Biggest MAT has only half reserves it needs for ‘stability and sustainability’

England’s biggest academy trust has just over half the amount of reserves that it estimates are needed for “stability and sustainability”.

Accounts for Academies Enterprise Trust published today and covering September 2017 to 31 August 2018, show that it has £5.3 million in reserves (2.3 per cent of total annual income) compared to its aim of keeping £12.2 million (5 per cent) in reserves.

The accounts state that the trust’s reserves policy is to “build and maintain a sufficient level of funds in order to create stability and sustainability, and to serve every academy’s short and long term plans, including future capital expenditure”.

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