NOTE FOR READERS - this document is for intended use on PFI Academy conversions promoted by the DfE. This is a model form only, provided for information purposes. This document and associated documentation is subject to ongoing and regular review and updating by the DfE and its advisors, and readers should check with the relevant DfE project lead on the correct version of documentation to be deployed on individual schemes. Please note that this document and associated documentation is not a replacement for independent, specialist advice and local authorities and academies should ensure that they take appropriate legal and other advice when using this document. The DfE and its advisors accept no liability whatsoever for any expense, liability, loss, claim or proceedings arising from reliance placed on this model document.
As published on DfE website - 4 December 2012
(Note - the Articles of Association may (when the relevant PFI amendments have been inserted into that document) cross refer to clauses in the Master Funding Agreement. If that is the case, check that the cross references in the Articles to the Master Funding Agreement are correct by reference to the Master Funding Agreement when the latter incorporates these PFI amendments.)
Where the Master Funding Agreement has not yet been entered into, these PFI amendments are for insertion when it is being prepared. If the Master Funding Agreement has already been entered into, it is proposed that a deed of variation to the Master Funding Agreement is entered into in order to incorporate the PFI amendments.
The PFI amendments address two issues: visibility of the pfi Academy's financial management; and controls on funding flows for the pfi Academy. The proposed operative wording is set out below together with an explanation setting out DFE's reasons behind the wording which is contained in footnotes.
Following receipt of confirmation from the Academy Trust as to approach, a draft deed of variation will (where relevant) be circulated which includes the agreed operative wording.