As trustees of a charity, academy trustees must comply with the following duties:
- Compliance – they must ensure that the charity’s resources are used for the charitable purpose and that the charity complies with the law and its governing document i.e. the articles of association.
- Care – they should take reasonable care in their work. In practice it simply means ensuring that the academy trust is managed efficiently and effectively. It also means considering the need for professional advice on matters where there may be material risk to the charity.
- Prudence – they must act responsibly, making sure that the academy trust’s assets are protected and used for the benefit of the charity. The trustees must make sure that the academy trust is solvent and keeps appropriate financial records. These requirements are reflected in the funding agreement and Financial Handbook.