Academies are financed differently and have different reporting arrangements. As a company limited by guarantee and a charitable trust, the MAT has to comply with charity company law. It also has to comply with the requirement as directed by the Education Funding Agency.
The MAT supports its academy schools through its established accounting procedures to ensure that they all run their budgets efficiently and compliantly.
Every Trust must have in place a process for independently checking financial controls, systems, transactions and risks. The Academies Financial Handbook states that this should be driven by an Audit Committee or a dedicated committee whose remit has a similar function to an audit committee. At Connected Learning, as a smaller MAT, we have established a Trust Audit, Finance & Personnel Committee.