Page 53 - 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
27
Conversion to an academy
On 1 February 2020 St John's Mead Church of England Primary School converted to trust status under the Academies Act 2010 and all operations and assets and liabilities were transferred to Diocese of Chichester Academy Trust from East Sussex Local Authority for £nil consideration.
The transfer has been accounted for as a combination that is in substance a gift. The assets and liabilities transferred were valued at their fair values and recognised in the balance sheet under the appropriate headings with a corresponding net amount recognised as a net gain in the statement of financial activities as donations - transfer from local authority on conversion.
The following table sets out the fair values of the identifiable assets and liabilities transferred and an analysis of their recognition in the statement of financial activities.
Academy
St John's Meads CE Primary School
Net assets transferred:
Cash
Pension scheme deficit
Funds surplus/(deficit) transferred:
Fixed assets funds LA budget funds LGPS pension funds Other funds
Location
Eastbourne
Unrestricted funds £
64,557
64,557
Unrestricted funds £
64,557
64,557
Date of conversion
1 February 2020
Restricted funds:
Total 2020 £
111,569 (233,000)
(121,431)
Total 2020 £
24,794
64,557 (233,000)
22,218 (121,431)
- 50-
General £
22,218 (233,000)
(210,782)
Fixed asset £
24,794
24,794
General £
(233,000) 22,218
(210,782)
Fixed asset £
24,794
24,794
Restricted funds: