Company registration number 14987303 (England and Wales)
THE LINK EDUCATION TRUST
(A COMPANY LIMITED BY GUARANTEE)
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 AUGUST 2025
31 August 2025
THE LINK EDUCATION TRUST
CONTENTS
Page
Reference and administrative details
1 - 2
Trustees' report
3 - 18
Governance statement
19 - 21
Statement of regularity, propriety and compliance
22
Statement of trustees' responsibilities
23
Independent auditor's report on the financial statements
24 - 27
Independent reporting accountant's report on regularity
28 - 29
Statement of financial activities including income and expenditure account
30 - 31
Balance sheet
32
Statement of cash flows
33
Notes to the financial statements including accounting policies
34 - 53
THE LINK EDUCATION TRUST
REFERENCE AND ADMINISTRATIVE DETAILS
- 1 -
Members
K Macadam
M McCloy (appointed 05/09/2024)
R Palin
Trustees
J Allen
P Daly (Chair of Trustees)
J Martin (Vice Chair of Trustees)
L Moody
CW Moore (Accounting Officer)
MS Morris
D Richardson
SP Starling (Resigned 7 October 2025)
SG Woodgate
Senior management team
- Chief Executive Officer & Accounting Officer
CW Moore
- Executive Headteacher
J Wennington
- Chief Financial Officer
L Howfield
- Trust Financial & Operations Officer
K Sutton
- Headteacher (Grosvenor Road)
JL Pridden
- Headteacher (Irlam)
E Darwin
- Headteacher (James Brindley)
K Stokes
- Headteacher (Springwood)
J Wennington
- Headteacher (Wharton)
H Fielding
- Headteacher (Alder Brook)
G Caldwell
Company registration number
14987303 (England and Wales)
Registered office
2 City Approach
The Link Education Trust
Albert Street
Eccles
Manchester
M30 0BL
England
Academies operated
Location
Principal
Alder Brook Primary Partnership Centre
Eccles
G Caldwell
Grosvenor Road Community Primary School
Swinton
JL Pridden
Irlam Primary School
Irlam
E Darwin
James Brindley Community Primary School
Worsley
K Stokes
Springwood Primary School
Swinton
J Wennington
Wharton Primary School
Little Hulton
H Fielding
Independent auditor
Mitchell Charlesworth (Audit) Limited
24 Nicholas Street
Chester
CH1 2AU
THE LINK EDUCATION TRUST
REFERENCE AND ADMINISTRATIVE DETAILS
- 2 -
Bankers
Lloyds Bank
42-46 Market Street
Manchester
M1 1PW
Solicitors
Clyde and Co
2 New Bailey Square
Stanley Street
Salford
M3 5GS
THE LINK EDUCATION TRUST
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 AUGUST 2025
- 3 -

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

The academy trust operates 4 primary schools, 1 special school and a pupil referral unit in the City of Salford, Greater Manchester, England. Its academies have a combined pupil capacity of 2,275 and had a roll of 2,026 in the school census on 3 October 2024.

Structure, governance and management
Constitution

The Link Education Trust which was incorporated on the 7 July 2023 and commenced operational activity on 1 January 2024, is a company limited by guarantee and an exempt charity. The charitable company’s memorandum and articles of association are the primary governing documents of the academy trust.

The charitable company operates as The Link Education Trust, which includes Alder Brook Primary Partnership Centre, Grosvenor Road Primary School, Irlam Primary School, James Brindley Community Primary School, Springwood Primary School & Wharton Primary School.

The trustees of The Link Education Trust are also the directors of the charitable company for the purposes of company law. Details of the trustees who served during the year, and to the date these financial statements are approved, are included in the Reference and Administrative Details on page 1.

Members' liability

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

Trustees' indemnities

In accordance with normal commercial practice the Trust has purchased insurance to protect Trustees and officers from claims arising from negligent acts, errors or omissions occurring whilst on academy business. The insurance provides unlimited Governors Liability and unlimited Professional Negligence cover.

Method of recruitment and appointment or election of trustees

The management of The Link Education Trust (hereafter referred to as the Trust) is the responsibility of the Trustees who are elected and co-opted under the terms of the Articles of Association. The Members of the Trust are responsible for the appointment of up to five Trustees and Trustees may appoint a further six Trustees. At present, the Trust has nine Trustees following the resignation of the tenth Trustee earlier this year. The Trustees will appoint a ninth Trustee in due course.

When appointing new Trustees, full consideration will be given to the range of skills and experience of the existing Trustees in order to ensure that new appointees have the necessary qualities to enhance the skill base and contribute fully to the Trust’s development. The Trustees will interview prospective Trustees to examine personal qualities, values and ethos to ensure that any new board member aligns with the Trust's overarching values.

Policies and procedures adopted for the induction and training of trustees

New Trustees will receive a tailored approach to induction and training based upon an assessment of their experience and specific requests of the individual. New Trustees will be given an induction pack outlining the aims and values of the Trust, governance arrangements, current organisational structures and roles and responsibilities. All current Trustees have undertaken an accredited Trustee training program offered by ‘Marshall Professional Development’ and it will be an expectation that new Trustees agree to engage with the same program.

All new Trustees will undertake safeguarding and data protection training when joining the Board which will be repeated annually thereafter.

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

The governance of the Trust is defined in the Memorandum and Articles of Association together with the master and supplemental funding agreements with the Department for Education. All Trustees are members of the Board of Directors. As the Trust has now been operational for five terms, it was felt that a Finance, Audit and Resource (FAR) Committee should be constituted, but that all Trustees should attend a Trust Board meeting each half term to ensure the widest understanding of the development of the Trust and to support the greatest amount of input from Trustees as possible. As a result, the termly Trust Board meetings are interspersed with three more Trust Board meetings - ‘KIT’ meetings - at which all Trustees attend.

Trust Board membership consists of up to 11 Trustees appointed by Members or Trustees. For meetings, the quorum is any one third (rounded up to the whole number) of the total number of Trustees holding office at the date of the meeting. There were three Board meetings last year plus three ‘KIT’ meetings

Trust local governance is overseen by ‘Local Governing Boards’ (LGBs), one per academy.

Membership of the LGB is a minimum of 5 and up to 9 members (Governors), unless otherwise agreed with Trustees, and shall comprise:

* A minimum of 2 elected parents/carers

*1 Headteacher (ex officio)

*1 staff governor

* Up to 7 governors appointed by the Trust, drawn mainly from the local community.

LGBs will propose governor appointments to the LGB for approval by Trustees. Proposals will be accompanied by a skills audit to ensure that the LGBs are able to discharge its delegated responsibilities appropriately. Each LGB will propose a Chair and Vice Chair for approval by Trustees.

Terms of Reference for the Board, future committees and LGBs have been developed with independent expert advice to ensure governance arrangements are fit for purpose and compliant. These are reviewed periodically and updates incorporated into the Trust’s Financial Regulations Manual (FRM). The FRM defines financial delegated authorities within the Trust including delegations to the Chief Executive Officer (CEO) and other senior leaders. The FRM was updated in January 2025 to reflect a revised Scheme of Financial Delegation.

The current Scheme of Financial Delegation is as follows:

Trust Board - over £50,000 +

Chief Executive Officer - up to £50,000

Executive Headteacher of Springwood - up to £30,000

Headteachers - up to £10,000

The governance arrangements in place for the year ending 31 August 2025 were approved in January 2025

The Chief Executive Officer is the Accounting Officer.

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

Two members of the Board of Trustees and the CEO are involved in the appointment of Executives.

A member of the Trust Board, the CEO plus the Chair of the Local Governing Board are involved in the appointment of Headteachers and Deputy Headteachers of Trust schools. Pay is determined with reference to national agreements on pay and conditions for teachers and both national and local agreements for support staff.

The review of performance and pay of the CEO is delegated to a Pay and Progression Committee consisting of the Chair of Trustees and two more Trustees.

The review of performance and pay of the Headteachers is delegated to a Pay and Progression Committee consisting of the Chair of Trustees, the CEO, a Trustee and the Chair of the Local Governing Board.

Recommendations are referred back to the Board for their approval.

The review of performance and pay for members of each school’s Senior Leadership Team (SLT) is carried out by the Headteacher before approval by the CEO.

Trade Union Facility Time

The Trust has no relevant Trade Union Officials.

THE LINK EDUCATION TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 6 -
Engagement with employees

The Trust is active in its engagement with all colleagues throughout the organisation and seeks not only to monitor the performance of its employees, but to engage all colleagues in their own learning journey. A number of collegiate networks are in place. At these network meetings, leaders share Trust updates on relevant topics and in turn, receive feedback. The networks also allow practitioners to raise points that may influence the direction of Trust policy and practice. School Business Managers (SBMs) meet every six weeks to receive practical support and confirm their role in ensuring efficiency in each school and thus for the Trust as a whole. Our Deputy Head Teachers, SEND leads, Attendance leads, English leads, also meet ½ termly to discuss CPD, ensure compliance, input and decide upon policy and practice.

Information and updates are shared with relevant staff via circular email from the CFO and TFOO e.g. pay and conditions, pensions, salary sacrifice schemes; from SBMs e.g. policy updates, CPD opportunities and from Headteachers e.g. job opportunities.

Appraisal reviews are a blend of a listening experience and a directed process for all Link staff. Meetings include elements of the Trust Development Plan as well as individual School Development Plans and are designed to enhance the individual for the betterment of all.

Internal appointments for positions across the Trust are the culmination of a commitment to a culture of succession planning. Opportunities for CPD to support staff in job applications now and in the future are included networks for all those members of staff engaged in NPQs to assist their learning journey.

The apprentice levy is being used in 5 of our 6 schools with one our SBMs being the lead person to oversee this for the Trust. Each of our schools undertakes staff well-being via face-to-face discussion, staff surveys and formal appraisal meetings. Results of such information gathering has gone to shape policy and practice and practice for such things as timing and frequency of staff meetings, use of PPA at home, job share requests etc.

We undertook joint INSET days at the beginning and part way through the academic year, engaging pairs of schools' staff together to further embed the ‘Link’ between our schools and ensure staff could interact with Link employees.

The CEO was able to present the Trust’s aspirational view for every area of our organisation and confirm the point that all every member of Link staff is deemed ‘key’ to ensuring the best possible outcomes for our children. Another, similar, event is planned for January 2026.

We have moved away from Google as our central communication and data storage point and instead moved to MSN which now holds central information for independent access and a share point for new information to be disseminated and received. All staff have access to relevant files in accordance with their role. Governors/Trustees and Members have access to Governor Hub for their central information point of contact and to also forward information.

In accordance with our commitment to inclusivity and equal opportunity, our Trust encourages applications for employment from disabled individuals. We adhere to a policy that ensures fair treatment of all candidates, providing reasonable accommodations during the recruitment process. For employees who become disabled, we would prioritise their well-being and facilitate a supportive work environment through adjustments and resources. Additionally, we are dedicated to the ongoing training and career development of our disabled employees, ensuring they have equal access to promotional opportunities and professional growth. Our practice reflects our belief that diversity enhances our workforce as it does our pupil population and that this contributes to our overall success.

Trust-wide, engagement staff surveys are part of the planned program during the autumn of 2025, the results of which will be added to our ‘soft feedback’ from staff and will help shape future policy.

THE LINK EDUCATION TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 7 -
Engagement with suppliers, customers and others in a business relationship with the academy trust

The Link Education Trust has a mutually beneficial symbiotic relationship with Salford Local Authority as two of our schools: Springwood and Alder Brook, operate as commissioned place establishments, as they reside in the specialist sector. As such, the CEO and leadership of each school have weekly contact with LA representatives regarding the fast-moving nature of admissions and funding for these two settings. In the last year, we have opened two more ‘Hubs’, both commissioned by the LA, to use existing and empty Salford educational estate to provide extra ‘Special’, and for the first time, ‘PRU’ places that now form a remote part of each parent school. The Trust also works in partnership with Salford LA to deliver the ‘Primary Inclusion Team’ outreach work for all Salford primary schools. This work is primarily undertaken by staff from Alder Brook who work alongside staff from a maintained Salford primary school.

Springwood Primary sits on several boards both within Salford and as representative of Salford across Greater Manchester. These include Salford Schools Forum, at which the Headteacher is Chair; Salford SEND Board; Greater Manchester SEND Strategy Group; Medical Interventions in Special Schools. The LA commission a Springwood teacher to deliver outreach work to all Salford schools/EYFS who require specialist SEND support and advice. The Headteacher of Alder Brook PRU, chairs Salford’s ‘At Risk’ panel, a body that seeks to support children who would benefit from a short-term placement or alternative provision, away from their mainstream school. The CEO is commissioned by Salford LA to design and deliver their headteacher induction program.

The Trust actively seeks to identify, reliable, value for money suppliers, with whom it can establish and maintain a mutually beneficial business relationship. All contracts with existing suppliers and service providers are subject to regular review to ensure that these contracts offer competitive rates and exemplify good use of public funding. The Trust also seeks to establish effective business relationships with local suppliers and presently 42.5% of its suppliers are based in Greater Manchester.

Related parties and other connected charities and organisations

The Chair of Trustees provides coaching to Headteachers and Deputies across Salford, including those within The Link Education Trust.

Objectives and activities
Objects and aims

The Trust's objects as defined by its articles of association are:

‘To advance for the public benefit education in the United Kingdom, in particular but without prejudice to the generality of the foregoing, by establishing, maintaining, carrying on, managing and developing schools offering a broad and balanced curriculum or educational institutions which are principally concerned with providing full-time or part-time education for children of compulsory school age who, by reason of illness, exclusion from school or otherwise, may not for any period receive suitable education unless alternative provision is made for them.’

The Trust’s mission is to provide high quality learning opportunities for all our children through a creative curriculum that engages all the pupils in their interests.

Each child within the trust will enjoy learning and feel safe; they will be valued and they will make a positive contribution to their schools and wider communities. We are an inclusive partnership of schools in the mainstream and specialist sector. We aim for everyone to be “the best that they can be”, from pupils through to teaching staff and our families. As a trust of individual schools, we work collaboratively, embracing diversity and nurturing both the similarities and distinctiveness of each setting.

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

Business Development and Partnerships

Finances: To embed financial systems and processes in each school and across the Central Team

Financial efficiencies: Increase financial efficiencies across the Trust by reviewing all School Level Agreements (SLAs) that have end dates pre 31 August 2025. Conduct tender processes for IT managed service, Reprographics, IT security monitoring.

Frictionless business systems: To improve the integration, administration and management of key business systems. Improving the quality of data, reporting and ease of presentation.

Growth: To build capacity and core offer to enable growth. Engage with interested schools and fulfil growth plans, tranche 1 and 2. Liaise with the DfE re pace of growth

Audit and Reporting Strategy: Implement systems and processes to accurately record and report on key data; assisting compliance monitoring in areas of health and safety, estates and safeguarding.

Estate management: To develop systems and processes to manage Trust's estate efficiently and effectively. To earmark a key central team employee to be responsible for this.

Partnerships: To build on existing partnerships and create new relationships with other Trusts and the DfE Regional Team. To engage with the Regional Improvement in Standards and Excellence (RISE) Team and to become a ‘supporting organisation’.

IT: To consolidate and harmonise IT platforms, applications, services and offerings ensuring best value for money across the Trust.

Education Development

Curriculum development: To further improve the quality of education across the Trust by ensuring each school's curriculum, including reading, writing and maths, has clear review points which makes good use of research and affords development of pedagogy that ensures all children are learning more and remembering more over time.

SEND: To utilise the strengths within the Trust to further improve outcomes for Nursery and Reception children.

Achievement for All: To embed achievement for all children as a principle; ensuring research and evidence-based approaches are implemented with rigour to support Pupil Premium (PP) groups and children with Special Educational Needs and Disabilities (SEND) to achieve their full potential.

Phonics and Reading: To develop the quality and consistent pedagogy in the teaching of early reading in each school. Ensuring that all children gain secure phonics and early reading skills, addressing any gaps in a timely manner.

Data Outcomes: to review strategies within all Link schools that seek to provide the best data outcomes for our children.

Well-being: To further develop children's attitudes to learning through their resilience, independence, social and emotional skills.

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

People Development

Workforce development, talent mapping and succession planning: To build the Trust's training and Continual Professional Development (CPD) offer; to support career pathways and progression and build capacity to deliver our objectives and grow. Mapping talents, skills and interests and planning for succession.

Well-being: To further develop and embed mechanisms and approaches across all Trust schools that are effective in supporting our staff wellbeing, ensuring consistency of care and support for all.

Governance: To build Governor and Trustee key roles in the development of the vision, values and strategy of the Trust. Ensuring that they are positively impacting the organisation at all levels. Effectively holding leaders to account for the quality of education, management of resources and supporting the vision, values and strategy.

Public benefit

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

The public benefit delivered by the trust is the provision of a high-quality education to each of its pupils. The Link Education Trust endeavours to ensure that this education is accessible to every child.

The Trust also supports opportunities for children, their parents and the local communities that are served by each school through a range of extracurricular activities.

The Link Education Trust is an equal opportunity employer, and strives to give full and fair consideration to all applicants for employment, training and promotions, irrespective of disability, gender, race, colour or sexual orientation.

THE LINK EDUCATION TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 10 -
Strategic report
Achievements and performance

The Trust began its improvement journey on the day of conversion - January 1st, 2024. One of the aims of bringing schools together in trusts is to provide them with levels of support and collective learning that would not be achievable for a school working on its own. We expect all our schools to contribute to our core offer and ensure the aims of our Trust are met.

Business Development and Partnerships

- The finance function of each school has harmonised within ‘Access’. Training needs have been identified and addressed.

- The founding members and the Trustees vision for growth has been gathered

- Collaboration with other Trusts (Prestolee - Fiddlers Lane Hub; The Beam Trust - HT training, Four Hills Trust (Telford) SEND support and the Confederation of School Trusts, further improves our understanding of trusts and growth of trusts

- The reporting of Safeguarding, Health and Safety and Behaviour has been harmonised across the Trust

- The Trust has been identified by the regional RISE team as a high-performing multi-academy trust and now operates as a ‘supporting organisation’ for their work with one Salford primary school.

Education Development

- A School Improvement Model has been confirmed and has positively impacted all Link schools. This has re-calibrated expectation and aspiration and has led to enhanced collaboration across Link schools

- Curriculum support (writing, SEND) including curriculum reviews, is in place, led via a TRIAD system involving CEO, leadership of the school and another Link Headteacher to support development of practice

- Additional support for all Link schools is offered by individual School Improvement Partners (SIPS) - two experienced mainstream practitioners and a specialist sector expert

- Support is in place for schools via Trust network meetings to realise the benefits of regular monitoring and reviews. Celebrating and sharing the successes of these and implementing the associated action

- Safeguarding training for all staff has been undertaken and further has been planned via our training partner, the National College

- High quality and on-going training, development and implementation of a rigorous and sequential approach to reading in each school by all teaching staff, focussing on Read Write lnc

People Development

- The strategic plan has been shared with all staff to build a clear understanding of the Trust's direction and purpose

- Our network days included all LINK staff to embed a collective understanding of the breadth of the trust and its constituent parts.

- Subject leader and peer support networks have been developed to aid practice with clearly defined foci for specific improvement

- Curriculum support, including curriculum reviews have taken place in all schools

- A Talent Map and Succession Planning has been developed with Headteachers and the Chief Financial Officer (CFO) to create a pool of expertise across the Trust

- The pool of aspiring middle and senior leaders has been utilised to strategically support school improvement initiatives and engage externally in NPQs

- The Scheme of Delegation is shared with all governors and trustees and used as CPD

THE LINK EDUCATION TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 11 -
Key performance indicators
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.

THE LINK EDUCATION TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 12 -
Protecting the success of the academy trust

The Trustees recognise their obligations to promote the long-term success of the trust, protecting its emerging local, regional and national reputation, and ensuring the highest standards of integrity and fairness in the relationships between schools, staff and business partners alike. It achieves engagement with stakeholders through:

- Maintaining a 'high autonomy' scheme of delegation, allowing schools to maintain local relationships and to be at the heart of their communities

- Using the Trust website for external and internal communications

- Maintaining broad and dispersed leadership, with Local Governing Boards (LGB) for all schools and including all the schools' Headteachers in the Trust's Executive leadership team.

All Headteachers and managers have unlimited access to an experienced HR advisor, supported by a legal retainer. Policies, including the whistle blowing policy, are communicated through the shared drive, LGBs and the trust website.

There is a termly LGB Chairs' Forum who, in turn, give feedback to the LGB and have access to advice and guidance through GovernorHub and shared drives. There has been trust wide CPD and collaborative working for all teaching staff and office staff to share best practice and update skills.

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 2025, total expenditure of £24,156,000 (2024: £15,369,000) 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 £366,000 (2024: £31,416,000), inclusive of £nil (2024: £32,575,000) of income transferred on conversion, leaving £366,000 of income in excess of expenditure (2024: £1,159,000 of expenditure over income) .

As at the 31st August 2025, the net book value of fixed assets was £28,999,000 (2024: £29,051,000), including the value of the land and building which are on a 125-year lease. The assets are used exclusively for providing education and the associated support services to the pupils of the academy.

THE LINK EDUCATION TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 13 -
Reserves policy

The Link Education Trust pools 50% of in year reserves brought forward from each of its constituent schools as of 1 September 2024.

Reserves can be used to support Capital Investment or other specific projects and will be considered on a case-by-case basis, informed by a detailed business case.

The Board of Trustees reviews the consolidated reserve levels of the Trust annually at the year-end and as part of its budget planning process. This review encompasses the nature of the income and expenditure streams, the need to match income with commitments and the nature of reserves. Trustees determine what the level of uncommitted reserves should be. The aim is to provide sufficient working capital to cover delays between spending and receipt of grants and to provide a cushion to deal with unexpected emergencies such as urgent maintenance.

As part of its monitoring of in-year financial performance, the Board of Trustees reviews the forecast impact on reserves and considers this as a part of its medium-term financial planning.

The targeted level of free reserves required is considered to be the equivalent of one month’s payroll costs across the Trust. Trustees have determined this amount to be 5% of total annual expenditure.

If the Trust’s free reserves fall short of this target, the Trust will continue to attempt to make cost savings to increase the reserves to the required level sustainably, whilst ensuring that the trajectory of school improvement is maintained.

The use of these reserves must be approved in advance by the Trust Board.

The trust has overall reserves of £30,514,000 (2024: £30,508,000), included within is restricted general reserves (excluding pension & fixed asset reserves) of £627,000 (2024: £1,052,000) and unrestricted reserves of £60,000 (2024: £62,000) the total free reserves (excluding pension & fixed asset reserves) amounts to £687,000 (2024: £1,114,000).

The pension scheme asset as at 31st August 2025 was £5,835,000 capped at £nil (2024: £2,532,000 capped at £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 has no investments. Its policy is consistent with its status as a Multi Academy Trust and an Exempt Charity. Any future investment decision would be subject to scrutiny by the trustees.

Principal risks and uncertainties

The Trust has a risk management policy and risk register, which:

- define The Link Education Trust’s approach to risk management, describing the processes and procedures used to manage risk

- provide consistency across the organisation

- set out the roles and responsibilities of staff for managing risks to ensure consistency and support

Risk management is undertaken within The Link Education Trust with the aims of:

- reducing the impact of threats to the delivery of its objectives

- maximising the potential for innovation

- ensuring a cohesive approach to the governance of risk

- providing assurance to the Board that risk is being managed effectively at all levels of the trust

- ensuring that risk management is an integral part of the culture of the trust

The management of all identified risks are recorded and reported in line with this policy, utilising the approved risk register format to record risks, and assessing and scoring risks by applying the agreed scoring matrix.

This policy sets out clear escalation, de-escalations and reporting routes to ensure good governance. These routes are followed to enable the suitable management of risk by the most appropriate staff and group.

THE LINK EDUCATION TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 14 -

The principal risks and uncertainties facing the charity as identified by the charity trustees and the mitigating actions are:

Risk | Risk consequences | Mitigating Actions
Some or all the academies in the Trust do not deliver educational provision and care that is at least Good in all areas (OFSTED) | -School struggles to recruit pupils -The Trust cannot onboard new academies -Possible re-brokerage of academies to other Trusts | -Triad School Improvement -Mandatory Training -Safeguarding Audits -Trustee visits -LGB Visits -Monitoring school and keeping them accountable through Insight termly data report to CEO / Trustees
Failure to ensure the Trust maintains overall financial control of its budget and becomes financially unsustainable | - The in-year position may go into deficit - Reserves could be eradicated - The Trust cannot meet its statutory financial requirements -DfE could impose a NTI, resulting in close scrutiny and possibly re-brokering into another Trust -Risk that staff will not be paid, resulting in departures, legal action, union involvement and negative publicity -Risk that suppliers will not be paid resulting in poor credit rating and refusal of suppliers to work with the Trust | -Robust budget setting procedure. Three-year budget plans -Budget monitoring reports and meetings -Monthly management accounts shared with all Trustees, including BvA, cashflow, aged debtors, aged creditors, trial balance and balance sheets -Daily monitoring of bank account -Regular communication with the LA re -HLN funding -ICFP / Benchmarking reports -Monthly meetings with CFO, TFOO, HT and SBM -Awareness of and adherence to financial regulations -Effective internal and external audit Market leading finance and budgeting system in place
Failure to maintain buildings in an appropriate condition | -Negative impact on teaching and learning -Increased risk of accidents to pupils, staff and visitors -Impact on staff morale and absence levels -Reputational damage | -TFOO co-ordinates Health and Safety and Estates Issues -Conditions surveys completed post conversion - Accidents reported and monitored and escalated to CEO, if appropriate -Hazards reported and monitored -Planned and reactive maintenance undertaken -Develop a 3-year Estates Management Plan, following DfE GEMS guidance -Appointment of a central Estates Manager

THE LINK EDUCATION TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 15 -

Risk | Risk consequences | Mitigating Actions
IT security risk (hacking, unauthorised access by intruders or employees, malware/spyware and virus attacks) | Data breach Loss of information Inability to function Financial impact Safeguarding impact | Effective anti-malware defences are in place across all academies. Regular scanning schedules for malware are in place and necessary actions are taken as a result of monitoring results. The use of firewalls, anti-virus software and the enforcement of complex passwords further enhance security A cyber response & management plan is in place to mitigate security incidents through the process of managing and successfully resolving a computer incident as well as documenting it and notifying the appropriate parties. This plan establishes the protocol to be followed in the event of a computer security related incident The recommended procedures incorporated into this document are comprised of industry standard practices Compliant with RPA requirements Initial and ongoing staff training Consistent Trust-wide IT support Daily on-site and off-site backup and Disaster recovery solutions have been implemented across all academies in the Trust for data stored on local servers. Consider becoming Cyber Essentials accredited Migrating users’ on-premises data to Microsoft Teams, OneDrive and utilisation of a cloud hosted services is currently in progress

Cash flow management is a key aspect of the monthly management accounts and the cash flow tracker is closely monitored. The bank balance is checked on a daily basis to ensure all commitments can be met.

Financial and risk management objectives and policies

The main areas of exposure are bank balances, cash, trade creditors and trade debtors. A potential deficit on the defined benefit pension scheme is a material risk. The trustees regularly review the key risks to which the trust is exposed. In normal circumstances, the principal risk that the trust faces is the defined benefit pension scheme. All other areas of risk are outlined in the Risk Register which is reviewed regularly.

THE LINK EDUCATION TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 16 -
Fundraising

The approach to fundraising taken by the academy trust is through:

- Lettings of the school buildings

- Management of wraparound care in one school

- Professional services to Salford Local Authority

- Voluntary donations

During the last academic year, there was no work with any commercial entities or professional fundraisers.

Fundraising is carried out separately at schools across the Trust. The funds raised are collected and banked to purchase specific items for individual schools.

All fundraising meets the requirements of the Charity Commission publication "Charity fundraising: a guide to trustee duties (CC20)".

Streamlined energy and carbon reporting

As the academy trust has consumed more than 40,000 kWh of energy in this reporting period, it no longer qualifies as a low energy user under these regulations and is therefore required to report on its emissions, energy consumption or energy efficiency activities. There are no comparative values.

UK Greenhouse gas emissions and energy use data for the period
2025
2024
kWh
kWh
Energy consumption used to calculate emissions (kWh)
978
991
2025
2024
Emissions calculated (metric tonnes CO2e):
tonnes CO2e
tonnes CO2e
Scope 1 emissions
- Gas combustion
361.00
-
- Fuel consumed for owned transport
0.82
-
Total scope 1
361.82
-
Scope 2 emissions
- Electricity purchased
299.00
299.00
Scope 3 emissions
- Fuel consumed for transport not owned by the academy trust
-
-
Total gross emissions
660.82
299.00
Intensity ratio
Tonnes CO2e per pupil
0.33
0.33
Quantification and reporting methodology

We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the 2025 UK Government’s Conversion Factors for Company Reporting.

THE LINK EDUCATION TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 17 -
Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2 equivalent per pupil, the recommended ratio for the sector.

Measures taken to improve energy efficiency

We have smart meters across all sites and increased video conferencing for staff meetings, to reduce the need for travel between our 9 sites.

Plans for future periods

By 2026, all our schools will be moving forward from the foundations of:

- Average KS2 statutory outcomes being at least national average;

- Average attendance at each school at least at national average;

- Maintenance of Ofsted grading for any school inspected according to new Ofsted Report Card;

- All staff engagement metrics above national benchmarks;

- Balanced and strategically planned finances;

- Management of pupil numbers;

- Being entrusted with the improvement of other schools.

- Trust growth to include the onboarding of up to three schools

We believe that our children are entitled to the highest quality learning experience and we promise them a curriculum which will enable each and every one of them:

- to excel academically and be inspired across their full entitlement of subjects;

- to learn how to be safe and healthy;

- to receive a guarantee of cultural and societal experiences;

- to be an effective, life-long learner and participating global citizen who celebrates diversity and can address prejudice;

- to use language effectively and be a confident and respectful advocate for good;

- to collaborate and develop knowledge and skills for learning and for life.

We believe that our parents and carers are crucial partners in the education of our young people and we promise that we will:

- build a positive working relationship with them;

- maintain their trust and confidence.

We believe that all our staff, in all roles, will be the best they can be for our children by their commitment to our mission and to their own continual learning journey, in a workplace environment underpinned by aspiration and values. We promise that all staff will be supported to:

- model our values;

- grow professionally through collaboration and reflection;

- know and achieve what is expected of them;

- be well;

- be well led and to learn to lead.

It is through collaboration with our children, their parents and carers, our wider community and our staff that the Trust will seek to deliver these plans.

Funds held as custodian trustee on behalf of others

The Trust does not hold any funds as custodian trustee.

THE LINK EDUCATION TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 18 -
Auditor

In so far as the trustees are aware:

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

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

The trustees' report, incorporating a strategic report, was approved by order of the board of trustees, as the company directors, on 14 December 2025 and signed on its behalf by:

P Daly
Chair of Trustees
THE LINK EDUCATION TRUST
GOVERNANCE STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2025
- 19 -
Scope of responsibility

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

As trustees, we have reviewed and taken account of the guidance in 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 The Link Education Trust and the Secretary of State for Education. The accounting officer is also responsible for reporting to the board of trustees any material weaknesses or 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 6 times during the year. Attendance during the year at meetings of the board of trustees was as follows:

Trustees
Meetings attended
Out of possible
J Allen
6
6
P Daly (Chair of Trustees)
5
6
J Martin (Vice Chair of Trustees)
6
6
L Moody
6
6
CW Moore (Accounting Officer)
6
6
MS Morris
4
6
D Richardson
6
6
SP Starling (Resigned 7 October 2025)
4
6
SG Woodgate
5
6

The Board has received the monthly management accounts for scrutiny and has had the opportunity to discuss these with the CFO. Trustees have visited at least one of our schools each and now operate as ‘link Trustee’ for that school. A short record of visit has been returned following these visits. One Trustee has taken responsibility for oversight of safeguarding and has received independent audit reports for each school. One trustee is leading on SEND and meets with SEND LGB representatives to highlight their accountability regarding SEND practice in each of their schools. All Trustee activity is reported during Board meetings.

The CEO meets with the Chair of Trustees (CoT) regularly to provide progress updates.

Conflicts of interest

Conflicts of interest are requested at the start of each Board meeting and are recorded in the minutes.

Advice from professional Governance experts is used to manage such conflicts and these are duly recorded.

Governance reviews

The trust reviews Governance continuously and reports thereon.

The finance and general purposes committee is a sub-committee of the main board of trustees. Its purpose is oversee all aspects of Finance, Audit & Resources of the Trust.

THE LINK EDUCATION TRUST
GOVERNANCE STATEMENT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 20 -

Attendance at meetings in the year was as follows:

Trustees
Meetings attended
Out of possible
P Daly (Chair of Trustees)
2
2
J Martin (Vice Chair of Trustees)
2
2
D Richardson
2
2
SP Starling (Resigned 7 October 2025)
2
2
Review of value for money

As accounting officer, the principal 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 or by using a framework where appropriate. The accounting officer for the academy trust has delivered improved value for money during the year by:

- Ensuring best value is robustly applied to all procurement

- Reviewing costs and exploring economies of scale in SLAs, for example Health and Safety, payroll, HRPurchasing licenses in 'bulk' to reduce additional costs to academies, for example Access (finance system) and Arbor (MIS)

- Sharing centrally employed personnel to reduce individual academy costs Ensuring salaries are locally and nationally benchmarked

- Ensuring financial review in each academy promotes best value and lean costing

The Trust’s procurement strategy is to use, whenever possible, the DfE’s (Department for Education) Buying for Schools and engagement with the commercial team. This provides a pathway to a range of suppliers through purchasing frameworks such as Crown Commercial and Crescent Purchasing Consortia (CPC). Usage of these framework agreements present the opportunity for the Trust to achieve significant savings and secure advantages which would not be otherwise achievable.

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 The Link Education Trust for the period 20 December 2023 (the date of the funding agreement) to 31 August 2025 and up to the date of approval of the annual report and financial statements.

Capacity to handle risk

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

THE LINK EDUCATION TRUST
GOVERNANCE STATEMENT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 21 -
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.

After a procurement exercise of receiving proposals and presentations, the board of trustees decided to appoint the CFO of another Trust as their internal auditor.

The option has been chosen because the Board believes it provides best value of money and skills by using the expertise of a CFO from another Trust.

The reviewer’s role has included 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 Hr and payroll.

Going forward, the reviewer will provide a report to the board of trustees on a termly basis, outlining the areas reviewed, key findings, recommendations and conclusions to help the committee consider actions and assess year on year progress.

Review of effectiveness

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

- the work of the internal auditor;

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

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

- the work of the external auditor

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

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

Conclusion

Based on the advice of the board 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 14 December 2025 and signed on its behalf by:

P Daly
CW Moore
Chair of Trustees
Accounting Officer
THE LINK EDUCATION TRUST
STATEMENT OF REGULARITY, PROPRIETY AND COMPLIANCE
FOR THE YEAR ENDED 31 AUGUST 2025
- 22 -

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

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

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

CW Moore
Accounting Officer
16 December 2025
THE LINK EDUCATION TRUST
STATEMENT OF TRUSTEES' RESPONSIBILITIES
FOR THE YEAR ENDED 31 AUGUST 2025
- 23 -

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

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

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

- select suitable accounting policies and then apply them consistently;

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

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

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

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

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

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

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

Approved by order of the members of the board of trustees on 14 December 2025 and signed on its behalf by:

P Daly
Chair of Trustees
THE LINK EDUCATION TRUST
INDEPENDENT AUDITOR'S REPORT ON THE FINANCIAL STATEMENTS TO THE MEMBERS OF THE LINK EDUCATION TRUST
FOR THE YEAR ENDED 31 AUGUST 2025
- 24 -

Opinion

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

In our opinion the financial statements:

-

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

-

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

-

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

-

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

Basis for opinion

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

THE LINK EDUCATION TRUST
INDEPENDENT AUDITOR'S REPORT ON THE FINANCIAL STATEMENTS TO THE MEMBERS OF THE LINK EDUCATION TRUST (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 25 -
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.

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

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

Identifying and assessing potential risks related to irregularities

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

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

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

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

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

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

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

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

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

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

(i) The presentation of the schools' 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 Academy Trust 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.

THE LINK EDUCATION TRUST
INDEPENDENT AUDITOR'S REPORT ON THE FINANCIAL STATEMENTS TO THE MEMBERS OF THE LINK EDUCATION TRUST (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 27 -

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;

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

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

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

Use of our report

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

Jonathan Lucas (Senior Statutory Auditor)
For and on behalf of Mitchell Charlesworth (Audit) Limited, Statutory Auditor
Accountants
24 Nicholas Street
Chester
CH1 2AU
16 December 2025
THE LINK EDUCATION TRUST
INDEPENDENT REPORTING ACCOUNTANT'S REPORT ON REGULARITY TO THE LINK EDUCATION TRUST AND THE SECRETARY OF STATE FOR EDUCATION
FOR THE YEAR ENDED 31 AUGUST 2025
- 28 -

In accordance with the terms of our engagement letter dated 20 October 2025 and further to the requirements of the Department for Education (DfE) as included in the extant Framework and Guide for External Auditors and Reporting Accountants of Academy Trusts, we have carried out an engagement to obtain limited assurance about whether anything has come to our attention that would suggest, in all material respects, the expenditure disbursed and income received by The Link Education Trust during the period 1 September 2024 to 31 August 2025 have not been applied to the purposes intended by Parliament and that the financial transactions do not conform to the authorities which govern them.

This report is made solely to The Link Education Trust and the Secretary of State for Education in accordance with the terms of our engagement letter. Our work has been undertaken so that we might state to The Link Education Trust and the Secretary of State for Education those matters we are required to state in a report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Link Education Trust and the Secretary of State for Education, for our work, for this report, or for the conclusion we have formed.

Respective responsibilities of the accounting officer of The Link Education Trust and the reporting accountant

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

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

Approach

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

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

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

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

The work undertaken to draw to our conclusion includes:

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

- Reviewing declarations of interest and seeking further representations.

- Reviewing the control environment and considering potential weaknesses.

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

THE LINK EDUCATION TRUST
INDEPENDENT REPORTING ACCOUNTANT'S REPORT ON REGULARITY TO THE LINK EDUCATION TRUST AND THE SECRETARY OF STATE FOR EDUCATION (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 29 -
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
16 December 2025
THE LINK EDUCATION TRUST
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2025
- 30 -
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
-
-
657
657
127
Donations - transfer from local authority on conversion
-
-
-
-
0
32,575
Charitable activities:
- Funding for educational operations
4
633
22,887
-
23,520
13,919
Other trading activities
5
335
-
-
335
164
Investments
6
10
-
-
10
-
0
Total
978
22,887
657
24,522
46,785
Expenditure on:
Charitable activities:
- Educational operations
9
980
22,862
314
24,156
15,369
Total
7
980
22,862
314
24,156
15,369
Net income/(expenditure)
(2)
25
343
366
31,416
Transfers between funds
17
-
(90)
90
-
-
Other recognised gains/(losses)
Actuarial losses on defined benefit pension schemes
19
-
(360)
-
(360)
(908)
Net movement in funds
(2)
(425)
433
6
30,508
Reconciliation of funds
Total funds brought forward
62
1,052
29,394
30,508
-
Total funds carried forward
60
627
29,827
30,514
30,508
THE LINK EDUCATION TRUST
STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED)
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2025
- 31 -
Comparative information
Unrestricted
Restricted funds:
Total
ended 31 August 2024
funds
General
Fixed asset
2024
Notes
£'000
£'000
£'000
£'000
Income and endowments from:
Donations and capital grants
3
-
-
127
127
Donations - transfer from local authority on conversion
102
3,047
29,426
32,575
Charitable activities:
- Funding for educational operations
4
81
13,838
-
13,919
Other trading activities
5
164
-
-
164
Total
347
16,885
29,553
46,785
Expenditure on:
Charitable activities:
- Educational operations
9
285
14,921
163
15,369
Total
7
285
14,921
163
15,369
Net income
62
1,964
29,390
31,416
Transfers between funds
17
-
(4)
4
-
Other recognised gains/(losses)
Actuarial losses on defined benefit pension schemes
19
-
(908)
-
(908)
Net movement in funds
62
1,052
29,394
30,508
Reconciliation of funds
Total funds brought forward
-
-
-
-
Total funds carried forward
62
1,052
29,394
30,508
THE LINK EDUCATION TRUST
BALANCE SHEET
AS AT 31 AUGUST 2025
- 32 -
2025
2024
Notes
£'000
£'000
£'000
£'000
Fixed assets
Tangible assets
13
28,999
29,051
Current assets
Debtors
14
2,284
934
Cash at bank and in hand
1,320
1,951
3,604
2,885
Current liabilities
Creditors: amounts falling due within one year
15
(2,089)
(1,428)
Net current assets
1,515
1,457
Net assets excluding pension asset
30,514
30,508
Defined benefit pension scheme asset
19
-
-
Total net assets
30,514
30,508
Funds of the academy trust:
Restricted funds
17
- Fixed asset funds
29,827
29,394
- Restricted income funds
627
1,052
Total restricted funds
30,454
30,446
Unrestricted income funds
17
60
62
Total funds
30,514
30,508

The financial statements on pages 30 to 53 were approved by the trustees and authorised for issue on 14 December 2025 and are signed on their behalf by:

P Daly
Chair of Trustees
Company registration number 14987303 (England and Wales)
THE LINK EDUCATION TRUST
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2025
- 33 -
2025
2024
Notes
£'000
£'000
£'000
£'000
Cash flows from operating activities
Net cash used in operating activities
20
(1,036)
(655)
Cash funds transferred on conversion
-
2,483
(1,036)
1,828
Cash flows from investing activities
Dividends, interest and rents from investments
10
-
Capital grants from DfE Group
98
127
Capital funding received from sponsors and others
559
-
Purchase of tangible fixed assets
(262)
(4)
Net cash provided by investing activities
405
123
Net (decrease)/increase in cash and cash equivalents in the reporting period
(631)
1,951
Cash and cash equivalents at beginning of the year
1,951
-
Cash and cash equivalents at end of the year
1,320
1,951
THE LINK EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
- 34 -
1
Accounting policies

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

1.1
Basis of preparation

The financial statements of the academy trust, which is a public benefit entity under FRS 102, have been prepared under the historical cost convention in accordance with the Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102), the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)), the Academies Accounts Direction 2024 to 2025 issued by the Department for Education, the Charities Act 2011 and the Companies Act 2006.true

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

The company was dormant until the schools' conversion on 1st January 2024, therefore the accounts to 31st August 2024 will not be directly comparable with the accounts to 31st August 2025.

1.2
Going concern

The trustees assess whether the use of going concern is appropriate, ie whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the charitable company to continue as a going concern. The trustees make this assessment in respect of a period of at least one year from the date of authorisation for issue of the 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.

THE LINK EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 35 -
Donations

Donations are recognised on a receivable basis (where there are no performance-related conditions) where the receipt is probable and the amount can be reliably measured.

Other income

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

Donated goods, facilities and services

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

Donated fixed assets

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

Transfer of assets on conversion

Where assets and liabilities are received by the academy trust on conversion to an academy, the transferred net assets are measured at fair value and recognised in the balance sheet at the point when the risks and rewards of ownership pass to the academy trust. I ncome equal to the net assets transferred on conversion is r ecognised within d onations and capital grant income.

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.

THE LINK EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 36 -
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:

Leasehold Land & Buildings
straight line over 125 years
Computer equipment
3 years straight line
Fixtures, fittings & equipment
25% straight line

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

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

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

Financial liabilities

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

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

THE LINK EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 37 -
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 for Education Group.

1.12

Provision

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.

THE LINK EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 38 -
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 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 19, will impact on the carrying amount of the pension liability. Furthermore, a roll forward approach which projects results from the latest full actuarial valuation performed at 31 March 2022 has been used by the actuary in valuing the pensions liability at 31 August 2025. Any differences between the figures derived from the roll forward approach and a full actuarial valuation would impact on the carrying amount of the pension liability.

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 recognised in full. This is on the basis that a surplus following any triennial review would result in reduced contributions for the employer.

3
Donations and capital grants
Unrestricted
Restricted
Total
Total
funds
funds
2025
2024
£'000
£'000
£'000
£'000
Capital grants
-
657
657
127
THE LINK EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 39 -
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)
-
11,165
11,165
7,203
Other DfE/ESFA grants:
- UIFSM
-
212
212
80
- Pupil premium
-
1,137
1,137
702
- Teachers Pension Employers Contributions Grant
-
582
582
44
- Core Schools Budget Grant
-
466
466
-
- Others
-
271
271
573
-
13,833
13,833
8,602
Other government grants
Local authority grants
-
9,054
9,054
5,236
Other incoming resources
633
-
633
81
Total funding
633
22,887
23,520
13,919
5
Other trading activities
Unrestricted
Restricted
Total
Total
funds
funds
2025
2024
£'000
£'000
£'000
£'000
Hire of facilities
73
-
73
54
Other income
262
-
262
110
335
-
335
164
6
Investment income
Unrestricted
Restricted
Total
Total
funds
funds
2025
2024
£'000
£'000
£'000
£'000
Short term deposits
10
-
10
-
THE LINK EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 40 -
7
Expenditure
Non-pay expenditure
Total
Total
Staff costs
Premises
Other
2025
2024
£'000
£'000
£'000
£'000
£'000
Academy's educational operations
- Direct costs
15,425
236
1,651
17,312
11,233
- Allocated support costs
4,365
1,216
1,263
6,844
4,136
19,790
1,452
2,914
24,156
15,369
Net income/(expenditure) for the year includes:
2025
2024
£'000
£'000
Operating lease rentals
39
30
Depreciation of tangible fixed assets
314
163
Fees payable to auditor for:
- Audit
10
10
- Other services
8
5
Net interest on defined benefit pension liability
(131)
(26)
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; or

- others as arising.

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

- flat percentage of income - 5% of GAG income less the cost of received services and subscriptions resulting in an effective rate of 3.65%.

The amounts charged during the year were as follows:
2025
2024
£'000
£'000
Alder Brook Primary Partnership Centre
31
21
Grosvenor Road Community Primary School
123
77
Irlam Primary School
92
60
James Brindley Community Primary School
48
47
Springwood Primary School
156
103
Wharton Primary School
104
66
554
374
THE LINK EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 41 -
9
Charitable activities
Unrestricted
Restricted
Total
Total
funds
funds
2025
2024
£'000
£'000
£'000
£'000
Direct costs
Educational operations
980
16,332
17,312
11,233
Support costs
Educational operations
-
6,844
6,844
4,136
980
23,176
24,156
15,369
Analysis of support costs
2025
2024
£'000
£'000
Support staff costs
4,379
2,020
Depreciation
78
41
Technology costs
373
228
Premises costs
1,138
1,141
Legal costs
11
37
Other support costs
847
651
Governance costs
18
18
6,844
4,136
10
Staff
Staff costs and employee benefits
Staff costs during the year were:
2025
2024
£'000
£'000
Wages and salaries
14,975
9,026
Pension costs
2,907
1,827
Staff costs - employees
17,882
10,853
Agency staff costs
1,908
1,226
19,790
12,079
Staff development and other staff costs
64
88
Total staff expenditure
19,854
12,167
THE LINK EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
10
Staff
(Continued)
- 42 -
Staff numbers
The average number of persons employed by the academy trust during the year was as follows:
2025
2024
Number
Number
Teachers
110
108
Administration and support
362
362
Management
28
23
500
493
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
£60,000 - £70,000
6
1
£70,000 - £80,000
5
1
£80,000 - £90,000
5
1
£100,000 - £110,000
1
-
£120,000 - £130,000
1
-
£140,000 - £150,000
1
-
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 key management personnel benefits (including employer pension contributions and employer national insurance contributions) received by key management personnel for their services to the academy trust was £1,125,936 (2024: £661,280)

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.

Travel expenses amounting to nil (2024: £87) were reimbursed (2024: one trustee) during the year.

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

C Moore (principal and trustee):

- Remuneration £140,000 - £150,000 (2024: £80,000 - £85,000)

- Employer's pension contributions £40,000 - £45,000 (2024: £20,000 - £25,000 )

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

THE LINK EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 43 -
12
Trustees' and officers' insurance

In accordance with normal commercial practice, the academy trust has purchased insurance to protect trustees and officers from claims arising from negligent acts, errors or omissions occurring whilst on academy trust business. The insurance provides cover up to £10,000,000 on any one claim. The cost of this insurance is included in the total insurance cost.

13
Tangible fixed assets
Leasehold Land & Buildings
Computer equipment
Fixtures, fittings & equipment
Total
£'000
£'000
£'000
£'000
Cost
At 1 September 2024
29,180
19
15
29,214
Additions
46
64
152
262
At 31 August 2025
29,226
83
167
29,476
Depreciation
At 1 September 2024
156
4
3
163
Charge for the year
245
27
42
314
At 31 August 2025
401
31
45
477
Net book value
At 31 August 2025
28,825
52
122
28,999
At 31 August 2024
29,024
15
12
29,051
14
Debtors
2025
2024
£'000
£'000
Trade debtors
367
214
VAT recoverable
86
191
Prepayments and accrued income
1,831
529
2,284
934
THE LINK EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 44 -
15
Creditors: amounts falling due within one year
2025
2024
£'000
£'000
Trade creditors
516
513
Other taxation and social security
344
253
Other creditors
378
337
Accruals and deferred income
851
325
2,089
1,428
16
Deferred income
2025
2024
£'000
£'000
Deferred income is included within:
Creditors due within one year
783
113
Deferred income at 1 September 2024
113
-
Released from previous years
(113)
-
Resources deferred in the year
783
113
Deferred income at 31 August 2025
783
113

At the balance sheet date the Academy Trust was holding funds of £124,972 (2024: £113,000) in relation to Universal Infant Free School Meals income, £23,870 (2024: nil) in relation to Teachers Pay Grant (2024: nil), £140,583 for PIT funding (2024: nil), and £493,329 in relation to SEN funding (2024: nil) for the academic year beginning September 2025.

THE LINK EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 45 -
17
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)
1,052
11,165
(11,500)
(90)
627
UIFSM
-
212
(212)
-
-
Pupil premium
-
1,137
(1,137)
-
-
Other DfE/ESFA grants
-
1,319
(1,319)
-
-
Other government grants
-
9,054
(9,054)
-
-
Pension reserve
-
-
360
(360)
-
1,052
22,887
(22,862)
(450)
627
Restricted fixed asset funds
Inherited on conversion
29,263
-
(242)
-
29,021
DfE group capital grants
127
657
(44)
-
740
Capital expenditure from GAG
4
-
(28)
90
66
29,394
657
(314)
90
29,827
Total restricted funds
30,446
23,544
(23,176)
(360)
30,454
Unrestricted funds
General funds
62
978
(980)
-
60
Total funds
30,508
24,522
(24,156)
(360)
30,514

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

Restricted general funds are those resources that have been designated by the grant provider in meeting the objectives of the A cademy.

Restricted fixed asset funds are those funds relating to the long term fixed assets of the A cademy used in delivering the objectives of the A cademy.

Unrestricted funds are those which the Trustees may use in the pursuance of the A cademy's objectives and are expendable at the discretion of the Trustees.

Transfer of funds from General Annual Grant restricted general funds to restricted fixed asset funds are to fund assets for which no capital grant was received.

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

The Academy Trust is carrying a net surplus on restricted general funds (excluding pension reserve) plus unrestricted funds of £687,000 at August 2025.

THE LINK EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
17
Funds
(Continued)
- 46 -

Comparative information in respect of the preceding period is as follows:
Balance at
Gains,
Balance at
1 September
losses and
31 August
2023
Income
Expenditure
transfers
2024
£'000
£'000
£'000
£'000
£'000
Restricted general funds
General Annual Grant (GAG)
-
7,203
(6,147)
(4)
1,052
UIFSM
-
80
(80)
-
-
Pupil premium
-
702
(702)
-
-
Other DfE/ESFA grants
-
617
(617)
-
-
Other government grants
-
5,236
(5,236)
-
-
Other restricted funds
-
2,165
(2,165)
-
-
Pension reserve
-
882
26
(908)
-
-
16,885
(14,921)
(912)
1,052
Restricted fixed asset funds
Inherited on conversion
-
29,426
(163)
-
29,263
DfE group capital grants
-
127
-
-
127
Capital expenditure from GAG
-
-
-
4
4
-
29,553
(163)
4
29,394
Total restricted funds
-
46,438
(15,084)
(908)
30,446
Unrestricted funds
General funds
-
347
(285)
-
62
Total funds
-
46,785
(15,369)
(908)
30,508
THE LINK EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
17
Funds
(Continued)
- 47 -
Total funds analysis by academy
2025
2024
Fund balances at 31 August 2025 were allocated as follows:
£'000
£'000
Alder Brook Primary Partnership Centre
(117)
24
Grosvenor Road Community Primary School
(135)
112
Irlam Primary School
104
258
James Brindley Community Primary School
38
27
Springwood Primary School
522
177
Wharton Primary School
(430)
(108)
Central services
704
624
Total before fixed assets fund and pension reserve
686
1,114
Restricted fixed asset fund
29,827
29,394
Pension reserve
-
-
Total funds
30,513
30,508
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
Alder Brook Primary Partnership Centre
1,740
656
750
248
3,394
1,871
Grosvenor Road Community Primary School
2,359
493
235
401
3,488
2,342
Irlam Primary School
1,914
269
147
352
2,682
1,628
James Brindley Community Primary School
937
309
89
142
1,477
967
Springwood Primary School
6,295
2,181
227
834
9,537
6,119
Wharton Primary School
1,971
531
198
411
3,111
1,944
Central services
209
159
5
139
512
361
15,425
4,598
1,651
2,527
24,201
15,232

The trustees are working closely with Alder Brook Primary Partnership Centre, Grosvenor Road Community Primary School and Wharton Primary School to bring it’s reserves back into surplus.

THE LINK EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 48 -
18
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
-
-
28,999
28,999
Current assets
60
2,709
835
3,604
Current liabilities
-
(2,082)
(7)
(2,089)
Total net assets
60
627
29,827
30,514
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
-
-
29,051
29,051
Current assets
62
2,480
343
2,885
Current liabilities
-
(1,428)
-
(1,428)
Total net assets
62
1,052
29,394
30,508
19
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 Greater Manchester Pension Fund, which is a multi-employer defined benefit scheme.

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 £276,780 were payable to the schemes at 31 August 2025 (2024: £321,858) 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.

THE LINK EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
19
Pension and similar obligations
(Continued)
- 49 -
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 £1,194,000 (2024: £713,000).

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

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

Local Government Pension Scheme

The LGPS is a funded defined benefit pension scheme, with the assets held in separate trustee-administered funds. The total contributions are as noted below. The agreed contribution rates for future years are 18.5% for employers and 5.5-12.5% 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
1,194
713
Employees' contributions
370
221
Total contributions
1,564
934
THE LINK EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
19
Pension and similar obligations
(Continued)
- 50 -
Principal actuarial assumptions
2025
2024
%
%
Rate of increase in salaries
3.50
3.45
Rate of increase for pensions in payment/inflation
2.70
2.65
Discount rate for scheme liabilities
6.10
5.00
The current mortality assumptions include sufficient allowance for future improvements in mortality rates. The assumed life expectations on retirement age 65 are:
2025
2024
Years
Years
Retiring today
- Males
20.3
20.0
- Females
23.3
23.3
Retiring in 20 years
- Males
21.4
21.1
- Females
24.8
24.8
Sensitivity analysis

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

2025
2024
0.1% decrease in Real Discount Rate
224
260
1 year increase in member life expectancy
355
389
0.1% increase in the Pension Increase Rate (CPI)
218
251
0.1% increase in salary
13
15
Defined benefit pension scheme net asset
2025
2024
£'000
£'000
Scheme assets
14,747
12,210
Scheme obligations
(8,912)
(9,678)
Net asset
5,835
2,532
Restriction on scheme assets
(5,835)
(2,532)
Total liability recognised
-
-
THE LINK EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
19
Pension and similar obligations
(Continued)
- 51 -
The academy trust's share of the assets in the scheme
2025
2024
Fair value
Fair value
£'000
£'000
Equities
9,586
8,425
Bonds
2,507
1,832
Cash
1,327
977
Property
1,327
976
Total market value of assets
14,747
12,210
Restriction on scheme assets
(5,835)
(2,532)
Net assets recognised
8,912
9,678
The actual return on scheme assets was £973,000 (2024: £713,000).
Amount recognised in the statement of financial activities
2025
2024
£'000
£'000
Current service cost
965
713
Interest income
(649)
(331)
Interest cost
518
305
Total amount recognised
834
687
Changes in the present value of defined benefit obligations
2025
2024
£'000
£'000
At 1 September 2024
9,678
-
Transferred in on existing academies joining the academy trust
-
9,681
Current service cost
965
713
Interest cost
518
305
Employee contributions
370
221
Actuarial gain
(2,619)
(1,242)
At 31 August 2025
8,912
9,678
THE LINK EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
19
Pension and similar obligations
(Continued)
- 52 -
Changes in the fair value of the academy trust's share of scheme assets
2025
2024
£'000
£'000
At 1 September 2024
12,210
-
Transferred in on existing academies joining the academy trust
-
10,563
Interest income
649
331
Actuarial gain
324
382
Employer contributions
1,194
713
Employee contributions
370
221
At 31 August 2025
14,747
12,210
Restriction on scheme assets
(5,835)
(2,532)
Net assets recognised
8,912
9,678
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.

20
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)
366
31,416
Adjusted for:
Net surplus on conversion to academy
-
(32,575)
Capital grants from DfE and other capital income
(657)
(127)
Investment income receivable
6
(10)
-
Defined benefit pension costs less contributions payable
19
(229)
-
Defined benefit pension scheme finance income
19
(131)
(26)
Depreciation of tangible fixed assets
314
163
(Increase) in debtors
(1,350)
(934)
Increase in creditors
661
1,428
Net cash used in operating activities
(1,036)
(655)
THE LINK EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 53 -
21
Analysis of changes in net funds
1 September 2024
Cash flows
31 August 2025
£'000
£'000
£'000
Cash
1,951
(631)
1,320
22
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
42
16
Amounts due in two and five years
40
11
82
27
23
Related party transactions

I n the period of account, other than certain trustees' remuneration and expenses already disclosed in note 11 there were transactions with a company owned by a trustee.

Paul Daly is a trustee and his company, Paul Daly Headcoaching Ltd was paid £11,229 (2024: £5,887) in the year for consultancy fees.

24
Members' liability

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

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