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<p>The Government is committed to providing a world class education system for all
pupils and has provided significant funding in education to achieve that. The Autumn
Statement 2022 announced additional funding of £2 billion in each of the 2023/24 and
2024/25 financial years, over and above totals announced at the Spending Review 2021.</p><p>This
means funding for mainstream schools and high needs is £3.5 billion higher in the
2023/24 financial year, compared to 2022/23 financial year. That is on top of the
£4 billion, year on year increase provided in the 2022/23 financial year. This is
an increase of £7.5 billion, or over 15%, in just two years.</p><p>Funding for both
mainstream schools and high needs will total £58.8 billion in 2024/25. This is the
highest ever level per pupil, in real terms as measured by the Institute for Fiscal
Studies. The Government provides these increases to school revenue budgets so that
schools can cover cost increases in the year ahead.</p><p>Funding for mainstream schools
and high needs for 2023/24 is allocated through the schools and high needs National
Funding Formulae (NFFs), published in July 2022. This determines the amount of funding
each Local Authority receives for the schools in their area, and final school allocations
are then determined by each Local Authority’s own local funding formula.</p><p>All
schools should have been notified of their funding allocations for 2023/24. Academies
will receive their funding allocations on an academic year basis from the Education
and Skills Funding Agency, and maintained schools receive their funding on a financial
year basis from their Local Authorities.</p><p>In addition to funding through the
NFF, in 2023/24 mainstream schools also receive funding through the Mainstream Schools
Additional Grant (MSAG). The Department has now published school level allocations
of the MSAG funding, so that all eligible schools can see their additional funding
through this grant. Pupil Premium allocations for the 2023/24 financial year have
also been published.</p><p>The Department understands that one of the key concerns
of schools regarding budget planning in the 2023/24 academic year is teachers’ pay.</p><p>Following
unions’ rejection of the Government’s 4.5% offer in March, the independent School
Teachers’ Review Body has submitted its recommendations to the Government on teacher
pay for the 2023/24 academic year, as part of the normal process. The Department will
be considering the recommendations and continues to work across government to ensure
that announcements can be made as early as possible. This year, for example, to allow
trusts more time to prepare their budgets, the Department has extended the deadline
for the Budget Forecast Return that academies are required to provide, setting out
their budget plans, to 31 August 2023.</p><p>It is recommended that schools consider
the range of possible scenarios on the different cost factors, including on support
staff pay and energy, that might materialise, and what the implications would be for
their individual school.</p><p>Guidance to help schools complete forecasts can be
found here: <a href="https://www.gov.uk/government/publications/academies-budget-forecast-return-guide-to-using-the-online-form/academies-budget-forecast-guidance-for-completing-the-online-form"
target="_blank">https://www.gov.uk/government/publications/academies-budget-forecast-return-guide-to-using-the-online-form/academies-budget-forecast-guidance-for-completing-the-online-form</a>.
The Department’s School Resource Management offer also includes advice to help with
forecasting, including estates management advice, buying guides and how to join or
create your own school professionals network.</p>
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