Last reviewed on 3 December 2021
School types: Academy · School phases: All
Ref: 10190

Get to grips with what you need to prepare and do when it comes to monthly budget monitoring reports for academy trusts.

What you must include in monthly budget monitoring reports

Your trust's internal control framework must include the preparation of monthly budget monitoring reports. 

These must include: 

  • The financial performance and position of the trust
  • Budget variance reports
  • An income and expenditure account
  • A cash flow and balance sheet

See paragraphs 2.18 to 2.21 of the Academy Trust Handbook.

Automate this process where possible

Automate the monthly accounts preparation process as far as possible, so that it takes less time. Your accounting software may be set up to help with this. This is explained in section 3 of the DfE guidance on academy trust management accounting.  

Other requirements you need to follow

You must share the management accounts with your:

  • Chair of trustees every month (for all trusts, irrespective of size)
  • Other trustees 6 times a year (this does not need to be tied to meetings)

Consider the accounts when it meets, and minute this Make sure appropriate action is taken