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Last reviewed on 13 October 2021
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Overseeing trust finance is one of your core responsibilities. Get a concise overview of what your role is and what you're monitoring, so you can make sure money's well spent.

First things first

As a trustee, make sure you understand:

  • The basics of how the funding is determined for your schools so you can understand the trust budget and that of your schools, and ask better questions
  • Your scheme of delegation which will set out who's responsible for what. For example, if you've delegated any financial responsibilities to your local governing bodies (LGBs). However, be aware that: 
    • Even if you've delegated responsibilities, your full board remains accountable
  • The requirement to establish an audit and risk committee to have oversight of your trust's finances and internal scrutiny
  • That you appoint an accounting officer (your CEO) with specific financial responsibilities such as personal liability to government for the trust's financial resources. However, this does not remove your board's responsibility for the proper conduct and financial operation of the trust 

The board's role

In a

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