Extract from new Academies Financial Handbook - effective from 01.09.16

What has changed in this edition?

The main changes in the 2016 edition are as follows:

Governance

• We are emphasising that boards of trustees should identify the skills they need and address any gaps in their skills through recruitment or training (1.5.14).

• To align with the terminology used in the Governance Handbook we are referring to the trust’s publication of its governance structure and remit as its ‘scheme of delegation for governance functions’ (1.5.15 and 2.5.2).

• We are emphasising that all trusts must have a senior executive leader who should also be appointed as accounting officer, and that these roles must not rotate (1.5.19, 2.1.2 and 2.1.8).

• We have updated the text on registers of interests. We are confirming that trusts must publish the relevant business and pecuniary interests of their accounting officer regardless of whether they are a trustee (2.5.2 and 3.1.20). We are confirming that local governors are included when identifying relevant interests from close family relationships (3.1.18). We have also simplified the text in 3.1.19 and 3.1.20.

• We are confirming that trusts must use Edubase to notify the Department for Education (DfE) of the appointment and vacating of the positions of member, trustee, local governor in a multi-academy trust, chair of trustees, chairs of local governing bodies, accounting officer and chief financial officer (4.7.4).

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