You are here:
Monitoring trust finance: overview
Financial oversight is one of your board's core functions. Get more detail on your key responsibilities, and learn what financial oversight means in practice, so you can monitor effectively across your trust.
Understand your board's key financial responsibilities
The primary financial responsibility sits with the board of trustees. Even where you delegate responsibilities to committees or local governing bodies (LGBs), you remain accountable. Your main financial requirements are set out in the Academy Trust Handbook (ATH).
The board of trustees must:
- Maintain robust oversight of the academy trust
- Take full responsibility for the trust's financial affairs and use resources efficiently to maximise pupil outcomes
- Have strong internal control, risk management and assurance processes
- Prepare and monitor financial plans and ongoing financial health
- Be able to demonstrate proper use of public funds
- Manage risks and maintain a risk register
- Have a whistle-blowing policy that meets statutory requirements
Your board and its committees must meet regularly enough to ensure effective financial management.
See part 2 of the ATH.
How to monitor: financial oversight in practice
Have adequate financial expertise and competency As a trustee
The Key has taken great care in publishing this article. However, some of the article's content and information may come from or link to third party sources whose quality, relevance, accuracy, completeness, currency and reliability we do not guarantee. Accordingly, we will not be held liable for any use of or reliance placed on this article's content or the links or downloads it provides. This article may contain information sourced from public sector bodies and licensed under the Open Government Licence v3.0.