The funding agreement itself does not include details of the amount of grant that the academy trust will receive for the running of the academy. This information is provided in the annual letter of funding. Before the academy trust’s first payment, the DfE will send the academy trust an ‘indicative letter of funding’ detailing the amount of grant that the academy trust will receive to cover the period from the conversion date to the end of August. This letter is normally received four to six weeks before conversion. This should enable the governing body of the school(s) to review the figures within the letter at its final meeting before conversion.