The Role of CFOs in Multi-Academy Trusts

Understanding the Chief Financial Officer’s Responsibilities in a MAT

n the day‑to‑day of a school, our focus is rightly on teaching, learning, and pupil well‑being. But behind the scenes, ensuring we can do all that is the often‑unsung role of the Chief Financial Officer (CFO). In a Multi‑Academy Trust (MAT), the CFO plays a crucial part—keeping finances healthy, enabling smart decision‑making, and helping the trust stay legally and ethically on track.

Why the CFO Matters in a MAT

A MAT operates like a small business and a charity wrapped into one, guided by funding from the Department for Education (DfE) and overseen by the Education and Skills Funding Agency (ESFA). Its operations span multiple schools, complex budgets, capital projects, statutory reporting, and more. The CFO stands at the heart of all this, bridging executive strategy, governance expectations, and financial practicality.

Core Responsibilities of the MAT CFO

1. Strategic Leadership and Partnership with the CEO
   The CFO works closely with the Chief Executive—or accounting officer—to shape the Trust’s financial strategy and long‑term plans. This includes financial modelling, setting budgets, conducting due diligence on potential new schools, and identifying risks to the Trust’s financial health. In essence, they help the board and executive team turn aspirations into achievable plans.Wikipedia+9milton-keynes.gov.uk+9Teach in Herts+9
2. Robust Financial Management and Control
   Day to day, the CFO ensures the Trust’s finances are sound. That means overseeing budget preparation and monitoring across all schools, managing procurement, internal and external audits, VAT and tax compliance, and safeguarding the Trust’s assets. They ensure the Trust complies with the Academies Financial Handbook, company law, and charity regulations.Kent Teach+1
3. Reporting, Compliance, and Inspections
   CFOs take charge of statutory and regulatory reporting: annual accounts, ESFA returns, Charity Commission and Companies House filings, and pension-related statements. They oversee audit processes and ensure governance committees—like Finance, Audit, Risk—have accurate financial data on time.Kent Teach+12milton-keynes.gov.uk+12Centurion Multi-Academy Trust+12
4. Leadership and Team Management
   CFOs manage central finance teams and support school-based finance staff, ensuring consistency, training, and resilience across the MAT. They also manage systems, payroll processes, insurance, contracts, and use data to drive value-for-money decisions.Wikipedia+15Kent Teach+15milton-keynes.gov.uk+15milton-keynes.gov.uk
5. Qualified, Trusted, and Accountable
   The ESFA expects CFOs to be appropriately qualified and experienced—usually with professional accountancy credentials from bodies like ICAEW, ACCA, CIMA, or CIPFA. CFOs need to stay current through ongoing professional development and often act as trusted advisors to the accounting officer and board.TesTeach in Herts+3GOV.UK+3cstuk.org.uk+3

What the ESFA Handbook Says

The ESFA’s Academy Trust Handbook distinguishes the roles of the accounting officer and CFO—which must not be the same person. The accounting officer holds the ultimate personal responsibility to Parliament and the ESFA, declaring in writing annually that the Trust has used public funds with propriety, regularity, and value for money.GOV.UK+2cstuk.org.uk+2

The CFO supports this by handling the detailed financial procedures, ensuring robust systems are in place, and providing the information and assurance needed to meet those claims.cstuk.org.uk

Bringing It All Together

As teachers, you may not need to know the nuts and bolts of VAT, procurement, or audit schedules—but understanding the CFO’s role can help you see how your school’s work is enabled behind the scenes.

• When a capital project is underway, the CFO ensures funding is secure and compliant, while protecting the Trust’s reserves.
• If a proposed collaboration or service might create a risk of irregularity, the CFO and accounting officer are the governance safeguard.
• When budgets tighten, the CFO can explain the choices made—not just in figures, but in how resources are being directed to benefit pupils most.

In Summary

A MAT’s CFO is far more than “numbers person”. They are strategic leader, financial guardian, compliance expert, system builder—and a key ally to the CEO, trustees, and each school leader.

Their work ensures the trust remains financially sustainable, legally compliant, transparent, and well-positioned for growth or challenge. In short, they help steward public money in the best interests of pupils, staff, and communities.