academy transformation trust - (a company limited by guarantee

Company Registration Number:

07846852

(England & Wales)

ACADEMY TRANSFORMATION TRUST

(A COMPANY LIMITED BY GUARANTEE)

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 AUGUST 2023

ACADEMY TRANSFORMATION TRUST

(A COMPANY LIMITED BY GUARANTEE)

CONTENTS

Page

Reference and administrative details 1 - 2

Trustees' report and Governance statement 3 - 21

Statement of trustees' responsibilities 22

Independent auditors' report on the financial statements 23 - 26

Independent reporting accountant's report on regularity 27 - 28

Statement of financial activities incorporating income and expenditure account 29

Balance sheet 30

Statement of cash flows 31

Notes to the financial statements 32 - 63

ACADEMY TRANSFORMATION TRUST

(A COMPANY LIMITED BY GUARANTEE)

REFERENCE AND ADMINISTRATIVE DETAILS

Members

P Beanland

M McDonagh

T Campbell

G Bhatia

L Jones

Trustees

P Beanland

, Chair of Trustees

T Clark

, Vice Chair

J Dawson

(appointed 24 July 2023)

A Milne

L Jones

E Bonar

C Edwards

(resigned 6 June 2023)

M Gill

T Craig

(resigned 19 May 2023)

D Elleman

(resigned 2 February 2023)

G Hawkins

(appointed 25 September 2023)

Company registered

number

07846852

Company name

Academy Transformation Trust

Principal and registered

office

Unit 4

Second Floor

Emmanuel Court

Reddicroft Road

Sutton Coldfield

B73 6AZ

Company secretary

K Robson (Executive PA) (to 26 September 2023)

M Chatra (Deputy CEO) (from 26 September 2023)

Accounting Officer

R Elms (to 31 October 2022)

N Weller (from 1 November 2022)

Senior management

team

N Weller, Chief Executive Officer (appointed 1 November 2022)

R Elms, Interim Chief Executive Officer (to 31 October 2022)

A O'Malley, Acting Head of Finance (to 25 August 2023)

P Wilson, Chief Finance and Operating Officer (to 12 September 2022)

M Chatra, Deputy CEO (Finance and Operations) (appointed 14 August 2023)

B Caisley, Director of Primary Education (to 17 June 2023)

C Rushton, Director of the ATT Institute (appointed 1 September 2022)

D Trimmer, Deputy CEO (Education)

J Howell, Director of IT and Procurement

G McGrory, Director of Estates (appointed 31 April 2023)

N Deen, Acting Director of Primary Education (appointed 1 June 2023)

C Plant, Director of People Strategy

G Trott, Director of Secondary Education

C Franklin, Director of Safeguarding and SEND

E Thomas, Director of Estates and Procurement (to 30 April 2023)

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ACADEMY TRANSFORMATION TRUST

(A COMPANY LIMITED BY GUARANTEE)

REFERENCE AND ADMINISTRATIVE DETAILS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2023

Independent auditors

Bishop Fleming LLP

Chartered Accountants

Statutory Auditors

10 Temple Back

Bristol

BS1 6FL

Bankers

Lloyds Bank

114-116 Colmore Row

Birmingham

B3 3BD

Barclays Bank PLC

Cambridge Benet Street

Leicestershire

LE87 2BB

Solicitors

Browne Jacobson LLP

Victoria Square House

Victoria Square

Birmingham

B2 4BU

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ACADEMY TRANSFORMATION TRUST

(A COMPANY LIMITED BY GUARANTEE)

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 AUGUST 2023

The Trustees present their annual report together with the financial statements and auditor’s report of

the

charitable company for the year ended 31 August 2023. The annual report serves the purpose of both a

Trustees’ report, and a Directors’ report under company law.

The Trust operates 20 academies (9 primaries, 9 secondaries, 1 all-through and 1 special) in England. Its

academies have a combined pupil capacity of 12,688 (2022: 13,018) and had a roll of 11,514 (2022 11,338)

in the school census on 1 October 2022.

The Trust also operates further education provision mostly within Nottinghamshire. In the current reporting

period, 1,658 (2022 1,508) post 16 learners (including 19+ learners and subcontracted provision) benefitted

from this provision.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Constitution

The Trust is a company limited by guarantee and an exempt charity. The charitable company's Memorandum

and Articles of Association are the primary governing documents of the Trust. The Trustees of Academy

Transformation Trust are also the directors of the charitable company for the purposes of company law. The

charitable company is known as Academy Transformation Trust, or ATT.

Details of the Trustees who served throughout the year, except as noted, are included in the Reference and

Administrative Details on page 1.

Members' liability

Each member of the charitable company undertakes to contribute to the assets of the company in the event

of its being wound up while he/she is a member, or within one year after he/she ceases to be a member, such

amount as may be required, not exceeding £10, for the debts and liabilities contracted before they ceased to

be a member.

Trustees' Indemnities

Trustees benefit from indemnity insurance purchased at the Trust’s expense. This covers the liability of the

Trustees which by virtue of any rule of law would otherwise attach to them in respect of any negligence,

default or breach of trust or breach of duty of which they may be guilty in relation to the Trust. This is provided

that any such insurance shall not extend to any claim arising from any act or omission which the Trustees

knew to be a breach of trust or breach of duty or which was committed by the Trustees in reckless disregard

to whether it was a breach of trust or breach of duty or not and provided also that any such insurance shall

not extend to the costs of any unsuccessful defence to a criminal prosecution brought against the Trustees in

their capacity as Directors of the Trust. The limit of this indemnity is £10m.

Method of Recruitment, Induction and Training of Trustees

The Trustees are appointed in accordance with the Articles of Association. An annual audit of skills as well as

regular self-review using the model advocated by the National Governance Association enables Trustees to

identify skills gaps and recruitment to fill those gaps is handled through executive and non-executive

networks, partnerships with external agencies and specialist recruiters. During 2022-23, we were able to

boost the experience of the Board in educational leadership and business operations through the recruitment

of new Trustees.

All new Trustees receive a bespoke induction programme appropriate to their needs. This includes meeting

with executive team members, visiting academies, understanding Trust and Academy performance data,

safeguarding, HR and finance. In the reporting period, Trustees received training in matters relating to

safeguarding, finance, and business support operations. Trustees also received regular legal and financial

expert input. Committee Chairs also met with relevant senior executives on a regular basis.

Trustees also undertook regular strategic planning sessions and used these to develop their skills and

expertise in matters relating to educational performance, governance and performance management.

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ACADEMY TRANSFORMATION TRUST

(A COMPANY LIMITED BY GUARANTEE)

TRUSTEES’ REPORT (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2023

Trustees have also engaged with external training programmes offered by the Confederation of School

Trusts.

The same processes apply to members of Local Governing Bodies (LGBs) who oversee local governance in

academies on behalf of Trustees and report to them on a regular basis. A detailed induction model is in place

covering all LGBs and all LGB members have completed mandatory training programmes in safeguarding,

data protection and HR procedures.

Trustees and LGB members are offered regular opportunities to come together for professional development

activities – including through the mechanism of regular briefings and Governance Forums. During this year,

topics covered have included financial scrutiny, statutory procedures for managing exclusions and

complaints, and strategies for ensuring effective non-executive governance has the maximum impact on

educational performance. In addition, an extensive range of supporting guidance and developmental material

is made available to them via our online portal, and we subscribe to the services of the NGA’s Learning Link

website and The Key for School Governance, where additional online training may be accessed.

Trustees and Governors are routinely required to undertake the following training:

· Safeguarding and child protection level 1

· PREVENT

· Safer recruitment

· Data protection and GDPR

· Financial probity

Governance Organisational Structure

The structure consists of three levels: Members, Trustees, and Local Governing Bodies (LGB). The Scheme

of Delegation clearly sets out where decision-making responsibility lies across each level. Members and

Trustees have delegated certain responsibilities to the Executive or to Trustee sub committees. Where this is

the case, there are clear terms of reference, delegations of authority and financial regulations in place to

govern decisions.

The Trustees have established the following committees:

· Audit and Risk

· Finance and Resources

· Remunerations

· Remunerations Appeals

Standards and Outcomes

· A Local Governing Body (most LGBs govern 2 or 3 academies as 1 joint cluster).

Overview of responsibilities from the Governance Scheme of Delegation

Members’ reserved powers during 2022-23 were:

· to ensure the Trust’s Board has the capacity and skills necessary to carry out its duties

· to appoint the Trust’s external auditors on an annual basis to make any changes which

are

fundamental to the nature of the Trust (e.g. its name or its overall purpose).

The reserved powers of the Trust’s Board were:

· to determine the Trust’s strategic direction and educational ethos

· to ensure the Trust is compliant with a range of legal requirements and to ensure appropriate internal

audit arrangements are in place

· to review and determine the Trust’s governance arrangements

to approve budgets, sign off the annual accounts, and make major financial decisions, including

decisions about growth and commercial opportunities

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· to ensure that the Trust has sufficient executive capacity and knowledge to deliver its aims

· to determine the appropriate levels of remuneration for senior executives (this includes the

accountability for appointing and, where necessary, dismissing, both the CEO and the Chief Finance

Officer (CFO))

· to approve certain policies required to be approved at Board level by statute.

The Trust’s Board fulfils the three functions of governances described in the DfE’s Governance

Handbook:

ensuring clarity of vision and strategy, holding the executive to account, and ensuring financial probity and the

best use of public resources.

The Chief Executive Officer is the Accounting Officer and exercises delegated power for all operational

aspects of the Trust’s activities. From 14 August 2023, the role of CFO was fulfilled by the Trust’s

Deputy

Chief Executive Officer (Finance & Operations).

Arrangements for Setting Pay and Remuneration of Key Management Personnel

Levels of pay for the Chief Executive Officer and for other senior leadership team members are set by the

Trust’s Board following extensive review and scrutiny by the Remuneration Committee, advice

from

independent external advisers where appropriate, and the consideration of contributory factors such as the

scope and demands of the role, the expectations within the current Academy Trust Handbook and other

guidance, and prevailing market factors.

The performance of the Chief Executive Officer is reviewed by the Chair and Vice Chairs of Trustees, who

conduct a full and wide-ranging review of performance at key points in the year.

Trade union facilities time

Relevant union officials

Number of employees who were relevant union officials during the year 17

Full time equivalent employee number 15.8

Percentage of time spent on facility time

Percentage of time Number of employees

0% 3

1% - 50% 14

51% - 99% -

100% -

Percentage of pay bill spent on facility time £000

Total cost of facility time 5

Total pay bill 65,484

Percentage of total pay bill spent on facility time 0.01%

Connected Organisations, including Related Party Relationships

The Trust was established as a company limited by guarantee and does not have any external sponsors.

There are no related party relationships.

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ACADEMY TRANSFORMATION TRUST

(A COMPANY LIMITED BY GUARANTEE)

TRUSTEES’ REPORT (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2023

Engagement with employees (including disabled persons)

The Trust has a central and regionalised HR function which covers all the Trust’s employee matters.

The Trust is committed to providing an environment that encourages the involvement and engagement of all

employees. Regular internal communications keep employees informed of the activities across the Trust.

The Trust runs an annual people survey with a summary of outcomes being shared with employees. People

survey activities for the coming year have been developed and as well as an annual survey, termly pulse

surveys focusing on priority areas will also be sent out. Exit surveys and welcome surveys have been rolled

out this year.

The Trust’s collaborative development groups allow the opportunity for employees to be involved in

the

direction of the Trust and crucial decisions within those forums.

The Trust gives full and fair consideration to applications for employment from disabled persons where the

requirements of the job can be adequately fulfilled by a disabled person. Where an existing employee

becomes disabled, it is the Trust’s policy, wherever practicable, to put in place reasonable adjustments

their work environment and appropriate re-training so that the disabled employee can maximise their potential

and continue in their employment gainfully. The Trust ensures that all people development activities and

promotion opportunities are accessible to all and that disabled employees are not put to any disadvantage in

accessing them.

The Trust has a Wellbeing team network group attended by Wellbeing Champions from each Academy and

Directorate within the Trust. The Trust’s wellbeing strategy ensures that effective wellbeing initiatives

and

activities are embedded across the Trust in order to support employees’ mental health and wellbeing.

Engaging with suppliers, customers, and others in a business relationship with the Trust

Customers

The Trust defines its customers as pupils or students, adult learners, parents and carers, and the community.

The Trust engages with each of these parties in several ways:

Pupils / Students

Being ambitious for every pupil fostering interests and passions

Providing opportunities for pupils to broaden their horizons

· Promoting positive behaviours

· Setting out clearly rules, rewards and sanctions ensuring they are communicated and promoted

widely and often

· Planning and running a wide range of events

· Actively listening and providing opportunities for pupils to influence decision making including through

annual surveys

· Having top quality learning environments which promote and celebrate learning, culture, and

endeavour

· Designing and implementing a diverse, challenging, and relevant curriculum which ensures all pupils

have access to a high-quality teaching and a range of broader experiences and opportunities

· Ensuring robust Safeguarding procedures

Parents / Carers

Publishing relevant information and creating effective channels of communication including through

social media

· Promoting, monitoring, and reacting to parent surveys and other, similar types of feedback channels

· Planning and running a wide range of events

· Parent forums or steering groups and PTAs

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ACADEMY TRANSFORMATION TRUST

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Community

· Publishing relevant information and creating effective channels of communication including through

social and other media

· Planning and running open events

· Promoting estates resources and their potential community use

Suppliers

The Trust’s preferred suppliers provide us with information technology, human resources,

facilities

management, catering, professional services and other goods and services. In deciding those preferred

suppliers, we ensure that both national and local suppliers have equal opportunity to participate in the

procurement process. We also oversee and take reasonable steps to ensure our suppliers comply with our

standards, relating to modern slavery, data protection, environmental responsibility, human rights, and ethics.

Regulators

The DfE, Ofsted and the ESFA oversee the educational and financial performance of our Trust. The Trust’s

aim is always to maintain positive and open relationships with the relevant regulators. In order to do so, the

Trust works tirelessly, via various communication channels, to ensure that all parties are fully aware of any

current and emerging risks within our Trust.

OBJECTIVES AND ACTIVITIES

Objects and Aims

The Trust’s objects are set out in its Articles and the Trust’s purpose, in summary, is to manage and develop

each of the academies within our Trust to ensure that they provide the highest quality of education and that

they are also integral to the wellbeing of their local community.

Our Mission and Values

Why do we exist?

· To transform life chances by achieving the highest possible standards and preparing all our students

to lead successful lives.

How do we behave?

· We work hard: we are determined to see things through to the end and are resilient when faced with

challenges.

We work with integrity: we do the right thing because it is the right thing to do.

· We work as a team: we work together to help everyone succeed.

What do we do?

· We educate, safeguard and champion all our learners.

· We set high standards for ourselves and our learners.

· We build the powerful knowledge and cultural capital which stimulate social mobility and lifelong

learning.

How will we succeed?

· Aligned autonomy

· Keeping it simple

· Talent recruitment and development

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ACADEMY TRANSFORMATION TRUST

(A COMPANY LIMITED BY GUARANTEE)

TRUSTEES’ REPORT (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2023

Public Benefit

The Trustees confirm that they have complied with the duty in Section 17(5) of the Charities Act 2011 to have

due regard to the Charity Commission's general guidance on public benefit in exercising their powers or

duties. They have referred to this guidance when reviewing the Trust's aims and objectives and in planning its

future activities.

The Trustees consider that our Trust's aims, and objectives are demonstrably to the public benefit.

STRATEGIC REPORT 2022-23

The Trust has agreed four strategic aims to be achieved by 2027:

1. Define and grow the commonality which binds us together as ATT, including culture and learning

2. Structure school improvement and operational support services to be their most cost effective and

impactful

3. Improve outcomes so that the percentage of ATT students receiving an Outstanding education

matches at least national, with 100% receiving a Good education

4. Grow the size of the Trust and its income sufficient to support its geographical spread

During 2022-23, we achieved the following:

1. We launched a major initiative on improving our culture for learning, with a focus on the consistency of

classroom and out-of-class routines across both primary and secondary. We have also launched

daily morning meetings at secondary, in particular in order to reinforce our values and desired

behaviours, and to improve knowledge retrieval.

2. We began to map our processes in Finance and HR with a view to simplifying systems, increasing

centralisation, shifting from paper to electronic systems, and cutting out redundant activities- shifting

our focus from over-compliance to efficiency and effectiveness.

3. We continue to work hard to raise attendance to at least above national at all our academies, and are

having particular success in areas of high disadvantage. We are also about to launch new initiatives

on teacher recruitment. In this way, we are addressing the two most significant restraints on pupil

progress.

4. We cut £1,600k of cost last year, are now graded green by Regional Directors and the ESFA, (up

from the historic red/amber) and are now in a position to grow. We have also identified our areas of

geographical focus for future growth.

Educational Performance

· Three of our academies were visited by Ofsted the last year, and a further one by the time of writing.

We have had a very impressive set of judgements, continuing our run of ten consecutive judgements

of Good or better since November 2021.

· Bristnall Hall Academy is our first academy to be judged Outstanding overall and across all areas.

· ATTFE was judged Outstanding for Adult Education (84% of its activity) and for Personal

Development.

· Star Academy moved from Requiring Improvement to Good, whilst Phoenix Academy moved from

‘Good with declining features’ to a secure Good.

Eighteen of our twenty-one academies are now judged Good or better.

· Two academies are still judged as Requiring Improvement and one remains in category. All three

academies are due for inspection soon.

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ACADEMY TRANSFORMATION TRUST

(A COMPANY LIMITED BY GUARANTEE)

TRUSTEES’ REPORT (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2023

Academy Inspected Previous Latest

Bristnall Hall November 2023 Good Outstanding

ATT FE College June 2023 Good Good+

Phoenix Academy November 2022 Good Good

Star Academy September 2022 Requires Improvement Good

Queen Elizabeth June 2022 Good Good

Pool Hayes April 2022 Requires Improvement Good

Sutton Community April 2022 Inadequate Good

Nicholas Hamond December 2021 Requires Improvement Good

The Dukeries September 2021 Good Good

· In terms of outcomes, all of our primary academies either improved on their 2022 Phonics results or

sustained their already strong results. Six of our primaries have closed the gap on national compared

to 2022, and three of our academies now exceed national.

· Across KS1, results in Reading, Writing and Maths rose by 3%, 6% and 4% respectively, indicating

much stronger recovery this year post-Covid.

· At KS2 there was significant improvement overall on 2022 results in those meeting Age Related

Expectation in Writing, Maths, GPS and Combined, with Reading, Maths, GPS and Combined also

exceeding pre-Covid 2019 results. Similarly, in Reading, Maths, GPS and Combined, significantly

more pupils achieved Greater Depth than in 2022 and indeed in 2019.

· At KS4, EBacc entry remains much higher than national, reflecting our commitment to high-value

qualifications which transform life chances. MAT Progress 8 is yet to be published but will be

improved on 2022, although still no better than average and not yet as high as 2019. Nevertheless,

serving areas of high deprivation post-Covid poses particular challenges nationally, indicating that our

work on culture and pedagogy is having even more impact than the slight improvement in our results

might suggest.

· There will be no progress measure produced for Post 16 this year as the DFE committed not to use

KS4 prior attainment from qualifications achieved between January 2020 and August 2021.

Improvement Strategy

· Our improvement strategy continues to be aligned around our ethos of Challenge, Support and

Intervention (CSI). This ensures that our colleagues benefit from the ability to share best practice

across our Trust as well as providing the ability for Trustees to receive quality information to enable

them to perform their functions effectively.

· We are a national trust and proud to be so. Our record of school improvement is very strong. Our Big

Moves on culture and attendance are already having impact and there are encouraging early

indications of continued improvement in 2024.

Our people

We recognise that our people are the key drivers to improved performance and we invest in their performance

development to drive this.

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ACADEMY TRANSFORMATION TRUST

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TRUSTEES’ REPORT (CONTINUED)

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The Institute Offer

Our Institute provides a wide range of professional development opportunities for ATT colleagues in the form

of training, support, accredited courses and structured networking opportunities. The Institute also works with

a range of external partners to deliver National Professional Qualifications, the Early Career Framework and

we are soon to launch Initial Teacher Training.

ATTI Accredited courses

Our Institute continues its relationship as Delivery Partner for Ambition Institute for the ECF, the NPQs and is

also a founding partner for the ITT. The Institute delivers the Early Career Framework to over 200 ECTs

across 61 schools including all ATT academies. We pride ourselves on providing the highest level of training

and support for ECTs, their mentors and inductions tutors, to ensure teachers get the best possible start in

the profession. The Institute delivers six National Professional Qualifications and has a current cohort of over

150 participants from ATT academies and our partner schools and Trusts.

ATTI Professional development Opportunities

Our Institute co-ordinates a network over nearly forty Communities of Practice- these focus on leadership,

curriculum and a range of specialist areas and support roles. These communities provide the platform for

collaboration, alignment and implementation of strategies to address our priorities.

Our Institute also provides a range of opportunities for colleagues to develop their own practice across all

roles- these opportunities include webinar series focused on Trust priorities, Aspiring System Leaders

Development Pathway, Leadership Coaching, Fellowships and TA Development Pathway.

Apprenticeships

Apprenticeships are fully funded courses available as part of the Apprenticeship Levy which Academy

Transformation Trust contributes to. Our Trust has £429,892 current funds available as part of the

Apprenticeship Levy. Levy utilisation has increased significantly from its introduction. Estimated total funding

for the next 12 months sits at £244,431, with estimated spend of £152,053. This has been achieved through

partnership with LMP who act as our preferred apprenticeship training provider, promoting apprenticeships as

training options for existing employees and encouraging leaders to consider apprentices for appropriate

vacancies. At present we have 87 live apprenticeships from Level 2 to Level 7, covering teaching and non-

teaching colleagues. Courses consist of a range of subjects, including Teaching Assistant qualifications,

operations qualifications (e.g. HR/IT/Finance) and the apprenticeship route into teaching, which has been

utilised for the first time as a Trust.

Human Resources

The Trust, like the wider sector, continues to face challenges with recruitment of staff, across both teaching

and non-teaching areas. Over the last 12-18 months there has been a focus on recruitment, with the

development of central recruitment-specific roles to focus on developing best practice and exploring ways to

expand our reach to prospective candidates, including events such as University Job Fairs. As part of this

we’ve focused on the development of our Trust website/branding plus use of social media to support

with

candidate attraction. We have continued to develop our relationships with The Supply Register for ongoing

day to day supply needs.

Employee reward continues to be a priority, with an updated Pay Policy being implemented and a review of

our benefits offer being undertaken. Our benefits offer has been expanded over the last two years to include a

range of gross and net pay deduction schemes, including home and electronics, Cycle to Work and Car

schemes. We’ve expanded wellbeing support to ensure all colleagues have access to a 24/7

telephone

Employee Assistance Programme, but furthermore have the opportunity for free structured telephone

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counselling. We have also extended this offer to employee’s dependants, understanding the impact

family

related issues can have on an employee’s wellbeing and ability to attend work regularly.

We have also reviewed our Occupational Health provision and moved to a service that will better aid our

ability to support colleagues experiencing ill health.

We value employee feedback and have undertaken a trust wide survey on staff experience and wellbeing,

conducted by Edurio, which provides up to date sector specific benchmarking of results. We continue to work

with academies to review the data and, where necessary, support action plans to address any areas identified

as requiring development. We have increased response rates of welcome and exit survey data by

undertaking these face-to-face, which provides us with valuable data to improve the employee experience.

Work has been undertaken with our payroll provider to revise our part year pay calculations, following a

collective agreement with Trade Unions. The implementation of this, which affects historical pay dating back

to 1 April 2017, has been ongoing since May/June 2022 and is due to conclude in Autumn 2023. Ongoing

work continues to develop and strengthen our payroll data and processing, including launching Employee Self

Service.

The Trust has a suite of updated, fit-for-purpose HR policies and procedures and meets termly with our

recognised trade unions in relation to all people-related matters. We continue to review and update our

policies as required. We are in the process of reviewing our staff attendance policy with trade unions to

ensure we’re effectively supporting employees to attend work regularly.

The Trust Annual Gender Pay Report demonstrated our firm commitment to the equality agenda and we

continue to look to improve on the current gap. We have developed a trust wide Diversity, Equity and

Inclusion (DEI) community, with representation from academies. DEI representatives have access to a range

of materials and resources to support curriculum, students and staff with their DEI objectives and raise

awareness through academy initiatives linked to the DEI calendar of events. Training has been provided via

ATT Institute on recognising and responding to racist incidents and we have launched the Equally Safe

programme to support parents, pupils and staff in over 50% of our academies.

Professional development for support staff is being developed based on feedback from staffing groups on a

role specific basis. The HR team have supported the development and delivering of training such as Culture

of Vigilance and Data Protection for Data Protection leads.

Finance and Business Operations

Estates

The Trust’s primary source of estates capital funding is School Condition Allocation (SCA). In 2022-23, this

amounted to £2,717k. Though one of the higher allocations of SCA amongst academy trusts, this is still down

from £5,010k allocated in 2019-20 (when the Trust’s SCA allocation contained an element of

transitional

funding).

Our current Estates strategy continues to focus on reducing condition liability within our Trust but also

considers educational need, space utilisation, sufficiency, capacity, and links to our individual three-year

development plans in place at each site. This approach has enabled us to continue the transformation of

learning environments in many academies during 2022-23, focusing on improving facilities, use of space and

pupil experiences, alongside addressing and mitigating risk and liability associated with condition issues. We

have continued to explore expansion and land development projects as well as undertaking key

refurbishment projects.

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TRUSTEES’ REPORT (CONTINUED)

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Some highlights of projects that were completed during 2022-23 were:

· Pool Hayes Academy – refurbishment of an existing block to create additional dining capacity.

· Sutton Community Academy – refurbishment of existing spaces to create suitable intervention

spaces.

· Westbourne and Nicolas Hamond – refurbishment of reception areas to create suitable entrances that

meet safeguarding requirements.

· Iceni Primary, Dukeries and Hathaway – new toilet suites to replace older suites that had been in very

poor condition.

ICT

We continue to embed our ICT Strategy throughout our Trust, and during 2022-23, we completed the

migration from individual academy Office 365 tenants to a single Trust-wide tenant. This was crucial to start

the implementation of our Cloud First Strategy. Allowing for the gradual reduction of on-site servers, efficient

management of laptops/desktops, increased data protection, whilst saving money on server refreshes, energy

costs and improving our cyber security position.

We have continued to invest heavily in our ICT infrastructure

and secured £835k of funding from the DfE’s

Connect the Classroom programme. The funding will greatly improve the connectivity in 11 academies (5

secondary and 6 primary). We also made large investments in end user devices (laptops/desktop/iPads),

classroom audio visual equipment (interactive touchscreens) and all academy phone systems are now cloud

based VOIP (Voice Over IP) systems.

We completed the procurement and migration of our Management Information System (MIS) from SIMS to

Bromcom and we now have better access to data. Using Power Bi, this gives our senior leadership teams

access to the data they need to make more informed strategic decisions to improve education for our young

people.

Our cyber security has also improved with the implementation of multi-factor authentication (MFA), restricting

logins to only from the UK and additional email filtering protection.

Going Concern

The Trustees assess whether the use of going concern is appropriate; whether there are any material

uncertainties related to events or conditions that may cast significant doubt on the ability of the Trust to

continue as a going concern. The Trustees make this assessment in respect of a period of at least one year

from the date of authorisation for issue of the financial statements and have concluded that the Trust has

adequate resources and cash to continue in operational existence for the foreseeable future and there are no

material uncertainties about the Trust's ability to continue as a going concern.

In making this assessment the Trustees have considered the current very challenging financial climate facing

the education sector including unfunded or part-funded pay rises for teaching and support staff, high energy

prices and general price inflation coupled with uncertainty around absolute increases in future funding. Given

the potential risks this poses, the Trust has embarked upon a detailed forecasting process for the next 36

months to assess likely future performance, identify potential cost savings and efficiencies, identify

opportunities and ensure the Trust remains financially sound and well prepared for the future.

During 2022-23, the Trust did undertake redundancy processes across a number of its academies, and this

work enabled ATT to set a surplus budget for 2023-24.

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ACADEMY TRANSFORMATION TRUST

(A COMPANY LIMITED BY GUARANTEE)

TRUSTEES’ REPORT (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2023

At 31 August 2023 the Trust had cumulative income reserves of £1,618k following an in year deficit of £913k.

Though reserves have reduced compared to the prior reporting period, the Trust did finish the year in a far

more favourable position than had been budgeted for. Under the requirements of the Academy Trust

Handbook, the Trust is required to maintain positive free reserves at all times, and this is a key balance that is

closely monitored and has been assessed in preparing the forecasts. Cash balances at year end were

£6,670k.

In preparing the forecasts for the next 36 months, the following have been considered:

· Levels of inflation and the trend in the latter half of the 2023 calendar year of inflation reducing back

towards pre-2022 levels.

· The likelihood for future pay awards to be significantly lower than those seen across both teaching

and support staff over 2022-23 and 2023-24.

· Cost savings are being implemented and Integrated Curriculum Finance and Planning (ICFP) is being

closely implemented to help achieve this.

· Close and regular scrutiny of the budgetary position by management and Trustees, including the

impact of the current financial challenges will continue.

Based on the above assessment the Trustees continue to adopt the going concern basis of accounting in

preparing the financial statements.

FINANCIAL REVIEW

Financial Review

During 2022-23, our Trust reported an underlying deficit of £913k with revenue reserves moving from £2,531k

at the end of 2021-22 to £1,618k (there were other adjustments which meant the reduction in revenue

reserves was less than the 2022-23 deficit).

Though the Trust ended 2022-23 with an outturn deficit, this was a significantly improved position as

compared with the budget set for the year. The year was a particularly challenging one with pay increases

being agreed at well above increases to GAG and other funding streams (despite the introduction of the

Mainstream Schools Additional Grant), in addition to general inflation resulting in a variety of non-pay costs

–

primarily relating to energy, estates and IT – also seeing sharp increases. The Trust worked closely with its

Academies throughout the year to tightly manage finances, and this helped to deliver a far reduced deficit

than had originally been anticipated.

On an accounting basis, and thus considering the FRS102 pension valuation figures, the Trust recorded an

in-year surplus on restricted and unrestricted revenue funds of £6,384k, a reduction of £41,970k in

comparison to 2021-22. The pension valuation saw an actuarial gain of £10,677k (2022: £52,541k), due to a

change in CPI inflation assumptions, with a pension surplus not recognised of £2,237k.

Reserves Policy

The Trust’s policy on reserves is to maintain sufficient reserves to enable the Trust to operate effectively in

what is becoming a less certain economic and funding environment, to address any current year shortfall in

funding, and to use them in the ongoing investment in the Trust’s estate, subject to satisfying terms

and

conditions of the grant funding. The Trustees review the level of reserves annually. This review encompasses

the nature of income and expenditure streams, the need to match income with commitments and the nature

of reserves. The Trustees have agreed that the long-term aim of the Trust should be to hold cumulative

reserves of above 5% of total funding. The level of general reserves as at August 2023 (total funds less the

amount held in fixed assets or committed funds) is a surplus of £1,618k (2022: surplus of £2,531k).

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ACADEMY TRANSFORMATION TRUST

(A COMPANY LIMITED BY GUARANTEE)

TRUSTEES’ REPORT (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2023

Though the Trust’s current reserves amount to just under 2% of total revenue, the intention is to

increase

reserves to 5% by the end of 2024-25. It intends to do this through working with its academies to carefully

manage recruitment and staffing levels, to realise further savings from large spend operational areas and to

rationalise procurement for the Trust so that greater efficiencies can be realised for contracts and

subscriptions. It is also anticipated that Trust growth can lead to greater levels of revenue reserves.

Investment Policy

The Trust's investment policy and objectives are:

· To achieve the best financial return available whilst ensuring that security of deposits takes

precedence over revenue maximisation.

· To invest only those funds surplus to operational need based on all financial commitments being met

without the Trust bank account becoming overdrawn.

· To comply with this policy, all investment decisions should be exercised with care and skill and

consequently be in the interests of the Trust, commanding broad public support.

Investment risk will be managed through asset class selection and diversification to ensure that security of

deposits takes precedence over revenue maximisation. For selection, assets will only be considered with

banking institutions which have credit ratings assessed by an external credit agency to show good credit

quality. To manage the risk of default, deposits will be spread by banking institution and be subject to a

maximum exposure of £5,000,000 with any PRA authorised institution by the Bank of England (refer to

Financial Conduct Authority (FCA). Whilst this exceeds the protection limit of £85,000 provided by the FCA it

is accepted that it is not always practicable to find a sufficient number of investments of this size that meet the

prudent criteria outlined in this policy.

Decisions on how much to invest, and how long to invest for, will be based on operational requirements,

demonstrated by cash flow forecasts produced by the Deputy Chief Executive Officer (Finance & Operations).

The cash flow forecasts will take account of the annual budget and spending plans approved by the

Governing Body and updated monthly. A sufficient balance must be held in the current account so that the

Trust’s financial commitments can always be met without the bank account going overdrawn. The size of the

balance is determined by a forecast of future need and is kept under review.

Investments for a fixed term do not normally exceed one year to provide flexibility for the following

year’s

plans unless a clear rationale is provided for exceeding one year to the benefit of the Trust. The Trust has

authorised signatories, two of which are required to sign instructions to the deposit taking institution.

The Deputy Chief Executive Officer (Finance & Operations) monitors the cash position and cash flow

forecast, and reports on investments held and the performance of investments against objectives to the

Finance and Resources Committee at appropriate intervals, depending on the terms of the investments.

Funds held as custodian Trustee on behalf of others

Our Trust does not hold such funds and does not act as the Custodian Trustees of any other charity.

Principal Risks and Uncertainties

The Trustees have assessed the major risks to which the Trust is exposed through its Audit and Risk

Committee, and these are summarised in our Risk Register. The Trustees have implemented a number of

systems to assess the risks that our Trust faces, especially in the operational areas (e.g. in relation to

teaching, health and safety, educational visits and safeguarding) and in relation to the control of finance. They

have introduced mitigating controls, including operational procedures and internal financial controls in order to

minimise risk. Where significant risk remains, they have ensured they have adequate insurance cover.

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ACADEMY TRANSFORMATION TRUST

(A COMPANY LIMITED BY GUARANTEE)

TRUSTEES’ REPORT (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2023

Towards the tail-end of 2022-23, the Trust was notified that RAAC had been positively identified at The

Ravens Academy in Clacton-on-Sea, Essex. This case highlighted a broader risk faced by the Trust around

the condition of the estate and related health-and-safety considerations. Though the Trust does carefully

invest its SCA across the estate, the funds are not enough to fully address all condition needs of the estate;

as such, Trustees are aware that this is a notable risk, but are confident that the Trust does look to manage

available funds in the most appropriate manner to address higher priority areas from condition and health-

and-safety perspectives.

The Audit and Risk Committee conducts deep-dive reviews into key areas at their regular meetings to

scrutinise the operational reality of mitigating risk. In addition, the full Trust Board considers major risks at

least termly, and for 2023-24, the Trust is adopting a new Risk Management Policy and revised risk register.

Policies towards employees and disabled persons

Our Equalities Policy and Equal Opportunities Policy is clear that we take very seriously our obligations to

those with disabilities.

We strive to celebrate Diversity, Equity and Inclusivity across our communities. We believe that all members

of the ATT family should feel valued and free to actively promote DEI with our students, staff, and

stakeholders through open, honest and thought-provoking conversations.

We view DEI as a core value; it is present in our everyday lives and the lives of our students. By embracing

our differences, we model the exemplary behaviour we want our students to take into their lives post-

education.

Our Trust has a DEI working group established with representative staff members from KS1 to Further

Education. The group collaborates on changes to the Trust's policies and CPD offerings. As a group we are

consistently trying to become proactive allies for Diversity, Equity and Inclusivity so that everyone at our Trust

can continue “Transforming Lives”. We are a Disability Confident Employer.

Our approach to engaging with employees is detailed earlier in this document.

Fundraising

The Trust does not currently actively participate in fundraising activities; and thus, has nothing to disclose in

accordance with the Charities (Protection and Social Investment) Act 2016.

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ACADEMY TRANSFORMATION TRUST

(A COMPANY LIMITED BY GUARANTEE)

TRUSTEES’ REPORT (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2023

Streamlined Energy and Carbon Reporting

UK Greenhouse Gas Emissions and Energy Use Data

Energy Consumption Used to Calculate Emissions (kWh)

Energy consumption breakdown

Gas (kWh)

Electricity (kWh)

Transport fuel – minibuses and business travel (miles)

2022-23 2021-22

20,703,513

15,977,561

4,189,618

426,421

21,867,778

15,742,619

5,680,263

353,722

Scope 1 Emissions in Metric Tonnes CO2e

Gas

Minibuses

2,937.47

22.57

2,894.60

8.52

Scope 2 Emissions in Metric Tonnes CO2e

Electricity 0.00 0.00

Scope 3 Emissions in Metric Tonnes CO2e

Business travel 76.36 99.23

Total Gross Emissions in Metric Tonnes CO2e 3,036.40 3,002.34

Intensity Ratio | Tonnes CO

2e Per Pupil 0.26 0.26

We have followed the 2019 HM Government Environmental Reporting Guidelines methodologies. We have

also used the GHG Reporting Protocol - Corporate Standard and have used the 2020 UK

Government’s

Conversion Factors for Company Reporting.

During the 2023-24 academic year, we will continue to further our carbon reduction agenda by looking to

upgrade traditional lighting with LED, encourage less travel and more meetings over Microsoft Teams and

through signing up to the Energy Sparks initiative to help identify areas of inefficiency.

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:

so far as that Trustee is aware, there is no relevant audit information of which the charitable Trust’s

auditors are unaware; and

· that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware

of any relevant audit information and to establish that the charitable Trust’s auditors are aware of that

information.

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ACADEMY TRANSFORMATION TRUST

(A COMPANY LIMITED BY GUARANTEE)

TRUSTEES’ REPORT (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2023

Auditors

The auditors, Bishop Fleming LLP, have been informed that the Trust intends to re-

tender the external auditor

role in early-2024, in readiness for audit of the 2023-24 financial year. Trustees formally confirmed this

intention at a meeting held on 19 December 2023.

The Trustees' report, incorporating a strategic report, was approved by order of the board of Trustees, as the

company directors, on 19 December 2023 and signed on its behalf by:

Pat Beanland Tom Clark

Chair of Trustees Vice Chair of Trustees

Page

19th December 2023

ACADEMY TRANSFORMATION TRUST

(A COMPANY LIMITED BY GUARANTEE)

GOVERNANCE STATEMENT

FOR THE YEAR ENDED 31 AUGUST 2023

SCOPE OF RESPONSIBILITY

As Trustees, we acknowledge we have overall responsibility for ensuring that Academy Transformation Trust

has an effective and appropriate system of control, financial and otherwise. However, such a system is

designed to manage rather than eliminate the risk of failure to achieve business objectives and can provide

only reasonable and not absolute assurance against material misstatement or loss.

As Trustees, we have reviewed and taken account of the guidance in DfE's Governance Handbook and

competency framework for governance.

The Board of Trustees has delegated the day-to-day responsibility to the Chief Executive Officer, as

accounting officer, for ensuring financial controls conform with the requirements of both propriety and good

financial management and in accordance with the requirements and responsibilities assigned to it in the

funding agreement between Academy Transformation Trust and the Secretary of State for Education. They

are also responsible for reporting to the board of Trustees any material weaknesses or breakdowns in internal

control.

GOVERNANCE

The information on governance included here supplements that described in the Trustees' report and in the

Statement of Trustees' responsibilities and in the statement of Trustees' Reports. The full Board of Trustees

and the Finance and Resources Committee formally met 5 times during the year, with Standards and

Outcomes and Audit and Risk committees having met 4 times and Remunerations met once.

Attendance during the year at meetings of the Board of Trustees was as follows:

TRUSTEE

FULL

BOARD

FINANCE

AND

RESOURCES

AUDIT

AND

RISK

STANDARDS

AND

OUTCOMES

REMUNERATIONS

ALISTAIR MILNE

5/5

4/4

‐

CARL EDWARDS

0/3

1/3

‐

DIANNE ELLEMAN

3/3

‐

1/1

‐

ELAINE BONAR

4/5

‐

4/4

‐

LOUISE JONES

4/5

5/5

‐

1/1

MARK GILL

5/5

‐

4/4

‐

1/1

PAT BEANLAND

5/5

‐

4/4

1/1

TANIA CRAIG

3/3

‐

1/3

‐

TOM

CLARK

5/5

4/5

3/3

3/4

‐

The Trust did not convene six Board meetings in 2022/23, however it is confident that both its Audit and Risk

Committee and Finance and Resources Committee, between them, apply suitable rigour and scrutiny on

behalf of the Full Board in order for the Board to be confident that effective oversight of funds was maintained.

REVIEW OF VALUE FOR MONEY

As Accounting Officer, the Chief Executive Officer has responsibility for ensuring that the Trust delivers good

value in the use of public resources. The Chief Executive Officer understands that value for money refers to

the educational and wider societal outcomes achieved in return for the taxpayer resources received.

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ACADEMY TRANSFORMATION TRUST

(A COMPANY LIMITED BY GUARANTEE)

GOVERNANCE STATEMENT (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2023

The Accounting Officer considers how the Trust’s use of its resources has provided good value for

money

during each academic year, and reports to the Board of Trustees where value for money can be improved,

including the use of benchmarking data where appropriate. The Accounting Officer for the Trust has delivered

improved value for money during the year by:

· Strengthening the financial reporting mechanisms at Trustee and local level to be able to identify

opportunities to generate efficiency savings.

· Further development of accounting and budgetary systems; to allow for better reporting, budgeting

and forecasting.

Enhancing the use of Integrated Curriculum and Financial Planning (ICFP), to include all academy

staff members, in full in all academies.

Bulk contract awards for conditions improvements through estates department.

· Further centralisation of procurement contracts in relation to other estates as well as IT services.

· Development of supply chain partners to secure low-rate goods and services reducing reactive

maintenance costs.

· Implementation of renewable energy initiatives such as Biomass and Solar technology to reduce

carbon footprint, utility costs and secure RHI.

Move towards centralised/regional delivery models for school improvement.

The Trust entered into a new Trust-wide estates management contract in April 2022. A comprehensive review

of its cost effectiveness is taking place during 2023-24. Linked to this, the Trust is also reviewing its current

health and safety arrangements, given the greater profile and increased emphasis of this area in relation to

estates.

Health and safety services are delivered largely through an external provider, but alternative options will be

considered to identify the most effective manner through which assurance can be provided to Trustees

relating to this service.

THE PURPOSE OF THE SYSTEM OF INTERNAL CONTROL

The system of internal control is designed to manage risk to a reasonable level rather than to eliminate all risk

of failure to achieve policies, aims and objectives. It can, therefore, only provide reasonable and not absolute

assurance of effectiveness. The system of internal control is based on an ongoing process designed to

identify and prioritise the risks to the achievement of Trust policies, aims and objectives, to evaluate the

likelihood of those risks being realised and the impact should they be realised, and to manage them

efficiently, effectively and economically.

The system of internal control has been in place in Academy Transformation Trust for the year 1 September

2022 to 31 August 2023 and up to the date of approval of the annual report and financial statements.

CAPACITY TO HANDLE RISK

The Board of Trustees has reviewed the key risks to which the Trust is exposed together with the operating,

financial and compliance controls that have been implemented to mitigate those risks. The board of Trustees

is of the view that there is a formal ongoing process for identifying, evaluating and managing the Trust's

significant risks that has been in place for the year 1 September 2022 to 31 August 2023 and up to the date of

approval of the annual report and financial statements. This process is regularly reviewed by the Board of

Trustees.

THE RISK AND CONTROL FRAMEWORK

The Trust’s system of internal financial control is based on a framework of regular management information

and administrative procedures including the segregation of duties and a system of delegation and

accountability. In particular, it includes:

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ACADEMY TRANSFORMATION TRUST

(A COMPANY LIMITED BY GUARANTEE)

GOVERNANCE STATEMENT (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2023

· comprehensive budgeting and monitoring systems with an annual budget and periodic financial

reports which are reviewed and agreed by the Board of Trustees.

· regular reviews by the Finance and Resources Committee of reports which indicate financial

performance against the forecasts and of major purchase plans, capital works and expenditure

programmes.

· setting KPIs to measure financial and other performance.

clearly defined purchasing (asset purchase or capital investment) guidelines within financial

regulations.

· identification and management of risks.

The system of internal financial control is in the process of a comprehensive review and, as such, trustees are

confident that the existing framework will be strengthened through revised processes and procedures.

REVIEW OF EFFECTIVENESS

The Chief Executive Officer has responsibility for reviewing the effectiveness of the system of internal control.

· the reports for any internal scrutiny reports performed.

· the work of the external auditors.

· the financial management and governance self-assessment process;

· the work of the executive leaders within the Trust who have responsibility for the development and

maintenance of the internal control framework.

SUMMARY OF GOVERNANCE REVIEW

The audit of Governance carried out in May 2023 advised that the board could take reasonable assurance

that the controls upon which the organisation relied to manage this risk are suitably designed.

Some minor issues were identified which have since been addressed in order to ensure that the control

framework is effective in managing the identified risk.

Terms of Reference have been reviewed, and an annual cycle of business introduced. A robust Trustee and

Governor Induction is now in place, and Trustee recruitment has ensured that there are a minimum of 3

Trustees on each committee, with all Fit to Serve forms stored for every Trustee.

A self-evaluation of the Board has since taken place as part of a Trustee Strategy Day, from which targets for

Governance by 2027 have been set.

Recruitment of an additional Member has decreased the ratio of Trustees who are also Members to 2:6,

therefore reducing the risk.

The Accounting Officer has been advised of the implications of the result of their review of the system of

internal control by the audit committee and a plan to address weaknesses and ensure continuous

improvement of the system is in place.

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

Pat Beanland

Chair of Trustees

Date:

Sir Nick Weller

CEO and Accounting Officer

Date:

Page

19th December 2023

ACADEMY TRANSFORMATION TRUST

(A COMPANY LIMITED BY GUARANTEE)

STATEMENT ON REGULARITY, PROPRIETY AND COMPLIANCE

As accounting officer of

Academy Transformation Trust

, I have considered my responsibility to notify the

trust

Board of Trustees

and the Education and Skills Funding Agency (ESFA) of material irregularity, impropriety and

non-compliance with terms and conditions of all funding, including for estates safety and management, under the

funding agreement between the

trust

and the Secretary of State for Education. As part of my consideration I

have had due regard to the requirements of the Academy Trust Handbook

2022

, including responsibilities for

estates safety and management.

I confirm that I and the

trust

Board of Trustees

are able to identify any material irregular or improper use of all

funds by the

trust

, or material non-compliance with the terms and conditions of funding under the

trust's

funding

agreement and the Academy Trust Handbook

2022

I confirm that no instances of material irregularity, impropriety or funding non-compliance have been discovered

to date. If any instances are identified after the date of this statement, these will be notified to the

Board of

Trustees

and ESFA.

Sir Nick Weller

CEO and Accounting Officer

Date:

Page

19th December 2023

ACADEMY TRANSFORMATION TRUST

(A COMPANY LIMITED BY GUARANTEE)

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 AUGUST 2023

The

Trustees

(who are also the directors of the charitable company for the purposes of company law) are

responsible for preparing the

Trustees' report

and the financial statements in accordance with the Academies

Accounts Direction published by the Education and Skills Funding Agency, United Kingdom Accounting

Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.

Company law requires the

Trustees

to prepare financial statements for each financial

year

. Under company law,

the

Trustees

must not approve the financial statements unless they are satisfied that they give a true and fair

view of the state of affairs of the charitable company and of

its

incoming resources and application of resources,

including

its

income and expenditure, for that period. In preparing these financial statements, the

Trustees

are

required to:

 select suitable accounting policies and then apply them consistently;

 observe the methods and principles of the Charities SORP 2019 and the Academies Accounts Direction

2022 to 2023;

 make

judgments

and accounting estimates that are reasonable and prudent;

 state whether applicable UK Accounting Standards have been followed, subject to any material departures

disclosed and explained in the financial statements;

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

charitable company will continue in business.

The

Trustees

are responsible for keeping adequate accounting records that are sufficient to show and explain

the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of

the charitable company and enable them to ensure that the financial statements comply with the Companies Act

2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking

reasonable steps for the prevention and detection of fraud and other irregularities.

The

Trustees

are responsible for ensuring that in

its

conduct and operation the charitable company

applies

financial and other controls, which conform with the requirements both of propriety and of good financial

management. They are also responsible for ensuring grants received from ESFA/DfE have been applied for the

purposes intended.

The

Trustees

are responsible for the maintenance and integrity of the corporate and financial information

included on the

charitable company

's website. Legislation in the United Kingdom governing the preparation and

dissemination of financial statements may differ from legislation in other jurisdictions.

Approved by order of the members of the

Board of Trustees

and signed on its behalf by:

Pat Beanland

Chair of Trustees

Date:

Page

19th December 2023

ACADEMY TRANSFORMATION TRUST

(A COMPANY LIMITED BY GUARANTEE)

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

ACADEMY TRANSFORMATION TRUST

Opinion

have audited the

financial statements

Academy Transformation Trust

(the 'trust')

for the

year

ended

August 2023

which comprise

the Statement of Financial Activities, the Balance sheet, the Statement of cash

flows

and the related notes, including a summary of significant accounting policies.

The financial reporting

framework that has been applied in their preparation is applicable law,

United Kingdom Accounting Standards

(United Kingdom Generally Accepted Accounting Practice), including FRS 102 'The Financial Reporting

Standard applicable in the UK and Republic of Ireland', the Charities SORP 2019 and the Academies Accounts

Direction 2022 to 2023 issued by the Education and Skills Funding Agency.

our

opinion the

financial statements

 give a true and fair view of the state of the trust's affairs as at 31 August 2023 and of its 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

2019 and the Academies Accounts Direction 2022 to 2023 issued by the Education and Skills Funding

Agency.

BASIS FOR OPINION

conducted

our

audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable

law.

Our

responsibilities under those standards are further described in the

Auditors'

responsibilities for the audit

of the

financial statements

section of

our

report.

are

independent of the

trust

in accordance with the ethical

requirements that are relevant to

our

audit of the

financial statements

in the United Kingdom, including the

Financial Reporting Council's Ethical Standard, and

have fulfilled

our

other ethical responsibilities in

accordance with these requirements.

believe that the audit evidence

have obtained is sufficient and

appropriate to provide a basis for

our

opinion.

CONCLUSIONS RELATING TO GOING CONCERN

In auditing the financial statements,

have concluded that the

Trustees'

use of the going concern basis of

accounting in the preparation of the financial statements is appropriate.

Based on the work

have performed,

have not identified any material uncertainties relating to events or

conditions that, individually or collectively, may cast significant doubt on the

trust's

ability to continue as a going

concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our

responsibilities and the responsibilities of the

Trustees

with respect to going concern are described in the

relevant sections of this report.

Page

ACADEMY TRANSFORMATION TRUST

(A COMPANY LIMITED BY GUARANTEE)

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

ACADEMY TRANSFORMATION TRUST (CONTINUED)

OTHER INFORMATION

The other information comprises the information included in the

Annual report

other than the

financial statements

and

our

Auditors' report

thereon. The

Trustees

are responsible for the other information contained within the

Annual report

Our

opinion on the

financial statements

does not cover the other information and, except to the

extent otherwise explicitly stated in

our

report,

do not express any form of assurance conclusion thereon.

Our

responsibility is to read the other information and, in doing so, consider whether the other information is

materially inconsistent with the

financial statements

our

knowledge obtained in the course of the audit, or

otherwise appears to be materially misstated. If

identify such material inconsistencies or apparent material

misstatements,

are

required to determine whether this gives rise to a material misstatement in the

financial

statements

themselves. If, based on the work

have performed,

conclude that there is a material

misstatement of this other information,

are

required to report that fact.

have nothing to report in this regard.

OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006

our

opinion, based on the work undertaken in the course of the audit:

 the information given in the Trustees' report for the financial year for which the financial statements are

prepared is consistent with the financial statements.

 the Trustees' report has been prepared in accordance with applicable legal requirements.

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

In the light of

our

knowledge and understanding of the

trust

and its environment obtained in the course of the

audit,

have not identified material misstatements in the

Trustees' report

have nothing to report in respect of the following matters

in relation to which

the Companies Act 2006

requires

to report to you if, in

our

opinion:

 adequate accounting records have not been kept, or returns adequate for

our

audit have not been

received from branches not visited by us; or

 the 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



have not received all the information and explanations

require for

our

audit.

RESPONSIBILITIES OF TRUSTEES

As explained more fully in the Trustees' responsibilities statement, the Trustees (who are also the directors of the

trust for the purposes of company law) are responsible for the preparation of the financial statements and for

being satisfied that they give a true and fair view,

and for such internal control as the

Trustees

determine is

necessary to enable the preparation of

financial statements

that are free from material misstatement, whether

due to fraud or error.

In preparing the

financial statements

, the

Trustees

are responsible for assessing the

trust's

ability to continue as

a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of

accounting unless the

Trustees

either intend to liquidate the

trust

or to cease operations, or have no realistic

alternative but to do so.

Page

ACADEMY TRANSFORMATION TRUST

(A COMPANY LIMITED BY GUARANTEE)

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

ACADEMY TRANSFORMATION TRUST (CONTINUED)

AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

Our

objectives are to obtain reasonable assurance about whether the

financial statements

as a whole are free

from material misstatement, whether due to fraud or error, and to issue an

Auditors' report

that includes

our

opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in

accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise

from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be

expected to influence the economic decisions of users taken on the basis of these

financial statements

Irregularities, including fraud, are instances of non-compliance with laws and regulations.

design procedures

in line with

our

responsibilities, outlined above, to detect material misstatements in respect of irregularities,

including fraud. The extent to which

our

procedures are capable of detecting irregularities, including fraud is

detailed below.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-

compliance with laws and regulations,

considered the following:

 the nature of the Academy sector, control environment and the trust's performance;

 results of

our

enquiries of management and the Trustee board, including the committees charged with

governance over the trust's finance and control, about their own identification and assessment of the risks of

irregularities;

 any matters

identified having obtained and reviewed the trust's documentation of their policies and

procedures relating to: identifying, evaluating and complying with laws and regulations and whether they

were aware of any instances of non-compliance; detecting and responding to the risks of fraud and whether

they have knowledge of any actual, suspected or alleged fraud; the internal controls established to mitigate

risks of fraud or noncompliance with laws and regulations; and assessment of the impact of schools joining

the trust in relation to these areas;

 how the trust ensured it met its obligations arising from it being financed by the ESFA and other funders, and

as such material compliance with these obligations is required to ensure the trust will continue to receive its

public funding and be authorised to operate, including around ensuring there is no material unauthorised use

of funds and expenditure;

 how the trust ensured it met its obligations to its principal regulator, the Secretary of State for Education; and

 the matters were discussed among the audit engagement team who also considered any potential indicators

of fraud.

As a result of these procedures,

considered the opportunities and incentives that may exist within the

organisation for fraud, which included

incorrect recognition of revenue, management override of controls using

manual journal entries, procurement and payroll.

identified the greatest potential for fraud as

incorrect

recognition of revenue

and management override using manual journal entries.

In common with all audits under ISAs (UK),

are also required to perform specific procedures to respond to

the risk of management override.

also obtained an understanding of the legal and regulatory frameworks

that the

trust

operates in, focusing on provisions of those laws and regulations that had a direct effect on the

determination of material amounts and disclosures in the

financial statements

. The key laws and regulations we

considered in this context included the Academies Accounts Direction, Academies Financial Handbook, UK

Companies Act and tax legislation.

In addition,

considered provisions of other laws and regulations that do not have a direct effect on the

financial statements but compliance with which may be fundamental to the

trust's

ability to operate or to avoid a

material penalty. These included safeguarding regulations, data protection regulations, occupational health and

safety regulations, education and inspections legislation, building legislation and employment legislation.

Page

ACADEMY TRANSFORMATION TRUST

(A COMPANY LIMITED BY GUARANTEE)

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

ACADEMY TRANSFORMATION TRUST (CONTINUED)

Our

procedures to respond to risks identified included the following:

 reviewing the financial statement disclosures and testing to supporting documentation to assess compliance

with provisions of relevant laws and regulations described as having a direct effect on the financial

statements;

 reviewing the financial statement disclosures and testing to supporting documentation to assess the

recognition of revenue;

 enquiring of Trustees and management and those charged with governance concerning actual and potential

litigation and claims;

 performing procedures to confirm material compliance with the requirements of its regulators;

 performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks

of material misstatement due to fraud;

 reading minutes of meetings of those charged with governance and reviewing internal control reports; and

 in addressing the risk of fraud through management override of controls, testing the appropriateness of

journal entries and other adjustments; and assessing whether the judgements made in making accounting

estimates are indicative of a potential bias.

also communicated relevant identified laws and regulations and potential fraud risks to all engagement team

members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout

the audit.

Our

audit procedures were designed to respond to risks of material misstatement in the

financial statements

recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not

detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery,

misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the

further removed non-compliance with laws and regulations is from the events and transactions reflected in the

financial statements, the less likely

would become aware of it.

A further description of

our

responsibilities for the audit of the

financial statements

is located on the Financial

Reporting Council's website at:

www.frc.org.uk/auditorsresponsibilities

. This description forms part of

our

Auditors' report

USE OF OUR REPORT

This report is made solely to the

charitable trust's members, as a body,

in accordance with

Chapter 3 of Part 16

of the Companies Act 2006.

Our

audit work has been undertaken so that

might state to the

charitable trust's

members

those matters

are

required to state to them in an

Auditors' report

and for no other purpose. To the

fullest extent permitted by law,

do not accept or assume responsibility to anyone other than the

charitable

trust and its members, as a body,

for

our

audit work, for this report, or for the opinions

have formed.

Simon Morrison FCA

(Senior statutory auditor)

for and on behalf of

Bishop Fleming LLP

Chartered Accountants

Statutory Auditors

10 Temple Back

Bristol

BS1 6FL

Date:

Page

ACADEMY TRANSFORMATION TRUST

(A COMPANY LIMITED BY GUARANTEE)

INDEPENDENT REPORTING ACCOUNTANT'S ASSURANCE REPORT ON REGULARITY TO ACADEMY

TRANSFORMATION TRUST AND THE EDUCATION & SKILLS FUNDING AGENCY

In accordance with the terms of

our

engagement letter dated

16 September 2021

and further to the requirements

of the Education and Skills Funding Agency (ESFA) as included in the Academies Accounts Direction

2022 to

2023

have carried out an engagement to obtain limited assurance about whether the expenditure disbursed

and income received by

Academy Transformation Trust

during the

year

1 September 2022

31 August 2023

have been applied to the purposes identified by Parliament and the financial transactions conform to the

authorities which govern them.

This report is made solely to

Academy Transformation Trust

and ESFA in accordance with the terms of

our

engagement letter.

Our

work has been undertaken so that

might state to

Academy Transformation Trust

and

ESFA those matters

we are

required to state in a report and for no other purpose. To the fullest extent permitted

by law,

do not accept or assume responsibility to anyone other than

Academy Transformation Trust

and

ESFA, for

our

work, for this report, or for the conclusion

have formed.

RESPECTIVE RESPONSIBILITIES OF ACADEMY TRANSFORMATION TRUST'S ACCOUNTING

OFFICER AND THE REPORTING ACCOUNTANT

The accounting officer is responsible, under the requirements of

Academy Transformation Trust's

funding

agreement with the Secretary of State for Education dated

1 April 2016

and the Academy Trust Handbook,

extant from 1 September

2022

, for ensuring that expenditure disbursed and income received is applied for the

purposes intended by Parliament and the financial transactions conform to the authorities which govern them.

Our

responsibilities for this engagement are established in the United Kingdom by

our

profession's ethical

guidance and are to obtain limited assurance and report in accordance with

our

engagement letter and the

requirements of the Academies Accounts Direction

2022 to 2023

report to you whether anything has come

our

attention in carrying out

our

work which suggests that in all material respects, expenditure disbursed and

income received during the

year

1 September 2022

31 August 2023

have not been applied to purposes

intended by Parliament or that the financial transactions do not conform to the authorities which govern them.

Page

ACADEMY TRANSFORMATION TRUST

(A COMPANY LIMITED BY GUARANTEE)

INDEPENDENT REPORTING ACCOUNTANT'S ASSURANCE REPORT ON REGULARITY TO ACADEMY

TRANSFORMATION TRUST AND THE EDUCATION & SKILLS FUNDING AGENCY (CONTINUED)

APPROACH

conducted

our

engagement in accordance with the Framework and Guide for External Auditors and

Reporting Accountant of Academy Trusts issued by ESFA.

performed a limited assurance engagement as

defined in

our

engagement letter.

The objective of a limited assurance engagement is to perform such procedures as to obtain information and

explanations in order to provide

with sufficient appropriate evidence to express a negative conclusion on

regularity.

A limited assurance engagement is more limited in scope than a reasonable assurance engagement and

consequently does not enable

to obtain assurance that

would become aware of all significant matters that

might be identified in a reasonable assurance engagement. Accordingly,

do not express a positive opinion.

Our

engagement includes examination, on a test basis, of evidence relevant to the regularity and propriety of the

trust's

income and expenditure.

The work undertaken to draw our conclusion includes:

An assessment of the risk of material irregularity and impropriety across all of the Trust’s activities;

Further testing and review of the areas identified through the risk assessment including enquiry, identification of

controls processes and examination of supporting evidence across all areas identified as well as additional

verification work where considered necessary; and

Consideration of evidence obtained through the work detailed above and the work completed as part of our audit

of the financial statements in order to support the regularity conclusion.

In line with the Framework and guide for external auditors and reporting accountants of academy trusts issued

April 2023, we have not performed any additional procedures regarding the Trust’s compliance with

safeguarding, health and safety and estates management.

CONCLUSION

In the course of

our

work, nothing has come to

our

attention which suggest in all material respects the

expenditure disbursed and income received during the

year

1 September 2022

31 August 2023

has not been

applied to purposes intended by Parliament and the financial transactions do not conform to the authorities which

govern them.

Simon Morrison FCA (Senior statutory auditor)

Bishop Fleming LLP

Chartered Accountant

Statutory Auditors

10 Temple Back

Bristol

BS1 6FL

Date:

Page

ACADEMY TRANSFORMATION TRUST

(A COMPANY LIMITED BY GUARANTEE)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 31 AUGUST 2023

Unrestricted

funds

2023

Restricted

funds

2023

Restricted

fixed asset

funds

2023

Total

funds

2023

Total

funds

2022

Note

£000

Income from:

Donations and capital

grants

3,959

4,034

4,154

Other trading activities

1,115

619

Investments

Charitable activities

2,206

83,020

85,226

77,693

Total income 3,397 83,020 3,959 90,376 82,467

Expenditure on:

Raising funds

1,831

1,738

3,569

1,682

Charitable activities

1,566

82,766

3,183

87,515

84,565

Total expenditure 3,397 84,504 3,183 91,084 86,247

Ne(expenditure)/

income

(1,484)

776

(708)

(3,780)

Transfers between

funds

(572)

572

Net movement in

funds before other

recognised

gains/(losses)

(2,056)

1,348

(708)

(3,780)

Other recognised

gains/(losses):

Actuarial gains on

defined benefit

pension schemes

10,677

52,541

Pension surplus not

recognised

(2,237)

Net movement in

funds - 6,384 1,348 7,732 48,761

Reconciliation of

funds:

Total funds brought

forward

(8,067)

127,520

119,453

70,692

Net movement in funds

6,384

1,348

7,732

48,761

Total funds carried

forward - (1,683) 128,868 127,185 119,453

The

Statement of Financial Activities

includes all gains and losses recognised in the

year

The notes on pages

32 to 63

form part of these financial statements.

Page

ACADEMY TRANSFORMATION TRUST

(A COMPANY LIMITED BY GUARANTEE)

REGISTERED NUMBER:

07846852

BALANCE SHEET

AS AT 31 AUGUST 2023

As restated

2023

2022

Note

£000

Fixed assets

Tangible assets

128,868

126,207

Current assets

Debtors

3,428

2,793

Cash at bank and in hand

6,670

9,550

10,098

12,343

Creditors: amounts falling due within one

year

(8,480)

(8,499)

Net current assets

1,618

3,844

Total assets less current liabilities

130,486

130,051

Net assets excluding pension liability

130,486

130,051

Defined benefit pension scheme liability

(3,301)

(10,598)

Total net assets 127,185 119,453

Funds of the trust

Restricted funds:

Fixed asset funds

128,868

127,520

Restricted income funds

1,618

2,531

Restricted funds excluding pension asset

130,486

130,051

Pension reserve

(3,301)

(10,598)

Total restricted funds

127,185

119,453

Unrestricted income funds

Total funds 127,185 119,453

The financial statements on pages

29 to 63

were approved and authorised for issue by the

Trustees

and are

signed on their behalf, by:

Pat Beanland

Chair of Trustees

Date:

The notes on pages

32 to 63

form part of these financial statements.

Page

19th December 2023

ACADEMY TRANSFORMATION TRUST

(A COMPANY LIMITED BY GUARANTEE)

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 AUGUST 2023

2023

2022

Note

£000

Cash flows from operating activities

Net cash (used in)/provided by operating activities

(993)

361

Cash flows from investing activities

(1,884)

(2,153)

Cash flows from financing activities

(3)

(21)

Change in cash and cash equivalents in the year

(2,880)

(1,813)

Cash and cash equivalents at the beginning of the year

9,550

11,363

Cash and cash equivalents at the end of the year

24, 25 6,670 9,550

The notes on pages

32 to 63

form part of these financial statements

Page

ACADEMY TRANSFORMATION TRUST

(A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

ACCOUNTING POLICIES

A summary of the principal accounting policies adopted (which have been applied consistently,

except where noted),

judgments

and key sources of estimation uncertainty, is set out below.

1.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The

financial statements

of the

trust

, which is a public benefit entity under FRS 102, have been

prepared under the historic cost convention in accordance with the Financial Reporting Standard

Applicable in the UK and Republic of Ireland (FRS 102), the Accounting and Reporting by Charities:

Statement of Recommended Practice applicable to charities preparing their accounts in accordance

with the Financial Reporting Standard applicable in the UK and Republic of Ireland (Charities SORP

(FRS 102)), the Academies Accounts Direction

2022

2023

issued by ESFA, the Charities Act 2011

and the Companies Act 2006.

The financial statements are prepared in Sterling, which is the functional and presentation currency of

the Academy Trust, and are rounded to the nearest £1,000.

The following principal accounting policies have been applied:

1.2

GOING CONCERN

The

Trustees

assess whether the use of going concern is appropriate i.e. whether there are any

material uncertainties related to events or conditions that may cast significant doubt on the ability of

the

trust

to continue as a going concern. The

Trustees

make this assessment in respect of a period

of at least one year from the date of authorisation for issue of the financial statements and have

concluded that the

trust

has adequate resources to continue in operational existence for the

foreseeable future and there are no material uncertainties about the

trust

's ability to continue as a

going concern, thus they continue to adopt the going concern basis of accounting in preparing the

financial statements.

Page

ACADEMY TRANSFORMATION TRUST

(A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

ACCOUNTING POLICIES (continued)

1.3

INCOME

All incoming resources are recognised when the

trust

has entitlement to the funds, the receipt is

probable and the amount can be measured reliably.



Grants

Grants are included in the

Statement of financial activities

on a receivable basis. The balance of

income received for specific purposes but not expended during the period is shown in the relevant

funds on the

Balance sheet

. Where income is received in advance of meeting any performance-

related conditions there is not unconditional entitlement to the income and its recognition is deferred

and included in creditors as deferred income until the performance-related conditions are met. Where

entitlement occurs before income is received, the income is accrued.

General Annual Grant is recognised in full in the

Statement of financial activities

in the

year

for which

it is receivable and any abatement in respect of the

year

is deducted from income and recognised as

a liability.

Capital grants are recognised in full when there is an unconditional entitlement to the grant. Unspent

amounts of capital grants are reflected in the

Balance sheet

in the restricted fixed asset fund. Capital

grants are recognised when there is entitlement and are not deferred over the life of the asset on

which they are expended.



Donations

Donations are recognised on a receivable basis (where there are no performance-related conditions)

where the receipt is probable and the amount can be reliably measured.



Other income

Other income, including the hire of facilities, is recognised in the

year

it is receivable and to the extent

the

trust

has provided the goods or services.

1.4

EXPENDITURE

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit

to a third party, it is probable that a transfer of economic benefits will be required in settlement and

the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs

of each activity are made up of the total of direct costs and shared costs, including support costs

involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly

to that activity. Shared costs which contribute to more than one activity and support costs which are

not attributable to a single activity are apportioned between those activities on a basis consistent with

the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation

charges allocated on the portion of the asset’s use.



Expenditure on raising funds

This includes all expenditure incurred by the

trust

to raise funds for its charitable purposes and

includes costs of all fundraising activities events and non-charitable trading.



Charitable activities

These are costs incurred on the

trust

's educational operations, including support costs and costs

relating to the governance of the

trust

apportioned to charitable activities.

All resources expended are inclusive of irrecoverable VAT.

Page

ACADEMY TRANSFORMATION TRUST

(A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

ACCOUNTING POLICIES (continued)

1.5

INTEREST RECEIVABLE

Interest on funds held on deposit is included when receivable and the amount can be measured

reliably by the

trust

; this is normally upon notification of the interest paid or payable by the institution

with whom the funds are deposited.

1.6

TAXATION

The

trust

is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010

and therefore it meets the definition of a charitable company for UK corporation tax purposes.

Accordingly, the

trust

is potentially exempt from taxation in respect of income or capital gains

received within categories covered by Part 11, chapter 3 of the Corporation Tax Act 2010 or Section

256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are

applied exclusively to charitable purposes.

1.7

TANGIBLE FIXED ASSETS

Assets costing

2,500

or more are capitalised as tangible fixed assets and are carried at cost, net of

depreciation and any provision for impairment.

Where tangible fixed assets have been acquired with the aid of specific grants, either from the

government or from the private sector, they are included in the

Balance sheet

at cost and depreciated

over their expected useful economic life. Where there are specific conditions attached to the funding

requiring the continued use of the asset, the related grants are credited to a restricted fixed asset

fund in the

Statement of financial activities

and carried forward in the

Balance sheet

. Depreciation on

the relevant assets is charged directly to the restricted fixed asset fund in the

Statement of financial

activities

. Where tangible fixed assets have been acquired with unrestricted funds, depreciation on

such assets is charged to the unrestricted fund.

Depreciation is provided on all tangible fixed assets other than freehold land and assets under

construction, at rates calculated to write off the cost of each asset on a

straight-line

basis over its

expected useful life, as follows:

Depreciation is provided on the following bases:

Freehold property

2% straight line

Leasehold property

2% straight line

Fixtures and fittings

10% straight line

Computer equipment

33% straight line

Motor vehicles

20% straight line

A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate

that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying

value of fixed assets and their recoverable amounts are recognised as impairments. Impairment

losses are recognised in the

Statement of financial activities

1.8

DEBTORS

Trade and other debtors are recognised at the settlement amount after any trade discount offered.

Prepayments are valued at the amount prepaid net of any trade discounts due.

Page

ACADEMY TRANSFORMATION TRUST

(A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

ACCOUNTING POLICIES (continued)

1.9

CASH AT BANK AND IN HAND

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity

of three months or less from the date of acquisition or opening of the deposit or similar account.

1.10

LIABILITIES

Liabilities are recognised when there is an obligation at the

Balance sheet

date as a result of a past

event, it is probable that a transfer of economic benefit will be required in settlement, and the amount

of the settlement can be estimated reliably. Liabilities are recognised at the amount that the

trust

anticipates it will pay to settle the debt or the amount it has received as advanced payments for the

goods or services it must provide.

1.11

FINANCIAL INSTRUMENTS

The

trust

only holds basic financial instruments as defined in FRS 102. The financial assets and

financial liabilities of the

trust

and their measurement bases are as follows:

Financial assets

- trade and other debtors are basic financial instruments and are debt instruments

measured at amortised cost as detailed in note

. Prepayments are not financial instruments.

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

Financial liabilities

- trade creditors, accruals and other creditors are financial instruments, and are

measured at amortised cost as detailed in

note

. Taxation and social security are not included in

the financial instruments disclosure definition. Deferred income is not deemed to be a financial

liability, as the cash settlement has already taken place and there is an obligation to deliver services

rather than cash or another financial instrument.

1.12

OPERATING LEASES

Rentals paid under operating leases are charged to the

Statement of financial activities

on a straight-

line basis over the lease term.

Page

ACADEMY TRANSFORMATION TRUST

(A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

ACCOUNTING POLICIES (continued)

1.13

PENSIONS

Retirement benefits to employees of the

trust

are provided by the Teachers' Pension Scheme ("TPS")

and the Local Government Pension Scheme ("LGPS"). These are defined benefit schemes.

The TPS is an unfunded scheme and contributions are calculated to spread the cost of pensions over

employees’ working lives with the

trust

in such a way that the pension cost is a substantially level

percentage of current and future pensionable payroll. The contributions are determined by the

Government Actuary based on quadrennial valuations using a prospective unit credit method. TPS is

an unfunded multi-employer scheme with no underlying assets to assign between employers.

Consequently, the TPS is treated as a defined contribution scheme for accounting purposes and the

contributions recognised in the period to which they relate.

The LGPS is a funded multi-employer scheme, and the assets are held separately from those of the

trust

in separate trustee administered funds. Pension scheme assets are measured at fair value and

liabilities are measured on an actuarial basis using the projected unit credit method and discounted at

a rate equivalent to the current rate of return on a high quality corporate bond of equivalent term and

currency to the liabilities. The actuarial valuations are obtained at least triennially and are updated at

each

Balance sheet

date. The amounts charged to operating surplus are the current service costs

and the costs of scheme introductions, benefit changes, settlements and curtailments. They are

included as part of staff costs as incurred. Net interest on the net defined benefit liability/asset is also

recognised in the

Statement of financial activities

and comprises the interest cost on the defined

benefit obligation and interest income on the scheme assets, calculated by multiplying the fair value

of the scheme assets at the beginning of the period by the rate used to discount the benefit

obligations. The difference between the interest income on the scheme assets and the actual return

on the scheme assets is recognised in other recognised gains and losses.

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

1.14

AGENCY ARRANGEMENTS

The Academy Trust acts as an agent in distributing 16-19 bursary funds from ESFA. Payments

received from ESFA and subsequent disbursements to students are excluded from the Statement of

Financial Activities as the Academy Trust does not have control over the charitable application of the

funds. The funds received, paid and any balances held at period end are disclosed in note 30.

1.15

FUND ACCOUNTING

Unrestricted income funds represent those resources which may be used towards meeting any of the

charitable objects of the

trust

at the discretion of the

Trustees

Restricted fixed asset funds are resources which are to be applied to specific capital purposes

imposed by the funders where the asset acquired or created is held for a specific purpose.

Restricted general funds comprise all other restricted funds received with restrictions imposed by the

funder/donor and include grants from the Department for Education Group.

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

Page

ACADEMY TRANSFORMATION TRUST

(A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGMENT

Estimates and

judgments

are continually evaluated and are based on historical experience and other

factors, including expectations of future events that are believed to be reasonable under the

circumstances.

Critical accounting estimates and assumptions:

The

trust

makes estimates and assumptions concerning the future. The resulting accounting estimates

and assumptions will, by definition, seldom equal the related actual results. The estimates and

assumptions that have a significant risk of causing a material adjustment to the carrying amounts of

assets and liabilities within the next financial year are discussed below.

The present value of the Local Government Pension Scheme defined benefit liability depends on a

number of factors that are determined on an actuarial basis using a variety of assumptions. The

assumptions used in determining the net cost or income for pensions include the discount rate. Any

changes in these assumptions, which are disclosed in note

, will impact the carrying amount of the

pension liability. Furthermore a roll forward approach which projects results from the latest full actuarial

valuation performed at

31 March 2022

has been used by the actuary in valuing the pensions liability at

August 2023

. Any differences between the figures derived from the roll forward approach and a full

actuarial valuation would impact on the carrying amount of the pension liability.

INCOME FROM DONATIONS AND CAPITAL GRANTS

Unrestricted

funds

2023

Restricted

fixed asset

funds

2023

Total

funds

2023

Total

funds

2022

£000

Donations

Capital grants

3,959

4,076

TOTAL 2023

75 3,959 4,034 4,154

TOTAL 2022

78 4,076 4,154

Page

ACADEMY TRANSFORMATION TRUST

(A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

INCOME FROM CHARITABLE ACTIVITIES

Unrestricted

funds

2023

Restricted

funds

2023

Total

funds

2023

Total

funds

2022

£000

Education

1,617

83,020

84,637

77,058

Nursery

589

635

TOTAL 2023

2,206 83,020 85,226 77,693

TOTAL 2022

1,722 75,971 77,693

Page

ACADEMY TRANSFORMATION TRUST

(A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

FUNDING FOR THE TRUST'S CHARITABLE ACTIVITIES

Unrestricted

funds

2023

Restricted

funds

2023

Total

funds

2023

Total

funds

2022

£000

EDUCATION

DFE/ESFA GRANTS

General Annual Grant (GAG)

63,463

59,766

OTHER DFE/ESFA GRANTS

Pupil Premium

4,497

4,224

Universal Infant Free School Meals

304

286

Teachers Pension Grant

Teachers Pay Grant

16-19 School Budget Share

2,641

2,595

School Supplementary Grant

1,945

810

Adult Education Budget

1,757

1,276

Other DfE/ESFA grants

2,315

1,638

77,006

70,713

OTHER GOVERNMENT GRANTS

High Needs - SEN

2,978

2,869

Other government grants

2,096

1,697

5,074

4,566

COVID-19 ADDITIONAL FUNDING

DfE/ESFA Catchuup Premium

275

Other DfE/ESFA COVID-19 funding

940

417

940

692

OTHER INCOME

Other income self generated

522

1,003

Catering income

1,095

1,617 - 1,617 1,087

TOTAL 2023

1,617 83,020 84,637 77,058

TOTAL 2022

1,087 75,971 77,058

Page

ACADEMY TRANSFORMATION TRUST

(A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

INCOME FROM OTHER TRADING ACTIVITIES

Unrestricted

funds

2023

Total

funds

2023

Total

funds

2022

£000

Lettings

259

255

School trips

826

323

Other

TOTAL 2023

1,115 1,115 619

TOTAL 2022

619 619

INVESTMENT INCOME

Total

funds

2023

Total

funds

2022

£000

Bank interest 1 1

Page

ACADEMY TRANSFORMATION TRUST

(A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

EXPENDITURE

Staff Costs

2023

Premises

2023

Other

2023

Total

2023

Total

2022

£000

Expenditure on fundraising

activities:

Direct costs

3,569

1,683

Education:

Direct costs

56,239

7,560

63,799

60,445

Support costs

9,140

12,024

2,447

23,611

23,646

Nursery:

Direct costs

105

474

TOTAL 2023

65,484 12,024 13,576 91,084 86,248

TOTAL 2022

65,789 9,418 11,041 86,248

ANALYSIS OF EXPENDITURE BY ACTIVITIES

Activities

undertaken

directly

2023

Support

costs

2023

Total

funds

2023

Total

funds

2022

£000

Education

63,799

23,611

87,410

84,091

Nursery

105

474

TOTAL 2023

63,904 23,611 87,515 84,565

TOTAL 2022

60,919 23,646 84,565

Page

ACADEMY TRANSFORMATION TRUST

(A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

ANALYSIS OF EXPENDITURE BY ACTIVITIES

(CONTINUED)

ANALYSIS OF DIRECT COSTS

Education

2023

Nursery

2023

Total

funds

2023

Total

funds

2022

£000

Pension finance costs

269

551

Staff costs

54,544

105

54,649

53,528

Educational supplies

1,270

329

Examination fees

986

878

Staff development

132

204

Other costs

1,917

1,727

Supply teachers

1,693

1,481

Technology costs

882

878

Educational consultancy

2,106

1,343

TOTAL 2023

63,799 105 63,904 60,919

TOTAL 2022

60,445 474 60,919

Page

ACADEMY TRANSFORMATION TRUST

(A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

ANALYSIS OF EXPENDITURE BY ACTIVITIES

(CONTINUED)

ANALYSIS OF DIRECT COSTS

(continued)

ANALYSIS OF SUPPORT COSTS

Education

2023

Total

funds

2023

Total

funds

2022

£000

Pension finance costs

180

421

Staff costs

9,101

10,684

Depreciation

3,183

2,855

Other costs

(176)

610

Supply teachers

Recruitment and support

229

240

Maintenance of premises and equipment

3,434

2,316

Cleaning

2,107

2,095

Rent and rates

555

399

Energy costs

2,235

1,280

Insurance

383

425

Security and transport

363

333

Catering

Technology costs

713

857

Office overheads

990

878

Legal and professional

Bank interest and charges

PFI charges

147

Governance

TOTAL 2023

23,611 23,611 23,646

TOTAL 2022

23,646 23,646

Page

ACADEMY TRANSFORMATION TRUST

(A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

NET (EXPENDITURE)/INCOME

Net

(expenditure)/income

for the

year

includes:

2023

2022

£000

Operating lease rentals

124

Depreciation of tangible fixed assets

3,183

2,855

Fees paid to auditors for:

- audit

- other services 14 14

STAFF

STAFF COSTS

Staff costs during the

year

were as follows:

2023

2022

£000

Wages and salaries

47,541

44,622

Social security costs

4,996

4,654

Pension costs

11,083

14,735

63,620

64,011

Agency staff costs

1,733

1,578

Staff restructuring costs

131

200

65,484 65,789

Staff restructuring costs comprise:

Severance payments 131 200

SPECIAL STAFF SEVERANCE PAYMENTS

ncluded in staff restructuring costs are non-statutory/non-contractual severence payments totalling £131k

(2022: £200k). Individually, the payments were: £2k, £6k, £7k, £8k, £8k, £13k, £13k, £21k, £26k and £27k

(2022: £1k, £3k, £7k, £11k, £14k, £15k, £38k, £41k and £70k).

Page

ACADEMY TRANSFORMATION TRUST

(A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

STAFF

(CONTINUED)

STAFF NUMBERS

The average number of persons employed by the

trust

during the

year

was as follows:

2023

2022

No.

Teachers

773

802

Administration and support

961

920

Management

1,766 1,760

The average headcount expressed as full-time equivalents was:

2023

2022

No.

Teachers

678

691

Administration and support

475

477

Management

1,185 1,203

HIGHER PAID STAFF

The number of employees whose employee benefits (excluding employer pension costs) exceeded

60,000 was:

2023

2022

No.

In the band £60,001 - £70,000

In the band £70,001 - £80,000

In the band £80,001 - £90,000

In the band £90,001 - £100,000

In the band £100,001 - £110,000

In the band £120,001 - £130,000

In the band £130,001 - £140,000

In the band £150,001 - £160,000

In the band £190,001 - £200,000 1 -

KEY MANAGEMENT PERSONNEL

The key management personnel of the

trust

comprise the

Trustees

and the senior management team as

listed on page 1. The total amount of key management personnel benefits (including employer pension

contributions and employer national insurance contributions) received by key management personnel for

their services to the

trust

was

1,587,401

(

2022

£1,692,927

Page

ACADEMY TRANSFORMATION TRUST

(A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

CENTRAL SERVICES

Between 1 September 2019 and 31st August 2022, the budget model, and in line with the funding

agreement, was revised to encapsulate General Annual Grant pooling. However, from 1 September 2022,

the Trust has revoked the GAG pooling arrangements.

The

trust

has provided the following central services to its academies during the

year

 Chief Executives Office

 Business planning and strategy

 Educational improvement

 Governance and legal

 Internal and external communications (including marketing)

 Human resources

 The ATT institute - delivery CPD and training

 ICT

 Estates

 Procurement

 Finance

The

trust

charges for these services on the following basis:

The central recharge contribution is a live calculation within the Trust's forecasting tool which is based

upon 8% of the projected total General Annual Grant statement for each academy, with that for ATT FE

based upon 8% of the total projected income.

Page

ACADEMY TRANSFORMATION TRUST

(A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

CENTRAL SERVICES

(CONTINUED)

The actual amounts charged during the

year

were as follows:

2023

£000

Beck Row

Bristnall Hall

544

Caldmore

167

Great Heath

181

Iceni

343

Jubilee

Kingsmoor

118

Mark Hall

Mildenhall

591

North Walsall Primary

Phoenix

Pool Hayes

555

Queen Elizabeth

333

Ravens

147

Star

Sun

Sutton

388

The Dukeries

361

The Hathaway

368

The Nicholas Hammond

326

Westbourne

503

ATT FE

274

TOTAL 5,666

TRUSTEES' REMUNERATION AND EXPENSES

During the

year

, no

Trustees

received any remuneration or other benefits

(2022 - £

NIL

)

During the

year

ended

31 August 2023

, expenses totalling

2,519

were reimbursed or paid directly to

Trustees

(2022 -

2,845

Trustees)

. The nature of these expenses were in relation to travel and

subsistence.

TRUSTEES' AND OFFICERS' INSURANCE

In accordance with normal commercial practice, the

trust

has purchased insurance to protect

Trustees

and officers from claims arising from negligent acts, errors or omissions occurring whilst on academy

business. The insurance provides cover up to

10,000,000

on any one claim and the cost for the

year

ended

31 August 2023

was

8,149

(

2022

8,149

The cost of this insurance is included in the total

insurance cost. From 1st September 2023 the Trust has joined the RPA insurance arrangements.

Page

ACADEMY TRANSFORMATION TRUST

(A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

TANGIBLE FIXED ASSETS

Freehold

property

Leasehold

property

Assets

under

construction

Furniture

and

equipment

Computer

equipment

Motor

vehicles

Total

£000

COST OR VALUATION

At 1 September 2022

18,299

124,154

1,713

2,004

3,521

149,721

Additions

921

4,095

543

285

5,844

Transfers between classes

518

975

(1,504)

At 31 August 2023

19,738

129,224

752

2,004

3,817

155,565

DEPRECIATION

At 1 September 2022

2,429

16,895

848

3,321

23,514

Charge for the year

357

2,341

200

279

3,183

At 31 August 2023

2,786

19,236

1,048

3,600

26,697

NET BOOK VALUE

At 31 August 2023 16,952 109,988 752 956 217 3 128,868

At 31 August 2022 15,871 107,259 1,713 1,156 199 9 126,207

Page

ACADEMY TRANSFORMATION TRUST

(A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

DEBTORS

2023

2022

£000

DUE WITHIN ONE YEAR

Trade debtors

414

323

Other debtors

Prepayments and accrued income

2,254

1,746

VAT recoverable

721

687

3,428 2,793

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£000

ESFA loans

Trade creditors

1,774

1,007

Other taxation and social security

1,110

1,066

Other creditors

1,334

1,685

Accruals and deferred income

4,262

4,738

8,480 8,499

FINANCIAL INSTRUMENTS

2023

2022

£000

FINANCIAL ASSETS

Financial assets measured at amortised cost 8,152 10,832

2023

2022

£000

FINANCIAL LIABILITIES

Financial liabilities measured at amortised cost 6,058 6,208

Financial assets measured at amortised cost comprise cash at bank and in hand, trade debtors, other

debtors and accrued income.

Financial liabilities measured at amortised cost comprise trade creditors, other creditors, ESFA loans and

accruals.

Page

ACADEMY TRANSFORMATION TRUST

(A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

STATEMENT OF FUNDS

As restated

Balance at 1

September

2022

£000

Income

£000

Expenditure

£000

Transfers

in/out

£000

Gains/

(Losses)

£000

Balance at

31 August

2023

£000

UNRESTRICTED

FUNDS

General Funds - all

funds - 3,397 (3,397) - - -

RESTRICTED

GENERAL FUNDS

General Annual Grant

(GAG)

2,051

63,463

(63,324)

(572)

1,618

Pupil Premium

4,497

(4,497)

Other ESFA

480

9,986

(10,466)

Othr Government

Grants

5,074

(5,074)

Pension reserve

(10,598)

(1,143)

8,440

(3,301)

(8,067)

83,020

(84,504)

(572)

8,440

(1,683)

RESTRICTED FIXED

ASSET FUNDS

Fixed assets

transferred on

coonversion

75,403

(1,826)

73,577

Fixed assets

purchased from

GAG and other

restricted funds

848

(20)

828

DfE/ESFA capital

grants

50,755

3,959

(1,325)

572

53,961

Private sector capital

grant

514

(12)

502

127,520

3,959

(3,183)

572

128,868

TOTAL

RESTRICTED

FUNDS

119,453

86,979

(87,687)

8,440

127,185

TOTAL FUNDS

119,453 90,376 (91,084) - 8,440 127,185

Page

ACADEMY TRANSFORMATION TRUST

(A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

STATEMENT OF FUNDS (CONTINUED)

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

RESTRICTED FUNDS:

General Annual Grant (GAG) - Income from the ESFA which is to be used for the normal running costs of

the Academy, including education and support costs.

Pupil Premium (PP) - Income from the ESFA which is to be used to address the current inequalities by

ensuring that funding to tackle disadvantage reaches the students who need it most.

Other DfE/ESFA grants - Income from the ESFA which has been received for specific purposes.

Oher government grants - Income from other government sources which has been received for specific

purposes.

Pension reserve - This represents the academy’s share of the assets and liabilities in the Local

Government Pension Scheme (LGPS).

RESTRICTED FIXED ASSET FUNDS:

Fixed assets transferred on conversion - This represents the buildings and equipment donated to the

school from the Local Authority on conversion to an academy.

Fixed assets purchased from GAG - This represents capital assets that have been purchases out of

restricted GAG funding.

DfE/ESFA Capital grants - This represents funding from the ESFA to cover maintenance and purchase of

the schools assets.

Private sector capital sponsorship - This represents funding from the private sector to cover maintenance

and purchase of the schools assets.

Included in DfE/ESFA capital grants is School Condition Allocation (SCA) income. This is initially

recognised in the restricted fixed asset fund with a proportion transferred to the restricted fund,

representing the amounts on revenue expenditure.

Page

ACADEMY TRANSFORMATION TRUST

(A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

STATEMENT OF FUNDS (CONTINUED)

Comparative information in respect of the preceding

year

is as follows:

Balance at

1 September

2021

£000

As restated

Income

£000

As restated

Expenditure

£000

As restated

Transfers

in/out

£000

Gains/

(Losses)

£000

As restated

Balance at

31 August

2022

£000

UNRESTRICTED

FUNDS

General Funds - 2,421 (3,234) 813 - -

RESTRICTED

GENERAL

FUNDS

General Annual

Grant (GAG)

404

63,171

(61,524)

2,051

Pupil Premium

4,423

(4,423)

Other DfE/ESFA

grants

463

4,009

(3,992)

480

Other

government

grants

4,566

(4,566)

Pension reserve

(57,288)

(5,851)

52,541

(10,598)

(56,421)

76,169

(80,356)

52,541

(8,067)

Page

ACADEMY TRANSFORMATION TRUST

(A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

STATEMENT OF FUNDS (CONTINUED)

Balance at

1 September

2021

£000

As restated

Income

£000

As restated

Expenditure

£000

As restated

Transfers

in/out

£000

Gains/

(Losses)

£000

As restated

Balance at

31 August

2022

£000

RESTRICTED

FIXED ASSET

FUNDS

Fixed assets

transferred on

conversion

77,056

(1,653)

75,403

Fixed assets

purchased

from GAG and

other restricted

funds

867

(19)

848

DfE/ESFA

capital grants

48,665

4,075

(1,172)

(813)

50,755

Private sector

capital grant

525

(11)

514

127,113

4,075

(2,855)

(813)

127,520

TOTAL

RESTRICTED

FUNDS

70,692

80,244

(83,211)

(813)

52,541

119,453

TOTAL FUNDS

70,692 82,665 (86,445) - 52,541 119,453

In the prior year reserves of £1,350,000 were misallocated between the Restricted Pension Fund and

Restricted General Funds, in addition reserves of £706,000 were allocated to Restricted General Funds

rather than Restricted Fixed Asset Funds. These items have been restated in the current period, this has

not resulted in any change in overall funds reported but has meant individual reserves balances are

restated by these amounts.

Page

ACADEMY TRANSFORMATION TRUST

(A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

STATEMENT OF FUNDS (CONTINUED)

Total funds analysis by academy

Fund balances at

31 August 2023

were allocated as follows:

As restated

2023

2022

£000

Central services 1,618 2,531

Restricted fixed asset fund

128,868

127,520

Pension reserve

(3,301)

(10,598)

TOTAL 127,185 119,453

Page

ACADEMY TRANSFORMATION TRUST

(A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

STATEMENT OF FUNDS (CONTINUED)

TOTAL COST ANALYSIS BY ACADEMY

Expenditure incurred by each academy during the

year

was as follows:

Teaching

and

educational

support

staff costs

Other

support

staff costs

Educational

supplies

Other costs

excluding

depreciation

Total

2023

Total

2022

£000

Beck Row

908

103

297

1,344

1,192

Bristnall Hall

5,489

374

108

1,380

7,351

6,408

Caldmore

1,578

178

617

2,404

1,975

Great Heath

1,881

129

499

2,556

2,107

Iceni

3,086

255

141

1,440

4,922

4,041

Jubilee

794

105

418

1,337

1,273

Kingsmoor

1,442

107

385

1,995

1,771

Mark Hall

Mildenhall

5,773

488

206

1,896

8,363

6,487

North Walsall

Primary

1,051

113

385

1,565

1,391

Phoenix

982

309

1,407

1,324

Pool Hayes

5,067

457

165

1,436

7,125

6,338

Queen Elizabeth

2,944

366

100

1,035

4,445

4,006

Ravens

1,485

107

513

2,174

2,101

Star

806

349

1,261

1,058

Sun

749

317

1,175

1,013

Sutton

3,842

325

237

1,464

5,868

4,854

The Dukeries

3,295

327

158

1,610

5,390

4,515

The Hathaway

2,934

385

194

928

4,441

4,254

The Nicholas

Hammond

2,895

183

976

4,133

3,625

Westbourne

4,460

511

360

1,573

6,904

5,851

ATT FE

927

1,789

156

762

3,634

3,064

Central services

2,882

2,259

2,961

8,107

14,730

TRUST

55,270 8,824 2,257 21,550 87,901 83,392

Page

ACADEMY TRANSFORMATION TRUST

(A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

ANALYSIS OF NET ASSETS BETWEEN FUNDS

ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR

Restricted

funds

2023

Restricted

fixed asset

funds

2023

Total

funds

2023

£000

Tangible fixed assets

128,868

Current assets

10,098

Creditors due within one year

(8,480)

Provisions for liabilities and charges

(3,301)

TOTAL

(1,683) 128,868 127,185

ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR

Restricted

funds

As restated

2022

Restricted

fixed asset

funds

As restated

2022

Total

funds

As restated

2022

£000

Tangible fixed assets

126,207

Current assets

10,375

1,968

12,343

Creditors due within one year

(7,844)

(655)

(8,499)

Provisions for liabilities and charges

(10,598)

TOTAL

(8,067) 127,520 119,453

Page

ACADEMY TRANSFORMATION TRUST

(A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES

2023

2022

£000

Net expenditure for the year (as per Statement of financial activities)

(708)

(3,780)

ADJUSTMENTS FOR:

Depreciation

3,183

2,855

Capital grants from DfE and other capital income

(3,959)

(4,076)

Interest receivable

(1)

Defined benefit pension scheme cost less contributions payable

694

4,879

Defined benefit pension scheme finance cost

449

973

Decrease in debtors

(635)

795

Increase/(decrease) in creditors

(16)

(1,284)

NET CASH (USED IN)/PROVIDED BY OPERATING ACTIVITIES (993) 361

CASH FLOWS FROM FINANCING ACTIVITIES

2023

2022

£000

Repayments of borrowing

(3)

(21)

NET CASH USED IN FINANCING ACTIVITIES (3) (21)

CASH FLOWS FROM INVESTING ACTIVITIES

2023

2022

£000

Interest received

Purchase of tangible fixed assets

(5,844)

(6,230)

Capital grants from DfE Group

3,959

4,076

NET CASH USED IN INVESTING ACTIVITIES (1,884) (2,153)

ANALYSIS OF CASH AND CASH EQUIVALENTS

2023

2022

£000

Cash in hand and at bank

6,670

9,550

TOTAL CASH AND CASH EQUIVALENTS 6,670 9,550

Page

ACADEMY TRANSFORMATION TRUST

(A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

ANALYSIS OF CHANGES IN NET DEBT

At 1

September

2022

Cash flows

At 31

August 2023

£000

Cash at bank and in hand

9,550

(2,880)

6,670

Debt due within 1 year

(3)

9,547 (2,877) 6,670

PENSION COMMITMENTS

The

trust

's employees belong to two principal pension schemes: the Teachers' Pension Scheme England

and Wales (TPS) for academic and related staff; and the Local Government Pension Scheme (LGPS) for

non-teaching staff, which is managed by

Norfolk Pension Funds, West Midlands Pension Fund, Essex

Pension Fund, Staffordshire Pension Fund, Suffolk Pension Fund, Nottinghamshire County Council

Pension Fund and Warwickshire Pension Fund.

Both are multi-employer defined benefit schemes.

The latest actuarial valuation of the TPS related to the period ended 31 March 2020 and of the LGPS 31

March 2022.

Contributions amounting to

1,170,000

were payable to the schemes at

31 August 2023

(2022 -

1,034,000

)

and are included within creditors.

TEACHERS' PENSION SCHEME

The Teachers' Pension Scheme (TPS) is a statutory, contributory, defined benefit scheme, governed by

the Teachers' Pension Scheme Regulations 2014. Membership is automatic for full-time teachers in

academies. All teachers have the option to opt-out of the TPS following enrolment.

The TPS is an unfunded scheme to which both the member and employer makes contributions, as a

percentage of salary - these contributions are credited to the Exchequer. Retirement and other pension

benefits are paid by public funds provided by Parliament.

Page

ACADEMY TRANSFORMATION TRUST

(A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

PENSION COMMITMENTS

(CONTINUED)

VALUATION OF THE TEACHERS' PENSION SCHEME

The Government Actuary, using normal actuarial principles, conducts a formal actuarial review of the TPS

in accordance with the Public Service Pensions (Valuations and Employer Cost Cap) Directions 2014

published by HM Treasury every 4 years. The aim of the review is to specify the level of future

contributions. Actuarial scheme valuations are dependent on assumptions about the value of future costs,

design of benefits and many other factors. The latest actuarial valuation of the TPS was carried out as at

31 March 2020. The valuation report was published by the Department for Education on 26 October 2023.

The key elements of the previous valuation as at 31 March 2016 which was effective for the year ended

31 August 2023 are:

 employer contribution rates set at 23.68% of pensionable pay (including a 0.08% administration

levy)

 total scheme liabilities (pensions currently in payment and the estimated cost of future benefits) for

service to the effective date of £262,000 million and notional assets (estimated future contributions

together with the notional investments held at the valuation date) of £222,200 million, giving a

notional past service deficit of £39,800 million.

 the SCAPE rate, set by HMT, is used to determine the notional investment return. The current

SCAPE rate is 1.7% above the rate of CPI, assumed real rate of return is 2.4% in excess of prices

and 2% in excess of earnings. The rate of real earnings growth is assumed to be 2.2%. The

assumed nominal rate of return including earnings growth is 4.45%.

The next valuation result is due to be implemented from 1 April 2024 and effective until 31 March 2027.

The employer contribution rate for this period will be 28.68% of pensionable pay (including a 0.08%

administration levy).

The employer's pension costs paid to TPS in the

year

amounted to

6,998,000

(2022 - £

6,519,000

)

A copy of the valuation report and supporting documentation is on the Teachers' Pensions website

(https://www.teacherspensions.co.uk/news/employers/2019/04/teachers-pensions-valuation-report.aspx)

for 2016 and (www.teacherspensions.co.uk/news/employers/2023/10/valuation-result.aspx) for 2020.

Under the definitions set out in FRS 102, the TPS is an unfunded multi-employer pension scheme. The

trust

has accounted for its contributions to the scheme as if it were a defined contribution scheme. The

trust

has set out above the information available on the scheme.

LOCAL GOVERNMENT PENSION SCHEME

The LGPS is a funded defined benefit pension scheme, with the assets held in separate trustee-

administered funds. The total contribution made for the

year

ended

31 August 2023

was

4,064,000

(2022

- £

4,040,000

)

, of which employer's contributions totalled

3,153,000

(2022 - £

3,210,000

)

and employees'

contributions totalled

911,000

(2022 - £

830,000

)

. The agreed contribution rates for future years are

18.3 -

29.5

per cent for employers and

5.5 - 12.5

per cent for employees.

The LGPS obligation relates to the employees of the

trust

, who were the employees transferred as part of

the conversion from the maintained school and new employees who were eligible to, and did, join the

Scheme in the

year

. The obligation in respect of employees who transferred on conversion represents

their cumulative service at both the predecessor school and the

trust

at the balance sheet date.

Parliament has agreed, at the request of the Secretary of State for Education, to a guarantee that, in the

event of academy closure, outstanding Local Government Pension Scheme liabilities would be met by the

Department for Education. The guarantee came into force on 18 July 2013 and on 21 July 2022, the

Department for Education reaffirmed its commitment to the guarantee, with a parliamentary minute

published on

GOV.UK

Page

ACADEMY TRANSFORMATION TRUST

(A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

PENSION COMMITMENTS

(CONTINUED)

PRINCIPAL ACTUARIAL ASSUMPTIONS

2023

2022

Rate of increase in salaries

3.8

3.9

Rate of increase for pensions in payment/inflation

3.0

Discount rate for scheme liabilities 5.2 4.3

The current mortality assumptions include sufficient allowance for future improvements in mortality rates.

The assumed life expectations on retirement age 65 are:

2023

2022

Years

Retiring today

Males

19.8

21.4

Females

23.9

Retiring in 20 years

Males

21.6

22.6

Females 24.9 25.5

SENSITIVITY ANALYSIS

2023

2022

£000

Discount rate +0.1%

(1,267)

(1,552)

Discount rate -0.1%

1,278

1,567

Mortality assumption - 1 year increase

2,031

2,268

Mortality assumption - 1 year decrease

(2,014)

(2,250)

CPI rate +0.1%

1,210

1,306

CPI rate -0.1%

(1,199)

(1,293)

Salary increase +0.1%

171

Salary decrease -0.1% (93) (171)

Page

ACADEMY TRANSFORMATION TRUST

(A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

PENSION COMMITMENTS

(CONTINUED)

SHARE OF SCHEME ASSETS

The

trust

's share of the assets in the scheme was:

At 31

August 2023

At 31 August

2022

£000

Equities

34,486

30,703

Corporate bonds

10,173

8,134

Property

5,176

4,118

Cash

1,912

1,655

Other

3,886

4,688

Total market value of assets 55,633 49,298

The actual return on scheme assets was

(1,710,000)

(2022 - £

(2,498,000)

)

The amounts recognised in the

Statement of financial activities

are as follows:

2023

2022

£000

Current service cost

(3,842)

(8,089)

Past service cost

(5)

Interest income

2,256

834

Interest cost

(2,705)

(1,806)

Total (4,296) (9,061)

Changes in the present value of the defined benefit obligations were as follows:

2023

2022

£000

AT 1 SEPTEMBER

62,573

106,586

Current service cost

3,842

8,089

Interest cost

2,705

1,806

Employee contributions

911

830

Actuarial losses/(gains)

(11,938)

(54,067)

Benefits paid

(1,401)

(671)

Past service costs

AT 31 AUGUST 56,697 62,573

Page

ACADEMY TRANSFORMATION TRUST

(A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

PENSION COMMITMENTS

(CONTINUED)

Changes in the fair value of the

trust

's share of scheme assets were as follows:

2023

2022

£000

AT 1 SEPTEMBER

51,975

49,298

Interest income

2,264

841

Actuarial gains

(1,261)

(1,526)

Employer contributions

3,153

3,210

Employee contributions

911

830

Benefits paid

(1,401)

(671)

Admin expenses

(8)

(7)

AT 31 AUGUST 55,633 51,975

The

trust

has an unrecognised surplus of

2,237,000

(2022 - £

556,000

)

in respect of its defined benefit

pension scheme as it does not expect to recover the plan surplus either through reduced contributions in

the future or through refunds from the plan.

OPERATING LEASE COMMITMENTS

31 August 2023

the

trust

had commitments to make future minimum lease payments under non-

cancellable operating leases as follows:

2023

2022

£000

Not later than 1 year

Later than 1 year and not later than 5 years

161 171

MEMBERS' LIABILITY

Each member of the charitable company undertakes to contribute to the assets of the company in the

event of it being wound up while he/she is a member, or within one year after he/she ceases to be a

member, such amount as may be required, not exceeding £10 for the debts and liabilities contracted

before he/she ceases to be a member.

RELATED PARTY TRANSACTIONS

Owing to the nature of the

trust

and the composition of the

Board of Trustees

being drawn from local

public and private sector organisations, transactions may take place with organisations in which the

trustees

have an interest. All transactions involving such organisations are conducted in accordance with

the requirements of the Academy Trust Handbook, including notifying the ESFA of all transactions made

on or after 1 April 2019 and obtaining their approval where required, and with the

trust

's financial

regulations and normal procurement procedures relating to connected and related party transactions.

Page

ACADEMY TRANSFORMATION TRUST

(A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

AGENCY ARRANGEMENTS

The Trust distributes 16-19 bursary funds to students as an agent for ESFA. In the accounting period

ended 31 August 2023 the Trust received £204k (2022: £126k) and disbursed £175k (2022: £106k) from

the fund. An amount of £128k (2022: £106k) is included in other creditors relating to undistributed funds

that is repayable to ESFA.

GENERAL INFORMATION

Academy Transformation Trust is a company limited by guarantee, incorporated in England and Wales.

The registered office is Emmanuel Court, Reddicroft, Sutton Coldfield, B73 6AZ.

Page