2021-08-31-accounts

Contents
					Page
Reference and Administrative Details
Trustees' Report
Governance Statement
Statement on Regularity, Propriety		and Compliance			13
Statement ofTrustees'	Responsibilities				14
Independent Auditor's	Report on the Financial		Statements		15
Reporting Accountant's	Report on	Regularity			19
Statement of Financial	Activities incorporating		Income 8 Expenditure	Account	21
Balance Sheet					22
Cash Flow Statement					23
Notes forming part ofthe Financial		Statements,	incorporating:
Statement ofAccounting Policies					24
Other Notes to	the Financial	Statements			29

(including income and	expenditu	re acco	unt)
				Restricted	Restricted	Restricted
			Unrestricted	pension	general	fixed asset	Total	Total
			funds	fund	funds	funds	2020/21	2019/20
		Notes	E	E	E	E	E	E
Income from
Donations and capital grants			2,275			39,535	41,810	62,514
Charitable activities:
Funding for the academy	trust's
educational operations			19,9r7		2,393,146		2,413,123	2,027,037
Investments			106				106	340
Total			22,358		2,393,146	39,535	2,455,039	2,089.891
Expenditure on
Charitable activities:
Academy trust educational operations			20,084	161.000	1,804,332	90,555	2,075,971	1,763,739
Total			20,084	161,000	1,804,332	90,555	2.075,971	1,763,739
Net income/(expenditure) transfers	before		2,274	'.;161,000)	588,814	(51,020)	379,068	326,152
Transfers between funds		13			(186,025)	186,025
Net income/(ex penditure) transfers	after		2,274	()6),000)	402,789	135,005	379,068	326,152
Other recognised gains/(losses)
Actuarial gains/(losses) on defined
benefit pension schemes		13,21		(94.000)			(94,000)	125,000
Net movement in funds			2,274	(255,000)	402,789	135,005	285,068	451,152
Reconciliation of funds
Total funds brought forward		13	4,248	(408.000}	767,939	394,442	758,629	307,477
Total funds carried forward			6,522,'663,000)		1,170,728	529,447	1,043,697	758,629

				2021	2020
			Notes
Fixed assets
Tangible assets			10	529,447		392,419
Current assets
Debtors Cash at bank and in hand				169,089 1,327,922	97,747 989,732
				1,497,011	1,087,479
Liabilities
Creditors: amounts falling
due within one year			12	319,761	313,269
Net current assets				1,177,250		774,210
Net assets excluding	pension	liability		1,706,697		1,168,629
Defined benefit pension scheme		liability		(663,000)		(408,000)
Total net assets				1,043,697		758,629
Funds ofthe academy trust:
Restricted funds
Fixed asset fund Restricted income fund Pension reserve Total restricted funds			13 13 13	529,447 1,170,728 (663,000) 1,037,175	394,442 767,939 (408,000)	754,381
Unrestricted income funds			13	6,522		4,248
Total funds				1,043,697		758,629

				Notes	2020/21	2019/20
					E	E
Cash flows from operating	activities
Net cash provided by / (used in) operating			activities	17	526,132	472,394
Cash flows from investing	activities				(187,942)	(135,214)
Change in cash and cash	equivalents	in	the reporting
period					338,190	337,180
Cash and cash equivalents	at 1 September		2020		989,732	652,552
Cash and cash equivalents	at 31August		2021	19	1,327,922	989,732

onations and capital gran	ts
		Restricted	Restricted
	Unrestricted	general	fixed asset	2020/21	2019/20
	funds	fund	funds	Total	Total
	E	E	E	E	E
Capital grants			39,535	39,535	58,266
Other donations	2,275			2,275	4,248
	2,275		39,535	41,810	62,514
2020 total	4,248		58,266	62,514

				Restricted	Restricted
			Unrestricted	general	fixed asset	2020/21	2019/20
			funds	fund	funds	Total	Total
			E	E	E	E	E
DfE/ESFA grants
General Annual Grant		(GAG)		994,150		994,150	836,089
Other DfE Group grants
Teachers pension				9,417		9,417
				1,003,567		1,003,567	836,089
Other government	grants
Local authority grants				1,329,354		1,329,354	1,155,387
Other government	funding			7,055		7,055	23,570
Other income from	the academy
trust's educational	operations		19,977			19,977	11,991
Covid-1 9additional		funding
(other DfE/ESFA)
Other Covid-19 funding				53,170		53,170
			19,977	1,389,579		1,409,556	1,190,948
			19,977	2,393,146		2,413,123	2,027,037
2020 total			11,991	2,015,046		2,027,037

			Unrestricted	Restricted	2020/21	2019/20
			funds	funds	Total	Total
			E	E.	E	E
Short	term	deposits	106		106	340
2020	total		340		340

Expenditure
			Staff	Non pay expenditure		2020/21	2019/20
			costs	Premises	Other	Total	Total
				E			E
Academy's	educational	operations
Direct costs Allocated support costs			972,623 603,479 1,576,102	14,845 162,274 177,119	167,460 155,290 322,750	1,154,928 921,043 2,075,971	1,010,679 753,060 1,763,739
2020 total			1,338,268	155,005	270,466	1,763,739

Net income/(expenditure) for the	period includes:
				2020/21	2019/20
				E
Operating leases Depreciation Fees payable lo auditor	- plant and machinery - audit			592 90,555 4,300	592 63,270 4,150
Charitable activities
		Restricted	Other
	Unrestricted	pension	restricted	2020/21	2019/20
	funds	fund	funds	Total	Total
		E	E		E
Educational operations
Direct costs Support costs	4,852 15,232	161,000	1,150,076 744,811	1,154,928 921,043	1,010,679 753,060
	20,084	161,000	1,894,887	2,075,971	1,763,739
2020 total	13,199	111,000	1,639,540	1,763,739
Analysis ofsupport costs
Support staff costs Depreciation Technology costs Premises costs Professional costs Other support costs Governance costs	15,232	161,000	442,479 75,710 7,599 87,156 72,901 51,322 7,644	603,479 75,710 7,599 87,156 72,901 66,554 7„644	477,868 50,616 4,136 91,735 75,010 46,894 6,801
Total support costs	15,232	161,000	744,811	921,043	753,060
2020 total	12,271	111,000	629,789	753,060

Staff costs during	the period were:	2020/21	2019/20
		E	E
Wages and salaries		1,099,471	911,174
Social security costs		74,375	56,814
Pension costs		368,341	272,911
		1,542,187	1,240,899
Agency staff costs		33,915	97,369
		1,576.102	1,338.268

The average	number ofpersons employed	number ofpersons employed	by the academy	during
the year was	as	follows:			2020/21		2019/20
					Number		Number
Teachers						8	8
Administration		and support				51	40
Management						2	2
						61	50

	Assets	Leasehold
	under	land and	Fittings and	Computer	Motor
	construction E	buildings E	equipment	hardware f	vehicles	Total E
Cost or valuation
At 1 September 2020		253,136	142,921	33,296	104,980	534,333
Additions	52,525	48,069	17,403	30,494	79,092	227,583
At 31 August 2021	52,525	301,205	160,324	63,790	184,072	761,916
Depreciation
At 1 September 2020		9,261	60,747	22,796	49,110	141,914
Charge for the year		6,024	32,064	15,653	36,814	90,555
At 31 August 2021		15,285	92,811	38,449	85,924	232,469
Net book values
At 31August 2021	52,525	285,920	67,513	25,341	98,148	529,447
At 31 August 2020		243,875	82,174	10,500	55,870	392,419

	Assets	Leasehold
	under	land and	Fittings and	Computer	Motor
	construction	buildings f	equipment E	hardware E	vehicles E	Total E
Cost	52,525	301,205	160,324	63,790	184,072	761,916
	52,525	301,205	160,324	63,790	184,072	761,916

		2021	2020
			f
VAT recoverable Prepayments and accrued income		18,960 150,129	26,142 71,605
		169,089	97,747
Creditors
		2021	2020
Amounts falling due within one year:		E	f
Creditors from operations Accruals and deferred income Other creditors		173,863 54,769 91,129	108,723 106,856 97,690
		319,761	313,269
Deferred	income
Deferred income at 1 September 2020 Resources deferred in the year Amounts released from previous years Deferred income at 31 August 2021		46,114 36,516 (46,114) 36,516	11,695 46,114 (11,695) 46,114

		Balance at			Gains,	Balance at
		1 September			losses and	31August
		2020 E	Income	Expenditure E	transfers f	2021 f
Restricted general	funds
General Annual Grant (GAG)		767,939	994,150	(405,336)	(186,025)	1,170,728
Other Covid-19 funding			53,170	(53,170)
Other grants			1,345,826	(1,345,826)
		767,939	2,393,146	(1,804,332)	(186,025)	1,170,728
Restricted fixed asset funds
DfE Group capital grants		103,990	39,535	(21,171)		122,354
Capital expenditure	from GAG	289,202		{68,134)	186,025	407,093
Capital expenditure	from other	1,250		(1,250)
		394,442	39,535	(90,555)	186,025	529,447
Pension reserve		(408,000)		(161,000)	(94,000)	(663,000)
Total restricted funds		754,381	2,432,681	(2,055,887)	(94,000)	1,037,175
Unrestricted funds
Other income		4,248	22,358	(20,084)		6,522
Total unrestricted	funds	4,248	22,358	(20,084)		6,522
Total funds		758,629	2,455,039	{2,075,971)	(94,000)	1,043,697

					Balance at			Gains,	Balance at
				1	September			losses and	31August
					2019 f	Income f	Expenditure f	transfers f	2020 f
	Restricted general		funds
	General Annual Grant (GAG) Other grants				461.508	836,089 1,178,957	(397,313) (1,178,957)	(132,345)	787,939
					461,508	2,015,046	(1,576,270)	(132,345)	787,939
	Restricted fixed asset funds
	DfE Group capital grants Capital expenditure from GAG				63,619 198,125	58,266	(13,943) (45,220)	(3,952) 136,297	103,990 289,202
	Capital expenditure		from other		5,357		(4,107)		1,250
					267,101	58,266	(63,270)	132,345	394,442
	Pension reserve			~422.000)			(111,000)	125,000	(408,000)
	Total restricted funds				306,609	2,073,312	(1,750,540)	125,000	754,381
	Unrestricted funds
	Other income Total unrestricted	funds			868 868	16,579 16,579	(13,199) (13,199)		4,248 4.248
	Total funds				307,477	2,089,891	(1,763,739)	125,000	758,629
14.	Analysis of net assets between			funds
	Fund balances at 31		August 2021
	are represented by:					Restricted	Restricted	Restricted
				Unrestricted		pension	general	fixed asset	Total
					funds f	funds f	funds f	funds f	funds f
	Tangible fixed assets							529,447	529,447
	Current assets				6,522		1,490,489		1,497,011
	Current liabilities						(319,761)		(319,761)
	Pension scheme liability Total net assets				6,522 6,522	(663,000) (663,000)	1,170,728 1,170,728	529,447 529,447	1,706,697 (663,000) 1,043,697

Comparative information	Comparative information	Comparative information	in
respect	ofthe preceding		period is		Restricted	Restricted	Restricted
as follows:				Unrestricted	pension	general	fixed asset	Total
				funds	funds	funds	funds	funds
				E	E	E	E	E
Tangible	fixed assets						392,419	392,419
Current	assets			4,248		1,081,208	2,023	1,087,479
Current	liabilities					(313,269)		(313,269)
				4,248		767,939	394,442	1,166,629
Pension	scheme	liability			(408,000)			(408,000)
Total net assets				4,248	(408,000)	767,939	394,442	758,629

15.	Capital commitments
						2021	2020
						E	E
	Contracted for but not provided in the	financial statements				40,025	78,869
16.	Commitments under operating leases
	At 31 August 2021 the total ofthe Academy Trust's					Other
	future minimum lease payments under	non-				Total	Total
	cancellable operating leases was:					2021	2020
						E	E
	Amounts due within one year					591	592
	Amounts due between one and five years					44	888
						635	1,480
17.	Reconciliation ofnet income/(expenditure)		to net cash flow			2020I21	2019/20
	from operating activities					Total	Total
						E	E
	Net income/(expenditure) for reporting	period	(as per the	SoFA)		379,068	326,152
	Adjusted for:
	Depreciation (note 10)					90,555	63,270
	Capital grants from DfE and other capital income					(39,535)	(58,266)
	Interest receivable (note 4)					(106)	(340)
	Defined benefit pension scheme cost less		contributions	payable	(note 21)	155,000	104,000
	Defined benefit pension scheme finance cost/(income)			(note 21)		6,000	7,000
	Decrease / (increase) in debtors					(71,342)	27,512
	Increase / (decrease) in creditors					6,492	3,066
	Net cash provided by I (used in) operating		activities			526,132	472,394

Cash flows from i	nvesting activities
			2020/21	2019/20
			Total	Total
			E	E
Interest received Purchase oftangible Capital grants from Capital funding from	fixed assets DfE Group others		106 (227,583) 39,535	340 (193,820) 21,665 36,601
Net cash provided	by / (used in) investing	activities	(187,942)	(135,214)

Anal	ysi	s of	cash	a	nd cash equivalents
						At	At
						31August	31August
						2021	2020
						E	E
Cash	at	bank	and	in	hand	1,327,922	989,732
						1,327,922	989,732

e trustees have agreed that the trust w the next 32years.	e trustees have agreed that the trust w the next 32years.	ill make ad	ditional contributi	ons in addition	to normal fundi	ng levels over
Principal actuarial assumptions					At 31	At 31
					August 2021	August 2020
Rate ofincrease in salaries Rate ofincrease for pensions	in payment	Iinflation			3 85o/o 2.85'/o	3 20o/o 2 20o/
Discount rate for scheme liabilities					1.70'/o	1.65'/o
Inflation assumption (CPI)					2 85o/o	2.20'/o
Commutation of pensions to lump sums					5p pp'/o	50.00'/o
Sensitivity analysis			As	Discount	CPI	In life
			disclosed	rate	rate	expectancy
			E'000s	+0.1'/o pa E'000s	+0.1'/o pa E'000s	+1year f'000s
Present value oftotal obligation Projected service cost			1,211 307	1,173 296	1,249 318	1,261 320
Present value oftotal obligation Projected service cost			E'000s 1,211 307	-0.1'/o pa E'000s 1,250 318	-0.1'/o pa E'000s 1,174 296	-1year E'000s 1,163 293

				31August	31 August
				2021	2020
				E	E
Equities				334,000	198,000
Government bonds				45,000	38,000
Other bonds				34,000	14,000
Property				38,000	26,000
Cash/liquidity				20,000	23,000
Other				77,000	52,000
Total market value ofassets				548,000	351,000
The actual return on scheme assets was 673,000(2020:E30,000).
				2020/21	2019/20
				f	F
Amount recognised	in the statement		offinancial activities
Current service cost				253,000	179,000
Net interest cost				6,000	7,000
Total amount recognised in the SoFA				259,000	186,000
Changes in the present value of defined benefit obligations
were as follows:				2020/21	2019/20
				F	F.
At 1 September 2020				759,000	696,000
Current service cost				253,000	179,000
Interest cost				13,000	13,000
Employee contributions				26,000	21,000
Actuarial gains/(losses)	- financial assumptions			196,000	68,000
Actuarial gains/(losses)	-demographic		assumptions	(14,000)	18,000
Actuarial gains/(losses)	-experience	gains/losses		(22,000)	(236,000)
At 31August 2021				1,211,000	759,000

Changes in the fair value ofacademy's	share ofscheme
assets were as follows:		2020/21	2019/20
		E	E
At 1 September 2020 Interest income Actuarial gain/(loss) Employer contributions Employee contributions Return on assets less interest		351,000 7,000 98.000 26,000 66,000	274,000 6,000 (49,000) 75,000 21,000 24,000
At 31August 2021		548,000	351,000
Net pension scheme iiability		(663,000)	(408,000)

Education Impact Academy Trust
Charitable company in which SHughes and D Rush are trustees		2021	2020
			E
Services recharged to related company during the period Purchases from related company during the period Amount due to related company at period end		10,344 340,039 90,487	9,854 364,203 16,220