Funding and budget management

Your board of trustees must approve a balanced budget, and any significant changes to that budget, for the financial year to 31 August, which can draw on unspent funds brought forward from previous years. The board must minute its approval.

Ensure management accounts are shared with the chair of trustees monthly, with the other trustees 6 times a year, and are considered by the board when it meets, taking action to maintain financial viability Prepare, approve and submit to the Education and Skills Funding Agency (ESFA) a budget forecast return outturn each May and a 3 year budget forecast return each July (in accordance with deadlines published annually) Notify the ESFA within 14 days if the board of trustees proposes to set a deficit revenue budget for the current financial year which it is unable to address, after unspent funds from previous years are taken into account Have a