Becoming an academy brings a number of benefits, including more control over how schools can use their funding.
Academies and local authority maintained schools receive comparable funding. The main difference is that as an academy, all the funding intended for schools passes directly to them rather than a proportion being held back by the local authority. Academies receive an Education Services Grant to cover the cost of services that local authorities provide to maintained schools.
Schools also receive start-up grants to help with costs of becoming an academy, such as legal fees, which have to be paid prior to the point of opening.