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<p>The department can confirm that Academies Enterprise Trust (AET) used their funding
in 2016-17 and 2017-18 for administration costs, such as the £930,000 non-recoverable
funding being spent for central office staff redundancies and project management costs
to transfer 4 academies to other academy trusts. The £3.58 million recoverable funding
was spent towards academy level restructuring to reduce operational costs and support
the trust’s reserves following the financial impact of transferring Cordeaux, Millbrook,
Swallow Hill and Everest academies out of AET, and closing down Sandown Bay.</p><p>As
a result of these restructurings, we expect AET to achieve an operational surplus
in the financial year ending 31 August 2019.</p>
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