Family & Education
Lubavitch out of the woods
Financial warning notice against Lubavitch Multi-Academy Trust has been lifted
February 14, 2023 15:44
Financial warning notice against Lubavitch Multi-Academy Trust has been lifted
February 14, 2023 15:44The Lubavitch Multi-Academy Trust has turned around its finances, resulting in the lifting of a warning notice that was issued three years ago by the government agency that funds academies.
A letter sent by the Education and Skills Funding Agency thanked Hadassah Korer, the chairman of the MAT’s trustees, “for your contribution in ensuring the trust has reached this position”.
The trust, which runs three schools in Stamford Hill, had been ordered in January 2020 to make improvements including achieving a surplus from 2021 and producing a three-year financial plan.
A follow-up letter in 2021 warned of the risk of insolvency unless outstanding matters were addressed.
But Warwick Sharp, director of schools financial support and oversight for the ESFA, has now told Mrs Korer he was satisfied previous conditions had been met and he was lifting the notice.
Judith Nemeth, the trust’s executive head, said: “It is a tremendous validation from the ESFA that the trust is now operating efficiently; we can now concentrate all our efforts on delivering a first-class education for all our pupils, taking the schools forward for even better outcomes.”