Main responsibilities
- Run the trust's financial procedures, controls and reporting.
- Prepare budgets, three-year forecasts and the budget forecast return.
- Produce the annual accounts for audit under the Accounts Direction and Charities SORP.
- Support the finance committee and the audit and risk committee.
- Manage reserves, cash flow, procurement and related party transactions.
- Support the accounting officer in assuring regularity, propriety and value for money.
Statutory duties and official sources
England, academy trusts. The Academy trust handbook 2026 is a condition of the funding agreement.
- The board must appoint a CFO, to whom responsibility for detailed financial procedures is delegated; the CFO should attend finance and audit and risk committee meetings and be employed by the trust (non-employee CFOs need prior DfE approval). Source: Handbook, paragraph 1.44.
- The CFO and finance staff must be appropriately qualified and/or experienced; trusts must assess whether professional qualifications are needed. Source: Handbook, paragraph 1.45.
- For trusts with over 3,000 pupils the CFO should hold a professional accountancy qualification; CFO recruitment starting on or after 1 October 2026 should specify a qualified accountant and/or CIPFA level 7, and recruitment starting on or after 1 September 2027 must specify it; a trust appointing a CFO without either must tell DfE in advance. Source: Handbook, paragraph 1.46.
- The accounting officer and CFO roles should not be held by the same individual. Source: Handbook, paragraph 1.34.
- Submit the budget forecast return to DfE by its deadline, approved by the board; notify DfE within 14 days if setting a revenue deficit budget. Source: Handbook, paragraphs 2.15–2.17.
- Accounts audited; submitted to DfE by 31 December, published by 31 January, filed at Companies House by 31 May. Accounting period ends 31 August. Source: Handbook, paragraphs 4.2–4.4; DfE, Academies accounts direction.
- Internal scrutiny summary report submitted to DfE by 31 December. Source: Handbook, paragraph 3.21.
Key dates in the school year (2026 to 2027)
- 1 October 2026: Academy trust handbook 2026 in force, including the CFO qualification expectation for large trusts.
- 31 December 2026: audited accounts and internal scrutiny summary to DfE.
- 31 January 2027: accounts and MAT funds-distribution statement on the website.
- 31 May 2027: accounts filed at Companies House.
- 31 August 2027: year end.
Common challenges and good practice
- Separation of duties. Bank accounts, systems and records must be operated by more than one person (handbook 1.39).
- Procurement. The 2026 handbook adds procurement requirements for energy and management information systems (2.29–2.30).
- Pooling. Trusts that pool general annual grant must follow the handbook's rules and publish how funds are distributed (5.32).
Common questions
- Does a trust CFO need to be a qualified accountant? For trusts over 3,000 pupils, the handbook says the CFO should hold a professional accountancy qualification; CFO recruitment starting on or after 1 October 2026 should specify it, and recruitment starting on or after 1 September 2027 must; for others, the trust must assess the need (1.45–1.46).
