{ "format" : "linked-data-api", "version" : "0.2", "result" : {"_about" : "https://eldaddp.azurewebsites.net/answeredquestions.text?min-questionFirstAnswered.=2018-05-17T16%3A10%3A25.317Z&hansardHeading=Academies%3A+Finance&max-questionFirstAnswered.=2018-11-15T14%3A33%3A15.243Z", "definition" : "https://eldaddp.azurewebsites.net/meta/answeredquestions.text?min-questionFirstAnswered.=2018-05-17T16%3A10%3A25.317Z&hansardHeading=Academies%3A+Finance&max-questionFirstAnswered.=2018-11-15T14%3A33%3A15.243Z", "extendedMetadataVersion" : "https://eldaddp.azurewebsites.net/answeredquestions.text?min-questionFirstAnswered.=2018-05-17T16%3A10%3A25.317Z&_metadata=all&hansardHeading=Academies%3A+Finance&max-questionFirstAnswered.=2018-11-15T14%3A33%3A15.243Z", "first" : "https://eldaddp.azurewebsites.net/answeredquestions.text?_page=0&min-questionFirstAnswered.=2018-05-17T16%3A10%3A25.317Z&hansardHeading=Academies%3A+Finance&max-questionFirstAnswered.=2018-11-15T14%3A33%3A15.243Z", "hasPart" : "https://eldaddp.azurewebsites.net/answeredquestions.text?min-questionFirstAnswered.=2018-05-17T16%3A10%3A25.317Z&hansardHeading=Academies%3A+Finance&max-questionFirstAnswered.=2018-11-15T14%3A33%3A15.243Z", "isPartOf" : "https://eldaddp.azurewebsites.net/answeredquestions.text?min-questionFirstAnswered.=2018-05-17T16%3A10%3A25.317Z&hansardHeading=Academies%3A+Finance&max-questionFirstAnswered.=2018-11-15T14%3A33%3A15.243Z", "items" : [{"_about" : "http://data.parliament.uk/resources/1002594", "AnsweringBody" : [{"_value" : "Department for Education"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1002594/answer", "answerText" : {"_value" : "

An advance to an academy trust is an early payment on its General Annual Grant, which is allocated to the trust for that year. It is not additional funding for the trust. With each advance, there will be a mutually agreed schedule of monthly reductions to offset the advance.<\/p>

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The department continues to work with the sector to build capacity and expertise in financial management and support effective school resource management with specialist advisers, three year financial forecasting and developing buying hubs and national deals for all schools. Where an academy trust requires additional support, the Education and Skills Funding Agency will work with the trust to build its capacity and help it reach a stronger position.<\/p>

<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4113", "label" : {"_value" : "Biography information for Nadhim Zahawi"} } , "answeringMemberConstituency" : {"_value" : "Stratford-on-Avon"} , "answeringMemberPrinted" : {"_value" : "Nadhim Zahawi"} , "dateOfAnswer" : {"_value" : "2018-11-15", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2018-11-15T14:33:15.243Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "60"} , "answeringDeptShortName" : {"_value" : "Education"} , "answeringDeptSortName" : {"_value" : "Education"} , "date" : {"_value" : "2018-11-06", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Academies: Finance"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask the Secretary of State for Education, what his Department\u2019s policy is on the period in which a multi-academy trust must repay advances made by the Education and Skills Funding Agency; and if he will make a statement.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4356", "label" : {"_value" : "Biography information for Angela Rayner"} } , "tablingMemberConstituency" : {"_value" : "Ashton-under-Lyne"} , "tablingMemberPrinted" : [{"_value" : "Angela Rayner"} ], "uin" : "188839"} , {"_about" : "http://data.parliament.uk/resources/982526", "AnsweringBody" : [{"_value" : "Department for Education"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/982526/answer", "answerText" : {"_value" : "

The department requires a high level of transparency of academy trusts. All academy trusts must have an annual independent audit of their annual accounts by a registered statutory auditor and academy trusts must be open and transparent and publish their accounts. This is not a requirement of local authority maintained schools.<\/p>

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Academy trusts must prepare annual accounts. This provides considerably more information than other schools and provides a far higher level of public scrutiny than is required of local authority schools. Their financial performance is instead summarised within the authorities\u2019 accounts. In addition, academy trusts are audited externally to international auditing standards, again this is not required of local authority schools.<\/p>

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The department also publishes the \u2018Consolidated Annual Report and Accounts\u2019, based on returns from all academies in England. The reports are available for public scrutiny at GOV.UK. The most recent report covering 2015/16 is available at:<\/p>

https://www.gov.uk/government/publications/academies-consolidated-annual-report-and-accounts-2015-to-2016<\/a>. We aim to publish the report for 2016/17 in October.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4113", "label" : {"_value" : "Biography information for Nadhim Zahawi"} } , "answeringMemberConstituency" : {"_value" : "Stratford-on-Avon"} , "answeringMemberPrinted" : {"_value" : "Nadhim Zahawi"} , "dateOfAnswer" : {"_value" : "2018-10-11", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2018-10-11T16:38:25.943Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "60"} , "answeringDeptShortName" : {"_value" : "Education"} , "answeringDeptSortName" : {"_value" : "Education"} , "date" : {"_value" : "2018-10-08", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Academies: Finance"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask the Secretary of State for Education, what steps his Department is taking to improve financial transparancy in academy trusts.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4658", "label" : {"_value" : "Biography information for Alex Sobel"} } , "tablingMemberConstituency" : {"_value" : "Leeds North West"} , "tablingMemberPrinted" : [{"_value" : "Alex Sobel"} ], "uin" : "176650"} , {"_about" : "http://data.parliament.uk/resources/982529", "AnsweringBody" : [{"_value" : "Department for Education"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/982529/answer", "answerText" : {"_value" : "

Academy trusts have primary responsibility for their own financial affairs and the department\u2019s relationship with them is based on the principle of self-governance, founded on a clear framework communicated and regulated by the Education and Skills Funding Agency (ESFA), through trusts\u2019 funding agreement and the Academies Financial Handbook. If academy trusts are governed well and in accordance with the framework then the Secretary of State\u2019s interaction with them will be limited. If not, then intervention may be required.<\/p>

<\/p>

Academy trusts must implement the right financial procedures including internal checks of compliance. They must have an audit committee, or equivalent, to manage their risks and oversee checks of systems of control. They must take ownership of balancing their budget and send a copy to the ESFA in advance of each year.<\/p>

<\/p>

These requirements are strengthened by external scrutiny \u2013 academy trusts\u2019 annual accounts must be reviewed by an independent auditor. This makes oversight more independent and more transparent than for local authority schools who are not required to prepare individual statutory accounts \u2013 their financial performance is instead summarised within the authorities\u2019 accounts.<\/p>

<\/p>

We are not, however, complacent and are continually looking to develop and strengthen our approach. The Academies Financial Handbook is strengthened annually to enhance the accountability and governance framework. The department published a new edition in June 2018 and the main changes were:<\/p>