THE CIRCLE TRUST: academy finances
9 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.
- 2020-21: 0 of 5 academies in deficit
- 2021-22: 0 of 6 academies in deficit
- 2022-23: 0 of 6 academies in deficit
- 2023-24: 0 of 8 academies in deficit
- 2024-25: 0 of 9 academies in deficit
in 2025-26 prices (HM Treasury GDP deflator, October 2026)
In 2023-24 the trust spent £337 per pupil centrally (cash), money that is not counted in its academies' own spending, or £356 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 | +£5k +£12 per pupil | £2.1m £5,574 per pupil | £2.2m £5,822 per pupil | £24k | — | £11k £29 per pupil | ||
Tight | +£19k +£64 per pupil | £1.9m £6,241 per pupil | £1.8m £6,164 per pupil | £14k £48 per pupil | £48 | £14k £47 per pupil | ||
Tight | +£16k +£90 per pupil | £1.5m £8,410 per pupil | £1.6m £8,645 per pupil | £12k £66 per pupil | £66 | -£13k -£71 per pupil | ||
Tight | +£175k +£134 per pupil | £9.2m £7,028 per pupil | £8.9m £6,804 per pupil | £5k £4 per pupil | £4 | £3k £2 per pupil | ||
Tight | +£41k +£159 per pupil | £1.5m £5,659 per pupil | £1.5m £5,736 per pupil | £12k £47 per pupil | £47 | £1k £4 per pupil | ||
Large reserves | +£105k +£824 per pupil | £1.0m £7,922 per pupil | £1.0m £8,172 per pupil | £24k £187 per pupil | £187 | £46k £359 per pupil | ||
Large reserves | +£426k +£1,791 per pupil | £1.7m £7,021 per pupil | £1.7m £7,189 per pupil | £11k | — | £25k £105 per pupil | ||
Large reserves | +£2.7m +£1,827 per pupil | £11.0m £7,373 per pupil | £10.1m £6,778 per pupil | £7k £5 per pupil | £5 | £0 £0 per pupil | ||
Large reserves | +£349k +£2,857 per pupil | £1.1m £8,664 per pupil | £1.0m £8,533 per pupil | No registered parents' association found | — | £18k £148 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