Annex C: Glossary of terms Academies Financial Handbook The Academies Financial Handbook sets out the financial management, control, and reporting requirements that apply to all academy trusts. It describes a financial framework for trusts that focuses on principles rather than detailed guidance, and reflects their accountability to Parliament and the public. Each trust’s funding agreement requires compliance with the handbook. Academy A state-funded independent educational institution free from local authority control. Free schools are legally academies. Other freedoms include setting their own pay and conditions for staff, freedom from following the national curriculum (for mainstream and special schools 16 to 19 and alternative provision schools already have this freedom in – the maintained sector) and the ability to change the lengths of their terms and school days. Academy trust A charitable company limited by guarantee that operates an academy or free school. See limited by guarantee’ for further information. ‘company Articles of association Set out the governance arrangements of the company limited by guarantee (the academy trust). Basic need As part of the annual School Capacity Survey, local authorities produce pupil forecasts to highlight their upcoming need for places across a five-year timescale at primary, and a seven-year timescale at secondary. These forecasts are compared against current capacity, taking into account places funded through centrally funded programmes and local authority planned places to determine basic need for places. Basic need is calculated at planning area level, separately for primary and secondary. In order to prioritise limited capital we will seek to approve schools in the areas that have the greatest rising need for new school places due to demographic growth. Proposers can ask local authorities for information on their upcoming need for places in specific areas. Board of trustees (also known as board of directors or governing body) The body appointed by the members of the academy to oversee the strategic management of the school and hold the senior management team to account. The board
Annex C: Glossary of terms Academies Financial Handbook The Academies Financial Handbook sets out the financial management, control, and reporting requirements that apply to all academy trusts. It describes a financial framework for trusts that focuses on principles rather than detailed guidance, and reflects their accountability to Parliament and the public. Each trust’s funding agreement requires compliance with the handbook. Academy A state-funded independent educational institution free from local authority control. Free schools are legally academies. Other freedoms include setting their own pay and conditions for staff, freedom from following the national curriculum (for mainstream and special schools – 16 to 19 and alternative provision schools already have this freedom in the maintained sector) and the ability to change the lengths of their terms and school days. Academy trust A charitable company limited by guarantee that operates an academy or free school. See ‘company limited by guarantee’ for further information. Articles of association Set out the governance arrangements of the company limited by guarantee (the academy trust). Basic need As part of the annual School Capacity Survey, local authorities produce pupil forecasts to highlight their upcoming need for places across a five-year timescale at primary, and a seven-year timescale at secondary. These forecasts are compared against current capacity, taking into account places funded through centrally funded programmes and local authority planned places to determine basic need for places. Basic need is calculated at planning area level, separately for primary and secondary. In order to prioritise limited capital we will seek to approve schools in the areas that have the greatest rising need for new school places due to demographic growth. Proposers can ask local authorities for information on their upcoming need for places in specific areas. Board of trustees (also known as board of directors or governing body) The body appointed by the members of the academy to oversee the strategic management of the school and hold the senior management team to account. The board