Dear Department for Education
The Academies Handbook 2018 said permission should be sought from ESFA if academy trusts wished to take out loans 'from any source, where such borrowing is to be repaid from grant monies...'
I should be grateful if you could let me know if Castle Trust sought permission to take out a £400k commercial loan arranged via Medway council. If it did, I should be grateful if you could let me know the terms of the loan: eg lender, interest, timescale.
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Dear J Downs,
Thank you for your request for information, which was received on 2
September 2019. You requested information on whether Castle Trust sought
permission from ESFA to take out a £400k commercial loan arranged via
Medway Council. You requested details of the terms of the loan, the
lender, interest rates charged and timescale if indeed the trust had
sought permission for the loan. I have dealt with your request under the
Freedom of Information Act 2000.
Following a search of the Department’s paper and electronic records, I
have established that the information you requested is not held by this
Department. Whilst we are aware the trust considered additional sources of
funding in its planning for growth and enquired about the Department’s
guidance on getting permission for a loan through the local authority, we
can confirm that the trust did not formally seek nor did it get permission
from the ESFA or other Department for Education function for any such
loan. Indeed, trust leaders have assured us that they have not taken out
any such loans.
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If you have any queries about this letter, please contact me. Please
remember to quote the reference number 2019-0031452 in any future
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Project Lead | Regional Schools Commissioner's Office | South East England
and South London
Academies and Regional Delivery Directorate
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