Catch22, a charity that supports young people in need, transferred £33.6m-worth of assets last year as it stopped operating seven schools, its latest accounts show.
During the year, the Ashwood Academy, Austen Academy, Brunel Academy, Burton Academy, Coppice Springs Academy, Fen Rivers Academy and Spires Academy transferred out of the charity’s multi-academies trust (MAT).
As the schools transferred to new owners, so did £33.6m in leasehold land buildings, according to the charity’s recently filed accounts for the year to August 2024.
These transfers drove an increase in the charity’s expenditure, to £85.5m from £56.9m the year before.
The charity’s income declined by £2.39m to £51.1m in 2023-24 and it recorded an operating deficit of £34.4m.
Poor Ofsted ratings
Catch22’s decision to transfer the schools last year came after all seven were rated either “inadequate” or “requires improvement” by regulator Ofsted.
The charity decided that its MAT, which was incorporated in November 2012, would close after the school transfers.
Speaking to Civil Society last year, the Catch22 MAT’s then-chief executive Daniel Jansen said: “In our view, a smaller and stretched MAT will be unable to provide the excellence that we strive for so, we regretfully informed the regional school commissioner that we would like to re-broker all of our MAT schools to ensure they have the best opportunity to deliver high-quality services moving forward.”
In its previous accounts, the charity said it expected the closure of the MAT to lead to a fall in its income in 2023-24.
Meanwhile, Catch22 acquired youth charity Redthread last year, with the net assets related to this recognised as £889,000 in the former’s accounts for 2023-24.
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