Page 30 - Trust Master Funding Agreement

accordance with clauses 4.14-4.16 and 3.K of the relevant Supplemental Agreement; or
c) incurring an in-year deficit on funds from sources other than grants from the Secretary of State in any Academy Financial Year, provided it does not affect the Academy Trust’s responsibility to ensure that its Academies balance their respective overall budgets from each Academy Financial Year to the next.
4.10 The Academy Trust may spend or accumulate funds from private sources or public sources other than grants from the Secretary of State for the benefit of the Academy Trust as it sees fit. Any surplus from private or public sources other than grants from the Secretary of State must be separately identified in the Academy Trust’s accounts.
4.11 For clarity, and in accordance with the intent of parity of funding with LA maintained schools, in circumstances where a Predecessor School had a deficit balance and the DfE has settled this with the relevant LA, that amount will be recovered from the Academy Trust’s GAG over a period not normally exceeding 3 years (unless the Secretary of State’s in his discretion decides otherwise) after the Academy opened.
4.12 The Academy Trust’s budget must be approved for each Academy Financial Year by the Board of Charity Trustees.
4.13 TheapprovedbudgetmustbesubmittedtotheSecretaryofStateinaform, and by a date, to be notified by the Secretary of State.
Carrying forward of funds
4.14 At the end of any Academy Financial Year the Academy Trust may carry forward unspent GAG from previous Academy Financial Years without limit (unless a limit is specified in the Academies Financial Handbook, or otherwise as specified in writing by the Secretary of State, in which case that limit will apply).
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