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<p>The table below sets out academy trusts’ total cash holdings at the end of the
four most recent financial years. Academy trusts’ cash is the best representation
of reserves available to trusts.</p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p><p>
</p><table><tbody><tr><td><p><strong>Date </strong></p></td><td><p><strong>Number
of academy trusts open</strong></p></td><td><p><strong>Total cash,</strong></p><p><strong>£
millions</strong></p></td><td><p><strong>Average cash per academy trust,</strong></p><p><strong>£
thousands</strong></p></td></tr><tr><td><p>31 March 2011</p></td><td><p>377</p></td><td><p>62</p></td><td><p>165</p></td></tr><tr><td><p>31
March 2012</p></td><td><p>1,524</p></td><td><p>1,199</p></td><td><p>130</p></td></tr><tr><td><p>31
March 2013</p></td><td><p>2,108</p></td><td><p>1,859</p></td><td><p>88</p></td></tr><tr><td><p>31
March 2014</p></td><td><p>2,585</p></td><td><p>2,469</p></td><td><p>96</p></td></tr></tbody></table><p>
</p><p> </p><p> </p><p>We do not have comparable records of academy trusts’ cash holdings
for financial years 2006-07 to 2009-10.</p><p> </p><p> </p><p>The average cash held
by academy trusts has fallen over the four years partly due to many smaller academy
trusts opening more recently and holding less cash. We regard academy trusts’ cash
holdings as reasonable, typically representing enough to fund one month’s operations
after deducting current liabilities. Academy trusts cannot borrow and need to hold
enough cash to manage their solvency prudently.</p>
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