No Deficits in Acorn Schools
1 April 2018
You may have seen or read the press coverage below:
“Academy budgets are in an even worse state than those of council-run schools with eight out of 10 in deficit, suggest figures from their accountants.
Two more years like this and the entire sector could face insolvency, says a report from the Kreston UK accountancy network which looked at 450 schools.
It follows data published on Friday which showed over a quarter of council-run secondary schools were in deficit. The government disputes the findings of both reports.
The 450 schools analysed in the Kreston UK report are all audited by accountancy firms in the network and are a representative sample of academies in England, says the authors.
The figures, for the year ending 31 August 2017, show that of these academies:
- 55% were in deficit before the effect of depreciation of assets like buildings, equipment and furniture was taken into account
- this rose to 80% when the accounts were adjusted to include depreciation. “
We are pleased to announce that there are no schools in Acorn with a deficit budget. And since joining the Trust, all schools have had extra funds to spend on resources for teaching and learning.