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 Skills & 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_2020 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 Finance & Premises [with Audit & Risk] Committee as well as a Trust Personnel Committee and a Trust Pay Committee.
Spa Road
Witham
Essex
CM8 1NA
T: 01376 513322
E: admin@connectedlearningmat.co.uk
Company Registration No: 8579939
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