Purpose

Cabinet is recommended to approve:
 

The draft Schools Block Local
Funding Formula for 2024/25 for 5- to 16-year-olds.
Using the maximum Minimum Funding
Guarantee permitted (+0.5%)
That, if after running the formula,
there are unallocated funds, these are allocated through raising
the rates for Basic Entitlement (AWPU) subject to the maximum
permitted.
That, if the rates for Basic
Entitlement (AWPU) reach the maximum permitted, any further funds
will be applied to the Growth Fund.

 

Content

Cabinet
approved:
(1)          
the draft Schools Block Local Funding Formula for 2024/25 for 5- to
16-year-olds at Appendix A to the report;

 
(2)          
using the maximum Minimum Funding Guarantee permitted
(+0.5%);
 
(3)          
that, if after running the formula, there are unallocated funds,
these are allocated through raising the rates for Basic Entitlement
(AWPU) subject to the maximum permitted; and
 
(4)          
that, if the rates for Basic Entitlement (AWPU) reach the maximum
permitted, any further funds will be applied to the Growth
Fund.
 
OPTIONS & ALTERNATIVES
CONSIDERED

The ESFA requires local authorities to bring their own formulae
closer to the schools NFF in 2024/2025. Relevant to Waltham Forest
is that local authorities are not allowed to
‘overshoot’ the NFF value of a formula factor by more
than 2.5%, setting a limit on the use of any unallocated funds to
increase Basic Entitlement (AWPU).

Waltham Forest started using the NFF factor rates in 2020/21,
taking advantage of the raising of the Minimum Funding Guarantee
(MFG) that year to share the increase in funding and protect
schools from any redistribution flowing from the adoption of NFF
factor rates.

The MFG protects schools’ per-pupil funding and since 2020/21
Schools Forum has agreed to maximise the use of the positive
MFG. 
This sharing of resources is demonstrated by Waltham Forest having
the sixth highest proportion nationally of Schools Block allocated
through the MFG in 2022/23: £6.23 million (2.9%).