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 & Skills 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 & Premises Committee as well as a Trust Personnel Committee and a Trust Pay Committee.