Multi-academy trust net zero cost: portfolio roll-up

Take each school's GIA, age band and fuel from the latest CDC2 return. Run the per-school worksheet for each, then sum the ceilings. A 20-school MAT with a 60/40 primary-secondary mix sits near £28m to £35m gross; with PSDS Phase 4 plus Salix CIF stacking the net commonly lands at £8m to £14m across a three to five year capital programme.

Secondary schools dominate the portfolio total because GIA per pupil is roughly 1.6x a primary, and because heat-loss coefficients matter at scale. A MAT skewed to secondary stock should expect 70 to 80 per cent of portfolio CAPEX to land on the secondary phase.

PSDS Phase 4 per-project caps and Salix CIF per-school per-year caps can be sequenced across the programme. Trusts typically secure 60 to 100 per cent grant offset on the priority cohort and a tapering share on later cohorts as cap headroom contracts.

Use the Ceiling Headline as the top-of-paper figure; under it, a per-school table with GIA, age band, ceiling, grant offset and net cost; under that, the assumption register A1 to A24 as an appendix. The format matches Academy Trust Handbook section 2.10 (transparency of capital decisions).