The Trust Finance team is led by the Chief Financial Officer to deliver a comprehensive finance service to the Trust and each Academy. The Finance service is structured to deliver operational efficiencies by the centralisation of transactional processes but also employs local Regional Finance Managers to support Academy financial decision-making and respond to the specific needs of each Academy.
The responsibility for budget management is retained by each Academy Principal, so that they have the key role in determining spending priorities for their Academy and ensuring affordability within the funding available. They are not alone in this work since strategic financial support is provided locally to Academy Principals via a network of Regional Finance Teams. This localised support builds strong relationships between Regional Finance Managers and local stakeholders, enables finance teams to understand the characteristics and requirements of their local region, and provides a key local finance contact for Academy staff.
The key aspects of the service are:
End to end purchasing
- Coordination of a web-based process from requisition to supplier payment
- Support and training for academy staff in the day-to-day purchasing processes
- Coordination of competitive quotes and tenders to assimilate purchases across multiple academies, taking advantage of economies of scale.
Financial accounting and reporting
- Accurate and timely recording of accounting transactions to enable visibility and analysis of financial performance
- Preparation and submission of all financial returns - including all tax returns, annual statutory accounts and covering ESFA reporting requirements
- Implementing policies and processes which are compliant with all current legal requirements
Professional advice and decision support
- Delivery of insightful management reporting to Principals and other key stakeholders, together with professional financial support, to facilitate optimum decision-making
- Providing sector-specific advice, particularly around education funding
If you would like to view our accounts, please click here to visit our statutory information page.