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DIOCESE OF CHICHESTER ACADEMY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2019
2
Critical accounting estimates and areas of judgement
Accounting estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Critical accounting estimates and assumptions
The academy trust makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
The present value of the Local Government Pension Scheme defined benefit liability depends on a number of factors that are determined on an actuarial basis using a variety of assumptions. The assumptions used in determining the net cost or income for pensions include the discount rate. Any changes in these assumptions, which are disclosed in note 20, will impact the carrying amount of the pension liability. Furthermore a roll forward approach which projects results from the latest full actuarial valuation performed at 31 March 2016 has been used by the actuary in valuing the pensions liability at 31 August 2019. Any differences between the figures derived from the roll forward approach and a full actuarial valuation would impact on the carrying amount of the pension liability.
Donations and capital grants
Capital grants Other donations
Unrestricted Restricted Total Total funds funds 2019 2018 ££££
17,200 277,891 Funding for the academy trust's educational operations
DfE / ESFA grants
General annual grant (GAG) Start up grants
Other DfE group grants
Other government grants Local authority grants
Total funding
12,842,292
-
1,874,575 14,716,867
145,127 14,861,994
12,146,005 5,000 2,142,895
14,293,900 98,714 14,392,614
- 222,825 17,200 55,066
222,825 72,266
295,091
12,842,292
-
1,874,575 14,716,867
145,127 14,861,994
68,574 1,830
70,404
Unrestricted funds
- - -
-
-
Restricted funds
-32-
Total 2018 ££££
Total 2019