Oxford Diocesan Bucks Schools Trust Governors' Briefing Pack

18 5. Finance frequently asked questions and answers a. How is the funding calculated for schools? Funding for academies is currently matched to the Average Weighted Pupil Unit (AWPU) in the LA in which the school sits. So the ODBST schools are funded in the same way as maintained schools with a slight top-up to cover the LA central services which the school would have to source independently. The Education Funding Agency passes the funding to the ODBST monthly and this is then credited to each school’s bank account for governors to decide how to spend. The ODBST has a % service charge for the services it provides to its schools which is kept centrally. Premises funding is now devolved to the ODBST, and we have a process for allocating most of this to the highest priority condition issues with allowance for schools to bid for smaller or undertake specific projects. b. Can the ODBST change the funding formula for just one school in the Trust, or does the same formula apply to all schools? The same process for funding applies to all schools in the trust. Our master funding agreement with the DfE sets out how we are expected to manage funding, and this applies to all schools in the trust. Directors can remove delegation from a school if there isevidence that pupils’ outcomes are not improving or that the LGB lacks the skills to manage their stewardship effectively – but this is the same power that the LA holds. c. Is there a risk the ODBST could reduce our funding? So long as the funding formula stays the same then schools should receive the same funding. We are however in a world where national funding formulae are suggested, and this could see our schools get either more or less according to how this is designed. d. Does the school have to cover the full cost to convert to an academy? No. The Department for Education currently pay a flat-rate grant of £25,000 and the conversion is not expected to impact on theacademy’s revenue budget. e. Will there be a capital fund or a specific grant for insurance to cover for emergencies in academies? Academies are required to cover insurance at specified minimum levels of cover. The ODBST will ensure that the necessary insurance is in place through the Government’s approved insurance scheme (RPA). f. Who would own the land and buildings? The land and buildings remain in their current ownership but are made available to the academy via a 125- year lease and/or a supplemental agreement. g. Will we retain the existing financial systems? The financial system will change to better reflect the requirements of an academy Trust and meet the company accounts requirements.