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| Kreston Academies Benchmark Report 2023 | |
We are pleased to announce the publication of this year's Academies Benchmark Report which we hope you will find of interest.
This year the report includes over 320 Trusts representing over 2,400 schools and has been conducted by the UK Academies Group of Kreston Global - the global network of independent accountancy firms.
The benchmark report aims to provide an insight on the significant surpluses which are being reported in the sector, per pupil income has increased by just 1% in the last year against a backdrop of inflation rates of more than 10%, increased energy costs and teacher pay hikes. As a result, 88% of trusts are expecting future reductions in surpluses and reserves.
To download a free copy of the report, please click below.
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| Condition Improvement Fund (CIF) | |
Condition Improvement Fund (CIF) money is available to schools and colleges to keep buildings safe and in good working condition. CIF have issued a number of updates for the 22-23 financial year.
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- Funding source – a maximum of six points can be awarded for a contribution from reserves or from a loan
- Environmental sustainability/energy efficiency – a maximum of four points can be awarded, with trusts being asked to focus on carbon reduction and sustainability aligned with the governments target for a net zero carbon emission by 2050
- New scoring model – weightings for all condition projects and expansion projects have been removed. Whilst expansion projects will still have a weighting applied in the project need section, the costs and planning will now be unweighted. This allows for a wider range of scores to be applied in assessing projects, with the overall requirement remaining the same
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DfE announces they will favour bids from schools | |
The DfE have announced that they will favour bids from schools “with good governance and organised finances – including showing restraint on executive salaries”. These include: | |
- Trusts that pay two or more salaries of over £100,000 or one salary over £150,000 and are deemed to have “have failed to take appropriate action” to tackle pay will get a four-point deduction
- A deduction of up to an additional four points if a trust has not submitted a financial improvement plan following a visit from a school resource management adviser
- Trusts can gain one extra point if they sign up to the government’s latest funding agreement
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| Catch up on our latest webinar - Kreston Academies Benchmark Report 2023 | |
In this latest webinar, Darren O'Connor and Rebecca Foy provided insight into the trends in the sector and issues faced by Academies and Multi-Academy Trusts.
The webinar covered the following: - Key findings in the Kreston Academies Benchmark Report 2023
- How Multi-Academy Trust finances are shaping up
Aimed at: Trustees, directors and management with an interest in the financial affairs of academies.
If you have any questions about the topics raised in our webinar, or how we can help your Academy, please contact Darren O'Connor or Rebecca Foy.
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If you would like to arrange a virtual meeting to discuss your specific circumstances in relation to any of the above, please get in touch with your usual contact within James Cowper Kreston or contact me using the details below.
Darren O'Connor Partner
Tel: 07990 525362 | E: doconnor@jamescowper.co.uk | |
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The information in this newsletter must not be relied on as giving sufficient advice in any specific case. | | | |
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