Updated Financial Website Requirements for Academy Trusts - 1st September 2019
Published on 07/08/19
The Education and Skills Funding Agency have released updated guidance relating to the financial requirements for Single- and Multi-Academy Trusts. These changes will be coming into force on the 1st September 2019.
The full list of changes can be found on the government website or in the 2019 edition of the Academies Financial Handbook and we strongly recommend that all academy members, trustees, accounting officers, chief financial officers and auditors read the document prior to the regulations coming into effect.
The Academies Financial Handbook sets out the financial management, control and reporting requirements that apply to all academy trusts. It describes a financial framework for trusts that focuses on principles rather than detailed guidance and reflects their accountability to Parliament and to the public.
Compliance with the handbook is a condition of each trust’s funding agreement.
The education and skills funding agency
Financial Information Required On Your Website
Alongside the DfE Requirements for Academies, Free Schools and Colleges, you will also need to feature the following financial information on your website from the 1st September 2019:
Financial Notice to Improve - There is now a requirement for Trusts who are under a Financial Notice to Improve (FNtI) to publish it on their website within 14 days of being issued with the notice. This must remain on the website until it has been lifted by the ESFA.
Gender Pay Gap - Under the Equality Act 2010 (specific duties and public authorities) Regulation 2017, organisations with 250+ employees have to publish information on their website and the government reporting website about the gender pay gap within their organisation.
- Up to Date Details of Governance Arrangements - These have to be an accessible format within your website and include:
- The structure and remit of the members, board of trustees, committees and local governing bodies, including the full name of the chair of each.
- The full names, dates of appointment, term of office, date they stepped down and appointee details for each member, trustee and local governor who has served over the last 12 months. You must also include their relevant business and pecuniary interests including governance roles in other educational institutions. If the accounting officer is not a trustee then their business and pecuniary interests must still be published.
- The attendance record at each local governing body meeting over the last academic year for each local governor.
- The attendance record for board and committee meetings over the last academic year for each trustee.
- Audited Accounts - Trusts must have their audited accounts online by the 31st January 2020.
- DfE Checklist for Academy Trusts
- Academies Financial Handbook
- Academies Financial Handbook - Guidance
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