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Schools: Academies — Question

Part of the debate – in the House of Lords at 2:45 pm on 3rd March 2015.

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Photo of Baroness McIntosh of Hudnall Baroness McIntosh of Hudnall Deputy Chairman of Committees, Deputy Speaker (Lords) 2:45 pm, 3rd March 2015

My Lords, would the noble Lord assist those of us who are, perhaps, not as clever as some other Members of this House and do not entirely understand the status of the money that is being held in these reserves? He said that academies are independent institutions and, of course, they are. However, they are publicly funded and the money held in those reserves is therefore, by most ordinary people’s calculation, public money. With reference to the answer he gave to the noble Lord, Lord Storey, could he explain in what way these funds are different from, say, the funds held in a charity? Are they to be used wholly and exclusively for the benefit of the institution? Can he assure the House that nobody else can benefit from them?