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<p>The criteria that all academy trusts must adhere to in conducting their financial
affairs are set out in the Academies Financial Handbook, which can be found at:</p><p><a
href="https://www.gov.uk/government/publications/academies-financial-handbook" target="_blank">www.gov.uk/government/publications/academies-financial-handbook</a></p><p>Paragraph
1.5.21 of the handbook explains that the accounting officer of a trust must ensure
that the trust’s financial conduct is regular, proper and represents good value for
money. In addition, paragraph 3.3.1 of the handbook explains that all novel and/or
contentious transactions must be referred to the Education Funding Agency (EFA) for
prior authorisation.</p><p>In the case of a novel and/or contentious transaction,
the EFA would always seek strong assurance from the trust that its proposal represented
excellent value for money and that there was no risk of irregularity or impropriety.
If there were any doubt about a trust’s ability to provide this assurance, authorisation
would not be granted.</p>
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