i (a company iimited by guarantee) - microsoft · chalr of each commlttee repods to the fullboard...

Registered number: 07652764

W ALTON GIRLS HIGH SCHOOL & SIXTH FORM

i (A company Iimited by guarantee)

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2014

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(A company Iimited by guarantee)

CONTENTS

Page

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

Governors. report 3 - 14

Governance statement 15 - 17

Statement on regularity, propriety and com pliance 18

Governors. responsibilities statement 19

' report 20 - 21 1lndependent auditors

Independent reporting accountant's assurance report on regularity 22 - 23I

Statement of financial activities 24 - 25

Balance sheet 26

Cash flow statement 27

Notes to the financial statements 28 - 47



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

Mem bers

Mr D MacklntoshMr B EdwardsMr B ButteryMrs G Tagg

Trustees

Mr D Macklntosh, Chalr of Governors #Mrs G Tagg, Vlce Chalr of GovernorsMr B ButteryMr C Arms-Rawden (reslgned 21 May 2014)Mr C Beevers #Mrs C Horrocks, Prlnclpal and Accountlng Ofhcer #Mr D Thorpe #Mr A Pearson (reslgned 7 July 2014)Mrs L W lblln, Staff GovernorMrs C Baxter (reslgned 12 June 2014)Mrs A CleggMr V Brlttaln # (reslgned 31 August 2014)Mr B EdwardsMr W Charley (appolnted 3AprlI 2014)Mr M Handley (appolnted 3 Apnl 2014)Mr J Lonsdale (appolnted 3AprII 2014)Dr J Manterheld (appolnted 3 Apnl 2014)Mr J Clack (reslgned 9 October 2013)

# - Members of Leadershlp & Management Commlttee

Com pany registered num ber

07552764

Registered office

Harlaxton Road, Grantham, Llncs, NG31 7JR

Company secretary

Mrs M Duffy

Senior Ieadership team

M rs C Horrocks, PrlnclpalM rs I W llson, Asslstant PrlnclpalMrs P Townsend, Asslstant PrlnclpalMrs J Phtlpo ,tt Asslstant PrlnclpalMrs M Duffy, Dlrector of FlnanceMrs C Baxter, SLT Secondment

Independent auditors

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

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

Administrative details (continued)

Bankers

Royal Bank of Scotland, 747 Attercllffe Road, Sheffleld, S9 3RF

Solicitors

Nelsons Sollcltors, Provlnclal House, 37 New W alk, Lelcester, LE1 6TU

Internal Auditor

Julla Raftery Consultlng Ltd, Sulte 2, Concorde House, Klrmlngton Buslness Park, Klrmlngton, Nodh Llncs,DN39 6YP

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GOVERNORS' REPORTFOR THE YEAR ENDED 31 AUGUST 2014

The trustees present thelr annual report together wlth the flnanclal statements and audltors' repod of thecharltable company for the perlod 1 September 2013 to 31 August 2014 The annual repod serves the purposesof both a trustees' repod, and a dlrectors' repod under company Iaw

The trust operates an academy for puplls aged 11 to 18 It has a pupll capaclty of 816 and had a roll of 793 at15 May 2014

STRUCTURE,GOVERNANCE AND MANAGEMENT

CONSTITUTION

The Academy Trust Is a charltable company Ilmlted by guarantee wlth no share capltal and an exem pt charltyThe trust was Incorporated on 4 March 201 1 , ln the name of W alton Glrls' Hlgh School and Slxth Form Thecharltable Company's Memorandum and Adlcles of Assoclatlon are the prlmary governlng documents of theAcademy Trust

The trustees of W alton Glrls' Hlgh School and 51th Form are also the dlrectors of the Charltable Company forthe purposes of company Iaw The charltable company ls known as W alton Glrls' Hlgh School and Slxth Form

Detalls of the governors who served throughout the year are lncluded In the Reference and Adm lnlstratlveDetalls on page 1

M EMBERS' LIABILITY

Each member of the charltable company undertakes to contrlbute to the assets of the charltable company In theevent of It belng wound up whlle they are a member, or wlthln one year after they cease to be a member, suchamount as may be requlred, not exceedlng E10, for the debts and Ilabllltles contracted before they ceased to bea member

METHOD OF RECRUITMENT AND APPOINTMENT OR ELECTION OF GOVERNORS

The Adlcles of Assoclatlon requlre that the Members of the Academy Trust shall comprlse

a) the slgnatones to the Memorandumb) one person appolnted by the Secretary of State, In the event that the Secretary of State appolnts a

person for thls purposec) the Chalrman of the Trustees, the Chalr of the Leadershlp & Management commlttee and a thlrd

governor nomlnated by themd) any person appolnted under Adlcle 16

The Adlcles of Assoclatlon requlre the members of the Charltable Company to appolnt at least three trustees tobe responslble for the statutory and constltutlonal affalrs of the Charltable Company and the management of theAcademy

The trustees who were In ofhce at 31 August 2014, and served throughout the perlod, are Ilsted on page 1

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WALTON GIRLS HIGH SCHOOL & SIXTH FORM

(A company limited by guarantee)

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

POLICIES AND PROCEDURES ADOPTED FOR THE INDUCTION AND TRAINING OF GOVERNORS

AlI Governors are provlded wlth coples of procedures, mlnutes, accounts, budgets plans and other documentsthat they wlll need to undedake thelr role as Governors

AII Governors have access to a range of tralnlng programmes. Governors have a term In offlce of 4 years'servlce, when they may be ellglble for re-electlon. New Governors recelve an lnductlon Into the worklng of theAcademy by the Chalr of Governors and the Prlnclpal, and they recelve a handbook and Governor pack whlchlncludes thelr roles and responslbllltles from the Clerk to Governors Governors tralnlng sesslons have been runby the Prlnclpal slnce September 2012.

ORGANISATIONAL STRUCTURE

The Governors are Iegally responslble for the overall management and control of the Academy AII commltteesoperate under speclflc Terms of Reference, whlch delegate certaln functlons from the Governlng Body Thework of Implementlng most of the flnanclal pollcles Is carrled out by the Leadershlp & Management CommltteeThe Prlnclpal ls the Accountlng Ofhcer Each of the four commlttees has a mem ber of the Senlor LeadershlpTeam (SLT) asslgned to It based on thelr area of responslblllty. There are four routlne commlttees as follows

@ Leadershlp & Management Commlttee* Teachlng & Learnlng Commlttee@ Behavlour & Safety Commlttee. Achlevement Commlttee

Each commlttee wlll meet as often as ls necessary to fulfll lts responslbllltles and at Ieast once per term Thechalr of each commlttee repods to the Full Board of Governors a m lnlmum of three tlmes per year AIlGovernors are asslgned to a faculty or speciflc student group

CONNECTED ORGANISATIONS, INCLUDING RELATED PARTY RELATIONSHIPS

The trust works closely wlth a wlde network of qadnershlp prlmarles The school also collaborates on SlxthForm provlslon wlth Kesteven and Grantham Glrls' School, The Klngs' School and Grantham College Studentsfrom Kesteven and Grantham Glrls' School studled BTEC Level 3 Dlploma or Subsldlary Dlploma In MuslcalTheatre Year 12 W alton students attended Kesteven and Grantham Glrls' School for AS Levels In RellglousStudles and Blology, W alton students attended The Klngs' School to study AS Levels In Psychology, Chemlstryand Blology, A2 Levels In Muslc and Psychology

In the academlc year endlng August 2014 the school worked In partnershlp wlth EM Dlrect tralnlng a SCITTMaths teacher. W e also offered a PGCE Psychology placement through CfBT and a PGCE Physlcs placementwlth Blshop Grosseteste Unlverslty Two of our teachers also took pad In the Outstandlng TeachersProgramme, a course run through the Mlnster Teachlng School Alllance and valldated by the Natlonal Collegeof Teachlng and Leadershlp. These teachers shared thelr knowledge on INSET days and contfnue to work wlthstaff

The school aiso works ln partnershtp wlth Nottlngham Trent Unlverslty and Blshop Grosseteste for teachertralnlng. In the academlc year endlng August 2014, the Academy worked wlth EMDlrect for teacher tralnlng(Sclence GTP) and the Advanced Skllls teachers suppoded teacher development In a varlety of Llncolnshlreschools and currently have one SCIU tralnee In place vIa EMDlrectThe Prlnclpal ls also actlvely Involved ln both the Grantham Heads' Meetlngs and Headteacher NetworkMeetlngs represented by Heads from Walton (Grantham), The Klng's School (Grantham), St Peter's and StPaul's Academy (Llncoln) and Cherry Wllllngham Communlty School (Llncoln) Both groups meet regularly to

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dlscuss current lssues and sharlng best practlce

GOVERNORS' INDEMNITIES

ln accordance wlth normal commerclal practlce the Academy has purchased lnsurance to protect Governorsfrom clalm s arlslng from negllgent acts, errors or omlsslons occurrlng whIlst on Academy buslness TheInsurance provldes cover up to E5,000,000 on any one clalm

OBJECTIVES AND ACTIVITIES

OBJECTS AND AIMS

The Academy Trust's prlnclpal oblect Is to advance, for the publlc beneflt, educatlon In the Unlted Klngdom , Inpadlcular but wlthout prqudlce to the generallty of the foregolng, by establlshlng, malntalnlng, carrylng on,managlng and devesoplng a school offerlng a broad and balanced curnculumThe aIm of the school ls to provlde a quallty educatlon In a carlng and dlsclpllned communlty

@ By malntalnlng the school's reputatlon for excellent examlnatlon results,@ By allowlng students of aII abllltles to attaln thelr full potentlal and develop thelr own speclal qualltles,. By oserlng a wlde range of extracurncular actlvltles and spods,. By malntalnlng the hlgh standards and expectatlons of the school,. By developlng a posltlve attltude towards equal oppodunltles for all, regardless of rellglon or personal

I djffjcujtles,. By expectlng students to value aI1 members of the school's communlty and Its envlronment,* By allowlng students to acqulre attltudes and skllls whlch enable them to glve purposes to thelr llves and

to make a contrlbutlon to the wlder communlty

OBJECTIVES, STRATEGIES AND ACTIVITIES

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

. To ensure that every student enjoys the same hlgh quallty educatlon In terms of resourclng, tultlon andcare,

@ To ralse the standard of educatlonal achlevement of alI students,@ To Improve the effectlveness of the Academy by keeplng the currlculum and organlsatlonal structure

under contlnual revlew,* To provlde value for money for the funds expended,. To comply wlth aIl approprlate statutory and currlculum requlrements,@ To malntaln close llnks wlth lndastry and commerce,@ To conduct the Academy's buslness In accordance w1th the hlghest standards of Integrlty, problty and

openness

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* W alton Focl for 2013-20141 Progress In alI key stages and across aII groups to be RAPID and SUSTAINED2 AII Staff teachlng readlng, wrltlng, communlcatlon and mathematlcs3 Outstandlng Teachlng and Learnlng (questlonlng/dl#erentlatbon/marklng/student

Ieadershlp/pace/homeworruse of TAs)4. E-learnlng across the currlculum5 Develop the role of the form tutor In mentorlng and monltorlng students to secure student progress6 Strengthen Student and Parent Volce to demonstrate Impact7 Conslstent and Rellable Assessment - Formatlve and Summatlve8 Flnanclal Stablllty - oversubscrlbed In aII years9 Contlnue to expand Slxth Form and lts provlslon10 Strengthen Governance In holdlng Ieaders to account

PUBLIC BENEFIT

The trustees conflrm that they have referred to the guldance contalned ln the Charlty Commlsslon's generalguldance on publlc benest when revlewlng the Academy's oblectlves and alms and In plannlng future actlvltlesfor the year Glven the actlvltles of the Academy and the student populatlon that lt servlces, the trusteesconslder that the company's alms are demonstrably to the publlc beneflt

STRATEGIC REPORT

ACHIEVEMENTS AND PERFORMANCE

The Academy contlnues to be oversubscrlbed wlth 793 students on roll Slxth form numbers have Increasedslgnlflcantly thls year wlth 107 students ln Year 12 and 13.

Llsted below are the achlevements of the Academy as measured agalnst the alms and oblectlves that havebeen set

Achievem ent

Judged to be good wlthln the School Evaluatlon Form (JuIy 2014)

Attainm ent

Key Stage 4 Achievement Report

Figures are based on unvalidated data sourced from SISRA AnalytksNational Figures are sourced from JCQ and SPAS

Background

Prior attainment (PA)The schools 2014 results are based on a cohort of 144 students compared to the 2013 cohort of 134 students

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

PA for 2014 cohod (27 3) ls the same as the 2013 cohod, below the natlonal average for glrls (28 1) and sllghtlyweaker than the cohorts prlor to 2013(27 polnts equates to Level 4, 21 polnts equates to Level 3 and 33 polnts equates to Level 5)

2014 Cohod Ablllty Bands based on KS2 PAHlgher Ablllty Band (HA) 19.6% of cohod compared to 32 5% natlonallyMlddle Ablllty Band (MA) 67 1% of cohort compared to 52 5% natlonallyLower Ablllty Band (LA) 13 3% of cohod compared to 15 0% natlonallyCompared to 2013 there were sllghtly fewer students ln the LA and MA bands and sllghtly more In the HA band

2014 Key Indicators

Attainment

SA*CEM54.9% of cohort achleved SA*CEM compared to 64% In 2013.Although slgnlflcantly Iower than prevlous two years and the FFT Type D estlmate of 66% we remaln above the40% Floor TargetIt needs to be noted that the natlonal flgure 59 7% also shows a downward trend on the 2013 natlonal flgure of66 2%

English69.4% of cohort galned A*-C grades In elther Engllsh Language and Engllsh (agalnst a target of 900/0) whlch IsIower than 77% achleved ln 2013 but In Ilne w1th 70% achleved In 2012Although Iower than the FFT Type D estlmate 79% the flgure Is broadly In llne wlth the JCQ (England) glrls'flgure of 69 7%

Mathem atics63.2% of cohod galned A*-C grades (agalnst a target of 7204) whlch Is Iower than 71% achleved In 2013 andthe 80% achleved In 2012Although Iower than the FFT Type D estlmate 70% the flgure Is sllghtly hlgher than the Natlonal flgure of 62 6%and the Natlonal Glrls flgure of 63%

20 students achleved Engllsh but not Maths wlth 10 of these students havlng a Target Grade of C or hlgher12 students achleved Maths but not Engllsh w1th 10 of these students havlng a Target Grade of C or hlgherIf the 20 students had achleved thelr targets In both Engllsh and Mathematlcs we would have achleved 68%SA*CEM

Progress

En 3LP67.8% of cohod achleved 3LP ln Engllsh/Engllsh Language although Iower than the FFT Type D target of 77%and the 76% achleved ln 2013 the flgure Is hlgher than the 62% achleved In 2012 but Iower than the 73% FloorTarget and the natlonal glrls' flgure of 75%

Ma 3LP62.9% of cohod achleved 3LP In Mathematlcs slgnlflcantly Iower than the FFT Type D target of 7504, the 75%achleved In 201 ,3 the 77% achleved In 2012 and the 73% Floor Target but ls broadly ln Ilne wlth the natlonalIs' flgure of 63 7%gIr

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En 4LP22.4% of cohod achleved 4LP In Engllsh/Engllsh Lanquage Iower than the FFT Type D target of 40% and the26% achleved ln 2013 and Iower than the natlonal glrls' flgure of 37.1%

Ma 4LP16.2% of cohod achleved 4LP In Mathematlcs slgnlflcantly Iower than the FFT Type D target of 30%, the 23%achleved In 2013 and the natlonal glrls' flgure of 28.7%

2017 Key Indicators

Basics AACEM55.6% achleved A*-C In both Engllsh and Mathematlcs Is Iower than the FFT D target of 6304, the 65%achleved ln 2013 and Iower than the natlonal glrls' flgure of 59% but broadly In Ilne wlth the natlonal flgure of55%.

One student who achleved a Grade C In both Engllsh and Mathematlcs falled to achleve A*-C In three othersublects

English BaccalaureateEntered/NoR49 students out of 144 (34%) studled EBacc subjects compared to the 37% In 2013

Achleved/NoR19.4% (17 2% EPAS) of the cohod achleved the Engllsh Baccalaureate quallflcatlons Iower than the 21 6%achleved In 2013 and the Natlonal flgure of 22 2% and the natlonal glrls' flgure of 27%

Achleved/Entry28 students out of the 49 students studylng the EBacc sublects were successful In achlevlng the EBaccquallflcatlon whlch equates to 57% of those entered compared to 58% achleved ln 2013

Progress 8SISRA suggests the Progress8 measure to be 0 49.A figure of -0 50 wlll be Judged to be below Floor Target.

GeneralSubject Ove-iewA*-cSubjects performlng above target noneSubjects pe#ormlng ln Ilne wlth targets Art Textlles, Buslness Studles, Chemlstry, Dance, HeaIth and SoclalCare and Medla StudlesSubjects performlng below the JCQ Natlonal Glrls A*-C average (England) Drama, DT Food, Geography,Hlstory, Muslc, PE, Addltlonal Sclence, and Spanlsh

Subject ResidualsA*-C Sublect Resfduals (GIrIs) >=0Addltlonal Sclence, Art & Deslgn (FIne Ad), Art & Deslgn (Textlles), Chemlstry, DT Food, DT Textlles, Dramaand Theatre Studles, Eng Lang, Eng Llt, French, Geog, Hlstory, ICT, Physlcs, BTEC HeaIth and Soclal Careand BTEC Speech and Drama

A*-C Sublect Reslduals (GIrIs) <0Blology, Engllsh, Mathematlcs, Muslc, PE, Psychology, Rellglous Studles, Sclence (Core), Spanlsh and BTECMultlmedla

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Ability Groups:

Lower Ability 16 Students Middle Ability 100 Students Higher Ability 26 Students

SAACEMLA none of the students achleved thls quallflcatlon compared to natlonal flgure of 5 6% and natlonal glrls flgureof 6 9%MA performed below target achlevlng 55% agalnst a target of 76% but above the natlonal flgure of 49 8% andbroadly In Ilne wlth natlonal glrls' flgure of 55 7%HA performed below target achlevlng 92.3% agalnst a target of 100t%, above the natlonal flgure of 91 82% butbelow the natlonal glrls' flgure of 94%

En 3LPLA performed below target achlevlng 50% agalnst a target of 87.5%MA pe#ormed below target achlevlng 65% agalnst a target of 99%HA pedormed below target achlevlng 92 3% agalnst a target of 100%

M a 3LPLA peformed below wlth target achlevlng 18 8% agalnst a target of 25%MA performed below target achlevlng 66% agalnst a target of 87%HA performed below target achlevlng 80 8% agalnst a target of 100%

Basics AWCEMLA none of the students achleved thls quallflcatlon compared to natlonal flgure of 6 7% and glrls' natlonal flgureof 7 8%MA performed below target achlevlng 56% agalnst a target of 760/0, above the natlonal flgure of 53 3% butbelow the natlonal glrls' flgure of 58.304.HA performed below target achlevlng 92 3% agalnst a target of 100% , above the natlonal figure of 92 9% butbelow the natlonal glrls' flgure of 94 8%

English BaccalaureateLA none of the students achleved thls quallflcatlon compared to natlonal flgure of 0.6% and glrls' natlonal flgureof 0 8%MA performed above target achlevlng 12% agalnst a target of 1 1% but below the natlonal flgure of 12 2% andglrls' natlonal average of 16 1%HA performed above target achlevlng 61 5% agalnst a target of 30 8% 77, above the natlonal flgure of 53 9%but below the natlonal glrls' flgure of 60.5%

Progress 8L.A peformed below target achlevlng 0 79 agalnst a target of 0 94MA performed below target achlevlng 0 43 agalnst a target of 0.56HA pedormed above target achlevlng 0 50 agalnst a target of 0.33

Pupil PremiumFSM/FSM6 14 students In 2014 cohod

SA*CEMFSM performed below target achlevlng 50% agalnst a target of 71 4% but above both the natlonal flgure of36 5% and natlonal glrls' flgure of 40 9%FSM achleved a Iower OA than non FSM achlevlng 50% compared to nonFsM's 55 4%

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En 3LPFSM performed below target achlevlng 57 1% agalnst a target of 92.9%FSM achleved a Iower QA than non FSM achlevlng 57 1% compared to nonFsM's 69.0%

Ma 3LPFSM performed below target achlevlng 57.1% agalnst a target of 85 7%FSM achleved a Iower % than non FSM achlevlng 57.1% compared to nonFsM's 63 6%

Basics AACEMFSM performed below target achlevlng 50% agalnst a target of 71 4% but above both the natlonal flgure of39 5% and natlonal glrls' flgure of 43 3%FSM achleved a Iower % than non FSM achlevlng 50% compared to nonFsM's 56 2%

English BaccalaureateFSM performed below target achlevlng 14 3% agalnst a target of not avallable% but above both the natlonalflgure of 10 8% and natlonal glrls' flgure of 13.40:.FSM achleved a Iower % than non FSM achlevlng 14 3% compared to nonFsM's 20%

Progress 8FSM performed below target achlevlng 0.15 agalnst a target of 0 44FSM achleved a Iower QA than non FSM achlevlng 0 15 compared to nonFsM's 0 52

SENSchool Actlon 38 students School Actlon+ 9 students In 2014 cohort

SA*CEMSA performed below target achlevlng 23.7% agalnst a target of 31 6% and below the natlonal flgure of 24 3%and natlonal glrls' flgure of 26 2%SA+ none of the students achleved thls quallflcatlon compared to natlonal figure of 20 1% and the natlonal glrls'flgure of 23 4%Non SEN performed below target achlevlng 72.2% agalnst a target of 92 8% but above the natlonal flgure of64 4% and natlonal glrls' flgure of 67 6%

En 3LPSA pe#ormed below target achlevlng 60 5% agalnst a target of 94 7%SA+ performed below target achlevlng 22 2% agalnst a target of 88.9%Non SEN performed below target achlevlng 76% agalnst a target of 93 8%

Ma 3LPSA performed below target achlevlng 42 1% agalnst a target of 65 8%SA+ performed below target achlevlng 11 1% agalnst a target of 22 2%Non SEN performed below target achlevlng 74.2% agalnst a target of 92 8%

Basics AACEMSA performed below target achlevlng 23 7% agalnst a target of 31 6% and below the natlonal flgure of 26 6%and natlonal glrls' flgure of 28 0%SA+ none of the students achleved thls quallflcatlon compared to natlonal flgure of 22 5% and natlonal glrls'flgure of 25 484.Non SEN performed below target achlevlng 72 2% agalnst a target of 92 8% but above the natlonal flgure of66 7% and natlonal glrls' flgure of 69 3%

English BaccalaureateSA none of the students achleved thls quallflcatlon compared to natlonal flgure of 5 7% and natlonal glrls' flgureof 7 2%

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SA+ none of the students achleved thls quallflcatlon compared to natlonal flgure of 4 9% and natlonal glrlsflgure of 6 7%Non SEN performed above target achlevlng 28.9% agalnst a target of 17 5% , above the natlonal flgure of 28 2%but below the natlonal glrls' flgure of 32.404.

Progress 8SA performed below target achlevlng 0 81 agalnst a target of 0.92SA+ performed below target achlevlng 0.27 agalnst a target of 0 80Non SEN performed below target achlevlng 0 38 agalnst a target of 0 40

W e recognlse the key Indlcators show a downward trend on 2013 but lt has to be noted that natlonal flguresreflect slmllar trends

It Is understood that comparlsons between 2013 and 2014 wlll not follow the format used prevlously In the DfEperformance tables

W e are pleased that prellmlnary flgures suggest that the Progress8 measure to be Introduced In 2017 stands at0 49 agalnst the suggested Floor Target of -0 50.

Unvalldated flgures also show that we have narrowed the gap In most of the key Indlcators not only com pared tothe 2013 school flgures but also compared to the natlonal gap Indlcators

The 2015 SA*CEM cohod FFT Type D target ls 630/0, the Engllsh 3LP Cohod FFT Type D target ls 73% and theMathematlcs 3LP cohod FFT Type D target Is 66%

A Venn dlagram Is belng used to hlghllght those students who may not achleve thelr targets so lnterventlon canbe put Into place to remove the barrlers to ensure targets are met

In Ilne wlth the SSP achlevement objectlves Sublect Leaders are requlred to track achlevement accordlng to theQuallty Assurance and Assessment calendar to ensure sublect and Indlvldual targets are belng met wlth anemphasls on the vulnerable groups. Interventlon strategles are expected to be Im plemented to addressunderperformance wlth methods Identlfled to measure Impact.

It Is essentlal we Improve In b0th attalnment and progress ln the 2015 examlnatlons to secure belng gradedoutstandlng by OFSTED.

Actlons to be taken

. Implement the W hole School Achlevement Actlon Plan to address areas of concern Identlfled to requlreImprovement followlng the detalled analysls of the 2014 resultsThe expected outcome to ralse achlevement wlll be Judged by the key lndlcators but padlcularly the threecomponents of the Floor Target set for 2015

. Implement the Engllsh and Mathematlcs Actlon plans to ensure approprlate Interventlon ls glven tostudents to ensure they achleve at Ieast thelr basellne targets

@ PE and Muslc to lmprove subject reslduals by ensurlng aII students are achlevlng thelr target grades In aIIcomponents

. AlI subjects to focus on the Hlgh Ablllty students to ensure scholastlc excellence ls achleved

. Investlgate and pllot strategles to ensure achlevement for all wlth an aIm to narrow the gap for thedlsadvantaged students

Pav PollcvThe Academy's Pay Pollcy Is revlsed annually In accordance W1th DfE guldance

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GOING CONCERN

After maklng appropnate enqulrles, the Board of Governors has a reasonable expectatlon that the AcademyTrust has adequate resources to contlnue ln operatlonal exlstence for the foreseeable future For thls reason Itcontlnues to adopt the golng concern basls In preparlng the financlal statements Fudher detalls regardlng theadopbon of the golng concern basls can be found ln the Statement of Accountlng Pollcles

FINANCIAL REVIEW

Most of the Trust's Income Is obtalned from the DfE In the form of recurrent grants, the use of whlch Is restrlctedto padlcular purposes The grants recelved from the DE durlng the perlod ended 31 August 2014 and theassoclated expendlture are shown as restrlcted funds (non flxed assets) ln the Statement of Flnanclal Actlvltles

W alton Glrls' Hlgh School & Slxth Form also recelves grants for flxed assets from the DfE In accordance wlththe Charltles Statement of Recommended Practlce, 'Accountlng and Reporbng by Charltles' (SORP 2005), suchgrants are shown ln the Statement of Flnanclal Actlvltles as restrlcted Income ln the flxed asset fund. Therestrlcted flxed asset fund balance Is reduced by annual depreclatlon charges Over the expected useful Ilfe ofthe assets concerned.

The Trust held fund balances at 31 August 2014 of :5,288,226, comprlslng E392,418 of restrlcted funds, a flxedasset reserve of E5,676,462, a penslon reserve deflclt of :827,000 and :46,346 of unrestrlcted general funds

The maln flnanclal performance Indlcator Is the Ievel of reserves held at the Balance Sheet date In padlcular,the management of spendlng agalnst General Annual Grant (GAG) requlres speclal attentlon as the amount ofcarry forward Is restrlcted In the perlod under revlew, E132,109 was carrled forward representlng 3 4% of GAG

Another key flnanclal performance Indlcator ls stafhng costs as a percentage of GAG For the perlod thls was81 0% (2013 - 84 3t%), excludlng supply costs, and thls wlll be monltored In future perlods

The Trust's non-teachlng staff are entltled to membershlp of the Local Government Penslon Scheme TheTrust's share of the Scheme's assets ls currently assessed to be less than lts llabllltles In the Scheme, andconsequently the Academy balance sheet shows a net Ilablllty of E827,000

Detall Is sttll awalted on future fundlng for the Trust from 2815 onwards Student numbers are expected toremaln stable The lmpact of natlonal fundlng spendlng cuts and of redlrectlng fundlng Into the pupll premlumfor example, may have an adverse effect on grant fundlng

PRINCIPAL RISKS AND UNCERTAINTIES

The Trustees have assessed the malor nsks to whlch W alton Glrls' Hlgh School & Slxth Form Is exposed, lnpadlcular those relatlng to the speclflc teachlng, provlslon of facllltles and other operatlonal areas of W altonGlrls' Hlgh School & 51th Form and Its finances The trustees have Implemented a number of systems toassess nsks that the Academy faces, especlally In the operatlonal areas (e g ln relatfon to teachlng, health &safety, pupll welfare and trlps) and In relatlon to the control of flnance They have ensured that systems are Inplace, Includlng operatlonal procedures (eg vettlng of new staff and vlsltors, supervlslon of the Academygrounds) and Internal flnanclal controls ln order to mlnlmlse rlsk Pupll numbers are monltored regularly andbudgets, Includlng stafhng, are adlusted accordlngly In addltlon, the Impact of new accommodatlon bullds onattractlveness to potentlal students W here slgnlflcant ffnanclal rlsk stlll remalns, they have ensured they haveadequate lnsurance cover W alton Glrls' Hlgh School & Slxth Form has an effectlve system of Internal flnanclalcontrols and thls Is explalned In more detall In a separate sectlon The Rlsk Management Group meets fourtlmes per year

Page 12

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Mem bers of the Rlsk Management Group

Prlnclpal Mrs C HorrocksAsslstant Prlnclpal Mrs P TownsendFlnance Dlrector Mrs M DuffySlte Manager Mr I Blrchenough1CT Manager Mr R CanavanTrustee Mr B Buttery

Sufflclent cash Is held In reserve to enable the academy to support any flnanclal Issues that the academy mayexperlence Monthly flnanclal repods enable any lssues to be ldentlfled at an early stage Penslon schemesare ln deflclt, however thls does not Impact on the Academy

As trustees, we acknowledge we have overall responslblllty for ensunng that W alton Glrls' Hlgh School & 51thForm has an effectlve and approprsate system of control, flnanclal and otherwlse W e are also responslbbe forkeeplng proper accountlng records whlch dlsclose w1th reasonable accuracy at any tlme the flnanclal posltlon ofthe Academy and enable us to ensure the flnanclal statements comply wlth the Companles Act W e alsoacknowledge responslblllty for safeguardlng the assets of the Academy and hence for taklng reasonable steps

t for the preventlon and detectlon of fraud and other lrregularltles and to provîde reasonable assurance that -

. W alton Glrls' Hlgh School & Slxth Form Is operatlng efflclently and effectlvely

. Its assets are safeguarded agalnst unauthorlsed use or dlsposltlon@ Proper records are malntalned and flnanclal Informatlon wlthln the Academy or for publlcatlon Is rellable,

and* The Academy complles wlth relevant laws and regulatlons

RESERVES POLICY

The trustees revlew the reserve Ievels of the Academy annually Thls revlew encompasses the nature ofIncome and expendlture streams, the need to match Income wlth comm ltments and the nature of reserves Thetrustees have determlned that the approprlate Ievel of reserves should be approxlmately E300,000 The reasonfor thls Is to provlde sufflclent worklng capltal to cover delays between spendlng and recelpt of grants and toprovlde a cushlon to deal wlth unexpected em ergencles such as urgent malntenance The Academy's currentIevel of Ilquld reserves Is E459,210

INVESTMENTS POLICY

The Academy operates an Investment pollcy that seeks to maxlm lse returns, mlnlm lse rlsk and malntalnflexlblllty and access to funds Current funds are held on deposlt.

PLANS FOR FUTURE PERIODS

Our core values Include exceptlonally hlgh standards In aIl areas of achlevement, behavlour, learnlng andteachlng and leadershlp W e alm to ensure that aII students fulfll their potentlal and we are commltted to closlngthe gap between dlfferent groups

In settlng oblectlves and plannlng actlvltles, the trustees have glven careful conslderatlon to the CharltyCommlsslon's general guldance on publlc beneflt

The Trust wlll contlnue to work to ralse b0th the asplratlons and outcomes of alI Its students at whatever age,closlng gaps between the performances of dlfferent groups where thls Is needed, and ensurlng they are able toproceed successfully to the next stage of thelr educatlon

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FUNDS HELD AS CUSTODIAN TRUSTEE ON BEHALF OF OTHERS

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

AUDITOR

In so far as the trustees are aware@ there Is no relevant audlt Informatlon of whlch the charltable company's audltor Is unaware,

and

* the trustees have taken aII steps that they ought to have taken to make themselves aware of any relevantaudlt lnformatlon and to establlsh that the audltor Is aware of that Informatlon

The Audltors, Streets Audlt LLP, wlll be consldered for re-appolntment at the forthcom lng Annual GeneralMeetlng.

Th od, Incorpor tlng the Strpteglc report, was approved by order of the board of trustees, as the companydlrector on 11 1tX an sl ned on the board's behalf by

Mr intosChair of Governoo

Page 14

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'



GOVERNANCE STATEMENT

SCOPE OF RESPONSIBILITY

As Governors, we acknowledge we have overall responslblllty for ensurlng that W alton Glrls Hlgh School &Slxth Form has an effectlve and approprlate system of control, flnanclal and otherwlse However such a systemIs deslgned to manage rather than ellm lnate the rlsk of fallure to achleve buslness objectlves, and can provldeonly reasonable and not absolute assurance agalnst materlal mlsstatement or loss

The board of trustees has delegated the day-to-day responslblllty to the Prlnclpal, as Accountlng Ofhcer, forensurlng flnanclal controls conform wlth the requlrements of both proprlety and good flnanclal management andIn accordance wlth the requlrements and responslbllltles asslgned to It In the fundlng agreement betweenW alton Glrls Hlgh School & Slxth Form and the Secretary of State for Educatlon They are also responslble forreportlng to the board of trustees any materlal weaknesses or breakdowns In Internal control

GOVERNANCE

The Informatlon on governance Included here supplements that descrlbed ln the Governors' repod and In theGovernors' responslbllltles statement The board of trustees has formally met 4 tlmes durlng the yearAttendance durlng the year at meetlngs of the board of trustees was as follows

Governor Meetlngs attended Out of a posslble

Mr D Macklntosh, Chalr of Governors 4 4Mrs G Tagg, Vlce Chalr of Governors 4 4Mr B Buttery 4 4

h Mr C Arms-Rawden (reslgned May 2014) 2 2Mr C Beevers 3 4Mrs C Horrocks, Prlnclpal and Accountlng 4 4Ofhcer #Mr D Thorpe 3 4Mr A Pearson (reslgned July 2014) 2 3M rs L W lblln, Staf Governor 4 4Mrs C Baxter 3 3Mrs A Clegg 3 4Mr V Brlttaln (reslgned August 2014) 2 4Mr B Edwards 4 4Mr W Charley, (appolnted Aprll 2014) 2 2Mr M Handley (appolnted Aprll 2014) 2 2Mr J Lonsdale (appolnted Apnl 2014) 2 2Dr J Manterfleld (appolnted Aprll 2014) 2 2

The Leadershlp & Management Commlttee Is a commlttee of the Board of Trustees Its purpose Is to asslst thedeclslon maklng of the Board of Trustees, by enabllng more detalled conslderatlon to be glven to the bestmeans of fulfllllng the Board of Trustees responslblllty to ensure sound management of the Academy's flnancesand resources, Includlng proper plannlng, monltorlng and problty The comm lttee makes approprlate commentsand recommendatlons on such matters to the Board of Trustees on a regular basts. Malor lssues are referred tothe Board of Trustees for ratlflcatlon

The Leadershlp & Management Commlttee has formally met flve tlmes durlng the perlod.

Page 15

f 4



GOVERNANCE STATEMENT (continued)

Attendance at meetlngs In the year was as follows

Governor Meetlngs attended Out of a posslble

Mr D Macklntosh 5 5Mr C Beevers 3 5Mr V Brlttaln (reslgned August 2014) 2 5Mr D Thorpe 4 5Mrs C Horrocks 4 5

THE PURPOSE OF THE SYSTEM OF INTERNAL CONTROL

The system of Internal control Is deslgned to manage rlsk to a reasonable Ievel rather than to ellmlnate aII rlsk offallure to achleve pollcles, alms and oblectlves, It can therefore only provlde reasonable and not absoluteassurance of effectlveness The system of Internal control Is based on an ongolng process deslgned to Identlfyand prlorltlse the rlsks to the achlevement of Academy pollcles, alms and objectlves, to evaluate the Ilkellhoodof those nsks belng reallsed and the lmpact shoubd they be reallsed, and to manage them efhclently, effectlvelyand economlcally. The system of Internal control has been ln place In W alton Glrls Hlgh School & Slxth Form forthe year 1 September 2013 to 31 August 2014 and up to the date of approval of the annual repod and flnanclalstatements I

CAPACITY TO HANDLE RISK

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

Page 16

!. . ... .. -. - . ... .--- ---

9.



GOVERNANCE STATEMENT (continued)

THE RISK AND CONTROL FRAMEWORK

The Academy's system of lnternal flnanclal control ls based on a framework of regular management lnformatlonand admlnlstratlve procedures Includlng the segregatlon of dutles and a system of deiegatlon andaccountablllty In padlcular, It Includes

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

* reguàar revlews by the Leadershlp and Management Commlttee of repods whlch Indlcate flnanclalperformance agalnst the forecasts and of malor purchase plans, capltal works and expendltureprogrammes,

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

The board of trustees has consldered the need for a speclflc Internal audlt functlon and has declded to appolntJulla Raftery Consultlng Llmlted as Internal audltor

The Interna! audltor's role lncludes glvdng advlce on flnanclal matters and performlng a range of checks on theAcademy's flnanclal systems On a seml-annual basls, the lnterna! audltor reports to the board of trustees onthe operatlon of the systems of control and on the dlscharge of the board of trustees' flnanclal responslbllltles

The Internal audlt revlew hlghllghted a num ber of areas where Improvements need to be made Prompt actlonto address the lssues has been taken and a clear commltment has been shown to Introduce revlsed proceduresto Improve the Internal control envlronment

REVIEW OF EFFECTIVENESS

As Accountlng Offlcer, the Prlnclpal has responslblllty for revlewlng the effectlveness of the system of lnternalcontrol Durlng the year In questlon the revlew has been Informed by

. the work of the Internal audltor,@ the work of the external audltors,@ the flnanclal management and governance self-assessment process,@ the work of the executlve managers wlthln the Academy who have responslblllty for the development and

malntenance of the Internai control framework

The Accountlng Offlcer has been advlsed of the Impllcatlons Of the result of thelr revlew of the system of Internalcontrol by the Leadershlp and Management Com mlttee and a plan to address weaknesses and ensurecontlnuous Improvement of the system Is In place

W ttmtnnidiand slgned on Its behalf, byAppro ed y ord r f the me bers of the board of trustees on

Mr - . -

-

-0 M> c Horrockchair of Governors Accounting officer

page 17

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STATEMENT ON REGULARIR , PROPRIETY AND COMPLIANCE

As Accountlng Ofhcer of W alton Glrls Hlgh School & 51th Form I have consldered my responslblllty to notlfy theAcademy board of trustees and the Educatlon Fundlng Agency of materlal lrregularlty, Improprlety and non-compllance wlth EFA terms and condltlons of fundlng, under the fundlng agreement In place between theAcademy and the Secretary of State. As pad of my conslderatlon I have had due regard to the requlrements ofthe Academles Flnanclal Handbook

I conhrm that l and the Academy board of trustees are able to ldenbfy any materlal, lrregular or lmproper use offunds by the Academy, or materlal non-compllance wlth the terms and condltlons of fundlng under theAcademy's fundlng agreement and the Academçes Flnanclal Handbook

I conflrm that no Instances of materlal lrregufarlty, Improprlety or fundlng non-compllance have been dlscoveredto date If any Instances are Identlfied after the date of thls statement, these wlll be notlfled to the board oftrustees and EFA

MO C HorrocksAccounting OWicer

t woate l I ( tj-

Page 18

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GOVERNORS' RESPONSIBILITIES STATEMENTFOR THE YEAR ENDED 31 AUGUST 2014

The Governors (who act as governors of Walton Glrls Hlgh School & Slxth Form and are also the dlrectors ofthe charltable company for the purposes of company Iaw) are responslble for preparlng the Governors' repod(Includlng the Strateglc repod) and the flnanclal statements In accordance wlth the Annual Accounts Dlrectlonlssued by the Educatlon Fundlng Agency, Unlted Klngdom Accountlng Standards (Unlted Ksngdom GenerallyAccepted Accountlng Practlce) and appllcable law and regulatlons.

Company Iaw requlres the Governors to prepare flnanclal statements for each flnanclal year Under companyIaw the Governors must not approve the flnanclal statements unless they are satlsfled that they glve a true andfalr vlew of the state of affalrs of the charltable company and of Its lncomlng resources and appllcatlon ofresources, Includlng Its Income and expendlture, for that perlod In prepanng these flnanclal statements, theGovernors are requlred to* select sultable accountlng pollcles and then apply them conslstently,

. obsefve the methods and prlnclples of the Charltles SORP,

. make judgments and accountlng estlmates that are reasonable and prudent,@ state whether appllcable UK Accountlng Standards have been followed, sublect to any materlal

depadures dlsclosed and explalned ln the flnanclal statements,. prepare the flnanclal statements on the golng concern basls unless It Is lnapproprlate to presume that

the charltable company wl1l contlnue In buslness

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

The Governors are responslble for ensurlng that ln lts conduct and operatlon the charltable company appllesflnanclal and other controls, whlch conform w1th the requlrements both of proprlety and of good flnanclalmanagement They are also responslble for ensurlng grants recelved from EFA/DfE have been applled for the

purposes lntended

The Governors are responslble for the malntenance and lntegrlty of the corporate and hnanclal lnformatlonIncluded on the charltable company's webslte Leglslatlon In the Unlted Klngdom governlng the preparatlon anddlssemlnatlon of flnanclal statements may dfer from leglslatlon In other Junsdlctlons

Approved by order of the members of the board of trustees on ït 1$ >1% zj- and slgned on Its behalf by

Mr D MackintChair of Governors

Page 19



INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF W ALTON GIRLS HIGH SCHOOL & SIXTHFORM

W e have audlted the flnanclal statements of W alton Glrls Hlgh School & Slxth Form for the year ended 31August 2014 whlch comprlse the Statement of flnanclal actlvltles, the Balance sheet, the Cash flow statementand the related notes The flnanclal repodlng framework that has been applled In thelr preparatlon Is appllcablelaw, Unlted Klngdom Accountlng Standards (Unlted Klngdom Generally Accepted Accountlng Practlce) and theAcademles Accounts Dlrectlon 2013 to 2014 Issued by the Educatlon Fundlng Agency.

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

RESPECTIVE RESPONSIBILITIES OF GOVERNORS AND AUDITORS

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

Our responslblllty Is to audlt and express an oplnlon on the flnanclal statements In accordance wlth appllcableIaw and Internatlonal Standards on Audltlng (UK and Ireland). Those standards requlre us to comply wlth theAudltlng Practlces Board's Ethlcal Standards for Audltors

SCOPE OF THE AUDIT OF THE FINANCIAL STATEMENTS

An audlt lnvolves obtalnlng evldence about the amounts and dlsclosures In the flnanclal statements sufhclent toglve reasonable assurance that the flnanclal statements are free from materlal mlsstatement, whether causedby fraud or error. Thls lncludes an assessment of whether the accountlng pollcles are approprlate to theAcademy's clrcumstances and have been conslstently applled and adequately dlsclosed, the reasonableness ofslgnlflcant accountlng esbmates made by the Governors, and the overall presentatlon of the flnanclalstatements In addltlon, we read aII the flnanclal and non-flnanclal Informatlon In the Governors' repod toIdentlfy materlal Inconslstencles wlth the audlted flnanclal statements and to Identlfy any Informatlon that lsapparently materlally Incorrect based on, or materlally Inconslstent wlth, the knowledge acqulred by us In thecourse of pe/ormlng the audlt. If we become aware of any apparent materlal mlsstatements or Inconslstencleswe conslder the lmpllcatlons for our repod

OPINION ON FINANCIAL STATEMENTS

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

resources and appllcatlon of resources, Includlng Its Income and expendlture, for the year then ended,

* have been properly prepared In accordance wlth Unlted Klngdom Generally Accepted AccountlngPractlce, and

* have been prepared In accordance wlth the requlrements of the Companles Act 2006 and the AcademlesAccounts Dlrectlon 2013 to 2014 Issued by the Educatlon Fundlng Agency.

OPINION ON OTHER MATTER PRESCRIBED BY THE COM PANIES ACT 2006

In our oplnlon the Informatlon glven In the Governors' report, Incorporatlng the Strateglc report, for the financlalyear for whlch the flnanclal statements are prepared Is conslstent wlth the financlal statements

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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WALTON GIRLS HIGH SCHOOL & SIXTHFORM

MATTERS ON WHICH W E ARE REQUIRED TO REPORT BY EXCEPTION

W e have nothlng to repod In respect of the followlng matters where the Companles Act 2006 requlres us torepod to you lf, ln our oplnlon

. adequate accountlng records have not been kept, or returns adequate for our audlt have not beenrecelved from branches not vlslted by us, or

@ the flnanclal statements are not In agreement wlth the accountlng records and returns, or@ certaln dlsclosures of Governors' remuneratlon speclfled by law are not made, or. we have not recelved aIl the Informatlon and explanatlons we requlre for our audlt

Mark Bradshaw (Senlor statutory audltor)for and on behalf of

Streets Audit LLP

W lndsor HouseA1 Buslness Park at Long BennlngtonNottsNG23 5JRDate ( k(tu.l %.= Nuq.

Page 21

9



INDEPENDENT REPORTING ACCOUNTANTS' ASSURANCE REPORT ON REGULARITY TO WALTONGIRLS HIGH SCHOOL & SIXTH FORM AND THE EDUCATION FUNDING AGENCY

ln accordance wlth the terms of our engagement Ietter dated 16 September 2013 and fudher to therequlrements of the Educatlon Fundlng Agency (EFA) as Included In the Academles Accounts Dlrectlon 2013 to2014, we have carrled out an engagement to obtaln Ilmlted assurance about Whether the expendlture dlsbursedand lncome recelved by W alton Glrls Hlgh School & Slxth Form durlng the year 1 September 2013 to 31 August2014 have been applled to the purposes Identlfled by Parllament and the flnanclal transactlons conform to theauthorltles whlch govern them

Thls repod ls made solely to W alton Glrls Hlgh School & 51th Form and EFA ln accordance wlth the terms ofour engagement Ietter. Our work has been undedaken so that we m lght state to W alton Glrls Hlgh School &Slxth Form and EFA those matters we are requlred to state In a repod and for no other purpose To the fullestextent permltted by Iaw, we do not accept or assume responslblllty to anyone other than W alton Glrls HlghSchool & Slxth Form and EFA, for our work, for thls repod, or for the concluslon we have formed

RESPECTIVE RESPONSIBILITIES OF WALTON GIRLS HIGH SCHOOL & SIXTH FORM'S ACCOUNTINGOFFICER AND THE REPORTING ACCOUNTANT

The accountlng offlcer Is responslble, under the requlrements of W alton Glrls Hlgh School & Slth Form'sfundlng agreement wlth the Secretary of State for Educatlon dated 28 March 2011, and the AcademlesFlnanclal Handbook extant from 1 September 2013, for ensunng that expendlture dlsbursed and lncomerecelved ls applled for the purposes Intended by Parllam ent and the flnanclal transactlons conform to theauthorltles whlch govern them

Our responslbllltles for thls engagement are establlshed In the Unlted Klngdom by our professson's ethlcalguldance and are to obtaln Ilmlted assurance and repod In accordance wlth our engagement Ietter and therequlrements of the Academles Accounts Dlrectlon 2013 to 2014. W e repod to you whether anythlng has cometo our attentlon In carrylng out our work whlch suggests that In aII materlal respects, expendlture dlsbursed andIncome recelved durlng the year 1 September 2013 to 31 August 2014 have not been applled to purposeslntended by Parllament or that the flnanclal transactlons do not conform to the authorltles whlch govern them

APPROACH

We conducted our engagement In accordance wlth the Academles Accounts Dlrectlon 2013 to 2014 Issued byEFA W e performed a llmlted assurance engagement as defined In our engagement letter

The oblectlve of a Ilmlted assurance engagement Is to pe/orm such procedures as to obtaln lnformatlon andexplanatlons ln order to provlde us w1th sufhclent approprlate evldence to express a negatlve COnCIuSI0n Onregulanty

A Ilmlted assurance engagement IS more Ilmlted ln Scope than a reasonable assurance engagement andconsequently does not enable us to obtaln assurance that we would become aware of aII slgnlflcant matters thatmlght be ldentlfied ln a reasonable assurance engagement Accordlngly, we do not express a posltlve oplnlon.

Our engagement Includes examlnatlon, on a test basls, of evldence relevant to the regularlty and proprlety ofthe Academy's Income and expendlture.

Page 22



INDEPENDENT REPORTING ACCOUNTANTS' ASSURANCE REPORT ON REGULARITY TO WALTONGIRLS HIGH SCHOOL & SIXTH FORM AND THE EDUCATION FUNDING AGENCY (continued)

OPINION

ln the course of our wor qk nothlng has come to our attentlon whlch suggests that In aII materlal respects thedlture dlsbursed and Income recelved durlng the year 1 September 2013 to 31 August 2014 have notexpenbeen applled to purposes lntended by Parllament and the flnanclal transactlons do not conform to the authorltleswhlch govern them

Mark Bradshaw

for and on behalf of

Streets Audit LLP

W lndsor HouseA1 Buslness Park at Long BennlngtonNottsNG23 5JR

Date t G( t t-$ 1 msut

Page 23



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

FOR THE YEAR ENDED 31 AUGUST 2014

RestrictedUnrestricted Restricted fixed asset Total Tbla/

funds funds funds funds funds2014 2014 2014 2014 2013

Note E E E E fINCOMING RESOURCESIncomlng resources fromgenerated fundsVoluntary Income 2 - - - - 150Actlvltles for generatlng funds 3 164,976 18,695 - 182,771 148,254Investment Income 4 1,954 - - 1,954 2,320

Incomlng resources fromcharltable actlvltles 5 - 4,116,406 7,042 4,123,448 4, 185,060

TOTAL INCOMINGRESOURCES 166,030 4,135,101 7,042 4,308,173 4,335, 784

RESOURCES EXPENDEDCharltable actlvltles 7 157,655 3,954,495 36,896 4,149,046 4,330,884Governance costs 6 - 41,594 - 41,594 24, 127

TOTAL RESOURCESEXPENDED 8 157,655 3,996,089 36,896 4,190,640 4,355,01 1

NET INCOMING I (OUTGOING)RESOURCES BEFORETRANSFERS 8,375 139412 (29,854) 117,533 (19,227)

Page 24

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STATEMENT OF FINANCIAL ACTIVITIES (continued)FOR THE YEAR ENDED 31 AUGUST 2014

RestrictedUnrestricted Restricted fixed asset Total rola/

funds funds funds funds funds2014 2014 2014 2014 2013

Note E E E E f

Transfers between Funds 18 (56,896) (195,334) 252,230 - -

NET INCOM E /(EXPENDITURE) FOR THEYEAR (48,521) (56,322) 222,376 117,533 (19,227)

Actuarlal galns and Iosses ondeflned beneflt penslonschemes - (223,000) - (223,000) 28,000

NET MOVEMENT IN FUNDSFOR THE YEAR (48,521) (279,322) 222,376 (105,467) 8, 773

Total funds at 1 September2013 94, 867 (155,260) 5,454,086 5,393, 693 5,384, 920

TOTAL FUNDS AT 31AUGUST 2014 46,346 (434,582) 5,676,462 5,288,226 5,393, 693

AII actlvltles relate to contlnulng operatlons

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

The notes on pages 28 to 47 form pad of these flnanclal statements

Page 25


(A company limited by guarantee)REGISTERED NUMBER: 07562764

BALANCE SHEETAS AT 31 AUGUST 2014

2014 2013Note t t f f

FIXED ASSETSTanglble assets 15 5,669,421 5,454,086

CURRENT ASSETSDebtors 16 123,556 155,472

Cash at bank and In hand 459,210 564,684

582,766 720, 156

CREDITORS: amounts falllng due wlthlnone year 17 (136,961) (215,549)

NET CURRENT ASSETS R 5,806 504,607

TOTAL ASSETS LESS CURRENT LIABILITIES 6,115,226 5,958,693

Deflned beneflt penslon scheme Ilablllty 26 (827409) 4565,000)

NET ASSETS INCLUDING PENSIONSCHEME LIABILITY 5,288,226 5,393,693

FUNDS OF THE ACADEMYRestrlcted fundsRestrlcted funds 18 392,418 409, 7#0Restrlcted flxed asset funds 18 5,676,462 5,454,086

Restrlcted funds excludlng penslon Ilablllty 6,068,880 5,863,826

Penslon reserve (827,000) (565,000)

Total restrlcted funds 5,241,88: 5,298,826Unrestrlcted funds 18 46,346 94,867

TOTAL FUNDS 5,288,226 5,393,693

Th flnan lal stat ents re approved by the Governors, and authorlsed for Issue, onti l IX QOIS ( a d re slgned on thelr behalf, by

M D s ''=rChair of Governoo


Page 26

$*



CASH FLOW STATEMENTFOR THE YEAR ENDED 31 AUGUST 2014

2014 2013Note E f

Net cash flow from operatlng actlvltles 20 168,061 477, 691)Returns on Investments and servlclng of flnance 21 1,954 2,320Capltal expendlture and flnanclal lnvestment 21 (252,231) (23,271)

DECREASE IN cAsH IN THE YEAR (82,216) (98,642)

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

2914 2013E f

Decrease ln cash In the year (82,216) (98,642)

MOVEMENT IN NET FUNDS IN THE YEAR (82,216) (98,642)Net funds at 1 September 2013 541

,426 640,068

NET FUNDS AT 31 AUGUST 2:14 469,21û 541,426


Page 27



NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 AUGUST 2014

1. ACCOUNTING POLICIES

1.1 Basis of preparation of financial statemene

The flnanclal statements have been prepared under the hlstorlcal cost conventlon! w1th theexceptlon of Investments whlch are lncluded at market value The flnanclal statements have beenprepared In accordance wlth the Statement of Recommended Practlce (SORP), 'Accountlng andReportlng by Charltles' pubilshed In March 2005, the Academles Accounts Dlrectlon 2013 to 2014Issued by EFA, appllcable accountlng standards and the Companles Act 2006

1.2 Fund accounting

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

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

Restrlcted general funds compnse aIl other restrlcted funds recelved and Include grants from theDepartment for Educatlon.

lnvestment Income, galns and losses are allocated to the approprlate fund

Page 28

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1. AGCOUNTING POLICIES (continued)

1.3 Incom ing resources

AlI Incomlng resources are lncluded In the Statement of flnanclal actlvltles when the Academy hasentltlement to the funds, cedalnty of recelpt and the amount can be measured wlth sufhclentrellablllty

Grants are Included In the Statement of flnanclal actlvltles on a recelvable basls. The balance ofIncome recelved for speclflc purposes but not expended durlng the perlod Is shown In the relevantfunds on the Balance sheet. W here Income Is recelved ln advance of entltlement of recelpt, Itsrecognltlon Is deferred and lncluded In credltors as deferred Income W here entltlement occursbefore lncome Is recelved, the lncome ls accrued.

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

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

Sponsorshlp Income provlded to the Academy whlch amounts to a donatlon Is recognlsed In theStatement of flnanclal actlvltles In the perlod In whlch It Is recelvable, where there Is cedalnty ofrecelpt and It Is measurable

The value of donated servlces and gds ln klnd provlded to the Academy are recognlsed at thelropen market value In the perlod In whlch they are recelvable as Incomlng resources, where thebeneflt to the Academy can be rellably measured An equlvalent amount ls Included as expendltureunder the relevant headlng ln the Statement of flnanclal actlvltles, except where the glft In klnd was aflxed asset In whlch case the amount Is Included In the approprlate flxed asset category anddepreclated over the useful economlc ilfe ln accordance wlth the Academy's pollcles

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

lncome tax recoverable ln relatlon to donatlons recelved under Glft AId or deeds of covenant lsrecognlsed at the tlme of the donatlon

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

Other lncome, lncludlng the hlre of facllltles, ls recognlsed ln the perlod In which It Is recelvable andto the extent the goods have been provlded or on complebon of the servlce

Page 29

z D à




1. ACCOUNTING POLICIES (continued)

1.4 Resources expended

Expendlture Is recognlsed In the perlod In whlch a Ilablllty js Incurred and has been classlfled underheadlngs that aggregate aII costs related to that category. W here costs cannot be dlrectly attrlbutedto padlcular headlngs they have been allocated on a basls consfstent wlth the use of resources, w1thcentral staff costs allocated on the basls of tlme spent, and depreclatlon charges allocated on thepodlon of the asset's use. Other support costs are allocated based on the spread of staff costs

Costs of generatlng funds are costs lncurred In attractlng voluntaw Income, and those Incurred Intradlng actlvltles that ralse funds,

Chantable actfvltses are costs lncurred In the Academy's educatlonal operatlons.

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

AI1 resources expended are Incluslve of Irrecoverable VAT

1.5 Going concern

The Governors assess whether the use of golng concern Is approprlate, l e whether there are anymaterlal uncertalntles related to events or condltlons that may cast slgnlflcant doubt on the ablllty ofthe Academy to conbnue as a golng concern The Governors make thls assessment ln respect of apenod of one year from the date of approval of the flnanclal statements.

1.6 Tangible fixed assets and depreciation

Assets costlng V1 ,000 or more are capltallsed as tanglble hxed assets and are carrked at cost, net of

depreclatlon and any provlslon for Impalrment

W here tanglble flxed assets have been acqulred wlth the aId of speclflc grants, elther from thegovernment or from the prlvate sector, they are Included In the Balance sheet at cost anddepreclated over thelr expected useful economlc llfe. The related grants are credlted to a restrlctedflxed asset fund In the Statement of flnanclal actlvltles and are carrled forward ln the Balance sheetDepreclatlon on such assets ls charged to the restrlcted fixed asset fund In the Statement offlnanclal actlvltles so as to reduce the fund over the useful economlc Ilfe of the related asset on abasls conslstent wlth the Academy's depreclabon pollcy

Tanglble flxed assets are stated at cost Iess depreclatlon. Depreclatlon Is provlded at ratescalculated to wrlte off the cost of flxed assets, less thelr estîmated resldual value, over thelrexpected useful llves on the followlng bases

Flxtures, flttlngs and equlpment - 10% per annumComputer equlpment - 33% per annum

Page 30

'%- K



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

-- - ..


The Academy lncurs slgnlflcant repalr and replacement costs such that the Governors belleve thepropedy's resldual value ls not materlally dlfferent to the cost Accordlngly no depreclatlon Ischarged

Assets In the course of constructlon are lncluded at cost Depreclatlon on these assets Is notcharged untll they are brought Into use

A revlew for Impalrment of a flxed asset IS carrled Out If events or changes ln Clrcumstances Indlcatethat the carrylng value of any flxed asset may not be recoverable Shodfalls between the carrylngvalue of flxed assets and thelr recoverable amounts are recognlsed as Impalrments. lmpalrmentIosses are recognlsed ln the Statement of Flnanclal Actlvltles

1 .7 Leased Assets

Rentals under operatlng leases are charged on a stralght llne basls over the lease term

1 .8 Taxation

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

1.9 Pensions

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

The TPS Is an unfunded scheme and contrlbutlons are calculated so as to spread the cost ofpenslons over em ployees' worklng Ilves wlth the Academy ln such a way that the penslon cost Is asubstantlally Ievel percentage of current and future penslonable payroll The contrlbutlons aredetermlned by the Government Actuary on the basls of qulnquennlal valuatlons uslng a prospectlvebeneflt method As stated In note 26, the TPS Is a multl-employer scheme and the Academy lsunable to Identlfy Its share of the underlylng assets and Ilabllltles Of the scheme on a conslstent andreasonable basls. The TPS Is therefore treated as a deflned contrlbutlon scheme and thecontrlbutlons recognlsed as they are pald each year

Page 31

44





The LGPS Is a funded scheme and the assets are held separately from those of the Academy Inseparate trustee admlnlstered funds. Penslon scheme assets are measured at falr value andIlabllltles are measured on an actuarlal basls uslng the prqected unlt method and dlscounted at arate equlvalent to the current rate of return on a hlgh quallty corporate bond of equlvalent term andcurrency to the llabllltles The actuarlal valuatlons are obtalned at Ieast trlennlally and are updated ateach balance sheet date. The amounts charged to operatlng surplus are the current servlce costsand galns and Iosses on the settlements and curtallments They are lncluded as part of sta# costsPast servlce costs are recogntsed lmmedlately In the Statem ent of flnanclal actlvltles If the benefitshave vested lf the beneflts have not vested Immedlately, the costs are recognlsed over the perlodvestlng occurs The expected return on assets and the lnterest cost are shown as a net financeamount of other flnance costs or credlts adlacent to Interest. Actuarlal galns and losses arerecognlsed lmmedlately In other galns and Iosses

2. VOLUNTARY INCOME

Unrestricted Restricted Total Totalfunds funds funds funds2014 2014 2014 2013

E E E fOther donatlons - - - 150

3. ACTIVITIES FOR GENERATING FUNDS

Unrestricted Restricted Total rola/funds funds funds funds2014 2014 2014 2013

E E E f

Hlre of facllltles 14,693 - 14,693 1 1, 708Other lncome 3,965 18,695 22,660 19,508Caterlng Income 145,418 - 145,418 1 17,038

164,076 18,695 182,771 148,254

4. INVESTMENT INCOME

Unrestricted Restricted Total Tola/funds funds funds funds2014 2014 2014 2013

E E E f

Bank Interest 1,954 - 1,954 2,320

Page 32




5. INCOMING RESOURCES FROM CHARITABLE ACTIVITIES

Unrestricted Restricted Total Totalfunds funds funds funds2014 2014 2014 2013

E E E f

Educatlonal operatlons - 4,123,448 4,123,448 4, 185,060

FUNDING FOR ACADEMY'S EDUCATIONAL OPERATIONS

Unrestricted Restricted Total Fola/funds funds funds funds2014 2014 2014 2013

E E E f

DfE/EFA grants

General Annual Grant (GAG) - 3,914,031 3,914,031 3,931,437Other DfE/EFA grants - 26,555 26,555 1 12, 169Pupll Premlum - 124,478 124,478 65,844Capltal grants - 8,042 8,042 55, 639

- 4,073,106 4,073,106 4, 165,089

Other governm ent grants

Local authorlty grants - 50,342 50,342 19, 97t

- 50,342 50,342 19, 97t

- 4,123,448 4,123,448 4, -/85, 060

6. GOVERNANCE COSTS

Unrestricted Restricted Total Tola/funds funds funds funds2014 2014 2014 2013

E E E f

Legal and professlonal fees - 14,164 14,164 12,031Audltor's remuneratlon - FlnanclalStatements - 6,440 6,440 8, 888

Internal audltor - 3,150 3,150 2, 80OGovernor's relmbursed expenses - 1,209 1,209 4O8

- 24,963 24,963 24, 127

Page 33




7. CHARITABLE ACTIVITIES

Total Totalfunds funds2014 2013

f. f

DIRECT COSTSWages and salarles 2,266,151 2, 472,082Natlonal Insurance 164,912 462,620Penslon cost 297,792 281,286Depreclatlon 36,896 29,443Educatlonal supplles 156,226 142,293Examlnatlon fees 88,270 68, 192Staff development 15,1Q1 27, 1 18Other dlrect costs 46,837 67,452

3,072,185 2,950,486

SUPPORT COSTSW ages and salarles 540,340 597,23,3Natlonal Insurance 29,420 34,297Penslon cost 103,190 105,396Penslon Income 12,000 17,000IT costs 56,902 69, 131Other dlrect costs 6,826 38,312Recrultment and support 9,722 33,878Malntenance of premlses and equlpment 76,248 208,682Cleanlng 10,356 9, 778Rents and rates 91,896 101, 658Insurance 16,311 16, 783Secunty and transpod 11,464 14, 769Caterlng 76,937 69,525Bank Interest and charges 40 10Other suppod costs 35,209 42,870Legal and professlonal fees 16,631 21,076

1,093,492 1,380,398

4,165,677 4,330,884

Page 34




8. RESOURCES EXPENDED

Staff costs Non Pay Expenditure Total Tofa/Prem ises Other costs

2014 2014 2014 2014 2013E E E E f

Dlrect costs - Educatlonaloperatlons 2,728,855 36,896 306,434 3,072,185 2,950,486Support costs - Educatlonaloperatlons 672,950 72,483 348,059 1,093,492 1,380,398

Charitable activities 3,401,805 109,379 654,493 4,165,677 4,330,884

Governance - - 24,963 24,963 24, 127

3,401,805 109,379 679,456 4,190,640 4,355,01 1

9. ANALYSIS OF RESOURCES EXPENDED BY ACTIVITIES

Activitiesundertaken Support

directly costs Total Tbla/2014 2014 2014 2013

E E E f

Educatlonal operatlons 3,072,185 1,093,492 4,165,677 4,330,884

10. NET INCOMING / (OUTGOING) RESOURCES

Thls Is stated after charglng

2014 2013f: f

Depreclatlon of tanglble flxed assets- owned by the charlty 36,896 29,443

Audltors' remuneratlon - audlt 5,000 5,000Audltors' remuneratlon - other servlces 1,440 3,888Operatlng leases 6,826 38,312

Page 35



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

11. GOVERNORS' AND OFFICERS' INSURANCE

In accordance wlth normal commerclal practlce the Academy has purchased 4nsurance to protectGovernors and offlcers from clalms arlslng from negllgent acts, errors or omlsslons occurrlng whIIst onacademy buslness The Insurance provldes cover up to 25,000,000 on any one clalm and the cost for theyear ended 31 August 2014 was E1,765 (2013 - f 1,765) The cost of thls Insurance Is lncluded ln the totalInsurance cost

12. STAFF

a. Staff costs

Staff costs were as follows

2014 2013E f

Wages and salarles 2,806,491 2, 769,315Soclal securlty costs 194,332 196,91 7Other penslon costs (Note 26) 400,982 386,682

3,401,805 3,352, gt#

b. Staff severance paym ents

Included In staff costs are non-statutory payments totalllng :4,000 (2013 - EnII)

c. Staff num bers

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

2014 2013No. No

Teachers 47 49Admlnlstratlon and Support 42 42Management 6 6

95 97

Page 36

;




12. STAFF (continued)

d. Higher paid staff

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

2014 2013No. No

ln the band :60,001 - 270,000 Q 'fIn the band E70,001 - E80,000 1 0

1 J

The above employee partlclpated ln the Teachers' Penslon Scheme Durlng the perlod ended 31 August2014, penslon contrlbutlons for these staff amounted to E19,135

13. GOVERNORF REMUNERATION AND EXPENSES

The Prlnclpal and other staff Governors only recelve remuneratlon ln respect of servlces they provldeundedaklng the roles of Pnnclpal and staff, and not In respect of thekr servlces as Governors OtherGovernors dld not recelve any payments, other than expenses, from the Academy In respect of thelr roleas Governors The value of Governors' rem uneratlon fell wlthln the followlng bands

2014 2013t f

Mrs C Horrocks, Prlnclpal and Accountlng Officer 70,000-75,000 65,000-70,000Mrs C Baxter 40,00075,000 4O, 000-45,000Mrs L W lblln 28,* û-25,88Q 20,000-25,000

Durlng the year ended 31 August 2014, expenses totalllng :1,209 (2013 - ENIL) were relmbursed to 2Governors (2013 - none)

14. PENSION FINANCE COSTS2014 2013

Q fExpected return on penslon scheme assets 58,000 34,000Interest on penslon scheme llabllltles (70,000) (51,00%

(12,000) (1 7,000)

Page 37

' e a




15. TANGIBLE FIXED ASSETS

Freehold Fixture rsLand and Fittings and ComputerBuildings Equipm ent Equipment Total

E E E ECost

At 1 September 2013 5,376,008 39,621 81,960 6,497,679Addltlons 223,362 1,000 27,869 252,231

At 31 August 2014 5,599,370 40,621 109,819 5,749,810

DepreciationAt 1 September 2013 - 4,918 38,575 43,493Charge for the year - 3,996 32,901 36,896

At 31 August 2014 - 8,913 71,476 80,389

Net book valueAt 31 August 2014 5,599,370 31,708 38,343 5,669,421

At 31 August 2013 5,376, 008 3#, 703 43,375 5, 454, 086

The Academy's transactlons relatlng to Iand and bulldlngs Included

* The constructlon of 3 new classrooms. The costs In relatlon to thls totalled E219,142

16. DEBTORS

2014 2013E f

Trade debtors - 203Other debtors 33,262 104,481Prepayments and accrued lncome 90,294 50, 788

123,566 455,472

Page 38

. * *




17. CREDITORS:Am ounts falling due within one year

2014 2013E f

Bank Ioans and overdrafts - 23,258Trade credltors 11,680 91,099Other taxatlon and soclal securlty 65,234 60,624Other credltors 16,268 25,963Accruals and deferred Income 53,779 14,605

136,961 215, 549

EDeferred incomeResources deferred durlng the year 25,344

At the balance sheet date the Academy Trust was holdlng funds recelved In advance for rates refunds,devolved capltal Income and SEN Income

18- STATEMENT OF FUNDS

Brought Incoming Resources Transfers Gains/ CarriedForward resources Expended in/out (Losses) Forward

E E E E E E

Unrestrictedfunds

Unrestrlcted funds 94,867 166,030 (157,655) (56,896) - 46,346

Restricted funds

General AnnualGrant (GAG) 204,173 3,919,531 (3,787,422) (17,065) - 319,227

Other DfE/EFAgrants 166,190 160,332 (114,429) (138,902) - 73,191

Other Governmentgrants 39,377 55,238 (55,238) (39,377) - -Penslon reserve (565,000) - (39,000) - (223,000) (827,000)

(155,260) 4,135,101 (3,996,089) (195,334) (223,000) (434,582)

Page 39

# * .




18. STATEMENT OF FUNDS (continued)

Restricted fixed asset funds

Transfer fromformer school 5,098,300 - - 61,385 - 5,159,685EFA capltal grants 138,190 7442 - - - 145,232Capltal expendlturefrom GAG 217,596 - (36,896) 13,278 - 193,978Other Governmentgrants - - - 177,567 - 177,567

5,464,086 7,042 (36,896) 252,230 - 5,676,462Total restrlctedfunds 5,298,826 4,142,143 (4,032,985) 56,896 (223,000) 5,241,880

Total of funds 6,393,693 4,308,173 (4,190,640) - (223,000) 5,288,226

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

Unrestricted funds

Unrestrlcted funds represent b0th those resources, as well as funds transferred to the Academy from theLocal Authorlty upon converslon, whlch may be used towards meetlng any of the oblects of the Academyat the dlscretlon of the Governors These are not currently deslgnated for partlcular purposes

Restricted General fund

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

Other DfE/EFA grants and other Government grants represent fundlng recelved for speclfic prqects.

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

Page 40

. é9 *




18. STATEMENT OF FUNDS (continued)

Restricted Fixed Asset funds

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

EFA capltal grants and other Government grants represent resources whlch have been applled tospeclflc capltal purposes împosed by the funder, together with resources stlll to be expended

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

Under the fundlng agreement w1th the Secretary of Stat ye the Academy was not subject to a Ilm lt on thet of GAG that It could carry forward at 31 August 2014.amoun

SUMMARY OF FUNDS

Brought Incoming Resources Transfers Gains/ CarriedForward resources Expended in/out (Losses) Forward

E E E E E E

General funds 94,867 166,030 (157,655) (56,896) - 46,346Restrlcted funds (155,260) 4,135,101 (3,996,089) (195,334) (223,000) (434,582)Restrlcted flxedasset funds 5,454,086 7,042 (36,896) 252,230 - 5,676,462

5,393,693 4,308,173 (4,190,640) - (223,000) 5,288,226

19. ANALYSIS OF NET ASSETS BETW EEN FUNDS

Fund balances at 31 August 2012 are represented byRestricted

Unrestricted Restricted fixed asset Total rotaffunds funds funds funds funds2014 2014 2014 2014 2013

E E E E E

Tanglble flxed assets - - 5,669,421 5,669,421 5,454,086current assets 46,346 629,379 7,041 582,766 720, 156Credltors due wlthln one year - (136,961) - (136,961) (215,549)Penslon scheme ltablllty - (827,000) - (827,000) (565,00%

46,346 (434,582) 5,676,462 5,288,226 5,393, 693

Page 41

e # ..




20. NET CASH FLOW FROM OPERATING ACTIVITIES

2014 2013E f

Net lncomlng resources before revaluatlons 117,533 (19,227)Returns on Investments and servlclng of flnance (1,954) (2,320)Depreclatlon of tanglble flxed assets 36,896 -Decrease/llncrease) In debtors 31,916 (8, 729)Decrease In credltors (55,330) (81,415)FRS 17 adjustments 39,000 34,000

Net cash inflow/toutflow) from operations 168,061 (7T691)

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

2014 2013E f

Returns on investments and servicing of financeInterest recelved 1,954 2,320

2014 2013E f

Capital expenditure and financial investment

Purchase of tanglble flxed assets (252,231) (23,271)

22. ANALYSIS OF CHANGES IN NET FUNDS

Other1 non-cash

September Cash flow changes 31 August2013 2014

E E E E

Cash at bank and In hand 564,684 (105,474) - 459,210Bank overdraft (23,258) 23,258 - -

Net funds 541,426 (82,216) - 469,210

23. MEMBERS' LIABILIR

Each member of the chantable company undedakes to contrlbute to the assets of the company In theevent of It belng wound up whlle he/she Is a mem ber, or wlthln one year after he/she ceases to be amember, such amount as may be requlred, not exceedlng V10 for the debts and llabllltles contractedbefore he/she ceases to be a member

Page 42

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24. CONTINGENT LIABILITIES

The Academy had no contlngent llabllltles at the 31 August 2014

In the event of W alton Glrls' Hlgh School and Slxth Form Llm lted ceaslng to operate as an academyprovlslons are Included In the fundlng agreement relatlng to the clawback of assets and monles pald tothe Academy

25. RELATED PARTY TRANSACTIONS

Owlng to the nature of the Academy's operatlons and the composltlon of the board of trustees belngdrawn from Iocal publlc and prlvate sector organlsatlons, transactions may take place wlth organlsatlonsIn whlch a governors has an Interest AI1 transactlons Involvlng such organlsatlons are conducted at arm'sIength and In accordance wlth the Academy's flnanclal regulatlons and normal procurement procedures

M Clegg Plumblng, a buslness owned by the son of Communlty Governor Mrs A Clegg, Involced theAcademy durlng the year for plumblng work Servlces provlded amounted to E40 and there were noamounts outstandlng at the year end The Academy wlll not be uslng the servlces of M Clegg Plumblnggolng forwards

26. PENSION COMM ITMENTS

The Academy's employees belong to two prlnclpal penslon schemes the Teacher's Penslon Scheme forEngland and Wales (TPS) for academlc and related staff, and the Local Government Penslon Scheme(LGPS) for non-teachlng staff, whlch Is managed by Llncolnshlre County Councll 80th are deflnedbeneflt schemes

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

There were no outstandlng or prepald contrlbutlons at elther the beglnnlng or the end of the flnanclalyear

Teachers' Pension Scheme

Introduction

The Teachers' Penslon Scheme (TPS) Is a statutory, contrlbutory, deflned beneflt scheme, governed bythe Teachers' Penslons Regulatlons (2010) and, from 1 Aprll 2014, by the Teachers' Penslon SchemeRegulatlons 2014 Membershlp Is automatlc for full-tlme teachers In academ les and, from 1 January2007, automatlc for teachers In pad-tlme employment followlng appolntment or a change of contract,although they are able to opt out

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

The Teachers' Penslons Regulatlons requlre an annual account to be kept of recelpts and expendlture(Includlng the cost of penslons' Increases) From 1 Aprll 2001, the account has been credlted w1th a realrate of return, whlch Is equlvalent to assumlng that the balance ln the account Is Invested In notlonallnvestments that produce that real rate of return

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26. PENSION COMMITMENTS (continued)

Valuation of the Teache- ' Pension Schem e

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

The Iast valuatlon of the TPS related to the perlod 1 Aprll 2001 to 31 March 2004 The GovernmentActuary's report of October 2006 revealed that the total Ilabllltles of the Scheme (penslons ln paymentand the estlmated cost of future beneflts) amounted to 2166,500 mslllon The value of the assets(estlmated future contrlbutlons together wlth the proceeds from the notlonal Investments held at thatvaluatlon date) was :163,240 mllllon The assumed real rate of return was 3 5% In excess of prlces and2% In excess of earnlngs The rate of real earnlngs growth was assumed to be 1.5% The assumedgross rate of return was 6 5% From 1 January 2007, the SCR was assessed at 19 750/0, and thesupplementary contrlbutlon rate was assessed to be 0 75% (to balance assets and Ilabllltles as requlredby the regulatlons wlthln 15 years). Thls resulted ln a total contrlbutlon rate of 20 5%, whlch translatedlnto an employee contrlbutlon rate Of 6.4% and employer contrlbutlon rate of 14 1% payable

The Publlc Servlce Penslons BIII provldes for future scheme valuatlons to be conducted In accordancewlth Treasury dlrectlons. The actuarfal valuatlon repod In summer 2014 takes efect from September2015.

TeacheY ' Pension Scheme Changes

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

The key provlslons of the reformed scheme Include a penslon based on career average earnlngs, anaccrual rate of 1/57th, and a Normal Penslon Age equal to State Penslon Age, but wlth optlons to enablemembers to retlre earller or Iater than thelr Normal Penslon Age Penslon beneflts bullt up before 1 Aprll2015 wlll be fully protected.

In addltlon, the proposed flnal agreement lncludes a Government commltment that those wlthln 10 yearsof Normal Penslon Age on 1 Aprll 2012 wlll see no change to the age at whlch they can retlre, and nodecrease ln the amount of penslon they recelve when they retlre There wlll also be fudher transltlonalprotectlon, tapered over a three and a half year perlod, for people who would fall up to three and a halfyears outslde of the 10 year protectlon

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

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W ALTO N GIRLS HIGH SCHOOL & SIXTH FORM




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

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

Local Government Pension Scheme

The LGPS Is a funded deflned beneflt scheme, wlth assets held In separate trustee-admlnlstered fundsThe total contrlbutlon made for the year ended 31 August 2Q14 was 9:169,()00, of whlch employe/scontnbutlons totalled :128,000 and employees' contrlbutlons totalled E41,000 The agreed contrlbutlonrates for future years are 19 9% for employers and vanable rates for employees

Parllament has agreed, at the request of the Secretary of State for Educatlon, to a guarantee that, ln the

event of academy closure, outstandlng Iocal government penslon scheme llabilltles would be met by theDepadment for Educatlon The guarantee came lnto force on 18 July 2013

The amounts recognlsed In the Balance sheet are as follows

2014 2013E E

Present value of funded obllgatlons (1,774,000) (1,434,000)Falr value of scheme assets 947,000 869,000

Net llablllty (827,000) (565,000)

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

2014 2013E f

Current servlce cost (155,000) (139,000)Interest on obllgatlon (70,000) (51,000)Expected return on scheme assets 58,:00 34

,000Past servlce cost (9,000) -

Total (176400) (156,000)

Actual return on scheme assets 114,000 100, 000

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

2014 2013E f

Openlng deflned beneflt obllgatlon 1,434,000 1, 167,000Current servlce cost 155,000 139,000Interest cost 70,000 51,000Contnbutlons by scheme parbclpants 41,0:0 .39,000Actuarlal Losses 85,000 38,000Benefits pald (11,000) -

Closlng deflned beneflt obllgatlon 1,774,000 1,434,000

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

2014 2013E f

Openlng falr value of scheme assets 869,000 608,000Expected return on assets 58,:00 34,000Actuanal galns and (Iosses) (138,000) 66,000Contrlbutlons by employer 128,000 122,000Contrlbutfons by employees 41,0:Q 39,000Benefits pald (11,000) -

947,9:0 869,000

The cumulatlve amount of actuarlal galns and Iosses recognlsed In the Statement of total recognlsedgalns and losses was 2366,000 (2013 - f 143,000)

The Academy expects to contrlbute :137,000 to Its Deflned beneflt penslon Scheme ln 2015.

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

2014 2013European equltles 76.00 % 77 00 %European bonds 13.QQ @/o 12 00 %Property 11.00 % 1 1 00 %Cash - % - %

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

2014 2013Dlscount rate for scheme Ilabllltle: 3.70 @/o 4 60 %Expected return on scheme assets at 31 August 5.80 % 6 10 %Rate of Increase In salarles 4.00 % 5 10 %Rate of Increase for penslons ln payment / lnflatlon 2.70 % 2 80 %Commutatlon of penslons to Iump sums 63.00 % 63 00 %

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The current mortallty assumptlons Include sufhclent allowance for future Improvements In modallty ratesThe assumed Ilfe expectatlons on retlrement age 65 are

2014 2013

Retlrlng todayMales 22.2 21 2Females 24.4 2.3 4

Retlnng In 20 yearsMales 24.5 23 7Females 26.8 25 7

Amounts for the current and prevlous two perlods are as follows

Deflned beneflt penslon schemes

2014 2013 2012E f f

Deflned beneflt obllgatlon (1,774,û:0) 41,434,000) (1, 167, 000)Scheme assets 947,000 869,000 608, 000

Deflclt (827,000) 4565,000J (559,000)

Experlence adlustments on scheme Ilabllltles - - (133,000)Experlence adlustments on scheme assets (138,000) 66,000 (38,000)

21. OPERATING LEASE COMMITMENTS

At 31 August 2014 the Academy had annual com mltments under non-cancellable operatlng Ieases asfollows

Land and buildings Other2014 2013 2014 2013

E f L fExpiry date:W lthln 1 year - - - 20,506Between 2 and 5 years - - 5,766 5, 765

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