To maximise transparency and openness academy trusts are required to publish their accounts in full on their website each year. Academy trusts are legally required to produce annual audited accounts. The funding agreement in place with the Department for Education requires academy trusts to prepare the accounts in a form and manner directed by the Secretary of State.
Academy trusts are charitable companies and are subject to a range of statutory and regulatory requirements. Academy trusts must follow a hierarchy of rules and documents in relation to the preparation of accounts. The Companies Act 2006 sets out the statutory requirement to produce accounts that are true and fair, and to have them audited. UK accounting standards convert the Companies Act's requirements into detailed accounting rules. The Charity Commission's Statement of Recommended Practice (SORP) translates these rules into a form relevant to the charities sector.