Structuring Your Multi Academy Trust School Bank Accounts
Whether you want to give full autonomy to your individual academies, part autonomy or operate a fully centralised model, getting your banking structure right is key to minimising risk and creating greater efficiency.
As an existing Multi Academy Trust with bank accounts at each school, you are highly likely to have significant risks embedded in your banking structure which can be reduced or removed whilst still allowing individual bank accounts or you can look to streamline your bank accounts.
If you would like to understand options for your MAT banking structure (for both new and existing MATs) download our free MAT Banking Models overview.
With the Education and Skills Funding Agency expecting to increase the volume of financial notices to improve issued, it is essential that, as a Multi Academy Trust grows, the controls a MAT has in place are fit for purpose. A MAT needs to have central 'strategic, operational' control irrelevant of the payment autonomy it gives the individual schools.
Most MATs that have bank accounts for each school have overlooked this.
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