Page 41 - 2019-20 Annual Report and Financial Statements

DIOCESE OF CHICHESTER ACADEMY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2020
14
Tangible fixed assets
Cost
Depreciation
At 1 September 2019 24,055 Charge for the year 6,465 13,863
At 31 August 2020 6,465 37,918
Net book value
At 31 August 2020 48,647 18,896 At 31 August 2019 8,181
The freehold of the schools' land and buildings are owned by the Diocese of Chichester
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 respect of land and buildings in the accounts for converted or re-brokered schools joining the Trust.
15
Debtors
Trade debtors
VAT recoverable
Other debtors
Prepayments and accrued income
- 32,236 At 31 August 2020 55,112 56,814
11,250 43,486 - 79,690
11,250 123,176
1,406 25,461 2,813 23,141
4,219 48,602
7,031 74,574 9,844 18,025
At 1 September 2019
Additions 55,112 24,578
-38-
Motor vehicles
Total ££££
Computer Fixtures, equipment fittings & equipment
(the Diocese Board
2020 2019 ££
31,309 159,654 34,577 280,332
505,872
4,467 143,117 - 313,474
461,058