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





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|(including<br>income and|expenditu|re<br>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<br>and capital grants|||2,275|||39,535|41,810|62,514|
|Charitable<br>activities:|||||||||
|Funding<br>for the academy|trust's||||||||
|educational<br>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<br>on|||||||||
|Charitable<br>activities:|||||||||
|Academy<br>trust educational<br>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)<br>transfers|before||2,274|'.;161,000)|588,814|(51,020)|379,068|326,152|
|Transfers<br>between<br>funds||13|||(186,025)|186,025|||
|Net income/(ex penditure)<br>transfers|after||2,274|()6),000)|402,789|135,005|379,068|326,152|
|Other recognised<br>gains/(losses)|||||||||
|Actuarial<br>gains/(losses)<br>on defined|||||||||
|benefit pension<br>schemes||13,21||(94.000)|||(94,000)|125,000|
|Net movement<br>in funds|||2,274|(255,000)|402,789|135,005|285,068|451,152|
|Reconciliation<br>of funds|||||||||
|Total funds brought<br>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<br>Cash at bank and in hand||||169,089<br>1,327,922|97,747<br>989,732||
|||||1,497,011|1,087,479||
|Liabilities|||||||
|Creditors: amounts<br>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<br>Restricted<br>income fund<br>Pension reserve<br>Total restricted<br>funds|||13<br>13<br>13|529,447<br>1,170,728<br>(663,000)<br>1,037,175|394,442<br>767,939<br>(408,000)|754,381|
|Unrestricted<br>income funds|||13|6,522||4,248|
|Total funds||||1,043,697||758,629|





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|||||Notes|2020/21|2019/20|
|---|---|---|---|---|---|---|
||||||E|E|
|Cash flows from operating|activities||||||
|Net cash provided<br>by / (used in) operating|||activities|17|526,132|472,394|
|Cash flows from investing|activities||||(187,942)|(135,214)|
|Change<br>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|





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|onations<br>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<br>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<br>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||





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



|Net income/(expenditure)<br>for the|period includes:|||||
|---|---|---|---|---|---|
|||||2020/21|2019/20|
|||||E||
|Operating<br>leases<br>Depreciation<br>Fees payable<br>lo auditor|- plant and machinery<br>- audit|||592<br>90,555<br>4,300|592<br>63,270<br>4,150|
|Charitable<br>activities||||||
|||Restricted|Other|||
||Unrestricted|pension|restricted|2020/21|2019/20|
||funds|fund|funds|Total|Total|
|||E|E||E|
|Educational<br>operations||||||
|Direct costs<br>Support costs|4,852<br>15,232|161,000|1,150,076<br>744,811|1,154,928<br>921,043|1,010,679<br>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<br>Depreciation<br>Technology costs<br>Premises costs<br>Professional<br>costs<br>Other support costs<br>Governance<br>costs|15,232|161,000|442,479<br>75,710<br>7,599<br>87,156<br>72,901<br>51,322<br>7,644|603,479<br>75,710<br>7,599<br>87,156<br>72,901<br>66,554<br>7„644|477,868<br>50,616<br>4,136<br>91,735<br>75,010<br>46,894<br>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||



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|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|



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||Assets|Leasehold|||||
|---|---|---|---|---|---|---|
||under|land and|Fittings and|Computer|Motor||
||construction<br>E|buildings<br>E|equipment|hardware<br>f|vehicles|Total<br>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<br>f|equipment<br>E|hardware<br>E|vehicles<br>E|Total<br>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|





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



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|||Balance at|||Gains,|Balance at|
|---|---|---|---|---|---|---|
|||1 September|||losses and|31August|
|||2020<br>E|Income|Expenditure<br>E|transfers<br>f|2021<br>f|
|Restricted general|funds||||||
|General<br>Annual<br>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<br>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<br>funds||754,381|2,432,681|(2,055,887)|(94,000)|1,037,175|
|Unrestricted<br>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|



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





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





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



|Anal|ysi|s<br>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|



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





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|||||31August|31 August|
|---|---|---|---|---|---|
|||||2021|2020|
|||||E|E|
|Equities||||334,000|198,000|
|Government<br>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<br>return<br>on scheme assets was 673,000(2020:E30,000).||||||
|||||2020/21|2019/20|
|||||f|F|
|Amount<br>recognised|in the statement||offinancial activities|||
|Current service cost||||253,000|179,000|
|Net interest cost||||6,000|7,000|
|Total amount recognised<br>in the SoFA||||259,000|186,000|
|Changes<br>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<br>contributions||||26,000|21,000|
|Actuarial<br>gains/(losses)|- financial assumptions|||196,000|68,000|
|Actuarial<br>gains/(losses)|-demographic||assumptions|(14,000)|18,000|
|Actuarial<br>gains/(losses)|-experience|gains/losses||(22,000)|(236,000)|
|At 31August<br>2021||||1,211,000|759,000|





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## 

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



## 

## 

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



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