Introduction
If you’re the CFO or a finance manager of a growing multi-academy trust, you've probably heard of the Trust Capacity Fund (TCaF). If you haven’t heard of TCaF before, or haven't had the opportunity to research it yet, you may be missing out on thousands of pounds of funding that could significantly impact the trajectory of your MAT. Let us explain...
What is TCaF?
The Trust Capacity Fund is a government initiative designed to provide financial support to MATs seeking to enhance their capacity for growth and improvement. The government has allocated up to £86 million in the initiative until March 2025 with a strong focus on improving standards in education investment areas. The primary objective is to assist trusts in overcoming challenges, fostering innovation, and ultimately improving the quality of education they deliver.
With grants of up to £750k of funding available, it’s a valuable resource for any MAT wanting to propel their growth in 2024.
Let’s delve into everything you need to know about the Trust Capacity Fund – from eligibility criteria to the best way to strategically utilise it.
How you can grow with TCaF:
MATs awarded funding through the Trust Capacity Fund have flexibility in determining how to allocate the resources. Common areas of investment include:
- Financial software upgrades
- Setting up new central processes like HR
- Staff training and CPD
- IT Development
As MATs consider their growth plans for 2024, it is important to prioritise the optimisation of financial processes and systems. A robust financial foundation is critical for scalable growth, providing the structure and control necessary for successful expansion. This is where the Trust Capacity Fund can be a game-changer.
In particular, CFOs should consider using the Trust Capacity Fund to invest in modernising their accounting and financial management system. Upgrading these essential tools not only ensures compliance with regulatory requirements but also facilitates efficient financial reporting, the consolidation of new schools, and improved budgeting and forecasting – key elements for managing a growing MAT successfully.
Eligibility Criteria:
To access the Trust Capacity Fund, MATs must meet specific eligibility criteria. Generally, trusts must demonstrate a clear plan for growth, focusing on enhancing educational outcomes and expanding their reach.
Application Requirements include:
- Must be linked to a clearly defined growth project that has been approved by a regional director
- This project must commit you to either taking at least 1 new school into your trust, or converting to academy status by taking on at least 2 new schools (by 31 March 2025)
- For schools assessed as either Inadequate or Requires Improvement, as well as those situated within an Education Investment Area (EIA) or Priority Education Investment Area (PEIA) an elevated level of funding is available.
- Applications should include details of how the project will offer value for money and be sustainable
The current application process for Window 3 will run from 1 Nov 2023 to 1 Feb 2024.
If you’ve got your eyes on a modern new finance system to set your trust up for a successful 2024 but the squeeze on budgets makes it seem like a distant fantasy, don’t miss out on this opportunity.
Don’t miss out on the opportunity to future-proof your MAT and create a more efficient environment for your team and your learners. Apply below to secure your trust’s future:
https://www.gov.uk/guidance/apply-for-the-trust-capacity-fund