Academies “open for business” as action taken to deal with potential £1 million deficit

November 01 2016

A PLAN is in place to tackle a projected £1 million deficit at the organisation that runs Yate and Winterbourne international academies.

A PLAN is in place to tackle a projected £1 million deficit at the organisation that runs Yate and Winterbourne international academies.
The board of trustees at the Ridings’ Federation of Academies is also confident of support from the Education Funding Agency and is expecting that to soon be confirmed officially.
A number of proposals have been incorporated into the financial recovery plan, including some suggestions from members of staff.
In the meantime, board of trustees chairwoman Claire Emery has spelled out that both academies are “very much open for business” and that the federation’s commitment to its students was at the heart of everything it did.
She said: “Our message is clear. Not only do our academies have a bright, positive future, they also have plenty to be proud of already.”
The financial problem was revealed in a letter to staff at the start of the new academic year.
It was stressed that the £1 million was not its current deficit but an initial projected figure for the end of August 2017.
Mrs Emery has given several updates since and in a recent letter to parents, said: “There have been significant changes in our governance. A new board of trustees was appointed on September 1 and we have swiftly got to work, identifying the issues that needed to be addressed.
“Action points are now being worked through. There is still much to be done but I cannot stress strongly enough that this represents a new era of decisive, positive and careful management that is more than equal to the task.
“Everyone has played their part and I am especially grateful to our dedicated staff for contributing an imaginative range of cost saving ideas and to our many parents and other stakeholders for their continuing support and kind words.”
Mrs Emery said trustees and others associated with the academies and federation had understandably wanted to know how the financial position had developed.
She said: “We are part way through investigating how the situation arose and will share the findings in due course.”
Mrs Emery said support from the Education Funding Agency, which is sponsored by the Department for Education, would be in the form of a so-called repayable deficit - advanced funding payments which have to be repaid when the trust generates a surplus.