The ESFA monitors compliance with relevant regulations, including the Academy Trust Handbook. Non-compliance is treated seriously as academies are funded using public money and therefore need to be held accountable. Ultimately this means that it is the responsibility of individuals in an academy to make sure all regulations are complied with.
At the heart of regularity is the requirement to ensure that transactions are in accordance with legislation, the funding agreement, the handbook and the trust’s internal procedures. This includes spending public money for the purposes intended by Parliament. In other words, doing the right thing for the pupils with public money and being accountable for it.Trustees have a responsibility to ensure that the Trust has an effective approach to audit and risk. Regularity is not an easy concept, yet with the right systems and procedures trustees can build confidence and knowledge that the trust’s approach is the right one. A trustee’s role is to ask questions, challenge the experts, look at the systems and listen to conversations and concerns. Key questions will include:
