The 10th annual Kreston Academies Benchmark Report published today has revealed that the average in-year financial surplus for a multi-academy trust (MAT) doubled to more than £460k in 2021 up from £221k in 2020.
Overall, this equates to a 94% uplift per academy from 2020 to 2021 – representing the sector’s highest ever surplus.
Academy trust cash balances have been bolstered through the injection of government funding earmarked for Covid testing, education catch-up programmes and other Covid-related costs which schools have not yet had the time or capacity to spend due to the pandemic.
The surpluses have also been strengthened by the cancellation of exams and the reduced costs associated with utilities, staffing and maintenance due to schools not being fully open during lockdown. These surpluses will be needed to fund the recovery effort.
Published July 2021
This research carried out by the Kreston Charity Group paints a mixed picture of the current financial health of the charity sector but, with a confident outlook for the future.
The Kreston Charities Survey 2021 questioned their client charities, the responses addressed the current financial picture, use of government coronavirus support, and the future of the sector.
The report also highlighted details of the changing working practices implemented during the pandemic that are expected to remain including flexible working, more digital and online services, and mental health and wellbeing support for employees.
Published January 2021
The ninth annual report includes over 300 Trusts representing nearly 1,400 schools and reflects on a unique year for the sector.
Chris Beaumont, Partner, is one of the authors of the report and has worked with academies for over 16 years.
The Clive Owen LLP academies team act for over 100 educational establishments, including converter and sponsored academies, free, independent schools and University Technical Colleges (UTC)
For the second year, the report not only provides benchmark analysis data for primary and secondary academies and multi–academy trusts but it also provides regionalised data.
You can read this information on page 45 of the report. It again shows significant disparity in the average funding per pupil at Multi-Academy trusts across the regions with the North East region being the lowest in the country.
Published October 2021
The Chancellor Rishi Sunak presented his third Budget on 27 October 2021. In his speech he set out the plans to “build back better” with ambitions to level up and reduce regional inequality.
Some Budget proposals may be subject to amendment in the Finance Bill 2021-22. You should contact us before taking any action as a result of the contents of this summary.
Published February 2020
The end of the tax year, on 5 April 2021, is rapidly approaching and it’s time to consider whether you have made use of the allowances and exemptions available to you. It is particularly important to undertake an in-depth review this year, due to the impact of COVID-19 on the country’s finances, as we are anticipating tax rises going forward, perhaps from as early as Budget day on 3 March 2021.
If you would like to receive our monthly tax newsletter, you can sign up using the widget on the right-hand side of this page.
Published March 2020
The details set out in our Tax Rates card should be taken only as a general guide.
Many of the rates and allowances are shown are subject to a range of exceptions and rules that can apply in different circumstances.
Please contact our tax team for further advice if required.
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