Page 41 - 2018-19_Annual_Report_and_Financial_Statements

DIOCESE OF CHICHESTER ACADEMY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2019
Tangible fixed assets
Cost
At 1 September 2018 Additions
At 31 August 2019
Depreciation
At 1 September 2018 Charge for the year
At 31 August 2019
Net book value At 31 August 2019
At 31 August 2018
The freehold of the schools' land and buildings are owned by the Diocese of Chichester (the Diocese Board of Finance) or by the vicar and church wardens in Trust. The Academy Trust holds its sites under a licence. The Supplemental Agreement includes the right for the Diocesan Trustees to give not less than 2 years' written notice to the Trust and Secretary of State for Education to terminate the agreement. No such written notice has been received as at the date of the approval of the financial statements. In accordance with the terms of the Supplemental Agreement with the Diocese of Chichester, the Trust pays no rent. A notional rent value has not been included in the financial statements as it cannot be reliably measured at this stage.
The Diocese retain ownership and control of the schools' sites and so this does not meet the definition of a fixed asset. As a result, no transfer on conversion has been recognised in the accounts for The March CofE Primary School, nor any previous schools who joined the Trust.
Debtors
Trade debtors
VAT recoverable
Other debtors
Prepayments and accrued income
2019 2018 ££
-38-
Fixtures, Motor fittings & vehicles
equipment ££
Total
32,236 11,250
43,486
17,608 7,853
25,461
18,025 14,628
32,236
-
32,236
17,608 6,447
24,055
8,181 14,628
-
11,250 11,250
-
1,406 1,406
9,844
-
4,467 143,117 - 313,474
461,058
12,860 135,842 191,182 119,152
459,036