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Academy trusts will have to publish a new annual financial explaining how money is distributed across their schools under the 2026 Academy Trust Handbook.

, published today, will take effect from 1 October - a month later than planned.

This delay is because publishing the handbook shortly before the summer break “may present challenges for some trusts in implementing changes”, the Department for Education said. Last year’s handbook was published on 25 June.

A further update may be needed after the DfE publishes new trust standards, as set out in the schools White Paper earlier this year, including a pillar focused on community, and commissioning guidance.

The government will also issue consultation proposals on the local tier of trust governance.

Updates to the Academy Trust Handbook

Here are the key changes to the handbook for 2026:

Financial summary statement

The new financial statement must be published on trust websites by 31 January alongside annual accounts, and it must set out funding, central costs and spending at each academy.

Multi-academy trusts must explain whether they pool income or reserves, how central services are funded and how much DfE funding each academy receives and has spent.

Income pooling - also referred to as GAG pooling, in reference to the general annual grant (GAG) - is increasingly common but has generated controversy. It involves trusts holding government funding centrally, then distributing money to each of their academies using their own allocation formula.

In the financial summary statement, MATs must also publish the percentage of “top slice” they charge to each of their academies - the proportion of schools’ GAG funding that pays for centralised functions such as IT and HR.

The figures must match the trust’s financial accounts and be presented clearly for parents and communities, but trusts can choose their own format.

Trusts can also choose their own financial operating model. says governing boards should understand why their chosen model is in place, engage academy leaders in decisions, and provide a route for schools to challenge how funds are distributed.

Inclusion approach

MATs should establish a trust-wide approach to inclusion with consistent systems for identifying needs, deploying additional support and monitoring pupils’ access, participation and outcomes.

Governing boards should designate a trustee or sub-committee to oversee inclusion and special educational needs and disabilities provision.

Trusts are expected to work “constructively” with local authorities on place planning and inclusive priorities.

The changes follow the government announcing its plans to reform the SEND system, which include improving inclusion in mainstream settings.

Qualified CFO rules

Trusts with more than 3,000 pupils must only recruit new chief financial officers who are qualified accountants or holders of the Chartered Institute of Public Finance and Accountancy level 7 qualification.

This becomes mandatory from September 2027, and trusts intending to appoint someone without these qualifications must inform the DfE in advance and explain why.

Stronger financial oversight

Governing boards should ensure they have and provide training on financial management, monitoring and reporting.

The CEO or trust leader must alert trustees if the MAT’s financial stability is at risk, after which trustees must take ownership and alert the DfE.

The handbook also strengthens the expectation that boards should use integrated curriculum and financial planning.

Pensions and severance payments

Trusts considering an alternative to the Teachers’ Pension Scheme or Local Government Pension Scheme must approach the DfE early and secure approval before communicating proposed changes to staff.

The handbook also says that when severance payments are made to staff, trusts must retain evidence, including legal advice, for the reasons behind the decision and how value for money was secured.

Prior approval is required when an employee earns over £174,000 or a confidentiality clause is proposed.

Previously announced changes

Trusts are required to consider DfE purchasing opportunities across energy and supply staff under the DfE’s maximising value for pupils programme.

DfE approval is required before advertising posts with remuneration above £174,000, and executive pay must not rise faster than teacher pay without prior approval.

The handbook also confirms that electric vehicle salary-sacrifice schemes no longer need approval, provided the trust is not under a notice to improve and can ensure no cost or liability falls on it.

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