Note: this article is aimed at those responsible for governance in multi-academy trusts (MATs). If you're on a local governing body (LGB), be clear on LGBs' role in school finance.
Make sure your scheme of delegation is clear
- Scheme of delegation to find out what financial responsibilities you've delegated to your LGBs. This might be part of your overall scheme of delegation or a separate document
- Funding agreement and articles of association in case there are restrictions on what you can delegate
Be aware that even if you delegate powers, the board of trustees is still ultimately accountable.
Clarify the monitoring and reporting arrangements in your scheme
The monitoring and reporting arrangements you put in place to help you maintain effective financial oversight across your trust will depend on what responsibilities you've delegated.
What they should monitor How often they should report