(a company limited by guarantee) annual report …kyqcsl2...trustees' report for the year ended...

Registered number: 07921744 (England & Wales)

STRADBROKE HIGH SCHOOL

(A company limited by guarantee)

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2016



CONTENTS

Page

Reference and administrative details 1 - 2

Trustees' report 3 - 10

Governance statement 11 - 14

Statement on regularity, propriety and compliance 15

Statement of Trustees' responsibilities 16

Independent auditors' report on the financial statements 17 - 18

Independent auditors' assurance report on regularity 19 - 20

Statement of financial activities incorporating income and expenditure account 21

Balance sheet 22 - 23

Statement of cash flows 24

Notes to the financial statements 25 - 47



REFERENCE AND ADMINISTRATIVE DETAILS OF THE ACADEMY, ITS TRUSTEES AND ADVISERSFOR THE YEAR ENDED 31 AUGUST 2016

Members Mr A SmithMr B GoffeeMrs E SouleMrs N Mewse

Trustees Mr A Smith, Chair2,3,6

Mrs S Hammond (resigned 11 November 2015)2,3,6

Mr B Goffee2,3,6

Mrs N Mewse (resigned 1 September 2016)4

Mrs P Higgins5

Mr N Brown4

Mrs C Hargrave4

Mrs K Lynch2,4

Ms S Moss5

Mr R Pierce-Saunderson4

Mrs E Soule6

Mr J AxtellMrs S Clarke5

Mrs A HaversMr A Bloom1,5,6

Mrs E Gibson (resigned 30 September 2016)4

Mrs V Skoyles (resigned 29 January 2016)4

1 Headteacher2 Member of the Finance Committee3 Community Governor4 Parent Governor5 Staff Governor6 Member of Steering and Audit Committee

Company registerednumber 07921744

Company name Stradbroke High School

Principal and registeredoffice

Stradbroke High SchoolWilby RoadStradbrokeSuffolkIP21 5JN

Secretary to GoverningBody

Mrs J van der Ree

Senior Leadership Team Mr A BloomMrs K MillarMr J AxtellMrs S ClarkeMrs R Hurren

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REFERENCE AND ADMINISTRATIVE DETAILS OF THE ACADEMY, ITS TRUSTEES AND ADVISERSFOR THE YEAR ENDED 31 AUGUST 2016

Advisers (continued)

Independent auditors MA Partners LLPChartered Accountants7 The CloseNorwichNorfolkNR1 4DJ

Bankers Lloyds TSB13 CornhillIpswichSuffolkIP1 1DG

United Trust Bank Ltd80 HaymarketLondonSW1Y 4TE

The Cambridge Building SocietyHead Office Administration CentrePO Box 23251 Newmarket RoadCambridgeCB5 8FF

Solicitors Jackamans Solicitors7 Northgate StreetIpswichSuffolkIP1 3BX

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TRUSTEES' REPORT

FOR THE YEAR ENDED 31 AUGUST 2016

The Trustees present their annual report together with the financial statements and auditor's report of thecharitable company for the year 1 September 2015 to 31 August 2016. The Annual report serves the purposesof both a Trustees' report, and a Directors' report under company law.

Objectives and Activities

a. OBJECTS AND AIMS

The Academy’s object is stated in its Memorandum and Articles of Association as “to advance for the publicbenefit education in the local community, in particular but without prejudice to the generality of the foregoing byestablishing, maintaining, carrying on, managing and developing a school offering a broad and balancedcurriculum”.

b. OBJECTIVES, STRATEGIES AND ACTIVITIES

The following is a brief summary of the main objectives progressed by the school during the last year towardsfulfilling its charitable objects:

• To provide high quality learning and teaching for all pupils and to raise standards• To build a strong partnership with our pyramid primary schools and other educational providers• To create opportunities for all staff to participate in continuing professional development• To provide educational facilities and services to students of all ages and the wider community for the

public benefit• To increase pupil numbers to about 70 in each year• To improve parent, pupil and staff perceptions• To engage with the wider community to include primary schools and all catchment area villages, so that

they will recommend the school based on up to date knowledge and experience• To market the services available through the school for potential use, outside of curriculum needs, by

appropriate community groups or other organisations• To ensure that the Academy offers a caring and supportive place for students to learn and grow

combined with a safe environment that makes young people want to take pride in their school

The Academy’s Development Plan is reviewed annually by Governors. It has established specific targets in thefollowing areas:

• To provide high quality learning and teaching for all pupils.• To continue developing the strong relationship with Stradbroke High School’s partnership school, feeder

primary schools and local sixth form centres, colleges and employers.

c. PUBLIC BENEFIT

The Governors recognise their charitable responsibilities for the advancement of education as described in theCharity Commission’s Statement of Recommended Practice. They have also considered public benefitguidance issued by the Charity Commission. The Governors have recorded in this report the activities carriedout by the school in order to further charitable purposes for the public benefit.

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

Achievements and performance

a. KEY FINANCIAL PERFORMANCE INDICATORS

The total number of students on roll in the period ended 31 August 2016 numbered 281. From 1 September2014 the Academy has a PAN (Pupil Admissions Number) each year of 87. The Governing Body remainscommitted to achieving, as a minimum, 70 pupils per year group.

The Academy’s key financial performance indicator is that it should maintain a positive balance in its annualaccounts such that income, plus reserves, should exceed expenditure whilst maintaining a reserves balancewithin the range of 10-20% of annual operating costs.

b. REVIEW OF ACTIVITIES

The 2016 cohort of pupils secured excellent results in their GCSEs, reflecting a very positive approach to theirstudies and the very effective teaching and support of their teachers. We enhanced the curriculum by providinga varied diet of interventions including residential study weekends. These were highly valued by the pupils andtheir parents.

24% of all grades secured were at the highest A/A* grades and 69% of grades were A*-C. Early indicationsshow that the new Progress 8 measure for these pupils is +0.36 which puts the school above averagenationally. This measure indicates that pupils at Stradbroke High School make very good progress between theend of KS2 and the end of KS4.

We are delighted that pupils of all abilities are able to make the best of their potential whilst in our care. We wishthese pupils the very best of luck as many of them go on to follow A levels and other level 3 courses in their firstchoice institutions. Others have successfully secured other college places or apprenticeships.

Our careful tracking of the progress of pupils in other cohorts indicate that the vast majority are makingoutstanding progress and we are confident that their ultimate results will reflect their ability, hard work and theirvery positive attitudes to learning. We are looking forward to supporting them with outstanding teaching and welltargeted interventions.

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Financial review

a. GOING CONCERN

After making appropriate enquiries, the board of trustees has a reasonable expectation that the academy hasadequate resources to continue in operational existence for the foreseeable future. For this reason it continuesto adopt the going concern basis in preparing the financial statements. Further details regarding the adoption ofthe going concern basis can be found in the Accounting Policies.

b. SUMMARY

In year expenditure, including depreciation of £193,011, exceeded income by £139,895. In addition, anactuarial loss of £265,000 was incurred in the year resulting in an overall reduction in net assets of £404,895.

At 31 August 2016 the Academy had net current assets of £374,672.

c. PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks and uncertainties facing the Academy have been documented and listed on a risk register.The risks have been categorized and include risks in the following areas: strategic, public profile, governingbody organization, management information, human resources, income, supplier, employee legislation,environmental legislation, financial reporting, charities legislation, tax legislation, data protection act, overallfinancial control and financial systems.

The risk management process is described in more detail later in the report. The actuarial deficits applicable toTeachers Pension Scheme and LGPS are discussed in note 25 of the financial statements.

d. RESERVES POLICY

The Governing Body of the Academy has agreed at present that it aims to maintain a cash reserve of 10 - 20%of annual operating costs. 10 - 20% of annual operating costs currently equates to £225,000 - £450,000. TheAcademy had cash reserves (excluding cash held within the restricted fixed asset fund) of £453,005 and freereserves of £355,286 as at 31 August 2016.

The Academy considered the amount required to cover unexpected and unplanned expenditure, to fundplanned objectives and to allow for fluctuations in pupil numbers in future years when agreeing the reserves tobe held.

The amount held in reserves is monitored during the course of the year as part of the Academy’s budgetmonitoring process. The reserves policy is stated within the finance policy which is reviewed on an annual basis.

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e. PRINCIPAL FUNDING

Most of the Academy’s income is obtained from the Education Funding Agency (EFA) in the form of recurrentgrants, the use of which is restricted to particular purposes. The grants received from the Education FundingAgency (EFA) during the year ended 31 August 2016 and the associated expenditure are shown as restrictedfunds in the Statement of Financial Activities.

The Academy has also been in receipt of capital grants from the EFA through the bid process for CapitalMaintenance Funding. This grant has been provided for the purpose of upgrading the Fire system. Inaccordance with the Charities Statement of Recommended Practice, ‘Accounting and Reporting by Charities’(SORP 2005), such grants are shown in the Statement of Financial Activities as restricted income in the fixedasset fund. The restricted fixed asset fund balance is reduced by annual depreciation charges over theexpected useful life of the assets concerned.

The Academy received income from various sources to fund new flood lighting to the Multi Use Games Area atthe school. The project commenced in the year ended 31 August 2015 and funding has been received fromAwards For All, Stradbroke Parish Council, Friends of the High School, Stradbroke Youth Football Club and MidSuffolk District Council. Work has now been completed.

f. MATERIAL INVESTMENTS POLICY

Cash reserves are held in bank or building society accounts that are regulated by the Financial ServicesAuthority and the balances (including interest) maintained within the levels protected by the Financial ServicesCompensation Scheme. The selection and approval of appropriate savings accounts is delegated to theFinance Committee.

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Structure, governance and management

a. CONSTITUTION

The academy is a charitable company limited by guarantee and an exempt charity. The charitable company'sMemorandum and Articles of Association are the primary governing documents of the academy trust. TheTrustees of Stradbroke High School are also the directors of the charitable company for the purpose ofcompany law.

Details of the Trustees who served during the year are included in the Reference and administrative details onpage 1.

b. MEMBERS' LIABILITY

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

c. METHOD OF RECRUITMENT AND APPOINTMENT OR ELECTION OF TRUSTEES

The Governing Body has been adopted in accordance with Articles 45 to 59 of the Articles of Association.

There are currently vacancies for 2 Parent Governors and 3 Co-Opted Governors.

d. POLICIES AND PROCEDURES ADOPTED FOR THE INDUCTION AND TRAINING OF TRUSTEES

The training and induction provided for new Governors depends on their existing experience. Where necessary,induction will provide training on charity, educational, legal and financial matters. The Governing Body buys intothe Governor training package provided by the Local Authority.

All new Governors are checked with the Disclosure and Barring Service and will be given a tour of the Academyand the chance to meet with staff and students. All are provided with access to copies of policies, procedures,minutes, accounts, budgets, academy development and improvement plan, building plans and other documentsthat they will need to undertake their role as Governors via the Governing Body website. As there are normallyonly two or three new Governors a year, induction tends to be completed informally and is tailored specifically tothe individual. New Governors are assigned a mentor.

e. PAY POLICY FOR KEY MANAGEMENT PERSONNEL

The Academy’s personnel are paid as per National and Suffolk County Council guidelines followingrecommendation by appropriate bodies and subject to amendment by the Governing body.

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f. ORGANISATIONAL STRUCTURE

The Academy was set up with a management structure to support the Education Brief. The managementstructure consists of three levels; the Governors, Governing Body Committees and the Leadership Team.

The Governors are responsible for setting general policy, adopting an annual plan and budget, monitoring theAcademy by the use of budgets and making major decisions about the direction of the Academy, capitalexpenditure and staff appointments. Committees of the Governing body have delegated responsibilities. Thecommittees in existence are:

Steering and Audit Committee, Performance and Achievement Committee, Pay and Personnel Committee,Finance Committee, Health & Safety and Premises Committee, Hearings Committee, Appeals Committee, Pupil Discipline Committee.

Ad hoc committees and working parties are convened as and when required.

The Governors have approved a scheme of financial delegation which clearly sets out the level of financialauthority delegated to the Headteacher and members of the Senior Leadership Team.

The Senior Leadership Team consists of the Headteacher, Deputy Headteacher and Assistant Headteachers.These managers control the Academy at an executive level implementing the policies laid down by theGovernors and reporting back to them. The Headteacher is the Accounting Officer.

g. CONNECTED ORGANISATIONS, INCLUDING RELATED PARTY RELATIONSHIPS

Stradbroke High School has entered into a formal partnership with Worlingworth CEVC Primary School, one ofthe pyramid schools. The Headteacher of Stradbroke High School is the executive Headteacher.

Friends of Stradbroke High School are the parent fund raising group with a mission to 'support everyone atStradbroke High School in any way they can so it can become an outstanding school'.

h. TRUSTEES' INDEMNITIES

The Academy has obtained indemnity insurance to cover the liability of Members and Governors in respect ofany negligence, default, breach of trust or breach of duty of which they may be guilty in relation to the Academy.The policy is with the insurance provider Zurich Municipal and provides a Limit of Indemnity £2,000,000.

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Plans for future periods

a. FUTURE DEVELOPMENTS

In support of continuing the objectives as detailed within the Objectives, Strategies and Activities, the key focifor the Academy have been included in the Academy development plan.

1. High Quality Learning and Teaching for all pupils.

• The ownership of data to be with each pupil, each teacher and each subject leader.• Pupils aware of where they are in all curriculum areas and what they need to do to improve to the next

level.• Teachers must use different forms of assessment to ensure that there is clarity of where each child is

and that this informs planning to ensure opportunities for pupil progress for every child.• Middle leaders must have a clear view of where each child is with their learning, that they are monitoring

all progress and using different forms of intervention with targeted pupils as appropriate. Milestones throughout the year will trigger intervention.

• Senior leaders will have a responsibility for working with set subject leaders and to check each half term the progress of each child in that area.

• Middle leaders to review their work within their subjects in a way which is rigorous but not onerous. This process should include lesson observations, work scrutiny, pupil perception interviews and data analysis.

• Results must be analysed regularly each half term and monitor effectiveness of interventions.

2. Enhancing our future.

• To improve literacy and numeracy skills across the school.• Introduce literacy and numeracy lessons in years 7 & 8 to ‘recover’ pupils in preparation for future Key

Stage 4 curriculum.• Introduce literacy and numeracy across the curriculum to highlight areas relevant to each department.• Responsibility taken by each department for literacy and numeracy so consistency in all areas is

achieved in the basics of both.

3. Partnership

• To build a strong and sustainable partnership with Stradbroke High School’s partnership school Worlingworth CEVC Primary School.

• To improve and enhance the leadership at the partnership school and the quality of learning and teaching.

• To share resources and teaching expertise across both schools.• To continue to develop the strong partnership with all the feeder primary schools to Stradbroke High

School.• To share expertise and resources across these schools.• To have cross curricular projects and activities.• To develop common testing and assessment procedures.• Continue to develop links with local sixth form centres, colleges and employers and to work with new

advanced youth workers.

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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 company'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 company's auditors are aware of that

information.

AUDITORS

The auditors, MA Partners LLP, have indicated their willingness to continue in office. The Designated Trusteeswill propose a motion re-appointing the auditors at a meeting of the Trustees.

This report was approved by order of the board of trustees as the company directors, on 10 November 2016and signed on its behalf by:

................................................Mr A Smith, Chair

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GOVERNANCE STATEMENT

SCOPE OF RESPONSIBILITY

As trustees, we acknowledge we have overall responsibility for ensuring that Stradbroke High School has aneffective and appropriate system of control, financial and otherwise. However such a system is designed tomanage rather than eliminate the risk of failure to achieve business objectives, and can provide only reasonableand not absolute assurance against material misstatement or loss.

The board of trustees has delegated the day-to-day responsibility to the Headteacher, as Accounting Officer, forensuring financial controls conform with the requirements of both propriety and good financial management andin accordance with the requirements and responsibilities assigned to it in the funding agreement betweenStradbroke High School and the Secretary of State for Education. They are also responsible for reporting to theboard 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 theStatement of Trustees' responsibilities. The board of trustees has formally met 3 times during the year.Attendance during the year at meetings of the board of trustees was as follows:

Trustee Meetings attended Out of a possible

Mr A Smith, Chair 3 3Mrs S Hammond 1 1Mr B Goffee 3 3Mrs N Mewse 2 3Mrs P Higgins 3 3Mr A Bloom 3 3Mr R Pierce-Saunderson 2 3Mrs S Clarke 3 3Mr N Brown 3 3Mrs E Gibson 0 3Mrs C Hargrave 2 3Mrs K Lynch 3 3Ms S Moss 3 3Mrs E Soule 3 3Mr J Axtell 3 3

Governance reviews:The involvement of Governors in the production of the Academy development plan, and the monitoring of thesame identified as an area of improvement last year, has been addressed, together with input from theAcademy’s external advisor. This now appears as a standing agenda item on Committee meetings whereapplicable with a report back to the full meeting in the usual way.

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GOVERNANCE STATEMENT (continued)

The Finance Committee is a sub committee of the main Governing Body. The main responsibilities of theFinance Committee are detailed in written Terms of Reference and include:

• The initial review and authorisation of the annual budget.• The regular monitoring of actual expenditure and income against budget.• Ensuring the annual accounts are produced in accordance with the requirements of the Companies Act

2006 and the EFA guidance issued to academies.• To receive, open and accept tenders for contracts over £50,000.• Authorising changes to the Academy’s personnel establishment.

Attendance at meetings in the year was as follows:


Mr B Goffee 5 5Mr A Bloom 5 5Mr A Smith, Chair 4 5Mrs S Hammond 1 1Mrs K Lynch 4 5

The Steering and Audit Committee is also a sub committee of the main Governing Body. Its purpose is toensure that all checks highlighted by the internal auditor and external auditor are exercised with due diligence.

Attendance at meetings in the year was as follows:


Mr A Smith, Chair 3 3Mr A Bloom 3 3Mr B Goffee 3 3Mrs S Hammond 1 1Mrs E Soule 3 3Mrs N Mewse 1 2

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REVIEW OF VALUE FOR MONEY

As Accounting Officer, the Headteacher has responsibility for ensuring that the academy delivers good value inthe use of public resources. The Accounting Officer understands that value for money refers to the educationaland wider societal outcomes achieved in return for the taxpayer resources received.

The Accounting Officer considers how the academy’s use of its resources has provided good value for moneyduring each academic year, and reports to the board of trustees where value for money can be improved,including the use of benchmarking data where appropriate. The Accounting Officer for the academy hasdelivered improved value for money during the year by:

• The school was successful in a bid to the Academies Capital Maintenance Fund. Funding was used to fund a project to upgrade the fire system and work was completed during the year. A project manager employed as part of the works ensured the project was completed on time and within budget.

• As detailed in the achievement and performance section, the 2016 cohort of pupils secured excellent results in their GCSEs, reflecting a very positive approach to their studies and the very effective teaching and support of their teachers. Funds were used to enhance the curriculum by providing a varied diet of interventions including residential study weekends. These were highly valued by the pupils and their parents.

• In addition Stradbroke High School has adopted and adheres to a Statement of Best Value Policy. This was last reviewed and renewed in the summer term of 2015. The policy reflects the accountability of the governing body in ensuring value for money is obtained by the school, however to ensure this requirement is fulfilled the policy is disseminated throughout the entire school via the chief accounting officer and is reflected in the school’s finance policy. The policy sets out how the school states it will ensure best value is achieved.

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 offailure to achieve policies, aims and objectives; it can therefore only provide reasonable and not absoluteassurance of effectiveness. The system of internal control is based on an ongoing process designed to identifyand prioritise the risks to the achievement of academy policies, aims and objectives, to evaluate the likelihood ofthose risks being realised and the impact should they be realised, and to manage them efficiently, effectivelyand economically. The system of internal control has been in place in Stradbroke High School for the year 1September 2015 to 31 August 2016 and up to the date of approval of the annual report and financialstatements.

CAPACITY TO HANDLE RISK

The board of trustees has reviewed the key risks to which the academy is exposed together with the operating,financial and compliance controls that have been implemented to mitigate those risks. The board of trustees isof the view that there is a formal ongoing process for identifying, evaluating and managing the academy'ssignificant risks, that has been in place for the year 1 September 2015 to 31 August 2016 and up to the date ofapproval of the annual report and financial statements. This process is regularly reviewed by the board oftrustees.

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THE RISK AND CONTROL FRAMEWORK

The academy’s system of internal financial control is based on a framework of regular management informationand administrative procedures including the segregation of duties and a system of delegation andaccountability. In particular, it includes:

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 Committee of reports which indicate financial performance against the

forecasts and of major purchase plans, capital works and expenditure programmes;

setting targets to measure financial and other performance;

clearly defined purchasing (asset purchase or capital investment) guidelines.

delegation of authority and segregation of duties;

identification and management of risks.

The board of trustees has considered the need for a specific internal audit function and has decided to appointSchools' Choice as internal auditor.

The internal auditor's role includes giving advice on financial matters and performing a range of checks on theacademy's financial systems. On a tri-annual basis, the internal auditor reports to the board of trustees on theoperation of the systems of control and on the discharge of the board of trustees' financial responsibilities.

In particular the checks carried out in the current period included:• a review of Governance and the budget cycle• testing of payroll, inventory, security and insurance• testing of purchasing, income and petty cash controls• a review of the monitoring and review process, tax and data security.

REVIEW OF EFFECTIVENESS

As Accounting Officer, the Headteacher has responsibility for reviewing the effectiveness of the system ofinternal control. During the year in question the review has been informed by:

the work of the internal auditor;

the work of the external auditors;

the financial management and governance self-assessment process;

the work of the executive managers within the academy who have responsibility for the development and

maintenance of the internal control framework.

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

Approved by order of the members of the board of trustees on 10 November 2016 and signed on their behalf,by:

................................................Mr A Smith, Chair

................................................Mr A BloomAccounting Officer

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STATEMENT ON REGULARITY, PROPRIETY AND COMPLIANCE

As Accounting Officer of Stradbroke High School I have considered my responsibility to notify the academy trustboard of trustees and the Education Funding Agency of material irregularity, impropriety and non-compliancewith EFA terms and conditions of funding, under the funding agreement in place between the academy trust andthe Secretary of State for Education. As part of my consideration I have had due regard to the requirements ofthe Academies Financial Handbook 2015.

I confirm that I and the academy trust board of trustees are able to identify any material irregular or improperuse of funds by the academy trust, or material non-compliance with the terms and conditions of funding underthe academy trust’s funding agreement and the Academies Financial Handbook 2015.

I confirm that no instances of material irregularity, impropriety or funding non-compliance have been discoveredto date. If any instances are identified after the date of this statement, these will be notified to the board oftrustees and EFA.

................................................Mr A BloomAccounting Officer

Date: 10 November 2016

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STATEMENT OF TRUSTEES' RESPONSIBILITIESFOR THE YEAR ENDED 31 AUGUST 2016

The Trustees (who act as governors of Stradbroke High School and are also the directors of the charitablecompany for the purposes of company law) are responsible for preparing the Trustees' report and the financialstatements in accordance with the Annual Accounts Direction issued by the Education Funding Agency, UnitedKingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable lawand regulations.

Company law requires the Trustees to prepare financial statements for each financial year. Under company lawthe Trustees must not approve the financial statements unless they are satisfied that they give a true and fairview of the state of affairs of the charitable company and of its incoming resources and application ofresources, including its income and expenditure, for that period. In preparing these financial statements, theTrustees are required to:

select suitable accounting policies and then apply them consistently;

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

2015 to 2016;

make judgments and accounting estimates that are reasonable and prudent;

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 explainthe charitable company's transactions and disclose with reasonable accuracy at any time the financial positionof the charitable company and enable them to ensure that the financial statements comply with the CompaniesAct 2006. They are also responsible for safeguarding the assets of the charitable company and hence fortaking 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 appliesfinancial and other controls, which conform with the requirements both of propriety and of good financialmanagement. They are also responsible for ensuring grants received from the EFA/DfE have been applied forthe purposes intended.

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

Approved by order of the members of the board of trustees on 10 November 2016 and signed on its behalf by:

................................................Mr A Smith, Chair

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INDEPENDENT AUDITORS' REPORT ON THE FINANCIAL STATEMENTS TO THE MEMBERS OFSTRADBROKE HIGH SCHOOL

We have audited the financial statements of Stradbroke High School for the year ended 31 August 2016 whichcomprise the Statement of financial activities incorporating income and expenditure account, the Balance sheet,the Statement of cash flows and the related notes. The financial reporting framework that has been applied intheir preparation is applicable law, United Kingdom Accounting Standards (United Kingdom Generally AcceptedAccounting Practice) including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic ofIreland" and the Academies Accounts Direction 2015 to 2016 issued by the Education Funding Agency.

This report is made solely to the academy's members, as a body, in accordance with Chapter 3 of Part 16 of theCompanies Act 2006. Our audit work has been undertaken so that we might state to the academy's membersthose matters we are required to state to them in an Auditors' report and for no other purpose. To the fullestextent permitted by law, we do not accept or assume responsibility to anyone other than the academy and itsmembers, as a body, for our audit work, for this report, or for the opinion we have formed.

RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND AUDITORS

As explained more fully in the Statement of Trustees' responsibilities, the Trustees (who are also the directors ofthe academy for the purposes of company law) are responsible for the preparation of the financial statementsand for being satisfied that they give a true and fair view.

Our responsibility is to audit and express an opinion on the financial statements in accordance with applicablelaw and International Standards on Auditing (UK and Ireland). Those standards require us to comply with theAuditing Practices Board's Ethical Standards for Auditors.

SCOPE OF THE AUDIT OF THE FINANCIAL STATEMENTS

An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient togive reasonable assurance that the financial statements are free from material misstatement, whether causedby fraud or error. This includes an assessment of: whether the accounting policies are appropriate to theacademy's circumstances and have been consistently applied and adequately disclosed; the reasonableness ofsignificant accounting estimates made by the Trustees; and the overall presentation of the financial statements.In addition, we read all the financial and non-financial information in the Trustees' report to identify materialinconsistencies with the audited financial statements and to identify any information that is apparently materiallyincorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing theaudit. If we become aware of any apparent material misstatements or inconsistencies we consider theimplications for our report.

OPINION ON FINANCIAL STATEMENTS

In our opinion the financial statements:

give a true and fair view of the state of the academy's affairs as at 31 August 2016 and of 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 2015 and the Academies Accounts Direction 2015 to 2016 issued by the Education Funding

Agency.

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INDEPENDENT AUDITORS' REPORT ON THE FINANCIAL STATEMENTS TO THE MEMBERS OFSTRADBROKE HIGH SCHOOL

OPINION ON OTHER MATTER PRESCRIBED BY THE COMPANIES ACT 2006

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

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us toreport 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 we have not received all the information and explanations we require for our audit; or

the Trustees were not entitled to take advantage of the small companies' exemption from the requirement

to prepare a Strategic report.

Frank Shippam BSc FCA DChA (Senior statutory auditor) for and on behalf of MA Partners LLP

Chartered AccountantsStatutory Auditor 7 The CloseNorwichNorfolkNR1 4DJ14 December 2016

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INDEPENDENT REPORTING AUDITORS' ASSURANCE REPORT ON REGULARITY TO STRADBROKEHIGH SCHOOL AND THE EDUCATION FUNDING AGENCY

In accordance with the terms of our engagement letter dated 24 September 2013 and further to therequirements of the Education Funding Agency (EFA) as included in the Academies Accounts Direction 2015 to2016, we have carried out an engagement to obtain limited assurance about whether the expenditure disbursedand income received by Stradbroke High School during the year 1 September 2015 to 31 August 2016 havebeen applied to the purposes identified by Parliament and the financial transactions conform to the authoritieswhich govern them.

This report is made solely to Stradbroke High School and the EFA in accordance with the terms of ourengagement letter. Our work has been undertaken so that we might state to Stradbroke High School and theEFA those matters we are required to state in a report and for no other purpose. To the fullest extent permittedby law, we do not accept or assume responsibility to anyone other than Stradbroke High School and the EFA,for our work, for this report, or for the conclusion we have formed.

RESPECTIVE RESPONSIBILITIES OF STRADBROKE HIGH SCHOOL'S ACCOUNTING OFFICER ANDTHE REPORTING AUDITORS

The accounting officer is responsible, under the requirements of Stradbroke High School's funding agreementwith the Secretary of State for Education dated 28 February 2012, and the Academies Financial Handbookextant from 1 September 2015, for ensuring that expenditure disbursed and income received is applied for thepurposes 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 ethicalguidance and are to obtain limited assurance and report in accordance with our engagement letter and therequirements of the Academies Accounts Direction 2015 to 2016. We report to you whether anything has cometo our attention in carrying out our work which suggests that in all material respects, expenditure disbursed andincome received during the year 1 September 2015 to 31 August 2016 have not been applied to purposesintended by Parliament or that the financial transactions do not conform to the authorities which govern them.

APPROACH

We conducted our engagement in accordance with the Academies Accounts Direction 2015 to 2016 issued bythe EFA. We performed a limited assurance engagement as defined in our engagement letter.

The objective of a limited assurance engagement is to perform such procedures as to obtain information andexplanations in order to provide us with sufficient appropriate evidence to express a negative conclusion onregularity.

A limited assurance engagement is more limited in scope than a reasonable assurance engagement andconsequently does not enable us to obtain assurance that we would become aware of all significant matters thatmight be identified in a reasonable assurance engagement. Accordingly, we do not express a positive opinion.

Our engagement includes examination, on a test basis, of evidence relevant to the regularity and propriety ofthe academy's income and expenditure.

The work undertaken to draw our conclusions includes:• a review of Governing Body and committee meeting minutes• a review of the work performed by the internal auditors• testing a sample of payroll payments to staff• testing a sample of payments to suppliers• testing a sample of grants received and other income streams• evaluating the control environment.

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INDEPENDENT REPORTING AUDITORS' ASSURANCE REPORT ON REGULARITY TO STRADBROKEHIGH SCHOOL AND THE EDUCATION FUNDING AGENCY (continued)

CONCLUSION

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

MA Partners LLP

Chartered AccountantsStatutory Auditor 7 The CloseNorwichNorfolkNR1 4DJ

14 December 2016

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STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING INCOME AND EXPENDITURE ACCOUNTFOR THE YEAR ENDED 31 AUGUST 2016

Unrestrictedfunds

Restrictedfunds

Restrictedfixed asset

fundsTotal

fundsTotalfunds

Note2016

£2016

£2016

£2016

£2015

£

INCOME FROM:

Donations and capital grants 2 1,000 21,873 89,638 112,511 459,617Charitable activities 3 77,494 1,862,105 - 1,939,599 2,148,489Other trading activities 4 38,534 3,474 - 42,008 40,184Investments 5 6,328 - - 6,328 2,761

TOTAL INCOME 123,356 1,887,452 89,638 2,100,446 2,651,051

EXPENDITURE ON:

Charitable activities 33,849 2,013,481 193,011 2,240,341 2,217,897

TOTAL EXPENDITURE 8 33,849 2,013,481 193,011 2,240,341 2,217,897

NET INCOME /(EXPENDITURE) BEFORETRANSFERS 89,507 (126,029) (103,373) (139,895) 433,154Transfers between Funds 21 (73,971) 25,677 48,294 - -

NET INCOME /(EXPENDITURE) BEFOREOTHER GAINS AND LOSSES 15,536 (100,352) (55,079) (139,895) 433,154

Actuarial losses on definedbenefit pension schemes 25 (265,000) - - (265,000) (8,000)

NET MOVEMENT IN FUNDS (249,464) (100,352) (55,079) (404,895) 425,154

RECONCILIATION OF FUNDS:

Total funds brought forward 341,185 (270,703) 3,569,743 3,640,225 3,215,071

TOTAL FUNDS CARRIEDFORWARD

91,721 (371,055) 3,514,664 3,235,330 3,640,225

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(A company limited by guarantee)REGISTERED NUMBER: 07921744

BALANCE SHEETAS AT 31 AUGUST 2016

2016 2015Note £ £ £ £

FIXED ASSETS

Tangible assets 15 3,520,174 3,563,529

CURRENT ASSETS

Stocks 16 501 -

Debtors 17 77,586 48,145

Investments 18 211,324 237,989

Cash at bank and in hand 250,963 248,022

540,374 534,156

CREDITORS: amounts falling due withinone year 19 (165,702) (83,667)

NET CURRENT ASSETS 374,672 450,489

TOTAL ASSETS LESS CURRENT LIABILITIES 3,894,846 4,014,018

CREDITORS: amounts falling due aftermore than one year 20 (12,516) (14,793)

NET ASSETS EXCLUDING PENSIONSCHEME LIABILITIES 3,882,330 3,999,225

Defined benefit pension scheme liability 25 (647,000) (359,000)

NET ASSETS INCLUDING PENSIONSCHEME LIABILITIES 3,235,330 3,640,225

FUNDS OF THE ACADEMY

Restricted funds:

Restricted funds 21 10,945 88,297

Pension reserve 21 (647,000) (359,000)

Restricted fixed asset funds 21 3,514,664 3,569,743

Total restricted funds 2,878,609 3,299,040

Unrestricted funds 21 356,721 341,185

TOTAL FUNDS 3,235,330 3,640,225

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BALANCE SHEET (continued)

AS AT 31 AUGUST 2016

The financial statements were approved by the Trustees, and authorised for issue, on 10 November 2016 andare signed on their behalf, by:

................................................Mr A Smith, Chair

The notes on pages 25 to 47 form part of these financial statements.

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STATEMENT OF CASH FLOWSFOR THE YEAR ENDED 31 AUGUST 2016

2016 2015Note £ £

Cash flows from operating activities

Net cash provided by operating activities 23 32,243 267,873

Cash flows from investing activities:Dividends, interest and rents from investments 6,328 2,761Purchase of tangible fixed assets (149,656) (929,727)Capital grants from DfE/EFA 70,679 436,245Capital funding received from sponsors and others 18,959 12,000Movement of funds on notice deposits (greater than 3 months) 26,665 (77,965)

Net cash used in investing activities (27,025) (556,686)

Cash flows from financing activities:Repayments of borrowings (2,277) (1,138)Cash inflows from new borrowing - 18,206

Net cash (used in)/provided by financing activities (2,277) 17,068

Change in cash and cash equivalents in the year 2,941 (271,745)

Cash and cash equivalents brought forward 248,022 519,767

Cash and cash equivalents carried forward 24 250,963 248,022

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NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 AUGUST 2016

1. ACCOUNTING POLICIES

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

1.1 Basis of preparation of financial statements

The financial statements of the academy trust, which is a public benefit entity under FRS 102, havebeen prepared under the historical cost convention in accordance with the Financial ReportingStandard Applicable in the UK and Republic of Ireland (FRS 102), the Accounting and Reporting byCharities: Statement of Recommended Practice applicable to charities preparing their accounts inaccordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (Charities SORP (FRS 102)), the Academies Accounts Direction 2015 to 2016 issued by EFA,the Charities Act 2011 and the Companies Act 2006.

Stradbroke High School constitutes a public benefit entity as defined by FRS 102.

First time adoption of FRS 102

These financial statements are the first financial statements of Stradbroke High School prepared inaccordance with Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable inthe UK and Republic of Ireland’ (FRS 102) and the Charities SORP 2015 (SORP 2015). Thefinancial statements of Stradbroke High School for the year ended 31 August 2015 were prepared inaccordance with previous Generally Accepted Accounting Practice (‘UK GAAP’) and SORP 2005.

Some of the FRS 102 recognition, measurement, presentation and disclosure requirements andaccounting policy choices differ from previous UK GAAP. Consequently, the Trustees haveamended certain accounting policies to comply with FRS 102 and SORP 2015.

Reconciliations to previous UK GAAP for the comparative figures are included in note 29.

1.2 Fund accounting

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

Restricted fixed asset funds are resources which are to be applied to specific capital purposesimposed by 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 thefunder and include grants from the Education Funding Agency.

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1. ACCOUNTING POLICIES (continued)

1.3 Income

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

Grants are included in the Statement of financial activities incorporating income and expenditureaccount on a receivable basis. The balance of income received for specific purposes but notexpended during the period is shown in the relevant funds on the Balance sheet. Where income isreceived in advance of entitlement of receipt, its recognition is deferred and included in creditors asdeferred income. Where entitlement occurs before income is received, the income is accrued.

General Annual Grant is recognised in full in the Statement of financial activities incorporatingincome and expenditure account in the year for which it is receivable and any abatement in respectof the period is deducted from income and recognised as a liability. Capital grants are recognisedwhen there is entitlement and are not deferred over the life of the asset on which they are expended.Unspent amounts of capital grant are reflected in the balance in the restricted fixed asset fund.

Donations are recognised on a receivable basis where there is certainty of receipt and the amountcan be reliably measured.

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

1.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economicbenefit to a third party, it is probable that a transfer of economic benefits will be required insettlement and the amount of the obligation can be measured reliably. Expenditure is classified byactivity. 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 singleactivity are allocated directly to that activity. Shared costs which contribute to more than one activityand support costs which are not attributable to a single activity are apportioned between thoseactivities on a basis consistent with the use of resources. Central staff costs are allocated on thebasis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Charitable activities and Governance costs are costs incurred on the academy trust’s educationaloperations, including support costs and costs relating to the governance of the academy trustapportioned to charitable activities.

All resources expended are inclusive of irrecoverable VAT.

1.5 Going concern

The Trustees assess whether the use of going concern is appropriate, i.e. whether there are anymaterial uncertainties related to events or conditions that may cast significant doubt on the ability ofthe academy to continue as a going concern. The Trustees make this assessment in respect of aperiod of at least one year from the date of authorisation for issue of the financial statements andhave concluded that the academy trust has adequate resources to continue in operational existencefor the foreseeable future and there are no material uncertainties about the academy trust’s ability tocontinue as a going concern, thus they continue to adopt the going concern basis of accounting inpreparing the financial statements..

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1.6 Tangible fixed assets and depreciation

All assets costing more than £1,000 are capitalised.

Where tangible fixed assets have been acquired with the aid of specific grants, either from thegovernment or from the private sector, they are included in the Balance sheet at cost anddepreciated over their expected useful economic life. Where there are specific conditions attachedto the funding requiring the continued use of the asset, the related grants are credited to a restrictedfixed asset fund in the Statement of financial activities incorporating income and expenditureaccount and carried forward in the Balance sheet. Depreciation on the relevant assets is chargeddirectly to the restricted fixed asset fund in the Statement of financial activities incorporating incomeand expenditure account. Where tangible fixed assets have been acquired with unrestricted funds,depreciation on such assets is charged to the unrestricted fund.

A review for impairment of a fixed asset is carried out if events or changes in circumstances indicatethat the carrying value of any fixed asset may not be recoverable. Shortfalls between the carryingvalue of fixed assets and their recoverable amounts are recognised as impairments. Impairmentlosses are recognised in the Statement of financial activities incorporating income and expenditureaccount.

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

L/Term Leasehold Property - 5% straight linePlant and machinery - 5% - 20% straight lineFixtures and fittings - 10% straight lineComputer equipment - 33.3% straight line

On 1 March 2012, the Academy became party to a lease agreement with Suffolk County Council forthe school property. The lease is for a period of 125 years and substantially all the risks and rewardsof ownership have been transferred to the Academy for £NIL rental. As such the school property wasrecognised as a fixed asset in the Balance Sheet for the period ended 31 August 2012 at adepreciated replacement cost of £2,785,681 (the corresponding entry was recognised as voluntaryincome). The depreciated replacement cost was based upon a valuation performed by DTZ at 31August 2012.

1.7 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measuredreliably by the academy; this is normally upon notification of the interest paid or payable by the Bank.

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.

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1.9 Cash at Bank and in hand

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

1.10 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a pastevent, it is probable that a transfer of economic benefit will be required in settlement, and theamount of the settlement can be estimated reliably. Liabilities are recognised at the amount that theacademy anticipates it will pay to settle the debt or the amount it has received as advancedpayments for the goods or services it must provide. Provisions are measured at the best estimate ofthe amounts required to settle the obligation. Where the effect of the time value of money ismaterial, the provision is based on the present value of those amounts, discounted at the pre-taxdiscount rate that reflects the risks specific to the liability. The unwinding of the discount isrecognised within interest payable and similar charges.

1.11 Taxation

The academy is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.Accordingly, the academy is potentially exempt from taxation in respect of income or capital gainsreceived within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains areapplied exclusively to charitable purposes.

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1.12 Pensions

Retirement benefits to employees of the academy are provided by the Teachers' Pension Scheme("TPS") and the Local Government Pension Scheme ("LGPS"). These are defined benefit schemesand the assets are held separately from those of the academy.

The TPS is an unfunded scheme and contributions are calculated so as to spread the cost ofpensions over employees’ working lives with the academy in such a way that the pension cost is asubstantially level percentage of current and future pensionable payroll. The contributions aredetermined by the Government Actuary on the basis of quadrennial valuations using a prospectiveunit credit method. As stated in note 25, the TPS is a multi-employer scheme and there isinsufficient information available to use defined benefit accounting. The TPS is therefore treated asa defined contribution scheme for accounting purposes and the contributions recognised in theperiod to which they relate.

The LGPS is a funded scheme and the assets are held separately from those of the academy trustin separate trustee administered funds. Pension scheme assets are measured at fair value andliabilities are measured on an actuarial basis using the projected unit credit method and discountedat a rate equivalent to the current rate of return on a high quality corporate bond of equivalent termand currency to the liabilities. The actuarial valuations are obtained at least triennially and areupdated at each Balance sheet date. The amounts charged to operating surplus are the currentservice 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 benefitliability/asset is also recognised in the Statement of financial activities incorporating income andexpenditure account and comprises the interest cost on the defined benefit obligation and interestincome on the scheme assets, calculated by multiplying the fair value of the scheme assets at thebeginning of the period by the rate used to discount the benefit obligations. The difference betweenthe interest income on the scheme assets and the actual return on the scheme assets is recognisedin other recognised gains and losses.

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

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1.13 Critical accounting estimates and areas of judgement

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

Critical accounting estimates and assumptions:

The academy trust makes estimates and assumptions concerning the future. The resultingaccounting 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 thecarrying 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 anumber of factors that are determined on an actuarial basis using a variety of assumptions. Theassumptions used in determining the net cost (income) for pensions include the discount rate. Anychanges in these assumptions, which are disclosed in note 25, will impact the carrying amount of thepension liability. Furthermore a roll forward approach which projects results from the latest fullactuarial valuation performed at 31 March 2013 has been used by the actuary in valuing thepensions liability at 31 August 2016. Any differences between the figures derived from the rollforward approach and a full actuarial valuation would impact on the carrying amount of the pensionliability.

2. INCOME FROM DONATIONS AND CAPITAL GRANTS

Unrestrictedfunds

Restrictedfunds


fundsTotal

fundsTotalfunds

2016£

2016£

2016£

2016£

2015£

Donations 1,000 21,873 - 22,873 11,372Capital Grants - - 89,638 89,638 448,245

Total donations and capitalgrants 1,000 21,873 89,638 112,511 459,617

In 2015, of the total income from donations and capital grants, £ 99 was to unrestricted funds and£447,518 was to restricted funds

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3. FUNDING FOR ACADEMY'S EDUCATIONAL OPERATIONS

Unrestrictedfunds

Restrictedfunds

Totalfunds

Totalfunds

2016£

2016£

2016£

2015£

DfE/EFA grants

General Annual Grant - 1,658,677 1,658,677 1,864,138Pupil Premium - 62,166 62,166 60,081Insurance - 21,004 21,004 17,517Devolved Formula Capital Grant - 8,489 8,489 9,130Year 7 Catch up - 5,500 5,500 6,500

- 1,755,836 1,755,836 1,957,366

Other government grants

Suffolk County Council - Higher TeachingNeeds - 43,749 43,749 46,000Suffolk County Council - SEN - 37,200 37,200 51,000Pupil Premium - LA - 9,926 9,926 7,300Other Local Authority grants - - - 3,767

- 90,875 90,875 108,067

Other income from the academy trust'seducational operations

Farlingaye & Kesgrave Teaching SchoolAlliance - 14,250 14,250 -Enthuse Charitable Trust 1,435 44 1,479 1,285The Jerusalem Trust - 600 600 -EMI Music - 500 500 -British Science Kickstart Grant - - - 300Catering 27,690 - 27,690 27,912Trip income 48,369 - 48,369 53,559

77,494 15,394 92,888 83,056

77,494 1,862,105 1,939,599 2,148,489

In 2015, of the total income from charitable activities, £82,756 was to unrestricted funds and £2,065,733was to restricted funds.

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4. OTHER TRADING ACTIVITIES

Unrestrictedfunds

Restrictedfunds

Totalfunds

Totalfunds

2016£

2016£

2016£

2015£

Lettings income 9,647 - 9,647 8,324Income from services provided 22,671 - 22,671 25,516Items sold income 6,216 - 6,216 2,486Charity collections - 3,474 3,474 3,858

38,534 3,474 42,008 40,184

In 2015, of the total income from other trading activities, £36,326 was to unrestricted funds and £3,858was to restricted funds.

5. INVESTMENT INCOME

Unrestrictedfunds

Restrictedfunds

Totalfunds

Totalfunds

2016£

2016£

2016£

2015£

Bank interest receivable 6,328 - 6,328 2,761

In 2015, all of the investment income was to unrestricted funds.

6. DIRECT COSTS

Total 2016Total2015

£ £

Teaching resources 88,582 100,210Educational visits 49,080 54,027Educational consultancy 2,035 2,065Other direct staff costs 6,288 13,174Wages and salaries 1,038,180 1,031,536National insurance 82,946 76,508Pension cost 106,733 87,396

1,373,844 1,364,916

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7. SUPPORT COSTS

Total 2016Total2015

£ £

FRS 102 Pension cost (note 14) 13,000 12,000Auditors fees 6,716 7,345Advertising and recruitment 4,079 2,921Rates, light, heat and water 52,138 49,359Admin costs 32,101 29,102Bank charges and loan interest 1,171 1,176Insurance 27,754 26,886Maintenance of property and equipment 109,670 97,635Catering costs 33,828 37,914Staff travel, subsistence and expenses 16,402 15,825Donations 3,569 2,157Legal and professional 26,255 20,924Wages and salaries 213,586 242,457National insurance 11,235 13,469Pension cost 121,982 114,420Depreciation 193,011 179,391

866,497 852,981

During the year ended 31 August 2016, the academy incurred Governance costs of £9,542 (2015 -£8,596).

8. EXPENDITURE

Staff costs Premises Other costs Total Total2016

£2016

£2016

£2016

£2015

£

Educational activities: Direct costs 1,300,859 - 72,985 1,373,844 1,364,916 Support costs 273,802 277,422 315,273 866,497 852,981

1,574,661 277,422 388,258 2,240,341 2,217,897

In 2016, of the total expenditure, £33,849 (2015 - £38,273) was to unrestricted funds and£2,206,492 (2015 - £2,179,624) was to restricted funds.

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9. EXPENDITURE - ANALYSIS OF SPECIFIC EXPENSES

Included within expenditure are the following transactions:Individual items above £5,000

Total Amount Reason £ £

Cash losses 90 - Not applicable

Enter text here - user input

10. NET INCOMING RESOURCES/(RESOURCES EXPENDED)

This is stated after charging:

2016 2015 £ £

Depreciation of tangible fixed assets:- owned or leased 193,011 179,391

Auditors' remuneration - audit 3,350 3,175Auditors' remuneration - other services 3,366 4,170Operating lease rentals 2,173 493

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11. STAFF COSTS

Staff costs were as follows:

2016 2015 £ £

Wages and salaries 1,245,342 1,239,772Social security costs 94,181 89,976Operating costs of defined benefit pension schemes 228,715 201,817

1,568,238 1,531,565Supply teacher costs 6,423 30,220Staff restructuring costs - 4,000

1,574,661 1,565,785

Staff restructuring costs comprise:

Severance payments - 4,000

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

2016 2015 No. No.

Teachers 24 19Administration and support 33 29Management 3 4

60 52

Average headcount expressed as a full time equivalent:

2016 2015 No. No.

Teachers 19 16Administration and Support 20 18Management 3 4

42 38

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

2016 2015 No. No.

In the band £60,001 - £70,000 0 1In the band £80,001 - £90,000 1 1

The above employees participated in the Teachers' Pension Scheme.

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The key management personnel of the academy trust comprise the trustees and the senior managementteam as listed on page 1. The total amount of employee benefits (including employer pensioncontributions) received by key management personnel for their services to the academy trust was£325,399 (2015: £211,521).

12. TRUSTEES' REMUNERATION AND EXPENSES

One or more Trustees has been paid remuneration or has received other benefits from an employmentwith the academy trust. The Principal and other staff Trustees only receive remuneration in respect ofservices they provide undertaking the roles of principal and other staff members under their contracts ofemployment, and not in respect of their role as Trustees. The value of Trustees' remuneration and otherbenefits was as follows:

2016 2015 £ £

A Bloom (Headteacher and trustee) RemunerationPension contributions paid

85,000-90,00010,000-15,000

80,000-85,00010,000-15,000

J Axtell (staff trustee) RemunerationPension contributions paid

55,000-60,0005,000-10,000

S Clarke (staff trustee) RemunerationPension contributions paid

40,000-45,0005,000-10,000

20,000-25,0000-5,000

P Higgins (staff trustee) Remuneration 15,000-20,000 20,000-25,000

S Moss (staff trustee) RemunerationPension contributions paid

30,000-35,0005,000-10,000

30,000-35,0000-5,000

During the year, no Trustees received any benefits in kind (2015 - £NIL).During the year, no Trustees received any reimbursement of expenses (2015 - £NIL).

13. TRUSTEES' AND OFFICERS' INSURANCE

In accordance with normal commercial practice the academy has purchased insurance to protect trusteesand officers from claims arising from negligent acts, errors or omissions occurring whilst on academybusiness. The insurance provides cover up to £2,000,000 on any one claim and the cost for the yearended 31 August 2016 was £687 (2015 - £667).

14. FRS 102 PENSION COST

2016 2015 £ £

Expected return on pension scheme assets 27,000 23,000Interest on pension scheme liabilities (40,000) (35,000)

(13,000) (12,000)

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15. TANGIBLE FIXED ASSETS

L/TermLeasehold

PropertyPlant and

machineryFixtures and

fittingsComputer

equipment Total£ £ £ £ £

Cost

At 1 September 2015 2,947,025 940,970 34,225 115,975 4,038,195Additions 76,528 48,710 14,629 9,789 149,656

At 31 August 2016 3,023,553 989,680 48,854 125,764 4,187,851

Depreciation

At 1 September 2015 334,886 42,602 9,351 87,827 474,666Charge for the year 115,614 55,832 4,003 17,562 193,011

At 31 August 2016 450,500 98,434 13,354 105,389 667,677

Net book value

At 31 August 2016 2,573,053 891,246 35,500 20,375 3,520,174

At 31 August 2015 2,612,139 898,368 24,874 28,148 3,563,529

16. STOCKS

2016 2015 £ £

Woodchips 501 -

17. DEBTORS

2016 2015 £ £

Trade debtors 1,256 282VAT repayableOther debtors

41,1817,296

15,857-

Prepayments and accrued income 27,853 32,006

77,586 48,145

18. CURRENT ASSET INVESTMENTS

2016 2015 £ £

Unlisted investments (liquid) 211,324 237,989

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19. CREDITORS: Amounts falling due within one year

2016 2015 £ £

Other loans 2,276 2,275Trade creditors 43,079 -Other taxation and social security 28,257 20,479Other creditors 27,044 24,249Accruals and deferred income 65,046 36,664

165,702 83,667

2016 2015 £ £

Deferred income

Deferred income at 1 September 2015 9,657 11,483Resources deferred during the year 6,230 9,657Amounts released from previous years (9,657) (11,483)

Deferred income at 31 August 2016 6,230 9,657

At the balance sheet date the academy trust was holding funds received in advance for educational tripsbooked for the following academic year.

20. CREDITORS:Amounts falling due after more than one year

2016 2015 £ £

Other loans 12,516 14,793

Included within the above are amounts falling due as follows:

2016 2015 £ £

Between one and two years


Between two and five years


Over five years


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20. CREDITORS:Amounts falling due after more than one year (continued)

Creditors include amounts not wholly repayable within 5 years as follows:

2016 2015 £ £

Repayable by instalments 1,138 3,414

Included in other creditors is a loan of £14,792 (of which £12,516 is shown as payable after more thanone year) from the EFA. This is a 0% 'Salix' loan. Loan funding has been calculated up to a maximum ofan 8 year payback. Repayments are to be made every six months from GAG until the loan amount isrepaid.

21. STATEMENT OF FUNDS

BroughtForward Income Expenditure

Transfersin/out

Gains/(Losses)

CarriedForward

£ £ £ £ £ £

Unrestrictedfunds

General Fund 341,185 123,356 (33,849) (73,971) - 356,721

Restricted funds

General AnnualGrant (GAG) 72,757 1,658,677 (1,681,453) (49,981) - -Pupil Premium 6,365 62,166 (63,861) - - 4,670Devolved FormulaCapital 9,130 8,489 - (12,250) - 5,369Activities for All 45 - (45) - - -Local AuthorityPupil Premium - 9,926 (9,926) - - -Insurance - 21,005 (21,005) - - -Year 7 Catch up - 5,500 (30,742) 25,242 - -S E N - 37,200 (37,995) 795 - -Higher Needs TopUp - 43,749 (43,749) - - -Salaried Trainee - 14,250 (13,718) - - 532Enthuse Award - 44 (44) - - -The JerusalemTrust - 600 (462) - - 138EMI Music - 500 (500) - - -Donations - 21,872 (10,512) (11,129) - 231Charity Collections - 3,474 (3,469) - - 5Pension reserve (359,000) - (96,000) 73,000 (265,000) (647,000)

(270,703) 1,887,452 (2,013,481) 25,677 (265,000) (636,055)

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21. STATEMENT OF FUNDS (continued)

Restricted fixed asset funds

Transfer from LocalAuthority onconversion 2,469,337 - (110,634) - - 2,358,703Capital expenditurefrom GAG 44,392 - (17,473) 22,640 - 49,559CapitalMaintenance Grant 925,417 70,679 (48,772) 2,275 - 949,599Wooden PavillionFund 4,007 - (517) - - 3,490ReplacementDoors Fund 3,231 - (180) - - 3,051Capital expenditurefrom DevolvedFormula Capital 7,076 - (5,595) 12,250 - 13,731Dorey Tables andCharis Fund 1,374 - (167) - - 1,207FOSH High JumpFund 1,798 - (189) - - 1,609Biomass BoilerFund 99,111 - (5,149) - - 93,962MUGA Fund 14,000 18,959 (4,335) - - 28,624Outdoor gym - - - 11,129 - 11,129

3,569,743 89,638 (193,011) 48,294 - 3,514,664

Total restrictedfunds 3,299,040 1,977,090 (2,206,492) 73,971 (265,000) 2,878,609

Total of funds 3,640,225 2,100,446 (2,240,341) - (265,000) 3,235,330

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

The General Annual Grant is for the normal running costs of the Academy. The following transfers havebeen made from the General Annual Grant ("GAG"): £73,000 to restricted pension reserve representingthe cost of employer contributions towards the Local Government Pension Scheme; £33,769representing fixed asset additions from GAG funding; and £2,275 representing the transfer of the SalixLoan repayments deducted from GAG to Capital Maintenance Grants within the Restricted Fixed AssetFund. A transfer of £73,971 was made from unrestricted funds to clear deficits on the following restrictedfunds: General Annual Grant (£47,934), Year 7 Catch up (£25,242) and S E N (£795).

Pupil Premium income has been provided to raise the attainment of disadvantaged pupils. The balanceunspent and carried forward relates to accrued Pupil Premium to 31 August 2016.

Insurance rebate income provided by the EFA was utilised in the period.

The Devolved Formula Capital fund relates to funding for improvements to buildings and other facilities,including ICT, or capital repairs or refurbishment and minor works. £12,250 was spent on the purchaseof a minibus purchase in the year.

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21. STATEMENT OF FUNDS (continued)

The Higher Teaching Needs income has been received to support those pupils within the academy whohave special educational needs.

Donations include income from the Friends of the School to purchase capital items and variousequipment.

Activities for All funding brought forward has been spent providing a range of high quality activities andservices accessible to all children, focusing on those disadvantaged by economic circumstances.

The Pension reserve deficit at the period end was £647,000 and represents the Academy's share of thedeficit of the Local Government Pension Scheme.

The Capital Expenditure from GAG fund represents capital expenditure made out of the GAG fund.

The Capital Maintenance funding represents a specific grants that were received during the year toreplace windows and upgrade the Heating System.

The MUGA Fund is made up of donations and grant income received in the previous year from theLottery Fund and Stradbroke Parish Council and in the current year from Suffolk County Council (£4,000)and Babergh & Mid Suffolk District Councils (£14,959) to be spent on floodlighting for the StradbrokeMulti Use Games Area.

Under the funding agreement with the Secretary of State, the academy was not subject to a limit on theamount of GAG that it could carry forward at 31 August 2016.

22. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Unrestrictedfunds

Restrictedfunds


fundsTotal

fundsTotalfunds

2016£

2016£

2016£

2016£

2015£

Tangible fixed assets - - 3,520,174 3,520,174 3,563,529Current assets 356,721 174,370 9,282 540,373 534,157Creditors due within one year - (163,425) (2,276) (165,701) (83,668)Creditors due in more than oneyear - - (12,516) (12,516) (14,793)Provisions for liabilities andcharges - (647,000) - (647,000) (359,000)

356,721 (636,055) 3,514,664 3,235,330 3,640,225

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

2016 2015 £ £

Net (expenditure)/income for the year (as per Statement offinancial activities) (139,895) 433,154

Adjustment for:Depreciation charges 193,011 179,391Dividends, interest and rents from investments (6,328) (2,761)Increase in stocks (501) -(Increase)/decrease in debtors (29,441) 70,527Increase in creditors 82,035 15,807Capital grants from DfE and other capital income (89,638) (448,245)Defined benefit pension scheme cost less contributions payable 10,000 8,000Defined benefit pension scheme finance cost 13,000 12,000

Net cash provided by operating activities 32,243 267,873

24. ANALYSIS OF CASH AND CASH EQUIVALENTS

2016 2015 £ £

Cash in hand and at bank 250,963 248,022

Total 250,963 248,022

25. PENSION COMMITMENTS

The academy's employees belong to two principal pension schemes: the Teacher's Pension Scheme forEngland and Wales (TPS) for academic and related staff; and the Local Government Pension Scheme(LGPS) for non-teaching staff, which is managed by Suffolk County Council. Both are Multi-employerdefined benefit pension schemes.

The latest actuarial valuation of the TPS related to the period ended 31 March 2012 and of the LGPS 31March 2013.

Contributions amounting to £19,361 were payable to the schemes at 31 August 2016 (2015 - 17,073) andare included within creditors.

Teachers' Pension Scheme

Introduction

The Teachers' Pension Scheme (TPS) is a statutory, contributory, defined benefit scheme, governed bythe Teachers' Pensions Regulations (2010) and, from 1 April 2014, by the Teachers' Pension SchemeRegulations 2014. Membership is automatic for full-time teachers in academies and, from 1 January2007, automatic for teachers in part-time employment following appointment or a change of contract,although they are able to opt out.

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25. PENSION COMMITMENTS (continued)

The TPS is an unfunded scheme and members contribute on a ‘pay as you go’ basis – thesecontributions along with those made by employers are credited to the Exchequer. Retirement and otherpension benefits are paid by public funds provided by Parliament.

Valuation of the Teachers’ Pension Scheme

Not less than every four years the Government Actuary, using normal actuarial principles, conducts aformal actuarial review of the TPS in accordance with the Public Service Pensions (Valuations andEmployer Cost Cap) Directions 2014 published by HM Treasury. The aim of the review is to specify thelevel of future contributions. Actuarial scheme valuations are dependent on assumptions about the valueof future costs, design of benefits and many other factors. The latest actuarial valuation of the TPS wascarried out as at 31 March 2012 and in accordance with the Public Service Pensions (Valuations andEmployer Cost Cap) Directions 2014. The valuation report was published by the Department forEducation on 9 June 2014. The key elements of the valuation and subsequent consultation are:

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

total scheme liabilities (pensions currently in payment and the estimated cost of future benefits) forservice to the effective date of £191,500 million, and notional assets (estimated future contributionstogether with the notional investments held at the valuation date) of £176,600 million giving a notionalpast service deficit of £14,900 million

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

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

During the previous year the employer contribution rate was 14.1%. The TPS valuation for 2012determined an employer rate of 16.4%, which was payable from September 2015. The next valuation ofthe TPS will be as at March 2016, whereupon the employer contribution rate is expected to bereassessed and will be payable from 1 April 2019.

The employer’s pension costs paid to TPS in the period amounted to £144,691 (2015 - £126,009).

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

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

Local Government Pension Scheme

The LGPS is a funded defined benefit scheme, with assets held in separate trustee-administered funds.The total contribution made for the year ended 31 August 2016 was £88,000 (2015 - £81,000), of whichemployer's contributions totalled £73,000 (2015 - £67,000) and employees' contributions totalled£15,000 (2015 - £14,000). The agreed contribution rates for future years are 27.2% for employers and5.5% - 12.5% for employees.

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

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Principal actuarial assumptions:

2016 2015

Discount rate for scheme liabilities %2.00 %3.70Rate of increase in salaries %4.10 %4.50Rate of increase for pensions in payment / inflation %2.10 %2.60

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

2016 2015

Retiring todayMales 22.4 22.4Females 24.4 24.4

Retiring in 20 yearsMales 24.3 24.3Females 26.9 26.9

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

Fair value at Fair value at31 August 31 August

2016 2015£ £

Equities 620,000 461,000Debt instruments 180,000 144,000Property 90,000 76,000Other - user input 8,000 7,000

Total market value of assets 898,000 688,000

The actual return on scheme assets was £127,000 (2015 - £24,000).

The amounts recognised in the Statement of financial activities incorporating income and expenditureaccount are as follows:

2016 2015 £ £

Current service cost (net of employee contributions) (83,000) (75,000)Net interest cost (13,000) (12,000)

Total (96,000) (87,000)

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

2016 2015 £ £

Opening defined benefit obligation 1,047,000 917,000Current service cost 83,000 75,000Interest cost 40,000 35,000Contributions by employees 15,000 14,000Actuarial losses 365,000 9,000Benefits paid (5,000) (3,000)

Closing defined benefit obligation 1,545,000 1,047,000

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

2016 2015 £ £

Opening fair value of scheme assets 688,000 586,000Return on plan assets (excluding net interest on the net definedpension liability) 27,000 23,000Actuarial gains and (losses) 100,000 1,000Contributions by employer 73,000 67,000Contributions by employees 15,000 14,000Benefits paid (5,000) (3,000)

Closing fair value of scheme assets 898,000 688,000

26. OPERATING LEASE COMMITMENTS

At 31 August 2016 the total of the Academy trust’s future minimum lease payments under non-cancellable operating leases was:

2016 2015£ £

Amounts payable:

Within 1 year 2,374 493Between 1 and 5 years 1,355 863

Total 3,729 1,356

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27. MEMBERS' LIABILITY

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

28. RELATED PARTY TRANSACTIONS

Owing to the nature of the academy's operations and the composition of the board of trustees beingdrawn from local public and private sector organisations, transactions may take place with organisationsin which the trust has an interest. All transactions involving such organisations are conducted at arm'slength and in accordance with the academy's financial regulations and normal procurement procedures.

Friends of Stradbroke High is a registered charity with trustees in common. The charity raises funds forthe school to provide resources that would not otherwise be provided. During the year the academyreceived donations of £24,862 (2015 - £9,043) from Friends of Stradbroke High. Included within otherdebtors is £5,565 (2015 - £nil) owed by Friends of Stradbroke High. The latest available accounts forFriends of Stradbroke High, for the year ended 30 September 2015, show that the charity had income of£16,114 and expenditure of £11,830, giving a surplus for the year of £4,284.

The academy employed the wife of Mr R Pierce-Saunderson, a trustee, as a teaching assistant. Duringthe year, Mrs Pierce-Saunderson received remuneration of £7,576 (2015 - £14,628).

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29. FIRST TIME ADOPTION OF FRS 102

It is the first year that the Academy Trust has presented its financial statements under SORP 2015 andFRS 102. The following disclosures are required in the year of transition. The last financial statementsprepared under previous UK GAAP were for the year ended 31 August 2015 and the date of transition toFRS 102 and SORP 2015 was therefore 1 September 2014. As a consequence of adopting FRS 102 andSORP 2015, a number of accounting policies have changed to comply with those standards.

Reconciliations and descriptions of the effect of the transition to FRS 102 and SORP 2015 on total fundsand net income/(expenditure) for the comparative period reported under previous UK GAAP and SORP2005 are given below.

RECONCILIATION OF TOTAL FUNDS Notes 1 September 2014 31 August 2015 £ £

Total funds under previous UK GAAP 3,215,071 3,640,225

Total funds reported under FRS 102 3,215,071 3,640,225

Reconciliation of net income Notes 31 August 2015 £

Net income previously reported under UK GAAP 444,154Change in recognition of LGPS interest cost A (11,000)

Net income reported under FRS 102 433,154

Explanation of changes to previously reported funds and net income/expenditure:

A

Under previous UK GAAP the trust recognised an expected return on defined benefitplan assets in support costs. Under FRS 102 a net interest expense, based on the netdefined benefit liability, is recognised in support costs. There has been no change in thedefined benefit liability at either 1 September 2014 or 31 August 2015. The effect of thechange has been to increase the debit to support costs by £11,000 and decrease thedebit in other recognised gains and losses in the SoFA by an equivalent amount.

In accordance with the Academies Accounts Direction 2015 to 2016 income for the year ended 31 August2015 has been reclassified into appropriate categories and governance costs have been reclassified asexpenditure on academy trust educational operations. The reclassification of income and expenditure hashad no effect on total income, total expenditure, net income/(expenditure) for the year or total funds aspreviously reported.

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(a company limited by guarantee) annual report …kyqcsl2...trustees' report for the year ended...

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