Need-to-know: Academy Trust Handbook 2021 published
Formerly the Academies Financial Handbook, the new handbook comes into effect on 1 September 2021. While there aren’t any major changes, there are some updates to be aware of.
New name for the Academies Financial Handbook – it's been renamed as the Academy Trust Handbook You must be aware of the risk of cybercrime, put in place proportionate controls and get permission from the ESFA before paying any ransom demands The ESFA can obtain information from third parties about your trust, where it has concerns about financial management and/or governance. Your trust must give permission for this to the ESFA if it requests it From 1 March 2022, any newly appointed senior executive leader can only be a trustee if: The members decide to appoint them as a trustee, and The senior executive leader agrees, and The trust's articles permit it You must get approval from the ESFA for severance payments where: An exit package which includes a special severance payment is at or above £100,000, and/or The employee earns over £150,000 No one from your senior leadership team can conduct internal scrutiny Your trust should retender your