The DfE recently announced that there had been an error in the calculation of the National Funding Formula (NFF) rates for 2024/25.
The error occurred in the forecasting of pupil numbers for 2024/25 and as a result, the NFF tables published in July contained incorrect factor weightings based on underestimated pupil numbers. If applied, the original funding tables would have resulted in a 0.62% increase to the cost of the Core Schools Budget. Funding that the DfE will not receive.
Revised NFF tables and the supporting documentation have subsequently been published to correct the mistake and align the 2024/25 Core Schools Budget allocation to the previously committed value of £59.6bn .
The DfE apologised for the error in a letter issued by Susan Acland-Hood on the 6th October.
It should be noted that the announcement does not affect schools 2023/24 budget allocations however schools using the original 2024/25 NFF values will need to review their strategic plans to understand the implications of the adjustment.
Please contact our Finance team, 0300 1231420 option 1, should you wish to discuss the changes in more detail.