Leasing for academy trusts
Information on leasing activities for academy trusts following the introduction of international financial reporting standard (IFRS 16 leases).
Applies to England
Documents
Details
Many academy trusts take out leases to support day-to-day operation. This can be a sensible value-for-money approach as an alternative to buying assets outright.
IFRS 16 leases introduced changes to the leasing arrangements for maintained schools from 1 April 2024.
Since 1 September 2024, leasing arrangements for academy trusts provide the same flexibilities as maintained schools to enter into certain leases without prior Secretary of State for Education approval.
‘Changes to leasing agreements for academy trusts’ outlines the changes and provides a list of the type of assets granted prior consent.
Updates to this page
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Updated following the introduction, on 1 September, of new accounting requirements for academies when they take out operating leases. This also impacts when an academy is required to gain Secretary of State for Education consent to enter into a lease.
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Added 'Leasing guidance for academy trusts' and updated existing text to reflect that the IFRS 16 rules are now in effect.
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First published.