889) from Oliver & Co Solicitors, a firm in which K Cook is a p artner, The services were provided by a separate p artner within the firm and thus the transactions compl y with the Acade my Trust Handbook. At the year end, £nil (2024: £n il) was was owed to Oliver & Co Solicitors.

Income related party transactions

Sir John Timpson K BE - Member

During the year the trust received £10,000 as a donation from Timpson Ltd, a company in which Sir John Timpson is a director.

26
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.

27
Conversion to an academy

On 1 January 2025 the St John's CofE Primary School converted to academy trust status under the Academies Act 2010 and all the operations and assets and liabilities were transferred to North West Academies Trust Limited from the Cheshire East Local Authority for £nil consideration.

The transfer has been accounted for as a combination that is in substance a gift. The assets and liabilities transferred were valued at their fair value s and recognised in the balance sheet under the appropriate headings with a corresponding net amount recognised as a net gain in the s tatement of f inancial a ctivities as d onations – transfer from local authority on conversion.

The following table sets out the fair values of the identifiable assets and liabilities transferred and an analysis of their recognition in the statement of financial activities.

Academy
Location
Date of conversion
St John's CE Academy
Sandbach
1 January 2025
NORTH WEST ACADEMIES TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
27
Conversion to an academy
(Continued)
- 60 -
Unrestricted
Restricted funds:
Total
funds
General
Fixed asset
2025
Net assets transferred:
£'000
£'000
£'000
£'000
Leasehold land and buildings
-
-
860
860
Other tangible fixed assets
-
-
6
6
Cash
-
21
15
36
Pension scheme deficit
-
(124)
-
(124)
-
(103)
881
778
Unrestricted
Restricted funds:
Total
funds
General
Fixed asset
2025
Funds surplus/(deficit) transferred:
£'000
£'000
£'000
£'000
Fixed assets funds
-
-
881
881
LA budget funds
-
21
-
21
LGPS pension funds
-
(124)
-
(124)
-
(103)
881
778

Land and buildings transferred in on conversion have a lease term of 125 years.

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