Academies: The Funding Agreement
We advise Headteachers and Governors on the terms of the Funding Agreement and what to do to finalise it.
The academies Funding Agreement is a core document which establishes the new academy, the relationship between the Secretary of State and the Academy Trust and the financial parameters within which the academy must operate.
The Funding Agreement sets out the date on which the new academy will open. From that date a maintained school will no longer be maintained by the Local Authority.
The Funding Agreement is made between the Secretary of State and the Academy Trust. The DfE has produced a model Funding Agreement for the academy to tailor to its needs. That said, the DfE does not expect major changes to be made to the Funding Agreement.
The Funding Agreement outlines the various grants available to the Academy Trust as may be agreed with the Secretary of State. For example to cover the normal running costs of the academy or for use on specific projects or capital expenditure.
The Funding Agreement places obligations on the Academy Trust in relation to financial standards monitoring and audit.
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