https://schools-financial-benchmarking.service.gov.uk/Help/DataSources<\/a>.<\/p>A sound reserves policy is essential for all academy trusts. Unlike local authority maintained schools, academies are subject to company law, and therefore cannot operate while being insolvent, so they often hold reserves to reduce this risk.<\/p>
<\/p>
The amount of reserves each academy trust should set aside will depend on the type and size of the academy trust, as well as the particular risks that it faces (for instance, if they are part of a Private Finance Initiative contract).<\/p>
<\/p>
This is in addition to any reserves that academy trustees wish to set aside to accommodate longer-term plans, such as capital developments and financial investment.<\/p>
<\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4091", "label" : {"_value" : "Biography information for Mr Robin Walker"}
}
, "answeringMemberConstituency" : {"_value" : "Worcester"}
, "answeringMemberPrinted" : {"_value" : "Mr Robin Walker"}
, "dateOfAnswer" : {"_value" : "2022-01-21", "_datatype" : "dateTime"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2022-01-21T16:24:07.897Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "60"}
, "answeringDeptShortName" : {"_value" : "Education"}
, "answeringDeptSortName" : {"_value" : "Education"}
, "date" : {"_value" : "2022-01-12", "_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, what recent estimate he has made of the proportion of academy trusts with financial reserves in excess of (a) 10%, (b) 20% and (c) 30% of their annual budget.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/4046", "label" : {"_value" : "Biography information for Bridget Phillipson"}
}
, "tablingMemberConstituency" : {"_value" : "Houghton and Sunderland South"}
, "tablingMemberPrinted" : [{"_value" : "Bridget Phillipson"}
], "uin" : "102609"}
, {"_about" : "http://data.parliament.uk/resources/1147719", "AnsweringBody" : [{"_value" : "Department for Education"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/1147719/answer", "answerText" : {"_value" : "
Schools and those responsible for school buildings receive condition funding through different routes depending on their size and type. All schools receive funding to spend on their capital priorities through an annual Devolved Formula Capital allocation. In addition, local authorities and larger multi-academy trusts (MATs) receive a School Condition Allocation (SCA) to invest in their priorities across the schools for which they are responsible. MATs are eligible for SCA if they have five or more academies and at least 3,000 pupils. The Department also offers an allocation to academy chains (groups of more than one trust) where they meet the size criteria as a group and have opted in. Smaller or stand-alone academy trusts and sixth form colleges can bid for funding to the Condition Improvement Fund (CIF). The funding available through CIF and SCA is calculated on the same basis per pupil.<\/p>
For financial year 2020-21, condition allocations, the eligibility threshold for SCA will remain the same. The Department keeps funding policy under review, and we are undertaking a new school Condition Data Collection (CDC), due to complete later this year. The CDC will provide a high-level assessment of the condition of state funded schools in England and will help inform future capital funding policy.<\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/111", "label" : {"_value" : "Biography information for Nick Gibb"}
}
, "answeringMemberConstituency" : {"_value" : "Bognor Regis and Littlehampton"}
, "answeringMemberPrinted" : {"_value" : "Nick Gibb"}
, "dateOfAnswer" : {"_value" : "2019-10-07", "_datatype" : "dateTime"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2019-10-07T16:29:25.167Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "60"}
, "answeringDeptShortName" : {"_value" : "Education"}
, "answeringDeptSortName" : {"_value" : "Education"}
, "date" : {"_value" : "2019-10-02", "_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, whether his Department plans to review the 3000 pupil threshold for academy capital funding; and if he will make a statement.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/4635", "label" : {"_value" : "Biography information for Eddie Hughes"}
}
, "tablingMemberConstituency" : {"_value" : "Walsall North"}
, "tablingMemberPrinted" : [{"_value" : "Eddie Hughes"}
], "uin" : "293702"}
, {"_about" : "http://data.parliament.uk/resources/1133338", "AnsweringBody" : [{"_value" : "Department for Education"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/1133338/answer", "answerText" : {"_value" : "
The Education and Skills Funding Agency (ESFA) has a robust intervention strategy that fits within the overall academy accountability framework. Intervention is always proportionate, risk-based and built on funding agreement and academies financial handbook non-compliance.<\/p>
Where the ESFA intervenes, we work with each trust to put in place a recovery process that underpins education provision with strong financial management and oversight. This can include the provision of funding, issuing a Financial Notice to Improve or, in the most serious cases, termination of the Funding Agreement.<\/p>
Where the provision of funding is considered, this will be done on a case-by case basis, as part of our intervention with the trust.<\/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" : "2019-06-24", "_datatype" : "dateTime"}
, "groupedQuestionUIN" : {"_value" : "266825"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2019-06-24T15:54:35.41Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "60"}
, "answeringDeptShortName" : {"_value" : "Education"}
, "answeringDeptSortName" : {"_value" : "Education"}
, "date" : {"_value" : "2019-06-19", "_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 criteria (a) his Department and the Education and (b) the Skills Funding Agency use to assess the allocation of funding to academy trusts to protect the provision of education.", "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" : "266824"}
, {"_about" : "http://data.parliament.uk/resources/1131213", "AnsweringBody" : [{"_value" : "Department for Education"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/1131213/answer", "answerText" : {"_value" : "
Academy trusts have primary responsibility for their own financial affairs and where the Education and Skills Funding Agency intervene, we work with each trust to put in place a recovery process that underpins education provision with strong financial management and oversight. This can include the provision of deficit funding, issuing a financial notice to improve or, in the most serious cases, termination of the Funding Agreement.<\/p>
Where we have provided deficit funding as part of this process, this information is reflected in trusts\u2019 accounts. Attached is a document setting out deficit funding information for the most recent year available, financial year 2017-18. The department records deficit funding by the academy that funding is associated with and this is also reflected in the attached document.<\/p>
As of March 2018, the total number of academies for which deficit funding was agreed in financial year 2017-18, reflects less than 1% of all open academies, and less than 0.2% of the total funding allocated to academies for the 2017-18 academic year.<\/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/1131213/answer/attachment/1", "fileName" : {"_value" : "263155_Academy_deficit_funding.pdf"}
, "title" : "263155_table"}
, "dateOfAnswer" : {"_value" : "2019-06-17", "_datatype" : "dateTime"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2019-06-17T15:22:37.6Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "60"}
, "answeringDeptShortName" : {"_value" : "Education"}
, "answeringDeptSortName" : {"_value" : "Education"}
, "date" : {"_value" : "2019-06-11", "_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, if he will list for each multi-academy trust that has had deficit funding approved (a) the amount of funding approved, (b) whether it is linked to a financial turnaround plan, (c) the period it covers, (d) the date on which it was approved by the Education and Skills Funding Agency or the Department and (e) the amount that is recoverable and non-recoverable in each case.", "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" : "263155"}
, {"_about" : "http://data.parliament.uk/resources/1082700", "AnsweringBody" : [{"_value" : "Department for Education"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/1082700/answer", "answerText" : {"_value" : "
As per the \u2018Central Government Supply Estimates 2018-19: Supplementary Estimates\u2019, resource funding for programmes by Estimate Line is disclosed in the attached table. This information is supplemented by additional information contained in the \u2018Supplementary Estimate Memorandum\u2019 published by the Education Select Committee.<\/p>
For programmes covered by capital funding in the '2018-19 Supplementary Estimate', the Department is investing £23 billion in the school estate in the current Spending Review period (2016-17 to 2020-21) to deliver new school places, rebuild or refurbish buildings in the worst condition and deliver thousands of condition projects across the school estate. Details on 2018-19 school\u2019s capital budgets is available at Annex D of the \u2018Supplementary Estimate Memorandum 2018-19\u2019.<\/p>
In addition to the Department\u2019s investment in school\u2019s capital, the Department also funds capital projects in other sectors, including higher education, further education, and children\u2019s social care.<\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/111", "label" : {"_value" : "Biography information for Nick Gibb"}
}
, "answeringMemberConstituency" : {"_value" : "Bognor Regis and Littlehampton"}
, "answeringMemberPrinted" : {"_value" : "Nick Gibb"}
, "attachment" : {"_about" : "http://data.parliament.uk/resources/1082700/answer/attachment/1", "fileName" : {"_value" : "Resource_funding_for_programmes_by_Estimate_Line.pdf"}
, "title" : "Resource_funding_for_programmes_by_Estimate_Line"}
, "dateOfAnswer" : {"_value" : "2019-04-08", "_datatype" : "dateTime"}
, "groupedQuestionUIN" : [{"_value" : "229194"}
, {"_value" : "229250"}
, {"_value" : "229251"}
, {"_value" : "229252"}
, {"_value" : "229253"}
, {"_value" : "229254"}
, {"_value" : "229256"}
, {"_value" : "229257"}
, {"_value" : "229258"}
, {"_value" : "229260"}
, {"_value" : "229261"}
, {"_value" : "229262"}
, {"_value" : "229263"}
], "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "previousAnswerVersion" : {"_about" : "http://data.parliament.uk/resources/1082700/answer/previousversion/108149", "answeringMember" : {"_about" : "http://data.parliament.uk/members/111", "label" : {"_value" : "Biography information for Nick Gibb"}
}
, "answeringMemberConstituency" : {"_value" : "Bognor Regis and Littlehampton"}
, "answeringMemberPrinted" : {"_value" : "Nick Gibb"}
}
, "questionFirstAnswered" : [{"_value" : "2019-04-08T11:03:33.02Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "60"}
, "answeringDeptShortName" : {"_value" : "Education"}
, "answeringDeptSortName" : {"_value" : "Education"}
, "date" : {"_value" : "2019-03-06", "_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, with reference to page 202 of the Central Government Supply Estimates 2018-19: Supplementary Estimates, what programmes are funded by the (a) resource and (b) capital funding outlined in Line K Grants to Academies via ESFA of the estimate.", "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" : "229259"}
, {"_about" : "http://data.parliament.uk/resources/1019963", "AnsweringBody" : [{"_value" : "Department for Education"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/1019963/answer", "answerText" : {"_value" : "
Information on academy transfers (sometimes referred to as \u2018rebrokerage\u2019), and the grant funding provided for those during the financial years 2013-14 to 2017-18 is published here:<\/p>
https://www.gov.uk/government/statistics/academy-transfers-and-funding-england-financial-year-2017-to-2018<\/a>.<\/p>In the financial year 2017-18, around a half of trust moves were single academy trusts joining multi-academy trusts (MATs). The department is actively encouraging single academy trusts to join MATs and we would expect to see this trend continue.<\/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" : "2018-12-13", "_datatype" : "dateTime"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "previousAnswerVersion" : {"_about" : "http://data.parliament.uk/resources/1019963/answer/previousversion/91103", "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" : "2018-12-13T15:50:54.663Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "60"}
, "answeringDeptShortName" : {"_value" : "Education"}
, "answeringDeptSortName" : {"_value" : "Education"}
, "date" : {"_value" : "2018-12-04", "_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 much has been spent on rebrokering academies in each of the last three years.", "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" : "198836"}
, {"_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>
<\/p>
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>
<\/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/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>
- Executive pay \u2013 even more focus on the board\u2019s responsibility for ensuring decisions about senior leaders\u2019 pay are proportionate, justifiable and clearly documented.<\/li>
- Related party transactions (RPTs) \u2013 embedding a new requirement for trusts to report all RPTs to the ESFA in advance and to seek approval for those over £20,000.<\/li>
- Management accounts \u2013 emphasising a rigorous approach to setting and monitoring financial plans, including board engagement.<\/li>
- Audit findings \u2013 being clear that trusts must respond in an appropriate and timely manner to advice from auditors, taking opportunities to strengthen their systems.<\/li><\/ul>"}
, "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" : "2018-10-16", "_datatype" : "dateTime"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2018-10-16T09:28:57.213Z", "_datatype" : "dateTime"}
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