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Changes to the Academy Trust Handbook 2023

The Academy Trust Handbook 2023, which is effective from 1 September 2023 has now been released. The updated handbook includes a number of revisions and simplifications.  


Below we have detailed the key changes:

  • The Accounting Officer and the Chief Financial Office should not be occupied by the same person, indicating the importance of separating these roles for financial integrity. The Accounting Officer should be employed by the Trust, and if for unforeseen circumstances they are not, the Trust must seek prior approval from the ESFA
  • The Budget Forecast Return filing deadline has been extended to 31 August 2023, providing an additional month for Trusts to complete their financial reporting
  • The related party transaction approval limit from the ESFA has increased from £20,000 to £40,000 for contracts and other agreements for the goods/services
  • Exemptions for related party transactions have been implemented for transactions with colleges, universities, schools that are sponsors and state funded schools/academies (but not their trading subsidiaries)
  • The position on GAG pooling has been simplified, providing clarification for Academy Trust on consistent reporting requirements.
  • ESFA approval is no longer required, in most cases, for salary sacrifice schemes relating to Electric Vehicles

     

Register for our upcoming webinar: Accounts Direction and Academy Trust Handbook 2023

Presented by

Rebecca Foy

Senior Manager
     

We are delighted to invite you to our upcoming Webinar - Accounts Direction for 2023 and the Academy Trust Handbook, during which we will provide insight into the trends in the sector and issues faced by Academies and Multi-Academy Trusts.


Our webinar will provide some insight into the accounting and financial issues that may arise as a result of the release of the new guidance. There should be something in here for everyone, whether you are a Governor, Head Teacher or School Business Manager.

 

During the webinar our experts, will discuss:

  • Key changes in the Academy Trust Handbook 2023
  • The Academies Accounts Direction 2022 to 2023
  • Key issues in preparing the annual accounts 
  • Other financial matters 

Date: Wednesday 20th September 2023 

Time: 11:00am – 11:30am

Cost: Free 

Venue: Zoom

     

Contact Us

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.


Samantha Hall

Senior Manager


T: +44 (0)7866 730870   | E: shall@jamescowper.co.uk

     

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

   
   

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