Finance
AAT will determine/lead central services (such as finance, payroll, HR & premises). Coordination and provision of services will be via the CEO/EHT. However, the Chief Operating Officer and Chief Financial Officer will also be key in the coordination, management and monitoring of central services. Each school’s priority is to provide a first class education for each and every child. Therefore, it is important that AAT continue to engage other professionals to run these services where appropriate and ensuring best value for money.
Finance Central Function
The MAT will run its own financial services package which will be used across the academies and will be reported according to academy law through the Trustees and onto relevant external bodies. The MAT will identify the suitability of building and facilities in the light of long term curriculum needs and the needs of pupils, staff and other users of the buildings. Each Local Governing Board has a responsibility to ensure that buildings, land and facilities are maintained to a high standard and must try to secure capital investment to ensure the premises are maintained. The MAT will opt into the DfE’s risk protection arrangements (RPA) to ensure the academies are properly insured.
AAT can also continue to draw support and resources from LEAD (Teaching School Hub) and Lincolnshire Hub Partners.
Finance
The proposed pooling of central costs will result in a centralisation of purchasing for all non-educational common costs across the Trust. Also the central services will be funded centrally with schools having service and access to this on an on-going basis. Any deficits generated in school will be offset by the pooled fund and continuity provided until the deficit issues can be addressed. The central fund will also act a distributor of funds to the schools to provide capital/educational projects that fall outside of the normal avenues of central grants.
The Trustees have determined that the appropriate level of reserves is £200,000 at Trust level and the equivalent of one month’s operating expenditure for each Academy to ensure the Trust is recognised by the ESFA as financially secure with effective financial management. The CFO and CEO will ensure that all financial returns are submitted on time to the relevant funding agencies and complete regular management reports that are shared with key stakeholders in a timely fashion.
