clause 51 come to an end. Any savings of GAG not allowed to be carried forward under clauses 72-73 will be taken into account in the payment of subsequent grant. The Academy Trust may also accumulate funds from private sources or public sources other than grants from the Secretary of State for application to the benefit of the Academy as it sees fit. Any surplus arising from private sources or public sources other than grants from the Secretary of State shall be separately identified in the Academy Trust’s balance sheet. The Academy shall not, in relation to assets or property funded (whether in whole or in part) by the Secretary of State, without the prior written consent of the Secretary of State which shall not be unreasonably withheld or delayed: except such as are given in normal contractual relations, give any guarantees, indemnities or letters of comfort; write off any debts or liabilities owed to it above a value for the time being specified by the Secretary of State nor offer to make any ex gratia payments; make any sale or purchase of freehold property; or grant or take up any leasehold or tenancy agreement for a term exceeding three years. 76A) Grants paid by the Secretary of State shall only be used by the Academy Trust for purposes listed in Article 4(a) of the Articles. Such funds shall not be used by the Academy Trust for purposes listed in Article 4(b) of the Articles without the prior written consent of the Secretary of State except where the use of such funds for a charitable purpose set out in Article 4(b) is merely incidental to their use for a main or predominant charitable purpose set out in Article 4(a) of the Articles. The Academy Trust shall provide 30 days notice to the Secretary of State, whether or not the circumstances require the Secretary of State’s approval, of its intention to: a) give any guarantees, indemnities or letters of comfort; b) off any debts owed to it or offer to make any ex gratia payments; c) make any sale or purchase of freehold property; or d) grant or take up any leasehold or tenancy agreement for a term exceeding three years.
clause 51 come to an end. Any savings of GAG not allowed to be carried forward under clauses 72-73 will be taken into account in the payment of subsequent grant. The Academy Trust may also accumulate funds from private sources or public sources other than grants from the Secretary of State for application to the benefit of the Academy as it sees fit. Any surplus arising from private sources or public sources other than grants from the Secretary of State shall be separately identified in the Academy Trust’s balance sheet. The Academy shall not, in relation to assets or property funded (whether in whole or in part) by the Secretary of State, without the prior written consent of the Secretary of State which shall not be unreasonably withheld or delayed: except such as are given in normal contractual relations, give any guarantees, indemnities or letters of comfort; write off any debts or liabilities owed to it above a value for the time being specified by the Secretary of State nor offer to make any ex gratia payments; make any sale or purchase of freehold property; or grant or take up any leasehold or tenancy agreement for a term exceeding three years. 76A) Grants paid by the Secretary of State shall only be used by the Academy Trust for purposes listed in Article 4(a) of the Articles. Such funds shall not be used by the Academy Trust for purposes listed in Article 4(b) of the Articles without the prior written consent of the Secretary of State except where the use of such funds for a charitable purpose set out in Article 4(b) is merely incidental to their use for a main or predominant charitable purpose set out in Article 4(a) of the Articles. The Academy Trust shall provide 30 days notice to the Secretary of State, whether or not the circumstances require the Secretary of State’s approval, of its intention to: a) give any guarantees, indemnities or letters of comfort; b) off any debts owed to it or offer to make any ex gratia payments; c) make any sale or purchase of freehold property; or d) grant or take up any leasehold or tenancy agreement for a term exceeding three years.
Ivanhoe%20DRAFT%20Single%20Academy%20Funding%20Agreement%20Feb%2020121%20(2)%20%7BRevision%201%7D1.docx