Education & Skills Funding Agency update

To compliment the release of the new Academy Trust Handbook, a letter to academy accounting trusts was sent from the chief executive of the Education and Skills Funding Agency last week.

The letter praised the great work being delivered by academy trusts and stated how strong financial management remains the enabler for academies to continue this success. Mr. Whitey also expressed his gratitude towards the education sector and the feedback ESFA have received in order to make processes within the academy sector more streamlined whilst simplifying the financial oversight framework.

References to the new Academy Trust Handbook, which you can download at the bottom of this page, were also made. Here Mr. Whitey states the key areas that have been updated in the handbook:

• Related party transactions

• Annual reporting

• Budget setting

• Budget Monitoring

• Sustainability

The letter concludes by reiterating how important it is that dialogue between the ESFA and representatives from academies needs to be maintained to achieve long-term improvements to the financial oversight framework.

To read the letter in full, please click here.

In addition, there was also an ESFA update which contains the latest information and actions from the Education and Skills Funding Agency for academies, colleges, local authorities and further education providers. To read more please click here.

To download a copy of the new Academy Trusts Handbook please click here.

If you need help or would like to discuss your options in relation to converting to an academy or joining a MAT, please do get in touch with us. Email: academies@forrester-boyd.co.uk