Page 32 - Trust Master Funding Agreement

4.23 The Academy Trust’s annual reports and accounts, and the auditor’s reports, must be submitted to the Secretary of State by 31 December each Academy Financial Year, or as otherwise specified by the Secretary of State. The Academy Trust must publish on its website its annual reports and accounts, current memorandum of association, Articles and Funding Agreement and the names of its Charity Trustees and members. The Secretary of State may also publish the Academy Trust’s annual reports and accounts, and the audit report, as he sees fit.
Keeping financial records
4.24 TheAcademyTrustmustkeepproperaccountingrecords.Statementsof income and expenditure, statements of cash flow and balance sheets must be produced in such form and frequency as the Secretary of State directs.
Access to financial records
4.25 The books of accounts and all relevant records, files and reports of the Academy Trust, including those relating to financial controls, must be open at all reasonable times to officials of the DfE and the National Audit Office, and to their agents and contractors, for inspection or carrying out value for money studies. The Academy Trust must give those officials and contractors reasonable assistance with their enquiries. For the purposes of this clause 'relevant' means in any way relevant to the provision and use of grants provided by the Secretary of State under this Agreement.
4.26 The Secretary of State may, at his expense, instruct auditors to report to him on the adequacy and effectiveness of the Academy Trust’s accounting systems and internal controls to standards determined by the Secretary of State, and to make recommendations for improving the Academy Trust’s financial management.
Acquiring and disposing of Publicly Funded Assets
4.27 InrelationtoPubliclyFundedAssets,theAcademyTrustmustnot,withoutthe Secretary of State’s consent:
33827/20/111114100221.docx VN 2 111114 10-04-00
31