Company registration number 11072683 (England and Wales)
THE SAMARA TRUST
(A COMPANY LIMITED BY GUARANTEE)
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 AUGUST 2025
31 August 2025
THE SAMARA TRUST
CONTENTS
Page
Reference and administrative details
1 - 2
Trustees' report
3 - 12
Governance statement
13 - 15
Statement of regularity, propriety and compliance
16
Statement of Trustees' responsibilities
17
Independent auditor's report on the financial statements
18 - 21
Independent reporting accountant's report on regularity
22 - 23
Statement of financial activities including income and expenditure account
24 - 25
Balance sheet
26
Statement of cash flows
27
Notes to the financial statements including accounting policies
28 - 48
THE SAMARA TRUST
REFERENCE AND ADMINISTRATIVE DETAILS
- 1 -
Members
C Penn
Chester Diocesan BoE
I Wilson
G White
M Renowden
Trustees
R Mainard (Resigned 12 June 2025)
G White (Chair)
L Willday
D Clark (Vice chair)
A J Lee (Resigned 2 December 2024)
A L Williams
E Hemmings
E Williams (Resigned 29 November 2024)
A Clifford (Appointed 1 October 2024)
S Jones (Appointed 5 March 2025)
Senior management team
- CFO (Resigned 31st August 2025)
H Studley
- CFO (Appointed 1st September 2025)
J Akinyemi
- CEO & Accounting Officer
G Bulman
- Principal Upton Heath CofE Primary
S Roberts
- Executive Principal of Clutton and Little Sutton (Resigned 31st August 2025)
Z Carciero
Company registration number
11072683 (England and Wales)
Principal and registered office
C/O Clutton CofE Primary School
Broxton Road
Clutton
Chester
CH3 9ER
Academies operated
Location
Chief Executive Officer/Principal
Upton Heath CofE Primary School
Upton, Chester
Stuart Roberts
Little Sutton CofE Primary School
Little Sutton
Zoe Carciero (Resigned 31st August 2025)
Clutton CofE Primary School
Clutton
Zoe Carciero (Resigned 31st August 2025)
Independent auditor
Mitchell Charlesworth (Audit) Limited
24 Nicholas Street
Chester
CH1 2AU
THE SAMARA TRUST
REFERENCE AND ADMINISTRATIVE DETAILS
- 2 -
Bankers
Lloyds Bank plc
8 Foregate Street
Chester
CH1 1XP
Solicitors
Browne Jacobson LLP
3rd Floor, No. 1 Spinningfields
1 Hardman Square
Spinningfields
Manchester
M3 3EB
THE SAMARA 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 C haritable C ompany for the year 1 September 2024 to 31 August 2025. The annual report serves the purposes of both a Tr ustees' report, and a directors' report and strategic report under company law.

The Academy Trust operates 3 primary academies in the North West of England. Its Academies have a combined pupil capacity of 7 25 and had a roll of 5 45 in the school census taken in October.

Structure, governance and management
Constitution

The Academy Trust is a company limited by guarantee and an exempt charity. The C haritable C ompany's Memorandum and Articles of Association are the primary governing documents of the Academy Trust.

The Charitable Company operates as The Samara Trust.

The Trustees of The Samara Trust are also the directors of the C haritable C ompany for the purposes of company law. Details of the Trustees who served during the year, and to the date these financial statements are approved, are included in the Reference and Administrative Details on page 1.

Members' liability

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

Trustees' indemnities

The Trust buys into the Risk Protection Arrangement, which cover Trustees.

Method of recruitment and appointment or election of Trustees

Under the terms of its Articles:

- The members may appoint by ordinary resolution up to 12 Trustees

- The total number of Trustees, including the Chief Executive Officer if they so choose to act as Trustee, who are employees of the Academy Trust shall not exceed one third of the total number of Trustees

- In circumstances where the Trustees have not appointed Local Governing Bodies in respect of Academies, there shall be a minimum of two Parent Trustees

- Parent Trustees and Parent Local Governors shall be elected or, if the number of parents or individuals exercising parental responsibility standing for election is less than the number of vacancies shall be appointed

- The Trustees may appoint Co-opted Trustees. The Trustee may not co-opt an employee of the Academy Trust as a Co-opted Trustee if thereby the number of Trustees who are employees of the Academy Trust would exceed one third of the total number of Trustees

The Trust has recruited Trustees on the basis of their skills and commitment to the organisation, seeking nominations obtained from individual schools, external recruitment organisations and links made through existing, filled T rustee positions. A maximum of 25% of the board of Trustees are Chester Diocesan Board of Education appointees.

Policies and procedures adopted for the induction and training of Trustees

A robust and effective process for recruitment, selection, appointment and induction is in place, with training personalised to the needs of each individual and linked to the skills audit that is regularly reviewed. All new Trustees are given a tour of the school and the chance to meet staff and pupils. All Trustees are provided with an induction pack including copies of policies, procedures, minutes, accounts, budgets, plans and other documents that they will need to undertake their role as Trustee. Discussions also take place with the Chair and CEO prior to appointment and with the CEO and CFO as part of the induction process. Further external support for this process was secured for 2024-25 from a Service Level agreement with Cheshire East services for Governance, offering a greater range of support and training opportunities.

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

The organisational structure consists of three levels: Board of Trustees, the Trust Leadership Team and Academy leadership teams. Local Academy Committees are established to undertake delegated roles at the local governance tier. The aim of the management structure is to devolve responsibility and encourage involvement in decision making at all levels.

The Trustees are responsible for setting general policy, adopting an annual plan and budget, monitoring the Academy by the use of budgets and making decisions about the direction of the Academy, capital expenditure and senior staff appointments. They also authorise the scheme of delegation. This includes a number of committees, including the Local Academy Committees (one at Upton Heath CE Primary and one joint committee for Clutton CE and Little Sutton CE, reflecting the Executive leadership for these academies).

The Trust leadership team consists of the CEO and CFO. The CEO is the Accounting Officer and is the senior executive responsible for Trust performance, oversight of safeguarding, the use of resources and the development of the Trust. He is supported by the CFO who manages financial systems. The Trust has appointed external School Improvement Officers.

Each Academy has a principal who is supported by their senior leadership teams. These managers control the Academy at an executive level implementing the policies laid down by the Trustees and reporting back to them via the CEO. Principals are responsible for the authorisation of spending up to a level delegated to them within agreed budgets and appointment of staff.

Arrangements for setting pay and remuneration of key management personnel

The remuneration, including the terms and conditions of key management personnel has been delegated to the Board’s Pay Committee. The CEO is not involved in setting his own remuneration package. The day to day running of the remuneration policy is delegated to the CEO and Principals and monitored by the Pay Committee. All details for setting pay and remuneration of key management personnel are reviewed annually by the Pay Committee.

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

The Board always bears in mind the charitable status of the A cademy T rust and it recognises the fact that T rust receives funding under a funding agreement with the Secretary of State for Education. Therefore, it ensures the remuneration paid to senior management personnel never exceeds a reasonable amount that provides value for money for the Trust. The performance of senior management personnel is reviewed on a regular basis to ensure continuing value for money.

Trade Union Facility Time

The Trust has no relevant trade union officials.

Related parties and other connected charities and organisations

Each Academy has a PTA, which operates separately to the Academy, and therefore the Trust does not hold voluntary fund accounts.

THE SAMARA TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 5 -
Objectives and activities
Objects and aims

Our Trust self-evaluation process and subsequent action planning, including the overarching 2024-25 Trust Development Plan (TDP), are all structured in line with the five pillars defined in the document, ‘Commissioning High Quality Trusts’ (DfE, June 2023). Through this approach, we aim to improve the quality of our provision and enable the fulfilment of our Trust vision, to Reach Up, Reach Out, alongside our support for the unique visions of each of our schools:

Pillar 1: High quality and inclusive education

All children throughout the Trust have access to a broad and balanced curriculum where they may become securely literate and numerate. The curricula in our schools provide opportunities for children to learn outside their comfort zone and equip them to transition successfully to the next stage of their education. We want to secure the best possible outcomes for all of our children, so they can fulfil their potential. We recognise that children need different levels of support, motivation and challenge as they progress through school and ensure that all children flourish with us. We want our children to have equitable access to our curriculum and never lower our expectations to help them achieve this, but instead increase our levels of support where necessary.

Pillar 2: School Improvement

Through rigorous self-evaluation and supported school improvement planning, our leaders have a clear and ambitious vision for delivering high quality education for all pupils. Consistent and complementary, trust-wide structures for self evaluation and development planning are embedded and integral to our governance and quality assurance processes at board, committee and local academy level. This enables effective support and challenge, appropriate action, preparation for statutory inspections, and an aspiration for excellence at both Trust and school level.

Pillar 3: Workforce

Building capacity is a priority for the Samara Multi Academy Trust. In order to deliver a high-quality curriculum, we need teachers and support staff who are highly skilled and also on a continuous improvement journey to further develop their expertise. We offer staff high quality professional support and use our structures to give them wider opportunities; we prioritise wellbeing; we promote collaboration and develop specialists who can enhance teaching and learning across all of our schools.

Pillar 4: Finance and Operations

The Trust’s core financial and operational aim is to ensure that its resources are being used to the greatest effect to help our children to realise their full potential. Our actions ensure that our operating model is resilient and sustainable, ensuring income is maximised and expenditure is controlled to deliver the maximum impact and value.

Pillar 5: Governance and Leadership

Strong leadership and governance at all levels across the Trust is key to the success of our schools and in turn the outcomes for our children. We believe in operating in an equitable, moral and transparent manner, guided by our clear vision and strong values. We are all accountable for ensuring children across the Trust have the best opportunities and we work collaboratively to achieve this. Our Trust vision, expressed as ‘Reach Up, Reach Out’, was developed during autumn term 2023 by a Trustee working group, approved and adopted by the board, and has been a constant touchpoint for the work of our Trust ever since. It is more than a mere slogan – it is lived and tangible in all that we do.

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

Our aims are drawn from the specific descriptions given within each of the five pillars defined in the DfE document ‘Commissioning High Quality Trusts’ (DfE, June 2023) – see above. Samara-specific objectives linked to these were set after a period of consultation with all stakeholders - their views were considered and incorporated into the Trust’s plans for 2024-25, along with responses to external requirements and opportunities, both local and national . A review of the 2023-24 Trust Development Plan also contributed to the determination of objectives for the year.

High Quality and Inclusive Education

Aims:

- The Trust achieves good outcomes for all its students by delivering education that is both high-quality and inclusive

- The Trust enables children to take part in sport, music and cultural opportunities that enrich the curricula and support children’s wider development.

Specific objectives:

- Read/Write/Maths combined outcomes for KS2 are further improved from 2024

- Writing progress measure for end of KS2 is further improved from 2024

- Maths progress measure is further improved from 2024

- Outstanding practice in Early Writing development work is shared across the Trust’s schools

- Children’s achievement of Trinity Arts Award ‘Discover’ level in all three schools, also serving as a vehicle for positive publicity.

- Levels of absence and Persistent Absence are all better than national.

- A proactive approach is taken to Safeguarding and provision is further developed

- Pupils are engaged in meaningful activity with their communities, demonstrating the Samara vision to RURO.

- Develop Nursery provision at UH to incorporate 0-2 year olds to enhance offer to families and develop pupil pipeline for the school.

- Expand Trust, develop mixed MAT status, enhance local reputation, secure further funding stream.

- Develop civic partnership

- Develop CPD programme

School Improvement

Aims:

- The Trust has a clearly defined and effective strategy to improve and maintain the performance of schools that are already part of the Trust, as well as those that join.

- The Trust supports the wider system in sharing best practice; helps underperforming schools to improve; contributes to building a trust-led system.

Specific Objectives

- Evaluate the efficacy of the Trust School Improvement Model

- Develop the close focus of School Improvement Partners on key areas for improvement identified in School Development Plans

- Develop closer monitoring of School Development Plans

- Develop efficacy and focus of Local Academy Committees

- Enable other schools to access training

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

Workforce

Aims:

- The Trust fosters a supportive working environment by managing workload, prioritising wellbeing and taking action to support all staff.

- The Trust builds an innovative and vibrant community of professionals, collaborating across schools and other trusts to develop and share expertise and evidence-based practice.

Specific Objectives:

- Communicate key aspects of 2024-25 Trust vision and development points to all colleagues

- Support staff with their physical and mental health to support the delivery of a high quality provision for the pupils and families we serve; to recruit and retain the best quality staff

- Develop Trust network groups to build on common practice and share identified excellence, particularly where linked to TDP and SDPs

- Investigate Trust-Trust collaboration (relating to Free School; Growth; CEOP collaboration; CPD strategy)

Finance and Operations

Aims:

- The Trust uses financial data and intelligence to set a stable, accurate and sustainable long-term financial strategy for the trust. It has a clear approach to delivering value for money through effective budgeting and risk management

Specific objectives:

- Use detailed analysis of financial data and local/regional/national intelligence to inform Strategy and management of risk.

- Invest in the Upton Heath nursery facility to create income stream and pupil pipeline.

- Create a secure information sharing platform within the Trust

- Procure IT devices for schools based on need

- Implementation of 2024-25 Estates strategy

- Establish interest-bearing accounts for Trust reserves to maximise income and make best use of funding received.

Governance and Leadership

Aims:

- Members ensure that the board is made up of trustees with the necessary expertise to fulfil its functions effectively, and that the board acts in accordance with the Trust’s charitable objects.

- Chair leads the board to set and champion a clear strategy for the trust, which aligns with the Trust’s charitable objects, covers all pillars of Trust quality and, where applicable, sets out its aspirations for growth over time.

- The skillset and experience of the Trust Board is sufficient to enable the efficient and effective completion of its duties to the highest levels.

- Rigorous processes are completed to define the Trust’s vision; self-evaluate its work; develop and implement a longer term strategy to include growth

Specific objectives:

- The skillset and experience of the Trust Board is sufficient to enable the efficient and effective completion of its duties to the highest levels.

- Rigorous processes are completed to define the Trust’s vision; self-evaluate its work; develop and implement a longer term strategy to include growth.

- Provide induction information packs and guidance for LACs and Trustees to clarify role and signpost training

- Development of wider understanding of Samara Trust vision, both within and without the organisation.

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 SAMARA TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 8 -
Strategic report
Achievements and performance

A comprehensive end of year (2024-25) review of all aspects of the Trust’s performance was completed, referenced against CHQT (ibid) This process incorporated a wide variety of sources of evidence, carefully triangulated using internal and external data. It demonstrated that our Trust and its schools have many strengths. Their combined skills, knowledge and understanding are testament to the hard work, commitment, thought and care given every single day by colleagues across our whole organisation. Everyone has a critical role to play - we are stronger as a whole and we achieve more together. This evidence-led evaluation enabled us, once again, to demonstrate that Samara is a ‘Strong Trust’.

Key objectives achieved:

High Quality and Inclusive Education

Over the three schools, achievement in academic standards in statutory assessments improved from 2024 levels of attainment. Good practice in EYFS was shared across schools along with collaborative work in core subjects. All three schools were able to award certificates for the achievement of children in the Trinity College Arts Award scheme, with some pupils achieving the award at a higher level. A comprehensive working document was developed and implemented to assist the work of the Local Academy committees with their support and challenge role in safeguarding. A grant of £28k was secured from the local authority (as part of the national Early Years Entitlement Expansion scheme) to part fund the further development of Nursery provision at Upton Heath. Extensive building and refurbishment work was completed to enable a partner provider, S4YC, to open a new, year-round facility for 0-2 year olds. The Trust secured an interview from CWaC with regard to its proposal to open a Presumption Free School in Chester. However, despite producing a robust, well-received and convincing application, the Trust was not selected by the local authority to open the school.

School Improvement

Structures and processes at the local tier of Governance were developed and given greater focus, enabling the Local Academy Committees to provide a more robust level of scrutiny and challenge. This was aided by the new Governance Professional service (introduced September 2024) and the greater level of attention directed to external SIP reports. Another of the Trust’s schools was inspected in October 2024 under the CofE SIAMS statutory framework. Once again, it received Judgement 1 (the higher judgement), benefiting from a coordinated approach from the school, the Trust and all church and community stakeholders. The report summarized the work of the school as follows:

‘The firmly embedded Christian vision enables the school to be ambitious and relentless in its drive for success. The vision is understood by the members of the school community and is evident in the daily life of the school. Relationships are strong. The inclusive environment where all live well together is key to the school’s success in securing rapid improvement. This is in both standards and ethos as a church school. Pupils are caring and supportive and aware of the needs of others. They are keen to make a difference and do this by charitable giving and acts of kindness’. (SIAMS report, 8 th October 2024)

Targeted SIP involvement aided the development of curriculum, operations and organisation of the Ladybird Nursery at Clutton which opened in summer term 2024.

Workforce

The Trust continued to make an Employee Assistance Programme available to all colleagues, free at the point of use and completely independent of the schools and Trust. Progress was made with collaborative working groups in core subjects and Special Educational Needs coordination. A ‘Samara Day’, held in October 2024, encouraged and celebrated practical acts of kindness within the school itself and also reaching out into the wider community. Every child in each school took part in activities of their own design including litter picking in the local community, making bird feeders, baking for others, writing thank you cards for local services, planting bulbs for everyone to enjoy and planting trees for the future. The Trust’s overarching vision to ‘Reach Up, Reach Out’ was a central, focusing element of the day which was enjoyed by all taking part, fostering the concept of our schools as places where communities gather, connect, and support each other. High quality lobby displays featuring the key aims, objectives, values and vision of the Trust were established in all three schools to further develop an understanding of the Trust’s work.

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

Finance and Operations

- A feasibility study was completed to inform the introduction of the Ladybird Nursery at Clutton, working in collaboration with Local Authority officers. Throughout the year, targeted support from the Trust’s Marketing, Events and Communications manager proved impactful in supporting events for families with pre school aged children, producing marketing material and engaging with the community through a multimedia approach. The Trust’s central team oversaw all aspects of the design, build, tender, lease, valuation, occupation, and publicity for the new 0-2 year old provision at Upton Heath which was completed in August 2025 and opened for families on schedule in September 2025.

- A trust wide ‘intranet’ was established, streamlining communications across the trust and within schools, and facilitating resource sharing across the schools. The majority of aspects noted in the three year estates strategy were achieved within the year with preparatory work completed for the remainder. Two deposit accounts (instant access and 95 day notice) were created following Trustee approval and proper process using additional cashflow software to inform deposit amounts through continuous monitoring in addition to the routine monthly management account monitoring. This resulted in a no-risk addition to Trust funds that benefited the schools. An audit of IT resources was completed in summer 2024 and hardware totaling £12k was procured centrally and installed at Little Sutton and Upton Heath in time for the autumn reopening of the schools.

Governance and Leadership

A full External Review of Governance was completed (as part of the Trust’s internal audit approach) and the auditor’s report was received and considered by Trustees. Development points were acted upon promptly to further refine and enhance the work of the Trust. The Trust commissioned Cheshire East Governance services to undertake all aspects of clerking and governance professional work for all aspects of Governance. A particular focus was given to supporting the work of the local committees. A multi-level staffing restructure was completed during spring 2025 at Upton Heath CE Primary school to address a potential overspend in future academic years due to staffing costs being unachievable within the expected level of income for the school. Clutton and Little Sutton schools were not affected by this. The process was completed with great attention to detail, full consultation and diligence, and with significant external guidance and practical support. Full consultation was completed with trade union bodies and no concerns were raised by them.

In spring 2025, and after significant consideration, the Trustees and Trust executive decided that the aim to grow the Trust from its present secure and effective position was not tenable, in part due to local and national conditions and also due to the favouring of other trusts in the Diocesan academies’ strategy. At an extraordinary meeting of the Trust board in April 2025, it was decided that the Trust would proceed with seeking an alternative Trust for its three schools. After a thorough period of due diligence, it was decided that Chester Diocesan Academies Trust would offer the best destination for the Samara schools, based on three main tenets: financial stability; support for the Christian Distinctiveness of the schools; a strong school improvement offer. During summer 2025, approval was sought and obtained for transfer of the schools and the winding up of The Samara Trust from all required bodies, including final approval by the DfE at its Regional Advisory Board meeting held on 17 th July 2025. A target date for transfer has been established as 1 st December 2025 and work will proceed during autumn 2025 to effect this.

Key performance indicators

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

- Continue to monitor the Trust’s strategy around school improvement

- Achieve at least good Ofsted judgements when schools are inspected

- Achieve SIAMS judgement one when schools are inspected (Judgement One secured at Little Sutton CE Primary during the reporting period)

- Align curriculum principles and teaching and learning (where appropriate and whilst retaining school autonomy) in a collaborative way, including the use of external school improvement support (e.g. School Improvement Partners, local hubs)

- Maintain financial security both in year and in the medium to long term

The Trustees are pleased to note that these expectations have been successfully met during the period.

THE SAMARA TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 10 -
Going concern

It is anticipated that the schools within the Trust will transfer out to another Trust post year end. Although these accounts have been prepared on a going concern basis, it is expect that the Trust will cease in the foreseeable future.

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 £3,899,000 (2024: £4,071,000) was fully covered by grant funding from the DfE together with other incoming resources and brought forward reserves. The excess of income over expenditure (excluding actuarial losses on the defined benefit pension scheme) was £186,000 (2024: £38,000 deficit).

As at the 31 August 2025, the net book value of fixed assets was £595,000 (2024: £552,,000), including the value of the land and buildings 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.

Reserves policy

The Trustees have reviewed the Trust’s reserve requirements and confirm that all reserves are held for the Academy Trusts benefit and objectives.

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

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

The Trustees have determined that the appropriate level of unrestricted reserves that will be held by the Trust is between one and two months of Trust operating costs. The reason for this is to provide sufficient working capital to cover delays between spending and receipt of grant income and to provide a cushion to deal with unexpected emergencies, such as, urgent maintenance or long-term sickness where unforeseen costs are incurred.

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

The Trust has overall reserves of £908,000 (2024: £751,000), included within is restricted general reserves (excluding pension & fixed asset reserves) of £nil (2024: £nil) and unrestricted reserves of £297,000 (2024: £202,000). The total free reserves (excluding pension & fixed asset reserves) amounts to £297,000 (2024: £202,000).

The pension scheme asset as at 31 August 2025 was restricted to £nil (2024: £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.

THE SAMARA TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 11 -
Investment policy

The Academy’s Articles gives Trustees the power “to deposit or invest any funds of the Company not immediately required for the furtherance of its Object (but to invest only after obtaining such advice from a financial expert as the Trustees consider necessary & having regard to the suitability of investments and the need for diversification).

Whilst the Board of Trustees has responsibility for the Trust’s finances, the Financial Scheme of Delegation delegates responsibility to the Finance & General Purposes Committee:

‘To oversee significant investment & capital financing decisions’

The Chief Financial Officer is responsible for producing reliable cash flow forecasts as a basis for decision-making. They are responsible for making investment decisions that comply with this Policy & for providing sufficient management information to the Finance & General Purposes Committee so it can review & monitor investment performance.

Principal risks and uncertainties

The main risks that the Trust is exposed to are summarised below. For each of these risks the probability, impact and seriousness have been considered together with appropriate action and management plans:

- Operational and reputational – this covers risks to the running of the Trust (including the capacity of staff and building to meet the needs of the pupils) and its performance in delivering the curriculum.

- Financial – covering risks to the Trust’s financial position, including revenue streams, cost control and cash management.

- The risk to which the Trust are exposed arise both internally and externally. External risks include those in respect of separate funding levels, competition, changes to rules and regulations, and the financial position of the staff pensions schemes.

Fundraising

The Academy Trust does not use any external fundraisers. The schools within the Trust undertake a variety of fundraising activities to support several charities and the Trust itself. All fundraising undertaken during the year was monitored by the Trustees.

Streamlined energy and carbon reporting

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

Plans for future periods

In the period leading up to the transfer of its schools into Chester Diocesan Academies Trust, the Samara Trust is committed to continue to offer the same level of provision to its schools and the communities they serve. Along with ensuring that the process of transfer is fully compliant, carefully considered, effective and efficient, the Trust will endeavor to:

- Ensure that pupil numbers remain sustainable and that the schools become first choice for families in the areas they serve

- Ensure all our schools remain at least good and share best practice wherever possible

- Ensure that financial management is of the highest quality and has impact

- Offer support to the leadership and staff of our schools as they effect the transition to a new Trust

Funds held as custodian trustee on behalf of others

The Trust does not hold any fund as custodian for others.

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

In so far as the Trustees are aware:

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

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

A resolution proposing that Mitchell Charlesworth (Audit) Limited be reappointed as auditor of the charitable company will be put to the members.

The Trustees' report, incorporating a strategic report, was approved by order of the Board of Trustees, as the company directors, on 26 November 2025 and signed on its behalf by:

G White
Chair
THE SAMARA TRUST
GOVERNANCE STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2025
- 13 -
Scope of responsibility

As Trustees, we have reviewed overall responsibility for ensuring that The Samara 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 Chief Executive Officer, 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 Trust and the Secretary of State for Education. They are 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 4 times during the year. Attendance during the year at meetings of the Board of Trustees was as follows:

Trustees
Meetings attended
Out of possible
R Mainard (Resigned 12 June 2025)
3
3
G White (Chair)
4
4
L Willday
4
4
D Clark (Vice chair)
4
4
A J Lee (Resigned 2 December 2024)
1
1
A L Williams
3
4
E Hemmings
3
4
E Williams (Resigned 29 November 2024)
0
1
A Clifford (Appointed 1 October 2024)
2
3
S Jones (Appointed 5 March 2025)
2
2

There were no major changes to the board other than three trustee resignations and one appointment to fill a skills gap.

Conflicts of interest

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

Governance reviews

Following a thorough and wide ranging review of skills across the whole board of Trustees, it was noted that all key aspects are covered to at least a good level of competence, often significantly better than good. Where further specific expertise is required, for example in detailed legal and HR sectors, this is obtained from well-established external sources.

It was noted that the board of Trustees fulfilled all requirements although a further Trustee would be sought for succession planning and further depth. An in-depth External Review of Governance was completed by an independent specialist in 2024 and the report received during this reporting period. Overall effectiveness of the governance of the Trust was judged to be of good quality. Some minor suggestions for improvement in processes were offered – these were discussed by the Trustees and executive and incorporated into Trust procedures.

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

The Finance and General Purposes Committee, which includes the Audit and Risk Committee, is a sub-committee of the main B oard of Trustees. Its purpose is to develop a financial strategy for the Trust and consider policies, procedures or plans required to realise such strategy as detailed in their Terms of Reference.

Attendance at meetings in the year was as follows:

Trustees
Meetings attended
Out of possible
R Mainard (Resigned 12 June 2025)
3
3
G White (Chair)
4
4
D Clark (Vice chair)
4
4
A J Lee (Resigned 2 December 2024)
0
1
E Williams (Resigned 29 November 2024)
1
1
S Jones (Appointed 5 March 2025)
2
2
Review of value for money

As accounting officer, the Chief Executive Officer/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:

- Joint procurement of resources including continuous professional development training

- Joint tendering of services and renewal of contract

- Use of DfE funding platforms to continue to provide value for money

- Effective use of fund to ensure that the Trust’s estate continue to be safe, well maintained and compliance with statutory regulations

The purpose of the system of internal control

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

Capacity to handle risk

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

THE SAMARA TRUST
GOVERNANCE STATEMENT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 15 -
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; and

- identification and management of risks.

Following consideration of the Trust’s risk register, the board of trustees decided to appoint internal reviews undertaken by independent, suitably qualified and experienced independent auditors. For the first process of internal scrutiny, t he reviewer’s role included giving advice on financial procedures relating to payroll and HR. External reviews of Health and Safety were also commissioned from Worknest, an established, reputable and qualified organisation, who provided extensive, detailed in person visits and subsequent reports with action plans for each of the Trust’s schools.

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

Review of effectiveness

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

- the work of the internal reviewer;

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

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

- the work of the external auditor; and

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

The accounting officer has been advised of the implications of the result of their review of the system of internal control by the Finance and General Purposes Committee and plans to ensure that continuous improvement of the system are in place.

Conclusion

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

Approved by order of the Board of Trustees on 26 November 2025 and signed on its behalf by:

G White
Chair
THE SAMARA TRUST
STATEMENT OF REGULARITY, PROPRIETY AND COMPLIANCE
FOR THE YEAR ENDED 31 AUGUST 2025
- 16 -

As accounting officer of The Samara 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.

Accounting Officer
08 December 2025
THE SAMARA TRUST
STATEMENT OF TRUSTEES' RESPONSIBILITIES
FOR THE YEAR ENDED 31 AUGUST 2025
- 17 -

The trustees (who are also the directors of The Samara 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 26 November 2025 and signed on its behalf by:

G White
Chair
THE SAMARA TRUST
INDEPENDENT AUDITOR'S REPORT ON THE FINANCIAL STATEMENTS TO THE MEMBERS OF THE SAMARA TRUST
FOR THE YEAR ENDED 31 AUGUST 2025
- 18 -

Opinion

We have audited the financial statements of The Samara 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 SAMARA TRUST
INDEPENDENT AUDITOR'S REPORT ON THE FINANCIAL STATEMENTS TO THE MEMBERS OF THE SAMARA TRUST (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 19 -
Opinions on other matters prescribed by the Companies Act 2006

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

-

the information given in the Trustees' r eport including the incorporated strategic report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-

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

Matters on which we are required to report by exception

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

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

-

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-

the financial statements are not in agreement with the accounting records and returns; or

-

certain disclosures of Trustees' remuneration specified by law are not made; or

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

As explained more fully in the s tatement of Trustees' r esponsibilities, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the Academy Trust’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

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

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

THE SAMARA TRUST
INDEPENDENT AUDITOR'S REPORT ON THE FINANCIAL STATEMENTS TO THE MEMBERS OF THE SAMARA TRUST (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 20 -

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 charitable company’s own assessment of the risks that irregularities may occur either as a result of fraud or error;

• the results of our enquiries of management and trustees of their own identification and assessment of the risks of irregularities;

• any matters we identified having obtained and reviewed the charity’s documentation of their policies and procedures relating to:

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

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

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

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

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

(i) The presentation of the Trust's Statement of Financial Activities, (ii) revenue recognition (iii) the overstatement of salary and other costs (iv) the assumptions used in the calculation of the valuation of the surplus or deficit on the defined benefit pension scheme and the movements for the year. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

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

Audit response to risks identified

As a result of performing the above, we identified income recognition, override of controls and adherence to laws and regulations as the key audit matters related to the potential risk of fraud.

THE SAMARA TRUST
INDEPENDENT AUDITOR'S REPORT ON THE FINANCIAL STATEMENTS TO THE MEMBERS OF THE SAMARA TRUST (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 21 -

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 trustees 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; • in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

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

Use of our report

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

Robert Hall (Senior Statutory Auditor)
For and on behalf of Mitchell Charlesworth (Audit) Limited, Statutory Auditor
Accountants
24 Nicholas Street
Chester
CH1 2AU
9 December 2025
THE SAMARA TRUST
INDEPENDENT REPORTING ACCOUNTANT'S REPORT ON REGULARITY TO THE SAMARA TRUST AND THE SECRETARY OF STATE FOR EDUCATION
FOR THE YEAR ENDED 31 AUGUST 2025
- 22 -

In accordance with the terms of our engagement letter dated 25 July 2025 and further to the requirements of the Department for Education (DfE) as included in the extant Framework and Guide for External Auditors and Reporting Accountants of Academy Trusts, we have carried out an engagement to obtain limited assurance about whether anything has come to our attention that would suggest, in all material respects, the expenditure disbursed and income received by The Samara 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 Samara 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 Samara 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 Samara 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 Samara Trust and the reporting accountant

The accounting officer is responsible, under the requirements of The Samara 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 SAMARA TRUST
INDEPENDENT REPORTING ACCOUNTANT'S REPORT ON REGULARITY TO THE SAMARA TRUST AND THE SECRETARY OF STATE FOR EDUCATION (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 23 -
Conclusion

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

Reporting Accountant
Mitchell Charlesworth (Audit) Limited
24 Nicholas Street
Chester
CH1 2AU
09 December 2025
THE SAMARA TRUST
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2025
- 24 -
Unrestricted
Restricted funds:
Total
Total
funds
General
Fixed asset
2025
2024
Notes
£'000s
£'000s
£'000s
£'000s
£'000s
Income and endowments from:
Donations and capital grants
3
35
-
47
82
47
Charitable activities:
- Funding for educational operations
4
230
3,713
-
3,943
3,950
Other trading activities
5
42
15
-
57
36
Investments
6
-
3
-
3
-
Total
307
3,731
47
4,085
4,033
Expenditure on:
Raising funds
7
5
1
-
6
8
Charitable activities:
- Educational operations
9
207
3,650
36
3,893
4,063
Total
7
212
3,651
36
3,899
4,071
Net income/(expenditure)
95
80
11
186
(38)
Transfers between funds
17
-
(51)
51
-
-
Other recognised gains/(losses)
Actuarial losses on defined benefit pension schemes
19
-
(29)
-
(29)
(10)
Net movement in funds
95
-
62
157
(48)
Reconciliation of funds
Total funds brought forward
202
-
549
751
799
Total funds carried forward
297
-
611
908
751
THE SAMARA TRUST
STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED)
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2025
- 25 -
Comparative year information
Unrestricted
Restricted funds:
Total
Year ended 31 August 2024
funds
General
Fixed asset
2024
Notes
£'000s
£'000s
£'000s
£'000s
Income and endowments from:
Donations and capital grants
3
28
-
19
47
Charitable activities:
- Funding for educational operations
4
222
3,728
-
3,950
Other trading activities
5
30
6
-
36
Total
280
3,734
19
4,033
Expenditure on:
Raising funds
7
8
-
-
8
Charitable activities:
- Educational operations
9
369
3,657
37
4,063
Total
7
377
3,657
37
4,071
Net income/(expenditure)
(97)
77
(18)
(38)
Transfers between funds
17
-
(58)
58
-
Other recognised gains/(losses)
Actuarial losses on defined benefit pension schemes
19
-
(10)
-
(10)
Net movement in funds
(97)
9
40
(48)
Reconciliation of funds
Total funds brought forward
299
(9)
509
799
Total funds carried forward
202
-
549
751
THE SAMARA TRUST
BALANCE SHEET
AS AT 31 AUGUST 2025
- 26 -
2025
2024
Notes
£'000s
£'000s
£'000s
£'000s
Fixed assets
Tangible assets
13
595
552
Current assets
Debtors
14
94
65
Cash at bank and in hand
522
369
616
434
Current liabilities
Creditors: amounts falling due within one year
15
(303)
(235)
Net current assets
313
199
Net assets excluding pension asset
908
751
Defined benefit pension scheme asset
19
-
0
-
0
Total net assets
908
751
Funds of the Academy Trust:
Restricted funds
17
- Fixed asset funds
611
549
Total restricted funds
611
549
Unrestricted income funds
17
297
202
Total funds
908
751

The financial statements on pages 24 to 48 were approved by the Trustees and authorised for issue on 26 November 2025 and are signed on their behalf by:

G White
Chair
Company registration number 11072683 (England and Wales)
THE SAMARA TRUST
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2025
- 27 -
2025
2024
Notes
£'000s
£'000s
£'000s
£'000s
Cash flows from operating activities
Net cash provided by/(used in) operating activities
20
182
(64)
Cash flows from investing activities
Dividends, interest and rents from investments
3
-
Capital grants from DfE Group
19
19
Capital funding received from sponsors and others
28
-
Purchase of tangible fixed assets
(79)
(132)
Net cash used in investing activities
(29)
(113)
Net increase/(decrease) in cash and cash equivalents in the reporting period
153
(177)
Cash and cash equivalents at beginning of the year
369
546
Cash and cash equivalents at end of the year
522
369
THE SAMARA TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
- 28 -
1
Accounting policies

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

1.1
Basis of preparation

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

1.2
Going concern

The Trustees assess whether the use of going concern is appropriate, i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the charitable company to continue as a going concern. The Trustees make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements and although The Samara Trust has joined the Chester Diocesan and Academies Trust as of 1 December 2025 they have concluded that the school has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the Academy Trust’s ability to continue as a going concern. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Income

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

Grants

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

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

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

Sponsorship income

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

Donations

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

THE SAMARA TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 29 -
Other income

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

Donated goods, facilities and services

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

Donated fixed assets

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

1.4
Expenditure

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

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

All resources expended are inclusive of irrecoverable VAT.

Expenditure on raising funds

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

Charitable activities

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

THE SAMARA TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 30 -
1.5
Tangible fixed assets and depreciation

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

Where tangible fixed assets have been acquired with the aid of specific grants, either from the government or from the private sector, they are included in the balance sheet at cost and depreciated over their expected useful economic life. 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 less estimated residual value of each asset on a over its expected useful life, as follows:

Long leasehold
Straight line over 125 years
Computer equipment
33% on reducing balance
Fixtures, fittings & equipment
15% on reducing balance

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

1.6
Liabilities

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

1.7
Leased assets

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

1.8
Financial instruments

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

Financial assets

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

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

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

1.12

Provisions

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

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

THE SAMARA TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 32 -
2
Critical accounting estimates and areas of judgement

Accounting e stimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions

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

The present value of the Local Government Pension Scheme defined benefit asset/liability depends on a number of factors that are determined on an actuarial basis using a variety of assumptions. The assumptions used in determining the net cost or income for pensions include the discount rate. Any changes in these assumptions, which are disclosed in note 19, will impact the carrying amount of the pension asset/liability. Furthermore a roll forward approach which projects results from the latest full actuarial valuation performed at 31 March 2022 has been used by the actuary in valuing the pensions asset/liability at 31 August 2025. Any differences between the figures derived from the roll forward approach and a full actuarial valuation would impact on the carrying amount of the pension asset/liability.

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

3
Donations and capital grants
Unrestricted
Restricted
Total
Total
funds
funds
2025
2024
£'000s
£'000s
£'000s
£'000s
Private sponsorship
4
-
4
3
Capital grants
-
47
47
19
Other donations
31
-
31
25
35
47
82
47
THE SAMARA TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 33 -
4
Funding for the Academy Trust's educational operations
Unrestricted
Restricted
Total
Total
funds
funds
2025
2024
£'000s
£'000s
£'000s
£'000s
DfE/ESFA grants
General annual grant (GAG)
-
2,977
2,977
3,062
Other DfE/ESFA grants:
- UIFSM
-
79
79
87
- Pupil premium
-
122
122
138
- Others
-
282
282
242
-
3,460
3,460
3,529
Other government grants
Local authority grants
-
253
253
199
Other incoming resources
230
-
230
222
Total funding
230
3,713
3,943
3,950
5
Other trading activities
Unrestricted
Restricted
Total
Total
funds
funds
2025
2024
£'000s
£'000s
£'000s
£'000s
Hire of facilities
39
-
39
25
Insurance income
-
15
15
6
Other income
3
-
3
5
42
15
57
36
6
Investment income
Unrestricted
Restricted
Total
Total
funds
funds
2025
2024
£'000s
£'000s
£'000s
£'000s
Short term deposits
-
3
3
-
THE SAMARA TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 34 -
7
Expenditure
Non-pay expenditure
Total
Total
Staff costs
Premises
Other
2025
2024
£'000s
£'000s
£'000s
£'000s
£'000s
Expenditure on raising funds
- Direct costs
-
-
6
6
8
Academy's educational operations
- Direct costs
2,658
27
165
2,850
2,930
- Allocated support costs
424
264
356
1,044
1,133
3,082
291
527
3,900
4,071
Net income/(expenditure) for the year includes:
2025
2024
£'000s
£'000s
Operating lease rentals
3
3
Depreciation of tangible fixed assets
37
37
Fees payable to auditor for:
- Audit
8
8
- Other services
5
5
Net interest on defined benefit pension liability
(5)
-
8
Central services

The Academy Trust has operated GAG & Reserve Pooling during the year, hence there are no central services to disclose.

9
Charitable activities
Unrestricted
Restricted
Total
Total
funds
funds
2025
2024
£'000s
£'000s
£'000s
£'000s
Direct costs
Educational operations
147
2,703
2,850
2,930
Support costs
Educational operations
60
984
1,044
1,133
207
3,687
3,894
4,063
THE SAMARA TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
9
Charitable activities
(Continued)
- 35 -
Analysis of support costs
2025
2024
£'000s
£'000s
Support staff costs
424
470
Depreciation
10
10
Technology costs
40
33
Premises costs
254
272
Legal costs
36
37
Other support costs
263
298
Governance costs
17
13
1,044
1,133
10
Staff
Staff costs and employee benefits
Staff costs during the year were:
2025
2024
£'000s
£'000s
Wages and salaries
2,184
2,204
Social security costs
220
202
Pension costs
535
505
Staff costs - employees
2,939
2,911
Agency staff costs
140
269
Staff restructuring costs
3
1
3,082
3,181
Staff development and other staff costs
7
14
Total staff expenditure
3,089
3,195
Staff restructuring costs comprise:
Redundancy payments
3
1
Severance payments

Included in staff restructuring costs are special severance payments totalling £2,876 (2024: £1,400).

£0 - £25,000
1
THE SAMARA TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
10
Staff
(Continued)
- 36 -
Staff numbers
The average number of persons employed by the Academy Trust during the year was as follows:
2025
2024
Number
Number
Teachers
29
30
Administration and support
49
55
Management
6
4
84
89
The number of persons employed, expressed as a full time equivalent, was as follows:
2025
2024
Number
Number
Teachers
23
28
Administration and support
31
54
Management
6
4
60
86
Higher paid staff
The number of employees whose employee benefits (excluding employer pension costs and employer national insurance contributions) exceeded £60,000 was:
2025
2024
Number
Number
£60,001 - £70,000
2
2
£70,001 - £80,000
-
1
£80,001 - £90,000
1
-
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 employee benefits (including employer pension contributions and employer national insurance contributions) received by key management personnel for their services to the Academy Trust was £379,958 (2024: £435,167 ).

11
Trustees' remuneration and expenses

There were no trustees' remuneration or expenses paid for during the year ended 31 August 2025 nor for the year ended 31 August 2024.

THE SAMARA TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 37 -
12
Trustees' and officers' insurance

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

13
Tangible fixed assets
Long leasehold
Computer equipment
Fixtures, fittings & equipment
Total
£'000s
£'000s
£'000s
£'000s
Cost
At 1 September 2024
444
157
126
727
Additions
-
12
67
79
At 31 August 2025
444
169
193
806
Depreciation
At 1 September 2024
10
122
43
175
Charge for the year
4
15
17
36
At 31 August 2025
14
137
60
211
Net book value
At 31 August 2025
430
32
133
595
At 31 August 2024
434
35
83
552
14
Debtors
2025
2024
£'000s
£'000s
Trade debtors
7
2
VAT recoverable
29
23
Prepayments and accrued income
58
40
94
65
THE SAMARA TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 38 -
15
Creditors: amounts falling due within one year
2025
2024
£'000s
£'000s
Trade creditors
117
70
Other taxation and social security
49
44
Other creditors
39
41
Accruals and deferred income
98
80
303
235
16
Deferred income
2025
2024
£'000s
£'000s
Deferred income is included within:
Creditors due within one year
56
56
Deferred income at 1 September 2024
56
71
Released from previous years
(56)
(71)
Resources deferred in the year
56
56
Deferred income at 31 August 2025
56
56

At the balance sheet date the academy was holding funds in advance relating to Universal Infant Free School Meals and Residential Visits.

THE SAMARA TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 39 -
17
Funds
Balance at
Gains,
Balance at
1 September
losses and
31 August
2024
Income
Expenditure
transfers
2025
£'000s
£'000s
£'000s
£'000s
£'000s
Restricted general funds
General Annual Grant (GAG)
-
2,977
(2,926)
(51)
-
UIFSM
-
79
(79)
-
-
Pupil premium
-
122
(122)
-
-
Other DfE/ESFA grants
-
282
(282)
-
-
Other government grants
-
253
(253)
-
-
Other restricted funds
-
18
(18)
-
-
Pension reserve
-
-
29
(29)
-
-
3,731
(3,651)
(80)
-
Restricted fixed asset funds
Inherited on conversion
57
-
(1)
-
56
DfE group capital grants
336
47
(9)
-
374
Capital expenditure from GAG
154
-
(26)
51
179
Local authority capital grants
-
28
(28)
-
-
Private sector capital sponsorship
2
(28)
28
-
2
549
47
(36)
51
611
Total restricted funds
549
3,778
(3,687)
(29)
611
Unrestricted funds
General funds
202
307
(212)
-
297
Total funds
751
4,085
(3,899)
(29)
908
THE SAMARA TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
17
Funds
(Continued)
- 40 -

T he A cademy Trust is operating GAG & Reserve Pooling this year.

Restricted General Funds

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

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

Unrestricted Funds

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

Restricted Fixed Asset Funds

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

Capital Reserves include £18,592 of unspent DFC as follows:

Clutton £4,563

Little Sutton £5,687

Upton Heath £8,342

THE SAMARA TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
17
Funds
(Continued)
- 41 -
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
£'000s
£'000s
£'000s
£'000s
£'000s
Restricted general funds
General Annual Grant (GAG)
-
3,062
(3,004)
(58)
-
UIFSM
-
87
(87)
-
-
Pupil premium
-
138
(138)
-
-
Other DfE/ESFA grants
-
242
(242)
-
-
Other government grants
-
199
(199)
-
-
Other restricted funds
-
6
(6)
-
-
Pension reserve
(9)
-
19
(10)
-
(9)
3,734
(3,657)
(68)
-
Restricted fixed asset funds
Inherited on conversion
58
-
(1)
-
57
DfE group capital grants
342
19
(25)
-
336
Capital expenditure from GAG
106
-
(10)
58
154
Private sector capital sponsorship
3
-
(1)
-
2
509
19
(37)
58
549
Total restricted funds
500
3,753
(3,694)
(10)
549
Unrestricted funds
General funds
299
280
(377)
-
202
Total funds
799
4,033
(4,071)
(10)
751
THE SAMARA TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
17
Funds
(Continued)
- 42 -
Total funds analysis by academy
2025
2024
Fund balances at 31 August 2025 were allocated as follows:
£'000s
£'000s
Upton Heath CofE Primary School
-
-
Little Sutton CofE Primary School
-
-
Clutton CofE Primary School
-
-
Central services
297
202
Total before fixed assets fund and pension reserve
297
202
Restricted fixed asset fund
611
549
Pension reserve
-
-
Total funds
908
751
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
£'000s
£'000s
£'000s
£'000s
£'000s
£'000s
Upton Heath CofE Primary School
1,612
111
104
295
2,122
2,286
Little Sutton CofE Primary School
766
95
40
165
1,066
1,045
Clutton CofE Primary School
280
63
25
81
449
458
Central services
-
183
1
63
247
247
2,658
452
170
604
3,884
4,036
18
Analysis of net assets between funds
Unrestricted
Restricted funds:
Total
Funds
General
Fixed asset
Funds
£'000s
£'000s
£'000s
£'000s
Fund balances at 31 August 2025 are represented by:
Tangible fixed assets
-
-
595
595
Current assets
556
4
56
616
Current liabilities
(259)
(4)
(40)
(303)
Total net assets
297
-
611
908
THE SAMARA TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
18
Analysis of net assets between funds
(Continued)
- 43 -
Unrestricted
Restricted funds:
Total
Funds
General
Fixed asset
Funds
£'000s
£'000s
£'000s
£'000s
Fund balances at 31 August 2024 are represented by:
Tangible fixed assets
-
-
552
552
Current assets
338
96
-
434
Current liabilities
(136)
(96)
(3)
(235)
Total net assets
202
-
549
751
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 The Cheshire Pension Scheme. Both are multi-employer defined benefit schemes.

The latest actuarial valuation of the TPS related to the period ended 31 March 2020, and that of the LGPS related to the period ended 31 March 2022. The Trust has received an actuarial report relating to the valuation of the LGPS as at 31 August 2025.

Contributions amounting to £39,119 were payable to the schemes at 31 August 2025 (2024: £39,655) and are included within creditors.

Teachers' Pension Scheme
Introduction

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

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

Valuation of the Teachers' Pension Scheme

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

THE SAMARA TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
19
Pension and similar obligations
(Continued)
- 44 -

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 £363,000 (2024: £325,000).

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

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

Local Government Pension Scheme

The LGPS is a funded defined benefit pension scheme, with the assets held in separate trustee-administered funds. The total contributions are as noted below. The agreed contribution rates for future years are between 21.1% and 21.4% for employers and between 5.5% and 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
£'000s
£'000s
Employer's contributions
196
202
Employees' contributions
55
56
Total contributions
251
258
THE SAMARA TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
19
Pension and similar obligations
(Continued)
- 45 -
Principal actuarial assumptions
2025
2024
%
%
Rate of increase in salaries
3.4
3.4
Rate of increase for pensions in payment/inflation
2.7
2.7
Discount rate for scheme liabilities
6.1
5.0
The current mortality assumptions include sufficient allowance for future improvements in mortality rates. The assumed life expectations on retirement age 65 are:
2025
2024
Years
Years
Retiring today
- Males
21.1
20.9
- Females
24.9
24.9
Retiring in 20 years
- Males
21.3
21.0
- Females
25.2
25.2
Sensitivity analysis

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

2025
2024
£'000
£'000
Discount rate - 0.1%
46
54
Mortality assumption + 1 year
82
91
Salary increase rate +0.1%
1
1
Pension increase rate +0.1%
46
54
Defined benefit pension scheme net asset
2025
2024
£'000s
£'000s
Scheme assets
2,750
2,360
Scheme obligations
(2,058)
(2,279)
Net asset
692
81
Restriction on scheme assets
(692)
(81)
Total liability recognised
-
-
THE SAMARA TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
19
Pension and similar obligations
(Continued)
- 46 -
The Academy Trust's share of the assets in the scheme
2025
2024
Fair value
Fair value
£'000s
£'000s
Equities
1,484
1,250
Bonds
880
779
Cash
28
24
Property
358
307
Total market value of assets
2,750
2,360
Restriction on scheme assets
(692)
(81)
Net assets recognised
2,058
2,279
The actual return on scheme assets was £157,000 (2024: £190,000).
Amount recognised in the statement of financial activities
2025
2024
£'000s
£'000s
Current service cost
172
183
Interest income
(124)
(106)
Interest cost
119
106
Total amount recognised
167
183
Changes in the present value of defined benefit obligations
2025
2024
£'000s
£'000s
At 1 September 2024
2,279
1,936
Current service cost
172
183
Interest cost
119
106
Employee contributions
55
56
Actuarial (gain)/loss
(549)
13
Benefits paid
(18)
(15)
At 31 August 2025
2,058
2,279
THE SAMARA TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
19
Pension and similar obligations
(Continued)
- 47 -
Changes in the fair value of the Academy Trust's share of scheme assets
2025
2024
£'000s
£'000s
At 1 September 2024
2,360
1,927
Interest income
124
106
Actuarial gain
33
84
Employer contributions
196
202
Employee contributions
55
56
Benefits paid
(18)
(15)
At 31 August 2025
2,750
2,360
Restriction on scheme assets
(692)
(81)
Net assets recognised
2,058
2,279
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/(expenditure) to net cash flow from operating activities
2025
2024
Notes
£'000s
£'000s
Net income/(expenditure) for the reporting period
(as per the statement of financial activities)
186
(38)
Adjusted for:
Capital grants from DfE and other capital income
(47)
(19)
Investment income receivable
6
(3)
-
Defined benefit pension costs less contributions payable
19
(24)
(19)
Defined benefit pension scheme finance income
19
(5)
-
Depreciation of tangible fixed assets
36
37
(Increase)/decrease in debtors
(29)
15
Increase/(decrease) in creditors
68
(40)
Net cash provided by/(used in) operating activities
182
(64)
21
Analysis of changes in net funds
1 September 2024
Cash flows
31 August 2025
£'000s
£'000s
£'000s
Cash
369
153
522
THE SAMARA TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 48 -
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
£'000s
£'000s
Amounts due within one year
-
3
23
Related party transactions

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

Mr C Penn and Ms S Noakes (Member representatives of Chester Diocese Board of Education)

Mr Penn is the D irector of Education for the Diocese of Chester, who granted the licence to occupy the Trust's land & building at a peppercorn rent.

The Chester Diocesan Board of Education provided services amounting to £1,333 (202 4: £1,573), which included membership subscription, training and educational materials. At the balance sheet date £nil was owed to the Trust (2024: £nil).

Mr I Wilson, Mr R Mainard and Prof. G White (Trustees and Members)

The above are also Trustees of the Bishop's Blue Coat Church Of England High School. The school provided payroll services to the Trust amounting to £480 (202 4: £60 0). At the balance sheet date £nil was owed to the Trust (2024: £nil).

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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