Page 11 - Galileo Strategy Plan

TRUST STRATEGIC PLAN PRIORITIES TO 2027

FINANCIAL PLAN
2024-27
To ensure we achieve As a Multi Academy Trust, As the Trust moves forward and, to
our ambitious vision over setting a balanced budget build on successful progress made
to date we are adopting a number
the next 3 years we have which allocates resources of guiding principles to underpin

identified the following towards our priorities our financial strategy. These are:
5 key strategic priorities: is one of the most • Spending will be allocated to
difficult but important
support delivery of the Trust’s
responsibilities we have. strategic priorities.

Each year, we weigh up pressures • Further develop financial resilience
To be considered as a Trust of including increased demand for and budgetary reserve, building on
1. choice for schools looking to services, reduced government our current approach, and resourcing
all parts of the Trust according to
convert to academy status, or funding, and competing commitments,
small Trust’s looking to join a priorities, and ambitions. strategic priorities rather than
larger more established Trust. legacy practices.
Since converting to academy status
To maximise the potential, in April 2018, the Trust’s primary • Prioritise ‘funding-fairness’ to support
2. talent, and expertise of our financial objective was for each schools that need the greatest help to
enable every child to learn and thrive,
workforce to support the Trust reserves school and in-house service to old
professional development of have increased by one month’s payroll costs in reserves and to support the development of
our staff and further embed our by the end of financial year 2023. focused expertise in the central
values as single organisation. £1.24million The Trust Board believe this amount team that benefits all schools.
is adequate to ensure the financial
To better support the social, stability of the Trust. • Continue to implement its 5-year
3. emotional, and mental health of since conversion estates management plan to
our pupils to drive improvements in 2018 The below table shows the significant improve the teaching and learning
in behaviour and attendance. rate of progress towards achieving this environment and to maintain the
objective. At the end of F/Y 2023, we Trust’s physical infrastructure.
To continue to collaborate with held over £2m in reserves which as
4. external agencies to lead and a Trust exceeds the overall target.
promote strategies to improve
the wellbeing of community Trust reserves have increased by £1.24m
in which we serve. since conversion in 2018 through tight
financial controls, central challenge,
To ensure pupils continue to joint procurement, economies of scale,
5. achieve high standards, realise and through Trust led additional
their ambitions, and are fully income generation.
prepared for their next steps.

Income & Expenduture (£m) 2019 2023 2025 2027
Staff are
supported well by leaders
at all levels, including trust leaders. Income 16.0 18.6 19.4 20.6
Leaders listen to staff about what
would help them do their job better Staff costs 12.1 13.5 14.1 14.7
and enjoy opportunities to talk to
other staff across the trust about Non-staff costs 4.0 4.8 5.3 5.6
their teaching.
Operating surplus/ (Deficit) -0.1 0.3 0.1 0.3
– OFSTED Inspector
Reserves 0.7 2.0 2.1 2.4

10 11
GALILEO MULTI ACADEMY TRUST | STRATEGIC PLAN 2024–2027