Page 54 - 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
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Transfer of existing academies into the academy trust
St Columba CE Primary School
On 1 January 2020 St Columba CE Primary School was rebrokered to the Trust from Portsmouth and Winchester Diocesan Academies Trust. All operations and assets and liabilities were transferred to Diocese of Chichester Academy Trust on rebrokerage.
The rebrokerage 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 loss in the statement of financial activities as donations - transfer of existing academy trust.
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.
Net liabilities acquired
Other tangible fixed assets Deferred income
Cash and cash equivalents Pension scheme
Total net liabilities
There were no fair value adjustments required to the values reported by the transferring trust.
Transfer in recognised £
28,820 (17,937) 77,026
(616,000) (528,091)
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