Understanding the Academies Financial Handbook 2020

Have you seen a copy of the Academies Financial Handbook 2020 yet?

The updated requirements came into effect at the start of September and bought in a number of changes, including the strengthening of both governance and internal scrutiny arrangements. Remember, that as an Academy Trust it is essential that you comply with the Handbook as part of your funding agreement.

Some of the changes this year, as part of governance, confirm the need for a clerk to be appointed to the board and reiterate the importance of keeping your register of interests up to date. For internal scrutiny (in relation to financial and non-financial controls) the document confirms that additional individuals or organisations can be used for support, by Trusts, where specialist non-financial knowledge is needed.

Other notable changes include the maintenance of fixed asset registers, termly reviews of pupil numbers, the use of ICFP, risk management and internal scrutiny updates, as well as the completion of the School Resource Management self-assessment tool.

To access the Handbook and find out more about the changes, including those affecting the executive team, annual accounts and general controls and transparency, please click here.

Points to consider

• Do you have any extra costs that require an additional claim to the EFSA this academic year?
• Have you reviewed your current practices in relation to the requirements of the Academies Financial Handbook 2020?
• What are the areas of improvement that require further action?

Article from October's edition of Education Insights

If you’re looking for support with managing finances and budgets or would like to learn more about our finance briefings and relevant training, please talk to us.