• Academy trusts to face tougher financial checks

    Academy trusts can expect tougher checks on their finances as auditors sharpen up following high-profile auditing scandals – and cash-strapped chains can no longer rely on government bail-outs. Government guidance published last week said trustees and finance staff would face “more detailed questioning” from auditors assessing whether their trusts have enough cash to continue. The

    5.00 Nov. 9th, 2020 | News

  • Beware the government's sleight of hand on academy finances

    The government’s new method for calculating school budgets obscures the true number of schools in financial deficit, explains Jon Andrews The Department for Education yesterday published new statistics on the revenue balances of academy trusts. This does not provide data for individual trusts let alone individual academies, this is expected later in the year, but provides

    10.00 Jul. 27th, 2018 | Opinion

  • Related-party transactions in schools: the debate

    Schools should be forced to run related-party transactions past the government for prior approval, a powerful parliamentary committee has recommended – dividing opinion among unions and lobbying groups. The public accounts committee published its assessment of academy trust finances and the regulations in place to prevent malpractice just before Easter. It criticised the Department for

    5.00 Apr. 15th, 2018 | News

  • Government investigates severance payouts in academy trusts

    Government finance bosses are investigating several unnamed academy trusts that failed to get Treasury approval for hefty payments made to staff. The Education and Funding Skills Agency has launched investigations into three “special severance payments” worth £184,000 that were paid to staff after they resigned or were fired. According to one trade union, some of

    5.00 Nov. 13th, 2017 | News

  • Academy trust broke rules over CEO's £8,000 four-star hotel stays

    An academy trust in financial trouble breached government rules after paying nearly £8,000 so its chief executive could stay in a four-star hotel for 78 nights. An Education Funding Agency investigation, published yesterday, found a number of “significant failings and weaknesses” at the Rodillian Multi Academy Trust. The government launched an investigation into the trust,

    12.29 Jun. 29th, 2017 | News

  • The 8 most important findings from the government's new-look academies report

    The Education Committee has today published a “dry run” of how the Department for Education plans to report finances in the academy sector. It reveals more than 100 academy chiefs are paid more than £150,000 – with two staff receiving bumper pay-offs of up to £200,000. The dry run, covering the 2014-15 financial year, has

    14.47 Nov. 9th, 2016 | News

  • A third of academy trusts paid businesses linked to their staff, and 7 other school finance findings

    The education select committee has quizzed senior civil servants as part of their latest hearing into academy finances. Schools Week has rounded up the key findings.   1. More than one in three academy trusts have declared related-party transactions Education Funding Agency boss Peter Lauener said that last year 1,055 of the 2,905 academy trusts

    14.28 Oct. 25th, 2016 | News