ESFA Additional Funding for Schools from 2023 The DfE made an announcement on 6th December 22 on school funding. This gave further details about the breakdown of the previously announced £2 billion additional funding confirmed in the Autumn Statement in November, as well as an announcement of £500 million being made available for improvements [...]
Academies Update February 2022 Now that the Academy Accounts Returns and audited annual accounts audits have been submitted for another year we thought now would be a good time for our first Academy Newsletter of 2022, covering key updates over recent months in the academy sector. Budget Forecasts The ESFA confirmed in January [...]
Academies Financial Handbook 2020 We summarise the important changes that will take effect from September 2020: The ESFA have provided updates to guidance surrounding general controls and transparency. This includes making it a must requirement for academy trusts to maintain a fixed asset register. The trust must continue to deliver internal scrutiny in [...]
Academies Accounts Direction 2019-2020 We look at the key changes in this year’s Academies Accounts Direction, drawing attention to the most impactful adjustments: For accounting periods commencing on or after 1 April 2019, academy trusts that are considered large and meet two or more of the following criteria must provide additional disclosures in the [...]
Spring 2018 governance update Griffin summarise some of the more impactful announcements affecting academies. Multi Academy Trusts paying their CEO more than £150,000 asked to justify the salary Eileen Milner, the Chief Executive of the ESFA, has written to the chairs of all Multi Academy Trusts paying their CEO, or any other staff member [...]
Key changes: Academies Financial Handbook 2017 The Academies Financial Handbook 2017 (AFH) applies from September 2017. We’ve summarised the key changes below. The ESFA have updated the new handbook to give more guidance on the roles of members and trustees. They have also included stronger emphasis on having significant separation between the roles. [...]
Academies Accounts Direction 2017 This year’s Academies Accounts Direction (AAD) was released by the ESFA on 12 June 2017. There are few changes this year, with the only significant one being in relation to church schools where their land & buildings are owned by the Diocese. A full version of the Academies Accounts [...]
Fraud and academy schools Fraud has become a key area of concern for academy schools and the Education Funding Agency (EFA) has recently published a guide to help trusts reduce their exposure (link later in the article). We discuss some of the high profile frauds that have become public as well as [...]
Key changes: Academies Accounts Direction 2016 The majority of changes in this year’s Accounts Direction come about due to the introduction of new accounting standards, specifically FRS 102 and the Charities SORP 2015. These are mainly in relation to disclosures and have very little impact on the main figures themselves. The key differences this [...]
Upcoming Academy deadlines 16 December 2015 Condition Improvement Fund (CIF) applications for 2016/17 31 December 2015 Submission of audited accounts to the EFA 31 January 2016 Submission of Academies Accounts Return 31 January 2016 [...]
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