Page 46 - 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
19
Analysis of net assets between funds
Fund balances at 31 August 2019 are represented by:
Tangible fixed assets
Current assets
Creditors falling due within one year Defined benefit pension liability
Total net assets
Fund balances at 31 August 2018 are represented by:
Tangible fixed assets
Current assets
Creditors falling due within one year Defined benefit pension liability
Total net assets
Pension and similar obligations
20
Unrestricted Restricted funds: Funds General Fixed asset
The academy trust's employees belong to two principal pension schemes: the Teachers' Pension Scheme England and Wales (TPS) for academic and related staff; and the Local Government Pension Scheme (LGPS) for non-teaching staff, which is managed by East Sussex County Council and West Sussex County Council. Both are multi-employer defined benefit schemes.
The pension costs are assessed in accordance with the advice of independent qualified actuaries. The latest actuarial valuation of the TPS related to the period ended 31 March 2016, and that of the LGPS related to the period ended 31 March 2016.
There were no outstanding or prepaid contributions at either the beginning or the end of the financial year. Teachers' Pension Scheme
Introduction
The Teachers' Pension Scheme (TPS) is a statutory, contributory, defined benefit scheme, governed by the Teachers' Pension Scheme Regulations 2014. Membership is automatic for full-time teachers in academies and, from 1 January 2007, automatic for teachers in part-time employment following appointment or a change of contract, although they are able to opt out.
The TPS is an unfunded scheme and members contribute on a 'pay as you go' basis - these contributions along with those made by employers are credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.
-43-
323,162
323,162
2,164,421 (984,151) (2,274,000)
(1,093,730)
18,025 226,315
244,340
18,025 2,713,898
(984,151) (2,274,000)
(526,228)
Unrestricted Funds
156,893
156,893
Restricted funds: General Fixed asset
Total Funds ££
Total Funds ££££
2,320,504 (959,354) (677,000)
684,150
14,628 101,593
116,221
14,628 2,578,988
(959,352) (677,000)
957,264