Monthly financial management for academies

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

Last reviewed on 4 August 2023See updates
School types: AcademySchool phases: AllRef: 10190
  1. What you must include in monthly budget monitoring reports
  2. Other requirements you need to follow
  3. See examples of academies’ approaches
  4. Ofsted inspection

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 paragraph 2.18 of the Academy Trust Handbook (ATH) 2023.

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 Education and Skills Funding Agency (ESFA) 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).

Consider the accounts when it meets, and be assured that it has appropriate oversight of the trust's financial position Make sure appropriate

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