(A company Iimited by guarantee) - cscpprod.blob.core ... · Head Teacher and Chalr spend tlme wlth new Governors In order to Inform them fully of the worklngs of the

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Registered num ber 07737302

THE W ILLIAM ALVEY SCHOOL TRUST

(A company Iimited by guarantee)

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2014

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CONTENTS

Page

Reference and adm inistrative details of the academy, its governors and advisers 1 - 2

Governors' report 3 - 10

Governance statem ent 1 1 - 13

Statem ent on regularity, propriety and compliance 14

Governors' responsibilities statem ent 15

Independent auditors' report 16 - 17

Independent reporting accountant's assurance report on regularity 18 - 19

Statement of financial activities 20

Balance sheet 21

Cash flow statement 22

Notes to the financial statements 23 - 42

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(A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE ACADEMY, ITS GOVERNORS AND ADVISERSFOR THE YEAR ENDED 31 AUGUST 2014

Mem bers & Trustees

Mrs C RenaudMrs E Slnclalr Chalr of Governors *Mr M Herd Vlce Chalr of GovernorsMrs S CreedonMr V Jones, Chalr of Flnance Comm lttee *

Trustees

Mr S Tapley, Head TeacherMr M Brocklngton *Mrs V CrawfordMrs J FentonMrs G PopeMr N Brompton (reslgned 31 December 2013)Mrs K Camm * (appolnted 7 October 2013)Mrs K Brocklngton (appolnted 24 September 2013)Mrs E Weston (appolnted 27 January 2014)Rev P Johnson (appolnted 1 1 February 2014)

* mem bers of the flnance commlttee

Com pany registered number

07737302

Principal and registered office

Eastgate Sleaford, Llncs, NG34 7EA

Clerk to the Governors

Mrs S Nlxon

Accounting officer

Mr S Tapley

Senior managem ent team

Mr S Tapley, HeadteacherMrs L Brownlng, Deputy HeadteacherMrs K Camm , Asslstant HeadteacherMrs L W arrener, Asslstant Headteacher

lndependent auditors

Streets Audlt LLP W lndsor House A1 Buslness Park at Long Bennlngton, Notts, NG23 5JR

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1

THE WILLIAM ALVEY SCHOOL TRUST


REFERENCE AND ADMINISTRATIVE DETAILS OF THE ACADEMY, ITS GOVERNORS AND ADVISERSFOR THE YEAR ENDED 31 AUGUST 2014

Administrative details (continued)

Bankers

Lloyds Bank Plc, 2 Nodhgate, Sleaford, Llncs, NG34 7BL

Solicitors

Legal Servlces Llncolnshlre, County Ofhces, Newland, Llncoln, Llncs, LN1 1YS

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GOVERNORS' REPORTFOR THE YEAR ENDED 31 AUGUST 2014

The Governors present thelr annual report together wlth the hnanclal statements and audltor's repod of thecharltable company for the perlod 1 September 2013 to 31 August 2014 The annual repod serves for thepurposes of b0th a Governors' repod, and a dlrector's repod under company Iaw

The Trust operates a Prlmary Academy for puplls aged 4 to 1 1 servlng the market town of Sleaford It has apupll capaclty of 630 and had a roll of 561 In the school census In January 2014

STRUCTURE,GOVERNANCE AND MANAGEMENT

CONSTITUTION

The academy trust ls a company llmlted by guarantee and an exem pt charlty The charltable company smemorandum and adlcles of assoclatlon are the prlmary governlng documents of the academy trust TheGovernors of The W llllam Alvey CE School are also dlrectors of the charltable company for the purposes ofcompany Iaw The company Is known as The W llllam Alvey CE School

Detalls of the Governors who served throughout the year are Included ln the reference and adm lnlstratlvedetalls on page 1

M EMBERS' LIABILITY

Each member of the charltable company undedakes to contrlbute to the assets of the charltable company 10 theevent of It belng wound up whlle they are a member, or wlthln one year aqer they cease to be a m em ber, suchamount as may be requlred, not exceedlng E10, for the debts and llabllltles contracted before they ceased to bea member

METHOD OF RECRUITM ENT AND APPOINTMENT OR ELECTION OF GOVERNORS

W hen a vacancy arlses on the board of Governors, the Clerk clrculates thls lnformatlon to aII relevantstakeholders and Invltes those wlshlng to Stand to apply lf there are sufhclent appllcants to warrant an electlonevery practlcal step Is taken to ensure that aII parents of a reglstered chlld, or In the case of staff Governors, aIImem bers of staff, are lnformed of thelr nght to vote and the procedures whlch need to be followed The electlontakes place by secret ballot

The Members may appolnt up to 4 Governors

lf the number of Foundatlon Mem bers Is Iess than 25% of the total number of Mem bers, then the LlncolnDlocesan Board may appolnt an addltlonal Foundatlon mem ber

POLICIES AND PROCEDURES ADOPTED FOR THE INDUCTION AND TRAINING OF GOVERNORS

The Inductjon programme for all newly appolnted Governors ls outlkned In the 13-14 Governors' Handbook TheHead Teacher and Chalr spend tlme wlth new Governors In order to Inform them fully of the worklngs of theTrust and thelr responslbllltles The Inductlon provlded wlll depend on the new Governor's exlstlng experlence,and where necessary wlll Include tralnlng on charlty, educatlonal Iegal and flnanclal matters As there Isnormally expected to be only a small number of new Governors each year. lnductlon Is tallored speclflcally tothe lndlvldual

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GOVERNORS' REPORT (continued)FOR THE YEAR ENDED 31 AUGUST 2014

ORGANISATIONAL STRUCTURE

Many of the day-to-day declslons for the Academy are made Internally by the SMT or the Head Teacher

The Governlng Body have devolved cedaln of Its actlvltles to Sub-commlttees W1th responslblllty for Speclflcaspects of the Academy's operatlons The sub-comm lttees their terms of reference and thelr make- up are setout below

Finance Committee - Mr V Jones, Mrs E Slnclalr, Mr M Brocklngton and Mrs K Camm

''Tb ensure that the Academy complles w/l/l a// flnanclal Ieglslatlon and standards of best practlce, and tomonltor ongolng flnanclal and related performance and practlces agalnst these standards ''

Admissions and Attendance - Mrs E Slnclalr, Mrs C Renaud, M r V Jones, Mr S Tapley

''To revlew appllcatlons recelved for a place ln any school year where there are more appllcatlons thanvacancles In such cases the commlttee wlll apply the oversubscrlptlon crltena as set out /D the AdmlsslonsPollcy

To monltor the attendance levels of slaff and chlldren wlthln school and where these flgures fall below theschool's target ftgure, carry out the actlons detalled ln the approprlate pollcles ''

Health and Safety Com mittee - M r S Tapley, Mrs J Fenton, Mr M Brocklngton Mr M Johnson (SIte Manager)

''To advlse the Head Teacher and Governlng Body on matters concernlng the HeaIth, Safety and Welfare wlthln

the school, ll1 partlcular to formulate health and safety pollcles and plannlng for the school and to revlew healthand safefy processes and procedures ''

Standards and Developm ent Comm ittee - Mrs E Slnclalr, Mrs J Fenton, Mrs V Crawford Mrs S Creedon, MrS Tapley, Rev P Johnson, Mrs K Brocklngton

''To assure the academlc standards of The Academy by supportlng and challenglng the school and promotlngpupll achlevement ''

Appeals Com mittee - Mrs E Slnclalr, Mr V Jones, Mrs C Renaud

''To conslder any appeal agalnst a declslon to dlsmlss a member of slaff made by the Head Teocher

To conslder any appeal agalnst a declslon short of d/smfssa/ under the Governlng Bodfs personnel procedurese g d/sclpàrlary or Grlevance pollcles

To conslder any appeal agalnst selectlon for redundancy

To conslder any appeal for flexlble worklng ''

Performance Management Com m ittee - Mrs E Slnclalr, Mr M Herd

''Tb rrteet wlth the External Advlsor to dlscuss the Head Teachefs performance target, to declde, wlth the

support of the EA whether the targets have been met To set and agree new targets annually and to monltorthrough the year the performance of the Head Teacher agalnst these targets ''

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CONNECTED ORGANISATIONS, INCLUDING RELATED PARTY RELATIONSHIPS

The Academy ls connected to a charlty numbered 1045616, The W llllam Alvey PTA, whlch ls a parent teacherassoclatlon ralslng funds for the school and whose stated oblectlve IS to S'advance the educatlon of the puplls ofthe school '' Mr M Brocklngton, a Governor of the Academy Is also a trustee of thls charlty

GOVERNORS' INDEMNITIES

Sublect to the provpspons of the Companles Act 2006, every Governor or other ofhcer of the Academy Trust shallbe Indem nlfled out of the assets of the Academy Trust agalnst any Ilablllty Incurred by them In that capaclty Indefendlng any proceedlngs, whether clvll or crlm lnal, In whlch Judgement Is glven In favour or ln whlch they areacqultted or In connectlon wlth any appllcatlon In whlch rellef Is granted to them by the court from Iiablllty fornegllgence, default, breach of duty or breach of trust In relatlon to the affalrs of the Academy Trust The Ilm lt ofthls Indemnsty bs :5,000,000

OBJECTIVES AND ACTIVITIES

The prlnclpal object and actlvlty Y the charltable company 1S the operatlon of The W llllam Alvey CE School(''The Academy'') to provlde educatlon for puplls of dlfferent abllltles between the ages of 4 and 1 1

The maln oblectlves of the Academy durlng the perlod ended 31st August 2014 are summarlsed below

. to ensure that every chlld, wlthout prejudlce, enjoys the Same hlgh quallty educatlon ln terms ofresourclng, tultlon and care,

. to ralse the standard of educatlonal achlevement of aII puplls,

. to lm prove the effectlveness of the Academy by keeplng the currsculum and organlsatlonal structureunder contlnual revlew,

@ to provlde value for money for the funds expended,* to comply wlth aii approprlate statutofy and currlculum requlrements,. to conduct the Academy's buslness ln accordance w1th the hlghest standards of Integrlty problty and

openness

OBJECTIVES, STRATEGIES AND ACTIVITIES

In order to achleve the above alms, the followlng speclflc Key Prlorltles were establlshed for the Academ lc year2013-2014 and were Identlfled In the SDP

1 Close monltorlng of pupsl progress2 Esectlve and ongolng programme of classroom study and PM to Increase Iearnlng oppodunltles for

chlldren3 Increase overall attalnment In wrltlng (whole school focus on the skllls of spelllng)4 Leadershlp and Management - across aII levels of management, Ieaders actlvely promote rapld progress

for aI1 chlldren

PUBLIC BENEFIT

The Academy Trust's Governors have complled wlth thelr duty to have due regard to the guldance on publlcbeneflt publlshed by the Charlty Commlsslon In exerclslng thelr powers or dutles

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STRATEGIC REPORT

ACHIEVEMENTS AND PERFORMANCE

F - 2014 2013 2014 2014

OA achlevln GLD 70% 74%2+ ln Pnme LGs 81% 82%2+ In S eclflc LGs 72% 74%2+ In AOL 1-5 7O% 74% 67% 60%2+ ln all ELGS 7O% 74%34+ 72% 77%% chlldren In bottom 20% 16% 15%Yee Phon '*# % v 83% 94% 79% 74%

x> u

0* xx x. wLevel 2+ Readln 93% 94% 89% 90%Level 2+ W rltln 90% 90% 85% 86%Level 2+ Maths 95% 94% 90% 92%Level 2+ RW M 90% 88%Level 2B+ Readln 91% 89% 78% 81%Level 2B+ W rltln 70% 65% 68% 70%Level 2B+ Maths 80% 78% 78% 80%Level 2B+ RW M 67%Level 3 Readers 30% 30% 29% 31 OALevel 3 W rlters 14% 18% 16% 16%Level 3 Maths 24% 24% 23% 24%Level 3 RW M 1 1% 17% 12%Ke 1 T* % . %hyzwLevel 4+ Maths 93% 97% 84% 85%Level 4B+ Maths 80% 86% 73% 75%Level 5+ Maths 57% 62% 38% 42%Leves 6 Maths 1 oû/o 9% 7% 8%L4+ Readln 96% 96% 87% 88%L4B+ Readln 87% 83% 77% 78%L5+ Readln 63% 50% 48% 49%L4+ SPAG 83% 68% 73% 76%L4B+ SPAG 77% 62% 65% 68%L5+ SPAG 61% 54% 49% 52%L6+ SPAG 4% 3% 4%L4+ W rltln 93% 91% 84% 85%L5+ W rltln 43% 40% 32% 33%2 Levels ro Readln 99% 96% 91 F/o 91 O/o2 Levels ro W rltln 99% 97% 93% 93%2 Levels ro Maths 96% 1 00% 87% 89%3 Levels ro Readln 40% 36% 35%3 Levels ro W rltln 43% 32% 33%3 Levels ro Maths 46% 31% 35%

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THE W ILLIAM ALVEY SCHOOL TRUST(A company limited by guarantee)


Academlcally, the academy has been hlghly successful, once agaln thls year Thls contlnues to bulld on thesuccesses of prevlous years, showlng the academy In a very strong Ilght natlonally One dlsappolntlng aspectfrom our 2013 results was the number of chlldren attalnlng 4+ In the SPaG test Durlng the Iast academ lc yearthe academy has lmplemented a number of strategles and tralnlng programmes for teachers, ln thls aspect ofthe currlculum As a result we are pleased to repod an Increase from 68% to 83% ln 2014

Due to the nature of the cohod, the number of chlldren achlevlng the expected standard In the phonlcsscreenlng test has dropped thls year-consequently we wlll be Increaslpg the support for these chlldren over thecomlng year

AII groups of chlldren have performed well, SEN, FSM, EAL and G&T-many of whom have beneflted fromInterventlon or extenslon programmes

The pupll premlum grant has allowed us to extend Interventlon programmes for our most dlsadvantaged pupllsto thls end 80% are maklng expected progress or better In readlng, 67% In wrltlng and 68% ln mathsInterventlon groups whlch have been hlghly successful Include preclslon teachlng, phonlcs, the school's ownmaths Intementlon, RALF readlng programme (Readlng at L4) The academy has been able to contlnue wlth Itsextended TA provlslon lntroduced In 2012 and Indeed has Increased the number of hours of two TAs who aretralned to provlde preclslon teachlng

Another mqor Improvement thls year has been wlth PE The spods premlum has allowed our sportsprogram me to develop slgnlflcantly lndlvldual members of staff have recelved tralnlng from PE specIalIst Inorlenteerlng and football and have taken part In a sIx weel shared dellver programme The whole staff had twotralnlng workshops coverlng the teachlng of gymnastlcs A number of other staff attended tralnlng course forfundamentals, netball and orlenteerlng

An addltlonal lnnovatlve aspect of our PE development was the employment of a spods coach for our lunchtlmeplay sesslons- thls hlghly successful programme was deslgned to engage chlldren In meanlngful actlvlty durlngthelr lunch break

Notable Achlevements 13-14* Handwrltlng competltlon wlnners@ Sclence challenge champlons* Maths challenge champlons. Sleaford and Dlstrlct Athletlcs Champlons. Netball second In Ieague (Sleaford and Dlstrlct). Football thlrd In cup competltlon (Sleaford and Dlstrlct). Swlmathon* Sleaford In Bloom Category wlnners@ Young volces - the School cholr took pad In thls Natlonal event at the Shefheld Arena. Colsterwodh Festlval - W lnners of Y2 and Y5/6 dance Competltlon

GOING CONCERN

The Governors have revlewed the flnances of Academy over the repodlng penod and have concluded that thereIs a reasonable expectatlon that the Academy Trust has adenuate resources to contlnue In operatlonalexlstence for the foreseeable future Further detalàs regardlng the adoptlon of the golng concern basls can befound In the Accountlng Pollcles

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FINANCIAL REVIEW

Most of The Academy's Income ls obtalned from the EFA In the form of the General Annual Grant, the use ofwhlch ls restrlcted to partlcular purposes The grants recelved from the EFA durlng thls reportlng perlod and theassoclated expendlture are shown as restrlcted funds In the statement of flnanclal actlvltles

The Academy ls once agaln ln a strong flnanclal posltlon The reserves set aslde for the bulldlng work have nowbegun to be used as the new dlnlng hall progresses Al1 malor aspects of expendlture, such as salares, came Inon budget A few unforeseen stafhng changes were able to be dealt wlth wlthln the scope of the expected funds

The Trust held fund balances at 31 August 2014 of :3,183,842, compnslng E471 ,139 of restrlcted funds a flxedasset reserve of :2,850,539, a penslon reserve deflclt of :345,000 and 207 164 of unrestrlcted general funds

Durlng the perlod ended 31 August 2014, total expendlture of E1,946,571 was Iess than recurrent restrlctedgrant fundlng from the EFA together wlth other restrlcted Incomlng resources The excess of lncome overexpendlture for the perlod was E233,908

The maln flnanclal performance Indlcator Is the level of reserves held at the Balance Sheet date In padlcular,the management of spendlng agajnst General Annual Grant (GAG) requlres speclal attentlon as the amount ofcarry forward ls monltored ln the perlod under revlew, E205,449 was carrled forward representlng 10 8% ofGAG

Another key flnanclal performance Indlcator Is stafhng costs as a percentage of GAG For 2014 thls was 84 6%and thls wlll be monltored In future perlods

The Trust's non-teachlng staff are entltled to membershlp of the Local Government Penslon Scheme TheTrust's share of the Scheme's assets Is currently assessed to be Iess than Its Ilabllltles In the Scheme, andconsequently the Academy balance sheet shows a net Ilablllty of E345,000

Detall ls stlll awalted on future fundlng for the Trust from 2015 onwards Pupll numbers are expected to remalnstable The Im pact of natlonal fundlng spendlng cuts and of redlrectlng fundlng Into the pupll premlum forexample, may have an adverse effect on grant fundlng

Sufhclent cash Is held In reserve to enable the Academy to support any flnanclal 1SSueS that It may experlenceMonthly flnanclal repods enable any Issues to be Identlfled at an early stage Desplte the penslon scheme belngIn deflclt, It ls not consldered to Impact on the Academy

RESERVES POLICY

Sublect to EFA'S constralnts on perm ltted balances, the Academy's pollcy ls to carry forward a prudent level ofresources Due to antlclpated future cuts ln fundlng, the sltuatlon wlll be kept under regular revlew The reservesof the Academy are monltored regularly, revlewed and are consldered to be sufflclent for the Academy s

requlrements

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INVESTMENT POLICY

If the level of free cash reserves held by the Academy exceed that whlch ls necessary to servlce lts ongolngworklng capltal needs, the Governors, wlth reference to the shod and Ionger-term forecasts wlll conslderInvestment of any excess funds over an approprlate perlod, to m axlmlse the return on any such surplus funds,whlle ensurlng that rlsk Is avoided Insofar as Is posslble

PRINCIPAL RISKS AND UNCERTAINTIES

The Academy has carrled out an extenslve rlsk assessment based on the EFA model The predomlnant rlskstdentlfled ln the Inltlal exerclse remaln pertlnent today

Strateglc and Reputatlonal rlsks

1 Competltlon rlsk W e have ldentlfled that we need to remaln focused on our reputatlon wlthln the localcommunlty to ensure that prospectlve parents vlew the Academy as thelr flrst cholce optlon TheAcademy malntalns a strong presence In the Iocal communlty

2 Publlc Proflle rlsk Fallure to comply wlth statutory HeaIth and Safety Leglslatlon The 'Human Factor 'can never be ellmlnated however the Academy has an actlve H&S culture In place A H&S managementexternal advlsor Is retalned by the Academy who can advlse when necessary on H&S matters

3 Governlng Body rlsk Too llttle or too much delegatlon wlthln commlttees Effectlve management anddelegatlon ls conducted wlth whole comm lttee monltorlng

PLANS FOR FUTURE PERIODS

Bulldlng Prqects W e have recently begun bulldlng a new dlnlng/sports hall whlch, when complete w1l1 allow usto sef've the hot school meals, thls, In turn wlll free up the exlstlng hall to allow the PE tlmetable to return tonormal The new bulldlng wlll also Incorporate a study and a classroom area to glve fudher accommodatlon forthe Intementlon groups

UIFSM thls Inltlatlve haS proved dlfflcult to Implement ln terms of space and the fact that we have had toprovlde 236 meals each day - wlth no facllltles to do so As tlme goes on, we wl1l develop thls system andtransfer It to the new hall on completlon

ln terms of currlculum, we have declded to Introduce a new 'Slngapore maths currlculum lnltlally ln the nextflnanclal year thls wlll be Introduced to Years 1 , 2 and 3, w1th the other 3 year groups belng Incorporated thefollowlng year A great deal of research and tralnlng has gone lnto thls Inltlatlve, whlch should provlde an evengreater basls for the mathematlcs educatlon at our school

The stafflng complement Is to be Increased In the neW flnanclal year, to Include a fTargeted Provlslon Teacher,'whose role wlll be speclflcally to teach and track the Pupll Premlum cnsldren and chlldren with EAt

FUNDS HELD AS CUSTODIAN TRUSTEE ON BEHALF OF OTHERS

The School does not currently hold any funds as Custodlan Trustee on behalf of others

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DISCLOSURE OF INFORMATION TO AUDITORS

Insofar as the Governors are aware

* there Is no relevant audlt Informatlon of whlch the Academy's audltor Is tlnaware,and

@ the Governors have taken aII steps that they ought to have taken to make themselves aware of anyrelevant audlt Informatlon and to establlsh that the audltor Is aware of that lnformatlon

The audltors, Streets Audlt LLP wlll be proposed for re-appolntment at the forthcomlng Annual General Meetlng

Thls report, Incorporatlng the Strateglc repod, was approved by order of the board of trustees, as the companydlrectors ondj/ i Q 1W and slgned on the board's behalf by

V

Mrs E Sinclair t ('-( k.chair of Trustees -- ( / ( C

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GOVERNANCE STATEMENT

SCOPE OF RESPONSIBILITY

As Governors, we acknowledge we have overall responslblllty for ensurlng that The W llllam Alvey School Trusthas an esectlve and approprlate system of control, flnanclal and otherwlse However such a system ls deslgnedto manage rather than ellm lnate the rlsk of fallure to achleve buslness objectlves, and can provlde onlyreasonable and not absolute assurance agalnst materlal mlsstatement or loss

The board of trustees has delegated the day-to-day responslblllty to the Head Teacher, as Accountlng Offlcer,for ensurlng flnanclal controls conform wlth the requlrements of b0th proprlety and gooti flnanclal managementand In accordance wlth the requlrements and responslbllltles asslgned to It In the fundlng agreement betweenThe W llllam Alvey School Trust and the Secretary of State for Educatlon They are also responslble forrepodlng to the board of trustees any materlal weaknesses or breakdowns ln lnternal controt

GOVERNANCE

The lnformatlon on governance lncluded here supplements that descrlbed In the Governors' repod and In theGovernors' responslbllltles statement The board of trustees has formally met 7 tlmes durlng the yearAttendance durlng the year at meetlngs of the board of trustees was as follows

Governor Meetlngs attended Out of a posslble

Mrs C Renaud 4 7Mrs E Slnclalr, Chalr of Governors 5 7Mr M Herd, Responslble OffIcer / Vlce Chalr 7 7Mrs S Creedon 7 7Mr V Jones 7 7Mr S Tapley, Head Teacher 5 7Mr M Brocklngton 4 7Mrs V Crawford 7 7Mrs J Fenton 5 7Mrs G Pope 6 7Mr N Brompton 4 7Mrs K Camm 4 6M rs K Brocklngton 1 6Mrs E W eston 4 4Rev P Johnson 3 4

W hIlst there have been no changes to the prohle of the Governlng Body, the staff Governors have changedwlth the reslgnatlon of Mr N Brompton and the appolntment of Mrs E Weston by way of replacement Rev PJohnson has Jolned the Governlng Body, as a Foundatlon Governor, followlng hIs appolntment as Vlcar ofSleaford Thls posltlon on the Governlng Body has been vacant for approxlmately 18 m onths, awaltlng thls

appolntment

Governance revlews

The Academy lnstlgated a 'HeaIth Checkj' In March 2014 As pad of the two day evaluatlon, the Governors werequestloned and thelr procedures and systems Investlgated ln relatlon to thelr role as a 'crltlcal frlend' and In thelrablllty to hold the academy accountable for aIl Its actlons

The Responslble Ofhcer Mr M Herd, carrled out systems revlews throughout the year and repoded any flndlngsto the Flnance Commlttee

Mr M Herd, Responslble Ofhcer attended the Flnance Commlttee meetlngs to glve professlonal advlce andclarlfkcatlon as and when necessary

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GOVERNANCE STATEMENT (continued)

The Flnance Commlttee Is a sub-commlttee of the maln board of trustees Its purpose Is to support theAccountlng Offlcer In hIs day-to-day runnlng of the flnanclal affalrs of the Academy and to oversee Its systemsof Internal control

Attendance at meetlngs In the year was as follows

Governor Meetlngs attended Out of a posslble

Mr V Jones 3 3Mrs K Camm 2 3Mrs E Slnclalr 3 3Mr M Brocklngton 3 3

THE PURPOSE OF THE SYSTEM OF INTERNAL CONTROLI

The system of Internal control Is deslgned to manage rlsk to a reasonable Ievel rather than to ellmlnate aII rlsk offallure to achleve pollcles, alms and objectlves, lt can therefore only provlde reasonable and not absoluteassurance of effectlveness The system of Internal control Is based on an ongolng process deslgned to Identlfyand prlorltlse the rlsks to the achlevement of Academy pollcles alms and oblectlves, to evaluate the llkellhoodof those rlsks belng reallsed and the Im pact should they be reallsed, and to manage them efhclently, effectlvelyand economlcally The system of Internal control has been In place In The W llllam Alvey School Trust for theyear 1 September 2013 to 31 August 2014 and up to the date of approval of the annual repod and flnanclalstatements

CAPACITY TO HANDLE RISK

The board of trustees has revlewed the key rlsks to whlch the Academy Is exposed together w1th the operatlngflnanclal and compllance controjs that have been lmplemented to m ltlgate those rlsks The board of trustees Isof the vlew that there ls a formal ongolng process for ldentlfylng, evaluatlng and managlng the Academy'sslgnlflcant rlsks, that has been In place for the year 1 September 2013 to 31 August 2014 and up to the date ofapproval of the annual repod and flnanclal statements Thls process Is regularly revlewed by the board oftrustees

THE RISK AND CONTROL FRAM EW ORK

The Academy's system of Internal flnanclal control Is based on a framework of regular management Informatlonand admlnlstrabve procedures lncludlng the segregatlon of dutles and a system of delegatlon andaccountablllty In padlcular, lt Includes

. comprehenslve budgetlng and monltorlng systems wlth an annual budget and perlodlc flnanclal repodswhlch are revlewed and agreed by the board of trustees,

* regular revlews by the Flnance Commlttee of repods whlch Indlcate flnanclal performance agalnst theforecasts and of malor purchase plans, capltal works and expendlture programmes,

* settlng targets to measure flnanclal and other performance,@ clearly deflned purchaslng (asset purchase or capltal Investment) guldellnes. delegatlon of authorlty and segregatlon of dutles,. Identlflcatlon and management of rlsks

The board of trustees has consldered the need for a speclflc lnternal audlt functlon and has declded not toappolnt an Internal audltor However, the Governors have appolnted Mr M Herd, a Governor, as ResponslbleOfflcer (RO)

The RO's role Includes glvlng advlce on flnanclal matters and performlng a range of checks on the Academy'sflnanclal systems On a quarterly basls, the RO repods to the board of trustees on the operatlon of the systemsof control and on the dlscharge of the board of trustees' flnanclal responslbllltles

Page 12

#



GOVERNANCE STATEMENT (continued)

The Ro carrled out two revlews dunng the year 2013-2014. On nelther occaslons dld he flnd any materlalcontrol Issues

REVIEW OF EFFECTIVENESS

As Accountlng Ofhcer, the Head Teacher has responslblllty for revlewlng the effectlveness of the system oflnternal control Dunng the year ln questlon the revtew has been lnformed by

. the work of the Responslble Officer,

. the work of the external audltors,

. the flnanclal management and governance self-assessment process,

. the work of the executlve managers wlthln the Academy who have responslblllty for the development andmalntenance of the Internal control framework

The Accountlng Offlcer has been advlsed of the Impllcatlons of the result of thelr revlew of the system of Internalcontrol by the Flnance Comm lttee and a plan to address weaknesses and ensure contlnuous Improvement ofthe system Is ln place

Approved by order of the members of the board of trustees onol /Z/QUGnJ slgned on lts behalf, by- '

s , j .Mrs E sinclair Mr S Taplejchair of Trustees e ,A Accounting fficer

Page 13

f@

THE W ILLIAM ALVEY SCHOOL TRUST I


STATEMENT ON REGULARIW , PROPRIETY AND COMPLIANCE

As Accountlng Ofhcer of The W làllam Alvey School Trust l have consldered my responslblllty to notlfy theAcademy board of trustees and the Educatlon Fundlng Agency of materlal Irregularlty, Improprlety and non-compllance wlth EFA terms and condltlons of fundlng, under the fundlng agreement In place between theAcademy and the Secretary of State. As part of my conslderatlon I have had due regard to the requlrements ofthe Academles Flnanclal Handbook.

I conflrm that I and the Academy board of trustees are able to Identlfy any materlal, Irregular or Improper uSe Offunds by the Academy, or materlal non-compllance wlth the terms and condltlons of fundlng under theAcademy's fundlng agreement and the Academles Flnanclal Handbook

l confirm that no Instances of materlal Irregularlty, Improprlety or fundlng non-compllance have been dlscoveredto date If any Instances are Identlfled after the date of thls statement, these wlll be notlfied to the board oftrustees and EFA

. ..'AN

k...t $ Ke<

Mr S TaqleyAccountlng Officer

oate A/ïu/ ïk

Page 14

J



GOVERNORS' RESPONSIBILITIES STATEMENTFOR THE YEAR ENDED 31 AUGUST 2014

The Governors (who act as governors of The Wllllam Alvey School Trust and are also the dlrectors of thecharltable company for the purposes of company law) are responslble for preparlng the Governors' repod(lncludlng the Strateglc repod) and the flnanclal statements ln accordance wlth the Annual Accounts Dlrectlonlssued by the Educatlon Fundlng Agency, Unlted Klngdom Accountlng Standards (Unlted Klngdom GenerallyAccepted Accountlng Practlce) and appllcable law and regulatlons.

Company Iaw requlres the Governors to prepare flnanclal statements for each flnanclal year Under companylaw the Governors must not approve the flnanclal statements unless they are satlsfled that they gjve a true andfalr vlew of the state of affalrs of the charltable company and of Its Incom lng resources and appllcatlon ofresources, lncludlng Its lncome and expendlture, for that perlod. In preparlng these flnanclal statem ents, theGovernors are requlred to

@ select sultable accountlng pollcles and then apply them conslstently,. observe the methods and pnnclples of the Chantses SORP,

* make Judgments and accountlng estlmates that are reasonable and prudent,. prepare the flnanclal statements on the golng concern basls unless It Is Inapproprlate to presume that

the charltable company wlll contlnue ln buslness

The Governors are responslble for keeplng adequate accountlng records that are sufhclent to show andexplaln the charltable company's transactlons and dlsclose wlth reasonable accuracy at any tlme the flnancfalposltlon of the charltable company and enable them to ensure that the flnanclal statements comply wlth theCompanles Act 2006 They are also responslble for safeguardlng the assets of the charltable company andhence for taktng reasonable steps for the preventlon and detectlon of fraud and other lrregularltses

The Governors are responslble for ensurlng that In !ts conduct and operabon the charltable company appllesflnanclal and other controls, whfch conform wlth the requlrements b0th of proprlety and of good hnanclalmanagement They are also responslble for ensurlng grants recelved from EFA/DfE have been applled for thepurposes Intended

The Governors are responslble for the malntenance and Integrlty of the corporate and flnanclal InformatlonIncluded on the charitable company's webslte. Leglslatlon ln the Unlted Klngdom governlng the preparatlon anddlssemlnatlon of flnanclal statements may dlffer from Ieglslatlon In otherlunsdlctjons.

Approved by order of the members of the board of trustees on OC(/ ( Q ( L(. and slgned on Its behalf by

- vzk c' Gx t.zMO E SinclairChair of Trustees

Page 15

t



INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE WILLIAM ALVEY SCHOOL TRUST

W e have audlted the flnanclal statements of The W llllam Alvey School Trust for the year ended 31 August 2014whlch comprlse the Statement of flnanclal actlvltles, the Balance sheet, the Cash flow statement and the relatednotes The financlal reportlng framework that has been applled ln thelr preparabon ls appllcable Iaw, UnltedKlngdom Accountlng Standards (Unlted Klngdom Generally Accepted Accountlng Practlce) and the AcademlesAccounts Dlrectlon 2013 to 2014 Issued by the Educatlon Fundlng Agency

Thls repod ls made solely to the Academy's members, as a body, ln accordance wlth Chapter 3 of Part 16 of theCompanles Act 2006. Our audlt work has been undedaken so that we mlght state to the Academy's membersthose matters we are requlred to state to them In an Audltors' repod and for no other purpose. To the fullestextent permltted by Iaw, we do not accept or assume responslblllty to anyone other than the Academy and ltsmembers, as a body, for our audlt work, for thls repod, or for the oplnlon we have formed

RESPECTIVE RESPONSIBILITIES OF GOVERNORS AND AUDITORS

As explalned more fully In the Governors' responslbllltles statement, the Governors (who are also the dlrectorsof the Academy for the purposes of company law) are responslble for the preparatlon of the flnanclal statementsand for belng satlsfled that they glve a true and falr vlew

Our responslblllty Is to audlt and express an Oplnlon On the flnanclal Statements In accordance W1th appllcablelaw and Internatlonal Standards on Audltlng (UK and lreland) Those standards requlre us to comply wlth theAudltlng Practlces Board's Ethlcal Standards for Audltors.

SCOPE OF THE AUDIT OF THE FINANCIAL STATEMENTS

An audlt Involves obtalnlng evldence about the amounts and dlsclosures ln the financlal statements sufflclent toglve reasonable assurance that the financlal statements are free from materlal m lsstatement, whether causedby fraud or error. Thls lncludes an assessment of whether the accountlng polkcles are approprlate to theAcademy's clrcumstances and have been conslstently applled and adequately dlsclosed, the reasonableness ofslgnlflcant accountlng estlmates made by the Governors, and the overall presentatlon of the financlalstatements. In addltlon, we read aII the flnancpal and non-flnanclal lnformatlon ln the Governors' repod toIdentlfy matenal Inconslstencles wlth the audlted financlal statements and to ldentlfy any Informatlon that ISapparently materlally Incorrect based on, or materlally Inconslstent wlth, the knowledge acqulred by us In thecourse of performlng the audlt. lf we become aware of any apparent matenal m lsstatements or lnconslstencleswe conslder the Impllcatlons for our repod

OPINION ON FINANCIAL STATEMENTS

In our oplnlon the flnanclal statements@ glve a true and falr vlew of the state of the Academy's affalrs as at 31 August 2014 and of Its Incomlng

resources and appllcatlon of resources, Includlng Its income and expendlture, for the year then ended,* have been properly prepared ln accordance wlth Unlted Klngdom Generally Accepted Accountlng

Practlce, and* have been prepared In accordance wlth the regulrements of the Companles Act 2006 and the Academles

Accounts Dlrectlon 2013 to 2014 lssued by the Educatlon Fundlng Agency

OPINION ON OTHER MATTER PRESCRIBED BY THE COMPANIES ACT 2006

In our opfnlon the Informatlon glven In the Governors' report, Incorporatlng the Strateglc repod, for the flnanclalyear for whlch the flnanclal statements are prepared Is conslstent W1th the flnanclal statements

Page 16

j . ... -- .. .-- .... .



INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE WILLIAM ALVEY SCHOOL TRUST

MATTERS ON W HICH W E ARE REQUIRED TO REPORT BY EXCEPTION

W e have nothlng to repod In respect of the followlng matters where the Companles Act 2006 requlres us torepod to you If, In our oplnlon. adequate accountlng records have not been kept, or returns adequate for our audlt have not been

recelved from branches not vlslted by us, or. the flnanclal statements are not In agreement wlth the accountlng records and returns

, or

. cedaln dlsclosures of Governors' remuneratlon speclfled by Iaw are not made, or

. we have not recelved alI the lnformatlon and explanatlons we requlre for our audlt.

Mark Bradshaw (Senlor statutory audltor)

for and on behalf of

Streets Audit LLP

W lndsor HouseA1 Business Park at Long BennlngtonNottsNG23 5JRDate î t-$ N u.ï zvws w

Page 17



INDEPENDENT REPORTING ACCOUNTANTS' ASSURANCE REPORT ON REGULARITY TO THEW ILLIAM ALVEY SCHOOL TRUST AND THE EDUCATION FUNDING AGENCY

ln accordance wlth the terms of our engagement letter dated 14 June 2013 and fudher to the requlrements ofthe Educatlon Fundlng Agency (EFA) as Included In the Academles Accounts Dlrectlon 2013 to 2014, we havecarrled out an engagement to obtaln Ilmlted assurance about whether the expendlture dlsbursed and lncomerecelved by The W llllam Alvey School Trust durlng the year 1 September 2013 to 31 August 2014 have beenapplled to the purposes Identlfled by Parllament and the flnanclal transactlons conform to the authorltles whlchgovern them .

Thls report ls made solely to The W llllam Alvey School Trust and EFA In accordance wlth the terms of ourengagement letter Our work has been undertaken so that we mlght state to The W llllam Alvey School Trustand EFA those matters we are requlred to state In a report and for no other purpose To the fullest extentpermdted by Iaw, we do not accept or assume responslblllty to anyone other than The W llllam Alvey SchoolTrust and EFA, for our work, for thls repod, or for the concluslon we have formed

RESPK TIVE RESPONSIBILITIES OF THE W ILLIAM ALVEY SCHOOL TRUST'S ACCOUNTING OFFICERAND THE REPORTING ACCOUNTANT

The accountlng officer Is responslble, under the requlrements of The Wllllam Alvey School Trust's fundlngagreement wlth the Secretary of State for Educatlon dated 30 September 2011, and the Academles FlnanclalHandbook extant from 1 September 2013, for ensurlng that expendlture dlsbursed and Income recelved ISapplled for the purposes Intended by Parllament and the flnanclal transactlons conform to the authorltles whlchgovern them

Our responslbllltles for thls engagement are establlshed In the Unlted Klngdom by our professlon's ethlcalguldance and are to obtaln Ilm lted assurance and report In accordance wlth our engagement Ietter and therequlrements of the Academles Accounts Dlrectlon 2013 to 2014 We repod to you whether an/hlng has cometo our attentlon In carryng out our work whlch suggests that In aII materlal respects, expendlture dlsbursed andIncome recelved durlng the year 1 September 2013 to 31 August 2014 have not been applled to purposesIntended by Parllament or that the flnanclal transactlons do not conform to the authorltles whlch govern them

APPROACH

W e conducted our engagement In accordance wlth the Academles Accounts Dlrectlon 2013 to 2014 Issued byEFA W e performed a llmlted assurance engagement as desned ln our engagement Ietter.

The oblecbve of a llmlted assurance engagement ls to perform such procedures as to obtaln Informatlon andexplanatlons In order to provsde us wlth sufflclent appropnate evldence to express a negatlve concluslon onregularlty

A Ilmlted assurance engagement Is more Ilmlted In scope than a reasonable assurance engagement andconsequently does not enable us to obtaln assurance that we would become aware of aII slgnlflcant matters thatm lght be ldentlfled In a reasonable assurance engagement Accordlngly, we do not express a posltlve oplnlon

Our engagement lncludes examlnatlon, on a test basls, of evldence relevant to the regulanty and proprlety ofthe Academy's lncome and expendlture

Page 18



INDEPENDENT REPORTING ACCOUNTANTS' ASSURANCE REPORT ON REGULARITY TO THEWILLIAM ALVEY SCHOOL TRUST AND THE EDUCATION FUNDING AGENCY (continued)

CONCLUSION

ln the course of our wor rk nothlng has come to our attentlon whlch suggests that In all materlal respects thedlture dlsbursed and Income recelved durlng the year 1 September 2013 to 31 August 2014 have notexpen

been applled to purposes lntended by Parllament and the flnanclal transactlons do not conform to the authontleswhlch govern them

Mark Bradshaw

for and on behalf of

Streets Audit LLP

W lndsor HouseA1 Buslness Park at Long BennlngtonNottsNG23 5JR

Date l t. $. ct to l ux

Page 19



STATEMENT OF FINANCIAL ACTIVITIES(incorporating income and expenditure account and statement of total recognised gains and Iosses)

FOR THE YEAR ENDED 31 AUGUST 2014

RestrictedUnrestricted Restricted fixed asset Total Tota/

funds funds funds funds funds2014 2014 2014 2014 2013

Note E E E E f

INCOMING RESOURCESIncomlng resources fromgenerated fundsInvestment Income 2 594 - - 594 -

Incomlng resources fromcharltable actlvltles 3 59,514 2,120,372 - 2,179,886 2, 195,000

TOTAL INCOMINGRESOURCES 60,108 2,120,372 - 2,/80,480 2, 195,000

RESOURCES EXPENDEDChantable actlvltles 5 59,672 1,846,469 28,223 1,934,364 1,922,000Governance costs 4 - 12,274 - 12,274 6,000

TOTAL RESOURCESEXPENDED 6 59,672 1,858,743 28,223 1,946,638 4,928,000

NET INCOMING RESOURCESBEFORE TRANSFERS 436 261,629 (28,223) 233,842 267,000

Transfers between Funds 17 5,728 (45,490) 39,762 - -

NET INCOME FOR THE YEAR 6,164 216,139 11,539 233,842 267,000

Actuarlal galns and Iosses ondefined benefit penslonschemes - (117,000) - (117,000) 6,000

NET MOVEMENT IN FUNDSFOR THE YEAR 6,164 99,139 11,539 116,842 273,000

Total funds at 1 September2013 201,000 27,000 2, 839,000 3,067,000 2, 794,000

TOTAL FUNDS AT 31AUGUST 2014 207,164 126,139 2,850,539 3,183,842 3,06T000

All actlvltles relate to contlnulng operatlons.

The Statement of Flnanclal Actlvltles Includes aII galns and Iosses recognlsed In the year

The notes on pages 23 to 42 form pad of these flnanclal statements

Page 20


(A company Iimited by gtlarantee)REGISTERED NUMBER: Q77373Q2

BALANCE SHEETAS AT 31 AUGUST 2014

2014 2013Note E E f f

FIXED ASSETSTanglble assets 13 2,850,539 2,834,000

CURRENT ASSETSDebtors 14 62,186 29,000Cash at bank 785,769 546,000

847,955 575,000

CREDITORS: amounts falllng due wtthlnone year 15 (159,193) (100,000)

NET CURRENT ASSETS 688,762 475,000

TOTAL ASSETS LESS CURRENT LIABILITIES 3,539,3û1 3,309,000

CREDITORS; amounts falllng due aftermore than one year 16 (10,459) (15,000)

NET ASSETS EXCLUDING PENSIONSCHEME LIABILIR 3,528,842 3,294,000

Deflned beneflt penslon scheme Ilablllty 24 (345,*:) (227,000)

NET ASSETS INCLUDING PENSIONSCHEME LIABILITY 3,183,842 3,067,000

FUNDS OF THE ACADEMYRestncted fundsRestrlcted funds 17 471,139 254,000Restrlcted flxed asset funds 17 2,850,539 2, 839,000

Restrlcted funds excsudlng penslon Ilabjl,ty 3,321,678 3,093,000

Penslon reserve (345,000) (227,000)

Total restncted funds 2,976,678 2,866,000unrestrlcted funds 17 2:7,164 20/,000

TOTAL FUNDS 3,183,842 3,06T000

The flnanclal statements were approved by the Governors, and authonsed for Issue, on

o cht t W polq- and are slgned on thelr behalf, byN&

Mrs E SinclairChair of Trustees

The notes on pages 23 to 42 form part of these financlal statements

Page 21

THE WILLIAM ALVEY SCHOOL TRUST )(A company Iimited by guarantee)

CASH FLOW STATEMENTFOR THE YEAR ENDED 31 AUGIJST 2014

2014 2013Note E f

Net cash flow from operatlng actlvltles 19 284,255 289,000

Capltal expendlture and flnanclal Investment 20 (44,486) (39,000)

INCREASE IN CASH IN THE YEAR 239,769 250,000

RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDSFOR THE YEAR ENDED 31 AUGIJST 2014

2014 2013E f

Increase In cash ln the year 239,769 250,000

MOVEMENT IN NET FUNDS IN THE YEAR 239,769 250,000Net funds at 1 September 2013 646,000 296,000

NET FUNDS AT 31 AUGUST 2014 785,769 546,000

The notes on pages 23 to 42 form pad of these flnanclal statements.

Page 22



NOTES TO THE FINANCIAL STATEM ENTSFOR THE YEAR ENDED 31 AUGUST 2014

1. ACCOUNTING POLICIES

1.1 Basis of preparation of financial statem ents

The flnanclal statements have been prepared under the hlstorlcal cost conventlon, wlth theexceptlon of învestments whlch are lncluded at market value. The flnanclal statements have beenprepared In accordance wlth the Statement of Recommended Practlce (SORP), 'Accountlng andReporbng by Chantles' publlshed In March 2005, the Academles Accounts Dlrectlon 2013 to 2014Issued by EFA, appllcable accountlng standards and the Companles Act 2006.

1.2 Fund accounting

Unrestrlcted Income funds represent those resources whlch may be used towards m eetlng any ofthe charltable oblects of the Academy at the dlscretlon of the Governors

Restrlcted flxed asset funds are resources whlch are to be applled to speclfic capltal purposesImposed by funders where the asset acqulred or created Is held for a speclflc purpose

Restrlcted general funds comprlse aII other restrlcted funds recelved and Include grants from theDepartment for Educatlon.

Investment Income, galns and Iosses are allocated to the approprlate fund

Page 23



NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 AUGUST 2014

1. ACCOUNTING POLICIES (continued)

1.3 Incom ing resources

AlI Incomlng resources are Included In the Statement of flnanclal actlvltles When the Academy hasentltlement to the funds, cedalnty of recelpt and the amount can be measured wlth sufflclentrellablllty

Grants are Included ln the Statement of financlal actlvltles On a recelvable basls The balance ofIncome recelved for speclflc purpose: but not expended durlng the perlod IS Shown In the relevantfunds on the Balance sheet. W here Income ls recelved ln advance of entltlement of recelpt, Itsrecognltlon Is deferred and Included In credltors as deferred Income. W here entltlement occursbefore Income ls recelved, the Income Ss accrued

General Annual Grant ls recognlsed ln full In the year for whlch It Is recelvable and any unspentamount Is reflected as a balance In the restrlcted general fund.

Capltal grants are recognlsed when recelvable and are not deferred over the llfe of the asset onwhlch they are expended Unspent amounts of capltal grant are reflected In the balance ln therestrlcted flxed asset fund

Sponsorshlp Income provlded to the Academy whlch amounts to a donatlon Is recognlsed In theStatem ent of flnanclal actlvltles In the perlod In whlch It Is recelvable

, where there Is certalnty ofrecelpt and It Is measurable

The value of donated servlces and glfts In klnd provlded to the Academy are recognlsed at thelropen market value In the perlod ln whlch they are recelvable as lncomlng resources

, where thebeneflt to the Academy can be rellably measured, An equlvalent amount Is lncluded as expendltureunder the relevant headlng In the Statement of flnanclal actlvltles, except Where the glft ln klnd was aflxed asset In whlch case the amount ls lncluded In the approprlate flxed asset category anddepreclated over the useful economlc llfe In accordance wlth the Academy's pollcles

Donatlons are recognlsed on a recelvable basls where there Is cedalnty of recelpt and the amountcan be rellably measured.

Income tax recoverable In relatlon to donatlons recelved under Glft AId or deeds of covenant Isrecognlsed at the ttme of the donatton.

Income tax recoverable In relatlon to investment Income Is recognlsed at the tlme the InvestmentIncome Is recelvable

Other lncome, (ncludlng the hlre of facllstles, Is recognlsed In the perlod ln whlch lt ls recelvable andto the extent the goods have been provlded or on completlon of the servlce

Page 24

J



NOTES TO THE FINANCIAL STATEM ENTSFOR THE YEAR ENDED 31 AUGUST 2014


1.4 Resources expended

Expendlture Is recognlsed In the perlod In whlch a llablllty Is lncurred and has been classlfled underheadlngs that aggregate aII costs related to that category W here costs cannot be dlrectly attrlbutedto padlcular headlngs they have been allocated on a basls conslstent wlth the use of resources, wlthcentral staff costs allocated on the basls of tlme spent, and depreclatlon charges allocated on thepodlon of the asset's use. Other suppod costs are allocated based on the spread of staff costs

Costs of generatlng funds are costs Incurred In attractlng voluntary lncome, and those Incurred Intradlng actlvltles that ralse funds

Charltable actlvdtles are costs Incurred In the Academy's educatlonal operatlons

Governance costs Include the costs attrlbutable to the Academy's compllance wlth constltutlonal andstatutory requlrements, Includlng audlt, Strateglc management and Governors' meetlngs andrelmbursed expenses

AIl resources expended are Incluslve of lrrecoverable VAT

1.5 Going concern

The Governors assess whether the use of golng concern Is approprlate, l e whether there are anymaterlal uncedalntles related to events or condltlons that may cast slgnlflcant doubt on the ablllty Ythe Academy to contlnue as a golng concern. The Governors make thls assessment In respect of aperlod of one year from the date of approval of the financlal statements

Page 25

&





1.6 Tangible fixed assets and depreciation

AIl assets costlng more than E1 ,000 are capltallsed.

W here tanglble flxed assets have been acqulred wlth the a1d of speclflc grants, elther from the

government or from the prlvate sector, they are included In the Balance sheet at cost anddepreclated over thelr expected useful economlc Ilfe. The related grants are credlted to a restrlctedflxed asset fund ln the Statement of flnanclal actlvltles and are carrled forward ln the Balance sheetDepreclatlon on such assets Is charged to the restrlcted flxed asset fund ln the Statement of1 flnanclal actlvltles so as to reduce the fund over the useful economlc Ilfe of the related asset on abasls conslstent w1th the Academy's depreclatlon pollcy

The Iand and bulldlngs occupled by the Academy were recognlsed as leasehold propedy addltlons lnthe accounts for the year ended 31 August 2012 uslng a valuatlon carrled out on behalf of the EFAat that year-end Thls was based on the Governors' assessment that they retaln the rlsks andrewards of the property Notwlthstandlng thls, the formal ownershlp of the Iand and bulldlngs fromwhlch the Academy has operated for over 150 years Is sublect to ongolng Investlgatlon The EFAhas been made aware of thts, and the Governors wlll contlnue to make enqutnes to resoîve thematter

The Academy lncurs slgnlficant repalr and replacement costs such that the Governors belleve theproperty's resldual value Is not materlally dlfferent to the cost Accordlngly no depreclatlon lscharged

Assets ln the course of constructlon are lncluded at cost. Depreclatlon on these assets Is not

charged untll they are brought lnto use.

A revlew for lmpalrment of a flxed asset 4% carrled out kf events or changes ln clrcumstances Indlcatethat the carrylng value of any flxed asset may not be recoverable Shofalls between the carrylngvalue of flxed assets and thelr recoverable amounts are recognfsed as Impalrments Impalrmentlosses are recognlsed In the Statement of Flnanclal Actlvltles

Tanglble ftxed assets are stated at cost Iess depreclatlon Depreclatlon ls provlded at ratescalculated to wrlte off the cost of flxed assets

, Iess thelr estlmated resldual Value, over thelrexpected useful Ilves on the followlng bases

Long-term leasehold propedy - No depreclatlonProperty lmprovements - 10% stralght llneFurnlture and equlpment - 25% stralght IlneComputer equlpment - 25% stralght Ilne

1.7 Operating Ieases

Rentals under operatlng Ieases are charged to the Statement of financlaf actlvltles on a stralght Ilnebasls over the Iease term

Page 26

#



NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 AUGUST 2Q14

1. ACCOUNTING POLIQES (continued)

1.8 Taxation

The Academy Is consldered to pass the tests set out In Paragraph 1 Schedule 6 of the Flnance Act2010 and therefore It meets the deflnltlon of a chantable company for UK corporatlon tax purposesAccordlngly, the Academy Is potentlally exempt from taxatlon ln respect of lncome or capdal galnsrecelved wlthln categorles covered by Chapter 3 Part 11 of the Corporatlon Tax Act 2010 or Sectlon256 of the Taxatlon of Chargeable Galns Act 1992, to the extent that such Income or galns areapplled excluslvely to charltable purposes

1.9 Pensions

Rebrement beneflts to employees of the Academy are provlded by the Teachers' Penslon Scheme(''TPS'') and the Local Government Penslon Scheme (''LGPS'') These are deflned beneflt schemesand the assets are held separately from those of the Academy.

The TPS Is an unfunded scheme and contrlbutfons are calculated so as to spread the cost ofpenslons over em ployees' worklng llves wlth the Academy ln such a way that the penslon cost ls asubstanbally Ievel percentage of current and future penslonable payroll The contnbubons aredeterm lned by the Government Actuary on the basls of qulnquennlal valuatlons uslng a prospectlvebeneflt method As stated ln note 24, the TPS Is a multl-employer scheme and the Academy Isunable to Identlfy Its share of the underlylng assets and Ilabllltles of the scheme on a conslstent andreasonable basls The TPS ls therefore treated as a deflned contrlbutlon scheme and thecontrlbutfons recognlsed as they are pald each year.

The LGPS ls a funded scheme and the assets are held separately from those of the Academy Inseparate trustee admlnlstered funds. Penslon scheme assets are measured at falr value andllabllltles are measured on an actuarlal basls uslng the prolected unlt method and dlscounted at arate equlvalent to the current rate of return on a hlgh quallty corporate bond of equlvalent term andcurrency to the llabllltles. The actuarlal Valuatlons are obtalned at Ieast trlennlally and are updated ateach balance sheet date. The amounts charged to operatlng surplus are the current servlce costsand galns and Iosses on the settlements and cudallments They are jncluded as pad of staff costsPast servlce costs are recognlsed Immedlately ln the Statement of flnanclal actlvltles lf the benefltshave vested If the benefits have not vested lmmedlately, the co:ts are recognlsed over the perlodvestlng occurs The expected return on assets and the Interest cost are shown as a net flnanceamount of other flnance costs or credlts adlacent to Interest. Actuarlal galns and Iosses arerecognlsed Immedlately In other galns and losses.

2. INVESTMENT INCOME

Unrestricted Restricted Total rola/funds funds funds funds2914 2914 2014 2013

E E E f

Bank înterest 594 - 594 -

Page 27

*




3. FUNDING FOR ACADEMY'S EDUCATIONAL OPERATIONS

Unrestricted Restricted Total Totalfunds funds funds funds2014 2:14 2014 2013

t f Q f

DfE/EFA revenue grants

General Annual Grant (GAG) - 1,899,363 1,899,363 1,937,000Other DfE/EFA grants - 196,461 106,461 94,000Capltal grants - 10,310 10,310 10,000

- 2,016,134 2,016,134 2,041,000

Other government grants

Local authorlty grants - 104,238 104,238 93,000

- 1:4,238 104,238 93,000

Other funding

Other lncome Includlng trlps and schoolfund 56,940 - 56,940 61,000Catenng Income 2,574 - 2,574 -

59,514 - 59,514 61,000

59,614 2,120,372 2,179,886 2, 195,000

4. GOVERNANCE COSTS

Unrestricted Restricted Total Totalfunds funds funds funds2014 2014 2û14 2013

E t E f

Legal and professlonal fees - 4,944 4,944 -Audltors' remuneratlon - audlt of flnanclalstatements - 3,000 3,000 4, 000

Audltors'remuneratlon - non audlt costs - 2,678 2,678 -Clerlcal costs - 1,652 1,652 2, 000

- 12,274 12,274 6,000

Page 28

#




5. CHARITABLE ACTIVITIES

Total rola/funds funds2014 2013

E fDIRECT COSTS - EDUCATIONAL OPERATIONS

W ages and salarles 1,202,074 1, 172,000Natlonal Insurance 83,345 81,000Penslon cost 157,052 155,000Depreclatlon 14,726 5,000Penslon flnance cost 5,000 8,000Educatlonal supplles 79,358 63,000Staff development 12,784 4,000Educatlonal consultancy - 22,000Educatlonal equlpment - 85,000Other dlrect costs 2,744 43,000Educatlonal vlslts and dher expendlture - 39,000

1,557,083 1, 677,000

SUPPORT COSTS - EDUCATIONAL OPERATIONS

W ages and salarles 137,663 127,000Natlonal Insurance 3,881 3,000Penslon cost 23,763 21,000Malntenance of premlses and equlpment 50,166 39,000Rent and rates 14,160 16,000Insurance 17,646 22,000Energy costs 20,264 1 7,000Cleanlng 3,396 -Operatlng lease rentals - other 12,777 -Technology costs 8,380 -Caterlng 12,534 -Occupancy costs 2,127 -Loss on dlsposal 13,000 -Bank Interest and charges 598 -Travel and subslstence 1,477 -Other suppod costs 55,* 9 -

377,281 245,000

1,934,364 1,922,000

Page 29

THE W ILLIAM ALVEY SCHOOL TRUST(A company Iimited by guarantee)


6. RESOURCES EXPENDED

Staff costs Non Pay Expenditure Total Tbla/Premises Other costs

2014 2014 2014 2014 2013E E E E f

Dlrect costs 1,447,471 - 109,612 1,557,083 4,677,000Suppod costs 165,397 67,722 144,252 377,281 245,000

Charitable activities 1,612,778 67,722 253,864 1,934,364 1,922,000

Governance - - 12,274 12,274 6,000

1,612,778 67,722 266,138 1,946,638 1,928,000

7. ANALYSIS OF RESOURCES EXPENDED BY ACTIVITIES

Activitiestlndertaken Support

directly costs Total rola/2014 2014 2014 2013

E E E f

Academy's Educatlonal Operatlons 1,557,083 377,281 1,934,364 1,922,000

8. NET INCOMING RESOURCES

Thls ls stated after charglng

2014 2013E f

Depreclatlon of tanglble fixed assets- owned by the charlty 14

,726 5,000Audltors' rem uneratlon 3

,000 4,000Audltors' rem uneratlon - non-audlt 2

,678 -Operatlng lease rentals

- other operatlng Ieases 12,777 -

Page 30




9. STAFF

a. Staff costs

Staff costs were as follows

2014 2013E f

W ages and salarles 1,339,737 1,299,000Soclal securlty costs 87,226 84,000Other penslon costs (Note 24) 180,815 176,000

1,607,778 1,559, 000Compensatlon payments - 2,000Penslon flnance costs 5,000 8,000

1,612,778 1,569,000

b. Staff num bers

The average number of persons employed by the Academy durlng the year expressed as full tlmeequlvalents was as follows

2014 2013No. No

Teachers 27 30Admlnlstratlon & Suppod 23 28Management 1 1

51 59

c. Higher paid staff

The number of employees whose emoluments fell wlthln the followlng bands was

2014 2013No. No

In the band :60,001 - :70,000 1 0In the band 270,001 - :80,000 0 1

1 1

The above employees padlclpated ln the Teachers' Penslon Scheme. Durlng the perlod ended 31 August2014, penslon contrlbutlons for these staff amounted to 28,945 (2013 - 210,774).

Page 31




10. GOVERNORS' REMUNERATION AND EXPENSES

The Headteacher and other staff Governors only recelve remuneratlon In respect of Servlces they provldeundedaklng the roles of Headteacher and staft and not In respect of thelr servlces as Governors OtherGovernors dld not recelve any payments, other than expenses, from the Academy In respect of thelr roleas Governors The value of Governors' remuneratlon fell wlthln the followlng bands

2014 2013E f

Mrs J Fenton, Staff Governor 15,000-20,000 15,000-20,000Mr A Coupland, former Staff Governor NiI 30,000-35,000Mr P Jackson, former Head Teacher Nil 70,000-75,000Mr S Tapley, Headteacher 60,000-65,000 NIIMrs K Camm , Staff Governor 3û,:::-35,:QQ NIIMrs E W eston, Staff Governor 20,000-25,000 NlI

Durlng the year, no Governors recelved any relmbursement of expenses (2013 - ENIL)

11. GOVERNORS' AND OFFICERS' INSURANCE

In accordance wlth normal commerclal practlce the Academy has purchased Insurance to protectGovernors and ofhcers from clalms arlslng from negllgent acts, errors or omlsslons occurrlng whIIst onacademy buslness The Insurance provldes cover up to E5,()00,000 on any one clalm and the cost for theyear ended 31 August 2014 was 2820 (2013 - f598) The cost of thls Insurance Is Included In the totalInsurance cost

12. PENSION FINANCE COST

2014 2013E f

Expected return on penslon scheme assets 19,000 10,000

Interest on penslon scheme llabllltles (24,000) (18,000)

(5,000) (8, 000)

Page 32

2




13. TANGIBLE FIXED ASSETS

Long-termIeasehold Furniture & Com puterproperty equipment equipment Total

E E E ECostAt 1 September 2013 2,814,000 7,000 22,000 2,843,000Addltlons 10,010 29,595 4,881 M ,486Dlsposals - - (17,529) (17,529)

At 31 August 2014 2,824,010 36,595 9,352 2,869,957

Depreciation

At 1 September 2013 - 2,000 7,000 9,000Charge for the year 3,952 9,551 1,223 14,726On dlsposals - - (4,308) (4,308)

At 31 August 2014 3,952 11,551 3,915 19,418

Net book value

At 31 August 2014 2,820,058 25,044 5,437 2,850,539

At 31 August 2013 2,814,000 5,000 15,000 2, 834,000

The Academy' transactlons relatlng to Iand and bulldlngs Included

. The Inltlal costs of constructlon of a new bulldlng for the school hall The costs In relatlon to thlstotalled E10,010

14. DEBTORS

2014 2013E f

Other debtors 19,178 5,000Prepayments and accrued lncome 43,008 24 000#

'

62,186 29,000

Page 33




16. CREDITORS:Am oune falling due within one year

2014 2013E f

Trade credltors 42,499 58,000Other taxatlon and soclal securlty 24,961 26,000Other credltors 28,089 5,000Accruals and deferred Income 63,644 11,000

159,193 100, 000

EDeferred incom eDeferred Income at 1 September 2013 6,061Resources deferred durlng the year 54,297Amounts released from prevlous years (6,061)

Deferred Income at 31 August 2014 54,297

At the balance sheet date the Academy Trust was holdlng funds recelved In advance for devolved capltalIncome relatlng to the perlod 1 September 2014 to 31 March 2015, and Unlversal lnfant Free SchoolMeals Income relatlng to the 2014/15 academlc year.

16. CREDITORS:Amounts falling due after m ore than one year

2014 2013E f

Other credltors 10,459 15,000

Page 34

q >




17. STATEMENT OF FUNDS

Brought lncom ing Resources Transfers Gains/ CarriedFo- ard resources Expended in/out (Losses) Forward

L E E E E E

Unrestrictedfunds

General fund 201,000 60,108 (59,672) 5,728 - 207,164

Restricted funds

General AnnualGrant (GAG) 254,000 1,899,363 (1,648,456) (45,490) - 459,417

Other EFA grants - 116,TT1 (106,049) - - 11,722Other Governmentgrants - 104,238 (104,238) - - -Penslon reserve (227,000) - (1,000) - (117,00W (345,000)

27,009 2,120,372 (1,858,743) (45,490) (117,Q0Q) 126,139

Restricted fixed asset funds

Transfer fromformer school 2,774,000 - - - - 2

,774,000EFA capltal grants 10,531 - (1,053) - - 9,478Capltal expendlturefrom GAG 54,469 - (27,170) 39,762 - 67,061

2,839,000 - (28,223) 39,762 - 2,850,539Total restrlctedftlnds 2,866,000 2,120,372 (1,886,966) (5,728) (117,0:0) 2,976,678

Total of funds 3,067,000 2,180,480 (1,946,638) - (117,000) 3,183,842

The speclflc purposes for whlch the funds are to be applled are as follows

Unrestricted Funds

Unrestrlcted funds represent 60th those resources, as well as funds transferred to the Academy from theLocal Authorlty upon converslon, whlch may be used towards meetlng any of the objects of the Academyat the dlscretlon of the Governors These are not currently des4gnated for partlcular purposes

Restricted Fixed Asset Funds

Transfer from former school represents the land, bulldlngs and assets transferred to the Academy fromthe Local Authonty upon converslon

Capltal expendlture from GAG represents flxed asset expendlture transferred from other restnctedIncom e

Page 35

*' *3



NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 AUGUST 2:14

17. STATEMENT OF FUNDS (continued)

Restricted Revenue Funds

General Annual Grant (GAG) ls made up of a number of dlfferent fundlng streams, alI of whlch are usedto cover the runnlng costs of the Academy.

Penslon Reserve represents the current deflclt balance of the Local Government Penslon Scheme(LGPS).

Under the fundlng agreement wlth the Secretary of Stat ,e the Academy was not sublect to a Ilmlt on thet of GAG that It could carry forward at 31 August 2014amoun

SUMMARY OF FUNDS

Brought Incom ing Resources Transfers Gains/ CarriedFo- ard resources Expended in/out (Losses) Fo- ard

E E E E E E

Unrestrlcted funds 201,000 60,108 (59,672) 5,728 - 207,164Restrlcted funds 27,000 2,120,372 (1,868,743) (45,490) (117,K Q) 126,139Restncted flxedasset funds 2,839,000 - (28,223) 39,762 - 2,850,539

3,067,000 2,180,480 (1,946,638) - (117,000) 3,183,842

18. ANALYSIS OF NET ASSETS BE-IW EEN FUNDS

RestrictedUnrestricted Restricted fixed asset Total Total

funds funds funds funds funds2014 2014 2014 2014 2013

E E E E f

Tanglble fixed assets - - 2,850,539 2,850,539 2,834,000Current assets 207,164 640,791 - 847,965 575,000Credltors due wlthln one year - (159,193) - (159,193) (100,000)Credltors due ln more than oneyear - (10,459) - (10,459) (15,000)Provlslons for ilabllltles andcharges - (345,000) - (345,000) (227,000)

207,164 126,139 2,850,539 3,183,842 3,067,000

Page 36

tl R'9




19. NET CASH FLOW FROM OPERATING ACTIVITIES

2014 2013E f

Net Incomlng resources before revaluatlons 233,842 267,000

Depreclatlon of tanglble flxed assets 14,726 5,000Deflclt on dlsposal of tanglble flxed assets 13,221 -lncrease In debtors (33,186) (15,000)lncrease ln credltors 54,652 32,000FRS 17 adlustments 1

,000 -

Net cash inflow from operations 284,255 289,000

20. ANALYSIS OF CASH FLOWS FOR HEADINGS NETTED IN CASH FLOW STATEMENT

2014 2013E f

Capital expenditure and financial investm ent

Purchase of tanglble hxed assets (44,486) (3g,000)

21. ANALYSIS OF CHANGES IN NET FUNDS

Other1 non-cash

September Cash flow changes 31 August2013 2014

E E t ECash at bank and ln hand 546,:00 239,769 - 785,769

Net funds 546,000 239,769 - 785,769

22. CONTINGENT LIABILITIES

The Governors are not aware of any contlngent Ilabllltles that would requlre dlsclosure ln these accounts.

23. CAPITAL COMMITMENTS

At 31 August 2014 the Academy had capltal com mltments as follows2014 2013

E fContracted for but not provlded In these flnanclal statements 333,973 -

Page 37

# <




24. PENSION COMMITMENTS

The Academy's employees belong to two prlnclpal penslon schemes the Teacher's Penslon Scheme forEngland and Wales (TPS) for academlc and related staft and the Local Government Penslon Scheme(LGPS) for non-teachlng staff, whlch ls managed by Llncolnshlre County Councll. Both are deflnedbeneflt schemes '

The penslon costs are assessed In accordance wlth the advlce of Independent quallfled actuarles TheIatest actuarlal valuatlon of the TPS related to the perlod ended 31 March 2004 and of the LGPS 31March 2013

Contrlbutlons amountlng to 223,132 were payable to the scheme at 31 August 2014 (2013 - :23,015) andare lncluded wsthbn credltors.

Teache- ' Pension Scheme

Introduction

The Teachers' Penslon Scheme (TPS) Is a statutory, contrlbutoly deflned beneflt scheme, governed bythe Teachers' Penslons Regulatlons (201û) and, from 1 Apnl 2014, by the Teachers' Penslon SchemeRegulatlons 2014. Membershlp $s automatlc for full-tlme teachers ln academles and, from 1 Janualy2007, automatlc for teachers ln pad-tlme em ployment followdng appolntment or a change of contract,although they are able to opt out

The TPS ls an unfunded scheme and members contnbute on a 'pay as you go' basls - thesecontrlbutlons along wlth those made by employers are credlted to the Exchequer. Retlrement and otherpenslon benefits are pald by publlc funds provlded by Parllament

The Teachers' Penslons Regulatlons requlre an annual account to be kept of recelpts and expendlture(Includlng the cost of penslons' tncreases) From 1 Aprll 2001 the account has been credlted wlth a realrate of return, whlch Is equlvalent to assumlng that the balance In the account ls Invested ln notlonallnvestments that produce that real rate of return

Valuation of the TeacheO' Pension Scheme

At the Iast valuabon, the contrlbutlon rate to be pald lnto the TPS was assessed ln two pads Flrst, astandard contnbutlon rate (SCR) was determlned. Thls Is the contnbutlon, expressed as a percentage ofthe salarles of teachers and Iecturers ln servlce or entenng servlce dunng the perlod over whlch thecontrlbutlon rate applles, whlch lf lt were pald over the entlre actlve Servlce Of these teachers andIecturers would broadly defray the cost of beneflts payable In respect of that servlce. Secondly, asupplementary contrlbutlon Is payable If, as a result of the actuarlal revlew, It Is found that accumulatedllabllltles of the account for beneflts to past and present teachers, are not fully covered by standardcontrlbutlons to be pald ln future and by the notlonal fund bullt up from past contrlbutlons The totalcontrlbutson rate payable ls the sum of the SCR and the supplementary contnbutlon rate

The Iast valuatlon of the TPS related to the perlod 1 Aprll 2001 to 31 March 2004 The GovernmentActuary's report of October 2006 revealed that the total Ilabllltles of the Scheme (penslons ln paymentand the estlmated cost of future beneflts) amounted to :166,500 mllllon The value of the assets(estlmated future contrlbutlons together wlth the proceeds from the notlonal lnvestments held at thatvabuabon date) was 2163,240 mllllon The assumed real rate of return was 3.5% In excess of pnces and2% ln excess of earnlngs The rate of real earnlngs growth was assumed to be 1 5% The assumedgross rate of return was 6.504. From 1 January 2007, the SCR was assessed at 19 75eA, and thesupplementary contrlbutlon rate was assessed to be 0.75% (to balance assets and llabllltles as requlredby the regulatlons wlthln 15 years) Thls resulted In a total ccntrlbutlon rate of 20 5%, whlch translated

Page 38

l

THE W ILLIAM ALVEY SCHOOL TRUSTI



24. PENSION COMMITMENTS (continued)

Into an employee contnbutlon rate of 6 4% and employer contrlbutlon rate of 14 1% payable.

The Publlc Servlce Penslons BlIl provldes for future scheme valuatlons to be conducted ln accordancewlth Treasury dlrectlons The actuarlal valuatlon repod In summer 2014 takes effect from September2015

Teacheo ' Pension Scheme Changes

Lord Hutton made recommendatlons ln 2011 about how penslons can be made sustalnable andaffordable, wh11st remalnlng falr to the workforce and the taxpayer The Government accepted LordHutton's recommendatlons as the basls for consultatlon wlth trade unlons and other representatlvebodles In March 2012 the Depadment for Educatlon publlshed proposals for the deslgn for a reformedTPS

The key provlslons of the reformed scheme Include a penslon based on career average earnlngs, an

accrual rate of 1/57th, and a Normal Penslon Age equal to State Penslon Age, but wlth optlons to enabfem embers to retlre earller or Iater than thelr Normal Penslon Age Penslon beneflts bullt up before 1 Aprll2015 wlll be fully protected

ln addltlon, the proposed flnal agreement Includes a Government comm ltment that those wlthln 10 yearsof Normal Penslon Age on 1 Aprll 2012 wlll see no change to the age at whlch they can retlre

, and nodecrease bn the amount of pensson they recelve when they retlre There wlj! also be further transltlonalprotectlon, tapered over a three and a half year perlod, for people who would fall up to three and a halfyears outslde of the 10 year protectlon.

ln hIs lnterlm repod of October 2010, Lord Hutton recommended that shod-term savlngs were alsorequlred, and that the only reallstlc way of achlevlng these was to tncrease member contnbutlons At theSpendlng Revlew 2010 the Government announced an average lncrease of 3 2 percentage polnts on thecontnbutlon rates by 2014-15. The Increases have been phased ln from Apnl 2012 on a 40 80 100%basls

The Department for Educatlon has contlnued to work cfosely wlth trade unlons and other representatlvesbodles to develop the reformatted Teachers' Penslon Scheme and regulatlons glvlng effect to lt camelnto force on 1 Aprll 2014 Communlcatlons are belng rolled out and the reformatted scheme wlllcommence on 1 Aprll 2015

Under the deflnltlons Set out ln Flnanclal Repodlng Standard (FRS 17) Retlrement Beneflts, the TPS Is amultl-employer penslon scheme. The Academy ls unable to ldentlfy lts share of the underlylng assets andIlabllltles of the scheme Accordlngly, the Academy has taken advantage of the exemptlon ln FRS 17 andhas accounted for Its contrlbutlons to the scheme as If It were a deflned contrlbutlon scheme TheAcademy has set out above the Informatlon avallable on the scheme.

Local Government Pension Scheme

The LGPS Is a funded deflned beneflt scheme, wlth assets held In separate trustee-admlnlstered fundsThe total contnbutlon made for the year ended 31 August 2014 was E78,000, of whlch employer'scontrlbutlons totalled E62,000 and employees' contrlbutlons totalled :16,000 The agreed contrlbutlonrates for future years are 21 4 - 22 4% for em ployers and varlable rates for employees

Parllament has agreed, at the request of the Secretary of State for Educatlon, to a guarantee that, In theevent of academy closure, outstandlng local government penslon scheme llabllltles would be met by theDepartment for Educatlon The guarantee came Into force on 18 July 2013

Page 39

q% .* 1





The amounts recognlsed In the Balance sheet are as follows

2014 2013t E

Present value of funded obllgatlons (761,X Q) 4498,000)Falr value of scheme assets 416,000 271,000

Net Ilablllty (345,000) 4227,000J

The amounts recognlsed ln the Statement of flnanclal actlvltles are as follows

2014 2013E f

Current servlce cost (58,000) (53,000)Interest on obllgatlon (24,000) (18,000)Expected return on scheme assets 19,000 10,000

Total (63,009) (61,0ç*)

Actual return on scheme assets 37,000 29,000

Movements ln the present value of the deflned beneflt obllgatlon were as follows

2014 2013E f

Openlng deflned benest obllgatlon 498,000 398,000Current servlce cost 58,000 53,000Interest cost 24,000 18,000Contrlbutlons by scheme partlclpants 16,000 16,000Actuarlal Losses 169,000 13,000Beneflts pald (4,990) -

Closlng defined beneflt obllgatlon 761,000 498,000

Page 40





Movements fn the falr value of the Academy's share of scheme assets

2014 2013E f

Openlng falr value of scheme assets 271,000 165,000Expected return on assets 19,000 10,000Actuarlaf galns and (Iosses) 52,000 19,000Contrlbutlons by employer 62

,000 61,000Contrlbutlons by employees 16,000 16,000

Beneflts pald (4,000) -

416,9:û 271,000

The cumulatlve amount of actuanal galns and Iosses recognlsed In the Statement of total recognlsedgalns and Iosses was :154,000 (2013 - 127,000 Ioss)

The Academy expects to contrlbute :60,000 to lts Deflned beneflt penslon scheme ln 2015

The malor categorles of scheme assets as a percentage of total scheme assets are as follows

2:14 2013European equltles 76.00 % 77 00 %European bonds 13.00 % 12 00 %Propedy 1 1 .K % 1 1 00 %

Prlnclpal actuarlal assumptlons at the Balance sheet date (expressed as wesghted averages)

2014 2013Dlscount rate for scheme Ilabllltles 3

.70 % 4 60 %Expected return on scheme assets at August 31 6.80 % 6 10 %Rate of Increase In salarles 4.00 % 5 10 %Rate of Increase for penslons In payment / Inflatlon 2.70 % 2 80 %Commutatlon of penslons to Iump sums 63.00 % 63 00 %

The current modallty assum ptlons Include sufflclent allowance for future Improvements ln modallty ratesThe assumed Ilfe expectatjons on retlrement age 65 are

2014 2013Retlrlng todayMales 22.2 21 2Females 24.4 23 4

Retlrlng In 20 yearsMales 24

.5 23 7Females 26

.8 25 7

Page 41

r *. .





Amounts for the current and prevlous two perlods are as follows

Deflned beneflt penslon schemes

2014 2013 2012t E f

Defined beneflt obllgatlon (761 ,K0) (498,000) 4398,000)Scheme assets 416,000 271,000 165,000

Deflclt (346,0Q8) (227,000) (233,000)

Experlence adlustments on scheme assets 52,000 19,000 8,000

25. OPERATING LEASE COMMITMENTS

At 31 August 2014 the Academy had annual commltments under non-cancellable operatlng leases asfollows

Other Other2014 2013

Q f2

Expie date:W lthln 1 year - 6,013Between 2 and 5 years 11,370 -

26. RELATED PARTY TRANSACTIONS

Owlng to the nature of the Academy's operatlons and the composltlon of the board of trustees belngdrawn from local publlc and prlvate sector organlsatlons, transactlons may take place wlth organlsatlonsln whlch a governors has an Interest. AII transactlons Involvlng such organlsatlons are conducted at arm'sIength and In accordance wlth the Academy's snanclal regulatlons and normal procurement procedures

No repodable related pady transactlons took place In the perlod of account

27. CONTROLLING PARTY

There Is no ultlmate controlllng pady.

28. M EM BERS' LIABILIR

Each member of the charltable company undedakes to contrlbute to the assets of the company ln theevent of lt belng wound up whlle he/she ls a member, or wlthln one year after he/she ceases to be amember, such amount as may be requlred, not exceedlng f.10 for the debts and Ilabllltles contractedbefore he/she ceases to be a member.

Page 42

Documents

(A company Iimited by guarantee) - cscpprod.blob.core ... · Head Teacher and Chalr spend tlme wlth new Governors In order to Inform them fully of the worklngs of the