Academies Accounts Direction

Rebecca Frost
Rebecca Frost

The ESFA have now released the Academies Accounts Direction 2023 – 2024 for academy trust accounts ending 31 August 2024, along with model accounts and the auditor framework and guide.

Rebecca Frost

The documentation is similar to that issued in previous years and the main changes this year include –

  • Key requirements are now set out in a new section “What an academy trust must do”
  • More clarity provided on the relationship between financial statements and other financial returns eg the AAR
  • Updated guidance for the review of effectiveness of the system of internal control in the financial statements
  • Updated guidance for the accounting officer’s statement of regularity, propriety and compliance in the financial statements
  • Updated guidance for disclosures of 16-19 core education funding in the financial statements
  • Clarification that the staff costs note should separately identify other employee benefits
  • Clarification of how trusts should determine an appropriate value for the initial recognition of long leasehold premises – trusts with incoming academies during 2023-24 should particularly take note of this point which can be found at paragraph 3.27.

If you have any questions

Wide-ranging tax planning and compliance services for individuals seeking advice and guidance from our team of experienced and highly qualified professionals.

Friendly and coherent advice and guidance on accounting and tax matters for small business owners including those starting out for the first time.

Established businesses requiring accounting and tax compliance services, forward thinking tax planning advice and the support to help your business succeed.

Our full range of enhanced corporate services aimed at large companies and those requiring audit, assurance, corporate tax advisory and diverse tax planning services.



This is a test definition