The 2024-25 accounts for academy trusts, covering the year up to the 31^st August 2025, are now being posted at Companies House, for anyone to view. Not all Trusts have yet published their accounts. Some Trusts are large and complex, and others may not want to be in the first groups that might draw attention to their results.

This analysis is for 86 schools in one geographical area, and where the school has been in the Trust for at least two reporting periods. Two indicators are considered: the pay of the highest-ranking employee – often the Chief Executive, but in single academy trusts, normally it is the headteacher, and changes in declared reserves held by the school. This latter indicator is complicated, as some MATs pool reserves, while all others hold both reserves at the school level and for central services.

Salary Trends

So far, of the 13 Trusts reporting, there have been no really significant changes. The highest salary band reported band was £200,000-210,000, up by £10,000, the same increase of £10,000 as seen in 5 other trusts; one trust saw a £10,000 decrease; two trusts no change, and four increases in the £20,000 range. The lowest salary for the year was £100,000, for a trust with four schools.

Trusts with headquarters outside the geographical area tended to have higher salary bands for their highest paid employee than those headquartered in the local area. This might take into account the complexity of London weightings for salaries.

Changes in reserves

Here, two-year’s worth of data is available for 72 of the 86 schools in the area. The other 14 schools changed trusts, so the data for the two years is incomplete. Of the 72 schools with data for both years:

29 ended the 2025 reporting period with a deficit

43 ended with reserves

Of those schools in deficit at the end of the reporting period

14 increased their deficits over the year

5 schools went from surplus to deficit

Of schools with reserves

10 reduced the amounts of their reserves.

The other 33 increased their reserves.

The largest deficit reported in 2025 account, so far is £1,060,000 – an increase of £232,000 in one year, or more than 20%.

The largest reported surplus held by a school was £2,641,000 – up by £290,000 over the year. Another school in a MAT, but located outside the area reviewed, also had a balance of £2,400,000.

Comment

From the data on salaries, it seems that seven MATs had increases to their salary bands for the highest paid employee that were less than 10%; one MAT saw the incoming employee on a lower band than their predecessor. Five had increases in the band of the highest paid employee of more than 10%.

Four of the MATs surveyed paid their highest paid employee in a band above the salary of the local authority’s Director of Children’s Services. This is not surprising, since nationally, the highest starting salary for a headteacher in an advertised vacancy in 2026 has been £123,000.

On the issue of reserves, some schools are facing pressures while others are still adding to their reserves. I have always maintained that revenue funding should be spent in the year in which was provided, including up to 10% for a sensible reserve, based upon the profile of the past five years of expenditure where the reserve is not excessive.

Why do schools hold more than £2 million pounds of public money in their reserves? Schools in deficit, often seem to struggle to clear their deficit, and if they don’t attract pupils, then it is a challenge to ever return to a surplus without damaging the education of their pupils.

I will return to this topic when I have processed the data from the remaining MATs yet to file their accounts.