Academies Accounts Direction
Detailed guidance for academy trusts and auditors on preparing and auditing academy trusts' annual financial statements.
The Academies Accounts Direction is the reference pack for academy trusts and their auditors to use when preparing and auditing financial statements for the accounting period ending on 31 August annually.
To produce the Accounts Direction, the Education Funding Agency (EFA) takes the requirements set out by the Charity Commission in its Statement of Recommended Practice (SORP) and translates them into a form applicable to academy trusts.
The Accounts Direction outlines the requirements for each academy trust to:
- prepare an annual report and financial statements to 31 August
- have these accounts audited annually by independent registered auditors
- produce 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 EFA by 31 December
- file the accounts with the Companies Registrar as required under the Companies Act 2006
- publish the audited accounts on the trust’s website by 31 January
The Accounts Direction explains the elements you must include in your academy trust’s 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.
Academies Accounts Direction 2015 to 2016
All academy trusts must use the Academies Accounts Direction 2015 to 2016 (PDF, 1.11MB, 152 pages) when preparing their financial statements for the period ending 31 August 2016.
We have updated our brief guide on SORP 2015 explaining the main actions trusts making the transition need to take.
We have provided editable templates to assist trusts preparing their figures and the notes to their accounts. These are not mandatory but you may find them helpful if your trust has not yet set up its financial reporting templates.
Coketown template (Excel) (MS Excel Spreadsheet, 158KB)
Coketown template (Open document spreadsheet) (ODS, 95.9KB)
Coketown template with notes (MS Word Document, 289KB)
You should refer to the 2015 version of the Academies Financial Handbook.
Submitting your academy trust’s 2015 to 2016 accounts to EFA
You will need to:
- complete a short online form covering important information from your audited accounts
- upload your audited accounts and auditor’s management letter to EFA’s Document Exchange
The guide to submitting your accounts (PDF, 695KB, 23 pages) will help you complete the online form, access Document Exchange and submit your audited accounts and auditor’s management letter.
You can access training videos on:
Academies Accounts Direction 2014 to 2015
Academy trusts incorporated before 1 January 2015 used the Academies Accounts Direction 2014 to 2015 (SORP 2005) (PDF, 2.32MB, 151 pages) to prepare and submit their financial statements for the period ending 31 August 2015.
Trusts incorporated on or after 1 January 2015 used the Academies Accounts Direction 2014 to 2015 (SORP 2015) (PDF, 2MB, 149 pages) for theirs.
Academies Accounts Direction 2013 to 2014
The Academies Accounts Direction 2013 to 2014 (PDF, 1.13MB, 150 pages) explained to academy trusts how to prepare and submit their financial statements for the period ending 31 August 2014.
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Published: 12 June 2015
Updated: 9 November 2016
- Updated with link to the online submission cover sheet and guide to submitting your accounts.
- The Education Funding Agency (EFA) has published the 2015 to 2016 update to the Academies Accounts Direction. This is the reference pack for academy trusts preparing and submitting financial statements to EFA for the year ending 31 August 2016.
- The Education Funding Agency (EFA) has updated the guide to submitting academy trusts' audited accounts with additional information to help trusts upload their documents to the Document Exchange. There are no other changes to the page.
- The Education Funding Agency (EFA) has published a guide for academy trusts to help them submit their accounts for the year ending 31 August 2015 to EFA by the deadline of 31 December 2015. Trusts will also need to complete a short online cover form.
- The Education Funding Agency has published additional resources for trusts using the Academies Accounts Direction 2014 to 2015 (SORP 2015).
- First published.
From: Education Funding Agency