Academy reviews of value for money

Academies must include a review of value for money in their annual accounts. Read about the purpose and structure of the review, and see examples from other academy trusts.

Last reviewed on 22 November 2021
School types: Academy · School phases: All
Ref: 9536
Contents
  1. Academy trusts must make sure spending represents value for money
  2. Purpose and structure of the review
  3. Examples should be concise and focus on key areas
  4. Take a look at a model governance statement
  5. See school examples of value for money reviews

Academy trusts must make sure spending represents value for money

The accounting officer is responsible for demonstrating how the trust has secured value for money, through the governance statement in the audited accounts.

This is set out in paragraph 1.41 of the Academy Trust Handbook.

Trusts are no longer required to submit a separate value for money statement to the Education and Skills Funding Agency (ESFA). The ESFA removed this requirement in 2016.

Purpose and structure of the review

The purpose of the 'review of value for money' section of the governance statement is to give accounting officers the chance to:

  • Demonstrate to parents and the public that the trust's use of public assets has supported value for money this year
  • Identify opportunities for potential improvement (if relevant)

A standard declaration acknowledging the accounting officer’s responsibility for value for money Examples illustrating how the