Company registration number 10605768 (England and Wales)
WEAVER TRUST LIMITED
(A COMPANY LIMITED BY GUARANTEE)
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 AUGUST 2025
31 August 2025
WEAVER TRUST LIMITED
CONTENTS
Page
Reference and administrative details
1 - 2
Trustees' report
3 - 9
Governance statement
10 - 13
Statement of regularity, propriety and compliance
14
Statement of Trustees' responsibilities
15
Independent auditor's report on the financial statements
16 - 19
Independent reporting accountant's report on regularity
20 - 21
Statement of financial activities including income and expenditure account
22 - 23
Balance sheet
24
Statement of cash flows
25
Notes to the financial statements including accounting policies
26 - 47
WEAVER TRUST LIMITED
REFERENCE AND ADMINISTRATIVE DETAILS
- 1 -
Members
M J Cladingbowl
M Metcalfe
J Owens
W Norrie
L Soutar
Trustees
A Williams (CEO & Accounting Officer) (Resigned 18 September 2024)
C Ridge (Chair of Finance, Audit and Risk Committee)
Dr C Hampshire (Resigned 15 October 2024)
M Lord (Chair of Education & Standards Committee)
J Cobley (Chair of Trustees)
R Foreman
Y Thwaites (Resigned 4 December 2024)
M Williams (Chair of Education Committee) (Resigned 16 September 2024)
A J Cameron (Resigned 27 March 2025)
E Bartlet
C Heptinstall
R Corp (Appointed 26 March 2025)
K Hardy (Appointed 6 January 2025)
Senior management team
- CEO & Accounting Officer
A Williams
- CFO - Resigned 1/11/204
K Vitalis
- Interim CFO - 1/11/24-21/04/25
H Cashin
- Director of Education
A Lawson
- CFO - Appointed 22/04/25
J McConville
- Teaching & Learning Lead
C Morris
- Executive Headteacher
G de Souza
Company secretary
Oliver & Co Secretarial Services Limited
Company registration number
10605768 (England and Wales)
Principal and registered office
Oak Tree Barn
Suite 2
Hatton Lane
Hatton
Warrington
WA4 4BX
Academies operated
Location
Principal
Halton Lodge Primary School
Halton
Mr A Hilldrup
Westminster Community Primary
Ellesmere Port
E Dunn
Barnton Community Nursery & Primary School
Northwich
A L S Lawson
Grange Community Nursery & Primary School
Winsford
S Albiston
Comberbach Nursery & Primary School
Northwich
A S Williams
Leftwich Community Primary School
Northwich
C Harrison & L Guy
WEAVER TRUST LIMITED
REFERENCE AND ADMINISTRATIVE DETAILS
- 2 -
Independent auditor
Mitchell Charlesworth (Audit) Limited
24 Nicholas Street
Chester
CH1 2AU
Bankers
Lloyds Bank plc
Altrincham Branch
PO Box 1000
BX1 1LT
Solicitors
Hill Dickinson LLP
No.1 St. Pauls Square
Liverpool
Merseyside
L3 9SJ
WEAVER 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 C haritable C ompany for the year 1 September 2024 to 31 August 2025. The annual report serves the purposes of both a T rustees' report, and a directors' report and strategic report under company law.

The Academy Trust operates 6 primary academies in the North West of England. Its Academies have a combined pupil capacity of 1,485 (excluding Nursery provision) and had a roll of 1,245 in the school census in October 202 4.

Structure, governance and management
Constitution

The Academy Trust is a company limited by guarantee and an exempt charity. The C haritable C ompany's memorandum and A rticles of A ssociation are the primary governing documents of the Academy Trust.

The C haritable C ompany operates as Weaver Trust. Within the Trust are 6 schools known as Barnton Community Nursery & Primary School, Grange Community Nursery & Primary School, Comberbach Nursery & Primary School, Leftwich Community Primary School, Westminster Community Primary School & Halton Lodge Primary School.

The Trustees of Weaver Trust Limited are also the directors of the C haritable C ompany for the purposes of company law. 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 C haritable C ompany undertakes to contribute to the assets of the C haritable C ompany in the event of it being wound up while they are a member, or within one year after they cease to be a member, such amount as may be required, not exceeding £10, for the debts and liabilities contracted before they ceased to be a member.

Trustees' indemnities

The Academy Trust maintains Trustees', Governors' and Officers' liability insurance which gives appropriate cover for any legal action brought against them. The Academy Trust has also granted indemnities to each of its Governors and other officers to the extent permitted by law. Qualifying third party indemnity provisions (as defined by section 236 of the Companies Act 2006) were in force during the period and remain in force, in relation to certain losses and liabilities which Governors or other officers may incur to third parties in the course of acting as Governors or officers of the Academy Trust.

WEAVER TRUST LIMITED
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 4 -
Method of recruitment and appointment or election of Trustees

There are five members of the Trust. The members, as designated in the Articles of Association, have appointed eight Trustees. No Member is also Trustee and no employee of the Trust is also a Trustee as our CEO resigned as Trustee on 18th September 2024.

The Secretary of State may appoint such additional trustees as she thinks fit, if she has given the Trust a Governance a warning notice and the Governors have failed to comply, or secure compliance, with the notice to the Secretary of State’s satisfaction within the compliance period.

To recruit additional Trustees, a Skills Audit was undertaken and Trustees with the necessary skills or characteristics recruited, via a number of different channels. Recommendations were then presented to Members, who decided whether the fit was right for our Trust.

A Local Education Committee has been established at each school, with two parent governors and one Staff Governor elected. The members as designated in the articles of association may appoint up to ten Governors. All Governors shall upon their appointment give a written undertaking to the foundation Members/​​Trustees to uphold the objectives of the Trust.

Trustees may appoint additional local Governors provided that the total number of Governors (including ex officio Governors) would not thereby exceed 25% of the total number of Governors.

Policies and procedures adopted for the induction and training of Trustees

The training and induction provided for new Trustees depends on their previous experience. All new Trustees are welcomed by the Chair and an Induction Pack is shared. They are given a tour of the schools and the chance to meet with staff and pupils. All Trustees are provided with copies of policies, procedures, minutes, accounts, budgets, plan and other documents that they will need to undertake their role as Trustee.

New Trustees attend an Induction and have access to a full programme of courses which they will choose to attend, based on their role and experience and are subject to a formal training and induction process. Training can take place internally or involving external organisations. The Headteacher also fully briefs all Trustees on the daily operation of the school.

A review of the training needs of the Trustees has been carried out during the period and the necessary requirements for further training and the induction of any new Trustees will be considered in each period. Governor and Trustee training is comprehensive and reviewed regularly.

Organisational structure

The key management personnel of the academy trust comprise the trustees and the senior leadership team as disclosed on the Reference and Administrative page. Our Trust operates within the confines of our Scheme of Delegation, with decision making delegated appropriately, commensurate to the level of seniority and risk.

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

Weaver Trust’s Pay Policy, setting the terms and conditions for the key management personnel, was developed and approved by the board of trustees, after taking advice from the Chief Executive Officer and following guidance from the relevant professional pay review bodies. The CEO is not involved in setting their own remuneration package. This policy is reviewed annually.

The CEO is remunerated, and only receive remuneration in respect of services they provide under their contracts of employment.

The day to day running of the Pay Policy is delegated to the CEO and monitored by the Finance, Audit and Risk Committee. All details for setting pay and remuneration of key management personnel are set out in the pay policy and appraisal policy which are reviewed annually by the board of trustees.

Remuneration of key management personnel is set at an individual level, and the trustees have taken external professional advice which includes benchmarking, market trends and advice on structuring of incentives. Senior management salaries are linked closely to pay spines, helping trustees conclude that each individual is remuneration at an appropriate level. As such salaries are linked to factors such as length of service and experience. Total remuneration packages include employer pension contribution rates at specific approved rates.

The board always bear in mind the charitable status of the academy trust and recognise the fact the trust receives funding under a funding agreement with the Secretary of State for Education, and therefore ensure the remuneration paid to senior management personnel never exceeds a reasonable amount that provide value for money to the trust. The performance of senior management personnel is reviewed on a regular basis to ensure continuing value for money.

Total remuneration paid to senior management personnel is set out in the notes to the financial statements.

The CEO is the Accounting Officer for our Trust. The business of the Trust is managed by Trustees in accordance with the Scheme of Delegation.

Related parties and other connected charities and organisations

With schools in Winsford, Northwich and Ellesmere Port, we play an active role in the Local Education Partnerships. In addition to this, our CEO networks with other CEOs locally.

Our schools, individually, are supported by the Friends of the School Associations, working closely to support their charitable activities.

Trade Union Officials

The Trust has no relevant Trade Union Officials.

WEAVER TRUST LIMITED
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 6 -
Objectives and activities
Objects and aims

Weaver Trust is a charitable Multi-Academy Trust specialising in primary Academies. We are building a thriving community of schools including converter and sponsored primary Academies that succeed on behalf of their children. We bring an understanding of the unique role of successful primary education as a pre-requisite for even greater success at secondary school level.

We will aim to maintain a group of exceptional primary Academies that is uncompromising in drive and commitment to sharing best practice, with our overarching aim being outstanding personal success.

Our mission is to ensure ‘excellent practice for excellent outcomes’.

Our vision is that Weaver Trust will:

- Engage pupils in learning, through motivational teaching and irresistible opportunities

- Empower children with a tangible sense of purpose and ambition for better life chances

- Achieve excellent outcomes for pupils, staff and communities

Our vision is underpinned by the following values:

- Innovative – providing a curriculum packed with creative learning opportunities in and beyond the classroom, encouraging questioning minds

- Responsible – developing a sense of responsibility for ourselves, as independent learners, for our community and our world

- Caring – ensuring a nurturing and considerate approach to all in our trust, developing self-belief and resilience in every child to allow each to achieve their full potential

Our objectives are set to reflect the educational aims and ethos of the Trust.

Objectives, strategies and activities

Our key objectives for the coming year include:

- To build a thriving community of schools, including converter and sponsored primary academies, which succeed on behalf of their children.

- To bring an understanding of the unique role of successful primary education as a pre-requisite for even greater success at secondary school level.

- To develop a group of exceptional primary Academies that is uncompromising in drive and commitment to sharing best practice, with our overarching aim being outstanding personal success.

- To maintain a family of autonomous schools that is uncompromising in its search for excellence.

- For children

A wholly inclusive approach, developing self-belief and resilience in every child, to allow each to achieve their full potential

- For schools

Appreciating the unique nature of partner schools, sharing best practice and promoting the highest levels of academic outcomes for all, so that the Trust as a whole is greater than the sum of its parts

- For teachers

Valuing the ‘teacher’ – any adult working with children, including Governors and parents as well as all the professional staff - together, we are committed to creating an inspiring environment with amazing opportunities to ensure every child achieves their full potential

- For Success

Schools can succeed anywhere and we are committed to ensuring the very best outcomes for children in our Trust, excellent practice for excellent outcomes

WEAVER TRUST LIMITED
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 7 -
Public benefit

In setting our objectives and planning our activities the trustees have carefully considered the Charity Commission’s general guidance on public benefit.

Strategic report
Achievements and performance

The table below shows the outcomes achieved in Weaver Trust schools, at KS1 and KS2, in 2025.

These results are testament to the quality of the curriculum offered and clearly shows the impact of our school improvement offer across our schools.

Trust Average KS2 Year 6 Statutory Outcomes – July 2025

Trust Combined | Reading /Writing/Maths/Combined
Subject | R | W | M | Combined
National Average (2025) | 75% | 72% | 74% | 62%
Total Cohort | 76% | 77% | 75% | 69%
Greater Depth | 33% | 17% | 26% | 12%

Trust Average GLD and Phonics Results – July 2025

Trust Combined | GLD/Phonics
Subject | EY Good Level of Development | Year 1 Phonics Screening
National Average (2024) | 67% | 79%
Total Cohort | 62% | 80%

Key performance indicators

The Trustees consider that the following are key performance indicators for the academy Trust:

- Pupil numbers

- General financial stability

- Income per pupil

- Staff Costs

- Ofsted inspection results

- Effective Estate Management

The Trustees feel that all key performance indicators have been met during the period.

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, the Board of Trustees 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.

WEAVER TRUST LIMITED
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 8 -
Financial review

Most of the Trust’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 £11,236,000 (202 4: £9,155,000) was fully covered by grant funding from the DfE together with other incoming resources. The excess of income over expenditure (excluding actuarial losses on the defined benefit pension scheme) was £441,000 (202 4: £51,000 deficit excluding the transfer in of £4,8 84,000).

As at the 31st August 202 5, the net book value of fixed assets was £22,452,000 (202 4: £22,333,000) including the value of the land and building which are lease d on a 125 year lease. The assets are used exclusively for providing education and the associated support services to the pupils of the academy.

Reserves policy

The trustees review the reserve levels of the Academy Trust annually. This review encompasses the nature of income and expenditure streams, the need to match income with commitments and the nature of reserves.

The trustees will always try to match income with expenditure in the current year (set and manage a balanced budget), will only carry forward reserves that it considers necessary and will have a clear plan for how it will be used to benefit the pupils.

The trustees have determined that the appropriate level of free reserves should be equivalent to one month’s cost. The reason for this is to provide sufficient working capital to cover delays between spending and receipt of grant income and to provide a cushion to deal with unexpected emergencies such as urgent maintenance or long term sickness where unforeseen costs are incurred.

The trustees will monitor the level of reserves to ensure that they are maintained at the required level. In the event that they are partly used the trust will strive to rebuild free reserves up to the level needed.

The trust has overall reserves of £23,474,000 (2024: £23,136,000) , included within is restricted general reserves (excluding pension & fixed asset reserves) of £21,000 (2024: £nil) and unrestricted reserves of £746,000 (2024 £796,000). The total free reserves (excluding pension & fixed asset reserves) amounts to £767,000 (2024 £796,000).

The pension scheme liability as at 31 st August 202 5 was £nil (202 4: £nil). The vast majority of the movement of the pension scheme liability is due to actuarial assumptions and does not have a direct cash impact.

Investment policy

Currently the Trust ha s invested in a higher interest 30-day deposit account. The decision to invest this money in this way was undertaken by the Finance and Audit committee and approved by Trustees.

Principal risks and uncertainties

The Trust is exposed to a variety of financial risks. The trustees have appointed a Finance, Audit and Risk Committee, chaired by an experienced and highly-skilled finance director. Monthly management accounts are produced by our CFO, and all financial spend is signed off monthly as outlined in our Financial Regulations Policy. All financial policies, set by the board of trustees, are implemented by the key personnel in each school.

Our Finance, Audit and Risk Committee, has worked with school leaders to identify and assess risks in each school. A Risk Register has been compiled and shared with school leaders, alongside our Risk Management Policy and Strategy, so all are aware of risks and how to plan mitigating action. Our Risk Management approach underpins our approach to internal audit.

WEAVER TRUST LIMITED
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 9 -
Fundraising

The schools within the Trust undertake a variety of fundraising activities to support several charities and the Trust itself. All fundraising undertaken during the year was monitored by the Trustees.

Streamlined energy and carbon reporting

As the Trust has not consumed more than 40,000 kWh of energy in this reporting period nor is it classed as a large company as determined by sections 465 and 466 of the Companies Act 2006, it is not required to report on its emissions, energy consumption or energy efficiency activities.

Plans for future periods

The trustees allocate the budget each year on receipt of their GAG from the ESFA. Approximately 74% of the budget is taken up each year by staffing costs with the remainder allocated for the running of our schools on a day-to-day basis, ensuring sufficient financial resources to develop and influence curriculum and pupil development to achieve the key academic performance indicators set by the trustees. Each October, the Trust Delivery Plan and Growth Strategy are approved by the trustees with delegated spend for key priorities given and approved. Through a system of distributed leadership, key decisions are made that improve the quality of learning for all.

Funds held as custodian trustee on behalf of others

The Trust does not hold any funds as custodian Trustee on behalf of others.

Auditor

Insofar as the Trustees are aware:

- there is no relevant audit information of which the C haritable C ompany's auditor is unaware; and

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

A resolution proposing that 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 15 December 2025 15 December 2025 and signed on its behalf by:

J Cobley
Chair of Trustees
WEAVER TRUST LIMITED
GOVERNANCE STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2025
- 10 -
Scope of responsibility

As Trustees, we acknowledge we have overall responsibility for ensuring that Weaver 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 Weaver 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 7 times during the year. Attendance during the year at meetings of the Board of Trustees was as follows:

Trustees
Meetings attended
Out of possible
A Williams (CEO & Accounting Officer) (Resigned 18 September 2024)
0
0
C Ridge (Chair of Finance, Audit and Risk Committee)
6
7
Dr C Hampshire (Resigned 15 October 2024)
1
2
M Lord (Chair of Education & Standards Committee)
5
7
J Cobley (Chair of Trustees)
7
7
R Foreman
5
7
Y Thwaites (Resigned 4 December 2024)
1
2
M Williams (Chair of Education Committee) (Resigned 16 September 2024)
0
0
A J Cameron (Resigned 27 March 2025)
3
5
E Bartlet
7
7
C Heptinstall
5
7
R Corp (Appointed 26 March 2025)
1
2
K Hardy (Appointed 6 January 2025)
3
4

Over the course of the year we have experienced some change to the board of trustees. Before recruiting, a skills audit has been undertaken, allowing us the opportunity to recruit new trustees to the board with specific expertise.

Conflicts of interest

In order to manage conflicts of interest, Weaver Trust asks all trustees and governors to review the Register of Interests, which is published on our website, at each meeting. Any conflict is highlighted in meetings and the relevant person is asked to leave the room, until the associated business is finished.

Governance reviews

The Trust undertakes a Governance review regularly including:-

• Assessing the impact and effectiveness of the board of trustees, including any external review of governance

• Considering the finding thereof and any actions required.

• When to next self-evaluate .

WEAVER TRUST LIMITED
GOVERNANCE STATEMENT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 11 -

The Finance, Audit and Risk Committee is a sub-committee of the main Board of Trustees. Its purpose is to assist the decision making of the Board, by enabling more detailed consideration to be given to matters of finance, audit and risk. The committee has been instrumental in developing a shared understanding of risk and ensuring key documents are is recorded effectively.

We are confident that we have sound management of the Trust’s finances and resources, as well as proper planning, monitoring and probity.

Attendance at meetings in the year was as follows:

Trustees
Meetings attended
Out of possible
A Williams (CEO & Accounting Officer) (Resigned 18 September 2024)
5
5
C Ridge (Chair of Finance, Audit and Risk Committee)
4
5
Dr C Hampshire (Resigned 15 October 2024)
1
1
J Cobley (Chair of Trustees)
5
5
A J Cameron (Resigned 27 March 2025)
2
3
E Bartlet
4
5
C Heptinstall
4
5
Review of value for money

As accounting officer, the CEO has responsibility for ensuring that the Academy Trust delivers good value in the use of public resources. The accounting officer understands that value for money refers to the educational and wider societal outcomes, 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:

- Ensuring efficient levels of staffing to meet the needs of all learners

- Undertaken procurement to ensure that the best deals have been secured for our Trust

- Shared specialist staff across the schools in the Trust

- Developed a programme of CDP for all Trust staff

- Invest to safe in the trust’s estate

A Condition Survey has been completed for each of our Trust schools and the findings from this have been collated into an Estate Strategy. This is used to inform all decisions about our estate and capital investment strategy, ensuring that our schools are safe, well-maintained and comply with regulations.

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 Weaver 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.

WEAVER TRUST LIMITED
GOVERNANCE STATEMENT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 12 -
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.

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 general purposes committee of reports which indicate financial performance against the forecasts and of major purchase plans, capital works and expenditure programmes

- setting targets to measure financial and other performance

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

- identification and management of risks

- A detailed scheme of delegation, which is understood by all

The Board of Trustees decided to buy-in an internal audit service from DJH Accountants. This option was chosen due to their expertise and offering good value for money.

The reviewer’s role includes giving advice on financial and other matters and performing a range of checks on the Academy Trust’s financial and other systems.

In particular, the checks carried out in the current period included:

- Expenditure systems and controls

- Bank systems and controls

- Payroll systems and controls

- Income systems and controls

Twice a year, the reviewer reported to the Board of Trustees, through the sub-committee on the operation of the systems of control and on the discharge of the Board of Trustees’ financial responsibilities and annually prepares an annual summary report to the committee outlining the areas reviewed, key findings, recommendations and conclusions to help the committee consider actions and assess year on year progress.

The reviewer’s role includes giving advice on financial and other matters and performing a range of checks on the academy trust’s financial and other systems.

Review of effectiveness

As accounting officer, our 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 reviewer;

- 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 work of the external auditor; and

- correspondence from ESFA, eg financial notice to improve/notice to improve (FNtI/NtI) and ‘minded to’ letters.

WEAVER TRUST LIMITED
GOVERNANCE STATEMENT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 13 -

The accounting officer has been advised of the implications of the result of their review of the system of internal control by the Finance, Audit and Risk Committee and ensures continuous improvement of the system is in place.

Conclusion

Based on the advice of the Finance, Audit and R isk 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 15 December 2025 and signed on its behalf by:

A Williams
J Cobley
CEO & Accounting Officer
Chair of Trustees
WEAVER TRUST LIMITED
STATEMENT OF REGULARITY, PROPRIETY AND COMPLIANCE
FOR THE YEAR ENDED 31 AUGUST 2025
- 14 -

As accounting officer of Weaver 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.

A Williams
Accounting Officer
15 December 2025
WEAVER TRUST LIMITED
STATEMENT OF TRUSTEES' RESPONSIBILITIES
FOR THE YEAR ENDED 31 AUGUST 2025
- 15 -

The Trustees (who are also the directors of Weaver Trust Limited for the purposes of company law) are responsible for preparing the Trustees' report and the accounts in accordance with the Academies Accounts Direction 2022 to 2023 published by the Education and Skills Funding Agency, United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.

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

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

- select suitable accounting policies and then apply them consistently;

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

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

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

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

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the C haritable C ompany's transactions and disclose with reasonable accuracy at any time the financial position of the C haritable C ompany 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 C haritable C ompany 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 C haritable C ompany'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 15 December 2025 and signed on its behalf by:

J Cobley
Chair of Trustees
WEAVER TRUST LIMITED
INDEPENDENT AUDITOR'S REPORT ON THE FINANCIAL STATEMENTS TO THE MEMBERS OF WEAVER TRUST LIMITED
FOR THE YEAR ENDED 31 AUGUST 2025
- 16 -

Opinion

We have audited the financial statements of Weaver 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.

WEAVER TRUST LIMITED
INDEPENDENT AUDITOR'S REPORT ON THE FINANCIAL STATEMENTS TO THE MEMBERS OF WEAVER TRUST LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 17 -
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.

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:

WEAVER TRUST LIMITED
INDEPENDENT AUDITOR'S REPORT ON THE FINANCIAL STATEMENTS TO THE MEMBERS OF WEAVER TRUST LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 18 -

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

- the school's 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 school’s 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;

- 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 Trust's 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 Academies Financial Handbook and Accounts Direction 2024-25 issued by the Education and Skills Funding Agency.

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.

Audit response to risks identified

As a result of performing the above, we identified the presentation of the Trust'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;

WEAVER TRUST LIMITED
INDEPENDENT AUDITOR'S REPORT ON THE FINANCIAL STATEMENTS TO THE MEMBERS OF WEAVER TRUST LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 19 -

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 for the audit of the accounts is located on the Financial Reporting Council’s website at: http://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
16 December 2025
2025-12-16
WEAVER TRUST LIMITED
INDEPENDENT REPORTING ACCOUNTANT'S REPORT ON REGULARITY TO WEAVER TRUST LIMITED AND THE SECRETARY OF STATE FOR EDUCATION
FOR THE YEAR ENDED 31 AUGUST 2025
- 20 -

In accordance with the terms of our engagement letter dated 14 March 2023 and further to the requirements of the Department for Education (DfE) as included in the extant Framework and Guide for External Auditors and Reporting Accountants of Academy Trusts, we have carried out an engagement to obtain limited assurance about whether anything has come to our attention that would suggest, in all material respects, the expenditure disbursed and income received by Weaver 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 Weaver 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 Weaver 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 Weaver 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 Weaver Trust Limited and the reporting accountant

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

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

Approach

We conducted our engagement in accordance with the Framework and Guide for External Auditors and Reporting Accountant of Academy Trusts issued by the DfE, which requires a limited assurance engagement as set out in our engagement letter.

The objective of a limited assurance engagement is to perform such procedures as to obtain information and explanations in order to provide us with sufficient appropriate evidence to express a negative conclusion on regularity.

A limited assurance engagement is more limited in scope than a reasonable assurance engagement and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in a reasonable assurance engagement. Accordingly, we do not express a positive opinion.

Our engagement includes examination, on a test basis, of evidence relevant to the regularity and propriety of the Academy Trust's income and expenditure.

The work undertaken to draw to our conclusion includes:

- An assessment of the risk of material irregularity and impropriety across the Academy Trust's activities;

- A review of the Academy Trust's accounting and internal procedures; and

- Consideration and review of the evidence supporting the Accounting Officer's statement on regularity, propriety and compliance.

WEAVER TRUST LIMITED
INDEPENDENT REPORTING ACCOUNTANT'S REPORT ON REGULARITY TO WEAVER TRUST LIMITED AND THE SECRETARY OF STATE FOR EDUCATION (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 21 -
Conclusion

In the course of our work, nothing has come to our attention which suggests that in all material respects the expenditure disbursed and income received during the period 1 September 2024 to 31 August 2025 has not been applied for the purposes intended by Parliament or that the financial transactions do not conform to the authorities which govern them.

Reporting Accountant
Mitchell Charlesworth (Audit) Limited
24 Nicholas Street
Chester
CH1 2AU
16 December 2025
WEAVER TRUST LIMITED
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2025
- 22 -
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
3
83
-
863
946
362
Donations - transfer from local authority on conversion
-
-
-
-
4,884
Charitable activities:
- Funding for educational operations
4
600
10,063
-
10,663
8,669
Other trading activities
5
58
-
-
58
60
Investments
6
10
-
-
10
11
Total
751
10,063
863
11,677
13,986
Expenditure on:
Raising funds
7
-
9
-
9
7
Charitable activities:
- Educational operations
9
801
9,529
897
11,227
9,148
Total
7
801
9,538
897
11,236
9,155
Net income/(expenditure)
(50)
525
(34)
441
4,831
Transfers between funds
18
-
(401)
401
-
-
Other recognised gains/(losses)
Actuarial losses on defined benefit pension schemes
20
-
(103)
-
(103)
(269)
Net movement in funds
(50)
21
367
338
4,562
Reconciliation of funds
Total funds brought forward
796
-
22,340
23,136
18,574
Total funds carried forward
746
21
22,707
23,474
23,136
WEAVER TRUST LIMITED
STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED)
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2025
- 23 -
Comparative year information
Unrestricted
Restricted funds:
Total
Year ended 31 August 2024
funds
General
Fixed asset
2024
Notes
£'000
£'000
£'000
£'000
Income and endowments from:
Donations and capital grants
3
32
-
330
362
Donations - transfer from local authority on conversion
-
120
4,764
4,884
Charitable activities:
- Funding for educational operations
4
468
8,201
-
8,669
Other trading activities
5
60
-
-
60
Investments
6
11
-
-
11
Total
571
8,321
5,094
13,986
Expenditure on:
Raising funds
7
-
7
-
7
Charitable activities:
- Educational operations
9
541
8,132
475
9,148
Total
7
541
8,139
475
9,155
Net income
30
182
4,619
4,831
Transfers between funds
18
-
(288)
288
-
Other recognised gains/(losses)
Actuarial losses on defined benefit pension schemes
20
-
(269)
-
(269)
Net movement in funds
30
(375)
4,907
4,562
Reconciliation of funds
Total funds brought forward
766
375
17,433
18,574
Total funds carried forward
796
-
22,340
23,136
WEAVER TRUST LIMITED
BALANCE SHEET
AS AT 31 AUGUST 2025
- 24 -
2025
2024
Notes
£'000
£'000
£'000
£'000
Fixed assets
Tangible assets
13
22,452
22,333
Current assets
Debtors
14
1,097
679
Cash at bank and in hand
1,051
1,126
2,148
1,805
Current liabilities
Creditors: amounts falling due within one year
15
(900)
(742)
Net current assets
1,248
1,063
Total assets less current liabilities
23,700
23,396
Creditors: amounts falling due after more than one year
16
(226)
(260)
Net assets excluding pension asset
23,474
23,136
Defined benefit pension scheme asset
20
-
0
-
0
Total net assets
23,474
23,136
Funds of the Academy Trust:
Restricted funds
18
- Fixed asset funds
22,707
22,340
- Restricted income funds
21
-
Total restricted funds
22,728
22,340
Unrestricted income funds
18
746
796
Total funds
23,474
23,136

The financial statements on pages 22 to 47 were approved by the Trustees and authorised for issue on 15 December 2025 and are signed on their behalf by:

J Cobley
Chair of Trustees
Company registration number 10605768 (England and Wales)
WEAVER TRUST LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2025
- 25 -
2025
2024
Notes
£'000
£'000
£'000
£'000
Cash flows from operating activities
Net cash provided by operating activities
21
111
812
Cash funds transferred on conversion
-
293
111
1,105
Cash flows from investing activities
Dividends, interest and rents from investments
10
11
Capital grants from DfE Group
863
330
Purchase of tangible fixed assets
(1,017)
(1,554)
Net cash used in investing activities
(144)
(1,213)
Cash flows from financing activities
Repayment of long term government loan
(33)
(31)
Finance costs
(9)
(1)
Net cash used in financing activities
(42)
(32)
Net decrease in cash and cash equivalents in the reporting period
(75)
(140)
Cash and cash equivalents at beginning of the year
1,126
1,266
Cash and cash equivalents at end of the year
1,051
1,126
WEAVER TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
- 26 -
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 false DfE, the Charities Act 2011 and the Companies Act 2006.

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
Income

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

Grants

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

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

Capital grants are recognised in full when there is an unconditional entitlement to the grant. Unspent amounts of capital grants are reflected in the balance sheet in the restricted fixed asset fund. Capital grants are recognised when there is entitlement and are not deferred over the life of the asset on which they are expended.

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.

WEAVER TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 27 -
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.

1.4
Expenditure

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

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

All resources expended are inclusive of irrecoverable VAT.

Expenditure on raising funds

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

Charitable activities

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

WEAVER TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 28 -
1.5
Tangible fixed assets and depreciation

Assets costing £1,000 or more are capitalised as tangible fixed assets and are carried at cost, net of depreciation and any provision for impairment.

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

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

Long Leasehold
Straight line over 125 years
Improvement to property
10% on cost
Assets under construction
Held at cost
Computer equipment
3-33% on cost
Fixtures, fittings & equipment
3-33% on cost

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

1.6
Liabilities

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

1.7
Leased assets

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

1.8
Financial instruments

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

Financial assets

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

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

WEAVER TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 29 -
Financial liabilities

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

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

1.9
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.

1.10
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.

1.11
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.

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

WEAVER TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 30 -
1.12

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 20, 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.

FRS 102 section 28.22 allows an entity to recognise a surplus within the Local Government Pension Scheme “only to the extent it is able to recover the surplus either through reduced contributions in the future or through refunds from the plan”. The actuarial report as at 31 August 2025 indicates a defined benefit asset position, which has been capped at nil value. This is on the basis that it is uncertain that a surplus following any triennial review would result in reduced contributions for the employer, and is unlikely to result in a repayment.

Critical areas of judgement

The trustees have considered the classification of depreciation between direct and support costs. The deprecation charge has been allocated based on the proportion of teaching and support staff.

3
Donations and capital grants
Unrestricted
Restricted
Total
Total
funds
funds
2025
2024
£'000
£'000
£'000
£'000
Capital grants
-
863
863
330
Other donations
83
-
83
32
83
863
946
362
WEAVER TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 31 -
4
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)
-
6,454
6,454
5,674
Other DfE/ESFA grants:
- UIFSM
-
157
157
130
- Pupil premium
-
658
658
587
- Others
-
873
873
566
Other DfE group grants
-
17
17
-
-
8,159
8,159
6,957
Other government grants
Local authority grants
-
1,892
1,892
1,244
Other incoming resources
600
12
612
468
Total funding
600
10,063
10,663
8,669
5
Other trading activities
Unrestricted
Restricted
Total
Total
funds
funds
2025
2024
£'000
£'000
£'000
£'000
Hire of facilities
58
-
58
60
6
Investment income
Unrestricted
Restricted
Total
Total
funds
funds
2025
2024
£'000
£'000
£'000
£'000
Short term deposits
10
-
10
11
WEAVER TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 32 -
7
Expenditure
Non-pay expenditure
Total
Total
Staff costs
Premises
Other
2025
2024
£'000
£'000
£'000
£'000
£'000
Expenditure on raising funds
- Direct costs
-
-
9
9
7
Academy's educational operations
- Direct costs
6,838
674
620
8,132
6,353
- Allocated support costs
1,139
751
1,206
3,096
2,795
7,977
1,425
1,835
11,237
9,155
Net income/(expenditure) for the year includes:
2025
2024
£'000
£'000
Operating lease rentals
19
13
Depreciation of tangible fixed assets
898
475
Fees payable to auditor for:
- Audit
8
8
- Other services
11
17
Bank and loan interest
9
1
Net interest on defined benefit pension liability
(29)
(16)
8
Central services

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

- human resources;

- financial services;

- legal services;

- educational support services;

The Academy Trust charges for these services on the following basis:

- 4.5% of core general annual grant funding.

WEAVER TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
8
Central services
(Continued)
- 33 -
The amounts charged during the year were as follows:
2025
2024
£'000
£'000
Halton Lodge Primary School
55
35
Westminster Community Primary
39
35
Barnton Community Nursery & Primary School
85
79
Grange Community Nursery & Primary School
37
35
Comberbach Nursery & Primary School
35
30
Leftwich Community Primary School
43
39
294
253
9
Charitable activities
Unrestricted
Restricted
Total
Total
funds
funds
2025
2024
£'000
£'000
£'000
£'000
Direct costs
Educational operations
801
7,331
8,132
6,353
Support costs
Educational operations
-
3,096
3,096
2,795
801
10,427
11,228
9,148
Analysis of support costs
2025
2024
£'000
£'000
Support staff costs
1,190
1,054
Depreciation
224
118
Technology costs
136
130
Premises costs
527
499
Legal costs - conversion
-
9
Legal costs - other
15
18
Other support costs
985
943
Governance costs
19
24
3,096
2,795
WEAVER TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 34 -
10
Staff
Staff costs and employee benefits
Staff costs during the year were:
2025
2024
£'000
£'000
Wages and salaries
6,015
4,959
Social security costs
598
431
Pension costs
1,324
1,038
Staff costs - employees
7,937
6,428
Agency staff costs
40
93
7,977
6,521
Staff development and other staff costs
65
40
Total staff expenditure
8,042
6,561
Staff numbers
The average number of persons employed by the Academy Trust during the year was as follows:
2025
2024
Number
Number
Teachers
60
54
Administration and support
169
161
Management
18
16
247
231
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
2
2
£70,001 - £80,000
1
-
£80,001 - £90,000
1
1
£90,001 - £100,000
1
-
£110,001 - £120,000
-
1
£120,001 - £130,000
1
-
WEAVER TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
10
Staff
(Continued)
- 35 -
Key management personnel

The key management personnel of the Academy Trust comprise the Trustees and the senior management team as listed on page 1. The total amount of employee benefits (including employer pension contributions and employer national insurance contributions) received by key management personnel for their services to the Academy Trust was £846,902 (2024: £1,074,282).

11
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:

A Williams (Executive Headteacher & Trustee)

- Remuneration £nil (202 4: £1 1 5,000 - £1 2 0,000 )

- Employer's Pension Contributions Paid £nil (202 4: £25,000 - £30,000)

Trustees' Expenses

No expenses were paid to Trustees during the year ended 31 August 2025. The expenses for the year ended 31 August 2024 totalled £nil.

12
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.

WEAVER TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 36 -
13
Tangible fixed assets
Long Leasehold
Improvement to property
Assets under construction
Computer equipment
Fixtures, fittings & equipment
Total
£'000
£'000
£'000
£'000
£'000
£'000
Cost
At 1 September 2024
19,686
2,848
-
432
1,344
24,310
Additions
-
749
22
50
196
1,017
At 31 August 2025
19,686
3,597
22
482
1,540
25,327
Depreciation
At 1 September 2024
574
592
-
325
486
1,977
Charge for the year
157
378
-
76
287
898
At 31 August 2025
731
970
-
401
773
2,875
Net book value
At 31 August 2025
18,955
2,627
22
81
767
22,452
At 31 August 2024
19,112
2,256
-
107
858
22,333
14
Debtors
2025
2024
£'000
£'000
Trade debtors
10
11
VAT recoverable
102
152
Other debtors
691
345
Prepayments and accrued income
294
171
1,097
679
15
Creditors: amounts falling due within one year
2025
2024
£'000
£'000
Government loans
33
32
Trade creditors
215
232
Other taxation and social security
150
106
Other creditors
159
156
Accruals and deferred income
343
216
900
742
WEAVER TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 37 -
16
Creditors: amounts falling due after more than one year
2025
2024
£'000
£'000
Government loans
226
260
2025
2024
Analysis of loans
£'000
£'000
Wholly repayable within five years
259
292
Less: included in current liabilities
(33)
(32)
Amounts included above
226
260
Loan maturity
Debt due in one year or less
33
32
Due in more than two years but not more than five years
119
122
Due in more than five years
107
138
259
292

The following loans from CIF are provided on the following terms:

The 2022 CIF loan of £37,459 with interest payable, repayable over 10 years from the date that it is advanced by 120 installments of £312.

The first 2023 CIF loan of £82,406 with interest payable, repayable over 10 years from the date that it is advanced by 120 installments of £905.

The second 2023 CIF loan of £61,900 with interest payable, repayable over 10 years from the date that it is advanced by 120 installments of £680.

The third 2023 CIF loan of £100,000 with interest payable at, repayable over 10 years from the date that it is advanced by 120 installments of £833.

WEAVER TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 38 -
17
Deferred income
2025
2024
£'000
£'000
Deferred income is included within:
Creditors due within one year
122
100
Deferred income at 1 September 2024
100
67
Released from previous years
(100)
(67)
Resources deferred in the year
122
100
Deferred income at 31 August 2025
122
100

At the balance sheet date the Academy Trust was holding funds received in advance for Universal Infant Free School Meal s.

18
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)
-
6,454
(6,032)
(401)
21
UIFSM
-
157
(157)
-
-
Pupil premium
-
658
(658)
-
-
Other DfE/ESFA grants
-
890
(890)
-
-
Other government grants
-
1,892
(1,892)
-
-
Other restricted funds
-
12
(12)
-
-
Pension reserve
-
-
103
(103)
-
-
10,063
(9,538)
(504)
21
Restricted fixed asset funds
Inherited on conversion
19,280
-
(229)
-
19,051
DfE group capital grants
2,400
863
(457)
-
2,806
Capital expenditure from GAG
660
-
(211)
401
850
22,340
863
(897)
401
22,707
Total restricted funds
22,340
10,926
(10,435)
(103)
22,728
Unrestricted funds
General funds
796
751
(801)
-
746
Total funds
23,136
11,677
(11,236)
(103)
23,474
WEAVER TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
18
Funds
(Continued)
- 39 -

The Academy Trust is continuing to operate reserve pooling.

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

Restricted General Funds

These comprise of all restricted funds other than restricted fixed asset fund and include grants from the Education and Skills Fund Agency and local authorities.

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

Unrestricted Funds

These comprise of resources that may be used towards meeting any of the charitable objects of the Academy Trust at the discretion of the Trustees.

Restricted Fixed Asset Funds

These comprise of resources which are to the applied to specific capital purposes imposed by the Education and Skills Funding Agency and local authorities where the asset acquired or created is held for a specific purpose.

WEAVER TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
18
Funds
(Continued)
- 40 -
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)
-
5,674
(5,386)
(288)
-
UIFSM
-
130
(130)
-
-
Pupil premium
-
587
(587)
-
-
Other DfE/ESFA grants
-
566
(566)
-
-
Other government grants
-
1,244
(1,244)
-
-
Other restricted funds
-
293
(293)
-
-
Pension reserve
375
(173)
67
(269)
-
375
8,321
(8,139)
(557)
-
Restricted fixed asset funds
Inherited on conversion
14,687
4,764
(171)
-
19,280
DfE group capital grants
2,102
330
(32)
-
2,400
Capital expenditure from GAG
644
-
(272)
288
660
17,433
5,094
(475)
288
22,340
Total restricted funds
17,808
13,415
(8,614)
(269)
22,340
Unrestricted funds
General funds
766
571
(541)
-
796
Total funds
18,574
13,986
(9,155)
(269)
23,136
WEAVER TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
18
Funds
(Continued)
- 41 -
Total funds analysis by academy
2025
2024
Fund balances at 31 August 2025 were allocated as follows:
£'000
£'000
Halton Lodge Primary School
-
-
Westminster Community Primary
-
-
Barnton Community Nursery & Primary School
-
-
Grange Community Nursery & Primary School
-
-
Comberbach Nursery & Primary School
-
-
Leftwich Community Primary School
-
-
Central services
767
796
Total before fixed assets fund and pension reserve
767
796
Restricted fixed asset fund
22,707
22,340
Pension reserve
-
-
Total funds
23,474
23,136

The Academy Trust is now operating reserve pooling this year.

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
Halton Lodge Primary School
1,259
204
84
199
1,746
1,105
Westminster Community Primary
743
84
65
263
1,155
1,054
Barnton Community Nursery & Primary School
2,050
362
180
483
3,075
2,775
Grange Community Nursery & Primary School
798
174
139
263
1,374
1,162
Comberbach Nursery & Primary School
688
131
82
169
1,070
924
Leftwich Community Primary School
828
116
71
189
1,204
1,176
Central services
472
196
3
147
818
551
6,838
1,267
624
1,713
10,442
8,747
WEAVER TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 42 -
19
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
-
-
22,452
22,452
Current assets
746
656
746
2,148
Current liabilities
-
(635)
(265)
(900)
Non-current liabilities
-
-
(226)
(226)
Total net assets
746
21
22,707
23,474
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
-
-
22,333
22,333
Current assets
796
563
446
1,805
Current liabilities
-
(563)
(179)
(742)
Non-current liabilities
-
-
(260)
(260)
Total net assets
796
-
22,340
23,136
20
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 Cheshire 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 £155,090 were payable to the schemes at 31 August 2025 (2024: £134,126) 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.

WEAVER TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
20
Pension and similar obligations
(Continued)
- 43 -
Valuation of the Teachers' Pension Scheme

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

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

- Employer contribution rates set at 28.68% of pensionable pay (including a 0.08% administration levy). This is an increase of 5% in employer contributions and the cost control result is such that no change in member benefits is needed.

- Total scheme liabilities (pensions currently in payment and the estimated cost of future benefits) for service to the effective date of £262,000 million and notional assets (estimated future contributions together with the notional investments held at the valuation date) of £222,200 million, giving a notional past service deficit of £39,800 million.

The result of this valuation 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 £1,223,840 (2024: £923,097).

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 made for the year ended 31 August 202 5 was £621,000 (20 24: £567,000), of which employer's contributions totaled £473,000 (20 24: £432,000) and employee's contributions totaled £148,000 (20 24: £135,000). The agreed contribution rates for future years are 20.8% for employers and 5.5% to 12.5% for employees.

Parliament has agreed, at the request of the Secretary of State for Education, to a guarantee that, in the event of academy closure, outstanding Local Government Pension Scheme liabilities would be met by the Department for Education. The guarantee came into force on 18 July 2013 and on 21 July 2022, the Department for Education reaffirmed its commitment to the guarantee, with a parliamentary minute published on GOV.UK.

Total contributions made
2025
2024
£'000
£'000
Employer's contributions
473
432
Employees' contributions
148
135
Total contributions
621
567
WEAVER TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
20
Pension and similar obligations
(Continued)
- 44 -
Principal actuarial assumptions
2025
2024
%
%
Rate of increase in salaries
3.39
3.35
Rate of increase for pensions in payment/inflation
2.29
2.65
Discount rate for scheme liabilities
5.92
5.00
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
20.9
- Females
23.4
23.4
Retiring in 20 years
- Males
21.0
20.7
- Females
25.2
25.1
Sensitivity analysis

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

2025
2024
£'000
£'000
Discount rate - 0.1%
110
130
Mortality assumption + 1 year
179
199
CPI rate + 0.1%
5
5
Pension rate +0.1%
109
128
The Academy Trust's share of the assets in the scheme
2025
2024
Fair value
Fair value
£'000
£'000
Equities
3,462
2,927
Bonds
2,052
1,822
Cash
64
55
Property
834
718
Total market value of assets
6,412
5,522
Restriction on scheme assets
(1,952)
(526)
Net assets recognised
4,460
4,996
The actual return on scheme assets was £303,000 (2024: £435,000).
WEAVER TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
20
Pension and similar obligations
(Continued)
- 45 -
Amount recognised in the statement of financial activities
2025
2024
£'000
£'000
Current service cost
399
381
Interest income
(291)
(242)
Interest cost
262
226
Total amount recognised
370
365
Changes in the present value of defined benefit obligations
2025
2024
£'000
£'000
At 1 September 2024
4,996
3,819
Obligations acquired on conversion
-
521
Current service cost
399
381
Interest cost
262
226
Employee contributions
148
135
Actuarial gain
(1,311)
(64)
Benefits paid
(34)
(22)
At 31 August 2025
4,460
4,996
Changes in the fair value of the Academy Trust's share of scheme assets
2025
2024
£'000
£'000
At 1 September 2024
5,522
4,194
Assets acquired on conversion
-
348
Interest income
291
242
Actuarial gain
12
193
Employer contributions
473
432
Employee contributions
148
135
Benefits paid
(34)
(22)
At 31 August 2025
6,412
5,522
Restriction on scheme assets
(1,952)
(526)
Net assets recognised
4,460
4,996
Restriction of pension scheme assets

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

WEAVER TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 46 -
21
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)
441
4,831
Adjusted for:
Net surplus on conversion to academy
-
(4,884)
Capital grants from DfE and other capital income
(863)
(330)
Investment income receivable
6
(10)
(11)
Finance costs payable
9
1
Defined benefit pension costs less contributions payable
20
(74)
(51)
Defined benefit pension scheme finance income
20
(29)
(16)
Depreciation of tangible fixed assets
898
475
(Increase)/decrease in debtors
(418)
740
Increase in creditors
157
57
Net cash provided by operating activities
111
812
22
Analysis of changes in net funds
1 September 2024
Cash flows
31 August 2025
£'000
£'000
£'000
Cash
1,126
(75)
1,051
Loans falling due within one year
(32)
(1)
(33)
Loans falling due after more than one year
(260)
34
(226)
834
(42)
792
23
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
30
31
Amounts due in two and five years
45
70
75
101
WEAVER TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 47 -
24
Related party transactions

There are no further related party transactions that have taken place in the current or prior period of accounts in addition to certain Trustees' remuneration and expenses already disclosed in note 1 1.

25
Members' liability

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

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