The Academies Accounts Direction is the reference pack for academy trusts and their auditors to use when preparing and auditing financial statements for the accounting period ending on 31 August annually.
The Accounts Direction outlines the requirements for each academy trust to:
- Prepare an annual report and financial statements to 31 August
- Have these accounts audited annually by independent registered auditors
- Produce a statement of regularity, propriety and compliance and obtain a regularity assurance report on this statement from the auditor
- Submit the audited accounts and auditor’s regularity assurance report to ESFA within 4 months of its year end, usually by 31 December
- File the accounts with the Companies Registrar as required under the Companies Act 2006
- Publish the audited accounts on the trust’s website by 31 January.
View the Academy Accounts Direction here.
The key changes that affect the academy trust relate to additional reporting requirements in the Trustees Annual Report and Governance Statement as follows:
- Include information on trade union facility time
- Include information on fundraising practices
Other changes made in the Accounts Direction relate to the disclosure and presentation of financial information in the Academy Trusts Financial Statements.
Contact us today for assistance with the preparation and audit of your year end financial statements.