Academy Update May 2024

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Best practice guides

In one of the most recent academy updates, the ESFA has released a publication of best practice guidance for the Local Government Pension Scheme (LGPS).

The guidance has been issued to support trusts in understanding the LGPS obligations and the financial challenges that are being faced.

The key contents of the guidance include:

Academy conversions and transfers
Engaging with the LGPS
Introduction to the Local Government Pension Scheme
Pooling
Regular valuations
The DfE academy LGPS guarantee

The ESFA will also be presenting on the guidance and how best to use it on the 23 May 2024.

The guidance issued by the ESFA is supplement and should be used in conjunction to information provided by the LGPS pension scheme.

As well as the LGPS guidance the ESFA also has the following other guidance documents that may be of help/ interest to academy trusts:

Academy trust deficit recovery
Academy trust management accounting
Academy trust management letters
Academy trust reserves
Audit trust risk management
Choose an external auditor for academy trust
External audit preparation checklist
External audit procurement key information
Internal scrutiny in academy trusts
Leases guidance for academy trust
Operating an academy trust as a going concern
Streamlined energy and carbon reporting
Tendering guidance

These guidance documents can provide valuable information relating to some more complex accounting/ operational areas that Academy trusts face.

If you would like to arrange a virtual meeting to discuss your specific circumstances in relation to any of the above, please get in touch with your usual contact within James Cowper Kreston or contact me using the details below.

Rebecca Foy

Senior Manager

T: +44 (0)7769 735400 | E: rfoy@jamescowper.co.uk

The information in this newsletter must not be relied on as giving sufficient advice in any specific case.