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2023-08-31-accounts

Company Registration Number: 07556657 (England & Wales)

This draft produced on 15/11/2023 15:33

DEVONPORT HIGH SCHOOL FOR GIRLS ACADEMY TRUST

(A company limited by guarantee)

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

This draft produced on 15/11/2023 15:33 DEVONPORT HIGH SCHOOL FOR GIRLS ACADEMY TRUST (A company limited by guarantee)

CONTENTS

Page
Reference and administrative details 1 - 2
Trustees' report 3 - 14
Governance statement 15 - 18
Statement of regularity, propriety and compliance 19
Statement of trustees' responsibilities 20
Independent auditors' report on the financial statements 21 - 24
DRAFT
Independent reporting accountant's report on regularity
Statement of financial activities incorporating income and expenditure account
Balance sheet
Statement of cash flows
Notes to the financial statements		 25 - 26
27 - 28
29 - 30
31
32 - 61

This draft produced on 15/11/2023 15:33 DEVONPORT HIGH SCHOOL FOR GIRLS ACADEMY TRUST (A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS

Members G Westcott
S Williams
O Grimes (appointed 12 September 2022)
P Wilton (appointed 4 May 2023)
J Dolan (resigned 9 December 2022)
E Wiltshire (resigned 1 March 2023)
V Frost (appointed 18 September 2023)
Trustees E Blakeman (appointed 12 September 2022)
H Clarke
H Cotton, Vice Chair
V Frost, Chair of Trustees (from 19 September 2023)
O Grimes, Chair of Trustees (resigned 18 September 2023)
M Harrington-Sneddon (resigned 15 May 2023)
R Jay (appointed 13 March 2023)
W O'Riley (appointed 12 September 2022, resigned 10 July 2023)
K Plant (appointed 13 March 2023)
S Shahidur-Rahman (appointed 12 September 2022)
L Sargeant, Head Teacher
G Tuckwell (resigned 15 May 2023)
J Widdecombe (resigned 10 July 2023)
P Wilton (resigned 4 May 2023)
G Westcott (resigned 11 September 2022)
K Smith (appointed 13 March 2023)
V Harris
D
Company registered
number
07556657
Company name
Devonport High School For Girls Academy Trust
Principal and registered
office
Lyndhurst Road
Plymouth
PL2 3DL
Accounting officer
L Sargeant
Senior management
team
L Sargeant, Head Teacher
A Thomas, Deputy Head Teacher
E Lamb, Assistant Head Teacher
R Morgan, Assistant Head Teacher
L Norster, Assistant Head Teacher
H Morgan, Assistant Head Teacher
B Bell, Business Manager

Page 1

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REFERENCE AND ADMINISTRATIVE DETAILS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Independent auditors

Griffin Chartered Accountants Courtenay House Pynes Hill Exeter EX2 5AZ

Solicitors

Wolferstans Solicitors Deptford Chambers 60/66 North Hill Plymouth PL4 8EP

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TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2023

The Trustees present their annual report together with the financial statements and auditor's report of the charitable company for the year ended 31 August 2023. The annual report serves the purposes of both a trustees' report, and a directors' report and strategic report under company law.

The academy trust operates an academy for pupils aged 11 to 18 in Plymouth. It has a pupil capacity of 850 and had a roll of 826 in the school census on 31st August 2023.

Structure, governance and management

a. Constitution

The charitable company's Trust deed is the primary governing document of the Academy. The Trustees of Devonport High School For Girls Academy 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.

b. Members' liability

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

c. Trustees' indemnities

Trustees benefit from indemnity insurance purchased at the academy's expense to cover the liability of the Trustees which by virtue of any rule of law would otherwise attach to them in respect of any negligence, default or breach of trust or breach of duty of which they may be guilty in relation to the academy, provided that any such insurance shall not extend to any claim arising from any act or omission which Trustees knew to be a breach of trust or breach of duty or which was committed by the Trustees in reckless disregard to whether it was a breach of trust or breach of duty or not, and provided also that any such insurance shall not extend to the costs of any unsuccessful defence to a criminal prosecution brought against the Trustees in their capacity as Directors of the academy. The limit of this indemnity is £5,000,000.

The Academy is a charitable company limited by guarantee and an exempt charity.

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TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Structure, governance and management (continued)

d. Method of recruitment and appointment or election of Trustees

On 1 April 2011 the Trustees appointed all those Governors that served the predecessor school to be Trustees of the newly formed Academy, together with the newly appointed Business Manager. These Trustees were appointed on a term of office that would end when their original term at the predecessor school would have ended, thus ensuring a staggered re-election or replace process.

The Academy shall have the following Trustees as set out in its Articles of Association and funding agreement:

Trustees are appointed for a four-year period, except that this time limit does not apply to the Head Teacher. Subject to remaining eligible to be a particular type of Trustee, any Trustee can be re-appointed or re-elected.

When appointing new Trustees, the Board will give consideration to the skills and experience mix of existing Trustees in order to ensure that the Board has the necessary skills to contribute fully to the Academy's development.

e. Policies and procedures adopted for the induction and training of trustees

The training and induction provided for new Trustees will depend upon their existing experience but would always include a tour of the Academy and a chance to meet staff and pupils. All Trustees are provided with copies of policies, procedures, minutes, accounts, budgets, plans and other documents that they will need to undertake their role as Trustees. Induction tends to be done informally and is tailored specifically to the individual. Advantage is taken of specific courses offered by the Local Authority and other bodies.

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TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Structure, governance and management (continued)

f. Organisational structure

The Board of Trustees normally meets a minimum of once each term with a Business Meeting at the start of the autumn term. The Board establishes an overall framework for the governance of the Academy and determines membership, terms of reference and procedures of Committees and other groups. It receives reports including policies from its Committees for ratification. It monitors the activities of the Committees through the minutes of their meetings. The Board may from time to time establish Working Groups to perform specific tasks over a limited timescale.

There are 4 committees as follows;

The following decisions are reserved to the Board of Trustees; to consider any proposals for changes to the status or constitution of the Academy and its committee structure, to appoint or remove the Chair and/or Vice Chair, to appoint the Head Teacher, to approve the Annual Development Plan and budget.

The Trustees are responsible for setting general policy, adopting an annual plan and budget, approving the statutory accounts, monitoring the Academy by the use of budgets and other data, and making major decisions about the direction of the Academy, capital expenditure and staff appointments.

The Trustees have devolved responsibility for day to day management of the Academy to the Head Teacher and Senior Leadership Team (SLT). The SLT comprises the Head Teacher, Deputy Head Teacher, Assistant Head Teachers and the Business Manager.

The SLT controls the Academy at an executive level, implementing the policies laid down by the Trustees and reporting back to them. The Head Teacher, Business Manager and Finance & Resources Committee are responsible for the authorisation of spending within agreed budgets; a summary of this is in the Scheme of Delegation. Some spending control is devolved to Budget Holders which must be authorised in line with the Scheme of Delegation. The Head Teacher is responsible for the appointment of staff, though appointment panels for teaching posts always include a Governor.

The Head Teacher is the Accounting Officer

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TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Structure, governance and management (continued)

g. Arrangements for setting pay and remuneration of key management personnel

The Trustees consider that the Board of Trustees and the Senior Leadership Team comprise the key management personnel of the Academy in charge of directing, controlling, running and operating the Academy on a day to day basis. All Trustees give their time freely and no Trustee received remuneration for this role in the year.

Details of Trustees’ expenses and related party transactions are disclosed in the notes to the accounts.

DRAFT
olicy and the pay guidance included in the School Teachers’ Pay and Conditions Document (STPCD)
xception of the Business Manager who is reviewed under NJC terms and conditions.
. Trade union facility time
Relevant union officials
Number of employees who were relevant union officials during the year
1
Full-time equivalent employee number
1
Percentage of time spent on facility time
Percentage of time
Number of
employees
0%
-
1%-50%
1
51%-99%
-
100%
-		 DRAFT
olicy and the pay guidance included in the School Teachers’ Pay and Conditions Document (STPCD)
xception of the Business Manager who is reviewed under NJC terms and conditions.
. Trade union facility time
Relevant union officials
Number of employees who were relevant union officials during the year
1
Full-time equivalent employee number
1
Percentage of time spent on facility time
Percentage of time
Number of
employees
0%
-
1%-50%
1
51%-99%
-
100%
-		 wit
Percentage of pay bill spent on facility time £
Total cost of facility time 437
Total pay bill 4,248,412
Percentage of total pay bill spent on facility time 0.0103 %
Paid trade union activities
Time spent on paid trade union activities as a percentage of total paid facility time 0.0081 %
hours

h. Trade union facility time

i. Related parties and other connected charities and organisations

The Academy benefits from an active Parent Teacher and Friends Association.

The pay of key management personnel is reviewed annually in line with the Academy’s Teachers’ Appraisal policy and the pay guidance included in the School Teachers’ Pay and Conditions Document (STPCD) with the exception of the Business Manager who is reviewed under NJC terms and conditions.

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TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Objectives and activities

a. Objects and aims

Mission statement

At Devonport High School for Girls our mission is to offer a challenging and enriching educational experience, which enables our students to develop their curiosity, confidence and aspirations, so that they leave us equipped to enjoy life in a global society.

Ethos

We encourage our students to:

The school mission statement and ethos have been developed in consultation with representatives from Trustees, Parents, Carers, students, support staff and teachers.

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TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Objectives and activities (continued)

b. Objectives, strategies and activities

Key priorities for the year are contained in our Academy Development Plan. The Whole School Development Priorities are:

c. Public benefit

The Academy aims to advance for the public benefit, education in Plymouth and the surrounding areas by maintaining and developing the Academy and offering a broad curriculum.

The Trustees confirm that they have complied with the duty in Section 17(5) of the Charities Act 2011 to have due regard to the Charity Commissioner's general guidance on public benefit in exercising their powers or duties. They have referred to this guidance when reviewing the Academy's aims and objectives and in planning its future activities.

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TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Objectives and activities (continued)

Strategic report

a. Achievements and Performance

The key priorities that were identified during 2022/23 to help maintain and further raise student attainment:

The table below provides a summary of Year 11 analysis across 2022/23, compared with performance indicators from FFT. FFT estimates are based upon an analysis of the progress made by all pupils nationally between KS2 – KS4 and are based on high and very high progress benchmarks.

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TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Strategic report (continued)

(continued)

Progress scores for final exam results 2023 have been calculated using 2022 Dfe rules, DC 2023 A8 Estimates and DC 2023 VA Estimates.

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TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Strategic report (continued)

(continued)

End of Key Stage 4 2023

The results at the end of Key Stage 4 saw further improvements compared to 2019 data. Whilst there was a small decline based on 2022 results, this was due to the change in grading systems and a return to prepandemic levels of assessment.

*This is a provisional score and likely to change in final calculations from the DfE in January 2024.

End of Key Stage 5 2023

The percentage of entries graded A*-B was 67.5%, which is above the national average of 50% for this measure. There is no progress measure this year due to examinations being internally assessed in 2020 and 2021, making comparisons against target grades for this year unrealistic.

Students that were disadvantaged achieved well, showing a positive gap with non-disadvantaged students, achieving 70% A*-B.

Whilst there was a small group of SEND students, these again achieved a positive gap, achieving 73% A*-B. Around 35% of students achieved a Russell Group place, from around 90% of the year group applying.

b. Key Performance Indicators

c. Going Concern

Trustees have agreed that the Academy is a going concern. Increased costs due to high inflation, especially in regards to utility costs, plus the additional teacher payrise costs have placed pressure on maintaining a balanced budget. This has been achieved by close budget monitoring, reducing spending and engaging in energy saving projects. Going forwards, the Academy is expanding by 30 pupils per year for the next 5 years, and we will start to benefit from this extra funding from 2024.

Financial review

Most of the Academy's income is obtained from the DfE via the ESFA in the form of recurrent grants, the use of which is restricted to particular purposes. The grants received from the DfE during the year ended 31 August 2023 and the associated expenditure are shown as Restricted Funds in the Statement of Financial Activities.

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TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Strategic report (continued)

The Academy also receives grants for fixed assets from the DfE and are shown in the Statement of Financial Activities as restricted income in the Fixed Asset Fund. The Restricted Fixed Asset Fund balance is reduced by annual depreciation charges over the useful life of the assets concerned, as defined in the Academy’s accounting policies.

The Academy has taken on the deficit in the Local Government Pension Scheme in respect of its non-teaching staff transferred on conversion. The deficit is incorporated within the Statement of Financial Activity with details in Note 25 to the financial statements.

Key financial policies adopted or reviewed during the year include the Finance Policy which lays out the framework for financial management, including financial responsibilities of the Board, Head Teacher, budget holders and other staff, as well as delegated authority for spending. Other policies reviewed and updated included Lettings, Charging and Remissions and Premises Management. Anti-Fraud is included in the Finance Policy.

Trustees have adopted a Responsible Officer in the Finance Policy and appointed Devon Audit Partnership to undertake a programme of internal checks on financial controls for the period up to August 2023. During the year, the Trustees received two reports covering visits from the Responsible Officer which contained no matters of significance.

d. Reserves policy

The Trustees review the GAG reserve levels of the Academy annually. This review encompasses the nature of income and expenditure streams, the need to match income with commitments and the nature of reserves. The Trustees take into consideration the future plans of the Academy, the uncertainty over future income streams and other key risks identified during the risk review. The amount of proposed reserves has been set at £80,000.

The defined benefit pension scheme reserve has a negative balance. The effect of the deficit position of the pension scheme is that the Academy is paying higher employers’ pension contributions over a period of years. The higher employers’ pension contributions will be met from the Academy’s budgeted annual income. Whilst the deficit will not be immediately eliminated, there should be no actual cash flow deficit on the fund, nor any direct impact on the free reserves of the Academy.

e. Investment policy

tDue to the nature and timing of receipt of funding, the Academy may at times hold cash balances surplus to its short term requirements. The Trustees have authorised the opening of an additional short term bank investment account to take advantage of higher interest rates.

Day to day management of the surplus funds is delegated to the Head Teacher and Business Manager within strict guidelines to be approved by the Board of Trustees.

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TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

f. Principal risks and uncertainties

The Academy has agreed a Risk Management policy and completed a Risk Register. These have been discussed by Trustees and include the financial risks to the Academy. The register and plan are reviewed in light of any new information and formally reviewed annually.

The Trustees have assessed the major risks to which the Academy is exposed, in particular those relating to its finances, teaching, facilities and other operational areas. The Trustees have implemented a number of systems to assess and minimise those risks, including internal controls described elsewhere. Where applicable significant financial risk still remains they have ensured they have adequate insurance cover.

The Academy has continued to strengthen its risk management process throughout the year by improving the process and ensuring staff and Trustee awareness. A risk register is maintained and reviewed and updated on a regular basis.

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TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Fundraising

The Academy carries out a limited amount of fundraising and when undertaken, systems and controls are in place to separate and protect funds. The Academy is mindful of its responsibilities under the Charities (Protection and Social Investment) Act 2016 and legal rules, and ensures all activities are agreed and monitored at Senior Leadership Team level in compliance with relevant legal rules. Recognised standards are applied to ensure that fundraising is open, honest and respectful, protecting the public from undue pressure to donate. Complaints are handled and monitored through the Trust’s complaints procedure.

Plans for future periods

The Academy will continue to strive to provide outstanding education and improve the performance of its students at all levels. The Academy will continue to aim to attract high quality teachers and support staff in order to deliver its objectives. Over the next 5 years the school will continue to expand, accepting further pupils into each year group.

The Academy will continue to work with partner schools to improve the educational opportunities for students in the wider community. The Academy will continue to be a Directly Licensed Centre of the Duke of Edinburgh’s Award.

Funds held as custodian on behalf of others

The Academy holds a small amount of funds on behalf of the South West Academic Trust (SWAT). This is a partnership of leading grammar schools in the South West and University of Exeter who work together to raise achievement and aspiration within their schools across the region. The funds come from the schools in SWAT and are used for collaborative activities for staff and students to achieve the aims of the Trust.

Disclosure of information to auditors

Insofar as the Trustees are aware:

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

L Sargeant Accounting Officer

O Grimes Chair of Trustees

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GOVERNANCE STATEMENT

Scope of responsibility

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

As Trustees, we have reviewed and taken account of the guidance in DfE's Governance Handbook and competency framework for governance.

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 Devonport High School For Girls Academy Trust and the Secretary of State for Education. They are also responsible for reporting to the Board of Trustees any material weaknesses or breakdowns in internal control.

DRAFT
n accordance with the requirements and responsibilities assigned to it in the funding agre
Devonport High School For Girls Academy Trust and the Secretary of State for Education.
esponsible for reporting to the Board of Trustees any material weaknesses or breakdowns in inte
Governance
he information on governance included here supplements that described in the Trustees' re
Statement of trustees' responsibilities. The Board of Trustees has formally met 7 times during the
Attendance during the year at meetings of the Board of Trustees was as follows:
Trustee
Meetings attended
Out of a possible
E Blakeman
6
7
H Clarke
5
7
H Cotton, Vice Chair
2
7
V Frost, Chair of Trustees
3
7
O Grimes
7
7
M Harrington-Sneddon
6
6
W O'Riley
3
6
L Sargeant, Head Teacher
6
7
G Tuckwell
5
6
J Widdecombe
3
7
S Rahman
6
7
V Harris
6
7
G Westcott
0
0

Governance

The information on governance included here supplements that described in the Trustees' report and in the Statement of trustees' responsibilities. The Board of Trustees has formally met 7 times during the year. Attendance during the year at meetings of the Board of Trustees was as follows:

During the year the following changes to the composition of the Board of Trustees took place:

Appointments

Resignations

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GOVERNANCE STATEMENT (CONTINUED)

Governance (continued)

 J Widdecombe (from 10.07.23)  P Wilton (from 04.05.23)

The Trustees undertake self-evaluation reviews of the experience and skill set of existing Trustees. This is an extremely valuable exercise in providing us with informative data when appointing new Trustees. The outcome is an improved depth and breadth of skills and experience across the Board of Trustees.

The Finance and Resources Committee is a sub-committee of the main board of trustees. Its purpose is to assist the decision making of the Governing Body by enabling a more detailed consideration to be given to the best means of fulfilling the governing body’s responsibility to ensure sound management of the academy’s finances and resources, including proper planning, monitoring and probity.

finances and resources, including proper planning, monitoring and probity. Attendance at meetings in the year was as follows: Trustee Meetings attended Out of a possible H Cotton 1 2 V Frost, Chair 2 2 O Grimes 1 2 M Harrington-Seddon 2 2 W O'Riley, Vice-Chair 2 2 L Sargeant, Head Teacher 2 2 From 1st September 2023 the Finance and Resources committee was combined with the Full Governing Board. In the current year one meeting for the Finance and Resources committee was cancelled with all items subsequently discussed at the Full Governing Board meeting. Therefore, only two meetings have taken place during the year. Review of value for money

Attendance at meetings in the year was as follows:

From 1st September 2023 the Finance and Resources committee was combined with the Full Governing Board. In the current year one meeting for the Finance and Resources committee was cancelled with all items subsequently discussed at the Full Governing Board meeting. Therefore, only two meetings have taken place during the year.

Review of value for money

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 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 appropriate. The Accounting Officer for the Academy Trust has delivered improved value for money during the year by:

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GOVERNANCE STATEMENT (CONTINUED)

The purpose of the system of internal control

The system of internal control is designed to manage risk to a reasonable level rather than to eliminate all risk of failure to achieve policies, aims and objectives. It can, therefore, only provide reasonable and not absolute assurance of effectiveness. The system of internal control is based on an ongoing process designed to identify and prioritise the risks, the achievement of Academy 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 Devonport High School for Girls for the period from 1 September 2022 to 31 August 2023 and up to the date of approval of the annual report and financial statements.

Capacity to handle risk

The Board of Trustees has reviewed the key risks to which the Academy 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’s significant risks that have been in place for the period from 1 September 2022 to 31 August 2023 and up to the date of approval of the annual report and financial statements. This process is regularly reviewed by the Board of Trustees.

The risk and control framework

The Academy’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:

The Board of Trustees has decided to employ Devon Audit Partnership as internal auditor.

The internal auditor' role includes giving advice on financial matters and performing a range of checks on the Academy’s financial systems. In particular, the checks carried out in the current period included:

On a semi-annual basis the auditor reports to the Board of Trustees, through the Finance and Resources Committee on the operation of the systems of control and on the discharge of the Board of Trustees’ financial responsibilities.

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GOVERNANCE STATEMENT (CONTINUED)

Review of effectiveness

As Accounting Officer the Head Teacher has responsibility for reviewing the effectiveness of the system of internal control. During the year in question the review has been informed by:

L Sargeant

Approved by order of the members of the Board of Trustees on _________ and signed on their behalf by:

L Sargeant Accounting Officer

V Frost Chair of Trustees

The Accounting Officer has been advised of the implications of the result of their review of the system of internal control by the Finance and Resources Committee and a plan to address possible weaknesses and ensure continuous improvement of the system is in place.

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STATEMENT OF REGULARITY, PROPRIETY AND COMPLIANCE

As Accounting Officer of Devonport High School for Girls I have considered my responsibility to notify the Academy Board of Trustees and the Education Funding Agency of material irregularity, impropriety and noncompliance with ESFA terms and conditions of all funding, including for estates safety and management, under the funding agreement 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 Trust Handbook 2022, including responsibilities for estates safety and management.

I confirm that I and the Academy Board of Trustees are able to identify any material irregular or improper use of funds by the Academy, or material non-compliance with the terms and conditions of funding under the Academy’s funding agreement and the Academies Trust Handbook 2022.

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.

L Sargeant Accounting Officer Date:

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STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 AUGUST 2023

The Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with the Academies Accounts Direction 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 financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

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

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

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

Approved by order of the members of the Board of Trustees on _______ and signed on its behalf by:

V Frost Chair of Trustees

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INDEPENDENT AUDITORS' REPORT ON THE FINANCIAL STATEMENTS TO THE MEMBERS OF DEVONPORT HIGH SCHOOL FOR GIRLS ACADEMY TRUST

Opinion

We have audited the financial statements of Devonport High School For Girls Academy Trust (the 'academy') for the year ended 31 August 2023 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law, United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', the Charities SORP 2019 and the Academies Accounts Direction 2022 to 2023 issued by the Education and Skills Funding Agency.

In our opinion the financial statements:

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Academy in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Academy'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.

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INDEPENDENT AUDITORS' REPORT ON THE FINANCIAL STATEMENTS TO THE MEMBERS OF DEVONPORT HIGH SCHOOL FOR GIRLS ACADEMY TRUST (CONTINUED)

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the Academy and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' report including the 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:

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INDEPENDENT AUDITORS' REPORT ON THE FINANCIAL STATEMENTS TO THE MEMBERS OF DEVONPORT HIGH SCHOOL FOR GIRLS ACADEMY TRUST (CONTINUED)

Responsibilities of trustees

As explained more fully in the Statement of trustees' responsibilities, the Trustees (who are also the directors of the Academy for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the Academy'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 Academy or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

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

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:

Our audit procedures have reviewed for evidence of management override, any ongoing legal cases, completeness of related party transactions, as well as an ongoing consideration of fraud and irregularities during the whole audit process.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

Use of our report

This report is made solely to the Academy'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 Academy's members those matters we are required to state to them in an Auditors' 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 Academy and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

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INDEPENDENT AUDITORS' REPORT ON THE FINANCIAL STATEMENTS TO THE MEMBERS OF DEVONPORT HIGH SCHOOL FOR GIRLS ACADEMY TRUST (CONTINUED)

Laura Waycott FCA (Senior statutory auditor) For and on behalf of Griffin Statutory Auditor Courtenay House Pynes Hill Exeter EX2 5AZ

Date:

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INDEPENDENT REPORTING ACCOUNTANT'S ASSURANCE REPORT ON REGULARITY TO DEVONPORT HIGH SCHOOL FOR GIRLS ACADEMY TRUST AND THE EDUCATION AND SKILLS FUNDING AGENCY

In accordance with the terms of our engagement letter dated 24 April 2023 and further to the requirements of the Education and Skills Funding Agency (ESFA) as included in the Academies Accounts Direction 2022 to 2023, we have carried out an engagement to obtain limited assurance about whether the expenditure disbursed and income received by Devonport High School For Girls Academy Trust during the year 1 September 2022 to 31 August 2023 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 Devonport High School For Girls Academy Trust and ESFA in accordance with the terms of our engagement letter. Our work has been undertaken so that we might state to Devonport High School For Girls Academy 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 Devonport High School For Girls Academy Trust and ESFA, for our work, for this report, or for the conclusion we have formed.

Respective responsibilities of Devonport High School For Girls Academy Trust's accounting officer and the reporting accountant

The accounting officer is responsible, under the requirements of Devonport High School For Girls Academy Trust's funding agreement with the Secretary of State for Education dated 1 April 2011 and the Academy Trust Handbook, extant from 1 September 2022, 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 2022 to 2023. 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 year 1 September 2022 to 31 August 2023 have not been applied to purposes intended by Parliament or that the financial transactions do not conform to the authorities which govern them.

Approach

We conducted our engagement in accordance with the Framework and Guide for External Auditors and Reporting Accountant of Academy Trusts issued by 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's income and expenditure.

The work undertaken to draw our conclusion includes:

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INDEPENDENT REPORTING ACCOUNTANT'S ASSURANCE REPORT ON REGULARITY TO DEVONPORT HIGH SCHOOL FOR GIRLS ACADEMY TRUST AND THE EDUCATION & SKILLS FUNDING AGENCY (CONTINUED)

Conclusion

In the course of our work, nothing has come to our attention which suggest in all material respects the expenditure disbursed and income received during the year 1 September 2022 to 31 August 2023 has not been applied to purposes intended by Parliament and the financial transactions do not conform to the authorities which govern them.

Laura Waycott FCA (Senior statutory auditor)

Reporting Accountant Griffin Courtenay House Pynes Hill Exeter EX2 5AZ

Date:

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STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2023

Note
Income from:
Donations and capital
grants
3
Other trading activities
5
Investments
6
Charitable activities
4
Total income
Expenditure on:
Raising funds
Charitable activities
8
Total expenditure
7
Net
income/(expenditure)
Transfers between
funds
18
Net movement in
funds before other
recognised gains
Other recognised
gains:
Actuarial gains on
defined benefit pension
schemes
25
Net movement in
funds
Reconciliation of
funds:
Total funds brought
forward
Net movement in funds
Total funds carried
forward		 D
Unrestricted
funds
2023
£
-
24,891
100
245,776
270,767
6,528
181,687
188,215
82,552
-
82,552
-
82,552
14,616
82,552
97,168		 RAF
Restricted
funds
2023
£
294,843
-
-
4,803,279
5,098,122
-
5,276,199
5,276,199
(178,077)
(9,825)
(187,902)
515,000
327,098
(241,922)
327,098
85,176		 T
Restricted
fixed asset
funds
2023
£
56,135
-
-
-
56,135
-
318,593
318,593
(262,458)
9,825
(252,633)
-
(252,633)
9,414,778
(252,633)
9,162,145		 Total
funds
2023
£
350,978
24,891
100
5,049,055
5,425,024
6,528
5,776,479
5,783,007
(357,983)
-
(357,983)
515,000
157,017
9,187,472
157,017
9,344,489		 Total
funds
2022
£
705,209
28,788
83
4,895,347
5,629,427
25,206
5,459,770
5,484,976
144,451
-
144,451
2,689,000
2,833,451
6,354,021
2,833,451
9,187,472

The Statement of financial activities includes all gains and losses recognised in the year.

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STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

The notes on pages 32 to 61 form part of these financial statements.

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BALANCE SHEET AS AT 31 AUGUST 2023

DR
Note
Fixed assets
Tangible assets
13
Current assets
Debtors
14
Cash at bank and in hand
Creditors: amounts falling due within one
year
15
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
16
Net assets excluding pension liability
Defined benefit pension scheme liability
25
Total net assets
Funds of the Academy
Restricted funds:
Fixed asset funds
18
Restricted income funds
18
Restricted funds excluding pension asset
18
Pension reserve
18
Total restricted funds
18
Unrestricted income funds
18
Total funds		 AFT
125,744
691,105
816,849
(333,475)
9,162,145
388,176
9,550,321
(303,000)		 2023
£
9,168,055
9,168,055
483,374
9,651,429
(3,940)
9,647,489
(303,000)
9,344,489
9,247,321
97,168
9,344,489		 328,250
804,265
1,132,515
(570,069)
9,414,778
500,078
9,914,856
(742,000)		 2022
£
9,372,613
9,372,613
562,446
9,935,059
(5,587)
9,929,472
(742,000)
9,187,472
9,172,856
14,616
9,187,472

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DEVONPORT HIGH SCHOOL FOR GIRLS ACADEMY TRUST

(A company limited by guarantee) REGISTERED NUMBER: 07556657

BALANCE SHEET (CONTINUED) AS AT 31 AUGUST 2023

The financial statements on pages 27 to 61 were approved by the Trustees, and authorised for issue on _______ and are signed on their behalf, by:

V Frost

Chair of Trustees

The notes on pages 32 to 61 form part of these financial statements.

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STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2023

DRAFT
Note
Cash flows from operating activities
Net cash (used in)/provided by operating activities
20
Cash flows from investing activities
22
Cash flows from financing activities
21
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
23, 24
The notes on pages 32 to 61 form part of these financial statements		 2023
£
(114,470)
13,279
(11,969)
(113,160)
804,265
691,105		 2022
£
496,477
(126,714)
(12,616)
357,147
447,118
804,265

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

1. Accounting policies

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

1.1 Basis of preparation of financial statements

The financial statements of the Academy, which is a public benefit entity under FRS 102, have been prepared under the historic cost convention in accordance with the Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102), the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (Charities SORP (FRS 102)), the Academies Accounts Direction 2022 to 2023 issued by ESFA, the Charities Act 2011 and the Companies Act 2006.

1.2 Going concern

The Board of Trustees has a reasonable expectation that the trust has adequate resources to continue to operate for the foreseeable future. The Trustees have considered a number of factors in arriving at this conclusion. The academy had a strong reserves position at the 31 August 2023 of £485,344, with £690,450 held of cash at this date. A detailed budget for 2023/24 has been prepared and updated to include the rise of inflation, to include additional staffing and energy costs. This budget for 2023/24 is forecasting a £313,546 deficit after taking these additional costs into account. The Trust has significant reserves capable of managing this deficit and staying within the reserves policy. Forecasts for future years show surpluses are expected, therefore the Trust will still continue to be a going concern and operate within its reserves policy.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

1. Accounting policies (continued)

1.3 Income

All incoming resources are recognised when the Academy 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 year for which it is receivable and any abatement in respect of the year 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.

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 year it is receivable and to the extent the Academy has provided the goods or services.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

1. Accounting policies (continued)

1.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Charitable activities

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

All resources expended are inclusive of irrecoverable VAT.

1.5 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Academy; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

1.6 Tangible fixed assets

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

Where tangible fixed assets have been acquired with the aid of specific grants, either from the government or from the private sector, they are included in the Balance sheet at cost and depreciated over their expected useful economic life. Where there are specific conditions attached to the funding requiring 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 and assets under construction, at rates calculated to write off the cost of each asset on a straight-line and reducing balance basis over its expected useful life, as follows:

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

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

1. Accounting policies (continued)

1.6 Tangible fixed assets (continued)

Depreciation is provided on the following bases:

1.7 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

1.8 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.9 Liabilities

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

1.10 Financial instruments

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

Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost as detailed in note 14. Prepayments are not financial instruments.

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

Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost as detailed in notes 15 and 16. 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.

1.11 Operating leases

Rentals paid under operating leases are charged to the Statement of financial activities on a straightline basis over the lease term.

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.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

1. Accounting policies (continued)

1.12 Pensions

Retirement benefits to employees of the Academy are provided by the Teachers' Pension Scheme ("TPS") and the Local Government Pension Scheme ("LGPS"). These are defined benefit schemes.

The TPS is an unfunded scheme and contributions are calculated to spread the cost of pensions over employees’ working lives with the Academy 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. 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 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 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 operating surplus are the current service costs and the costs of scheme introductions, benefit changes, settlements and curtailments. They are included as part of staff costs as incurred. Net interest on the net defined benefit liability/asset is also recognised in the Statement of financial activities and comprises the interest cost on the defined benefit obligation and interest income on the scheme assets, calculated by multiplying the fair value of the scheme assets at the beginning of the period by the rate used to discount the benefit obligations. The difference between the interest income on the scheme assets and the actual return on the scheme assets is recognised in other recognised gains and losses.

Actuarial gains and losses are recognised immediately in other recognised gains and losses.

1.13 Agency arrangements

The Academy acts as an agent in distributing 16-19 bursary funds from ESFA. Payments received from ESFA and subsequent disbursements to students are excluded from the Statement of Financial Activities as the Academy does not have control over the charitable application of the funds. The Academy can use up to 2% of the allocation towards its own administration costs and this is recognised in the Statement of Financial Activities. The funds received, paid and any balances held at year end are disclosed in Note 29.

1.14 Fund accounting

Unrestricted income funds represent those resources which may be used towards meeting any of the charitable objects of the Academy at the discretion of the Trustees.

Restricted fixed asset funds are resources which are to be applied to specific capital purposes imposed by the 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.

Investment income, gains and losses are allocated to the appropriate fund.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

2. Critical accounting estimates and areas of judgment

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

Critical accounting estimates and assumptions:

The Academy 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 25, 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 2022 has been used by the actuary in valuing the pensions liability at 31 August 2022. 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.

Critical areas of judgment:

The academy trust obtains use of fixed assets as a lessee. The classification of such leases as operating or finance leases requires the Academy Trust to determine, based on an evaluation of the terms and conditions of the arrangements, whether it retains or acquires the significant risks and rewards of ownership of these assets and accordingly whether the lease requires an asset and liability to be recognised in the Balance Sheet.

Depreciation is estimated over the useful economic life of an asset in order to write off the value of this asset in line with life.

3. Income from donations and capital grants

Donations
Capital Grants		 Restricted
funds
2023
£
294,843
-
294,843		 Restricted
fixed asset
funds
2023
£
-
56,135
56,135		 Total
funds
2023
£
294,843
56,135
350,978

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

3. Income from donations and capital grants (continued)

DRAFT
Restricted
funds
2022
£
Donations
144,675
Capital Grants
-
144,675
4.
Funding for the Academy's charitable activities
Unrestricted
funds
2023
£
Education
DfE/ESFA grants
General Annual Grant
-
Other DfE/ESFA grants
Pupil Premium
-
Supplementary Grant
-
Others
-
-
Other Government grants
Local Authority
-
-
Other income from the academy trust's educational
operations
245,776
245,776
245,776		 Restricted
fixed asset
funds
2022
£
-
560,534
560,534
Restricted
funds
2023
£
4,438,311
75,050
106,173
121,180
4,740,714
24,093
24,093
38,472
4,803,279
4,803,279		 Total
funds
2022
£
144,675
560,534
705,209
Total
funds
2023
£
4,438,311
75,050
106,173
121,180
4,740,714
24,093
24,093
284,248
5,049,055
5,049,055

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

4. Funding for the Academy's charitable activities (continued)

DRAFT
Education
DfE/ESFA grants
General Annual Grant
Other DfE/ESFA grants
Pupil Premium
Others
Other Government grants
Local Authority
Other income from the academy trust's educational
operations
5.
Income from other trading activities
Lettings
External catering
Fees received		 Unrestricted
funds
2022
As restated
Restricted
funds
2022
£
£
-
4,389,929
-
69,439
-
159,175
-
4,618,543
-
18,178
-
18,178
207,615
51,011
207,615
4,687,732
207,615
4,687,732
Unrestricted
funds
2023
£
2,556
6,658
15,677
24,891		 As restated
Total
funds
2022
£
4,389,929
69,439
159,175
4,618,543
18,178
18,178
258,626
4,895,347
4,895,347
Total
funds
2023
£
2,556
6,658
15,677
24,891

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

5. Income from other trading activities (continued)

----- Start of picture text -----
Unrestricted Total
funds funds
2022 2022
£ £
Lettings 2,580 2,580
External catering 6,835 6,835
Fees received 19,373 19,373
28,788 28,788
6. Investment income
Unrestricted Total
funds funds
2023 2023
£ £
Investment income 100 100
Unrestricted Total
funds funds
2022 2022
£ £
Investment income 83 83
DRAFT
----- End of picture text -----

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

7. Expenditure

DR
Expenditure on fundraising trading activities:
Direct costs
Education:
Direct costs
Allocated support costs
Expenditure on fundraising trading activities:
Direct costs
Education:
Direct costs
Allocated support costs		 AFT
Staff Costs
2023
£
-
3,526,405
746,127
4,272,532
Staff Costs
2022
£
-
3,451,219
736,914
4,188,133		 Premises
2023
£
-
175,437
224,683
400,120
Premises
2022
£
-
172,582
205,556
378,138		 Other
2023
£
6,528
702,923
400,904
1,110,355
Other
2022
£
25,206
556,423
337,076
918,705		 Total
2023
£
6,528
4,404,765
1,371,714
5,783,007
Total
2022
£
25,206
4,180,224
1,279,546
5,484,976

8. Analysis of expenditure by activities

Activities
undertaken Support Total
directly costs funds
2023 2023 2023
£ £ £
Education 4,404,765 1,371,714 5,776,479

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

8. Analysis of expenditure by activities (continued)

Activities
undertaken Support Total
directly costs funds
2022 2022 2022
£ £ £
Education 4,180,224 1,279,546 5,459,770
DRAFT
Analysis of direct costs
Pension finance costs
Staff costs
Depreciation
Educational supplies
Examination fees
Staff development
Educational visits
Technology costs
External services		 Total
funds
2023
£
-
3,526,405
265,610
139,676
100,268
12,263
275,680
345
84,518
4,404,765		 Total
funds
2022
£
18,000
3,451,219
280,318
155,786
91,002
7,272
117,698
1,412
57,517
4,180,224

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

8. Analysis of expenditure by activities (continued)

Analysis of support costs

DRAFT
Pension finance costs
Staff costs
Depreciation
Other costs
Recruitment and support
Maintenance of premises and equipment
Cleaning
Rent and rates
Energy costs
Insurance
Security and transport
Catering
Technology costs
Office overheads
Legal and professional
Bank interest and charges
Governance
Net income/(expenditure)
Net income/(expenditure) for the year includes:
Operating lease rentals
Depreciation of tangible fixed assets
Fees paid to auditors for:
- audit
- other services		 Total
funds
2023
£
29,000
746,127
52,659
248
9,595
46,013
12,987
15,586
115,316
24,081
23,441
188,078
39,501
6,790
43,122
4,890
14,280
1,371,714
2023
£
9,985
318,269
7,900
1,550		 Total
funds
2022
£
34,000
736,914
45,242
138
11,400
49,515
11,862
26,296
78,235
31,038
21,206
133,996
43,040
-
34,228
5,354
17,082
1,279,546
2022
£
13,182
325,560
8,950
3,415

9. Net income/(expenditure)

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

10. Staff

a. Staff costs

Staff costs during the year were as follows:

----- Start of picture text -----
2023 2022
£ £
Wages and salaries 3,198,071 2,962,029
Social security costs 315,071 300,618
Pension costs 735,270 884,862
4,248,412 4,147,509
Agency staff costs 24,120 40,624
4,272,532 4,188,133
b. Staff numbers
The average number of persons employed by the Academy during the year was as follows:
2023 2022
No. No.
Teachers 47 47
Administration and support 45 44
Management 7 6
99 97
DRAFT
----- End of picture text -----

The average headcount expressed as full-time equivalents was:

Teachers
Administration and support
Management		 2023
No.
42
31
7
80		 2022
No.
42
23
7
72

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

10. Staff (continued)

c. Higher paid staff

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

2023 2022
No. No.
In the band £60,001 - £70,000 1 3
DRAFT
In the band £100,001 - £110,000
1
-
d. Key management personnel
The key management personnel of the Academy comprise the Trustees and the senior managemen
team as listed on page 1. The total amount of key management personnel benefits (including employe
pension contributions and employer national insurance contributions) received by key managemen
personnel for their services to the Academy was £624,598_(2022_-£558,836).
Trustees' remuneration and expenses
One or more Trustees has been paid remuneration or has received other benefits from an employment
with the Academy. The principal and other staff Trustees only receive remuneration in respect of services
they provide undertaking the roles of principal and staff members under their contracts of employment.
The value of Trustees' remuneration and other benefits was as follows:
2023
2022
£
£
L Sargeant, Head Teacher from 1 January
Remuneration
100,000 -
60,000 -
2022 105,000 65,000
Pension contributions paid 20,000 - 15,000 -
25,000 20,000
B Bell, Acting Head Teacher until 31 December
Remuneration		 35,000 -
2021 40,000
Pension contributions paid 5,000 -
10,000
M Harrington-Seddon, Staff Trustee
Remuneration		 15,000 - 20,000 -
20,000 25,000
Pension contributions paid 0 - 5,000 0 - 5,000
V Webster, Staff Trustee
Remuneration		 10,000 -
15,000
G Tuckwell, Staff Trustee
Remuneration		 35,000 - 10,000 -
40,000 15,000
Pension contributions paid 0 - 5,000 0 - 5,000

The key management personnel of the Academy comprise the Trustees and the senior management team as listed on page 1. The total amount of key management personnel benefits (including employer pension contributions and employer national insurance contributions) received by key management personnel for their services to the Academy was £624,598 (2022 - £558,836).

11. Trustees' remuneration and expenses

During the year ended 31 August 2023, expenses totalling £214 were reimbursed or paid directly to 1 Trustee (2022 - £189 to 2 Trustees) . Trustee expenses relate to mileage claims for travel between schools.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

12. Trustees' and Officers' insurance

In accordance with normal commercial practice, the Academy has purchased insurance to protect Trustees and officers from claims arising from negligent acts, errors or omissions occurring whilst on academy business. The insurance provides cover up to £5,000,000 on any one claim and the cost for the year ended 31 August 2023 was £1,500 (2022 - £1,500). The cost of this insurance is included in the total insurance cost.

13. Tangible fixed assets

DR
Cost or valuation
At 1 September 2022
Additions
At 31 August 2023
Depreciation
At 1 September 2022
Charge for the year
At 31 August 2023
Net book value
At 31 August 2023
At 31 August 2022		 AFT
Long-term
leasehold
property
£
11,353,509
51,971
11,405,480
2,181,408
210,218
2,391,626
9,013,854
9,172,101		 Furniture
and
equipment
£
280,405
50,362
330,767
210,125
34,700
244,825
85,942
70,280		 Computer
equipment
£
596,504
11,378
607,882
466,272
73,351
539,623
68,259
130,232		 Total
£
12,230,418
113,711
12,344,129
2,857,805
318,269
3,176,074
9,168,055
9,372,613

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

14. Debtors

DRAFT
2023
£
Due within one year
Trade debtors
7,940
Prepayments and accrued income
112,329
Tax recoverable
5,475
125,744
15.
Creditors: Amounts falling due within one year
2023
£
ESFA loans
1,970
Trade creditors
28,181
Other taxation and social security
75,685
Other creditors
91,091
Accruals and deferred income
136,548
333,475
Included within ESFA loans is a salix loan of £1,970 repayable is six-monthly instalments
 2022
£
18,274
225,136
84,840
328,250
2022
£
12,292
22,279
71,660
75,648
388,190
570,069
over 8 years

Included within ESFA loans is a salix loan of £1,970 repayable is six-monthly instalments over 8 years with an applicable annual interest rate of 0%.

Deferred income at 1 September 2022
Resources deferred during the year
Amounts released from previous periods		 2023
£
71,936
61,206
(71,936)
61,206		 2022
£
15,138
71,936
(15,138)
71,936

At the Balance Sheet date, the Academy was holding funds deferred for catering income relating to 2023/24 and trip income relating to 2023/24 and 2024/25.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

16. Creditors: Amounts falling due after more than one year

ESFA loans

----- Start of picture text -----
2023 2022
£ £
3,940 5,587
----- End of picture text -----

Included within ESFA loans is a salix loan of £3,940 repayable is six-monthly instalments over 8 years with an applicable annual interest rate of 0%.

17. Prior year adjustments

A prior year adjustment has been made to adjust note 4. Grants were incorrectly allocated under the 'DfE Grants' heading, and the 'Other Government Grants' heading. These have been reallocated in this financial year. This adjustment has no effect on the revenue total for the year, and as such no effect on the surplus or deficit for the year.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

18. Statement of funds

Unrestricted
funds
General Funds
Restricted
general funds
General Annual
Grant (GAG)
Pupil Premium
Supplementary
Grant
Other DfE
Grants
Local Authority
Other curriculum
income
Erasmus
Euroscola
PGCC
Plymouth
Children in
Poverty
Educational trips
Pension reserve
Restricted fixed
asset funds
Fixed assets
transferred on
conversion
Fixed assets
purchased from
GAG and other
restricted grants
Devolved
Formula Capital		 DRAFT
Balance at 1
September
2022
£
Income
£
Expenditure
£
Transfers
in/out
£
14,616
270,767
(188,215)
-
452,599
4,438,311
(4,549,152)
(9,825)
-
75,050
(75,050)
-
-
106,173
(106,173)
-
-
121,180
(121,180)
-
-
24,093
(24,093)
-
-
66,430
(66,430)
-
6,094
-
-
-
4,678
-
-
-
11,700
-
(2,793)
-
200
-
-
-
24,807
266,885
(255,328)
-
(742,000)
-
(76,000)
-
(241,922)
5,098,122
(5,276,199)
(9,825)
7,698,468
-
(175,504)
-
146,151
-
(71,341)
9,825
144,994
56,135
(33,586)
(12,292)		 Gains/
(Losses)
£
-
-
-
-
-
-
-
-
-
-
-
-
515,000
515,000
-
-
-		 Balance at
31 August
2023
£
97,168
331,933
-
-
-
-
-
6,094
4,678
8,907
200
36,364
(303,000)
85,176
7,522,964
84,635
155,251

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

18. Statement of funds (continued)

Academies
Capital
Maintenance
Fund
Fixed assets
purchased from
Local Authority
funding
Capital loans -
CIF and Salix
CIF
DfE Donations
Total Restricted
funds
Total funds
 Balance at 1
September
2022
£
543,974
5,927
(17,879)
788,879
104,264
9,414,778
9,172,856
9,187,472
 DR
Income
£
-
-
-
-
-
56,135
5,154,257
5,425,024
 AFT
Expenditure
£
(13,996)
(136)
(323)
(16,612)
(7,095)
(318,593)
(5,594,792)
(5,783,007)
 Transfers
in/out
£
-
-
12,292
-
-
9,825
-
-
 Gains/
(Losses)
£
-
-
-
-
-
-
515,000
515,000		 Balance at
31 August
2023
£
529,978
5,791
(5,910)
772,267
97,169
9,162,145
9,247,321
9,344,489

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

Restricted Funds

General Annual Grant - Income from the ESFA which is to be used for the normal running costs of the Academy, including education and support costs.

Pupil Premium - Pupil premium represents funding received from the ESFA for children that qualify for free school meals to enable the Academy to address the current underlying inequalities between those children and their wealthier peers.

Supplementary Grant - Additional Income received from the ESFA to provide support for the costs of the Health and Social Care Levy, and wider costs.

Other DfE Grants - Other restricted funding received from the DfE/ESFA.

Local Authority - Funding received by the Local Authority to fund further support for students

Euroscola - This is funding to participate in a debate at European Parliament

Erasmus (Magic of Water) - This is a funded project to enable students from European countries to visit and interact with other European students.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

18. Statement of funds (continued)

PGCC - Regional school's partnership with the Confucius Institute to expand the teaching and learning of Mandarin Chinese throughout local schools.

Plymouth Children In Poverty - Income used to support children to undertake activities that they cannot regularly take part in, such as Duke of Edinburgh activities.

Other curriculum income - This represents other sources of restricted curriculum income.

Educational trips - This represents income received for educational trips.

Pension reserve - This represents the Academy's share of the assets and liabilities in the Local Government Pension Scheme. As with most pension schemes this is currently in deficit due to an excess of scheme liabilities over scheme assets which was inherited on conversion to an Academy. The Academy is following the recommendations of the actuary to reduce the deficit by making additional contributions over a number of years.

Restricted Fixed Asset Funds

Fixed assets transferred on conversion - This represent the buildings and equipment donated to the school from the Local Authority on conversion to an Academy.

Fixed Assets purchased from GAG and other restricted funds - This represents funds transferred from the restricted GAG fund and other restricted funds to purchase fixed assets. £10,256 has been transferred from GAG to reflect the fixed asset purchases during the year.

Devolved Formula Capital - This represents funding from the ESFA to cover the maintenance and purchase of the Academy's assets.

Academies Capital Maintenance Fund - These funds are received for direct expenditure on fixed asset projects.

Fixed assets purchased from Local Authority funding - This represents funding used to create a rest room in the school.

Capital loans - Capital Improvement Funding and Salix - This represents funding provided the ESFA in the form of a loan to be used towards the CIF heating project.

Capital Improvement Funding - This represents funding from the ESFA for the Academy to carry out a heating improvement project.

DfE Donations - This represents the value of assets that were gifted to the Academy.

Under the funding agreement with the Secretary of State, the Academy was not subject to a limit on the amount of GAG it could carry forward at 31 August 2023.

Donations - This represents restricted donation income.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

18. Statement of funds (continued)

Comparative information in respect of the preceding year is as follows:

Unrestricted
funds
General Funds
Restricted
general funds
General Annual
Grant (GAG)
Pupil Premium
Other DfE
Grants
High Needs
Other curriculum
income
Donations
Erasmus
Euroscola
PGCC
Plymouth
Children in
Poverty
Educational trips
Global Learning
Partnership
Pension reserve
Restricted fixed
asset funds
Fixed assets
transferred on
conversion		 DRAFT
Balance at
1 September
2021
£
Income
£
Expenditure
£
Transfers
in/out
£
17,876
236,486
(239,746)
-
318,036
4,340,049
(4,155,418)
(50,068)
-
69,439
(69,439)
-
-
205,394
(205,394)
-
-
18,178
(18,178)
-
-
47,221
(38,837)
(8,384)
-
24,965
(24,965)
-
2,434
3,661
(1)
-
4,678
-
-
-
13,951
3,290
(5,541)
-
-
500
(500)
200
15,858
119,710
(110,761)
-
313
-
(313)
-
(3,141,000)
-
(290,000)
-
(2,785,730)
4,832,407
(4,919,347)
(58,252)
7,880,351
-
(181,883)
-		 Gains/
(Losses)
£
-
-
-
-
-
-
-
-
-
-
-
-
-
2,689,000
2,689,000
-		 Balance at
31 August
2022
£
14,616
452,599
-
-
-
-
-
6,094
4,678
11,700
200
24,807
-
(742,000)
(241,922)
7,698,468

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

18. Statement of funds (continued)

Fixed assets
purchased from
GAG and other
restricted grants
Devolved
Formula Capital
Academies
Capital
Maintenance
Fund
Fixed assets
purchased from
Local Authority
funding
Capital loans -
CIF and Salix
CIF
DfE donations
Total Restricted
funds
Total funds		 Balance at
1 September
2021
£
137,231
146,702
564,992
6,063
(29,849)
399,979
16,406
9,121,875
6,336,145
6,354,021		 DR
Income
£
-
19,244
-
-
-
404,753
136,537
560,534
5,392,941
5,629,427		 AFT
Expenditure
£
(28,655)
(20,952)
(21,018)
(136)
(323)
(15,853)
(57,063)
(325,883)
(5,245,230)
(5,484,976)		 Transfers
in/out
£
37,575
-
-
-
12,293
-
8,384
58,252
-
-		 Gains/
(Losses)
£
-
-
-
-
-
-
-
-
2,689,000
2,689,000		 Balance at
31 August
2022
£
146,151
144,994
543,974
5,927
(17,879)
788,879
104,264
9,414,778
9,172,856
9,187,472

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

19. Analysis of net assets between funds

Analysis of net assets between funds - current year

DRAFT
Unrestricted
funds
2023
£
Tangible fixed assets
-
Current assets
428,673
Creditors due within one year
(331,505)
Creditors due in more than one year
-
Provisions for liabilities and charges
-
Total
97,168
Analysis of net assets between funds - prior year
Unrestricted
funds
2022
£
Tangible fixed assets
-
Current assets
25,407
Creditors due within one year
(10,791)
Creditors due in more than one year
-
Provisions for liabilities and charges
-
Total
14,616		 Restricted
funds
2023
£
-
388,176
-
-
(303,000)
85,176
Restricted
funds
2022
£
-
1,047,064
(546,986)
-
(742,000)
(241,922)		 Restricted
fixed asset
funds
2023
£
9,168,055
-
(1,970)
(3,940)
-
9,162,145
Restricted
fixed asset
funds
2022
£
9,372,613
60,044
(12,292)
(5,587)
-
9,414,778		 Total
funds
2023
£
9,168,055
816,849
(333,475)
(3,940)
(303,000)
9,344,489
Total
funds
2022
£
9,372,613
1,132,515
(570,069)
(5,587)
(742,000)
9,187,472
Analysis of net assets between funds - prior
DR
Tangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
Provisions for liabilities and charges
Total

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

20. Reconciliation of net (expenditure)/income to net cash flow from operating activities

DRAFT
Net (expenditure)/income for the year (as per Statement of financial
activities)
Adjustments for:
Depreciation
Capital grants from DfE and other capital income
Interest receivable
Defined benefit pension scheme cost less contributions payable
Defined benefit pension scheme finance cost
Decrease/(increase) in debtors
(Decrease)/increase in creditors
Interest payable
Net cash (used in)/provided by operating activities
21.
Cash flows from financing activities
Repayments of ESFA loans
Net cash used in financing activities
22.
Cash flows from investing activities
Interest received
Purchase of tangible fixed assets
Capital grants from DfE Group
Net cash provided by/(used in) investing activities		 2023
£
(357,983)
318,269
(56,135)
(100)
47,000
29,000
126,601
(221,122)
-
(114,470)
2023
£
(11,969)
(11,969)
2023
£
100
(118,861)
132,040
13,279		 2022
£
144,451
325,560
(560,534)
(83)
238,000
52,000
(57,916)
354,676
323
496,477
2022
£
(12,616)
(12,616)
2022
£
83
(550,794)
423,997
(126,714)

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

23. Analysis of cash and cash equivalents

Cash in hand and at bank
Total cash and cash equivalents		 2023
£
691,105
691,105		 2022
£
804,265
804,265

24. Analysis of changes in net debt

DRAFT
At 1
September
2022
Cash flows
Other non-
cash
changes
At 31
August 2023
£
£
£
£
Cash at bank and in hand
804,265
(113,160)
-
691,105
Debt due within 1 year
(12,292)
11,969
(1,647)
(1,970)
Debt due after 1 year
(5,587)
-
1,647
(3,940)
786,386
(101,191)
-
685,195
Pension commitments
The Academy's employees belong to two principal pension schemes: the Teachers' Pension Schem
England and Wales (TPS) for academic and related staff; and the Local Government Pension Schem

25. Pension commitments

The Academy'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 Plymouth County Council. Both are multi-employer defined benefit schemes.

The latest actuarial valuation of the TPS related to the period ended 31 March 2016 and of the LGPS 31 March 2022.

Contributions amounting to £79,922 were payable to the schemes at 31 August 2023 (2022 - £72,626) and are included within creditors.

Teachers' Pension Scheme

The Teachers' Pension Scheme (TPS) is a statutory, contributory, defined benefit scheme, governed by the Teachers' Pension Scheme Regulations 2014. Membership is automatic for full-time 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.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

25. Pension commitments (continued)

Valuation of the Teachers' Pension Scheme

The Government Actuary, using normal actuarial principles, conducts a formal actuarial review of the TPS in accordance with the Public Service Pensions (Valuations and Employer Cost Cap) Directions 2014 published by HM Treasury every 4 years. The aim of the review is to 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 31 March 2016 TPS acturial valuation results were implemented from 1 September 2019. The key elements of the valuation and subsequent consultation were:

The latest actuarial TPS valuation results, as at 31 March 2020, were released in October 2023. The revised employer contribution rate, arising from this valuation, is due to be implemented from 1 April 2024.

The employer's pension costs paid to TPS in the year amounted to £540,703 (2022 - £526,569) . A copy of the valuation report and supporting documentation is on the Teachers' Pensions website (https://www.teacherspensions.co.uk/news/employers/2019/04/teachers-pensions-valuation-report.aspx).

Under the definitions set out in FRS 102, the TPS is an unfunded multi-employer pension scheme. The Academy has accounted for its contributions to the scheme as if it were a defined contribution scheme. The Academy has set out above the information available on the scheme.

Local Government Pension Scheme

The LGPS is a funded defined benefit pension scheme, with the assets held in separate trusteeadministered funds. The total contribution made for the year ended 31 August 2023 was £181,000 (2022 - £163,000) , of which employer's contributions totalled £138,000 (2022 - £125,000) and employees' contributions totalled £43,000 (2022 - £38,000) . The agreed contribution rates for future years are 15.3 per cent for employers and 5.5 and 12.5 per cent for employees.

Parliament has agreed, at the request of the Secretary of State for Education, to a guarantee that, in the event of academy closure, outstanding Local Government Pension Scheme liabilities would be met by the Department for Education. The guarantee came into force on 18 July 2013 and on 21 July 2022, the Department for Education reaffirmed its commitment to the guarantee, with a parliamentary minute published on GOV.UK.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

25. Pension commitments (continued)

Principal actuarial assumptions

2023 2022
% %
Rate of increase in salaries 3.90 3.95
Discount rate for scheme liabilities 5.30 4.25
Inflation assumption (CPI) 2.90 2.95
DRAFT
The current mortality assumptions include sufficient allowance for future improvements in mortality rates.
The assumed life expectations on retirement age 65 are:
2023
2022
Years
Years
Retiring today
Males
21.4
21.7
Females
22.6
22.9
Retiring in 20 years
Males
22.7
23.0
Females
24.0
24.3
Sensitivity analysis
2023
2022
£000
£000
Discount rate +0.1%
(55)
(75)
Discount rate -0.1%
57
77
Mortality assumption - 1 year increase
98
107
Mortality assumption - 1 year decrease
(95)
(103)
CPI rate +0.1%
54
71
CPI rate -0.1%
(52)
(70)
Share of scheme assets		 DRAFT
The current mortality assumptions include sufficient allowance for future improvements in mortality rates.
The assumed life expectations on retirement age 65 are:
2023
2022
Years
Years
Retiring today
Males
21.4
21.7
Females
22.6
22.9
Retiring in 20 years
Males
22.7
23.0
Females
24.0
24.3
Sensitivity analysis
2023
2022
£000
£000
Discount rate +0.1%
(55)
(75)
Discount rate -0.1%
57
77
Mortality assumption - 1 year increase
98
107
Mortality assumption - 1 year decrease
(95)
(103)
CPI rate +0.1%
54
71
CPI rate -0.1%
(52)
(70)
Share of scheme assets		 DRAFT
The current mortality assumptions include sufficient allowance for future improvements in mortality rates.
The assumed life expectations on retirement age 65 are:
2023
2022
Years
Years
Retiring today
Males
21.4
21.7
Females
22.6
22.9
Retiring in 20 years
Males
22.7
23.0
Females
24.0
24.3
Sensitivity analysis
2023
2022
£000
£000
Discount rate +0.1%
(55)
(75)
Discount rate -0.1%
57
77
Mortality assumption - 1 year increase
98
107
Mortality assumption - 1 year decrease
(95)
(103)
CPI rate +0.1%
54
71
CPI rate -0.1%
(52)
(70)
Share of scheme assets
2023
£000
(55)
57
98
(95)
54
(52)		 2022
£000
(75)
77
107
(103)
71
(70)

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

25. Pension commitments (continued)

The Academy's share of the assets in the scheme was:

DRAFT
At 31
August 2023
£
Equities
1,547,000
Gilts
631,000
Property
244,000
Cash and other liquid assets
39,000
Other
441,000
Total market value of assets
2,902,000
The actual return on scheme assets was £75,000_(2022 - £-97,000)_.
The amounts recognised in the Statement of financial activities are as follows:
2023
£
Current service cost
(183,000)
Interest income
115,000
Interest cost
(144,000)
Administrative expenses
(2,000)
Total amount recognised in the Statement of financial activities
(214,000)
Changes in the present value of the defined benefit obligations were as follows:
2023
£
At 1 September
3,404,000
Current service cost
183,000
Interest cost
144,000
Employee contributions
43,000
Actuarial gains
(499,000)
Benefits paid
(70,000)
At 31 August
3,205,000		 At 31 August
2022
£
1,411,000
529,000
265,000
38,000
419,000
2,662,000
2022
£
(363,000)
44,000
(95,000)
(1,000)
(415,000)
2022
£
5,801,000
363,000
96,000
38,000
(2,831,000)
(63,000)
3,404,000

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

25. Pension commitments (continued)

Changes in the fair value of the Academy's share of scheme assets were as follows:

RAFT
2023
2022
£
£
At 1 September
2,662,000
2,660,000
Interest income
115,000
45,000
Actuarial gains/(losses)
16,000
(142,000)
Employer contributions
138,000
125,000
Employee contributions
43,000
38,000
Benefits paid
(70,000)
(63,000)
Administration expenses
(2,000)
(1,000)
At 31 August
2,902,000
2,662,000
Operating lease commitments
At 31 August 2023 the Academy had commitments to make future minimum lease payments under non-
cancellable operating leases as follows:		 RAFT
2023
2022
£
£
At 1 September
2,662,000
2,660,000
Interest income
115,000
45,000
Actuarial gains/(losses)
16,000
(142,000)
Employer contributions
138,000
125,000
Employee contributions
43,000
38,000
Benefits paid
(70,000)
(63,000)
Administration expenses
(2,000)
(1,000)
At 31 August
2,902,000
2,662,000
Operating lease commitments
At 31 August 2023 the Academy had commitments to make future minimum lease payments under non-
cancellable operating leases as follows:		 2022
£
2,660,000
45,000
(142,000)
125,000
38,000
(63,000)
(1,000)
2,662,000
D
Not later than 1 year
Later than 1 year and not later than 5 years		 2023
£
20,198
51,306		 2022
£
5,724
340
71,504 6,064

26. Operating lease commitments

D
Not later than 1 year
Later than 1 year and not later than 5 years		 2023
£
20,198
51,306		 2022
£
5,724
340
71,504 6,064

27. Members' liability

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

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

28. Related party transactions

Owing to the nature of the Academy and the composition of the Board of Trustees being drawn from local public and private sector organisations, transactions may take place with organisations in which the trustees have an interest. All transactions involving such organisations are conducted in accordance with the requirements of the Academy Trust Handbook, including notifying the ESFA of all transactions made on or after 1 April 2019 and obtaining their approval where required, and with the Academy's financial regulations and normal procurement procedures relating to connected and related party transactions.

No related party transactions took place in the period of account, other than certain Trustees' remuneration and expenses already disclosed in note 12.

29. Agency arrangements

The Academy distributes 16-19 bursary funds to students as an agent for ESFA. In the accounting period ended 31 August 2023, the Academy received £24,665 (2022: £24,440), disbursed £24,172 (2022: £23,951) from the fund and retained £493 (2022: £489) as their 2% administration allocation. There were no undistributable funds at the year end.

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