The Priority School Building Programme and general capital funding for schools
An independent review published in April 2011 (known as the James’s Review of Education Capital) looked into the way that capital is spent on schools in England and recommended a complete overhaul of the system to ensure that allocation focuses on the condition of facilities for those schools in the greatest need alongside meeting the pressure for high-quality school places.
The Priority School Building Programme (PSBP) was launched shortly after in July 2011. The PSBP has a £2.4bn budget focusing capital spending only on those schools most in need of investment over a five year period.
In addition to the PSBP, the Chancellor George Osborne announced in his Autumn Statement on 5 December 2012 that an extra £1bn will also now be made available to spend on capital projects to improve and build 100 new Free Schools and Academies creating an additional 50,000 new school places. Additional capital funding was also announced on 1st March 2013…
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This decision represents a welcome return to the ‘pay for what you use’ principle and strikes a fairer balance between different creditor and expense groups.
Winckworth Sherwood has provided a summary of the Trusts (Capital and Income) Act 2013.