Just like that, we're deep into the autumn term again. Budgets have been set, staffing is in place, and strategic goals are aligned. So, before kicking on, is it worth us all catching our breath?

At Anago, we engage with MAT finance teams all year round, so we know how difficult it can be for time-poor staff members to step away and look at the bigger picture. Indeed, the budgeting train keeps a-rolling, so talking about ‘taking time to reflect’ can feel overwhelming. But just like everyone else, finance teams do need that time to take stock of what’s working, and examine which areas could do with some TLC.

To help out the many MATs that see key team members stretched for time, we’ve laid out four questions to help them assess their trust’s financial position.

1. What were last year’s most significant challenges, and what did we learn from them?

The relentless nature of budgeting and planning for academy trusts can sometimes instil that Dory-from-Finding-Nemo mentality: “Just keep swimming, just keep swimming”. But reflection is a powerful tool, especially when examining the biggest challenges that your trust faced last year, and how you dealt with them. Did unexpected costs pop up? Did you miss out on opportunities for extra income generation?

Of course, reflecting on previous challenges shouldn’t just be a one-and-done procedure. The year is cyclical, and so your approach should (and will!) be too. But the start of the academic year can be the perfect time to explore the root cause of your biggest challenges, and how your learnings might influence the year ahead. A team reflection session with various members of your trust – from both sides of the house – can be a great way to draw on those challenges and embed the takeaways into your planning.

2. Are we maximising all sources of income generation across the trust?

Funding isn’t getting any less complicated for MATs. With a growing number of income streams, funding models are growing in complexity. Relying solely on core funding is no longer cutting it for many MATs, particularly when there are so many additional options out there. Sponsorships, community partnerships, facility lettings and grants can all form separate pieces of the funding puzzle – as long as they’re identified in good time.

So, therein lies the question. Are you making the most of all the income generation opportunities at your disposal? Allocating a member of your team to lead on this can help bring all of the opportunities to the table, making sure everything from your letting prices to grant applications are tracked and reported.

3. What are our biggest financial risks for the year ahead, and how are we mitigating them?

It’s not the news we want to see, but it’s a truth worth acknowledging: many MATs are already running deficits. According to the 2025 Kreston UK Academies Benchmark Report, around 58% of MATs reported in-year deficits in 2023-24, up from ~19% in 2021.

There’s no silver bullet here, since the financial risks facing MATs can come in many forms. Operational efficiency and governance costs are issues found close to home, while broader sector issues like insufficient funding rises and economic uncertainty should also be factored in.

Identifying key risks is essential to future-proofing your MAT. Creating a risk register can help trusts to continually monitor their robustness, with input coming from both trust and school level.

4. Is our budgeting system fit for purpose, or is it time to review?

Time and again at Anago, we hear MAT leaders talk of hollow promises from their incumbent solution provider, without seeing any real improvements. With this in mind, the performance of your budgeting platform is an essential aspect in both your projects and your reflections as an academy trust finance team.

If you’re not getting what you need from your solution – whether it be comprehensive reporting, real-time insights or a responsive support team – there are other options out there. Just ask Empower Multi-Academy Trust; after changing its budgeting platform, the trust equipped its finance team and each of its schools’ leaders with the tools to make faster and more effective budgeting decisions.