Kreston UK Academies Benchmark Report 2024

The 12th annual Kreston UK Academies Benchmark Report published today 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.

This year the report includes over 279 Trusts representing over 2,300 schools and has been conducted by the UK Academies Group of Kreston Global - the global network of independent accountancy firms.

The benchmark report aims to provide an insight on Trusts running in-year deficits – where they are spending more than their allocated revenue for that year – which 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 risen by 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.

Despite this somewhat bleak picture, the sector has faired far better than many predicted. During the 22/23 year, 50% of the MATs in this sample grew and 73% of trusts reported that they expected to grow over the next two years.

To download a free copy of the report please click here.

We are running a webinar on Thursday 29 February 2024 to look deeper into the detail of the report and issues faced by Academies and Multi-Academy Trusts to provide you with insights into what 2024 may have to hold for the sector. We are committed to the sector and look forward to continuing our involvement in it during 2024 and beyond, so that you can maximise your school's potential.

If you would like to register for this webinar, please click here.