The Education and Skills Funding Agency (ESFA) have published their Academies Financial Handbook (AFH) 2017, effective from 1 September 2017.
The AFH contains a summary of the main changes, but we have outlined these in the document below along with our own insight and commentary on what the changes may mean in practice, and the action we recommend that you take to prepare.
The AFH 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. It is therefore vital that your academy trustees, finance staff and your Accounting Officer are all aware of the forthcoming changes so that they can ensure the trust is fully compliant from the effective date.
To download our summary, please click below.