The following article was written by Phil Reynolds of Kreston Reeves and is reproduced here with his permission. The original article can be read here.
Academy Trusts may remember that the 2014 financial statements required Trusts to comment upon an evaluation or review that has been undertaken during the year on the impact and effectiveness of the board of trustees, including any external review of governance as defined by the National College for Teaching and Leadership. This comment was to be included on the Governance Statement under the schedule of meeting attendance for the financial period.
If any Governing Bodies had not undertaken an assessment then they were required to state their intention as to when a review will take place. So…have you undertaken your review yet?
It is likely that the EFA will expect Trusts to comment upon this review in the 2015 financial statements and therefore are expecting such an assessment to have taken place in 2014/15.
If you are unsure what the review should include then further details can be found here. The costs of having a third party undertake the review are fairly small and are detailed on the link above.