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Changes to the Academies Accounts Direction 2023/24 | |
As we approach the 2024-year end, the Education and Skills Funding Agency (ESFA) has published the Academy Accounts Direction (AAD) 23/24 which will be relevant for the preparation of the financial statements for the year ended 31 August 2024. The academies accounts direction (AAD) is the reference pack for academy trusts and their auditors to use when preparing and auditing financial statements. | | | |
Once again changes from previous years are not significant and the focus is on clarifying the existing requirements. We have listed the key changes for 2023/24 below: - There is a new section on ‘what an academy trust must do’ – this has been included to help academy trusts understand their obligations and lists out the key requirements (but does not try and cover all the ‘musts’)
- There is more guidance on the relationship between the financial statements and other financial returns. For example, the difference between the financial statements and the Annual Accounts Return
- There is a new requirement to include a conclusion on whether the academy trust has an adequate and effective framework for governance, risk management and control. This must either be a positive statement or explain why the framework is not effective
- Annex A provides feedback from the ESFA on the outcomes of its assurance work and compliance with the Direction
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The AAD provides further examples of sources of information to inform the accounting officer’s statement of regularity, propriety, and compliance. For example, a review of board minutes, review of management accounts, ensuring compliance with the “musts” of the Academies Trust Handbook, review of the School Resource Management Self-Assessment Checklist, review of Notice to Improve letters and other ESFA correspondence, ensuring compliance with funding agreements and terms and conditions, as well as many more
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Catch up on our latest webinar: Kreston UK Academies Benchmark Report 2024 | |
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During our webinar, our education specialists, Darren O'Connor and Rebecca Foy, provide insight into the trends in the sector and issues faced by Academies and Multi-Academy Trusts, following the release of the Kreston UK Academies Benchmark Report 2024.
This webinar is aimed at Trustees, directors and management with an interest in the financial affairs of academies and covers the following topics: - Key findings in the Kreston UK Academies Benchmark Report 2024
- How Multi-Academy Trust finances are shaping up
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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.
Alex Peal Joint Managing Partner T: +44 (0)7771826264 | E: apeal@jamescowper.co.uk | |
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The information in this newsletter must not be relied on as giving sufficient advice in any specific case. | | | |
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