Academies Financial Handbook - apps.nationalcollege.org.uk

Academies Financial Handbook Statutory and regulatory guidance September 2012. Foreword by the Secretary of State for Education Michael Gove MP. I am delighted that so many schools are now enjoying the freedoms of academy status. The numbers speak for themselves: over half of secondary schools are on course to become Academies . In 2011, the GCSE results of all sponsored Academies open for at least two years had improved at almost twice the rate of all state-funded schools. Academy status brings greater freedom. But it also requires sharper accountability. Academy trusts are accountable for the standards they achieve and also for how they spend taxpayers' money. Accountability arrangements for Academies are more robust than those for maintained schools. This Handbook sets out a system for Financial accountability which is less bureaucratic and more efficient. The system set out in the Handbook and the Funding Agreements gives Academies the freedom they need over day-to-day business, and makes sure their finances will be managed in a transparent and robust way.

Part 1 – General 4 1.1 Status 4 1.2 Effective date 4 1.3 Interpretation 4 1.4 Introduction 4 1.5 Roles and responsibilities 5 Part 2 – Main financial and governance requirements 7 2.1 Financial oversight 7

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