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<p>Academy trusts are held to account through a Funding Agreement with the Secretary
of State and bound by both company and charity law.</p><p>The department publishes
statistics on the performance of schools in multi-academy trusts on GOV.UK at: <a
href="https://www.gov.uk/government/statistics/multi-academy-trust-performance-measures-2015-to-2016"
target="_blank">https://www.gov.uk/government/statistics/multi-academy-trust-performance-measures-2015-to-2016</a>,
and in the ‘Academy Schools Sector in England’, attached.</p><p>Academy trusts are
required to submit audited accounts on an annual basis. The auditors are required
to express a view on the financial health of a trust and to produce a public management
letter summarising their audit.</p><p>The primary responsibility for the oversight
of trusts rests with the trustees themselves. Regional Schools Commissioners act on
behalf of the Secretary of State, and continually review the performance of all of
the multi-academy trusts in their region, working closely with the Education and Skills
Funding Agency who have oversight of financial performance and governance. Where concerns
are identified, the department acts swiftly and robustly to address these.</p><p>Further
information on the oversight arrangements for academy trusts is set out in ‘Multi-academy
trusts: Government Response to the Committee’s Seventh Report of Session 2016–17’,
which is attached.</p><p>We continuously review the adequacy of oversight arrangements.</p>
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