Principles of financial management

Trustees and managers must maintain robust oversight of the academy trust.

Take full responsibility for financial affairs and use resources efficiently Ensure confidentiality clauses associated with staff severance payments do not prevent an individual's right to make disclosures in the public interest Ensure rigour and scrutiny in budget management Ensure that budget forecasts are compiled accurately, based on realistic assumptions including any provision being made to sustain capital assets, and reflective of lessons learned from previous years Ensure that appropriate action is being taken to maintain financial viability including addressing variances between the budget and actual income and expenditure Prepare management accounts every month comprising budget variance reports and cash flow forecasts and take appropriate action Prepare and monitor financial plans to ensure ongoing financial health Manage its cash position robustly and avoid becoming overdrawn Select key financial performance indicators and measure its performance against them regularly, including analysis in its annual trustees' report