Academies are operated by charitable Trusts that are incorporated as companies limited by guarantee. Academy Trusts must comply with the Companies Act 2006 and this includes the preparation of annual financial statements ("accounts"). The accounts must report a Trust's income and expenditure during its accounting year, and its assets and liabilities at the end of the year. Under the Act the accounts must be audited by a registered auditor and filed with the registrar of companies to provide public access. The statutory requirement to produce annual accounts, to have them audited and to publish them is also set out in Academy Trust Funding Agreements with the Secretary of State for Education, my right hon. Friend Michael Gove. Additionally Funding Agreements allow for the books and accounts of the Trust to be open at all reasonable times to officials of the Department for Education and the National Audit Office for inspection.