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4.15 The Academy Trust must use any GAG carried forward only for purposes of GAG as set out in this agreement, or otherwise as specified in the Academies Financial Handbook or in writing by the Secretary of State.
4.16 Any additional grant provided for an Academy’s Start-Up Period may be carried forward, without limitation or deduction, until the Start-Up Period ends.
4.17 Any unspent grant not allowed to be carried forward under clauses 4.14-4.16 and 3.K of the relevant Supplemental Agreement may be taken into account in the payment of subsequent grant.
Annual accounts and audit
4.18 TheAcademyTrustmustprepareandfilewithCompaniesHousetheannual reports and accounts required by the Companies Act 2006.
4.19 In addition, the Academy Trust must prepare its annual reports and accounts for each Academy Financial Year:
a) in accordance with the Charity Commission’s ‘Accounting and Reporting by Charities: Statement of Recommended Practice’, as if the Academy Trust was a registered charity; and
b) otherwise as the Secretary of State directs.
4.20 TheAcademyTrust’saccountsmustbeauditedannuallybyindependent auditors appointed in line with the Academies Financial Handbook.
4.21 The accounts must carry an audit report stating whether, in the opinion of the auditors, the accounts show a true and fair view of the Academy Trust’s affairs. The accounts must also be supported by such other audit reports, relating to the use of grants and other matters, as the Secretary of State directs.
4.22 The Academy Trust’s annual report must include the names of all members of the Academy Trust who served during the year.
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