Charity alert - Academies Accounts Direction 2021/22

Rebecca Frost
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The ESFA have published the Academies Accounts Direction 2021 to 2022 for academy trust accounts ended 31 August 2022, along with an updated model set of accounts, and an updated Framework and guide for external auditors and reporting accountants for the same period. It is not expected that there will be a further Supplementary Bulletin this year.

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The main changes made in this year’s direction include:

  • A new section to the governance statement regarding the management of conflicts of interest
  • A new disclosure requirement on severance payments
  • Updated guidance on service concession arrangements
  • New guidance on accounting for buildings whose construction was overseen by the DfE or a local authority and transferred to the academy trust on completion
  • New guidance on the accounting treatment for business rates
  • Removal of the requirement to produce trading accounts for teaching schools as a separate note and clarification of how these transactions should be treated
  • Updated feedback on non-compliance with the Direction (highlighting areas where wording is often inappropriately copied from the model set of accounts)
  • Clarification that the trustees report must describe the organisational structure of any subsidiaries, joint ventures or associates of the academy trust
  • Removal of the requirement to submit dormant accounts to ESFA

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