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>
<\/p>
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>
<\/p>
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/935079", "AnsweringBody" : [{"_value" : "Department for Education"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/935079/answer", "answerText" : {"_value" : " In adhering with accounting standards, academy trusts are required to disclose all related party transactions in their accounts, this being an illustration of the high levels of transparency that we require of academy trusts. There is no equivalent requirement for local authority schools to disclose such transactions, as they are not required to prepare or publish individual accounts.<\/p> <\/p> The referrals for both Bright Tribe and Collective Spirit Multi Academy Trust are currently being assessed. The referral for Wakefield City Academies Trust has been considered and the trust has disclosed the transactions in their published accounts, available on the Companies House website.<\/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" : "2018-07-10", "_datatype" : "dateTime"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2018-07-10T16:56:48.91Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "60"}
, "answeringDeptShortName" : {"_value" : "Education"}
, "answeringDeptSortName" : {"_value" : "Education"}
, "date" : {"_value" : "2018-07-05", "_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, pursuant to the Answer of 15 June 2018 to Question 152777 on Academies: Finance, which contentious connected party transactions were referred to the Education and Skills Funding Agency relating to (a) Collective Spirit Multi Academy Trust, (b) Wakefield City Academies Trust and (c) Bright Tribe multi-academy trust; and what action was taken as a result of each referral.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/4263", "label" : {"_value" : "Biography information for Lucy Powell"}
}
, "tablingMemberConstituency" : {"_value" : "Manchester Central"}
, "tablingMemberPrinted" : [{"_value" : "Lucy Powell"}
], "uin" : "161173"}
, {"_about" : "http://data.parliament.uk/resources/922441", "AnsweringBody" : [{"_value" : "Department for Education"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/922441/answer", "answerText" : {"_value" : " In 2016/17, £11,115,184 was allocated to multi-academy trusts (MATs) in the north through the Regional Academy Growth Fund (RAGF). A list of these trusts and how much each MAT received is attached.<\/p> <\/p> A list of all MATs that received capacity funding through RAGF is listed on GOV.UK:<\/p> https://www.gov.uk/government/publications/regional-academy-growth-fund-award-recipients<\/a>.<\/p> <\/p> Between 1 March 2017 and 1 May 2018, 173 schools have opened in trusts in the north that were awarded RAGF. This includes sponsored and converter academies which reflects the aims of the fund. It does not include free schools, studio schools, university technical colleges, academies that may have joined through re-brokerage from another trust, or schools that opened as part of these trusts before 1 March 2017 or those in the process of joining.<\/p> <\/p> A list of all open sponsored and converter academies can be found on GOV.UK along with the trust they joined and the date of opening within that trust: https://www.gov.uk/government/publications/open-academies-and-academy-projects-in-development<\/a>.<\/p> <\/p> In 2018/19, £11.3 million was provisionally allocated to MATs in the north through the MAT Development & Improvement Fund (MDIF). In line with the department\u2019s normal practice, we expect to publish details of the recipients of the MDIF on GOV.UK in due course.<\/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"}
, "attachment" : {"_about" : "http://data.parliament.uk/resources/922441/answer/attachment/1", "fileName" : {"_value" : "152776_Trusts_in_the_north_awarded_through_the_RAGF.doc"}
, "title" : "152776_Trusts_in_the_north_awarded_through_RAGF"}
, "dateOfAnswer" : {"_value" : "2018-07-03", "_datatype" : "dateTime"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "previousAnswerVersion" : {"_about" : "http://data.parliament.uk/resources/922441/answer/previousversion/63752", "answeringMember" : {"_about" : "http://data.parliament.uk/members/4113", "label" : {"_value" : "Biography information for Nadhim Zahawi"}
}
, "answeringMemberConstituency" : {"_value" : "Stratford-on-Avon"}
, "answeringMemberPrinted" : {"_value" : "Nadhim Zahawi"}
}
, "questionFirstAnswered" : [{"_value" : "2018-07-03T14:41:21.303Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "60"}
, "answeringDeptShortName" : {"_value" : "Education"}
, "answeringDeptSortName" : {"_value" : "Education"}
, "date" : {"_value" : "2018-06-12", "_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, pursuant to the Answer of 11 June to Question 140739, which multi academy trusts (MATs) have been funded through the £22,445,410 to increase MAT capacity; how much each MAT has received; and how many new schools each of those MATS has sponsored since they were awarded that funding.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/4263", "label" : {"_value" : "Biography information for Lucy Powell"}
}
, "tablingMemberConstituency" : {"_value" : "Manchester Central"}
, "tablingMemberPrinted" : [{"_value" : "Lucy Powell"}
], "uin" : "152776"}
, {"_about" : "http://data.parliament.uk/resources/922445", "AnsweringBody" : [{"_value" : "Department for Education"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/922445/answer", "answerText" : {"_value" : " The Education and Skills Funding Agency can confirm that it has received referrals about the named academy trusts. Each referral is taken seriously and is reviewed, and appropriate action is taken where required.<\/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" : "2018-06-15", "_datatype" : "dateTime"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2018-06-15T13:26:40.22Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "60"}
, "answeringDeptShortName" : {"_value" : "Education"}
, "answeringDeptSortName" : {"_value" : "Education"}
, "date" : {"_value" : "2018-06-12", "_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, pursuant to the Answer of 11 June 2018 to Question 150687 on Academies: Finance, whether any contentious connected party transactions have ever been referred to the Education and Skills Funding Agency relating to (a) Collective Spirit Multi Academy Trust, (b) Wakefield City Academies Trust and (c) Bright Tribe multi-academy trust.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/4263", "label" : {"_value" : "Biography information for Lucy Powell"}
}
, "tablingMemberConstituency" : {"_value" : "Manchester Central"}
, "tablingMemberPrinted" : [{"_value" : "Lucy Powell"}
], "uin" : "152777"}
, {"_about" : "http://data.parliament.uk/resources/918518", "AnsweringBody" : [{"_value" : "Department for Education"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/918518/answer", "answerText" : {"_value" : " As confirmed in the response of 30 April 2018, the information requested on contentious connected party transactions is contained within individual case files and not in a centrally recorded format.<\/p> <\/p> My right hon. Friend, the Secretary of State confirmed in his 9 June speech to the National Governance Association, that academy trusts will have to seek approval from the Education and Skills Funding Agency (ESFA) for Related Party Transaction payments of more than £20,000 and that all transactions below £20,000 will need to be declared. The ESFA will implement the changes during the 2018-19 academic year.<\/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" : "2018-06-11", "_datatype" : "dateTime"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2018-06-11T16:11:39.743Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "60"}
, "answeringDeptShortName" : {"_value" : "Education"}
, "answeringDeptSortName" : {"_value" : "Education"}
, "date" : {"_value" : "2018-06-06", "_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, pursuant to the Answer of 30 April 2018 to Question 138046 on Academies: Finance, whether a contentious connected party transaction has been referred to the Education and Skills Funding Agency in the last twelve months.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/4263", "label" : {"_value" : "Biography information for Lucy Powell"}
}
, "tablingMemberConstituency" : {"_value" : "Manchester Central"}
, "tablingMemberPrinted" : [{"_value" : "Lucy Powell"}
], "uin" : "150687"}
, {"_about" : "http://data.parliament.uk/resources/903942", "AnsweringBody" : [{"_value" : "Department for Education"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/903942/answer", "answerText" : {"_value" : " The Education and Skills Funding Agency\u2019s (ESFA) records show that one academy trust has reported a severe deficit in the 2018-19 financial year and two academy trusts received unscheduled funding payments totalling £230,000 in the same period (as at 15 May 2018). In the most serious cases, the ESFA provide additional funding to protect the education of children. Academy trusts are expected to repay any additional funding once they have reached a stable financial position.<\/p> <\/p> Academy trust accountability is founded on a clear framework communicated and regulated by the ESFA, with effective oversight and compliance based on proportionate risk assessment, and robust intervention when concerns arise. To ensure strong external scrutiny, all academy trusts must have an annual external audit of their annual accounts by a registered statutory auditor and the department expect trusts to act on audit findings as an opportunity to strengthen their systems. Auditors must apply national auditing standards set by the Financial Reporting Council as independent regulator, and this provides the department with a high level of confidence that scrutiny is professional and consistent.<\/p> <\/p> The ESFA works with academy trusts to prevent financial instability and enable them to recover their financial position and return to stable governance. When we intervene, we publish financial notices to improve (FNtI) and investigation reports to be transparent so that lessons can be learned. The sector remains in a strong position, with just over 1% of academy trusts subject to an active FNtI. Published FNtIs are available at: https://www.gov.uk/government/collections/academies-financial-notices-to-improve<\/a>.<\/p> <\/p> The ESFA is also working with the sector to continue building capacity and expertise in financial management and forecasting. To reinforce the importance of three year financial planning, the ESFA are further strengthening budget forecasting. The ESFA CEO Eileen Milner wrote to academy trusts in March 2018 setting out the requirement for all academy trusts to submit three-year financial forecasts.<\/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" : "2018-05-17", "_datatype" : "dateTime"}
, "groupedQuestionUIN" : {"_value" : "143828"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2018-05-17T16:10:25.317Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "60"}
, "answeringDeptShortName" : {"_value" : "Education"}
, "answeringDeptSortName" : {"_value" : "Education"}
, "date" : {"_value" : "2018-05-14", "_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, how many Academy Trusts have received emergency funding from the Education and Skills Funding Agency in the current financial year; and the total amount of emergency funding that was allocated.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/4607", "label" : {"_value" : "Biography information for Stephanie Peacock"}
}
, "tablingMemberConstituency" : {"_value" : "Barnsley East"}
, "tablingMemberPrinted" : [{"_value" : "Stephanie Peacock"}
], "uin" : "143829"}
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}