New Academies Financial Handbook– effective September 2018

New Academies Financial Handbook– effective September 2018

Consultant: Ruth Murton and Steve BarkerDate posted: June 2018

The Department for Education has published the 2018 Academies Financial Handbook, which is effective from September. Compliance with this handbook is a requirement, for all academy trusts through their funding agreements with the Secretary of State.
 

The new handbook contains important information and reflects key changes that academy trusts need to be aware of. Governance continues to be the main theme of changes in the new edition of the handbook, with emphasis on trustees’ focus on academic standards as well as effective financial controls.


This article outlines the key changes in the new handbook specifically from a trustee/director perspective.

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Related Party Transactions

The Department for Education, through the Education and Skills Funding Agency, has introduced new statutory requirements for academy trusts over related party transactions. These new requirements came into force on 1st April 2019 and apply to all new transactions from that date. It is essential that trustees are aware of these new requirements and seek assurances from their trust that it is fully compliant. To read this article in full, log into your |Better Governor account or simply register, for free, by clicking the orange button.