Academies Financial Handbook

What has changed in this edition?

The main changes to this edition

  • Updated information about trustees including emphasis on robust governance [1.11]
  • More about the clerk to the board [1.38]
  • Links to information on good estates management [2.14]
  • More about the requirements for producing management accounts including what they contain [2.18, 2.21 and 2.23]
  • Explaining the board’s review of executive pay includes other payments/benefits to such individuals [2.30 and 2.31]
  • More information on gender pay gap reporting [2.32]
  • More about ensuring senior employees are on payroll [2.33]
  • Mandating a risk register [2.36]
  • More about whistleblowing [2.41 to 2.46]
  • More about notifying the Department of information about key individuals, including contact details for all members and trustees [2.51 to 2.55]]
  • Additional information to maintain internal scrutiny over controls and risks, including the role of the audit committee, and a new requirement to send an annual internal scrutiny report to ESFA [3.1 to 3.22], and [1.17]
  • Emphasising trusts’ audited accounts must be provided to the members [4.4]
  • Emphasising the need for prior ESFA approval for certain financial transactions [5.1]
  • Providing additional clarification on the reporting and approval of related party transactions [5.40 to 5.43]
  • A requirement for trusts under a financial notice to improve to publish it on their website [6.15]
  • Listing the delegated authorities revoked if under a financial notice to improve [6.17]
  • More about how the Secretary of State may intervene over concerns about an individual managing an academy trust [6.19 to 6.23]
  • Further links to supporting guidance so navigation is easier