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Finance

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.

2020-CL-Annual-Report-and-Accounts