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<p>The Haberdashers' Aske's Federation Trust retains income to cover the costs of
central services, which are attributable to all academies within the multi-academy
trust. In 2012/13, this equated to £2.16 million.</p><p> </p><p>For the years in question,
the amounts defrauded from the Trust were:</p><p> </p><p>2010-11 £1,047,788 (3.33%
of income)</p><p>2011-12 £914,316 (1.66% of income)</p><p>2012-13 Nil</p><p> </p><p>The
CEO and Accounting Officer in 2010-2011 was Dr Liz Sidwell. In 2011-12 and 2012-13
it was Adrian Percival.</p><p> </p><p> </p><p>The funds defrauded from the Trust were
intended to be used for educational purposes, in line with requirements in the funding
agreement and academies financial handbook. The money was taken from the Trust’s overall
budget.</p><p> </p><p>The Trust notified the Department for Education of the fraud
on 1 November 2012. Senior officials worked with the Trust immediately to assess its
financial systems and risks. The Department has provided ongoing monitoring and support
to ensure that the Trust has taken all appropriate actions.</p>
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