Are RET Planning to establish many free schools?
RET intends to remain relatively small. It currently sponsors five secondary Free Schools and aims for a maximum of six secondaries and two primaries.
Does RET make a profit from its schools?
No – RET is a non-profit charitable trust just like any other academy sponsor. It has exactly the same "exempt charity" status, and the same level of funding, as the academy trusts that are responsible for running our other local community secondaries, including Waldegrave, Orleans Park, Teddington, etc. Like other charity trustees, academy trustees do not receive a salary for their trustee role.
How much of the school’s money will be going to RET?
100% of the school's money will go to the Russell Education Trust, which then uses it to run the school, in accordance with the Funding Agreement that it will sign with the DfE. The money is not used for any other purpose. Again, this is exactly the same set up as our other local academies. (e.g. Waldegrave and Teddington's funding is paid to the Richmond West Schools Trust, which then uses it to run the schools).
RET uses approximately 5% of the money for high level management functions such as HR, financial management, procurement etc. (The comparative figure for the average Local Authority school is approx 11%).
What happens if RET goes into administration?
It can't! It is a non-profit charitable trust, which receives its school funding directly from the Government, in accordance with its Funding Agreement.