Sometimes this is a requirement of the RSC in the context of a new school joining the trust. In other instances, the purpose of the update is to secure a CIF (condition improvement fund) bonus point.
Whilst the CIF 2020 to 2021 application round is now closed for applications, academy trusts might start to think about updating their funding agreement(s) in advance of the next round, as this additional point scoring basis is likely to be the same next year.
So when should you update your funding agreement(s)?
Since the first model funding agreements were published, policy has changed time and time again and many academy trusts with older documentation might not be aware of the following changes which might be beneficial to the trust:
Academy trusts should be aware, however, that adopting the new model to take advantage of these changes might be detrimental in other areas. By way of example, some academy trusts might have the benefit of estimate funding for the first five to seven years of the life of each academy. If any of your schools are within this timeframe, adopting the new model might see that estimate funding switched for census funding, unless specific agreement can be secured. There is also an obligation to share land with another academy trust if not all of an academy's site is needed for the operation of that academy.
An academy trust might be required to adopt the new model funding agreement for one or more of its academies as a condition of consent for:
Academy trusts that are thinking about expansion in the near future might prefer to move forward with the adoption of the latest model funding agreement documentation for existing academies ahead of expansion which could: