“Schools in Yorkshire that transferred millions of pounds to a multi-academy trust before it went bust will not get the money back, the area’s schools commissioner has confirmed.
Wakefield City Academies Trust (WCAT), which ran 21 schools, was accused of asset-stripping after it moved its schools’ reserves to centralised accounts before admitting new sponsors would need to be found for them days into the new term in September 2017.
The schools commissioner for Lancashire and West Yorkshire, Vicky Beer, has written to MPs confirming that the trust entered liquidation and was closed on 24 October this year.
“I advised previously that any remaining monies would be determined at the point of closure and that there were still costs to be met including pension liabilities and outstanding invoices,” she wrote.
“These costs have now been met and balances cleared. Unfortunately, this does not leave any remaining funds to distribute amongst the previous WCAT academies and their new trusts.” …”