Multi-Academy Trusts are required to follow The Accounts Direction issued by the Education and Skills Funding Agency which outlines the requirements for each academy trust.
Unlike Local Authority Maintained Schools in England, Academy Trusts are 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 the ESFA within 4 months of its year end, usually by 31 December.
- Submit the annual 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 we must include in our academy trust’s annual report and financial statements and the accounting treatments required.