Academies: Finance

(asked on 5th July 2018) - View Source

Question to the Department for Education:

To ask the Secretary of State for Education, pursuant to the Answer of 15 June 2018 to Question 152777 on Academies: Finance, which contentious connected party transactions were referred to the Education and Skills Funding Agency relating to (a) Collective Spirit Multi Academy Trust, (b) Wakefield City Academies Trust and (c) Bright Tribe multi-academy trust; and what action was taken as a result of each referral.


Answered by
Nadhim Zahawi Portrait
Nadhim Zahawi
This question was answered on 10th July 2018

In adhering with accounting standards, academy trusts are required to disclose all related party transactions in their accounts, this being an illustration of the high levels of transparency that we require of academy trusts. There is no equivalent requirement for local authority schools to disclose such transactions, as they are not required to prepare or publish individual accounts.

The referrals for both Bright Tribe and Collective Spirit Multi Academy Trust are currently being assessed. The referral for Wakefield City Academies Trust has been considered and the trust has disclosed the transactions in their published accounts, available on the Companies House website.

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