Chief finance and operations officer Ben March spoke to us about STEP Academy Trust's approach to 'top-slicing' academy budgets to fund central services. STEP Academy Trust is a MAT of 20 primary schools in south London and East Sussex (it had 14 schools when we spoke to Ben).
School contributions to the central budget, and what they get for the money
STEP's academies currently contribute 7% of their general annual grant (GAG) to fund central trust functions and services.
The trust has reduced its rate from 8% as it has expanded, because economies of scale have saved money and common processes have saved staff time.
The contribution covers financial and operational services, including:
- The CEO and CFO
- Salaries for the heads of ICT, premises and catering
It also covers an increasing amount of the teaching and learning support that the trust provides.