Almost half of multi-academy trusts in England in deficit, accountants find

Schools say they are constantly asked to do more with less. Photograph: Ben Birchall/PA

Pressure on school budgets from rising energy bills and staff costs drove almost half of multi-academy trusts into deficit last year, according to a financial health check on more than 2,300 schools in England.

The benchmark report by the accountancy network Kreston UK, based on studying the accounts of 279 trusts representing more than 2,300 schools, found that 47% were running in-year deficits – spending more than their allocated revenue for the financial year ending in 2023.