Annal Nayyar- Academies accounts direction 2013

15 November 2013: Academy trusts must make arrangements to submit their financial statements, management letter and value for money statement as three scanned, signed pdfs by email to AcademiesFinancialMonitoring.efa@education.gsi.gov.uk on or before 31 December 2013.

Section 9.3 of the Accounts Direction sets out all the signatures you need to provide.

A separate value for money statement is also due on or before 31 December 2013.

Please check all pages are of good resolution and use the following naming convention for the documents:

  • UPIN – academy name – document title
  • 123456 – Coketown Academy – Financial Statements
  • 123456 – Coketown Academy – Management Letter
  • 123456 – Coketown Academy – Value for money statement

Multi-academy trusts should use the following naming convention for the documents:

  • MAT- MAT name – document title
  • MAT – Coketown Multi Academy Trust – financial statements
  • MAT – Coketown Multi Academy Trust – management letter

18 September 2013: We have published a short guide to accounts and audit requirements for academy trusts that opened their first academy in September 2013.

17 September 2013: We have uploaded a letter to academy finance directors from Simon Parkes, EFA Chief Financial Officer, about preparations for 2012 to 2013 financial statements and audit.

The ‘Academies accounts direction 2013‘ is the reference pack for academy trusts and their auditors when preparing and auditing annual reports and financial statements for accounting periods ending on 31 August 2013. It supplements the ‘Academies financial handbook‘. We recently published a new edition of the Academies Financial Handbook, applicable from 1 September 2013. Academy trusts preparing financial statements for the 2012 to 2013 academic year will need to use the 2012 edition of the Handbook, which applied to that academic year

The ‘Academies accounts direction 2013′ outlines the requirements set out in academy trusts’ funding agreements with the Secretary of State where each academy trust must:

  • prepare an annual report and financial statements to 31 August 2013
  • have these accounts audited annually by independent registered      auditors
  • deliver 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 the Education Funding Agency by 31 December 2013
  • file the accounts with the Companies Registrar as required under      the Companies Act 2006

New academy trusts incorporated on or after 1 March 2013 may, if they wish, defer preparation of their first accounts until 31 August 2014.

The ‘Academies accounts direction 2013′ helps academy trusts by explaining the elements they must include in their annual report and financial statements and the accounting treatments required. It also provides a model format for the report and the financial statements and ensures consistency of treatment between academy trusts.

This is the third annual accounts direction issued for academy trusts, and we have produced it after extensive consultation with the sector through the Academies Finance and Assurance Steering Group. The main changes to the previous edition are highlighted in the introduction, as well as in the ‘at a glance’ overview document.

 

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