DfE issues financial notice to improve at Goldington Green Academy

Goldington Green Academy has been issued with a formal notice to improve by the Department for Education (DfE) over “serious failures” in financial management.

In a letter to trustees dated 26 June, the department said the academy had breached multiple provisions of the Academy Trust Handbook, including rules on deficit reporting, monthly management accounts and oversight of cashflow.

The notice follows earlier warning letters in February and March. While the DfE acknowledged “positive action” taken to strengthen controls, it said concerns remained over the trust’s “weak financial position” and the provision of inaccurate information.

As a result, the academy has lost certain delegated powers. This means the trust must seek departmental approval for staff severance and compensation payments, debt write-offs, property leases, asset disposals and the pooling or carry-forward of funding.

The notice sets out a series of conditions the trust must meet before restrictions are lifted. These include:

• submitting audited accounts and budget forecasts on time each year;

• adhering to a financial recovery plan and repaying recoverable funding by March 2027;

• providing monthly management accounts and board minutes to the department;

• increasing finance and audit committee meetings;

• and attending regular review meetings with officials.

If the academy is not transferred into a stronger trust by February 2026, it will be required to commission an independent governance review and act on its recommendations.

The DfE said failure to comply with the notice could be deemed a breach of the funding agreement and may ultimately lead to contract termination.