Almost half of MATs had to dip into their reserves after racking up deficits – as auditors warn trusts are “one bad year away from financial difficulties”.
The Kreston group, a network of accountancy firms, has published its latest academies benchmark report, which studies the accounts of just under 300 trusts.
It found energy bills have pushed up costs, resulting in more MATs centralising their services and raiding reserves.
But Kevin Connor, head of academies at accountants Bishop Fleming, said it was only unplanned, one-off government grants that had “kept the wolves from the door and ensured many avoided slipping into deficit”.
