Annal Nayyar – EFA academies finance Returns deadlines

Hi all, i have come across this good summary provided by the EFA

14 November 2012: update: We have refreshed the August 2012 accounts return which is available on this page along with an explanatory note on the changes we have made.

26 October 2012 update: We have now published the explanatory note on the assurance opinion on this page.

25 October 2012 update: Following feedback from academies we have deferred the submission date of the accounts return from December 2012 to the end of January 2013. A letter from Peter Lauener, Chief Executive of the Education Funding Agency (EFA) is available on this page.

Academy accounting officers are required to make an accounts return for 2011/12 to the EFA via their external auditors by 31 January 2013.

The accounts return is used to support a number of Treasury and departmental requirements, including the preparation of consolidated accounts and benchmarking data that is comparable with maintained schools.

It is also intended to use the accounts return to replace the requirement for academies to prepare a Whole of Government Account (WGA) return in March each year.

This means that although the return is longer than in previous years, it will replace other returns that academies were previously required to complete. Moreover, more than half of the cells that academies will need to complete can be populated with information taken directly from their own published accounts.

The template for the 2011/12 accounts return along with an explanatory note and guidance notes to academies on how to prepare the return are available to download from this page.

The requirement applies only to those academies preparing annual financial statements for academic year ending 31 August 2012 (2011/12), where these financial statements relate to the academy’s trading in that year and not to transactions by a predecessor to the academy.

The academy is required to commission from its external auditors, at its own expense, an assurance opinion on the return once the academy has completed it. Once they have added their opinion, the external auditors should send the academy’s return direct to the EFA by 31 December 2012.

The accounts return 2011/12 is additional to an academy’s duties under statute and its funding agreement with the Secretary of State to produce audited financial statements for academic year 2011/12, as set out in the Accounts Direction 2011/12 on the Department’s website.

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