the kjs academy trust€¦ · the kjs academy trust (a company limited by guarantee) reference and...

Registered number: 07559293

THE KJS ACADEMY TRUST

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2016


(A Company Limited by Guarantee)

CONTENTS

Page

Reference and Administrative Details 1

Trustees' Report 2 - 7

Governance Statement 8 - 10

Statement on Regularity, Propriety and Compliance 11

Statement of Trustees' Responsibilities 12

Independent Auditors' Report on the Financial Statements 13 - 14

Independent Reporting Accountant's Assurance Report on Regularity 15 - 16

Consolidated Statement of Financial Activities Incorporating Income and ExpenditureAccount

17

Consolidated Balance Sheet 18

Academy Balance Sheet 19

Consolidated Statement of Cash Flows 20

Notes to the Financial Statements 21 - 39



REFERENCE AND ADMINISTRATIVE DETAILS OF THE ACADEMY, ITS MEMBERS, TRUSTEES ANDADVISERS


Members Mr B NewmanMr R GrayMr N CranefieldMr A DaviesMr S V Taylor

Trustees Mr B Newman, LA GovernorMr R Gray, Vice ChairMr N Cranefield, Trust GovernorMr A Davies, Co-opted GovernorMr S V Taylor, ChairMr G Barsby, Parent GovernorMr B Belcher, Trust GovernorMrs R Cameron-Mcintosh, Staff GovernorMrs E Curson, Parent GovernorMr P Daly, Trust GovernorMrs J Downing, Trust GovernorMr D Jenkins, Co-opted Governor (resigned 15 November 2016)Mr G Pritchard, Staff GovernorMrs C Sackey, Parent GovernorMr A Sheldon, Trust GovernorMr N Turner, Trust Governor (resigned 15 July 2016)Dr M Wilson, HeadteacherMr C Phillips, Parent Governor (resigned 9 July 2016)

Company registerednumber 07559293

Company name The KJS Academy Trust

Registered and principaloffice

Shipwrights DriveBenfleetEssexSS7 1RQ

Company Secretary Mrs C Cox

Chief Executive Officer Dr M Wilson

Senior LeadershipTeam Dr Margaret Wilson, Headteacher

Mrs Melanie McGauley, Deputy HeadteacherMrs Jeanne Rowe, Deputy HeadteacherMr Tim Rider, Deputy Headteacher (P/T)Mr Steve Watts, Deputy HeadteacherMr Robert Sweeney, Temporary Deputy HeadteacherMs Jennifer Brown, Assistant HeadteacherMrs Nicola Spearman, Assistant HeadteacherMr Gary Lister, Assistant HeadteacherMr Paul Barry, Assistant HeadteacherMr Matt Beston, Assistant HeadteacherMrs Claire Johnston, Temporary Assistant Headteacher

Independent Auditors Price Bailey LLPChartered AccountantsStatutory AuditorsCauseway House1 Dane StreetBishop's StortfordHertfordshireCM23 3BT

Page 1



TRUSTEES' REPORTFOR THE YEAR ENDED 31 AUGUST 2016

The Trustees present their Annual Report together with the financial statements and Auditor’s Report of The KJS AcademyTrust (the Academy, The Trust or the Charitable Company) for the year ended 31 August 2016. The Annual Report servesthe purposes of both a Trustees’ Report, and a Directors’ Report under company law.

The Trust operates an Academy for pupils aged 11-18 serving a catchment area in Benfleet. It has a pupil capacity of 2,160and had a roll of 2,040 in the 2016 school census.

Structure, Governance and Management

The Academy is a company limited by guarantee and an exempt charity. The Charitable Company’s Memorandum andArticles of Association are its primary governing documents. The Trustees of The Charitable Company are also theDirectors for the purposes of company law. The terms Trustee, Director and Governor are interchangeable. The CharitableCompany is known as The King John School (the School).

The Charitable Company owns the entire share capital of The King John School Shop Ltd (a company who's principalactivity is to provide uniforms and equipment to pupils of the School). The results of the subsidiary company are includedwith these financial statements.

Details the Trustees who served during the year are included in the Reference and Administrative Details section.

Members’ Liability

Each Member of the Charitable Company undertakes to contribute to the assets of the Charitable Company in the event of itbeing wound up while they are a Member, or within one year after they cease to be a Member, such amount as may berequired, not exceeding £10, for the debts and liabilities contracted before they ceased to be a Member.

Trustees and Officers’ Indemnities

In accordance with normal commercial practice the Academy has purchased insurance to protect Trustees and Officersfrom claims arising from negligent acts, errors or omissions occurring whilst on Academy business. The insurance providescover up to £2,000,000 on any one claim and details of the costs are disclosed in Note 13 to the accounts.

Method of Recruitment and Appointment or Election of Trustees

As a single academy trust all members are also on the Board of Trustees. The members are Mr Cranefield, Mr Davies, MrGray and the Chair of Governors, Mr Taylor. The members appoint the Trustees and the Trustees appoint co-optedGovernors.

Parent Governors and Staff Governors are appointed by election.

The arrangements are as set out in the Articles and Funding Agreement.

Trustees are appointed for a fixed term. The Headteacher is an ex officio member of the Governing Body. Parent Trusteesand the staff Trustees are elected to office or appointed if there are insufficient candidates offering themselves for election.The Articles of Association make provision for 19 Trustees (3 Parents, 2 Staff, 1 Local Authority, 9 Trust, up to 3 co-optedplus the Headteacher).

Policies and Procedures Adopted for the Induction and Training of Trustees

The Charitable Company is committed to providing adequate opportunities for Trustees to undertake and receive suitabletraining so as to enable them to perform their role effectively. To this end the Trust provides a programme of continuedprofessional development with a local training provider, an annual training event for all Trustees based on the priorities ofthe school and invites Trustees to attend any relevant training provided by the Benfleet Teaching School Alliance.

All new Trustees are entitled to an induction to the role, according to their need, which may include, introductory sessions,mentoring and formal courses. This process will involve a meeting with the Chairman of Trustees and Headteacher. AllTrustees are provided with copies of policies and procedures documents that are appropriate to the role they undertake asTrustees and access to their own area on the school’s VLE.

Page 2



TRUSTEES' REPORT (continued)FOR THE YEAR ENDED 31 AUGUST 2016

Organisational Structure

The governance of the Academy is defined in the Memorandum and Articles of Association together with the FundingAgreement with the Department of Education.

The Board of Trustees, which meets on at least 3 occasions per year and each individual committee at least 3 times peryear, is responsible for the strategic direction of the Academy. The Board reviews progress towards educational objectivesand results; approves major expenditure requests; sets the budget for the following year; sets the organisational staffingstructure; agrees the performance objectives of the Headteacher with the School Improvement Partner, and reviews them.

The Headteacher is the designated Accounting Officer of the Academy and has overall responsibility for the day to dayfinancial management of the Charitable Company. The Headteacher has delegated responsibility for low values ofexpenditure to specific budget holders who are responsible for managing their own departments within their allocatedbudgets. A system of financial controls is in place to manage this process.

The Headteacher manages the Academy on a daily basis supported by a Senior Leadership Team (SLT). The SLT meetsfrequently to discuss emerging matters and to help to develop strategies for future development to be put to theHeadteacher and the Board of Trustees as required for approval. Each member of the SLT has specific responsibilities toassist the Headteacher to manage certain aspects of the School.

Arrangements for setting pay and remuneration of key management personnel

Key management personnel include Academy Trustees and those staff to whom the Trustees have delegated significantauthority and responsibility in the day-to-day running of the Trust.

Pay and remuneration of key management personnel is decided by a variety of contributory factors, such as the school size,the pay scales for each role and the level of experience of each staff member. In addition, pay levels may be affected bynationally agreed pay awards, the ability to recruit and retain in post, all of which are in accordance with the Trust’sappointment and pay policies.

All amendments to key management’s pay and remuneration is approved by the appropriate sub-committee and reported tothe Board of Trustees.

Related Parties and other Connected Charities and Organisations

Owing to the nature of the Trust's operations and the composition of the Board of Trustees being drawn from local publicand private sector organisations, it is possible that from time to time transactions will take place with organisations in whichmembers of the Board may have an interest. All transactions involving such organisations are conducted at arm's lengthand in accordance with the Academy's financial regulations and normal procedures. Any transaction where the Trustee mayhave a pecuniary interest is only undertaken in accordance with the ‘at cost’ principle described in the Academies FinancialHandbook.

The KJS Trust is sponsor to the James Hornsby Academy and, as a teaching school, is a partner in the Benfleet TeachingSchool Alliance working collaboratively with Appleton School and Kingston Primary School. The school also providessupport to Castle View School.

Objectives and Activities

Objects and Aims

The principal object and aim of the Charitable Company is the operation of the School to provide free education and care forpupils of different abilities between the ages of 11 and 18.

Objectives, Strategies and Activities

The school aims to provide a high quality educational learning focused experience for all students and staff and to do sosets a culture of high expectations for staff and student to contribute to raising achievement for its students.

Page 3




The School reviews its curriculum offer annually and is satisfied that it offers a broad and balanced curriculum, based onstudent preferences in Key Stage 4 and Key Stage 5, as well as providing other learning opportunities through its extensiveand diverse extra-curricular programme of activities.

During the year the School has worked towards these aims by:

• Aiming to narrow the gap between disadvantaged groups and other groups of students• Placing greater emphasis on progress in Key Stage 3• Further development of the curriculum to meet the needs of all students

Our success in fulfilling our aims can be measured by:

• The improvement in the gap between disadvantaged students and other groups has been reduced in a number of areas this year and particularly in the number of students making 3 levels of progress in English and in mathematics.

• A concentration on ensuring students are stretched and challenged to enable them to make progress from day 1 in Year 7. This has been made possible by the closer ties that have been formed with local junior schools and the much more robust schemes of work that have been introduced.

• The significant increase in applications to the School from outside the catchment area and the increasing numbers ofstudents applying to sit the annual selection test.

Public Benefit

The Trustees believe that by working towards the objects and aims of the School as detailed above, they have compliedwith their duty to have due regard to the guidance on public benefit published by the Charity Commission.

Strategic Report

Achievements and Performance

The Trust continued its mission to ensure that students achieved their potential in public examinations; encouraged a widerange of extra-curricular activities; developed and retained suitable staff and guided students in suitable progression whenthey left the School.

Specific achievements were as follows:

• Results at AS and A2 showed a significant improvement this year and means that the School has the right students in the right classes.

• 100% pass rate for vocational related qualifications, BTECs and Diplomas, in Key Stage 5 with every student achieving a distinction* in the Sport Introductory Diploma and Technical Diploma.

• A third of the mathematics cohort achieved an A* or A grade at A2 level.• Results at GCSE, which although not as high as anticipated, still place the School among the top performing in the

county.• An increase in the number of students achieving 3 levels of progress in Maths and English at GCSE with 22%

achieving an A* or A grade in Maths.• The opening of the new school hall which has enabled the School to provide additional space to meet the needs of

the increased year group size and provides not only a school facility but a very welcome new facility for the local community.

• Significant increase in the number of students, particularly those from other authority areas, applying to sit the School’s entrance test. A positive effect of this is the increase in the ethnic mix at the School.

Key Performance Indicators

The Trustees receive regular information at each committee meeting to enable them to monitor the performance of theSchool compared to aims, strategies and financial budgets.

As funding is based on pupil numbers this is a key performance indicator. Pupil numbers for 2016 were 2,040 against aforecast of 2,060. The vacancies were in the Sixth Form. There was a decrease in the number of applications followingnew Sixth Form provision in a number of local schools.

Another key financial performance indicator is staffing costs as a percentage of total income. For 2015/16 this was 66%against the agreed budget of 73%. The Board of Trustees is confident that staffing levels are closely monitored to agreedFull Time Equivalent and staffing structures all approved by the Board.

Page 4




The Finance and Premises Committee also monitor expenditure and income against budget and cash flow on a regularbasis to ensure that the budget is set and managed appropriately.

Going Concern

After making appropriate enquiries, the Board of Trustees has a reasonable expectation that the Trust has adequateresources to continue in operational existence for the foreseeable future. For this reason it continues to adopt the goingconcern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis canbe found in the Statement of Accounting Policies.

Financial Review

The principal source of funding for the Trust is the GAG and other grants that it receives from the Education Fundingagency (EFA). For the year ended 31 August 2016 the Trust received £10,962,658 of GAG and other funding. A highpercentage of this income is spent on wages and salaries and support costs to deliver the Academy’s primary objective ofthe provision of education. During the year the Trust spent £10,933,703 on expenditure and transferred £812,532 to supportcapital new build and improvement projects on the School site. The Academy brought forward from 14/15, £2,085,119restricted funds, excluding pension, and £828,854 unrestricted funding. The carry forward for 15/16 is £1,938,460 restrictedfunding, excluding pension, and £1,066,773 unrestricted funding.

Due to the accounting rules for the Local Government Pension Scheme under FRS102, the Academy is recognising asignificant pension fund deficit of £3,182,000. This does not mean that an immediate liability for this amount crystallises andsuch a deficit generally results in a cash flow effect in the form of increased employer contributions over a number of years.

Reserves Policy

The Trustees are aware of the requirement to balance current and future needs and always aim to set a balanced budgetwith annual income balancing annual expenditure.

The Trustees monitor estimated year-end carry forward figures via the termly reports from the Business Manager. Thebudget plan identifies how any carry forward will be allocated in the plan for the following academic year, including theidentification of any funds earmarked for a specific project or purpose.

The Academy’s current level of free reserves (total funds less the amount held in fixed assets and restricted funds) is£1,066,773.

The Trust always plans to have a carry forward of approximately 10% of expenditure to assist the Trustees in makingstrategic decisions to keep in line with national funding changes and curriculum needs.

The Trust’s balance on restricted general funds (excluding pension reserve) plus the balance on unrestricted funds at 31August 2016 was £1,938,460.

The cash balance of the Academy has been very healthy all year, ending the year with a balance of £3,472,383. Asignificant proportion of this cash is held against specific projects and is not available to meet normal recurring expenditure.The Trustees monitor cash flow as part of the committee Business Manager reports and attempt to hold a minimum of£500,000 to cover short term cash flow variances.

Investment Policy

The Academy has a policy of investing its cash balances with a view to maximising returns, but greater weight is assignedto the safety of the investment. The policy aims to invest cash such that its cash balances and liquid investments at leastequal the figure outlined in the reserves.

The aim of the policy is to ensure funds that the Academy does not immediately need to cover anticipated expenditure areinvested in such a way as to maximise the Academy’s income but with minimal risk. The aim is to research where fundsmay be deposited applying prudency in ensuring there is minimum risk. The Academy does not consider the investment ofsurplus funds as a primary activity, rather as a result of good stewardship and as and when circumstances allow.

Page 5




Principal Risks and Uncertainties

The Trustees maintain a risk register identifying the major risks to which the Academy is exposed, and identifying actionsand procedures to mitigate those risks. A formal review of the risk register process is undertaken on an annual basis andthe internal control systems and the exposure to said risks are regularly monitored on behalf of the Trustees at Finance andGeneral Purposes Committee meetings. The principal risks facing the Trust are outlined below; those facing the School atan operational level are addressed by its systems and by internal financial and other controls.

The Trustees report that the Trust’s financial and internal controls conform to guidelines issued by the EFA, and thatimprovements to the wider framework of systems dealing with business risk and risk management strategy continue to bemade and formally documented.

It is recognised that systems can only provide reasonable but not absolute assurance that major risks have beenadequately managed.

As an academy school, the level of financial risk is low. Cash flows can be reliably forecast, monitored and reported. Staffcosts make up the majority of expenditure and are relatively stable with contingencies in place to cover such items assickness and maternity.

The Trustees assess the other principal risks and uncertainties facing the Trust as follows:

• the Academy has considerable reliance on continued Government funding through the EFA and there is no assurance that Government policy or practice will remain the same or that public funding will continue at the samelevels or on the same terms;

• failures in governance and/or management - the risk in this area arises from potential failure to effectively manage the Academy's finances, internal controls, compliance with regulations and legislation, statutory returns, etc. The Trustees continue to review and ensure that appropriate measures are in place to mitigate these risks;

• reputational - the continuing success of the Academy is dependent on continuing to attract applicants in sufficient numbers by maintaining the highest educational standards. To mitigate this risk Trustees ensure that student progress and outcomes are closely monitored and reviewed;

• safeguarding and child protection - the Trustees continue to ensure that the highest standards are maintained in the areas of selection and monitoring of staff, the operation of child protection policies and procedures, health & safety and discipline;

• staffing - the success of the Academy is reliant on the quality of its staff and the Trustees monitor and review policiesand procedures and recruitment to ensure continued development and training of staff as well as ensuring there is clear succession planning;

• fraud and mismanagement of funds - The Academy has appointed EES For Schools to carry out independent and external checks on financial systems and records as required by the Academy Financial Handbook. All finance staff receive training to keep up to date with financial practice requirements and develop their skills in this area;

• financial instruments – the Academy only deals with bank balances, cash and trade creditors, with limited trade (and other) debtors. The risk in this area is considered to be low; and

• defined benefit pension liability – as the Government has agreed to meet the defined benefit pension liability of any school ceasing to exist the main risk to the Academy is an annual cash flow funding of part of the deficit. Trustees take these payments into account when setting the annual budget plan.

Plans for Future Periods

The school has a long and successful history of supporting other schools. It currently sponsors another local academy aswell as continuing to support other local schools. The Board is now considering placing their support on a more formal basisthrough the creation of a MAT, initially made up of The King John School and their sponsored academy and in the longerterm to extend into the primary sector.

A far greater emphasis will be placed on the progress of students from the start of Year 7 including disadvantaged groups.This will include feedback that enables students to improve and more concentration on the accuracy of assessment.Stringent subject targets will be put in place to ensure that students are given every opportunity to succeed in all of theirchosen courses and are able to make a minimum of 3 levels of progress. Regular reporting to parents will remain a feature.

To improve retention from Key Stage 4 to Key Stage 5 by providing a broad and balanced curriculum, including traditional Alevels and vocational courses, to suit the ability of all learners. The school will also continue with its strategies to maintainthe number of applications made for admission to the school in Year 7.

Overall financially it has been a difficult year for many schools. As such, available resources will be closely linked to theschool priorities and the direction we are encouraging the school to go in.

Page 6




Auditor

Insofar as the Trustees are aware:

• there is no relevant audit information of which the Charitable Company’s Auditor is unaware, and• the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit

information and to establish that the Auditor is aware of that information.

The Trustees’ Report, incorporating a Strategic Report, was approved by the Board of Trustees on 22 November 2016 andsigned on the Board’s behalf by:

Mr S V TaylorChair of Trustees

Page 7



GOVERNANCE STATEMENT

SCOPE OF RESPONSIBILITY

As Trustees, we acknowledge we have overall responsibility for ensuring that The KJS Academy Trust has an effective andappropriate system of control, financial and otherwise. However such a system is designed to manage rather than eliminatethe risk of failure to achieve business objectives, and can provide only reasonable and not absolute assurance againstmaterial misstatement or loss.

The Board of Trustees has delegated the day-to-day responsibility to the Headteacher, as Accounting Officer, for ensuringfinancial controls conform with the requirements of both propriety and good financial management and in accordance withthe requirements and responsibilities assigned to it in the funding agreement between The KJS Academy Trust and theSecretary of State for Education. They are also responsible for reporting to the Board of Trustees any material weaknessesor breakdowns in internal control.

GOVERNANCE

The information on governance included here supplements that described in the Trustees' Report and in the Statement ofTrustees' Responsibilities. The Board of Trustees has formally met 3 times during the year. Attendance during the year atmeetings of the Board of Trustees was as follows:

Trustee Meetings attended Out of a possible

Mr B Newman, LA Governor 1 3Mr R Gray, Vice Chair 3 3Mr N Cranefield, Trust Governor 3 3Mr A Davies, Co-opted Governor 3 3Mr S V Taylor, Chair 3 3Mr G Barsby, Parent Governor 1 3Mr B Belcher, Trust Governor 3 3Mrs R Cameron-Mcintosh, Staff Governor 2 3Mrs E Curson, Parent Governor 1 3Mr P Daly, Trust Governor 0 3Mrs J Downing, Trust Governor 3 3Mr D Jenkins, Co-opted Governor 3 3Mr G Pritchard, Staff Governor 3 3Mrs C Sackey, Parent Governor 1 3Mr A Sheldon, Trust Governor 2 3Mr N Turner, Trust Governor 3 3Dr M Wilson, Headteacher 3 3Mr C Phillips, Parent Governor 0 3

The School was inspected by OFSTED in September 2013 and graded as outstanding in all areas including governance.The report highlighted the range of skills and experience within the Board of Trustees, their support and challenge and theirtotal commitment to the School. The Board of Trustees will carry out a self-review during the 2016/17 academic year.

As well as carrying out regular overviews the Board of Trustees has been heavily involved in the proposed changes to theSchool’s curriculum following the introduction of the new linear exams at key stages 4 and 5.

The Finance and General Purposes Committee is a sub-committee of the main Board of Trustees. Its purpose is to addressfinancial matters.

Attendance at meetings in the year was as follows:

Trustee Meetings attended Out of a possible

Mr B Belcher, Trust Governor 3 5Mr N Cranefield, Trust Governor 5 5Mr D Jenkins, Co-opted Governor 3 5Mr B Newman, LA Governor 3 5Mr C Phillips, Parent Governor 0 5Mr S V Taylor, Chair 3 5Mr N Turner, Trust Governor 5 5Dr M Wilson, Headteacher 5 5

Page 8



GOVERNANCE STATEMENT (continued)

REVIEW OF VALUE FOR MONEY

As Accounting Officer, the Headteacher has responsibility for ensuring that the Academy delivers good value in the use ofpublic resources. The Accounting Officer understands that value for money refers to the educational and wider societaloutcomes achieved in return for the taxpayer resources received.

The Accounting Officer considers how the Academy’s use of its resources has provided good value for money during eachacademic year, and reports to the Board of Trustees where value for money can be improved, including the use ofbenchmarking data where appropriate. The Accounting Officer for the Academy has delivered improved value for moneyduring the year by:

• reviewing staff vacancies to identify alternative ways of delivering the same or better outcomes for less financial resources;

• reviewing examination results to ensure that the Academy are offering the right curriculum choices and obtaining the required results; and

• ensuring that orders are raised in line with the financial regulations to ensure value for money.

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 toachieve policies, aims and objectives; it can therefore only provide reasonable and not absolute assurance of effectiveness.The system of internal control is based on ongoing process designed to identify and prioritise the risks to the achievementof Academy policies, aims and objectives, to evaluate the likelihood of those risks being realised and the impact should theybe realised, and to manage them efficiently, effectively and economically. The system of internal control has been in placein The KJS Academy Trust for the year 1 September 2015 to 31 August 2016 and up to the date of approval of the annualreport 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, financialand compliance controls that have been implemented to mitigate those risks. The Board of Trustees is of the view thatthere is a formal ongoing process for identifying, evaluating and managing the Academy’s significant risks that has been inplace for the year 1 September 2015 to 31 August 2016 and up to the date of approval of the annual report and financialstatements. 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 andadministrative procedures including the segregation of duties and a system of delegation and accountability. In particular, itincludes:

• comprehensive budgeting and monitoring systems with an annual budget and periodic financial reports which arereviewed and agreed by the Board of Trustees;

• regular reviews by the Finance and General Purposes Committee of reports which indicate financial performanceagainst the forecasts and of major purchase plans, capital works and expenditure programmes;

• setting targets to measure financial and other performance;• clearly defined purchasing (asset purchase or capital investment) guidelines;• delegation of authority and segregation of duties; and• identification and management of risks.

The Board of Trustees has continued to appoint the Education Finance Support Team, from EES for Schools as InternalAuditors.

The Internal Auditors’ role includes giving advice on financial matters and performing a range of checks on the Academy’sfinancial systems. In particular the checks carried out in the current period include:

• testing of payroll systems;• testing of purchase systems;• testing of control account/bank reconciliations; and• testing of governance arrangements.

On a termly basis, the Internal Auditor reports to the Board of Trustees through the Finance and General PurposesCommittee on the operation of the systems of control and on the discharge to the Board of Trustee’s financialresponsibilities.

Page 9



GOVERNANCE STATEMENT (continued)

For the year 1 September 2015 to 31 August 2016, the reports were made termly to the Finance and General PurposesCommittee. No material control issues were identified. Corrective action was taken where necessary for all control issuesidentified.

REVIEW OF EFFECTIVENESS

As Accounting Officer, the Headteacher has responsibility for reviewing the effectiveness of the system of internal control.

During the year in question, the review has been informed by:

• The work of the Internal Auditors;• The work of the external Auditors; and• The work of the executive managers within the Academy who have responsibility for the development and

maintenance of the internal control framework.

The Accounting Officer has been advised of the implications of the result of their review of the system of internal control bythe Financial and General Purposes Committee and a plan to address weaknesses and ensure continuous improvement ofthe system is in place.

Approved by the Board of Trustees on 22 November 2016 and signed on their behalf, by:


Dr M WilsonAccounting Officer

Page 10



STATEMENT ON REGULARITY, PROPRIETY AND COMPLIANCE

As Accounting Officer of The KJS Academy Trust I have considered my responsibility to notify the Board of Trustees andthe Education Funding Agency (EFA) of material irregularity, impropriety and non-compliance with EFA terms andconditions of funding, under the funding agreement in place between the Academy Trust and the Secretary of State forEducation. As part of my consideration I have had due regard to the requirements of the Academies Financial Handbook2015.

I confirm that I and the Board of Trustees are able to identify any material irregular or improper use of funds by theAcademy Trust, or material non-compliance with the terms and conditions of funding under the Academy Trust’s fundingagreement and the Academies Financial Handbook 2015.

I confirm that no instances of material irregularity, impropriety or funding non-compliance have been discovered to date. Ifany instances are identified after the date of this statement, these will be notified to the Board of Trustees and EFA.

Dr M WilsonAccounting Officer

Date: 22 November 2016

Page 11



STATEMENT OF TRUSTEES' RESPONSIBILITIESFOR THE YEAR ENDED 31 AUGUST 2016

The Trustees (who act as Governors of The King John School and are also the Directors of the Charitable Company forthe purposes of company law) are responsible for preparing the Group Strategic Report, the Trustees' Report and thefinancial statements in accordance with the Annual Accounts Direction issued by the Education Funding Agency, UnitedKingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law andregulations.

Company law requires the Trustees to prepare financial statements for each financial year. Under company law theTrustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the stateof affairs of the Charitable Company and the Group and of its incoming resources and application of resources, includingits income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

select suitable accounting policies and then apply them consistently;

observe the methods and principles of the Charities SORP 2015 and the Academies' Accounts Direction 2015 to

2016;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material

departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the

Charitable Group will continue in business.

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain theCharitable Company and the Group's transactions and disclose with reasonable accuracy at any time the financialposition of the Charitable Company and the Group and enable them to ensure that the financial statements comply withthe Companies Act 2006. They are also responsible for safeguarding the assets of the Charitable Company and theGroup 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 and the Groupapplies financial and other controls, which conform with the requirements both of propriety and of good financialmanagement. They are also responsible for ensuring grants received from the EFA/DfE have been applied for thepurposes intended.

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

Approved by the Board of Trustees on 22 November 2016 and signed on its behalf by:


Page 12



INDEPENDENT AUDITORS' REPORT ON THE FINANCIAL STATEMENTS TO THE MEMBERS OF THE KJSACADEMY TRUST

We have audited the financial statements of The KJS Academy Trust for the year ended 31 August 2016 which comprisethe Group Statement of Financial Activities, the Group and Company Balance Sheets, the Group Cash Flow Statement andthe related notes. The financial reporting framework that has been applied in their preparation is applicable law, UnitedKingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including FRS 102 "TheFinancial Reporting Standard applicable in the UK and Republic of Ireland" and the Academies Accounts Direction 2015 to2016 issued by the Education Funding Agency.

This report is made solely to the Academy's Members, as a body, in accordance with Chapter 3 of Part 16 of the CompaniesAct 2006. Our audit work has been undertaken so that we might state to the Academy's Members those matters we arerequired to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do notaccept or assume responsibility to anyone other than the Academy and its Members, as a body, for our audit work, for thisreport, or for the opinion we have formed.

RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND AUDITORS

As explained more fully in the Trustees' Responsibilities Statement, the Trustees (who are also the Directors of theCharitable Company for the purposes of company law) are responsible for the preparation of the financial statements andfor being satisfied that they give a true and fair view.

Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law andInternational Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing PracticesBoard's Ethical Standards for Auditors.

SCOPE OF THE AUDIT OF THE FINANCIAL STATEMENTS

An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to givereasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error.This includes an assessment of: whether the accounting policies are appropriate to the Academy's circumstances and havebeen consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by theTrustees; and the overall presentation of the financial statements. In addition, we read all the financial and non-financialinformation in the Trustees' Report to identify material inconsistencies with the audited financial statements and to identifyany information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired byus in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies weconsider the implications for our report.

OPINION ON FINANCIAL STATEMENTS

In our opinion the financial statements:

give a true and fair view of the state of the Academy's affairs as at 31 August 2016 and of the Group's incoming

resources and application of resources, including its income and expenditure, for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006, the Charities SORP 2015 and

the Academies Accounts Direction 2015 to 2016 issued by the Education Funding Agency.

OPINION ON OTHER MATTER PRESCRIBED BY THE COMPANIES ACT 2006

In our opinion the information given in the Trustees' Report, incorporating the Group Strategic Report, for the financial yearfor which the financial statements are prepared is consistent with the financial statements.

Page 13



INDEPENDENT AUDITORS' REPORT ON THE FINANCIAL STATEMENTS TO THE MEMBERS OF THE KJSACADEMY TRUST

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if,in our opinion: the Parent Charitable Company has not kept adequate accounting records, or returns adequate for our audit have

not been received from branches not visited by us; or the Parent Charitable Company's financial statements are not in agreement with the accounting records and returns;

or

certain disclosures of Trustees' remuneration specified by law are not made; or we have not received all the information and explanations we require for our audit.

Mr Gary Miller (Senior Statutory Auditor) for and on behalf of Price Bailey LLP

Chartered AccountantsStatutory Auditors Causeway House1 Dane StreetBishop's StortfordHertfordshireCM23 3BT12 December 2016

Page 14



INDEPENDENT REPORTING ACCOUNTANTS' ASSURANCE REPORT ON REGULARITY TO THE KJSACADEMY TRUST AND THE EDUCATION FUNDING AGENCY

In accordance with the terms of our engagement letter dated 20 August 2013 and further to the requirements of theEducation Funding Agency (EFA) as included in the Academies Accounts Direction 2015 to 2016, we have carried out anengagement to obtain limited assurance about whether the expenditure disbursed and income received by The KJSAcademy Trust during the year 1 September 2015 to 31 August 2016 have been applied to the purposes identified byParliament and the financial transactions conform to the authorities which govern them.

This report is made solely to The KJS Academy Trust and the EFA in accordance with the terms of our engagement letter.Our work has been undertaken so that we might state to The KJS Academy Trust and the EFA those matters we arerequired to state in a report and for no other purpose. To the fullest extent permitted by law, we do not accept or assumeresponsibility to anyone other than The KJS Academy Trust and the EFA, for our work, for this report, or for the conclusionwe have formed.

RESPECTIVE RESPONSIBILITIES OF THE KJS ACADEMY TRUST'S ACCOUNTING OFFICER AND THE REPORTINGACCOUNTANT

The Accounting Officer is responsible, under the requirements of The KJS Academy Trust's funding agreement with theSecretary of State for Education dated 1 April 2011, and the Academies Financial Handbook extant from 1 September2015, for ensuring that expenditure disbursed and income received is applied for the purposes intended by Parliament andthe 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 areto obtain limited assurance and report in accordance with our engagement letter and the requirements of the AcademiesAccounts Direction 2015 to 2016. We report to you whether anything has come to our attention in carrying out our workwhich suggests that in all material respects, expenditure disbursed and income received during the year 1 September 2015to 31 August 2016 have not been applied to purposes intended by Parliament or that the financial transactions do notconform to the authorities which govern them.

APPROACH

We conducted our engagement in accordance with the Academies Accounts Direction 2015 to 2016 issued by the EFA. Weperformed 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 explanationsin 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 consequentlydoes not enable us to obtain assurance that we would become aware of all significant matters that might be identified in areasonable 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'sincome and expenditure.

The work undertaken to draw to our conclusion includes:

• Consideration and corroboration of the evidence supporting the Accounting Officer's statement on regularity, propriety and compliance.

• Evaluation of the general control environment of the Academy Trust, extending the procedures required for financial statements to include regularity.

• Discussions with and representations from the Accounting Officer and other key management personnel

• An extension of substantive testing from our audit of the financial statements to cover matters pertaining to regularity, propriety and compliance in particular checking that selected items were appropriately

authorised, and appropriate.

Page 15



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

CONCLUSION

In the course of our work, nothing has come to our attention which suggests that in all material respects the expendituredisbursed and income received during the year 1 September 2015 to 31 August 2016 have not been applied to purposesintended by Parliament and the financial transactions do not conform to the authorities which govern them.

Reporting Accountant

Price Bailey LLP

Chartered Accountants

12 December 2016

Page 16



CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING INCOME ANDEXPENDITURE ACCOUNT


Unrestrictedfunds

Restrictedfunds

Restrictedfixed asset

fundsTotalfunds

As restatedTotalfunds

Note2016

£2016

£2016

£2016

£2015

£

INCOME FROM:

Donations and capital grants 2 800 425,875 315,256 741,931 2,270,054Charitable activities 3 304,881 9,377,505 - 9,682,386 9,648,104Other trading activities 4 523,888 - - 523,888 378,415Investments 5 14,453 - - 14,453 16,890

TOTAL INCOME 844,022 9,803,380 315,256 10,962,658 12,313,463

EXPENDITURE ON:

Raising funds 119,526 - - 119,526 135,978Charitable activities 486,577 9,291,507 1,036,093 10,814,177 10,400,557

TOTAL EXPENDITURE 6 606,103 9,291,507 1,036,093 10,933,703 10,536,535

NET INCOME / (EXPENDITURE)BEFORE TRANSFERS 237,919 511,873 (720,837) 28,955 1,776,928

Transfers between funds 19 - (812,532) 812,532 - -

NET INCOME / (EXPENDITURE)BEFORE OTHER RECOGNISEDGAINS AND LOSSES 237,919 (300,659) 91,695 28,955 1,776,928

Actuarial gains/(losses) on definedbenefit pension schemes 25 - (916,000) - (916,000) 10,000

NET MOVEMENT IN FUNDS 237,919 (1,216,659) 91,695 (887,045) 1,786,928

RECONCILIATION OF FUNDS:

Total funds brought forward 828,854 (26,881) 15,529,363 16,331,336 14,544,408

TOTAL FUNDS CARRIEDFORWARD

1,066,773 (1,243,540) 15,621,058 15,444,291 16,331,336

Page 17


(A Company Limited by Guarantee)REGISTERED NUMBER: 07559293

CONSOLIDATED BALANCE SHEETAS AT 31 AUGUST 2016

As restated2016 2015

Note £ £ £ £

FIXED ASSETS

Tangible assets 14 15,621,058 15,529,363

CURRENT ASSETS

Stocks 16 14,022 16,460

Debtors 17 438,963 1,172,397

Cash at bank and in hand 3,472,383 3,283,641

3,925,368 4,472,498

CREDITORS: amounts falling due within oneyear 18 (920,135) (1,558,525)

NET CURRENT ASSETS 3,005,233 2,913,973

TOTAL ASSETS LESS CURRENT LIABILITIES 18,626,291 18,443,336

Defined benefit pension scheme liability 25 (3,182,000) (2,112,000)

NET ASSETS INCLUDING PENSION SCHEMELIABILITIES 15,444,291 16,331,336

FUNDS OF THE ACADEMY

Restricted income funds:

Restricted income funds 19 1,938,460 2,085,119

Restricted fixed asset funds 19 15,621,058 15,529,363

Restricted income funds excluding pensionliability 17,559,518 17,614,482

Pension reserve (3,182,000) (2,112,000)

Total restricted income funds 14,377,518 15,502,482

Unrestricted income funds 19 1,066,773 828,854

TOTAL FUNDS 15,444,291 16,331,336

The financial statements were approved by the Trustees, and authorised for issue, on 22 November 2016 and are signed ontheir behalf, by:

Mr S V TaylorTrustee

The notes on pages 21 to 39 form part of these financial statements.

Page 18


(A Company Limited by Guarantee)REGISTERED NUMBER: 07559293

ACADEMY BALANCE SHEETAS AT 31 AUGUST 2016

2016 2015Note £ £ £ £

FIXED ASSETS

Tangible assets 14 15,621,058 15,529,363

Investments 15 100 100

15,621,158 15,529,463

CURRENT ASSETS

Debtors 17 638,233 1,216,905

Cash at bank and in hand 3,256,450 3,212,893

3,894,683 4,429,798

CREDITORS: amounts falling due within oneyear 18 (889,875) (1,516,249)

NET CURRENT ASSETS 3,004,808 2,913,549

TOTAL ASSETS LESS CURRENT LIABILITIES 18,625,966 18,443,012

Defined benefit pension scheme liability 25 (3,182,000) (2,112,000)

NET ASSETS INCLUDING PENSION SCHEMELIABILITIES 15,443,966 16,331,012

FUNDS OF THE ACADEMY

Restricted funds :

Restricted funds 19 1,938,460 2,085,188

Restricted fixed asset funds 19 15,621,058 15,676,549

Restricted funds excluding pension asset 17,559,518 17,761,737

Pension reserve (3,182,000) (2,112,000)

Total restricted funds 14,377,518 15,649,737

Unrestricted funds 19 1,066,448 681,275

TOTAL FUNDS 15,443,966 16,331,012

The financial statements were approved by the Board of Trustees, and authorised for issue, on 22 November 2016 and aresigned on their behalf, by:

................................................Mr S V TaylorChair of Trustees

The notes on pages 21 to 39 form part of these financial statements.

Page 19



CONSOLIDATED STATEMENT OF CASH FLOWSFOR THE YEAR ENDED 31 AUGUST 2016

2016 2015Note £ £

Cash flows from operating activities

Net cash provided by operating activities 21 1,302,077 2,336,207

Returns on investments and servicing of finance - interestInterest received 14,453 16,890Capital expenditure (1,127,788) (2,884,818)

Net cash used in investing activities (1,113,335) (2,867,928)

Cash flows from financing activities:Repayments of borrowings - (33,124)

Net cash used in financing activities - (33,124)

Change in cash and cash equivalents in the year 188,742 (564,845)

Cash and cash equivalents brought forward 3,283,641 3,848,486

Cash and cash equivalents carried forward 3,472,383 3,283,641

Page 20



NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 AUGUST 2016

1. ACCOUNTING POLICIES

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

1.1 Basis of preparation of financial statements

The financial statements of the Academy Trust, which is a public benefit entity under FRS 102, have beenprepared under the historical cost convention in accordance with the Financial Reporting Standard Applicablein the UK and Republic of Ireland (FRS 102), the Accounting and Reporting by Charities: Statement ofRecommended Practice applicable to charities preparing their accounts in accordance with the FinancialReporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)), theAcademies Accounts Direction 2015 to 2016 issued by EFA, the Charities Act 2011 and the Companies Act2006.

The KJS Academy Trust constitutes a public benefit entity as defined by FRS 102.

The Statement of Financial Activities (SOFA) and Balance Sheet consolidate the financial statements of theAcademy and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

No separate SOFA has been presented for the Academy alone as permitted by section 408 of the CompaniesAct 2006.

First time adoption of FRS 102

These financial statements are the first financial statements of The KJS Academy Trust prepared inaccordance with Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UKand Republic of Ireland’ (FRS 102) and the Charities SORP 2015 (SORP 2015). The financial statements ofThe KJS Academy Trust for the year ended 31 August 2015 were prepared in accordance with previousGenerally Accepted Accounting Practice (‘UK GAAP’) and SORP 2005.

Some of the FRS 102 recognition, measurement, presentation and disclosure requirements and accountingpolicy choices differ from previous UK GAAP. Consequently, the Trustees have amended certain accountingpolicies to comply with FRS 102 and SORP 2015.

Any reconciliations to previous UK GAAP for the comparative figures are included in note .

1.2 Company status

The Academy is a company limited by guarantee. Those Members who are Trustees are noted on page 1. Inthe event of the Academy being wound up, the liability in respect of the guarantee is limited to £10 perMember of the Academy.

1.3 Fund accounting

Unrestricted income funds represent those resources which may be used towards meeting any of thecharitable 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 theDepartment for Education 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 funderand include grants from the DfE.

Page 21




1. ACCOUNTING POLICIES (continued)

1.4 Expenditure

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

Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in tradingactivities that raise funds.

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

All resources expended are inclusive of irrecoverable VAT.

1.5 Basis of consolidation

The financial statements consolidate the accounts of The KJS Academy Trust and all of its subsidiaryundertakings ('subsidiaries').

The academy has taken advantage of the exemption contained within 408 of the Companies Act 2006 not topresent its own Income and Expenditure Account.

1.6 Income

All income is recognised once the Academy has entitlement to the income, it is probable that the income willbe received and the amount of income receivable can be measured reliably.

Grants are included in the Statement of Financial Activities on a receivable basis. The balance of incomereceived for specific purposes but not expended during the period is shown in the relevant funds on theBalance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred andincluded in creditors as deferred income. Where entitlement occurs before income is received, the income isaccrued.

General Annual Grant is recognised in full in the Statement of Financial Activities in the year for which it isreceivable and any abatement in respect of the period is deducted from income and recognised as a liability.Capital grants are recognised when there is entitlement and are not deferred over the life of the asset onwhich they are expended. Unspent amounts of capital grant are reflected in the balance of the restricted fixedasset fund.

Sponsorship income provided to the Academy which amounts to a donation is recognised in the Statement ofFinancial Activities in the period in which it is receivable, where there is certainty of receipt and it ismeasurable.

Donations are recognised on a receivable basis where there is certainty of receipt and the amount can bereliably measured.

Other income, including the hire of facilities, is recognised in the period in which it is receivable and to theextent the goods have been provided or on completion of the service.

Page 22





1.7 Going concern

The Trustees assess whether the use of going concern is appropriate, i.e. whether there are any materialuncertainties related to events or conditions that may cast significant doubt on the ability of the Academy tocontinue as a going concern. The Trustees make this assessment in respect of a period of at least one yearfrom the date of authorisation for issue of the financial statements and have concluded that the Academy Trusthas adequate resources to continue in operational existence for the foreseeable future and there are nomaterial uncertainties about the Academy Trust’s ability to continue as a going concern, thus they continue toadopt the going concern basis of accounting in preparing the financial statements.

1.8 Turnover

Turnover comprises revenue recognised by the Academy in respect of goods and services supplied during theyear, exclusive of Value Added Tax and trade discounts.

1.9 Tangible fixed assets and depreciation

All assets costing more than £1,500 are capitalised.

Where tangible fixed assets have been acquired with the aid of specific grants, either from the Government orfrom the private sector, they are included in the Balance Sheet at cost and depreciated over their expecteduseful economic life. Where there are specific conditions attached to the funding requiring the continued useof the asset, the related grants are credited to a restricted fixed asset fund in the Statement of FinancialActivities and carried forward in the Balance Sheet. Depreciation on the relevant assets is charged directly tothe restricted fixed asset fund in the Statement of Financial Activities. Where tangible fixed assets have beenacquired with unrestricted funds, depreciation on such assets is charged to the unrestricted fund.

Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation isprovided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over theirexpected useful lives on the following bases:

Freehold property - 20 years straight line.Fixtures and fittings - 25% reducing balanceComputer equipment - 5 years straight line.Other fixed assets - 10 years straight line.

1.10 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction costand subsequently measured at fair value at the Balance Sheet date, unless fair value cannot be measuredreliabily in which case it is measured at cost less impairment. Investment gains and losses, whether realisedor unrealised, are combined and shown in the heading ‘Gains/(losses) on investments’ in the Statement ofFinancial Activities.

Investments in subsidiaries are valued at cost less provision for impairment.

1.11 Operating leases

Rentals under operating leases are charged to the Statement of Financial Activities on a straight line basisover the lease term.

1.12 Taxation

The Academy is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 andtherefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, theAcademy is potentially exempt from taxation in respect of income or capital gains received within categoriescovered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of ChargeableGains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Page 23





1.13 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by theAcademy; this is normally upon notification of the interest paid or payable by the bank.

1.14 Liabilities and provisions

Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it isprobable that a transfer of economic benefit will be required in settlement, and the amount of the settlementcan be estimated reliably. Liabilities are recognised at the amount that the Academy anticipates it will pay tosettle the debt or the amount it has received as advanced payments for the goods or services it must provide.Provisions are measured at the best estimate of the amounts required to settle the obligation. Where theeffect of the time value of money is material, the provision is based on the present value of those amounts,discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of thediscount is recognised within interest payable and similar charges.

1.15 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 and the assets areheld separately from those of the Academy.

The TPS is an unfunded scheme and contributions are calculated so as to spread the cost of pensions overemployees’ working lives with the academy in such a way that the pension cost is a substantially levelpercentage of current and future pensionable payroll. The contributions are determined by the GovernmentActuary on the basis of quadrennial valuations using a prospective unit credit method. As stated in note 25,the TPS is a multi-employer scheme and there is insufficient information available to use defined benefitaccounting. The TPS is therefore treated as a defined contribution scheme for accounting purposes and thecontributions recognised in the period to which they relate.

The LGPS is a funded scheme and the assets are held separately from those of the Academy Trust inseparate trustee administered funds. Pension scheme assets are measured at fair value and liabilities aremeasured on an actuarial basis using the projected unit credit method and discounted at a rate equivalent tothe current rate of return on a high quality corporate bond of equivalent term and currency to the liabilities. Theactuarial valuations are obtained at least triennially and are updated at each balance sheet date. The amountscharged to operating surplus are the current service costs and the costs of scheme introductions, benefitchanges, settlements and curtailments. They are included as part of staff costs as incurred. Net interest on thenet defined benefit liability/asset is also recognised in the Statement of Financial Activities and comprises theinterest cost on the defined benefit obligation and interest income on the scheme assets, calculated bymultiplying the fair value of the scheme assets at the beginning of the period by the rate used to discount thebenefit obligations. The difference between the interest income on the scheme assets and the actual return onthe scheme assets is recognised in other recognised gains and losses.

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

1.16 Agency Arrangements

The Trust acts as an agent in distributing 16-19 bursary funds from EFA. Payments received from EFA andsubsequent disbursements to students are excluded from the Statement of Financial Activities as the Trustdoes not have control over the charitable application of the funds. The Trust has not been allocated a %towards its own administration costs. The funds received and paid and any balances held are disclosed innote 27.

Page 24





1.17 Critical accounting estimates and areas of judgement

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

Critical accounting estimates and assumptions:

The Academy Trust makes estimates and assumptions concerning the future. The resulting accountingestimates and assumptions will, by definition, seldom equal the related actual results. The estimates andassumptions that have a significant risk of causing a material adjustment to the carrying amounts of assetsand 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 offactors that are determined on an actuarial basis using a variety of assumptions. The assumptions used indetermining the net cost (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 rollforward approach which projects results from the latest full actuarial valuation performed at 31 March 2013has been used by the actuary in valuing the pensions liability at 31 August 2016. Any differences between thefigures derived from the roll forward approach and a full actuarial valuation would impact on the carryingamount of the pension liability.

2. INCOME FROM DONATIONS AND CAPITAL GRANTS

Unrestrictedfunds

Restrictedfunds


fundsTotalfunds

Totalfunds

2016£

2016£

2016£

2016£

2015£

Donations 800 425,875 - 426,675 226,897Capital grants - - 315,256 315,256 2,043,157

Total donations and capital grants 800 425,875 315,256 741,931 2,270,054

In 2015, of the total income from donations and capital grants, £500 was to unrestricted funds and £2,269,554 wasto restricted funds

Page 25




3. FUNDING FOR ACADEMY'S EDUCATIONAL OPERATIONS

Unrestrictedfunds

Restrictedfunds

Totalfunds

Totalfunds

2016£

2016£

2016£

2015£

DfE/EFA grants

General Annual Grant (GAG) - 8,940,460 8,940,460 8,787,511Other DfE / EFA grants - 291,403 291,403 195,904

- 9,231,863 9,231,863 8,983,415

Other government grants

Local authority grants - 16,777 16,777 27,015Other government grants - 128,865 128,865 244,565

- 145,642 145,642 271,580

Other funding

Catering Income 304,881 - 304,881 393,109

304,881 - 304,881 393,109

304,881 9,377,505 9,682,386 9,648,104

In 2015, of the total income from charitable activities, £393,109 was to unrestricted funds and £9,254,995 was torestricted funds.

4. OTHER TRADING ACTIVITIES

Unrestrictedfunds

Totalfunds

Totalfunds

2016£

2016£

2015£

Hire of facilities 29,993 29,993 36,459Other income 172,717 172,717 116,089School shop income 320,933 320,933 225,867

523,643 523,643 378,415

In 2015, of the total income from other trading activities, £378,415 was to unrestricted funds and £ NIL was torestricted funds.

5. INVESTMENT INCOME

Unrestrictedfunds

Restrictedfunds

Totalfunds

Totalfunds

2016£

2016£

2016£

2015£

Bank interest 14,453 - 14,453 16,890

In 2015, of the total investment income, £16,890 was to unrestricted funds and £ NIL was to restricted funds.

Page 26




6. EXPENDITURE

Staff costs Premises Other costs Total Total2016

£2016

£2016

£2016

£2015

£

Expenditure on fundraisingtrading 45,108 - 74,418 119,526 135,978

Provision of Education: Direct costs 6,369,163 - 596,329 6,965,492 6,868,262 Support costs 932,484 657,229 2,258,972 3,848,685 3,532,295

7,346,755 657,229 2,929,719 10,933,703 10,536,535

In 2016, of the total expenditure, £612,603 (2015 - £995,784) was to unrestricted funds and£10,321,100 (2015 - £9,540,751) was to restricted funds.

7. CHARITABLE ACTIVITIES

2016 £

2015 £

Direct costs - educational operations 6,965,492 6,868,262Support costs - educational operations 3,848,685 3,532,295

Total 10,814,177 10,400,557

Analysis of support costs 2016 £

2015 £

Support staff costs 932,484 752,293Depreciation 1,036,093 971,706Technology costs 54,479 39,710Premises costs 657,229 643,566Other support costs 1,159,536 1,113,078

Governance costs 8,864 11,942

Total 3,848,685 3,532,295

8. COST OF GENERATING FUNDS

Costs of the Academy's trading subsidiary 2016

£ 2015

£

Shop purchases 63,190 63,191Other shop expenses 5,664 932Wages and salaries 45,108 69,148Other fundraising trading, cost of goods sold and other costs 5,564 2,707

Total 119,526 135,978

Page 27




9. TURNOVER

All turnover arose within the United Kingdom.

10. NET INCOMING RESOURCES/(RESOURCES EXPENDED)

This is stated after charging:

2016 2015 £ £

Depreciation of tangible fixed assets:- owned by the charitable group 1,036,093 971,706

Auditors' remuneration - audit 9,650 9,650Auditors' remuneration - other services 4,000 3,600

11. STAFF COSTS

Staff costs were as follows:

2016 2015 £ £

Wages and salaries 5,795,536 5,676,095Social security costs 489,274 437,716Operating costs of defined benefit pension schemes 989,338 792,874

7,274,148 6,906,685Supply teacher costs 72,607 152,359Staff restructuring costs - 11,628

7,346,755 7,070,672

The average number of persons employed by the Academy during the year was as follows:

2016 2015 No. No.

Management 5 5Teaching 116 122Admin and support 68 78

189 205

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

2016 2015 No. No.

In the band £ 60,001 - £ 70,000 2 3In the band £ 70,001 - £ 80,000 1 0In the band £150,001 - £160,000 1 1

The key management personnel of the Academy Trust comprise the Trustees and the Senior Leadership Team aslisted on page 1. The total amount of employee benefits (including employer pension contributions) received by keymanagement personnel for their services to the Academy Trust was £702,742 (2015: £658,032).

Page 28




12. TRUSTEES' REMUNERATION AND EXPENSES

One or more Trustees has been paid remuneration or has received other benefits from an employment with theAcademy Trust. The Headteacher and other staff Trustees only receive remuneration in respect of services theyprovide undertaking the roles of Headteacher and staff members under their contracts of employment, and not inrespect of their role as Trustees. The value of Trustees' remuneration and other benefits was as follows:

Margaret Wilson (Headteacher)Remuneration £155,000-£160,000 (2015: £150,000-£155,000)Employer’s Pension contribution £25,000-£30,000 (2015: £20,000-£25,000)

Louise Wall (Staff Governor)Remuneration £45,000-£50,000 (2015: £45,000-£50,000)Employer’s Pension contribution £5,000-£10,000 (2015: £5,000-£10,000)

Jennifer Brown (Staff Governor)Remuneration £50,000-£55,000 (2015: £50,000-£55,000)Employer’s Pension contribution £5,000-£10,000 (2015: £5,000-£10,000)

Graham Pritchard (Staff Governor)Remuneration £45,000-£50,000 (2015: £35,000-£40,000)Employer’s Pension contribution £5,000-£10,000 (2015: £5,000-£10,000)

Rebecca Cameron McIntosh (Staff Governor)Remuneration £35,000-£40,000 (2015: £30,000-£35,000)Employer’s Pension contribution £5,000-£10,000 (2015: £0-£5,000)

Margaret Wilson's salary includes an element of salary recharged to a school that the Academy sponsors.

During the period 31 August 2016, no Trustees received any reimbursement of expenses for their role as Trustees(2015: £NIL).

Other related party transactions involving the Trustees are set out in note 29.

13. TRUSTEES' AND OFFICERS' INSURANCE

In accordance with normal commercial practice the Academy Trust has purchased insurance to protect Trustees andOfficers from claims arising from negligent acts, errors or omissions occurring whilst on Academy business. Theinsurance provides cover up to £2,000,000 on any one claim and the cost for the year ended 31 August 2016 wasincluded in the total insurance cost.

Page 29




14. TANGIBLE FIXED ASSETS

Freeholdproperty

Assets underconstruction

Computerequipment

Other fixedassets Total

Group and Academy £ £ £ £ £

Cost

At 1 September 2015 16,671,759 1,112,270 543,980 368,840 18,696,849Additions 771,597 - 193,223 162,968 1,127,788Transfer between classes 1,112,270 (1,112,270) - - -

At 31 August 2016 18,555,626 - 737,203 531,808 19,824,637

Depreciation

At 1 September 2015 2,822,316 - 271,539 73,631 3,167,486Charge for the year 892,356 - 90,941 52,796 1,036,093

At 31 August 2016 3,714,672 - 362,480 126,427 4,203,579

Net book value

At 31 August 2016 14,840,954 - 374,723 405,381 15,621,058

At 31 August 2015 13,849,443 1,112,270 272,441 295,209 15,529,363

Land is not depreciated and has been valued at £2,329,412.

Page 30




15. FIXED ASSET INVESTMENTS

Shares in groupundertakings

Academy £

Market value

At 1 September 2015 and 31 August 2016 100

Academy investments at cost comprise:2016 2015

£ £

Subsidiaries 100 100

All the fixed asset investments are held in the United Kingdom.

16. STOCKS

Group Academy

2016 2015 2016 2015£ £ £ £

Finished goods and goods for resale 14,022 16,460 - -

17. DEBTORS

Group Academy

2016 2015 2016 2015£ £ £ £

Trade debtors 28,500 57,486 26,081 12,208VAT control accountOther debtors

103,46914,024

103,46964,932

103,46914,006

103,46964,789

Prepayments and accrued income 292,970 946,510 494,677 1,036,439

438,963 1,172,397 638,233 1,216,905

18. CREDITORS:Amounts falling due within one year

Group Academy

2016 2015 2016 2015£ £ £ £

Bank loans and overdrafts - 225,210 - 225,210Trade creditors 158,213 351,943 148,711 338,525Amounts owed to other participating

interest 7,500 7,500 - -Other taxation and social security 263,626 220,464 253,368 213,539Other creditors 1,297 - 1,297 -Accruals and deferred income 489,499 753,408 486,499 738,975

920,135 1,558,525 889,875 1,516,249

Page 31




18. CREDITORS:Amounts falling due within one year (continued)

Group Academy

£ £ £ £

Deferred income

Deferred income at 1 September 2015 215,859 45,923 215,859 45,923Resources deferred during the year 149,977 215,859 149,977 215,859Amounts released from previous years (215,859) (45,923) (215,859) (45,923)

Deferred income at 31 August 2016 149,977 215,859 149,977 215,859

Page 32




19. STATEMENT OF FUNDS

Broughtforward Income

Resourcesexpended

Transfersin/out

Gains/(losses)

Carriedforward

£ £ £ £ £ £

Unrestricted funds

Unrestricted funds 828,854 844,022 (606,103) - - 1,066,773

Restricted funds

General AnnualGrant (GAG) 1,901,548 8,940,460 (8,194,496) (812,532) - 1,834,980

Other DfE/EFA grants - 109,077 (109,077) - - -Pupil premium

funding - 199,103 (199,103) - - -Other government

grants - 128,865 (128,865) - - -Other restricted

funding 183,571 425,875 (505,966) - - 103,480Pension reserve (2,112,000) - (154,000) - (916,000) (3,182,000)

(26,881) 9,803,380 (9,291,507) (812,532) (916,000) (1,243,540)

Restricted fixed asset funds

Broughtforward Income

Resourcesexpended

Transfersin/out

Gains/(losses)

Carriedforward

£ £ £ £ £ £

Restricted fixed assetfund 15,529,363 - (1,036,093) 1,127,788 - 15,621,058

Capital maintenancefunding - 315,256 - (315,256) - -

15,529,363 315,256 (1,036,093) 812,532 - 15,621,058

Total restrictedfunds 15,502,482 10,118,636 (10,327,600) - (916,000) 14,377,518

Total of funds 16,331,336 10,962,658 (10,933,703) - (916,000) 15,444,291

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

General Annual Grant (GAG)

This represents funding from the EFA to cover the costs of recurrent expenditure, The transfer out of £812,532represents the cost of tangible fixed assets, which are shown within the restricted fixed assets fund.

Pupil Premium

This represents funding used to help raise achievement and improve outcomes for pupils from low income familieswho are eligible for free school meals.

SEN Funding

This represents allocated funding for special educational needs pupils.

Other DfE/EFA Grants

This represents various amounts for the provision of specific services to pupils of the Academy.

Page 33




19. STATEMENT OF FUNDS (continued)

Other Government Grants

This represents various amounts received from the government for the provision of education.

Pension fund

This fund represents the Academy’s share of the deficit on the Local Government Pension Scheme (LGPS)transferred to the Academy on conversion from a foundation school.

Restricted Fixed Assets Fund

Restricted fixed assets funds are resources which are to be applied to specific capital purposes imposed by the DfEwhere the asset acquired or created is held for a specific purpose. The transfer in of £1,127,788 represents the costsof assets acquired in the year which have been funded by GAG funding (£812,532) and Capital Maintenance fund(£315,256).

Capital Maintenance Funding

The Academy is to use the capital funding to maintain and improve its buildings and facilities.

20. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Unrestrictedfunds

Restrictedfunds


fundsTotalfunds

Totalfunds

2016£

2016£

2016£

2016£

2015£

Tangible fixed assets - - - - 15,529,363Tangible fixed assets - - 15,621,058 15,621,058 -Current assets 1,060,273 2,865,095 - 3,925,368 4,472,496Creditors due within one year 6,500 (926,635) - (920,135) (1,558,523)Provisions for liabilities and

charges - (3,182,000) - (3,182,000) (2,112,000)

1,066,773 (1,243,540) 15,621,058 15,444,291 16,331,336

Page 34




21. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOWFROM OPERATING ACTIVITIES

2016 2015 £ £

Net (expenditure)/income for the year (as per Statement of FinancialActivities) 28,955 1,776,928

Adjustment for:Depreciation charges 1,036,093 971,706Dividends, interest and rents from investments (14,453) (16,890)Disposals - 56Decrease in stocks 2,438 3,299Decrease/(increase) in debtors 733,434 (496,451)Decrease in creditors (638,390) (27,441)Defined benefit pension scheme cost less contributions payable 77,000 46,000Defined benefit pension scheme finance cost 77,000 79,000

Net cash provided by operating activities 1,302,077 2,336,207

22. ANALYSIS OF CASH AND CASH EQUIVALENTS

2016 2015 £ £

Cash in hand 3,472,383 3,283,641

Total 3,472,383 3,283,641

23. MEMBERS' LIABILITY

Each Member of the Charitable Company undertakes to contribute to the assets of the Company in the event of itbeing wound up while he/she is a Member, or within one year after he/she ceases to be a Member, such amount asmay be required, not exceeding £10 for the debts and liabilities contracted before he/she ceases to be a Member.

24. CAPITAL COMMITMENTS

At 31 August 2016 the Group and Academy had capital commitments as follows:

Group Academy

2016 2015 2016 2015£ £ £ £

Contracted for but not provided in thesefinancial statements - - - -

25. PENSION COMMITMENTS

The Academy's employees belong to two principal pension schemes: the Teacher's Pension Scheme for Englandand Wales (TPS) for academic and related staff; and the Local Government Pension Scheme (LGPS) for non-teaching staff, which is managed by Essex County Council. Both are Multi-Employer Defined Benefit PensionSchemes.

The latest actuarial valuation of the TPS related to the period ended 31 March 2012 and of the LGPS 31 March2013.

Contributions amounting to £91,821 were payable to the schemes at 31 August 2016 (2015 - £90,696) and areincluded within creditors.

Page 35




25. PENSION COMMITMENTS (continued)

Teachers' Pension Scheme

Introduction

The Teachers' Pension Scheme (TPS) is a statutory, contributory, defined benefit scheme, governed by theTeachers' Pensions Regulations (2010) and, from 1 April 2014, by the Teachers' Pension Scheme Regulations2014. Membership is automatic for full-time teachers in academies and, from 1 January 2007, automatic for teachersin part-time employment following appointment or a change of contract, although they are able to opt out.

The TPS is an unfunded scheme and members contribute on a ‘pay as you go’ basis – these contributions alongwith those made by employers are credited to the Exchequer. Retirement and other pension benefits are paid bypublic funds provided by Parliament.

Valuation of the Teachers’ Pension Scheme

Not less than every four years the Government Actuary, using normal actuarial principles, conducts a formalactuarial review of the TPS in accordance with the Public Service Pensions (Valuations and Employer Cost Cap)Directions 2014 published by HM Treasury. 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 andmany other factors. The latest actuarial valuation of the TPS was carried out as at 31 March 2012 and in accordancewith the Public Service Pensions (Valuations and Employer Cost Cap) Directions 2014. The valuation report waspublished by the Department for Education on 9 June 2014. The key elements of the valuation and subsequentconsultation are:

employer contribution rates set at 16.48% of pensionable pay, including a 0.08% employer administrationcharge (currently 14.1%);

total scheme liabilities (pensions currently in payment and the estimated cost of future benefits) for service tothe effective date of £191,500 million, and notional assets (estimated future contributions together with thenotional investments held at the valuation date) of £176,600 million giving a notional past service deficit of£14,900 million;

an employer cost cap of 10.9% of pensionable pay will be applied to future valuations; and

the assumed real rate of return is 3.0% in excess of prices and 2% in excess of earnings. The rate of realearnings growth is assumed to be 2.75%. The assumed nominal rate of return is 5.06%.

During the previous year the employer contribution rate was 14.1%. The TPS valuation for 2012 determined anemployer rate of 16.4%, which was payable from September 2015. The next valuation of the TPS will be as at March2016, whereupon the employer contribution rate is expected to be reassessed and will be payable from 1 April 2019.

The employer’s pension costs paid to TPS in the period amounted to £1,162,869 (2015 - £939,719).

A copy of the valuation report and supporting documentation is on the Teachers’ Pensions website(www.teacherspensions.co.uk/news/employers/2014/06/publication-of-the-valuation-report.aspx).

Under the definitions set out in FRS 102, the TPS is a multi-employer pension scheme. The Trust has accounted forits contributions to the scheme as if it were a defined contribution scheme. The Trust has set out above theinformation available on the scheme.

Local Government Pension Scheme

The LGPS is a funded defined benefit scheme, with assets held in separate trustee-administered funds. The totalcontribution made for the year ended 31 August 2016 was £306,000 (2015 - £249,000), of which employer'scontributions totalled £236,000 (2015 - £195,000) and employees' contributions totalled £70,000 (2015 - £54,000).The agreed contribution rates for future years are 25.3% for employers and 8.5% for employees.

Parliament has agreed, at the request of the Secretary of State for Education, to a guarantee that, in the event ofacademy closure, outstanding Local Government Pension Scheme liabilities would be met by the Department forEducation. The guarantee came into force on 18 July 2013.

Page 36





Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):

2016 2015

Discount rate for scheme liabilities %2.10 %3.90Rate of increase in salaries %4.10 %4.40Rate of increase for pensions in payment / inflation %2.30 %2.60Inflation assumption (CPI) %0.90 %2.60Inflation assumption (RPI) %3.20 %3.50

The current mortality assumptions include sufficient allowance for future improvements in mortality rates. Theassumed life expectations on retirement age 65 are:

2016 2015

Retiring todayMales 22.9 22.8Females 25.3 25.2

Retiring in 20 yearsMales 25.2 25.1Females 27.7 27.6

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

Fair value at Fair value at31 August 31 August

2016 2015£ £

Equities 976,000 644,000Debt instruments 115,000 136,000Property 157,000 115,000CashAlternative assetsOther managed funds

43,00063,00068,000

24,00071,000

-

Total market value of assets 1,422,000 990,000

The actual return on scheme assets was £166,000 (2015 - £43,000).

The amounts recognised in the Statement of Financial Activities are as follows:

2016 2015 £ £

Current service cost (net of employee contributions) (313,000) (241,000)Net interest cost (77,000) (79,000)

Total (390,000) (320,000)

Actual return on scheme assets 166,000 43,000

Page 37





Movements in the present value of the defined benefit obligation were as follows:

2016 2015 £ £

Opening defined benefit obligation 3,102,000 2,785,000Current service cost 313,000 241,000Interest cost 121,000 113,000Contributions by employees 70,000 54,000Actuarial losses/(gains) 1,038,000 (1,000)Benefits paid (37,000) (87,000)Unfunded pension payments (3,000) (3,000)

Closing defined benefit obligation 4,604,000 3,102,000

Movements in the fair value of the Academy's share of scheme assets:

2016 2015 £ £

Opening fair value of scheme assets 990,000 788,000Interest income 44,000 34,000Actuarial gains and (losses) 122,000 9,000Contributions by employer 236,000 195,000Contributions by employees 70,000 54,000Benefits paid (40,000) (90,000)

Closing fair value of scheme assets 1,422,000 990,000

26. OPERATING LEASE COMMITMENTS

At 31 August 2016 the total of the Group’s future minimum lease payments under non-cancellable operating leaseswas:

2016 2015£ £

Amounts payable:

Within 1 year 15,734 19,711Between 1 and 5 years 23,529 39,264

Total 39,263 58,975

There were no operating lease commitments in respect of land and buildings.

27. AGENCY ARRANGEMENTS

The Academy distributes 16-19 bursary funds to students as an agent for EFA. In the accounting period ending 31August 2016 the Trust received £20,422 and disbursed £4,995 from the fund. An amount of £30,780 is included inother creditors relating to undistributed funds that is repayable to EFA.

Page 38




28. PRINCIPAL SUBSIDIARIES

Company namePercentageControl Description

The King John School Shop Limited 100 Principal activity is providing schooluniforms and equipment to pupilsof the King John School

29. RELATED PARTY TRANSACTIONS

Owing to the nature of the Academy's operations and the composition of the Board of Trustees being drawn fromlocal public and private sector organisations, transactions may take place with organisations in which the trust hasan interest. All transactions involving such organisations are conducted at arm's length and in accordance with theAcademy's financial regulations and normal procurement procedures.

Any transactions where the Trustee has a pecuinary interest is only undertaken in accordance with the 'at cost'principle stated in the Academies Financial Handbook.

During the year the Academy no sales (2015 £148) were made to James Hornsby School, a school where three ofthe Trustees are Trustees of that Trust.

The amount due from James Hornsby School at the year end was £NIL (2015 £148).

There were no other related party transactions.

The Company has taken advantage of the exemption from the requirement to disclose transactions with whollyowned group companies.

Page 39

the kjs academy trust€¦ · the kjs academy trust (a company limited by guarantee) reference and...

Documents