10th annual Kreston Academies Benchmark Report
January 28, 2022
Sector: Charities, Not-For-Profit and Education
UK – Each year, a team of Kreston Global UK firms work together to produce an annual benchmark academy report. The survey includes data from 300 trusts representing over 1,500 schools and covers the 2020/21 academic year. This year is the 10th year of reporting, which was a collaboration between Bishop Fleming, Duncan and Toplis, Mitchell Charlesworth, BHP, Clive Owen LLP, Kreston Reeves and James Cowper Kreston.
Highlights of the report include
The average in-year financial surplus for a multi-academy trust (MAT) doubled to more than £460k in 2021 up from £221k in 2020. This comes from reduced costs and government funding during Covid. The money will now be invested in improving the education and well-being of pupils, post-Covid.
Staff costs across all schools have stayed static, with secondary staff costs rising for the 9th year in a row due to a skills shortage, particularly for learning support staff and supply cover.
Nearly 65% of trusts reported expected growth in 2022/23.
Just 14% of trusts are confident their surplus would remain the same for the next 3 years.
97% of trusts are now partly or fully centralised, opting to have one centre for services such as HR, finances and estates.
The percentage of academy trusts pooling funding centrally and distributing it due to individual school needs has risen from 11% in 2020 to 14% in 2021.
Read the full report below. If you have a UK-based academy trust and would like accounting advice and support, please contact one of our members here.