Academies accounts direction 2019 to 2020 published
19 Jun, 2020
The Education and Skills Funding Agency has published the ‘Academies accounts direction 2019 to 2020’ (“The accounts Direction”). The Accounts Direction 2019 to 2020 is a guidance pack for academy trusts and their auditors to use when preparing their annual reports and financial statements for accounting periods ending 31 August 2020.
The Accounts Direction is based upon the Charities Statement of Recommended Practice (SORP) 2019, Financial Reporting Standard (FRS) 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and other relevant guidance applicable to academy trusts.
It supplements the Academies Financial Handbook and has the same status in that it derives from requirements set out in academy trusts’ funding agreements with the Secretary of State for Education.
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, usually by 31 January
The full Accounts Direction is available from the Education and Skills Funding Agency website.
