Academy trusts still boast “significant surpluses”, but standalone primary schools are struggling and most leaders expect to raid their reserves to deal with soaring prices, according to a new report.
The Kreston academies group, a network of accountancy firms, has published its latest academies benchmark report, which delves into the sector’s finances based on over 320 of their clients.
The report found academy trusts are top-slicing more money from their schools’ budgets, and around one in ten has racked up reserves equivalent to over 20 per cent of their income.
But average surpluses in the sector have decreased since the highs seen last year, while standalone primary schools now have an average deficit of £40,000.
