The Harvey Academy in Folkestone has quietly accumulated more than £2.2 million in cumulative reserves between 2015 and 2024. While the school has never run a deficit in that period — posting annual surpluses every single year — the question remains: why has so little of this financial cushion been reinvested in students, support, or the broader school environment?
Between 2015 and 2024, The Harvey Academy generated annual surpluses ranging from £103,443 to £212,310. In total, this equates to over £1.57 million in net income above expenditure, a remarkable achievement in the age of austerity and rising costs in the education sector. These surpluses have driven a rise in the school’s reserves from £805,000 in 2015 to £2,183,999 in 2024.
It’s important to note that not all of that £2.2 million is cash in the bank. According to the 2024 financial statements, the breakdown of total funds is as follows:
- Restricted fixed asset funds: £14,801,885 (value of land, buildings, and equipment)
- Restricted general funds: £94,212 (grants tied to specific use like SEND or pupil premium)
- Unrestricted funds: £475,244 (the only part freely spendable by trustees)
- Endowment fund: £175,724 (historical capital held in trust)
The confusion often arises from assuming all reserves are available for spending. In reality, the only flexible portion is the unrestricted fund. And while £475,244 may pale in comparison to the headline figure, it is still substantial. To be precise:
- It represents just over 3% of the Academy’s total reserves (£475,244 out of £15.5 million),
- And it equates to approximately 4.5% of the Academy’s annual income.
That 4.5% figure is particularly important. For a single-school academy, £475,244 is more than enough to:
- Hire additional support or wellbeing staff
- Fund enrichment or extracurricular programmes
- Launch new teaching and learning initiatives
- Improve pastoral care provision
- Cover temporary funding shortfalls or cost spikes
Yet there is no evidence in the trustees’ reports that any such reinvestment has taken place at scale.
Another theme throughout the last ten years is repetition. The same strategic goals are published annually: maintain standards, support pupils, ensure strong governance. These are noble aims, but where is the innovation? The courage to expand, adapt, or lead?
With capacity maxed out at around 1,025 pupils, there is little ambition shown to serve more of the community or extend the school’s reach. Governance, too, remains static, with key trustees serving since at least 2015.
What the numbers show is a school with impeccable balance sheets but underwhelming strategic vision. It has the money. It has the trust. But it seems to lack the will to make bold investments in its students’ futures.
Surpluses are not a problem. Neither are reserves. But in a public school system stretched to its limits, banking money while pupils face rising pressures is a political and moral choice — not just a financial one.
The Shepway Vox Team
“If liberty means anything at all, it means the right to tell people what they do not want to hear.” – George Orwell
