With more than 200 members in our Academy team, we've got the capacity and expertise to meet your needs.
Regularity is defined by the ESFA as:
“Dealing with income and expenditure in accordance with legislation, the funding agreement, the handbook, and the trust’s internal procedures. This includes spending public money for the purposes intended by Parliament.”
In other words, doing the right thing for the pupils with public money and being accountable for it.
This is no easy task, particularly as trusts grow and the distance between the board and the local level can increase. Trustees need to be able to satisfy themselves that everyone throughout the organisation, is doing their part, and to be able to be assured that the framework in place, for that accountability, is working.
Well, we have an effective and knowledgeable audit and risk committee, who undertake their role thoroughly and inform the board.
The function of the audit and risk committee is defined nicely and clearly within the Academies Financial Handbook (known as the Academy Trust Handbook from 1 September 2021), yet the effectiveness and oversight of these committees vary. This is borne out by the financial notices to improve that still are being issued by the ESFA, showing that mistakes are being made and the relevant challenge and oversight in some cases is lacking.
Regularity is not an easy concept to understand in depth, yet with the right systems, directing and listening to the reports of the internal and external auditors, trustees can build that confidence and knowledge that the trust’s approach is the right one.
A trustee’s role is to ask questions, interrogate the experts, look at the systems, listen to conversation and challenge whatever decisions are on the table, until satisfied that the trust is doing the right thing.
The challenge to our leaders should always be fair and respectfully done of course, and will allow them the opportunity to showcase effective financial governance in practice.
As trustees, the bottom line is to ask questions and be assured that we are doing the right thing and we know that our leaders and teams are too.
If you would like any guidance on understanding regularity in more depth, and what, as trustees we can do to evidence good practice, please contact a member of the team.