Finance

The Academy 2010/11 Annual Report and Accounts

As an independent company we now have to produce our own Annual Report and Accounts. These were audited and submitted to central government by the 31 December 2011 deadline and can be accessed below :

The Thetford Academy 2010-11 Annual Report and Accounts

Whilst our first year has been a challenging one the Academy managed to deliver a good financial outcome from its first year and has some reserves set aside at the year-end. These planned reserves will be used to help us manage in necessary savings over the medium term in a phased manner in order to balance the budget and protect the education of our students.

The Academy 2011/12 Budget

Most of our funding now comes direct from central government, via the YPLA (Young People’s Learning Agency) rather than from Norfolk County Council as was the case for the two predecessor schools. Our Governing body has responsibility for approving the Academy budget and for scrutinising Academy spending to ensure we manage our resources within that budget plan. The Academy financial settlement for 2011/12 from central government, announced in the Spring of 2011, was challenging and as a consequence Governors agreed savings of £590k and use of some of our 2010/11 year-end reserves in order to produce a balanced budget. A summary of where our money comes from and how it is spent can be accessed below :