Tower Hamlets schools hoarding millions of unspent cash
TOWN Hall bosses were forced to defend their spending habits as East End schools were exposed to be hoarding millions of pounds of unspent cash. Tower Hamlets schools have amassed a �13 million surplus from last year, Government figures have revealed, w
TOWN Hall bosses were forced to defend their spending habits as East End schools were exposed to be hoarding millions of pounds of unspent cash.
Tower Hamlets schools have amassed a �13 million surplus from last year, Government figures have revealed, with one secondary school sitting on �3 million.
The data was released for the first time by the Department for Children, Schools and Families as State schools were 'named and shamed' for hoarding too much cash.
Schools minister Vernon Coaker even warned that those stashing the cash could face having their budgets cut if they fail to use the public funds to improve standards.
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The Government data exposed Tower Hamlets schools as having one of the largest surpluses in London, with one-in-three East End schools hoarding excess cash.
But Tower Hamlets council defended the surpluses saying its schools were "well-funded" and headteachers have just been prudent with their money and saving it to fund bigger projects for pupils in the future.
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Mulberry School for Girls was revealed to have an uncommitted budget of �3,474,270.
But at the other end of the scale, Central Foundation Girls has the biggest deficit in the borough of �636,614.
A full breakdown of all the schools' unspent cash will be in next week's Advertiser.