Academies: Finance

Department for Education written question – answered on 15th November 2018.

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Photo of Angela Rayner Angela Rayner Shadow Secretary of State for Education

To ask the Secretary of State for Education, what his Department’s policy is on the period in which a multi-academy trust must repay advances made by the Education and Skills Funding Agency; and if he will make a statement.

Photo of Nadhim Zahawi Nadhim Zahawi The Parliamentary Under-Secretary of State for Education

An advance to an academy trust is an early payment on its General Annual Grant, which is allocated to the trust for that year. It is not additional funding for the trust. With each advance, there will be a mutually agreed schedule of monthly reductions to offset the advance.

The department continues to work with the sector to build capacity and expertise in financial management and support effective school resource management with specialist advisers, three year financial forecasting and developing buying hubs and national deals for all schools. Where an academy trust requires additional support, the Education and Skills Funding Agency will work with the trust to build its capacity and help it reach a stronger position.

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