INITIO LEARNING TRUST: academy finances
18 academies with a full-year return, 0 of them in deficit at their latest return. A trust can move money between its academies, so an academy shown in deficit may be supported by the trust as a whole.
Most of a school's money pays for staff, so deficits usually build up when pay and other costs rise faster than funding, or when pupil numbers fall and the money that comes with each pupil goes too. What helps: a recovery plan agreed with the council or trust that brings the budget back into balance over a few years, regular forecasts that governors check, and early conversations about pupil numbers and special needs funding.
- 2018-19: 4 of 9 academies in deficit
- 2019-20: 5 of 12 academies in deficit
- 2020-21: 5 of 12 academies in deficit
- 2021-22: 6 of 13 academies in deficit
- 2022-23: 0 of 17 academies in deficit
- 2023-24: 0 of 17 academies in deficit
- 2024-25: 0 of 18 academies in deficit
in 2025-26 prices (HM Treasury GDP deflator, October 2026)
In 2023-24 the trust spent £528 per pupil centrally (cash), money that is not counted in its academies' own spending, or £558 in 2025–26 prices. The IFS average for all trusts in 2023-24 was £510 per pupil, in 2025–26 prices (IFS, p.56).
Figures are each school's latest full-year return, total with the per-pupil figure beside it. PTA income is the school's share of its registered parents' association's latest return, in the school year that return falls in. Where no registered parents' association was found, the school may still have one: charities with an income of £5,000 or less need not register.
| School | Status | Reserve | Government funding | Spending | PTA income | PTA per pupil | Donations | Reserve per pupil trend |
|---|---|---|---|---|---|---|---|---|
Tight | +£10k +£205 per pupil | £503k £9,863 per pupil | £457k £8,961 per pupil | £7k | — | £4k £78 per pupil | ||
Tight | +£162k +£205 per pupil | £7.8m £9,840 per pupil | £7.8m £9,808 per pupil | Had a registered PTA until 2009 | — | £9k £11 per pupil | ||
Tight | +£40k +£205 per pupil | £1.6m £8,413 per pupil | £1.8m £9,082 per pupil | No registered parents' association found | — | £4k £20 per pupil | ||
Tight | +£175k +£188 per pupil | £6.9m £7,422 per pupil | £6.4m £6,869 per pupil | £2k £2 per pupil | £2 | £8k £9 per pupil | ||
Tight | +£298k +£205 per pupil | £11.0m £7,581 per pupil | £10.9m £7,473 per pupil | No registered parents' association found | — | £19k £13 per pupil | ||
Tight | +£14k +£205 per pupil | £535k £7,643 per pupil | £481k £6,871 per pupil | Had a registered PTA until 2020 | — | £3k £43 per pupil | ||
Tight | +£20k +£205 per pupil | £606k £6,121 per pupil | £677k £6,838 per pupil | £8k £81 per pupil | £81 | £7k £71 per pupil | ||
Tight | +£29k +£205 per pupil | £954k £6,766 per pupil | £855k £6,064 per pupil | No registered parents' association found | — | £3k £21 per pupil | ||
Healthy | +£105k +£205 per pupil | £3.3m £6,525 per pupil | £2.8m £5,475 per pupil | £6k | — | £15k £29 per pupil | ||
Healthy | +£59k +£205 per pupil | £1.9m £6,490 per pupil | £1.8m £6,240 per pupil | No registered parents' association found | — | £10k £35 per pupil | ||
Healthy | +£120k +£205 per pupil | £3.6m £6,134 per pupil | £3.5m £6,062 per pupil | No registered parents' association found | — | £2k £3 per pupil | ||
Healthy | +£90k +£205 per pupil | £2.6m £6,016 per pupil | £2.5m £5,779 per pupil | £11k £25 per pupil | £25 | £4k £9 per pupil | ||
Healthy | +£91k +£205 per pupil | £2.7m £6,110 per pupil | £2.4m £5,412 per pupil | £9k | — | £3k £7 per pupil |
Sources: DfE Financial Benchmarking and Insights Tool data (CFR returns for council-run schools, April to March; academy accounts returns, September to August), Get Information about Schools, DfE section 251 outturn (DSG balances), the Charity Commission register and the IFS annual report on education spending in England 2025–26 (IFS figures in 2025–26 prices, November 2025 deflator). Open Government Licence v3.0. Check at source: DfE benchmarking for this trust. How these figures are worked out