Academy Sector Sliding Towards Deficit revealed in 2024 Academies Benchmark Report
The 12th annual Kreston UK Academies Benchmark Report has revealed a marked increase in the number of academies dipping into their reserves to keep up with the
significant cost increases that have hit the sector.
Trusts running in-year deficits – where they are spending more than their allocated revenue for that year – has more than doubled since 2021, jumping from 19% in 2021 to 47%* for the financial year ending in 2023. Although staffing costs have remained fairly controlled across the sector non-staffing costs have seen a big leap with rises of 16% per pupil. Energy costs have contributed significantly to this rise, with average heat and light costs per pupil increasing by a minimum 49% against the previous year.
The recently published Academies Benchmark Report provides in-depth insight and analysis into the finance of the academy sector from a source of just under 300 trusts which represent over 2,300 schools.
Download the full report.