Academies Enterprise Trust: Finance

Department for Education written question – answered on 24th June 2019.

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Photo of Lucy Powell Lucy Powell Labour/Co-operative, Manchester Central

To ask the Secretary of State for Education, where the £930, 000 of non-recoverable funding in 2016-17 and 2017-18 for Academies Enterprise Trust has been allocated.

Photo of Lucy Powell Lucy Powell Labour/Co-operative, Manchester Central

To ask the Secretary of State for Education, what the £3.58 million recoverable funding in 2016-17 and 2017-18 allocated to Academies Enterprise Trust has funded.

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

The department can confirm that Academies Enterprise Trust (AET) used their funding in 2016-17 and 2017-18 for administration costs, such as the £930,000 non-recoverable funding being spent for central office staff redundancies and project management costs to transfer 4 academies to other academy trusts. The £3.58 million recoverable funding was spent towards academy level restructuring to reduce operational costs and support the trust’s reserves following the financial impact of transferring Cordeaux, Millbrook, Swallow Hill and Everest academies out of AET, and closing down Sandown Bay.

As a result of these restructurings, we expect AET to achieve an operational surplus in the financial year ending 31 August 2019.

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