Revenue

As a converted academy, the school would have received the equivalent of the LACSEG from the DfE. Under a sponsoring arrangement, this will not be the case. What percentage of the school’s revenue would the sponsoring group retain?

The AET ‘top-slices’ 4% of the Academy’s General Academy Grant (GAG) and LACSEG. 100% of all other grants including Pupil Premium, EAL, and Formula Capital etc are passported to the academy.

Would the school still retain its own banking arrangements as at present?

Our banking arrangements are with HSBC and we are currently undertaking a review to ensure we are receiving the best value from the banking sector.

Would the school still retain its budget-setting ability and management of its financial affairs?

As stated above the governing body has fully delegated powers to make decisions on finance. Similar to the LA the annual proposed budget is legally required to be ‘signed-off’ by the AET Audit and Risk committee but unless an Academy is proposing a deficit budget we would not intervene. We have clear financial regulations that apply to all academies, which are in-line with LA financial regulations. Once significant difference is that by law an academy cannot go into debt.