How do the finances work?

Once an Academy Order is approved by the Secretary of State, the Education Funding Agency (EFA) releases funding for each academy to the OUR Multi Academy Trust. From here the annual academy budgets are distributed to each academy within the trust. The OUR Academies Trust Board have agreed that one of the delegated responsibilities of each Local Governing Body (LGB) is the control of its own budgets.

Is there a "top-slice" or Management Fee from the budgets?

In simple terms yes there is, but this varies depending upon the services and back-office support each academy requires.

So for instance in a sponsored academy situation, where significant school improvement support is necessary, then this will be provided through the management fee. In a typical sponsored academy this might be in the region of 4% of the annual budget.

However in a situation where good or outstanding schools join OUR voluntarily then the management fee would be greatly reduced depending upon the services provided. This fee is negotiated annually.

Each OUR Academy will operate within the Academies Financial Handbook guidelines and all accounts are audited and published annually, this process is conducted through the OUR Finance Team.

Each academy has the opportunity to purchase resources and services collectively in order to reduce costs and attain best value prices. This will be centralised through the OUR Finance Team.