The trustees present their annual report together with the accounts and auditor's report of the charitable company for the year 1 September 2020 to 31 August 2021. The annual report serves the purposes of both a trustees' report, and a directors' report under company law.
During the period the Trust operated eight primary schools and one secondary school serving the south east Essex deaneries in the Catholic Diocese of Brentwood.
The schools are:
Our Lady of Lourdes Catholic Primary School
Sacred Heart Catholic Primary School
St Helen's Catholic Primary school
St George's Catholic Primary school
Holy Family Catholic Primary school
St Joseph's Catholic Primary school
St Theresa's Catholic Primary school
Our Lady of Ransom Catholic Primary school
St Thomas More High school
These schools have a combined roll of 3,623 in the school census on October 2021
The academy trust is a company limited by guarantee and an exempt charity. The charitable company's memorandum and articles of association are the primary governing documents of the academy trust.
The charitable company is known as Assisi Catholic Trust.
The trustees of Assisi Catholic Trust are also the directors of the charitable company for the purposes of company law. Details of the trustees who served during the year, and to the date these accounts are approved, are included in the Reference and Administrative Details on page 1.
Each member of the charitable company undertakes to contribute to the assets of the charitable company in the event of it being wound up while they are a member, or within one year after they cease to be a member, such amount as may be required, not exceeding £ 10 , for the debts and liabilities contracted before they ceased to be a member.
The academy trust has opted into the department for Education's risk protection arrangement (RPA) an alternative to the insurance where UK government funds cover losses that arise. The scheme protects the trustees and officers from claims arising from negligent acts, errors or omissions occurring whist on academy business. It provides cover up to £10,000,000 and is explained in the 'Governors Liability' section of the RPA. It is not possible to quantify the trustees and officers indemnity element from the overall cost of the RPA scheme.
Full details are set out within the Articles of Association which detail type, number and process of appointing Trustees. The Diocesan Bishop appoints the members of the Trust. The members appoint the Trustees, taking into account the skills and expertise necessary for effective operation of the Board and to contribute fully to the Trust's development. The management of the Trust is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust Articles of Association .
As there are only normally a handful (one or two) new Trustees in a year and as the backgrounds of individual Trustees differs hugely, induction is via external formal training sessions plus informal induction tailored to the needs of the individual. Where necessary, training will be provided on educational legal and financial matters. All new trustees are encouraged to visit the various schools, to meet with the Headteacher, staff and pupils, and are provided with key documents such as the Articles of Association, the Scheme of Delegation, policies, procedures, minutes, budgets, accounts, plans and any other documents necessary to undertake their role as
Trustees .
The governance of the Academy is defined in the Memorandum of Understanding and Articles of Association
together with the funding agreement with the Department of Education.
The Board of Trustees has the ultimate responsibility for Assisi Catholic Trust. The Trust has arranged its business in such a way that responsibilities and lines of accountability are clearly identified in the scheme of delegation. The Trustees are responsible for determining overall strategy, adopting an annual plan and budget, monitoring the Trust's financial and operational performance, reviewing the educational progress of all academies and making major decisions about the direction of the Trust, capita l expenditure and senior staff appointments .
Local Governing Committees (LGCs) at each Academy are committees of the Trust Board. They have delegated responsibility for key aspects of each school, including ensuring clarity of vison and ethos, holding the Headteacher to account and ensuring that funding is well spent. Risk management and governance is scrutinised by the Trust's Audit & Risk committee. The Trust Board, its committees and LGCs meet at least once every term.
The day-to-day management of the Trust is the responsibility of the Chief Executive Officer, who is also the Trust's Accounting Officer. Leadership and Management of each school within the Trust is delegated by Trustees to the Senior Leadership Team of each school.
The Board, in the performance of its duties, pays due regard to the regard the advice and information provided by the supporting committees and Trust committees.
Pay and remuneration of key management personnel within the trust is decided by a variety of contributory factors, such as the school group size, ISR, the pay scales for each role, performance management and the level of experience of each staff member. In addition, pay levels may be affected by nationally agreed pay awards, the ability to recruit and retain in post, all of which are in accordance with the Trust's appointment and pay policies.
The Resources committee of Trustees approves all amendments to key management's pay and remuneration.
Owing to the nature of the academy's operations and the composition of the board of trustees being drawn from local public and private sector organisations, transactions may take place with organisations in which a Trustee has an interest. All transactions involving such organisations are conducted at arm's length and in accordance with the academy's financial regulations and normal procurement procedures. Any transactions where the Trustee has a pecuniary interest is only undertaken in accordance with the 'at cost' principle stated in the Academies Financial Handbook.
Our mission is to inspire the children in our care and that our schools place Christ and the teaching of the Catholic Church at the centre of all we do. We believe that every child has a right to educational excellence and we will strive together in partnership to ensure this happens.
The aim of the Trust is to establish, maintain and develop Catholic schools (and other schools, subject to the approval of the Bishop) within the Diocese.
The principal objective and activity of the Trust in the period under review was to continue to improve the educational outcomes for all of its pupils. To support the spiritual, moral, social, cultural and physical development of each child, as well as maximising progress, achievement and attainment to ensure their intellectual growth and fulfilment of their potential.
We work together to train, develop and retain teachers, support staff and Isaders.
We work together closely to support each other to strengthen our Catholic schools and to achieve economies of scale by being part of a larger buying group .
The Trustees confirm that they have complied with the duty in section 4 of the Charities Act 2006 to have due regard to the Charity Commissioner's general guidance on public benefit in exercising their powers and duties. They have referred to guidance when reviewing the Company's aims and objectives and in planning its future activities .
Secondary School Achievements and Performance
In January 2021 and in response to the coronavirus (COVID-19) pandemic, the government announced that it was no longer fair for many exams and assessments to go ahead as planned this summer. It was confirmed that students taking GCSE, AS and A levels regulated by Ofqual would be awarded grades based on an assessment by their teachers. Ofgual and the Department for Education consulted jointly on the alternative arrangements to summer exams, and the outcome of this consultation was announced in February. Teachers used a range of evidence to make a judgement about the grade at which their students have performed, focusing on the content that students have been taught.
As part of these arrangements, exam boards have implemented a process of quality assurance. We were required to put in place an internal quality assurance process, defined in our Centre Policy. Our internal quality assurance included internal standardisation of marking and grading judgements. As part of the external quality assurance, exam boards reviewed the centre policies for all centres. Exam boards also requested evidence from all centres and checked the evidence used to support teacher grades for some students in a sample of centres. Samples were called for GCSE Business Studies and English Language and A Level Sociology.
It was a real highlight to share smiles and congratulations with our A level students on Tuesday 10 th August and GCSE students on Thursday 12 th August. Our results this year embody many hours of work, incredible commitment and teamwork between students, staff and parents. It has been a pleasure to work with such a wonderful group of students. Each member of Year 13 and Year 11 helped to maintain our strong community ethos during very difficult circumstances, supporting each other and making a significant contribution to school life and to others beyond St Thomas More High School.
Level 3/A Level Measure |
St Thomas More High School |
L3 overall average grade |
B |
L3 overall Value Added |
0.48 (confidence limits 0.58 – 0.38) |
A* - B cumulative % |
67.5 |
A* - C cumulative % |
87.8 |
A* - E cumulative % |
98.6 |
GCSE Measure |
St Thomas More High School |
% students achieving 5 standard passes incl English & Maths |
84.1 |
% students achieving 5 strong passes incl English & Maths |
58.9 |
Attainment 8 Score |
5.66 |
% students achieving 1 or more GCSE |
99.3 |
Subject |
% achieving 9 – 7 |
% achieving 9 – 5 |
% achieving 9 – 4 |
English |
28.5 |
74.2 |
90.7 |
Maths |
29.1 |
67.5 |
89.4 |
English and Maths |
19.2 |
61.6 |
85.4 |
After making appropriate enquiries, the board of trustees has a reasonable expectation that the academy trust has adequate resources to continue in operational existence for the foreseeable future. For this reason, the board of trustees continues to adopt the going concern basis in preparing the accounts. Further details regarding the adoption of the going concern basis can be found in the statement of accounting policies.
The principal source of funding for the Trust is the GAG and other grants that it receives from the Education Skills Funding agency (ESFA). For the year ended 31 August 20 21 the Trust received £ 21,678,887 of GAG and other funding. A high percentage of this income is spent on wages and salaries and support costs to deliver the Academy's primary objective of the provision of education. During the year the Trust spent £ 19,283,810 on revenue expenditure and £ 1,130,772 on capital new build and improvement projects. The Academy brought forward from 1 9/20 , £ 491,602 restricted funds and £ 2,871,724 unrestricted funding. The carry forward for 20/21 is £ 1,344,952 restricted funding and £ 3,187,679 unrestricted funding, Due to the accounting rules for the Local Government Pension Scheme under FRS102, the Academy is recognising a significant pension fund deficit of £ 9,585,000, included in restricted funds. This does not mean that an immediate liability for this amount crystalizes and such a deficit generally results in a cash flow effect in the form of increased employer contributions over a number of years.
The Trustees review the reserve levels of the Trust annually. The review encompasses the nature of income and expenditure streams, the need to match income with commitments and the nature of reserves. Reserves are held for reinvestment in individual schools, for specific capital projects, curriculum investment and to mitigate the impact of reductions to funding.
At 31 August 20 2 1 the total funds comprised:
£
Unrestricted 3,187,679
Restricted: Fixed asset funds 5,316,944
Pension reserve (9,585,000)
Other restricted income funds 5,613,008
4,532,631
Disclosure of funds in deficit is also included in the Funds Note in the financial statements .
Assisi Catholic Trust does not have any material investments. The Trust's Investment Policy enables Trustees to invest to further the Trust's charitable aims, whilst ensuring that investment risk is properly managed. The policy ensures that the security of funds takes precedence over revenue maximisation .
The Trustees maintain a risk register identifying the major risks to which the Trust is exposed, and identifying actions and procedures to mitigate those risks. A formal review of the risk register process is undertaken on an annual basis and the internal control systems and the exposure to said risks are monitored on behalf of the Trustees at each Audit & Risk Committee meeting. The principal risks facing the Trust are outlined below; those facing an academy at an operational level are addressed by its systems and by Internal financial and other controls.
The Trustees report that the Trust's financial and interna! controls conform to guidelines issued by the ESFA, and that improvements to the wider framework of systems dealing with business risk and risk management strategy continue to be made and formally documented.
It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed.
As a multi academy trust, the level of financial risk is low. Cash flows can be reliably forecast, monitored and reported. Staff costs make up the majority of expenditure and are relatively stable with contingencies in place to cover such items as sickness and maternity.
The Trustees assess the other principal risks and uncertainties facing the Trust as follows
Funding - the financial impact of future changes to funding levels from the DfE/ESFA as there is no assurance that Government policy or practice will remain the same or that public funding will continue at the same levels or on the same terms;
staffing - teacher recruitment and retention;
admissions - pupil numbers in an increasing competitive education landscape particularly in the smaller schools of the MAT;
fraud and mismanagement of funds - The Trust has appointed an internal auditor to carry out independent and external checks on financial systems and records as required by the Academy Financial Handbook. All finance staff receive training to keep up to date with financial practice requirements and develop their skills in this area;
financial instruments - the Trust only deals with bank balances, cash and trade creditors, with limited trade (and other) debtors. The risk in this area is considered to be low; and
defined benefit pension liability - as the Government has agreed to meet the defined benefit pension liability of any school ceasing to exist. The main risk to the Trust is an annual cash flow funding of part of the deficit. Trustees take these payments into account when setting the annual budget plan.
The Trust continues to strengthen its risk management process throughout the year by improving the process and ensuring staff awareness. Mitigating actions have been identified to address these risks .
There are no professional fundraising activities in Assisi Catholic Trust.
The strategic aims of the Assist Catholic Trust are:
To further develop the distinctive Catholic nature of the schools and the Trust.
To build a culture of success and achievement across all schools in the Trust.
To develop every child and young person so that they achieve and are successful, confident, independen t and resilient feamars for life.
To develop and embed sustainable, high quality and robust Catholic leadership across the Trust,
To develop inspirational teaching that fosters aspirational learning.
To strengthen engagement between our schools and our communities expanding our Trust to include all Deanery schools.
To prioritise excellence in facilities, staffing and resourcing.
The Key Priorities for the Trust 20 2 1/2022 are to:
Manage the continued expansion of the Trust schools in response to the local area demand for increased school places;
Continue to develop succession plans for school leadership teams;
Continue to work to improve and enhance condition of school premises and facilities;
Further increase capacity at Trust schools by agreeing on central services to be delivered for the partnership contribution;
Continue to work to deliver centrally driven supplier contracts;
To adopt a challenging approach to staffing levels and costs in order to meet the decline in funding.
No funds are held as custodian trustee.
In so far as the trustees are aware:
- there is no relevant audit information of which the charitable company's auditor is unaware; and
- the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.
The trustees' report, incorporating a strategic report, was approved by order of the board of trustees, as the company directors, on
As trustees, we acknowledge we have overall responsibility for ensuring that Assisi Catholic 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.
The board of trustees has delegated the day-to-day responsibility to the principal, 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 Assisi Catholic Trust and the Secretary of State for Education. The accounting officer is also responsible for reporting to the board of trustees any material weaknesses or breakdowns in internal control.
The information on governance included here supplements that described in the Trustees' Report and in the Statement of Trustees' Responsibilities. The board of trustees has formally met 6 times during the year. Attendance during the year at meetings of the board of trustees was as follows:
Also in attendance was Gemma Ackred, the Trust's Chief Accounting Officer.
During the year 2020 – 2021 there have no new changes in the composition of the board of trustees. The three committees continued to meet as did the full Board meeting. With a new financial reporting system now embedding, all Trustees are able to review the accounts for each school and the Trustee Buddy relationship has been a vital source of support during this covid year.
Each year on our Feast Day – 4 th October, the Trust Board meet with the Chairs of each Governing Committee and the Headteacher of each school to renew our commitment to our collaboration; review our vision and mission; review and evaluate our progress against our action plan and co-construct our new action plan. This review requires Trustees to listen to the evaluation provided by Headteachers on performance and impact of the work together. As a result, in the next year another peer review process is planned between schools to include governance and new networks of middle leaders to focus on inclusion and recovery curriculum have been set up to collaborate and support improvement. Prior to this meeting, in the summer, the Trust Board annually complete both the NGA and CES skills audit to identify gaps in the skills of the Board and to direct recruitment of new Trustees to succession plan. They review appendix 9 to our Scheme of Delegation and discuss the Nolan Principles and how they apply to the role of a Catholic Trustee MAT Board. At the summer full board meeting, each Trustee completes a self-review of where evidence suggests the Trust is along a continuum from emerging to established against standards. This self-review document is discussed to reach consensus and produce one comprehensive document. Self -evaluation of governance is carried out annually.
Audit and Risk Committee
The Audit and Risk Committee is a sub-committee of the main board of trustees. Its purpose is to maintain oversight of the Trust's governance, risk management and internal control framework and report its findings to the Board of Trustees as a critical element of the Trust's annual reporting requirements. any major issues or risks identified from the work of the Committee together with recommended solutions, will be referred to the Board of Trustees for ratification and inclusion within the Trust's Risk Management register.
Attendance at meetings in the year was as follows:
Resources Committee
The Resources Committee is a sub-committee of the main board of trustees. Its purpose is to consider and advise the Board on all aspects of strategy management and development of our people, premises and finances, to ensure sound management of the Trust's personnel, finances and resources, proper planning, monitoring, probity and value for money.
Attendance at meetings in the year was as follows:
As accounting officer , the principal has responsibility for ensuring that the academy trust delivers good value in the use of public resources. The accounting officer understands that value for money refers to the educational and wider societal outcomes achieved in return for the taxpayer resources received.
The accounting officer considers how the academy trust ’s use of its resources has provided good value for money during each academic year, and reports to the board of trustees where value for money can be improved, including the use of benchmarking data where available. The accounting officer for the academy trust has delivered improved value for money during the year by:
Continuing to rigorously challenge performance of the academies in the MAT to demonstrate continued educational improvement.
To introduce a centralised ICT infrastructure to ensure consistency
To continuing to review a centralised condition improvement survey to develop a fair and equitable distribution of funds and review the asset management plan for the next 5-10 years.
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 Assisi Catholic Trust for the period 1 September 2020 to 31 August 2021 and up to the date of approval of the annual report and accounts.
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 2020 to 31 August 2021 and up to the date of approval of the annual report and accounts. This process is regularly reviewed by the board of trustees.
The academy trust's system of internal financial control is based on a framework of regular management information and administrative procedures including the segregation of duties and a system of delegation and accountability. In particular, it includes:
comprehensive budgeting and monitoring systems with an annual budget and periodic financial reports which are reviewed and agreed by the board of trustees;
regular reviews by the finance and general purposes committee of reports which indicate financial performance against the forecasts and of major purchase plans, capital works and expenditure programmes;
setting targets to measure financial and other performance;
clearly defined purchasing (asset purchase or capital investment) guidelines;
identification and management of risks.
The board of trustees has decided:
to buy in an internal audit service from Price Bailey Chartered Accountants .
The internal auditor's role includes giving advice on financial and other matters and performing a range of checks on the academy trust's financial and other systems. In particular, the checks carried out in the current period included:
review of debtors and creditors;
review of gifts and hospitality procedures
review of teachers expenses
T he internal auditor has delivered their schedule of work as planned and there have been no material control issues arising as a result of the internal auditor’s work.
As accounting officer, the 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 auditor;
the work of the external auditor;
the financial management and governance self-assessment process or the school resource management self-assessment tool;
the work of the executive managers within the academy trust who have responsibility for the development and maintenance of the internal control framework.
The accounting officer has been advised of the implications of the result of their review of the system of internal control by the audit committee and a plan to ensure continuous improvement of the system is in place.
Approved by order of the board of trustees on 01 December 2021 and signed on its behalf by:
As accounting officer of Assisi Catholic Trust, I have considered my responsibility to notify the academy trust board of trustees and the Education and Skills Funding Agency (ESFA) of material irregularity, impropriety and non-compliance with terms and conditions of all funding received by the academy trust, under the funding agreement in place between the academy trust and the Secretary of State for Education. As part of my consideration I have had due regard to the requirements of the Academies Financial Handbook 2020.
I confirm that I and the academy trust's board of trustees are able to identify any material irregular or improper use of funds by the academy trust, or material non-compliance with the terms and conditions of funding under the academy trust's funding agreement and the Academies Financial Handbook 2020.
I confirm that no instances of material irregularity, impropriety or funding 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 ESFA.
The trustees (who are also the directors of Assisi Catholic Trust for the purposes of company law) are responsible for preparing the trustees' report and the accounts in accordance with the Academies Accounts Direction 2020 to 2021 published by the Education and Skills Funding Agency, United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
Company law requires the trustees to prepare accounts for each financial year. Under company law, the trustees must not approve the accounts 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 accounts, 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 2020 to 2021;
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 accounts; and
prepare the accounts 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 accounts 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 accounts may differ from legislation in other jurisdictions.
Approved by order of the members of the board of trustees on 24 November 2021 and signed on its behalf by:
Opinion
We have audited the accounts of Assisi Catholic Trust for the year ended 31 August 2021 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the accounts, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ' The Financial Reporting Standard applicable in the UK and Republic of Ireland ' (United Kingdom Generally Accepted Accounting Practice), the Charities SORP 201 9 and the Academies Accounts Direction 2020 to 2021 issued by the Education and Skills Funding Agency.
In our opinion the accounts:
give a true and fair view of the state of the charitable company's affairs as at 31 August 2021 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 2020 to 2021.
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 accounts' 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 accounts 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.
In auditing the accounts , we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the accounts 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 trustees are responsible for the other information , which comprises the information included in the a nnual report other than the accounts and our auditor’s report thereon. Our opinion on the accounts 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.
In connection with our audit of the accounts, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the accounts or our knowledge obtained in 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 there is a material misstatement in the accounts or a material misstatement of the other information. 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.
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 accounts are prepared is consistent with the accounts; and
the trustees' r eport including the incorporated strategic report ha s been prepared in accordance with applicable legal requirements.
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:
the accounts are not in agreement with the accounting records and returns; or
certain disclosures of trustees' remuneration specified by law are not made; or
As explained more fully in the s tatement of trustees' r esponsibilities, the trustees are responsible for the preparation of the accounts 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 accounts that are free from material misstatement, whether due to fraud or error.
In preparing the accounts , 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.
Our objectives are to obtain reasonable assurance about whether the accounts 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 accounts.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below .
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our: general commercial and sector experience; through verbal and written communications with those charged with governance and other management; and via inspection of the Academy Trust's regulatory and legal correspondence.
We discussed with those charged with governance and other management the policies and procedures regarding compliance with laws and regulations.
We communicated identified laws and regulations to our team and remained alert to any indicators of noncompliance throughout the audit, we also specifically considered where and how fraud may occur within the Academy Trust.
The potential effect of these laws and regulations on the financial statements varies considerably .
Firstly, the Academy Trust is subject to laws and regulations that directly affect the financial statements, including: the Academy Trust's constitution ; relevant financial reporting standards; company law; the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with FRS 102 (effective from 1 January 2019); the Academies Accounts Direction 2020-21; and we assess the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
Secondly the Academy Trust is subject to many other laws and regulations where the consequences of noncompliance could have a material effect on the amounts or disclosures in the financial statements, for instance through the imposition of fines and penalties, or through losses arising from litigations. We identified the following areas as those most likely to have such an affect: legislation directly applicable to charities sector such as the Charities Act 2011, the Academy Trust's funding agreement; the requirements of the Academies Financial Handbook 2020; employment legislation; health and safety legislation; safeguarding legislation; the regulatory requirements of the Charity Commission; data protection legislations; anti-bribery and corruption legislation .
International Auditing Standards (UK) limit the required procedures to identify non-compliance with these laws and regulations to the procedures, and no procedures over and above those already noted are required. These limited procedures did not identify any actual or suspected non-compliance which laws and regulations that could have a material impact on the financial statements.
In relation to fraud, we performed the following specific procedures in addition to those already noted:
Challenging assumptions made by management in its significant accounting estimates in particular; income recognition, depreciation of tangible fixed assets and the valuation of local government pension scheme deficit;
Identifying and testing journal entries, in particular any entries posted with unusual nominal ledger account combinations, and journal entries posted by senior management;
Performing analytical procedures to identify unexpected movements in account balances which may be indicative of fraud;
Ensuring that testing undertaken on the Statement of Financial Position and the Balance Sheet includes a number of items selected on a random basis;
Reviewing the minutes of the meetings of the Governing Body and key sub committees;
Evaluating internal control and review procedures, and reviewing findings of internal audit reviews;
Evaluating and documenting internal controls and testing their application by walkthrough.
These procedures did not identify any actual or suspected fraudulent irregularity that could have a material impact on the financial statements.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with International Auditing Standards UK). For example, the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the procedures that we are required to undertake would identify it. In addition, as with any audit, there remains a high risk of non-detection of irregularities, as these might involve collusion, forgery, intentional omissions, misrepresentation, or the override of internal controls. We are not responsible for preventing noncompliance with laws and regulations or fraud, and cannot be expected to detect non-compliance with all laws and regulations or every incidence of fraud.
A further description of our responsibilities for the audit of the accounts is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 . Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company 's members as a body, for our audit work, for this report, or for the opinions we have formed.
In accordance with the terms of our engagement letter dated 27 March 2020 and further to the requirements of the Education and Skills Funding Agency (ESFA) as included in the Academies Accounts Direction 2020 to 2021, we have carried out an engagement to obtain limited assurance about whether the expenditure disbursed and income received by Assisi Catholic Trust during the period 1 September 2020 to 31 August 2021 have been applied to the purposes identified by Parliament and the financial transactions conform to the authorities which govern them.
This report is made solely to Assisi Catholic Trust and ESFA in accordance with the terms of our engagement letter. Our work has been undertaken so that we might state to the Assisi Catholic Trust and ESFA 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 Assisi Catholic Trust and ESFA, for our work, for this report, or for the conclusion we have formed.
The accounting officer is responsible, under the requirements of Assisi Catholic Trust’s funding agreement with the Secretary of State for Education , 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 Academies Accounts Direction 2020 to 2021. 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 2020 to 31 August 2021 have not been applied to purposes intended by Parliament or that the financial transactions do not conform to the authorities which govern them.
We conducted our engagement in accordance with the Framework and Guide for External Auditors and Reporting Accountant of Academy Trusts issued by ESFA. We performed a limited assurance engagement as defined 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 minutes of the meetings of the Governing Body and key sub committees;
evaluating internal control and review procedures, and reviewing findings of internal audit reviews;
reviewing action taken as a result of recommendations from internal audit procedures, external audit, and ESFA updates;
evaluating and documenting internal controls and testing their application by walkthrough;
testing a sample of payments to ensure that they have been authorised in accordance with the Academy's financial procedures and the Academies Financial Handbook.
The accounts on pages 23 to 48 were approved by the trustees and authorised for issue on 01 December 2021 and are signed on their behalf by:
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.
The trustees assess whether the use of going concern is appropriate, ie whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the charitable company to continue as a going concern. The trustees make this assessment in respect of a period of at least one year from the date of authorisation for issue of the accounts and have concluded that the academy trust has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the academy trust’s ability to continue as a going concern. Thus they continue to adopt the going concern basis of accounting in preparing the accounts.
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 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 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 are recognised on a receivable basis (where there are no performance-related conditions) where the receipt is probable and the amount can be reliably measured.
Other income, 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.
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 accounts until they are sold. This income is recognised within ‘Income from other trading activities’.
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.
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.
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.
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.
Assets costing £ 5,000 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 other than freehold land, at rates calculated to write off the cost of each asset on a straight-line basis over its expected useful life, as follows:
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.
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.
Rentals under operating leases are charged on a straight-line basis over the lease term.
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.
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.
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 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.
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.
Unrestricted income funds represent those resources which may be used towards meeting any of the charitable objects of the academy trust at the discretion of the trustees.
Restricted fixed asset funds are resources which are to be applied to specific capital purposes imposed by funders where the asset acquired or created is held for a specific purpose.
Restricted general funds comprise all other restricted funds received with restrictions imposed by the funder/donor and include grants from the Department for Education Group.
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.
The academy trust makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
The present value of the Local Government Pension Scheme defined benefit liability depends on a number of factors that are determined on an actuarial basis using a variety of assumptions. The assumptions used in determining the net cost or income for pensions include the discount rate. Any changes in these assumptions, which are disclosed in note 19, will impact the carrying amount of the pension liability. Furthermore, a roll forward approach which projects results from the latest full actuarial valuation performed at 31 March 2019 has been used by the actuary in valuing the pensions liability at 31 August 2021. Any differences between the figures derived from the roll forward approach and a full actuarial valuation would impact on the carrying amount of the pension liability.
The academy trust has provided the following central services to its academies during the year:
centralised payroll function ;
financ e support.
The academy trust charges for these services on the following basis:
flat 2% of GAG School Budget Share funding.
The key management personnel of the academy trust comprise the trustees and the senior management team as listed on page 1 . The total amount of employee benefits (including employer pension contributions) received by key management personnel for their services to the academy trust was £ 2,239,970 (2020: £ 2,158,570 ).
During the year, no Trustees received any remuneration or other benefits (20 20 - £nil).
During the year ended 31 August 202 1 , no Trustee expenses have been incurred (20 20 - £nil).
In accordance with normal commercial practice, the academy trust has purchased insurance to protect trustees and officers from claims arising from negligent acts, errors or omissions occurring whilst on academy trust business. The insurance provides cover up to £ 10,000,000 on any one claim and the cost for the year ended 31 August 2021 was £ Nil (2020: £ Nil ). The cost of this insurance is included in the total insurance cost.
The Academy Trust owns 5 acres of land which has been included in the accounts at nil value.
Included within freehold land is an astroturf pitch which has been included in the accounts based on cost and depreciated over 10 years.
The Academy Trust occupies land and buildings provided to it by the Diocesan trustees under a license (also referred to as a Church Supplemental Agreement) which contains a two year notice period. Having considered the fact that the Academy Trust occupies the land and buildings by a license that transfers to the Academy no rights or control over the site save that of occupying it at the will of the Diocesan trustees under the agreement, the Diocesan trustees have concluded that the value of the land and building occupied by the Academy Trust will not be recognised or valued within fixed assets.
There is £358,68 7 of capital expenditure within accruals, which relates to contracted building works that have been entered into by Assisi within July 2021.
The specific purposes for which the funds are to be applied are as follows:
The General Fund has been created to recognise the incoming and outgoing resources in respect of activities undertaken by the Academy Trust which fall outside the scope of its core activities.
The General Annual Grant (GAG) represents the core funding for the educational activities of the school that has been provided to the Academy Trust via the education and Skills Funding Agency by the Department for Education. The GAG fund has been set up because the GAG must be used for the normal running costs of the Academy Trust.
The Pupil Premium fund represents the restricted funding from the Education and Skills Funding Agency to raise the attainment of disadvantaged pupils and close the gap between them and their peers.
The Local Authority revenue grants fund relates to the income received from Essex County Council as a contribution towards the cost of the Academy Trust's revenue expenditure.
The other Government Grants fund relates to grants from Government bodies other than the DfE/ESFA and Local Authorities that fall outside the scope of core funding.
The other Educational income fund relates to all other restricted funding that cannot be classified above but fall outside the scope of its core activities.
The LGPS deficit fund has been created to separately identify the pension deficit inherited from the Local Authority upon conversion to Academy Trust status, and through which all the pension scheme movements are recognised.
The NBV of Fixed Assets fund has been set up to recognised the tangible assets held by the Academy Trust and is equivalent to the net book value of tangible fixed assets. Depreciation of tangible fixed assets is allocated to this fund.
The DfE/ESFA Capital grants fund relates to capital grants received for the purpose of the acquisition of tangible fixed assets. As tangible fixed assets are purchased, a transfer is made to the NBV of Fixed Assets fund. Expenditure relates to capital expenditure made from this fund but where not capitalised.
Under the funding agreement with the Secretary of State, the Academy trust was not subject to a limit on the amount of GAG it could carry forward at 31 August 202 1 .
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 Essex County Council. Both are multi-employer defined benefit schemes.
The pension costs are assessed in accordance with the advice of independent qualified actuaries. The latest actuarial valuation of the TPS related to the period ended 31 March 2021, and that of the LGPS related to the period ended 31 March 2021.
There were no outstanding or prepaid contributions at either the beginning or the end of the financial year.
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 academies. All teachers have the option to opt out of the TPS following enrolment.
The TPS is an unfunded scheme to which both the member and employer makes contributions, as a percentage of salary. These contributions are credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.
The 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 specify the level of future contributions. Actuarial scheme valuations are dependent on assumptions about the value of future costs, design of benefits and many other factors. The latest actuarial valuation of the TPS was carried out as at 31 March 2019. The valuation report was published by the Department for Education on 31 March 2019.
The key elements of the valuation and subsequent consultation are:
employer contribution rates set at 23.68% of pensionable pay (including a 0.08% employer administration charge)
total scheme liabilities (pensions currently in payment and the estimated cost of future benefits) for service to the effective date of £218,100 million, and notional assets (estimated future contributions together with the notional investments held at the valuation date) of £196,100 million giving a notional past service deficit of £22,000 million
the SCAPE rate, set by HMT, is used to determine the notional investment return. The current SCAPE rate is 2.4% above the rate of CPI. The assumed real rate of return is 2.4% in excess of prices and 2% in excess of earnings. The rate of real earnings growth is assumed to be 2.2%. The assumed nominal rate of return including earnings growth is 4.45%.
The next valuation result is due to be implemented from 1 April 2023.
The employer's pension costs paid to the TPS in the period amounted to £1,752,216 (2020: £1, 630,836 ).
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 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.
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 25% for employers and 5.5 to 12.5% for employees.
Parliament has agreed, at the request of the Secretary of State for Education, to a guarantee that, in the event of academy closure, outstanding Local Government Pension Scheme liabilities would be met by the Department for Education. The guarantee came into force on 18 July 2013.
Scheme liabilities would have been affected by changes in assumptions as follows:
|
+0.1% |
0.0% |
-0.1% |
Adjustment to discount rate |
£ 000 |
£ 000 |
£ 000 |
Present value of total obligation |
18,667 |
19,105 |
19,554 |
Projected service cost |
1,763 |
1,820 |
1,878 |
|
+0.1% |
0.0% |
-0.1% |
Adjustment to long term salary increase |
£ 000 |
£ 000 |
£ 000 |
Present value of total obligation |
19,147 |
19,105 |
19,064 |
Projected service cost |
1,821 |
1,820 |
1,819 |
|
+0.1% |
0.0% |
-0.1% |
Adjustment to pension increases and deferred revaluation |
£ 000 |
£ 000 |
£ 000 |
Present value of total obligation |
19,507 |
19,105 |
18,713 |
Projected service cost |
1,878 |
1,820 |
1,764 |
|
+1 Year |
None |
-1 Year |
Adjustment to life expectancy assumptions |
£ 000 |
£ 000 |
£ 000 |
Present value of total obligation |
19,869 |
19,105 |
18,370 |
Projected service cost |
1,899 |
1,820 |
1,744 |
Owing to the nature of the Academy Trust's operations and the composition of the Board of Trustees being drawn from local, public and private sector organisations, transactions may take place with organisations in which Trustees have an interest. All transactions involving such organisations are conducted at arm's length and in accordance with the Academy Trust's financial regulations and normal procurement procedures relating to connected and related party transactions.
During the year no related party transactions took place.
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.
The Academy Trust distributes 16-19 Bursary Funds to students as an agent for ESFA. In the accounting period ending 31 August 2021 the Academy Trust received £14,117 (2020: £11,293) and disbursed £9,306 (2020: £11,293) from the fund. An amount of £4,811 (2020: £Nil) is included in other creditors relating to undistributed funds that is repayable to ESFA.