Lord Ashcroft’s academy trust accounts for 2016 didn’t comply with rules, auditor said

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Tory donor Lord Ashcroft’s academy trust didn’t comply with rules covering academy financial statements, the auditor wrote.

Lord Ashcroft is a member of Prospect Education (Technology) Trust Limited and its chair of trustees.  The single-academy trust sponsors Ashcroft Technology Academy, formerly ADT College, a City Technology College (CTC) opened in 1992.  The CTC became a sponsored academy in 2007.

The auditor of the Trust’s accounts for year ending 31 August 2016* said the accounts did not disclose details of employees earning amounts above £80k as required under rules laid down by the Department for Education and charity law.

No trustee received any payment for ‘their services as trustees’, the accounts show, but the names of  two employees earning more than £80k were not disclosed ‘for reasons of both confidentiality and business sensitivity’, the Trust said.  This excuse is not allowed by the regulations governing the accounts of academy trusts.

BBC Panorama revealed yesterday that Lord Ashcroft kept his non-dom tax status while sitting in the Lords as a peer.  This, Panorama claimed, allowed him to avoid paying tax.  Lord Ashcroft’s spokesman told the Guardian that the peer had never taken part in tax evasion or avoidance.

Lord Ashcroft resigned from the Lords in 2015.  His financial worth was given as $1.64b (as at 11 June 2017) according to Forbes List

 

*Available from Companies House

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