A COMPANY in charge of seven schools that was rapped by its own trustees after losing £900,000 in a year is facing a positive future after a big financial turnaround.

Last spring The Dominic Barberi Multi Academy Company, which includes St Gregory the Great School in East Oxford, was ordered to sort out its finances by the Government after its accounts showed a deficit of £879,000.

But since then the company has worked tirelessly to turn things around and has reduced the deficit to £664,000.

It also turned a net expenditure of £1.8m into a net income of £200,000 in the 2015/16 academic year.

Company principal director Marcella McCarthy, who is also head of St Gregory the Great, praised staff for their work.

She said: "We have got the budget completely under control.

"We are very fortunate. The directors have put in a lot of hard work and all the schools have pulled together.

"It is an ongoing project but we are in a really strong position."

Last year trustees said the deficit was due to "high expenditure that went unchecked against a background of weak financial controls and lack of transparency."

Dr McCarthy said at the time that the problems stemmed from St Gregory the Great becoming an 'all-through school' in 2013 by accepting primary-age children.

In the past year the company has focussed on doing things more efficiently in order to save money without staff redundancies.

She said: "There were areas where we had contracts that were not particularly good value for money.

"For example, we have a contract for photocopying that allows us to monitor what the spends are in certain areas.

"It is about informing staff. We have tried to be really open with staff.

"They understand what decisions are being made and they have been so positive."

The company agreed an advance of £800,000 from the Government's Education Funding Agency but has only had to use two-thirds of that.

In accounts submitted in January the company's trustees said a chief finance and business officer had been appointed to bring stability to the finance team.

They added: "There is a clearer understanding across the multi academy company about the importance of financial control and following appropriate processes.

"The board intends to build on this progress and the improved cooperation between schools as a result.

"While there is no room for complacency, and further work to be done, 2015/16 marks considerable progress."

When the deficit was revealed in the Oxford Mail some parents of pupils at St Gregory the Great expressed concern about the impact it could have on the school.

Dr McCarthy said: "Parents are most concerned about the day-to-day education of their children and we have been really careful to make sure what we have done has not impacted on that."