The latest Kreston Academies Benchmark Report paints the familiar picture of a sector under financial pressure. The 2024 findings reveal that more than half of trusts now report in-year deficits, leading to further erosion of free reserves. Across the dataset, there was an overall net deficit on free reserves of approximately £8 million, with almost a third of trusts holding less than 5% of income in reserves – despite additional funding received by all.