Accounting firm says academies are building up cash reserves

From Edexec: http://www.edexec.co.uk/news/2663/academies-are-controlling-costs-and-increasing-income,-but-pension-costs-are-spiralling/

Accountancy firm Bishop Fleming's survey of more than 220 academy schools has revealed that although many academies are performing well, the cost of pensions is increasing.

...'increasing numbers of academies are amassing a cash reserve...'



'Joe Scaife, head of Bishop Fleming's academy team, said : 'This reflects the fact that academies are now operating in a more business like way, but they need to have a plan for the future and how they will spend these funds.

'The level of cash reserves may create the impression that the sector is overfunded, therefore it is essential that academies communicate their future spending plans and demonstrate the impact this will have on the education provided.''