24 August 2017
The government has put a lot of emphasis on transparency within academy trusts as a key part of any effective system of governance. A vital factor in achieving this transparency is the information that is placed in the public domain via a trust’s website.
As part of our audit procedures we conduct a transparency review of our clients’ websites to see if they are compliant with the requirements set out in the Academies Financial Handbook. The information we are looking for on the website includes:
- details of the members, trustees, committees and local governing bodies (for a multi-academy trust);
- the full name, date of appointment, term of office and details of who appointed each trustee and local governor who has served in the last 12 months;
- details of each trustee’s attendance at main board and committee meetings over the last academic year, and each local governor’s attendance at local governing body meetings over the last year;
- the publication of business and pecuniary interests for trustees and local governors;
- the annual audited financial statements;
- the Memorandum and Articles of Association; and
- the Funding Agreement.
Some further comments:
- Where there is a separate trust website and an academy website, in most cases, the information should be published on both websites or a clear link provided between the two.
- This is not an exhaustive list of the information to be published on websites; we focus on the financial requirements but there are many educational-related requirements. We recommend that you regularly review the content of your website to ensure it is compliant and kept up to date for changes.
- There is a requirement to publish the annual audited financial statements, but not the audit findings document or ‘management letter’ which your external auditors issue at the completion of the audit. This document is sent to the Education and Skills Funding Agency (ESFA) but it is not for public consumption; the primary purpose of the management letter is for the audit/finance committee to implement any recommendations for improvements in financial systems and controls.
Further guidance can be found in the Academies Financial Handbook issued by the ESFA.
If you have any questions about your school or trust's transparency, please contact your local UHY academies expert. To read more of our academy schools blogs, click here.
