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Academy Accounts 2023/24 – Are you up to date?

As the summer term comes to a close for 2024, academies are naturally turning their attention to the summer holidays! However, once the autumn term begins, there will be a renewed focus on the completion of the year end Accounts to 31 August 2024.

Key changes in the Academies Accounts Direction 2024

According to the Academies Accounts Direction 2024, which was issued in March 2024 by the ESFA, the main changes are as follows:

Governance Statement updates

There is no longer a requirement to mention in the Governance Statement as to how the Trust Board is maintaining effective oversight if the Trust Board meets less than 6 times a year.

Expanded scope of Internal Control

Emphasis that Internal Control is much wider than financial controls and also covers areas such as:

  1. Health and Safety
  2. Safeguarding of pupils
  3. Human Resources

Conclusion in Governance Statement

The conclusion in the Governance Statement has been expanded to state that “the trust has an effective framework for Governance, Risk Management and Control”

Recognition of LGPS surplus

It is necessary to identify the critical judgements made when recognising an LGPS surplus as an asset. The presumption under FRS102 is that LGPS surpluses should not be recognised, but a reconciliation must be disclosed of the amount the LGPS surplus has been restricted.

Disclosure requirements

  1. Note 4: In the model academies account direction that 16-19 core education funding requires to be separately disclosed
  2. Note 10: In the staff costs note, any benefits in kind such as car benefits and medical benefits should be disclosed as “employee benefits”
  3. Note 32: The pension disclosure is updated for the latest actuarial valuations of TPS and LGPS, and a narrative reconciliation explaining the extent to which an LGPS surplus has or has not been recognised.

The next steps

If you require any help or assistance with the latest Academies Accounts Direction disclosure requirements for your year end accounts, please contact Malcolm Winston on m.winston@uhy-uk.com or your local UHY adviser to discuss how they can support you with this process.

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