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 13 November 2024
School types: AcademySchool phases: AllRef: 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 1.35 of the Academy Trust Handbook (ATH).

Read more about the roles and responsibilities of the accounting officer.

What is value for money?

It means achieving the best possible educational and wider societal outcomes by:

  • Using resources economically, efficiently and effectively
  • Avoiding waste and extravagance
  • Carrying out prudent and economical administration

Value for money is also about how the trust continuously improves estates safety and management, with the resources available.

This is explained in part 7 of the ATH and on page 22 of the Academies Accounts Direction 2023 to 2024.

Purpose and structure of the review

Demonstrate to